Yandal Resources Limited Overview
Yandal Resources is a Perth-headquartered junior gold explorer whose entire asset base sits in the northern Yandal Greenstone Belt of Western Australia, one of Australia's most prolific gold provinces, flanked by Northern Star's Jundee operation and the Bronzewing processing hub. Following the November 2025 sale of its non-core Gordons project near Kalgoorlie, the company is a two-project story: the 100%-owned Ironstone Well–Barwidgee (IWB) project (~456 km², hosting the 268koz Flushing Meadows resource and two new discoveries, Siona in October 2024 and Arrakis in 2025) and the Mt McClure project (182koz on granted mining leases near Bronzewing). Value rests entirely on exploration outcomes—particularly whether Arrakis can be converted from high-grade drill intercepts into a material resource. The company carries no debt, is backed by a concentrated register (Regal Funds, Gold Fields, Eduard Eshuys-linked interests), but faces a funding need in 2027, a CEO transition, and a sharply de-rated share price.
What the company does. Yandal Resources explores for gold. It does not mine, process or sell gold, and has never generated operating revenue. Its activities consist of acquiring and maintaining exploration tenure (exploration licences and mining leases), conducting geophysical surveys (notably ground gravity), drilling (air-core [AC], reverse-circulation [RC] and diamond [DD]), estimating Mineral Resources under the JORC Code (2012), and—when strategically appropriate—divesting non-core assets for cash or scrip.
Company's own description (paraphrased from the FY2025/FY2026 reporting and 2026 announcements). Yandal describes itself as holding a portfolio of advanced gold exploration projects in the highly prospective Yandal and Norseman-Wiluna greenstone belts of Western Australia, with the 100%-owned IWB project located between the Jundee and Bronzewing mines, an established 268,000oz resource at Flushing Meadows, two new discoveries (Arrakis and Siona) made through a systematic, geology-driven strategy developed in early 2023, and the Mt McClure project with 182,200oz of JORC resources on three mining leases (ASX "About Yandal" boilerplate, 1 Sep 2026).
Business model. The model is the classic "discover and monetise" junior explorer model:
-
Raise equity from institutional, sophisticated and strategic investors.
-
Spend that equity on drilling to make discoveries and grow resources.
-
Crystallise value through (a) a re-rating of the share price as ounces are added, (b) a sale of projects or the company to a producer (most plausibly a nearby mill owner), or (c) eventually a development decision (historically rare for explorers of this scale).
Revenue model. Not applicable in the operating sense. Reported "revenue" consists almost entirely of interest income on cash balances (A$0.23m in FY2025 per S&P Global). FY2026 income was dominated by one-off items: a gain on the sale of the Gordons project (~A$1.0m) and a gain on disposal of the Horizon Minerals shares received as consideration (~A$2.7m) (S&P Global cash-flow reconciliation, FY2026). Mix: product 0%, service 0%, subscription 0%, licensing 0%.
Value chain position. Upstream—the very first link of the mining value chain (greenfields/brownfields discovery and early resource definition). The natural downstream counterparties are the operators of processing plants within trucking distance: Northern Star (Jundee; Bronzewing plant, described by Yandal as on care and maintenance) and other mill owners in the Wiluna–Leinster–Leonora corridor. Yandal's June 2026 presentation explicitly markets "numerous processing options within close proximity" and growth opportunities within a 100 km radius of mining and processing facilities (Investor presentation, Feb 2026; Gold Coast presentation, Jun 2026).
Customer types / end-markets. Yandal has no customers in the conventional sense. Its "customers" are (i) equity investors who fund it and (ii) potential acquirers of its projects. The ultimate end-market for any gold it might one day produce is the global gold market (bullion, jewellery, central-bank and investment demand).
Independent characterisation. Yandal is best understood as a leveraged, binary option on exploration success in a proven, infrastructure-rich district. Its competitive edge is geological rather than commercial: an underexplored land package masked by transported cover, a re-interpretation of the structural architecture using new gravity data (the "Caladan fold" and "New England Granite" frameworks), and a technical team that has delivered two discoveries in roughly 11–18 months. Its weaknesses are financial and corporate: it has historically raised small amounts at falling prices, it carries a going-concern emphasis in its FY2026 audit report, and in September 2026 it announced the departure of the MD/CEO credited with those discoveries.
Strategy
Stated strategy themes (paraphrased from annual reports and 2026 presentations).
-
Delineate valuable resources in locations with proven gold endowment (stated objective since FY2023).
-
Apply a systematic, geology-driven exploration strategy, developed in early 2023, to make large-scale discoveries under transported cover.
-
Target multi-million-ounce discoveries with clear potential for Mineral Resource growth in 2026.
-
Focus capital on IWB by divesting non-core assets (Gordons executed 2025).
-
Build regional position within the Yandal Belt and leverage proximity to processing infrastructure.
-
Maintain strong relationships with Traditional Owners through ongoing heritage surveys.
2026 focus areas (Jun 2026 presentation).
-
Arrakis — define high-value mineralisation and structural controls; establish extents; test underground potential; build an Exploration Target.
-
Flushing Meadows — test fresh-rock potential below the 268koz MRE; refine geological model; explore for parallel lodes.
-
New England Granite — test granitoid-margin structural targets, assess Salusa continuity, define high-value mineralisation at Siona.
-
Target generation — acquire large-scale regional datasets (gravity), progress Giedi Prime and Nayla.
Initiative register (last 24 months).
Medium-term financial targets / guidance. None. As an explorer, Yandal does not issue financial guidance; it provides indicative drilling schedules and news-flow calendars. ESG targets: none disclosed. Cost programs: none disclosed.
Products & Services
Yandal sells no products or services. The closest analogue to a "product catalogue" for an explorer is its portfolio of deposits, discoveries and prospects. Each is catalogued below.
Ironstone Well–Barwidgee (IWB) Gold Project
A. Flushing Meadows deposit (resource asset).
-
Description: shallow, predominantly oxide gold deposit on a granted mining lease, striking over 1.9 km; 77% of the resource is oxide and transitional material.
-
Resource: 7.4 Mt @ 1.1 g/t Au for 268koz (total), including 2.1 Mt @ 1.3 g/t Au for 91koz Indicated; the balance (~5.3 Mt for ~177koz) is Inferred (Inferred figures derived by subtraction). Reported above a 0.5 g/t lower cut-off; announced 4 November 2020.
-
Logistics: ~50 km to Wiluna and ~60 km to Jundee.
-
2026 work: eight-hole, 200 m-spaced "framework" diamond program over 1.6 km of strike testing fresh rock beneath the resource; broad ~10,000 m AC program between Flushing Meadows and Giedi Prime.
-
Results to date: first diamond hole 26IWBRC0095D returned significant intercepts suggesting primary mineralisation in altered iron-rich sediments (25 Jun 2026); later holes were modest — 26IWBRC0090D: 4.3 m @ 0.7 g/t from 227.3 m; 26IWBRC0092D: 13 m @ 0.5 g/t from 272 m (8 Oct 2026). Final hole 26IWBRC0094D pending.
-
Sources: Jun 2026 presentation; ASX 25 Jun 2026; Sharecafe 8 Oct 2026.
B. Arrakis discovery (flagship exploration asset).
-
Setting: hosted within the Caladan fold, a previously unrecognised structure ~3 km wide and >8 km long identified from 2024 ground gravity.
-
Discovery path: >2.2 km AC regolith anomaly defined mid-2025; discovery confirmed August/September 2025; RC drilling then defined a primary mineralised structure of 1.2 km (Feb 2026), later 1.3 km.
-
Character: sub-vertical, northwest-striking structure with both broad lower-grade halos and narrower high-grade shoots; mineralisation demonstrated >250 m below surface; steep south-plunging high-grade domain between 6,050mN and 6,200mN with ~100–150 m strike length; a second high-grade zone indicated on 6,650mN.
-
Key intercepts: 20 m @ 8.7 g/t Au from 84 m (26IWBRC0120, Aug 2026, the highest-grade intercept in IWB's history); 27 m @ 1.2 g/t; 24 m @ 1.3 g/t; 18 m @ 1.6 g/t; 12 m @ 2.3 g/t incl. 6 m @ 3.7 g/t; 13 m @ 1.6 g/t; 11 m @ 1.7 g/t incl. 6 m @ 2.8 g/t; 8 m @ 2.7 g/t.
-
"Domain C" high-grade zone extended ~80 m down-plunge and open at depth (Sep 2026).
-
Next steps: seven-hole, 3,300 m diamond program (three holes complete by 8 Oct 2026, completion early November); assays from late October. A maiden Exploration Target was guided for Q3 CY2026; its publication was not confirmed in the sources reviewed.
-
Sources: ASX 15 Jan, 12 Feb, 28 Apr, 9 Jun, 10 Aug 2026; Kalkine; Mining.com.au; Sharecafe.
C. Anders target (new, parallel to Arrakis).
- RC results include 6 m @ 2.5 g/t Au from 52 m, including 4 m @ 3.5 g/t (26IWBRC0135), associated with a deformed and altered intermediate porphyry; elevated to a new exploration target in October 2026 (Sharecafe; Grafa, Oct 2026).
D. Siona discovery (New England Granite).
-
Discovered late October 2024; validated a revised targeting model developed after EIS co-funded diamond drilling.
-
Key intercepts: 17 m @ 4.9 g/t Au from 85 m (24IWBRC0050); 14 m @ 1.8 g/t from 63 m (25IWBRC0044); July 2026 shallow, flat-lying zone southwest of the main trend: 17 m @ 1.3 g/t from 37 m, 13 m @ 1.5 g/t from 45 m (nine-hole, ~950 m program).
-
Diamond drilling indicated broad low-grade mineralisation with internal higher-grade zones.
-
An updated Siona Exploration Target was guided for early August 2026; publication not confirmed in sources reviewed.
-
Sources: SmallCaps; TipRanks; ASX 13 Jul 2026; Mining.com.au.
E. Salusa (New England Granite).
- 2025 AC delivered 6 m @ 6.3 g/t Au from 36 m including 2 m @ 18.1 g/t (the company's presentation also quotes 18.2 g/t—minor internal inconsistency). Follow-up RC programs in early and mid-2026; results guided for early September 2026 (Jun 2026 presentation; Discovery Alert).
F. New England Granite — broader target area.
- Large intrusive complex interacting with multiple structures (Siona Shear Zone among several); ~5.5 km of the western intrusive margin remains untested, pending heritage clearance; infill ground gravity completed (Jun 2026 presentation; exploration update 2025).
G. Giedi Prime, Nayla, Irulan Dolerite Complex, Caladan regional (pipeline targets).
-
Giedi Prime: parallel target to Flushing Meadows; first AC results guided for September–November 2026.
-
Nayla: EIS co-funded diamond drilling completed April 2026; assays awaited at last report.
-
Irulan: dolerite complex north of Caladan, subject of AC programs in 2025.
-
Sources: Jun 2026 presentation; ASX 23 Mar 2026.
Mt McClure Gold Project
-
182,200oz @ 1.7 g/t Au (JORC 2012, reported above 1.0 g/t cut-off; announcements of 22 Aug, 6 Sep and 20 Sep 2022). Implied tonnage ~3.3 Mt (analyst derivation).
-
Remnant resources below historic open pits with steep south-plunging high-grade shoots untested at depth; "HMS Sulphur" shallow discovery cited as proof of concept for parallel structures; equivalent horizon untested over >10 km of strike.
-
Adjacent to Northern Star's Orelia operation; ~15 km from the Bronzewing plant.
-
Sources: Jun 2026 presentation; ASX boilerplate.
Infrastructure "offering"
- Stilgar's Camp (central IWB): kitchen equipped for more than 60 people (presentation) / 21-person transportable accommodation (Dec 2025 quarterly), 130 kL diesel storage (65 kL at commissioning, March 2026), core yard, office and high-speed communications. Cost not separately disclosed (FY2026 capex A$1.70m per S&P Global is the best proxy).
Pricing model: not applicable.
Financial Narrative
Sources: S&P Global Market Intelligence data via StockAnalysis (income statement, balance sheet and cash flow, FY2021–FY2026); Appendix 5B quarterlies; Half-Year Report (31 Dec 2025); Investing.com (FY2026 total assets). Values in A$ millions unless stated. Blank cells = not publicly available in sources reviewed.
Income statement
Margins (gross, operating, EBITDA, net) are mathematically defined but economically meaningless for a pre-revenue explorer whose "revenue" is bank interest (S&P reports operating margins of -3,000% to -15,500%). Revenue CAGR FY2022–FY2025 is likewise not meaningful (interest income rose with cash balances and rates). The FY2026 net loss includes offsetting one-off gains of ~A$1.01m (Gordons sale) and ~A$2.73m (Horizon shares), implying an underlying loss before those gains of roughly A$16.0m (analyst calculation)—close to double FY2025, reflecting the accelerated drilling campaign.
Accounting-policy observation. Retained losses jumped from -A$2.80m (FY2022) to -A$26.86m (FY2023) while the FY2023 reported net loss was only A$4.67m, and property/plant/exploration assets fell from A$19.58m to A$0.20m. This pattern is consistent with a change in accounting policy for exploration and evaluation expenditure (from capitalisation to expensing) applied through opening retained earnings, or with a large direct equity write-down. The precise mechanism should be verified against the FY2023 Annual Report notes; it is flagged here as an analyst interpretation. Since FY2023, exploration spending flows through the income statement and operating cash flow, which is why net losses and operating outflows track drilling activity closely.
Balance sheet
Half-year snapshot (31 Dec 2025, S&P Global): cash A$17.36m; total assets A$19.48m; total liabilities A$1.32m; equity A$18.16m; working capital A$16.82m; shares 379.51m. FY2026 cash of ~A$9.7m is from the June 2026 Appendix 5B and reconciles with S&P's FY2026 net cash flow of +A$4.90m on an opening balance of A$4.76m. FY2026 total assets (A$12.35m) are from Investing.com and should be treated as secondary.
Cash trajectory (quarterly, A$ M).
Sources: Proactive (Jun 2025), TipRanks summary of Sep 2025 quarterly, Dec 2025/Mar 2026/Jun 2026 quarterlies. The June 2026 quarter consumed A$4.668m in operating activities, including ~A$4.2m of exploration.
Cash flow
The FY2022 capex spike (A$9.21m) coincides with the Mt McClure acquisition (August 2022 completion falls in FY2023 by date, so part of this outflow may relate to capitalised exploration under the prior policy; not separately disclosed). Cumulatively over FY2022–FY2026 the company issued ~A$41.1m of equity, against ~A$40.9m of free-cash outflow—essentially every dollar raised has been spent on exploration, with the Gordons sale the only non-dilutive inflow.
Ratios
Calculations: analyst, using average equity/assets from the S&P balance sheet. ROIC equals ROE given no debt. Net debt/EBITDA, interest coverage, asset turnover and cash conversion cycle are not meaningful (net cash, no interest-bearing debt, no revenue, no inventory or receivables cycle). The "equity issued" ratio row uses opening book equity as denominator and illustrates dependency on capital markets.
Commentary. Three inflections stand out. First, FY2023's balance-sheet reset (assets from A$23.4m to A$4.5m) changed Yandal from an asset-heavy book to a cash-only book, making book value nearly irrelevant to valuation. Second, spending has escalated every year since FY2023 (operating outflow from A$4.1m to A$12.6m), paralleling the shift from target generation to discovery drilling after the 2023 strategy reset. Third, FY2026 was the first year with a meaningful non-dilutive inflow (Gordons, ~A$3.9m) and the largest single raise (A$13.5m placement, October 2025). Quarterly burn of ~A$4.2–4.7m against A$9.7m of cash at 30 June 2026 implies roughly two quarters of runway at the June-quarter rate before any slowdown—consistent with the auditor's going-concern emphasis and pointing to a capital raise or major program deceleration around late 2026 or early 2027.
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansFinancial Detail
Revenue by Segment and Revenue by Segment (%)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Exploration segment revenue (AUD Mn, interest income) | 0.06 | 0.17 | 0.23 |
Segment net result (AUD Mn) | -4.67 | -5.25 | -8.21 |
Share of total revenue (%) | 100 | 100 | 100 |
Project Portfolio
| Project | Ownership | Location | Area / tenure | Status | Key assets |
|---|---|---|---|---|---|
Ironstone Well–Barwidgee (IWB) | 100% | Northern Yandal Belt, 50–70 km east of Wiluna, between Jundee and Bronzewing | ~456 km² covering ~53 km of strike (2026); previously ~370 km² (Dec 2025) | Core; active multi-rig drilling | Flushing Meadows (268koz MRE on granted ML); Arrakis and Siona discoveries; Salusa, Anders, Giedi Prime, Nayla, Irulan targets |
Mt McClure | 100% | ~15 km SW of Bronzewing; adjacent to Northern Star's Orelia operation | 3 granted mining leases; >12 km mineralised system | Secondary; gravity-based targeting for 2026 | 182.2koz @ 1.7 g/t MRE |
Gordons (divested) | Sold to Horizon Minerals | ~30 km north of Kalgoorlie | — | Sale completed 11 Nov 2025 | Gordons Dam, Malone |
Income Statement and Per-Share Data
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Revenue incl. interest (AUD Mn) | 0.01 | 0.06 | 0.17 | 0.23 | 0 |
Gross profit (AUD Mn) | 0.01 | 0.06 | 0.17 | 0.23 | 0 |
Operating income (AUD Mn) | -0.98 | -4.67 | -5.24 | -8.20 | — |
EBITDA approx (AUD Mn, operating income plus D&A) | -0.92 | -4.61 | -5.16 | -8.12 | — |
Pre-tax income (AUD Mn) | -0.98 | -4.67 | -5.25 | -8.21 | -12.27 |
Net income (AUD Mn) | -0.98 | -4.67 | -5.25 | -8.21 | -12.27 |
EPS basic (AUD) | -0.01 | -0.03 | -0.02 | -0.03 | -0.032 |
EPS diluted (AUD) | -0.01 | -0.03 | -0.02 | -0.03 | -0.032 |
Dividends per share (AUD) | 0 | 0 | 0 | 0 | 0 |
Depreciation and amortisation (AUD Mn) | 0.06 | 0.06 | 0.08 | 0.08 | 0.35 |
Share-based payments (AUD Mn) | 0.26 | 0.29 | 0.12 | 0.43 | 0.95 |
Balance Sheet and Share Count (M)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Total assets (AUD Mn) | 23.43 | 4.48 | 6.30 | 5.30 | 12.35 |
Cash and equivalents (AUD Mn) | 3.73 | 4.22 | 5.83 | 4.76 | 9.7 |
Total debt incl. leases (AUD Mn) | 0 | 0 | 0.02 | 0.20 | — |
Short-term debt/leases (AUD Mn) | 0 | 0 | 0.02 | 0.07 | — |
Long-term debt/leases (AUD Mn) | 0 | 0 | 0 | 0.13 | — |
Net cash (AUD Mn) | 3.73 | 4.22 | 5.81 | 4.57 | — |
Shareholders' equity (AUD Mn) | 23.22 | 4.08 | 5.11 | 4.48 | — |
Goodwill and intangibles (AUD Mn) | 0 | 0 | 0 | 0 | 0 |
Working capital (AUD Mn) | 3.64 | 3.87 | 4.91 | 4.25 | — |
Shares outstanding (M) | 116.09 | 157.80 | 267.81 | 309.23 | 382.6 |
Book value per share (AUD) | 0.20 | 0.03 | 0.02 | 0.01 | — |
Key Financials
| Metric | Jun2025 | Sep2025 | Dec2025 | Mar2026 | Jun2026 |
|---|---|---|---|---|---|
Cash at quarter end (AUD Mn) | 4.7 | 2.26 | 17.3 | 14.7 | 9.7 |
Cash Flow
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Operating cash flow (AUD Mn) | -0.60 | -4.07 | -4.49 | -8.10 | -12.64 |
Capital expenditure (AUD Mn) | -9.21 | -0.06 | -0.03 | -0.04 | -1.70 |
Free cash flow (AUD Mn) | -9.81 | -4.14 | -4.52 | -8.13 | -14.34 |
Asset and investment sale proceeds (AUD Mn) | 0 | 0 | 0 | 0 | 3.94 |
Equity issued (AUD Mn) | 5.50 | 5.01 | 6.65 | 7.53 | 16.44 |
Capital raising costs and other financing (AUD Mn) | -0.08 | -0.38 | -0.48 | -0.41 | -0.89 |
Dividends paid (AUD Mn) | 0 | 0 | 0 | 0 | 0 |
Buybacks (AUD Mn) | 0 | 0 | 0 | 0 | 0 |
Net change in cash (AUD Mn) | -4.32 | 0.49 | 1.61 | -1.07 | 4.90 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
ROE (%) | -4.7 | -34.2 | -114.3 | -171.2 |
ROA (%) | -4.6 | -33.5 | -97.4 | -141.6 |
Current ratio (x) | 18.3 | 10.7 | 5.1 | 7.2 |
Debt to equity (x) | 0 | 0 | 0.004 | 0.045 |
Equity issued as % of opening market-relevant equity base | 29.7 | 21.6 | 163.0 | 147.4 |
Revenue by Region
| Region | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Australia revenue incl. interest (AUD Mn) | 0.06 | 0.17 | 0.23 |
Americas revenue (AUD Mn) | 0 | 0 | 0 |
EMEA revenue (AUD Mn) | 0 | 0 | 0 |
Rest of APAC revenue (AUD Mn) | 0 | 0 | 0 |
Share Price
| Metric | Jan2026 | Feb2026 | Jun2026 | Aug2026 | Oct2026 |
|---|---|---|---|---|---|
YRL share price (AUD) | 0.26 | 0.22 | 0.185 | 0.13 | 0.099 |
Market Valuation
| Metric | Sep2025 | Oct2025 | Nov2025 | Jun2026 | Oct2026 |
|---|---|---|---|---|---|
Market capitalisation (AUD Mn) | 81.95 | 115.7 | 87.7 | 71 | 38 |
Share Price & Returns
| Date | Raise | Price | Lead / investors |
|---|---|---|---|
Oct 2020 | A$6.0m | A$0.50 | DGO Gold (A$4m), Regal Funds (A$2m) |
Oct 2022 | Placement (size not confirmed) | Not confirmed | — |
Nov 2023 | A$4.0m | Not confirmed | — |
Feb 2024 | A$2.5m | A$0.08 | MST Financial; existing majors |
Oct 2025 | A$13.5m | Not confirmed | — |
Analyst Conclusions
Management guidance. No financial guidance. Operational guidance as of 8 October 2026: complete the seven-hole, 3,300 m Arrakis diamond program by early November 2026; Arrakis diamond assays from late October; Flushing Meadows/Giedi Prime AC results in November; final Flushing Meadows diamond hole (26IWBRC0094D) pending. Exploration Targets for Arrakis and Siona were guided for July–Q3 2026; their release was not confirmed in the sources reviewed. Consensus: none.
Bull case.
-
Arrakis is turning into a high-grade shoot story: record 20 m @ 8.7 g/t, Domain C open down-plunge, mineralisation >250 m deep—the profile mill owners pay for.
-
At ~A$28m EV (≈A$62/oz on existing resources alone, before any Arrakis/Siona ounces), the market is largely ignoring two discoveries and a 450koz base on granted leases near multiple mills.
-
Eduard Eshuys—discoverer of Jundee and Bronzewing—now chairs the company, with Regal and Gold Fields on the register: a credible setup for a well-supported recapitalisation or corporate transaction.
Bear case.
-
The going-concern emphasis and ~A$4–5m quarterly burn mean a dilutive raise near ~A$0.10 is likely, on top of ~3.3x share-count growth since FY2022.
-
The geologist credited with both discoveries is leaving; the promised Exploration Targets appear delayed; a July "strategic" review of the schedule was flagged—signals of reprioritisation.
-
Outside the high-grade shoots, grades are modest (1–2 g/t at Arrakis broad zones, 0.5–0.7 g/t in deep Flushing Meadows holes), and the existing resources are low-grade and dated.
Key catalysts and monitorables (next 12 months).
-
September 2026 Appendix 5B (late October): actual cash and spending rate.
-
Arrakis deep diamond assays (late Oct – Dec 2026).
-
Publication of Arrakis and Siona JORC Exploration Targets.
-
CEO succession announcement before/around 30 November 2026.
-
AGM (Nov 2026) and any capital raising (size, price, cornerstone participation by Regal/Gold Fields/Eshuys).
-
Heritage clearance for the western NEG margin and 2027 program design.
-
Any updated Flushing Meadows or Mt McClure MRE, or a maiden Arrakis resource.
-
Corporate interest from regional mill owners.
Analyst verdict.
Yandal Resources has done the hardest thing in junior exploration—make genuine discoveries—and the market has responded by cutting its valuation by more than half. That paradox defines the investment case. On the technical side, the evidence is improving rather than deteriorating: Arrakis has grown from a regolith anomaly into a 1.3 km primary structure with a steeply plunging high-grade domain, a record 20 m @ 8.7 g/t intercept and continuity beyond 250 m depth, while Anders and Salusa add parallel optionality. The 450koz existing resource base, though low-grade and dated, sits on granted mining leases within trucking distance of established mills, which matters greatly in a consolidating Western Australian gold sector.
The problems are corporate and financial, and they are serious. Cash fell from roughly A$17.3m to A$9.7m in the first half of calendar 2026, the auditor has flagged a material uncertainty over going concern, the discovering CEO is leaving at the end of November without a named successor, and promised Exploration Targets do not appear to have been delivered on schedule. The share register is concentrated, which cuts both ways: it offers a ready pool of capital and potential strategic buyers (Regal, Gold Fields, Eshuys-linked interests), but leaves minority holders exposed to whatever recapitalisation terms those holders accept.
On balance, Yandal is a high-risk, high-optionality explorer whose near-term share price will be set by the terms of its next capital raise and the quality of its next CEO appointment, and whose medium-term value depends on whether Arrakis can support a resource of meaningful size and grade. Investors with high risk tolerance may see the current ~A$62/oz EV on existing resources as attractive; others should wait for the funding event and the Arrakis Exploration Target before taking a position. This assessment is informational and not investment advice.
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansExecutive Leadership
Board of Directors
| Name | Role | Appointed | Background | Source |
|---|---|---|---|---|
Eduard Eshuys | Non-Executive Chair | 1 Sep 2026 (previously Strategic & Technical Advisor) | Geologist and mining executive with 40+ years' experience; led teams that discovered Plutonic, Bronzewing, Jundee and Rosemont gold deposits and the Cawse nickel deposit; redeveloped St Barbara's Sons of Gwalia as CEO; former Chairman of DGO Gold and director of De Grey Mining. BSc, FAusIMM, FAICD | ASX 1 Sep 2026; Jun 2026 presentation |
Greg Evans | Non-Executive Director (Chair 2022 – 1 Sep 2026) | Chair since 2022 | 25+ years in investment banking in mining and resources; corporate and financial adviser. BCom, DipAppFin, GAICD | ASX 1 Sep 2026; Jun 2026 presentation |
Dr Andrew Jackson | Non-Executive Director | 1 Sep 2026 | 30+ years in investment management and quantitative investing; Executive Director and Head of Research at Vinva Investment Management (2011–2024); Portfolio Manager/Head of Research, Australian Equities, Barclays Global Investors (2003–2010); PhD Finance (London Business School), CFA, Fellow of the Actuaries Institute, GAICD; Honorary Industry Fellow, UTS | ASX 1 Sep 2026 |
Board of Directors — Chris Oorschot
| Name | Former role | Departure | Notes |
|---|---|---|---|
Chris Oorschot | Managing Director & CEO | Retired from board 1 Sep 2026; remains CEO until 30 Nov 2026 (notice period) | Credited by the outgoing Chair with the Arrakis and Siona discoveries |
Katina Law | Non-Executive Director | Retired 1 Sep 2026 | 30+ years' mining finance; senior roles at Newmont head office (Denver); former Executive Director/CEO of East Africa Resources; BCom, FCPA, MBA, GAICD; >8 years on Yandal board |
Chris Newman | Non-Executive Director | Appointed 1 Dec 2025; retired 1 Sep 2026 | 35+ years in exploration, operations, resource development and M&A |
Tim Kennedy | MD (2022–2024), then Executive Director, then NED | Resigned 2 May 2025 | Long-serving board and executive member |
Executive Leadership Team
| Name | Role | Background | Source |
|---|---|---|---|
Chris Oorschot | CEO (until 30 Nov 2026) | Exploration geologist, 16+ years mainly in WA gold; expertise in complex stratigraphy and structurally controlled Archaean systems; BSc Hons (1st Class), MAIG, MSEG; joined 2023 as Exploration Manager; Technical Director from 22 Sep 2023; MD/CEO from 1 Jul 2024 | Jun 2026 presentation; FY2025 Annual Report |
Owen Casey | Geology Manager | Exploration geologist, 16+ years in WA gold exploration and project development; BSc Hons, MAIG | Jun 2026 presentation |
Greg Fitzgerald | Company Secretary | Not detailed in sources | ASX 1 Sep 2026 |
Successor CEO | — | Not announced as of 18 Oct 2026 (no appointment found in sources reviewed) | — |
Directors' Remuneration
| Executive | Salary (AUD K) | Other incl. equity and super (AUD K) | Total (AUD K) | FY2024 total (AUD K) | Source |
|---|---|---|---|---|---|
Chris Oorschot (MD/CEO) | 240 | 200 | 440 | 335 | Simply Wall St (from FY2025 remuneration report) |
Major Shareholders
| Holder | Approx. stake (%) | Notes |
|---|---|---|
Regal Funds Management | 19.5 | Institutional investor; on register since 2020 |
Gold Fields | 14.9 | Major gold producer. Analyst inference: likely inherited via the DGO Gold → Gold Road Resources → Gold Fields chain of acquisitions; not confirmed by the company |
Eduard Eshuys (related interests) | 11.1 or 9.9 | Chart labels ambiguous between Eshuys and Hermit Holdings |
Hermit Holdings | 9.9 or 11.1 | See above |
Caroline House | 5.1 | — |
Board (excluding Eshuys, who was then an adviser) | ~1 | — |
Other holders | 38.4 | — |
Top 10 / Top 20 / Top 50 concentration | ~70 / ~80.5 / ~89 | — |
Competitive Landscape
Key Competitors
| Company (ticker) | Relationship to Yandal | Relevant asset(s) | Data point found | Relative positioning |
|---|---|---|---|---|
Northern Star Resources (NST) | Dominant producer in the belt; neighbour; potential acquirer; former YRL shareholder | Jundee; Bronzewing plant (care and maintenance per YRL); Orelia (adjacent to Mt McClure) | — | Controls key processing infrastructure; natural consolidator |
Gold Fields (GFI / formerly Gold Road) | ~14.9% YRL shareholder | WA operations | — | Strategic holder; potential acquirer or blocker |
Gateway Mining (GML) | Direct explorer peer in the Yandal Belt | Yandal Gold Project | Raised A$22.5m (Sep 2025), drilling from Oct 2025 | Better funded in 2025; competes for the same investor pool |
Albion Resources (ALB) | Explorer peer adjoining Barwidgee | Yandal West (incl. E53/1612 "Barwidgee") | Cash A$3.0m (Dec 2025); no field activity that quarter | Smaller, earlier stage |
Horizon Minerals (HRZ) | Counterparty (bought Gordons) | Kalgoorlie district | — | Consolidator in Kalgoorlie, not a Yandal Belt rival |
Vault Minerals | Producer in the wider region | King of the Hills (shown on YRL maps) | — | Potential mill partner |
Genesis Minerals | Producer in Leonora district | Leonora operations | — | Regional consolidator |
Bellevue Gold | Producer | Bellevue (shown on YRL maps) | — | Competes for capital/labour |
Wiluna district operators | Neighbours | Wiluna mine | — | Potential processing alternative |
Other ASX gold juniors (hundreds) | Capital competition | — | — | Yandal's differentiators: two recent discoveries, 450koz base, strong register |
Peer Comparison FY2026
| Metric | Yandal (YRL) | Albion (ALB) |
|---|---|---|
Revenue | Nil (interest only) | Nil (presumed explorer) |
Latest cash | A$9.7m (Jun 2026) | A$3.0m (Dec 2025) |
Resource base | 450koz Au | — |
