Truscott Mining Initiates JORC 2012 Resource Update and Structural Drilling at Westminster Gold Project, Northern Territory

Westminster Project Located in One of Australia’s Most Productive Historic Goldfields

Truscott Mining’s three exploration areas lie within 40 kilometres of Tennant Creek township in the Northern Territory, a Tier 1 Australian mining jurisdiction with robust infrastructure and regulatory systems. The Tennant Creek Mineral Field has historically produced over 5 million ounces of gold, ranking it among Australia’s highest-grade goldfields. Westminster, the company’s principal asset, benefits from year-round access via the nearby Tennant Creek airport and proximity to dedicated local mining services, situating the project within a well-established mining ecosystem.

The company’s exploration portfolio includes Westminster, hosting the main mineral resource and IOCG (iron oxide copper gold) deposit; North Tennant, identified through airborne geophysics and structural geological modelling with targets confirmed by historical drilling, mapping, and surface sampling; and Barkly, also 100% owned by Truscott, with targets defined by similar technical methods. This diversified approach within the Tennant Creek Mineral Field offers multiple exploration opportunities within a proven gold-endowed jurisdiction.

Historical Maiden Resource Based on Less Than Half of Known Gold Intercepts

The historical maiden inferred mineral resource at Westminster, estimated under JORC 2004, was 111,330 tonnes at 25.6 g/t gold, amounting to 91,750 ounces. This calculation utilized only 73 of the 167 significant gold intercepts recorded at grades above 0.5 g/t. The disparity between intercepts used and those now known indicates additional mineralisation has been identified since the original estimate, laying the groundwork for resource expansion through a modern JORC 2012 compliant update.

In July 2026, Truscott appointed Rose Mining Geology to undertake the JORC 2012 resource update for Westminster. This update marks a key development milestone, incorporating advanced geophysical interpretation, structural geological modelling by Truscott’s technical team, and an expanded drill database. Additionally, Ivan Henderson, former Chief Geologist with over 40 years’ experience, has been appointed as Technical Advisor and Competent Person to oversee the resource estimation process in line with JORC and ASX standards.

Structural Geological Modelling Identifies Multiple Drilling Targets

Truscott’s technical team applied structural geological modelling and aeromagnetic data to understand mineralisation controls across Westminster and the wider Tennant Creek Mineral Field. Findings reveal mineralisation is structurally controlled and concentrated within dilation zones extending over 400 metres along a structural corridor at Westminster. This framework has defined three structural targets: Structural Targets Two, Three, and Four within the central corridor.

Mineralisation within Westminster’s dilation zone remains open at depth and laterally, designated as Orebody Exploration Target One. The structural model suggests multiple dilation zones may exist along the corridor, offering drilling targets comparable in scale to the historical Orebody One resource. Westminster’s structural setting aligns with regional patterns of historic producing mines, indicating the model’s applicability for further exploration beyond the current resource area.

First Reverse Circulation Drilling at Structural Target Two Yields Promising Gold Intercepts

Truscott completed 1,312 metres of inaugural reverse circulation drilling across six holes at Structural Target Two during the 2026 campaign. Results include gold intercepts of 3 metres at 0.9 g/t (hole 26WMRC134) and 2 metres at 1.4 g/t gold (hole 26WMRC135). These initial findings at a new target adjacent to Orebody One confirm mineralisation continuity within the structural framework established by the company’s modelling.

The exploration strategy combines diamond and reverse circulation drilling tailored to project goals. Diamond drilling will focus on Orebody One and Orebody Exploration Target One to enhance resource definition, while reverse circulation drilling, such as at Structural Target Two, tests new structural targets and delineates mineralisation extent. This phased approach prioritises capital towards high-probability resource expansion targets supported by structural and historical data.

Diamond Drilling Campaign Aims to Define Resources and Test Exploration Targets

Truscott plans a diamond drilling campaign targeting Orebody One for further resource infill and Orebody Exploration Target One to evaluate extensions at depth and along strike. Details on drilling metres, schedule, and budget were not disclosed. Diamond drilling provides oriented core for geotechnical, structural, and metallurgical analyses, essential for resource estimation and mine planning.

This dual focus on resource definition and exploration target testing embodies Truscott’s balanced development strategy, supporting multiple value creation pathways including resource growth, discovery of additional orebodies within Westminster, and validation of the structural model for application to North Tennant and Barkly projects.

North Tennant Project Targets Identified via Geophysics and Structural Modelling

North Tennant, Truscott’s second project within 40 kilometres of Tennant Creek, features prospective targets delineated through airborne geophysical anomalies and structural geological modelling based on the Westminster framework. Targets are selected from aeromagnetic signatures and structural interpretations indicating dilation zones potentially hosting mineralisation akin to Westminster.

Mapping and surface sampling are planned for 2026 at North Tennant to refine targets before drilling. These early-stage exploration methods aim to confirm gold anomalies and improve target precision, supporting future drilling decisions.

Barkly Project Targets Based on Historical Drilling and Geophysical Data

Barkly, Truscott’s third 100% owned project in the Tennant Creek region, has targets defined through historical drilling data, airborne geophysical anomalies, and surface sampling. Unlike North Tennant, Barkly benefits from prior drilling indicating mineralisation or altered zones. Planned infill surface sampling in 2026 aims to enhance target definition and reduce exploration risk ahead of drilling.

Together, North Tennant and Barkly offer Truscott multiple regional exploration options to test the structural geological model and build a portfolio of development-stage projects advancing toward commercialisation.

Board and Operational Team Expanded to Support Accelerated Exploration

In July 2026, Truscott appointed Rebecca Girdwood as Executive Director – Corporate Affairs. With 35 years of experience across First Nations governance, resources, ESG, banking, infrastructure, and government, Girdwood brings expertise in native title, land access, cultural heritage, and stakeholder engagement vital for managing relationships in Tennant Creek and supporting mining lease expansion.

Jonathan Stokes joined as Project Manager – Geology, bringing over a decade of multi-commodity exploration experience across Europe and Australasia. He will oversee technical systems and coordinate drilling and exploration activities across all project areas. These appointments underscore Truscott’s commitment to executing its 2026 exploration program and advancing Westminster toward commercialisation while developing North Tennant and Barkly.

Mining Lease Expansion Process Initiated to Facilitate Project Growth

Truscott has commenced a mining lease expansion process to potentially enlarge land holdings at Westminster or across its project portfolio, aiming to secure additional exploration opportunities and support future mining operations. Details on targeted areas, timelines, or strategic rationale were not disclosed. This process typically involves consultation with Northern Territory mining regulators and stakeholders.

Securing expanded tenure early ensures unrestricted future drilling, resource growth, and mine development. The lease expansion signals management’s confidence in the project’s development trajectory and represents a significant operational milestone requiring coordination with regulators and stakeholders.

Capital Structure and Market Position as of July 2026

As of 19 June 2026, Truscott Mining had a market capitalisation of approximately A$13 million, based on 218 million shares outstanding and a share price of A$0.06. The company has not disclosed current cash reserves, exploration expenditure rates, or funding needs for the 2026 program. Investors should monitor the company’s capital management as exploration advances at Westminster, North Tennant, and Barkly.

Executive Chairman Peter Smith, founder since 2005, brings extensive management and international consulting experience in mining and resource development. Executive Director Michael Povey, also since 2005, offers accounting and taxation expertise from Deloitte and KPMG. Non-Executive Director Dr Ewan Smith, a significant shareholder, contributes operational exploration and safety expertise. The management team’s long tenure and shareholdings reflect stable stewardship and commitment to long-term value creation.