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Australian Mines Limited (ASX:AUZ)

ALERT: Price-sensitive ASX Announcement for AUZ
Current share price for AUZ : $0.020 0.004 (21.21%)+
Announcement
Release
9 Feb 2026 9:56AM
Price at Release
$0.017
Full Release
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Summary
Australian Mines Limited (ASX: AUZ) announced the results of their aircore drilling at the Flemington Project, highlighting expansion potential and exceptional near-surface scandium grades. Notable intercepts include high-grade scandium findings such as 18m at 597 ppm Sc from 2m depth, and 12m at 615 ppm Sc from 13m depth. These results confirm broad, high-grade scandium mineralization from the surface and suggest potential resource expansion beyond the current footprint. SRK Consulting has been engaged to update the 2017 Flemington scandium scoping study, which originally indicated a positive net present value and a 37.3% internal rate of return. The study will now use the latest mineral resource estimate of 6.3 million tonnes at 446 ppm scandium at a 300 ppm cut-off. The updated study aims to refine technical and commercial inputs to support ongoing project evaluation. Additionally, AUZ is pursuing strategic synergy between its scandium resources and its proprietary scandium-doped metal hydride technology, which has shown potential for efficient hydrogen storage.
Key Points
  • Exceptional near-surface scandium grades found at Flemington Project.
  • Notable intercepts include 18m at 597 ppm Sc and 12m at 615 ppm Sc.
  • Potential for resource expansion to the North and East.
  • SRK Consulting engaged to update the 2017 scandium scoping study.
  • Updated study will use 6.3Mt at 446ppm Sc estimate.
  • Study aims to refine key technical and commercial aspects.
  • AUZ explores synergy with scandium-doped metal hydride technology for hydrogen storage.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.