Prodigy Gold Reports A$107M NPV and 63% IRR in Hyperion Gold Project Scoping Study

Hyperion Gold Project Scoping Study Shows Strong Financial Prospects

The June 2026 quarter scoping study for Prodigy Gold's wholly owned Hyperion Gold Project outlines attractive financial metrics for a prospective mining operation. The study estimates an NPV of A$107 million at a 10% discount rate and a 63% IRR, based on a gold price of A$4,250 per ounce. The project’s payback period is projected at 20 months, indicating swift capital recovery. Life of mine all-in sustaining costs are forecasted at approximately A$3,400 per ounce, with capital expenditure conservatively estimated at A$24 million.

Completed to a 40% accuracy level, the study envisions mining commencing in early 2028, contingent on securing necessary regulatory approvals and finalizing a processing agreement. The plan involves open pit mining from three staged pits over four years, with processing extending to five years to recover around 230,000 ounces of gold. Cost assumptions are benchmarked against similar Australian mining operations, grounding the study’s financial projections in industry standards.

Production Target and Technical Feasibility of the Hyperion Deposit

The production target for the Hyperion Gold Project includes 4.2 million tonnes of ore averaging 1.9 grams per tonne gold, producing approximately 260,000 ounces. Notably, 58% of these ounces are classified as Indicated resources, reflecting a higher degree of geological confidence. The deposit’s favorable geometry and mineralization continuity support the open pit mining approach outlined in the study.

Metallurgical testing confirms the deposit is compatible with conventional carbon-in-leach processing. Oxide and transitional materials show excellent recovery rates, while fresh material recoveries are solid, with potential improvements via flotation circuit additions. The open pit design targets extraction to a depth near 180 metres. Importantly, the Hyperion Deposit represents a greenfield opportunity with no prior mining history, located within the Suplejack Shear Zone mineralised system.

Strategic Location in the Tanami Mining Province with Infrastructure Access

The Hyperion Gold Project is part of the Tanami North Project, fully owned by Prodigy Gold, and situated on the Suplejack Shear Zone in the Northern Territory. This shear zone hosts multiple known gold deposits, including the Tregony Deposit 26 kilometres north and the Groundrush Deposit about 42 kilometres northeast of the Central Tanami Project mill. The Hyperion site lies roughly 20 kilometres northeast of Groundrush within a well-established gold mining region.

This location offers strategic benefits due to existing infrastructure and support from neighboring mining operations. Managing Director Mark Edwards highlighted the project's proximity to infrastructure at the Central Tanami Project Joint Venture. Prodigy Gold is currently in preliminary discussions with Tanami Gold to explore processing arrangements, potentially leveraging existing or regional facilities for ore treatment and gold recovery.

Northern Territory Government Funds Exploration to Test Depth Extensions

Prodigy Gold secured A$112,152 in co-funding from the Northern Territory Government’s Round 19 Geophysics and Drilling Collaborations Program. This funding supports a 600-metre diamond drillhole at Hyperion targeting a geophysical anomaly approximately 300 metres beneath the current resource, representing a significant step-out exploration.

The drilling will test a deep Induced Polarisation geophysical anomaly that may indicate sulphide mineralisation below the known deposit. The campaign aims to validate this anomaly and enhance understanding of the deposit’s full extent and the effectiveness of IP geophysics for identifying mineralised targets within and around Hyperion. Drilling is planned for August or September 2026, subject to rig availability in the Tanami region.

CSIRO Research Identifies Three Mineralisation Styles at Hyperion

Prodigy Gold commissioned the Commonwealth Scientific and Industrial Research Organisation (CSIRO) to perform structural and geochemical research on the Hyperion Gold Deposit. Findings were presented at the Annual Geoscience Exploration Seminar in Alice Springs in April 2026, revealing three distinct mineralisation styles within the deposit. These insights contribute to understanding the deposit’s geochemical and structural framework.

The CSIRO study findings underpin the scoping study’s technical assessment and provide a basis for future exploration targeting across the broader Tanami North Project area. The presentation also facilitated engagement with Northern Territory explorers, government agencies, regulators, and regional stakeholders.

Old Pirate Gold Mine Restart Progress and Ore Sorting Advances

Prodigy Gold is advancing approval processes to restart mining at the Old Pirate Gold Mine, part of the Twin Bonanza Project. The restart is based on a previously assessed Environmental Impact Statement, with regulatory approvals ongoing. Preparations aim for mining to resume in early 2027, following the northern Australian wet season.

Post-June quarter, Prodigy Gold reported TOMRA XRT ore sorting test results on Old Pirate mineralised material. The single-stage XRT sorting upgraded feed grades from 322.3 grams per tonne to 2,647 grams per tonne gold, achieving an 89% mass reduction while maintaining a high-grade product. This indicates ore sorting technology could complement the planned gravity processing, potentially improving the operation’s economics.

Twin Bonanza Project Drilling Approval and Resource Expansion Potential

Prodigy Gold received drilling approval under the Exploration Environmental Mining Licence process per the Northern Territory Environmental Protection Act. This permits exploration drilling around the Old Pirate Deposit aimed at increasing mineralisation confidence within the mine plan and potentially expanding the mineral resource estimate. This will be the first drilling at Old Pirate since 2015, marking a renewed exploration focus.

The drilling campaign supports the planned mining restart and may provide data for mine planning and resource growth. Prodigy Gold plans to maintain active field operations across its Tanami Region assets in the coming quarter, advancing multiple development and exploration initiatives.

Joint Venture Exploration with Newmont at Tobruk and Monza

Prodigy Gold holds farm-in joint venture projects with Newmont at Tobruk and Monza. The company is conducting comprehensive reviews of these projects to prioritize targets with the highest prospective potential, guiding future exploration and development efforts.

During the March 2026 quarter, results from Newmont’s proprietary Deep Sensing Geochemistry at Monza were received, with further interpretation in June 2026 identifying several targets for ground truthing. This work supports potential future drilling to advance exploration maturity within the joint venture portfolio.

Mining Start Timeline and Regulatory Outlook

The Hyperion Gold Project scoping study anticipates mining could begin in early 2028, subject to regulatory approvals and finalizing a processing agreement. Managing Director Mark Edwards confirmed ongoing preliminary discussions with Tanami Gold about processing options. The regulatory pathway will involve environmental assessments and permitting within the Northern Territory framework.

For the Old Pirate Gold Mine, mining restart is targeted for early 2027 after the wet season and completion of approval processes. Exploration drilling is planned across Tanami Region properties in the upcoming quarter, maintaining momentum on multiple fronts. Prodigy Gold will provide updates on exploration results and project milestones as they become available.