Alice Queen Limited is updating its Horn Island Gold Project valuation following a dramatic gold price increase, with a refreshed scoping study and resource estimate expected by mid-2026. The company has also raised $1 million to support exploration and development activities.
- Gold price surge from A$2,450 to ~A$6,000 per ounce since 2021
- Update underway for 2021 Horn Island Scoping Study and Mineral Resource Estimate
- GBA Capital appointed as strategic advisor for project financing
- Raised approximately A$1 million via placement to fund exploration and working capital
- Exploration activities paused pending updated resource and study results
Horn Island Project Revaluation
Alice Queen Limited (ASX, AQX) has embarked on a strategic reassessment of its Horn Island Gold Project in Queensland, prompted by a remarkable surge in the gold price. Since the company’s 2021 Scoping Study, which used a gold price of A$2,450 per ounce, the price has climbed approximately 150% to around A$6,000 per ounce. This dramatic increase has the potential to substantially uplift the project’s economic value.
The original 2021 Scoping Study estimated a net present value (NPV) of A$140 million at a 5% discount rate. With the current gold price environment, Alice Queen anticipates a significant increase in the project’s underlying value. To capture this, the company has initiated an update to the Scoping Study, incorporating revised assumptions on geology, mining, processing, infrastructure, operating costs, and capital expenditure.
Resource Review and Financing Strategy
Alongside the Scoping Study update, Alice Queen has engaged RSC Global Pty Ltd to review and update the 2021 Mineral Resource Estimate (MRE). This dual approach aims to provide a comprehensive reassessment of the project’s potential, with results expected in the first half of 2026.
To support the project’s development and financing, the company has appointed GBA Capital as its strategic advisor. GBA Capital will evaluate funding options to implement the most value-accretive financing package, a critical step given the capital-intensive nature of gold project development.
Capital Raising and Exploration Outlook
In late 2025, Alice Queen successfully raised approximately A$1 million through a placement of shares and attaching options. The funds are earmarked for advancing the Horn Island resource update, further exploration at the Viani Gold Project in Fiji, and general working capital. Shareholder approval for the placement options was sought at a general meeting scheduled for January 2026.
Exploration activity during the December 2025 quarter was limited, with no new drilling reported at Horn Island or other projects such as Viani and Sabeto in Fiji, or Mendooran and Boda East in New South Wales. The company continues to maintain its tenements in good standing while planning further geochemical sampling and drilling programs, particularly at Viani, where assay results from 2025 fieldwork are anticipated soon.
Financial Position and Operational Considerations
Alice Queen reported negative operating cash flows typical of exploration companies, with a cash balance of A$803,000 at the end of December 2025. The company acknowledges the need for ongoing fundraising to sustain its exploration programs and is actively assessing options to secure additional capital. Directors’ fees and related party payments amounted to A$154,000 during the quarter.
Overall, Alice Queen is positioning itself to capitalise on the favourable gold price environment by updating its project economics and securing the necessary funding to progress towards feasibility and development stages.
Bottom Line?
As Alice Queen updates Horn Island’s economics, the market awaits the impact of soaring gold prices on project viability and funding outcomes.
Questions in the middle?
- How will the updated Scoping Study and Mineral Resource Estimate affect Horn Island’s valuation and development timeline?
- What financing structures will GBA Capital propose to balance risk and shareholder value?
- When will exploration results from Viani and other projects influence the company’s growth prospects?