Highlights

  • Pacific Resources owns 100 per cent of Mines of Stirling, holder of Snowstorm, after paying total consideration of A$400,000.
  • Cash fell from A$521,000 to A$63,000 over the quarter, equal to about 0.25 quarters of funding.
  • Snowstorm rock-chip channel samples returned up to 17.15 grams per tonne gold over 0.8 metres, as reconnaissance results only.
  • Chairman Anthony Chan provided an unsecured A$100,000 short-term loan at 5 per cent interest after the quarter.

Pacific Resources (ASX:PXR) sealed its A$400,000 Snowstorm gold acquisition in Victoria, and the September quarter shows what that cost. Cash dropped to A$63,000, the funding runway is measured in fractions of a quarter, and a list of work programs now waits on money that has not yet been announced.

Cash position and funding

Pacific Resources held A$63,000 of cash at 30 September 2026, down from A$521,000 at 30 June. Operating outflows were A$203,000 and investing outflows were A$247,000, of which A$200,000 was the final payment for Snowstorm. On relevant outgoings of A$250,000 for the quarter, the company estimated about 0.25 quarters of funding.

After the quarter, Chairman Anthony Chan provided an unsecured A$100,000 short-term loan accruing 5 per cent interest, repayable on completion of a funding event. The company is considering further options to fund work at Snowstorm, Haunted Stream, Dogwood and Sulphide Creek, and said management is confident funding will be secured. No secured facility or placement was announced, so the funding position remains a key uncertainty.

The Snowstorm acquisition

The company now owns 100 per cent of Mines of Stirling Pty Ltd, the holder of the Snowstorm Gold Project in Victoria, for total consideration of A$400,000. That comprised a A$40,000 non-refundable deposit, A$160,000 for half the shares and a final A$200,000 paid on 20 July 2026. Earlier drilling by First Au comprised 2,838 metres of diamond core and 424 metres of rotary air blast drilling.

In July 2026 the company collected 22 rock-chip channel samples from historic workings and new structures, with assays reported on 15 October 2026. The best results included 17.15 grams per tonne gold over 0.8 metres and 13.35 grams per tonne over 0.5 metres by screen fire assay. Eight of the 22 samples returned at least 4 grams per tonne gold. The company stressed that the samples are reconnaissance only, channel widths are not mining widths, and no Mineral Resource has been estimated.

Planned work, subject to funding, access, approvals and board approval, includes integrating the channel data with earlier drilling, designing drilling beneath the Rex's Bath and Darby's Adit workings and preliminary metallurgical testing. No drill program is approved.

Eastern Victorian Goldfields option and other projects

Pacific Resources holds a 19-month option over two First Au subsidiaries that hold the Eastern Victorian Goldfields Project. Exercise is conditional, including on ongoing technical due diligence. At the Dogwood copper-molybdenum porphyry prospect, re-logging and sampling of retained core from a 2022 First Au program returned 1.5 metres at 0.79 per cent copper from 79.6 metres in hole DGWDDH005, about 36 per cent above the previous best intercept. Eight holes from that program remain unassayed.

The company also cited a conceptual Exploration Target for the Ernestine lode at Haunted Stream of 40,000 to 80,000 tonnes at about 5 to 10 grams per tonne gold, noting insufficient exploration to define a Mineral Resource.

In Tasmania, planning continued for a maiden diamond drilling program at the Sulphide Creek gold-antimony project, alongside preparatory work at the Mersey volcanogenic massive sulphide project. At the Blackall Coal Project in Queensland, an updated JORC 2012 Coal Resource at 30 June 2026 totals 1,125 million tonnes, comprising 55 million tonnes Indicated and 1,070 million tonnes Inferred. The company is reviewing coal-to-liquids technology options for the project.

Risks and disclosures

Related-party payments to directors and associates totalled A$27,000, and exploration spending in the quarter was A$47,000. Competent Person Ian Neilson, who is responsible for the exploration results, is a director and shareholder of the company. Several licences under the option, including those at Dogwood and Snowstorm Greater, are listed with expiry dates in March and April 2027. The work programs described depend on funding, and the form and timing of any such funding have not been announced.