Stavely Minerals Advances Copper-Gold Scoping Study and Confirms Epithermal Mineralisation at Freddy's Find

Thursday's Gossan and Cayley Lode Scoping Study Advances to Final Stage

During the June 2026 quarter, Stavely Minerals progressed the Scoping Study for its Thursday's Gossan and Cayley Lode copper-gold-silver deposits into the final documentation phase. With all key technical components completed, the company aims to release the study results to the market by the end of July 2026. Collaboration with Mincore Engineers, leading the study, and Entech Engineering, focusing on open pit and underground optimisation and scheduling, highlights a coordinated approach to defining development options for these 100% owned deposits within the Stavely Copper-Gold Project in western Victoria.

Strategic Metallurgy completed two rounds of testwork on Cayley Lode material, underpinning the technical foundation. The study includes updated operating cost estimates for a 4 million tonne per annum processing plant and capital cost projections for a standalone facility and mine infrastructure. Initial optimisations captured a significant portion of the recently announced Mineral Resource Estimate, prompting evaluation of expanded production scales. A second optimisation round applied Western Australian contract mining cost benchmarks, which are considered conservative relative to a residential Victorian workforce, potentially enhancing project economic robustness.

Strong Mineral Resource Base Supports Development Study

The Scoping Study is founded on the March 2026 Total Mineral Resource Estimate of 60 million tonnes at 0.58% copper equivalent, containing 280,000 tonnes of copper, 170,000 ounces of gold, and 5.4 million ounces of silver. Approximately 58% of copper and 63% of gold and silver are classified as Indicated Resources, indicating a high confidence level in the mineral inventory. Notably, a large portion of the resource estimate has been captured by open pit optimisations, and the project demonstrates resilience to variations in key input parameters.

Multiple throughput scenarios are being assessed, including single-circuit options at 3, 4, and 5 million tonnes per annum, as well as staged dual-circuit configurations. This approach enables evaluation of diverse development pathways and economic sensitivities, underscoring what the company describes as a "highly robust copper-gold-silver development opportunity." Progression to final documentation reflects the maturity of the project assessment and Stavely’s commitment to advancing toward potential production decisions.

Deep Diamond Drilling Validates Epithermal Mineralisation at Freddy's Find

Stavely Minerals completed deep diamond drill hole STDD0002 at its emerging Freddy's Find gold-silver prospect in western Victoria during the quarter, following promising reverse circulation (RC) drill results from late 2025. The hole reached 506.8 metres, confirming the presence of low-sulphidation epithermal gold-silver mineralisation. This geological confirmation validates the mineralisation style and indicates the company has intersected features consistent with a vertically preserved hydrothermal system's upper levels.

Observations include sulphide mineralisation and gangue assemblages characteristic of low-sulphidation epithermal systems, with multiple sulphide phases identified such as pyrite, marcasite, sphalerite, galena, and silver sulpho-salts. Several sulphide zones correlate with mineralisation from earlier RC drilling, suggesting vertical continuity. However, the company cautions that gold and silver grades do not directly correlate with sulphide abundance. Assay results from this diamond hole are expected in August 2026 and will be critical in assessing mineralisation quality and continuity at depth.

Freddy's Find Emerges as Significant Gold-Silver Prospect in Magmatic Arc Setting

Freddy's Find is developing as a notable gold-silver discovery, with drilling indicating features typical of the upper portions of a magmatic arc-related low-sulphidation epithermal system. Stavely Minerals notes similarities in mineralisation style to the Cowal complex in New South Wales but clarifies this does not imply comparable deposit size or grade. The identification of a large epithermal-porphyry system at Freddy's Find marks a major exploration milestone, with pending assays and further drilling to better define system extent and grade distribution.

The transition from reconnaissance RC drilling in late 2025 to deep diamond drilling in the June quarter demonstrates the company’s methodical approach to testing depth potential. Earlier RC drilling returned intercepts including 16 metres at 1.09 grams per tonne gold equivalent from 46 metres and 16 metres at 1.21 grams per tonne gold equivalent from 113 metres in hole STRC0132, providing initial grade benchmarks that the deeper drilling will contextualise within the hydrothermal system.

Multiple Processing Throughput Options Under Review

The Scoping Study is evaluating several throughput configurations to determine optimal development strategies for the Thursday's Gossan and Cayley Lode deposits. Options under consideration include single-circuit processing at 3, 4, and 5 million tonnes per annum, as well as staged dual-circuit setups at the 5 million tonne scale. This scenario analysis offers insight into potential development paths and economic sensitivities across production scales.

Operating cost estimates for a 4 million tonne per annum processing facility have been updated, alongside refined capital cost estimates for a standalone plant and supporting infrastructure. The use of Western Australian contract mining cost benchmarks, which include fly-in, fly-out expenses, is expected to be conservative compared to a residential Victorian workforce, potentially enhancing economic robustness.

Strategic Metallurgy Testwork Advances Processing Feasibility

Strategic Metallurgy completed two rounds of testwork on Cayley Lode samples, providing vital data for the Scoping Study and processing pathway evaluation. This metallurgical work addresses key factors such as ore comminution, flotation recovery and selectivity for copper and gold, and management of deleterious elements. The results support capital and operating cost estimates and reduce technical risk ahead of potential pre-feasibility and feasibility studies.

Hawkstone Nickel-Copper Project Receives Additional WA Government Funding

Stavely Minerals’ Hawkstone magmatic nickel-copper-cobalt project in Western Australia’s West Kimberley region secured up to $150,820 in co-funding from the WA Government’s Exploration Incentive Scheme. The funds will support Moving Loop Electro-Magnetic geophysical surveys over the Ruins Dolerite and emerging conductor targets, facilitating systematic follow-up of priority exploration areas. This government support underscores confidence in Hawkstone’s exploration potential within the growing West Kimberley magmatic nickel-copper-cobalt province.

The West Kimberley area is gaining recognition for nickel-copper exploration, with magmatic systems attracting significant industry interest. The co-funding validates Stavely’s technical approach and supports targeted geophysical methods to identify buried conductors associated with nickel-copper mineralisation. Hawkstone represents a longer-term value opportunity complementing near-term focus on the Stavely Project’s copper-gold-silver development.

Capital Raise Supports Exploration and Development Programs

During the quarter, Stavely Minerals completed a $4.0 million equity placement in two tranches to fund the Scoping Study, preliminary pre-feasibility activities, and exploration drilling. The raise reflects investor confidence in the company’s asset portfolio and growth potential. As of June 2026, the company held $3.11 million in cash, providing sufficient working capital for ongoing technical and exploration programs.

Post-placement, Stavely has 1,032.6 million shares on issue with a market capitalisation of approximately $17.6 million. The company’s disciplined capital allocation balances near-term development with longer-term exploration risk. Additionally, government co-funding for the Hawkstone Project extends the exploration budget, enabling accelerated geophysical surveys without proportionate corporate expenditure.

Victorian Government Co-Funding Recognises Exploration Potential at Freddy's Find

Stavely Minerals acknowledged the Victorian Government’s co-funding support for early reconnaissance drilling at Freddy's Find, highlighting governmental recognition of the prospect’s exploration merit. Such co-funding programs typically support early-stage mineral exploration or innovative techniques, reflecting assessments of technical and economic potential within the state.

This government assistance enabled Stavely to advance diamond drilling at Freddy's Find with reduced corporate capital outlay, optimizing cash resource use. The combination of successful reconnaissance and deep drilling validated the exploration model and justified further depth testing of the epithermal system, advancing the project’s exploration maturity.