Highlights

  • MetalsGrove Mining Limited (ASX:MGA) suspended its planned 10,000-metre auger drilling programme at Zuénoula during the September 2026 quarter to expand community engagement.
  • Six priority drilling targets were identified across the Fifty-Five, Central and South East prospects.
  • The company appointed a full-time Ivorian community liaison officer to support discussions with local stakeholders.
  • MetalsGrove reported cash holdings of AUD 1.34 million at 30 September 2026 and exploration and evaluation expenditure of AUD 347,000 during the quarter.
  • The resumption of drilling depends on broader community support, with no confirmed restart date announced.

MetalsGrove Mining Limited (ASX:MGA) is an Australian mineral exploration company with gold exploration interests in Côte d'Ivoire, West Africa. Its Central West Gold Project comprises the Zuénoula and Vavoua exploration permits, together with applications covering Kounahiri West and Vavoua West. The company is conducting geochemical sampling and early-stage drilling to identify and evaluate potential gold mineralisation. With its shares closing at AUD 0.080 on 3 November 2026, unchanged during the session, MetalsGrove Mining (ASX:MGA) continues assessing its exploration programme following the suspension of auger drilling at Zuénoula. The September 2026 quarterly activities report confirmed that the pause was intended to allow expanded engagement with local communities before field drilling activities resume.

Why Was Auger Drilling Suspended at Zuénoula?

MetalsGrove Mining (ASX:MGA) commenced its planned 10,000-metre auger drilling programme at the Zuénoula permit in July 2026.

The programme was designed to test gold anomalies identified through earlier soil geochemical sampling and geological interpretation.

However, drilling was subsequently suspended during the September quarter to allow further discussions with village representatives, community groups and other local stakeholders.

The company indicated that these discussions would address concerns surrounding exploration activities, including land access, environmental considerations and the distinction between authorised mineral exploration and unregulated artisanal mining.

To support the process, MetalsGrove appointed a full-time Ivorian community liaison officer.

The company expects drilling to resume progressively as broader community support is established in the relevant areas.

Importantly, the September Quarterly Report did not specify a restart date. Consequently, the timing of further drilling remains dependent on the progress of community engagement.

Six Priority Gold Targets Identified Across Zuénoula

Before the drilling suspension, MetalsGrove Mining (ASX:MGA) continued interpreting soil geochemical results across the Zuénoula permit.

The work identified six priority drill targets within three principal prospect areas: Fifty-Five, Central and South East.

These targets were selected following assessments of the distribution and continuity of gold anomalism identified through systematic soil sampling.

Earlier exploration during 2026 had outlined several gold-anomalous trends across the permit, providing the basis for more focused follow-up activities.

Although auger drilling was paused, the company continued infill soil sampling in selected areas to improve target definition.

Additional sampling was also undertaken at Vavoua to identify and delineate potential gold anomalies.

The results are intended to support the prioritisation of future auger drilling and subsequent air-core, reverse-circulation or diamond drilling programmes.

However, geochemical anomalies do not establish the presence of an economically recoverable mineral deposit. Further drilling, geological interpretation and technical evaluation would be required before any mineral resource could be defined.

Central West Gold Project and Permit Interests

MetalsGrove Mining (ASX:MGA) reported four permit interests and applications within its Central West Gold Project at 30 September 2026.

The Zuénoula permit, designated PR-750, is held under a joint venture with Aucrest SARL, through which MetalsGrove can earn an interest of up to 80%.

The Vavoua permit, PR-454, is subject to a separate joint venture arrangement with GEMICA, also providing an opportunity to earn up to 80%.

Two additional areas, Kounahiri West (PR-1063) and Vavoua West (PR-1102), remained permit applications at the end of September 2026.

The company's reported arrangements provide for a 90% interest in these additional permits upon grant, subject to the applicable terms.

These distinctions are important because the potential interests in granted permits should not be interpreted as interests already fully earned, while the two applications remain dependent on regulatory approval.

No new farm-in or joint venture agreements were entered into during the September quarter.

September Quarter Cash Position and Exploration Risks

MetalsGrove Mining (ASX:MGA) reported AUD 1.34 million in cash at 30 September 2026.

Exploration and evaluation expenditure during the quarter totalled AUD 347,000, while payments to related parties and their associates amounted to AUD 107,000, relating to director fees and entitlements.

The company reported no mine production or development activities during the period.

As an early-stage explorer without a declared mineral resource at Zuénoula, MetalsGrove remains exposed to uncertainty surrounding exploration results, future funding requirements and project development.

The timing of resumed drilling also depends on maintaining appropriate engagement with affected communities.

Additional expenditure may be required as exploration advances towards more detailed drilling programmes. However, the timing and scale of future financing requirements will depend on planned activities and available funding.

Key Insights

MetalsGrove Mining (ASX:MGA) has temporarily suspended its 10,000-metre Zuénoula auger drilling programme while expanding engagement with local communities. Six priority gold targets remain identified, and soil sampling continues to support exploration planning. With AUD 1.34 million in cash at 30 September 2026, the company's immediate operational priorities include establishing broader community support, resuming drilling and assessing subsequent exploration results. No confirmed drilling restart date has been announced.