One Bullion Completes Second Hole of 2026 Drilling Program at Vumba Gold Project

One Bullion Limited (OBUL) has completed VUDD018 at its Vumba Gold Project in Botswana, marking the second hole in a planned ~3,000 m HQ diamond drilling program for 2026. The hole reached a total depth of 350.85 m, with a collar location at 535,894 mE / 7,712,640 mN and a planned geometry of 330° true / −60° dip. VUDD018 was designed as an oblique structural test of the Central–Makoba structure (VGT-01), previously tested by VUDD017. The company drilled this hole from a different azimuth to provide a second oriented-core view across the structure.

No assay results are available for VUDD018, as sampling is still in progress. The entire hole, including both altered and sulphide zones, is scheduled to be cut as half-core at nominal 1 m intervals. Visual logging has been reported for intervals down to 276.5 m. The upper 9.7 m consists of soil and oxidized or weathered amphibolite, with fresh rock beginning at approximately 9.7 m. From 9.7 m to 276.5 m, the logging indicates predominantly fresh amphibolite that is variably schistose, foliated, and banded, with local carbonaceous, quartz-rich, and garnetiferous intervals.

Alteration features were logged to approximately 217 m, characterized by repeated silicification and carbonate alteration, with local chlorite present. These features appeared in pervasive, banded, vein-, and fracture-controlled styles, with locally strong to very strong intensity. Sulphides were logged to approximately 203 m, dominated by arsenopyrite with lesser pyrite, occurring in disseminated, banded, and vein or veinlet styles. Veining was logged to approximately 187 m, consisting of quartz, calcite, and quartz–carbonate veins and veinlets, exhibiting local irregular or folded geometry and local brecciation.

The company explicitly stated that these logged features are not continuous across the summarized intervals and should not be interpreted as mineralized intercepts. The reported lengths represent downhole lengths, and true widths remain unknown.

Drilling has commenced on VUDD019, a deeper northern test of the Central–Makoba structure. This new hole is oriented at 267° true / −69° dip with a planned end-of-hole depth of 425 m. It is designed to test continuity beneath and north of the deeper alteration and sulphidation packages identified in VUDD017.

In administrative news, One Bullion Limited amended its consulting agreement with SLD Capital Corp. The arrangement changed from a payment of 83,333 shares per month to a US$25,000 monthly fee, satisfied in shares at prevailing market prices. The company issued 281,268 shares for the period of June–August 2026, equating to 93,756 shares per month. This implies a reference price of roughly US$0.27 or ~C$0.37. The shares are subject to a four-month-and-a-day hold and TSXV acceptance.

The independent Qualified Person for the project is Rory Kutluoglu, P.Geo. Assay work is conducted by ALS Laboratories in South Africa, which holds ISO/IEC 17025 certification. The analytical methods include Au-AA25 (30 g fire assay with AAS finish), ME-ICP61a (four-acid/ICP-AES), and Au-GRA21 (gravimetric) for overlimits greater than 10 g/t Au.

One Bullion Limited (OBUL) remains a pre-resource explorer with no revenue or mineral resource, carrying a going-concern disclosure in its latest Management’s Discussion and Analysis. For companies at this stage, equity movement is typically driven by assay or discovery results, whereas hole-completion notices without assay data generally do not impact the stock.

The recent release confirms that the modelled structure was intersected and contains the predicted alteration and sulphide assemblage. This serves as an incremental technical data point that does not alter the deposit model, scale, grade, or probability of success.

There is currently no assayed discovery result embedded in the company’s valuation. The most concrete data available to the market consists of historical, non-43-101 resource-weighted figures and surface grab samples from April–May 2026. The 2026 drilling program has not yet produced any assays, meaning there is no established "anchor intercept" for hole VUDD018 to beat or miss.

Shares rose from C$0.28 in late June/early July 2026 to C$0.69 on August 5, 2026, following a fully-funded drilling announcement and broader gold-market momentum. The price subsequently round-tripped to a range of C$0.44–0.53 through September and currently sits at C$0.47. This level is approximately 68% above its 52-week low but 82% below its 52-week high, indicating the market is anticipating assay results rather than extrapolating from prior drilling success.

The news serves to maintain narrative momentum while laboratory results are pending.

With a market capitalization in the tens of millions of Canadian dollars and no revenue, the equity’s value rests entirely on the pending assay batch. This concentrates materiality in the next assay release rather than the current completion notice.

Prior-period context, not disclosed in today’s release, includes a H1-2026 net loss of C$929,831. As of June 30, 2026, the company held C$2,572,522 in cash, C$6,175,293 in working capital, and C$6,509,111 in total equity, with a going-concern flag raised. Share-based compensation totaled C$1,063,261 in H1, compared to total exploration spend of only C$193,778 in the same period.

One Bullion Limited (TSXV: OBUL), a Toronto-based company, listed on the TSX Venture Exchange as a Tier 2 mining issuer following a reverse takeover of Imperial Ginseng Products Ltd. The transaction closed under an extended deadline of November 28, 2025, concurrent with a brokered financing of 13,888,888 to 27,777,777 subscription receipts at C$0.36, raising between C$5 million and C$10 million. The financing included 24-month warrants exercisable at C$0.48 with a C$1.00 acceleration trigger.

The company holds approximately 8,004 km² of exploration ground in Botswana across three greenstone-belt gold projects: Vumba (PL 153-2016, northeastern Botswana), Kraaipan (including the Madibe/Stella Limb, eastern limb joint-ventured with North Arrow in 2024), and Maitengwe (located north of Vumba near the Zimbabwe border, largely covered by Kalahari sediments). While PGMs are noted as regional geological context in the Kraaipan/Stella Limb gabbroic intrusions, the company’s primary commodity focus is gold. No mineral resources or reserves have been defined on any project, and the investor presentation explicitly states there is no certainty that inferred resources will be converted.

The 2026 exploration programme targets approximately 3,000 m of HQ diamond drilling. Initial descriptions on July 2 outlined up to 15 holes of roughly 200 m, but by August 27, the plan was revised to 10 holes with actual depths ranging from 350 m to 425 m. The programme is decision-gated, with hole locations refined as data arrives. Drilling is contracted to Mindea Exploration and Drilling Services (Pty) Ltd. and managed by Joe Van Wyk, VP Exploration, who was appointed on July 2, 2026, and brings over 20 years of experience.

Drilling completed in 2026 includes VUDD017 (380 m, Central–Makoba, completed mid-September, assays pending), VUDD018 (350.85 m, oblique Central–Makoba test, completed October 1, assays pending), and VUDD019 (425 m planned, 267° / −69°, deeper northern test, currently drilling). Prior work includes a high-resolution airborne magnetic gradiometer and radiometric survey by Xcalibur Smart Mapping, covering approximately 16,350 line-km at 50 m spacing. This survey was completed at Vumba, with Maitengwe approximately 40% complete as of mid-July 2026, under a budget of approximately US$470,000 as per the MD&A. Historical work at Vumba includes approximately 17 km of trenching, 11 km of RC drilling, and 3 km of diamond drilling.

Financial data from the Q2-2026 and FY-2025 as-reported statements and latest MD&A shows zero revenue. The company reported a H1-2026 net loss of C$929,831, with SG&A costs of C$3,554,685, of which C$1,063,261 was non-cash share-based compensation. Exploration spend was C$193,778 in H1-2026. Cash holdings stood at C$2,572,522 at June 30, 2026, down from C$4,631,532 at December 31, 2025. The company reported working capital of C$6,175,293 and total equity of C$6,509,111, with no debt. An explicit going-concern warning is included. H1-2026 results were supported by realised gains of C$1,501,597 and unrealised gains of C$1,411,275 on Metalsource Mining Inc. shares.