Citigold Reports Unchanged Resources and $1.1M Half-Year Loss at Charters Towers

Stable Resource Base Supports Mine Restart Plans

Citigold Corporation Limited (ASX:CTO) reaffirmed the stability of its mineral resources and ore reserves at the Charters Towers Gold Project, with no changes reported this quarter. The company continues to base its restart strategy on a high-grade resource, particularly focusing on the Central Mine area’s Queen/Bonnie Dundee and Brilliant East lodes. These remain open at depth, supported by historical diamond drilling that recorded intercepts up to 128.7 grams per tonne gold over one metre.

The mineral resource estimates, reported under the Australasian JORC Code 2012, have not materially changed since the 2020 update, providing a solid foundation for the planned mine refurbishment and development. This continuity is critical for investors tracking the project’s long-term viability and potential production profile.

Refurbishment of Central Decline to Unlock High-Grade Zones

Engineering and mine design activities are progressing with a focus on refurbishing the Central Decline access tunnel. This infrastructure will enable underground mining operations targeting the down-dip extensions of the Queen/Bonnie Dundee and Brilliant East structures. Geological reassessment, including structural analysis and reinterpretation of Atomic Dielectric Resonance (ADR) geophysical data, has reinforced the presence of multiple mineralised zones with complex deformation histories conducive to high-grade gold accumulation.

The company’s approach incorporates 3D modelling and structural geology to optimise mine planning, aiming to exploit the principal dilatant structures that controlled mineralisation. While no new drilling occurred this quarter, the re-examination of historical data and geophysical anomalies is sharpening the focus for future exploration and resource expansion.

Financial Position Reflects Ongoing Development and Funding Discussions

Citigold reported a net loss after tax of $1.1 million for the half-year ended December 2025, a significant improvement from the prior year’s $21.2 million loss. Net assets stood at $73 million as of 31 December 2025, reflecting substantial asset backing despite ongoing expenditure on exploration and development.

Cash flow statements for the quarter ending 31 March 2026 reveal continued outflows related to exploration, mine design, and corporate administration. The company holds $80,000 in cash and $308,000 in unused financing facilities, providing an estimated seven quarters of funding at current expenditure levels. Management is actively engaging with potential partners interested in funding the mine development, with discussions at various stages but no definitive agreements yet.

Regulatory Compliance and Safety Remain Priorities

Citigold maintained full regulatory compliance during the quarter, with no lost time injuries or significant environmental incidents reported. The company holds a comprehensive portfolio of Exploration Permits, Mineral Development Licenses, and Mining Leases covering 175 square kilometres around Charters Towers. Environmental authorities are current, and there are no known impediments to ongoing operations.

Looking ahead, the company plans to resume field exploration after the wet season cyclone period, focusing on the surrounding exploration permits to identify additional mineralised reefs. This aligns with Citigold’s long-term goal of producing over 300,000 ounces of gold per annum at ultra-low cost using advanced technologies.

Funding and Development Progress in Context

The current quarter’s update builds on Citigold’s steady advancement documented in prior reports, including the company’s stable mineral resources and funding talks and the narrowing net loss reported earlier in the fiscal yearannual loss and mine design updates. The absence of new drilling this quarter underscores a cautious but deliberate approach, focusing on data integration and infrastructure readiness before further capital-intensive exploration.

As the company edges closer to restarting production, the balance between securing sufficient funding and demonstrating resource robustness remains pivotal. The high-grade nature of the mineralisation, combined with a comprehensive tenement package and historical production exceeding 100,000 ounces, positions Citigold to capitalise on its asset base if funding and operational milestones align.