Nagambie Resources Limited (ASX:NAG): Deeper Gold and Antimony Drilling Shapes Mine Exploration

Aditi Sarkar

28 October 2026 03:52 PM AEDT

Nagambie Resources Limited (ASX:NAG): Deeper Gold and Antimony Drilling Shapes Mine Exploration

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Highlights

October drilling at the Nagambie Mine intersected gold-antimony mineralisation below previously defined zones.
Alkane funds exploration under a staged earn-in arrangement covering the Nagambie Mine tenements.
FY26 accounts record a net loss and limited year-end cash reserves.
A contractor share placement settled drilling costs for the Whroo and Wandean projects.
The next quarterly cash report and ongoing drilling are important operational disclosures.

Nagambie Resources Limited (ASX:NAG) explores gold and antimony mineralisation in Victoria, including its Nagambie Mine and the Whroo and Wandean projects. Drilling undertaken by Alkane Resources at the Nagambie Mine has extended the interpreted mineralised system, while the company’s FY26 financial position and its partner-funded exploration model frame the next development decisions.

Deeper Intersections at the Nagambie Mine

On 20 October 2026, Nagambie Resources Limited (ASX:NAG) released results from diamond drilling conducted by Alkane Resources. Hole ADD001 returned 10.6 metres at 3.3 grams per tonne gold and 0.7% antimony from 156.3 metres, including 1.3 metres at 17.0 grams per tonne gold and 5.9% antimony. The reported intersection places the C2 mineralised zone 115 metres below its previously known extent.

These are exploration intersections, not production results. Further drilling and geological interpretation are needed to establish the continuity and scale of the system. Two rigs operated at the site from June 2026, with 527 metres completed during that quarter before subsequent deeper drilling.

How the Alkane Earn-In Arrangement Works

Under an agreement executed in April 2026, Alkane may earn 60% of specified Nagambie Mine tenements by funding A$12.5 million of exploration within three years. A further A$15.0 million, taking total expenditure to A$27.5 million within five years, could lift its interest to 80%. Nagambie Resources Limited (ASX:NAG) would retain the remaining participating interest at each stage.

The arrangement includes a twelve-month option period commencing in April 2026, during which Alkane can withdraw. It therefore provides a defined potential funding pathway for exploration without guaranteeing either the full expenditure or a development decision. Nagambie also controls Whroo and Wandean, where separate drilling activity is being pursued.

FY26 Accounts and Funding Position

For the year ended 30 June 2026, Nagambie Resources Limited (ASX:NAG) reported revenue of A$277,649, principally including A$234,535 of rental income. It recorded a net loss after tax of A$1,802,715. Total assets stood at A$24,742,756, total liabilities at A$6,303,002 and net assets at A$18,439,754.

Cash at 30 June was A$414,239, with borrowings of A$2,057,395. The June-quarter Appendix 5B reported A$436,000 in net operating outflows and an estimated 0.9 quarters of available funding. The company’s financial statements disclosed a material uncertainty relating to its ability to continue as a going concern, although directors considered the going-concern accounting basis appropriate.

On 26 October 2026, Nagambie Resources Limited (ASX:NAG) issued 20 million shares at 1.24 cents each to settle A$248,000 of diamond drilling costs. The settlement reduces an immediate cash payment requirement but increases issued shares. The company’s principal mining tenements remain at exploration stage, without gold or antimony production revenue.

Execution Risks and Upcoming Milestones

The earn-in structure leaves a material decision with Alkane. Its option period runs into April 2027, and exploration outcomes do not establish commercial viability. Existing borrowings mature in 2027, making the cash position and future financing material considerations. Additional share issues would alter existing ownership percentages.

The September 2026 quarterly report is due by the end of October and will update cash use. Further drilling at the Nagambie Mine, results from Whroo and Wandean and the reassessment of the rehabilitation bond for mining licence 5412 are additional matters relevant to Nagambie Resources Limited (ASX:NAG).

Key Insights

Nagambie Resources Limited (ASX:NAG) combines partner-funded drilling at its main antimony-gold project with a constrained standalone funding position. The October intersections add geological information at depth, but the eventual project interest and exploration programme depend on the earn-in terms and future results. The next cash report will clarify the company’s near-term financial position.

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