Riversgold Advances Kalgoorlie Gold Project with MEGA Partnership and $2M Raise

MEGA Resources Partnership Unlocks Kalgoorlie Development

Riversgold Limited (ASX:RGL) has sealed a pivotal deal with MEGA Resources to fully fund mining operations at its Northern Zone Gold Project, located just 25km east of the Kalgoorlie Super Pit. Under this agreement, MEGA shoulders 100% of upfront costs including mining, haulage, and processing, while profits will be split evenly. Notably, 10% of monthly project profits will be reinvested into expanding grade control and drilling, ensuring ongoing resource growth without Riversgold needing to commit capital upfront.

This arrangement marks a crucial step towards commercialising the Northern Zone, where recent drilling has identified a substantial gold mineralised porphyry approximately 600 metres wide and 500 metres deep, confirming the project's scale and potential. The partnership also accelerates Riversgold’s path to mining lease conversion, expected imminently, which will greenlight full-scale mining activities.

Supporting this advance, a focused nine-day geotechnical diamond drilling campaign is underway to collect essential rock strength data for pit slope design and mine planning. This drilling complements the ongoing Mine Development and Closure Plan (MDCP), which is progressing in tandem with environmental assessments and heritage clearances. The preliminary heritage report has cleared key tenements, reducing regulatory uncertainty and smoothing the path to development. These efforts are detailed in the recent geotech drilling underway and preliminary heritage report announcements.

Tenure Expansion Secures Long-Term Project Footprint

Riversgold has significantly expanded its Kalgoorlie footprint, now controlling over 8.36 square kilometres through acquisitions and applications. This enlarged tenure not only secures land for critical infrastructure such as waste dumps and processing facilities but also opens new exploration targets within the Canon Shear zone, a known structural corridor hosting mineralisation. The recent purchase of tenement P25/2541 and the granting of P25/2848 bolster the project’s strategic position, providing transport corridor licences that facilitate trucking routes to third-party processing plants.

Drilling continues to validate and extend shallow gold mineralisation, with assays returning impressive individual metre grades up to 71 g/t gold, underpinning the project's robust geological model. The updated 3D Leapfrog modelling integrates all drilling results to date, offering a refined view of the mineralised envelope and guiding future exploration and development priorities. These developments build on the company’s earlier strategic tenement purchase and exceptional 71 g/t intercept reports.

Canadian Partner AIS Resources Advances Saint John Project

Across the Pacific, Riversgold’s Canadian farm-in partner, A.I.S. Resources Limited, has launched a high-resolution helicopter-borne magnetic survey over the Saint John Copper-Gold-Silver-Antimony Project in New Brunswick. This 2,125 line kilometre survey aims to delineate magnetic anomalies that will sharpen drill targeting for the upcoming exploration phases. AIS can earn up to a 75% interest by meeting staged expenditure commitments, with Riversgold retaining a free-carried interest through to a decision to mine, positioning the company to benefit from any future discoveries without immediate capital outlay.

The Saint John Project is considered prospective for IOCG-style mineralisation, which includes critical minerals such as copper, antimony, and rhenium alongside precious metals. The survey's results will be a key catalyst for the next phase of exploration drilling planned by AIS. This initiative was previewed in the AIS magnetic survey commencement announcement.

Tambourah Drilling Awaits Heritage Clearance; Capital Raise Supports Growth

At the Tambourah Copper-Gold Project in Western Australia, Riversgold is poised to start an exploration drilling campaign targeting gold and copper anomalies, pending completion of heritage surveys. This project benefits from excellent access and proximity to existing processing infrastructure, enhancing its development prospects.

Financially, Riversgold completed a well-supported $2 million placement in January to sophisticated investors, with an additional $150,000 placement to directors and management pending shareholder approval. These funds are earmarked for advancing exploration at Kalgoorlie, Tambourah, and other projects, as well as for general working capital. The company reported $211,000 spent on exploration during the quarter, primarily on drilling and assays, while cash reserves rose to $2.1 million following the placement, providing a runway of over four quarters at current expenditure levels.