Iceni’s Cash Runway Narrows as Deep Drilling Targets Elusive IOCG Anomaly

Exploration Momentum at 14 Mile Well

Iceni Gold Limited (ASX – ICL) has delivered a productive December 2025 quarter, advancing its exploration efforts at the flagship 14 Mile Well Gold Project (14MWGP) located strategically between Leonora and Laverton in Western Australia’s highly prospective gold belt. The company completed a focused two-hole diamond drilling program at the Guyer Farm-In area, targeting two distinct styles of gold mineralisation previously identified in the region.

The drillholes, GUYDD0009 and GUYDD0010, totaling over 600 metres, were designed to follow up on significant intercepts including a granite-hosted high-grade zone with assays up to 50.2 g/t gold over 0.5 metres and a basalt-hosted interval with notable gold grades. Geological logging is complete, and assay results are eagerly awaited in late February 2026, which will be critical to assessing the continuity and economic potential of these mineralised zones.

Deep Drilling at Welcome Creek Targets IOCG Potential

Meanwhile, at the Welcome Creek Project, situated approximately 260 kilometres east of Newman in the Paterson Province, Iceni is progressing a deep diamond drillhole (WCD001/WCD001B) aimed at testing a substantial iron-oxide copper-gold (IOCG) style geophysical anomaly spanning roughly 5 by 3 kilometres. The hole has reached a depth of 1,475.5 metres, encountering complex structural zones, minor sulphides, and broad oxidised intervals within basin stratigraphy.

Despite these findings, the source of the geophysical anomaly remains elusive, with the company interpreting that the target likely resides in older basement rocks beneath the sedimentary cover. Core scanning has commenced to provide rapid mineralogical and geochemical insights, with results expected in March 2026. Completion of drilling to the planned 1,500 metres is anticipated shortly, marking one of the deepest holes in the Officer Basin.

Financial Position and Strategic Partnerships

Financially, Iceni ended the quarter with $1.53 million in cash reserves after spending approximately $2.4 million on exploration activities, tenement costs, and corporate overheads. Notably, the company benefits from a $35 million Farm-In Agreement with Gold Fields Limited over the Guyer Farm-In area, which includes reimbursement of exploration costs, underpinning the ongoing drilling programs.

The partnership with Gold Fields, which became the company’s significant shareholder following the acquisition of Gold Road Resources, remains a cornerstone of Iceni’s strategy to accelerate exploration and target high-priority gold systems. The company also lodged six mining lease applications during the quarter and confirmed all tenements remain in good standing, maintaining a robust landholding of approximately 850 square kilometres at 14 Mile Well.

Outlook for 2026 Exploration

Looking ahead to the March 2026 quarter, Iceni plans to intensify exploration efforts with follow-up drilling across multiple priority targets within the 14 Mile Well project, including the Guyer Trend, Guyer West, Wild West, and Goose Well areas. The company aims to refine geological models and accelerate discovery potential, leveraging its proximity to established gold processing facilities in the region.

At Welcome Creek, the focus will be on completing the deep diamond drillhole and advancing core scanning and geochemical analysis to better understand the IOCG-style target. These efforts are expected to provide critical data to guide future exploration decisions in this under-explored but highly prospective region.