Great Bear Exploration Finalizes Acquisition of Canadian Copper-Gold-Silver-Uranium Project and Rejoins ASX

Shareholder Approval Secures Great Bear Project Acquisition and ASX Relisting

Great Bear Exploration Ltd confirmed the completion of its 100% acquisition of the Great Bear Copper-Gold-Silver-Uranium Project in Canada following shareholder approval on 28 April 2026. The company successfully relisted on the ASX on 17 June 2026, marking a pivotal strategic transformation. The capital raising campaign was fully subscribed, achieving the maximum $6.5 million target. Post-approval and relisting, Rod McIllree and Troy Whittiker, both with extensive expertise related to the Great Bear Project, joined the GBL board. Mr McIllree took on the Executive Director role, positioning him to steer the company’s exploration and development strategy.

This relisting culminates detailed coordination among management, shareholders, and regulatory bodies. The robust capital raise highlights investor confidence in GBL’s strategic pivot from its prior HCD oil field technology operations to a focused mineral exploration company targeting the mineral-rich Northwest Territories in Canada. The addition of directors with direct Great Bear Project experience reinforces the company’s commitment to effective exploration execution and maximising the project’s mineral potential.

Significant Mineralisation Results from Prior Great Bear Exploration

Exploration by previous owner White Cliff Minerals Limited yielded compelling mineralisation results across the Great Bear Project. A total of 165 rock chip samples from 12 prospective areas revealed widespread high-grade silver, copper, and gold mineralisation. Notable results include a sample assaying 7.54% silver (equivalent to 75,439 grams per tonne or 2,425 ounces per tonne), another with 5.35% silver, and copper-rich samples reaching up to 42.60% copper alongside substantial gold and silver content. One sample contained 42.20% copper with 716 grams per tonne silver, while another returned 38.2 grams per tonne gold, 76.5 grams per tonne silver, and 4.16% copper.

These historical data form the foundation of GBL’s upcoming exploration programme, illustrating diverse mineralisation styles within the project. The exceptional silver grades suggest epithermal mineralisation systems, while copper-gold-cobalt assemblages indicate IOCG-style systems with significant tonnage potential. Previous assessments identified multiple priority areas for follow-up and emphasised the importance of consolidating all data to guide exploration focus. This data-driven strategy will underpin the two-year exploration plan, targeting the most prospective zones.

Airborne Geophysical Survey Identifies Multiple Targets

An airborne mobile magnetotelluric (MT) survey covering over 1,200 line kilometres was conducted across the northern and central Great Bear Project areas. This geophysical survey encompassed most previously identified field inspection and sampling sites. Modelling of the survey data revealed 10 prospective targets associated with IOCG-U or epithermal mineralisation styles.

This systematic geophysical approach establishes a solid technical base for prioritising drilling and fieldwork. Integrating geophysical data with rock chip sampling and geological mapping enables GBL to develop a comprehensive exploration model, enhancing the probability of discovering economic mineralisation. The ten geophysical targets provide a robust pipeline of prospects to be tested during the upcoming two-year programme, allowing methodical exploration while additional targets are generated.

Geological Context and Regional Mineral Potential of Great Bear Project

Situated in Canada’s Northwest Territories, the Great Bear Project covers more than 2,800 square kilometres. The Northwest Territories Geoscience office has identified this region as having the highest potential for IOCG-U style mineralisation in Canada. This endorsement affirms that the geological and geochemical conditions conducive to forming IOCG-U deposits are present. Such deposits are typically large-scale systems containing significant copper, gold, uranium, cobalt, and silver.

The project’s location within a stable mining jurisdiction with established regulatory frameworks and infrastructure supports exploration activities. The region includes multiple prospect areas with varying mineralisation styles and ages, offering diverse exploration scenarios. The formal recognition by the NWT Geoscience office validates the project’s mineral system potential and supports GBL’s strategic focus on this asset.

Two-Year Exploration Campaign to Begin August 2026

GBL has designed a two-year exploration programme for the Great Bear Project, commencing August 2026. The plan includes sampling, mapping, and drilling of multiple high-grade outcropping mineralised zones. Initiating fieldwork during the northern hemisphere summer enables systematic exploration of numerous targets identified through prior work and geophysical surveys. Mapping and sampling will help characterise mineralisation styles, spatial relationships, and identify zones for detailed drilling.

This fieldwork start marks a key milestone for shareholders, offering the first opportunity to validate previous exploration findings and assess site conditions and accessibility. The two-year timeframe allows for reconnaissance, detailed mapping, sampling, and drilling in a phased manner, enabling refinement of exploration models as new data emerges.

HCD Technology Transition Supports Focus on Great Bear Project

In alignment with its transformation into a Canadian-focused silver, copper, gold, and uranium explorer, GBL finalized arrangements for the HCD oil field technology business on 10 July 2026. The company retained permanent, exclusive rights to the HCD technology for use in Australia, Canadian oil sands, Venezuela, and Colombia. Intellectual property rights reverted to interests linked to inventor and former director Nick Castellano. This structure allows GBL to maintain some upside from the technology while substantially reducing management and financial commitments.

This strategic arrangement enables GBL to dedicate financial resources and management efforts entirely to the Great Bear Project exploration and appraisal, eliminating distractions from the legacy HCD chemical business. Retaining exclusive rights in select jurisdictions preserves optionality for future value realisation. This pragmatic approach reflects GBL’s core expertise and market focus on mineral exploration rather than oil field chemical services, while maintaining positive relations with the technology’s inventor.

Comprehensive Tenement Portfolio Secured

During the June 2026 quarter, Great Bear Exploration acquired an extensive portfolio of exploration permits and tenements in Canada. The company holds 19 permits issued on 1 February 2024, expiring 31 January 2028, covering 259,722 hectares, including permits NP-8487 through NP-8505, ranging from approximately 11,459 to 111,418 hectares. The largest permit, NP-8488, covers 111,418 hectares. Additionally, GBL holds seven tenements issued 25 January 2024 with expiry on 25 January 2034, covering about 4,426 hectares (CONTACT1-3, ECHO1-2, ANZA1-2).

Furthermore, three permits issued 1 October 2024 with expiry 1 October 2034 cover roughly 96 hectares (ECHO3 and ECHO4). This tenement portfolio provides secure tenure over significant prospective ground, with lease terms extending up to 10 years in some cases. The staggered expiry dates offer flexibility in managing long-term exploration while maintaining control over key prospects. The vast licensed area underscores the scale of GBL’s exploration opportunity and available ground for the two-year programme.

Strong Financial Position Post Acquisition and Relisting

At the close of the June 2026 quarter, GBL held a net cash position of $4.725 million with no debt, having settled all listing and acquisition expenses. This reflects the successful $6.5 million capital raise and prudent cost management. The cash reserves provide sufficient funding for the two-year Great Bear exploration programme without immediate capital raising needs. The debt-free status indicates a conservative financial structure, allowing operational flexibility.

Related party transactions during the quarter included approximately $14,583 in directors’ fees and $24,096 in royalty payments, with fixed royalties concluding on 30 April 2026. The company received $215,000 from customers and $3,000 in interest income. Investing activities resulted in a $1.2 million outflow, mainly $1.078 million for tenements and $122,000 for other non-current assets tied to the Great Bear acquisition. Operating activities used $271,000, with administration and corporate costs at $448,000 partially offset by receipts and interest. This financial profile confirms GBL’s transition to an exploration-focused entity with manageable cash burn within current reserves.

Capital Raise Reflects Investor Confidence in Strategic Shift

The $6.5 million capital raise linked to the Great Bear acquisition was fully supported by shareholders and investors. The financing was contingent on the 28 April 2026 shareholder approval, underscoring investor endorsement of the company’s pivot from HCD technology to mineral exploration. Achieving the maximum raise demonstrates strong market confidence in the project’s potential and management’s execution capabilities. The timely capital availability ensures funding for exploration commencement and operational costs.

This successful raise equipped GBL with funds to complete the acquisition, cover relisting expenses, and maintain working capital for field activities. Combined with disciplined cost control and no debt, the company is well-positioned to pursue its exploration strategy independently. Shareholder approval of both acquisition and capital raise provided a clear mandate for management to advance the Great Bear opportunity, supporting recruitment of experienced board members and committed execution.

Board Strengthened with Experienced Appointments

Following shareholder approval on 28 April 2026, Rod McIllree and Troy Whittiker joined the GBL board, both bringing deep knowledge of the Great Bear Project. Mr McIllree was appointed Executive Director to lead daily operations and strategic exploration efforts. These appointments prioritize project-specific expertise and operational familiarity over external experience, reflecting the company’s focus on delivering the exploration programme.

Mr McIllree’s Executive Director role provides clear leadership and accountability for strategic direction and performance. Having directors with established project knowledge facilitates efficient decision-making and resource allocation during the two-year campaign. This continuity of expertise aligns with shareholder interests and enhances the likelihood of successful exploration and timely milestone achievement.