Platina’s Laverton Gold Portfolio Reaches 312 Square Kilometres

Laverton Portfolio Replaces a Scattered Strategy

Platina Resources Limited (ASX:PGM) enters FY2027 with a more concentrated gold strategy and enough cash to fund the next phase of exploration. The company ended FY2026 with $8.61 million in cash and more than 312 square kilometres of tenure across Mt McKenna, Sunrise Bore and Mt Morgans South, all centred on the Laverton district in Western Australia.

The repositioning began with the acquisition of Mt McKenna in September 2025 and accelerated in June 2026, when Platina completed the Sunrise Bore and Mt Morgans South transactions. The company issued shares as part consideration for all three assets, including 40.6 million shares for Sunrise Bore and 5 million shares for Mt Morgans South. That expanded the exploration footprint without a large immediate cash outlay, although it also increased the ordinary share count to 690.6 million from 623.2 million a year earlier.

Mt McKenna Drilling Builds a Deeper Target Pipeline

Mt McKenna supplied the clearest exploration progress in the report. Across two 2026 phases, Platina completed 10,809 metres of aircore drilling in 220 holes and identified several new zones of gold mineralisation. At Granite Well East, drilling outlined a corridor extending for more than 1 kilometre, including an intersection of 1 metre at 7.10 grams per tonne gold from 40 metres.

At Black Rock, drilling and geochemical data defined a north-northeast trending mineralised structure extending for more than 800 metres. Several intersections at Granite Well East were at or near the bottom of the aircore holes, leaving open the possibility of mineralisation below the shallow weathered profile. Platina plans to move selected targets into deeper reverse circulation drilling, including a 13-hole Target 2 campaign supported by a $109,200 Western Australian government grant. These results remain exploration indicators, not a mineral resource or development decision.

Sunrise Bore and Mt Morgans South Add Scale

Sunrise Bore gives Platina a second active exploration front. The company completed the acquisition on 26 June 2026 and began reverse circulation drilling immediately, targeting part of a historically identified 1.2 kilometre mineralised trend within a broader 3.6 kilometre structural corridor. Mt Morgans South, meanwhile, sits close to the Jupiter and Westralia gold mines, but Platina’s first task is to compile historical data, complete access and heritage work, and rank targets before committing to systematic drilling.

The portfolio is not being expanded indiscriminately. Platina sold Xanadu while retaining a 1% net smelter royalty, shares in Kalamazoo Resources and exposure to a future resource milestone. At Brimstone, private company NE Minerals may earn an 80% interest by funding the project through to a Decision to Mine. Challa, Mt Narryer and Binti Binti were relinquished or rationalised as the company redirected capital towards Laverton.

Cash Supports Exploration but Losses Continue

Platina reported revenue and other income of $638,849, largely reflecting $572,689 of bank interest, and a net loss of $3.65 million for FY2026. The loss narrowed from $3.92 million in FY2025, but exploration costs expensed rose to $2.71 million from $1.37 million. Operating cash outflow was $786,081, while exploration and evaluation expenditure absorbed a further $2.72 million.

The balance sheet had no material debt and held $4.42 million of capitalised exploration acquisition costs. Platina also expects a further and final US$2 million payment from Rio Tinto in FY2027 under the sale of its scandium project, subject to the conditions outlined in the report. That payment could extend the exploration runway, but it does not remove the underlying risk: the company’s value remains tied to exploration success and future access to capital.

New Leadership Takes Over the Exploration Push

Paul Polito became managing director and chief executive officer on 20 July 2026, replacing Corey Nolan, who stepped down as managing director in May. Polito brings more than 30 years of experience across exploration, mine geology, development and business development, including senior roles with IGO and Anglo American.

The next test is execution. Platina must convert the growing list of Laverton targets into ranked drilling decisions, produce results that justify deeper follow-up and manage expenditure across a larger tenure base. The company has assembled the ground and retained financial flexibility; FY2027 will show whether that platform can produce more than a longer exploration pipeline.