Richmond Hill Resources PLC (LSE:RHR) announced that consultant Critical Discoveries has completed the compilation and digitisation of historic exploration data at the Martello Gold Project, allowing the company to outline a set of high-priority targets ahead of its first drilling campaign.
The initial drill programme is expected to comprise seven holes for a combined length of around 1,100 metres, although the final layout may be adjusted as planning progresses. Richmond Hill is aiming to begin drilling during the first quarter of 2026 and said it will provide more detailed scheduling updates in the coming weeks.
Alongside drill preparation, the company has appointed an external contractor to carry out a drone-based magnetic survey across the project area. The DRONE-MAG survey will be flown using a Blacksquare Hercules X4 platform fitted with a GEM Systems GSMP-35U potassium vapour magnetometer, supported by GEM Systems GSM-19 Overhauser base stations.
Richmond Hill also announced a consultancy agreement with James Ikin, under which he will deliver strategic and advisory support to the company for an annual fee of £30,000. As Ikin is a substantial shareholder, the arrangement is classified as a related party transaction under AIM Rule 13. The board said it had consulted nominated adviser Cairn Financial Advisers LLP and concluded that the terms are fair and reasonable for shareholders.
Commenting on recent progress, chief executive Hamish Harris said: “With the data compilation complete, the contracting of a third party for a MAG survey and drilling on the near horizon, the Board is enthused about the momentum gained since listing.”
Richmond Hill Resources joined the AIM market following its announcement on 5 January 2026, which highlighted the Martello Gold Project as its flagship asset.
Consultancy agreement
Separately, the company confirmed that under the consultancy agreement, James Ikin will provide strategic, advisory and other consultancy services as reasonably requested by Richmond Hill from time to time, in return for a fee of £30,000 per year.
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