Alchemy Resources has signed a binding agreement with Newcam Minerals for the Bryah iron ore project in Western Australia. Newcam holds 60 per cent and takes over management, while Alchemy retains 40 per cent without funding obligations until a decision to mine. An exploration budget is due for approval late this month, before planned surveys and drilling.
Australian mineral explorer Alchemy Resources has signed a binding joint venture with Newcam Minerals for the Bryah iron ore project north of Meekatharra in Western Australia. Newcam holds 60 per cent and becomes manager, while Alchemy retains 40 per cent. The agreement follows Newcam exercising its option on 14 April under the binding term sheet signed on 16 October 2025.[1], [2]
Alchemy’s interest is free carried until a decision to mine, leaving Newcam to fund that stage of the project. Newcam is deemed to have withdrawn if it does not finish a feasibility study within five years of exercising the option. If Alchemy’s interest later falls below 5 per cent, the holding converts to a royalty of 3 per cent of gross revenue.[1]
The joint management committee is due to meet late in October to approve an exploration budget for the next field season. Flora and fauna surveys and planned drilling are expected to follow. Alchemy’s previous work at the Valley Bore prospect’s Southern Ridge target comprised 15 holes totalling 1,027 metres in late 2025. The venture includes the Valley Bore and Old Highway prospects. The project has a granted mining lease and direct access to the Great Northern Highway.[1]
