Catalina Resources (ASX:CTN) Boosts Pipeline with March Quarter Drilling and Project Additions

Highlights

• Catalina Resources completed Phase 1 drilling across its Central Yilgarn projects.
• The company identified high-grade gold mineralisation at Chicken Little, confirming continuity across key zones.
• Beasley Creek has been reinterpreted as a copper–gold system, expanding the project’s geological scope.
• Breakaway Dam drilling has intersected multiple sulphide zones, supporting a broader mineralised system.
• The company is progressing multiple targets toward drilling, with further exploration planned across its expanded portfolio.

Catalina Resources Limited (ASX:CTN) continued to progress exploration and portfolio development during the March 2026 quarter, with activities spanning drilling programs, geological reinterpretation and new project acquisitions. Across multiple assets in Western Australia, the company focused on advancing geological understanding while strengthening its exposure to gold, copper and silver systems. As field programs progressed and new data emerged, Catalina’s strategy reflected a coordinated effort to build a diversified exploration pipeline, supported by ongoing technical work and targeted drilling initiatives.

Central Yilgarn Drilling Progress

At the company’s 100%-owned Central Yilgarn Project, Phase 1 reverse circulation drilling was completed as part of a broader ~20,000m program. The campaign targeted structurally controlled gold systems across the Evanston and Yerilgee project areas, including prospects such as Leghorn, Viper South, T1B, Chicken Little, Snowflake and T8.

Drilling results indicated multiple zones of gold mineralisation, supporting continuity both along strike and at depth. A high-grade zone was defined at the Chicken Little prospect, including an intercept of 48 metres at 2.61 g/t gold from 15 metres to end of hole, with a higher-grade section of 20 metres at 5.64 g/t gold.

Additional drilling at T8 confirmed a mineralised system associated with banded iron formation (BIF) and structural controls, while work at Viper and Leghorn validated the broader geological model. These outcomes contributed to refining interpretations across the region with historical exploration activity and supported the identification of corridor-scale potential.

Beasley Creek: Expanding the Model

At Beasley Creek, Catalina advanced technical studies that led to a reinterpretation of the Flamingo target. The project is now considered to represent a copper-dominant volcanogenic massive sulphide (VMS) system with associated gold, rather than a single-commodity gold target.

This revised geological model expanded the scope of the project, identifying Flamingo as part of a broader Cu–Au volcanic hydrothermal system within the Mithgoondy Shear Zone. The updated interpretation also highlighted the potential for a larger-scale mineralised system influenced by structural controls and subsequent geological processes.

During the quarter, Catalina secured up to AUD 180,000 in co-funding under the Western Australian Government’s Exploration Incentive Scheme (EIS) to support initial drilling. Field activities, including soil sampling and geological mapping, progressed alongside heritage engagement, with first-pass drilling planned following completion of surface programs.

Subsequent updates indicated that additional Cu–Au targets—Golden Hand and King Brown—were identified along the same structural corridor, alongside a silver anomalous target at Black Head. Initial drill collars have been defined, with drilling targeted for July–August 2026.

Breakaway Dam: Copper System Confirmed

The Breakaway Dam project emerged as a key addition during the quarter, representing a copper-dominant VMS system supported by historical and recent drilling. Catalina completed approximately 1,600 metres of drilling to test conductor thickness and continuity across priority downhole electromagnetic (DHEM) targets.

Drilling successfully intersected modelled conductor positions, with field logging identifying multiple zones of sulphide mineralisation across several drill holes. Variations in sulphide intensity were interpreted as reflecting different parts of a broader mineralised system rather than isolated occurrences.

Following drilling, DHEM surveys were undertaken to refine the geometry of conductive bodies, with geophysical work aimed at improving targeting for subsequent exploration phases. Analysis of drilling data remains ongoing, with further updates expected upon completion of interpretation.

Portfolio Expansion Strategy

Catalina has expanded its asset base through the acquisition of four new projects: Breakaway Dam (copper VMS), Aerosmith (copper–gold), Auric North (gold) and Spinifex Silver (silver). These additions established exposure to multiple commodities across Western Australian jurisdictions and introduced new geological settings into the portfolio.

The Spinifex Silver acquisition provided approximately 265 km² of tenure across the Fraser North and Nabberu project areas. Fraser North hosts historical high-grade silver intercepts along a mineralised trend, while Nabberu offers exposure to basin-hosted SEDEX-style silver systems.

Aerosmith added potential across a craton–orogen margin setting, with prospective VMS, structural gold and magmatic sulphide systems. Together, these assets contributed to a broader multi-commodity exploration pipeline aligned with the company’s strategy.

Asset Rationalisation and Capital Position

Alongside acquisitions, Catalina progressed asset rationalisation through a binding agreement to divest the Nelson Bay River iron ore project in Tasmania. Completion of the transaction is expected to release approximately AUD 827,200 held as a rehabilitation bond, improving the company’s capital position while reducing legacy obligations.

The Breakaway Dam acquisition was structured through equity issuance rather than cash, incorporating shares and options subject to regulatory and shareholder approvals. This approach aligned with efforts to manage capital allocation while expanding the exploration portfolio.

Across its projects, Catalina Resources continued to advance exploration through drilling, geological modelling and targeted acquisitions during the March 2026 quarter. With multiple programs progressing toward drilling readiness, ongoing data analysis and fieldwork are expected to guide the next phase of exploration across its gold, copper and silver assets.

Shares of CTN were trading at AUD 0.060 at the time of writing on 04 May 2026.