FY2026 was the year our exploration effort at Ironstone Well-Barwidgee really scaled up, and the results reflect that. The Arrakis discovery within the Caladan Target Area moved from an emerging find to a substantial mineralised system, with drilling extending mineralisation over roughly 150m and, since year end, returning some of the highest-grade results seen on the project, including 3m @ 52.8g/t Au. Our Mineral Resource Inventory now sits at approximately 450,200 ounces of gold across the portfolio.

We also completed the first systematic test of fresh-rock mineralisation below the Flushing Meadows resource, with several intercepts falling outside the current resource model, and progressed drilling at Siona and Salusa within the New England Granite complex. A new camp at Stilgars has made it easier to run these programs across multiple sites at once.

On the corporate side, we raised approximately $13.5 million in late 2025 and received a further $2.6 million from option exercises, funds that have gone primarily into the drilling programs above. We also sold the non-core Gordons Gold Project to Horizon Minerals for a combination of cash and shares. The net loss for the year was $12.3 million, reflecting the scale of exploration spend, up from $8.2 million the prior year, and we closed the year with $9.7 million in cash.

There have been Board and management changes since year end: Eduard Eshuys has become Non-Executive Chair, Andrew Jackson has joined as a director, and Chris Oorschot has stepped down as Managing Director though he remains CEO until late November 2026 while we search for his successor.

Drilling results point to real geological potential, but it's worth remembering they don't automatically convert into Mineral Resource estimates, and our exploration and capital plans remain subject to the usual funding and operational uncertainties.

If you've got questions about any of this, we'd encourage you to ask us through the question box on this page.

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