Key Highlights

  • Maiden RC drilling at the Spencers prospect, Balagundi Gold Project, returned the project's highest grade to date: 11m at 4.65g/t Au from 25m depth.
  • 100% ownership of the 432km² Woodie Woodie North Manganese Project consolidated with all vendor milestone payments eliminated and no cash consideration.
  • New Rancor and Wampa manganese prospects mapped with rock chip samples returning up to 58.4% Mn across more than 200 identified outcrops.
  • Heritage survey completed at Gingarrigan ahead of maiden RC drilling, with quarter-end cash of $1.432M plus approximately $114,000 in listed investments.

Spencers Emerges as a Genuine Gold Target

Accelerate Resources (ASX:AX8) recorded a significant step forward at its Balagundi Gold Project near Kalgoorlie during the September 2026 quarter, with maiden RC drilling at the Spencers prospect delivering the highest-grade intercept the project has seen to date.

All nine RC holes drilled at Spencers intersected gold, confirming a broad mineralised system extending more than 300 metres along strike and remaining open both along trend and at depth. The headline result of 11 metres at 4.65 grams per tonne gold from 25 metres depth converts an earlier shallow aircore discovery into a clearly defined RC target with genuine follow-up appeal. The consistency of gold intersections across all nine holes is arguably as significant as the peak intercept, pointing to a coherent mineralised corridor rather than isolated high-grade shoots.

At the Fluffy prospect, first drilling in over 30 years returned shallow aircore results including 10 metres at 1.05g/t gold and 1 metre at 8.44g/t gold. These results extend Balagundi's known mineralised footprint into a corridor that hosts historical intercepts, opening additional targets for future programmes.

Woodie Woodie North: Consolidation and Drill Readiness

In the Pilbara, the September quarter marked a transformational ownership milestone at the Woodie Woodie North Manganese Project. Accelerate secured 100% ownership of the 432 square kilometre project, eliminating all vendor milestone payments through a transaction completed with no cash consideration — a highly capital-efficient outcome that removes future dilution or payment obligations from the asset.

More than 200 manganese outcrops have now been defined and mapped across the project area. The newly identified Rancor and Wampa prospects contributed rock chip grades of up to 58.4% manganese, figures that sit within the range of high-quality manganese ore that attracts premium pricing in export markets.

Metallurgical diamond drilling at the Area 42 deposits was completed during the quarter, with thick zones of visual manganese logged in all three holes. Results from this programme will inform the company's understanding of potential processing characteristics. At Gingarrigan, a heritage survey was completed during the quarter, clearing the way for the company's maiden RC drilling programme to proceed. This progression from target mapping to drill readiness across a single quarter reflects meaningful operational momentum.

Corporate Position

Accelerate completed a $2.0 million Capital raising during the quarter, with Tranche 2 settlement of $0.8 million received before costs. Quarter-end cash was $1.432 million, supplemented by approximately $114,000 in listed investments. A further $1.1 million share Placement was announced post-quarter, providing additional Working Capital to fund upcoming drill programmes. The company also appointed Vincent Algar as Executive Director post-quarter, bringing dedicated manganese industry executive experience to the board.

Sector Context

The Woodie Woodie Manganese Corridor in Western Australia's East Pilbara is a recognised manganese province, with Consolidated Minerals operating a significant mine approximately 55 kilometres south of Accelerate's project area. Manganese's role as a critical input for Lithium-Ion Battery cathode chemistries — particularly the high-manganese LMNO and lithium-manganese-rich formulations — has elevated exploration interest in high-grade Australian manganese deposits. The Balagundi region near Kalgoorlie sits within a broader gold province that continues to attract exploration activity from juniors and major producers alike.

Risks

Accelerate operates with a modest cash position and will require continued access to Capital Markets to fund ongoing exploration across two geographically separated projects. Assay results for the Area 42 metallurgical drilling at Woodie Woodie North are pending, and there is no guarantee the visual manganese intersections will convert to economically attractive grades or metallurgical recoveries. At Balagundi, the open-ended mineralisation at Spencers requires additional drilling to establish resource dimensions, and the full extent of the system remains unknown.

Heritage survey outcomes and native title processes can introduce timing uncertainty into drilling schedules, even where initial surveys are completed.

What to Watch Next

Assay results from the Woodie Woodie North metallurgical diamond holes are the next key data point for the manganese project. Maiden RC drilling at Gingarrigan is imminent following the completed heritage survey, and results from that programme will help define whether the Area 42 deposits can be linked to surface mineralisation at additional prospects. At Balagundi, follow-up RC drilling to test the Spencers system along strike and at depth will be watched closely by investors assessing the scale potential of the gold discovery.