Neometals (ASX:NMT) said it completed an 8,457-meter reverse circulation drilling program, consisting of 82 drill holes at the Barrambie Ranges gold trend, Ironclad deposit, and Mystery mine areas of its Barrambie gold project in Western Australia during the December 2025 quarter, according to a Friday Australian bourse filing.

The company signed a non-binding letter of intent with BML Ventures to negotiate a potential production joint venture to develop the Ironclad gold deposit via open-pit mining, with a 50:50 profit sharing arrangement, the filing said. Initial metallurgical sighter test work at the Ironclad achieved up to 71% gravity gold recovery.

It also signed an exclusivity and option agreement, together with its US partner Omaha Value, with American Helium and Ascent Resources to acquire access and use rights to inactive oil and gas wells, leases, and geological data in Utah, per the filing.

Neometals' shares fell past 1% in recent trading on Friday.