SQX’s fresh funding opens the next chapter for Red Bird and Williams

$2.47 Million Raise Funds the Next Exploration Phase

SQX Resources Limited (ASX:SQX) has replenished its exploration budget with a $2.468 million fully underwritten entitlement offer, giving the gold explorer room to push its Arizona and Montana projects into their next work programs. The 2-for-3 non-renounceable offer issued 61.7 million new shares at $0.04 each during September, before offer costs, with directors taking up their entitlements and participating as sub-underwriters.

The financing, which was outlined in the September entitlement offer coverage, leaves SQX with $2.397 million in cash at 30 September. The company spent $311,000 on exploration during the quarter, alongside $257,000 in net operating cash outflows and $105,000 in offer costs. On the reported spending rate, its Appendix 5B estimates 4.21 quarters of available funding, although that figure will move with the pace and scope of future field activity.

Red Bird Moves From Drilling Toward Resource Assessment

At the Red Bird Gold Project in Arizona, SQX has shifted from its maiden drilling campaign to internal mineralisation evaluation and mining scenario assessment. The 25-hole, 2,509-metre reverse-circulation program, completed earlier in 2026, produced broad near-surface intercepts including 45.7 metres at 1.3 grams per tonne gold from 4.6 metres and 24.4 metres at 3.1 grams per tonne from 22.9 metres.

“Map of Arizona showing the location of the Red Bird Gold Project.”

“Plan map showing location of the underground workings, chip-channel samples and the broad gold mineralised zone.”

Caption and image © SQX Resources Limited. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 27 Oct 2026.

Those results were previously disclosed rather than generated during the September quarter. SQX says its current work is combining the drilling with historical underground data and the results of a pole-dipole induced polarisation survey. The company plans to use that work to target extensions to the mineralised zone, which it says remains open along strike and includes prospective footwall areas west of the historical mine. The project is also being tested for heap-leach amenability, with composite samples prepared for dispatch to a US metallurgical facility.

Williams Sampling Sets Up December Assay Catalyst

“Williams claim map showing previous and newly staked claims which include the Black Bear East prospect, Christian’s Reef and Fool’s Hen prospects.”

Field crews mobilised to the Williams Gold-Silver Project in Montana during September, beginning surface rock-chip sampling and mapping across eight known mineralised vein structures. Only the Black Bear South and North veins have received significant historical attention, leaving the company to use the new program to assess the extent of high-grade mineralisation across the wider claim position.

Assays from samples collected during the quarter are expected in the December 2026 quarter. SQX intends to use those results to prioritise fixed-loop electromagnetic surveying and drilling. The company also completed a technical review of historical drilling, geophysical and geochemical data at its Ollenburgs and Scrub Paddock prospects in Queensland, where it is preparing a 2027 exploration program that may include infill induced-polarisation work before any further drilling is considered.

The immediate test for the new capital is therefore execution rather than another headline intercept: Red Bird must convert a promising drilling dataset into a clearer resource and mining assessment, while Williams must turn surface sampling into targets robust enough for geophysics and drilling. The December quarter should provide the first meaningful read on whether both programs are generating that next layer of evidence.