Mt Solitary Phase 1 Drilling Yields 19m at 4.5g/t Au; Phase 2 Underway

Exploration Progress at Mt Solitary

Mount Hope Mining Limited (ASX – MHM) has reported a strong quarter advancing its Mt Solitary Gold Project in New South Wales’ prolific Cobar Basin. The company completed its maiden Phase 1 drilling campaign, delivering encouraging high-grade gold intercepts including a standout 19 metres at 4.5 grams per tonne gold from 39 metres depth. This included narrower zones grading up to 50 grams per tonne, highlighting the prospect’s potential for economically significant mineralisation.

Building on these results, Phase 2 drilling commenced in early December, with plans for approximately 2,650 metres of reverse circulation drilling designed to extend and better define the mineralised system. This next stage aims to refine the geological and structural model underpinning Mt Solitary and to provide the data necessary for a maiden Mineral Resource Estimate.

Expanding the MS2 Gold Corridor

Mount Hope is also advancing its broader vision of a district-scale gold system along the 7.5-kilometre MS2 Gold Corridor, which links Mt Solitary with the Mt Solar prospect to the south. Historical drilling and recent core reviews reveal strong geological and mineralogical similarities between these prospects, supporting the thesis that they share a common mineralising fluid source exploiting a major basin-scale fault structure.

This evolving structural interpretation has prompted the company to accelerate regional exploration planning, including a ground geophysical CSAMT survey scheduled to commence in late January. The MS2 Gold Corridor represents a compelling exploration frontier with multiple targets along strike and at depth.

Polymetallic Targets and Scout Drilling

Beyond gold, Mount Hope is advancing its polymetallic portfolio within the Cobar-style mineralised system. New electromagnetic targets have been defined at the Fenceline and Mt Solar prospects, both within the company’s 100% owned Mt Hope Project. These targets are associated with volcanic porphyry rocks known to host copper-gold mineralisation elsewhere in the region.

Scout drilling at Blue Heeler, Black Hill, and Mt Hope East prospects intersected anomalous lead-zinc-silver zones and disseminated sulphides, though no significant economic intercepts were recorded. The company remains optimistic about these early-stage targets, particularly Blue Heeler, where geological contacts favourable for Volcanogenic Massive Sulphide deposits were confirmed.

Capital Raising and Financial Position

To support its exploration momentum, Mount Hope completed a $1.23 million placement in October 2025, priced at a 7% discount to the last traded share price. The funds are earmarked to accelerate drilling at Mt Solitary and along the MS2 Gold Corridor, as well as to progress polymetallic target evaluation. The company ended the quarter with a cash balance of approximately $3.8 million, providing a solid runway for ongoing activities.

Notably, a planned Share Purchase Plan was withdrawn due to changing market conditions, reflecting a cautious approach to capital raising amid broader market uncertainty.

Looking Ahead

In the coming quarter, Mount Hope plans to complete Phase 2 drilling at Mt Solitary, conduct the CSAMT geophysical survey, and advance geological and structural mapping to support a maiden resource estimate. Early mining lease permitting consultations are also anticipated. Alongside this, the company will continue prospect-scale mapping and hyperspectral analysis along the MS2 Corridor and prepare for maiden drilling campaigns targeting its polymetallic assets.

Mount Hope Mining’s systematic, drill-led approach aims to build a robust pipeline of discoveries and resource growth, positioning the company to unlock value in one of Australia’s most prospective gold and base metal regions.