Highlights

  • Three holes totalling 939.5m were drilled at the Iberian Copper Project in northern Spain.
  • Hole ET-01 returned 0.55m at 0.84% copper and 11 g/t silver.
  • Shareholders approved the Alpartir silver-copper-antimony acquisition option after the quarter.
  • Cash stood at A$1.27 million at 30 September 2026.

Megado Minerals Limited (ASX:MEG) has released its quarterly activities report for the period ended 30 September 2026. The company began drilling at its Iberian Copper Project in northern Spain, advanced its Alpartir silver-copper-antimony project and provided updates on its US and Canadian assets.

Iberian Copper Project Drilling

Megado has agreed to acquire 80% of Iberian Copper, which holds about 777km² of permits in Navarra and Aragón targeting sediment-hosted copper. The area contains at least 12 historic copper mines and more than 50 occurrences.

Drilling began on 14 July 2026, with three holes totalling 939.5m targeting Mina Emilia. Hole ET-01 showed minor chalcocite mineralisation, with a best intercept of 0.55m at 0.84% copper and 11 g/t silver. Assays for the other two holes are pending. The program was scaled back after the geological model was reinterpreted, and a revised program has been submitted for approval. IP survey data is being processed and interpreted.

Alpartir and Other Projects

Shareholders approved the option to acquire 80% of the Alpartir silver-copper-antimony project on 9 October 2026. The project covers about 576km² and includes historical vein-hosted silver-copper mines with more than 36km of documented workings. A 451km² airborne magnetic survey is being reprocessed, and results from 403 stream sediment samples are expected this quarter.

In Idaho, the North Fork Rare Earth Project is subject to an exploration agreement and option with an Iluka subsidiary. Megado also holds 100% of the Cyclone and K lithium and gold projects in James Bay, Québec, where discussions with potential partners continue.

Financial Position and Next Steps

Cash stood at A$1.27 million at 30 September 2026, with A$431,000 spent on exploration during the quarter. The company estimated about 1.7 quarters of funding and expects spending to fall in the December quarter while drilling is paused. Megado is assessing equity raisings and other funding options.

Next steps include receiving pending assays, interpreting IP surveys, seeking approval for Phase 2 drilling in Spain and receiving Alpartir geochemistry and magnetic results.

Key Takeaways

  • Initial drilling at the Iberian Copper Project returned minor copper-silver mineralisation.
  • A revised drilling program has been submitted after the geological model was updated.
  • The Alpartir option adds a silver-copper-antimony project in Spain.
  • Megado is assessing funding options given its short funding runway.