GEO Exploration Limited (LSE:GEO) saw its shares trade lower on Thursday, following a drill update from Australia.
The explorer announced it had completed the first two diamond drill holes at its Juno project, in Western Australia, and it had intersected the target rock sequence as planned.
Core samples from JUD001 and JUD002 have been sent to the laboratory, with assay results expected "within the current quarter".
GEO now plans to begin the next drilling phase in early 2026, following necessary approvals.
Omar Ahmad, GEO chief executive, described it as "a significant step forward".
Ahmad, in a statement, said: "These initial holes provide valuable geological insights into a largely untested system that we believe holds exceptional potential ... we are building real momentum in what could become a district-scale discovery."
In London, meanwhile, GEO shares were down 9% changing hands at 0.27p - albeit, they remain some 143% higher over 2025 to date.