Funding Limits Exploration Beyond Cabin Lake as Drilling Nears

Cabin Lake Acquisition Nears Completion

Fin Resources Limited (ASX – FIN) has reported substantial progress in its acquisition of the Cabin Lake Gold Project, located in Canada’s Northwest Territories. The project, situated in a Tier 1 jurisdiction known for its rich gold endowment, offers a fully permitted, drill-ready asset with immediate exploration potential. Legal due diligence has been finalised, and the transfer of mineral claims to Fin Resources’ Canadian subsidiary is complete, with the Land Use Permit assignment expected by late February 2026.

High-Grade Gold Targets and Exploration Potential

Cabin Lake boasts impressive historical drill results, including near-surface intercepts such as 31.9 metres at 13.66 grams per tonne gold and 13.9 metres at 13.21 grams per tonne, particularly within the Arrow Zone. Mineralisation is hosted within the Bugow Iron Formation, a geological setting analogous to the nearby Lupin Gold Mine, which has produced over 3.3 million ounces of gold. The project area contains eight high-priority, fully permitted drill targets along 15 kilometres of mapped outcropping iron formation, underscoring extensive exploration upside.

Maiden Drilling Campaign and Technical Team Strengthening

Fin Resources has appointed Aurora Geosciences, a Yellowknife-based geological consulting firm familiar with the Cabin Lake area, to manage the upcoming drilling program. Mobilisation is planned for late February, with drilling commencing in early March 2026. The program aims to validate historical drill results and test new greenfield targets identified through recent geological reviews. To bolster exploration efforts, the company has engaged two seasoned geologists, Dr Solomon Buckman and Stephen Winterbottom, to lead structural interpretation and resource validation respectively, complementing lead geologist Gary Powell’s extensive experience.

Community Engagement and Local Partnerships

Strong relationships with the Tłı̨chǫ Government, who hold existing access agreements and are actively involved in on-ground earthworks, remain a cornerstone of the project’s development strategy. Local contractors and logistics providers have expressed readiness to support the 2026 field season, reflecting positive community engagement and operational preparedness.

Financial Position and Capital Raising

To support the acquisition and exploration activities, Fin Resources successfully completed a placement raising A$1.5 million through the issue of over 230 million shares at A$0.0065 each. Additionally, convertible notes worth A$445,000 were converted into shares, further strengthening the company’s balance sheet. At the end of the December quarter, the company held A$1.25 million in cash, with exploration expenditure of A$395,000 primarily related to the Cabin Lake acquisition and geological consulting. Limited activity was reported on other projects due to funding constraints, with a focus on preserving cash reserves.