Key Highlights

  • Four rock-chip samples inside the EMPG Mining application returned tungsten readings above the upper assay limit of 10,000 ppm W.
  • The mining application covers about 857.53 hectares next to Gold Mountain's existing Logradouro tenements.
  • Geological mapping has traced roughly 2,000 metres of skarn strike linked to the historical mine workings.
  • Grab samples are not representative of mineralisation, and over-limit assays are still being completed.

Gold Mountain Limited (ASX:GMN) has reported additional tungsten results from rock-chip grab sampling at the historical Malhada do Angico mine in northeastern Brazil, in an announcement dated 4 November 2026. The sampling sits within a mining application covering about 857.53 hectares, currently held by Emprogeo Mining Business EPP Ltda. Gold Mountain holds an exclusive 12-month right to acquire that application under a heads of agreement signed in early October 2026.

Sampling Results Above the Assay Ceiling

Four samples returned tungsten concentrations above the laboratory's upper detection limit of 10,000 ppm W, which is roughly equivalent to 1.26% WO3. Two of the four were collected from historical mine waste rather than fresh rock. Over-limit assays are being completed to establish the actual concentrations, meaning the precise grades are not yet known.

The company has stressed that grab samples are selective by nature and do not represent the wider mineralisation. The readings therefore show that tungsten is present at surface in the sampled areas, but they do not indicate average grades across the ground.

Two of the four readings came from waste material left at the historical site. Material of that kind has already been mined, handled and moved, so the readings show that tungsten is present in the historic workings but do not indicate how it is distributed in undisturbed ground.

Geology and Tenement Position

Geological mapping has identified about 2,000 metres of skarn strike associated with the principal historical workings across the Gold Mountain and EMPG tenements. A further section of strike has been noted to the northeast, where most of the high readings were recorded.

The Malhada do Angico application lies alongside Gold Mountain's existing Logradouro ground in the Serido Tungsten Province. The company's Brazilian portfolio also includes lithium, copper and rare earth projects, although this announcement concentrates on the tungsten field.

The mapping covers both the Gold Mountain and EMPG ground, so the strike figures refer to a combined area rather than to a single tenement. Mapped strike describes where a geological unit extends at surface and does not in itself indicate grade.

Next Steps in the Program

Work from here centres on completing the over-limit assays and continuing mapping along the mineralised strike. The announcement does not set out a drilling schedule or a resource estimate, and it does not say when the Acquisition under the heads of agreement is expected to be finalised.

Because the results come from surface samples, the next phase will need to test whether the mineralisation continues beneath the surface along the mapped skarn zones.

The announcement does not state how the sampling results will feed into the acquisition timetable, so the link between the two remains open at this stage.

What the Announcement Does Not Cover

The release is limited to the sampling results and the tenure position. It does not include a drilling program, a resource estimate, a financial model or a timetable for the completion of the acquisition. Investors and readers who want to track the project will need to follow later releases for the over-limit assay results, the mapping updates and any change to the heads of agreement. The company's Brazilian portfolio includes several other project areas, but this update concerns only the tungsten ground adjacent to Logradouro.

Final Word

The announcement records early surface results from a historic tungsten district rather than a resource or a production statement. Until the over-limit assays are complete, the actual tungsten grades remain undetermined, and readings from mine waste cannot be used to estimate ore quality. The acquisition right remains within its 12-month window, and the announcement leaves the timing of further work open.