How Adelong Gold’s First Pour and Victorian Acquisitions Could Reshape Its Future

Near-Term Production Milestone at Challenger

Adelong Gold Limited marked a significant operational milestone in the June 2025 quarter with the first gold pour at its Challenger Gold Mine in New South Wales. This achievement follows a staged farm-in agreement with joint venture partner Great Divide Mining (GDM), who has been commissioning and processing remnant ore stocks since early June. The gravity recovery process employed avoids cyanide and chemical additives, underscoring a low-capital, environmentally conscious approach to restarting production.

The Challenger operation, part of the broader Adelong Gold Project covering 70 square kilometres, is positioned as a near-term cash generator. Adelong retains a 49% interest in the project, remaining free-carried until first gold production, which preserves capital for its expanding exploration ambitions.

Advancing Exploration in Victoria’s Gold Belts

In parallel with production progress in NSW, Adelong completed a four-hole diamond drilling program at its Apollo Gold Project in Victoria’s Melbourne Zone. The 1,060-metre campaign targeted high-grade mineralisation beneath historic workings at Meade’s Mine within the Dig Fault Zone. While assay results are pending, the drilling is expected to provide critical data for resource modelling and follow-up exploration.

Further strengthening its Victorian presence, Adelong acquired the Lauriston Gold Project, a 28,700-hectare tenement package located along strike from the world-class Fosterville Mine within the Bendigo Zone. Lauriston hosts the high-grade Comet discovery, with historic drill results including exceptional intercepts such as 8 metres at 104 grams per tonne gold. This acquisition complements Apollo and positions Adelong to leverage a highly prospective gold corridor.

Capital Raising and Strategic Appointments

To fund exploration and drilling at Lauriston and Apollo, Adelong secured binding commitments for approximately A$3 million through a placement to professional and sophisticated investors. The company also completed the sale of a non-core property in Adelong for $455,000, directing proceeds to accelerate Victorian exploration activities.

Recognising the need for experienced leadership, Adelong appointed Luke Olson as Exploration Manager. Olson brings over 20 years of expertise in Australian and international gold exploration, including direct involvement with Lauriston and Apollo assets during his tenure with Great Pacific Gold. His appointment signals a focused and technically robust approach to unlocking value across Adelong’s Victorian portfolio.

Financial Position and Outlook

As of 30 June 2025, Adelong reported a cash position of A$3.09 million, supported by listed securities valued at approximately A$800,000. The company is well-funded to pursue its dual-track strategy of near-term production at Challenger and high-impact exploration in Victoria. While assay results from Apollo drilling remain awaited, the combination of operational progress and strategic acquisitions positions Adelong Gold as a compelling player in Australia’s gold sector.