G11 Resources has completed a strategic acquisition and raised $7.5 million to fund exploration drilling targeting major copper and gold deposits in Tasmania and NSW. The company identified a significant new geophysical anomaly adjacent to the Mt Lyell mine, setting the stage for a busy 2026.
- Acquisition of Pacific State Metals expands copper-gold project portfolio
- Raised $7.5 million to support extensive 2026 drilling programs
- Discovered new 'Zig Zag' CSAMT anomaly near Mt Lyell copper-gold mine
- Secured additional tenements adjacent to major Tasmanian mines
- Received drilling approvals for Sedgwick project; promising soil survey results at Packsaddle
Strategic Acquisition and Capital Raise
G11 Resources Limited has taken a significant step forward in its copper and gold exploration ambitions by completing the acquisition of Pacific State Metals (Holdings) Ltd. This move brings key projects in Tasmania's Mt Read Volcanic belt and northwest New South Wales under G11's control, notably the Sedgwick and Packsaddle projects. The acquisition was approved by shareholders in November 2025, with consideration paid through the issuance of over 183 million shares pre-consolidation.
To underpin its ambitious exploration plans, G11 successfully raised $7.5 million through a two-tranche placement. These funds are earmarked for substantial drilling programs throughout 2026, focusing on Tier 1 copper and gold targets. The capital injection follows a 1-for-10 share consolidation aimed at streamlining the company's capital structure.
New Geophysical Discoveries at Sedgwick
One of the most compelling developments during the quarter was the identification of a large Controlled Source Audio-frequency Magnetotellurics (CSAMT) anomaly dubbed 'Zig Zag' at the Sedgwick project in Tasmania. This anomaly is strategically located adjacent to a major fold in the Great Lyell Fault, a structure known to facilitate mineralising fluid flow. The Zig Zag anomaly lies immediately along strike from the Mt Lyell copper-gold mine, operated by Sibanye Stillwater, which is one of Australia's most prolific copper-gold producers.
G11's technical team has completed environmental surveys and submitted a drilling work program to Mineral Resources Tasmania, receiving approvals post-quarter. Drilling is set to commence imminently, aiming to test the potential of this newly defined target.
Expanding Tenement Holdings Near Major Mines
Further strengthening its foothold in Tasmania, G11 acquired two additional tenements, EL6/2024 (Linda Project) and EL33/2022 (MRV Project), both situated within the Mt Read Volcanics. The Linda tenement borders the Mt Lyell mine and the Sedgwick project, while the MRV tenement lies just north of the Rosebery polymetallic base metal mine owned by MMG Limited. Early reviews of historical data and geophysical surveys on these tenements have already highlighted multiple copper-gold targets, with further drill targets expected to be refined and announced in early 2026.
Promising Soil Survey Results at Packsaddle
In New South Wales, the Packsaddle project is gaining momentum following the receipt of encouraging initial results from a soil ionic leach geochemical orientation survey over the Kings Hill anomaly. This large gravity and magnetic anomaly, located along the Olepoloko fault, represents a Tier 1 orogenic gold and intrusive-related copper-gold target that has never been drill tested. G11 plans to extend the ionic leach survey across the entire anomaly to better define drill targets for later in 2026.
Financial Position and Outlook
G11 Resources ended the quarter with a healthy cash balance of approximately $4.79 million, bolstered by the recent capital raise. Operating and investing activities reflect ongoing exploration and corporate costs, including payments to directors. The company’s strong financial position provides a runway for its upcoming drilling campaigns and further exploration activities.
While no drilling results have been reported yet, the combination of strategic acquisitions, new geophysical anomalies, and expanded tenement holdings positions G11 Resources as a company to watch in the copper and gold exploration sector. The coming months will be critical as drilling programs commence and assay results emerge.
Bottom Line?
With drilling approvals secured and fresh capital in hand, G11 Resources is poised to unlock value from its newly expanded copper-gold portfolio in 2026.
Questions in the middle?
- Will the upcoming drilling at the Zig Zag anomaly confirm a significant copper-gold deposit?
- How will the expanded tenement holdings near Mt Lyell and Rosebery influence G11’s exploration strategy?
- What impact will the 1-for-10 share consolidation have on liquidity and investor interest?