Aureka Boosts Global Gold Resource 26 Percent to 455koz with Production Plans Advancing

Resource Growth Driven by Irvine Gold Project Upgrade

Aureka Limited (ASX:AKA) has reported a significant 26% increase in its global JORC-compliant gold resource, now totalling 455,000 ounces, up from 361,000 ounces at the start of 2026. This uplift is largely credited to the Irvine Gold Project in Victoria’s Stawell Corridor, where inferred resources surged by 30% to 398,000 ounces. The growth reflects a combination of updated geological modelling, new drilling data, and refined interpretation of geophysical surveys.

The Resolution Lode at Irvine, the focus of recent diamond drilling since early 2025, saw a 36% increase in inferred gold ounces, reaching 358,000 ounces with an improved grade of 2.71 g/t Au. Notably, underground mineralisation expanded by 61%, underscoring the value of Aureka’s evolving exploration strategy that targets mineral extensions beyond previously defined zones.

Exploration Targets Expanded and New High-Priority Zones Identified

Alongside the resource upgrade, Aureka updated its exploration targets at Irvine, delineating advanced targets estimated between 57,000 and 130,000 ounces and conceptual targets ranging from 151,000 to 348,000 ounces. These targets are informed by a high-resolution drone magnetic survey that revealed new structural complexities and priority areas outside current resource boundaries.

The company engaged renowned geologist Dr Barry Murphy, whose expertise contributed to major discoveries in West Africa, to assist in further geological interpretation and targeting. This move signals Aureka’s commitment to unlocking additional value in the Stawell Corridor, with ongoing drilling programs designed to test strike and dip continuity around the Resolution Lode and adjacent zones.

Comstock Project Advances Towards Production

At the St Arnaud Comstock Project, Aureka has commenced infill diamond drilling within the Walkers sub-pit to validate historical data and increase resource confidence. The current inferred resource stands at 56,500 ounces of gold, with ongoing drilling aimed at upgrading this classification to support near-term mining plans.

Crucially, subsequent to the quarter’s end, Aureka applied for a production licence (PL008915) for the Walkers Pit and secured a binding toll milling agreement with Wedderburn Gold Processing. This arrangement provides a low-capital, fast-track pathway to process ore from Comstock, reducing upfront infrastructure costs and accelerating the project’s commercialisation timeline.

Financial Position and Corporate Developments

The company closed the quarter with $2.3 million in cash, reflecting exploration and corporate expenditures of $849,000 and $525,000 respectively. Payments to related parties amounted to $129,000, covering directors’ and managing director’s fees. Aureka also appointed Amy Monteith as Company Secretary, enhancing governance support.

Despite cash burn, management expects operating outflows to ease as the Comstock infill drilling program concludes. The company is pursuing its production strategy actively, leveraging the milling deal and licence application, alongside potential monetisation of non-core assets, to maintain funding for ongoing operations.

Exploration and Production Strategy Outlook

Looking ahead, Aureka plans to maintain two diamond drill rigs at Irvine and Comstock, focusing on resource expansion at Irvine beyond 1 million ounces and resource upgrading at Comstock to underpin production forecasts. Assay results from recent drilling are pending and expected in the September quarter, which will be pivotal in confirming resource growth and validating mining plans.

The company’s strategic moves at Comstock, including the production licence application and toll milling agreement, mark critical steps towards transitioning from exploration to production, aiming for a small-scale, low-capital mining operation. This approach reflects a pragmatic pathway to value realisation amid broader exploration ambitions.