Evergold Minerals Limited advances its gold exploration with new tenement acquisitions and drilling approvals at key projects, while managing a tighter cash position heading into 2026.
- Secured regulatory approvals for maiden RC drilling at Mt Monger’s Duchess of York and Kiaki Soaks prospects
- Executed binding agreements to acquire 100% interest in Mt Monger and additional Leonora tenements
- Confirmed significant historic and recent gold assay results supporting exploration potential
- Cash reserves declined to $648k due to increased corporate and exploration expenditures
- Company actively pursuing additional funding to sustain exploration and operations
Strategic Exploration Advances at Mt Monger
Evergold Minerals Limited (ASX – EG1) has made significant strides in its gold exploration efforts during the December 2025 quarter, particularly at its Mt Monger Gold Project in Western Australia. Following a comprehensive site review, the company confirmed multiple compelling drill targets, with the flagship Duchess of York Prospect standing out due to its combination of scale, grade potential, and proximity to existing mining infrastructure.
Historic drilling data underpinning the project is impressive, featuring intercepts such as 40 metres at 2.49 grams per tonne gold from 32 metres at Kiaki Soaks, and multiple high-grade zones at Duchess of York including 9 metres at 5.02 g/t and 3 metres at 17.6 g/t. These results have set the stage for Evergold’s maiden reverse circulation (RC) drilling campaign, which received all necessary Program of Work approvals from the Western Australian mining regulator (DMIRS) during the quarter. Drilling is scheduled to commence in mid-March, targeting along-strike extensions and structural offsets to better define the mineralised zones.
Expanding Footprint in Leonora and Bynoe
In parallel, Evergold expanded its footprint in the Leonora Goldfield Project by executing a binding agreement to acquire five additional tenements contiguous with the Craigs Rest prospect. This consolidation covers approximately 25 kilometres of the highly prospective Craig's Fault corridor, a structure known to host significant gold mineralisation. The project benefits from excellent infrastructure and proximity to world-class deposits and processing facilities, positioning Evergold well for resource expansion and potential toll treatment opportunities.
Meanwhile, at the Bynoe Project in the Northern Territory, the company shifted focus to gold exploration following encouraging re-assay results from 2024 drilling. Highlights include 6 metres at 1.52 g/t gold, including 1 metre at 6.53 g/t, confirming the presence of orogenic gold mineralisation within structural corridors analogous to those hosting multi-million-ounce deposits nearby. A high-resolution geophysical campaign is planned for the first half of 2026 to refine drill targets further.
Financial Position and Corporate Developments
On the corporate front, Evergold formalised its strategic pivot towards gold by changing its name to Evergold Minerals Limited, reflecting its sharpened focus on gold assets in Tier-1 jurisdictions. However, the company’s cash position tightened during the quarter, with cash and equivalents falling to $648,000 from $1.52 million at the end of September 2025. This decline was driven by increased corporate and exploration expenditures, including annual audit fees, insurance, and higher consulting and legal costs.
Despite the tighter cash reserves, Evergold is actively engaged in advanced discussions to secure additional funding to support ongoing exploration, development, and corporate activities. The company expects to move from a net cash deficit to a surplus in the March 2026 quarter as financing receipts are anticipated. Directors’ remuneration and related party payments were disclosed, consistent with prior periods.
Looking Ahead
With drilling campaigns imminent at Mt Monger and preparatory work underway at Leonora and Bynoe, Evergold is positioning itself to unlock value from its growing portfolio of gold projects. The success of these exploration programs, combined with securing necessary funding, will be critical to sustaining momentum and advancing towards resource upgrades and potential development.
Bottom Line?
Evergold’s upcoming drilling and funding outcomes will be pivotal in defining its trajectory in the competitive gold exploration landscape.
Questions in the middle?
- What initial results will the maiden RC drilling at Duchess of York and Kiaki Soaks deliver?
- How soon can Evergold secure the additional funding needed to maintain its exploration programs?
- What impact will the consolidation of tenements in Leonora have on resource expansion and project economics?