Mag Survey Refines REE Targets, Copper Exploration to Begin

Key points

• Cazaly reaffirms multi-commodity exploration strategy at Abenab North Project
• High-resolution drone magnetic survey completed, refining targets for drilling
• Copper exploration targeting Tsumeb-style mineralisation to begin immediately
• Maiden drilling planned for H2 2026 to test REE, copper, and base metal targets

Full summary

Cazaly Resources Limited (ASX: CAZ) has completed a high-resolution drone magnetic survey over its Abenab North Project in Namibia, refining magnetic targets suitable for drill testing. The survey has identified two pronounced magnetic anomalies, Accra and Abenab, while downgrading the Cadix target due to mis-plotting. The Company is now progressing with the finalisation of the drill program design and commencement of maiden drilling, expected in H2 2026, to test multiple targets for rare earth elements (REE), copper, and other base metal mineralisation. The Abenab North Project is located within the world-class Otavi Fold Copper Belt, approximately 20km from the historic Tsumeb Copper Mine, and is also situated near Midas Minerals Ltd's high-grade Otavi Copper Project.

Guidance

Maiden drilling planned for H2 2026

Outlook

Cazaly Resources is optimistic about the potential of the Abenab North Project to yield significant copper, REE, and base metal mineralisation, with exploration activities expected to commence immediately.