ALCHEMY RESOURCES LTD (ASX:ALY) Bryah Basin Iron Ore Breakthrough

Now to kick things off, we look at the Newcam joint venture.

So Newcam Minerals exercised its option in April 2026 to acquire a 60% interest in Alchemy's Briar Basin iron ore project.

Can you unpack what Newcam exercising its option means for the company and how the JV will operate now that Newcam is in the manager's seat?

Thanks, Andrew.

Well, to simplify it, Newcam is an iron ore miner.

They operate the Mount Gould iron ore mine to the northwest of us in the Briar.

They're experienced.

They've got an integrated mining for which an end user relationship for shipping and sales.

And as an explorer, that's always a difficult thing to do with iron ore and to go from explorer to miner.

It's not just that it's offshore sales and customers overseas and whatnot.

So it made sense for Alchemy to come to a one stop shop.

Having them as a partner early in the project accelerates that timeline to production.

It's got an experienced operator, deep knowledge of project execution because they've done it before.

Since Alchemy is not the operator, NuCam pushes the project forward and Alchemy is free carried to a decision to mine, which is fantastic for us.

And the Valley Ball results are exceptional.

What does that grade and thickness tell you about the scale of what you found?

Yeah, well, I'll be honest here, geologically, iron ore is a tricky one.

You might have sort of super high grades on the surface and it's just usually a surface enrichment.

So you might just have a thin veneer of high grades and there's nothing underneath it.

Many areas that have those high grades, as I said, and that was always a risk going into drilling, and that's why we're an explorer.

So, however, the results of the RC program that we put in definitely showed that wasn't the case.

We've got significant width and significant strike extent of the southern ridge mineralization The grades, as you say, they're very high grade and it represents direct shipping ore.

So our initial drill program was a first pass.

It was basically just meant to assess top 50 or 60 meters vertically just to see what was down there.

And no one had ever drilled there before.