African Gold Halts Trading Amid New Drill Results and Leadership Shake-Up

Background to the Trading Halt

African Gold Ltd (ASX: A1G) recently responded to an ASX price and volume query following a notable jump in its share price from $0.058 to an intra-day high of $0.083. The company confirmed it was aware of material information not yet disclosed to the market, specifically incomplete exploration results from its ongoing drilling program at the Didievi Gold Project.

To maintain compliance with ASX Listing Rules, African Gold implemented a trading halt and subsequently a voluntary suspension while final quality assurance and quality control (QA/QC) processes were completed on assay results. This cautious approach underscores the company’s commitment to transparency and regulatory adherence amid heightened market interest.

Details of the Exploration Program

The company is conducting an extensive 10,000-metre drilling campaign, with a target of 35 holes across known mineralised trends and step-out zones. To date, ten holes have been completed, with assay results received and reviewed by an independent Competent Person. These results, which were submitted between December 2024 and January 2025, are now being released concurrently with the company’s response to the ASX query.

Drilling is progressing with hole eleven (DDD067) expected to finish imminently, followed by sample preparation and submission to the laboratory in Yamoussoukro. The entire program is scheduled for completion by May 2025, promising a steady flow of data that could significantly impact the project’s valuation and development trajectory.

Leadership Changes and Strategic Outlook

Alongside operational updates, African Gold disclosed recent leadership changes. Adam Oehlman has been appointed as CEO, and Tolga Kumova as a Director, following the departure of the previous Managing Director earlier in January. These appointments were accompanied by a series of meetings aimed at reaffirming the company’s strategic direction and reinforcing confidence in the Didievi Gold Project’s potential.

The new leadership team’s engagement with stakeholders and focus on historical results suggest a concerted effort to align operational progress with market expectations. This leadership refresh could bring fresh perspectives to the project’s development and investor communications.

Compliance and Market Implications

African Gold confirmed that it has complied with ASX Listing Rules, particularly Listing Rule 3.1, and maintained confidentiality under the carve-out provisions of Listing Rule 3.1A during the verification phase of the exploration results. The company’s transparent handling of the price and volume query, including the timely release of assay data, reflects a disciplined approach to continuous disclosure obligations.

Investors will be watching closely as the drilling program advances and further results are released. The combination of promising exploration data and a refreshed leadership team positions African Gold at a potentially transformative juncture.