Key Highlights

• Sierra Nevada's focus has moved from Nevada to Saudi Arabia.

• Encouraging copper results at As Safra have led to a 25,000 metre drilling campaign.

• The company raised about A$12.85 million.

• Its Nevada Assets are being shopped.

Sierra Nevada Gold (ASX:SNX)'s attention has moved from its Nevada namesake to Saudi Arabia. After encouraging copper results at As Safra, it raised about A$12.85 million, started a 25,000 metre drilling campaign and is trying to sell or partner its older Nevada assets.

CDIs over common stock

Sierra Nevada Gold (ASX:SNX) Inc. is quoted on the ASX through CHESS Depositary Interests (CDIs), each equal to one share of common stock. Its October 2026 issue notices restrict US persons other than qualified institutional buyers, which reflects United States securities rules.

The ASX lists the Business as gold, silver and copper exploration, and classifies it in the Materials sector.

Phase 1 at As Safra

On 23 August 2026 the company reported results from Phase 1 at As Safra, which it holds through a wholly owned Saudi subsidiary, Arabian American Minerals. The programme comprised 28 holes, 12 diamond and 16 reverse circulation, for about 5,400 metres.

Best intercepts included 16 metres at 1.49 per cent copper from 160 metres in hole ASDD0009 and 9 metres at 1.83 per cent copper from 99 metres in ASDD0012, while ASDD0005 returned 10.66 metres at 1.52 per cent copper from 118 metres. These are downhole widths, not true thicknesses.

The company says the Central Copper Zone has copper mineralisation over more than 800 metres of strike, open along strike and at depth. The principal corridor measures about 5.5 by 0.6 kilometres, and only a small part has been drilled. That describes potential, not a resource estimate.

A second copper system at As Safra Southeast and a new target about 320 metres to its north-west have limited drilling. The company also reported a polymetallic breccia about 400 metres south of the main zone, with 11 metres at 1.15 grams per tonne gold and 108.7 grams per tonne silver in one reverse circulation hole.

Phase 2 and the money

Phase 2 is a 25,000 metre programme: 8,000 metres at the Central Copper Zone, 7,000 metres of expansion drilling and 10,000 metres of new discovery drilling. It is due to run to March 2027, with about 13.5 kilometres of trenching. Priorities also include testing gold-dominant zones not drilled in Phase 1 and new geophysical targets.

The September 2026 Quarterly Report says four rigs are operating, with a fifth planned by mid-November. It also says a fourth diamond rig arrives in late October, so the rig count is not entirely clear. First assays are expected in November 2026.

Cash at 30 September 2026 was US$7.551 million, against US$1.892 million three months earlier. Financing inflows of US$8.267 million came from a Placement of about 123 million new CDIs at A$0.10, worth A$12.3 million before costs. Spending on exploration and evaluation was US$1.78 million for the quarter.

At that rate the company estimates 3.13 quarters of funding, which is short for a campaign running into 2027. Further Capital raising could therefore be needed, although none has been announced.

Governance and Nevada

At an extraordinary general meeting on 30 October 2026, all seven resolutions passed. They covered ratifying the placement, director participation, broker options, performance shares for new chief executive Adam Oehlman, and shares for former executive director Peter Moore in lieu of accrued fees.

The company has also begun a strategic review of its Nevada assets, including Warrior, New Pass, Blackhawk and Colorback. Preliminary talks are under way with several parties, and Options include sales and joint ventures.

Risks and watch points

Exploration success is not assured, and early copper intercepts do not ensure an economic deposit. Operating in Saudi Arabia adds jurisdictional risk, and the quarterly report says regional conflict has not affected activities.

Watch the November assay results, the rig count, any Nevada transaction and the funding runway.