Targeting metals & critical minerals needed today and for energy transition

ILTANI RESOURCE LTD (ILT.ASX)

Iltani Resources Limited (ASX:ILT) is an Australian mineral exploration company focused on unlocking the silver, indium, and base metal potential of its flagship Herberton Project in North Queensland. The company’s current primary asset, the Orient Project, features extensive high-grade mineralisation across its East and West prospects, with exploration targets suggesting a multi-billion-dollar in-ground metal value.

Australia’s Largest Silver-Indium Opportunity

The Orient Project stands out in Australia as a significant epithermal system. The Orient Project’s current global exploration targets of 194-317 Moz Ag Eq. at a 30 g/t Ag Eq. cut-off and 113-167 Moz Ag Eq. at an 80 g/t Ag Eq. cut-off highlight its potential to be a globally significant silver-indium system. Recent infill drilling results, including 76m @ 118.5 g/t Ag Eq. and 37m @ 109.7 g/t Ag Eq. support ILT’s goal of defining a maiden JORC resource by mid-2026. Infill drilling programs are underway at both Orient East and West. Additional plans include testing extensions at Orient North and deeper high-grade zones, with the potential to further enhance the scale of the project.

Significant Valuation Upside

With a market cap of $13.0m against a multi-billion-dollar in-ground metal value estimate for the Orient Project, ILT trades at a fraction of its potential value. This valuation gap highlights how undervalued ILT’s market capitalisation is. With a strong cash position of $2.05m and no debt, ILT is positioned for substantial share price growth as it progresses toward JORC resource definition.

 

 

 

KEY INVESTMENT INSIGHTS

Clear Business Strategy

ILT has established a clear and focused business strategy centred on advancing its flagship Orient Project within the Herberton Project in North Queensland. The company is methodically progressing the Orient East and Orient West prospects toward a maiden JORC-compliant Inferred Mineral Resource through systematic infill drilling programs, with results expected within the next 9 months. This staged approach leverages the project’s extensive high-grade silver-indium mineralisation to unlock value whilst minimising shareholder dilution.

Following the delineation of a JORC resource, ILT plans to explore high-priority extensions, such as Orient North, and test deeper high-grade potential, further enhancing the project’s scale. There is also significant potential to identify the source of the mineralisation at Orient, which is indicative of a porphyry system at depth.

Additionally, ILT is capitalising on the high-grade antimony mineralisation at its Antimony Reward deposit, with recent drilling confirming its potential as a near-term value driver. By prioritising resource definition at Orient, ILT is positioning itself as a leading silver-indium explorer in Australia, with a clear pathway to maximise the value of its Orient Project.

Successful Management

ILT’s management team combines deep technical expertise and proven industry success, positioning the company to unlock the full potential of its mineral assets. Executive and Managing Director Donald Garner brings over 25 years of geological and corporate experience, including his tenure at Red River Resources, where he grew the company into a $150m ASX-listed entity with operating assets. His strategic vision and ability to identify undervalued opportunities were instrumental in acquiring the Herberton Project for $360k from Red River Resources in liquidation—a fraction of its potential value.

Non-Executive Chairman Anthony Reilly complements this with over 30 years of mining and finance leadership, including guiding Venturex Resources through critical growth phases. Exploration Manager Erik Norum, with more than three decades of experience across diverse commodities and regions, ensures technical excellence in ILT’s exploration efforts. Together, this team has demonstrated a track record of resource development and value creation, providing confidence in ILT’s ability to execute its strategy and deliver substantial returns to shareholders.

Significant Investment Upside

ILT presents a compelling investment opportunity due to the substantial valuation gap between its current market capitalisation of $14.3m and the in-ground metal value estimates of its Orient Project. At a conservative 80 g/t Ag Eq. cut-off grade, the Orient Project’s combined East and West prospects are estimated to have an in-ground metal value of A$4.3 billion, ~300 times ILT’s current market cap. Although ILT’s actual fair value may represent only a modest fraction of the Orient Project’s estimated value, the opportunity for significant upside continues to be considerable.

The Orient Project’s exploration targets – 99-135 Mt @ 61-73 g/t Ag Eq., including a high-grade core of 32-42 Mt @ 110-124 g/t Ag Eq. – position it as Australia’s largest silver-indium project, with additional upside from indium, a critical mineral in high demand for technology applications. Recent drilling results, such as 1m @ 2,066.3 g/t Ag Eq. at Orient East and 7m @ 313.7 g/t Ag Eq. at Orient West, underscore the project’s high-grade potential. With A$2.05m in cash and no debt, ILT is well-funded to complete its current drilling programs and deliver a JORC resource, which is expected to catalyse significant share price appreciation as the market recognises the project’s scale and value.

According to the World Silver Survey 2025, global industrial demand for silver surged by 4% in 2024, reaching an all-time high of 680.5 million ounces for the fourth consecutive year, propelled by strong growth in electronics, solar energy, and battery technology applications. Concurrently, ANZ Research highlights a tightening silver market, with supply constraints exacerbated by shrinking scrap sources of silver, resulting in a projected supply-demand deficit of up to 190 million ounces, equivalent to 19% of global supply.

Furthermore, the gold-silver price ratio, currently at 100:1, remains elevated compared to its approximate 40-year historical average of 65:1, signalling potential for silver price appreciation as the ratio normalises. These favourable market dynamics enhance the economic outlook for the Orient Project and provide a strong tailwind for share price appreciation in ILT.

PROJECTS OVERVIEW

ILT has 3 main projects, the Herberton Project, the Northern Base Metal Project and the Mount Read Volcanics Project. The Herberton Project is ILT’s flagship asset, with its primary focus on the Orient Project – an extensive, high-value, precious metal-rich epithermal system hosting multiple high-grade zinc-lead-silver-indium veins and stockworks.

HERBERTON PROJECT

Project Overview

Iltani’s Herberton project consists of multiple tenements in the Herberton Mineral Field covering approximately 300km2. The Herberton Project is located approximately 100km West of Cairns in Far North Queensland. The project consists of 5 exploration permits and 1 application. The Project consists of EPM 27168 (Herberton), EPM 27221 (Isabel), EPM 27223 (Orient) and EPM 27731 (Wade Creek). The Herberton Project is prospective for silver, zinc, lead, indium, copper and antimony. The Herberton Project contains multiple key advanced exploration targets, detailed below:

ORIENT PROJECT

Project Overview

The Orient Project is the primary focus within the broader Herberton Project. It is situated on Iltani’s wholly owned tenement, EPM27223, approximately 20km west of the historic mining town of Herberton and 9km north of Irvinebank in North Queensland. The Orient Project is made up of two key prospects called Orient East and Orient West.

Mineralisation

Orient is an extensive, precious metal-rich epithermal system, believed to host a deeper intrusive (porphyry) body, exhibiting strong similarities to the large Ag-Zn-Pb-In-Sn systems of Bolivia. The project features multiple high-grade zinc-lead-silver-indium veins and stockworks, outcropping across at least 6km². Mineralisation is accompanied by zoned hydrothermal alteration, including phyllic, argillic, and propylitic assemblages.

Exploration History

Mineralisation at Orient was discovered in 1886 and was mined up until 1924, with historic mining activities occurring at both East and West Orient (approximately 2km apart). The last drilling at Orient was conducted in 1988 by Great Northern Mining Corporation (GNMC), which also defined a small non-JORC resource at West Orient. In 2021, Red River Resources carried out extensive mapping, sampling, and geophysical surveys, including drone magnetics and induced polarisation.

Exploration Target

On 18 July 2024, ILT announced an exploration target at Orient West. The exploration target was assessed to be:

  • 74-100 Mt @ 55-65 g/t Ag Eq. at a 30 g/t Ag Eq. cut-off grade
    • Inclusive of high-grade core material: 20-24 Mt @ 110-120 g/t Ag Eq. at an 80 g/t Ag Eq cut-off grade

The release of the Orient West exploration target was followed by the announcement of an exploration target for Orient East on 24 February 2025. The exploration target was assessed to be:

  • 25-35 Mt @ 77-95 g/t Ag Eq. at a 30 g/t Ag Eq. cut-off grade
    • Inclusive of high-grade core material: 12-18 Mt @ 110-130 g/t Ag Eq. at an 80 g/t Ag Eq cut-off grade
    • Including a high-grade component: 3.5-4.0 Mt @ 280-340 g/t Ag Eq. at a 200 g/t Ag Eq cut-off grade
    • 1-1.4 Mt @ 430-520 g/t Ag Eq. at a 300 g/t Ag Eq cut-off grade

Combining the Orient East and Orient West exploration targets results in an overall exploration target of:

  • 99-135 Mt @ 61-73 g/t Ag Eq. at a 30 g/t Ag Eq. cut-off grade
    • Inclusive of high-grade core material: 32-42 Mt @ 110-124 g/t Ag Eq. at an 80 g/t Ag Eq. cut-off grade

Orient’s exploration targets demonstrate the project’s size and scale of high-grade mineralisation, reinforcing its potential to become the largest silver-indium project in Australia. These exploration targets also provide a strong foundation for the company to pursue a JORC-compliant resource for the Orient Project.

The tables below provide details on the Orient East and Orient West exploration targets at a 30 g/t Ag Eq. and 80 g/t Ag Eq. cut-off grade, respectively.

Currently, ILT only has a high-grade exploration target (200-300 g/t Ag Eq. cut-off grade) defined for Orient East. However, the company plans to assess the high-grade mineralisation potential for Orient West in 2025, aiming to materially increase the high-grade component of the Orient project.

The table below details Orient East’s high-grade component at a 200 g/t Ag Eq. and 300 g/t Ag Eq. cut-off grade, respectively.

Orient West Infill Drilling Program

Program Overview. In March 2025, ILT commenced an infill drilling program at Orient West. The drilling program consisted of 28 reverse circulation (RC) holes (for 7,000 metres) and two diamond drill holes (for 455 metres). The objective is to convert the high-grade Exploration Target at Orient West into a maiden JORC Inferred Mineral Resource.

Initial Drilling Results Reinforce Significant Resource Potential. To date Iltani has completed 5 drill holes (for 1,052 metres), with initial results announced on 24 April 2025. The key intercepts from the initial holes in the program highlight the high-grade silver-equivalent mineralisation at shallow depths, reinforcing the potential for an open-pit resource at Orient West. Notable results include:

  • ORR069 intersected extensive mineralisation including:
    • 13m @ 115.2 g/t Ag Eq. from 35m inc. 2m @ 277.6 g/t Ag Eq. from 45m downhole
    • 5m @ 216.5 g/t Ag Eq. from 93m inc. 1m @ 590.5 g/t Ag Eq. from 96m downhole
  • ORR069 also intersected a zone of exceptionally high-grade indium mineralisation:
    • 8m @ 36.8 g/t Ag, 219.1 g/t In, 0.4% Pb & 3.2% Zn from 184m inc. 3m @ 72.2 g/t Ag, 570.1 g/t In, 0.5% Pb & 7.8% Zn from 184m inc. 1m @ 125.8 g/t Ag, 1272.1 g/t In, 1.0% Pb & 17.3% Zn from 185m downhole.
  • ORR070 intersected one of the thickest zones of mineralisation to date at Orient West, delivering 76m @ 118.5 g/t Ag Eq. from 24m downhole including:
    • 11m @ 255.7 g/t Ag Eq. from 49m inc. 2m @ 418.1 g/t Ag Eq. from 57m downhole
    • 10m @ 220.3 g/t Ag Eq. from 64m inc. 2m @ 679.2 g/t Ag Eq. from 64m downhole
  • ORR071 intersected a thick zone of mineralisation delivering 37m @ 109.7 g/t Ag Eq. from 75m downhole:
    • 11m @ 160.1 g/t Ag Eq. from 75m inc. 4m @ 278.6 g/t Ag Eq. from 82m downhole
    • 5m @ 173.8 g/t Ag Eq. from 90m inc. 2m @ 219.7 g/t Ag Eq. from 93m downhole
  • ORR072 delivered multiple intercepts of high-grade mineralisation including:
    • 7m @ 128.6 g/t Ag Eq. from 40m inc. 2m @ 313.7 g/t Ag Eq. from 41m inc. 1m @ 505.1 g/t Ag Eq. from 41m downhole
    • 13m @ 99.5 g/t Ag Eq. from 127m inc. 5m @ 144.6 g/t Ag Eq. from 134m downhole
    • 3m @ 119.4 g/t Ag Eq. from 177m inc. 1m @ 247.6 g/t Ag Eq. from 179m downhole

Commencement of Diamond Drilling. On 17 April 2025, ILT mobilised a diamond drill rig to Orient and commenced diamond drilling at Orient West. To date, the diamond drill rig has completed approximately 210 metres of the first diamond drill hole. Results from the diamond drilling will be used to better understand the geology of the Orient project, including the specific gravity (density of ore used to calculate tonnes) for the JORC resource estimate.

Orient East Infill Drilling Program

Program Overview. Besides Orient West, an infill drilling campaign is planned at Orient East, targeting the conversion of the current Exploration Target into an initial JORC Inferred Mineral Resource. This program consists of 26 RC holes (for 5,200 metres) and two diamond drill holes (for 450 metres). The Orient East drilling program will commence following the completion of the program at Orient West and will take around seven weeks to complete.

Previous Drilling Results. The Orient East infill drilling program follows on from the 25-hole (for 4,056 metres) drilling program conducted in 2024. The results from this program were used to estimate the initial Orient East Exploration target. All 25 drill holes (ORR036 – ORR060) intersected extensive high-grade silver-lead-zinc-indium mineralisation, further confirming Orient East’s strong silver-equivalent potential.

Notably, drill hole ORR055 delivered the highest grades recorded at Orient to date, returning:

  • 1m @ 2,066.3 g/t Ag Eq. from 77m (676.0 g/t Ag, 251.0 g/t In, 16.75% Pb, 13.50% Zn)
  • Within a broader interval of 4m @ 921.8 g/t Ag Eq. from 77m (305.1 g/t Ag, 102.7 g/t In, 7.72% Pb, 5.86% Zn)

Other notable results include:

  • ORR042: 19m @ 378.8 g/t Ag Eq. from 64m downhole
    • 5m @ 427.2 g/t Ag Eq. from 67m downhole; and
  • ORR042: 6m @ 746.7 g/t Ag Eq. from 75m downhole
    • 2m @ 1376.5 g/t Ag Eq. from 76m
    • 1m @ 1707.2 g/t Ag Eq. from 77m downhole.
  • ORR060: 62m @ 110.3 g/t Ag Eq. from 48m
    • 3m @ 364.4 g/t Ag Eq. from 55m,
    • 3m @ 364.6 g/t Ag Eq. from 80m downhole.

 

Further Exploration Initiatives

Upon completion of the infill drilling programs at Orient East and West, ILT will submit the data to Mining One, an independent mining consultancy, to develop the initial JORC-compliant resource models for both Orient West and Orient East. The company expects the entire process, including drilling, resource estimation, and reporting, to take 6 to 9 months.

ILT is also pursuing further exploration to unlock additional value at Orient. Key initiatives include:

  • Testing Extensions: Drilling of the high-priority Orient North target and potential strike extensions to expand the known mineralised system.
  • Depth Potential: Deeper drilling to assess the prospectivity for high-grade underground mineralisation.
  • Geophysical Surveying: An airborne electromagnetic survey is planned to identify new shallow undercover drill targets, potentially expanding the project’s exploration footprint. The cost of $230,375 will be funded by the QLD government.

ANTIMONY REWARD

Project Overview

The Antimony Reward project is located on Iltani’s wholly owned exploration permit EPM 27168, and is approximately 45km from Herberton, and 17km from the Orient Silver-Indium project, in Northern Queensland. Antimony Reward is a high-grade antimony vein system with significant exploration potential.

Recent Drilling Results

On 5 October 2024, ILT commenced a drilling program at Antimony Reward. The drilling program was a follow-up to the high-grade antimony sampling results released on 16 September 2024 that delivered up to 46.5% antimony mineralisation.

The 10-day drilling program consisted of 10 reverse circulation drill holes (for 1,500 metres) targeting high-grade mineralisation. The assay results from the drilling program, which were announced on 6 November 2024, confirmed the presence of high-grade antimony mineralisation. Material intercept included the following:

  • ARRC001 – 7m @ 7.61% Sb from 38m inc. 3m @ 8.19% Sb from 38m and 1m @26.70% Sb from 43m downhole
  • ARRC003 – 3m @ 0.75% Sb from 31m inc. 1m @ 1.25% Sb from 32m and 4m @ 0.43% Sb inc. 1m @ 1.28% Sb from 42m downhole
  • ARRC004 – 9m @ 0.94% Sb from 53m inc. 2m @ 2.66% Sb from 60m downhole

ISABEL AND ISABEL EXTENDED

The Isabel deposit, located within EPM 27221, is a high-grade polymetallic massive sulphide system comprising zinc-lead-copper mineralisation enriched with indium and silver. The mineralisation occurs within fine-grained and brecciated quartzites, flanking both sides of a northwest-southeast trending quartz-feldspar dyke.

Extensive exploration work has been conducted at Isabel, including detailed geological mapping, geochemical soil sampling, underground sampling, geophysical surveys, and both percussion and diamond drilling. Between 1970 and 1972, GNMC and Mareeba Mining and Exploration Pty. Ltd. (Mareeba Mining) completed a 57-hole percussion and diamond drilling program. However, historical drilling has not fully delineated the known mineralisation, leaving significant potential to expand the resource base.

MOUNT READ VOLCANICS PROJECT

The Mount Read Volcanics Project is located in the West Coast region of Tasmania, approximately 10 km north of Rosebery. In late 2022, Iltani lodged an application (EL33/2022) targeting an area of approximately 99km² within the Middle to Late Cambrian Mount Read Volcanic Belt in Western Tasmania. This belt stretches roughly 200km in length and 20km in width, predominantly consisting of a submarine succession of rhyolitic to basaltic volcanic and hypabyssal intrusive rocks, with varying proportions of intercalated sedimentary layers.

NORTHERN BASE METAL PROJECT

The Northern Base Metal Project is located in Northern Queensland, covering an area of 225 km² under EPM 27934. Situated approximately 120km southwest of Mt Garnet, the project includes two high-priority copper and zinc targets: Frewhurst and Mount Mist. The Frewhurst target is known for its copper mineralisation, featuring quartz-sulphide veins with up to 15% sulphide (pyrite, arsenopyrite, and chalcopyrite) hosted in altered granite (clay-sericite ± chlorite ± epidote). Mount Mist hosts a high-grade polymetallic massive sulphide deposit. To date, two lenses of high-grade polymetallic base metal mineralisation have been drilled.

KEY PEOPLE

  • Anthony Reilly

    Non-Executive Chairman

    Anthony is an experienced mining and finance executive with over 30 years of leadership in resource development and corporate finance. As Executive Director of Venturex Resources (VXR) from 2017 to 2021, he guided the company through critical growth phases before its transition to Develop Global (DVP). His extensive board experience includes executive and non-executive positions at Hawkley Oil and Gas, Paradigm Metals, and CMG Gold. Complementing his resource sector expertise, Anthony brings 20 years of distinguished banking experience, having served as Head of Institutional FX Sales in London and later as Global Head of Institutional FX Sales for Hedge Fund clients at Westpac, where he developed deep relationships with international financial institutions.

  • Donald Garner

    Executive and Managing Director

    Donald is a seasoned geologist with over 25 years of experience in the resources sector. From 2014 to 2021, he served as an Executive Director at Red River Resources (RVR), where he led the company’s strategy and business development. Under his leadership, RVR grew into a $150 million ASX-listed company with a diverse portfolio of operating assets, including Thalanga and Hillgrove, as well as multiple exploration projects. Before joining RVR, Donald held senior executive positions in the resources industry and worked in corporate finance at Deutsche Bank in London, specialising in Metals & Mining. His experience also includes roles as an exploration and mining geologist in Western Australia, Russia, and Myanmar.

  • Karina Bader

    Non-Executive Director

    Karina is an experienced mining and finance executive with over 25 year experience in the sector. She graduated from Monash University in 1995 when she began working as a geologist in the mining industry. She worked in technical & operational roles in exploration and resource definition for various gold mining companies including Great Central Mines & Plutonic Resources. More recently, Karina has spent 13 years working in capital markets as a resources and energy analyst for a boutique fund manager specialising in emerging companies covering gold, base metals, specialty metals, bulks, uranium and petroleum commodities. She has also held director roles at not-for-profit organisations for five years.

  • Justin Mouchacca

    Non-Executive Director and Company Secretary

    Justin holds a Bachelor of Business with a major in accounting and formerly served as the principal of a chartered accounting firm. His firm provided outsourced company secretarial and accounting services to both public and private companies, with particular expertise in the resources, technology, bioscience, and biotechnology sectors. With 15 years in the accounting profession, Justin has developed extensive experience in public company administration, including ASX and ASIC compliance, corporate governance implementation, statutory financial reporting, company reorganisation, and shareholder relations management.

  • Erik Norum

    Exploration Manager

    Erik is a distinguished geologist with over three decades of experience in the resources sector, including more than 20 years in senior management positions across multiple exploration and resource development companies throughout Australia and internationally. His comprehensive expertise spans the entire mining lifecycle – from initial project assessment and target generation to grassroots exploration, resource development, and mine geology. Erik has demonstrated versatility across numerous mineralisation styles and commodities, including gold, silver, base metals, and tin, with significant projects in Queensland, Western Australia, Victoria, NSW, Papua New Guinea, and West Africa.

GET INVESTMENT OPPORTUNITIES OR
RAISE CAPITAL

Contact Us