New Risk • Mar 10
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$35m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$35m free cash flow). Shareholders have been substantially diluted in the past year (30% increase in shares outstanding). Revenue is less than US$1m. New Risk • Dec 02
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 30% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 9.2% per year over the past 5 years. Shareholders have been substantially diluted in the past year (30% increase in shares outstanding). Revenue is less than US$1m. Announcement • Oct 30
Gorilla Gold Mines Ltd has completed a Follow-on Equity Offering in the amount of AUD 31.7 million. Gorilla Gold Mines Ltd has completed a Follow-on Equity Offering in the amount of AUD 31.7 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 79,250,000
Price\Range: AUD 0.4
Discount Per Security: AUD 0.018
Transaction Features: Subsequent Direct Listing Announcement • Oct 22
Gorilla Gold Mines Ltd has filed a Follow-on Equity Offering in the amount of AUD 31.7 million. Gorilla Gold Mines Ltd has filed a Follow-on Equity Offering in the amount of AUD 31.7 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 79,250,000
Price\Range: AUD 0.4
Discount Per Security: AUD 0.018
Transaction Features: Subsequent Direct Listing Announcement • Oct 08
Gorilla Gold Mines Ltd, Annual General Meeting, Nov 28, 2025 Gorilla Gold Mines Ltd, Annual General Meeting, Nov 28, 2025. New Risk • Sep 25
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$21m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$21m free cash flow). Earnings have declined by 9.2% per year over the past 5 years. Shareholders have been substantially diluted in the past year (69% increase in shares outstanding). Revenue is less than US$1m (AU$578k revenue, or US$381k). Announcement • May 23
Gorilla Gold Mines Ltd (ASX:GG8) completed the acquisition of remaining 49% stake in Comet Vale Project from Sand Queen Gold Mines Pty Ltd. Gorilla Gold Mines Ltd (ASX:GG8) agreed to acquire remaining 49% stake in Comet Vale Project from Sand Queen Gold Mines Pty Ltd. for AUD 3 million on April 29, 2025. A cash consideration of AUD 3 million will be paid by Gorilla Gold Mines Ltd.
Gorilla Gold Mines Ltd (ASX:GG8) completed the acquisition of remaining 49% stake in Comet Vale Project from Sand Queen Gold Mines Pty Ltd. on May 23, 2025. Announcement • Apr 05
Gorilla Gold Mines Ltd Announces High-Grade Diamond Drilling Results at Mulwarrie Project Gorilla Gold Mines Ltd. announced further drilling results from Reverse Circulation (`RC') drilling at the Mulwarrie Project located 10km from the Davyhurst mill in the Eastern Goldfields. The main mineralisation at Mulwarrie was discovered in 2017, with modest open pit production occurring before then. Prior to this 2017 discovery the project had fractured ownership and after the discovery the project was tenure constrained and caught up in M&A activity. When Gorilla acquired this project in November 2024, it further consolidated tenure in the area to unlock growth opportunities for the project. A Mineral Resources Estimate (`MRE') of 78koz @ 2.8 g/t Au, exists at the project which Gorilla is aiming to increase in both the tonnes and grade. Mulwarrie lies within granted mining leases, is adjacent to the Riverina-Davyhurst haul road, in a region with multiple operational gold mills within a 100km radius of the Project area. At Mulwarrie, a major North-West fault system is developed in mafic and intermediate lithologies with mineralisation associated with this structural system and the development of quartz veining, pyrrhotite and pyrite sulphides and biotite alteration, often at the margins of intermediate porphyries. Drilling activities reported in this release are an update on the framework drilling from Gorilla's rapid resource growth campaign at Mulwarrie. Significant gold intercepts, have been received from this round of drilling extending mineralisation down plunge by a further 200m in MWEX016, and mineralisation in the northern part of the Mulwarrie system intercepted in MWEX007 some 50m down dip of previous drilling, which bodes well for extending mineralisation in this part of the system and potentially finding some higher grades up there. With the addition of the diamond rigs onsite, the geologists are able to get a better understanding of what the host rocks, alteration and mineralisation looks like at Mulwarrie, which will be invaluable moving forward. Gorilla has accelerated the initial framework drilling as the first phase of the rapid resource growth campaign utilising 1 RC rig and 2 Diamond drill rigs. Announcement • Mar 31
Gorilla Gold Mines Ltd has completed a Follow-on Equity Offering in the amount of AUD 25 million. Gorilla Gold Mines Ltd has completed a Follow-on Equity Offering in the amount of AUD 25 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 65,789,474
Price\Range: AUD 0.38
Discount Per Security: AUD 0.0171
Transaction Features: Subsequent Direct Listing Announcement • Mar 24
Gorilla Gold Mines Ltd has filed a Follow-on Equity Offering in the amount of AUD 25 million. Gorilla Gold Mines Ltd has filed a Follow-on Equity Offering in the amount of AUD 25 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 65,789,474
Price\Range: AUD 0.38
Discount Per Security: AUD 0.0171
Transaction Features: Subsequent Direct Listing New Risk • Mar 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 33% per year over the past 5 years. Shareholders have been substantially diluted in the past year (372% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Share price has been volatile over the past 3 months (12% average weekly change). Announcement • Feb 11
Gorilla Gold Mines Ltd has completed a Follow-on Equity Offering in the amount of AUD 19.5 million. Gorilla Gold Mines Ltd has completed a Follow-on Equity Offering in the amount of AUD 19.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 91,547,619
Price\Range: AUD 0.21
Discount Per Security: AUD 0.0126
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,309,524
Price\Range: AUD 0.21
Discount Per Security: AUD 0.0042
Transaction Features: Subsequent Direct Listing Announcement • Jan 15
Labyrinth Resources Limited Appoints Mr. Mark Rozlapa as Chief Financial Officer Labyrinth Resources Limited appointed Mr. Mark Rozlapa as Chief Financial Officer with immediate effect. Mr. Rozlapa is a qualified Chartered Accountant with over 20 years' experience, including more than 15 years for listed mining companies across the exploration, feasibility, construction and production phases. Mr. Rozlapa previously held senior finance roles across a broad range of commodities and jurisdictions including Sandfire Resources Limited, Ramelius Resources Limited and IGO Ltd. He has experience in project financing and the implementation of processes and systems to support resource growth and development strategies. Mr. Rozlapa holds Bachelor of Commerce and Bachelor of Law degrees from University of WA, commenced his career in professional practice at KPMG and is a member of the Chartered Accountants Australia and New Zealand. Announcement • Nov 27
Labyrinth Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 1.599499 million. Labyrinth Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 1.599499 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 528,166,195
Price\Range: AUD 0.003
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 5,000,000
Price\Range: AUD 0.003
Transaction Features: Regulation S; Rights Offering Announcement • Nov 20
Labyrinth Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 19.5 million. Labyrinth Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 19.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 91,547,619
Price\Range: AUD 0.21
Discount Per Security: AUD 0.0126
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,309,524
Price\Range: AUD 0.21
Discount Per Security: AUD 0.0042
Transaction Features: Subsequent Direct Listing Announcement • Nov 19
Labyrinth Resources Limited (ASX:LRL) agreed to acquire Admiral Gold Limited from Genesis Minerals Limited (ASX:GMD). Labyrinth Resources Limited (ASX:LRL) agreed to acquire Admiral Gold Limited from Genesis Minerals Limited (ASX:GMD) on November 18, 2024. The consideration consists of AUD 3.75 million based on 17.86 million common equity of Labyrinth Resources Limited to be issued for common equity of Admiral Gold Limited. Labyrinth Resources Limited will pay an earnout/contingent payment of AUD 1 million cash on the achievement of first commercial production from the Tenements. As part of consideration, AUD 4.75 million is paid towards common equity of Admiral Gold Limited.
The expected completion of the transaction is November 30, 2024. Announcement • Oct 04
Labyrinth Resources Limited, Annual General Meeting, Nov 28, 2024 Labyrinth Resources Limited, Annual General Meeting, Nov 28, 2024. New Risk • Oct 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (63% average weekly change). Earnings have declined by 41% per year over the past 5 years. Shareholders have been substantially diluted in the past year (223% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Market cap is less than US$100m (AU$65.2m market cap, or US$45.2m). New Risk • Sep 24
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 223% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (63% average weekly change). Earnings have declined by 41% per year over the past 5 years. Shareholders have been substantially diluted in the past year (223% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (AU$49.8m market cap, or US$34.1m). Announcement • Sep 23
Labyrinth Resources Limited (ASX:LRL) completed the acquisition of Distilled Analytics Pty Ltd for AUD 10.2 million. Labyrinth Resources Limited (ASX:LRL) agreed to acquire Distilled Analytics Pty Ltd for AUD 10.2 million on July 17, 2024. The consideration consists of 1.82 billion common equity of Labyrinth Resources Limited having a value of AUD 9.08 million to be issued for common equity and 220 million Vendor Performance Rights rights of Labyrinth Resources Limited having a value of AUD 1.1 million to be issued for common equity of Distilled Analytics Pty Ltd. The transaction will be financed form an equity raising of AUD 4 million. The transaction is subject to approval of offer by acquirer shareholders. The deal has been approved by the board of Labyrinth. The expected completion of the transaction is mid September. Sternship Advisers Pty Ltd. acted as financial advisor and Lavan Legal acted as legal advisor for Labyrinth Resources Limited.
Labyrinth Resources Limited (ASX:LRL) completed the acquisition of Distilled Analytics Pty Ltd on September 23, 2024. Kelvin Flynn appointed as non-executive director, Alex Hewlett appointed as non-executive director of Labyrinth Resources Limited. Charles Hughes joins Labyrinth Resources Limited as chief executive officer. Current chief executive officer Jennifer Neild to transition to chief development officer. The board of Labyrinth Resources Limited includes Dean Hely, Simon Lawson, Kelvin Flynn and Alex Hewlett. Announcement • Jul 18
Labyrinth Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 1.6 million. Labyrinth Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 1.6 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 533,333,333
Price\Range: AUD 0.003
Transaction Features: Subsequent Direct Listing Announcement • Jan 08
Carey Group Holdings Pty Ltd and Erasano DMCC has entered into a Sale and Purchase Agreement to acquire Labyrinth and Denain gold projects in the Abitibi region of Quebec, Canada from Labyrinth Resources Limited (ASX:LRL) for $3.7 million. Carey Group Holdings Pty Ltd and Erasano DMCC has entered into a Sale and Purchase Agreement to acquire Labyrinth and Denain gold projects in the Abitibi region of Quebec, Canada from Labyrinth Resources Limited (ASX:LRL) for $3.7 million on January 8, 2024. The consideration of $3.5 million cash payment to the company and payment by GPWA of a cash deposit of $0.175 million. Labyrinth obtaining all necessary regulatory and shareholder approvals. Announcement • Oct 05
Labyrinth Resources Limited, Annual General Meeting, Nov 27, 2023 Labyrinth Resources Limited, Annual General Meeting, Nov 27, 2023. Agenda: To consider the re-election of Directors. Announcement • Sep 21
Labyrinth Resources Limited Advises Stepping Up A "Back-To-Basics" Exploration Program At Its Comet Vale Gold Project in WA Labyrinth Resources Limited advised that it is stepping up a "back-to-basics" exploration program at its Comet Vale gold project in WA. The preliminary field work will follow up historical data which revealed the presence of pegmatites and indicators of lithium prospectivity and follow on from preliminary work done by Labyrinth (see LRL ASX announcement dated 15 December 2022). Nickel, copper and gold occurrences across the package are well documented, but the full potential has not been tested. As an exploration geoscientist, Chief Executive Officer, Jennifer Neild has seen the benefit of compiling for the Project: · non-digital drilling data · geophysical surveys · structural mapping and · soil/rock chip sampling. The methodology recently completed at Comet Vale has already highlighted several gold, nickel, copper and cobalt anomalies that needed boots on ground confirmation and have not been previously looked at by the Company. The review established that very limited drilling has been conducted below 50m and that the project area has been exposed to virtually no modern exploration techniques. The open pit and underground Resources at Comet Vale stand at 39,477oz at 3.3g/t and 56,233oz at 7.0g/t respectively (see LRL ASX announcement dated 11 April 2023). Labyrinth Chief Executive Jennifer Neild said: "There are numerous significant historical workings along well-established gold trends which extend for several kilometres. But theseworkings remain very poorly tested below surface which is likely the result of having too much choice. To the north, Ardea Resources (ASX:ARL) has focused on EIS holes on its Highway nickel release 21 August 2023). The same target stratigraphy exists at Comet Vale where elevated Ni, Co and Cu are common. Ardea also commissioned a CSA study which showed LCT prospectivity to the north and south of Comet Vale. In light of this immense potential, Labyrinth has started a program of reconnaissance field workto validate historic occurrences and confirm targets. Key outcomes include: Mapping geology including veins of pegmatitic material and locating historic references to dykes at gold prospects, Structural mapping, confirming fault orientations and timing relationships with gold bearing veins, Confirming Ni/Cr trends which help identify nickel sulphide prospectivity, Confirmation of historic drillholes not currently in database, Environmental monitoring and rehabilitation work, Delineating prospects of highest potential for future work. Board Change • Jul 14
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Chairman Dean Hely was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Nov 29
Labyrinth Resources Limited Announces Outstanding Metallurgical Results from Its Comprehensive Testwork Labyrinth Resources Limited announced outstanding metallurgical results from its comprehensive testwork which demonstrate a clear, efficient processing pathway for its 500,000oz Labyrinth gold project in Quebec, Canada. The results will help underpin optimisation studies across the Labyrinth Project, initial plant design costings and assessment of any third-party ore sales, toll treatment or concentrate sales. Labyrinth Chief Executive Matt Nixon said: "These are excellent metallurgical results demonstrating that can deliver 95.2% gold recoveries using a conventional gravity and flotation circuit. Details of Testwork: The project commenced in August 2022 with the submission of diamond core crushed residue composites to Base Metallurgical Laboratories Ltd. ("BaseLabs") in British Columbia, Canada. The metallurgical program was derived and managed by JT Metallurgical Services ("JTs") in Perth. The aims of the program were to define the key mineralogical characteristics of the likely mill feed to a future plant, undertake systematic tests reflective of likely flowsheets being gravity/cyanidation and gravity/flotation/cyanidation and conduct comprehensive assays and mineralogical analysis on the flotation concentrate and process streams for flowsheet optimisation and marketing purposes. BaseLabs were presented with a total of 35 diamond hole crushed residue composites totalling 17.55m @ 6.32g/t Au. These composites originated from a total of five diamond holes representing at least 80% of the known gold mineralisation of the Labyrinth project aiming to reflect the 7g/t Au resource feed grade. Five sub-composites were generated initially for assay prior to producing a single Master Composite which returned 5.60g/t Au and 1.7g/t Ag via BLEG assay (`Bulk Leach Extractable Grade). Feed Grades and Mineralogy: Initial BLEG testwork on the Master Composite returned a cyanide recovery of 97.1% Au and 99.7% Ag suggesting the ore is free milling. Trace Mineral Search (TMS) on the Master Composite post Heavy Liquid Separation (HLS) identified 33.7% of the gold being liberated with 52.7% associated with pyrite and 10.2% as multiphase (two or more minerals). 98.6% of the liberated gold by occurrence was less than 38 microns in size. Encouragingly, only 0.5% of the gold was associated with non-sulphide gangue, 100% of the observed gold was present as native gold and targeted pyrite particles were generally well liberated. Gravity/Leaching A 20kg homogenesis split of the Master Composite was ground to P80 300micron then passed through a 3" Knelson concentrator resulting in a 0.5% mass pull concentrate grading 170g/t Au and 15.6% recovery. The recalculated feed grade of 5.73g/t aligned well with the 5.60g/t BLEG grade. The Knelson concentrate was then leached at intensive conditions replicating either an ILR or Acacia returning a 92.2% gold recovery or 14.4% overall recovery to doré. This relatively low gravity recovery to dor is likely due to the ultrafine gold grain nature of the ore observed in the TMS. 1kg representative splits of the gravity tails containing 85.6% of the gold were reground to P80 75, 106 and 125µm for cyanidation testwork. Leach conditions are considered reflective of typical CIP/CIL plants in the area. Complete gold dissolution was achieved within 24 hours with the highest overall recovery being 87.2% at P80 75µm. This recovery was lower than the initial BLEG results indicating additional liberation was required. Low cyanide and lime consumptions reflect the absence of common deleterious elements and indicates the dominant sulphide, pyrite is relatively inert. There was no evidence of preg-robbing or preg-borrowing from the dissolution curves. Flotation Grind sensitivity rougher flotation tests were conducted on 2kg gravity tail splits at conditions conducive for sulphide and free gold recovery with the aim to generate a low mass pull, high grade concentrate for downstream analysis. Commonly applied PAX (100g/t), CuSO4 (100g/t) and MIBC Frother (28g/t) were dosed at natural pH generating five concentrates and a tail to observe gold, silver and sulphur flotation kinetics over 7.5 min float time. Announcement • Nov 24
Labyrinth Resources Limited Announces Outstanding Metallurgical Results Labyrinth Resources Limited announced outstanding metallurgical results from its comprehensive testwork which demonstrate a clear, efficient processing pathway for its 500,000oz Labyrinth gold project in Quebec, Canada. The results will help underpin optimisation studies across the Labyrinth Project, initial plant design costings and assessment of any third-party ore sales, toll treatment or concentrate sales. The project commenced in August 2022 with the submission of diamond core crushed residue composites to Base Metallurgical Laboratories Ltd. (BaseLabs) in British Columbia, Canada. The metallurgical program was derived and managed by JT Metallurgical Services (JTs) in Perth. The aims of the program were to define the key mineralogical characteristics of the likely mill feed to a future plant, undertake systematic tests reflective of likely flowsheets being gravity/cyanidation and gravity/flotation/cyanidation and conduct comprehensive assays and mineralogical analysis on the flotation concentrate and process streams for flowsheet optimisation and marketing purposes. BaseLabs were presented with a total of 35 diamond hole crushed residue composites totaling 17.55m @ 6.32g/t Au. These composites originated from a total of five diamond holes representing at least 80% of the known gold mineralisation of the Labyrinth project aiming to reflect the 7g/t Au resource feed grade. Five sub-composites were generated initially for assay prior to producing a single Master Composite which returned 5.60g/t Au and 1.7g/t Ag via BLEG assay (Bulk Leach Extractable Grade). Key analytes of the five sub-composites and one Master composite. Initial BLEG testwork on the Master Composite returned a cyanide recovery of 97.1% Au and 99.7% Ag suggesting the ore is free milling. Trace Mineral Search (TMS) on the Master Composite post Heavy Liquid Separation (HLS) identified 33.7% of the gold being liberated with 52.7% associated with pyrite and 10.2% as multiphase (two or more minerals). 98.6% of the liberated gold by occurrence was less than 38 microns in size. Encouragingly, only 0.5% of the gold was associated with non-sulphide gangue, 100% of the observed gold was present as native gold and targeted pyrite particles were generally well liberated. A 20kg homogenesis split of the Master Composite was ground to P80 300micron then passed through a 3" Knelson concentrator resulting in a 0.5% mass pull concentrate grading 170g/t Au and 15.6% recovery. The recalculated feed grade of 5.73g/t aligned well with the 5.60g/t BLEG grade. The Knelson concentrate was then leached at intensive conditions replicating either an ILR or Acacia returning a 92.2% gold recovery or 14.4% overall recovery to doré. This relatively low gravity recovery to dor is likely due to the ultrafine gold grain nature of the ore observed in the TMS. 1kg representative splits of the gravity tails containing 85.6% of the gold were reground to P80 75, 106 and 125µm for cyanidation testwork (Table 2). Leach conditions are considered reflective of typical CIP/CIL plants in the area. Complete gold dissolution was achieved within 24 hours with the higher overall recovery being 87.2% at P80 75µm. This recovery was lower than the initial BLEG results indicating additional liberation was required. Low cyanide and lime consumptions reflect the absence of common deleterious elements and indicates the dominant sulphide, pyrite is relatively inert. There was no evidence of preg-robbing or preg-borrowing from the dissolution curves. Grind sensitivity rougher flotation tests were conducted on 2kg gravity tail splits at conditions conducive for sulphide and free gold recovery with the aim to generate a low mass pull, high grade concentrate for downstream analysis. Commonly applied PAX (100g/t), CuSO4 (100g/t) and MIBC Frother (28g/t) were dosed at natural pH generating five concentrates and a tail to observe gold, silver and sulphur flotation kinetics over 7.5 min float time. Mass pull decreased with grind size with a corresponding improvement in concentrate grade due to improved liberation. Gold and sulphur recoveries are considered high for all three tests suggesting the chosen flotation regime is suitable for this mineralisation. A 1kg open circuit cleaner test was conducted to reduce mass pull and increase concentrate grade as illustrated. A rougher grind size of P80 106µm was chosen though it's likely the grind size could be coarsened in future studies to reduce capital footprint and operating cost. The same rougher conditions were applied followed by a P80 15µm rougher concentrate regrind then a staged 6.5min cleaner where an additional 5g/t PAX and 14g/t MIBC was added. Four concentrates were generated resulting in a combined mass pull of 7.3%, concentrate grade of 61.3g/t Au at an open circuit staged recovery of 94.4%. Based on these encouraging results, a 12.5kg bulk cleaner test was conducted aiming to produce a single combined cleaner concentrate. As presented in Table 4, both cleaner concentrate grade and open circuit recovery improved significantly with a larger float cell being employed, and changes to reagent addition, pull times and agitator speeds. The combined cleaner concentrate, cleaner tail and rougher tail samples were assayed and submitted for QEMScan mineralogical analysis (Table 5). The cleaner concentrate containing 89.4g/t Au and 27g/t Ag was dominated by pyrite (62.4%) with pyrite accounting for 98.7% of all sulphur. The presence of 6.83% quartz and 7.82% chlorite suggests further grade improvements are likely through optimisation, namely reducing non-sulphide gangue entrainment. Photomicrographs presented in Figure 6 confirm the dominance of well liberated pyrite and trace chalcopyrite. No visible gold was recorded in the concentrate reducing possible sampling bias if concentrate is to be treated offsite or sold. Two representative sub-splits of the cleaner concentrate were subject to cyanidation leach tests with and without additional regrind to determine the overall recovery to doré via the employment of a gravity/float/con leach circuit. Staged gold extraction increased from 93.0% to 97.5% via regrinding the cleaner concentrate from P80 36µm to P80 13µm. When reground, the cyanide and lime consumption was 5.1kg/t and 2.7kg/t respectively, which equates to a very low 0.25kg/t and 0.13kg/t whole of ore respectively. It is likely that further improvements in dissolution rates and reagent consumptions are likely through pre-oxygenating the slurry prior to leaching. Due to the low flotation mass pull, the capital footprint of the UFG/Leach circuit will be relatively small. Gravity followed by flotation returned the high gold recovery of 97.3% with the concentrate either sold or processed offsite by a third party. Alternatively, through the installation of an Ultra-Fine Grinding (UFG) and Leach circuit, 95.2% of the gold could be recovered and realised as bullion onsite. Announcement • Oct 20
Labyrinth Resources Ordinary Shares to Be Deleted from OTC Equity Labyrinth Resources Limited Ordinary Shares will be deleted from OTC Equity effective from October 20, 2022, due to Inactive Security. Announcement • Oct 11
Labyrinth Resources Limited, Annual General Meeting, Nov 29, 2022 Labyrinth Resources Limited, Annual General Meeting, Nov 29, 2022. Agenda: To consider re-election of Directors. Announcement • Sep 27
Labyrinth Resources Limited Announces Maiden Mineral Resource Estimate Labyrinth Resources Limited announced an initial Inferred Mineral Resource of 3 Mt @ 5.0 g/t Au for 500,000 oz at its Labyrinth Gold Project in Quebec, Canada. The Mineral Resource was prepared by a Competent Person and classified and reported in accordance with the JORC Code (2012). The Labyrinth project is situated within the prolific Abitibi Greenstone Belt and has been historically mined, most recently in the 1980s. The Company rapidly progressed ~7,800 m of underground and surface diamond drilling to facilitate the conversion of the Project's foreign estimate (reported under NI 43-101 in 2010) into a Mineral Resource reported in accordance with the JORC Code (2012). The Inferred Mineral Resource includes mineralisation within five lodes: Boucher, McDowell, Talus, Shaft and Front West. In addition to the known mineralisation, there is also immense potential to grow the Mineral Resource given that the key lodes remain open along strike and at depth. Several of the recently reported high-grade results from the surface drilling campaign fall outside of the Inferred Mineral Resource reported here, due to the drill spacing, indicating the immediate potential for scale increases following infill and step-out drilling. The model comprises four lodes within the Main-lode system of the historical mine. The Main-lode model extends 1.7 km along a strike of 080 and dips ~60° to the south. The less-explored Boucher lode system is situated to the north of the Main-lode and was modelled separately. The Boucher lode consists of several parallel mineralised veins with a strike of 060 and dipping ~65° towards the southeast. The Boucher system was modelled over 1 km of strike. Veins within the Boucher lode exhibit higher grades overall than the Main-lode structures. Metallurgical Test Work: Recent preliminary metallurgical testing has returned exceptionally high recoveries from Bulk Leach Extractable Gold (BLEG). The test work was based on 35 mineralised samples, composited into a master 40 kg bulk sample, collected from recent diamond drilling at Labyrinth. The samples were collected from five holes. Samples were processed at Base Metallurgical Laboratories (Baselab) and managed by JT Metallurgical Services. Processing to date has involved communition and gold extraction by conventional gravity and cyanide leach gold recovery and by bulk leach extraction. BLEG is a cyanide-based partial leach procedure carried out on large samples to assess the absolute highest recovery possible via cyanidation. A 1 kg composite ground to P80 <20 µm returned a BLEG recovery of 97.1%. This illustrates the gold is not refractory and supports the potential of leaching a flotation concentrate onsite. Initial tests on a 20 kg sample of the master composite by gravity concentration followed by intensive leach demonstrated gold recovery of 92.2% for the Knelson concentrate. The Baselab team is now proceeding with additional leach tests and rougher flotation tests on the gravity tail. Announcement • Aug 31
Black Mountain Gold Limited completed the acquisition of remaining 50% stake in Penny's Find Gold Mine from Labyrinth Resources Limited. Black Mountain Gold Limited entered into a binding sale agreement to acquire remaining 50% stake in Penny's Find Gold Mine from Labyrinth Resources Limited (ASX:LRL) for AUD 1.25 million on December 20, 2021. As per the transaction, Black Mountain Gold Limited will pay cash consideration of AUD 0.5 million, issue AUD 0.25 million worth of fully paid ordinary shares which will be escrowed for 6 months and will assume 100% of all future deferred payments currently estimated at AUD 0.5 million. The transaction is subject to regulatory approvals and is expected to close in the March Quarter 2022.
Black Mountain Gold Limited completed the acquisition of remaining 50% stake in Penny's Find Gold Mine from Labyrinth Resources Limited on August 30, 2022. All conditions precedent have now been completed. Announcement • Aug 24
Labyrinth Resources Limited Announces Drilling Results of the Known Mineralisation at its Labyrinth Gold Project Labyrinth Resources Limited announced more strong drilling results which continue to extend the parameters of the known mineralisation at its Labyrinth Gold Project in Quebec, Canada. The results represent the final assays from the recently-completed surface drilling program which has expanded the known mineralisation down dip by up to 390m to 690m along 900m of the known 1.6km strike length. The very high-grade nature of the results is demonstrated by assays such as 44.12g/t in LABS-22-01A, 20.53g/t in LABS-22-02 and 7.9g/t in LABS-22-04. Delivery of the maiden JORC Resource remains on track for release in September, 2022. However, the results of the surface drilling program will be included in a subsequent Resource update, paving the way for ongoing inventory growth. In addition to these latest results, the Company continues to review historical data and has identified drilling results not included in the current geological database. The shallow results from less than 100m below surface indicate a strike extension of the McDowell lode of more than 700m, taking the total strike to over 2.3km. This remains open in all directions. The historical results, which sit more than 1,100m east of the portal, provide drilling targets for inclusion in the broader regional exploration plan at Labyrinth. Labyrinth Exploration Update: The maiden surface diamond drilling program at Labyrinth Gold Project comprised four holes seeking to demonstrate mineralisation continuity down-dip of the known resource to depths of up to 700m and one hole targeting orientation definition of the relatively under-defined Front-West lode. All four holes successfully intersected Labyrinth style mineralisation at down-dip projections of the currently modelled Boucher, Talus, McDowell and Front-West lodes, as well as multiple results from previously unmodelled zones. The overall outcome of down-dip extensions between 125m and 390m across 900m of strike collectively for all lodes is an excellent result for the first surface exploration program, demonstrating potential for substantial gold resource growth with future drilling phases for which planning is underway. Highlight results delivered from the 3,135m of drilling continued to demonstrate the high-grade nature of the Labyrinth deposit, including: 2.2m @ 10.67g/t from 143.5m including: 0.5m @ 44.12g/t as well as 1.0m @ 7.43g/t from 147.8m. These results are 125m below the currently modelled Front-West lode and importantly exist within a broader mineralised interval of 8.1m @ 4.05g/t from 143.5m in LABS-22-01A; 1.4m @ 13.32g/t from 652.3m including 0.9m @ 20.53g/t in LABS-22-02 375m down plunge of the currently modelled Boucher lode; 2.9m @ 5.63g/t from 600.1m in LABS-22-04 including 0.9m @ 7.9g/t, extending the McDowell lode 390m down-dip and 370m along strike. Hole LABS-22-05 intersected a large felsic porphyry unit in which it remained until end of hole at 221m, indicating consistent east-west orientation of the North-West lode in the vicinity of the significant LABS-22-01A intercept. In parallel with the surface exploration drilling, the Company continues to diligently interrogate historical geological data of the Labyrinth Gold Project and has successfully identified multiple results from historical drilling conducted 1.1km to the east of the current underground mine portal. These results of up to 3.11g/t in KG72-2 are to a maximum depth of 80m and were not present in the geological database. They demonstrate a significant strike extension to the McDowell lode of up to 740m, producing a potential overall strike length in excess of 2.3km and importantly remaining within Labyrinth's tenure. The area of the historical drilling results is extremely underexplored and provides Labyrinth with further future regional exploration and gold Resource inventory growth opportunities. About Labyrinth Gold Project: The high-grade Labyrinth Gold Project is located in the prolific Abitibi Greenstone Belt and was last mined in the early 1980s, when production stopped amid the depressed gold price. Very limited exploration has been conducted on the project since, however the underground mine remains dry, ventilated and accessible and includes five main levels of ore drive development to a depth of approximately 130m below surface, giving the Company a genuine point of difference compared to its gold exploration peers. The host rocks exist within a 600m thick differentiated sill that grades from gabbro through to felsic porphyry with the mineralisation predominantly hosted in the diorite. The mineralisation at Labyrinth is hosted within east-west trending quartz veins that can be traced for at least 1.6km along strike and run parallel with the trend of the lithology. The quartz veins show lamination and host sulphides that are associated with the mineralising event. The Labyrinth Gold Project possesses an existing non-JORC-compliant historic NI43-101 resource of 2.1Mt at 7.1g/t for 479,000oz of gold, including 570,300t at 6.52g/t for 119,500oz in the Measured & Indicated category. Announcement • Aug 12
Labyrinth Resources Limited Announces That Assays Received for the First Three Holes of the Maiden Surface Exploration Program At Its Flagship Labyrinth Gold Project in Quebec, Canada Labyrinth Resources Limited announced that assays received for the first three holes of the maiden surface exploration program at its flagship Labyrinth Gold Project in Quebec, Canada contain high-grade results which extend the mineralization significantly. Highlights include 20.53g/t in LABS-22-02, which extends the Boucher lode by a significant 375m down- dip. This follows the previously reported result of 44.12g/t in LABS-22-01, which was 125m down dip of the currently defined Front-West lode. Drilling of phase one is now successfully complete, with 3,135m drilled across 5 holes in just 44 days, under budget and with no safety incidents. Assays are pending for LABS-22-04 and LABS-22-05. Quartz and pyritic mineralisation characteristic to Labyrinth has been observed across multiple lodes, with results confirming the mineralisation extends up to 375m down dip and to a depth of ~550m below surface, remaining open at depth and along strike. Labyrinth is on track to publish its maiden JORC Resource next month. These latest assays and those pending will form part of a subsequent Resource update. The maiden surface diamond drilling program at Labyrinth Gold Project commenced in late June 2022 and consisted of 3,135 across 5 holes targeting extension of the known resource mineralisation to depths of up to ~700m across ~1.2km of the currently defined 1.6km in strike. The drilling successfully intersected visual Labyrinth style mineralisation at down-dip projections of the currently modelled Boucher, Talus, McDowell and Front-West lodes, with the deepest hole drilled at the project to date (LABS-22-03) confirming mineralisation continuity to 791m down-hole and pleasingly also delivering an intercept in a previously unmodelled zone of 2m @ 2.21g/t including 0.5m @ 7.51g/t for future follow-up drill targeting. Historical drilling assays and development face sample results combined with outcomes received from Labyrinth's 2022 maiden underground and surface drilling programs confirm strong high-grade continuity of the primary mine-sequence lodes that will be quantified in the upcoming maiden JORC mineral resource estimate. Diamond drill hole LABS-22-03 is situated in the central corridor of the Labyrinth deposit and is collared 260m to the south of the current known mineralisation. It is designed to pass through all known mineralisation trends as close to true width as possible and is targeting down dip extensions to the lodes and the eastern end of the current mine footprint. Front-West lode mineralisation in LABS-22-03 consists of weak irregular quartz veining with minor associated pyrite at 119m downhole. The host lithology is felsic porphyry that has chlorite alteration. At 319m downhole within the targeted McDowell corridor a 2m zone of strong quartz veining with carbonate and pyrite presence was intersected. The vein is hosted in dolerite with strong magnetite and weak leucoxene alteration surrounding it. At the Talus target depth of 370m, dolerite with strong leucoxene and sericite alteration was intercepted over a distance of 21m with multiple quartz veins of up to 1m. Pyrite percentages within the quartz veins and surrounding dolerite were up to 80% with the overall intercept averaging 30%. Between Talus and Boucher target depths, multiple zones of quartz veining with associated leucoxene alteration were intersected within the gabbro. The strongest zone was intersected at 628m where multiple quartz-carbonate veins with sulphide laminations and carbonate alteration to the host rock were intersected over a distance of 3m. At the Boucher target depth of 790m, the zone was intersected where gabbro graded back into dolerite before grading back to gabbro. Alteration consisted of weak sericite with quartz veining and minor pyrite along with intense shearing as is typical with the Boucher structure. Diamond drill hole LABS-22-04 is situated in the central corridor of the Labyrinth deposit and is collared 260m to the south of the current known mineralisation. It is designed to pass through the McDowell lode to the east of the mine portal at an intersection angle of 45 degrees to the mineralisation. The hole passed through a series of dolerites for the first 180m with minor zones of pyrite and sericite alteration before intersecting a large felsic porphyry to 425m downhole. It then intersected the dolerite unit that hosts the McDowell and Talus structures and hit the McDowell structure at 601m which extended for 10m with strong quartz veining, pyrite veinlets and leucoxene alteration. Diamond drill hole LABS-22-05 is collared from the same site has hole LABS-22-01-03 and is designed tofollow up the Front-West result from hole LABS-22-01A. At 38m downhole the hole intersected sheared quartz veining with weak carbonate alteration and pyrite hosted in dolerite. The hole then intersected a large felsic porphyry unit and remained in that until end of hole at 221m. Announcement • Jul 25
Labyrinth Resources Limited Announces First Hole of the 3,000M Maiden Surface Exploration Program At Its Labyrinth Gold Project in Quebec, Canada Labyrinth Resources Limited announced that the first hole of the 3,000m maiden surface exploration program at its Labyrinth Gold Project in Quebec, Canada has delivered a high-grade result grading up to 44g/t from significant 125m down dip of the currently defined Front-West lode. Assays are pending for the remainder of hole LABS-22-01A and for all of LABS-22-02, with drilling of LABS- 22-03 underway. Quartz and pyritic mineralisation characteristic to Labyrinth has been observed across multiple lodes, indicating the mineralisation extends up to ~375m down plunge and to a depth of ~550m below surface. The maiden surface diamond drilling program at Labyrinth Gold Project commenced in late June 2022 and consists of approximately 3,000m across 5 holes targeting extension of the known resource mineralisation to depths of up to ~700m across ~1.2km of the currently defined 1.6km in strike. Holes LABS-22-01A and LABS-22-02 have been completed for a total of 1,367m, successfully intersecting visual Labyrinth style mineralisation at down-dip projections of the currently modelled Boucher, Talus, McDowell and Front-West lodes. A strong ongoing relationship with the nearby laboratory continues to facilitate expedited assay turnaround times, with partial assays for LABS-22-01A received and producing an excellent high-grade intercept of the Front-West lode of 2.2m @ 10.67g/t from 143.5m including 0.5m @ 44.12g/t as well as 1.0m @ 7.43g/t from 147.8m. These intercepts are 125m below the currently modelled Front-West lode and pleasingly exist within a broader mineralised interval of 8.1m @ 4.05g/t from 143.5m. Announcement • Jun 07
Labyrinth Resources Announces More High-Grade Assays Which Further Underpin the Upcoming Conversion of the 479,000Oz Foreign Estimate to Maiden JORC Resource at its Labyrinth Gold Project in Quebec, Canada Labyrinth Resources announced more high-grade assays which further underpin the upcoming conversion of the 479,000oz foreign estimate to a maiden JORC Resource at its Labyrinth Gold Project in Quebec, Canada. At Labyrinth's Denain Prospect in Quebec, Canada, final assays have been received which continue to reveal shallow gold with discrete high-grade intersections on both the North and South veins that outcrop on the property. The maiden underground diamond drilling program at Labyrinth Gold Project consists of 5,000m across 17 holes targeting the known resource mineralisation over a strike of 500m and to a depth of 450m below surface, to enable conversion of the NI43-101 Resource compiled in 2010 to JORC classification. Results have been received for holes LABU-22-08 through to LABU-22-14, with assays pending for LABU- 22-15 through to LABU-22-17. The results continue to support the presence of high-grade gold in discrete veins existing with broader intervals of pervasive mineralisation across a significant strike of 1.6km. Importantly, results have aligned with, or improved on, the grade distribution indicated by historical data that was used to generate the foreign resource estimate. Recent drilling targeting McDowell and Front-West confirm evident strike extension of these veins and provide readily accessible ore drive expansions from the existing underground mine, whilst LABU-22-09 also intercepted Boucher to the north-east outside of the currently modelled lode, all of which can be captured in the upcoming maiden JORC estimate, The final holes of the maiden drilling campaign, for which assays are pending, targeted the deepest extent of Boucher accessible from the existing underground workings to a depth of 450m and demonstrated considerable shear zone width with significant fine pyrite and mineralised brecciated quartz veins. A full table of material results can be found in Schedule 1. All outstanding assays have now been received from the maiden surface diamond drilling program at the Denain gold prospect, which was a 4,018m campaign of 22 holes that ensured Labyrinth importantly delivered the agreed exploration expenditure of CAD 1.085 million to satisfy the flow- through commitment incurred by previous owners G.E.T.T Gold. The recent results confirm the presence of prospective high-grade, shallow gold mineralisation commencing at surface outcrops at the property, which is well located at the eastern end of the renowned Cadillac - Larder Lake Fault, including a South Vein intercept of 1.88m @ 4.06g/t from 230m with 0.4m @ 14.9g/t in DENS-22-20. The Company is now able to conduct a full technical assessment of the presenting complex mineralogical system, likely attributable to the influence of late-stage faulting associated with the Grenville Front. Mineralisation appears to occur in all rock types at the prospect with the Quartz Porphyry/Agglomerate contact seeming most favourable. As this contact is irregular in nature it requires further work to identify the areas that are most conducive to hosting high grade gold and this will drive subsequent strategy on further exploration. Announcement • Jun 01
Labyrinth Resources Limited Announces Maiden Underground Drilling Program At Labyrinth Labyrinth Resources Limited announced that the maiden underground diamond drilling program at its Labyrinth Gold Project in Canada continues to return highly encouraging mineralised intercepts of modelled targets based on visual inspection of the core. The maiden underground diamond drilling program at Labyrinth Gold Project consists of ~5,000m across 17 holes targeting the known resource to enable conversion of the NI43-101 Resource compiled in 2010 to JORC classification. The drilling has progressed well since commencing in mid-February, with sixteen holes now completed for4,389.5m and producing successful intercepts of multiple modelled gold lodes, as well as indicating potential to immediately extend the strike of the McDowell, Talus and Front West lodes. The resulting core has presented strongly sheared and silicified packages with multiple stages of veining evident, with both discrete veining with fine pyrite and wider pervasive mineralisation containing prevalent sulphides at the margins, particularly inBoucher which has produced a significant visual interval interpretation of 16m in LABU- 22-14. Preparations are well advanced for the commencement of a surface diamond drilling campaign immediately following completion of the underground program. The program will consist of ~3,000m across 5 holes covering over 1km in strike of the Labyrinth gold deposit and will be targeting the extension of the known resource to the significant depth of ~700m below surface. Board Change • Apr 27
High number of new and inexperienced directors There are 3 new directors who have joined the board in the last 3 years. The company's board is composed of: 3 new directors. 2 experienced directors. No highly experienced directors. Independent Non-Executive Chairman Dean Hely is the most experienced director on the board, commencing their role in 2019. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 26
Labyrinth Resources Limited Announces High Grade Results Received At Labyrinth Gold Project Labyrinth Resources announced strong first assays from drilling at its Labyrinth Gold Project in Quebec, Canada. The results, which come from the first seven holes of the maiden underground diamond drilling program, confirm the presence of significant broad widths of mineralisation supported by discrete high-grade veining in the targeted Boucher lode. These assays are an outstanding start to maiden drilling program. They are entirely consistent with strategy to convert the existing 479,000oz foreign resource to a JORC estimate this year. The maiden underground diamond drilling program at Labyrinth Gold Project consists of ~5,000m across 20 holes targeting the known resource mineralisation over a strike o 400m and to a depth of 400m below surface, with 15 holes focussed on the highly prospective Boucher lode, to enable conversion of the NI43-101 Resource compiled in 2010 to JORC classification. Results have been received for holes LABU-22-01 through to LABU-22-07, with assays pending for LABU-22-08 through to LABU-22-10 and drilling ongoing. The initial results from the first seven holes drilled confirm the Boucher presence associated with the Labyrinthe Fault and pleasingly support the grade distribution indicated by historical data that was used to generate the foreign resource estimate. Announcement • Feb 16
Labyrinth Resources Limited Announces Drilling Underway at Labyrinth Gold Project Labyrinth Resources Limited announced that drilling has commenced at its 100% owned Labyrinth Gold Project in Quebec, Canada. The initial 5,000m diamond drilling program, which will be conducted from underground for greater efficiency and accuracy, is aimed at converting the existing non-JORC-compliant NI43-101 resource of 2.1Mt at 7.1g/t for 479,000oz of gold, including 570,000t at 6.52g/t for 120,000oz1 in the Indicated category, to JORC status. The high-grade Labyrinth project is located in the prolific Abitibi Greenstone Belt and was last mined in the early 1980s, when production stopped amid the depressed gold price. Very limited exploration has been conducted on the project since, however the underground mine remains accessible and includes five main levels of ore drive development to a depth of approximately 130m below surface. Board Change • Jan 01
High number of new and inexperienced directors There are 3 new directors who have joined the board in the last 3 years. The company's board is composed of: 3 new directors. 2 experienced directors. No highly experienced directors. Independent Non-Executive Chairman Dean Hely is the most experienced director on the board, commencing their role in 2019. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Announcement • Dec 20
Black Mountain Gold Limited entered into a binding sale agreement to acquire remaining 50% stake in Penny's Find Gold Mine from Labyrinth Resources Limited (ASX:LRL) for AUD 1.25 million. Black Mountain Gold Limited entered into a binding sale agreement to acquire remaining 50% stake in Penny's Find Gold Mine from Labyrinth Resources Limited (ASX:LRL) for AUD 1.25 million on December 20, 2021. As per the transaction, Black Mountain Gold Limited will pay cash consideration of AUD 0.5 million, issue AUD 0.25 million worth of fully paid ordinary shares which will be escrowed for 6 months and will assume 100% of all future deferred payments currently estimated at AUD 0.5 million. The transaction is subject to regulatory approvals and is expected to close in the March Quarter 2022. Board Change • Dec 01
High number of new and inexperienced directors There are 3 new directors who have joined the board in the last 3 years. The company's board is composed of: 3 new directors. 2 experienced directors. No highly experienced directors. Independent Non-Executive Chairman Dean Hely is the most experienced director on the board, commencing their role in 2021. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Announcement • Nov 29
Labyrinth Resources Limited Announces Some Outstanding Initial Results from the Maiden Diamond Drilling Program At the High-Grade Denain Gold Project Labyrinth Resources Limited announced some outstanding initial results from the maiden diamond drilling program at the high-grade Denain Gold Project (`Denain'). Intersections indicate a potentially much wider zone of pervasive mineralisation than current historical interpretations of the individual North and South veins. Further, these intersections also include a visible gold intercept at a depth of only 23.04m in the 360m hole 21_02, occurring within a wider silicified division. Following the successful completion of the initial ~1,200m diamond drill program expected in late November 2021, the Company will immediately initiate a second phase of exploration at Denain of ~3,400m expected to commence in the first week of December 2021. This second phase comprises a further 15 holes that intend to test the vertical and strike extensions of the North and South veins, as well as follow up intersections of previously undefined new mineralisation identified in the current exploration program. The Company has also completed a structured channel sample program in which 8 additional samples were taken from the surface outcrops of the North and South veins to follow up the 33.2g/t result received from a 4.5kg rock chip sample of the North vein. These samples, along with an initial batch of diamond drill core samples, have been received at the ALS laboratory in nearby Val d'Or and Labyrinth looks forward to providing updates on these results and further drilling progress as they become available. At the Labyrinthe Gold Project (`Labyrinthe GP'), the Company has engaged multiple contractors and consultants to ready the existing underground mine and associated surface infrastructure to a stage of operational readiness for commencement of the maidenunderground diamond drilling program, already permitted and expected to commence in January 2022. This exploration program will target the previously under-explored but highly prospective Boucher lodes that are located into the footwall of the existing historical underground mine and exist within the Labyrinthe fault system, as well as further define and expand on the known resource of the McDowell, Talus, Shaft and Front-West lodes. A full survey scan of the existing underground workings has been completed in November utilizing drone technology to provide a clear understanding of voids and remnant stopping opportunities. Critical ventilation, electrical and compressed natural gas underground heating assessments have been conducted by external expert consultants, with preliminary reports indicating all infrastructure remains in sound working order and will ensure exploration activities can be conducted throughout the winter season. Road maintenance and snow-ploughing equipment has been procured to support the safe and efficient operational activities at Labyrinthe GP and the Company looks forward to working with renowned in-country geological services provider GoldMinds Geoservices to engage an underground diamond drilling contractor in December for the 2022 exploration program. Executive Departure • Jun 15
Non-Executive Director Wayne McGrath has left the company On the 9th of June, Wayne McGrath's tenure as Non-Executive Director ended after 1.1 years in the role. As of March 2021, Wayne still personally held 6.67m shares (AU$233k worth at the time). A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 3.33 years. Recent Insider Transactions • Mar 27
Insider recently sold AU$435k worth of stock On the 23rd of March, Daryl Henthorn sold around 15m shares on-market at roughly AU$0.029 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of AU$430k more than they bought in the last 12 months. Announcement • Jan 04
Orminex Limited Appoints Matthew Nixon as Chief Operating Officer, Effective 8 February 2021 Orminex Limited announced that Mr. Matthew Nixon has accepted the role of Chief Operating Officer with the Company and will commence on 8 February 2021. Mr. Nixon is a qualified mining engineer with more than 12 years of experience in successful underground and open pit operations working for both mining contractor and mine owner companies across gold and other commodities. Most recently Mr. Nixon worked as the Mining Manager at Northern Star Resources Jundee Operations. He has also held operational and senior positions with St Barbara Ltd. and Redpath Australia. Announcement • Dec 02
Orminex Limited Enters Development Joint Venture for Penny's Find Underground Gold Project Orminex Limited announced the execution of a binding joint venture term sheet for the sale of 50% of the Penny's Find Gold Mine to Black Mountain Gold Limited, a wholly owned subsidiary of Horizon Minerals Limited. The Company acquired Penny's Find in 2019 from Empire Resources Ltd. for staged cash payments totaling AUD 600,000 and a net smelter royalty of 5% payable on the first 50,000 ounces produced from M27/156 and thereafter a 2.5% net smelter royalty for the life of mine. Announcement • Dec 01
Black Mountain Gold Limited entered into a binding joint venture term sheet to acquire 50% stake in Penny's Find Gold Mine from Orminex Limited (ASX:ONX) for AUD 1.5 million. Black Mountain Gold Limited entered into a binding joint venture term sheet to acquire 50% stake in Penny's Find Gold Mine from Orminex Limited (ASX:ONX) for AUD 1.5 million on November 30, 2020. Under the terms, Orminex Limited agreed to sell 50% of its right, title and interest in Penny's Find Gold Mine and associated miscellaneous and general purpose leases including all related mining information. Acquisition and development work was funded from existing cash reserves of Horizon's amounting to AUD 15 million. On completion of the contracted toll milling in 2021 and 2022, Horizon Minerals Limited will have the exclusive right to acquire the remaining 50% in Penny's Find Gold Mine. Technical and management team at Horizon will work together with Orminex Limited. The transaction is subject to (i) all necessary approvals being obtained and final documentation, (ii) consent of the Minister required under the Mining Act for the transfer of 50% of the tenements having been obtained and (iii) the execution of any third party agreements required. The transaction is expected to complete in the current December Quarter 2020. Announcement • Sep 27
Orminex Limited Auditor Raises 'Going Concern' Doubt Orminex Limited filed its Annual on Sep 25, 2020 for the period ending Jun 30, 2020. In this report its auditor, Moore Stephens, gave an unqualified opinion expressing doubt that the company can continue as a going concern. Reported Earnings • Sep 26
Full year earnings released - AU$0.0011 loss per share Over the last 12 months the company has reported total losses of AU$617.4k, with losses narrowing by 16% from the prior year. Announcement • Aug 19
Orminex Limited (ASX:ONX) entered into binding framework letter to acquire economic interests in all or substantial part of epithermal gold project asset in Indonesia from Pt Amman Mineral Internasional. Orminex Limited (ASX:ONX) entered into binding framework letter to acquire economic interests in all or substantial part of epithermal gold project asset in Indonesia from Pt Amman Mineral Internasional on August 19, 2020. Under the terms of consideration, ordinary shares in the ComOrminex Limited will be issued and will result in Pt Amman Mineral Internasional acquiring a controlling interest. An exclusivity period until 30 November 2020 has been agreed between the parties in this regard. AMI will also pay to the Orminex Limited a deposit of AUD 1 million which will be refundable if the transaction does not proceed in certain circumstances. The transaction will be subject to completion of satisfactory due diligence, the negotiation of a binding transaction documentation, as well as all required shareholder and regulatory approvals by the parties. The deal is due for completion by the fourth quarter of this year. The Company intends to appoint independent legal and corporate advisers to advise the Board during this process. Announcement • Jun 19
Orminex Limited (ASX : ONX) agreed to acquire 51% stake in Comet Vale Project from Sand Queen Gold Mines Pty Ltd. for $6 million. Orminex Limited (ASX : ONX) agreed to acquire 51% stake in Comet Vale Project from Sand Queen Gold Mines Pty Ltd. for $6 million on January 23, 2018. 
