Hawk Resources Limited (ASX: HWK) has secured an option to earn up to 80 per cent of the Olympus Scandium Project in Western Australia’s West Musgrave region following the execution of a binding Heads of Agreement with Opal Resources.
The announcement coincides with the completion of a $5 million placement that was strongly supported by institutional, professional, and sophisticated investors.
The placement of 250 million shares at $0.02 per share was jointly managed by Cygnet Capital and Canaccord Genuity.
Proceeds will fund initial work programs at Olympus, including a permit-to-enter application with the Ngaanyatjarra, confirmatory soil sampling, and follow-up exploration across priority zones.
Olympus covers a large 7 km by 4 km scandium-in-soil anomaly defined by historical pXRF analysis, with grades exceeding 500 ppm Sc and shallow RAB results up to 11 metres at 934 ppm Sc from surface, including peak assays reaching 2,164 ppm Sc.
The project was originally explored for copper, nickel, cobalt, PGE, and gold between 2001 and 2009, before scandium emerged as a strategic focus.
Managing Director Scott Caithness said the project represents a major strategic step for the company.
“Olympus offers Hawk a genuine large-scale opportunity in a Tier-1 jurisdiction. Scandium is a highly strategic metal due to its unique ability to strengthen and reduce the weight of aluminium alloys, as well as its role in solid oxide fuel cells and next-generation 5G/6G telecom networks.
“With global supply constrained and dominated by by-product streams, any scalable new source of scandium offers strong strategic value and leverage to future demand growth.”
Caithness said the Olympus acquisition aligns with Hawk’s strategy to build near-term value from its copper portfolio while positioning for longer-term critical-minerals growth.
He said historical work had outlined a significant 7 km by 4 km scandium anomaly above 500 ppm Sc, supported by shallow RAB intercepts including 5 metres at 948 ppm Sc and 11 metres at 934 ppm Sc from surface.
Caithness added that the company’s initial focus would be on securing permit-to-enter approval with the Ngaanyatjarra, validating historical pXRF data through laboratory assays, and undertaking systematic drilling to assess the thickness and continuity of mineralisation.
Hawk said the acquisition aligns with its broader plan to deliver near-term value from its copper portfolio while building scalable exposure to critical minerals in a Tier-1 jurisdiction.
Scandium, a high-value rare earth metal, is increasingly recognised for its role in lightweight aluminium alloys, fuel cells, aerospace, and defence industries.
The project’s large, coherent +500 ppm scandium anomaly and historical RAB intercepts indicate strong mineralisation potential, placing it favourably alongside peer scandium deposits in Australia, which typically report JORC resources between 125 and 663 ppm Sc at cut-off grades of 100–600 ppm Sc.
Located roughly 150 km northeast of Warburton, Olympus is accessible via the Great Central Road, with supporting infrastructure including nearby airstrips at Warakurna Roadhouse and Warburton.
With initial fieldwork pending approvals, Hawk aims to confirm and expand the project’s scandium footprint through systematic exploration later this year.
