Sultan Resources Ltd (SLZ.AX) Annual Report FY2026 and Exploration Review

Perth, Oct 1, 2026 AEST (ABN Newswire) - Sultan Resources Limited (ASX:SLZ) (SLZRF:OTCMKTS) has released its Annual Report for the year ended 30 June 2026, reporting continued review and evaluation of its Lachlan Fold Belt projects in New South Wales, completion of capital raisings during the year and cash and cash equivalents of $1,038,114 at year end.

The Company's principal activity during the financial year was mineral exploration in Australia. Sultan undertook a project review assessing the existing resource potential and commitments of its portfolio in the context of funding capability and current market conditions.

Sultan's New South Wales portfolio comprises three Lachlan Fold Belt tenements, EL8735, EL9070 and EL8734, covering 165 km2. During the year, the Company reviewed existing datasets across the tenements and identified the Ringaroo, Gowans Green and Razorback-Wattle Ridge Au-Cu targets within EL8735, together with the Tucklan Au-Ag-Cu target in EL8734, for further exploration.

The Company is undertaking an external geophysical review of magnetic, radiometric and induced polarisation survey data. The stated aim is to identify the sources of gold and copper geochemical rock and soil anomalies and recommend a strategy going forward.

At Ringaroo, subject to positive outcomes from the geophysical review, Sultan's proposed work program will focus on extending soil-sampling coverage to close off soil anomalies and conducting additional induced polarisation lines over areas highlighted by the soil data. The work is intended to test for additional conductors and generate potential porphyry targets for drill testing.

At Gowan Green, the Company may, subject to a positive outcome from the geophysical review, expand the soil-geochemical survey to the north and east to close off existing anomalies and integrate the results with geophysical interpretation to identify potential porphyry-style drill targets.

At Razorback-Wattle Ridge, the Company stated that, subject to successful outcomes from the geophysical review, further exploration may include expanding the soil grid to fully cover the existing induced polarisation anomaly. Surface mapping and rock-chip sampling may also be undertaken to better understand the distribution of intrusive rocks, alteration and mineralisation and select locations for drill testing of the porphyry Au-Cu target.

The Company stated that proceeds from its previous capital raising are intended to support early-stage exploration across its Lachlan Fold Belt targets, including fieldwork, geophysics and preparatory activities aimed at refining drill targets. Subject to funding and operational conditions, Sultan may commence groundwork during the current quarter.

During the year, Sultan relinquished the Thaduna project in the Northeast Yilgarn of Western Australia and the Kondinin-Lake Grace projects in the Yilgarn of Western Australia. The Company recognised impairment expenses of $278,686 for the Thaduna project, E52/3481.

Sultan also announced during the year that a proposed acquisition of three projects in Namibia and Western Australia from Aldoro Resources Limited did not complete. Completion was conditional on shareholder approval for the issue of consideration shares; Sultan shareholders did not approve that issue at the 2025 Annual General Meeting.

Financial Results

For the year ended 30 June 2026, Sultan reported other income of $15,853, compared with $30,757 for the year ended 30 June 2025.

The consolidated entity reported a loss from continuing operations after income tax of $1,481,006, compared with a loss from continuing operations after income tax of $5,469,391 in the prior year. Basic and diluted loss per share was (0.30) cents, compared with (2.49) cents in the prior year.

Cash and cash equivalents were $1,038,114 at 30 June 2026, compared with $81,751 at 30 June 2025. Net assets were $5,275,198, compared with $4,425,498 at 30 June 2025. Total assets were $5,520,913 and total liabilities were $245,715 at 30 June 2026.

Net cash used in operating activities was $(1,092,507), compared with $(502,257) in the prior year. Net cash used in investing activities was $(29,749), compared with $(318,685). Net cash from financing activities was $2,078,619, compared with $317,996.

During the financial year, the Company completed a pro-rata non-renounceable entitlement offer that raised $148,069 before costs through valid applications for 29,613,653 new fully paid ordinary shares. It also issued 201,856,257 shares under the Shortfall Offer, raising $1,009,282 before costs.

Sultan completed a further placement of $1.1m before costs through the issue of 122,222,222 Placement shares at an issue price of $0.009 per share.

No dividend is recommended in respect of the current financial year.

Financial Position and Funding

The financial statements have been prepared on a going concern basis. The Group incurred a loss for the year of $1,481,006 and reported net cash outflows from operating activities of $1,092,507 and investing activities of $29,749 for the year ended 30 June 2026.

The financial statements state that these factors indicate a material uncertainty which may cast significant doubt as to whether the Group will continue as a going concern and therefore whether it will realise its assets and extinguish its liabilities in the normal course of business and at the amounts stated in the financial report.

The Directors stated that they believe there are reasonable grounds to believe the Group will be able to continue as a going concern, after considering the Group's ability to issue additional shares under the Corporations Act 2001 to raise further working capital and its ability to scale down operations to curtail expenditure.

Post-Balance-Date Events

Subsequent to 30 June 2026, Sultan lodged exploration licence application EPL11820 covering 171.2km2 within Namibia's Central Damara Orogen. The Kaalkop Project is located approximately 5km south of Kalkfeld.

On 17 September 2026, the Company announced Board and Company Secretary changes. Maurice (Nic) Matich was appointed as Non-Executive Director, Jeremy King resigned as Director, Daniel Coletta was appointed Company Secretary and Mauro Piccini resigned as Company Secretary.

On 23 September 2026, Sultan announced firm commitments to raise $1,316,000 before costs through the issue of 146,222,222 fully paid ordinary shares at an issue price of $0.009 per share. Placement participants will also receive, for every two Placement Shares subscribed for and issued, one free-attaching listed option exercisable at $0.03 and expiring 12 March 2027, and one free-attaching unlisted option exercisable at $0.03 and expiring 12 March 2030. The issue of the attaching options is subject to shareholder approval at the Company's Annual General Meeting, scheduled for mid-November 2026.

*To view the Annual Report, please visit:
https://abnnewswire.net/lnk/V9601XAL

Editorial Note:

This media release has been independently prepared by ABN Newswire editorial staff based on Sultan Resources' Annual Report for 2026. It is intended as an editorial summary of information disclosed in that report and should be read in conjunction with Sultan Resources' full ASX announcement. All financial, operational and post-reporting-period information in this editorial has been sourced from the Company's report.

About Sultan Resources Ltd

Sultan Resources Ltd (ASX:SLZ) is an Australian focused exploration company with a portfolio of quality assets in emerging discovery terranes. The Company holds the highly prospective Lachlan Fold Belt Projects with strong indications of Cu and Au mineralisation. Sultan's new board and management are pursuing a systematic exploration strategy across its priority prospects, aiming to unlock gold and base metal discoveries using modern techniques to drive value for shareholders. Sultan is actively pursuing potential acquisitions in the Critical Minerals and Precious Metals sectors.

   

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