Cazaly Resources Reports High-Grade Gold Discoveries at Duke of York and Duchess Prospects in WA

High-Grade Gold Intercepts Confirm Deep Mineralisation at Duke of York

Cazaly Resources received final 1-metre assay results from rotary air core drilling conducted in February 2026 at the Duke of York prospect, confirming significant high-grade gold mineralisation at depth. The standout intercept was 2 metres at 26.4 grams per tonne gold from 206 metres depth in hole GGRC021, along with a secondary intercept of 3 metres at 6.6 grams per tonne gold from 217 metres in the same hole. These results represent a major upgrade from the earlier 4-metre composite sample of 14.0 grams per tonne gold reported in April 2026, demonstrating the enhanced resolution provided by 1-metre split sampling.

Further drilling at Duke of York extended the known mineralised zone. Hole GGRC022 returned 5 metres at 6.2 grams per tonne gold from 242 metres depth, pushing mineralisation deeper and confirming continuity of gold-bearing zones within fresh rock. Hole GGRC024 intersected 2 metres at 4.0 grams per tonne gold from 211 metres, indicating gold mineralisation across multiple drill sites below 200 metres. Geological data suggests mineralisation is hosted in multiple west-dipping quartz veins of varying thickness and grade, with the strongest gold linked to shearing near lithological contacts. Pervasive carbonate-chlorite-biotite alteration occurs in these zones, with higher-grade intervals associated with quartz-carbonate veins, pyrite-pyrrhotite-arsenopyrite, and visible gold.

Duchess and Mason's Flat Prospects Extend Mineralised Trend Along 400 Metres Strike

The gold mineralised trend at Duke of York continues southward to the Duchess prospect, where drilling confirmed mineralisation extending over additional strike length. Hole GGRC025 at Duchess returned 2 metres at 8.6 grams per tonne gold from 150 metres depth, followed by 5 metres at 2.0 grams per tonne gold from 185 metres, confirming persistent economic-grade gold at depth. Hole GGRC028 yielded 1 metre at 2.6 grams per tonne gold from 189 metres and 1 metre at 1.8 grams per tonne gold from 204 metres. These results confirm a continuous mineralised gold trend from Duke of York to Duchess spanning 400 metres.

At Mason's Flat, hole GGRC032 intersected 7 metres at 2.0 grams per tonne gold from 46 metres depth, confirming a separate gold mineralised zone within the mafic-ultramafic sequence. Assays across all three prospects indicate multiple high-grade shoots within the broader mineralised zone, which remains open at depth. Cazaly plans to complete an internal economic mineralisation study to guide the next drilling phase and evaluate potential for an economic mineral resource at Goongarrie.

February 2026 Drilling Campaign and Prior Aircore Exploration Success

The February 2026 rotary air core drilling program comprised 16 holes (GGRC019 to GGRC034) totaling 3,242 metres. It was designed to test gold mineralisation continuity between Duke of York and Duchess over 600 metres strike and depths beyond 200 metres. This followed 2025 aircore campaigns that identified gold mineralisation above 1 gram per tonne over 1,300 metres strike coincident with the Menzies Shear zone.

The broader mineral trend extends along the Menzies Shear zone from the historic Jenny's Reward open pit to Goongarrie Lady open pit operations, indicating a large mineralised system with multiple economic zones. The progression from initial aircore anomalies to deeper rotary air core confirming high-grade intercepts at depth reflects a systematic exploration approach. Mineralisation remains open at depth over 400 metres strike, supporting continued deeper exploration.

Sir Laurence Prospect Gravity Survey and 3D Density Modelling

In the June 2026 quarter, Cazaly completed a ground gravity survey over the Sir Laurence gold prospect, advancing geophysical targeting of major mineralised shear zones at Goongarrie. The survey covered approximately 3.3 km by 3.3 km within the Bardoc Tectonic Zone–Boulder Lefroy Shear Zone corridor, a known gold-hosting geological setting. Atlas Geophysics conducted the survey using Scintrex gravimeters, with field crews collecting data across challenging lakebed terrain.

The survey included 1,322 gravity stations spaced mainly at 50-metre intervals on 200-metre lines, with a denser infill area at 50-metre by 100-metre spacing. Nordic Geoscience Pty Ltd processed and interpreted the data using 3D density inversion modelling. Results indicate a prominent north-easterly dipping regional gravity trend consistent with Geoscience Australia's national gravity dataset. A north-south striking gravity high was identified through the survey center, aligning with interpreted major gold mineralisation shear zones and the expected structural framework for economic gold mineralisation at depth.

Hastings Prospect Advances to Drilling Following Approvals

Cazaly progressed the Hastings gold prospect toward drilling during the June 2026 quarter, completing necessary approvals before exploration drilling commenced. Aircore drilling at Hastings began post-quarter, confirming regulatory and operational readiness to test mineralisation targets. Hastings adds to the portfolio of prospective targets within the Goongarrie Gold Project.

This advancement reflects Cazaly's systematic exploration of multiple prospects—Duke of York, Duchess, Mason's Flat, Sir Laurence, and Hastings—allowing prioritisation of drilling resources while maintaining broad project coverage. The start of drilling at Hastings signals forthcoming assay results in future quarterly reports.

Abenab North Copper-REE Project Secures Ground Access and Prepares for Airborne Survey

Outside Western Australia, Cazaly holds interests in the Abenab North Copper-Rare Earth Elements project in Namibia. During the June 2026 quarter, the company secured ground access over its largest, highest-priority target area, removing a key operational barrier. An airborne magnetic survey is imminent, aimed at identifying drilling targets and improving understanding of subsurface geology and mineralisation potential.

The Abenab North project diversifies Cazaly's portfolio geographically, exposing investors to exploration in southern Africa. Copper and rare earth element mineralisation in Namibia is part of the broader African copper belt, attracting significant exploration investment. Prioritising ground access and geophysical surveys demonstrates confidence in Abenab North’s long-term potential. The upcoming airborne survey will underpin future drilling and resource definition.

Ownership Structure and Earn-In Rights at Goongarrie

Cazaly currently holds a 25% interest in the Goongarrie Gold Project, with an earn-in right to increase ownership up to 80% by meeting exploration and development milestones. This arrangement enables participation in large projects with limited capital while allowing ownership growth through successful exploration. The earn-in provides a pathway to increase Cazaly’s stake through continued investment and positive results.

Strong results from Duke of York, Duchess, and Mason's Flat enhance the case for ongoing funding toward resource definition. Cazaly’s active role as exploration operator and primary funder positions it to benefit from any resource discovery and potential development.

Cash Position Supports Ongoing Exploration Activities

At the end of the June 2026 quarter, Cazaly reported approximately $4.5 million in cash and investments, supporting exploration and corporate activities. This funding level provides capacity for ongoing drilling, geophysical surveys, and permitting. Monitoring cash relative to exploration expenditure offers insight into the company’s runway before additional capital may be required.

Exploration activities such as rotary air core drilling, gravity surveys, and airborne magnetic surveys demand significant funding. While the company did not disclose cash burn rates or funding duration guidance, investors should watch future quarterly reports and capital raising announcements for updates on financial sustainability.

Exploration Investment Within Western Australia's Premier Gold District

Cazaly’s focused drilling and geophysical programs at Goongarrie reflect active exploration in Western Australia’s renowned gold mining region. The project lies within the Kalgoorlie district near historical mines like Jenny's Reward and Goongarrie Lady, situated in a proven gold province.

The use of rotary air core drilling, gravity surveys, and aircore drilling aligns with industry best practices for advancing prospects from discovery to resource definition. The progression from initial anomalies to confirmed high-grade intercepts at depth highlights Goongarrie’s exploration potential and justifies continued investment.

Exploration Risks and Development Uncertainties

Despite promising results, investors should recognize inherent risks in exploration-stage projects. High-grade gold intercepts at Duke of York, Duchess, and Mason's Flat do not guarantee economic mineral resources or successful earn-in to 80% ownership. Conversion of exploration results to mineral resources and reserves requires extensive drilling, technical studies, and economic evaluation.

Operational risks include maintaining regulatory approvals, tenure, commodity price volatility, and execution of drilling and development plans. While current cash supports ongoing exploration, additional funding may be needed to accelerate development. The internal economic mineralisation study will guide future drilling but does not constitute a formal resource estimate and may not be publicly disclosed depending on outcomes.