Key Highlights

• Green & Gold Minerals is drilling with about four quarters of funding.

• It had A$2.27 million in the bank at 30 September 2026.

• Drilling is due in November.

• The funding came from a small rights issue.

Green & Gold Minerals (ASX:GG1) is drilling with roughly four quarters of funding, by its own estimate, after a small rights issue. With A$2.27 million in the bank at 30 September 2026 and drilling due in November, it is a micro-cap explorer whose next results will matter more than its financial statements.

An explorer with two project groups

Green & Gold Minerals Limited (ASX:GG1) is a gold and minerals explorer. The ASX lists it in the Materials sector, and it has been quoted since 8 October 2025 as ordinary shares. Its website names a Herberton Conductor Metals project focused on copper, silver, tin and indium, and a Chillagoe gold group that includes the Mt Wandoo resource.

Mt Wandoo has an Inferred Mineral Resource of 905,000 tonnes at 1.11 grams per tonne gold and 13 grams per tonne silver, equal to 32,430 ounces of gold and 387,520 ounces of silver. That is a small resource by the standards of the global gold industry.

Recent drilling and a correction

At Copper Hills, an announcement on 12 August 2026 reported hole CHC003 intersecting 5 metres from 102 metres containing 131 grams per tonne silver, 1.05 per cent copper, 9.1 per cent zinc and 0.37 per cent tin. A 2-metre section within it ran at 300 grams per tonne silver and 19.4 per cent zinc.

Other holes were weaker. At Mt Gossan, hole MGC002 returned 11 metres at 10.4 grams per tonne silver and 0.20 per cent tin, while hole RDR004 at Sentinel produced 1 metre at 2.97 grams per tonne.

On 19 October 2026 the company replaced its 26 August release on Elizabeth Bluffs. It corrected a transcription error, changing a historic tin grade from 0.44 per cent to 0.22 per cent, and added a warning that the historical sampling is unsuitable for use in a future resource estimate because assay methods and quality control cannot be verified. The company said its geological interpretation did not change.

Cash, rights issue and options

The September 2026 Quarterly Report showed cash of A$2.268 million, down from A$2.768 million. Operating cash outflow was A$288,000 and exploration payments were A$253,000. The report estimated 4.2 quarters of funding. Borrowings of A$80,000 offset repayments of A$31,000, and related party payments were A$139,000.

A renounceable rights issue, lodged under a prospectus dated 7 September 2026, raised A$728,502 before costs after the quarter ended, so it is not in that cash figure. On 7 October 2026 the company issued 5,099,521 unlisted Options with a A$0.20 exercise price, expiring on 7 April 2029, under the terms of that prospectus.

Spending against the prospectus use of funds was A$3.486 million out of A$6.028 million to 30 September.

Risks

Funding is the central risk. Roughly four quarters of cash is a short runway for a company planning multiple drilling programmes, and further Equity raisings could dilute existing holders.

Exploration results are uncertain and often Fail to convert into resources. The quarterly report also flags tenement items, including one exploration permit shown as expired on 26 October 2026 yet listed as granted, and two Mining leases shown as in renewal. Investors should check those entries against the company's explanations.

Milestones

A 3,000-metre reverse circulation programme at Mt Wandoo began after the quarter ended, and first assays are expected around the end of November 2026. Follow-up drilling at Copper Hills and drilling at the Elizabeth Mine within Elizabeth Bluffs are scheduled for November. Herberton drilling is planned after Mt Wandoo.