Bubalus Resources Uncovers Significant Geochemical Anomalies at Tin Creek Prospect in Victoria Gold Project

Comprehensive Soil Sampling Defines Multi-Element Geochemical Anomaly at Tin Creek

During the June Quarter 2026, Bubalus Resources executed an extensive surface soil sampling program at the Tin Creek Prospect, collecting 441 samples on a 400 m by 100 m grid. Results delineated two distinct but overlapping geochemical signatures: a gold-hydrothermal assemblage marked by elevated gold, arsenic, antimony, and bismuth, and an intrusion-related signature characterized by heightened tin, tungsten, and bismuth levels.

This anomalous geochemical footprint extends over several kilometres, featuring multiple coherent gold-pathfinder and tungsten-tin trends. Peak assay values reported on 15 June 2026 included 32 ppb gold, 2,609 ppm arsenic, 255 ppm tungsten, and 40 ppm tin. These findings are notable given the Tin Creek Prospect’s historical exploration record, where tin and tungsten anomalies alongside gold potential were identified in the 1980s, including a diamond drillhole intersecting sub-economic tungsten and tin mineralisation. The new soil data indicates that the scale and continuity of the anomaly merit re-assessment under current exploration and commodity price conditions.

Murrindindi Gold Project Strategically Positioned Near Sunday Creek

The Murrindindi exploration licence (EL007412) lies approximately 20 km east of the Sunday Creek Gold Project, operated by Southern Cross Gold Consolidated. This proximity situates Murrindindi within a recognized mineralised district in Victoria, potentially offering geological and structural continuity with adjacent tenements. Being near an active regional exploration hub also provides valuable benchmarking opportunities.

Beyond Tin Creek, the Murrindindi Project includes the Higginbotham Prospect, where historical rock chip samples have returned high-grade gold values up to 131 g/t. This dataset offers an additional drill-ready target, which the company plans to evaluate through infill and extension soil sampling in upcoming work phases. Multiple prospects within the licence enhance operational leverage and support focused capital deployment.

Airborne Geophysical Surveys and Mapping Planned to Optimize Drill Targets

To progress Tin Creek toward drilling, Bubalus plans a suite of exploration activities aimed at refining target geometry and prioritizing drill locations. An airborne geophysical survey employing MobileMT (mobile magnetotelluric) technology is planned to delineate subsurface conductivity variations linked to mineralisation and structural features. Additionally, geological and structural mapping will be conducted to understand controls on mineralisation and identify structural corridors that may have channelled mineralising fluids.

The company also intends to perform infill and extension soil sampling at Tin Creek to better define anomalous zones. Concurrently, systematic soil and rock chip sampling will be undertaken at the Higginbotham Prospect, leveraging historical high-grade rock chip results. These integrated efforts—geophysics, mapping, and extended sampling—aim to define discrete drillable targets and maximize discovery potential. The timing of these activities will inform the transition to drilling on the Murrindindi Project.

Amadeus Critical Minerals Project Set for Exploration Restart After Gallium Findings

Bubalus’s Amadeus Critical Minerals Project in the Northern Territory targets the growing demand for critical minerals and rare earth elements. The company has streamlined its tenure to focus on exploration licence EL32796, where prior work identified significant gallium anomalism with values up to 260 ppm. This focused approach enables concentrated capital and technical efforts on the most prospective area.

During the June Quarter, preparations were made for a comprehensive field program aimed at understanding the geological and geochemical context of the mineralisation. Planned activities for Q3 2026 include systematic surface sampling to map gallium distribution, detailed geological and structural mapping, integration of existing geophysical data to refine drill targets, and prioritization of prospects for drilling based on combined gallium, manganese, and polymetallic indicators. This staged strategy builds a technical foundation for upcoming drill testing.

Nolans East Rare Earth Project Pending Land Access Agreement Finalization

The Nolans East Rare Earth Project, located 15 km southeast of Arafura Resources Limited’s Nolans Bore deposit, benefits from proximity to an advanced rare earth operation. Bubalus has secured regulatory approval for a drilling program targeting surface geochemical anomalies, with technical preparations largely complete. However, drilling progression depends on finalizing an updated Land Access Agreement with the pastoral leaseholder due to a change in lease ownership.

The company continues to pursue this agreement, which is essential for commencing drilling. Once finalized and drilling contractor availability is confirmed, Bubalus plans to initiate its maiden drilling campaign at Nolans East, representing a near-term catalyst to transition from geochemical assessment to geological confirmation of rare earth mineralisation.

Strong Cash Position Supports Exploration and Acquisition Plans

As of 30 June 2026, Bubalus held approximately $3.03 million in cash, providing a solid financial foundation to support ongoing exploration and near-term acquisition evaluations. This balance is sufficient to fund multi-project programs across Victorian gold assets, Northern Territory critical minerals and rare earth projects, and early-stage assessments of new opportunities. Exploration and evaluation expenditure during the quarter totaled $62,000, reflecting a conservative and staged approach to project advancement.

The cash position and expenditure rate indicate adequate runway to execute planned Q3 2026 activities, including the airborne geophysical survey at Murrindindi, systematic sampling at Amadeus, and drilling preparations at Nolans East. Related party payments amounted to $80,000 during the quarter, covering director fees and exploration consulting. This combination of healthy cash reserves, disciplined spending, and a diverse project portfolio offers flexibility to accelerate priority projects or pursue attractive new opportunities in H2 2026.

Diversified Victorian Gold Portfolio Offers Multiple Exploration Opportunities

In addition to Murrindindi, Bubalus’s Victorian gold portfolio includes several exploration licences presenting significant potential. The Castleburn Gold-Copper Project underwent a field visit in the June Quarter to confirm access to mineral occurrences ahead of planned geochemical sampling. This careful fieldwork ensures logistical readiness before capital deployment.

Follow-up programs are planned at other Victorian prospects, including Crosbie South and Crosbie North, during Q3 2026. The company is also considering submitting a Low Impact Exploration Plan for the Wilson's Hill Gold Project, contingent on positive land access negotiations. Having multiple gold projects within Victoria allows operational efficiencies through coordinated fieldwork, shared logistics, and potential economies of scale in geochemical and geophysical surveys. Planned activities aim to advance multiple prospects toward drill readiness in upcoming quarters.

Focused Business Development on Gold, Copper, and Critical Minerals

During the June Quarter, Bubalus prioritized business development by evaluating potential acquisitions or joint ventures in gold, copper, and critical minerals. This proactive strategy balances organic project advancement with opportunities to accelerate growth or complement the existing portfolio through strategic acquisitions. The company’s $3.03 million cash position supports near-term evaluation of priority targets, with acquisition activity dependent on target size and stage.

This approach aligns with common junior exploration strategies, combining patient capital for greenfield exploration with faster value creation via advanced project acquisitions. As commodity markets evolve, the ability to identify and assess emerging opportunities remains critical for delivering shareholder returns. Bubalus intends to continue active business development in Q3 2026.

Shareholder Base and Capital Structure as of 30 June 2026

As of 30 June 2026, Bubalus Resources had 573 shareholders and 69,888,008 fully paid ordinary shares outstanding. The top 20 shareholders held 37.76% of issued capital, indicating a fairly dispersed ownership without a dominant stakeholder. This structure is typical for small-cap exploration companies and provides flexibility for future capital raises if needed to accelerate exploration or fund acquisitions beyond current cash reserves.

The issued share capital forms the basis for potential dilution through equity raises or share-based remuneration. The company’s modest cash position and typical exploration cash burn rates suggest capital management will be important for investors. The tenement portfolio includes wholly-owned licences held directly or through subsidiaries such as Tomorrow Minerals Pty Ltd and Jarrah Nia Exploration Pty Ltd, a common structure to manage operational and tenement risk.

Regulatory Compliance and Exploration Expenditure Reporting

In compliance with ASX Listing Rule 5.3.1, Bubalus reported $62,000 in exploration and evaluation expenditure during the June Quarter, covering soil sampling at Murrindindi, fieldwork at Castleburn, preparatory activities at Amadeus, and tenure management costs. The modest expenditure reflects the early-stage nature of projects and a measured capital deployment strategy, with spending expected to increase as projects advance toward drilling and resource definition.

Under ASX Listing Rule 5.3.2, the company confirmed no substantive mining production or development activities occurred during the quarter, consistent with its exploration-stage status. Related party payments totaled $80,000, comprising director fees and exploration consulting, in line with Listing Rule 5.3.5 governance requirements. These disclosures provide transparency and fulfill the company’s quarterly compliance obligations, informing shareholders and the market of financial and operational activities.