Uvre Launches Drilling at Waitekauri After $4M NZ Gold Acquisition

Strategic Acquisition and Capital Raise

In July 2025, Uvre Limited finalized the acquisition of Minerals Exploration Limited and its wholly owned subsidiary Otagold Limited, securing 100% ownership of multiple brownfields gold projects across New Zealand’s historically rich Hauraki and Otago goldfields. This acquisition was supported by a $4 million capital raising, underscoring investor confidence in Uvre’s growth strategy focused on high-potential gold exploration assets.

The portfolio includes the flagship Waitekauri Gold Project, which spans 58 square kilometres adjacent to OceanaGold’s prolific Waihi mine, a region renowned for multi-million ounce gold deposits. The acquisition brings Uvre into a prime position within a mineralised corridor that hosts significant historical production and exploration targets.

Maiden Drilling Campaign Commences

Uvre has commenced its inaugural drilling program at Waitekauri, starting in early October at the Scotia South prospect, an area with newly identified epithermal quartz veins that have never been drill tested. Following this, drilling will focus on the Jubilee Gold Mine, a priority target with historical underground trenching assays revealing exceptional high-grade gold mineralisation, including intervals such as 13 metres at 80 grams per tonne and 24 metres at 45 grams per tonne.

The Phase 1 drilling program is contracted for 3,250 metres and is expected to conclude in the first quarter of 2026, with initial assay results anticipated in the December quarter. These results will be critical in validating the project's potential to host a multi-million ounce gold resource.

Dual Listing and Corporate Developments

In a move to broaden its investor base and deepen ties with New Zealand’s equity markets, Uvre secured approval for a dual listing on the NZX Main Board, commencing trading under the ticker UVA in mid-October. This dual listing complements the company’s ASX presence and reflects its commitment to its New Zealand projects and stakeholders.

Alongside the acquisition and exploration progress, Uvre appointed experienced mining executives Norman Seckold and Peter Nightingale as non-executive directors, reinforcing the company’s governance and strategic oversight. The company also announced a forthcoming name change to Minerals Exploration Limited, signaling a new chapter aligned with its expanded asset base.

Expanding Exploration Footprint

Beyond Waitekauri, Uvre’s exploration portfolio includes new permits accepted for the Waiorongomai Gold Project in the Hauraki Goldfield and applications pending for the Invincible and Oturehua projects in Otago. These projects offer additional brownfields opportunities with historical production but limited modern exploration, positioning Uvre to leverage its technical expertise across multiple fronts.

While Uvre also holds uranium projects in South Australia and a uranium-vanadium project in Utah, USA, no new activities were reported in these areas during the quarter, allowing the company to concentrate resources on its promising New Zealand gold assets.

Financial Position and Outlook

Uvre ended the quarter with approximately $5.4 million in cash reserves, providing a solid financial foundation to advance its exploration programs. The company reported modest operating cash outflows consistent with its exploration phase and no production activities to date.

With drilling underway and assay results expected soon, Uvre is poised to deliver critical data that could redefine the scale and quality of its New Zealand gold projects, potentially attracting further investment and development interest.