Summary

Mine Type	Open Pit
Study Completed	Preliminary Economic Assessment
Commodities	Gold Silver
Mining Method	Truck & Shovel / Loader
Mine Life	...
Snapshot	The Drake Project is a low-sulphidation epithermal system containing three granted exploration licenses covering 390km2 and an Assessment Lease Application (ALA75) covering 0.46km2 over the Mt Carrington Area. An assessment lease authority exists as a ‘bridge’ between exploration and mining, where progression to mining status is reasonably foreseeable. The Project encompasses substantial infrastructure on the granted exploration licenses, including a tailings dam, grid easements, water source, a site office, accommodation, a core shed, and core processing facilities. The 2025 Stage 1 Scoping Study demonstrates robust economics and provides valuable information to help drive potential resource growth through infill, expansion, and exploration drilling. A potential Stage 2 Study will assess the inclusion of resources defined in the recently updated 2025 MRE, which were not evaluated in the Stage 1 Scoping Study.

Deposit type

• Epithermal
• Vein / narrow vein
• Breccia pipe / Stockwork

Summary:

The Mt Carrington deposits are hosted by the Drake Volcanics; a NW-trending 60km x 10km Permian bimodal volcano-sedimentary sequence within the Wandsworth Volcanic Group near the north-eastern margins of the southern New England Fold Belt.

The Drake Volcanics overlie or is structurally bounded by the Carboniferous to Early Permian sedimentary Emu Creek Formation to the east and bounded by the Demon Fault and Early Triassic Stanthorpe Monzogranite pluton to the west. The sequence is largely dominated by andesite and equivalent volcaniclastics, however basaltic through to rhyolitic facies stratigraphic sequences are present, with numerous contemporaneous andesite to rhyolite sub-volcanic units intruding the sequence. The Razorback Creek Mudstone underlies the Drake Volcanics to the east, and Gilgurry Mudstone conformably overlies the Drake Volcanic sequence. In addition, Permian and Triassic granitoid plutons and associated igneous bodies intrude the area, several associated with small scale intrusion-related mineralisation. The Drake Volcanic sequence and associated intrusive rocks are host and interpreted source to the volcanogenic epithermal Au-Ag-Cu-Pb-Zn mineralisation developed at Mt Carrington. The majority of the Drake Volcanics and associated mineralisation are centred within a large scale circular caldera with a low magnetic signature and 20km diameter.

The Strauss and Kylo deposits are low sulphidation epithermal vein type mineralisation that manifests as a zone of stockwork fissure veins and vein breccia associated with extensive phyllic to silicic alteration. Veining is localised along the margins of an andesite dome/plug and lava flow within a sequence of andesitic volcaniclastics (tuffaceous sandstone and lapilli tuff). Economically mineralisation is Au-dominant with minor Ag and significant levels of Zn, Cu & Pb.

Mineralisation at Strauss occurs as a broad zone of stockwork veining that narrows with depth. Within the stockwork zone there are two dominant vein orientations: near vertical north trending veins and bedding parallel veins striking north-east and dipping approximately 20° towards the southeast. Recent drilling intersected the vertical veining at 20° to 40° and the bedding parallel veining at 70° to 90°. The mineralisation at Strauss strikes NNE to SSW and extends approximately 360 m in this direction, with a vertical extent in excess of 130 m. The across strike extents of the mineralisation is approximately 200 m. The individual mineralisation lenses generally range in thickness from 2 m to up to 15 – 20 m true thickness.

The mineralisation at Kylo can be divided into two zones, Kylo West and Kylo North.

Mineralisation at Kylo North occurs as a broad zone of stockwork veining that is dominated by near vertical north trending veins focused on the near vertical north trending andesite-volcaniclastic contact. Most drilling typically intersected mineralisation at approximately 20° to 40°. The mineralisation wraps around the eastern edge of the porphyry with a change in strike to NNE-SSE and a steep dip to the west. The mineralisation extends up to 140m along strike with a similar dip extent (140m). Widths range from 2 – 5 m true thickness at the down dip extensions of the mineralisation to more than 90 m in the upper parts of the deposit.

Mineralisation at Kylo West occurs as two parallel zones of stockwork veining that strike east-west and dip 70° towards the south. Most drilling typically intersected mineralisation at approximately 30° to 70°. At Kylo West, the mineralisation is comprised of two subparallel zones striking E-W with a steep southerly dip, related to a porphyry intrusive contact. The main mineralised zone has a strike length in excess of 300m, with a dip extent of up to 150m. The mineralised zone varies from 2m to more than 40m true width, with much of the mineralisation being between 10 – 20m wide.

Mining Methods

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Comminution

Crushers and Mills

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Processing

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Commodity Production

Operational metrics

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Personnel

Job Title	Name	Profile	Ref. Date
.......................	.......................		Aug 26, 2025