Risks and Rewards: Can Advanced Metals Convert Historic Core into JORC-Compliant Resources?

Exploration Momentum Builds Across Key Projects

Advanced Metals Limited (ASX, AVM) has reported a robust quarter ending December 2025, marked by accelerated exploration activities and strategic leadership enhancements. The company’s focus remains sharply on its high-grade silver and gold assets located in Mexico’s prolific Sierra Madre Occidental Silver Belt and Australia’s Victorian Goldfields.

At the forefront is the Yoquivo Silver-Gold Project in Chihuahua, Mexico, where a fully funded and expanded diamond drilling program has recommenced. Five new holes have been completed targeting multiple veins within the Pertenencia system, with assay results eagerly awaited in early 2026. Complementing this, the company has undertaken an extensive historic core resampling campaign, unlocking significant high-grade silver and gold mineralisation from previously unassayed intervals. This work is expected to underpin a forthcoming JORC-compliant Mineral Resource Estimate update, a critical milestone for the project’s valuation and development trajectory.

Leadership and Technical Expertise Strengthened

Recognising the importance of local expertise and governance, Advanced Metals has established a Mexico-focused Advisory Board to provide strategic oversight and technical guidance. The appointment of David O’Connor as Non-Executive Chairman further bolsters the company’s leadership, bringing seasoned mining executive experience to the boardroom. These moves signal the company’s commitment to disciplined exploration execution and corporate governance as it scales its operations.

Australian Gold Growth Accelerates

Meanwhile, in Victoria, the Myrtleford Gold Project continues to deliver encouraging results. Deep drilling at the Happy Valley deposit has extended high-grade gold mineralisation to over 500 metres vertically, with standout intercepts such as 3.7 metres at 16.6 grams per tonne gold, including visible gold specimens. The deployment of a second drill rig has accelerated exploration along the broader trend, including maiden drilling at the Queen of the Hills prospect, a historic target now receiving modern testing.

Financial Strength Provides Exploration Confidence

Financially, Advanced Metals is well positioned, having completed a $13 million institutional placement during the quarter. This capital injection underwrites the company’s aggressive exploration agenda across both continents, ensuring sustained drilling and evaluation activities through 2026. The company reported a cash balance of nearly $11 million at quarter’s end, with disciplined expenditure supporting a runway of over four quarters at current burn rates.

Managing Director Dr Adam McKinnon expressed confidence in the company’s trajectory, highlighting the combination of strong funding, technical capability, and a clear strategy aimed at discovery-led growth. The upcoming assay results and resource updates at Yoquivo, alongside ongoing progress at Myrtleford, are poised to provide further catalysts for the company’s development.