Alchemy Resources (ASX:ALY) aims to approve a Bryah iron ore exploration budget this month after executing a binding joint venture (JV) with Newcam Minerals.
The agreement covers the Bryah Iron Ore Project north of Meekatharra in Western Australia. It follows Newcam exercising its option on 14 April 2026 under a binding term sheet signed on 16 October 2025.
Newcam has earned a 60% interest in tenements M52/844-I, E52/4090, E52/4088, and P52/1686, which include the Valley Bore and Old Highway prospects. Alchemy retains 40%, free carried until a decision to mine, while Newcam assumes management of the JV.
If Newcam does not complete a Feasibility Study within five years of the option exercise date, it is deemed to have withdrawn. Should Alchemy’s interest dilute below 5%, it will convert to a 3% gross revenue royalty.
The combined management committee will hold its first meeting late this month (October 2026) to approve an exploration budget for the upcoming field season, with flora and fauna surveys and drilling scheduled to follow.
In late 2025, Alchemy completed first-pass reverse circulation drilling at Valley Bore’s Southern Ridge target, comprising 15 holes for 1,027m. Intercepts included 50m @ 62.50% iron (Fe) from 17m, as well as 40m @ 62.50% Fe from 3m, including 17m @ 63.80% Fe from 26m.
Mineralisation extends from surface to at least 50m vertical depth and remains open along strike and at depth across mapped banded iron formation ridges spanning more than 2,000m.
The project is located on a granted mining lease with direct access to the Great Northern Highway.
CEO James Wilson says the company is ‘excited’ to work alongside the Newcam exploration team to help accelerate Bryah.
“Execution of the JV agreement positions Alchemy as a 40% owner of the project with Newcam funding the pathway towards feasibility and ultimately a decision to mine, and we look forward to providing regular updates as the project advances,” Wilson says.
Alchemy Resources is an explorer focused on the discovery and development of gold, base metal, and battery materials within Australia.
Write to Paula Fabe at Mining.com.au
Main image: Alchemy Resources
