OzAurum Resources Advances Construction as High-Grade Gold Confirmed at Mulgabbie North Paleochannel

Grade Control Drilling Validates Consistent High-Grade Gold Mineralisation Along Paleochannel

OzAurum Resources’ 435-hole, 15,646-metre reverse circulation grade control drilling program at Mulgabbie North Paleochannel has confirmed consistent, high-grade gold mineralisation throughout the paleochannel system. The drilling density provides essential geological data for mine scheduling and economic modelling, facilitating the transition from feasibility to bankable mine planning. High-grade intercepts at shallow depths were repeatedly encountered, demonstrating geological continuity that supports a robust open-pit mining model.

Key intercepts include 7 metres at 8.12 g/t Au from 25 metres depth (with 1 metre at 49.70 g/t Au) in hole MNORC 763, and 8 metres at 4.89 g/t Au from 25 metres depth (including 1 metre at 16.11 g/t Au and 1 metre at 21.24 g/t Au) in hole MNORC 710. Other significant results comprise 6 metres at 6.31 g/t Au (with 1 metre at 32.08 g/t Au), 6 metres at 3.48 g/t Au (including 1 metre at 13.83 g/t Au), 5 metres at 5.26 g/t Au (with 1 metre at 23.31 g/t Au), 6 metres at 4.28 g/t Au (including 1 metre at 20.10 g/t Au), and 6 metres at 4.46 g/t Au (with 1 metre at 17.34 g/t Au). The shallow nature of these intercepts is critical for a low-cost open-pit operation, reducing overburden removal and enhancing project economics.

Metallurgical Testing Affirms Strong Heap Leach Suitability and Gold Recovery Rates

Ongoing metallurgical testwork at ALS Balcatta has yielded promising results for heap leach processing at Mulgabbie North. Column 2 tests on samples from diamond drill hole MNODH 020, crushed to minus 12 millimetres, achieved 82% gold recovery from deeper saprolite and transition ore grading 1.35 g/t Au. This confirms excellent heap leach amenability, a key factor validating OzAurum’s low-capital production strategy. High recovery from deeper, lower-grade transitional ore underscores the robustness of the heap leach process across the ore profile.

Additional validation comes from Paleochannel Column 3 tests on samples from diamond hole MNODH 022, showing preliminary gold recovery exceeding 75% after 39 days. These results bolster confidence in heap leach as the optimal processing method for Mulgabbie North, reducing technical risk and strengthening the feasibility study’s foundation.

Substantial Resource Expansion Potential Along Over 4-Kilometre Paleochannel Trend

The Mulgabbie North Paleochannel Project currently holds a Mineral Resource estimate near 260,000 ounces of gold. Mineralisation remains open along an interpreted paleochannel trend exceeding 4 kilometres, indicating significant upside for resource growth beyond current estimates. The recent grade control drilling during the June 2026 quarter has further delineated mineral continuity and extent, supporting future resource extension drilling and updates.

The open-ended paleochannel system offers considerable upside for both investors and OzAurum. As the company advances feasibility, permitting, and early development, targeted infill and extension drilling could expand the resource estimate. The consistent high-grade mineralisation across the program area suggests potential for sustained production beyond the current resource, contingent on demonstrating and classifying resource extensions per JORC Code 2012 standards.

Heap Leach Plant Refurbishment Nears Completion, Advancing Toward Production

OzAurum reported significant progress in heap leach plant refurbishment by Polaris Engineering during the June 2026 quarter, with key components dry commissioned. The dry commissioning of the first four heap leach plant modules marks a crucial step from feasibility to construction, showing the company is physically preparing assets for operation. This staged preparation helps identify and resolve technical issues before formal commissioning, reducing execution risks on the path to production.

Dry commissioning indicates OzAurum has taken possession of refurbished equipment and is testing functionality without processing ore or solutions. This milestone demonstrates tangible project advancement and reassures stakeholders of active development alongside feasibility and environmental permitting. Opting for refurbishment over new construction aligns with the company’s low-capital production strategy.

Site Civil Works Initiated for Heap Leach Pad and Processing Foundations

During the June 2026 quarter, OzAurum commenced site civil works for heap leach pad and agglomeration plant foundations at Mulgabbie North, marking a key transition from planning to physical construction. This progress implies necessary approvals are secured or confidently anticipated, with site infrastructure being prepared to support gold processing facilities. Civil works typically include earthmoving, ground preparation, drainage, and foundation construction for heap leach and agglomeration plants.

The simultaneous dry commissioning and civil works reflect a coordinated development strategy aimed at expediting gold production once formal approvals are granted. This efficient project management reduces timelines and signals to investors and partners the company’s commitment to advancing beyond the study phase.

Stage 2 Environmental Permitting Advances with Pit Design, Waste Characterisation, and Heritage Surveys

OzAurum progressed Stage 2 environmental permitting during the June 2026 quarter, including geotechnical pit slope design, waste rock characterisation, and expanded site layout planning. Pit slope optimisations and design of an expanded site layout accommodate waste dumps and infrastructure for a larger open-pit operation deploying a 120-tonne mining fleet. These activities are prerequisites for submitting the Mining Development and Closure Proposal to the Western Australian Department of Mines, Petroleum and Exploration (DMPE), a formal environmental approval requirement.

Heritage and archaeological surveys over Stage 2 and Stage 3 areas were completed with endorsement from Senior Wongatha Elders, underscoring OzAurum’s commitment to Indigenous consultation and heritage compliance. Geotechnical and waste characterisation work will inform safe, regulation-compliant design of the open-pit and heap leach facilities.

Open Pit Optimisations and Heap Leach Sequencing Support Expansion Plans

OzAurum completed Stage 2 and Stage 3 open-pit optimisation and heap leach cell sequencing analyses for potential expanded mining and processing at Mulgabbie North. These studies define economically optimal pit shells based on geological and economic parameters at various gold prices, guiding mine planning, stripping, waste generation, and ore scheduling. The work indicates planning for phased mining with expansion beyond initial Stage 1 development.

Heap leach cell sequencing analyses determine optimal construction and operation timing for successive heap leach cells, maximizing ore processing over mine life. Completing sequencing for Stage 2 and 3 demonstrates comprehensive long-term planning, accounting for infrastructure and scheduling needs to support resource growth along the paleochannel.

CEO Andrew Pumphrey Highlights Geological Consistency and Production Confidence

Andrew Pumphrey, CEO and Managing Director of OzAurum Resources, described the June 2026 quarter as one of the company’s busiest and most productive. He emphasized that the 435-hole, 15,646-metre grade control drilling confirmed consistent high-grade gold at shallow depths across the paleochannel, providing the geological repeatability needed for a robust, bankable mine plan at Mulgabbie North. This drilling program significantly de-risks the project by validating resource continuity.

Pumphrey also noted metallurgical testwork success, with Column 2 tests achieving 82% gold recovery and Paleochannel Column 3 tests exceeding 75%, reinforcing confidence in heap leach processing. He pointed out that dry commissioning of heap leach plant modules and commencement of civil works mark the shift from study to construction, positioning the company on a clear path to near-term gold production. His remarks reflect strong management confidence in the project’s technical and development outlook.

Mulgabbie North: A Low-Capex Gold Production Opportunity in Western Australia

Located in Western Australia, OzAurum’s Mulgabbie North project offers a near-term gold production opportunity based on the Paleochannel deposit, where alluvial gold is concentrated within ancient creek channels. Such paleochannel deposits typically enable simple, low-cost mining and processing due to coarse, free-milling gold accessible at shallow depths suitable for open-pit mining. Grade control drilling confirms high gold grades near surface across the paleochannel.

The company’s development strategy employs open-pit mining combined with heap leach processing and plant refurbishment rather than new construction, supporting a low-capital operational model. Heap leach processing is among the simplest and most cost-effective gold extraction methods, with metallurgical tests confirming high gold recovery rates (82% and above 75%). This combination of shallow, high-grade mineralisation, straightforward processing, and plant refurbishment positions Mulgabbie North as a compelling low-capex project within Western Australia’s established mining environment.

Integrated Development Timeline Advances Multiple Work Streams Concurrently

OzAurum’s approach for Mulgabbie North progresses feasibility studies, Stage 2 environmental permitting, and Stage 1 development activities simultaneously, enabling efficient project advancement. During the June 2026 quarter, the company completed the 435-hole grade control drilling, advanced heap leach feasibility studies, progressed Stage 2 permitting including pit slope design and waste characterisation, initiated site civil works, and advanced heap leach plant dry commissioning.

Upcoming milestones include completing Stage 2 environmental permitting and submitting the Mining Development and Closure Proposal to the Western Australian Department of Mines, Petroleum and Exploration. Following regulatory approvals, OzAurum plans to continue physical site development and plant commissioning. This integrated strategy aims to accelerate the timeline from approval to gold production, contingent on securing funding and final development consents.