Golden Cross Resources reported a quiet December quarter with ongoing preparatory work at its flagship Copper Hill copper-gold project, while its ASX securities remain suspended pending operational compliance.
- Copper Hill Mineral Resource Estimate from 2022 remains valid with no material changes
- Subdued field activity during December quarter as groundwork for mining lease and environmental studies continues
- ASX suspension of GCR securities ongoing due to insufficient operational activity
- Diversified project portfolio across NSW, South Australia, and Queensland with key tenements maintained
- Exploration expenditure totaled $46,000; company holds unsecured loans and has 4.4 quarters of funding available
Copper Hill Project Holds Steady
Golden Cross Resources Ltd (ASX – GCR) has released its December 2025 quarterly activities report, highlighting a period of subdued field activity at its flagship Copper Hill copper-gold porphyry project in New South Wales. Despite the quiet quarter, the company reaffirmed the validity of its 2022 Mineral Resource Estimate (MRE) for Copper Hill, which remains a cornerstone asset within the prolific Lachlan Fold Belt region.
The Copper Hill project, situated approximately 50 kilometres north of the major Cadia gold mine, benefits from its location within the Macquarie Arc volcanic belt, a geological setting known for significant gold-copper deposits. The 2022 MRE, constrained by an optimised pit shell to a depth of around 300 metres, comprises 31% Measured, 39% Indicated, and 30% Inferred resources, with copper and gold grades comparable to regional peers.
Operational and Regulatory Developments
During the quarter, Golden Cross focused on preparatory work supporting a Mining Lease Application and associated environmental approvals. Activities included maintaining site infrastructure, ongoing environmental baseline studies, and engagement with local government and landowners. However, no new drilling or significant exploration was conducted, reflecting a strategic pause to consolidate prior results and advance permitting processes.
Notably, GCR’s securities remain suspended on the ASX due to the exchange’s assessment that the company’s operational level does not currently meet listing requirements. The suspension, effective since December 2024, will persist until GCR demonstrates compliance, including continuity in ground-disturbing activities and the release of exploration results. The company has indicated plans to apply for reinstatement once these conditions are met.
Broader Portfolio and Financial Position
Beyond Copper Hill, Golden Cross maintains a diversified portfolio spanning NSW’s Cobar region, South Australia’s Gawler Craton, and phosphate and rare earth element prospects in Queensland. While exploration activity was limited across these tenements during the quarter, the company continues to engage with investors and monitor land access issues, particularly in South Australia where tenement renewal challenges have arisen.
Financially, GCR reported exploration and evaluation expenditure of approximately $46,000 for the quarter, with net cash outflows from operating and investing activities partially offset by financing inflows. The company holds multiple unsecured loans totaling over $7 million, with around 4.4 quarters of funding available based on current expenditure rates. Payments to related parties amounted to $59,000 during the period.
Looking Ahead
Golden Cross’s December quarter report underscores a transitional phase as the company balances regulatory compliance, project development groundwork, and investor engagement amid a challenging market environment. The rising prices of copper, gold, and silver continue to underpin interest in Copper Hill, but the path to ASX reinstatement and project advancement remains contingent on demonstrable operational progress.
Bottom Line?
Golden Cross’s next moves on ASX compliance and exploration results will be critical to unlocking value at Copper Hill and beyond.
Questions in the middle?
- When will Golden Cross successfully meet ASX requirements to lift its securities suspension?
- What timeline and budget are planned for advancing Copper Hill towards feasibility and mining lease approval?
- How will land access challenges in South Australia impact exploration progress and portfolio value?