Talisman Mining Discovers Extensive Gold Mineralisation at Sheepyard Prospect with 800m Strike Length Unconstrained

Aircore Drilling Confirms Consistent Gold Mineralisation Across 800-Metre Strike at Sheepyard

Talisman Mining’s recent update highlights the successful completion of a 40-hole aircore drilling program totaling 1,657 metres at the Sheepyard Prospect within its 100%-owned Walkers Hill Gold Project in New South Wales. The program yielded encouraging results, intersecting broad zones of shallow gold mineralisation, reinforcing previous exploration success and underpinning the interpretation of an emerging large-scale gold system.

Notable intersections include 9 metres at 0.94 grams per tonne gold from 42 metres depth (including 6 metres at 1.28 grams per tonne) in hole SYAC0085; 15 metres at 0.55 grams per tonne gold from 3 metres depth (including 9 metres at 0.67 grams per tonne) plus an additional 15 metres at 0.46 grams per tonne from 30 metres depth in hole SYAC0088; and 12 metres at 0.68 grams per tonne gold from 21 metres depth in hole SYAC0082. These results, combined with earlier drilling, have enabled the company to delineate the mineralised system's extent and characteristics.

Integration of IP Geophysics and Drilling Data Highlights Untested Major Anomaly Margin

A key aspect of the Sheepyard discovery is the spatial correlation between drilling results and geophysical data. Talisman Mining interprets the shallow gold mineralisation identified as occurring on the margins of a significant IP chargeability anomaly detected in prior geophysical surveys but yet to be drilled at depth. This relationship supports the assessment that Sheepyard hosts a large-scale gold system with substantial exploration potential.

The IP chargeability anomaly is modelled as a north-westerly plunging feature, interpreted to represent disseminated pyrite linked to sheared and altered sediments and gold-bearing quartz veins. Shallow mineralisation in holes such as SYAC0082 and SYAC0083, which ended in mineralisation, is considered a near-surface expression of a deeper target. The undrilled main IP anomaly is believed to be the mineralised system's core, potentially hosting higher-grade gold. This provides a clear exploration path for upcoming drilling phases.

Regional Soil Geochemistry Defines 5.5-Kilometre Anomaly Hosting Sheepyard Prospect

The Sheepyard Prospect lies within the southern section of a roughly 5.5-kilometre-long, north-west trending soil geochemical anomaly marked by gold concentrations exceeding 25 parts per billion. This extensive geochemical signature offers a crucial framework for regional mineralisation potential and guides systematic follow-up exploration. Drilling to date has confirmed significant bedrock gold mineralisation beneath this surface anomaly, validating the geochemical expression.

The broader Walkers Hill Gold Project covers a consolidated land package spanning approximately 90 kilometres of strike within the Lachlan Fold Belt, containing multiple prospective mineralised litho-structural domains. Sheepyard represents a key focus area, while the project’s scale suggests potential for multiple mineralised systems. The regional geology supports Talisman Mining’s exploration strategy, offering numerous discovery opportunities within the tenement package.

Systematic Multi-Disciplinary Exploration Builds Strong Technical Case for Large-Scale System

Talisman Mining has applied a comprehensive exploration approach at Sheepyard, integrating surface geochemistry, induced polarisation geophysical surveys, and both aircore and reverse circulation drilling. The company has completed two IP survey lines, a five-hole reverse circulation program, and two aircore drilling campaigns totaling 89 holes for 3,883 metres. This integration of geological, geochemical, geophysical, and drilling data has enabled a coherent technical interpretation of the mineralised system.

The gold mineralisation is notably shallow, with most significant intersections within 50 metres depth, associated with sheared, veined, and brecciated quartz-pyrite alteration zones hosted in sediments. Strong geochemical associations with arsenic, antimony, and tungsten support an orogenic-style gold mineralisation model consistent with the Lachlan Fold Belt setting. These combined data underpin the company’s view of Sheepyard as a high-priority exploration target.

Previous Drilling Programs Enhance Understanding of Mineralisation Continuity

The recent 1,657-metre aircore program builds on earlier exploration at Sheepyard. Prior aircore and reverse circulation drilling announced on 15 September 2025 and 9 February 2026 returned encouraging results, justifying expanded drilling. Highlights included 15 metres at 1.10 grams per tonne gold from surface (including 6 metres at 1.95 grams per tonne) in hole SYAC0043 and 9 metres at 1.05 grams per tonne from 30 metres depth in hole SYAC0041.

Reverse circulation drilling extended mineralisation to depth, with hole SYRC0004 intersecting 24 metres at 0.58 grams per tonne gold from 124 metres depth (including 14 metres at 0.86 grams per tonne) and 4 metres at 1.29 grams per tonne from 138 metres depth. These results demonstrated gold mineralisation over a significant depth range, supporting the interpretation of a large-scale system. Progressive drilling campaigns have expanded the known mineralised footprint, reducing exploration risk and justifying increased exploration efforts.

Upcoming Drilling to Target IP Anomaly Core and Lateral Extensions

Following the recent aircore program, Talisman Mining plans follow-up drilling to test the central IP chargeability anomaly and extend the gold mineralised system laterally. Planned work includes additional aircore drilling to expand strike length and deeper reverse circulation drilling to test the IP anomaly at depth. This dual approach aims to define and assess the discovery’s extent systematically.

CEO Todd Ross stated the recent results "continue to build the case for Sheepyard as a potentially large-scale gold system," highlighting the unconstrained 800-metre strike length as a significant opportunity. The forthcoming RC drilling is expected to provide a "definitive test of the IP anomaly at depth," which may represent the mineralised system's core and host higher-grade gold. This outlook underscores the technical potential of the undrilled geophysical target and the logical progression of exploration.

Gold Mineralisation Exhibits Orogenic-Style Characteristics in Lachlan Fold Belt

The Sheepyard gold mineralisation displays features consistent with orogenic-style gold systems, a globally significant deposit type. The association with sheared, altered sediments, quartz veining, and elements such as arsenic, antimony, and tungsten supports this classification. The Lachlan Fold Belt has a history of productive gold deposits, and Sheepyard’s characteristics align with regional geology, reinforcing the company’s technical interpretation.

Hematite alteration in shallow oxidised zones and the sheared, brecciated host rocks indicate deformation and alteration linked to structural features within the sediment package. The mineralisation is spatially associated with north-westerly trending structures, with potential influence from north-east/south-west trends, suggesting multi-phase structural controls impacting mineralisation geometry and continuity at depth.

Exploration Pipeline and Portfolio Position Within Walkers Hill Gold Project

Sheepyard is a major focus within Talisman Mining’s broader Walkers Hill Gold Project, which covers approximately 90 kilometres of strike and multiple mineralised litho-structural domains in the Lachlan Fold Belt. The discovery at Sheepyard forms part of a wider portfolio of exploration targets and development prospects. Success here may guide exploration in similar geological settings across the project area.

The company’s exploration strategy employs a staged approach, progressing from reconnaissance and geochemical surveys to detailed geophysical mapping and targeted drilling. This method enables efficient capital allocation and prioritisation of high-potential targets. The delineation of the Sheepyard system validates this approach and may serve as a model for future exploration within the project. Investors will be watching for updates on follow-up drilling results and potential expansion of the mineralised footprint.

Investment Considerations and Technical Risks in Ongoing Exploration

Despite encouraging results, investors should note that Talisman Mining remains in the exploration phase at Sheepyard. The primary technical risk lies in the untested IP chargeability anomaly’s response to drilling. While the geophysical interpretation and spatial correlation with shallow mineralisation are robust, geophysical anomalies do not always translate to economic mineralisation when drilled. A negative result could materially impact the prospect’s economic outlook. Additionally, lateral extensions suggested by the 800-metre unconstrained strike require further testing, and mineralisation continuity at economic grades and widths beyond tested zones is not guaranteed.

Economic evaluation and resource definition will require more comprehensive drilling and feasibility studies. Currently, no resource estimate exists, and the commercial viability of mining remains uncertain, subject to technical, financial, and regulatory factors. The recent findings mark a significant step in exploration but do not guarantee future mining operations. Exploration-stage gold companies carry inherent technical and financial risks, including potential capital loss. Future funding and financing of ongoing programs are material considerations for investors.