Mt York Scales Up

Key Concepts

• Resource Expansion: Increasing the total gold ounce count through aggressive drilling.
• Infill Drilling: Drilling to increase the confidence level of a mineral resource for feasibility studies.
• Regional Exploration: Exploring a broader geographic area to identify new, buried deposits.
• Airborne Electromagnetic (EM) Survey: A geophysical method used to detect subsurface conductive materials (gold/base metals) not visible from the surface.
• Pre-Feasibility Study (PFS): A comprehensive study of the viability of a mineral project.
• RC Drilling (Reverse Circulation): A fast, cost-effective drilling method used to obtain rock samples.
• Maiden Resource: The first official estimate of a mineral resource for a specific project.

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1. Mount York Resource Development

The company is significantly scaling up its operations at the Mount York project.

• Drilling Targets: The company plans to drill between 50,000 and 58,000 meters this year, effectively doubling the meterage completed in the previous year.
• Growth Trajectory: Last year’s drilling successfully increased the resource from 1.4 million ounces to 2.1 million ounces. The current program aims to further expand this resource while simultaneously conducting infill drilling required for the pre-feasibility study.
• Strategic Goal: Management maintains that the project’s potential exceeds the current 2.1 million-ounce estimate.

2. Regional Exploration Strategy

The company is expanding its focus beyond the immediate Mount York site to the "greater Mount York area" following the acquisition of gold and base metal rights for a larger district.

• Methodology: The company is deploying a large-scale airborne electromagnetic survey. This is a cost-effective way to generate a foundational dataset to identify buried gold deposits that are not detectable via surface observation.
• Objective: The primary goal is to discover entirely new deposits, which the company views as the most effective way to drive shareholder value.

3. Corporate Governance and Project Development

To signal a transition from exploration to development and construction, the company has bolstered its leadership team:

• Jeff Bowen (Study Manager): Appointed for his extensive experience in taking gold projects from the study phase through to construction.
• Martin Reed (Board Member): A veteran mining engineer added to the board to provide technical oversight for the development of the Mount York project.
• Strategic Intent: These appointments serve as a public commitment to the market that the company is fully dedicated to the development and eventual construction of the Mount York mine.

4. Row Hills Project

The company is initiating a secondary exploration program at the Row Hills project.

• Scope: A 12,000-meter RC drilling program is planned, supported by necessary Aboriginal heritage approvals.
• Geological Potential: Historical data indicates a continuous zone of mineralization spanning at least 1.5 km, with past results including 35 meters at 1 gram per tonne.
• Timeline: The company aims to establish a maiden resource for Row Hills by 2026 or early 2027.
• Strategic Context: While Row Hills is a priority for adding ounces to the company’s total portfolio, the primary focus remains on the full-scale development of Mount York.

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Synthesis and Conclusion

The company is currently executing a dual-track strategy: aggressively expanding the known resource at Mount York through high-volume drilling and infill programs, while simultaneously utilizing geophysical technology to unlock new value in the surrounding region. By appointing experienced personnel in project development and construction, the company is signaling a shift toward operationalizing its assets. While the Row Hills project provides a secondary growth vector, the overarching corporate objective remains the successful advancement of the Mount York project into a full-scale mining operation.