G50’s Strategic Metals Push Faces Market Watch as Drilling and Funding Advance

Exploration Momentum Builds at Golconda

G50 Corp Limited (ASX: G50) has reported significant progress in its exploration programs during the December 2024 quarter, with a focus on expanding drilling activities at its flagship Golconda Project in Arizona. The company has completed detailed planning for further drilling targeting high-grade silver, gold, and gallium, a critical strategic metal gaining global attention. Drilling is set to commence imminently, aiming to test promising zones identified in the 2023 campaign, including intercepts such as 25.9 meters at 157 g/t silver and 0.7 g/t gold, and a standout 6 meters at 546 g/t silver and 1.85 g/t gold.

These results underscore the polymetallic nature of the Golconda system, where gallium mineralisation correlates strongly with precious metals and alteration zones. The extensive rock chip sampling program, which collected over 600 samples, revealed consistent high-grade silver assays across a broad area, with peak values exceeding 3,700 g/t silver. This highlights the project's potential not only for precious metals but also for strategic elements essential to emerging technologies.

White Caps Project Drilling Commences

Meanwhile, at the White Caps Project in Nevada, G50 has completed access and drill pad development, with maiden drilling initiated in mid-January 2025. The drilling program targets near-surface portions of the Cambrian Gold Hill - White Caps stratigraphic unit, which historically hosted high-grade ore mined over a 2-kilometer strike. The project benefits from a district-scale geological setting with multiple historic mines and widespread gold occurrences along the Manhattan Fault, suggesting substantial upside potential beyond the known high-grade underground targets.

Capital Raising and Market Context

Supporting these exploration advances, G50 successfully completed an institutional placement raising A$5.6 million, providing the necessary capital to accelerate drilling and evaluation activities. The placement included participation from company directors, signaling confidence in the projects' prospects. Additionally, the gallium price has risen to US$931 per kilogram as of January 2025, up from US$903 in October 2024, further enhancing the strategic value of G50's polymetallic discoveries.

Managing Director Mark Wallace emphasized the growing interest in domestic US supply chains for strategic metals amid geopolitical shifts. He highlighted Golconda's advantageous location near infrastructure in northwest Arizona and the company's patented claims, which lower development hurdles compared to many peers.

Financial Position and Outlook

As of 31 December 2024, G50 held A$4.19 million in cash, positioning the company well to fund ongoing exploration. Quarterly expenditure on exploration and evaluation totaled approximately A$197,000, reflecting a disciplined approach to advancing project value. No mining production or development activities were reported during the quarter, consistent with the company's focus on resource definition and target generation.

Looking ahead, the upcoming drilling results from both Golconda and White Caps will be critical in defining the scale and grade continuity of mineralisation. The combination of precious and strategic metals, particularly gallium, places G50 in a compelling position within the evolving US mining landscape.