Platina Resources (ASX: PGM) Advances Gold Exploration with Strategic Drilling in June Quarter

Highlights

• Platina drilled a 380.3m deep diamond hole at Xanadu, intersecting 16.1m @ 0.2g/t Au.
• Despite challenging conditions, the Xanadu project has yielded encouraging gold intercepts.
• Aircore drilling at Beete completed 38 holes targeting gold-arsenic anomalies from earlier campaigns.
• Native title negotiations for the Jubilee Project have progressed, with exploration plans ready to commence post-grant.
• Platina has retained a USD 1 million claim and a milestone-linked USD 2 million upside from the Rio Tinto scandium sale.

Australia-based exploration company Platina Resources Limited (ASX:PGM) maintained its systematic approach to gold discovery during the June 2025 quarter, prioritising targeted drilling campaigns and strategic portfolio management across its Western Australian assets.

Platina’s core strategy aims to build a portfolio of scalable, high-quality gold assets through disciplined exploration and selective acquisitions. The company’s vision is supported by the use of innovative technology, skilled technical team, and focused capital allocation aimed at maximising discovery potential.

Promising Gold Intercepts at Xanadu Project

The 100%-owned Xanadu Gold Project, located in Western Australia’s Ashburton Basin near Kalamazoo Resources’ Mt Olympus deposit, remains a key focus for Platina Resources. In February 2025, a 380.3m deep diamond hole (XADD027) was drilled at the Cleopatra South Prospect, co-funded by an Exploration Incentive Scheme grant of AUD 54,750.

Despite delays due to Cyclone Zelia and difficult ground conditions, the hole intersected 16.1m @ 0.2g/t Au from 202m within favourable mixed sandstone-siltstone units.

Preliminary interpretation suggests strata-bound gold mineralisation near dolomite contacts, with quartz veining indicating multi-phase fluid activity. Further analysis is planned to understand mineralisation controls.

Aircore Drilling to Refine Gold Targets

In the Yilgarn Craton region, aircore drilling programs were completed at both the Challa and Beete projects.

At Beete, 38 infill aircore holes for 1,338m were completed, stepping out from anomalous gold and arsenic values returned in phase 1. The denser spacing, 320m between holes and 640m between lines, was designed to improve resolution in mineralised zones. Assay results are expected in August 2025.

At Challa, 14 aircore holes totalling 1,406m were drilled during the third-phase program to follow up on mineralisation intersected in 2024. However, based on cumulative results and limited potential, Platina elected to relinquish the Challa tenure, in line with its capital-efficient exploration model.

New Project Opportunities

At the Jubilee Project, located 15km east of Meekatharra, the tenement application remains subject to ongoing native title negotiations. Platina anticipates finalising the heritage agreement soon, after which it plans to lodge a program of work to commence on-ground exploration.

In parallel, the company continues to assess new project acquisitions, targeting opportunities capable of hosting +1 Moz gold deposits. This portfolio refresh strategy ensures focus on high-probability targets while managing overheads effectively.

Corporate Position and Legacy Value from Scandium Sale

As of 30 June 2025, Platina held AUD 11.4 million in cash and AUD 0.1 million in equity investments, including stakes in Nelson Resources and Alien Metals. Following the quarter, the company sold its 44.5 million Alien shares, generating approximately AUD  126,000 before costs.

Platina’s prior sale of its scandium project to Rio Tinto in 2023 continues to provide value. The company is entitled to a USD 1 million retention payment due in March 2026, and an additional USD 2 million milestone payment if Rio Tinto receives a Mining Lease by August 2026.

Backed by its cash reserves and renewed exploration focus, Platina Resources plans to advance its exploration programs through the second half of 2025. Key developments, including pending assay results from Beete and progress on the Jubilee tenement grant, are expected to guide the company’s next phase of activity.

Shares of PGM traded at AUD 0.022 at the time of writing on 30 July 2025.