Patronus Resources Validates Deep Gold Zones at Tally Ho Deposit and Identifies Structural Links to Fountain Head

Deep Drilling at Tally Ho Extends Gold Mineralisation Beyond Historical Pit Limits

The four-hole diamond drilling programme at Tally Ho has significantly expanded the known depth of gold mineralisation. All holes intersected high-grade gold, with the deepest notable intercept in hole TH26DD001 at 454 metres depth—about 150 metres beneath the historical pit and outside the current Mineral Resource boundary. This extension indicates that previous exploration has not fully delineated the gold system, highlighting substantial potential for resource growth.

Additional results from holes TH26DD002, TH26DD003, and TH26DD004 yielded 21 significant gold intersections. Highlights include 3.17 metres at 3.32 g/t Au from 324.83 metres in TH26DD003, 6.0 metres at 1.42 g/t Au from 225.4 metres in TH26DD002, and 0.53 metres at 11.56 g/t Au from 98 metres in TH26DD002. Combined with earlier results from TH26DD001, these findings confirm consistent substantial gold mineralisation well below the historical open pit, supporting the interpretation that the Tally Ho system remains open at depth.

Identification of New Mineralised Structural Target in Tally Ho Extension Zone

The drilling also uncovered a previously unrecognised mineralised zone within the footwall of the Tally Ho lodes, termed the "Tally Ho Extension." This zone had not been detected by earlier exploration but was predicted by three-dimensional modelling of historical gold intercepts. The successful testing of this target offers an additional avenue for resource expansion.

Moreover, the programme explored an alternative mineralisation trend from north-east to south-east based on 3D observations, core photo interpretations, and field mapping. The discovery of this new structural target, previously unrecognised, opens further exploration opportunities. This underscores the importance of integrating diverse geological data and interpretive methods to identify targets beyond surface indications.

Linking Mineralised Structures Between Fountain Head and Tally Ho Confirmed

A key outcome of the drilling is the confirmation of mineralised structures connecting the Fountain Head and Tally Ho deposits. Hole TH26DD002 intersected mineralised structures dipping obliquely southwest, linking the two deposits. These connections extend the known mineralised system over a broader area than previously understood.

The Fountain Head area includes three major deposits—Fountain Head, Tally Ho, and Glencoe—together hosting a combined Mineral Resource of 234,000 ounces at 1.4 g/t Au. Confirming linking structures enhances potential for resource consolidation and growth across this region. Patronus plans follow-up reverse circulation drilling later in 2026 to test these structures, paving the way for systematic exploration and resource expansion across multiple deposits.

Gold Mineralisation Linked to Quartz Stockwork Veining and Sulphide Alteration

Geological analysis shows that gold mineralisation at Tally Ho is associated with quartz stockwork veining and sulphide alteration. The mineralisation occurs in both greywacke and mudstone lithologies, indicating that lithology is not the primary control. This suggests that gold-bearing structures may extend more broadly, and exploration should prioritise structural geometry and alteration patterns over host rock type.

Cross-sections and drilling data reveal gold mineralisation from shallow depths extending beyond 450 metres, all below the historical pit and outside the current resource estimate. The consistent mineralisation across depths and lithologies supports the interpretation of a substantial, multi-level mineralised system with strong potential for further delineation and expansion.

Historical High-Grade Drill Results at Tally Ho and Fountain Head Reinforce Potential

Historical drilling at Tally Ho and Fountain Head returned exceptional high-grade intersections, providing context for recent findings. Notable results include 15.2 metres at 59.88 g/t Au from 139 metres in hole THRD069, 3 metres at 25.94 g/t Au from 117 metres in FHRC106, and 14 metres at 9.22 g/t Au from 17 metres in FHRC156. These demonstrate the system’s capacity for very high gold grades over significant widths.

While recent results do not match the highest historical grades, they show consistent significant mineralisation continuity. The combination of historic high-grade intercepts with new deep mineralisation confirms the scale and quality of the system. The heterogeneous grade distribution suggests strong exploration potential to discover additional high-grade zones.

Extensive 2026 Exploration Programme to Advance Targets Across Pine Creek

Following the Northern Territory wet season, Patronus has launched a major 2026 field programme at Pine Creek. Plans include approximately 30,000 metres of drilling—6,000 metres of diamond drilling and 24,000 metres of reverse circulation drilling—pending regulatory approvals. Additionally, 3,000 surface geochemical samples will be collected. This marks a significant increase in exploration activity compared to prior years.

The diamond drilling will focus on brownfields targets with resource growth potential, prioritising results and prospects identified from recent Tally Ho drilling and linking structures between Fountain Head and Tally Ho. The reverse circulation drilling will target high-priority geochemical anomalies from the 2025 surface sampling, including historical workings with limited modern exploration and new greenfields prospects. This balanced strategy aims to expand known resources and discover new deposits within the Pine Creek Project.

Strong Financial Position Supports Exploration Ambitions

As of 30 June 2026, Patronus Resources held $75 million in cash and liquid investments, providing a robust financial base to support its 2026 exploration programme and corporate activities. The company had 1,479 million shares outstanding and a market capitalisation of $68 million at the time of announcement. This financial strength offers flexibility to execute exploration plans without immediate external funding, though the planned drilling will draw on cash reserves.

The cash reserves exceeding market capitalisation highlight possible investor caution regarding exploration outcomes or project economics. Nonetheless, the strong cash position combined with encouraging exploration results enables Patronus to pursue aggressive exploration at Pine Creek through 2026 and potentially into 2027, subject to operational and regulatory conditions.

Strategic Importance of Pine Creek Project in Northern Territory Gold Exploration

The Pine Creek Project is situated in Australia's Northern Territory, a region with a rich history of gold mineralisation and active mining. The Pine Creek Inlier is a recognised gold exploration and production area within a leading Australian mining jurisdiction. Patronus’ focus on the Fountain Head area—comprising Fountain Head, Tally Ho, and Glencoe Deposits—targets a highly prospective zone within this district. Operating in the Northern Territory provides access to established mining infrastructure, regulatory frameworks, and exploration services.

This location supports efficient exploration and potential development of discoveries. The recent drilling success and planned extensive exploration programme demonstrate Patronus’ commitment to advancing its Pine Creek assets during the current market and exploration cycle.

Managing Director John Ingram Highlights Exploration Progress and Future Plans

Patronus Resources’ Managing Director, John Ingram, remarked on the completion of the Tally Ho drilling programme, confirming gold mineralisation well below the historical pit and outside the current Mineral Resource, increasing confidence in the system’s openness at depth. He noted the identification of an additional mineralised structural target not recognised before drilling, presenting further expansion opportunities for Tally Ho and Fountain Head.

Ingram stated that with the Northern Territory field season underway, the company is focused on executing its extensive 2026 drilling and sampling programmes across Pine Creek. He highlighted plans to follow up drilling at Tally Ho and test multiple high-priority brownfields and greenfields targets generated from 2025 exploration. Ingram affirmed the company’s commitment to updating shareholders as results become available, indicating an active and transparent approach to exploration progress.