Bubalus successfully raised A$5 million at 20c, and leveraged its listing to secure the Amadeus, Nolans East, Coomarie, and Pargee projects from for a combined one million shares, up to $200,000 in back costs, and 2% royalties on production.

 

The Amadeus leases straddle the Amadeus Basin and Arunta Block, 120-150km south from Alice Springs, and contain mapped manganese outcrop that sampled up to 45.6%, but limited past exploration failed to locate depth extensions.

 

The area also has potential for other metals, such as zinc, cobalt, and phosphate. Rio Tinto also once looked at the area's conceptual similarities to the Central African Copper Belt and WA's cooper-gold Paterson province, with walked away after limited success.

 

Nolans East, as the name suggests, is just 15km from to Arafura Resources' Nolans Bore rare earth project, about 14km north of Alice Springs, and surface work has defined neodymium and praseodymium anomalism.

 

The area is undrilled.

 

Also undrilled are the Coomarie and Pargee projects, about 600-700km west of Alice Springs, on either side of the Northern Territory-Western Australia border.

 

Coomarie is defined by a 50km diameter magnetic anomaly that may represent and intrusive body, while Pargee is interpreted to be underlain by lithologies with potential for rare earth elements. 

 

Bubalus was founded in November 2021, and was initially supported by clients of Inyati Capital. 

 

The Bubalus team includes well known executive Alec Pismiris as executive chair, and geologists Scott Deakin and Bill Oliver as non-executive directors. 

 

Pismiris' Inyati is the largest shareholder at 9.8%.

 

Bubalus shares started trading at 24c, and dipped steadily off low volumes, before closing flat at 20c.