Company Overview

Hawk Resources (ASX: HWK), formerly Alderan Resources (ASX: AL8), is a mineral explorer focused on building exposure to copper-gold and lithium through projects in Utah, USA, and Brazil. Its strategy is to rapidly discover, delineate, and advance mineral deposits toward development, with the Cactus Project in Utah serving as its main exploration focus.

Business Segments and Field of Activity

1. Copper-Gold Exploration (USA): This is HWK's primary and most advanced segment, centred on two projects in Utah, USA:

Cactus Copper-Gold Project (~27 km²) — Located ~300 km south-southwest of Salt Lake City and 20 km west of Milford, Utah. This is the flagship asset, targeting medium-tonnage, high-grade, near-surface oxide and breccia-hosted sulphide copper-gold deposits. Hawk has identified 12 magnetic anomaly targets using magnetic surveys, induced polarisation, structural analysis, and EM surveys.

Detroit Copper-Gold Project — Located ~290 km southwest of Salt Lake City within the Detroit Mining District. It targets intrusive-related gold deposits and controls over 21 km² of tenements under an option agreement with Tamra Mining LLC.

The strategic rationale here is differentiated from that of major miners, Hawk targets deposits of 5–10 million tonnes at 1.5–2% copper grade, far exceeding the 0.3–0.4% grades typically pursued by majors, aiming for faster delineation (6–12 months) and lower capital requirements.

2. Lithium Exploration (Brazil — Minas Gerais): HWK holds seven lithium projects in the "Lithium Valley" district of Minas Gerais state, situated within Brazil's Eastern Lithium Belt.The Lithium Valley region hosts major producers, including Companhia Brasileira de Lítio (CBL) and Sigma Lithium (NASDAQ: SGML), as well as resource-stage peers such as Atlas Lithium and Latin Resources (ASX: LRS).

3. Lithium Exploration (Brazil — Bahia): HWK also holds the Salitre Lithium Project in north-central Bahia state, ~420 km northwest of Salvador: Consists of Salitre North and Salitre South prospects with lithium-in-soil anomalies exceeding 100 ppm.

A 4 km gap between the two prospects remains unsampled, with anomalies open to the south and north, respectively — presenting further exploration upside.

4. Rare Earth Elements (REE): While not a standalone formal segment, REE mineralisation is an emerging component of HWK's exploration across its Brazilian projects. Initial sampling at Itambacuri, Carai, and Itaipe has identified rare-earth anomalies up to 10 times background levels, and the company also explores for zinc, lead, and silver as by-products.

Strategic Positioning

HWK's multi-commodity, multi-jurisdiction portfolio is designed to leverage the global energy transition megatrend — copper for electrification and grid infrastructure, lithium for battery storage, and REEs for advanced technology applications. The company's lean structure and high-grade focus position it as a speculative early-stage explorer in the critical minerals space, operating in geologically prospective but still early-delineation assets.

Breaking down the principal reasons for the recent volume-driven movement of Hawk Resources (ASX: HWK).

The recent volume-driven move in Hawk Resources looks primarily news-driven, with trading activity clustering around two catalysts: the Olympus Scandium Project exploration agreement announced on 7 May, and the capital-raising process flagged by a trading halt on 11 May and detailed on 12 May.

Main drivers

First, Hawk’s announcement that it had executed an exploration agreement for the Olympus scandium project appears to have sparked speculative buying, as it moved the project closer to on-ground work, with due diligence soil sampling expected to begin in Q2 2026. Media coverage tied that announcement to a sharp single-day share-price jump of about 25.9%, which is consistent with unusually strong volume in a small exploration stock.

Second, the company requested a trading halt on 11 May pending a capital-raising announcement, which often concentrates market attention and can amplify turnover before and after securities resume trading. Hawk then announced a raising of up to A$5.87 million at A$0.03 per share, with funds intended to advance its scandium and copper projects, providing the market with a fresh funding-and-catalyst narrative.

Why volume responded

For junior resource names like HWK, volume often spikes when investors see a combination of near-term field activity and enough cash to keep exploration moving. In Hawk’s case, the market appears to be reacting to exactly that mix: Olympus moving toward field testing, plus new funding to accelerate work across Olympus and the Cactus copper project in Utah.

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Technical Analysis of Hawk Resources (ASX: HWK)

Source: TradingView

Price Action

After quietly consolidating between 0.020 and 0.035 for most of 2024 and early 2025, the stock showed its first real sign of accumulation with a late-2025 breakout to 0.059. While prices pulled back in a steady downtrend from January to April 2026, May's high-volume bounce looks like a classic "spring" off the lows, signaling renewed buying interest. To confirm a true trend reversal and resume that late-2025 momentum, the stock needs to firmly reclaim the 0.050 pivot, which would clear the path toward the 0.055 to 0.060 AUD resistance zone. However, buyers must defend the baseline; a weekly close below 0.030 would completely invalidate this bullish setup.

FAQs about Hawk Resources (ASX: HWK)

1-Does Hawk Resources (ASX: HWK) pay a dividend to shareholders?

No, Hawk Resources does not currently pay a dividend to its shareholders. Because it is an early-stage exploration company focused on rapid project development and mineral discovery, all available capital is reinvested directly into advancing its copper, gold, and lithium exploration assets.

2- What risks are associated with their exploration activities?

Exploration risk is significant, as there is no guarantee that initial surface findings will translate into commercially viable mineral deposits. For example, in their Olympus project, initial positive results rely on portable XRF data, which may differ from official laboratory assay results.

3- Are there any opportunities related to their lithium assets?

Yes, Hawk Resources maintains significant optionality through its portfolio of seven lithium projects in Minas Gerais, Brazil, and one in Bahia state. These assets are located in highly prospective regions, offering long-term upside if global lithium demand accelerates alongside the electric vehicle market.