Highlights

  • The company secured a binding option to acquire 90% of the Oko North and Oko South Gold Projects in Guyana.
  • First-pass rock-chip assays at Oko North returned up to 2.32 g/t Au, confirming hard-rock gold mineralisation.
  • A $5.0 million placement was completed at $0.0025 per share.
  • The company changed its name from Liberty Metals to El Dorado Goldfields, with the ticker changing from LIB to EDO.

El Dorado Goldfields Ltd (ASX:EDO), formerly Liberty Metals Ltd, has released its quarterly report for the September 2026 quarter. The company described the period as a major transformation as it repositioned toward gold exploration in Guyana.

Oko North and Oko South Gold Projects

The company signed a Definitive Agreement with a private Guyanese vendor giving it a four-year option to acquire a 90% interest in the Oko North and Oko South Gold Projects. The projects cover about 180 km² across 40 granted mining permits in the Cuyuni Mining District. Maximum consideration is about US$8.0 million, excluding milestone payments, and exercise requires Guyanese regulatory approvals.

Oko North adjoins ground now held by G Mining Ventures following its acquisition of G2 Goldfields. Oko South lies about 30 km south of the Oko deposits. The company notes that the projects are greenfields, have never been drilled at depth for a hard-rock source and have no Mineral Resources estimated.

Early Exploration Results

Maiden exploration began shortly after the agreement was signed and included geological mapping, rock-chip sampling, satellite imagery and the start of a district-scale soil survey of about 5,000 samples. Rock-chip assays at Oko North ranged from below detection to 2.32 g/t Au, with four samples above 1 g/t Au.

After the quarter, a technical team led by Boaz Wade, former Vice President Exploration at G2 Goldfields, joined the company alongside new Exploration Manager Finlay Goodwin. Planned work for the December quarter includes further soil sampling, target ranking and planning for maiden drilling.

Corporate and Financial Position

The company raised $5.0 million through the issue of 2 billion shares at $0.0025 each, led by a cornerstone group of institutional investors. Steve Letwin, former President and CEO of IAMGOLD, and geologist Travis Schwertfeger joined the Board. Shareholders approved the name change and all 12 resolutions at a general meeting on 14 October 2026.

Cash rose to $3.457 million at 30 September 2026, after $1.70 million in tenement payments. The Appendix 5B estimates about 5.62 quarters of funding.

Key Takeaways

  • The company has shifted its focus to gold exploration in Guyana.
  • Early rock-chip results at Oko North point to hard-rock gold potential.
  • A $5.0 million raise and new Board members support the new strategy.
  • The projects remain early stage, with no Mineral Resources defined.