Perpetual Resources Reports High-Grade Tungsten Mineralisation at Paraíba Project with Peak Assay of 1.53% WO₃

Peak Tungsten Assay of 1.53% WO₃ Validates Geological Targeting Approach

Perpetual Resources' inaugural reconnaissance program at the Paraíba Tungsten Project yielded promising results that affirm the company's initial geological targeting strategy. Selective rock chip sampling was conducted across key project zones, collecting 18 samples from skarn outcrops, historical workings, and mineralised float. The findings confirm scheelite-bearing zones linked to calc-silicate skarn horizons, prospective granite-marble contacts, and shear-controlled structures. Fieldwork also identified numerous historical artisanal workings, waste dumps, and inactive underground galleries, alongside recurring structural trends associated with skarn formation and past mining activities.

The highest assay of 1.53% WO₃ (sample PBR-0017) from the Northern Target, together with additional high-grade results of 1.09% WO₃ and 0.94% WO₃, highlights significant tungsten mineralisation within the project area. The presence of high-grade assays across three geographically separate targets—Northern, Central, and Southern—suggests multiple discrete skarn-hosted exploration zones, supporting ongoing discovery potential and systematic exploration.

High-Grade Tungsten Samples Identified in Northern, Central, and Southern Targets

The reconnaissance phase identified tungsten mineralisation at three distinct locations within the Paraíba project, each yielding high-grade assay results. The Northern Target produced the peak 1.53% WO₃ (sample PBR-0017) and another high-grade sample of 0.94% WO₃ (sample PBR-0016). The Southern Target returned 1.09% WO₃ (sample PBR-0001) and two samples at 0.45% WO₃. The Central Target delivered four samples exceeding 0.19% WO₃, including 0.59%, 0.58%, and 0.52% WO₃. This distribution across multiple targets indicates several discrete mineralised skarn horizons warranting systematic follow-up.

Assay results confirm tungsten mineralisation associated with calc-silicate skarn horizons, favourable intrusive-carbonate contacts, and structurally controlled corridors, consistent with scheelite mineralisation models within the Seridó Mineral Province. Perpetual's initial geological observations, including ultraviolet screening, correlated well with laboratory assays, reinforcing confidence in the targeting model and underpinning the August 2026 field program. The company notes these selective rock chip samples represent point observations and should not be construed as average grade, width, or continuity of mineralisation.

Expansion of Project Potential Through Mineralisation Beyond Historical Workings

A key outcome of the reconnaissance program was the detection of mineralised samples beyond previously documented historical workings at Paraíba. This finding significantly broadens the scope for systematic follow-up exploration and suggests the project's mineralisation extends well beyond known artisanal mining zones and historical sites. Mineralised skarn outcrops in previously unrecognised areas highlight opportunities to discover additional tungsten-bearing skarn horizons through detailed mapping and sampling across the project.

Historical mining at the project included artisanal workings, waste dumps, and inactive underground galleries linked to the Quixaba tungsten mine and other sites. While these provided initial exploration targets, the discovery of mineralisation outside these areas indicates a more extensive geological environment hosting tungsten mineralisation than previously recorded. This insight is crucial for exploration strategy, implying that comprehensive mapping and sampling beyond historical sites may uncover further prospective skarn zones.

Perpetual Resources’ Strategy Focused on Tungsten Assets in Tier-1 Mining Jurisdictions

Perpetual Resources aims to develop a portfolio of high-quality tungsten assets within Tier-1, Western-aligned mining jurisdictions. The Paraíba Tungsten Project in northeastern Brazil is a cornerstone of this strategy. The company’s focus on tungsten aligns with rising global demand driven by its applications in high-performance alloys, electronics, catalysts, and other industrial sectors. Brazil offers a significant mining jurisdiction with established infrastructure, skilled workforce, and supportive regulatory frameworks for mineral exploration and development.

The encouraging reconnaissance results at Paraíba demonstrate the company’s ability to apply systematic geological targeting to identify promising mineral exploration assets. These outcomes validate Perpetual’s portfolio development approach and provide momentum for ongoing exploration. By concentrating on politically stable jurisdictions with robust mining governance, Perpetual seeks to mitigate exploration and development risks while advancing assets toward resource definition and potential mine development.

August 2026 Field Program to Expand Mapping and Prioritise Drill Targets

Perpetual Resources has scheduled a second field program for August 2026 to build upon the maiden reconnaissance results. This campaign will extend geological mapping, conduct systematic sampling of mineralised zones, evaluate the scale and continuity of skarn horizons, and establish priorities for drilling. This comprehensive follow-up is critical to transition from selective sampling, which confirms mineralisation presence but offers limited grade or extent data, to a thorough understanding of the mineralised systems.

The August program will focus on the three identified target areas, alongside newly discovered mineralised zones beyond historical workings. Detailed mapping will aim to define the orientation, thickness, and lateral continuity of calc-silicate skarn horizons and related mineralisation. Systematic rock chip sampling will assess grade trends and highlight higher-grade zones for drill testing. Outcomes will guide target prioritisation to ensure drilling focuses on skarn horizons with sufficient thickness and grade to justify investment.

Selective Sampling Methodology and Interpretation Considerations

Perpetual Resources emphasises that reported rock chip samples were selectively collected from visually prospective skarn outcrops and historical workings. As such, these represent point observations and should not be interpreted as average grade, thickness, or continuity of mineralisation. This distinction is important for investors assessing the results, as selective sampling aims to confirm mineralisation presence and grade characteristics rather than estimate resource dimensions.

While assay results confirm high-grade tungsten mineralisation and validate the geological targeting, further work is required to delineate the full extent, orientation, and grade distribution of mineralised zones. Additional mapping, systematic sampling, and drilling will be essential to determine whether high-grade points occur within zones of sufficient thickness, strike length, and continuity to support resource estimation or mine development. This progression from reconnaissance to systematic exploration reflects standard mineral exploration practices.

Geological Context: Schist, Skarn, and Scheelite Mineralisation in the Seridó Mineral Province

The Paraíba Tungsten Project lies within the Seridó Mineral Province of northeastern Brazil, a region known for tungsten mineralisation potential. The geology features calc-silicate skarn horizons formed at contacts between granitic intrusions and carbonate-rich rocks, creating favorable conditions for scheelite (calcium tungstate) mineralisation. Reconnaissance confirmed tungsten mineralisation associated with these skarn environments and structurally controlled corridors, consistent with regional scheelite ore genesis models.

Identification of scheelite-bearing zones linked to mapped skarn horizons, favourable intrusive-carbonate contacts, and shear-controlled structures indicates the Paraíba project exhibits key geological indicators of economic tungsten mineralisation. Recurring structural trends related to skarn development and historical artisanal mining support the interpretation that mineralisation is genetically linked to regional geological processes rather than isolated anomalies. This geological framework, supported by assay and field data, strengthens confidence in the targeting methodology and the potential for systematic exploration and drilling to define resource zones.

Historical Tungsten Mining and Artisanal Workings Inform Exploration

The project area contains evidence of historical tungsten mining, including the Quixaba mine and numerous artisanal workings, waste dumps, and inactive underground galleries. These historical sites serve as valuable exploration guides, indicating areas where tungsten mineralisation was previously recognised and mined, often by artisanal miners with limited resources. Their presence confirms tungsten mineralisation of sufficient grade and quantity to attract historical mining interest. Perpetual Resources targeted these sites during reconnaissance as a foundation for systematic exploration.

Significantly, the discovery of mineralisation beyond known historical workings suggests tungsten mineralisation is not confined to previously mined areas. This implies historical miners may not have fully explored all mineralised skarn horizons or that some zones were unrecognised. For Perpetual Resources, this expands the project’s exploration potential and highlights the importance of comprehensive geological mapping and sampling across the entire project rather than focusing solely on historical sites, potentially revealing additional prospective zones and drill targets.

Next Steps: Exploration Timeline and Tungsten Market Positioning

The upcoming August 2026 field program represents the next exploration phase at Paraíba, following the successful maiden reconnaissance campaign. Results from the initial program will inform the design and targeting of this second phase. Upon completion and analysis of the August program, Perpetual Resources will evaluate advancing to drilling, a key step to test subsurface extent and continuity of mineralised skarn horizons identified during surface exploration.

Perpetual Resources positions itself as a tungsten-focused exploration company developing a portfolio across Tier-1 mining jurisdictions. The timing of exploration activities aligns with growing global tungsten demand driven by applications in high-performance alloys, electronics, and catalysts. The successful reconnaissance at Paraíba, combined with planned fieldwork and potential drilling, charts a clear path from early-stage exploration toward resource definition. The company’s diversified asset base across multiple jurisdictions reduces exploration risk linked to reliance on a single project or region.