New Murchison Gold at JMM Gold Forum 2026: cash-rich growth plan

On Wednesday, 30 September 2026, New Murchison Gold (NMG) showcased its growth strategy during the JMM Gold Forum 2026. The company reported producing 58,000 ounces of gold in the 10 months leading up to June 30, with an ending cash balance of AUD 202 million. NMG aims to continue expanding resources and mine life to maintain this progress. The presentation highlighted Crown Prince, its primary producing asset in Western Australia, as a key part of its strategy.

Stage 1 and 2 pit development at Crown Prince have converged, with the latter now at the same level as the former. Production is expected to increase in the December quarter as more pit floor becomes available for mining. The open pit and crusher infrastructure at Crown Prince are functioning well, capable of processing up to 5,000 tons a day. Samples are taken every 100 tons to ensure accurate metal accounting.

A significant aspect of NMG's operations is its partnership with Westgold Resources. This collaboration allows NMG to avoid building its own mill, lowering unit costs. The company's resource base expanded by 47% over the past year to 360,000 ounces, with further growth anticipated.

In addition to Crown Prince, NMG is exploring nearby deposits like Cloudkicker and Lydia. Cloudkicker, located just 400 meters from Crown Prince, is a high-grade deposit undergoing shallow drilling results of 10 grams per tonne at 13 meters, 9 grams per tonne at 9 meters, and 8 grams per tonne at 9 meters. NMG is also working on a feasibility study for underground development at Crown Prince.

Lydia, situated about 1 kilometer from Crown Prince, is planned as three pits with high-grade ore, including a plunging high-grade component to the south, which could generate early cash flow. The resource estimate for Lydia is currently 55,000 ounces, with reserves expected before year-end.

Management emphasized the company's strong financial position, with a current ratio of 4.1 and more cash than debt on its balance sheet. The market cap stood at AUD 761 million (approximately 411 million USD), with an enterprise value of AUD 560 million. Despite recent share price gains, broader macro concerns and expectations for the next growth announcement have impacted the stock price at times.

Alex, the NMG presenter, stated, "We've produced 58,000 ounces in the 10 months to June. We generated significant cash, ending June with over AUD 200 million in the bank. That cash balance is building every day, pleasingly."