Key Highlights

  • Phase 2 reverse circulation programme totalled 4,308 metres with best result of 12m at 3.85g/t gold from 50m at Razorback
  • Western Australian Government offered up to A$220,000 in co-funding for the diamond drilling campaign at Murphy Well
  • Diamond drilling programme of 2,000 metres is scheduled to start in early November 2026 with core processing through to January 2027
  • Company held A$4.84 million cash at 30 September 2026 with approximately 4.29 quarters of funding at the current spend rate

MB Gold (ASX:MBG) is moving from reverse circulation to diamond drilling at its Marble Bar Gold Project in Western Australia because its latest round of assays found gold at Razorback and Twin Veins, with a 2,000-metre programme due to start in November 2026. The company had A$4.84 million of cash at 30 September 2026 to fund it.

A recent listing with one project

MB Gold Limited (ASX:MBG) is an ASX-listed gold explorer in the Materials sector. It floated on 6 February 2026, issuing 45 million shares at A$0.20 to raise A$9 million, and holds 100 per cent of the Marble Bar Gold Project in the Pilbara.

It acquired the project by buying MB Exploration Pty Ltd from Global Lithium Resources for 8 million shares and A$900,000 in cash. In May 2026 it terminated a 0.75 per cent net smelter Royalty held by First Au for A$50,000 in shares.

The securities are ordinary shares, and the company has no defined mineral resource.

What the drilling found

The Phase 2 reverse circulation programme comprised 4,308 metres at Twin Veins and Razorback. On 12 October 2026 MB Gold reported the first holes, including 9 metres at 4.03 grams per tonne gold from 60 metres at Razorback, with an included 3 metres at 10.00 grams per tonne.

On 27 October 2026 it reported the final 14 Razorback holes. The best was 12 metres at 3.85 grams per tonne from 50 metres, including 1 metre at 30 grams per tonne.

Not every hole worked: three of the 14 final holes returned no significant intercept. The company reports intercepts above a 0.3 gram per tonne cut-off, which includes low-grade zones.

From scout drilling to structure

All Phase 2 assays have now been received, and Razorback remains open along strike and at depth. Twin Veins East, which a 13 July 2026 announcement described as a new gold zone, has not been drill tested at depth.

Diamond core gives geologists structural, metallurgical and stratigraphic data that chips from Reverse Circulation Drilling cannot. The company says holes at Twin Veins and Razorback will be used for that purpose, alongside tests of chargeability anomalies at Murphy Well.

The Western Australian Government has offered up to A$220,000 in co-funding for the diamond campaign, on top of A$100,000 that supported the geophysical survey completed in July. Core processing runs through December and January, with results due in the first quarter of 2027.

Funding and risks

For the year to 30 June 2026, covering the period from 17 September 2025, MB Gold reported a loss after tax of A$1.07 million, of which about A$0.8 million was non-cash. Cash was A$5.97 million at that date.

In the September 2026 quarter, operating outflows were A$1.13 million. The company calculated about 4.29 quarters of funding at that rate, though a diamond programme and further RC drilling could change the spending pattern.

Exploration carries uncertainty. Grades in a handful of holes do not define a resource, intercepts are downhole lengths rather than true widths, and the company had A$956,795 of minimum tenement expenditure commitments at 30 June 2026.

Dates to watch

Diamond drilling by DDH1 is scheduled to begin in early November 2026. Further RC drilling at Razorback is planned for 2027, after the summer heat and wet season.

Shareholders meet on 24 November 2026 at 10.00 am Australian Western Standard Time in West Perth. Eight resolutions include a proposed issue of performance rights to directors, the appointment of Hall Chadwick as auditor and approval of a 10 per cent Placement capacity.

The next quarterly activities report, covering the December 2026 quarter, would be due by the end of January 2027 under ASX rules and should show how much of the cash balance the diamond campaign has used.