Two bets: New South Wales copper-gold and Nevada silver-gold

Altitude Minerals Ltd (ASX:ATT) is an early-stage explorer with two themes. In New South Wales it is testing for concealed copper-gold porphyry systems at the Byrock project in the Macquarie Arc, under an earn-in and joint venture with Nimrod Resources Ltd. In Nevada it owns the Firenze silver-gold project and holds an option over the W-Project.

Byrock drilling

On 25 May 2026 the company announced a drill permit for a 2,300 metre reverse circulation (RC) programme to test three high-priority pipe-like geophysical targets, with a rig contracted. The company noted the area lies near the Cadia and North Parkes porphyry mines. That is context, not evidence of mineralisation at Byrock.

Its June quarter report of 14 July 2026 said five holes totalling 1,501 metres tested three of four planned targets; heavy rain blocked access to the fourth. Drilling finished in early July. A "Byrock Project Drilling Results" announcement followed on 20 August 2026; its results are not summarised here. Core assays from target P38 had been expected in September; their release has not been confirmed.

Nevada

At Firenze, the company said a nine-hole, 2,600 metre RC programme is designed, permits are approved and the Bureau of Land Management bond is lodged. At the W-Project, secured under an option in May, the company points to historical drilling: of 43 historical holes, 40 intersected gold, with a best reported intercept of 37 metres at 1.30 grams per tonne gold and 9.8 grams per tonne silver from 31 metres. These are historical results, not confirmed by modern drilling. In early August Altitude was targeting drill-ready status at the W-Project by 1 October 2026 and about two weeks of RC drilling at Firenze in September.

Funding and dilution

The June quarter report showed cash of $1.115 million, a net operating outflow of $1.212 million (of which $1.000 million was exploration) and year-to-date operating outflow of $4.134 million. The company estimated 0.9 quarters of funding and said it expects to raise further equity.

In May the company raised $1,155,247 before expenses by issuing 88,865,180 shares at $0.013, each with an attaching option exercisable at $0.034 and expiring 31 July 2027. A substantial holder notice for Macallum Group Limited, dated 25 September 2026, shows the register is moving. Further Equity would dilute existing holders, which is common for explorers and not by itself a sign of failure.

Sector context and risks

Porphyry exploration under cover is high-risk: geophysical targets often prove barren, and a discovery would need years of drilling before any resource. Company-specific risks include the short runway, reliance on a joint venture partner to operate Byrock, and funding two programmes at once.

Upcoming milestones

Company guidance in July and August pointed to Byrock core assays, W-Project drill readiness and Firenze drilling in September and October; completion was not confirmed. An Annual General Meeting is expected around 11 November 2026, though no notice has been confirmed.