Albright Metals Finalizes Second Payment Milestone for Golden Pike Gold and Antimony Project in New Brunswick

Second Staged Payment Details: CAD$100,000 Cash and 68,123,333 Shares Issued to Globex Mining

On 30 June 2026, Albright Metals confirmed completion of the second staged payment milestone under its Acquisition agreement with Globex Mining Enterprises Inc. for the Golden Pike Gold and Antimony Project. The payment comprises two parts: CAD$100,000 in cash and a CAD$200,000 share component. All amounts cited are in Canadian Dollars.

The company chose to fulfill the CAD$200,000 share portion by issuing 68,123,333 fully paid ordinary shares instead of cash, as permitted by the acquisition agreement. An Appendix 2A for this share issuance was lodged with the ASX concurrently with the company update. The original acquisition contract with Globex Mining Enterprises was signed in July 2025, and this second milestone payment marks continued progress within the staged acquisition framework. The total value of this milestone’s payment is CAD$300,000; however, the cumulative acquisition cost under the staged agreement was not disclosed in this update.

Golden Pike Project Overview: Vail Road Gold Deposit and Antimony Prospects at Bond Road and Albright Brook

The Golden Pike Gold and Antimony Project spans approximately 3,292 hectares of contiguous mining claims in New Brunswick, Canada. It includes three principal areas of interest: the Vail Road Gold Deposit, the Bond Road Antimony Prospect, and the Albright Brook Antimony Prospect. Each prospect represents a distinct mineralisation target, collectively forming a diversified exploration and development portfolio within one project boundary.

Situated on Canada’s east coast near the US state of Maine, New Brunswick is recognized for its established mining services sector and a historical record of antimony and gold production from multiple mines. Albright Metals highlighted the project’s proximity to road, rail, port, and grid power infrastructure, which supports year-round exploration due to the region’s mild maritime climate. These logistical advantages may be significant for investors evaluating the project’s development feasibility.

Vail Road Gold Deposit: Integrating Foreign Resource Estimate with Drilling Data for JORC MRE

The Vail Road Gold Deposit is the company’s primary development focus. It currently holds a Foreign Resource Estimate reported under Canada’s NI 43-101 standard. Albright Metals is merging this existing estimate with results from its initial drilling program to produce an updated Mineral Resource Estimate (MRE) compliant with the JORC 2012 code—the Australian standard required for ASX-listed companies.

Completing a JORC-compliant MRE is a significant upcoming milestone expected to attract investor attention. A JORC MRE will provide the Australian market with a standardized, independently verified assessment of the deposit’s gold resource, potentially facilitating future financing, development planning, or Partnership discussions. The company did not specify a target date for releasing the updated MRE nor disclose preliminary resource tonnage or grade figures from recent drilling.

CEO Greg Hill Highlights Drilling Success and Antimony Exploration Potential at Golden Pike

CEO Greg Hill expressed in the update that he is “extremely pleased with the progress made over the last year on the development of the Vail Road Gold Deposit and the results of our first drilling program on the claims.” He also emphasized the “enormous upside potential from the many gold and antimony prospects across the project area,” indicating exploration potential beyond the defined Vail Road Deposit.

Hill confirmed that proceeding with the second milestone payment reflects the company’s confidence in the project, with the board viewing the expenditure as justified by results to date. Investors should note that while the CEO’s comments are included, they represent management’s assessment; actual outcomes depend on ongoing exploration, the completed MRE, and future feasibility studies. No specific assay results or resource estimates were disclosed in this update.

Concurrent Antimony and Gold Exploration Across the 3,292-Hectare Project

Alongside advancing the Vail Road Gold Deposit toward a JORC resource, Albright Metals plans a parallel exploration program targeting antimony and additional gold mineralisation throughout the wider project area. The Bond Road and Albright Brook Antimony Prospects are exploration-stage targets within the project boundary, with systematic work ongoing or planned.

Antimony has gained global interest recently as a critical mineral used in flame retardants, semiconductors, batteries, and military applications. Though the announcement does not explicitly mention antimony’s strategic importance or current Commodity pricing, the company’s focus on antimony alongside gold indicates a dual-commodity exploration strategy. Specific exploration budgets, drilling plans, or timelines for the antimony program were not disclosed.

Details of the Staged Acquisition Agreement with Globex Mining Enterprises

Globex Mining Enterprises Inc. (GMX-TSX, GLBXF-OTCQX, G1MN-FSE), listed on the Toronto Stock Exchange, is the vendor of the Golden Pike Project. The acquisition agreement, signed in July 2025, involves staged payments made progressively through cash and share consideration. This structure enables Albright Metals to spread acquisition costs over time, preserving Working Capital for exploration and development.

The agreement allows Albright Metals to satisfy the share component of each milestone payment in cash or shares. For this milestone, the company issued 68,123,333 new ordinary shares rather than paying cash, conserving cash but diluting existing shareholders. The number of remaining staged payments and total consideration payable to Globex Mining to complete the acquisition were not disclosed.

Albright Metals’ Broader Asset Portfolio: Manganese JV in the Bryah Basin and Gabanintha Copper-Nickel Project

While Golden Pike is the focus of this update, Albright Metals holds a wider portfolio across Canada and Western Australia. In Western Australia’s Bryah Basin, the company has a joint venture with ASX-listed OM Holdings Limited (ASX:OMH) over manganese licences. This “substantial $7M manganese joint venture” has seen OM Holdings invest over $4.5 million to earn rights, demonstrating third-party validation of the project’s potential.

Additionally, Albright Metals owns mineral rights—including copper, nickel, and gold—at the Gabanintha project near Meekatharra, Western Australia. Gabanintha hosts a JORC 2012 Mineral Resource for copper, nickel, and cobalt, with further structural gold potential identified. This combination of a Canadian gold and antimony project, an advanced manganese JV in Western Australia, and a copper-nickel-cobalt resource positions Albright Metals as a multi-commodity explorer operating in two Tier 1 mining jurisdictions.

Competent Person Statement and JORC Compliance for Golden Pike Exploration Data

The exploration data in the update was compiled by Ms Gemma Lee, Principal Geologist at Albright Metals Limited. Ms Lee is a Member of the Australian Institute of Geoscientists (AIG) and serves as the Competent Person under the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). She has consented to the inclusion of the information as presented.

The company also stated that where it referenced exploration results from previous announcements, no new information or data materially affects those prior disclosures. This standard compliance statement assures investors that geological information has been reviewed by a qualified professional in line with Australian reporting standards.

Upcoming Milestones: JORC Resource Estimate and Continued Drilling at Golden Pike

The key near-term catalyst for Albright Metals investors is the completion and release of the updated JORC-compliant Mineral Resource Estimate for the Vail Road Gold Deposit. The company is actively incorporating recent drilling results into the existing Foreign Resource Estimate. Publishing a JORC MRE will be a significant de-risking event, clarifying the deposit’s size and grade profile.

Investors should also watch for updates on the ongoing antimony and gold exploration programs across the broader Golden Pike Project, as well as any further milestone payments or developments related to the staged acquisition with Globex Mining. Progress on the Bryah Basin manganese joint venture and the Gabanintha copper-nickel-cobalt project may also be relevant to shareholders tracking the company’s overall asset development. The immediate share price impact of this milestone payment was not evident from public information.