Highlights

• MB Gold said in its quarterly report for the three months to 30 September 2026, released on 28.

• The company completed a deep induced polarisation survey of seven lines, each about 3 kilometres long, using dipoles.

• Phase 2 reverse circulation drilling began in August 2026 and was completed after the quarter ended.

• The company also reported that cumulative spending from listing to 30 June 2026 was A$4.

MB Gold (ASX:MBG) — said in its quarterly report for the three months to 30 September 2026, released on 28 October, that its Phase 1 reverse circulation program at the Marble Bar Gold Project in the Pilbara of Western Australia returned high-grade intersections at Twin Veins East, while results at Douglas Find were lower grade. The company, which listed on 6 February 2026, ended the quarter with cash of A$4.84 million.

Phase 1 drilling results

At Twin Veins East, hole 26MBRC031 returned 2 metres at 6.73 grams per tonne gold from 39 metres, including 1 metre at 13.12 grams per tonne. Hole 26MBRC033 intersected 3 metres at 2.31 grams per tonne from 82 metres. The company also reported 1 metre at 6.8 grams per tonne from 76 metres in 26MBRC034 in its text, although Table 1 of the report shows 6.03 grams per tonne for that interval, so the figure should be treated with care until the discrepancy is resolved. Elsewhere at Twin Veins, 26MBRC005 returned 20 metres at 1.74 grams per tonne from 81 metres, including 7 metres at 4.06 grams per tonne.

Douglas Find was less encouraging in grade terms. The best peak result was 1 metre at 2.16 grams per tonne in 26MBRC050, and the company described broader zones of moderate-intensity sericite alteration. MB Gold said further drilling is required to determine whether the mineralisation has any high-grade plunge control, and that continuity of results at both Douglas Find and Twin Veins East is still being evaluated. These are exploration results and do not constitute a Mineral Resource.

Geophysics

The company completed a deep induced polarisation survey of seven lines, each about 3 kilometres long, using dipoles spaced 200 metres apart. It identified chargeability anomalies of 10 to 14 millivolts per volt at depth beneath Twin Veins East and to the west-northwest of Twin Veins along the structural trend. MB Gold noted that earlier deep holes MWDD003 and MWDD004 appear to have missed the chargeable zone, which leaves the anomalies as untested targets.

Phase 2 program

Phase 2 reverse circulation drilling began in August 2026 and was completed after the quarter ended. It targets extensions at Twin Veins and the first holes at the Razorback prospect. The company said assays from Phase 2 are expected in October 2026, which makes them the next confirmed milestone for the project.

Cash and spending

Cash at 30 September 2026 was A$4.84 million, down from A$5.97 million at the end of June. Net operating cash outflow for the quarter was A$1.129 million, and the company estimated funding of 4.29 quarters. It raised no equity and had no borrowings or financing facilities during the quarter. The report discloses exploration spending of about A$1.185 million under Listing Rule 5.3.1, while the cash flow statement shows A$1.088 million for exploration and evaluation, so the two figures differ.

The company also reported that cumulative spending from listing to 30 June 2026 was A$4.19 million against a prospectus budget of A$8.6 million, with exploration spending of A$2.58 million against a budget of A$6.24 million. Emma Wates was appointed Company Secretary and Chief Financial Officer after Daniel Coletta resigned.

Risks

MB Gold cautioned that exploration results are uncertain and that past performance is not a guide to future performance. With about 4.3 quarters of funding on its own calculation, it is likely to need further funding, and its board may change how funds are applied compared with the prospectus plan.

The confirmed near-term catalyst is the release of Phase 2 assays that the company expected in October 2026; the report does not say whether further programs are funded beyond that. Investors should note that the quarter's best intercepts are narrow, and that the company itself has said the continuity of high-grade zones is yet to be demonstrated.