REG - Future Metals NL - Quarterly Activities Report
30/10/2025 07:00
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RNS Number : 4329F Future Metals NL 30 October 2025
30 October 2025
Future Metals NL
Quarterly Activities Report for period ending
30 September 2025
Future Metals NL ("Future Metals" or the "Company", ASX | AIM: FME) is pleased
to announce its Quarterly Activities and Cashflow Report for the quarter ended
30 September 2025 (the "Quarter").
Highlights
· Appointment of new Managing Director and CEO
o On 29(th) September, the Board announced the appointment of Mr Keith Bowes
as Managing Director and Chief Executive Officer
· Commencement of a Strategic Review of the Company's assets
o The review will deliver a revised strategy that considers the PGM price
revival for Panton, the copper potential of the Alice Downs Corridor and the
optionality of the nearby Savannah Plant
· Review initiated of Scoping Study for the Panton Nickel PGM Project
which will also consider the Mineral Resource Estimates and impact of metal
price improvements
o Optimisation opportunities from the 2023 Panton Scoping Study are being
assessed in the context of the revised strategy for the Company
· Exploration Activities within the Alice Downs Corridor
o A ground electromagnetic (EM) survey commenced in the southern portion of
the Alice Downs Corridor to assist in defining future drill targets
· PGM prices continue to improve with platinum and palladium both up
80% and 60% respectively this year
o The current PGM basket price is at levels well in excess of those used in
the 2023 Panton Scoping Study
· Finalisation of the A$4.2 million capital raise (before costs)
Headline
During the quarter, the Company recruited a new Managing Director and
initiated a process to refine its strategic direction with a comprehensive
review of its asset portfolio and envisaged corporate structure. The
exploration potential of the Alice Downs Corridor and the Savannah Plant
optionality are key parts of this review. These activities are being
undertaken against a backdrop of strengthening platinum group metal ("PGM")
prices, renewed interest in critical minerals and an improving market for
copper and nickel.
Panton Nickel PGM Project
The Panton Project, located in the East Kimberley region of Western Australia,
is the Company's flagship asset and is one of the world's highest‑grade PGM
deposits. Panton hosts a high‑grade core zone of approximately 4 million
ounces palladium equivalent (PdEq 1 ) at 3.3 g/t (including 1.1g/t Pt) within
a total resource of 6 million ounces PdEq(1) at 2.0g/t (including 0.7g/t Pt).
The Scoping Study for the Project, announced to the market in 2023, showed the
potential for Panton to be one of the few long-life, globally significant PGM
operations producing ~160,000oz pa PdEq(1). Importantly the Study only
incorporated 26% of the high-grade Reef and Dunite materials and only 10% of
the overall MRE.
The Company is in the process of undertaking a review of the 2023 Scoping
Study 2 which will identify opportunities for enhancements that will be
incorporated into a future updated technical study (Pre-feasibility Study). An
infill drill program will also be considered to convert more of the Inferred
Resource to Measured and Indicated status, thereby increasing the reported
mine life of the project. The revised study will incorporate the larger
mineral resource and consider higher commodity prices, potential mine
sequencing, processing optimisation, capital and operating cost updates and
the optionality around the neighbouring Savannah Plant. The Savannah Plant is
located within trucking distance of Panton (see Figure 1) and could provide an
opportunity to reduce up‑front capital costs by utilising existing
processing infrastructure instead of constructing a greenfield plant.
Figure 1: Location of the Eileen Bore Cu-Ni-PGM Project and the Panton PGM
Project in proximity to the Savannah Mine
Under the MOU with Zeta Resources 3 , the owner of the Savannah Plant, and has
agreed to assess the technical, economic, and regulatory aspects of utilising
alternate ore sources that may come from Future Metals projects and prospects
to feed the Savannah Mine processing plant. Should the assessment yield
positive results, the parties will negotiate in good faith for a suitable
commercial structure for future operations.
This review will also consider any consolidation opportunities that may be
present and made suitable by a possible Zeta Resources agreement.
Eileen Bore Prospect
Eileen Bore, located within 20 km of Future Metals' 100%-owned Panton Project,
forms part of the Alice Downs Corridor ("ADC") in the highly prospective East
Kimberley region of Western Australia. Recent drilling results indicate the
presence of broad zones of disseminated and net-textured copper and nickel
sulphides across the Eileen Bore Prospect (see Figure 2).
Figure 2: Cross section looking northwest at Eileen Bore. Section line
location in Figure 4 and marked as A-A'.
These intrusions host sulphide assemblages including chalcopyrite, pyrrhotite,
pentlandite, and pyrite. Petrography of the sulphide assemblage confirmed
magmatic chalcopyrite, pyrrhotite and pentlandite. The 300m strike of
historic mineralisation is dominated by chalcopyrite and pyrrhotite with
lesser pentlandite (Left image of Figure 3). The 4.5km intrusion is
dominated by pyrrhotite and subordinate pentlandite and chalcopyrite (Right
Image of Figure 3).
Figure 3: Petrography Imaging (Reflected plane-polarised light, Field width
1.8mm) Left Image - EBDD002 from 112.35 -112.5m. Intercumulus magmatic
sulphide. Chalcopyrite dominates over pyrrhotite, no pentlandite in this
section. Right Image - EBDD003 from 125.4-125.55m. Pyrrhotite and
subordinate pentlandite and chalcopyrite.
In 2024, ground gravity surveys and drilling revealed that historical
mineralisation at Eileen Bore has been structurally offset approximately 300m
north from a significant 4.5 km-long northeast-southwest striking intrusion.
This body is now interpreted as the likely source of mineralisation at Eileen
Bore. Gravity data also identified numerous internal density variations and
north-south trending faults (refer to Figure 4), with hole EBDD003
intersecting 127m of ultramafic including 7.4m @ 0.46% Cu, 0.51% Ni, and
0.3g/t PGM (3E).
Figure 4: Plan view of the planned geophysics program over the Eileen Bore
tenements
This intercept, combined with the anomalous Ni-Cu-Pd-Pt-S over 127m, confirms
the prospectivity of the main 4.5km long intrusion, which was previously
unknown. The historical mineralisation is interpreted to be offset from this
main intrusion, and it is interpreted that further zones similar to that
intersected in EBDD002, which intersected 30m @1.06% Cu, 0.45% Ni &
1.14g/t PGM(3E) from 88.9m, are key targets.
To refine targeting, a ground electromagnetic ("EM") survey commenced at the
end of September, following completion of heritage clearances. Future
Metals secured $63,375 in co-funding from the Western Australian Government's
Exploration Incentive Scheme ("EIS") Venture 2 to support the Ground EM
geophysical programme.
Corporate
The Company released its Annual Report, Corporate Governance Statement and
Appendix 4G to the market during the quarter.
The Company completed the search for a new CEO with the appointment of
experienced resource executive Mr Keith Bowes as Managing Director. He has
been tasked with advancing the Company's flagship Panton PGM Project and
developing the opportunities within the ADC.
The Company considers the timing of Keith's appointment opportune, given the
combination of tailwinds from improving metal prices, the optionality through
the Zeta Resources discussions and the Alice Downs Corridor. These
opportunities together place Future Metals in an enviable position in the PGM
market. The Company is now targeting a ramp-up of its exploration and
development activities at both Eileen Bore and Panton.
The Company has also initiated a process to cancel its admission of its
ordinary shares trading on the AIM market of the London Stock Exchange. The
Company is of the view that the admission to trading on AIM is not delivering
sufficient value to shareholders, having regard to the following factors:
· Conditions which have impacted stock markets generally since its
admission to trading on AIM in October 2021 have made it challenging to raise
capital in the UK;
· The low levels of liquidity and trading volumes in FME's Shares
on AIM;
· The cost of maintaining admission to trading on AIM, including
professional fees, listing fees payable and incremental legal, auditing and
other fees; and
· The amount of management time and regulatory burden associated
with maintaining the Company's admission to trading on AIM, in addition to its
ASX listing.
It is the opinion of the Board that the cancellation will not materially nor
adversely impact existing Shareholders as they will still be able to trade on
the ASX.
It is expected that the Cancellation will occur on 5 November 2025. Full
details on the timetable for the Cancellation can be found in the Company's
announcement on 7 October 2025.
Improving Metal Price Environment
Since the release of the Panton Scoping Study in late 2023, PGM prices have
moved sideways. However, since the end of Q1 this calendar year, there has
been significant movement in the platinum and palladium prices, which appear
to be following the gold and, more recently, silver trajectories. Platinum
has, in fact, been the best-performing precious metal year-to-date, bettering
even gold's run this year (see Table 1 below).
With Platinum representing ~50% of PGMs in Panton, the price increase has a
significant impact on the price basket developed for the project and will
improve the project economics.
Table 1: Performance of metal prices over 2025 to date, prices as of 24
October 2025 (Kitco)
Metal Current Price (USD) Price Performance (Year to Date)
Platinum $1,614/oz 80%
Palladium $1,441/oz 60%
Rhodium $8,350/oz 85%
Gold $4,113/oz 56%
Copper $10,996/t 24%
Nickel $15,113/t 8%
Financial Commentary
The Company held approximately A$3.5m in cash at the end of the Quarter.
Exploration and project development expenditure during the Quarter amounted to
approximately A$323k. Payments for administration and corporate costs amounted
to approximately A$335k. Also included in corporate costs were payments to
related parties and their associates of A$33k, comprising Director fees and
remuneration (including superannuation). The Quarterly Cashflow Report
(Appendix 5B) for the period ended 30 September 2025 is included in this
announcement and provides an overview of the Company's financial activities.
The Quarterly Cashflow Report (Appendix 5B) is available at the following link
: http://www.rns-pdf.londonstockexchange.com/rns/4329F_1-2025-10-30.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/4329F_1-2025-10-30.pdf) and
on the Company's website Quarterly Reports - Future Metals NL
(https://future-metals.com.au/investor-centre/reports/quarterly-reports/) .
For additional information please refer to the ASX/AIM announcements covered
in this announcement:
26 September 2025 Annual
Report
26 September 2025
Corporate Governance Statement
26 September 2025
Appendix 4G
26 September 2025
Response to ASX Proce and Volume Query
29 September 2025
Appointment of Managing Directors and CEO
29 September 2025
Initial Director's Interest Notice
17 February 2025 Significant
Copper-Nickel Discovery at Eileen Bore with 4.5km strike potential
The above announcements are available to view on the Company's website at
future-metals.com.au. The Company confirms that it is not aware of any new
information or data that materially affects the information included in the
relevant original market announcements. The Company confirms that the
information and context in which any Competent Person's findings are presented
have not been materially modified from the original market announcements.
For further information, please contact:
Future
Metals
Strand Hanson Limited (Nominated Advisor & UK Broker)
Keith
Bowes
James Bellman / Rob Patrick
info@future-metals.com.au (mailto:info@future-metals.com.au)
+44 (0) 20 7409 3494
About Future Metals
Future Metals NL (ASX: FME | AIM:FME) is an Australian-based exploration
Company focused on advancing its Panton PGM Project in the eastern Kimberley
region of Western Australia.
The 100% owned Panton PGM project is located 60 kilometres north of the town
of Halls Creek in the east Kimberley region of Western Australia, a tier one
mining jurisdiction. The Project is located on three granted mining licences
and situated just 1 kilometre off the Great North Highway, which accesses the
Port of Wyndham.
In October 2023, Future Metals announced a substantial upgrade to its Mineral
Resource (MRE), with improvements in grade, JORC classification, and the
inclusion of a chromite estimate. The total MRE at the Panton PGM-Ni-Cr
Project is now 92.9Mt @ 1.5g/t PGM(3E), 0.20% Ni, 3.1% Cr(2)0(3) (2.0g/t
PdEq 4 ) for contained metal of 4.5Moz PGM(3E), 185kt Ni, 2.8Mt Cr(2)0(3),
(6.0Moz PdEq(2)). The MRE has been reported across three separate units; the
Reef, the High-Grade Dunite and the Bulk Dunite (refer ASX|AIM announcement
dated 26 October 2023). PGM-Ni mineralisation occurs within a layered,
differentiated mafic-ultramafic complex referred to as the Panton intrusive
which is a 9km long and 2.7km wide, south-west plunging synclinal intrusion.
PGM mineralisation is hosted within a series of stratiform chromite reefs as
well as a surrounding zone of mineralised dunite within the ultramafic
package.
About Platinum Group Metals (PGMs)
PGMs are a group of six precious metals being Platinum (Pt), palladium (Pd),
iridium (Ir), osmium (Os), rhodium (Rh), and ruthenium (Ru). Exceptionally
rare, they have similar physical and chemical properties and tend to occur, in
varying proportions, together in the same geological deposit. The usefulness
of PGMs is determined by their unique and specific shared chemical and
physical properties. PGMs have many desirable properties and as such have a
wide variety of applications. Most notably, they are used as auto-catalysts
(pollution control devices for vehicles), but are also used in jewellery,
electronics, hydrogen production / purification and in hydrogen fuel cells.
The unique properties of PGMs help convert harmful exhaust pollutant emissions
to harmless compounds, improving air quality and thereby enhancing health and
wellbeing.
Follow us:
Appendix One | Panton Project JORC-Compliant Mineral Resource Estimate as at
26 October 2023
Category Mass Pd Pt Au PGM(3E) 5 Ni Cr(2)O(3) PdEq 6 PGM(3E) Ni Cr(2)O(3) PdEq
(Mt) (g/t) (g/t) (g/t) (g/t) (%) (%) (g/t) (koz) (kt) (kt) (koz)
Reef (no cut-off grade has been applied)
Indicated 4.5 2.6 2.4 0.4 5.4 0.25 14.0 6.7 778 11 623 957
Inferred 6.3 2.9 2.6 0.3 5.8 0.28 15.0 7.2 1,175 17 946 1,450
Sub-Total 10.8 2.8 2.5 0.4 5.6 0.27 14.6 7.0 1,954 29 1,569 2,407
High Grade Dunite (underground, below 300mRL, 1.4g/t PdEqcut-off)
Indicated 5.9 0.6 0.6 0.2 1.4 0.20 2.2 1.7 259 12 132 334
Inferred 20.5 0.6 0.6 0.1 1.3 0.21 2.3 1.8 885 43 478 1,154
Sub-Total 26.4 0.6 0.6 0.1 1.3 0.21 2.3 1.8 1,144 54 610 1,488
Reef + High Grade Dunite
Indicated 10.4 1.5 1.4 0.2 3.1 0.22 7.3 3.9 1,037 23 755 1,291
Inferred 26.8 1.2 1.0 0.2 2.4 0.22 5.3 3.0 2,061 60 1,424 2,604
Sub-Total 37.2 1.3 1.1 0.2 2.6 0.22 5.9 3.3 3,098 83 2,179 3,895
Bulk Dunite (Near surface, above 300mRL, 0.9g/t PdEq cut-off)
Indicated 30.3 0.4 0.4 0.1 0.9 0.18 1.1 1.3 850 56 337 1,220
Inferred 25.3 0.3 0.3 0.1 0.7 0.18 1.3 1.1 564 46 329 873
Sub-Total 55.7 0.4 0.3 0.1 0.8 0.18 1.2 1.2 1,414 102 666 2,094
Total Resource
Indicated 40.7 0.7 0.6 0.1 1.4 0.19 2.7 1.9 1,887 79 1,092 2,511
Inferred 52.1 0.8 0.7 0.1 1.6 0.20 3.4 2.1 2,625 106 1,753 3,478
Total 92.9 0.7 0.7 0.1 1.5 0.20 3.1 2.0 4,512 185 2,846 5,989
Mineral Resources
The information in this document that relates to Mineral Resources has been
extracted from the ASX announcement titled: "Resource Upgrade Defines Panton
Impressive Grade & Scale", 26 October 2023. This announcement is available
to view on the Company's website at future-metals.com.au. The Company confirms
that it is not aware of any new information or data that materially affects
the information included in the original announcement and that all material
assumptions and technical parameters underpinning the estimates in the
original release continue to apply and have not materially changed. The
Company confirms that the form and context in which the Competent Person's
findings are presented have not been materially modified from the relevant
original market announcement.
Competent Person
The information in this presentation that relates to Mineral Resources is
based on, and fairly represents, information compiled by Mr Brian Wolfe, who
is a Member of the Australian Institute of Geoscientists. Mr Wolfe is an
external consultant to the Company and is a full-time employee of
International Resource Solutions Pty Ltd, a specialist geoscience
consultancy. Mr Wolfe has sufficient experience which is relevant to the
style of mineralisation and type of deposit under consideration and to the
activity he is undertaking to qualify as a competent person as defined in the
2012 Edition of the "Australasian Code for reporting of Exploration Results,
Exploration Targets, Mineral Resources and Ore Reserves" (JORC Code). Mr Wolfe
consents to the inclusion in this presentation of the matters based upon his
information in the form and context in which it appears.
Appendix Two | Exploration and Mining Permits
Exploration & Mining Permits changes during the Quarter
Project Location Tenement Interest at beginning of Quarter Interest at end of Quarter
Nil
Farm-In / Farm Out Agreement changes during the Quarter
Joint Venture Project Location Tenement Interest at beginning of Quarter Interest at end of Quarter
Octava Minerals Ltd Panton North Western Australia E80/5455 - -
Octava Minerals Ltd Palamino Western Australia E80/5459 - -
Future Metals may earn up to 70% in the two tenements listed above. Details of
the transaction can be found in the announcement 'Farm-In Agreement Over East
Kimberley Ni-Cu-PGE Prospects' released on 17 January 2023.
Interests in Mining & Exploration Permits & Joint Ventures at 30
September 2025
Project Location Tenement Area Interest at end of Quarter
Panton PGM-Ni Project Western Australia M80/103 8.6km2 100%
M80/104 5.7km2 100%
M80/105 8.3km2 100%
Panton North (OCT JV) Western Australia E80/5455 8 BL -
Alice Downs Corridor (OCT JV) Western Australia E80/5459 2 BL -
Alice Downs Corridor Western Australia E80/4922 1BL 100%
Alice Downs Corridor Western Australia E80/4923 2BL 100%
Alice Downs Corridor Western Australia E80/5056 10BL 100%
1 Refer to Appendix One for PdEq calculations
2 Refer to ASX Announcement "Panton PGM-Ni-Chromite Project Scoping Study" -
7(th) December 2023
3 Refer ASX Announcement "FME Executes Strategic Infrastructure MOU with
Zeta Resources" - 10(th) April 2025
4 Refer to Appendix One for PdEq calculations
5 Platinum-Group-Metals 3E refers to platinum, palladium and gold
6 Reef: PdEq (Palladium Equivalent g/t) = Pd(g/t) + 0.833 x Pt(g/t) +
1.02083 x Au(g/t) + 2.33276 x Ni(%) + 0.07560 x Cr2O3 (%)
Dunite: PdEq (Palladium Equivalent g/t) = Pd(g/t) + 0.833 x Pt(g/t) + 1.322
x Au(g/t) + 2.2118 x Ni(%)
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