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ASX Resources Quarterly Wrap: Latin American champions flex resource muscle

• Latin America serving up copper, lithium and rare earths in the US’ backyard
• Australian companies are no strangers to resource exploration in the region
• Companies have been progressing respective projects in the September quarter

Latin America has long been an attractive destination for resource companies big and small thanks to its rich mineral bounty and (for most part) attractive investment and regulatory regimes.

The region is well known for producing nearly half of the world’s global copper supply and hosting the majority of the world’s identified lithium resources.

Its rare earths riches are also starting to come into focus.

This is particularly true in recent times as the US scrambles to secure critical mineral supplies from non-Chinese sources.

That Latin America is right in the US’ backyard is another big point in its favour.

Evidence of this can be seen in reports that US Charge d’Affaires Gabriel Escobar conducted strategic meetings with mining executives during a recent Brazilian industry event with a focus on rare earths.

Australian resource companies have a long association with Latin America, some of whom have built significant projects that have tremendous potential.

Here are some players progressing their projects over the last quarter.

Australian Critical Minerals (ASX:ACM)

During the September quarter, Australian Critical Minerals completed the acquisition of Circuit Resources, picking up a district-scale portfolio of gold, copper, silver, zinc, lead and lithium projects in Peru.

The Blanca, Riqueza, Flint, Cerro Rayas, Liro and Kamika projects cover 25,600 hectares across highly prospective mining belts that host world-class deposits such as Antamina, Cerro Verde and Toromocho.

These are drill-ready projects that provide the company with exposure to a range of commodities such as gold, silver, copper, lead, zinc and lithium.

They also have historical results with grades of up to 8.7% copper, 2238g/t silver and 52.8g/t gold.

ACM has already started early stage programs, holding engagements with landowners at the Flint gold project to secure access for a geophysical survey and subsequent drilling.

Drilling approvals are in progress while the planned survey will extend the previous induced polarisation survey to the south on order to cover what the company considers to be the focus of mineralisation.

Preparations for drilling are also advancing at the Riqueza copper-silver project while a review of historical data and planning of detailed geological mapping is underway at the Cerro Rayas zinc-lead project to define follow-up work in early 2026.

At the Liro and Kamika lithium projects, logistical and regulatory planning for initial basin sampling in 2026 is underway.

Axel REE (ASX:AXL)

Axel REE has been progressing its flagship Caladão project in Brazil’s Lithium Valley, defining separate resources of 233Mt at 2142ppm total rare earth oxides with valuable magnet REEs making up 22% of the REE basket as well as a gallium resource of 100Mt at 42ppm.

Both sit within Area A with the REE resource covering ~33km2 of the mineralised rare earth zone – about 10% of the total project area, while the gallium resource was delineated from surface and limited to the lateritic cover averaging ~10m depth.

Auger drilling carried out during the quarter has also identified new gallium and REE targets at Area C and Area B, adding 23.4km2 of mineralisation to take the mineralised zone up to 115.6km2.

First stage metallurgical testwork for both REE and gallium has confirmed ionic recoveries and continues to delineate a low-cost extraction process and potential of a low capex heap leaching model.

The company has also secured a partnership with Centro de Tecnologia Mineral – a Brazilian federal research centre dedicated to technological innovation for the mineral industry – to carry out further metallurgical investigations for gallium and REE at Caladão.

Additionally, its partnership with ANSTO continues to progress metallurgical test work aimed at utilising heap leach to optimise previous leach recoveries, impurity removal and precipitation tests for REE.

AXL plans to carry out infill drilling to upgrade the resource confidence level and support both scoping and technical studies.

Hot Chili (ASX:HCH)

Latin America veteran Hot Chili has been progressing its Chilean projects for 15 years and the level of activity shows in its Costa Fuego project having a high confidence probable reserve of 502Mt grading 0.37% copper, 0.1g/t gold, 0.49g/t silver and 97ppm molybdenum.

During the quarter ending September 30, 2025, the company raised $14.1m to fund growth and development of Costa Fuego.

This includes completion of its asset-level, strategic partnering processes and starting the second phase of diamond drilling at the La Verde copper-gold discovery in late September.

A single rig is operating on a double shift basis to follow on the success of the 10,000m first pass reverse circulation drill program that confirmed a +0.2% copper discovery footprint measuring 1000m by 750m and extending to a depth of up to 400m.

It seeks to expand the initial shallow porphyry discovery with diamond drilling targeting depth extensions to higher grade centres.

Impact modelling has outlined potential for significant additional open pit material to be added to the front-end of Costa Fuego’s 20-year mine schedule, which will increase mine life and improve financials.

Post-quarterly, HCH has received approval1 to expand drill coverage across La Verde.

This will provide access to test lateral and along-strike extensions at La Verde, as well as first-pass drilling of three look alike targets to test potential for a district-scale copper porphyry cluster.

Perpetual Resources (ASX:PEC)

During the September quarter, Perpetual Resources’ maiden drilling at the Igrejinha project in Brazil’s Lithium Valley confirmed a fertile, high-grade, polymetallic lithium-caesium-tantalum pegmatite system.

Post quarter-end, the drilled returned high-grade intersections such as 2m at 2.5% tin with 4982ppm tantalum, 1m at 1.56% tungsten and 1230ppm caesium, 1m at 1.83% caesium, 1m at 1570ppm tantalum and 1m at 0.54% lithium oxide.

Certified assays of pollucite-rich samples from historical artisanal workings confirm exceptional caesium grades, with four of five samples returning values above the 5% detection limit.

This work also confirmed that mineralisation extends beyond a depth of 50m and remains open along strike and at depth.

Meanwhile, drilling at the nearby South-East anomaly has intersected broad pegmatite zones, indicating significant lithium potential and system scale.

PEC has also appointed a highly experienced Brazilian in-country exploration manager to strengthen its operational capability and accelerate regional exploration across the Igrejinha, Renaldinho and Matrix projects.

Upcoming field programs will include detailed mapping, soil and stream sampling, trenching and prioritisation of drill-ready targets across the Igrejinha and Renaldinho tenements.

At the Raptor rare earths project, the next phase of drilling will target depth extensions at the Portão Verde, Pina Colada, and Pinheirinho prospects.

The company has also started market soundings and planning for a new phase of Beharra metallurgical test work amid improving global silica sand market conditions.