Albright Metals Ltd (ASX:ABR) has appointed Perth-based consultancy Orelogy to run a scoping study on the Vail Road gold deposit in New Brunswick, Canada. The company announced the start of the study on 2 October 2026, days after publishing its first JORC-compliant resource for the deposit.

Who the company is

Albright Metals was known as Bryah Resources Limited until a name change approved at its November 2025 annual general meeting. It is an exploration company. Its focus is the Golden Pike gold and antimony project, about 3,292 hectares of contiguous claims in southern New Brunswick. The project includes Vail Road, plus the Bond Road and Albright Brook prospects.

The Vail Road resource

On 29 September 2026 the company reported a JORC 2012 Mineral Resource of 188,000 tonnes at 9.0 grams per tonne gold, for 54,200 ounces, at a 2.0 g/t cut-off. Of that, 33,500 tonnes at 20.9 g/t (22,500 ounces) is classified as Indicated, and 154,600 tonnes at 6.4 g/t (31,700 ounces) as Inferred. Most of the contained gold is therefore in the lower-confidence category.

An earlier 2011 estimate of 214,800 tonnes at 9.6 g/t, or 66,300 ounces, was entirely Inferred and used a 5 g/t cut-off. The company says the new estimate reflects 15 holes drilled in late 2025 with oriented core and better density data, plus a lower cut-off linked to the gold price. The mineralisation is narrow-vein, which the company would target by underground mining.

The scoping study

Orelogy's work will look at a direct-ship approach that produces saleable gold-bearing material with minimal on-site processing. It covers Mining method, a preliminary production schedule, a conceptual underground design, logistics, scoping-level Capital and operating costs, and an economic evaluation. Completion is expected in the first quarter of calendar 2027. Metallurgical test work is scheduled for early 2027. A scoping study is an early-stage assessment, not proof that a mine is viable.

Financial position and dilution

The Annual Report for the year to 30 June 2026 shows cash of $492,469, a net loss of $4.89 million including impairments of about $1.52 million and $1.2 million, and an operating cash outflow of $2.70 million. Directors state that a material uncertainty exists about the company's ability to continue as a going concern, relying on future Equity raisings, other financing and cutting discretionary spending.

There were 1,553,788,997 shares on issue, with 523.4 million listed Options exercisable at $0.006, 100 million performance rights and other options. The company raised $1.99 million at $0.00435 a share in October 2025. It sold Bryah copper-gold tenements to Catalyst Metals for $1 million cash and $800,000 in shares. A standby equity Facility of up to $3 million with Acuity Capital is also referenced. Exploration commitments total $4.51 million, with $680,100 due within a year.

Risks and milestones

Key risks include funding and dilution, permitting, metallurgy, Commodity prices and the small resource size. Ownership of the claim needs care: the resource announcement says Globex Mining Enterprises owns Mineral Claim 7616 and that Albright holds an option it expects to exercise, while the annual report says the option was exercised. A Royalty of 2 to 3 per cent applies. Next steps include infill drilling, antimony and gold exploration in the 2027 field season and the Annual General Meeting on 25 November 2026.