Mayank Bansal, CFA
Mayank Bansal is a CFA Charterholder and heads the Equity Research team at Kapitales Research, with over 5 years of experience analysing global equity markets. He leads fundamental, data-driven research combining rigorous financial analysis with macro trends.
Accelerate Resources Launches 3,500 metres Manganese Drilling Program and Secures AU$1.1 Million Placement
Highlights
Company Expands Exploration Activities Following AU$1.1 Million Placement Commitments
Accelerate Resources Limited (ASX: AX8) has begun a new drilling programme to investigate manganese potential at Gingarrigan, part of its Woodie Woodie North project in Western Australia’s East Pilbara region. In its announcement dated 26 October 2026, the company also confirmed firm commitments for a AU$1.1 million share placement to support its ongoing exploration programme. Meanwhile, Accelerate Resources' share price stood at AU$0.005. The programme is planned to span about 3,500 meters of drilling, with completion anticipated over an estimated five-week period. Gingarrigan forms part of a 12-kilometre manganese corridor connecting the Area 42 deposits with the El Largo prospect.
Field investigations by the company have identified more than 200 manganese exposures along the Gingarrigan and El Largo trends. Rock-chip testing at El Largo has also recorded manganese concentrations reaching 59.4%. These results highlight the area's exploration potential, although further drilling and laboratory analysis are required to establish the extent and grade of mineralization at depth.
Share Placement Structure and Use of Funds
Accelerate has received firm commitments to raise AU$1.1 million before costs through the issue of 275 million new fully paid ordinary shares at AU$0.004 per share. The placement shares are priced at AU$0.004 each, a 20% reduction from the company’s last traded share price of AU$0.005 recorded on 21 October 2026.
Of the total placement, 261.25 million shares, valued at AU$1.045 million, are expected to be issued under the company's existing placement capacity. Directors and management intend to participate for approximately AU$70,000, subject to shareholder approval.
The funds will support discovery drilling at Gingarrigan, resource drilling and permitting at Area 42, geochemical work and drilling at Balagundi, general working capital and placement costs.
Area 42 Drilling and Project Outlook
Following completion of the Gingarrigan programme, the drilling rig will move to Area 42 to test extensions to the existing inferred mineral resource of 0.7 million tonnes grading 20.7% manganese.
The programme will also investigate diamond hole WNDD003 at Nathan’s Flat, where visual manganese mineralization was observed across a 72-metre downhole interval beginning at 5.6 meters. The company has cautioned that visual observations cannot determine manganese grades, which must be established through laboratory assays. Upcoming milestones include Gingarrigan assay results, metallurgical test results from Area 42 and further exploration across the wider project. These activities are expected to provide additional information about the project's mineral potential, while future outcomes remain dependent on drilling results and technical assessments.
Note- All data presented is based on information available at the time of writing.
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