Delayed Disclosure of Lighthorse Results Raises Questions on ASX Compliance Timing
Kalgoorlie Gold Mining has confirmed that its recent Lighthorse drilling results at the Pinjin project are material and justified a trading halt before public disclosure. The company received assay data in January and finalized analysis by early February.
- Lighthorse drilling results deemed material by Kalgoorlie Gold Mining
- Assay results received in batches between 6 and 24 January 2025
- Final analysis completed on 5 February 2025 prior to announcement
- Trading halt requested following unusual share price and volume movements
- Announcement released on 7 February 2025 detailing significant gold mineralisation
Background and Context
Kalgoorlie Gold Mining Limited (ASX: KAL) recently addressed the Australian Securities Exchange (ASX) regarding the timing and materiality of its Lighthorse drilling results from the Pinjin project. The company confirmed that these results, including assay data from drill holes KGAC24152 and KGAC24153, are information that a reasonable person would expect to have a material effect on the price or value of its securities.
The Lighthorse results were compiled from assay data received in batches throughout January 2025, with the final multi-element datasets arriving on 24 January. This staggered delivery, combined with the need for comprehensive analysis, delayed earlier disclosure.
Analysis and Disclosure Timeline
Key technical staff returned from annual leave between 20 and 28 January, initiating data importing, integration, and detailed interpretation. The company finalized its analysis on 5 February 2025, drafting the announcement that would later be released to the market.
Despite awareness of the assay results prior to the announcement, Kalgoorlie Gold Mining did not disclose the information earlier due to incomplete data and the necessity of integrating multi-element geochemical analysis to ensure accuracy. The company also noted that geological interpretation was ongoing and that some preparatory work was deferred to maintain timeliness.
Market Reaction and Compliance
On 6 February 2025, KAL shares experienced a significant price jump of over 42% intraday, accompanied by a surge in trading volume. In response, the company voluntarily requested a trading halt pending the release of the Lighthorse results announcement, which was published on 7 February 2025.
Following the announcement, the share price surged further, reaching an intraday high of $0.080, a 247.83% increase from the previous close. Kalgoorlie Gold Mining confirmed compliance with ASX Listing Rule 3.1 and continuous disclosure obligations, with the company’s board authorizing the responses to ASX’s queries.
Implications for Investors and the Project
The Lighthorse discovery highlights extensive gold mineralisation at the Pinjin project, with drill hole KGAC24152 returning 17 meters at 4.81 g/t gold, including 8 meters at 9.21 g/t gold, and drill hole KGAC24153 returning 4 meters at 4.72 g/t gold. These results suggest promising potential for resource expansion, though further drilling and geological interpretation are required to refine the understanding of the deposit.
Investors will be watching closely for follow-up announcements detailing additional assay results, geological mapping, and potential resource upgrades. The company’s transparent communication and adherence to disclosure rules will be critical in maintaining market confidence as the project advances.
Bottom Line?
Kalgoorlie Gold Mining’s Lighthorse results have sparked significant market interest, setting the stage for further developments at Pinjin.
Questions in the middle?
- What are the next steps for drilling and resource definition at the Lighthorse prospect?
- How will Kalgoorlie Gold Mining integrate ongoing geological interpretations with assay data to refine the project’s potential?
- Could further assay results trigger additional share price volatility or trading halts?