CZR Resources Confirms Expanding Gold System at Croydon with $67m Cash Backing

• Significant gold mineralisation over 650m strike at Croydon
• RC drilling resumed despite cyclone delays
• Heritage clearance received for Edamurta copper-zinc drilling
• Yarrie aircore drilling planned following heritage surveys
• Cash reserves of $67 million, debt free

Croydon Gold Project Delivers Strong 2025 Drill Results

CZR Resources Ltd (ASX:CZR) has confirmed a substantial gold system at its Croydon Gold Project in Western Australia's Pilbara, with assays from a 22-hole, 3,885-metre reverse circulation (RC) drilling campaign revealing mineralisation over a 650-metre strike length that remains open in all directions. Key intercepts include 51 metres at 1.3 grams per tonne (g/t) gold from 93 metres, including a 15-metre zone at 2.5 g/t, and high-grade shoots plunging northeast, highlighted by 4 metres at 5.1 g/t including 2 metres at 10.1 g/t. The majority of mineralisation lies within 150 metres of surface, positioning Croydon as a promising shallow gold target.

Despite earlier delays caused by Cyclone Narelle, CZR has now established an exploration camp and resumed RC drilling to extend and infill known mineralisation at the Top Camp prospect, with over 900 metres of strike cleared for drill pads. The program also targets a potential Hemi-style intrusion beneath the lodes, leveraging geological insights that correlate quartz-carbonate veining in northeast-southwest shear zones with gold mineralisation. These developments build on extensive prior drilling and surface geochemistry, underpinning the project's upside potential across both Western and Eastern Blocks of the Croydon tenure. This momentum reflects CZR's strategic focus following its sale of the Robe Mesa iron ore interest in 2025 and is supported by a strong cash position of approximately $67 million and no debt. The placement of drilling at Croydon aligns with the company’s ongoing exploration strategy to rapidly advance resource definition at its high-value assets, with assay results from the current program expected in June 2026. This drilling campaign and its targets are part of a broader push that includes Bottom Camp and several early-stage prospects, aiming to replicate the success of nearby large deposits such as Northern Star Resources’ 11.2 million ounce Hemi gold deposit, located just 50 kilometres northeast. CZR’s approach to testing for Hemi-style intrusions and high-grade ore shoots is detailed in its recent expansion of drilling activity at Croydon, which highlights the company’s methodical exploration progression and robust financial backing. These efforts are encapsulated in the company’s recent expands drilling to target campaign announcement.

Edamurta Copper-Zinc VMS Project Advances Amid Regulatory Steps

At the Buddadoo Project, CZR is advancing exploration of the Edamurta volcanogenic massive sulphide (VMS) copper-zinc deposit, which shares geological similarities with the nearby world-class Golden Grove mine. The company completed a heritage survey in December 2025, securing clearance in January 2026, a prerequisite for drilling activities targeting multiple conductive plates identified by moving loop electromagnetic (MLEM) surveys. However, the project’s location overlapping the newly established Barnong Conservation Park has introduced additional regulatory complexity. CZR is preparing a Reserve Activity Management Plan (RAMP) in consultation with the Department of Biodiversity, Conservation and Attractions and Traditional Owners, expected to be submitted this quarter. This plan aims to address environmental and cultural considerations necessary for ministerial approval to access the conservation area for exploration drilling. The timing of this approval remains uncertain, representing a key milestone for unlocking Edamurta’s potential copper and zinc resources. CZR’s cautious but proactive approach to regulatory compliance at Edamurta complements its broader exploration agenda and reflects the challenges of advancing projects within sensitive environmental zones.

Yarrie Project Poised for Aircore Drilling Following Heritage Clearance

In the East Pilbara, CZR’s Yarrie Project is preparing for an aircore drilling program targeting a gravity and magnetic anomaly beneath transported cover, a target area that has seen limited prior exploration. Heritage surveys conducted with the Nyamal Aboriginal Corporation in March 2026 cleared eight drill lines spaced approximately 500 metres apart, enabling the program to proceed as planned in May. This initiative aims to test geophysical targets that could reveal concealed mineralisation, diversifying CZR’s portfolio beyond gold and copper into iron ore and base metals. The Yarrie drilling complements ongoing exploration efforts at Croydon and Edamurta, illustrating CZR’s multi-commodity strategy within Western Australia’s mineral-rich Pilbara region.

Financial Position Supports Aggressive Exploration

CZR Resources maintains a strong financial footing with $67 million in cash and term deposits and zero debt, underpinning its extensive exploration programs across its portfolio. The March quarter saw $999,000 spent on exploration activities, primarily focused on Croydon, with additional expenditure at Buddadoo, Yarrie, Yarraloola, and Shepherds Well projects. Operating cash flow was negative $260,000 for the quarter, consistent with ongoing exploration investment. CZR’s capital management strategy remains flexible, with future funding decisions to be informed by exploration results and fiscal outcomes for FY26. This financial robustness enables CZR to pursue multiple targets simultaneously and respond dynamically to emerging opportunities in its project pipeline. The company’s recent quarterly report details these expenditures and funding status, aligning with its stated objective to advance discoveries rapidly toward resource definition and development.

Exploration Pipeline and Next Steps

Beyond the immediate drilling at Croydon and preparations at Edamurta and Yarrie, CZR is progressing heritage negotiations at its Yarraloola iron ore prospects, with surveys anticipated to commence in the June quarter. The company’s exploration strategy includes systematic geological mapping, surface geochemistry, and geophysical surveys to refine drill targets across its Western and Eastern Blocks at Croydon and other project areas. Upcoming assay results from the current RC drilling campaign will be a critical catalyst, providing clarity on the extent and grade continuity of the gold system at Top Camp and Bottom Camp. Meanwhile, the timing and outcome of the RAMP submission for Edamurta will be closely watched as it dictates the feasibility of drilling in the conservation park. CZR’s multi-faceted exploration approach, supported by a solid balance sheet and strategic partnerships, positions it to capitalize on discoveries in Western Australia’s competitive mineral exploration landscape. These developments continue the narrative of CZR’s steady progress since its last major drilling phase in 2019-20, as documented in its earlier major gold discovery at Croydon update.

Bottom Line?

CZR’s expanding gold footprint at Croydon and advancing copper exploration at Edamurta, backed by a strong cash position, set the stage for pivotal assay results and regulatory milestones in the coming months.

Questions in the middle?

• Will assay results confirm continuity and economic grades at Croydon’s Top Camp and Bottom Camp?
• How will the regulatory process for the Edamurta RAMP impact the timing of copper-zinc drilling?
• Can CZR leverage its strong cash reserves to accelerate exploration across multiple projects simultaneously?