Everest Metals Obtains Mining Lease M51/905 for Revere Gold Project in WA's Murchison Region

Mining Lease Grant Signals Shift from Exploration to Development

Everest Metals has reached a critical milestone with the granting of Mining Lease M51/905 at the Revere Gold Project. Covering approximately 1,218 hectares and valid until 2047, the lease grants the company statutory rights to develop and operate a mining facility. This approval represents a major de-risking event, confirming the project's progression beyond exploration and tenure acquisition into the development phase. The transition allows Everest Metals to focus on technical and regulatory work essential for advancing toward production.

The mining lease encompasses the entire Big John Mineral Resource, which is central to the Revere Gold Project. The Big John deposit alone contains 228,307 ounces of gold across indicated and inferred categories, underscoring the significance of the secured asset. Executive Chairman and CEO Mark Caruso noted that Revere has reached a key inflection point, having methodically de-risked the project through exploration success, resource definition, and metallurgical testing. The mining lease grant now enables advancement toward development while continuing exploration to expand the mineral resource.

Native Title Agreement with Yugunga-Nya People #2 Finalized on Standard Commercial Terms

The Mining Lease M51/905 grant followed the execution of a Native Title and Mining Agreement (NTMA) between Everest Metals and the Yugunga-Nya People #2 (YN#2). The agreement adheres to standard commercial terms for gold mining in Western Australia and includes annual production-based royalty payments. Following the NTMA execution, the Deed for Grant of Mining Tenement was completed with the State of Western Australia and the Minister for Mines and Petroleum, formalizing the mining lease grant. This process highlights the company's commitment to Indigenous engagement and compliance with statutory mineral development requirements in Western Australia.

Beyond financial terms, the agreement establishes a framework for ongoing engagement with YN#2 that surpasses typical mining arrangements. It includes provisions for employment opportunities and social and professional development initiatives with the Indigenous stakeholder group. This structured Native Title engagement aligns with regulatory and community expectations for responsible mineral development and lays the foundation for long-term operational relationships as the project advances.

Revere Maiden Mineral Resource Highlights Open Pit Potential with Low Stripping Ratios

In May 2026, Everest Metals reported a Maiden Mineral Resource Estimate (JORC Code 2012) totaling 15 million tonnes at 0.54 g/t Au for 260,780 ounces across the Revere Gold Project. The resource comprises two deposits: Big John with 13.0 million tonnes at 0.55 g/t Au for 228,307 ounces (6.38Mt indicated and 6.62Mt inferred), and Armstrong with 2.01 million tonnes at 0.50 g/t Au for 32,307 ounces (inferred). The mineral resource model indicates suitability for open pit mining with low stripping requirements, a key economic factor. The resource is estimated at a 0.1 g/t Au cut-off and complies with JORC Code 2012 standards.

The Revere mineralized system remains open along strike and at depth, offering exploration upside for resource expansion. Planned drilling aims to test extensions of the mineralized system and target additional growth opportunities. This exploration potential suggests the current 15Mt resource may represent only a portion of the total gold endowment within the tenement package. Everest Metals is managing development and exploration concurrently to expand the resource base while advancing toward production, enhancing project value and longevity.

Metallurgical Testing Confirms Free Milling Ore and Simple Processing Method

Bulk sampling and metallurgical studies at Revere confirm the gold mineralization is "free milling," a favorable technical attribute for project economics and operations. Free milling ore enables gold recovery via a simple gravity-only circuit, eliminating the need for complex and costly processes like flotation or leaching. This simplicity reduces capital expenditure and operating costs, improving economic viability. Gravity separation alone suffices for gold recovery, contrasting with many deposits requiring additional metallurgical stages.

These metallurgical findings support the development pathway for Revere, aligning with the open pit mining approach indicated by the resource model. This integrated scenario minimizes technical risk and complexity. The company has incorporated these results into its technical workstreams, informing future development study designs. Emphasizing bulk sampling and metallurgical validation prior to the Mining Development and Closure Proposal reflects a risk management strategy to de-risk technical aspects before statutory approvals.

Mining Development and Closure Proposal Preparation Targets December 2026 Submission

Everest Metals is preparing a Mining Development and Closure Proposal (MDCP) compliant with 2025 Statutory Guidelines, aiming to submit it to the Department of Mines, Petroleum and Exploration (DMPE) in the December 2026 quarter. An MDCP Scoping Document has already been submitted to confirm the environmental approvals pathway for Revere. This phased submission approach enables early coordination with regulators to ensure the final MDCP meets all environmental and technical assessment requirements.

Supporting the MDCP, Everest Metals has completed multiple technical and environmental studies. Seasonal flora and fauna surveys across about 450 hectares of Mining Lease M51/905 found no threatened flora, migratory fauna, or threatened ecological communities. The company confirmed no further flora or fauna studies are necessary for approvals. Hydrogeological studies resulted in a groundwater licence permitting extraction of up to 43 million litres annually, with approval for three production water bores. The groundwater is classified as fresh and mildly alkaline. Geotechnical investigations, environmental risk management, and waste rock and soil characterization continue to finalize the technical basis for the MDCP.

Environmental Assessments De-Risk Approvals with No Threatened Species Detected

Environmental assessments at Revere have significantly reduced approval risks by confirming no major environmental constraints. Flora and fauna surveys over approximately 450 hectares identified no threatened species, migratory fauna, or ecological communities within the mining lease area. This absence removes potential regulatory delays or additional assessments common in environmentally sensitive projects. Everest Metals stated no further flora or fauna studies are needed, allowing progression to statutory approvals without extra baseline work.

Hydrogeological assessments established a reliable water supply framework for mining operations. The granted groundwater licence allows extraction of up to 43 million litres per year, with approval for three production bores. The water is fresh and mildly alkaline, suitable for mining needs. Ongoing geotechnical and waste rock characterization studies support mine design and closure planning, completing the technical foundation for the MDCP environmental assessments and approvals.

Revere Gold Project's Strategic Location in Murchison Region

The Revere Gold Project is situated in Western Australia's Murchison Region, approximately 90 kilometres northeast of Meekatharra and 900 kilometres north of Perth. Located adjacent to the Great Northern Highway, it offers excellent road access to regional centres and Perth. The project includes about 118 square kilometres across multiple exploration licences and the newly granted mining lease, including tenements E51/1766, E51/1770, E51/2119, E51/2088, E51/2145, E51/2135, E51/2199, P51/3240, P51/3241, and Mining Lease M51/905. The project benefits from proximity to established mining infrastructure and services in the Meekatharra district.

Revere lies within a well-established gold mining region, near the DeGrussa and Monty Copper-Gold mines about 55 kilometres southeast, and the Andy Well Gold Mine approximately 40 kilometres southwest. This regional context underscores the presence of known mineral systems and active mining operations, supporting Revere's geological prospectivity and mining viability. Proximity to existing infrastructure provides logistical advantages for development and operations. Everest Metals' extensive tenement package positions the company to explore and develop mineral systems within a highly prospective gold and copper-gold region.

Company Advances Parallel Development and Exploration to Maximize Resource Potential

Everest Metals is executing a dual strategy advancing mining approvals and technical studies while conducting exploration to grow the mineral resource. This approach aims to maximize Revere's value and longevity by expanding the resource inventory alongside progressing toward production. Planned drilling will test mineralized system extensions along strike and at depth, targeting resource growth beyond the current 15 million tonne estimate. This parallel strategy enables shareholder value creation through near-term development progress and long-term resource expansion.

The company's strategy acknowledges that the Revere mineralized system may hold significantly larger tonnages than currently defined. By maintaining active exploration within the broader tenement package while advancing Big John and Armstrong resources toward mining, Everest Metals aims to enhance project economics through resource growth. The staged development approach—securing mining tenure, completing technical studies, and obtaining approvals—provides a platform for exploration to contribute to resource definition before and during early mining stages. This balances development risks with opportunities to build a larger, more attractive mining operation.

Upcoming Milestones Propel Revere Gold Project Toward Production

With mining tenure secured via Mining Lease M51/905, Everest Metals is focused on advancing statutory approvals and technical studies essential for mining development. The key near-term milestone is submitting the Mining Development and Closure Proposal to the Department of Mines, Petroleum and Exploration during the December 2026 quarter. This submission will initiate formal environmental assessment and approval processes, a critical regulatory step toward mining.

Following the MDCP submission, the company will continue parallel activities including additional drilling to test resource extensions, geotechnical and engineering studies to refine mine design, and final environmental and closure planning. The December 2026 MDCP submission marks the transition from development studies to formal regulatory approvals. Pending DMPE assessment and approval, the project will advance to final feasibility and engineering phases before construction and production. Securing the mining lease milestone has de-risked a crucial tenure component, moving Revere from exploration to a development-focused pathway with regulatory engagement underway.