What new bedrock drilling at the Gidji joint venture means for Miramar Resources Limited (ASX:M2R)

Sonal Goyal

28 October 2026 12:27 AM AEDT

What new bedrock drilling at the Gidji joint venture means for Miramar Resources Limited (ASX:M2R)

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Key Highlights

About 1,500 metres of drilling is planned at Marylebone, followed by about 1,100 metres at the Lake prospect.
A maiden inferred resource of 1,042,688 tonnes at 1.20 grams per tonne gold for 39,764 ounces was declared in August 2026.
A A$1.25 million placement at A$0.00175 per share was announced in September 2026.

Miramar Resources Limited (ASX:M2R) confirmed on 22 October 2026 that reverse circulation drilling is under way at the Gidji joint venture gold project north of Kalgoorlie. About 1,500 metres is planned over roughly 500 metres of strike at Marylebone, testing a dolerite unit never previously drilled by reverse circulation, to be followed by about 1,100 metres at the Lake prospect, which has not been drilled by any method since 1999. The programme follows a maiden inferred resource declared in August 2026 and a placement announced in September.

What the company actually does

Miramar Resources is a Western Australian gold and base metals explorer that listed on the ASX on 22 October 2020 and has no former company names. Its principal asset is the Gidji joint venture about 15 kilometres north of Kalgoorlie, in which it holds 80 per cent through Miramar Goldfields Pty Ltd alongside Thunder Metals Pty Ltd. The company also holds the Glandore gold project east of Kalgoorlie, the Whaleshark iron oxide copper-gold project near Onslow, and the Bangemall, Chain Pool and Carnarvon Sands ground in the Gascoyne. The Randalls project was sold in April 2026.

Latest verified developments

A maiden inferred mineral resource for the Gidji joint venture was reported on 20 August 2026: 1,042,688 tonnes at 1.20 grams per tonne gold for 39,764 ounces on a 100 per cent basis, above a 0.2 gram per tonne cut-off and classified entirely as inferred. On 16 September 2026 the company announced a A$1.25 million placement at A$0.00175 per share through Taurus Capital Group, of which about A$0.92 million was issued under existing capacity with A$0.33 million pending. A drilling update on 12 October 2026 set out the Marylebone and Lake targets, and the 22 October 2026 release confirmed contractors had mobilised and drilling had begun. Highway accounts for about 10,309 ounces of the resource and Marylebone for about 20,600 ounces.

Financial and operational evidence

Miramar balances at 30 June. Its FY2026 annual report, lodged 25 September 2026, records a net loss after tax of A$1,316,846 and net assets of A$11,652,926, with cash and cash equivalents of A$524,911 at 30 June 2026 and cash and investments of A$695,484. ASX key statistics show revenue of A$5,480 for FY2026 against A$8,370 in FY2025. The auditor drew attention to note 2(b), reporting that a material uncertainty exists that may cast significant doubt on the group's ability to continue as a going concern, without modifying the opinion. No dividend was paid or declared during the financial year, and no dividend record appears on either route checked. The company received a research and development tax incentive refund in July 2026 and sold the Randalls project in April 2026.

Risks and pressure points

The material uncertainty disclosed with the FY2026 accounts is the central pressure point: the company held a little over half a million dollars of cash at balance date and has funded the current programme through a placement priced below the last traded price. The second tranche and the lead manager options still require shareholder approval expected in mid-November 2026. The Gidji resource is entirely inferred and modest in scale; the Marylebone dolerite target is untested by reverse circulation.

Milestones to watch

Assay results from the Marylebone and Lake drilling are the nearest catalyst. Infill and extensional drilling at the Highway and Marylebone deposits, bulk density testing and initial metallurgical work are all flagged to follow. The annual general meeting called on 16 October 2026, at which the second placement tranche is to be put to shareholders, and the September 2026 quarterly report, due by the end of October 2026, are the other dated items, along with any decision on the mining lease application.

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