Why gold explorer Avira Resources (ASX:AVW) is waiting on assays from its first Sirdar drilling at Mt Cattlin

Sonal Goyal

12 November 2026 02:05 PM AEDT

Why gold explorer Avira Resources (ASX:AVW) is waiting on assays from its first Sirdar drilling at Mt Cattlin

Image Source: Shutterstock

You are reading a free article with opinions that may differ from the recommendation given by Kalkine in its paid research reports. Become a Kalkine member today to get access to our research reports, in-depth technical and fundamental research. Learn more

Start Your Free Trial Now!

Key Highlights

Avira is awaiting assays from 1,101 samples sent to SGS Australia, with results expected from early to mid November 2026.
Phase 1 comprised 37 RC holes for 4,234 metres, with mineralisation at Maori Queen confirmed over a 650-metre strike length.
Cash of $860,000 at 30 September gave an estimated 1.45 quarters of funding, and the company plans to raise funds when timing is right.
The company targets a maiden mineral resource estimate in the first quarter of 2027, which is a company target rather than a forecast.

Avira Resources (ASX:AVW) has finished its Phase 1 reverse circulation (RC) drilling programme at the Mt Cattlin Gold Project near Ravensthorpe in Western Australia. The next step is assay results from the second tranche, which included the company's first holes at the Sirdar and Ellendale prospects. On 20 October 2026 Avira said 1,101 samples had gone to SGS Australia in Perth, with results expected from early to mid November 2026.

Those results matter because of the company's cash position. Its September quarter Appendix 5B, released on 26 October 2026, showed $860,000 in cash and an estimated 1.45 quarters of funding, and Avira has said it plans to raise funds when the board considers the timing appropriate.

An early-stage gold explorer

Avira is an exploration company with no production or revenue. Mt Cattlin sits on exploration licence E74/401, which is registered to Galaxy Lithium Australia, a Rio Tinto Lithium subsidiary, next to the Mt Cattlin lithium mine. According to the quarterly report, Avira holds the mineral rights other than pegmatite minerals. The company says the Maori Queen and Sirdar deposits recorded historical production of 23,006 tonnes at 24.56 g/t gold. That is historical data, not a current resource. Avira also holds the Tangadee base metals project in WA and the Puolalaki project in Sweden.

What the drilling has shown so far

Phase 1 comprised 37 RC holes for 4,234 metres. The first Tranche of 18 holes at Maori Queen and Plantagenet was drilled between May and July 2026, then paused for winter because of wet weather. Results released in August included 7 metres at 6.11 g/t gold from 105 metres in hole RAGC116 at Maori Queen and 8 metres at 2.77 g/t gold from 16 metres in RAGC102 at Plantagenet. According to Avira, mineralisation at Maori Queen has been confirmed over a 650-metre strike length and remains open at depth.

The second tranche of 18 holes for 2,324 metres was drilled in September and October: 10 holes at Sirdar, six at Ellendale and two at Maori Queen. Avira describes Sirdar as the most extensively drilled prospect historically, with past intercepts such as 1 metre at 131.24 g/t gold, though untested by its own drilling until now. The company notes that assays are needed to confirm the extent and grade of any mineralisation. These are exploration results, not a mineral resource. Avira says it is targeting a maiden mineral resource estimate in the first quarter of 2027, but that is a company target, not a forecast.

Cash and funding

According to the September quarter 5B, net operating cash outflow was $132,000 and exploration and evaluation spending was $460,000, so total relevant outgoings were $592,000. Cash fell from $1.452 million at the end of June to $860,000, and Avira reported no finance facilities.

In the 5B, Avira said it had not yet taken steps to raise further cash. It said it expects to be able to raise funds when required, noting that it has Placement capacity and raised $2.5 million in the December 2025 quarter. The company has 575 million shares on issue, plus about 270.8 million quoted Options exercisable at 1.5 cents, so any raising or option exercise would add to the share count.

Risks and upcoming dates

The main near-term risk is the outcome of the second-tranche assays. Results from first-pass drilling may not match the historical intercepts. Avira also does not hold the underlying licence, and it has a short funding runway that points to further dilution. The company's Annual General Meeting is scheduled for 11am WST on 19 November 2026 in Subiaco.

Download Free Report – Explore 3 Stock Ideas & Industry Insights

Unlock 3 stock ideas and key industry insights in our free report. This information is general in nature and does not consider your personal objectives, financial situation, or needs. It is not financial advice.

All investments involve risk—consider independent advice before making any investment decisions.

View 3 Research Reports

Disclaimer:

This article (“Article”) has been prepared by Kalkine Pty Limited (ABN 34 154 808 312) (Australian financial services licence number 425376) (“Kalkine”) and its related bodies corporate who are authorised to provide general financial product advice. Kalkine.com.au and its associated pages are published by Kalkine.

Any information/advice provided in this article is general in nature and does not take into account your objectives, financial situation or needs. You should therefore consider whether the information is appropriate for your objectives, financial situation and needs before acting upon it.

There may be a Product Disclosure Statement, Information Memorandum or other offer document (“Offer Document”) for the securities or other financial products referred to in Kalkine articles. You should obtain a copy of the Offer Document and consider it before making any decision about whether to acquire the security or financial product.

Kalkine strongly recommends that you seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) before acting on any advice/information in this Article or on the Kalkine website. Not all investments are appropriate for all people.

The information in this Article and on Kalkine website has been prepared from a wide variety of sources, which Kalkine, to the best of its knowledge and belief, considers accurate. Kalkine has made every effort to ensure the reliability of the information contained in its articles (including this Article), newsletters and websites. All information represents our views at the date of publication and may change without notice.

The information in this Article does not constitute an offer to sell securities or other financial products or a solicitation of an offer to buy securities or other financial products.

Kalkine does not issue, sell or deal in any financial products.

This Article may contain information on past performance of particular investments. Please note past performance is neither an indicator nor a guarantee of future performance.

To the extent permitted by law, and excluding any dishonesty or gross negligence by Kalkine, Kalkine disclaims and excludes all liability for any direct, indirect, implied, punitive, special, incidental or other consequential loss or damage arising from the use of or reliance on this Article, the Kalkine website and any information published on the Kalkine website without any warranties or representations by Kalkine to you. To the extent the law prohibits or limits this exclusion, Kalkine limits its liability to the resupply of services.

Please also read our Terms & Conditions and Financial Services Guide for further information.

Employees and/or associates of Kalkine and its related entities may hold interests in the securities or other financial products covered in this Article or on the Kalkine website. Any such employees and associates are required to comply with certain safeguards, procedures and disclosures as required by law.

Some of the images/music that may be used in the Article are copyright to their respective owner(s). Kalkine does not claim ownership of any of the pictures displayed/music used in the Article unless stated otherwise. The images/music that may be used in the Article are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

Kalkine Media Pty Ltd, an affiliate of Kalkine Pty Ltd, may have received, or be entitled to receive, financial consideration in connection with providing information about certain entity(s) covered on its website.