Southern Alliance Mining Quarterly Update: Exploration, Mining Activities, and Expenditure Report for 3Q FY2026

Southern Alliance Mining Ltd. Issues Q3 FY2026 Catalist Disclosure: Detailed Operational and Financial Update

Key Highlights for Investors

Significant Variance in Mining Expenditure: The Group spent RM20.613 million on mining-related activities in Q3 FY2026, which is RM4.637 million below projections. This underutilization is largely attributed to reduced activity at Chaah and Gerik Mines, as both focused on infrastructure development rather than active extraction.
Chaah Mine Infrastructure Upgrades: The company has completed critical underground tunnel construction and dewatering facilities, paving the way for sustainable underground mining and future ore extraction. These developments mark a transition from preparatory works to active mining, suggesting imminent production ramp-up.
Rare Earth Project Progress at Gerik Mine: The Group produced 2,700 tonnes of rare earth carbonate during the quarter, with development works underway for an additional parcel. Lower raw material consumption rates indicate focus on mine development, which could result in increased future output.
Exploration Activities and Resource Expansion: Intensive drilling and geophysical surveys at Chaah Mine have identified potential extensions of the iron ore body beyond current resource boundaries. Multiple boreholes have intersected new mineralized zones, which could significantly increase resource estimates and future extraction potential.
No Iron Ore Concentrate Production in Q3: Despite 15,700 tonnes of underground ore extraction, no iron ore was processed or concentrated during the quarter, as focus remained on tunnel development. For 9M FY2026, total ore processed and iron ore concentrates produced were 405,300 tonnes and 141,900 tonnes respectively.
Mining Operations Set to Resume Actively in Q4 FY2026: The Group projects increased expenditure (RM24.3 million) for the next quarter as production resumes at Chaah Mine. This signals a return to active extraction and potential revenue growth.

Detailed Financial and Operational Insights

The Q3 FY2026 report from Southern Alliance Mining Ltd. offers a comprehensive look at the company’s financial management and operational progress across its key mining assets. The Group’s strategic focus on infrastructure development and exploration during the quarter has led to material variances in expenditure, with actual spending falling short of projections. The most notable underutilization is at Gerik Mine, where RM4.5 million of allocated funds were not spent due to lower raw material consumption and ongoing injection system construction.

At Chaah Mine, the company has successfully transitioned to underground mining techniques and completed major infrastructure projects, including new access tunnels and dewatering systems. These actions are critical for operational safety and efficiency, enabling the Group to ramp up ore extraction and prepare for future stoping (ore removal) activities. Multiple new ramps and emergency access points have been developed, further enhancing underground connectivity and flexibility.

Exploration activities have been robust, with surface and underground drilling in the northern area of Chaah Mine confirming potential resource extensions. The Group completed one surface borehole and four underground drill holes, totaling 619.8 metres. Assay results are pending but preliminary geological findings indicate several new mineralized zones, supporting the prospect of increased recoverable resources.

Rare earth operations at Gerik Mine continue to progress, with 2,700 tonnes produced from two parcels, and development for a third parcel underway. The Group’s focus on development activities over extraction suggests a strategic build-up for future production increases.

Potentially Price-Sensitive Information

Resource Expansion at Chaah Mine: The identification of new mineralized zones through ongoing drilling could materially increase the Group’s iron ore resource base, which is likely to be price-sensitive as it directly impacts future production and revenue potential.
Production Ramp-Up Expected in Q4 FY2026: The return to active extraction and processing at Chaah Mine, coupled with increased projected expenditure, signals imminent revenue growth and could positively affect shareholder value.
Rare Earth Production Growth: Expansion of rare earth carbonate output at Gerik Mine, with new parcels coming online, enhances diversification and could bolster earnings in future quarters.
Infrastructure Investments for Sustainable Mining: Completion of critical underground infrastructure positions the Group for long-term sustainable operations, which may improve valuation and investor confidence.

Shareholder Considerations

Investors should monitor upcoming assay results and resource model updates, as positive outcomes may significantly increase the company’s asset value.
The projected ramp-up in mining and rare earth production from Q4 FY2026 onwards is expected to drive revenue, with associated expenditure indicating operational readiness.
No iron ore concentrate production in Q3 FY2026 may impact near-term revenue, but this is offset by infrastructure improvements for future growth.
Ongoing exploration and drilling success at Chaah Mine is a key factor to watch for material impact on share price.

Conclusion

Southern Alliance Mining Ltd. is at an inflection point, transitioning from infrastructure and exploration focus to renewed active mining and production. The identification of new mineralized zones, imminent production ramp-up, and continued rare earth development are all potentially price-sensitive and may positively influence the company’s share value in the near term.

Disclaimer:

This article is based on publicly available disclosures from Southern Alliance Mining Ltd. and is intended for informational purposes only. It does not constitute investment advice. Investors should conduct their own due diligence before making investment decisions. The Singapore Exchange Securities Trading Limited has not reviewed or approved the contents of this article.

南方联盟矿业有限公司2026财年第三季度报告 —— 投资者详细解读

主要亮点

采矿支出显著低于预算：集团在2026财年第三季度的采矿相关支出为2,061.3万令吉，较预算低4,637万令吉。这主要由于查阿和Gerik矿山专注于基础设施开发而非活跃采矿。
查阿矿山基础设施升级：公司已完成地下隧道建设和排水设施，为可持续地下采矿及未来采矿做好准备，标志着矿山即将进入活跃生产阶段。
Gerik矿稀土项目进展：季度内生产稀土碳酸盐2,700吨，并有新地块开发中，原材料消耗率下降显示未来产量有望提升。
查阿矿探矿活动及资源扩张：查阿矿北部进行了大量钻探和地球物理调查，发现矿体有向外延伸的迹象，多处钻孔发现新矿化区，未来资源量有望提升。
第三季度无铁矿精矿产出：尽管地下采矿量达15,700吨，但因基础设施施工未进行铁矿精矿生产。2026财年前9个月总处理矿石405,300吨，精矿产出141,900吨。
第四季度采矿活动将大幅恢复：预计下一季度采矿相关支出提高至2,430万令吉，查阿矿将恢复活跃生产，预期收入将大幅增长。

详细财务及运营洞察

第三季度报告显示集团在基础设施和勘探方面投入巨大，实际支出低于预算，Gerik矿稀土项目支出未达预期主要因原料消耗下降与注入系统建设中。查阿矿已转型为地下采矿，隧道及排水系统建设完成，为安全高效生产打下基础。多条新通道和应急出口已建成，提升地下矿山灵活性和安全性。

探矿方面，查阿矿北部钻探总长度达619.8米，初步地质结果显示多处新矿化区，资源量有望增加。Gerik矿稀土项目已生产2,700吨稀土碳酸盐，第三地块开发中，表明未来产量将提升。

可能影响股价的敏感信息

查阿矿资源扩张：新矿化区的发现有望增加矿山资源储量，对未来产量和收入有直接影响。
第四季度生产恢复：查阿矿将恢复活跃采矿和精矿处理，收入有望增长，或提升股东价值。
稀土产能扩展：Gerik矿新地块投产将增强集团多元化能力，未来盈利提升预期。
可持续采矿基础设施投入：地下基础设施建设完成，提升长期运营能力，有望提升估值与投资者信心。

股东需注意事项

需关注即将出炉的探矿样品检测结果及资源模型更新，正面结果将提升公司资产价值。
第四季度采矿和稀土生产恢复，预计营收增长，相关支出显示运营准备充分。
第三季度无铁矿精矿产出影响短期营收，但基础设施升级为未来增长做铺垫。
查阿矿探矿成功与否是影响股价的重要因素。

结论

南方联盟矿业有限公司正处于转型阶段，从基础设施和勘探向采矿生产过渡。新矿化区的确认、即将恢复的采矿活动以及稀土项目扩展均具备股价敏感性，预计近期内公司价值有望提升。

免责声明：

本文基于南方联盟矿业有限公司公开披露文件，仅供信息参考，不构成投资建议。投资者应自行进行充分尽职调查。新加坡交易所未审核本文内容。