Breakthrough Minerals Reports High-Grade Assay Results from Maiden Drilling at Barbara Copper-Gold Project, Highlighting Resource Expansion Potential

Breakthrough Minerals Rapidly Advances Following Acquisition of North Queensland Copper-Gold Project

In March 2026, Breakthrough Minerals Limited completed its full acquisition of the North Queensland Copper-Gold Project and swiftly initiated drilling activities. The maiden diamond drilling program at the Barbara Copper-Gold Project commenced in April 2026, just three weeks after acquisition closure, underscoring the company’s commitment to prompt execution and shareholder value creation. The NQCG Project encompasses approximately 952 square kilometres of granted tenure, including over 21 square kilometres of Mining Leases within the Mt Isa region of Queensland.

The NQCG portfolio consists of four distinct project areas: Hazel Creek Copper-Gold Project, Barbara Copper-Gold Project, Mt Colin Mine Project, and Soldiers Cap/Cloncurry Exploration Project. Collectively, these assets contain a global mineral resource estimate of 18.8 million tonnes at 1.07% copper equivalent, equating to 200,000 tonnes of contained copper equivalent metal. Resource classification includes Measured (3%), Indicated (31%), and Inferred (66%) categories, compliant with JORC 2012 standards. The company’s strategic focus for 2026 is to expand and upgrade these resources through targeted exploration drilling.

Barbara Copper-Gold Project Constitutes Approximately One-Third of Total Resource Base

Situated on granted Mining Lease ML90241, the Barbara Copper-Gold Project includes the Barbara mine and the advanced-stage Lillymay Prospect. The project currently holds a Mineral Resource Estimate of 6.5 million tonnes at 0.97% copper equivalent, comprising 0.90% copper, 0.08 g/t gold, and 1.57 g/t silver. This equates to 63,000 tonnes of contained copper equivalent metal, with 5.8 million tonnes classified as Indicated and 0.7 million tonnes as Inferred. The resource remains open down-plunge and at depth, offering exploration upside.

Barbara represents roughly one-third of the broader NQCG global resource, making it a key asset in BTM’s portfolio. The company identified strong potential for resource growth via targeted extensional drilling in 2026. The initial 4,000-metre diamond drilling program focused on down-plunge extensions of copper-gold mineralisation at Barbara North and South, aiming to expand the resource estimate and upgrade classification from lower to higher confidence categories. Multiple drill targets at depth were identified based on geological frameworks and existing mineralisation patterns.

Maiden Drilling Program Focuses on Down-Plunge Extensions at Barbara North and South

Breakthrough Minerals’ initial 4,000-metre diamond drilling program was designed to maximise near-term resource growth potential at Barbara. The program targeted down-plunge extensions of copper-gold mineralisation at Barbara North and South, concentrating on areas below previously reported high-grade intersections such as 17 metres at 2.5% copper from 225 metres, 5 metres at 3.8% copper from 286 metres, and 6 metres at 2.1% copper from 290.5 metres depth. The priority target was a follow-up to hole BARC071, drilled approximately 100 metres north of the Barbara North Pit.

Hole BARC071 intersected 2.0 metres at 2.1% copper from 148 metres and was identified as a high-priority resource extension target due to its position on the Barbara Shear Zone, proximity to existing resources, and untested strike and depth potential. Following completion of the initial Barbara drilling, operations have shifted to the Hazel Creek Project. Plans include returning to Barbara and the Lillymay Prospect later in 2026 and testing additional downhole electromagnetic targets as part of the broader 10,000-metre exploration campaign.

Lead Drill Hole 26BAR001 Intersects 35 Metres of High-Grade Copper Mineralisation

Assay results from the first three holes of the maiden ~4,000-metre diamond drilling program met geological expectations. Hole 26BAR001 delivered the standout result, confirming a wider and higher-grade Main Lode than previously modelled in the South Pit area. It returned 35 metres at 1.34% copper and 1.40% copper equivalent from 204 metres depth. Within this interval, 18 metres graded 2.18% copper and 2.34% copper equivalent, including an 11-metre section at 3.02% copper and 3.23% copper equivalent from 204 metres.

These outcomes demonstrate resource growth opportunities within the existing mineral resource footprint and indicate extension potential below current boundaries. Hole 26BAR002 confirmed the mineralised system extends beyond the current resource and remains open at depth, returning 36 metres at 0.52% copper and 0.54% copper equivalent from 343 metres, including 3 metres at 2.17% copper and 2.23% copper equivalent from 347 metres, and 8 metres at 1.07% copper and 1.12% copper equivalent from 368 metres. Hole 26BAR003 also confirmed a wider, higher-grade Main Lode in the south pit area, validating the exploration approach.

Hazel Creek Turpentine Deposit Contains Over Half of Total Resource

The Hazel Creek Copper-Gold Project, comprising Turpentine and Turpentine South/Eight Mile Creek North deposits, is a major component of BTM’s resource portfolio. The Turpentine Deposit hosts an Inferred Mineral Resource of 8.7 million tonnes at 1.16% copper equivalent, containing 101,000 tonnes of copper equivalent metal. This represents more than half of Breakthrough’s global NQCG resource, making Turpentine strategically important for value creation. Its size and inferred status offer significant potential for resource upgrades and extensions through further drilling.

Post-June quarter, Breakthrough initiated a ~4,000-metre diamond drilling program at Turpentine targeting northern and depth extensions of copper-gold mineralisation. This second phase of the 2026 exploration campaign follows successful Barbara drilling and builds on positive initial results, emphasizing the company’s focus on near-term resource growth at key projects.

A$5.15 Million Placement Supports Expanded 10,000-Metre Drilling Campaign

During the June quarter 2026, Breakthrough Minerals completed an institutional placement raising A$5.15 million to fund expanded exploration across the North Queensland Copper-Gold Project. This capital enables execution of the planned 10,000-metre diamond drilling campaign targeting significant resource growth at Barbara and Hazel Creek. The placement reflects strong investor confidence in BTM’s exploration strategy and asset base within the Mt Isa copper-gold district.

Managing Director Nigel Broomham stated the company is financially secure to advance the expanded drilling program following the placement. The funds provide capacity to conduct multiple simultaneous drilling programs, accelerate exploration timelines, and potentially achieve resource upgrades and extensions faster than otherwise possible. The raise also supports operational and working capital requirements.

Non-Binding MOU with Wolfram Limited for Potential Mt Colin Mine Camp Sale

Breakthrough Minerals signed a non-binding Memorandum of Understanding with Wolfram Limited regarding the potential sale of the Mt Colin mine camp and related infrastructure. Proceeds from this transaction are intended to fund exploration activities at the NQCG Project. The Mt Colin Mine Project, part of the NQCG portfolio, includes the Mt Colin deposit as a mineral resource component. As a non-binding MOU, terms remain under negotiation without a firm commitment.

This potential sale represents a strategic asset monetisation approach to support exploration funding without additional equity raises. Unlocking value from non-core infrastructure could enhance funding flexibility. However, as the MOU is non-binding, completion is uncertain, and investors should consider this a potential rather than guaranteed funding source. Success depends on finalising negotiations and commercial terms with Wolfram Limited.

Rising Copper Demand and Strategic North Queensland Location Bolster Development Prospects

Breakthrough Minerals’ Managing Director highlighted the company’s strong position to capitalize on resource growth amid rising copper demand and heightened strategic interest in quality North Queensland copper assets. Global copper demand is driven by electrification, renewable energy infrastructure, and construction growth. Queensland’s Mt Isa region hosts significant copper resources and established mining infrastructure, making it a key district for exploration and development.

BTM’s focus on expanding the NQCG resource aligns with medium-term copper demand trends and strategic interest in assets near existing infrastructure and mining operations. The portfolio benefits from proximity to established mines, processing facilities, and transport networks in Mt Isa, offering potential development advantages if resource growth supports project evaluation. Accelerating exploration amid strong copper market interest and strategic focus on North Queensland may create favorable conditions for future project monetisation.

Resource Growth Strategy and 2026 Exploration Plans

Breakthrough Minerals has outlined a clear resource growth strategy targeting expansion of mineral resources at Barbara and Hazel Creek throughout 2026. Plans include targeted extensional drilling focusing on depth extensions below known high-grade zones and down-plunge continuity. Initial Barbara drilling results validate this approach and reveal additional mineralisation within and adjacent to current resource boundaries.

The comprehensive 10,000-metre 2026 exploration campaign represents a major commitment to resource definition and upgrading. Beyond ongoing Barbara and Hazel Creek programs, the company intends to revisit Barbara and Lillymay later in the year and test additional downhole electromagnetic targets across its portfolio. This phased strategy prioritizes drilling in high-confidence areas while exploring new targets to uncover further resource growth opportunities. BTM aims to grow its resource base throughout 2026, anticipating that continued drilling will yield upgrades and extend mineralisation across multiple NQCG project areas.

Quarterly Cash Position and Exploration Expenditure

While specific cash position and burn rate details were not disclosed in this announcement, BTM indicated that the A$5.15 million placement completed during the quarter provides sufficient funding to execute the planned 10,000-metre diamond drilling campaign and broader exploration objectives. The Appendix 5B cash flow report accompanies the quarterly activities report, though specific cash flow figures were not included here.

Investors are advised to consult the Appendix 5B cash flow statement for detailed information on quarterly expenditure, cash consumption, and remaining cash reserves. Details regarding the company’s capital structure post-placement and any dilution effects are also available in that document. The non-binding MOU with Wolfram Limited for the Mt Colin mine camp sale may offer additional funding if completed, though its non-binding status means this remains uncertain.