LinQ’s Gilmore drilling gains momentum as cash funds the next exploration push

Cash position gives LinQ room to keep drilling

LinQ Minerals Limited (ASX:LNQ) ended its first full year on the ASX with $16.23 million in cash, giving the gold and copper explorer room to press ahead with an expanded FY2027 program at its Gilmore Project in New South Wales. That financial cushion came despite a $7.68 million net loss and $7.03 million in net operating cash outflows, as drilling and associated exploration costs rose sharply during the year.

LinQ raised $15.4 million through a January 2026 institutional placement at A$0.55 a share, with investors also receiving attaching options exercisable at $0.78. Net proceeds from share issues were $14.74 million after capital-raising costs. Exploration expenditure reached $6.19 million, compared with $177,133 in FY2025, reflecting the company’s transition from post-listing preparation to active field work.

Drilling delivered broad gold and copper intersections

The operational highlight was a series of encouraging intersections across the Southern and Central zones. At the Dam deposit, drilling returned 114 metres at 1.19g/t gold equivalent, including 0.67g/t gold and 0.41% copper, while other holes returned 144 metres at 1.00g/t gold equivalent and 142 metres at 1.01g/t gold equivalent.

At Gidginbung, the company reported high-grade gold results south of the existing open pit, including 95 metres at 2.14g/t gold equivalent from 108 metres in hole GBRCD013. That interval included 49 metres at 3.78g/t gold equivalent. The filing also records a 21-metre interval at 3.03g/t gold equivalent in another step-out hole, although these results remain exploration intersections rather than a new resource estimate.

Central Zone drilling added substantial copper-gold widths. Mandamah produced 220 metres at 0.79% copper equivalent from 99 metres, while Monza results included 226 metres at 0.70% copper equivalent, 136 metres at 0.70% copper equivalent and a narrower five-metre interval at 5.36% copper equivalent. The company says these results support continued testing of the broader 17-kilometre mineralised corridor, which includes Mandamah, Estoril, Culingerai, Donnington and Monza.

Existing resource remains the benchmark

LinQ’s Gilmore Project retains a JORC 2012 mineral resource estimate of approximately 516 million tonnes containing about 3.7 million ounces of gold and 1.2 million tonnes of copper across six deposits. The annual report does not present a resource upgrade; the estimate was previously reported and remains the reference point against which the new drilling will be assessed.

The company also identified a geophysical target south of Gidginbung from an IP, resistivity and magnetotelluric survey, beginning at roughly 200 metres depth beneath cover. FY2027 plans include drilling that target, continuing infill and extensional work in the Southern and Central zones, testing the northern Gidginbung target and undertaking metallurgical test work.

CEO appointment and funding risks remain in view

After year end, Harrison Donner became chief executive officer while retaining his executive director role. LinQ also paid the final $500,000 instalment owed to Sandfire Resources for the Gilmore tenements on 3 July 2026. The company says it has no debt facilities or standby funding arrangements in place, and explicitly identifies the need for future capital as a material business risk if exploration demands exceed available cash.