Reward Mine Stopes Contain 2,075 Tonnes at 17.8 g/t Gold, Including 700 Tonnes at 42.5 g/t

Background and Resource Update

Vertex Minerals Limited (ASX – VTX) has provided a significant update to its April 28, 2025 announcement, confirming the identification of fully developed and accessible stope blocks at its Reward Mine in New South Wales. These stopes, which were previously excluded from the 2024 Pre-Feasibility Study (PFS) due to uncertainties around access and ground conditions, now present a compelling opportunity to accelerate early underground production.

The newly identified stope blocks contain an Inferred Resource of 2,075 tonnes grading 17.8 grams per tonne (g/t) gold, including a particularly high-grade lower block of over 700 tonnes at 42.5 g/t. This resource forms part of the 2023 Mineral Resource Estimate but had not been incorporated into prior production schedules.

Technical Validation and Sampling

Vertex’s technical services team undertook comprehensive subsequent investigations, including physical inspections of underground levels and geotechnical assessments, to verify the stopes’ development status and accessibility. The quartz veins within these stopes are exposed in existing workings, facilitating detailed sampling.

A total of ninety-seven face samples were collected and assayed, providing robust grade data that supports the planned mining widths and resource interpretations. The sampling density and accessibility have increased confidence that these stopes can be mined early in the production schedule, potentially before the next resource and reserve update.

Mining Method and Production Implications

The stopes are suitable for airleg mining, a selective underground mining technique that will augment the existing jumbo production methods. This flexibility in mining approach could enhance operational efficiency and support a smoother ramp-up of production.

Importantly, these stopes were developed by a previous operator and are accessible from existing underground development, reducing the need for extensive new infrastructure. Vertex plans to bring these stopes into production as soon as mine services are established, with dewatering of declines already underway and progressing on schedule.

Strategic Significance and Outlook

Executive Chairman Roger Jackson highlighted the value of the new technical team’s work in identifying these high-grade stopes, emphasizing the potential for expanding underground production at Reward Mine. The inclusion of these stopes is expected to provide an early source of mill feed, enhancing the project’s economics and operational momentum.

While the resource remains classified as Inferred, and some uncertainties persist due to historical data quality and access complexities, the update marks a positive step toward unlocking additional value from the Reward Mine. The company’s ongoing efforts to reopen the underground mine and establish services will be critical to realizing this potential.