Forgent plc Reports Promising Shallow Gold Discoveries at Peak Hill Ahead of Phase 2 Drilling in August 2026

Forgent plc’s Peak Hill Project Validates Exploration Model with Successful Phase 1 Drilling Results

Forgent plc acquired the Peak Hill project, an advanced exploration asset with a rich historical database that had not been fully reprocessed using modern geological methods. After an extensive review, seven priority targets were identified across the Karalundi, Junction, and Curley's prospects. At Junction, four priority targets emerged where historical drilling had outlined broad near-surface orogenic gold mineralisation over approximately 800 metres strike. Forgent’s application of contemporary geological modelling to this overlooked project underscores its strategic approach to unlocking value in underexplored assets within a mature mining jurisdiction.

The Phase 1 drilling campaign aimed to validate historical results, extend known mineralisation, test structural targets, and assess additional zones identified through reinterpretation. The programme consisted of 40 aircore holes totaling 2,680 metres, completed in July 2026. All 1,587 samples have been assayed, confirming gold mineralisation across multiple targets and reinforcing confidence in the continuity of shallow gold mineralisation along several structural corridors. These findings significantly reduce geological risk and support the presence of multiple shallow gold systems at Peak Hill.

Notable Gold Intercepts Confirm Multiple Mineralised Zones at Peak Hill

Phase 1 drilling yielded several significant gold intercepts. Selected highlights include PKA040 with 2 metres at 3.68 grams per tonne gold from 50 metres depth, PKA010 with 1 metre at 3.11 grams per tonne gold from 44 metres, and PKA030 with 1 metre at 2.51 grams per tonne gold from 26 metres. These shallow intercepts are particularly important given the orogenic gold style, suggesting potential for early economic extraction. The distribution of results indicates multiple prospective mineralised systems rather than isolated occurrences.

Additional intercepts include PKA041 with 3 metres at 0.60 grams per tonne gold from 24 metres, PKA036 with 3 metres at 0.54 grams per tonne gold from 96 metres, PKA024 with 1 metre at 0.52 grams per tonne gold from 29 metres, and PKA019 with 3 metres at 0.51 grams per tonne gold from 54 metres. These broader lower-grade zones alongside higher-grade narrow intercepts suggest diverse mineralisation styles requiring varied evaluation approaches as the project advances.

Undrilled Junction-Curley's Corridor Offers Significant Exploration Upside at Peak Hill

Analysis of Phase 1 results identified a major undrilled exploration corridor between the Junction and Curley's prospects, previously overlooked in historical campaigns. This corridor features favourable structural complexity, magnetic anomalies, and proximity to a lithological boundary—characteristics commonly linked to gold mineralisation in the region. It has the potential to connect two mineralised zones, substantially increasing the project’s exploration footprint. Despite its prospectivity, this corridor remains largely untested, making it a top priority for upcoming exploration.

James Parsons, CEO, highlighted that the large undrilled corridor between Junction and Curley's exhibits all geological traits of a fertile gold system yet has seen no prior drilling. This represents a significant opportunity to explore a major target area overlooked by previous operators. The corridor will be a key focus of the Phase 2 drilling programme commencing in August 2026.

Phase 2 Drilling Set to Advance Peak Hill Towards Initial Resource Estimate

Preparations for Phase 2 drilling are underway, with plans to refine targets further once multi-element assay results are received. Drilling is expected to start in August 2026. This phase will aim to extend gold mineralisation along strike and down dip at Junction and Curley's, conduct infill drilling in the strongest zones, and undertake first-pass drilling of the newly identified Junction-Curley's corridor. The programme targets progression towards an initial Mineral Resource Estimate, marking a key milestone in advancing Peak Hill from exploration to development stage.

The accelerated Phase 2 timeline reflects management’s confidence in the project’s prospectivity and Phase 1 results. The company has not disclosed the Phase 2 budget or the timeline for completing the resource estimate. Investors will be monitoring updates on drilling progress, assay results, and resource estimation milestones, which will provide clearer insight into Peak Hill’s economic potential.

Strategic Location Within Established Western Australian Gold District Enhances Development Prospects

Peak Hill’s location within a prolific Western Australian gold district, with multiple operational processing plants within trucking distance, offers a significant development advantage if exploration continues to yield positive results. This proximity reduces capital expenditure and development risks associated with establishing new processing infrastructure in remote areas. Additionally, the region benefits from an experienced workforce and established supply chains.

The district is globally recognized for its gold production, supported by a stable regulatory environment and active mining operations. The presence of multiple processing facilities indicates strong market access for gold concentrate or doré, enhancing Peak Hill’s potential to transition from exploration success to commercial development. This infrastructure advantage may also facilitate attracting partners or financing during later project stages.

Forgent’s Broader Western Australian Portfolio Includes Copper, Nickel, and PGE Assets

Beyond Peak Hill, Forgent holds interests in additional Western Australian exploration projects, including the Green Rocks Copper-Gold project and an option on the Mount Sholl Nickel-Copper-PGE project. These assets diversify the company’s exposure across gold, copper, nickel, and platinum-group elements. Further updates on these projects will be provided in due course.

This diversified portfolio offers investors exposure to multiple commodities and exploration risk profiles. While Peak Hill remains the immediate focus at an advanced stage, Green Rocks and Mount Sholl represent earlier-stage opportunities that could generate additional exploration catalysts and value.

Energy Transition Strategy Aligns Forgent with Growing Demand for Battery Metals

Forgent’s identification as an energy transition company reflects its strategic positioning amid rising demand for battery metals and minerals essential to renewable energy infrastructure. While Peak Hill targets gold and copper, the Mount Sholl option focuses on nickel-copper-PGE mineralisation, critical for electric vehicle batteries and energy storage. This strategy enables participation across multiple commodities linked to global decarbonisation trends.

The company’s focus aligns with industry shifts towards metals supporting electrification and renewable energy deployment. Copper’s role in electricity transmission and nickel’s importance in battery production underscore the relevance of Forgent’s portfolio. Investors should consider how the company’s assets correspond with evolving commodity demand driven by the energy transition.

Competent Person Statement Ensures Geological Data Integrity for Peak Hill Results

The exploration results and mineral resource information are compiled by Edward Mead, a Fellow of the Australasian Institute of Mining and Metallurgy and a consultant to Forgent plc. Mr Mead possesses the relevant experience to qualify as a Competent Person under the 2012 JORC Code. His verification provides independent professional assurance of the geological data and interpretations presented, adhering to best practice standards in Australian mineral exploration reporting.

Mr Mead’s consent to the inclusion of the exploration information affirms the technical credibility of the announcement, enhancing investor confidence in the reliability of the data. Compliance with JORC Code standards is crucial for transparent and trustworthy reporting of exploration outcomes.

Exploration Risk Reduction and Project Expansion Highlight Investment Potential

Phase 1 drilling has substantially de-risked the Peak Hill project by confirming the company’s geological model across multiple priority targets, reducing uncertainty about the presence and continuity of gold mineralisation. The identification of multiple shallow gold systems and the new Junction-Curley's corridor expands the project’s potential scale, strengthening its investment appeal.

However, investors should be aware that exploration success does not guarantee commercial viability or that subsequent drilling phases will yield larger or higher-grade resources. Phase 2 aims to advance towards an initial Mineral Resource Estimate, but this milestone remains pending. The announcement does not provide guidance on expected resource grades, tonnages, or economic feasibility. Progression from exploration to development involves further technical, financial, and regulatory challenges. The immediate market impact was not disclosed.