NMG Delivers Strong Production and Cash Build as Exploration Expands Near-Mine Growth Pipeline
JMM
NMG Delivers Strong Production and Cash Build as Exploration Expands Near-Mine Growth Pipeline
Perth, Australia – New Murchison Gold Limited (ASX: NMG) has reported strong operational and financial performance for the March 2026 quarter, underpinned by steady-state production at the Crown Prince Gold Mine and accelerating exploration success across its highly prospective Garden Gully Gold Project.
The Company continues to transition successfully into a gold producer, delivering robust margins, generating significant cash flow and advancing a pipeline of near-mine growth opportunities with potential to support future production.
During the quarter, NMG sold 173,174 tonnes of ore at an average grade of 3.1g/t Au for 16,660 ounces of gold, exceeding Ore Purchase Agreement (OPA) tonnage limits and capitalising on strong demand and elevated gold prices.
This translated into a substantial $63.6 million cash build for the quarter, with the Company ending the period with $155.6 million in cash, no debt and remaining unhedged—providing significant financial flexibility to fund growth initiatives.
Strong Margins and Production Momentum
Crown Prince continues to deliver consistent production and margin performance, with operations stabilised following the late-2025 ramp-up. The Company reported a long-term OPA margin of 17% and an attributable gold price of A$6,994/oz against an AISC of A$3,326/oz, highlighting strong underlying profitability.
Operationally, NMG leveraged strong gold prices and processing demand to optimise ore blending strategies, maintaining solid grade performance while maximising throughput. The Company also continued to outperform its base case mining schedule, delivering ore sales ahead of plan and strengthening its balance sheet.
Exploration Driving Near-Term Growth
Exploration during the quarter focused on near-mine opportunities capable of delivering incremental feed to Crown Prince, with high-grade results reinforcing the growth potential of the Company’s asset base.
At Crown Prince East, drilling returned multiple high-grade intercepts, including:
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18m @ 10.3g/t Au (incl. 6m @ 29.3g/t Au)
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12m @ 10.3g/t Au (incl. 1m @ 42.2g/t Au)
These results confirm significant mineralisation immediately adjacent to the existing operation and highlight the potential for near-term reserve growth.
At depth, drilling beneath the Crown Prince pit delivered standout results, including:
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3.2m @ 48.9g/t Au (incl. 0.35m @ 345.5g/t Au)
This intersection represents the deepest high-grade mineralisation encountered to date and supports the potential for underground development below the current open pit.
At the Lydia Gold Prospect, high-grade drilling results further extended mineralisation along strike and at depth, reinforcing its potential as a future contributor to the production pipeline.
Clear Pathway to Resource Growth and Development
Ongoing technical work, including mineralisation modelling and drilling, is supporting a planned resource and reserve update targeted for the September 2026 quarter.
With multiple deposits located in close proximity to existing infrastructure and approvals, NMG is advancing a capital-efficient growth strategy centred on near-mine development and potential underground expansion.
NMG CEO, Alex Passmore said:
“We are very pleased to report on our second full quarter of production and to demonstrate continued strong operational performance. The Quarter saw consolidation of operations at Crown Prince and resulted in the generation of $63.6 million cash from sales of 173,174 tonnes of ore containing 16,660 ounces. Exploration of NMG’s tenement package accelerated with the initial focus on near-mine opportunities. Exploration is continuing to build a great foundation for NMG’s development pipeline throughout our highly prospective Murchison gold fields tenement package.”
Corporate and Strategic Positioning
The Company’s strong cash position, combined with zero debt and exposure to spot gold prices, positions NMG to continue funding exploration and development internally while maintaining operational flexibility.
NMG also strengthened its Board during the quarter with the appointment of experienced mining engineer Mark Adams as Non-Executive Director, supporting the Company’s transition to a multi-asset gold producer.
About us:
About New Murchison Gold
New Murchison Gold Limited (ASX:NMG) is a mineral exploration and gold mining company which holds a substantial package of tenements in the prolific Murchison goldfield near Meekatharra, Western Australia. The Company is focused on the Garden Gully Gold Project which comprises a 677km2 tenure package covering the Abbotts Greenstone Belt and other key regional structures. The Company operates the Crown Prince Gold Mine and has multiple gold deposits along the belt.
Gold mineralisation in the belt is controlled by major north trending structures and contact zones between felsic and mafic metamorphosed rocks.
As announced 25 June 2025, the Company made a decision to develop the Crown Prince Gold Mine and completed its first blast on 30 June 2025. NMG commenced production in September 2025. NMG updated its Mineral Resource Estimate and Ore Reserve Estimate in December 2025.
Contact details:
For further information:
Alex Passmore – Chief Executive Officer
Jane Morgan – Investor and Media Relations