Highlights

  • Phase 2 reverse circulation drilling of more than 4,300 metres was completed across the Marble Bar gold project's three priority prospects — Morley Dam, Homeward Bound and South Marble Bar — in the September quarter.
  • Phase 1 highlights from Morley Dam include 2 metres at 6.73 grams per tonne gold from 47 metres and 3 metres at 3.78 grams per tonne gold from 66 metres, forming the basis for Phase 2 step-out and infill holes.
  • All Phase 2 samples have been submitted to a NATA-accredited laboratory with assays from Morley Dam, Homeward Bound and South Marble Bar expected from October 2026.
  • Cash at 30 September 2026 was A$4.84 million, with an estimated 4.29 quarters of funding at current spending rates.

Drill bit returned and samples waiting on results — MB Gold (ASX:MBG) completed its Phase 2 drilling campaign at Marble Bar in the September quarter and is now in the assay queue. More than 4,300 metres of reverse circulation drilling across Morley Dam, Homeward Bound and South Marble Bar followed Phase 1 results that returned high-grade narrow intercepts including 2 metres at 6.73 grams per tonne gold — the kind of result that justifies systematic step-out and infill testing in a region where the Pilbara's Archaean greenstone terrains have hosted gold workings since the 1890s. Results are expected from October 2026.

Phase 1 Results and Phase 2 Programme

Phase 1 reverse circulation drilling at Morley Dam returned: 2 metres at 6.73 grams per tonne gold from 47 metres, 3 metres at 3.78 grams per tonne gold from 66 metres, 2 metres at 2.85 grams per tonne gold from 82 metres, and additional lower-grade intercepts. These results were reported in the June quarterly and provide the geological basis for Phase 2 targeting. Phase 1 also tested the Homeward Bound and South Marble Bar prospects, with results released in the June quarterly report.

Phase 2, completed in the September quarter, comprised more than 4,300 metres of reverse circulation drilling across all three prospects. At Morley Dam, holes were drilled as step-outs along strike and at depth below Phase 1 intercepts. At Homeward Bound and South Marble Bar, the programme extended strike coverage to refine the target geometry and identify potential resource zones. All Phase 2 samples have been dispatched to a NATA-accredited laboratory. First assays are expected from October 2026, and the company intends to release results progressively as they are received.

Marble Bar Project and Geology

The Marble Bar gold project is in the Pilbara region of Western Australia, approximately 195 kilometres south of Port Hedland and 14 kilometres from the town of Marble Bar. The project covers a package of exploration licences in the Marble Bar greenstone belt — Archaean terrain containing historical alluvial and reef gold workings since the late nineteenth century. Morley Dam sits within a north-northwest-trending shear corridor, a structural setting analogous to orogenic gold deposits elsewhere in the Pilbara.

No Mineral Resource has been declared at any of the Marble Bar prospects. Management has indicated interest in expanding the programme to a Phase 3 if Phase 2 returns further high-grade results from Morley Dam or significant mineralised widths from Homeward Bound. A Phase 3 timeline and budget have not been disclosed. The project contains no inferred tonnage, and any mineral resource declaration will require sufficient drilling density and geological modelling beyond the current programme.

Cash and Corporate

Cash at 30 September 2026 was A$4.84 million, down from A$5.82 million at the start of the quarter. Net cash used in exploration and operating activities was A$981,000, primarily reflecting the Phase 2 drilling costs. The company estimates approximately 4.29 quarters of funding at current spending. No equity or debt was raised in the quarter and no commitments exist beyond near-term planned exploration expenditure. The 4.29-quarter runway will shorten if follow-up drilling is launched promptly following assay results, which management has indicated is its intention if results are positive.

MB Gold is a single-project exploration company with no revenue-generating operations. The company's ability to pursue Phase 3 drilling and any resource definition programmes depends on future equity raisings, which cannot be guaranteed. The annual general meeting date was not disclosed in the quarterly report. Shareholders should note that exploration results do not determine commercial viability.