MB Gold launches major Marble Bar drilling campaign after oversubscribed ASX debut

Oversubscribed IPO fuels exploration push

MB Gold Limited (ASX:MBG) has wasted no time since its February 2026 ASX listing, following an oversubscribed initial public offering that raised $9 million. The company is deploying these funds to aggressively advance exploration at its Marble Bar Gold Project in Western Australia's Pilbara region, a district renowned for its gold potential.

With a current cash balance of $7.5 million as at 31 March 2026, MB Gold is well capitalised to pursue its strategy. The IPO proceeds also covered the acquisition of the project tenements from Global Lithium Resources (ASX:GL1), marking a clear break from its lithium origins to focus squarely on gold.

Heritage agreement sets collaborative tone

A notable development this quarter was the signing of a Heritage Protection Agreement with the Nyamal Aboriginal Corporation, representing the Traditional Owners of Nyamal Country where the project sits. This agreement formalises MB Gold’s commitment to protecting cultural heritage and ensuring active Indigenous participation in exploration activities.

The company plans a heritage ground survey over the Razorback prospect in Q2 2026, reflecting a measured approach to balancing exploration with cultural respect.

Drilling campaign targets high-potential prospects

MB Gold has commenced a substantial 6,000-metre reverse circulation drilling program, focusing on the Twin Veins and Douglas Find prospects. These targets lie within a structurally complex zone adjacent to the Mt Edgar Batholith, a geological feature associated with gold mineralisation.

Historical drill results at Twin Veins include intercepts such as 12 metres at 2.95 grams per tonne gold and 6 metres at 4.7 grams per tonne, while Douglas Find has yielded intervals including 1 metre at 7.16 grams per tonne. These grades and widths underscore the prospects’ potential, though current drilling results are pending.

Modest exploration spend contrasts with ambitious plans

Despite the scale of the drilling program, MB Gold’s exploration expenditure for the quarter was only about $0.2 million, reflecting early-stage site works and drill pad preparation. The company has spent less than initially budgeted, with $181,000 out of a planned $6.2 million allocated to exploration and evaluation to date since listing.

This variance may suggest a phased approach to spending or adjustments in timing, which investors should monitor as the drilling campaign progresses.

Corporate updates and governance

The quarter also saw a key management change with the appointment of Daniel Coletta as CFO and Company Secretary, succeeding Kevin Hart. Related party payments amounted to $34,000, comprising directors’ remuneration.

No mining development or production activities were reported during the period, consistent with the company’s exploration-focused stage.