Mining sector updates: Australian Gold and Copper drilling and Tesoro Gold resource expansion

Several mining companies have reported significant updates regarding mineral resources and financial performance.

Australian Gold and Copper has mobilized a reverse circulation drill rig to test the shallow oxide zone at Evergreen in New South Wales. Recent diamond drilling has intersected mineralization, including a 21m interval containing 0.4g/t gold, 5g/t silver, and 6.4% combined lead and zinc. The company is working toward an initial mineral resource estimate for the site.

Austral Gold reported a turnaround in its 2026 half-year results, posting a net profit after tax of US$15.5 million compared to a net loss in the previous period. Revenue reached US$66.6 million, driven by nearly doubled production at the Casposo and Guanaco operations. Additionally, the Guanaco mine life has been extended to 14 years.

Tesoro Gold Limited announced an updated mineral resource estimate for the Ternera gold deposit at its El Zorro project in Chile. The updated estimate includes 1.82 million ounces of gold within 51.6 million tonnes at 1.10 g/t Au. Notably, 78% of the resource is now classified as measured and indicated, providing a foundation for an expected ore reserve calculation in September 2026.