Platina Resources’ (ASX:PGM) September Quarter: Strategic Acquisitions and Exploration Progress

Highlights

• Platina Resources has expanded its gold portfolio with the Mt McKenna acquisition.
• The company has commenced exploration activities at Mt McKenna, identifying five key target zones.
• A deal to acquire the Sunrise Bore gold project has expanded the Laverton landholding.
• The Beete Project drilling defined two new gold prospects.
• The company maintained a cash position of AUD 10.66 million at the September quarter end.

For the quarter ended 30 September 2025, Platina Resources Limited (ASX:PGM) reported a significant progress across its Western Australian gold portfolio, highlighted by the acquisition of the Mt McKenna Gold Project in the Laverton region. The company advanced exploration activities following heritage approvals and identified five key target zones. PGM also divested the Xanadu Project to focus resources on its highest-potential assets.

Post-quarter, the company strengthened its Laverton footprint through the conditional acquisition of the Sunrise Bore Gold Project.

Acquisition of Mt McKenna Gold Project

During the quarter, the company acquired the 174 km² Mt McKenna project in the Eastern Goldfields of Western Australia. The project is located in close proximity to major operations including Genesis Minerals’ 3.9 Moz Laverton Project and the Granny Smith Mine.

Historical shallow drilling reported encouraging intersections such as 16 m @ 1.05 g/t Au (including 4 m @ 3.41 g/t from 32 m) and 15 m @ 0.87 g/t Au. Additional gold-bearing laterite samples and nearby nugget discoveries support the project’s prospectivity to the east of the historical drilling along over 20 km of strike.

PGM stated that Mt McKenna offers a near drill-ready opportunity with exploration potential, aligning with the company’s strategy to advance high-quality gold assets and enhance shareholder value.

Following cultural heritage clearance in September, the company commenced a 12-month low-impact exploration program approved by traditional owners. Work includes gravity surveys, surface sampling, and a first-pass aircore drilling campaign targeting the northern portion of the tenement.

On 3 November, the company announced that five target zones had been identified at the project following field studies and a detailed review of historical data. Drilling is scheduled to commence at one of the prospects once the cultural heritage survey over the Target 2 area is completed.

Sunrise Bore Acquisition Expands Laverton Footprint

After the quarter, the company entered a conditional agreement to acquire the Sunrise Bore Gold Project, covering 12 km² about 44 km south of Laverton. The project covers a 3.6 km mineralised trend including the 0.8 km trend that has remained unexplored for nearly three decades.

Historical drilling results include 84 m @ 3.13 g/t Au from 16 m, 6 m @ 4.97 g/t Au from 57 m, 64m @ 0.56g/t Au and 22 m @ 1.01 g/t Au from 48 m. Exploration will focus on ground geophysics and reverse-circulation drilling once cultural heritage approvals are obtained.

Exploration Progress at Beete

At the Beete Gold Project, located near Norseman, the company completed a second phase of aircore drilling comprising 38 holes for 1,338 m. The program identified two new prospect areas along the 16 km Beete Shear Zone.

The recent drilling focused on five anomalous lines and two lines intersected gold anomalies up to 82 ppb. The most significant results included 1 m @ 0.13 g/t Au from 17 m.

Follow-up geophysical and RC drilling is planned to further test these targets.

Strategic Divestment and Portfolio Focus

Platina executed an agreement to divest its Xanadu Gold Project in the Ashburton Basin to ASX-listed Kalamazoo Resources Limited. Under the terms, the company will receive 1.25 million Kalamazoo shares valued at AUD 150,000 (subject to shareholder approval) and retains a 1% Net Smelter Royalty. A payment of AUD 500,000 will be made to the company if Kalamazoo defines an Indicated JORC Resource of at least 250,000 ounces at grades exceeding 0.5g/t Au across the Xanadu tenements within five years.

The transaction aligns with the company’s strategy to focus on its high-potential Laverton assets, including Mt McKenna and Sunrise Bore.

Financial Position

As at 30 September 2025, the company reported AUD 10.66 million in cash and tradeable equity investments valued at AUD 0.07 million.

PGM shares were trading at AUD 0.028 per share at the time of writing on 4 November 2025.