Riversgold Ltd (ASX:RGL, OTC:RVSGF) has delivered a September quarter highlighted by a full project funding and mining partnership at its flagship Northern Zone Gold Project near Kalgoorlie, a new farm-out in Canada, and a successful $1.8 million placement to support ongoing exploration.
Quarter highlights
- Northern Zone Gold Project (WA): Signed Right to Mine and Co-Operation Agreement with MEGA Resources for full project funding, development and haulage services.
- Saint John Copper-Gold-Antimony Project (Canada): Farm-out agreement with A.I.S. Resources Limited (TSXV:AIS), allowing AIS to earn up to 75% while Riversgold remains free-carried to decision to mine.
- Corporate: Raised $1.8 million via placement to sophisticated investors to fund ongoing exploration and development.
- Additional activity: Drilling commenced at Kalgoorlie; new tenure secured; ongoing exploration at Tambourah and Wodgina East; uranium potential advanced at Onslow South.
MEGA Resources agreement to fully fund Kalgoorlie development
The company finalised a binding Right to Mine and Co-Operation Agreement with MEGA Resources, an established Western Australian mining contractor, to advance Riversgold’s 80%-owned Northern Zone Gold Project (Kalgoorlie East).
Northern Zone Project Map showing proximity to the Kalgoorlie "Super Pit".
Under the deal, MEGA will provide 100% of the funding required for mining, haulage, engineering and project approvals. In exchange, profits from operations will be split equally — 50% to MEGA and 50% to Riversgold and its 20% project partner Oracle Power Plc (LON:ORCP).
Importantly, no upfront capital is required from the project owners, while 10% of project profits (funded equally by MEGA and Riversgold-Oracle) will be reinvested monthly into grade control and step-out drilling.
MEGA is targeting an early 2026 start date, pending final tenement permissions, mining approvals and an ore purchase agreement with a nearby mill.
Drilling with a grade-control rig began during the quarter, focusing on shallow zones between existing mineralised areas. Metallurgical test work confirmed strong recoveries of 90.6–94.7% gold, consistent with previous results.
The Northern Zone Project has an Exploration Target of 2.5 million–4.8 million ounces of gold, based on 200 million–250 million tonnes grading 0.4–0.6 g/t gold.
Expanding tenure and parallel drilling
During the quarter, Riversgold expanded its Kalgoorlie footprint through the acquisition of tenement P25/2540 and an application for P25/2848 immediately to the east.
A two-phase grade control program commenced, with the first results expected in early November. Riversgold aims to complete a maiden Mineral Resource Estimate following the current drilling programs.
Canadian farm-out brings near-term upside
At the Saint John Copper-Gold-Silver-Antimony Project in New Brunswick, Riversgold signed a farm-out with AIS Resources. AIS can earn up to 75% through staged exploration expenditure of up to C$4 million over four years, while Riversgold remains free-carried to a decision to mine.
Saint John Project location, illustrating the prospect locations, figure extents and RGL rock chip sample locations.
Riversgold also received 2.86 million AIS shares upon signing, providing immediate exposure to exploration upside in the Canadian market while allowing the company to focus capital on its Australian portfolio.
Other project updates
- Tambourah Copper-Gold Project (WA): Follow-up drilling is being planned after fieldwork confirmed high-grade historical results up to 21.78% copper and 101 g/t gold.
- Wodgina East Iron Ore Project: Reconnaissance identified potential channel iron deposits adjacent to the Wodgina Lithium Mine, with rock chips up to 56.67% Fe.
- Onslow South Uranium Project: Located near Paladin Energy Ltd’s Manyingee and Cauldron Energy Ltd’s Bennet Well projects, the 324-square-kilometre licence area shows strong potential based on historical uranium intersections.
Tambourah Project illustrating the anomalous copper and gold sample locations. Five areas were visited during the field trip: Logans Find, Lone Star, Hawkstone, Shaw Mullock and Trafalgar.
Corporate and outlook
Riversgold completed a $1.8 million placement after the quarter to fund its exploration and development programs, including ongoing work at Northern Zone and Tambourah.
With drilling underway and a funding partner secured, the company said it is now well-positioned to accelerate progress across its gold and critical mineral portfolio heading into 2026.