Bull Run Drilling Returns Up to 2.42g/t Gold; Middle Creek Sold for 15M Moho Shares

Bull Run Gold Project Drilling Validates Targets

Codrus Minerals Limited has delivered promising results from its inaugural diamond drilling program at the Bull Run Gold Project in Oregon, USA. Despite operational challenges including a prolonged drill rig breakdown, the company completed three diamond core holes totaling 1,050 metres. These holes tested two of five high-priority targets along the Lady May and Whited vein systems, returning multiple gold intersections such as 10.3 metres at 0.55 grams per tonne gold, including a higher-grade 1 metre interval at 2.42 grams per tonne.

The drilling results confirm the interpreted geometry of the vein systems and reveal strong alteration and sulphide mineralisation consistent with a prospective hydrothermal system. Notably, the intersections align with mineralisation observed historically at the nearby Record Mine, reinforcing the project's potential. Codrus is currently reviewing all gold observations to determine the next steps in exploration, with plans to focus on adjacent untested geochemical and geophysical targets.

Strategic Asset Sale in Western Australia

In a significant portfolio move, Codrus executed a binding Heads of Agreement with Moho Resources Limited for the sale of its Middle Creek Project in Western Australia. The transaction involves the transfer of prospecting licences in exchange for 15 million fully paid Moho shares, which are escrowed until March 2026. This divestment aligns with Codrus’ strategy to concentrate capital and resources on assets with the highest potential to create shareholder value, particularly its flagship Bull Run project.

Progress at Jasper Wedge Uranium Project

Codrus also advanced its uranium exploration efforts at the Jasper Wedge Project in Saskatchewan, Canada. While no fieldwork was conducted during the December quarter, the company has been refining targets using historical datasets combined with 2024 geophysical surveys. Previous sampling returned uranium values slightly above regional background levels, with rock chip assays showing strongly anomalous uranium concentrations consistent with models from the prolific Athabasca Basin uranium province. These encouraging results support ongoing exploration planning and highlight the project’s potential within a globally significant uranium district.

Portfolio and Financial Position

Codrus maintained a cautious approach to expenditure during the quarter, incurring $149,000 in exploration costs and ending with approximately A$340,000 in cash. The company acknowledges a limited cash runway of just over one quarter and plans to align future exploration spending with available funds. Codrus remains open to strategic opportunities that complement its core projects or enhance shareholder value, continuing to review its broader project pipeline including the Nanuk Uranium Project in Quebec and the Red Gate Gold Project in Western Australia, where no exploration was undertaken this quarter.

Overall, Codrus Minerals’ December quarter activities reflect a focused effort to validate and advance its key assets while managing capital prudently amid a challenging market environment. The combination of encouraging drilling results, strategic asset realignment, and ongoing uranium exploration positions the company for potential growth as it moves into 2026.