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Highlights
- Drilling at the Webb Project confirmed complex magmatic systems and generated priority targets.
- The company has increased its Leonora landholding to 241 km².
- A high-resolution aeromagnetic survey has been completed across the Christmas Well and Panhandle projects.
- CGN Resources secured a new 543 km² copper exploration position at the Broadhurst Project in the Paterson Province and commenced multi-dataset geophysical modelling.
- In January 2026, the company executed a binding agreement to acquire the Desdemona Project.
- Exploration in H2 FY25–26 will prioritise the Leonora assets before progressing follow-up programs at Webb and Broadhurst.
CGN Resources Limited (ASX:CGR) reported an active half-year ended 31 December 2025, executing an exploration strategy focused on advancing priority assets and establishing new district-scale opportunities across Western Australia. During the period, the company was focused on advancing the Webb Project in the East Pilbara region, Christmas Well and Panhandle Gold Projects in the Leonora Gold District and securing the Broadhurst Project in the Paterson Province. Collectively, these projects provide CGN Resources with a diversified exploration portfolio spanning three of Western Australia’s most endowed mineral provinces.
Webb Project: Drilling and Target Development
Located in East Pilbara region, the Webb Project, comprises nine granted exploration licences, spanning nearly 961 km². The region is recognised for its potential to host large-scale magmatic mineral systems, including IOCG-style mineralisation, gold and critical minerals.
During the period, the company focused on concluding its 2025 drilling programs, including deep diamond drilling at the Kandula K4 and K5 targets and RC drilling at the Shep target. These programs were supported by detailed core logging, sampling, geochemical analysis, target ranking and geochronology. While no economic mineralisation was intersected, drilling confirmed evidence of magmatic input, including pyrite mineralisation with associated carbonate and silica alteration. The data generated will inform future exploration campaigns.
Integrated gravity and magnetic inversion modelling along with structural interpretation, across the Webb tenure identified a suite of priority targets, particularly in the northern portion of the project, which is interpreted as a distinct geological domain with similarities to nearby exploration areas.
Leonora Projects: Landholding Expansion and Data Integration
At the Christmas Well and Panhandle Gold Projects near Leonora, the company significantly increased its landholding to 241 km² following a comprehensive regional review. The tenure now comprises 17 prospecting licences and eight exploration licences within a highly productive gold corridor at the contact between the Raeside Batholith and the Eastern Goldfields Superterrane.
Historical drilling has intersected gold mineralisation within parts of the tenure, although much of the prospective geology remains concealed beneath transported cover. During the period, the company completed a high-resolution aeromagnetic survey over the entire Christmas Well project area, with data to be integrated into target refinement ahead of planned RC drilling.
Broadhurst Project: New Copper Opportunity
The Broadhurst Project represents a new exploration position in the Paterson Province. The company has submitted two exploration licence applications, covering 543 km² of ground overlying the Broadhurst Formation, which hosts several known copper deposits. During the period, the company compiled several generations of geophysical datasets and initiated comprehensive modelling, integrating electromagnetic, gravity and aeromagnetic data.
Acquisition of Desdemona Project
In January 2026, CGN Resources announced a binding agreement to acquire the Desdemona Project from Patronus Resources Ltd, further expanding its Leonora footprint under milestone-based consideration terms.
Plans Ahead!
The company will prioritize the Leonora assets at the start of H2, then shift to exploration at Webb and Broadhurst later in the year.
For the half-year ended 31 December 2025, CGN Resources progressed exploration, expanded its project portfolio and advanced technical datasets across three major mineral provinces in Western Australia. With drilling programs, permitting and field activities planned for the second half of the financial year, the company continues to advance multiple exploration opportunities in parallel.
CGR shares traded at AUD 0.078 per share on 11 February 2026.
