Key Highlights

• Bison is moving from surface sampling to its first drill holes.

• The target is a gold and silver anomaly at Bald Peaks in Nevada.

• The company has four Nevada projects.

• Cash and funding are the main constraints.

Bison Resources (ASX:BSR) is moving from surface sampling to its first drill holes, and the target is a gold and silver anomaly at Bald Peaks in Nevada. The company has lodged the paperwork for drilling, aims to start in December 2026, and has about two quarters of cash at its current spending rate.

Four Nevada projects

Bison Resources (ASX:BSR) Limited joined the ASX on 16 April 2026 as a gold and silver explorer. Its four projects, Ruby Lake, Cherry Springs, Bald Peaks and Medicine Range, lie about 80 kilometres south-east of Elko in Nevada, in the Carlin Trend.

Carlin-type deposits are carbonate-hosted gold systems, often found where major faults intersect favourable rock. Tenure totals 456 unpatented lode claims, covering roughly 38.1 square kilometres.

What the quarter showed

Bald Peaks was the focus. On 24 September 2026 the company announced it had staked 144 more claims, lifting the project from 40 to 184 claims, or about 15.4 square kilometres.

The September 2026 Quarterly Report describes a 1.5 kilometre arsenic-antimony geochemical anomaly, with iron-silica alteration and gossanous breccias mapped on the surface. The magnetic low that hosts the anomaly extends about 6.2 kilometres along strike. Geologists collected 310 rock chip samples and 590 soil samples on a 100 metre grid, but results were still pending at quarter end.

A first airborne magnetic and radiometric survey flew more than 4,000 line-kilometres over all four projects. Preliminary interpretation places the anomaly in a magnetic low near faults and thrusts, which the company says matches Carlin-type settings in the region.

The drilling plan

On 12 October 2026 Bison said a Notice of Intent had been lodged with the US Bureau of Land Management for maiden drilling. It covers seven drill pads, with reverse circulation holes averaging about 300 metres and optional diamond tails.

Drilling can begin 15 calendar days after the agency receives a complete notice, once a reclamation bond is posted. The company is targeting December 2026, and the notice is valid through October 2028. Surface disturbance is limited to five acres or less, according to the announcement. The company says contractor engagement is under way, but the rig and total metres have not been specified.

The drilling is a test of an idea rather than a resource, and no drilling took place during the quarter. Surface geochemistry and geophysics can point to prospective ground, but only holes show whether gold is present in grades and widths that matter.

Cash and funding

Cash at 30 September 2026 was about A$3.514 million, down from A$5.027 million three months earlier. Net operating cash outflow was A$1.513 million for the quarter, including A$1.147 million of exploration and evaluation payments.

At that rate the report estimates 2.32 quarters of funding, and no Debt facilities are drawn or available. Drilling will use a large share of the remaining cash, so a further Capital raising is a realistic possibility, though none has been announced.

Related-party payments for director fees, salaries and consulting fees totalled A$115,000 over the quarter. On 15 October 2026 the company also notified that 3,750,000 restricted securities would leave ASX Escrow on 22 October 2026.

Risks and milestones

Exploration at this stage carries high failure rates, because most anomalies never become mines, and the company reports no Mining production or development activity. Permits, bonding, contractor availability and weather in the Nevada winter can all move timetables, and metal prices affect how easily juniors raise money.

Further rock chip assays were due at the end of October 2026. Near-term milestones are the remaining assays, the soil results, final hole locations, and the start of drilling. A further 4.7 kilometre southern extension of the thrust corridor has yet to be sampled.