Key Highlights

  • Four-hole diamond programme at Tally Ho confirmed high-grade gold below the historical pit, including 2.61 m at 6.38 g/t Au from 454 m and 3.17 m at 3.32 g/t Au from 324.83 m
  • Six-hole RC programme at Davies No. 2 returned shallow high-grade intercepts including 10 m at 2.05 g/t Au from 52 m and 9 m at 1.32 g/t Au from 77 m — the first modern programme at this prospect in over 30 years
  • First-pass RC drilling at Hydra target returned 44 m at 0.76 g/t Au from 96 m with the hole ending in mineralisation, triggering immediate follow-up drilling plans
  • Patronus is well funded with $72 million in cash and Liquid assets at 30 September 2026

Patronus Resources (ASX:PTN), a Northern Territory gold explorer, delivered a packed September 2026 quarterly activities report, with multiple drilling programmes running in parallel across its Pine Creek Gold Project and surface sampling campaigns generating new regional targets across a 1,500 km² land package.

The company holds a portfolio of assets within the Pine Creek Orogen, a mineral province in the Northern Territory with a long history of gold, base metal and uranium production. Key assets include the 100%-owned 234,000-ounce Fountain Head Gold Project (which hosts the Tally Ho deposit), the Hayes Creek VMS Project and the Pine Creek Uranium Project. The September quarter saw the completion of drilling at three separate targets, surface sampling across a fourth area, and corporate reporting of a funded position of $72 million in cash and liquid assets.

Managing Director John Ingram described the September quarter as highly active, with multiple exploration programmes progressing and generating results across the Pine Creek project area. He highlighted the confirmation of high-grade mineralisation below the Tally Ho historical pit as providing momentum for continued mineral resource growth, and described the Davies No. 2 results as encouraging given the absence of modern drilling at that prospect for more than three decades.

Tally Ho: Depth Extensions Confirmed

The four-hole diamond programme at the Tally Ho deposit within Fountain Head was completed during the quarter, with all holes intersecting gold mineralisation. The standout intercept was 2.61 m at 6.38 g/t Au from 454 m in hole TH26DD001, representing approximately 200 metres below the floor of the historical pit. Hole TH26DD003 returned 3.17 m at 3.32 g/t Au from 324.83 m, approximately 150 m below the pit.

These results are significant because they demonstrate continuity of high-grade mineralisation at depth beyond the current Mineral Resource envelope. The programme also identified a new structural target, providing additional exploration vectors to test in future campaigns.

Davies No. 2: New Discovery Potential in the Golden Dyke Area

The six-hole RC programme at Davies No. 2 — part of the broader Golden Dyke area within Pine Creek — was the first modern exploration programme at this prospect in more than 30 years. Results were encouraging, with multiple shallow, high-grade intercepts including 10 m at 2.05 g/t Au from 52 m, 9 m at 1.32 g/t Au from 77 m, 6 m at 1.91 g/t Au from 50 m, and 2 m at 6.03 g/t Au from 27 m in hole GD26RC006. Follow-up exploration of this and adjacent targets is now being planned.

Hydra: Large Target Opened at Burnside North

First-pass RC drilling at the Hydra target area within Burnside North returned a notable result in hole HY26RC004: 44 m at 0.76 g/t Au from 96 m, with the hole ending in mineralisation. This open-ended result has triggered immediate follow-up drilling plans. Surface sampling also defined additional priority targets across the 5-km-long Hydra target corridor, including new kilometre-scale gold targets at Golden Wall, J25 (with individual results of up to 0.99 g/t Au in soils) and Burnside SW.

Sector Context

The Northern Territory gold sector has seen renewed interest from explorers following successful developments by larger operators in the Pine Creek and Tennant Creek regions. The Pine Creek Orogen hosts a range of mineralisation styles including orogenic gold, VMS base metals and uranium, providing Patronus with Commodity Diversification across its land package. With $72 million in cash, Patronus is positioned to sustain an active exploration programme through multiple field seasons without recourse to Capital Markets in the near term.

Risks

Junior gold explorers face inherent risk that drilling intercepts will not convert to material additions to mineral resources. The Tally Ho mineralisation is hosted at significant depth, which increases Mining cost assumptions for any future development scenario. The Davies No. 2 and Hydra results, while positive, require follow-up drilling to define continuity and grade distribution. Weather and access considerations affect field seasons in the Northern Territory, and equipment and contractor availability can constrain programme delivery.

What to Watch Next

Follow-up RC or diamond drilling at both Davies No. 2 and the Hydra target within Burnside North will be the primary operational catalysts for the December 2026 quarter. A maiden or updated Mineral Resource at any of the drilled targets would represent a material step in quantifying the mineral inventory across the Pine Creek project. Progress on the ongoing regional surface sampling campaign may also generate additional drill targets across the 1,500 km² land package.