Highlights

  • Mammoth Minerals reports 33.54m at 1.25 g/t Au from RC drilling along the 7km Buster Trend at Excelsior Springs.
  • The company has exercised its exclusive option to acquire the Imperial Gold Mine adjacent to Excelsior Springs.
  • Drilling is testing the potential for a Carlin-style mineral system across multiple zones.
  • Identified zones include the Buster Gold Trend, Imperial Gold Mine area and Blue Dick target.
  • Full ownership of Imperial requires at least US$4 million in exploration spending over six years.

Mammoth Minerals has continued to expand its Nevada gold story, with a combination of strong drill results and strategic acquisitions building the case for substantial exploration upside at the Excelsior Springs project. The company’s positioning in Nevada — one of the world’s premier gold Mining jurisdictions — provides exceptional regional context for the broader exploration thesis.

Mammoth’s strategy has been increasingly visible to investors as drill results from the Buster Trend continue to confirm the underlying geological prospectivity of the broader project area. The combination of drilling progression and Imperial Gold Mine Acquisition supports continued newsflow through 2026.

Buster Trend: 33.54m at 1.25 g/t gold

Multiple significant new assay results have been received from the current reverse circulation (RC) drilling program along the 7-kilometre Buster Trend, including a standout intercept of 33.54 metres at 1.25 grams per tonne gold. The intercept supports the case for substantial mineralisation along strike and provides geological context for continued exploration progression.

For pre-resource gold exploration, intercepts of this length and grade typically support institutional engagement and provide tangible evidence of resource potential. The 7-kilometre strike length of the broader Buster Trend provides multiple additional exploration targets along the same structural framework.

Imperial Gold Mine Acquisition

Mammoth has exercised its exclusive option to acquire the Imperial Gold Mine in Nevada, expanding its land holdings adjacent to the flagship Excelsior Springs project. The Acquisition consolidates control of an additional mineral system and reduces operational fragmentation across the broader project area.

To secure full ownership, Mammoth must invest at least US$4 million in exploration over six years. The earn-in structure aligns Mammoth’s exploration commitment with the company’s broader Nevada gold strategy, providing a defined pathway from option to full ownership.

Carlin-style mineral system potential

CEO and Managing Director Glenn Poole has indicated that drilling is underway to determine the potential for a large-scale, Carlin-style mineral system at Excelsior Springs. Carlin-style gold deposits are among the world’s most significant gold systems, with the Nevada-based Carlin Trend hosting some of the largest gold mines globally.

A Carlin-style classification typically implies:

  • Disseminated gold mineralisation hosted in Sedimentary Rocks.
  • Substantial vertical and lateral extent.
  • Potential for very large-scale tonnage.
  • Mineralisation amenable to heap leach processing.

If confirmed at Excelsior Springs, a Carlin-style system would represent a substantial discovery with multi-decade development potential.

Multiple zones identified

Mammoth has identified multiple discovery zones across the Excelsior Springs project area:

  • The Buster Gold Trend, where drilling is most advanced and recent assay results have been delivered.
  • The Imperial Gold Mine area, providing additional exploration targets following the option exercise.
  • The Blue Dick target, providing further exploration upside.

Multi-zone exploration supports continuous newsflow potential and provides multiple opportunities for resource definition or new discovery.

Shallow oxide mineralisation supports heap leach

Mineralisation at Excelsior Springs is shallow, starting from surface and continuing beyond current drilling depths of around 160 metres. This profile is consistent with oxide-style mineralisation and supports potential heap leach processing pathways.

Heap leach processing is one of the lowest-Capital-intensity gold processing methods, providing strong Economics for projects with appropriate ore characteristics. Confirmation of shallow oxide mineralisation amenable to heap leach would substantially improve the project’s eventual development Economics relative to deeper, more refractory mineralisation requiring complex processing.

Why Nevada matters

Nevada is one of the world’s most established Mining jurisdictions, particularly for gold. The state hosts major operating mines including Cortez, Goldstrike, Carlin and Round Mountain, alongside a deep pipeline of exploration and development projects. The combination of geological prospectivity, established infrastructure, supportive regulatory frameworks and skilled labour pool creates one of the most favourable backdrops for gold exploration globally.

For Mammoth specifically, Nevada positioning provides:

  • Exposure to one of the world’s premier gold-producing jurisdictions.
  • Established Nevada Bureau of Mines and Geology data supporting regional geological context.
  • Adjacent infrastructure including roads, power and water access.
  • Mining services availability supporting drilling and adjacent activities.

US$4 million exploration commitment

The Imperial Gold Mine earn-in structure requires Mammoth to invest at least US$4 million in exploration over six years to secure full ownership. The commitment provides a clear Capital deployment pathway and supports continued exploration tempo across the broader project area.

For investors, the earn-in structure provides:

  • Lower initial Capital outlay relative to outright Acquisition.
  • Defined Capital deployment timeline supporting operational planning.
  • Risk-adjusted ownership pathway aligned with exploration outcomes.
  • Strategic flexibility to focus Capital on highest-priority targets.

Sector context: Nevada gold cohort

The Nevada gold cohort includes a broad range of producers, developers and explorers across multiple jurisdictions. Mammoth’s positioning at Excelsior Springs sits within this active cohort, with peer companies including Athena Gold, Liberty Gold and many others pursuing similar exploration strategies.

Recent sector trends have favoured names with strong drill results, defined pathway to resource definition and supportive cost-position Economics from oxide mineralisation.

Market reaction and outlook

Mammoth Minerals’ progression has supported continued investor interest. The combination of strong drill results, Imperial Acquisition and Carlin-style system testing provides multiple potential catalysts through the remainder of 2026. Investors are watching for:

  • Continued RC drill assay disclosures.
  • Resource definition or scoping study progression.
  • Exploration progression at Imperial and Blue Dick targets.
  • Capital management updates supporting ongoing exploration.
  • Carlin-style system confirmation through systematic drilling.

Risks investors are weighing

Pre-resource exploration carries inherent geological risk. Strong drill results in the Buster Trend do not guarantee continued success across additional targets, and Carlin-style system classification requires substantial systematic validation.

Capital management remains a recurring consideration for early-stage exploration companies. Sustained drilling and the Imperial earn-in commitment require ongoing Capital deployment, with implications for Capital raising timing and potential dilution.

Market, Commodity or Investor Impact Section

Mammoth Minerals’ Excelsior Springs progression provides a meaningful Nevada gold exploration narrative. Successful drill outcomes and confirmation of Carlin-style system characteristics could trigger substantial re-rating and lift sentiment for ASX-listed and adjacent Nevada gold exposures. The shallow oxide mineralisation supporting heap leach pathways further strengthens the broader Investment case.