Union Star Metals Ltd (ASX:USM)

Union Star Metals Limited (USM) has released its Quarterly Activities Report for the period ended 31 March 2026. During this quarter, USM completed its strategic pivot to focus on U.S. gold exploration, primarily in Nevada, with advancements in the Cobb Creek Project, which holds significant potential for large-scale gold-silver targets. The company has completed a gravity survey and is progressing with drill permitting and exploration activities. Additionally, USM received a final payment from the sale of the Leonora Project, marking the completion of its asset divestment. The company is also focusing on its Brazilian rare earth element projects and is prioritizing capital allocation towards high-impact opportunities. USM's financial activities for the quarter included a net cash outflow from operating activities of $530,000, while investing activities generated $227,000, leading to a closing cash balance of $1,171,000. The report highlights the company's transition into an execution phase, with a focus on exploration delivery.