Highlights

• A gold miner reported a 370% jump in its Mineral Resource and a maiden underground Reserve supporting a 7.5-year mine life.
• An energy metals developer issued new shares after option holders exercised their rights, following its entry into a major index.
• A mineral explorer issued over 203 million placement shares as a global bank became a substantial holder.

ASX-listed resource companies drew strong buying interest this week after a series of announcements released between 21 and 23 September 2026. The updates ranged from a major resource upgrade to fresh share issues and a new substantial shareholder. All three stocks closed higher, reflecting positive investor sentiment towards companies making progress on growth and funding.

Stocks in Focus

• Catalyst Metals Limited (ASX: CYL) shares were trading at AU$6.16, up 6.57% on the day.
• Sunrise Energy Metals Limited (ASX: SRL) shares were trading at AU$21.65, up 5.71% on the day.
• Minerals 260 Limited (ASX: MI6) shares were trading at AU$0.945, up 5.59% on the day.

Cinnamon Resource Grows 370%

Catalyst Metals announced on 21 September 2026 that its Cinnamon deposit on the Plutonic Gold Belt in Western Australia now holds a Mineral Resource of 6.9Mt at 2.5g/t for 541koz. This is up 370% from the previous 145koz. The upgrade is based on 88,639 metres of drilling completed since the prior estimate. The update includes a maiden underground Reserve of 232koz at 3.0g/t, delivered within 12 months of the zone's discovery in October 2025. Together with the open pit, Cinnamon's total Reserve now stands at 320koz. The underground mine plan outlines:

• a 7.5-year mine life, with steady-state output of 40–50koz a year
• life-of-mine AISC of AU$2,357/oz
• upfront capital of about AU$35 million, kept low by existing haul roads, camp and processing infrastructure
• gold recoveries of 90% underground and 92% from the open pit

At a gold price of AU$4,500/oz, the project shows a pre-tax NPV of AU$408 million and an IRR of 78%. Roughly a quarter of the planned output is drawn from Inferred Resources, where the level of geological certainty is lower. Cinnamon becomes the sixth ore source in Catalyst's plan to lift Plutonic Belt production to about 200koz a year. Catalyst is debt-free, with cash and bullion totalling AU$331 million. Drilling has also found signs of repeat mineralised zones in nearby conglomerate units, offering further growth potential.

Option Exercise Adds New Shares

Sunrise Energy Metals lodged an application on 21 September 2026 to quote 6,253 new ordinary shares. The shares were issued on 18 September after holders exercised SPP options at AU$0.40 each. A further 976,754 of these options have yet to be exercised and will lapse on 31 May 2027. After the issue, the company has 169,492,198 shares on issue. It also has about 5.76 million unlisted options exercisable at AU$4.25 and around 5.0 million performance rights. The company joined the S&P/ASX 200 Index on 21 September 2026, which may broaden its investor base.

Placement Tranche Completed

On 23 September 2026, Minerals 260 issued 203,291,499 shares at AU$0.88 under Tranche 1 of the placement it announced on 16 September. This raised about AU$178.9 million. The company also released a cleansing notice, allowing the new shares to be traded freely. A Share Purchase Plan of up to 34,090,909 shares is still to come, giving eligible shareholders the chance to invest at the same price. After the placement, the company has about 2.48 billion shares on issue. JPMorgan Chase & Co. and its affiliates also became a substantial holder on 18 September 2026, with a 5.89% voting interest (about 133.8 million shares). Much of this position relates to securities lending activity rather than direct investment.

Outlook

The three updates show resource companies at different stages of growth. One is expanding reserves and extending mine life across a multi-mine gold belt. Another is benefiting from index inclusion and a gradually widening capital base. The third has secured significant funding for its next phase of work.

Note- All data presented is based on information available at the time of writing.

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