Hawk Resources Limited has exercised its option to secure an 80% interest in the Olympus Scandium Project in Western Australia’s West Musgrave region, with on-ground exploration scheduled to begin on 21 September 2026.

The transaction advances an option originally secured under a binding heads of agreement with unlisted Australian public company Opal Resources on 17 October 2025. Hawk funded part of the exploration groundwork through a $1.11 million rights issue completed on 23 June 2026.

Field crews are mobilising following the receipt of final regulatory clearances. Hawk executed an Agreement for Mineral Exploration with the Ngaanyatjarra Traditional Owners on 7 May 2026 and secured a Mining Entry Permit from the Western Australian Minister for Aboriginal Affairs on 31 August 2026, alongside consent from the state Minister for Mines.

The initial work program will comprise 1,350 soil samples collected on 100-metre-spaced lines on either side of historical sample traverses. The sampling is designed to verify and extend high-grade scandium zones identified in historical Portable XRF analyses completed between 2001 and 2009. Historical exploration outlined a 4-kilometre by 7-kilometre soil anomaly exceeding 500 parts per million scandium, alongside shallow rotary air blast drill intercepts including 11 metres grading 934 parts per million scandium from surface at hole MMB0017. All new samples will be sent for laboratory assay.

“It will be exciting to get exploration underway on 21st September with the initial programme now designed to both verify and extend zones of high-grade scandium in historical soil sampling. If the sample assays prove positive, this will potentially enable Hawk to move straight to drilling in the next phase of work.”

— Scott Caithness, Managing Director of Hawk Resources

The upcoming campaign marks the first active exploration at the project since 2008.

“This exploration will be the first at Olympus since 2008 and based on the historical exploration Hawk will be exploring for a major new scandium province.”

— Scott Caithness, Managing Director of Hawk Resources

Elsewhere in the West Musgrave district, active regional exploration continues, including high-grade PGM assay results reported by Terra Metals Limited at its Dante Project approximately 16.2 kilometres away.

Hawk intends to evaluate whether positive soil assays can support an immediate transition to rotary air blast and aircore drilling in the subsequent phase of work.

Read the full announcement: Hawk Exercises Option over the Olympus Scandium Project