Mila Resources

MILA · Main Market · Basic Resources · mcap £8.4m · 1.1p 2 open situations →

EV: £8.6m
EV / EBIT: –
Net cash: £637k
FCF yield: -6.7%
Revenue: –
Share price 1y: −51%
Insiders 12m: no deals
Next report: around 3 Mar

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2026 Yarrol initial resource estimate Sale of Kathleen Valley interest

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Project milestones◷ in 65 days

Yarrol initial resource estimate

Resource drilling under way, MRE targeted

Follows from Sale of Kathleen Valley interest – Disposal process under way, no buyer named

Mila holds 100% of Yarrol after exercising the EMX option (Nov 2025, completed Aug 2026). About 5,000m has been drilled across three campaigns, and a further 1,400m programme was announced on 17 Aug 2026. The initial MRE is targeted by end-2026 and is funded by a £1.5m raise in Sept 2026.

Next milestone: Initial MRE by end of 2026 21 Oct 2026 ↗
Current programme: 1,400m, nine holes, announced 17 Aug 2026 21 Oct 2026 ↗
Latest result: 43m @ 1.06 g/t from 45m reported October 2026 21 Oct 2026 ↗
Funding: £1.5m raised before expenses in September 2026 21 Oct 2026 ↗
Ownership: 100% of Yarrol, Mount Steadman and Mount Weary after EMX option 21 Oct 2026 ↗

Next: Deliver initial Mineral Resource Estimate at Yarrol · 31 Dec 2026

21 Oct 2026 Resource drilling under way, MRE targeted

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Disposal of a part (break-up)

Sale of Kathleen Valley interest

Disposal process under way, no buyer named

Led to Yarrol initial resource estimate – Resource drilling under way, MRE targeted

Board resolved, after an internal review reported on 21 Oct 2026, to sell its 30% Kathleen Valley interest because it cannot fund both KV and Queensland. KV was impaired to £461,000 after an upgraded MRE on 26 Aug 2026. Parties are doing due diligence; no price or buyer is agreed.

Interest: 30% of Kathleen Valley, with earn-in option to 80% 21 Oct 2026 ↗
Carrying value: Impaired from £5,820,106 to £461,000 (charge £5,359,106) 21 Oct 2026 ↗
Valuation basis: A$71 per resource ounce on 41,300oz gives gross A$2.9m 21 Oct 2026 ↗
Buyer: Not named; discussions with partners and parties doing due diligence 21 Oct 2026 ↗
Use of money: Not stated 21 Oct 2026 ↗
Rationale: Cannot fund both KV and Queensland; prioritise Queensland 21 Oct 2026 ↗

Next: Update on disposal discussions and due diligence

21 Oct 2026 Disposal process under way, no buyer named

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Company filings. Not investment advice.