New Murchison Gold’s first mine funds its next growth phase

Crown Prince Delivers a Cash Surge

New Murchison Gold Limited (ASX:NMG) has produced the kind of first-year numbers that can change a junior miner’s identity. In the nine months to 30 June 2026, the company generated A$272.1 million in revenue, A$182.0 million in pre-tax profit and A$146.95 million after tax, compared with a A$4.79 million profit in the previous 12-month period.

Operating cash flow reached A$195.2 million, lifting cash on hand to A$201.7 million from A$19.7 million at the previous year-end. NMG reported A$209 million in net assets and highlighted no debt or hedging, although the financial statements record only A$65,000 of borrowings at balance date. The results cover a nine-month transitional year after NMG moved its financial year-end from September to June, so direct comparison with the prior period requires care.

Ore Sales Exceed the OPA Limit

The Crown Prince operation sold 516,925 tonnes of ore during the period, above the 450,000-tonne maximum contemplated under its Ore Purchase Agreement with Westgold Resources Limited (ASX:WGX). The companies agreed to exceed that limit to use available Bluebird mill capacity after softer Crown Prince oxide ore was introduced.

NMG recorded 54,952 attributable ounces sold after agreed recoveries, at an attributable AISC of A$2,882 an ounce. The attributable bullion price applied under the agreement was A$6,531 an ounce, but NMG sells gold-bearing ore rather than bullion and relies on Westgold to process it. That arrangement supported the strong cash outcome, while also leaving NMG’s revenue concentrated with a single customer.

Cloudkicker Opens the Second Mine Front

Mining began at Cloudkicker, 300 metres east of Crown Prince, late in June. The open pit has an estimated mining inventory of 365,000 tonnes at 1.73 grams per tonne for 19,334 ounces, while the 30 June Ore Reserve statement includes 310,000 tonnes at 2.2 grams per tonne for 21,000 Probable ounces. The two-stage operation is planned to run into the third quarter of calendar 2027, using the existing Crown Prince operating and infrastructure arrangements.

The broader resource base stood at 353,700 ounces at 2.4 grams per tonne, including 150,400 ounces beneath Crown Prince classified as underground resources. Lydia contributed 55,100 ounces and Abbotts 44,500 ounces, though Abbotts remains entirely Inferred. Total Ore Reserves were 90,800 ounces, comprising Crown Prince open pit, Cloudkicker and stockpiles, and were estimated using a gold price of A$3,750 an ounce.

Growth Pipeline Moves Into Study Phase

NMG’s Projects team is now focused on Lydia’s open-pit potential and a Crown Prince underground opportunity, with studies expected to be completed in early 2027. The company also continued exploration across its 619-square-kilometre Garden Gully Gold Project, while its proposed A$1.425 million acquisition of Yoothapina Station remained subject to Western Australian ministerial approval.

The financial strength gives NMG room to fund exploration and project work from operations rather than immediately returning to the market for capital. But the operating model still carries several dependencies: future production must replace mined ounces, Cloudkicker must perform as planned, and the Lydia and underground resources must progress through studies and any required approvals before they can become reserves. The annual report also records that all gold ore production is sold to Westgold under the OPA, making processing capacity, pricing mechanics and counterparty performance important variables for FY27.