New Murchison Gold Bolsters Underground Plans with Deepest High-Grade Intercept at Crown Prince Pit

Why It Matters

The results expand the mineralised envelope, supporting a transition to underground mining that could extend the mine’s life and lift near‑term production. Strong cash and operational performance give NMG the financial runway to fund further drilling and reserve updates.

Key Takeaways

• Deepest high‑grade intercept: 3.2 m @ 48.9 g/t Au at 330 m.
• Intercept includes 0.35 m @ 345.5 g/t Au, outside current resource.
• Additional RC hits >12 m @ >13 g/t Au reinforce underground potential.
• Crown Prince East pit expansion adds near‑term production upside.
• Lydia prospect’s high‑grade shoots could fast‑track new resource development.

Pulse Analysis

The 3.2‑metre, 48.9‑gram‑per‑tonne gold intercept at Crown Prince marks a watershed moment for New Murchison Gold, pushing the known high‑grade envelope deeper than any previous drill hole. By intersecting a 0.35‑metre section with an extraordinary 345.5 g/t grade, the company has demonstrated that the footwall of the main ore body hosts mineralisation that could be mined profitably underground. This depth extension not only validates the geological model but also sets the stage for a potential resource upgrade that could add several hundred thousand ounces to the reserve base.

Beyond the flagship intercept, the company’s broader exploration programme is delivering complementary upside. At Crown Prince East, a satellite pit within the existing mining approval, drill results of 18 m at 10.3 g/t and 12 m at the same grade signal a near‑term expansion of pit‑scale production. Meanwhile, the Lydia prospect, situated just 800 m from the main mine, is yielding high‑grade shoots such as 3 m at 32.9 g/t, positioning it as a candidate for rapid development once a JORC‑compliant resource is modelled. These discoveries collectively de‑risk the project’s growth narrative and provide multiple pathways for scaling output.

Financially, New Murchison Gold entered the December 2025 quarter with a robust $92 million cash balance and a 95.9% recovery rate on 22,766 ounces of gold processed at Westgold’s Bluebird mill. The strong cash position underwrites continued drilling, reserve updates, and the staged expansion of the Stage 1 pit into the Stage 2 boundary. While the upside is clear, investors must monitor the conversion of these high‑grade intercepts into proven reserves and the execution of underground mining plans, which will ultimately determine the company’s ability to sustain higher production levels and deliver shareholder value.