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Mulgabbie Gold Project

Mulgabbie North Gold Project
  • High-Grade Gold Intercepts Strengthen Resource Expansion Case at Mulgabbie: RC drilling (10 holes for 660m) at James, Ben and Cross Fault Prospects, continued to return strong shallow mineralisation. Further high-grade results were reported in January 2026 from a diamond drill hole and the 91 RC hole grade control program at the James Prospect.
  • Standout Gold intercepts include:
    • 7m @ 6.16 g/t Au – (from 18m) – incl 2m @ 20.54 g/t Au (from 19m) MNORC 356
    • 6m @ 4.59 g/t Au – (from 24m) – incl 1m @ 11.59 g/t Au (from 24m) MNORC 369
    • 6m @ 3.27 g/t Au – (from 31m) – MNORC 364
    • 6m @ 3.04 g/t Au – (from 28m) – within 14m @ 1.60 g/t Au (from 28m) MNORC 350
    • 7m @ 3.02 g/t Au – (from 29m) – within 15m @ 1.58 g/t Au (from 29m) MNORC 357
    • 5m @ 5.37 g/t Au – (from 25m) – MNORC 282
    • 6m @ 3.68 g/t Au – (from 54m) – incl 1m @ 10.21 g/t Au (from 58m) MNORC 278
    • 7m @ 2.46 g/t Au – (from 19m) – MNORC 284
    • 14m @ 2.09 g/t Au – (from 15m) – incl 3m @ 6.38 g/t Au (from 17m) MNORC 314
    • 9m @ 2.61 g/t Au – (from 15m) – MNORC 307
    • 7m @ 2.56 g/t Au – (from 15m) – incl 1m @ 6.05 g/t Au (from 19m) MNORC 277
    • 16m @ 3.41g/t Au (from 19m) – incl 1m @ 29.34 g/t Au (from 22m) and 1m @11.11 g/t Au (from 26m) MNODH 019
  • Confirmed High-Grade Open Pit Potential at James, Stage 1: Holes drilled within the Stage 1 open-pit area returned excellent grades, confirming continuity of high-grade mineralisation and supporting the Company’s heap leach development strategy. Multiple intercepts below the current pit shell highlight strong potential for Stage 2 pit expansion.
  • Heap-leach amenability confirmed: Metallurgical test work delivered exceptional percolation rates – 34 of 55 tests averaging ~59,900 L/hr/m², exceeding the industry benchmark of ~10,000 L/hr/m² – supporting the potential low-cost, scalable heap-leach development pathway at Mulgabbie North.
  • Encouraging Heap Leach Testwork Supports Low-Cost Processing Pathway: Preliminary column leach testwork indicates >60% gold recovery within 7 days and >80% recovery within 21 days, based on solution assays only, supporting the potential viability of a simple heap leach operation.
  • Permitting and Development Momentum: Mining Development & Closure Proposal (MDCP) for the Stage 1 Small Mining Operation has been lodged with the WA Department of Mines Petroleum and Exploration (DMPE) under the expedited approval pathway.
  • Polaris Engineering Services Appointed to Accelerate Mulgabbie North Toward Gold Production (full announcement)
    • Polaris Engineering Services to refurbish and install the Heap Leach Agglomeration Process Plant acquired in January 2026, offering an accelerated path to production
    • Rapid Execution Timeline: Dry commissioning targeted within ~6 weeks, supporting a fast-tracked development schedule.
    • Strongly Funded Development: Recently completed $4.1 million strategic placement to Forrestania Resources (19.9% cornerstone shareholder) strengthens the balance sheet and provides funding to advance heap leach feasibility and development activities.
    • Capital-Light Development Strategy: Key plant and infrastructure secured at minimal cost, materially reducing upfront capital expenditure.
    • De-Risked Delivery: Refurbishment to be undertaken by experienced WA engineering group Polaris Engineering Services (Recent Project: Lynas Rare Earth Project, Kalgoorlie), significantly reducing execution risk.
    • Key Infrastructure Secured: Includes refurbishment of agglomerator, conveyors, tanks and bins, plus installation of critical cement and lime silos required for commencement of operations.
    • Stage 1 Designed for Early Cashflow: Initial 2-cell heap leach operation provides a scalable, modular pathway toward the larger 32-cell development concept.
    • Expedited Permitting Process Underway: Stage 1 MCDP lodged via streamlined approval pathway with infrastructure footprint under 10ha.
    • Exceptional Gold Price Leverage: Australian gold price at a record ~A$7,150/Oz, materially enhances project economics and development optionality.
    • Clear Expansion Runway: Stage 2 & 3 design progressing toward a 2Mt heap leach facility, with environmental permitting commenced.
Mulgabbie North Gold Deposit

Mineral Resource Estimate

Mulgabbie North Gold Deposit Mineral Resource Estimate
JORC 2012 Classification Tonnes Grade Au g/t Ounces
Measured (M) 1,475,000 0.82 39,000
Indicated (Ind) 5,620,000 0.71 128,000
Inferred (Inf) 4,543,000 0.85 93,000
Total M+Ind+Inf 11,638,000 0.70 260,000
The Mineral Resources are reported at 0.3 g/t Au cutoff to a depth of 150m below the surface. All numbers are rounded to reflect appropriate levels of confidence. Apparent difference may occur due to rounding. See ASX Announcement dated 18 July 2023 for full JORC and complaince details.

Exploration at Mulgabbie

Alluvial Gold Found On-Site at Mulgabbie

MULGABBIE HOTEL

Historical gold production 1898–1940

Gold was first discovered at Mulgabbie Hotel in 1898 and the field produced 8,000oz of gold at an astounding 34oz (or a little more than 1kg) to the tonne.

 

7,777 oz from 227 t Average grade 34 oz/t bonanza grades. Vendor 1990 Underground tribute mining has produced 30 oz at grade 64.8 g/t. 1,000 oz recent alluvial tribute gold production M28/364 Hotel 2011 2013. Dolerite hosted mineralisation and telluride mineralisation.

 

Significant Intersections include:
RCMC 7 | 19m @ 2.46 g/t Au from surface.

RCMC 3 | 11m @ 2.64 g/t Au from 26m.

RCMC 6 | 13m @ 2.16 g/t Au from 45m

OzAurum | Mulgabbie Hotel Project

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