Why Global Gold Mining (ASX:GGM), formerly MetalsTech, reported gold flotation test results for its Sturec project in Slovakia

Sonal Goyal

28 October 2026 04:40 PM AEDT

Why Global Gold Mining (ASX:GGM), formerly MetalsTech, reported gold flotation test results for its Sturec project in Slovakia

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Key Highlights

Laboratory testwork reported gold recovery to flotation concentrate of 91.4 per cent for Fresh composites, 79.5 per cent for Transitional and 91.0 per cent for Channel composites.
The company changed its name from MetalsTech Limited on 25 August 2026 and added Brett Dickson to the board as a non-executive director.
Cash fell from A$7.677 million to A$6.134 million over the quarter, with about 4.0 quarters of funding estimated at current spending.

Global Gold Mining Limited (ASX:GGM), which changed its name from MetalsTech Limited in August 2026, reported laboratory metallurgical results for its Sturec Gold Project in Central Slovakia in its quarterly report for the period ended 30 September 2026. The company said gold recovery to flotation concentrate was 91.4 per cent for Fresh composites, 79.5 per cent for Transitional composites and 91.0 per cent for Channel composites.

Sturec metallurgy

The testwork was done by ALS in Perth and supervised by Mining One Consultants. Concentrate grades were 20.2 grams per tonne gold for Fresh material and 84.4 grams per tonne for Channel material. The company quoted an average of 91.2 per cent for the Fresh and Channel results, but it excludes the Transitional result and is not a deposit-wide or payable recovery. The results reflect tested composites under laboratory conditions.

The preferred flowsheet uses rougher flotation, regrinding to a P80 of 15 microns and two cleaning stages. Gravity recovery was omitted from later tests. The program used 196 samples, comprising 184 drill core intervals from 53 holes and 12 underground channel samples, with a total weight of 302.9 kilograms. The report noted that ten Transitional intervals have blank grades and unconfirmed oxidation codes.

Drilling and resource

An initial drilling campaign is under way to supply composites, together with hydrogeological and geotechnical data, for a pre-feasibility study. Assays are being sent to ALS in Romania and geotechnical samples to a laboratory in the United Kingdom, and more metallurgical testwork is planned. No date for the pre-feasibility study was given in the report.

The Sturec Mineral Resource, reported under JORC 2012 and unchanged since 8 May 2023, is 68.3 million tonnes at 1.22 grams per tonne gold and 10.11 grams per tonne silver. It contains 2.686 million ounces of gold, 22.210 million ounces of silver and 2.868 million ounces of gold equivalent at a 0.3 gram per tonne gold cut-off. Measured and Indicated gold is 1.608 million ounces and Inferred gold is 1.078 million ounces. The Sturec Mining Licence covers 9.47 square kilometres, is active and has an indefinite term.

Corporate changes

Shareholders approved the name change on 7 August and it took effect on 25 August 2026; the company's capital structure and shareholdings are unchanged. Brett Dickson joined the board as a non-executive director on 8 September. The board is Trevor Benson as executive chairman, Zilong Dai as executive director, and Michael McKeown, Stuart Hutchin and Mr Dickson as non-executive directors. Consilium Corporate has been engaged for company secretarial services, with Ira Gibbs and Damon Cox joint company secretaries from 2 September after Paul Fromson resigned. Ivy Jiang became chief financial officer, and the registered office moved to Level 2, 22 Mount Street, Perth. The 7 August general meeting passed all resolutions, including ratifying placement shares and granting performance rights and options to Mr Benson and Chris Dai.

Cash and funding

Cash fell from A$7.677 million to A$6.134 million over the quarter. Operating outflow was A$493,000 and investing outflow was A$1.054 million, all capitalised exploration and evaluation. There was no financing cash flow and no undrawn facilities. The company estimated about 4.0 quarters of funding at the current spending rate, and related-party payments were A$157,000. The report contains an inconsistency in its commentary on whether exploration costs were expensed, so the cash flow figures should be read alongside the company's detailed statement.

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