Key Highlights

  • Bayan Mining and Minerals Ltd (ASX:BMM) was trading at A$0.043, down 14.00%, during the 23 October 2026 trading session.
  • On 21 September 2026, the company announced its Phase 3 field program had commenced at the Bayan Springs South Project in Nevada.
  • The company also said it completed a maiden 856 metre RC program at the Desert Star Rare Earth Project, with assays expected in October 2026.

Bayan Mining and Minerals Ltd (ASX:BMM) was trading at A$0.043 during the 23 October 2026 trading session, down 14.00%. The S&P/ASX 200 (XJO) was at 8,760.50, down 0.37% (32.70 points) at 1:16 pm AEDT, so Bayan's decline was much wider than the benchmark's. Bayan is an ASX-listed explorer with a 100% interest in the Bayan Springs South Project in White Pine County, Nevada, along the Carlin Trend, and it also has the Desert Star Rare Earth Project. The latest update covered here was released on 21 September 2026, when the company announced the start of a Phase 3 surface geochemistry and geological mapping program at Bayan Springs South.

Latest Developments

21 September 2026: Phase 3 Field Program Commences

On 21 September 2026, Bayan said it had commenced its Phase 3 surface geochemistry and geological program at Bayan Springs South. The program comprises detailed geological observations, selective rock-chip sampling and systematic soil sampling at northern and southern drill targets identified through earlier surface geochemistry, controlled source audio magnetotellurics (CSAMT) and geological mapping.

The company said previously reported results included rock-chip assays of up to 8.25 g/t gold and soil assays of up to 0.311 g/t gold, together with arsenic-antimony-thallium-mercury pathfinder anomalism. It noted that only around 12% of the project area has been covered by previous surface geochemistry.

Southern and Northern Targets

According to the announcement, soil sampling at the southern target will extend the existing grid across the open southern Margin of the anomaly. The company said the southernmost rock-chip sample returned 0.64 g/t gold and a sample on the northeastern margin returned 0.58 g/t gold. At the northern target, a smaller soil grid will provide first-pass systematic coverage around the interpreted intersection of the NNE-trending Dynasty Fault and the NW-trending Bida Fault.

Next Steps and Drill Permitting

Bayan said samples will be submitted to ALS Laboratories in Reno, Nevada, for gold and multi-element analysis. Results are to be integrated with existing datasets to refine proposed drill pad locations and hole orientations, and any refined drill configuration is expected to be incorporated into a revised Plan of Operations as part of drill permitting with the US Forest Service. The company noted that the timing and outcome of the permitting process remain subject to regulatory processes and approvals.

Desert Star Maiden RC Program Completed

In the same announcement, Bayan said it had completed its maiden Reverse Circulation Drilling program at the Desert Star Rare Earth Project, comprising 856 metres. Samples have been dispatched to ALS Laboratories, with assay results expected in October 2026, subject to laboratory turnaround times.

About Bayan Mining and Minerals Ltd

Bayan Mining and Minerals Ltd is a Perth-based company listed on the ASX under the ticker BMM. Its Bayan Springs South Project consists of 58 lode claims covering approximately 4.85 square kilometres on the southern slopes of the Ruby Mountains in northwest White Pine County, Nevada, roughly 85 kilometres south of Elko. The company says the project is east of the Bellview gold-silver-lead deposit and approximately 10 kilometres north of Kinross Gold Corporation's Bald Mountain Mine.

Related Sector Context

Bayan operates in ASX-listed mineral exploration with Assets in Nevada's Carlin Trend, a gold district the company describes as prolific, as well as a rare earths exploration project. Exploration companies at this stage typically report sampling and drilling results as they progress and depend on regulatory permitting to drill. The company's announcement states that references to nearby discoveries do not guarantee similar exploration success at Bayan Springs South. The S&P/ASX 200 benchmark was down 0.37% at 1:16 pm AEDT on 23 October 2026.

Risks to Weigh In

  • Bayan is an exploration-stage company, and the Phase 3 program is designed to refine targets rather than define a resource.
  • Drill permitting with the US Forest Service remains in progress, and the company said timing and outcome are subject to regulatory processes and approvals.
  • The company's announcement notes that results from nearby operations and similar geology do not guarantee exploration success at its own project.
  • Only around 12% of the Bayan Springs South project area has been covered by previous surface geochemistry, according to the company.
  • Desert Star assay timing is subject to laboratory turnaround times.

Catalysts on Watch

  • Desert Star maiden RC program assay results, expected in October 2026 subject to laboratory turnaround times.
  • Results from the Phase 3 soil and rock-chip sampling at Bayan Springs South.
  • A revised Plan of Operations to support drill permitting with the US Forest Service.
  • Finalisation of drill pad locations and hole orientations.

The Story So Far

Bayan shares were trading at A$0.043, down 14.00%, during the 23 October 2026 session, compared with a 0.37% decline in the S&P/ASX 200 at 1:16 pm AEDT. The company's update dated 21 September 2026 described the start of the Phase 3 field program at Bayan Springs South and the completion of drilling at Desert Star.