Broken Hill Mines Advances Consolidation of Rasp and Pinnacles Silver-Lead-Zinc Mines in NSW

Strategic Integration of Rasp and Pinnacles Mining Assets by Broken Hill Mines

Broken Hill Mines Limited operates two key silver-lead-zinc mining assets in Broken Hill, New South Wales: the Rasp Mine and the Pinnacles Mine. The company has announced a strategic plan to consolidate these operations to enhance its presence within one of Australia’s historically significant mining jurisdictions. Recognized for its rich base metal deposits, Broken Hill offers operational and exploration synergies that Broken Hill Mines aims to capitalize on by uniting its adjacent assets.

This consolidation strategy is designed to optimize shared infrastructure, technical expertise, and development capabilities across both mines. Such integration is common among mining companies seeking to improve capital efficiency and operational effectiveness in mature mining regions. The announcement aligns with the company’s recent capital raising and ASX re-compliance listing, which provide the financial foundation for advancing development activities.

Capital Raising and ASX Re-Compliance Listing Fueling Development Efforts

In mid-2025 and early 2026, Broken Hill Mines completed a capital raising alongside an ASX re-compliance listing. The company issued a prospectus dated 30 May 2025, which was lodged with the ASX on 2 June 2026, to facilitate this process. These efforts secured funding to support ongoing exploration and development across its Broken Hill mining operations. The successful re-compliance listing underscores investor confidence in the company’s strategic direction within the base metals sector.

Although the company did not disclose the exact capital raised, the funds are earmarked for mineral exploration, development, and operational needs at the Rasp and Pinnacles mines. The ASX re-listing enhances Broken Hill Mines’ access to capital markets and liquidity, positioning it well for potential future financing. This development reflects the company’s commitment to maintaining a strong public profile and capital-raising capacity as it progresses its mining projects.

JORC Code Adherence and Mineral Resource Reporting for Rasp and Pinnacles

Broken Hill Mines reports all mineral resources, exploration targets, and results in compliance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). This globally recognized standard ensures transparency and consistency in reporting geological assets. The mineral resource estimates for both the Rasp and Pinnacles mines were fully disclosed in the company’s prospectus dated 30 May 2025 and released to the ASX on 2 June 2026.

The company confirms no new information or data has materially impacted previously disclosed mineral resource and exploration details. This affirmation indicates that the technical assumptions and parameters underlying the resource estimates remain valid since the prospectus release. Investors should recognize that resource estimates rely on geological interpretation, drilling, and sampling data and may evolve with further exploration. The involvement of independent competent persons provides professional oversight and accountability in these disclosures.

Qualified Competent Persons Overseeing Exploration and Resource Estimates

Exploration results are compiled and verified by Sarah Collis, BSc/MSc, the company’s Geology Manager and a Member of the Australasian Institute of Mining and Metallurgy (AUSIMM). With over 20 years of industry experience, Collis qualifies as a 'Competent Person' under the 2012 JORC Code, responsible for exploration results within her expertise.

Collis has consented to the inclusion of exploration data in company announcements, ensuring professional responsibility for the accuracy and completeness of technical information. Her role provides ongoing access to geological databases, drilling records, and assay results, enabling reliable reporting for stakeholders.

Independent Assessment of Pinnacles Exploration Targets by David Larsen

David Larsen, an independent consultant and Member of The Australian Institute of Geoscientists (MAIG), has compiled and assessed exploration targets for the Pinnacles Mine. Larsen meets the 'Competent Person' criteria under the 2012 JORC Code and brings relevant expertise to evaluate the mineralisation style at Pinnacles. Exploration targets represent potential mineralisation based on geological interpretation and data, distinct from classified mineral resources.

Larsen’s independent evaluation offers an objective perspective and has been included in company disclosures with his consent, maintaining professional accountability. The collaboration of internal and external competent persons exemplifies best practices in mineral resource estimation and reporting.

Mineral Resource Estimation for Pinnacles Mine by Simon Tear

Simon Tear, a Member of The Australasian Institute of Mining and Metallurgy (MAusIMM), compiled the mineral resource estimate for the Pinnacles Mine. Qualified as a Competent Person under the 2012 JORC Code, Tear has the necessary experience with the deposit type and mineralisation style to provide a professional resource assessment. His involvement ensures resource figures are based on thorough geological and mining engineering analysis of drilling, sampling, and assay data.

Resource estimates incorporate data from diamond and reverse-circulation drilling, geological mapping, laboratory assays, and geostatistical modelling. The classification of resources into measured, indicated, or inferred categories reflects data density and geological confidence. Tear’s estimate offers investors a professional evaluation of the economic mineral content within Pinnacles, assuming economic extraction is feasible.

Silver-Lead-Zinc Mineralisation and Broken Hill’s Mining Heritage

Broken Hill, NSW, has been a significant silver, lead, and zinc mining hub for over a century, establishing itself as a vital base metal mining jurisdiction in Australia. The area's geology features rich polymetallic veins and metamorphic host rocks that have supported extensive mining operations. Broken Hill Mines’ focus on silver-lead-zinc aligns with the region’s historical production and benefits from existing infrastructure, supply chains, and technical expertise.

The district offers developed transport routes, smelting and processing facilities, skilled labor, and regulatory frameworks refined over decades. These factors reduce operational risks and capital requirements compared to greenfield projects in remote locations. Broken Hill Mines’ operations benefit from this mature mining ecosystem, which includes contractors and service providers offering logistical and technical support. The silver-lead-zinc commodity mix also provides portfolio diversification, as these metals often respond to different market drivers than gold or iron ore.

Risks Associated with Mineral Exploration and Development

Broken Hill Mines acknowledges that mineral exploration, development, and production are inherently high-risk activities with no guarantee of profitable outcomes. Exploration may not yield economic mineralisation, extraction costs might exceed expectations, commodity prices can fluctuate, and regulatory or environmental challenges may arise. Investors should understand that projects at exploration and development stages carry greater technical and financial uncertainties than established producing mines.

The Rasp and Pinnacles tenements are at various exploration and development phases and have not reached full commercial production or completed all permitting and engineering requirements. Additional capital, technical work, and approvals will likely be necessary before achieving full production or significant revenue. Investors should carefully assess the company’s technical capabilities, financial resources, and market conditions for silver, lead, and zinc before investing. The company notes that actual results may differ materially from forward-looking statements due to unforeseen challenges.

Forward-Looking Statements and Underlying Assumptions

Broken Hill Mines’ July 2026 presentation includes forward-looking statements about the future development and potential of its Rasp and Pinnacles operations. These statements reflect current expectations but are subject to risks and uncertainties inherent in mining. Actual results may vary materially, and the company does not guarantee the occurrence of any forward-looking outcomes.

These statements rely on assumptions about geology, commodity prices, capital costs, regulations, and market conditions. If these assumptions prove incorrect, actual outcomes could differ significantly. The company has not provided detailed guidance on production timelines, commodity prices, capital needs, or operating costs in this release, so investors should seek additional information to evaluate project prospects. Readers are advised to independently assess the likelihood of future developments and not rely solely on the company’s forward-looking statements.

Information Limitations and the Importance of Professional Advice

The presentation from Broken Hill Mines Limited is not a disclosure document under Chapter 6D of the Corporations Act 2001 (Cth) and has not been approved by regulatory bodies such as ASIC or ASX. Consequently, it does not contain all information necessary for informed investment decisions. The company states the presentation is not intended to provide all details required to evaluate its prospects fully. Prospective investors should not rely exclusively on this presentation.

Investors considering Broken Hill Mines or its projects should conduct thorough investigations and consult professional advisers—including legal, accounting, and financial experts with mining investment experience—before making decisions. The company has not authorized any person to provide information beyond official company documents. Independent research and consultation with qualified professionals are essential before committing capital to mining ventures.