Key Highlights

  • Phase 1 hole 26-LODH-023 returned 663 metres at 0.42 g/t gold equivalent from surface, including 283 metres at 0.67 g/t gold equivalent.
  • Phase 2 drilling targeted what NewPeak interprets as the higher-grade gold core of the system, with assays expected before the end of 2026.
  • Cash was $1.62 million at 30 September after a $3.5 million placement, equal to an estimated 0.81 quarters of funding.
  • The AGM on 18 November 2026 will vote on a 10% Placement Facility and the appointment of Pitcher Partners as auditor.

NewPeak Metals (ASX:NPM) has finished its Phase 2 diamond drilling at the Las Opeñas Gold Project in San Juan Province, Argentina. On 2 November 2026 the company said it expected assay results before the end of the year. This round of drilling targeted the area NewPeak interprets as the higher-grade gold core of a large, low-grade gold-zinc-silver-lead system found in its first round of drilling.

These results are the next major news expected from the company. They also matter for funding. Its September quarter Appendix 5B, released on 7 October 2026, showed $1.62 million in cash after a $3.5 million placement. At the quarter's very high exploration spending rate, that was enough for an estimated 0.81 quarters.

What Phase 1 found

NewPeak owns 100% of permits covering more than 1,400 hectares at Las Opeñas. The project is about 70 kilometres south-east of the Veladero mine. The maiden programme of six diamond holes, totalling 2,464 metres, included discovery hole 26-LODH-023. That hole returned 663 metres at 0.42 g/t gold equivalent from surface to the end of the hole, including 283 metres at 0.67 g/t gold equivalent from 7 metres. A second hole, 26-LODH-027, returned 657 metres at 0.30 g/t gold equivalent from surface.

The intervals are very long but low grade, and the gold-equivalent figures include zinc, silver and lead. In the best part of hole 023, the gold itself was 0.34 g/t. NewPeak says gold grades increased towards the south-west, near the Belleza Breccia volcanic centre, which it interprets as the likely source of the system. These are exploration results only. Las Opeñas has no mineral resource yet, although the company has said placement funds would go partly towards resource estimation.

Phase 2 and permitting

Phase 2 was planned as at least 1,000 metres and began in October 2026. On 2 November NewPeak said drilling had met its main objectives and that sample preparation and delivery to the laboratory were continuing. The company says it has permits for up to another 7,500 metres this year. Whether it drills more depends on results and funding.

Cash, placement and dilution

NewPeak announced the placement on 15 July 2026 at 1.3 cents a share, about 269.2 million new shares in total. Shareholders approved the second Tranche at a meeting on 21 August, and those shares were issued on 27 August. The company now has about 609.9 million shares on issue, so the placement substantially increased the share count.

According to the 5B, net operating outflow was $305,000 and exploration and evaluation spending was $1.69 million, which reflected the Phase 1 drilling and assays. Cash rose from $127,000 to $1.62 million after net financing inflows of $3.28 million. In the 5B, NewPeak said it had taken no steps to raise more money and pointed to its listed investments. The company is also assessing Options for non-core assets, including the Tansey project.

Risks and upcoming dates

The main risks are that the Phase 2 results may not confirm a higher-grade core, and that grades are low across the long intervals drilled so far. NewPeak also faces the challenges of working in Argentina and is likely to need more funding, which would bring further dilution. The Annual General Meeting is at 12pm AEST on 18 November 2026 in Brisbane. The resolutions include a 10% placement facility under Listing Rule 7.1A and the appointment of Pitcher Partners as auditor.