Three ASX Mining Explorers Slide Today: GED, UM1 and MAG Shares in Focus

Sonal Goyal

10 November 2026 07:04 PM AEDT

Three ASX Mining Explorers Slide Today: GED, UM1 and MAG Shares in Focus

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Key highlights

Golden Deeps (ASX:GED) fell 21.05% to $0.030 during the trading session.
Unity Metals (ASX:UM1) dropped 16.52% to $0.096, while Magmatic Resources (ASX:MAG) fell 14.29% to $0.018.
The S&P/ASX 200 gained 1.34% over the same session.

Three small-cap Mining explorers on the ASX were among the sharpest decliners during the 10 November 2026 trading session. Golden Deeps Ltd (ASX:GED), Unity Metals Ltd (ASX:UM1) and Magmatic Resources Ltd (ASX:MAG) all moved lower, while the S&P/ASX 200 was higher by 1.34%, or 121.20 points, at 9,150.90 over the same session. Each stock below is covered separately, with its own latest update and the price move recorded during the session.

Golden Deeps Ltd (ASX:GED)

Golden Deeps shares were down 21.05% at $0.030 during the trading session. The company is exploring its Otavi Project in north-eastern Namibia. Its November 2026 update reported rockchip sampling over a 1km strike at the South Ridge Prospect, from 132 samples, with individual results of up to 680 g/t silver, 12.6% zinc, 3.3% copper and 8.9% lead.

The company also reported that three diamond holes at Graceland, below the Gossan 1 zone, intersected disseminated copper and zinc mineralisation within an induced polarisation anomaly. Diamond saw channel sampling is planned across the most intensely mineralised zones at South Ridge, followed by shallow diamond drill testing.

Unity Metals Ltd (ASX:UM1)

Unity Metals shares fell 16.52% to $0.096 during the session. The company's gold projects are in Cambodia, and its September 2026 Quarterly Report covered Phase 1 drilling at the O'Phlay Gold Project. Drill intersections at the Camp Prospect included 40 metres at 1.9 g/t gold and 70.4 metres at 1.1 g/t gold, with the mineralisation open along strike and at depth.

A magnetic survey at the Ngot Gold Project identified a sizeable anomaly that is interpreted as a possible source for gold, with follow-up drilling planned. The company completed an oversubscribed $3.5 million Placement during the quarter and has set out a Phase 2 program of 3,000 metres across 20 diamond holes.

Magmatic Resources Ltd (ASX:MAG)

Magmatic Resources shares were down 14.29% at $0.018 during the session. The company's 9 November 2026 announcement reported further reverse circulation results at Otto 2, including 5 metres at 7.78 g/t gold from 184 metres, with 2 metres at 18.2 g/t gold within it, in hole OTRC007.

Gold mineralisation at Otto 2 is now traced along 320 metres of strike and remains open to the north, south and at depth. The company owns 100% of the Weebo Project and plans a wireline logging survey before further reverse circulation or diamond drilling.

Final Word

Each of these three explorers recorded a sharp fall during the session, and the moves were stock-specific rather than driven by a common announcement. Their next drilling and assay results will set the direction of each project.

FAQs

Q: Which of the three stocks fell the most during the session?

A: Golden Deeps (ASX:GED) fell the most, down 21.05% at $0.030.

Q: What was the best gold intercept reported by Magmatic?

A: The best reported interval was 2 metres at 18.2 g/t gold from 184 metres in hole OTRC007.

Q: How large is Unity Metals' planned Phase 2 program?

A: It is set out at 3,000 metres across 20 diamond holes at O'Phlay.

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