Truscott reports A$626,000 cash and 3,000-4,000m drilling plan

Westminster drilling becomes the next major test

Truscott Mining Corporation Limited (ASX:TRM) is moving its Westminster project towards a 3,000 to 4,000 metre diamond drilling campaign, the clearest operational milestone in its September quarter report. The program is intended to provide density data and test extensions of Orebody (Exploration) Target One, but it remains subject to final planning and sequencing.

“Structural geological interpretation of the Westminster Project area, showing Orebody (Exploration) Target One (OB1), which underlies Orebody One, and Structural Targets Two to…”

The drilling is also the gateway to an updated JORC 2012 Mineral Resource Estimate. Truscott’s existing Westminster resource is a historical JORC 2004 estimate of 111,330 tonnes at 25.6 grams per tonne gold, or 91,750 ounces, based on only 73 of 167 significant intercepts identified by the company. That figure is historical rather than a current JORC 2012 resource, and the company says the update is expected after the next drilling program.

Historical gold intersections support the resource work

Rose Mining Geology has completed a secondary audit of the Westminster drilling database and is checking whether incoming information meets JORC 2012 requirements. The planned work includes shallower infill drilling, deeper drilling to roughly 300 metres and resource-extension holes into a separately modelled lower level of the target.

The program builds on the September Westminster drilling update, which reported gold intercepts at Structural Target Two and outlined diamond drilling ahead of a resource update. Truscott’s current report adds no new drilling results, although it repeats historical Westminster intersections including 7.63 metres at 36.34 grams per tonne gold and 8 metres at 32.70 grams per tonne.

Barkly and North Tennant move through target definition

Away from Westminster, Truscott completed field mapping across the Barkly project’s Barking, Romford and Upminster targets, as well as reconnaissance and mapping at the Harrow priority area within North Tennant. The work combines structural interpretation, airborne geophysics and surface geochemistry, with further mapping and rock-chip sampling planned.

“North Tennant Project structural geological interpretation and total magnetic intensity (TMI) aeromagnetic image (Geoscience Australia, 2019) – warm colours indicate higher…”

“Barkly Project target areas, surface samples, and total magnetic intensity (TMI) aeromagnetic image (Geoscience Australia, 2019) – warm colours indicate higher magnetic intensity.”

Caption and image © Truscott Mining Corporation Limited. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 30 Oct 2026.

Assays from Barkly samples were still pending at the reporting date. The company plans ground gravity surveys at Barkly in 2027, while North Tennant’s Hendon target is scheduled for follow-up work. These projects remain greenfields exploration assets, and the report describes targets and geological analogies rather than defining a mineral resource.

Cash position leaves limited room for delay

Truscott spent A$120,000 on exploration and evaluation during the quarter and recorded net operating cash outflows of A$82,000. Cash fell from A$811,000 to A$626,000, partly offset by A$17,000 in financing inflows. The company also reported A$110,000 of unused capacity under a A$500,000 unsecured, interest-free loan facility, of which A$390,000 was drawn at quarter end.

On the Appendix 5B calculation, cash and available finance totalled A$736,000 against relevant quarterly outgoings of A$203,000, producing an estimated 3.62 quarters of funding. That calculation is a snapshot based on the quarter’s spending, not a guarantee that the drilling campaign can be completed without additional funding if exploration costs rise or the program expands.

Management handover precedes the drilling decision

Stephanie Hillbeck became CFO and joint company secretary on 5 October, bringing experience in equity and debt funding, capital management and ASX reporting. Michael Povey intends to retire as a director and company secretary at the 2026 annual general meeting, with the handover already under way.

The immediate investment question is therefore practical rather than geological: whether Truscott can finalise, fund and execute the Westminster drilling program within its current financial capacity. The eventual resource estimate will depend not only on the company’s structural model, but on what the next holes actually return.