Highlights

  • Earn-in partner Alkane Resources reported assays from three diamond holes at the Nagambie Mine.
  • Results included a peak of 24 g/t Au and 30.9% Sb, with the C2 zone intercepted 115m below its previously known extent.
  • Alkane drilled 5,937m during the quarter, with about 71% of metres still to be reported.
  • Nagambie issued 20 million shares to OrcaDrill in exchange for diamond drilling services.

Nagambie Resources Limited (ASX:NAG) has released its quarterly report for the period ended 30 September 2026. The highlight was the first set of assays from earn-in partner Alkane Resources at the Nagambie Mine in central Victoria.

Alkane Drilling Results

Alkane Resources (ASX:ALK) reported assays for three diamond holes on 20 October 2026. Notable intersections included 1.25m at 17.0 g/t Au and 5.9% Sb from 156.53m in ADD001, and 0.40m at 4.6 g/t Au and 20.6% Sb from 306.70m. The highest individual grades were 24 g/t Au and 30.9% Sb.

The C2 zone was intercepted 115m below its previously known extent, and hole ADD013 supports a vertical lode extent of more than 250m. The C-Vein system remains open at depth and to the east and west. Chairman Kevin Perrin described the results as very encouraging for a potential high-grade, near-surface gold-antimony mine.

Earn-In Joint Venture and Retained Projects

The earn-in joint venture with an Alkane subsidiary began on 9 April 2026 over Mining Licence MIN 5412 and Exploration Licence EL 5511. Alkane can earn 60% by funding $12.5m within three years and 80% by funding a further $15.0m within five years. It will also make its Costerfield processing plant, workforce and equipment available.

Alkane drilled 5,937m during the quarter, with about 71% of total metres still to be reported. Nagambie retains 100% of its Whroo and Wandean projects and plans to drill its most compelling targets there. On 26 October 2026, it issued 20 million shares worth $248,000 to OrcaDrill in exchange for diamond drilling services.

Toll Treatment Plant and Financial Position

Under the Nagambie Joint Venture with Golden Camel Mining, a 300,000 tpa oxide gold toll treatment plant is planned. Golden Camel will fund 100% of infrastructure costs once it raises the required funds, and revenue will be split 50:50 after commissioning.

Cash was $180,000 at quarter end, with a fully drawn $1.5m loan facility. The Appendix 5B estimates about 0.8 quarters of funding, and the Board expects to raise capital when needed.

Key Takeaways

  • Alkane's first assays confirm high-grade gold-antimony at depth at the Nagambie Mine.
  • Most of the quarter's drilling is still to be reported.
  • Alkane is funding exploration under the earn-in, while Nagambie retains other projects.
  • Nagambie's low cash balance means further capital is likely to be needed.