ECR Minerals plc (AIM: ECR), an AIM-listed exploration and development company focused on gold in Australia, has published its Q4 2026 operational update setting out key milestones across its portfolio. The company is targeting first gold from main production ore at the Maddens Underground Mine during November 2026, while also advancing the Brothers project and committing A$200,000 towards Salt Bush with the aim of defining an initial JORC inferred mineral resource estimate in Q1 2027. Investors will be watching whether ECR can achieve its stated production milestone before year-end, which the board describes as a significant turning point for the company.

Key Points

  • ECR Minerals plc (AIM: ECR) — AIM-listed gold exploration and development company operating across Australia
  • First gold from main production ore at Maddens Underground Mine targeted to commence processing during November 2026
  • The next level being accessed at Maddens has the potential to generate approximately 2,500 ounces of gold on a 100% project basis, gross to the joint venture; ECR holds a 50% interest
  • Investors should watch for production confirmation at Maddens, bulk sampling progress at Brothers, and the Salt Bush JORC resource definition result expected in Q1 2027

Maddens Underground Mine: Two Gold Production Sources and 2,500-Ounce Level Potential

Underground decline development at the Maddens Gold Project in Northern Queensland is continuing towards the planned ore drive and stoping position. The company anticipates two initial sources of gold production: mineralised material already accumulated on surface from development work, which is currently being processed through the recently refurbished on-site mill, and primary ore mined via the decline once stoping commences. The board notes that surface material grades are expected to be lower than the targeted mining area. Historical production records at Maddens report more than 5,560 ounces of gold at an average grade of approximately 25.0 g/t Au, underpinning the board's confidence in the asset's near-term potential.

Brothers Project: Coarse Gold Nugget Discoveries Drive Alluvial Trial Processing Plans

Brothers has been identified as ECR's next operational priority following Maddens. Initial surface prospecting, announced on 9 October 2026, recovered multiple gold nuggets from 26 locations, including a 12.3g nugget from Brothers Creek, which feeds directly into the Brothers Mining Licence area. The company is now progressing systematic bulk sampling and alluvial trial processing within the granted mining licence, supported by equipment redeployed from the Raglan project to the Maddens Flat area. The announcement also notes that Brothers carries longer-term underground potential, adding a further dimension to its strategic value within the ECR portfolio.

Salt Bush A$200,000 Work Programme Targets JORC Inferred Resource in Q1 2027

ECR has committed A$200,000 to fund the initial work programme at the Salt Bush shallow open-cut mining project in South Australia, in which ECR Paleogold holds a 20% interest. The proposed programme is expected to include trenching across the mineralised body, channel sampling, accredited laboratory analysis, and metallurgical testing. Subject to the results of that work and applicable technical requirements, the company is targeting definition of a JORC Code initial inferred mineral resource estimate in the first quarter of 2027. The board characterises the programme as relatively capital-efficient, offering a potentially meaningful catalyst within a focused timeframe.

Lolworth, Blue Mountain and Creswick JV Round Out ECR's Broader Portfolio

Beyond the three headline priorities, ECR continues to advance its wider Australian asset base. The Lolworth exploration project in northern Queensland, covering 946 km², is regarded by the board as a significant longer-term growth opportunity, with further drilling expected in the next phase. The Blue Mountain mining lease application continues through the Queensland approvals process. At Creswick in Victoria, joint venture partner Bold Gold has commenced planning for the first exploration phase, though the farm-in agreement remains conditional on the renewal of two tenements expiring in 2026, with discussions with the Victoria mining authority described as well advanced.