Lithium Plus Minerals Reworks Spotted Wonder Data in the Arunta Region

Lithium Plus Minerals Targets Rare Metal Pegmatites in the Arunta as Spotted Wonder Data Is Reworked

Lithium Plus Minerals (ASX: LPM) has outlined a new phase of field work at its Spotted Wonder Project in the Northern Territory after a re-assessment of historical drilling highlighted shallow rubidium-rich pegmatites with lithium, beryllium, caesium and tantalum credits. According to the ASX announcement dated 22 July 2026, field crews are planned to begin work in Q3 CY26 to assess multiple pegmatites across the project area and define priority follow-up drill targets.

The update matters because the company's earlier 2018 reverse circulation drilling at the Delmore Prospect had initially focused on lithium. The latest review suggests the same drilling also intersected a broader rare-metal pegmatite system, with rubidium now emerging as a key part of the exploration thesis. At this stage, no mineral resource has been defined at Spotted Wonder.

A Re-Assessment of Old Drilling Has Shifted the Focus

In the announcement, Lithium Plus said recent re-modelling of the Delmore drilling highlighted significant shallow mineralisation, including higher-grade rubidium zones with continuity along strike. The pegmatites are described as enriched in rubidium, lithium, beryllium, caesium and tantalum, while surface mapping has identified large crystals of amblygonite, lepidolite and beryl.

The most material reported intercepts include:

• 12m @ 0.22% Rb₂O and 0.13% Li₂O from surface in SWRC001
• 19m @ 0.27% Rb₂O from surface in SWRC005
• 16m @ 0.20% Rb₂O, 0.10% Li₂O and 0.03% BeO from 6m in SWRC011

Within those broader zones, the announcement also highlighted narrower higher-grade intervals, including:

• 3m @ 0.37% Rb₂O and 0.19% Li₂O from 2m in SWRC001
• 7m @ 0.46% Rb₂O from 8m in SWRC005
• 3m @ 0.32% Rb₂O, 0.32% Li₂O, 0.10% BeO and 814ppm Ta from 19m in SWRC011

These are downhole widths, not true widths, and were reported using a 1,000ppm Rb₂O cut-off with up to 2m of internal waste dilution, according to the JORC tables in the release.

Key Delmore Drill Intersections

The following table summarises the main intervals highlighted in the ASX update:

For investors, the initial point of interest is the near-surface character of the mineralisation. Intercepts beginning at or close to surface can make early drill follow-up more straightforward and may support lower-cost target testing if continuity is confirmed in future programmes. That said, the Spotted Wonder Project remains at an exploration stage and requires further drilling and mineralogical assessment.

What Management Has Said

"These early-stage drilling results at Delmore are very encouraging, with continuous pegmatite intersections of 10–20m grading over 0.2% Rb₂O from or near surface, clearly demonstrating continuity of rubidium mineralisation within the target LCT pegmatite system," said Dr Bin Guo, Executive Chairman of Lithium Plus Minerals.

"The association with lithium and beryllium credits adds further potential value. While these preliminary results require further drilling and mineralogical assessment to establish a formal resource, the consistency of these intersections provides a strong foundation for the next phase of exploration."

What an LCT Pegmatite Means in Plain Language

The company describes Spotted Wonder and Delmore as part of an LCT-type pegmatite system. For non-specialist readers, LCT stands for lithium-caesium-tantalum, a recognised class of pegmatites that can also host other rare metals such as rubidium and beryllium.

Pegmatites are coarse-grained igneous rocks that form from the last portions of cooling magma, where certain elements can become concentrated. In practical terms, this means they can host distinct zones enriched in metals used in batteries, electronics and specialist industrial applications.

Key Terms Worth Understanding

A few terms from the announcement are worth clarifying:

• Rb₂O: the standard way rubidium grade is reported
• Li₂O: the standard reporting unit for lithium grade
• BeO: the standard reporting unit for beryllium content
• Amblygonite: a lithium-bearing phosphate mineral
• Lepidolite: a lithium-bearing mica
• Beryl: a key beryllium-bearing mineral
• RC drilling: reverse circulation drilling, a common method used to sample shallow mineralisation efficiently

Furthermore, according to the company, rare-metal pegmatites can sometimes be processed using relatively established methods such as crushing, gravity or dense media separation, flotation, and standard downstream treatment. Lithium Plus contrasted this with the more complex processing often associated with rare earth deposits.

Why Rubidium and Beryllium Are Part of the Investor Discussion

Rubidium is not a mainstream bulk commodity, but the company outlined several established uses. In the ASX release, rubidium is described as being used in atomic clocks, which support GPS systems, telecommunications infrastructure and data networks. It also has applications in scientific research, electronics, and the medical field through rubidium-82 for cardiac imaging.

Lithium Plus also noted that rubidium appears on the United States Geological Survey's 2025 Critical Minerals List. This is relevant as a market context point, not as project-specific support.

Beryllium, meanwhile, is used in metal, alloy or oxide form in applications requiring high temperature resistance and toughness, including the nuclear, electronic and ceramic industries. Annual global demand is around 300 tonnes per annum, with 85% of world production occurring in the United States, which the company cited as a supply concentration issue.

The ASX release also referenced recent critical mineral listings for beryllium across several jurisdictions, including Australia, the US, the EU, Japan, India and Indonesia. It further noted that the Northern Territory Government added beryllium to its list of emerging critical minerals in February 2025.

For investors, the relevant point is straightforward: these are specialty metals with narrow supply chains, but the market size is also smaller and less transparent than for major commodities such as iron ore, copper or gold.

How Spotted Wonder Compares With Other Rubidium Projects

The company included a comparison table showing global rubidium resources to provide geological context. Spotted Wonder does not yet have a resource, so the comparison is not a like-for-like valuation tool. It is better read as a grade reference point.

According to the cautionary note in the release, this comparison should not be interpreted as evidence of economic mineralisation at Spotted Wonder. However, it does suggest that the Delmore intercept grades fall within ranges seen at some projects that have later defined formal resources.

What the Q3 CY26 Field Programme Will Test

The next phase at Spotted Wonder is not drilling yet. According to the announcement, the company plans an expanded surface sampling programme to assess multiple pegmatites across the wider project area.

The planned work includes:

1. Detailed geological mapping
2. Structured rock-chip sampling
3. Soil geochemical sampling
4. Structural interpretation to better understand orientation and geometry
5. Target ranking to prioritise zones for follow-up drilling, subject to approvals

Lithium Plus said the programme will include Polonis, Costean and Saunders, which had previously been identified as drill-ready pegmatite targets.

This staged approach is relevant because surface mapping and geochemistry can help determine whether Delmore is an isolated occurrence or part of a broader mineralised pegmatite district.

Bynoe Remains Central to the Broader Company Update

While Spotted Wonder brings fresh rare-metal exposure into focus, the announcement made clear that Bynoe remains the company's flagship development asset. Lithium Plus said it remains focused on the low-cost Lei direct shipping ore (DSO) lithium development opportunity and wider exploration at Bynoe, located approximately 70km from Darwin Port and adjacent to Core Lithium's Finniss Lithium Operation.

According to Dr Guo's comments in the release, near-term Bynoe milestones include:

• Lodging a Supplementary Environmental Referral in Q3 CY26
• Advancing the economic evaluation of an underground mining operation
• Progressing a DSO pathway
• Working from the granted mining lease and recently updated Mineral Resource Estimate at Lei

For investors, that means the company is presenting two parallel themes: a more advanced lithium development pathway at Bynoe, and earlier-stage rare-metal exploration upside in the Arunta.

Why This Update Matters for ASX Investors

The Spotted Wonder update does not establish a discovery in the resource definition sense, and no maiden resource has been declared. What it does show is that historical drilling, when reinterpreted through a broader rare-metals lens, suggests continuous shallow rubidium-bearing pegmatites with associated lithium and beryllium values.

In addition, that has several implications worth noting:

• It broadens Lithium Plus Minerals' commodity exposure beyond lithium alone
• It places investor attention on a less common ASX theme, namely rubidium exploration
• It adds another catalyst stream in Q3 CY26 and Q4 CY26 through mapping and sampling results
• It may improve understanding of district-scale pegmatite potential across Spotted Wonder, Delmore, Polonis, Costean and Saunders

The market will likely focus on whether the upcoming field work confirms scale beyond the historical drill area and whether future drilling can demonstrate continuity sufficient to support resource work. Until then, the Spotted Wonder Project remains an early-stage exploration story, but one now framed around a broader suite of rare metals than previously recognised.

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