Key Highlights

  • Austral Gold Ltd (ASX:AGD) was trading at A$0.123, down 9.26%, during the 23 October 2026 trading session.
  • On 28 September 2026 the company reported 95 m at 1.10 g/t AuEq from drilling at Los Nanos, part of its Guanaco Mine in Chile.
  • The company said the next phase of up to 8,000 metres of drilling is expected to commence in Q4 2026.

Austral Gold Ltd (ASX:AGD) was trading at A$0.123, down 9.26%, during the 23 October 2026 trading session, a larger fall than the 0.37% decline (32.70 points) in the S&P/ASX 200 (XJO), which stood at 8,760.50 at 1:16 pm AEDT. Austral describes itself as an established gold producer and operates the Guanaco Mine in Chile, with listings on the ASX, the TSX Venture Exchange and the OTCQB. The company's latest update covered here is a media release dated 28 September 2026, which reported the first results from its brownfield exploration programme at Guanaco.

Latest Developments

First Results From the Los Nanos Programme

In a media release dated 28 September 2026, Austral Gold reported the first results from its brownfield exploration programme at the 100%-owned Guanaco Mine. The programme comprised 23 reverse circulation (RC) holes totalling 1,128 metres at the Los Nanos sector, 2.5 km from the Guanaco processing plant. The longest interval was hole RC-1186, which returned 95 m at 1.10 g/t AuEq (0.97 g/t Au and 11.99 g/t Ag), including 3 m at 8.11 g/t AuEq.

Other intercepts listed by the company included 20 m at 3.12 g/t AuEq in RC-1197, 15 m at 3.33 g/t AuEq in RC-1196 and 26 m at 1.82 g/t AuEq in RC-1199. The company noted that true widths have not been determined and are interpreted to be narrower than the reported intervals.

Resource Context and Geological Model

The 28 September 2026 release said the drilling indicates continuity of mineralisation within the existing Los Nanos Mineral Resource and intersected mineralisation beyond the current resource model. According to the company, each listed intercept exceeds the 0.39 to 0.62 g/t AuEq cut-off grades applied to Los Nanos in its Guanaco Technical Report, which has an effective date of 31 May 2026.

Austral said the programme was designed primarily as infill drilling to support resource conversion within a predominantly Inferred Mineral Resource, and that the new data will be incorporated into an updated three-dimensional geological and structural model. The company stated that Los Nanos hosts Mineral Resources but no Mineral Reserves and is not included in the current life-of-mine plan.

Next Phase of Drilling

Austral said the next phase is expected to comprise up to 8,000 metres of infill drilling in more than 40 holes, including approximately 600 to 800 metres of diamond drilling, with a start expected in Q4 2026. The company said the programme is designed to support resource conversion and to collect geological, geotechnical and metallurgical information.

About Austral Gold Ltd

Austral Gold Limited is a Sydney-based gold company listed on the ASX (AGD), the TSX Venture Exchange (AGLD) and the OTCQB (AGLDF). Its operations in Chile are held through the Subsidiary Guanaco Compañía Minera SpA. At Guanaco, the company operates agitation leach and heap leach circuits, supported by haul roads, power and water infrastructure, and gold and silver are recovered and sold as doré.

The Guanaco district has been mined intermittently since gold was discovered by artisanal miners in 1878, according to the company, and Austral recommenced operations there in September 2010. Chief Executive Officer Stabro Kasaneva said brownfield exploration adjacent to operating mines is a core element of the company's growth strategy.

Related Sector Context

Austral Gold operates in the gold and silver Mining sector, with exploration and resource-conversion work in Chile. In this part of the market, drilling results are commonly reported in gold-equivalent terms, and the company states that it calculates AuEq as gold plus silver divided by 90.91, using prices of US$2,500/oz for gold and US$27.5/oz for silver, without applying metallurgical recoveries.

The S&P/ASX 200 stood at 8,760.50, down 0.37%, at 1:16 pm AEDT on 23 October 2026, against Austral Gold's decline of 9.26% during the session.

Risks to Weigh In

  • Exploration stage: Los Nanos hosts Mineral Resources but no Mineral Reserves, and is not in the current life-of-mine plan.
  • Resource classification: the programme targets conversion of a predominantly Inferred Mineral Resource.
  • Reporting basis: AuEq figures use set metal prices and do not apply metallurgical recoveries, and true widths have not been determined.
  • Royalty: the company said 188 of the 211 Guanaco mining concessions are subject to a 3% gross Revenue Royalty payable to ENAMI.
  • Commodity and location exposure: the company's operations and exploration are in northern Chile and are linked to gold and silver.

Catalysts on Watch

  • The next phase of up to 8,000 metres of infill drilling, expected to commence in Q4 2026.
  • An updated three-dimensional geological and structural model for Los Nanos.
  • Further drilling results from the programme.
  • Resource-conversion work flagged in the Guanaco Technical Report as a priority for the next three-year period.

Where Things Stand

Austral Gold Ltd was trading at A$0.123, down 9.26%, during the 23 October 2026 trading session, compared with a 0.37% decline in the S&P/ASX 200 at 1:16 pm AEDT. The company's latest update covered here, dated 28 September 2026, reported first drilling results from Los Nanos, including 95 m at 1.10 g/t AuEq, and outlined a further drilling phase expected in Q4 2026.