Verity Resources Secures 100% Botswana Copper-Silver Assets and Confirms 154koz Gold Resource Upgrade

Monument Gold Project – Drilling Validates Resource Upgrade Potential

Verity Resources Limited (ASX – VRL) has reported a productive December quarter, highlighted by the completion of an extensive 11,000-metre drilling campaign at its Monument Gold Project in Western Australia's Laverton Goldfields. The program, spanning Phase 1 and Phase 2, focused on upgrading the existing 154,000-ounce Korong-Waihi gold resource from inferred to higher confidence categories.

Results from over 6,100 metres of assays have confirmed consistent gold intercepts exceeding 1 gram per tonne, reinforcing the geological model and grade continuity of the main banded iron formation (BIF) lode at Korong. Notably, twin drill holes have demonstrated excellent reconciliation with historical data, validating previous unverified results. High-grade intercepts such as 7.7 metres at 6.37 g/t gold, including a standout 1 metre at 38 g/t, underscore the deposit's quality.

Drilling also intercepted mineralisation beyond the current resource boundaries, both along strike and at depth, with a diamond hole intersecting mineralisation at approximately 319 metres downhole. These findings suggest the deposit remains open for expansion, providing a clear pathway for future resource growth and mine planning.

Botswana Copper-Silver Projects – Strategic Acquisition Completes 100% Ownership

In a significant corporate development, Verity has exercised its pre-emptive rights to acquire the remaining 34% joint venture interest in its high-grade copper-silver portfolio in Botswana, previously held by BCL Investments Limited, a subsidiary of the Botswana government. This acquisition brings Verity's ownership to 100% over a sprawling 1,800 square kilometre project area within the Limpopo Mobile Belt, a region renowned for major nickel and copper deposits.

The Botswana assets include the Maibele North nickel-copper-cobalt-platinum group elements deposit, and the ultra-high-grade Airstrip and Dibete copper-silver prospects. Historical drilling at Airstrip has revealed exceptional grades, including intercepts of 11 metres at 7.63% copper and 462 g/t silver, with some intervals exceeding 20% copper and over 1,000 g/t silver. These results highlight the bonanza nature of the veins and the substantial exploration upside.

Pimenta REE Project in Brazil – Maiden Drilling Confirms Extensive Rare Earth Mineralisation

Verity's maiden auger drilling program at the Pimenta Rare Earth Elements (REE) Project in Minas Gerais, Brazil, has confirmed significant near-surface REE mineralisation over a 20-kilometre strike. The 38-hole program returned consistent high-grade intercepts, including 5 metres at 2,250 ppm total rare earth oxides (TREO) with favourable middle rare earth oxide (MREO) proportions around 26%.

The mineralisation is hosted within a deeply weathered saprolite profile over granite, exhibiting a geochemical signature analogous to the Halleck Creek allanite REE deposit in the United States. The dominance of light rare earth elements such as cerium, lanthanum, neodymium, and praseodymium suggests strong potential for economic extraction. These early results lay the groundwork for follow-up drilling and metallurgical testwork to evaluate resource depth and processing characteristics.

Corporate and Financial Position

Verity successfully completed a $3 million placement in two tranches during the quarter, with strong support from existing and new shareholders, including participation from directors. The funds have been primarily directed towards the Monument drilling program and the Botswana joint venture acquisition. As of 31 December 2025, the company held $860,000 in cash, with exploration expenditure totaling $1.19 million for the quarter.

While the cash runway is currently under one quarter at the existing burn rate, the board has expressed confidence in its ability to raise additional capital as needed to support ongoing operations and development activities.

Looking Ahead

Verity is poised for a pivotal 2026, with the drilling results at Monument expected to feed into an upgraded mineral resource estimate and subsequent technical studies. The expanded landholding at Monument, now covering over 400 square kilometres, alongside the full ownership of the Botswana copper-silver assets and promising REE results in Brazil, position the company well within the critical metals sector.

Investors will be watching closely for the remaining assay results from Phase 2 drilling, further exploration updates, and the progression of technical studies that will shape the company’s development trajectory.