Mila Resources (LSE:MILA) reported a busy six months of exploration activity for the period ended 31 December 2025, highlighted by the acquisition of full ownership of its Yarrol, Mount Steadman and Monal licences and increased exploration across its Queensland gold and copper portfolio.
At the Yarrol project, the company completed a 1,451-metre diamond drilling programme that confirmed the extension of gold-bearing structures beyond the boundaries of the historical resource. Results suggest the strongest near-term exploration potential lies in shallow mineralised zones along strike from the existing deposit. In response, Mila has planned a 1,600-metre reverse circulation drilling campaign designed to test step-out targets adjacent to the current resource area.
Exploration efforts are also progressing at the Mount Steadman and Monal licences, where Mila is evaluating regional gold and copper prospects. The company aims to expand on historic non-JORC resource estimates while also investigating potential porphyry-style mineralisation similar to nearby discoveries in the region.
Operational capacity has been strengthened with the expansion of the technical team, including the promotion of Alastair Goodship to Chief Operating Officer. The leadership change is intended to support the company’s accelerating exploration programme across its Queensland assets.
Financially, Mila recorded an interim loss of £239,046 during the period while capitalising approximately £406,000 in exploration spending. The company also raised £1.05 million through new equity issuance and warrant exercises, finishing the period with £636,903 in cash to fund ongoing drilling and portfolio advancement.
Despite maintaining a low-debt structure and a strengthened equity base, Mila’s overall outlook remains constrained by its early-stage profile. The company continues to report no revenue and negative free cash flow, while technical indicators show weak momentum with the share price trading below key moving averages and a negative MACD. Valuation metrics remain limited given the negative earnings profile and absence of a dividend.
More about Mila Resources
Mila Resources is a London-listed exploration company focused on gold and copper opportunities in Queensland, Australia. Its portfolio includes the Yarrol, Mount Steadman and Monal licences within the South-Eastern Goldfield. The company positions itself as a post-discovery exploration accelerator, targeting projects with the potential to deliver scalable gold and copper resources.
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