Hamelin Gold (ASX:HMG) has released its November 2026 investor update, disclosing ongoing Phase 2 drilling at the Day Dawn Project in Western Australia's Paterson Province, with high-grade gold intercepts recorded at the Aurora and Altus prospects, alongside updates on the Venus and West Tanami projects.

Key Points

  • Day Dawn Project is located 10km northwest of the Telfer gold-copper mine in the Paterson Province, WA
  • RC drilling at the Aurora Lodes intersected intervals including 3m at 93.4 g/t Au from 9m and 7m at 5.6 g/t Au from 147m
  • Reef-style gold mineralisation at the Altus prospect returned intervals including 11m at 20.2 g/t Au from 17m and 5m at 25.1 g/t Au from 19m
  • Company held cash of $9 million as at 30 September 2026, with 249.9 million shares on issue and a market capitalisation of $40 million at 16 cents per share
  • A 130-hole lake aircore program has been designed at the Venus Project in the Yilgarn to test gold anomalism and geological interpretation

Day Dawn Aurora and Altus Drilling Results

The Day Dawn Project's Aurora Lodes are described in the filing as steeply dipping, northeast-trending high-grade gold lodes from surface, measuring 2–3 metres in width and averaging 10–20 g/t Au. RC drilling intercepts disclosed include 3m at 93.4 g/t Au from 9m, 4m at 21.0 g/t Au from 27m, and 3m at 18.3 g/t Au from 35m in the Upper Lode, and 7m at 5.6 g/t Au from 147m and 2m at 12.4 g/t Au from 149m in the Lower Lode. The Aurora Lodes are stated to remain open down plunge, with a diamond and deep RC drilling program in progress. The Altus prospect returned 11m at 20.2 g/t Au from 17m and 5m at 25.1 g/t Au from 19m.

Venus Project Exploration Program, Yilgarn

The Venus Project is located in the Murchison district between Mt Magnet and Meekatharra in the Yilgarn. The filing states that a detailed 50-metre spaced airborne magnetics and radiometric survey has been completed, with priority targets defined following review of aeromagnetic and geochemical surveys. A heritage survey has been completed over southern targets. An initial 130-hole lake aircore program has been designed to identify gold anomalism, confirm geological interpretation, and test cover depth. Significant gold mineralisation was previously disclosed at the Magellan prospect, returning 5 metres at 2.95 g/t Au from 100 metres to end of hole, as referenced in the filing.

Corporate Snapshot and Capital Structure

According to the filing, Hamelin Gold had 249.9 million shares on issue and 18.3 million employee and broker options as at the update date. The company's market capitalisation was stated at $40 million based on a share price of 16 cents, with a cash position of $9 million as at 30 September 2026 and an enterprise value of $31 million. The company's register showed Gold Fields holding 18%, Genesis holding 11% post the VAU merger, and the board holding 8%. The exploration results were compiled by Managing Director Peter Bewick, a Member of the Australasian Institute of Mining and Metallurgy, acting as Competent Person under the 2012 JORC Code.