Bryah Signs Option for 66,300 oz Gold Project, Appoints New CEO

Golden Pike Acquisition in Focus

In a significant strategic move, Bryah Resources Limited has entered into a binding option agreement to acquire the Golden Pike high-grade gold project located in New Brunswick, Canada. The project, currently under due diligence led by mining professional Greg Hill, boasts an historical inferred resource estimated at 66,300 ounces of gold at an average grade of 9.6 grams per tonne, based on a 2011 NI 43-101 report. While these figures are classified as foreign estimates and not yet JORC-compliant, the acquisition signals Bryah’s intent to expand its portfolio beyond its Australian base.

Leadership Transition and Strategic Review

Corporate governance changes have marked the quarter, with Ashley Jones stepping down as CEO and transitioning to a Non-Executive Director role. Greg Hill, an experienced mining and engineering professional, took over as CEO on July 1, 2025. Hill’s appointment coincides with a comprehensive review of Bryah’s existing assets, including the Bryah Basin copper-gold projects and the Gabanintha nickel, copper, and gold project. Discussions are underway regarding a possible sale of mineral rights over the Gabanintha project, which could provide non-dilutive cash inflows.

Exploration and Joint Venture Progress

Exploration activities remain focused on maximising the potential of Bryah’s diverse asset base. The Bryah Basin manganese joint venture with OM Holdings Limited continues to advance, with ground penetrating radar trials and environmental flora surveys completed on mining licences. Bryah retains a 40% interest in this joint venture, which covers approximately 600 square kilometres of prospective manganese ground. Meanwhile, the company is refining geophysical data and historical exploration results to prioritise future work programs.

Financial Position and Outlook

At the end of June 2025, Bryah Resources reported a cash balance of $586,974, reflecting a modest increase from the previous quarter. Exploration expenditure for the period was $26,000, with no production activities undertaken. Notably, post-quarter, Bryah’s wholly owned subsidiary acquired a 0.75% net smelter return royalty over key mining leases and exploration licences, expanding its royalty portfolio. The company’s stake in gold-focused Star Minerals Limited stands at 5.92%, slightly reduced from earlier in the year.

Navigating Uncertainties

While the Golden Pike project offers promising high-grade gold potential, the foreign resource estimate’s lack of JORC compliance introduces an element of uncertainty. The due diligence process will be critical in determining the project’s viability and integration into Bryah’s growth strategy. Concurrently, the outcome of mineral rights sale discussions at Gabanintha and the ongoing manganese joint venture developments will influence the company’s asset mix and financial flexibility.