Key Highlights

  • Mt Henry's JORC resource doubled in six months to 47.9 million tonnes at 1.2g/t for 1.792 million ounces as at 31 July 2026, covering the Mt Henry and Selene deposits.
  • Five rigs are drilling with results showing mineralisation extending up to 230 metres beyond the current resource, including 39.6 metres at 1.4g/t gold and 5.4 metres at 15.4g/t in October 2026 holes.
  • Cash stood at A$24.8 million at 30 September 2026 after A$7.4 million of exploration payments in the quarter, with 2.88 quarters of funding on the company's reported basis.
  • Sinclair raised A$30 million in June 2026 at A$1.55 per share and sold a 1% net smelter Royalty over Mt Henry for A$5.0 million, providing runway for the current aggressive drilling campaign.

Sinclair Gold Ltd (ASX:SGC) is drilling beyond its Mt Henry resource because the project's gold inventory doubled in about six months, to 1.8 million ounces at 1.2 grams per tonne as at 31 July 2026, and new holes keep finding mineralisation outside that footprint. The company, a gold explorer formerly called Alicanto Minerals, is now testing how far the system extends.

A resource that doubled

Mt Henry lies about 20 kilometres south of Norseman in Western Australia's Goldfields and is wholly owned. The company acquired it in February 2026, when the resource stood at 24.5 million tonnes at 1.2 grams per tonne for roughly 0.9 million ounces.

The September 2026 update lifted it to 47.9 million tonnes for 1.792 million ounces at a 0.5 gram cut-off, covering the Mt Henry and Selene deposits. Measured and indicated material accounts for 1.262 million ounces, and inferred material for 530,000 ounces.

The pit shell assumed A$3,900 an ounce, which the company noted was well below the Spot Price of about A$6,110 on 10 September 2026. Lower assumptions make a resource more conservative, though they do not guarantee it can be mined profitably. At a 0.7 gram cut-off, the same resource would be 37 million tonnes at 1.3 grams for 1.6 million ounces.

What the drilling shows

On 19 October 2026 Sinclair reported results from northern Mt Henry including 39.6 metres at 1.4 grams per tonne gold in hole MTHR0078 and 5.4 metres at 15.4 grams per tonne in MTHD0021. These are downhole widths, and true widths were not reported.

The company said mineralisation extends up to 230 metres beyond the current resource in the north and 80 metres in the central section. These are exploration results, not resource estimates.

Five rigs are working across Mt Henry and Selene. Assays are pending for about 30 holes drilled outside the current resource, and follow-up drilling is planned south toward the Birthday Gift target.

Funding the push

In June 2026 the company raised A$30 million through a Placement at A$1.55 a share, issuing 19,354,839 shares. It also sold a 1 per cent net smelter royalty over Mt Henry for A$5.0 million cash plus 4.0 million Arc Mineral Royalties shares.

Cash at 30 September 2026 was A$24.8 million, down from A$38.3 million at 30 June. Exploration payments for the quarter were A$7.4 million, and the company paid A$5.0 million after meeting the first Acquisition milestone of more than 20,000 metres of drilling.

On the company's reported basis, funding was 2.88 quarters. The quarter's underlying outflow was A$8.7 million, excluding A$4.8 million of net one-off transaction payments.

It has also signed an earn-in with Medaro Mining over its Sala project in Sweden, worth up to A$3.4 million in cash, Equity and exploration spending. Proceeds are intended for Mt Henry and working capital.

Risks and milestones

About 30 per cent of the contained gold is inferred, and the estimate has not been externally audited. Roughly 8 per cent of assays used methods other than fire assay or an unknown method.

Exploration does not always convert into resources, and the company has no mining revenue. With under three quarters of funding on its reported basis, it would need to raise capital or slow spending to keep drilling at this pace. Gold price moves affect assumptions and funding conditions.

The resource counted 20,426 metres of a planned 50,000 metre calendar 2026 campaign, and the company had drilled 32,578 metres in total by 30 September. The next resource update is planned before the end of FY27, and a calendar 2027 drilling plan is due in the coming months.

The ASX lists the company in the S&P/ASX Emerging Companies index and the All Ordinaries Gold Index.