Gateway Mining expands Yandal gold story with new discoveries and fresh funding

Yandal delivers the year’s defining drilling result

Gateway Mining Limited (ASX:GML) has used its first full reporting period with the Yandal Gold Project to build a much larger exploration story, rather than a producing mine. The standout result came from Cowza, where reverse-circulation hole CZRC057 returned 41 metres at 2.0g/t gold from 104 metres, including 9 metres at 7.5g/t. Gateway said the mineralisation remains open along strike and at depth, although the result is an exploration intercept rather than evidence of an economic deposit.

The company’s exploration review describes gold discoveries across Cowza, Celia South, Haflinger, Hummer, Rubicon, Mustang and Great Western. At Cowza, aircore drilling outlined a mineralised corridor of roughly 4.5 kilometres, with a higher-priority 1.6-kilometre zone associated with shearing, veining, sulphides and cross-cutting structures. At Great Western, gold mineralisation was traced over about four kilometres within a broader hydrothermal system extending approximately 10 kilometres, while silver assays as high as 89g/t were recorded in distal zones.

These results sit alongside an existing, but unchanged, JORC 2012 inferred resource of 8.17 million tonnes at 1.52g/t gold for 400,400 ounces at Yandal. The resource remains concentrated in the Horse Well Gold Camp and Dusk ’til Dawn, and the new drilling has not yet been converted into an updated mineral resource. That distinction matters: the exploration narrative is expanding faster than the formal resource base.

Capital is following the exploration ambition

Gateway spent $58.82 million on exploration during the year, compared with $1.36 million in 2025, while capitalised exploration and evaluation expenditure rose to $76.41 million. The accounting figures reflect both the acquisition of Yandal and the company’s enlarged exploration footprint, rather than a comparable year of ordinary drilling expenditure alone.

Gateway raised $22.5 million during the year through a placement priced at 5.5 cents a share. After 30 June, it announced a further $45 million placement at 8 cents a share and sold its portfolio of liquid securities for $8.23 million. The fundraising and asset sale materially improve the near-term funding position, but they also underline the company’s stated dependence on equity markets and asset liquidity: Gateway generated no operating revenue and reported a $3.47 million loss for the year.

Glenburgh adds a second discovery pipeline

Gateway also acquired an 80% interest in the Glenburgh South Project for $200,000 in cash and $235,000 in shares, with a commitment to spend $1.4 million on exploration over three years. The ground covers about 620 square kilometres near Benz Mining’s Glenburgh project, and Gateway’s interpretation of new magnetic data has outlined a 15-kilometre structural trend it considers analogous to the nearby mineralised corridor.

A 2,400-sample soil program was launched after year-end to test regional target corridors, fold-related structures and areas beneath transported cover. The results will help determine whether the geological analogy can be translated into drill-ready targets. At Yandal, the next major non-drilling milestone is the Horse Well mining lease application, which Gateway describes as critical to advancing the camp.

Losses, dilution and permitting remain part of the equation

The balance sheet is stronger than a year earlier, with $10.37 million in cash and net assets of $88.12 million at 30 June 2026. But the company’s financial statements also identify continued operating losses, negative operating cash flow, the absence of revenue and the need for future capital as conditions relevant to its going-concern assessment. The later $45 million placement and $8.23 million securities sale were central to management’s forecast for funding operations through September 2027.

Shareholder exposure has also expanded alongside the portfolio. Shares on issue rose to 2.32 billion at year-end, before the post-year-end placement took the reported total to 2.89 billion as at 21 September. The new money gives Gateway room to drill, but it raises the bar for exploration results to justify the enlarged capital base. The immediate test is whether follow-up RC drilling can turn isolated or early-stage intercepts at Cowza, Celia South, Haflinger, Hummer, Rubicon and Great Western into coherent resources, while permitting and Native Title work progresses in parallel.