Key Highlights

• Moonlight is drilling at the Clermont Gold Project in Queensland.

• It listed on the ASX on 11 December 2025.

• The company is targeting a first gold resource.

• Satellite targets and copper are also in view.

Moonlight Resources (ASX:ML8) is a Queensland gold and copper explorer that listed on the ASX on 11 December 2025, and its drilling at the Clermont Gold Project is the story behind the headline. The company is trying to turn a historic goldfield into a first formal mineral resource estimate.

What the company does

Moonlight Resources (ASX:ML8) Ltd is an ordinary-share company classified by the ASX in the Materials sector, with a stated Business of exploration and development of Mining tenements, with no production yet.

Its flagship is the 268 square kilometre Clermont Gold Project, about 15 kilometres west of Clermont township. According to the company, the historic field produced roughly 400,000 ounces of gold between 1878 and 1956.

Drilling at Leo Grande

The key prospect is Leo Grande, where the company says mineralisation now extends over more than one kilometre of strike. It interprets the zone as continuing about 600 metres further south.

Phase 2 intercepts reported in the September 2026 investor presentation include 24 metres at 1.22 grams per tonne gold from 87 metres, and 19 metres at 1.36 grams per tonne from 142 metres, including one metre at 8.39 grams per tonne.

These are drilled widths, not true widths. They matter because a consistent mineralised body over a long strike is the raw material for a maiden resource estimate.

Satellite targets and copper

Two other gold prospects, Goldfinger and Petersens, rest largely on historic holes. Petersens, three kilometres north of Leo Grande, includes 1980s intercepts such as 35 metres at 1.56 grams per tonne from five metres.

The company also holds the Peak Downs copper prospect, about six kilometres south-west of Clermont. Roughly 100,000 tonnes of ore were mined there between 1862 and 1877 at about 17 per cent copper, and the company reports historic intercepts such as 39 metres at 1.11 per cent copper.

Stage 1 Reverse Circulation Drilling at Peak Downs began in August 2026. The presentation lists both 80 and 58 holes for that programme, so the exact scale should be treated cautiously.

Funding and capital

The presentation states net cash of A$6.13 million at 30 June 2026 and describes the company as fully funded for its ongoing 20,000 metre drilling programme and the Leo Grande maiden estimate. That statement is the company's own, and drilling costs can rise.

There were 96,933,835 shares on issue according to the notice of annual general meeting, alongside about 51 million Options and roughly 7.86 million performance rights. Exercise would dilute existing holders.

On 2 October 2026 the company released a cleansing statement for 2,650,001 shares issued on release from Escrow and sought their quotation.

At the Annual General Meeting on 7 October 2026 all four resolutions were carried on a poll, including approval of a further 10 per cent Placement capacity. That capacity gives the board room to raise Equity without another vote, which can fund work but also dilutes holders.

Risks and what to watch

Exploration is inherently uncertain. Gold grades near one gram per tonne can be economic in some settings, but that depends on metallurgy, mining costs, the gold price and approvals, none of which the company has yet established.

Stage 2 at Clermont envisages 108 reverse circulation holes of about 15,000 metres and four diamond holes. The company plans an updated resource estimate that includes Goldfinger and Petersens, on a timeline running from July to February, though the chart is not precisely dated.

At Peak Downs, a second stage of eight diamond holes is planned, followed by metallurgical testwork, a target estimate and scoping studies.