Norfolk’s Maiden Drilling Validates Copper Potential but Faces JORC Resource Uncertainty

Maiden Drilling Campaign Validates Historical Data

Norfolk Metals Limited (ASX, NFL) has reported encouraging results from the first phase of its maiden reverse circulation (RC) drilling campaign at the Carmen Copper Project in Chile. The 37-hole program, totalling 3,401 metres, confirmed the presence of higher-grade copper mineralisation both in oxide and sulphide zones, validating historical data underpinning the project's existing NI 43-101 resource estimate.

Notably, several drill holes intercepted substantial copper grades, including intervals of up to 13 metres at 1.9% copper and multiple zones exceeding 1.3% copper. These results reinforce the continuity of copper mineralisation along the Carmen-Tabaco Thrust Fault and highlight the potential for expanding resources at depth, particularly within the sulphide domain.

Strategic Capital Raise Supports Exploration Momentum

Following the successful drill phase, Norfolk completed a $2.1 million capital raise through a placement to sophisticated resource investors, existing shareholders, and directors. The placement shares were issued at a slight discount to recent trading prices, accompanied by free attaching options exercisable at $0.15 over three years, subject to shareholder approval. This injection of funds bolsters Norfolk’s balance sheet, which stood at A$2.14 million in cash at the end of December 2025, and provides the financial runway to advance Phase #2 drilling and ongoing exploration activities.

Experienced Leadership Joins Board

In a move that strengthens the company’s strategic and financial capabilities, Norfolk appointed Mr David Fowler as a Non-Executive Director. Mr Fowler brings over 35 years of mining and finance experience, including a decade in Chile, and a track record of leading multi-billion-dollar funding initiatives in the copper sector. His expertise is expected to be instrumental as Norfolk navigates the next stages of project development and capital management.

Looking Ahead, Phase #2 Drilling and Resource Upgrade Potential

With Phase #1 drilling complete and assays confirming both oxide and sulphide mineralisation, Norfolk is preparing for Phase #2 diamond drilling. This next phase will focus on deeper sulphide targets that remain open at depth, aiming to delineate a JORC-compliant resource. The company also plans to integrate historical core assays and undertake metallurgical studies to optimise leaching strategies, critical for advancing the project towards a low-cost, high-margin copper operation.

Meanwhile, Norfolk continues to hold interests in its other exploration assets, including the Orroroo Uranium Project in South Australia and the Roger River Project in Tasmania, although exploration focus remains on Carmen.