MB Gold completes heritage survey and cancels 0.75% royalty at Razorback
MB Gold has completed a heritage survey at its Razorback Prospect with Nyamal Traditional Owners and terminated a 0.75% net smelter royalty by issuing shares to First Au, paving the way for a planned 6,000-metre drill campaign in late 2026.
- Heritage survey completed at Razorback Prospect
- 0.75% NSR terminated via share issuance to First Au
- Phase 2 drilling program planned for August/September 2026
- Collaboration with Nyamal Traditional Owners continues
- Termination shares valued at A$50,000
Heritage Survey Unlocks Exploration at Razorback
MB Gold Limited (ASX:MBG) has taken a significant step in advancing its Marble Bar Gold Project by completing a heritage survey at the Razorback Prospect. Conducted in close collaboration with the Nyamal Traditional Owners, this survey marks a critical milestone in ensuring exploration respects Indigenous cultural heritage while moving forward responsibly.
CEO Logan Barber emphasised the importance of this partnership, noting the effective consultation with the Nyamal People as foundational to the company’s exploration strategy. The survey's completion clears a key regulatory and cultural hurdle ahead of MB Gold’s planned Phase 2 drilling campaign.
Royalty Burden Lifted Through Share Issuance
In parallel with heritage compliance, MB Gold has negotiated the termination of a 0.75% net smelter royalty (NSR) held by First Au Limited over multiple tenements including Razorback. Instead of cash, the company will issue First Au shares valued at A$50,000 based on a recent volume weighted average price, expected to settle around 22 May 2026.
This move removes a royalty encumbrance that could have complicated future project economics. The share issuance will not require shareholder approval, utilising MB Gold’s placement capacity under ASX Listing Rule 7.1, and the new shares will rank equally with existing ordinary shares.
Setting the Stage for a 6,000-Metre Drill Program
With heritage clearance and royalty termination in place, MB Gold is gearing up for a substantial Phase 2 exploration program. Scheduled for August and September 2026, the campaign will deploy 6,000 metres of reverse circulation drilling to test the Razorback Prospect alongside follow-up targets at Twin Veins and Douglas Find. These targets build on encouraging results from the ongoing Phase 1 program.
The company’s earlier drilling efforts and exploration strategy have been bolstered by a recent capital raise and the establishment of a Heritage Protection Agreement with the Nyamal Aboriginal Corporation, underscoring MB Gold’s commitment to sustainable and culturally respectful development in the Pilbara. This foundation was highlighted in the company’s recent major Marble Bar drilling campaign announcement, which detailed the initial 6,000-metre program and strong investor support.
Strategic Location and Infrastructure Advantages
The Marble Bar Gold Project’s location within the Archean Pilbara Craton offers geological promise, with a 12-kilometre strike of gold-in-soil anomalies and proximity to existing mining infrastructure. The project’s accessibility via sealed roads and closeness to AIM Mining Corporation’s Warrawoona Operations further enhances its logistical appeal.
By resolving heritage and royalty issues ahead of drilling, MB Gold is positioning itself to capitalise on these geological and infrastructural advantages with minimal delays or encumbrances.
Bottom Line?
MB Gold’s heritage survey completion and royalty termination clear key obstacles ahead of a major drilling push, but the market will be watching how exploration results translate into resource growth.
Questions in the middle?
- How will the share issuance to First Au affect MB Gold’s capital structure and shareholder dilution?
- What geological insights will the Phase 2 drilling program yield at Razorback and nearby prospects?
- Could further agreements with Traditional Owners or royalty holders influence project timelines or costs?
