Au Gold Corp’s flagship project is now Havelock, a gold-antimony property in central Victoria, Australia, near the town of Maryborough. The company also still holds the Ponderosa gold project in the Spences Bridge Gold Belt of British Columbia, Canada, though that asset is currently inactive. The interview, with founder and CEO Marc Blythe, covers the history and geology of Havelock, the company’s plan to begin diamond drilling, its current cash position, and the risks tied to land access and exploration outcomes.
TL;DR
Au Gold Corp owns 100% of the Havelock gold-antimony project, an area with documented historic gold and antimony production from the 1880s that has never been diamond drilled on its main trend. The company has roughly C$1.7 million in cash, plans to start drilling in the third quarter of 2026, and expects results before year-end. A first-pass program is budgeted at 2,000 metres, described by the CEO as a minimum. Management expects to need to raise more capital later this year to fund continued drilling. The company has no debt, no known environmental liabilities from the prior owner, and the CEO owns about 7 million shares with an average cost near C$0.05.
What have they done for shareholders lately?
The company closed the Havelock acquisition for 100% ownership of the project, with only small per-ounce payments owed to the prior owner, Leviathan Gold Australia (a subsidiary of Leviathan Metals Corp), for any future resource definition and production. Since acquiring the project, Au Gold has completed rock sampling and two rounds of field work, including mapping historic workings along the Shaw-McFarlane Trend and a separate target area called the Oxonian zone. The company also engaged a historian, Clive Willman, to reconstruct records of historic mine workings that had been lost, which management says is helping guide drill targeting. Land title transfer for the Havelock tenement from the prior operator is in process and has not held up field work.
How much money do they have and what are they spending it on?
The CEO stated the company had about C$1.7 million in cash at last count. The most recent financing closed March 11, 2026: a C$2 million non-brokered private placement at C$0.15 per unit, with a half warrant exercisable at C$0.30. Money is being spent on field work, sample assays, and preparation for drilling, including land access negotiations and drill contractor discussions. The CEO said the company expects to raise additional capital later this year to fund a fuller drill campaign and provide more runway, with the exact amount and structure (equity, with or without warrants) dependent on market conditions at the time. He estimated roughly C$100,000 in planned marketing spend for the year, with the allocation across channels not yet finalized.
Upcoming catalysts
Technical and operational: assay results from the recent rock sampling program are expected in about six weeks; the company plans to begin diamond drilling at Havelock in the third quarter of 2026, with drill results targeted before the end of 2026. Corporate: management said it intends to seek additional financing sometime this year ahead of and during the drill program, with timing dependent on market conditions.
Risks
The CEO identified securing landowner permission as the single biggest risk to the project, since key drill targets sit on private land and a prior operator was previously refused access by some landowners. While Victoria’s “low impact exploration” rules mean a formal government permit is not required for minimal-disturbance drilling, agreements with individual private landowners and with public land regulators still need to be finalized before drilling can start. Other risks mentioned include general financing risk common to junior explorers, gold price and broader market volatility (the CEO noted recent share price weakness coinciding with the conflict involving Iran), and standard exploration risk, since there is no current resource estimate and success depends on whether the historic high-grade zones extend to sufficient width and depth to be economic. Management also noted that 5 million shares held by Leviathan Metals from the acquisition deal are free-trading with no lock-up, representing a potential source of share supply, though the CEO said he was not aware of any of that stock having hit the market as of the interview.
Au Gold CEO Interview
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