Highlights

• G11 Resources said it plans three new diamond drill holes at its Zig Zag prospect in Tasmania after.

• At Zig Zag, within exploration licence EL11/2025 at Sedgwick Bluff, hole SD2602 intersected a zone of phyllic, or.

• G11 interprets the mineralisation as associated with a faulted contact between black mudstone and underlying volcanics, and described.

• The company intends to drill three new diamond holes from a new pad to test the northern extension.

G11 Resources (ASX:G11) — said it plans three new diamond drill holes at its Zig Zag prospect in Tasmania after the first holes at the Sedgwick Bluff licence returned broad alteration and elevated pathfinder metals. The company released its quarterly activities report and Appendix 5B for the September 2026 quarter on 29 October 2026.

Zig Zag results and the next holes

At Zig Zag, within exploration licence EL11/2025 at Sedgwick Bluff, hole SD2602 intersected a zone of phyllic, or sericite, alteration of roughly 62 metres. The company said the zone carries elevated silver, arsenic and antimony, with minor molybdenum. Peak one-metre arsenic assays were 3,530 parts per million and 7,330 parts per million.

G11 interprets the mineralisation as associated with a faulted contact between black mudstone and underlying volcanics, and described it as a compelling target for further testing along strike and up and down dip. A downhole electromagnetic survey in SD2602 found only small early-time anomalies, which the company attributed to likely trace sulphides, while the first hole, SD2601, showed nothing significant. About 1,054 metres of core remains unsampled and 28 assays are still pending, so the picture is incomplete.

The company intends to drill three new diamond holes from a new pad to test the northern extension of what it calls Mt Lyell-style alteration.

Northeast Pyrite and other projects

A second target, Northeast Pyrite, sits about four kilometres along strike from the Mt Lyell deposits and is a new copper-gold target. G11 said it has designed three holes there and has been awarded co-funding under the EDGI programme for the drilling, although the amount was not disclosed in the report. Drilling approvals are still pending with Mineral Resources Tasmania, and the company expects grant deeds in the coming weeks. Fieldwork is planned for the 2026/27 summer.

Elsewhere in Tasmania, drilling at the Sunrise airborne electromagnetic target in the Linda licence (EL6/2024) has been paused because of poor ground conditions, and the company is looking for a more suitable rig. At the MRV licence (EL33/2022) no fieldwork took place, and a technical review of airborne electromagnetic data collected in June 2026 is under way ahead of the next season.

In New South Wales, the Packsaddle project saw 470 Ionic Leach soil samples collected, of which 320 have been assayed. The company said Kings Hill shows a subtle but coherent multi-element signature, including lead, zinc, gold and palladium, which it links to possible Broken Hill-type or orogenic gold mineralisation. Sample spacing is broad, at 400 metres by 400 metres, and a ground gravity and passive seismic survey of 579 stations was completed in June and July 2026.

Cash position and funding

Cash at 30 September 2026 was A$3.14 million, down from A$4.95 million at 30 June 2026. Operating cash outflow for the quarter was A$197,000, and exploration spending was A$1.618 million. The Appendix 5B estimates about 1.73 quarters of funding at the current rate of spending, and the company reported no debt or unused facilities.

G11 said it expects lower outgoings in coming quarters and noted that it has the capacity to raise equity under Listing Rules 7.1 and 7.1A if needed. No capital raising was announced. Payments to related parties totalled A$63,000, covering directors' fees, salaries and office rent.

Risks and caveats

The report also notes that historic drill results, including the 2006 hole LMD01A, are not compliant with the JORC 2012 code and have not been independently verified. Geochemical and geophysical targets are early-stage and may not lead to economic mineralisation, and drilling has been held up by ground conditions and rig availability.

What to watch

The confirmed next steps are the three new Zig Zag holes, receipt of the pending SD2602 assays, Tasmanian drilling approvals and grant deeds for Northeast Pyrite, a replacement rig for Sunrise, and the 2026/27 field season at MRV.