GEO Exploration Limited (AIM: GEO) has reported encouraging progress across its Western Australian gold exploration portfolio, with soil sampling at its flagship Gorge project returning gold grades of up to 7.74 grams per tonne, while its annual results showed an increased loss of US$3.57 million.
The exploration company, which is increasingly focusing its resources on Western Australian gold opportunities, announced its financial results for the year ended 30 June 2026, alongside an update on exploration activities and developments since the reporting period.
GEO acquired the Gorge Gold Project in January 2026 and has subsequently undertaken a programme of modern exploration techniques, including airborne magnetic and radiometric surveys, LiDAR mapping, aerial photography, geological mapping and soil geochemistry.
The work has significantly improved the company’s understanding of the project’s geological structures and helped identify additional prospective areas.
Following the financial year-end, nine additional exploration targets were identified at Gorge, increasing the total target inventory to 12. The company has prioritised the Gorge Mine, 401 Prospect and MAG001 areas for further investigation.
Laboratory results from a trial soil sampling programme also provided encouraging indications of gold mineralisation.
Gold was detected in 244 of 245 soil samples, representing 99.6% of those tested, with five samples returning grades above 1 gram per tonne and a highest reported result of 7.74g/t gold at the Gorge Mine target.
The company is now progressing an expanded geochemical exploration programme covering approximately 1,188 soil sampling locations, designed to improve target definition ahead of future drilling.
Although the results support further exploration, soil sampling does not establish the grade, thickness or economic viability of a mineral deposit.
GEO also completed its maiden diamond drilling programme at the Juno project between September and October 2025, with two drill holes reaching depths of 810.6 metres and 774.7 metres respectively.
Both holes intersected the targeted geological sequences, although laboratory analysis returned relatively low-grade precious and base metal mineralisation.
The company is using the geological information gathered from drilling to improve its understanding of the wider Juno system and identify potential future exploration targets.
In Namibia, GEO continues seeking a farm-out partner for its PEL 0094 exploration licence in the Walvis Basin.
Additional confidentiality agreements have been signed, with prospective industry partners reviewing technical information through the company’s data room.
GEO hopes to secure an agreement under which a partner would finance and lead further exploration while allowing the company to retain exposure to potential future discoveries.
Financially, GEO reported an annual loss after tax of US$3.57 million, compared with a loss of US$1.09 million in the previous financial year.
Cash and cash equivalents stood at US$280,000 at 30 June 2026, down from US$1.07 million a year earlier, reflecting the company’s exploration expenditure and funding requirements.
The company undertook equity fundraisings during September and December 2025 to support its activities.
Following the year-end, GEO raised approximately £1.16 million before expenses through a placing and retail offer completed in September 2026, issuing shares at 0.06 pence each.
This additional funding strengthened the company’s financial position after the balance sheet date, although exploration remains dependent on the availability of capital.
GEO also confirmed that a US$270,000 interest-free loan provided by Chief Executive Omar Ahmad was repaid in September 2025, leaving the company with no outstanding borrowings at the financial year-end.
Ahmad additionally waived potential late-payment fees amounting to approximately US$326,700, avoiding an additional financial obligation for the business.
In a further development, GEO secured A$280,000 in Western Australian government drilling grants in October 2026, comprising A$180,000 for Gorge and A$100,000 for Juno.
The funding will support planned diamond drilling programmes during the first half of 2027, helping the company progress its exploration objectives.
Chief Executive Omar Ahmad said the company had made significant progress in Western Australia, particularly at Gorge, where exploration results had strengthened confidence in the geological potential and established a growing pipeline of targets.
He highlighted the importance of disciplined capital allocation, with exploration expenditure directed towards projects offering the strongest technical evidence and potential value.
Ahmad also pointed to encouraging industry interest in Namibia’s Walvis Basin, where the company continues working towards a potential farm-out agreement.
For investors, the latest results highlight GEO’s strategic shift towards Western Australian gold exploration, supported by encouraging early-stage findings at Gorge, additional exploration targets and government drilling assistance.
However, the increase in annual losses and reduction in year-end cash underline the financial demands of exploration, while the encouraging Gorge soil results still require follow-up drilling before the scale and continuity of mineralisation can be determined.
Attention will now turn to the expanded Gorge soil sampling programme, planned drilling during the first half of 2027 and progress towards securing a farm-out partner for Namibia’s PEL 0094 licence, as GEO Exploration seeks to advance its portfolio while maintaining financial discipline.
