Macmahon Named Preferred Contractor for $38m Groundrush Decline

Macmahon Holdings Limited ( (AU:MAH) ) has shared an update.

The Central Tanami Project Joint Venture, owned equally by Tanami Gold NL and MGX Resources, has named Macmahon Underground Pty Ltd as preferred contractor to build an underground exploration decline at the Groundrush gold deposit in the Northern Territory. The work, valued at about $38 million, covers portal and ventilation establishment and 3,500 metres of decline development over roughly 14 months, starting in the September 2026 quarter, and is expected to enable resource infill drilling and accelerate underground access, although the appointment remains subject to a binding agreement.

The planned exploration decline is a key step in advancing the Central Tanami project, as it will allow drilling from underground positions and earlier progression of mine workings. For Macmahon, the award underscores its positioning in Australia’s underground contracting market and, if finalised, would add a significant gold-sector project to its work-in-hand, while for the joint venture partners it marks tangible progress toward potential future production at Groundrush.

The most recent analyst rating on (AU:MAH) stock is a Buy with a A$0.82 price target. To see the full list of analyst forecasts on Macmahon Holdings Limited stock, see the AU:MAH Stock Forecast page.

More about Macmahon Holdings Limited

Macmahon Holdings Limited, through its subsidiary Macmahon Underground Pty Ltd, operates in the mining services industry, providing contract mining, underground development and related services to resource projects. The company focuses on supporting Australian and international miners with large-scale contract work across commodities such as gold and other minerals.

YTD Price Performance: 29.77%

Average Trading Volume: 8,700,996

Technical Sentiment Signal: Buy

Current Market Cap: A$1.79B

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