PolarX Reports A$2.1M Exploration Spend, Northern Star Invests US$5M JV Earn-In

Exploration Progress in Nevada

During the December 2025 quarter, PolarX Limited advanced its Humboldt Range Gold-Silver Project in Nevada with the completion of a 13-hole reverse circulation drilling program at the Black Canyon property. The drilling targeted shallow geophysical anomalies and structural features within the Rochester Rhyolite volcanic sequence, aiming to delineate epithermal gold and silver mineralisation at the Ridgeline (Star Peak) target area. The program drilled a total of 2,027 metres across four fences spaced approximately 150 metres apart, focusing on zones of silicification and alteration that could act as conduits for precious metals.

Despite the completion of drilling, assay results have been delayed due to laboratory backlogs but are now anticipated during the current quarter, with initial results expected in February 2026. The Ridgeline anomaly itself is extensive, stretching over 3.6 kilometres in length and up to 1.3 kilometres wide, featuring significant quartz veining and coincident geophysical and geochemical anomalies. Previous rock chip samples from this area have returned high-grade gold and silver values, underscoring the prospectivity of the target.

Ongoing Work and JV Developments in Alaska

Meanwhile, in Alaska, PolarX continued detailed core logging following the diamond drilling campaign at the Caribou Dome Project. This work aims to refine the geological understanding and stratigraphic context of the high-grade copper deposit, which remains open at depth and along strike. Assay results from this program have also been delayed but are expected to be released soon.

A major development in Alaska was the formalisation of a joint venture with Northern Star Resources. Northern Star’s wholly owned subsidiary has committed to a staged earn-in agreement, initially contributing US$5 million to earn a 15% interest in PolarX’s subsidiary Alaska Range Pty Ltd. This initial payment was offset by amounts owed under a prior loan agreement, resulting in a net payment of approximately US$3 million to Alaska Range. Northern Star has the option to increase its stake up to 70% through further expenditure contributions over the coming years, signalling strong partner confidence in the project’s potential.

Financial Position and Outlook

PolarX reported capitalised exploration and evaluation expenditure of A$2.099 million for the quarter, reflecting ongoing drilling and technical consulting costs across its projects. The company ended the quarter with a robust cash balance of A$5.65 million, providing a solid runway to support continued exploration and joint venture activities. Additionally, PolarX commenced trading on the OTCQB market in the United States under the ticker PXXXF, broadening its investor reach.

With assay results pending and the Northern Star joint venture progressing, PolarX is positioned at a pivotal point. The upcoming data releases will be critical in validating the exploration models and guiding future drilling campaigns, while the JV funding provides a significant boost to advancing the Alaska Range Project towards development.