Why Moho Resources (ASX:MOH) is widening its Pilbara gold search after first drilling at Bush Chook

Sonal Goyal

12 November 2026 02:06 PM AEDT

Why Moho Resources (ASX:MOH) is widening its Pilbara gold search after first drilling at Bush Chook

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Key Highlights

Phase One RC drilling covered 3,492 metres across the Rocky Ridge, Gage Road and CBco prospects, with 70% of holes intersecting gold above 0.5g/t.
Highlighted intercepts included 14 metres at 1.04g/t gold at Gage Road and 15 metres at 0.84g/t gold at CBco.
Cash was $738,000 at 30 September, with an estimated 0.914 quarters of funding.
A first $500,000 milestone payment linked to the East Sampson deposit is expected before the end of calendar 2026.

Moho Resources (ASX:MOH) is a Western Australian gold explorer whose flagship is the 100%-owned Bush Chook project in the Pilbara's Mosquito Creek Basin, near Nullagine. Having completed its first Reverse Circulation Drilling programme there, the company is now running a region-wide exploration campaign to generate better-defined targets across a larger, mostly granted landholding.

The question for the company is funding that next phase. According to its September quarter Appendix 5B, released on 30 October 2026, Moho held $738,000 in cash at 30 September and estimated 0.914 quarters of funding available. It said it had not yet taken steps to raise more Capital but was confident it could do so when required.

What the drilling showed

The September quarter activities report said Phase One RC drilling covered 3,492m across the Rocky Ridge, Gage Road and CBco prospects, with 70% of holes intersecting gold above 0.5g/t. The company said drilling defined two new shallow gold systems at Gage Road and CBco, with four lodes over more than 600m of combined strike, all open.

Highlighted intercepts included 14m at 1.04g/t gold from 13m at Gage Road and 15m at 0.84g/t gold from 64m at CBco. These are early exploration results at modest grades. There is no Mineral Resource at Bush Chook, and further drilling would be needed to determine whether any economic deposit exists.

Building the project

Moho staked Bush Chook in August 2025 and has grown the landholding to 442km². Dozens of prospecting licences near Nullagine were granted during the quarter. The project surrounds the Nullagine gold operation owned by AIM Mining, which the company notes has historic production, but nearby production does not indicate similar results at Bush Chook.

The company is now combining HyMap hyperspectral data with existing geochemistry to prioritise areas for mapping and sampling before further drilling. On 17 September 2026 it announced that non-executive director Greta Purich would become executive Technical Director, leading exploration after the departure of its exploration manager.

Cash, burn and other income

The 5B shows exploration spending of $677,000 for the quarter and net operating outflows of $131,000, partly offset by the receipt in July of $250,000 in deferred consideration from the sale of the non-core Silver Swan North project. No Equity was raised in the quarter, although Moho issued about 6.7 million shares to a geological services provider instead of paying cash.

The company also expects a first $500,000 milestone payment, linked to 10,000 ounces of production from the East Sampson deposit it sold to Mineral Mining Services, before the end of calendar 2026. That is a company expectation and depends on the buyer's mining progress; further milestone payments apply at higher production levels. Such payments could extend the runway but are not a substitute for a capital raising if exploration continues at the September rate.

With about 1.06 billion shares on issue, any equity raising at current prices could be dilutive.

Sector context and risks

Encouraging gold prices have supported exploration activity across Western Australia, and the Pilbara has several active gold explorers. That backdrop does not reduce project-specific risk.

Key risks include the short funding runway, the timing and certainty of the East Sampson milestone payment, early-stage and relatively low-grade results, heritage and access requirements, and dilution. The company secured a heritage agreement in June 2026 giving access to priority drill targets.

What to watch

The Annual General Meeting is scheduled for 9.00am (AWST) on Friday 27 November 2026 in West Perth. Other items to watch are any capital raising, receipt of the East Sampson milestone payment, and results from regional sampling ahead of Phase Two drilling.

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