BPM Minerals Finalizes 7,426m Drilling at Beachcomber, Uncovers Multiple Gold Lodes, and Launches 20,000m RC Campaign at Forelands Gold Project

Phase 2 Beachcomber RC Drilling Completed Successfully Despite Operational Challenges

BPM Minerals finalized its Phase 2 RC drilling at Beachcomber in April 2026, totaling 7,426 metres over 46 holes. The program was delivered on schedule and within budget despite significant challenges including state-wide diesel shortages and cyclone-related interruptions in Western Australia. Designed to test down-dip extensions of the high-grade Beachcomber Main Lode and investigate three previously untested soil anomalies with gold concentrations exceeding 100 parts per billion at Beachcomber North-West, Central, and Fault Prospects, the program was split into two parts: 17 holes (3,652 metres) focused on the Main Lode extensions and 29 holes (3,774 metres) targeting the three satellite anomalies. This approach advanced understanding of the known high-grade shoot and expanded exploration of the Yellow Dam Shear Zone mineralised system. BPM highlighted the logistical achievement of completing the program under challenging conditions in its quarterly report.

Beachcomber Main Lode Expands to 300m Strike and 250m Dip with High-Grade Shoot Remaining Open at Depth

Drilling targeting the Beachcomber Main Lode confirmed the down-dip extension of the high-grade southerly plunging shoot initially identified in BPM's maiden RC program in late 2025. The mineralised zone now extends consistently over 300 metres strike and 250 metres dip, marking a significant increase in the system's known scale. High-grade mineralisation exceeding 10 g/t gold was repeatedly intersected over multiple metres, demonstrating grade continuity and structural coherence at depth. Key results include hole FLRC069 with 2m @ 20.95 g/t Au from 266m, including 1m @ 41.30 g/t Au, confirming high-grade continuity to around 250m vertical depth. Additional intercepts were 9m @ 3.08 g/t Au from 185m (including 1m @ 15.75 g/t Au) in FLRC064 and 8m @ 1.80 g/t Au from 116m (including 1m @ 11.23 g/t Au) in FLRC026. The Main Lode remains open to the south and down-dip, prioritizing further RC drilling in the new 20,000-metre campaign.

Discovery of New Gold Lodes at Beachcomber North-West, Central, and Fault Prospects Validates UFF Soil Sampling Approach

Assay results from 29 RC holes at Beachcomber North-West, Central, and Fault prospects, released in June 2026, confirmed significant gold mineralisation at all three targets, establishing Beachcomber as an emerging large-scale gold system with multiple mineralised lodes. At Beachcomber North-West, highlights include 15m @ 1.40 g/t Au from 80m in FLRC036, 12m @ 1.37 g/t Au from 114m in FLRC037 ending in mineralisation, and 5m @ 3.94 g/t Au from 121m (including 1m @ 16.89 g/t Au) in FLRC060. Mineralisation at North-West and Fault prospects is linked to a broad shear zone likely representing the Yellow Dam Shear Zone. At Beachcomber Central, hole FLRC062 returned 1m @ 85.61 g/t Au from 91m—the highest single 1m sample in BPM's drilling history—plus 1m @ 8.13 g/t Au from 65m. The mineralisation style at Central resembles the Main Lode with narrow, high-grade zones. At the Fault Prospect, FLRC040 yielded twin zones of 9m @ 0.78 g/t Au from 112m and 9m @ 0.75 g/t Au from 149m. All three new lodes remain open with strike, dip extensions, and structural intersections prioritized for further drilling.

Ultra Fine Fraction Soil Sampling Confirmed as Key Exploration Tool Along 75km Yellow Dam Corridor

The new lode discoveries at Beachcomber North-West, Central, and Fault underscore the effectiveness of Ultra Fine Fraction (UFF) soil sampling, a specialized geochemical method BPM has applied along the 75-kilometre Yellow Dam corridor within the Forelands Gold Project. All four Phase 2 targets, including the Main Lode, returned significant gold mineralisation, validating UFF soil sampling as a primary exploration targeting technique along this extensive corridor. This validation enhances BPM's exploration potential, as the Yellow Dam corridor offers a substantial prospective strike length. The ability to generate drill-ready targets from UFF soil anomalies improves exploration efficiency and reliability. Multiple lode discoveries suggest additional untested gold systems of similar style and grade may exist along the corridor. BPM plans to continue leveraging UFF soil sampling to guide prospect generation as the Forelands project advances.

WA Government Exploration Incentive Scheme Awards Two Co-Funded Grants to BPM for Beachcomber and Bonnie & Clyde

During the June quarter, BPM Minerals received two co-funded grants from the Western Australian Government's Exploration Incentive Scheme (EIS). One grant supports additional RC drilling at the fully permitted Beachcomber Prospect, scheduled for the second half of 2026. The other funds an Induced Polarisation (IP) geophysical survey at the Bonnie & Clyde Prospect, also planned for the latter half of 2026. The company did not disclose the specific grant amounts. These grants enable BPM to advance exploration on two fronts concurrently while reducing its own expenditure. The IP survey at Bonnie & Clyde will refine drill targeting ahead of the maiden RC drilling program anticipated in Q3 2026. Receiving EIS grants reflects positively on the technical merit of BPM's exploration initiatives, as they are awarded competitively by the WA Government.

Bonnie & Clyde Prospect Progresses Toward Maiden RC Drilling Program in Q3 2026

In the June quarter, BPM completed key preparatory work at the Bonnie & Clyde Prospect ahead of its maiden RC drilling program. Approximately 1,500 soil samples were collected, a detailed airborne magnetic survey with 30-metre line spacing was conducted, and a heritage survey was completed in collaboration with the Upurli Upurli Nguratja Aboriginal Corporation (UUNAC). These steps are prerequisites for commencing ground-disturbing drilling, and BPM confirmed the maiden drilling program remains on track for Q3 2026, pending regulatory approvals. An exploration update with refined drill targeting is expected in July or August 2026 before drilling starts. The combination of soil geochemistry, high-resolution magnetic data, and community heritage engagement positions Bonnie & Clyde as a well-prepared drill target. The maiden RC drilling at Bonnie & Clyde will account for about 10,000 metres of the total 20,000-metre campaign, making it a key focus for investors in H2 2026.

BPM Launches 20,000m RC Drilling Campaign—Largest in Company History—Targeting Maiden JORC Resource

Following the June quarter, on 13 July 2026, BPM Minerals announced a 20,000-metre RC drilling program across the Forelands Gold Project, marking the largest exploration initiative in the company's history. The campaign is divided roughly equally between approximately 10,000 metres of resource definition drilling at Beachcomber, aiming for a maiden JORC Mineral Resource estimate, and around 10,000 metres for the maiden RC drilling at Bonnie & Clyde. Drilling is scheduled to commence before the end of July 2026. Achieving a maiden JORC Mineral Resource at Beachcomber would be a transformative milestone, converting high-grade exploration intercepts into a formal, code-compliant resource. This substantial commitment signals a major acceleration of BPM's exploration strategy at Forelands. The company has not disclosed the total cost of this campaign. Investors will closely watch results from both Beachcomber resource definition holes and initial Bonnie & Clyde drilling over the coming months.

Forelands Gold Project Situated Along 75km Mineralised Corridor in Western Australia's Premier Gold Province

BPM Minerals' Forelands Gold Project is located in Western Australia along a 75-kilometre mineralised corridor associated with the Northern Foreland Tectonic Zone and the Yellow Dam Shear Zone. The project includes multiple prospects, with Beachcomber and Bonnie & Clyde as the most advanced targets. Beachcomber is fully permitted for RC drilling, enabling rapid progression to the next drilling phase without approval delays. Western Australia is a globally renowned gold mining jurisdiction, featuring world-class deposits, strong infrastructure, an experienced mining services sector, and supportive regulatory frameworks like the EIS. The Forelands Project benefits from this environment, and the extensive Yellow Dam Shear Zone strike length offers BPM a significant exploration runway beyond current prospects. UFF soil sampling results across the corridor will continue to drive prospect generation.

Exploration Risks: Bonnie & Clyde Drilling Subject to Approvals; No JORC Resource Yet Defined

Despite strong exploration progress in the June quarter, investors should consider key risks. The maiden RC drilling at Bonnie & Clyde depends on obtaining necessary regulatory approvals, which if delayed, could postpone the Q3 2026 start. Exploration companies in Western Australia face permitting timelines influenced by factors such as heritage surveys and environmental assessments, some beyond company control. Additionally, no JORC-compliant Mineral Resource has yet been defined at Forelands. While high-grade intercepts at Beachcomber are encouraging, individual drill results do not constitute a resource estimate, and there is no guarantee that a maiden JORC resource of any particular size or grade will be established from the upcoming resource definition drilling. Transitioning from exploration intercepts to a formal resource requires comprehensive geological data, geostatistical modelling, and independent competent person sign-off, processes that take time and depend on final drill outcomes from the 10,000-metre Beachcomber program. The immediate share price impact of the quarterly activities report was not evident from public information.