Patronus Resources Unveils High-Grade Gold Discovery Below Tally Ho Pit at Pine Creek Project

High-Grade Gold Intercept at Tally Ho Extends Mineralisation 200 Metres Below Historic Pit

Patronus Resources reported significant first assay results from its initial diamond drilling at Tally Ho, part of the Fountain Head area within the Pine Creek Gold Project. Drill hole TH26DD001 intersected high-grade gold mineralisation, recording 2.61 metres at 6.38 grams per tonne (g/t) gold from 454 metres depth, approximately 200 metres below the historical Tally Ho pit. This supports the "Tally Ho Extension" concept, indicating a previously unrecognised mineralised zone beyond the existing resource boundary.

The 461.32-metre hole contained nine gold-bearing intervals between 170 and 456 metres down-hole. Other notable intercepts included 0.62 metres at 7.37 g/t gold from 285.68 metres, 0.30 metres at 9.11 g/t from 293.7 metres, 0.33 metres at 8.55 g/t from 335.98 metres, and 0.62 metres at 2.84 g/t from 356.6 metres. These results align with the company’s 3D modelling of historical gold intercepts suggesting a new mineralised zone in the footwall to the Tally Ho lodes. Assay outcomes from the remaining three diamond holes are pending and will be critical to confirming the extension across multiple drill holes.

Ambitious 2026 Exploration Programme Encompasses 30,000 Metres of Drilling

Following an extended wet season, Patronus has launched its 2026 dry season field programme in the Northern Territory. The company plans a 30,000-metre drilling campaign comprising roughly 6,000 metres of diamond drilling and 24,000 metres of RC drilling, contingent on regulatory approvals, some of which are already secured. The programme also includes around 3,000 surface geochemical samples targeting multiple areas.

Diamond drilling focuses on brownfields targets with resource growth potential, while RC drilling targets high-priority geochemical anomalies identified in 2025 surface sampling. Targets include historical gold workings dormant for over 40 years and greenfields prospects uncovered during recent fieldwork. Priority RC drill sites are Grove Hill, Golden Dyke, Burnside North, and Northern Leases, as detailed in company project documents. This extensive programme underscores Patronus’ commitment to exploring its vast tenure and expanding on recent deep high-grade intersections.

Fountain Head Resource and Tally Ho Deposit Overview

The Tally Ho deposit lies within the Fountain Head area of the Pine Creek Gold Project, which includes Fountain Head, Tally Ho, and Glencoe deposits with a combined mineral resource of 234,000 ounces at 1.4 g/t gold. This resource base contextualises the significance of the new deep high-grade intercepts. The drilling was designed to test a previously unrecognised mineralised zone in the footwall of Tally Ho lodes based on 3D modelling and historic intercept reinterpretation.

Historic exploration at Tally Ho yielded strong intercepts such as 15.2 metres at 59.88 g/t gold from 139 metres, 3 metres at 25.94 g/t from 117 metres, and 14 metres at 9.22 g/t from 17 metres. The current programme also investigates an alternative northeast-southeast mineralisation trend informed by 3D observations, core photo analysis, and field mapping. The deep high-grade intercept at 454 metres depth indicates substantial potential to extend the resource at depth, potentially increasing the mineral inventory if further drilling confirms these findings.

Western Australia: Guppy Prospect Fully Acquired and Geochemical Targets Defined

Patronus completed the acquisition of the remaining 20% interest in the Guppy-Benalla area, Western Australia, for $250,000 cash, securing 100% ownership. This consolidation simplifies future development options and strengthens the company’s position at the Guppy prospect, an emerging exploration target. Recent geochemical and mapping work defined a coherent target extending approximately 2.5 kilometres along strike, with rock chip assays up to 3.27 g/t gold.

Follow-up aircore and RC drilling at Guppy is planned pending completion of heritage surveys, a regulatory requirement. This phased approach ensures compliance before drilling. The well-defined geochemical target and encouraging rock chip results suggest a significant mineralised system along strike. Upon heritage approval, drilling may further delineate gold mineralisation and assess resource potential.

Patronus’ Diverse Land Holdings and Project Portfolio

Patronus controls a substantial 1,500 square-kilometre land package in the Northern Territory, prospective for gold, base metals, and uranium, primarily within the Pine Creek Orogen. Key assets include the 100% owned Fountain Head Gold Project with a 234,000-ounce resource, Hayes Creek VMS project, and Pine Creek Uranium Project. The company also holds exploration interests in Western Australia, including the Cardinia Gold Project hosting the Guppy prospect. This diversified portfolio offers multiple exploration and development pathways, enabling focus across commodities and projects based on results and market conditions.

The Pine Creek Orogen is a renowned gold-prospective geological region. Patronus’ extensive tenure provides ample discovery opportunities. Their exploration strategy targets both brownfields resource extensions, such as the Tally Ho Extension, and greenfields discoveries from new geochemical anomalies. This multi-target, multi-commodity approach aims to maximise mineral discovery potential across the land package.

Uranium Rights Divestment and Strategic Investment in Greenvale Energy

Patronus executed a binding term sheet to sell uranium exploration rights within Pine Creek to ASX-listed Greenvale Energy (ASX:GRV). Subject to outstanding third-party approvals, Patronus will divest uranium assets while retaining significant exposure through a 19.6% equity stake in Greenvale. Patronus Chairman Rowan Johnston will join Greenvale’s Board.

This strategic move allows Patronus to concentrate on gold and base metals exploration while maintaining upside in uranium via a specialist partner. The Board appointment ensures ongoing involvement in uranium exploration strategy and insight into results. The transaction is expected to unlock value by enabling each company to focus on core expertise while preserving a collaborative relationship. Investors should track updates on third-party approval progress.

Robust Financial Position and Key Corporate Appointment

As of 30 June 2026, Patronus held $65.1 million in cash and liquid assets, providing strong financial capacity to support its 2026 exploration programme, complete the Greenvale transaction, and pursue strategic initiatives. The company’s market capitalisation stood at $68 million with 1,479 million shares issued, minimizing near-term capital raising needs.

During the quarter, Patronus appointed Leonard Lau as Chief Development Officer, bringing expertise in corporate development, commercial strategy, and investor relations. This addition strengthens corporate infrastructure as Patronus advances from early-stage exploration to project development, potentially accelerating project studies, partnerships, and value creation. The combination of strong cash reserves and enhanced management capability positions the company well for executing its strategy through 2026.

Regulatory and Heritage Survey Considerations Impacting Exploration Timelines

Patronus’ exploration activities depend on obtaining necessary regulatory approvals, with some already secured for the 2026 drilling programme. The planned 30,000-metre drilling campaign is contingent on receipt of all permits under Northern Territory and Australian law. Similarly, drilling at the Guppy prospect requires completion of heritage surveys to protect Indigenous cultural sites, a mandatory Australian regulation.

Heritage survey and regulatory approval timelines represent potential risks to exploration scheduling. While Patronus has experience managing approvals across jurisdictions, delays could impact programme execution. Investors should monitor announcements regarding receipt of approvals and heritage survey completions as potential catalysts for drilling acceleration.

Sector Overview: Gold Exploration Potential in Northern Territory’s Pine Creek Orogen

The Pine Creek Orogen is a highly prospective gold region with a strong history of significant gold production. Its geological setting has yielded multiple economic deposits, reflecting robust mineral endowment. Patronus’ large land position and multi-target exploration strategy demonstrate confidence in the region’s potential. The 2026 drilling programme, targeting both historic workings with limited modern exploration and new greenfields targets, aligns with the region’s established mineral systems and exploration upside.

The recent deep high-grade gold discovery at Tally Ho fits a broader pattern of mineralisation extending beyond historic open pits. Modern exploration tools, including 3D modelling and geochemical sampling, have enhanced understanding of deposit geometry and extensions. Patronus’ results exemplify how systematic application of advanced techniques can expand known mineral systems and uncover new mineralisation within established mining districts. The strong sector fundamentals of Pine Creek support Patronus’ exploration approach and the potential for significant discoveries within its tenure.