G11 Resources has expanded its exploration footprint and reported a conceptual copper Exploration Target at Wilandra, while drilling near Tasmania’s Mt Lyell system continues. The company ended the year with $4.91 million in cash but remains loss-making and reliant on future funding to sustain exploration.
- Wilandra Exploration Target of 15.6-21.2Mt at 0.8-1.6% copper
- Sedgwick Bluff drilling intersected 90m of alteration at Zig Zag
- Annual loss widened to $1.17 million
- $4.91 million cash at 30 June 2026
- $10.83 million in disclosed exploration commitments
Wilandra Adds a Conceptual Copper Target
G11 Resources Limited (ASX:G11) has put a sizeable but distinctly early-stage number around its Wilandra copper project in New South Wales: an Exploration Target of 15.6-21.2 million tonnes grading 0.8-1.6% copper, equivalent to 170,000-250,000 tonnes of contained copper. That is not a Mineral Resource. The company and its consultant, Conarco Consulting, explicitly describe the estimate as conceptual, based on insufficient exploration and subject to the possibility that further work may not produce a JORC-compliant resource.
The estimate covers the Peveril, Central Gossan and Grasmere zones, with interpreted mineralised continuity across 3,650 metres of strike. Conarco used a 0.25% copper cutoff and minimum three-metre mineralised intervals, while noting that the underlying modelling approach could overstate tonnage and grade. The next meaningful test is therefore not the headline contained-copper figure, but whether drilling can convert the geological interpretation into a resource supported by sufficient data.
Sedgwick Bluff Drilling Reaches the Alteration Zone
At Sedgwick Bluff in Tasmania, the second diamond hole at the Zig Zag Hill CSAMT target reached 1,201 metres and intersected an approximately 90-metre zone of silica-sericite-pyrite altered rhyolite from 1,089 metres downhole. The alteration broadly matched the modelled geophysical target, which remains open up-dip and down-dip.
Assays from the hole identified about 62 metres of weak to moderate phyllic alteration with elevated silver, arsenic and antimony pathfinders near a faulted contact between mudstones and volcanic rocks. Core has been sent for base-metal and gold assays, so the filing does not yet establish economic mineralisation. Three further holes have been designed to test the northern extension of the alteration zone, while drilling at the nearby Sunrise AEM target on the Linda tenement was paused after poor ground conditions reduced productivity.
Cash Has Grown Alongside Exploration Commitments
G11 finished 30 June 2026 with $4.91 million in cash and cash equivalents, including $4.5 million in term deposits, compared with $1.72 million a year earlier. The improvement followed $7.5 million in share-placement proceeds, although operating activities consumed $1.02 million and exploration and evaluation payments absorbed a further $2.80 million.
The balance sheet is larger, but so is the forward spending burden. Capitalised exploration and evaluation expenditure rose to $16.12 million from $9.85 million, while disclosed minimum exploration commitments totalled $10.83 million, including $4.89 million due within one year. G11 reported no operating revenue and a $1.17 million annual loss, up from $851,080 in 2025. Its going-concern assessment assumes that additional funding can be secured if required, or that exploration payments can be deferred.
Portfolio Expansion Brings More Targets and More Testing
The year included completion of the Pacific State Metals acquisition, the addition of the Sedgwick Bluff and Packsaddle projects, and the acquisition agreement for the Linda and Mt Read Volcanics tenements. At Packsaddle, Ionic Leach geochemistry over the large, undrilled Kings Hill gravity and magnetic anomaly is being used to define a maiden drill target. First-pass drilling is anticipated once that target definition is complete.
That gives G11 several near-term technical catalysts, but each remains conditional: assay results at Sedgwick Bluff, a replacement rig and resumed work at Sunrise, a defined Kings Hill target, and further drilling at Wilandra before any conceptual estimate can be tested. The company’s exploration strategy has broadened materially; the question is whether its cash position can keep pace with the number of targets competing for capital.
Bottom Line?
The portfolio now offers several exploration catalysts, but the investment case still depends on assays, drill conversion and access to enough capital to fund the programme.
Questions in the middle?
- Will SD2602 assays confirm meaningful copper or gold mineralisation, rather than alteration and pathfinder enrichment alone?
- Can G11 resume and complete the Sunrise programme after the ground-condition problems?
- Will Wilandra’s conceptual Exploration Target survive systematic drilling and progress toward a JORC Mineral Resource?