Highlights

  • Mount Hope Mining Limited (ASX:MHM) commenced a gradient array induced polarisation survey across the eight-kilometre MS2 gold corridor in October 2026.
  • The survey is designed to identify structural features and geophysical anomalies that could assist in selecting future gold drilling targets.
  • Phase 3 Reverse Circulation Drilling at Mt Solitary comprised ten holes totalling 2,919 metres, with assay results pending at the September quarter-end.
  • The company reported AUD 3.487 million in cash at 30 September 2026 and an estimated funding runway of 3.5 quarters.
  • The Mt Solitary exploration target remains conceptual, and no mineral resource estimate has been established.

Mount Hope Mining Limited (ASX:MHM) is an Australian mineral exploration company focused on its wholly owned Mt Hope Project in the southern Cobar Basin of New South Wales. Its exploration activities include drilling, geological mapping, Geophysical surveys and preliminary metallurgical investigations aimed at assessing gold mineralisation around Mt Solitary and nearby prospects. With its last reported share price standing at AUD 0.21 on 3 November 2026, unchanged from the previous quoted price, Mount Hope Mining (ASX:MHM) continued its exploration programme following the commencement of a gradient array induced polarisation survey across the MS2 gold corridor. The survey is intended to improve the company's understanding of geological structures and identify potential targets for subsequent drilling.

MS2 Gold Corridor Survey Targets Geological Structures

Mount Hope Mining (ASX:MHM) announced on 15 October 2026 that a gradient array induced polarisation (GAIP) survey had commenced across the MS2 gold corridor.

Field activities began on 10 October 2026, with the programme expected to take approximately three weeks.

The MS2 corridor extends for around eight kilometres between the Mt Solitary and Mt Solar prospects.

Much of the corridor lies beneath transported cover, limiting the effectiveness of surface geological observations.

The survey is designed to map variations in electrical properties that may help identify geological structures, including bends, offsets and fault intersections.

Such features can be associated with mineralisation in structurally controlled gold systems, although geophysical anomalies alone do not establish the presence of gold.

The planned survey comprises nine areas measuring approximately 1.2 kilometres by 1.2 kilometres, covering around 140 line kilometres in total.

Three priority areas were selected for initial surveying, with the remaining six dependent on the interpretation of preliminary results.

Processed geophysical data was expected during the December 2026 quarter.

Phase 3 Drilling Advances Mt Solitary Exploration

Mount Hope Mining (ASX:MHM) completed its Phase 3 reverse circulation drilling programme at Mt Solitary during the September 2026 quarter.

The programme comprised ten holes totalling 2,919 metres and tested potential extensions of the known gold mineralisation.

Drilling targeted southern, northern and western areas around Mt Solitary, together with a resistive feature identified through an earlier controlled-source audio-frequency magnetotelluric survey.

Samples from the programme had been submitted for laboratory analysis by the end of September 2026.

The company expected assay results during the early part of the December quarter.

These results are important because they may provide additional information about the grade, distribution and geological continuity of mineralisation.

However, the company has not yet established a mineral resource estimate for Mt Solitary.

Further drilling and geological assessment would be required before the available information could support a resource estimation process.

Metallurgical Testwork and Conceptual Exploration Target

Mount Hope Mining (ASX:MHM) reported preliminary metallurgical results on 24 July 2026.

The testwork involved a 158-kilogram composite sample grading 21.4 grams per tonne gold.

The company reported an indicative combined gold recovery of 98.4% under the tested conditions.

The results included a gravity-recoverable gold component of 70.4%, with cyanide leaching recovering a further proportion of the gold remaining in the gravity tailings.

These results relate to a specific composite sample and laboratory testing programme. They do not establish recovery rates for a future commercial operation.

The Mt Solitary exploration target was estimated at approximately 1.32 million to 1.87 million tonnes grading between 1.0 and 1.35 grams per tonne gold.

Importantly, this target is conceptual and based on historical exploration information.

The company has stated that insufficient exploration has been undertaken to estimate a mineral resource and that further work may not result in one being defined.

September Quarter Cash Position and Funding Requirements

Mount Hope Mining (ASX:MHM) reported cash and cash equivalents of AUD 3.487 million at 30 September 2026.

Net operating cash outflows during the quarter totalled approximately AUD 1.003 million, including exploration and evaluation payments of AUD 852,000.

The company's Appendix 5B reported estimated funding availability of 3.5 quarters based on the applicable quarterly cash-flow calculation.

This estimate provides an indication of funding capacity under the reported expenditure assumptions rather than a guarantee of future financial sufficiency.

In August 2026, Mount Hope announced an AUD 1.82 million Placement at AUD 0.145 per share to support exploration activities.

The placement included a commitment of approximately AUD 1.03 million from Ronin Metals Holdings, with the directors' proposed participation subject to Shareholder approval.

Future exploration expenditure will depend on drilling results, geophysical interpretation and the scope of additional field programmes.

Upcoming Assays and Geophysical Interpretation

The next technical milestones for Mount Hope Mining (ASX:MHM) include the release of Phase 3 drilling assays and interpretation of the initial MS2 geophysical survey results.

The company expects these datasets to help refine its understanding of mineralisation around Mt Solitary and identify potential exploration targets along the broader corridor.

Environmental baseline activities, including flora and fauna assessments, hydrogeological investigations and acid rock drainage studies, are also part of the continuing project evaluation programme.

Further work will be required to determine whether the identified geological targets Warrant additional drilling.

Key Insights

Mount Hope Mining (ASX:MHM) progressed its Mt Hope exploration programme during 2026 through Phase 3 drilling, metallurgical testing and the commencement of the MS2 induced polarisation survey. The geophysical programme is intended to improve structural interpretation across an eight-kilometre corridor, while pending drilling assays may provide additional geological information. With AUD 3.487 million in cash at September quarter-end, the company's next steps depend on technical results, exploration priorities and future funding requirements.