Sinclair Gold (ASX:SGC) Reports Progress On Drilling With Five Rigs At Mt Henry After Lifting Its Gold Resource To 1.8 Million Ounces

Aditi Sarkar

29 October 2026 03:07 PM AEDT

Sinclair Gold (ASX:SGC) Reports Progress On Drilling With Five Rigs At Mt Henry After Lifting Its Gold Resource To 1.8 Million Ounces

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Highlights

The company states that about 90 per cent of contained gold lies within 200 metres of surface.
These are down-hole intercepts, and individual high-grade results do not represent the average grade of a deposit.
In total the deal comprised A$5.0 million cash, with A$1.0 million received in April, plus 4,000,000 Arc shares.
It plans its next Mineral Resource update before the end of the 2027 financial year.

Sinclair Gold (ASX:SGC), formerly Alicanto Minerals and trading under its new name since 16 July 2026, has reported a September 2026 quarter focused on its Mt Henry gold project in Western Australia. The business reports an enlarged Mineral Resource, ongoing five-rig drilling, a cash balance of A$24.8 million and a run of recent drill intercepts.

Resource And Drilling At Mt Henry

Sinclair says the Mt Henry resource now stands at 48 million tonnes at 1.2 g/t gold for 1.8 million ounces, up 0.9 million ounces in the six months since it acquired the project in February 2026. Of that, 1.3 million ounces is Measured and Indicated and 530,000 ounces Inferred. The company states that about 90 per cent of contained gold lies within 200 metres of surface.

By deposit, Mt Henry holds 885,000 ounces (22 million tonnes at 1.3 g/t), Selene 875,000 ounces (24.9 million tonnes at 1.1 g/t), North Scotia 12,000 ounces and stockpiles 20,000 ounces. The estimate is effective 31 July 2026 and includes only 20,426 metres of drilling. A total of 32,578 metres had been completed by 30 September, against a planned program of about 50,000 metres, so later results are not yet reflected in the resource.

Reported quarterly intercepts at Mt Henry include 18.0 metres at 1.8 g/t gold from 315 metres, including 7.0 metres at 4.0 g/t, and 23.0 metres at 1.4 g/t from 239 metres. Mineralisation was intersected more than 480 metres below surface. Results received after quarter-end include 5.4 metres at 15.4 g/t from 192 metres, including 0.4 metres at 122.7 g/t, and 39.6 metres at 1.4 g/t from 176 metres. These are down-hole intercepts, and individual high-grade results do not represent the average grade of a deposit.

Assays are pending for about 30 holes outside the current resource boundaries.

Swedish Projects

In August 2026 Sinclair signed a binding earn-in agreement under which Medaro can earn up to a full interest in the Sala project, with potential value of up to A$3.4 million in cash, equity and funded exploration. A separate binding earn-in at Falun allows 1478078 B.C. Ltd to earn up to a 90 per cent interest. No exploration or drilling took place in Sweden during the quarter.

Cash, Royalty And Acquisition Payments

Cash fell to A$24.8 million at 30 September from A$38.3 million at 30 June. Net operating outflow was A$8.6 million, including A$7.4 million of exploration and evaluation spending. Investing outflow was A$8.8 million, mostly A$8.7 million of project acquisition costs. The business states these include a A$5.0 million cash payment to Westgold after the first contingent milestone, more than 20,000 metres of drilling, was met, which also led to cancellation of 7,575,758 performance rights, and A$3.6 million of stamp duty on the acquisition.

Financing inflow was A$4.0 million from the sale of a 1 per cent net smelter return royalty over Mt Henry to Arc Mineral Royalties. In total the deal comprised A$5.0 million cash, with A$1.0 million received in April, plus 4,000,000 Arc shares. Sinclair says its underlying outflow was about A$8.7 million, excluding A$4.8 million of one-off transaction payments, and that cash covers an estimated 2.88 quarters at the current rate of outflow. It has no debt or credit facilities.

Risks And Conditions

Resource estimates are subject to modelling assumptions, and extensions beyond the current resource boundaries remain exploration results until included in a future estimate. Several Mt Henry tenements are pending grant.

Next Milestones

Sinclair lists assay results from the outside-resource holes, continued drilling toward the roughly 50,000-metre program, Medaro's exploration under the Sala earn-in, and tenement grants. It plans its next Mineral Resource update before the end of the 2027 financial year.

FAQs

Q: What is the principal development covered in this update?

A: Sinclair Gold , formerly Alicanto Minerals and trading under its new name since 16 July 2026, has reported a September 2026 quarter focused on its Mt Henry gold project in Western Australia. The business reports an enlarged Mineral Resource, ongoing five-rig drilling, a cash balance of A$24.8 million and a run of recent drill intercepts.

Q: What should readers watch next?

A: Sinclair lists assay results from the outside-resource holes, continued drilling toward the roughly 50,000-metre program, Medaro's exploration under the Sala earn-in, and tenement grants.

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