Key Highlights

  • Golden Mile had $245,000 in cash at 30 September and an estimated 0.52 quarters of funding, so a raising is likely before drilling.
  • A follow-up rock chip programme at Aurora found gold above 0.25 g/t in 41% of samples, with the outcropping zone at least 280 metres wide.
  • The company received $100,000 from Recharge Metals for its Ironstone Well project and signed a Yuinmery farm-in in November.
  • Alex Hanly joined the board as a non-executive director on 5 October, and the AGM is set for 26 November 2026.

Golden Mile Resources (ASX:G88) is preparing a maiden drilling campaign at Aurora, a gold prospect in Arizona identified so far only through surface sampling. The company is lining up permits and a drilling contractor, but its latest Cash Flow report shows it will need to raise money to fund the work.

According to its September quarter Appendix 5B, released on 29 October 2026, Golden Mile had $245,000 in cash at 30 September and an estimated 0.52 quarters of funding. The company says shareholders have approved a capacity to raise up to $1 million, and it expects to raise funds as it has done before.

What Golden Mile does

Golden Mile is an early-stage explorer with projects in the United States and Western Australia. Its priority is the Aurora prospect within the Pearl project, near Mammoth in Pinal County, Arizona, about 40 kilometres north-east of Tucson. Golden Mile is earning up to an 85% interest in Pearl. The area lies just north of BHP's San Manuel-Kalamazoo copper operation, though proximity to a major deposit says nothing about what Pearl itself contains. The company has no mineral resources.

Aurora and Leviathan

Aurora was first identified in late 2024 from rock chip samples. In its quarterly report, the company says a follow-up rock chip programme found gold above 0.25 g/t in 41% of samples, and that sampling and field observations indicate the outcropping zone is at least 280 metres wide and 450 metres long. Rock chip grab samples are selective and do not represent drill intercepts.

Golden Mile says it has engaged KC Harvey Environmental to coordinate state and federal approvals, has submitted a Geological Field Operations Plan to the Arizona State Land Department, and has put drilling out to tender, with a contract award expected in November. Drilling dates have not been confirmed.

At the separate Leviathan copper-molybdenum project, also in Arizona, first-pass sampling returned widespread anomalous copper and molybdenum. The company says no near-term drilling is planned there.

Cash position and portfolio changes

In the September quarter, Golden Mile used $444,000 in Operating Activities and $19,000 on capitalised exploration. It received $100,000 cash from Recharge Metals for the sale of its Ironstone Well project in Western Australia, and raised no equity. Cash fell from $610,000 to $245,000.

On 2 November 2026, Golden Mile signed a farm-in agreement under which American Lithium Minerals may earn up to 85% of the Yuinmery licence E57/1043 in Western Australia. To reach 51%, the partner must spend $500,000 on exploration over three years, and it can reach 85% by spending a further $500,000 within five years. The deal depends on Golden Mile obtaining regulatory exemptions for extending the licence term. The company describes this as part of rationalising its portfolio so that third parties fund exploration.

Risks and upcoming dates

The main near-term risk is funding: with roughly half a quarter of cash, a Placement or other raising is likely before drilling, and with about 751 million shares on issue, any raising at current prices could be highly dilutive. Permitting in Arizona could also delay the campaign, and early surface results may not be repeated at depth.

Alex Hanly joined the board as a non-executive director on 5 October. The Annual General Meeting is set for 26 November 2026 in Melbourne.