Peregrine Gold Finalizes Ethnographic Surveys at Newman Prospects, Prepares for Extensive RC Drilling Campaign

Peregrine Gold’s Newman Project Overview and Asset Base

Peregrine Gold Limited is focused on exploring and developing gold and iron ore resources in Western Australia. The company holds a 100% interest in the Newman Gold & Iron Ore Project, a significant tenement package situated in the Pilbara region. This project encompasses several prospects at differing evaluation stages, forming the core of Peregrine’s exploration activities.

Strategically located in one of Australia’s premier mining regions, the Newman Project includes the well-established Coopers and Carneys CID Prospects, which have undergone systematic exploration. Additionally, the recently pegged Capricorn Gold Paleo Gravel Prospect was identified after confirming gold-bearing paleo gravels nearby. The proximity of these prospects offers operational synergies and cost efficiencies that Peregrine is leveraging as it advances toward drilling and extraction phases.

Completion of Heritage Ethnographic Surveys at Coopers and Carneys CID Prospects

Peregrine Gold has confirmed the completion of ethnographic surveys at the Coopers and Carneys CID Prospects, conducted by the Karlka Nyiyaparli Aboriginal Corporation RNTBC (KNAC) and their consultants. This followed a heritage notice issued on 4 March 2026, initiating formal heritage assessments required under Western Australian regulations and industry standards. The ethnographic surveys document the cultural and archaeological significance of the land, guiding subsequent exploration and extraction planning.

With ethnographic surveys concluded, archaeological surveys are scheduled for completion in October 2026. Upon finalisation of both survey phases and receipt of Programme of Works (PoW) approvals from authorities, Peregrine plans to initiate a comprehensive reverse circulation drilling programme at Coopers and Carneys. This programme envisions up to 100 drill holes per prospect, starting with 400-metre spacing and followed by 200-metre infill drilling based on initial sample evaluations.

Strategic Role of the Capricorn Gold Paleo Gravel Prospect

The Capricorn Gold Paleo Gravel Prospect is a recent and strategically significant addition to Peregrine’s Newman portfolio. Identified after confirming gold-bearing paleo gravels at the Peninsula Prospect and adjacent southern areas, Peregrine lodged a Mining Licence Application over Capricorn on 10 July 2026, securing exploration rights and signalling intent to advance development.

Capricorn’s location immediately south of Peninsula and near the Coopers and Carneys CID Prospects creates operational and cost advantages. Peregrine has integrated Capricorn into the same heritage assessment programme as the CID Prospects, streamlining approval processes. Ethnographic surveys at Capricorn are complete, with archaeological surveys planned concurrently in October 2026.

Upcoming Bulk Sampling and Dry Blowing Trials at Capricorn

Pending final heritage and PoW approvals, Peregrine intends to commence bulk sampling and trial dry blowing operations on paleo gravels at the Capricorn Prospect. These trials aim to evaluate the gravels’ suitability for scaling into larger prospecting efforts. Dry blowing separates heavy minerals, including gold, from sediments without water, suitable for the Pilbara’s arid environment.

Outcomes from these trials will guide the development of a Mining Development and Closure Proposal, a regulatory requirement outlining environmental management, operational procedures, and closure plans for expanded processing activities. This phased approach allows Peregrine to validate commercial viability while managing regulatory and capital risks.

Collaborative Heritage Partnership with Karlka Nyiyaparli Aboriginal Corporation

Peregrine’s heritage assessments have been conducted in partnership with the Karlka Nyiyaparli Aboriginal Corporation RNTBC (KNAC), native title holders over the Newman project lands. George Merhi, Technical Director of Peregrine Gold, acknowledged the company’s "good and long standing relationship" with KNAC and their assistance during a demanding period. This collaboration is essential for lawful and sustainable exploration, respecting native title rights and heritage obligations.

The cooperative relationship with KNAC facilitates timely heritage approvals, critical for progressing exploration activities. Native title holders’ consultation rights and formal heritage assessments are prerequisites for obtaining necessary permits, underscoring the importance of this partnership.

Archaeological Survey Timeline and Approval Process

Archaeological surveys across Coopers, Carneys, and Capricorn prospects are slated for completion in October 2026. This schedule follows ethnographic survey completion and supports the finalisation of heritage documentation required for PoW approvals. While preliminary approval pathways are expected by this time, final PoW authorisations may extend beyond October.

Following archaeological survey completion and heritage approvals, Peregrine aims to swiftly advance to operational stages. The extensive reverse circulation drilling at Coopers and Carneys, combined with bulk sampling and dry blowing at Capricorn, represents a significant capital investment contingent on regulatory clearances. The timeline from October 2026 onwards will depend on the pace of external heritage authority reviews and PoW approvals.

Comprehensive Reverse Circulation Drilling Plan at CID Prospects

The planned reverse circulation (RC) drilling programme at Coopers and Carneys CID Prospects is described as "highly significant" by Peregrine, reflecting the scale and intensity of exploration. Up to 100 drill holes are planned per prospect, beginning with a 400-metre grid to assess gold mineralisation extent.

An adaptive drilling strategy includes potential infill drilling at 200-metre spacing based on initial visual sample inspections and estimates of grade and thickness. This phased approach optimises resource allocation by focusing follow-up drilling on the most prospective zones. The RC method enables rapid sample processing and suits the geological conditions at Newman.

Gold Mineralisation and Paleo Gravel Exploration Targets at Newman

Peregrine’s exploration at Newman targets gold mineralisation within paleo gravel horizons—ancient sedimentary deposits capable of hosting alluvial or eluvial gold near primary source rocks. The discovery of gold-bearing paleo gravels at the Peninsula Prospect and their extension to Capricorn broadens the company’s prospectivity model across the Newman tenements.

This confirmation of auriferous paleo gravels is a key technical milestone, indicating a gold source and ancient sedimentary concentration processes. It underpins both the RC drilling plans at CID Prospects and the bulk sampling and dry blowing trials at Capricorn. Specific gold grades, widths, or tonnage estimates have not been disclosed and may emerge after drilling and sampling results.

Regulatory and Compliance Framework Governing Western Australian Gold Exploration

Peregrine’s Newman exploration activities comply with extensive regulatory and heritage frameworks enforced by Western Australian authorities and native title holders. The PoW approval process mandates detailed documentation of exploration methods, environmental safeguards, and community engagement. Ethnographic and archaeological heritage surveys are compulsory prerequisites for these approvals, reflecting statutory and native title consultation requirements.

The company’s sequential progression—from heritage surveys to PoW approvals and operational commencement—illustrates the interdependent regulatory phases. The disclosed timeline, with archaeological surveys concluding in October 2026 followed by drilling and sampling subject to approvals, represents a realistic regulatory pathway. Potential delays in approval processes could impact the planned operational schedule.

Technical Leadership and Competent Person Endorsement

George Merhi, Peregrine Gold’s Technical Director and a Competent Person under the JORC Code, has provided insights on heritage survey completion and the company’s advancement toward drilling and processing. Merhi’s expertise and professional responsibility underpin the technical integrity of exploration programmes and reporting. The company is methodically navigating heritage and regulatory requirements to progress toward phases that may unlock shareholder value, contingent on exploration success and processing feasibility.

Forward-Looking Statements and Associated Risks

Peregrine’s update includes forward-looking statements regarding plans for RC drilling, bulk sampling, and dry blowing at Newman. These are subject to risks and uncertainties that could cause actual outcomes to differ materially, including regulatory delays, exploration results, processing challenges, community issues, gold price fluctuations, and broader market conditions.

The immediate impact on share price remains unclear. The company has not committed to specific timelines for drill or sampling results, and the commercial viability of gold deposits at Newman remains uncertain pending exploration and economic assessments. Completion of heritage surveys and progression toward drilling mark important steps but do not guarantee discovery or economic extraction of gold resources.