$1.526m loss and $3.50m cash mark Exultant Mining’s first full-year result

First full-year results show an early-stage explorer

Exultant Mining Limited (ASX:10X) has reported a $1.526 million net loss for the year ended 30 June 2026, its first consolidated annual result after listing on the ASX and acquiring the Black Hammer, Peak View and Deep Dykes projects. The loss widened from $76,261 in the prior year, although that comparison covers only the company’s pre-listing period and is not directly like-for-like.

The balance sheet is better funded than the income statement suggests. Exultant held $3.50 million in cash at year-end, including $3 million in term deposits, after raising $5.32 million in equity proceeds during the year. Operating cash outflow was $1.281 million, while $594,211 was paid for exploration and evaluation assets and $41,253 was spent on plant and equipment.

Balerion drilling is the immediate exploration test

The most advanced workstream is the Balerion Prospect within the Peak View Project, about 35 kilometres north-east of Cooma in New South Wales. After integrating historical results with induced polarisation and ground gravity surveys, Exultant finalised a 12-hole, 3,425 metre reverse-circulation program designed to test undrilled anomalies, structurally favourable positions and down-dip extensions of known sulphide mineralisation.

Regulatory approval and contractor arrangements were secured during the June quarter, with site preparation completed and drilling commencing on 26 May 2026. The annual report says samples were being submitted for laboratory analysis and that results would be released progressively after receipt, interpretation and validation. Historical drilling at Balerion returned narrow but high-grade copper, lead, zinc and silver intercepts, while new rock-chip sampling produced up to 5.42 grams per tonne gold at Undoo Creek and 256 grams per tonne silver with 4.82% lead at the Big Badja Silver Mine. Those results support further testing, but they do not establish a mineral resource or economic deposit.

Black Hammer gains ground and new targets

At Black Hammer, Exultant completed reconnaissance mapping and collected 76 rock-chip samples across prospects including Porters Retreat, AC, Watsons and Hughes Copper. Reported results included 0.322 grams per tonne gold, 7.36 grams per tonne silver and 4,570 parts per million lead at Hughes Copper, while mapping extended the AC quartz-vein system about 900 metres along strike.

The project footprint expanded to approximately 390 square kilometres after the grant of the Tuglow and Swatchfield licences. The company points to historical grades at the Tuglow workings of up to 14% copper, 26.4 grams per tonne gold, 283 grams per tonne silver, 23.02% lead and 13.1% zinc, while historical Swatchfield rock chips reached 10.67 grams per tonne gold. These historical figures are targets for modern validation rather than evidence of current reserves. Exultant plans further geochemistry, geophysics, air-core drilling and targeted follow-up drilling at Black Hammer.

Deep Dykes remains a largely untouched asset

Deep Dykes, in Western Australia’s Ularring greenstone belt, received no exploration work during the reporting period. Exultant considers the approximately 100 square kilometre project prospective for gold and lithium and intends to begin systematic soil and auger geochemistry in the second half of 2026.

The company says its cash position and forecasts support continued operations for at least 12 months from approval of the annual report, but it also explicitly identifies future capital requirements as a material risk. Exploration expenditure was expensed at $719,934 during the year, and the company remains loss-making with no operating revenue beyond $66,421 of interest income. The next meaningful evidence will therefore come from assay results at Balerion, progress at Black Hammer and the pace at which the cash balance is converted into exploration results.