Bindi Metals Finalizes First Diamond Drilling Phase at Serbia’s Ravni Gold Project

Completion of 13 Diamond Drill Holes Targets Multiple High-Priority Zones at Ravni

Bindi Metals has substantially completed the first phase of its maiden diamond drilling campaign at the Ravni Gold Project in southern Serbia during the quarter ending 30 June 2026. This extensive programme marks the most comprehensive drilling effort at the project to date, with 13 diamond drill holes totaling approximately 2,100 metres across several prospects. The drilling targeted geochemical and geophysical anomalies identified in prior exploration, focusing on coincident gold surface mineralisation, induced polarisation anomalies, and outcropping gold-silver mineralisation.

The drilling was distributed among three primary prospects within the Ravni Gold Project. At Drenjak, initial drilling targeted gold surface mineralisation and IP anomalies but encountered difficult ground conditions characterized by highly fractured and faulted rocks. At Rujak, five diamond drill holes tested outcropping gold-silver mineralisation alongside IP targets. At Rudnjak North, three holes were drilled, with encouraging mineralisation signs observed in drill cores. This multi-prospect approach reflects the company’s strategy to thoroughly assess the Ravni Project’s potential and deepen understanding of geological and structural controls on mineralisation.

Drenjak’s Difficult Ground Conditions Prompt Drilling Contractor Switch

Initial drilling at Drenjak faced significant challenges due to highly fractured and faulted rock formations, resulting in poor core recovery over roughly the first 60 metres of drilling in the first four holes and preventing some holes from reaching target depths. Recognising the need for improved drilling performance, Bindi Metals conducted a review and subsequently engaged Geo ing with a larger-capacity diamond drill rig better suited to the conditions. This change markedly enhanced core recovery and drilling efficiency, enabling better evaluation of the Drenjak prospect. One additional hole is underway at the Drenjak West target to complete this drilling phase. This experience underscores the complexities of exploring Serbia’s geology and the company’s adaptability in overcoming operational challenges.

Rujak and Rudnjak North Deliver Valuable Geological and Structural Insights

At Rujak, five diamond drill holes tested gold-silver mineralisation and associated induced polarisation targets, yielding important geological and structural data that refined the company’s understanding of mineralisation and host rock geology. These results will feed into ongoing geological interpretations to guide future exploration targeting. The success at Rujak highlights Bindi Metals’ ability to integrate surface geochemistry, geophysics, and mapping to identify promising targets.

At Rudnjak North, three drill holes revealed encouraging mineralisation indicators during initial core logging. This prospect has significantly improved geological knowledge of the area, and results will contribute to an integrated interpretation of the Ravni Gold Project. Combined with findings from Drenjak and Rujak, the maiden drilling programme has effectively tested diverse mineralisation styles and geological settings, positioning the company to develop comprehensive exploration models.

Assay Analysis and Geological Interpretation Underway Post-Drilling

Assay results and detailed geological interpretations from the maiden drilling remain in progress. After completing the current hole at Drenjak West and receiving all laboratory data, Bindi Metals plans to conduct an integrated geological interpretation encompassing Drenjak, Rujak, and Rudnjak North. This synthesis will combine drilling outcomes, mineralisation observations, structural and lithological data, and assay results to deepen understanding of mineralisation styles and controls. The company intends to release a comprehensive exploration update summarizing the maiden drilling programme and its implications for future exploration once this work is finalized.

Bindi Metals’ approach of releasing results following integrated geological interpretation, rather than individual hole disclosures, reflects its commitment to providing detailed, contextual exploration information to shareholders and investors. This method enables placing drill results within the broader geological framework and offers informed insights into future exploration potential. Investors are likely to view this comprehensive update as a key milestone for the Ravni Gold Project.

Comprehensive Exploration Update and Results Expected in September Quarter

In the September quarter ending 30 September 2026, Bindi Metals plans to complete the current Drenjak West drill hole, receive assay results from all 13 drill holes, and finalize integrated geological and structural interpretations. Following this, the company aims to release a detailed exploration update covering the three prospects and refine follow-up targets across the Ravni Gold Project based on maiden drilling insights. This timeline provides investors with a clear expectation for receiving detailed exploration data and management guidance on next steps. The company’s commitment to timely results disclosure demonstrates transparency and offers certainty regarding the maiden drilling programme’s findings and implications.

Technical Review and Strategic Assessment Ongoing at Australia’s Biloela Project

During the quarter, Bindi Metals continued technical review and assessment of its Biloela Project in Australia. Activities focused on geological and structural interpretation of existing data, reviewing historical datasets, and evaluating the project’s copper-gold and critical minerals potential. The Biloela Project remains a key part of the company’s portfolio, with technical work aimed at ensuring comprehensive understanding of its geological characteristics and exploration potential. Such reviews are standard practice to support strategic portfolio decisions.

The company noted ongoing evaluation of strategic prioritisation across its portfolio, indicating active consideration of resource and capital allocation amid market conditions and project prospectivity. Portfolio adjustments or announcements regarding project focus may emerge in future periods as a result.

Schryburt Lake Project in Canada Advances Under Canamera Earn-In Agreement

Canamera Energy Metals Inc. continues advancing the Schryburt Lake Project in Canada under its earn-in agreement with Bindi Metals. Recent progress includes exploration planning, permit application submissions to regulatory authorities, and engagement with the Nibinamik First Nation and other Indigenous stakeholders. Canamera also completed an independent NI 43-101 Technical Report, fulfilling Canadian securities requirements for material technical information. The company engaged ExplorTech AI to optimise drill targeting and appointed Forage Fusion as preferred drilling contractor.

Canamera expects to receive the exploration permit within about one month from the company update date, after which maiden drilling is planned subject to approvals and seasonal factors. Under the farm-out agreement, Bindi Metals retains exploration upside exposure with no near-term funding obligations and a free-carried interest through Canamera’s staged earn-in. This structure allows Bindi to maintain Canadian project exposure without immediate operational costs, while Canamera advances exploration. Maiden drilling at Schryburt Lake later in 2026 could serve as a near-term catalyst.

Cash Balance of $1.68 Million Supports Ongoing Exploration Efforts

As of 30 June 2026, Bindi Metals held $1.68 million in cash, providing financial resources to support exploration activities, corporate expenses, and working capital needs. Cash levels are a key investor metric indicating the company’s ability to fund operations and the runway before additional financing may be required. The cash position reflects capital deployment for the maiden Ravni drilling programme and other corporate activities during the quarter.

For a junior explorer undertaking extensive drilling, efficient cash management is critical. Investors should monitor the company’s cash burn and liquidity closely, as further capital raises may be necessary depending on expenditure rates. Access to capital markets or funding through partnerships and earn-in agreements like the Canamera deal will be important for sustaining exploration across Bindi’s portfolio.

Diverse Capital Structure Includes Listed and Unlisted Options with Various Terms

As of 30 June 2026, Bindi Metals had 92,094,233 fully paid ordinary shares issued. The company also had 51,047,074 listed options (ASX code BIMO) expiring 17 December 2027 with a $0.145 exercise price. Multiple classes of unlisted options with exercise prices from $0.12 to $0.20 and expiry dates between 19 February 2028 and 31 July 2030 were outstanding. Additionally, 5,700,000 unquoted performance rights subject to vesting conditions were on issue.

This capital structure, common among junior explorers, includes options issued for capital raises, employment, or strategic deals. The substantial number of options means the fully diluted share count is significantly higher than ordinary shares alone. Exercise of options, particularly the 51 million listed options, could dilute existing shareholders depending on timing and share price. Investors should consider potential dilution effects in their assessments.

Ravni Gold Project’s Location and Geology Underpin Exploration Potential

The Ravni Gold Project, Bindi Metals’ primary focus, is located in southern Serbia, an area known for prospective gold and metal mineralisation. The project includes multiple prospects—Drenjak, Rujak, and Rudnjak North—each exhibiting geological features consistent with gold mineralisation such as surface gold, induced polarisation anomalies, and outcropping gold-silver mineralisation. Historical exploration and geochemical/geophysical data supported the decision to undertake the maiden drilling programme targeting these prospects.

This maiden drilling represents a major advancement from surface exploration methods like rock chip and channel sampling to subsurface core drilling, enabling detailed geological analysis. Encouraging visual mineralisation indicators, such as those at Rudnjak North, highlight the drilling’s value in advancing the project. Combined with Serbia’s favourable geology, these results suggest strong potential for further exploration success pending assay outcomes and geological interpretation.