Miramar reports 39,764 ounces while cash falls to A$524,911

Gidji resource milestone meets funding pressure

Miramar Resources Limited (ASX:M2R) has reached a significant exploration milestone at its Gidji joint venture near Kalgoorlie, reporting a maiden Inferred Mineral Resource of 1.04 million tonnes at 1.20 grams per tonne gold for 39,764 ounces. The achievement is tempered by a prominent warning in the same annual report: auditor RSM Australia said a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern.

The resource was announced after the 30 June 2026 reporting date and is based on shallow drilling across several Gidji targets, including Highway, Powerline, Marylebone and Blackfriars. The resource is entirely Inferred, uses a 0.2 grams-per-tonne cut-off and sits within an optimised open-pit shell based on a gold price assumption of A$7,500 an ounce. Miramar holds an 80% interest in the project, meaning the resource tables are reported on a 100% basis rather than representing the company’s attributable ounces.

The technical work also carries important limitations. The resource is constrained by drilling on roughly 100-metre by 50-metre spacing, no metallurgical test work has been completed, and the development assumptions include open-pit contract mining with off-site toll treatment. Miramar says further drilling could expand the resource, while its wider exploration target at Gidji ranges from 168,922 to 359,067 ounces. That target remains conceptual and is not a Mineral Resource.

Annual loss narrows as exploration spending continues

Miramar recorded a consolidated loss after tax of A$1.32 million for the year, an improvement on the A$1.64 million loss reported for FY2025. Exploration expenditure of A$2.06 million was capitalised, while A$58,485 was expensed and A$138,939 of exploration assets was impaired. The company ended the year with A$11.01 million in capitalised exploration and evaluation expenditure on its balance sheet.

Cash and cash equivalents fell to A$524,911 from A$1.10 million a year earlier. Operating activities consumed A$817,260 and investing activities used A$2.17 million, while equity raisings provided A$2.64 million before issue costs. Including A$170,573 of listed equity investments, the company reported cash and investments of A$695,484 at year end.

September placement provides additional runway

The going-concern qualification reflects the gap between Miramar’s exploration ambitions and its available cash. The directors cited staged exploration spending, possible joint ventures and the ability to raise additional equity as reasons for adopting the going-concern basis of accounting. After year end, on 23 September, the company completed a placement raising A$922,946 to accelerate Gidji drilling.

That funding improves the immediate position but does not remove the underlying financing question. Miramar’s annual report identifies A$833,949 of exploration and evaluation commitments due within one year, while the company remains an explorer with no operating revenue and no dividends. Its latest capital structure also includes more than 1.85 billion options outstanding, creating potential dilution if exercised, although many carry exercise prices above the reported 25 September share price of A$0.002.

Gascoyne projects keep the portfolio spread wide

Beyond Gidji, Miramar advanced a range of earlier-stage projects in Western Australia. At Chain Pool, 116 shallow auger holes and a gravity survey around the Joy Helen copper-lead-silver occurrence upgraded targets for dedicated bedrock drilling. At Bangemall, a government co-funded magnetic and VTEM survey identified conductors for further investigation, while Whaleshark has up to A$180,000 of Exploration Incentive Scheme support for aircore and RC drilling planned for early 2027.

The company also completed the sale of its Randalls project to Ore Resources Limited (ASX:OR3), receiving A$125,000 in cash and shares valued at A$125,000, while retaining potential milestone consideration and royalty exposure. The sale generated a book loss of A$128,174 because the project’s capitalised cost exceeded the settlement value.