Can Mammoth’s Board Shakeup and Capital Boost Deliver on High-Grade Gold Targets?

Strategic US Gold Acquisitions and Rebrand

Mammoth Minerals Limited (ASX – M79) has marked a transformative quarter with the completion of its rebrand and the acquisition of two high-grade gold projects in the United States – the Excelsior Gold Project in Nevada and the Bella Gold Project in South Dakota. These acquisitions position Mammoth firmly within prolific gold-producing regions, including Nevada’s Walker Lane Trend and the historic Homestake Gold Belt.

Both projects carry significant historical production and exploration upside. Excelsior Springs boasts a strike length of 3.5km with multiple high-grade drill intercepts, while Bella’s extensive mining disturbances and recent surface sampling reveal bonanza-grade gold potential. The company has swiftly moved to commence on-site exploration and detailed mapping, setting the stage for its maiden drilling program.

Exploration Momentum and Drilling Initiatives

Following preparatory fieldwork, Mammoth’s drill rigs arrived at Excelsior Springs shortly after the quarter’s end, targeting shallow, high-potential gold zones. Exploration efforts at Bella are focused on the Standby Mine area, with detailed mapping and sampling underway to delineate mineralisation controls and guide future drilling.

Beyond the US, Mammoth continues to advance its copper and polymetallic pipeline. In Peru, the Picha Copper-Silver Project benefits from inclusion in BHP’s Xplor accelerator program, with geophysical surveys confirming a deep intrusive system potentially driving mineralisation. Meanwhile, in Newfoundland, Canada, the Skyline Copper Project’s recent 3D induced polarisation survey has refined drill targets within a highly prospective volcanogenic massive sulphide setting.

Corporate Strengthening and Capital Position

To underpin its aggressive exploration agenda, Mammoth successfully raised $5 million in August 2025. This capital injection supports ongoing drilling and geophysical programs across its portfolio. The company reported a cash balance of $3.87 million at quarter-end, with no debt, reflecting a solid financial footing for near-term activities.

Corporate governance has also been bolstered with the appointment of Kevin Puil, a seasoned US-based resource investment executive, to the board as a Non-Executive Director. Concurrently, Rob Jewson transitioned to Executive Chairman, enhancing leadership capacity as Mammoth expands its US presence and operational footprint.

Asset Portfolio Refinement and Future Outlook

Mammoth has entered an option agreement to divest its Paterson Copper-Gold Project to Cloudbreak Discovery PLC, receiving 300 million shares as consideration. This move aligns with the company’s strategic focus on advancing its Americas-based gold and copper assets.

Looking ahead, Mammoth’s primary focus remains on unlocking value at Excelsior Springs through drilling and exploration, while continuing to refine targets across its diverse portfolio. The integration of new board expertise and capital resources positions the company to accelerate growth and deliver shareholder value in a buoyant gold market.