Maronan Metals Reports A$377 Million NPV for Starter Zone, Secures Key Mineral Development Licence

Starter Zone PEA Highlights Robust Financial Metrics and Growth Potential

Maronan Metals’ Preliminary Economic Assessment for the Starter Zone of the Maronan Silver Project reveals an impressive A$377 million NPV at an 8% discount rate and a 37% IRR. Notably, these results are based on just 22% of the company’s total mineral resource, underscoring significant upside potential as further resources are developed and integrated into the project.

This PEA marks a critical advancement in Maronan Metals’ technical and financial evaluation, emphasizing the project’s high-leverage nature. The strong economic indicators derived from a relatively small portion of the resource base provide investors with confidence in the near-term development prospects, while the company continues to pursue resource expansion and additional studies across the broader asset.

Mineral Development Licence Accelerates Permitting and Project Advancement

The granting of a Mineral Development Licence within 12 months of application represents a major regulatory milestone for the Maronan Project. This expedited approval unlocks essential permitting pathways, reducing development risk and enabling Maronan Metals to advance detailed engineering, environmental assessments, and pre-construction activities with regulatory certainty.

The swift licence approval reflects strong regulatory engagement and technical rigor in the company’s submissions. This achievement significantly de-risks the project timeline and signals positive regulatory support, enhancing investor confidence in the Maronan Project’s development trajectory.

Infill Drilling Uncovers Additional High-Grade Mineralisation Beyond Starter Zone

Recent infill drilling has intersected shallow, high-grade silver-lead sulphide mineralisation located 250 metres north of the Starter Zone, expanding the known mineralised envelope. This discovery supports the company’s exploration strategy and indicates meaningful potential to increase the resource base.

The proximity of this new mineralisation to existing Starter Zone infrastructure plans suggests it could be incorporated into the development schedule with minimal additional capital expenditure and permitting complexity. Earlier assay results from the infill program also confirmed strong shallow copper-gold and silver-lead mineralisation, reinforcing the project’s grade and strike extent.

Metallurgical Testwork Confirms Enhanced Recovery Across Multiple Commodities

Metallurgical testing completed in January 2026 demonstrated significantly improved gold recovery rates for copper-gold ores compared to previous studies, enhancing the project’s economic outlook. Additionally, silver-lead metallurgy results released in February 2025 further validate efficient processing of the dominant silver-lead mineralisation.

These findings confirm that Maronan’s ore can be processed effectively across multiple commodity streams, reducing technical risk and supporting the reliability of the PEA’s economic assumptions. The company’s systematic approach to metallurgical testwork continues to de-risk the development pathway by validating processing performance at pilot and laboratory scales.

Substantial Resource Base Provides Long-Term Growth Opportunities

The Maronan Silver Project’s large mineral resource base offers significant upside, with the Starter Zone PEA utilizing only about 22% of the total resource estimate. Ongoing infill drilling and exploration aim to increase resource confidence and expand the high-grade, shallow mineralisation zones currently being targeted.

This extensive resource base enables phased project expansion and mine life optimization, allowing Maronan Metals to deploy capital strategically while mitigating execution risk. The potential to incorporate additional resources over time also provides leverage to favorable commodity price movements and technological advancements.

Phased Development Strategy Supports Scalability and Risk Management

The Maronan Project’s design incorporates a scalability framework that facilitates phased production growth. The Starter Zone serves as the initial development phase, delivering strong economics from a limited resource portion and minimizing upfront capital requirements.

This approach allows Maronan Metals to validate operational performance and refine supply chains before scaling up. It also provides flexibility to accelerate or moderate development in response to market conditions, offering a robust risk management tool for both the company and investors.

Exploration Potential in Copper-Gold and Silver-Lead Zones Enhances Value Proposition

Beyond the Starter Zone, the project holds exploration upside in copper-gold and silver-lead mineralised areas. Recent drilling has highlighted strong shallow mineralisation, suggesting that additional resources can be defined cost-effectively. The discovery of high-grade silver-lead mineralisation 250 metres north of the Starter Zone confirms the mineralised envelope extends beyond prior models.

This exploration potential supports long-term value creation, enabling resource additions that can feed into production beyond the initial development phase. The shallow nature of these zones facilitates efficient drilling and sampling campaigns, further strengthening the project’s layered investment appeal.

Transparent Progress Tracking Enhances Investor Confidence

Maronan Metals provides transparent updates comparing current project milestones to disclosures from approximately 12 months prior, including presentations at the Noosa Mining Conference in July 2025. This transparency enables investors to monitor the company’s execution progress across technical and regulatory milestones.

The sequential delivery of the scoping study, Mineral Development Licence, and Starter Zone PEA within a 12-month timeframe demonstrates methodical advancement and management’s execution capability, supporting informed investment decisions and project momentum visibility.

Strategic Positioning Amid Growing Silver and Base Metals Demand

Maronan Metals is well-positioned to capitalize on sustained structural demand for silver and base metals driven by energy transition, renewable energy infrastructure, and industrial applications. Silver’s critical role in solar photovoltaic technology and industrial uses has heightened investor interest, aligning with Maronan’s large, economically robust silver resource.

Upcoming milestones include advancing the Starter Zone to feasibility study, expanding resource definition through ongoing drilling, and progressing regulatory and environmental assessments. The Mineral Development Licence establishes a firm regulatory foundation for these activities. Investors should watch for updates on drilling results, metallurgical progress, feasibility outcomes, and any adjustments to development timelines or commodity price assumptions.