Pacific Resources Finalizes $400,000 Acquisition of High-Grade Snowstorm Gold Project in Victoria’s Eastern Goldfields

Completion of Three-Stage Payment Secures Full Ownership of Snowstorm Gold Project

Pacific Resources finalized the Snowstorm Gold Project acquisition by completing the final payment in a structured agreement with Mines of Stirling Pty Ltd. The binding deal required $400,000 total consideration, paid in three tranches: an initial non-refundable $40,000 deposit, a $160,000 payment by 31 May 2026 transferring 50% ownership, and the concluding $200,000 payment completed by 17 July 2026, securing the remaining 50% and full project control.

With all payments fulfilled, PXR now holds 100% ownership of the Snowstorm Gold Project. This staged payment approach enabled strategic capital deployment while progressively acquiring the asset, a common practice in junior exploration aligning funding with project milestones.

High-Grade Gold Project Backed by Extensive Historical Drilling Data

The Snowstorm Gold Project offers a high-grade gold exploration opportunity supported by a significant drilling history from previous operator First AU (ASX:FAU). Drilling conducted in 2021 and 2022 includes 2,838 metres of diamond core and 424 metres of rotary air blast drilling, delivering a detailed geological model. These results, highlighted in PXR’s 29 May 2026 update, provide a robust foundation to evaluate the project's gold potential.

This comprehensive drilling database is a valuable asset for Pacific Resources, allowing immediate use of existing data to plan exploration without incurring the costs and delays of initial drilling. Such high-grade projects with established geological frameworks are attractive for junior explorers aiming to advance toward resource definition or development.

Ongoing Sampling Programme to Enhance Project Understanding

Pacific Resources recently completed a 22-channel sample programme at Snowstorm to complement the existing geological data. Samples have been submitted for laboratory analysis. Channel sampling, conducted along accessible rock surfaces, is a standard method to identify high-grade mineralisation and inform future drilling targets. The company plans to release results once available, which could influence exploration strategy and timelines.

This sampling initiative aligns with PXR’s acquisition completion, demonstrating management’s commitment to advancing the project. Pending assay results will be a key milestone for investors, providing quantitative data on surface gold grades and guiding future resource estimation and drilling plans.

Strategic Positioning in Victoria’s Eastern Goldfields

Located in Victoria’s Eastern Goldfields, the Snowstorm Project lies within a proven mineral belt with a rich history of gold production and active exploration. This positioning offers advantages such as established infrastructure, local expertise, and regulatory familiarity, which can reduce exploration costs and timelines compared to greenfield projects.

The acquisition is part of Pacific Resources’ broader strategy to build a portfolio in the Victorian gold sector. The company holds an option to acquire additional projects in the Eastern Victorian Goldfields, subject to due diligence, aiming to consolidate assets for operational efficiencies and shared geological insights.

Option to Acquire Additional Eastern Victorian Goldfields Assets

Beyond Snowstorm, Pacific Resources has an option to acquire the wider Eastern Victorian Goldfields Project portfolio, currently under due diligence. This portfolio, held by First AU (ASX:FAU), allows PXR to evaluate assets before committing, providing flexibility and time for thorough technical and commercial review.

This phased acquisition approach supports PXR’s goal of building a consolidated gold portfolio in the region. Following Snowstorm’s acquisition and exploration, PXR’s demonstrated capability may influence decisions on the broader portfolio. Investors should watch for updates on due diligence progress, as a positive outcome could significantly expand PXR’s regional footprint and resource potential.

Diversified Exploration Portfolio Across Commodities and Regions

Pacific Resources operates as a junior mineral exploration company with a diversified portfolio across commodities and locations. Current assets include the Sulphide Creek Gold Antimony Project and Mersey Volcanogenic Massive Sulphide (VMS) Base Metals and Gold Project in Tasmania, as well as the Blackall Coal Project in Queensland. This diversification reduces concentration risk and offers multiple development pathways.

Additionally, PXR holds an exclusive option to acquire a portfolio of gold, silver, base metals, and critical minerals assets in Victoria and maintains an investment in an ASX-listed copper exploration company. The Snowstorm acquisition strengthens the Victorian gold exposure, aligning with investor interest in Australian gold exploration.

Competent Person Oversight Ensures Geological Integrity

Exploration data for Snowstorm has been compiled and overseen by Ian Neilson, Member of the Australian Institute of Geosciences and Director and Shareholder of PXR. Mr Neilson’s expertise in the deposit style qualifies him as a Competent Person under the 2012 JORC Code, providing professional assurance on the technical quality and accuracy of exploration information disclosed.

The Competent Person statement confirms no new material information has emerged to alter prior announcements, ensuring transparency and investor confidence in the reported data.

Capital Management and Funding Strategy for Acquisition

The $400,000 acquisition cost for Snowstorm was structured across three staged payments over approximately five months, aligning with junior explorer funding cycles and enabling controlled cash flow management. The final $200,000 payment was completed by 17 July 2026.

This investment, combined with ongoing sampling and analysis, reflects management’s confidence in Snowstorm’s exploration potential. Investors should monitor PXR’s cash flow and funding position to evaluate how capital commitments are balanced within the company’s broader financial strategy.

Exploration Risks and Market Considerations

As with all early-stage exploration projects, the Snowstorm Gold Project involves geological, operational, and market risks. Despite historical drilling and location in a prolific gold region, successful conversion to a defined resource is not guaranteed and depends on positive sampling, drilling, and analysis outcomes. Laboratory results from the recent sampling programme remain pending, with their commercial significance yet to be determined.

The junior exploration sector is also influenced by gold price volatility, funding availability, and regulatory changes. Gold prices fluctuate due to macroeconomic factors, central bank policies, and currency movements. PXR’s ability to finance further exploration depends on equity market conditions, which may be challenging if sentiment toward junior explorers or gold weakens. Regulatory changes in Victoria affecting mining permits, environmental approvals, or taxation could impact project economics and timelines. Investors are advised to conduct independent due diligence and seek professional financial advice before investing.