Austin Metals (AYT) Q3 2026 earnings summary

Executive summary

• Advanced Phase 1 exploration at the Austin Gold Project, focusing on the Northern Zone with drone surveys, field mapping, rock chip sampling, and high-resolution magnetic surveys at key prospects including Brunswick Hill, Mt Sandy, and Golconda Well.

• Engaged PGN Geoscience for detailed litho-structural interpretation, integrating geophysical and remote sensing data to refine gold mineralisation targets.

• Identified multiple iron-rich BIF horizons, significant shear zones, and cross-cutting faults, leading to high-confidence drill targets for upcoming RC drilling in Q2 CY2026.

• Completed high-resolution magnetic survey over Old Granites and Four Shafts, enhancing understanding of historical gold prospects and supporting modern targeting.

• Early-stage copper-gold exploration continued at the Ashburton Project, with ongoing target generation and geological mapping.

Financial highlights

• Exploration expenditure for the quarter totaled $181,000.

• Payments to related parties during the quarter amounted to $63,000, covering director fees and consulting services.

• Net cash used in operating activities was $194,000 for the quarter and $481,000 for the nine months.

• Net cash used in investing activities was $188,000 for the quarter and $770,000 for the nine months.

• Proceeds from equity issues totaled $1,060,000 for the quarter, with net cash from financing activities at $981,000.

• Cash and cash equivalents at quarter end were $2,623,000.

Outlook and guidance

• RC drilling at priority targets in Brunswick Hill, Mt Sandy, and Golconda Well is planned for Q2 CY2026.

• Further rock chip sampling and structural mapping to refine drill targets and establish gold pathfinder vectors.

• Continued target generation and assessment of epithermal potential at the Ashburton Project.