Highlights

• Albion Resources said in its quarterly report for the period ended 30 September 2026, released on 29 October.

• Albion's program totals 7,000 metres, made up of 6,000 metres of aircore and 1,000 metres of reverse-circulation drilling.

• The company noted that the hole ended in oxidised to transitional rock before reaching fresh rock, so primary.

• On 21 October 2026, Albion exercised an option over four licences, E53/2342 to E53/2345, covering about 27 square.

Albion Resources (ASX:ALB) — said in its quarterly report for the period ended 30 September 2026, released on 29 October 2026, that the first aircore results from its 100 per cent owned Gidgee gold project in the Gum Creek greenstone belt of Western Australia included 7 metres at 3.6 g/t gold from 60 metres in hole ABAC008, including 3 metres at 6.7 g/t. The company has also exercised an option over four additional licences.

Drilling at German Well South

Albion's program totals 7,000 metres, made up of 6,000 metres of aircore and 1,000 metres of reverse-circulation drilling. Drilling began in September 2026, and RC drilling at German Well South started after quarter end. Hole ABAC008 lies about 200 metres south of historical drilling, and the company interprets a mineralised trend extending roughly 400 to 600 metres along strike.

The company noted that the hole ended in oxidised to transitional rock before reaching fresh rock, so primary mineralisation at depth is untested there, and said further drilling is required to establish continuity, geometry and extent. Historical German Well South intercepts cited in the report include 21 metres at 5.4 g/t from 118 metres, 16 metres at 5.5 g/t from 41 metres and 15 metres at 2.1 g/t from 95 metres. Rock-chip sampling returned six of 35 samples above 1 g/t gold, including 3.5 g/t and 4.8 g/t at German Well South, though the company cautioned that these samples were selective and may not represent overall grade or width.

Tenure expansion

On 21 October 2026, Albion exercised an option over four licences, E53/2342 to E53/2345, covering about 27 square kilometres. The licences add about 1.8 kilometres of strike south of German Well South, toward the Snook Group held by Horizon Gold. Completion depends on transfer and registration of the licences, which were not in the company's registered holdings at 30 September. A Programme of Work for drilling on E53/2345 has been approved, subject to access requirements.

Placement and cash

Cash at 30 September 2026 was about A$1.83m. Exploration spend for the quarter was A$378,000, operating cash outflow was A$548,000 and related-party payments were A$50,000. After the quarter end the company placed 36 million shares at A$0.05 to raise A$1.8m, which was oversubscribed against a A$1.5m target. One tranche is subject to shareholder approval. On the company's estimate, pro forma cash is about A$3.5m after fees, assuming that tranche completes. The reported funding runway of 3.3 quarters is based on pre-placement cash.

How the results fit together

The reported intercept sits in a part of the project that already has strong historical drilling, and the company's new hole is described as extending the mineralised trend to the south. The historical intercepts quoted are from earlier programs and are cited as context, not as results from the current campaign. The rock-chip samples add surface evidence, though the company itself cautions against reading them as a measure of grade. Together they explain why Albion has prioritised follow-up RC drilling at German Well South, but none of the information amounts to a resource estimate.

Other projects

Exploration at Yandal West is on hold pending heritage and access discussions with Kultju, and no material exploration was undertaken at Leinster during the quarter.

Risks and next steps

The company said the economic significance of the exploration results reported to date has not been established, and no Mineral Resource has been defined. Completion of the new tenure and the placement tranche rely on conditions not yet met.

Albion expects to release outstanding aircore assays progressively over the coming weeks, with initial RC results expected in late November or early December 2026, subject to laboratory turnaround. It also plans follow-up drill targeting at German Well South and exploration planning for the new tenure.