Taruga Minerals Obtains Weioko Exploration Licences, Launches Maiden Drilling at PNG Gold Deposit

Weioko Exploration Licence Grant Clears Final Regulatory Hurdle for Drilling

The official granting of exploration licences EL2830 and EL2831 marks a pivotal achievement for Taruga Minerals, securing tenure over the core Weioko Gold Deposit and key prospects such as Lataona Hill, Sipupu, and Wenasia on Normanby Island. This regulatory approval removes the last obstacle to the company’s maiden drilling campaign at Weioko, the first since 2009. Alongside the previously granted EL2590, Taruga now holds 488 square kilometres comprising 143 sub-blocks across Normanby Island, ensuring full regulatory certainty over the central project area and extending along the 40-kilometre regional structural extension of the Weioko Gold District.

The East Normanby Gold Project, anchored by the Weioko Gold Deposit, is regarded by the company as one of Papua New Guinea’s more advanced yet underexplored gold assets. The deposit has been subject to 67 historical drill holes totaling 5,792 metres. Recent geological reinterpretation indicates that prior drilling only tested shallow parts of the system, with many holes ending within mineralised zones, suggesting the deposit remains open at depth. Taruga’s analysis has identified along-strike extensions, down-dip continuity beneath existing intercepts, and structurally repeated parallel mineralised zones consistent with the district’s low-sulphidation epithermal gold system.

Historical Weioko Drilling Highlights High-Grade Gold Potential Across District

Taruga’s review of historical drilling and trenching at Weioko has revealed multiple significant gold intersections that underpin the upcoming drilling program. Trench WT1S yielded 108 metres at 2.4 grams per tonne gold, including 28 metres at 4.9 g/t Au and 4 metres at 21.9 g/t Au. Trench WT1N intersected 68 metres at 5.9 g/t Au, including 4 metres at 58.9 g/t Au within a broader 44-metre zone at 8.7 g/t Au. Drill hole PWED047 returned 64.6 metres at 2.2 g/t Au from surface, including 2.9 metres at 33.9 g/t Au, notably finishing in mineralisation.

Additional historic results include hole PWED035 with 36 metres at 2.7 g/t Au from surface, including 18 metres at 3.6 g/t Au, also ending in mineralisation. Hole PWED041 returned 51.4 metres at 2.0 g/t Au from surface, including 3 metres at 16.3 g/t Au and finishing in mineralisation. Hole WEH031 intersected 63.8 metres at 1.5 g/t Au from 1 metre depth, finishing in low-grade mineralisation, while hole PWED043 returned 59.3 metres at 1.3 g/t Au from surface. The frequency of holes ending in mineralisation supports the company’s view that the deposit extends deeper than previously tested.

Recent Surface Sampling Confirms High-Grade Gold at Surface Across Weioko District

Regional field programs initiated in February 2026 have further confirmed high-grade gold mineralisation throughout the broader Weioko Gold District. Activities have included geological mapping, rock-chip sampling, stream sediment sampling, and reassessment of historical trenches. Surface sampling conducted in late 2025 and early 2026 returned rock-chip assays up to 23.2 g/t Au at Weioko and 2.4 g/t Au with 82 g/t Ag at Wenasia, validating the presence of accessible high-grade gold at surface across the district.

The 8-kilometre-long Weioko Gold District extends from Sipupu in the north through Weioko and Lataona Hill to Wenasia in the south. Following licence grant, the company’s immediate focus is on drill site preparation and commencing the initial drilling campaign at the Weioko Gold Deposit. The maiden drilling program aims to test and confirm high-grade intersections and extend several holes that ended in mineralisation, systematically defining the deposit’s lateral and vertical extents. Taruga plans to continue integrating geochemical, structural, and geophysical data to prioritise drill targets across the district alongside ongoing regional surface exploration.

Grant of EL2831 Satisfies Vesting Condition for Vendor Performance Rights

The formal grant of exploration licence EL2831 has met a critical vesting condition linked to the East Normanby Gold Project acquisition, triggering the vesting of 17.5 million vendor performance rights. This milestone completes a regulatory requirement established in the original transaction framework, confirming Taruga’s successful navigation of approvals needed to secure tenure over the Weioko Gold Deposit and surrounding prospects.

The vesting of these performance rights signifies the company’s progress in fulfilling key corporate conditions, enhancing confidence in unlocking the full value of its PNG exploration assets. This regulatory achievement also clarifies the company’s equity structure and removes a potential contingent liability as it advances into drilling.

Kol Mountain Landowner MoU Enables Northern Exploration Access

During the quarter, Taruga’s PNG subsidiary, Frontrunner Exploration PNG Limited, secured a Memorandum of Understanding with the Makolkol Land Group Incorporated, establishing social licence and land access for the northern section of exploration licence EL2513. This agreement is crucial for enabling systematic exploration of the undrilled 4.8-kilometre Agadul copper-gold porphyry target within the Kol Mountain Project. The MoU facilitates access for company field teams and local contractors to conduct exploration activities.

The Kol Mountain Copper-Gold Project covers 123 square kilometres in East New Britain Province, PNG, with historical exploration by major miners including BHP, CRA (Rio Tinto), and a Frontier Resources–OK Tedi Mining joint venture. The project hosts a large-scale copper-gold system with substantial exploration upside. The Makolkol MoU underscores Taruga’s commitment to community engagement and securing the social licence essential for advancing exploration in the region, serving as a prerequisite for systematic exploration and development of the northern project area.

Southern Geoscience Study Identifies 25 Targets at Kol Mountain

Southern Geoscience Consultants completed a detailed tenement-wide lithostructural interpretation and magnetic reprocessing study across the Kol Mountain Project. The study produced a 1:10,000 scale lithostructural framework and identified 25 exploration targets within EL2513. Of these, seven were ranked as high priority, providing a focused exploration roadmap for Taruga’s field teams. This structured target generation enhances exploration efficiency by directing efforts toward the most prospective zones within the 123-square-kilometre licence.

The structural framework represents a major advancement in understanding Kol Mountain’s geology. The detailed mapping and magnetic reprocessing revealed structural controls on mineralisation and enabled prospectivity ranking. The seven high-priority targets identified are now actively being tested by field teams, reflecting Taruga’s commitment to data-driven exploration and efficient capital deployment across its PNG copper-gold assets.

Active Field Program Underway at Agadul Porphyry and Shear Zone Targets

Taruga’s field team, alongside Makolkol contractors, commenced active fieldwork during the quarter focusing on geological mapping, trenching, and rock-chip sampling at the Kol Mountain Project’s Agadul copper-gold porphyry and associated high-grade Agadul shear zone targets. The porphyry target spans 4.8 kilometres, with the shear zone representing an additional mineralised structure.

This field campaign follows the Makolkol MoU and Southern Geoscience study, demonstrating Taruga’s ability to translate tenure security and geoscientific insights into active exploration. The combined geological mapping, trenching, and sampling provide multiple evidence lines regarding target characteristics and grade potential, enabling rapid evaluation and planning of follow-up exploration based on field results.

Visible Sulphide Mineralisation Encountered During Agadul Access Track Clearing

While clearing access tracks at Agadul, Taruga’s field team collected rock-chip samples exhibiting visible sulphide mineralisation. Samples revealed pyrite and chalcopyrite hosted in breccia, indicating active copper-gold mineralisation processes at the target. Assay results are pending, expected mid to late August 2026, which will quantify gold and copper grades associated with the sulphides.

The presence of visible sulphides at surface strongly supports the Agadul porphyry target’s mineral potential. Pyrite and chalcopyrite in breccia align with porphyry copper-gold systems, confirming genuine mineralisation beyond geophysical anomalies. The timing of these initial findings allows Taruga to refine exploration strategies based on upcoming assay data, guiding detailed drilling and sampling in future phases.

Non-Executive Chairman Highlights Strong Progress Across PNG Projects

Taruga’s Non-Executive Chairman Paul Cronin reflected on the quarterly progress, noting significant advances at both PNG projects. On Weioko, he emphasized that tenure security enables testing of extensions and depth continuity at a deposit untested since 2009, highlighting the substantial time gap and improved understanding of epithermal gold systems since the last drilling campaign.

Regarding Kol Mountain, Cronin stated that the Makolkol MoU and Southern Geoscience study have provided clear exploration guidance, with field teams already identifying sulphides in outcrop at Agadul. He added that the company is well-positioned and funded for the next exploration phase at both projects, reflecting confidence in Taruga’s financial capacity to execute upcoming activities.

Taruga’s PNG Strategy Emphasizes Systematic Exploration of Large-Scale Mineral Systems

Taruga Minerals’ PNG portfolio consists of two complementary projects targeting distinct mineral systems and geological settings. The East Normanby Gold Project on Normanby Island offers an advanced gold exploration opportunity anchored by a known deposit with extensive historical drilling and compelling surface high-grade mineralisation, characteristic of a low-sulphidation epithermal gold system known for economic-scale deposits in the Pacific.

The Kol Mountain Copper-Gold Project in East New Britain Province targets a large-scale porphyry copper-gold system with significant historical exploration by major mining companies. The identification of 25 exploration targets, including seven high-priority zones, provides multiple avenues for discovery within the 123-square-kilometre licence. Taruga’s dual strategy enables near-term drilling at Weioko while systematically evaluating Kol Mountain’s porphyry potential. Active community engagement and the Makolkol MoU demonstrate Taruga’s commitment to securing and maintaining the social licence vital for sustained exploration in Papua New Guinea.