Black Canyon Limited has reported promising early assay results from its Phase two reverse circulation drilling program at the Wandanya Project in Western Australia. The updated findings highlight a significant high‐grade discovery of both iron and manganese. Drill hole WDRC057, targeting a western hematite zone, returned an impressive 12‐meter intersection averaging 60.1% iron, including a 7‐meter section with 64.2% Fe, reinforcing earlier high-grade iron mineralisation logged over a broad strike. Two additional holes, WDRC063 and WDRC069, tested in the central and eastern mineralisation targets, yielded manganese intersections of 31.1% Mn (with a peak of 41% Mn) over 8 meters and 29.8% Mn over 4 meters respectively, suggesting that the stratabound manganese horizon extends at least 2 kilometers north of the original discovery. The company’s management emphasizes that the Wandanya Project is rapidly evolving into a dual commodity discovery where the segregation of high-grade hematite largely distinct from extensive manganese mineralisation could add considerable economic value. The development plan envisions a potential Direct Ship Ore iron product alongside a beneficiated manganese product, both leveraging shared infrastructure and common processing equipment. The Phase two program, which comprised 101 drill holes over 2,300 meters with drill line spacing ranging between 100 to 350 meters, has provided a preliminary framework for understanding both the thickness and lateral extent of the mineralised zones. Technical details indicate that underground channels, cross-strike measurements, and comprehensive logging of mineralisation have confirmed an iron-rich unit potentially between 250 and 400 meters wide along a 5-kilometer long zone, as well as a manganese horizon with a cross-strike width of up to 480 meters. Metallurgical testwork from earlier drill composites delivered a manganese concentrate exceeding the premium 44% Mn benchmark, further underscoring the project’s development potential. Additional assay results from nine other drill holes are expected in the coming months, with further drilling scheduled for August 2025 to extend the strike lengths and better delineate the mineralised formations. The news carries mixed implications for market sentiment. On the bullish side, the high-grade results and clear zonal separation between iron and manganese provide strong technical indicators for both immediate and long-term value. Investors may be attracted by the potential for a Direct Ship Ore iron product, combined with the promising metallurgical outcomes for manganese, suggesting significant economic upside and robust commodity fundamentals. Conversely, caution is warranted as the full extent and consistency of the mineralisation remain to be validated with further assay results and drilling. The ongoing exploration phase means that risks associated with geological uncertainties and future project execution could temper near-term enthusiasm. Overall, the recent drill results from Black Canyon Limited offer encouraging technical data and a compelling dual commodity vision for the Wandanya Project, while also highlighting the importance of upcoming data and further drilling to conclusively determine the scale and continuity of the resource.