Key Takeaways
- 01 Capital discipline is reshaping commodity supply curves into 2026.
- 02 AI infrastructure capex is becoming a primary macro variable.
- 03 Central bank policy across AU, CA and US is converging on neutral.
The Great Southern Mining quarterly report, released on 13 October 2026, sets out progress across its Western Australian gold projects and the Edinburgh Park Project in Queensland.
At Golden Boulder, drilling has extended known mineralisation and identified higher-grade sections. Mon Ami has generated further targets around an existing resource. Meanwhile, completed drilling at Amy Clarke and Mt Dillon awaits assays.
The report covers the quarter ended 30 September, although its exploration discussion includes announcements released in early October. Golden Boulder results, for example, include those reported through 6 October.
Figure 1: Drilling at Great Southern Mining’s Duketon Gold Project in Western Australia. Archive image published in October 2025. Image credit: Business News / Bulls N’ Bears.
Golden Boulder Results Support Further Drilling at Depth
Golden Boulder sits within the company’s wholly owned Duketon Gold Project.
The current results cover the northern 1.1 kilometres of the Main Line’s 3.5-kilometre mineralised strike. Assays from the first 38 holes included several higher-grade intervals.
| Drill hole | Reported gold intercept | Higher-grade interval included |
| 26GBRC028 | 9m at 3.36 g/t from 127m | 4m at 6.77 g/t |
| 26GBRC011 | 10m at 2.62 g/t from 20m | 2m at 10.72 g/t |
| 26GBRC035 | 4m at 11.38 g/t from 45m | 1m at 29.71 g/t |
| 26GBRC022 | 2m at 7.27 g/t from 70m | 1m at 13.93 g/t |
The company says the results extend known mineralisation by up to 50 metres down dip. They also identify high-grade mineralisation on sections that had not previously been drilled.
There is a broader result behind the standout grades. Of the 38 holes reported, 34 recorded mineralised intercepts above 0.7 g/t gold.
That distribution gives the company more information about how the system continues between sections. It does not yet establish the size or economics of a mine.
Another 39 Golden Boulder Holes Await Assays
The next batch of results could help fill some of the remaining gaps.
Assays were pending for 3,425 metres across 39 holes at Golden Boulder. Reverse circulation drilling was continuing as part of a planned 14,000-metre programme.
The southern portion needs more work. Along the remaining approximately 2.4 kilometres of the Main Line, drilling is sparse, with some lines as much as 400 metres apart.
Great Southern expected the current programme to finish in mid-to-late October. It then planned to continue immediately with another phase of step-out drilling.
For readers assessing the Great Southern Mining exploration update, the useful question is whether further holes support the interpreted continuity and extend the better-grade zones.
Mining Herald’s examination of Australia’s mineral exploration spending provides wider context on the work needed to turn exploration targets into defined deposits.
Amy Clarke Moves From Shallow Results to RC Testing
Amy Clarke lies about three kilometres northeast of Golden Boulder.
Earlier aircore drilling identified shallow gold intercepts above 1 g/t along a 4.7-kilometre strike. The September-quarter RC programme was designed to step out from better results returned during the late-2025 campaign.
Great Southern completed 18 holes for 2,248 metres. Assays were expected by late October 2026.
Mt Dillon Assays Will Test the Geological Interpretation
At Edinburgh Park in Queensland, two diamond holes at Mt Dillon were completed for a combined 1,534.9 metres.
The holes tested geophysical anomalies beneath an interpreted lithocap. Core logging identified altered volcanic and intrusive rocks, disseminated pyrite and zones of hydrothermal breccia.
The company considers these observations consistent with an intermediate-sulphidation epithermal system. Laboratory results are still needed to establish metal concentrations.
First assays were expected from late October to early November, depending on laboratory turnaround times. Visual sulphides cannot establish gold or copper grades.
Edinburgh Park is subject to an agreement under which a Gold Fields subsidiary can fund up to A$15 million of exploration over six years to earn a 75% interest. That is an earn-in arrangement; the report identifies the project as currently 100% GSN-owned.
Cash Falls After an Unusually Busy Drilling Quarter
The exploration programme used a substantial portion of the opening cash balance.
| Cash-flow measure | September quarter |
| Opening cash | A$4.756 million |
| Net operating cash outflow | A$392,000 |
| Exploration and evaluation investing outflow | A$1.840 million |
| Closing cash | A$2.524 million |
| Estimated funding at the quarter’s spending rate | 1.13 quarters |
The exploration figure is net of an A$81,699 reimbursement for co-funded East Laverton drilling.
Management says September involved a larger-than-typical Western Australian drilling programme. It expects the following quarter to include data interpretation and programme planning, with spending differing from the September rate. The company says it is funded for its planned exploration.
It also retains placement capacity, although that capacity is not cash already raised.
At East Laverton, mapping and geochemical interpretation continued during the quarter. Further geochemical surveys are planned through the December quarter and into 2027.
Late October Brings the Next Checks
The next Great Southern Mining ASX announcements should help resolve several open questions: what the remaining Golden Boulder holes contain, whether Amy Clarke’s RC results justify follow-up drilling, and what metal grades are present at Mt Dillon.
Mining Herald’s assessment is that the results need to be read alongside the spending plans. Further drilling may improve the geological picture, while the next cash-flow report will show how much the pace of expenditure has changed.
ALSO READ: Underground Gold Mining Economics: What Determines a Mine’s Break-Even Point?
FAQs
Q1. What is the period covered by the quarterly report?
Ans. The quarter to 30 September 2026. It was released on 13 October and also includes exploration updates announced in early October.
Q2. What exploration results are outstanding?
Ans. Assays were pending for drilling at Golden Boulder, Amy Clarke and Mt Dillon.
Q3. Did Great Southern update the Mon Ami resource?
Ans: No. The report continues to hold the current estimate of 1.56 million tons at 1.11 g/t gold for 55,500 ounces.
Q4. How much cash did the company hold?
Ans. A$2.524 million at 30 September 2026. Management expects spending to ease from the September quarter’s unusually high drilling level.
Disclaimer
The information in this article is general information and is not financial advice. Exploration results do not prove that a project can be mined economically. Planned work and assay timelines are subject to change. Investors should review the company’s filings before making any investment decisions. Investments carry a risk of loss.
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About the author
Jonathon Brown
Jonathon Brown began his career as a broadcaster, working across markets in British Columbia before moving into financial journalism. Since 2017, he has specialised in stock market reporting, covering emerging companies across the healthcare, technology, mining and consumer sectors. He brings more than 15 years' experience to his reporting. A graduate of Vancouver Island University and the British Columbia Institute of Technology, Jonathon is focused on delivering clear, balanced reporting for investors.
