Key Highlights

  • Oakajee held $69,000 in cash at 30 September, but also held listed shares worth about $3.1 million in two other explorers.
  • Results from 38 aircore holes at Paynes Find South suggest a probable mineralised trend about 1,000 metres long.
  • Sales of investments brought in $178,000 during the quarter, and the company estimates 0.32 quarters of funding on cash alone.
  • The AGM on 13 November 2026 includes a vote on a 10% Placement facility.

Oakajee Corporation (ASX:OKJ) is a small Western Australian gold explorer. At 30 September 2026 it held only $69,000 in cash, but it also held shares in two other ASX-listed companies worth about $3.1 million. According to its September quarter Appendix 5B, released on 30 October 2026, those shareholdings are its main source of funds.

The 5B gives an estimated 0.32 quarters of funding, based on cash alone. Oakajee says it could sell its listed investments to fund operations, and that it is confident it could raise Equity if needed. Its Annual General Meeting is on Friday 13 November 2026 and includes a vote on a 10% placement facility.

Exploration at Paynes Find

Oakajee's main project is the Paynes Find Gold Project, about 455 kilometres north-east of Perth by road. The tenements cover parts of the Paynes Find greenstone belt south and west of the main gold camp, which the company says has reported historical production of more than 72,000 ounces. The company is at an early exploration stage and has no mineral resource or revenue.

On 28 September 2026 Oakajee reported results from 38 aircore holes, totalling 1,928 metres, drilled in August at the Paynes Find South target. The best results were 464 parts per billion gold in the final metre of hole PFAC149 and 4 metres at 305 ppb gold from 36 metres in PFAC168. According to the company, together with earlier drilling these suggest a probable north-north-west mineralised trend about 1,000 metres long under around 20 metres of lake clay and gravel, open in both directions.

These are low-level geochemical results from first-pass drilling. A level of 464 ppb is just under half a gram per tonne. They are exploration results, not evidence of an economic deposit, and further drilling would be needed to test the trend.

Cash and listed investments

According to the 5B, net operating cash outflow was $215,000 for the quarter, including the drilling, because Oakajee expenses its exploration costs. Sales of investments brought in $178,000. Cash fell from $106,000 to $69,000, and the company reported no finance facilities or new equity raisings. Payments to related parties totalled $51,000.

The Quarterly Report lists the investments as 11 million shares in Santa Fe Minerals (ASX:SFM) and 3.6 million shares in Asara Resources (ASX:AS1), together worth $3.108 million at 30 September. In the 5B, Oakajee said it had not started any fundraising, that it retains full placement capacity under Listing Rules 7.1 and 7.1A, and that it could also cut discretionary spending.

The Annual Report for the year to 30 June 2026 showed net operating outflows of about $497,000 and net Assets of about $3.4 million, most of which were the equity investments.

Risks and upcoming dates

The main risk is that Oakajee's funding depends on the prices of two other small listed explorers. A fall in those shares, or difficulty selling them, would reduce the money available for exploration. Selling holdings also uses up the asset base over time, and any equity raising would dilute shareholders. On the exploration side, the Paynes Find South trend is defined by widely spaced, low-grade results.

The AGM was moved from 2pm to 10am (Perth time) on 13 November 2026 because of directors' scheduling constraints. The resolutions include the re-election of director Gary Watson and approval of the 10% placement facility. The company also says it continues to assess other potential gold exploration projects, though none has been announced.