Nagambie Resources Accelerates Drilling and Board Refresh to Boost Antimony-Gold Prospects

Renewed Drilling Focus at Nagambie Mine

Nagambie Resources Limited (ASX, NAG) has recommenced diamond drilling at its flagship Nagambie Mine, aiming to delineate additional high-grade antimony and gold lodes to the east of its existing JORC Inferred Resource. This move follows promising intersections from earlier holes, with four new drill holes completed and a fifth underway. The company expects assay results from these recent drill cores to be released progressively through November and December 2025, which will be critical in assessing the potential expansion of the resource base.

Capital Raise to Accelerate Resource Definition

To fund this accelerated exploration program, Nagambie successfully completed a $1.2 million placement, led by JP Equity Partners. The capital injection is earmarked primarily for ongoing drilling activities and updating the current resource estimate. The placement included the issuance of nearly 92.3 million shares at 1.3 cents each, accompanied by free attaching options exercisable at 2.6 cents, potentially raising an additional $1.2 million if fully exercised. This funding boost underscores investor confidence in Nagambie's high-grade antimony-gold project.

Strategic Board Appointment

In a move to strengthen its leadership team, Nagambie appointed David Morgan as a Non-Executive Director. With over 40 years of experience in mining and mechanical engineering, Morgan brings extensive expertise in resource project development and strategic management. His addition to the board signals Nagambie's intent to pivot towards project development and operational readiness, complementing the ongoing exploration efforts.

Advancing Infrastructure Plans

Parallel to exploration, Nagambie is progressing plans for a 300,000 tonnes per annum toll treatment plant under a joint venture with Golden Camel Mining Pty Ltd. Golden Camel is managing the project and is responsible for funding the infrastructure, with revenue and operating costs to be shared equally post-commissioning. The initial ore feed is expected from Golden Camel's permitted mine, indicating a collaborative approach to unlocking value from regional antimony-gold deposits.

Financial Position and Regulatory Matters

As of 30 September 2025, Nagambie held $813,000 in cash, excluding tenement bonds. The company is also engaging with the Victorian Earth Resources Regulator regarding a reassessment of its rehabilitation liability, currently secured by a $500,000 bond. While this matter is under negotiation, it represents an important regulatory consideration as Nagambie advances its mining operations.

Overall, Nagambie's September quarter activities reflect a concerted effort to expand and define its high-grade antimony-gold resource, backed by fresh capital and experienced leadership. The forthcoming assay results and progress on infrastructure funding will be pivotal in shaping the project's trajectory.