Highlights

  • Diamond hole HYDD26001 started in October, testing an IP anomaly near Hyperion.
  • Ore sorting testwork lifted Old Pirate feed grade from 322.3 g/t to 2,647 g/t gold.
  • Fully underwritten entitlement offer to raise up to $7.92 million.
  • Total Mineral Resource of 1,049koz gold across four deposits.

Prodigy Gold NL (ASX:PRX) has released its quarterly activity report for the period ended 30 September 2026. The company began diamond drilling near its Hyperion deposit in the Northern Territory, received positive ore sorting results for Old Pirate and launched a fully underwritten entitlement offer.

Hyperion Drilling and Technical Work

A single diamond hole of about 600 m began in early October 2026, targeting an induced polarisation anomaly about 300 m southwest of the Hyperion Mineral Resource. The hole is co-funded by a $112,152 Northern Territory Government grant.

A CSIRO study identified two stages of gold mineralisation at Hyperion. Re-analysis of 27 high-grade samples by PhotonAssay showed strong agreement with fire assay, with average grades of 11.57 g/t and 11.56 g/t gold respectively.

Old Pirate Progress

TOMRA ore sorting testwork on Old Pirate material raised feed grade from 322.3 g/t gold to 2,647 g/t gold in a single stage, with about 89% of mass rejected.

Several approvals for Old Pirate are complete or in progress, including a Sacred Site Clearance Certificate and a Deemed Mining Licence. A new Environmental Mining Licence and a Water Extraction Licence are still required. Prodigy's total Mineral Resource stands at 23.8 Mt at 1.4 g/t gold for 1,049koz.

Funding and Corporate

Cash was $1.954 million at 30 September 2026, with no debt. Prodigy has launched a fully underwritten one-for-two non-renounceable entitlement offer to raise up to $7.92 million, supported by its major shareholders APAC Resources, Jetosea and Plutus Prospecting.

Managing Director Mark Edwards said the funds will support work around Hyperion, new work at Tanami West, the first drilling at Old Pirate since 2015 and approvals for mining. Preliminary discussions with Tanami Gold about Hyperion are on hold.

Key Takeaways

  • Drilling near Hyperion is testing a new target outside the current resource.
  • Ore sorting results support potential processing options for Old Pirate.
  • The underwritten entitlement offer will fund the next phase of work.
  • Drilling results are expected towards the end of the year.