Gold Mountain Reports 41 Drill Holes Extending Irajuba IR-1 Mineralised Zone to 4.3 km²

Expanded Drilling Confirms Significant Rare Earth Mineralisation

Gold Mountain Limited (ASX:GMN) has released assay results from 41 diamond drill holes at the Irajuba IR-1 prospect within its Down Under Project in Bahia, Brazil. The recent drilling has effectively doubled the known resource area from 2.1 square kilometres to 4.3 square kilometres, extending mineralisation south and southwest of the previously defined Exploration Target announced in December 2025.

The drilling program, which included 1,848 metres of HQ core drilling, intersected thick zones of high-grade rare earth element (REE) mineralisation. Notably, the best intersection recorded was 29 metres grading 3,964 ppm total rare earth oxides (TREO) with a magnet rare earth oxide (MREO) to TREO ratio of 42.8%, including a higher-grade section of 17 metres at 6,151 ppm TREO and 41.4% MREO. These figures indicate a high concentration of magnetically valuable REEs, which are critical for various high-tech and clean energy applications.

Technical Details and Quality Assurance

The diamond drilling targeted saprolite and saprock zones, with mineralisation defined by a nominal cutoff grade of 400 ppm TREO. The company ensured rigorous quality control through duplicate sampling and laboratory checks, with all samples analysed by ALS laboratories in Brazil and Peru using lithium borate fusion and ICP-MS methods. Core recovery was consistently monitored, and geological logging was comprehensive, supporting future resource estimation efforts.

Gold Mountain’s Executive Director, David Evans, highlighted the exceptional quality of the mineralisation, noting the average MREO content of 42.7% across all intersections exceeding 400 ppm TREO. He emphasised the potential for further exploration upside beyond the initial target and the company’s confidence in the scale of the opportunity. The company is also progressing metallurgical testing, with results expected within the next 3-4 weeks, which will provide critical insights into the recoverability of the REEs.

Ongoing Exploration and Broader Project Pipeline

Gold Mountain is continuing diamond drilling at the IR-1 area and is in the process of securing additional permits for resource drilling at other Irajuba targets including IR-2, IR-5, and IR-8. The company is also advancing exploration at the Capivara prospect, where auger drilling has delineated targets for diamond drilling. This follows recent announcements of high-grade rare earth mineralisation at Capivara, reinforcing the company’s growing footprint in Brazil’s rare earth sector.

Regional stream sediment sampling programs at Down Under Central and Poções have been completed, further supporting the identification of new targets. The company holds 136 tenements in the region with 100% ownership, and the tenure is in good standing with no known impediments to exploration or mining operations.

These developments build on Gold Mountain’s recent progress, including the unveiling of extensive new TREO anomalies and high-grade results at other prospects within the Down Under Project, underscoring the company’s strategic positioning in the rare earth elements market amid growing global demand. The company’s expanding resource base and exploration pipeline are key factors to watch as further assay and metallurgical results become available.

For additional context on Gold Mountain’s exploration progress and regional anomalies, see the recent update on new TREO anomalies at its Central Prospect.