Dalaroo Metals (ASX:DAL) Shares Extend Losses: What's Happening?

Sonal Goyal

13 November 2026 02:46 PM AEDT

Dalaroo Metals (ASX:DAL) Shares Extend Losses: What's Happening?

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Key Highlights

Dalaroo Metals shares were trading at $0.105 during the 13 November 2026 session, down 12.50%.
Diamond drilling is expected to start on or around 16 November 2026, with an initial five-hole program of about 1,750 metres.
The company held about A$2.04 million in cash at the start of November, with potential option proceeds of A$13.54 million.

During the Trading session on 13 November 2026, Dalaroo Metals Ltd (ASX:DAL) shares were trading at $0.105, down 12.50%, while the S&P/ASX 200 was down 0.73% at 9,079.70 at 12:39 pm AEDT. Dalaroo is an exploration company with gold and critical minerals projects, including the Bondoukou Gold Ridge Project in Cote d'Ivoire. Its latest update, dated 12 November 2026, reported that its diamond drilling equipment had begun mobilising to the project.

Diamond drilling to test the Wilfred discovery

The first diamond rig is expected to start drilling on or around 16 November 2026, which is later than the mid-to-late October timetable the company had previously indicated. The initial five-hole program totals about 1,750 metres and will test down-dip and along-strike extensions of gold mineralisation at Wilfred. Each hole is planned to reach about 350 metres. Earlier reverse circulation holes BDRC001 and BDRC002 returned 23 metres at 2.14 grams per tonne gold from surface and 18 metres at 7.31 grams per tonne from 63 metres, downhole.

Contract and second rig

The Easy Drill contract covers an estimated 20,000 metres of diamond drilling using two rigs, and Dalaroo can terminate for convenience after 10,000 metres of accepted drilling. Monthly invoices are payable 50% in cash and 50% in shares, unless the company elects to pay more in cash. The second rig is expected on site by the end of November to drill the northern BDRC010C to BDRC011B section, about 1.25 kilometres from the original discovery.

Funding position

Dalaroo held approximately A$2.04 million in cash at the beginning of November. About 263 million Options are currently in the money, representing potential proceeds of about A$13.54 million if fully exercised, with exercise prices between A$0.036 and A$0.10. The company has said there is no certainty that the options will be exercised.

Sector context

Exploration programs in the Birimian greenstone belt of West Africa commonly rely on drilling of several holes to test structural continuity, and diamond core is used to measure the orientation of mineralised structures. Gold explorers at this stage often move from Reverse Circulation Drilling to diamond drilling once targets are defined.

Risks investors are watching

The diamond program is starting later than previously timed, and the company has said reverse circulation drilling has been less quick than expected. The true widths of mineralisation are not yet known, and the grades from earlier holes are downhole intervals. The company's option proceeds depend on the share price relative to exercise prices, and share issues under the drilling contract could dilute existing holders.

What to watch ahead

Investors will look for the start of diamond drilling around 16 November, the second rig's arrival at the end of November, and the remaining RC assays for holes BDRC012 to BDRC018. Results from the first oriented diamond holes will show whether the high-grade intercept extends at depth.

Final Word

Dalaroo's update sets out a diamond drilling program at Wilfred, backed by a contract for up to 20,000 metres and a second rig due later in the year. Assay results from the first holes will show how the discovery develops.

FAQs

Q: When is diamond drilling expected to begin at Bondoukou?

A: Drilling is expected to commence on or around 16 November 2026, subject to completion of mobilisation and site readiness.

Q: How much cash did Dalaroo hold at the start of November?

A: Dalaroo held approximately A$2.04 million in cash at the beginning of November 2026.

Q: What does the drilling contract cover?

A: It covers an estimated 20,000 metres of diamond drilling using two rigs, with a termination right after 10,000 metres of accepted drilling.

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