One Bullion Reports Significant Historical Gold Results and Advances Exploration at Vumba
One Bullion pauses drilling on its historical gold rehash project, deferring the only real catalyst for the deposit.
One Bullion Limited (OBUL) released a consolidated disclosure on 3 November 2026 detailing historical drilling and trenching results from the Vumba Gold Project in Botswana. The company stated that these data were "not previously disclosed in the Company's news releases" and were integrated with July 2026 airborne geophysics. The release explicitly contains no assay results from the 2026 diamond program.
The disclosed intervals, all reported as downhole or sampled lengths with true width not established, include:
- SR033 (RC): 16.00–42.00 m, 26.0 m @ 2.60 g/t Au
- SR083 (RC): 0.00–28.00 m, 28.0 m @ 1.47 g/t Au, incl. 7.0 m @ 1.91 and 10.0 m @ 2.47 (stated as within, not additive)
- SR084 (RC): 30.00–47.00 m, 17.0 m @ 1.41 g/t, incl. 3.0 m @ 4.65
- SR085 (RC): 51.00–64.00 m, 13.0 m @ 2.02 g/t
- SR004 (RC): 37.00–47.00 m, 10.0 m @ 2.18 g/t
- SD071 (DD): 39.00–52.00 m, 13.0 m @ 8.52 g/t, incl. 1.0 m @ 101.81 g/t; company concedes the composite "is strongly influenced by this one-metre sample"
- SD070 (DD): 0.23 m @ 14.76 g/t; SD074 (DD): 0.67 m @ 7.47 g/t; SD076 (DD): 1.10 m @ 4.19 g/t
- VUDD005 (DD, 2022): 1.0 m @ 20.90 g/t; VUDD016 (DD, 2022): 1.0 m @ 15.25 g/t
- Trenches: VUT004 3.5 m @ 18.79 g/t (incl. 2.5 m @ 26.12, with the adjoining 1.0 m at 0.469 g/t disclosed); VUT005 0.9 m @ 9.88 g/t; ST013 4.0 m @ 3.14 g/t; ST025 10.0 m @ 1.84 g/t; ST017 20.0 m @ 0.85 g/t
Regarding programme status, 2026 holes VUDD017 and VUDD018 in the Central area, and VUDD019 in the North Main area (315 m), are complete, while VUDD020 was drilling at the time of the report. Drilling is now paused in November for logging, sampling, check-assay work, and model review. RC drilling is "being considered" for the next phase. No assay results are reported and no timing is given for the 2026 assays.
In corporate housekeeping, One Bullion Limited issued 75,484 shares in September and 97,125 shares in October to SLD Capital Corp. for services.
One Bullion Limited (OBUL) has released a consolidation of historical data from its pre-resource exploration activities, disclosing no new drilling results from the 2026 campaign. The release fills in a decade of previously orphaned historical data, highlighting respectable grades including SR033 at 67.6 g/t and SR083 at 41.2 g/t. The company demonstrated above-average disclosure discipline for its size, though the data does not alter the resource status, scale, grade, metallurgy, or exploration odds in any measurable way.
The equity is currently trading at C$0.38, down 85% from its C$2.60 high in December 2025 and 45% below the C$0.69 spike seen in July and August. The share price is sitting a few cents off its 52-week low of C$0.28. The market is currently pricing financing risk rather than drilling news, meaning there is no embedded positive anchor for this release to fall short of.
Financial context from prior periods indicates a Q3 2026 net loss of $4.06M and an operating cash outflow of $5.40M for the nine months. The company holds $1.97M in cash plus $2.31M in marketable securities, carries no debt, and has issued an explicit going-concern flag. Management stated it must raise equity to fund the next twelve months. The ~3,000 m programme has completed three to four holes and is now paused, with assays pending a month after they were promised. Expectations of dilution remain before the assays can make a financial argument.
One Bullion Limited (TSXV: OBUL) is a Toronto-based, pre-revenue gold explorer incorporated in 2018 and listed in late 2025 through a reverse takeover. The company holds roughly 8,004 km² of prospective ground across three Botswana greenstone-belt projects: Vumba, Maitengwe, and Kraaipan.
Vumba (PL 153/2016) is the lead asset and subject of this release. The property features approximately 2.5 km of gold-bearing strike, artisanal workings, 110 historical RC holes, nine historical DD holes, and 16 DD holes in 2022. A ~3,000 m 2026 DD programme is planned, alongside an NI 43-101 technical report effective 27 April 2025. There is no mineral resource defined for Vumba.
Maitengwe covers 58,075 ha (580.75 km²) largely under Kalahari cover. An 11,654 line-km airborne survey was completed in July 2026, and an EIS was approved on 20 April 2026 for two years. No drilling has been conducted at Maitengwe.
Kraaipan includes the western limb plus the eastern limb under a 2024 joint venture with North Arrow. An IP survey produced 26 high-sulphide targets, but no drilling has been undertaken at Kraaipan.
According to the Q3-2026 filing for the nine months to 30 September 2026, the company reported zero revenue and a net loss of $4.98M. Operating cash outflow was $5.40M, with cash on hand of $1.97M plus $2.31M in marketable securities. The company has no debt, a working capital position of $3.36M, and a book value of $0.18/share. An explicit going-concern statement indicates a requirement for further equity financing. Ongoing share-based payments include monthly SLD Capital share issuances, plus RSU grants totalling well over 2 million units across 2026 to officers and directors. No mineral resource, reserve, PEA, NPV, capex, or production guidance exists for any project.