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Key Concepts

• Mwari Gold Project: A high-grade gold resource located in Western Australia.
• Calgi North Hub: The broader regional project area containing 1.22 million ounces at 3.8 g/t.
• Shear Zone Mineralization: The geological structure hosting the gold, characterized by quartz veining and pyrite.
• Free-Milling Gold: Gold that can be recovered through standard gravity or cyanide leaching processes.
• Step-out Drilling: Drilling conducted outside the known resource area to expand the deposit boundaries.
• Soil Anomalies: Geochemical signatures at the surface used to identify potential subsurface mineral deposits.

1. Project Overview and Resource Status

The Mwari project is a high-grade gold asset located 100 km north of Kalgoorlie, Western Australia. It is a critical component of the Calgi North hub, which holds a total resource of 1.22 million ounces at 3.8 g/t. As of August 2025, the Mwari resource stands at 350,000 ounces at 3.6 g/t, representing a 300% increase since the project was acquired from Genesis.

2. Drilling Results and Growth Potential

The company has initiated its 2026 drilling program with significant success. A recent 700-meter step-out drill program along the strike of the existing resource has intersected high-grade gold on the same mineralized structures.

• Strategic Priority: The primary focus remains the 5 km long gold anomaly directly above the Mwari resource. To date, only 1.5 km of this trend has been tested to define the current 350,000-ounce resource, leaving 3.5 km of high-potential strike length yet to be fully explored.

3. Regional Exploration and Target Ranking

Beyond the immediate Mwari resource, the company holds contiguous tenure covering over 30 km of strike, with more than 34 km of identified targets.

• Malign Prospect: Located 10 km north of the Mwari hub, this area features high-priority soil anomalies. These targets are situated on the same shear zones as Mwari and the Ora Banda/Lady Gladys deposits.
• Methodology: The company uses existing soil anomalies as a "calibration" tool. Because the current 350,000-ounce resource sits directly beneath a 5 km soil anomaly, the team is confident that similar-magnitude anomalies identified elsewhere in the tenement are high-probability targets. These are currently being ranked for inclusion in the 2026 drilling schedule.

4. Geological Characteristics

The mineralization at Mwari is consistent with historical deposits in the region, characterized by:

• Mineralogy: Free-milling gold hosted within shear zones, associated with quartz veining and pyrite.
• Continuity: The systems in the district are described as large and continuous along strike, a trend supported by both the company’s findings and regional resource upgrades by neighboring operators like Ora Banda.

5. Strategic Outlook

The company is currently focused on "ground-proofing" newly acquired contiguous tenements to identify additional mineralized structures. The overarching strategy is to prioritize drilling along the strike of the known resource to maximize the immediate growth of the ounce count, while systematically ranking and testing regional surface anomalies.

Conclusion

The Mwari project represents a high-grade, under-explored opportunity in a prolific Western Australian gold district. With a proven geological model (free-milling gold in shear zones), a significant resource increase already achieved, and a massive pipeline of untested strike length and soil anomalies, the company is positioned for continued resource expansion throughout 2026. The primary takeaway is the high conversion rate of surface anomalies into defined resources, which serves as the foundation for the company's aggressive growth strategy.