Highlights

  • September-quarter ore sales totalled 160,483 tonnes containing 10,837 ounces of gold.
  • Crown Prince pit development and first Cloudkicker ore sales featured in 2026 operations.
  • Cash was reported at AUD 220.4 million at 30 September 2026.
  • The company updated its Garden Gully Mineral Resources during 2026.

New Murchison Gold Limited (ASX:NMG) operates the Garden Gully Gold Project in Western Australia, with Mining centred on Crown Prince and activity at the nearby Cloudkicker deposit. The company sells mined ore for processing under an ore purchase arrangement rather than relying on its own processing plant. New Murchison Gold shares closed at AUD 0.064 on 5 November 2026. Its September-quarter operating report describes mine development, ore sales and cash generation as work continues across the project.

Crown Prince Mining and Ore Sales

During the three months ended 30 September 2026, the company sold 160,483 tonnes of ore grading an average 2.2 grams of gold per tonne, containing 10,837 ounces. Ore sold is a different measure from gold bullion produced: tonnage and contained metal describe what New Murchison delivered for processing under its commercial agreement. Mining also progressed through waste stripping designed to bring together the first two open-pit stages at Crown Prince. This work affects the mix of ore and waste moved in a given period and therefore the cost of ounces sold.

Cloudkicker and Exploration Programme

Mining at Cloudkicker began during 2026, with the first ore sold in the September quarter. Adding material from another deposit introduces additional scheduling and grade-control considerations, as each pit can carry different mining and haulage requirements. Separately, the company reported high-grade intersections extending Crown Prince in late October 2026. Drill intersections require geological modelling before they can support any revision to mineable reserves; a reported exploration result is not automatically additional production. The company also maintains work across other Garden Gully prospects, including Lydia, where drilling can inform longer-term resource planning.

Cash, Costs and Resource Position

New Murchison reported cash of AUD 220.4 million at 30 September 2026, an increase of AUD 18.7 million over the quarter. Its attributable gold bullion price was AUD 6,055 per ounce against attributable all-in sustaining costs of AUD 4,972 per ounce for the quarter. The difference between these measures is not equivalent to consolidated net profit, because working capital, taxation, capital spending and other accounting items also matter. In its 2026 resource update, the Garden Gully project carried a combined Mineral Resource Estimate of 359,300 ounces across its deposits and resource classifications. Mineral Resources are not interchangeable with Ore Reserves, and resource estimates do not establish the amount or timing of future production.

Risks and Upcoming Operating Measures

A small gold producer is sensitive to realised gold prices, ore grades, stripping requirements and processing arrangements. Concentrating mining at Crown Prince while introducing Cloudkicker ore means quarter-to-quarter costs may not be directly comparable. Contractual treatment charges, haulage availability, mine sequencing and safety performance can also affect operating outcomes. The company reported one lost-time injury during the September quarter, an operational measure that warrants continued attention alongside production and cash flow. Investors may monitor future ore sales volumes, attributable costs and updates to the mining schedule rather than assuming a single quarter establishes a long-term trend.

Key Insights

For New Murchison Gold Limited (ASX:NMG), the key 2026 development is the transition from project preparation into recurring ore sales while mining advances across two deposits. The September cash balance provides context for the company’s funding position, but future results depend on grades, costs, metal prices and delivery volumes. Subsequent quarterly reports will clarify how the consolidated Crown Prince pits and Cloudkicker contribute to operating performance.