Key Highlights

  • The third gold pour from White Dam produced 174 ounces of doré in late September 2026, up from 59.58oz in the maiden pour and 56.80oz in the second pour.
  • Heap leach pad irrigation is pausing for a full reline in late October, with a replacement carbon-in-column tank due on site and a pad expansion design ready for tender.
  • A prefeasibility study on the Vertigo oxide deposit and a final Investment decision are both targeted for Q1 2027, potentially supporting a larger restart in 2027.
  • The White Dam Mineral Resource stands at 5.2 million tonnes at 0.7g/t for approximately 118,000 ounces, with a separate sulphide discovery at Icebreaker awaiting geophysics and diamond drilling.

Broken Hill Gold (ASX:BH6) is relining its heap leach pad because the White Dam gold project in South Australia is moving from a small restart operation towards a larger decision on a possible 2027 Mining restart. The company poured a third batch of gold in late September 2026 and says the proceeds will fund the pad and pond refurbishment.

A small producer with a large tenement package

Broken Hill Gold, formerly Pacgold Limited, is an ASX-listed gold exploration and development company in the Materials sector. Shareholders approved the name change on 7 August 2026. It owns 100 per cent of White Dam, about 80 kilometres west of Broken Hill in the Curnamona Province, including a gold-copper processing plant and a camp.

The company says the project covers more than 758 square kilometres of tenure. It was acquired from GBM Resources through Millstream Resources.

What the latest pour shows

On 30 September 2026 the company reported a third pour of 5.43 kilograms (174 ounces) of doré from re-crushed ore already sitting on the heap leach pad. The estimated gold-to-silver ratio was 70:30, and the doré went to the Perth Mint for assay.

That is more than the earlier pours. The maiden bar in May 2026 held 59.58 ounces of gold, and the second pour in late June held 56.80 ounces. The announcement gave no grade, tonnage, cost or recovery data, so the figures show activity rather than economics.

The reline and the bigger plan

Irrigation is due to pause in late October for a full reline of the pad and ponds, including the collection channel and the main event pond. A replacement carbon-in-column tank was due on site in the first week of October.

Design for a pad expansion is finished and ready for tender. It would add about 160,000 square metres of lined area and roughly 3.5 million tonnes of stacking capacity, with the first phase providing 2.4 million tonnes, or about two years of capacity.

A prefeasibility study on restarting the Vertigo oxide deposit is under way. The company expects it, and a final investment decision, in the first quarter of 2027.

Finances, resources and exploration

For the year to 30 June 2026 the company reported Revenue of A$720,413, against nil a year earlier, and cost of sales of A$2,772,323, which it attributes to ramp-up and restart costs. The loss after tax was A$14,460,332, including an A$8,408,874 non-cash Impairment linked to the demerger of its North Queensland Assets into Manda Resources.

Cash was A$3,838,699 at year end, and net assets were A$26,355,272. A further A$13 million Placement of about 86.67 million shares was announced on 31 July 2026, after the year end.

Directors prepared their going-concern assessment on expected gold sales, a capital-raising record and that placement, and they describe a plan to cut discretionary spending if funding is unavailable.

The White Dam resource estimate stands at 5.2 million tonnes at 0.7 grams per tonne of gold, or about 118,000 ounces, all in the Indicated and Inferred categories. It includes the Vertigo update released on 21 September 2026.

Separately, the company reported a sulphide gold-copper discovery at Icebreaker in July 2026, with geophysics under way and diamond drilling planned after surveys finish in mid-October.

On 30 September 2026 it said it had won two exploration licence applications covering the Manna Hill and Waukaringa goldfields, totalling 751 square kilometres. Exploration there needs heritage agreements and environmental permits first.

Risks and milestones

The risks are plain. Production so far is small, the resource is modest, and the company relies on Equity raisings. Its directors also list title, environmental, heritage and business-interruption risks.

Milestones to watch are completion of the reline, the pad expansion tender, Icebreaker drilling and the Vertigo study. General information only; not a recommendation.