ASX Stock in Focus: Gibb River Diamonds (ASX:GIB) Hits a 52-Week Low

Sonal Goyal

26 October 2026 09:46 PM AEDT

ASX Stock in Focus: Gibb River Diamonds (ASX:GIB) Hits a 52-Week Low

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Key Highlights

Gibb River Diamonds (ASX:GIB) traded at $0.025, down 19.36%, after touching a 52-week low during the 26 October 2026 session.
The Neta joint venture produced 5,511.3 ounces of fine gold and paid $7 million to GIB.
The company reports $6.74 million in cash and 214,509,445 shares on issue.

Gibb River Diamonds Limited (ASX:GIB) shares touched a 52-week low during the Trading session on 26 October 2026, trading at $0.025, down 19.36% on the day. Gibb River is an ASX-listed explorer with interests in gold in Western Australia's Edjudina district and in the Ellendale diamond field. This article draws on the company's Annual Report for the year ended 30 June 2026.

Neta Gold Joint Venture Results

The annual report records that the Neta gold resource was mined under a 50:50 profit share joint venture with BML Ventures. Total and final joint venture production from the Neta campaign was 5,511.3 ounces of fine gold, comprising 1,792.0 ounces from Three Mile Hill milling, 3,475.9 ounces from Lakewood milling and 243.4 ounces from Greenfields milling.

The joint venture sold 5,267.9 ounces from the Three Mile Hill and Lakewood campaigns at an average price of $7,209.60 per ounce for total proceeds of $37,979,719. A payment of $7 million plus GST was made to GIB from joint venture profits on gold sold to date. Of the Greenfields gold, 89.4 ounces were sold to pay milling costs, and 154.0 ounces remain unsold in the BML account at the Perth Mint. The company anticipates a further modest distribution once remaining gold is sold and accounts are settled.

The report adds that the Neta campaign included processing at three different mills, and that rehabilitation of the Neta waste dump has been undertaken, including contouring. Sales of the 5,267.9 ounces were made at an average price of $7,209.60 per ounce, which is the basis for the $37,979,719 of total proceeds reported.

Edjudina Drilling and Ellendale Diamonds

At the 100% owned Edjudina Gold Project, the company conducted two drill campaigns during the year, and the report notes that one program found mineralisation of a lower tenor than anticipated, which the company described as not unusual for the area. The same systematic approach is credited with the discovery of the Neta open pit mine.

At the 100% owned Ellendale Diamond Project, the company consolidated its holdings around the main Mining Lease M04/477 and the Ellendale 9 area, dropped tenements in other parts of the field and completed a heritage clearance survey over the lease. It continues to seek a commercial arrangement to allow development of the E9 targets.

The report records that rehabilitation work at the Neta site has included contouring of the waste dump. It also notes that, apart from the 154.0 ounces of gold held in the joint venture account at the Perth Mint, the joint venture's accounts need to be settled before any further distribution can be made to Gibb River.

About Gibb River Diamonds

Gibb River Diamonds has 214,509,445 shares on issue, an unchanged capital structure, and reports a cash position of $6.74 million. The company says it continues to assess Acquisition opportunities, particularly in the Western Australian gold sector, and that it can pursue them without raising capital.

The chair's letter describes the year as positive, with the Neta joint venture result described as transformative for the company. It states that the share Capital Structure is unchanged, that the cash position of $6.74 million leaves the company able to acquire and develop a project without raising capital, and that two drill campaigns were conducted at Edjudina during the year.

Risks

Neta production has finished, so the joint venture's income is limited to the remaining 154.0 ounces of unsold gold and a modest final distribution. Exploration at Edjudina has included a result of lower tenor than expected, and Ellendale's restart depends on a commercial deal that has not been announced. The shares are priced at fractions of a cent, so small price changes appear as large percentage moves.

The company has dropped tenements in other parts of the Ellendale field to reduce costs and focus on the most prospective area. Any redevelopment of the Ellendale E9 targets requires mining lease M04/477 to be advanced through a commercial arrangement that the report describes as the objective but does not yet describe as agreed.

Catalysts on Investors' Radar

Items identified in the report include the final distribution from remaining Neta gold, further Edjudina exploration, efforts to secure a commercial arrangement at Ellendale and the evaluation of acquisition opportunities.

Final Perspective

Gibb River Diamonds touched a 52-week low on a day when the company's most recent filing was its annual report. Its annual report shows a completed gold production campaign, a $7 million payment from the joint venture and a cash balance of $6.74 million, with next steps tied to exploration and potential transactions.

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