Minerals Exploration Finalizes Initial Jubilee Drilling Phase with Outstanding High-Grade Rock Chip Results Highlighting Significant Gold Prospects in New Zealand

Historic Jubilee Mine and Regional Geological Setting

The Waitekauri Gold Project spans 58 square kilometres within New Zealand's Hauraki Goldfield, a highly prospective mineral exploration region. Located just 8 kilometres west of OceanaGold Corporation's Waihi Gold Mine—which has produced over 8 million ounces of gold—the project benefits from proximity to a major operating mine, underscoring the district’s significant gold mineralisation potential. The Waitekauri area lies along an 18-kilometre mineralised corridor on a northeast-southwest structural trend hosting multiple targets and historic workings, including multi-million ounce deposits such as OceanaGold’s Waihi-Karangahake-Paeroa (WKP) deposit with 2.2 million ounces of gold at 14.3 grams per tonne, and the historic Karangahake and Golden Cross deposits.

The Jubilee Gold Mine is one of three high-priority prospects within Waitekauri, based on historical production. It produced approximately 29,000 ounces of gold and silver bullion at an average combined grade of 48 grams per tonne, demonstrating the system’s historical productivity. The exploration team is focusing on defining depth and strike extensions of known ore bodies from historical zones, aiming to convert past production into modern mineral resource estimates. Jubilee’s structural and geological features—including its location on the regional northeast-southwest trend and multiple historic workings—provide a strong framework for understanding gold distribution and guiding drilling strategies.

First Phase Diamond Drilling Results and Quartz-Mineralised Zones

During the June 2026 quarter, Minerals Exploration reported assay results from its initial diamond drilling program at Jubilee, completing eight holes (TGW003 to TGW010) designed to test vertical and strike extensions of modelled gold ore shoots. All holes intersected strongly pyrite-clay altered andesites with silicified and quartz-mineralised zones at target depths, confirming the geological model and indicating a mineralised system at depth. The dominant vein texture observed was brecciation, with fine banding absent in the main Jubilee structure, offering important insights into vein morphology and informing future drilling geometry.

Drill hole results showed variable gold and silver grades. Hole TGW005 yielded the most significant intercept: 0.5 metres @ 10.5 grams per tonne gold, associated with a 10-centimetre wide, weakly banded, fine crystalline quartz veinlet within andesitic breccia. Holes TGW006 and TGW007 intersected multiple oxidised and quartz-veined zones with assays ranging from 0.15 to 0.41 grams per tonne gold. Holes TGW009 and TGW010 returned 0.23 and 0.21 grams per tonne gold respectively, with silver assays pending. The exploration team is systematically reviewing all Jubilee drill data to extend and test ore shoots at greater depths, reflecting a disciplined approach to exploration targeting.

Discovery of East-West Trending Base Metal Sulphide Vein and Structural Insights

Hole TGW008 intersected a newly recognised east-west trending quartz–base metal sulphide vein, oblique to the main northeast-southwest Jubilee vein. This 27.7-metre downhole intersection returned 27.7 metres @ 0.08 grams per tonne gold and 21.5 grams per tonne silver from 184.1 metres depth, including a higher-grade 1.2 metres @ 0.33 grams per tonne gold and 91.6 grams per tonne silver from 200.4 metres. The structure is visually and mineralogically distinct, containing elevated base metal sulphides responsible for lead, zinc, and copper anomalies, with the wider zone grading 0.36% lead, 0.2% zinc, and 0.1% copper. This discovery adds a new structural dimension to the Jubilee system not previously recorded in historical mining data.

The east-west trending structure expands the exploration model at Jubilee. The presence of base metal sulphides alongside gold and silver suggests a robust hydrothermal system. Its oblique orientation to the main regional trend implies that cross-cutting structures may be significant elsewhere in Waitekauri. This finding broadens the metallurgical and mineralogical understanding of the system and may influence future mining approaches, as polymetallic deposits offer combined recovery opportunities depending on processing and market conditions.

Jubilee South Drilling Targeting Shallow High-Grade Zones

Following the initial drilling phase at Jubilee, the diamond drilling program has progressed at Jubilee South with a four-hole campaign targeting the southern extension of historically high-grade, shallow production zones. Holes TGW011 and TGW012 have been drilled to target depths with assays submitted to SGS Laboratory; two additional holes remain to be completed. This focus reflects a methodical exploration approach targeting the highest-grade production zones within the broader Jubilee system.

Jubilee South is geographically situated between the historic Golden Cross deposit to the northeast and the Karangahake mine to the southwest, both significant gold producers on the regional structural trend. Underground channel sampling in Jubilee South returned promising assays that guided the drilling design. The strategy to target shallow, high-grade zones trending toward the Sovereign prospect demonstrates a staged exploration plan across multiple Waitekauri prospects, enabling efficient capital deployment and systematic regional testing.

Outstanding Rock Chip Assays Near Scotia Creek and North of Jubilee

In addition to drilling, geological mapping and rock chip sampling across Waitekauri have revealed multiple areas of exceptional high-grade gold mineralisation. Near Scotia Creek, abundant epithermal quartz float was identified, with rock chip assays including 2,273 grams per tonne gold, 283 grams per tonne gold, and 129 grams per tonne gold. While these represent point samples rather than bulk intercepts, they indicate significant gold concentrations within quartz-hosted epithermal systems.

North of Jubilee, rock chip sampling of float material in Jubilee Creek returned assays of 362 grams per tonne gold, 230 grams per tonne gold, 98.5 grams per tonne gold, and 68.8 grams per tonne gold. These high-grade samples from multiple locations suggest widespread elevated gold mineralisation beyond historically mined areas, expanding the known mineralisation footprint and highlighting new exploration targets. Although rock chip grades do not directly confirm economic deposits, they strongly support the presence of concentrated gold mineralisation warranting systematic exploration to locate primary sources.

Aeromagnetic Drone and Ionic Leach Geochemical Surveys Completed

To integrate drilling and surface sampling data into a comprehensive exploration model, Minerals Exploration completed an aeromagnetic drone survey over several prospects including Jubilee, Jubilee Creek, Sovereign, Jasper Creek, Scotia, and Scotia Creek within Waitekauri. This survey provides detailed subsurface magnetic imaging to identify structural features, lithological boundaries, and potential mineralised zones, enhancing three-dimensional understanding and highlighting new drill targets.

Complementing this, an ionic leach geochemical survey was conducted to pinpoint source structures for the exceptional high-grade rock chip samples from Scotia Creek and Jubilee Creek. This technique detects anomalous gold concentrations in near-surface materials, guiding exploration toward primary mineralised structures. Together, these modern exploration tools refine target selection and are expected to inform future drilling campaigns and mine planning studies.

Advancement of Invincible Gold and Glenorchy Tungsten Projects

Beyond Waitekauri, Minerals Exploration is progressing exploration at the Invincible Gold and Glenorchy Tungsten projects. At the historic Invincible Gold Mine, rock chip sampling has returned high-grade results up to 49.7 grams per tonne gold, including visible gold, indicating coarse gold particles. Planned field programs will include stream and soil sampling ahead of a maiden drilling campaign, following a phased exploration strategy.

The Glenorchy Tungsten mines, located within the Invincible permit, represent a distinct mineralisation style and commodity focus. Work is advancing ahead of planned drilling following the anticipated Exploration Permit grant in the second half of 2026. This diversified portfolio spanning gold and tungsten provides exposure to multiple commodities and geological settings, allowing the company to leverage cross-project insights.

Financial Position and Funding for Ongoing Exploration

As of 30 June 2026, Minerals Exploration held $2.85 million in cash reserves to support continued exploration. The company has not disclosed its operating cash burn or quarterly exploration expenditure, nor guidance on how long current funds will sustain activities. These financial metrics are critical for investors assessing the company’s ability to meet exploration milestones.

Ongoing diamond drilling at Jubilee South and the upcoming Invincible Gold maiden drilling program represent significant capital commitments. Additionally, costs associated with aeromagnetic and ionic leach surveys, along with pending assay analyses from holes TGW011, TGW012, and others, will require funding. Investors will monitor updates on expenditure trends, cash flow, and potential capital raises necessary to execute exploration plans across Waitekauri, Invincible, and Glenorchy over the next 12 to 24 months.

Exploration Timeline and Key Milestones for H2 2026

Key near-term milestones for the second half of 2026 include completing the four-hole Jubilee South diamond drilling program, with two holes remaining to be drilled and assayed. Pending assay results from TGW011 and TGW012, along with the final two holes, will provide critical data on shallow, high-grade zones and feed into a comprehensive review of all Jubilee drilling data to refine exploration models and identify deeper ore shoot extensions.

Additional milestones include the anticipated Exploration Permit grant for Glenorchy Tungsten, enabling planned drilling activities. Results from aeromagnetic and ionic leach surveys across Waitekauri are expected to be integrated into exploration models, potentially identifying new drill targets for 2027. The maiden Invincible Gold drilling program is planned following completion of stream and soil sampling, with timing to be announced. Investors will watch for assay updates and any material changes to resource estimates or geological models arising from ongoing exploration.

Regional Geological Context and Structural Controls

The Hauraki Goldfield, home to the Waitekauri project, is one of New Zealand’s premier gold exploration regions, characterized by multi-million ounce deposits along a northeast-southwest structural corridor. The presence of OceanaGold’s Waihi Gold Mine—producing over 8 million ounces—and historic deposits like Karangahake and Golden Cross highlight the region’s enduring gold mineralisation and commercial viability. The Waihi-Karangahake-Paeroa deposit, with 2.2 million ounces at 14.3 grams per tonne gold, serves as a regional benchmark for grade and mineralisation style comparable to Waitekauri prospects.

Geologically, the Hauraki Goldfield features epithermal and mesothermal gold mineralisation hosted in andesitic volcanic rocks with hydrothermal alteration. The Jubilee system, with pyrite-clay altered andesites and quartz-mineralised zones, aligns with this model. The discovery of both northeast-southwest and east-west trending structures at Jubilee suggests that intersections of major structural trends control high-grade mineralisation distribution—a common trait in historic and modern gold deposits. Visible gold in rock chip samples and brecciated quartz vein textures support an epithermal origin. These geological and structural insights bolster confidence that Jubilee and other Waitekauri prospects may host economically viable mineral resources pending systematic exploration to establish tonnage and grade.