Mila Resources reports strong drilling results at Yarrol gold project

LONDON - Mila Resources Plc (LSE:MILA) announced on Wednesday it will exercise its option to acquire 100% ownership of the Yarrol Gold Project in Queensland, Australia, following successful first-phase drilling results that included intercepts of 11m at 2.91g/t gold near surface and 17m at 5.46g/t gold from 42m depth.

The gold exploration company will issue £110,000 in new ordinary shares to EMX Royalty Corp by October 31 to secure full ownership of the Yarrol and surrounding Queensland licenses, according to its final results for the year ended June 30, 2025.

A second-phase drilling program is currently underway at Yarrol, which the company expects will provide the foundation for a maiden mineral resource estimate in the next financial year.

The company has strengthened its operational capabilities with the appointment of Alastair Goodship as Chief Operating Officer and is building a dedicated geological team in Queensland to accelerate exploration efforts.

Mila Resources raised gross proceeds of £776,000 in July 2025 to advance drilling at Yarrol, maintain its Kathleen Valley Project in Western Australia, and provide working capital. The company reported a cash balance of £350,301 and net assets of £6.41 million as of June 30, 2025, compared to £6.95 million the previous year.

The company recorded a loss of £800,435 for the year, compared to £686,277 in 2024, with £539,926 attributed to general administrative expenses and the remainder to non-cash losses from the issue of share options.

Executive Chairman Mark Stephenson stated in the results announcement that the company is "arguably in its strongest position since its inception" following the progress at Yarrol.

The company continues to evaluate options for its Kathleen Valley Project after Liontown Resources terminated its option agreement regarding lithium exploration in January 2025.

Based on a press release statement, Mila Resources is focusing on gold and copper due to favorable market conditions, with gold recently trading above $4,300 and copper nearing $5/lb.

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