Highlights

  • Charters Towers holds a 14-million-ounce JORC Inferred Resource at 14 g/t gold, one of Australia's largest historic high-grade goldfields.
  • Citigold shares gained 77.78% over the 12 months to October 2026, reflecting renewed market focus on the underground restart strategy.
  • The Central Mine decline provides existing underground access to high-grade reef extensions at Brilliant and Day Dawn lode systems.
  • Management is advancing mechanised narrow-vein mining plans combined with modern ore-sorting technology to minimise waste dilution.

Australia's original gold rush produced 6.6 million ounces at an extraordinary 34 g/t average grade from Charters Towers between 1872 and 1917 — and Citigold (ASX:CTO) believes that with modern mechanised mining and ore-sorting technology, the other 14 million ounces waiting underground can now be brought to account profitably.

Charters Towers: Australia's Historic High-Grade Goldfield

Citigold Corporation is focused entirely on the Charters Towers Gold Project, situated adjacent to the mining city of Charters Towers approximately 130 kilometres southwest of Townsville in northeast Queensland. The goldfield produced over 6.6 million ounces of gold at an exceptional average recovered grade of 34 g/t between 1872 and 1917, making it one of the richest reef-gold provinces in Australian history.

Shares traded at A$0.016 per share on 2 October 2026, representing a market capitalisation of A$55.20 million. Over the trailing 12 months, the company gained 77.78% as the market refocused on high-grade undeveloped gold ounces.

14-Million-Ounce JORC Mineral Resource

The commercial foundation is a JORC-compliant Inferred Mineral Resource Estimate of 14 million ounces of gold, comprising 32 million tonnes at an average grade of 14 g/t gold. The deposit is characterised by narrow-vein, mesothermal quartz-sulphide reefs extending across multiple parallel lode structures, including the Brilliant and Day Dawn reef systems.

Underground Restart Plan and Technology

Throughout 2026, Citigold focused technical efforts on mine design, engineering refurbishment, and capital procurement to resume commercial underground mining. The company's Central Mine decline provides existing underground access to high-grade reef extensions.

Management has advanced plans to deploy mechanised narrow-vein underground mining techniques combined with modern ore-sorting technologies, aiming to minimise waste dilution and optimise mill feed grades — critical considerations when mining narrow high-grade lodes.

Gold Price Leverage and Infrastructure Advantage

Gold is the sole economic driver for Citigold. Record Australian Dollar spot gold prices exceeding A$3,800 per ounce dramatically enhance the hypothetical operating margins available on high-grade reef structures averaging 14 g/t. The project benefits from established regional infrastructure including sealed highway access, grid electricity, water supply, and an experienced local mining workforce in Charters Towers.

Key Risks

Citigold requires substantial project capital to refurbish underground declines, install ventilation and dewatering systems, and construct or contract a processing plant. Ground stability in historic workings, water pumping requirements, grade continuity reconciliation, and the historical reliance on debt and equity placements are additional material risks.