Alchemy Resources Ltd. has signed a binding joint venture agreement with experienced iron ore miner Newcam Minerals Pty Ltd. for the Bryah iron ore project, located north of Meekatharra in Western Australia.
Under the terms of the joint venture, Newcam has acquired a 60 per cent controlling interest in key tenements, including M52/844-I, E52/4090, E52/4088, and P52/1686, and will assume management of the project. The agreement follows Newcam’s formal exercise of its option in April.
Alchemy will retain a 40 per cent interest in the asset, which is fully free-carried by Newcam through to a formal Decision to Mine.
Newcam is required to complete a feasibility study within five years of exercising the option, with failure to do so resulting in Newcam being deemed to have withdrawn from the joint venture.
Should Alchemy’s project equity ever dilute below 5 per cent, its interest will convert into a 3 per cent gross revenue royalty.
The Bryah iron ore project encompasses several high-priority targets, including the Valley Bore and Old Highway prospects.
Drill programs conducted at Valley Bore in 2025 yielded exceptional high-grade iron intercepts, including 50 metres at 62.5 per cent iron from a depth of 17 metres.
The project benefits from being situated on a granted mining lease with strong logistical advantages, including proximity to a sealed highway and direct trucking access to regional export ports.
Alchemy CEO James Wilson expressed enthusiasm for the partnership, stating that Newcam’s technical and financial backing will accelerate project development toward feasibility without requiring Alchemy shareholders to fund ongoing exploration.
The joint venture’s inaugural management committee meeting is scheduled for late October 2026 to approve the upcoming field budget, which will include flora and fauna surveys ahead of planned drilling programs.