Key highlights

  • Metal Hawk shares closed at $0.13 on 12 November 2026, up 23.81%, while the S&P/ASX 200 eased 0.07%.
  • Diamond drilling began on 6 November 2026 at the Thylacine south zone, targeting the high-grade Numbat lode across about 1,200 metres.
  • Assays from a recently completed 10-hole reverse circulation program are expected in mid-November.

Shares in Metal Hawk Limited (ASX:MHK) closed at $0.13 on 12 November 2026, up 23.81% on the session. S&P/ASX 200 closed at 9,146.80, down 0.07%. Metal Hawk is a Western Australian gold explorer with a 100% interest in the Leinster South Project in the Agnew-Lawlers region. Its latest update was an announcement dated 6 November 2026 on the start of diamond drilling.

Diamond drilling starts

The company said diamond drilling has commenced at the Thylacine south zone, where a roughly 1,200-metre campaign will test the Numbat lode and the associated Numbat shear. Oriented core will be used to define the geometry, plunge and true width of high-grade gold. Three of the holes, about 1,000 metres in total, form part of a program co-funded under the WA Government's Exploration Incentive Scheme, which contributes up to $175,000 toward direct drilling costs.

Earlier results and pending assays

The drilling follows earlier results, including 9 metres at 12.3 grams per tonne gold from 70 metres in a discovery intercept announced on 25 August 2026, and 4 metres at 12.5 grams per tonne from 43 metres reported on 8 October 2026. A 10-hole reverse circulation program totalling 1,642 metres has been sent to the laboratory, with assays expected in mid-November.

Sector context

Gold explorers in Western Australia continue to draw interest, and government co-funding for drilling is a feature of the state's exploration programs. The broader market was little changed on 12 November, so the share move appears to be stock-specific.

Risks and limitations

Intercepts in exploration drilling do not establish a resource, grade continuity or economic value. The company's drill results are still awaiting laboratory assays for the reverse circulation program, and the diamond drilling is at an early stage.

What to watch ahead

The next catalysts are the mid-November assays from the reverse circulation program and the results of the diamond drilling that defines the geometry of the Numbat lode.