Xpedra Advances NSW Gold Exploration with Strong Drilling and Neeld Acquisition

Encouraging Maiden Drilling at Springfield Gold Deposit

Xpedra Resources (ASX:XPD) kicked off its maiden reverse circulation (RC) drilling program at the Springfield Gold Deposit in central New South Wales, marking the first drilling activity there since 1999. The initial two drill holes have returned significant assay results, intersecting broad zones of shallow gold mineralisation that underpin a robust mineralised system. Highlights include 36 metres at 1.84 grams per tonne (g/t) gold from 19 metres depth, with higher-grade intervals such as 13 metres at 3.10 g/t and 8 metres at 2.36 g/t within the first hole (SFRC001), and 10 metres at 1.28 g/t including 5 metres at 2.21 g/t from the second hole (SFRC002).

These early results confirm the presence of multiple higher-grade zones within a broad mineralised footprint, with mineralisation remaining open at depth and along strike. The program has completed 27 holes totalling 2,579 metres, with assays pending for 25 additional holes expected in the coming 3–5 weeks. Notably, discrepancies between current and historical drill hole locations are prompting the company to validate and refine its geological model as it plans follow-up drilling. This maiden drilling campaign is a critical step in establishing a definitive understanding of the system's extent and controls on mineralisation, setting the stage for further exploration efforts. These developments build on the company’s earlier broad shallow gold zones reported in April.

High-Grade Neeld Gold Project Acquisition Bolsters Portfolio

Post quarter-end, Xpedra announced its agreement to acquire 100% of the Neeld Gold Project, a historically prolific goldfield near West Wyalong in NSW’s Lachlan Fold Belt. The project boasts recorded historical production of approximately 439,000 ounces at an exceptional average grade of 41 g/t gold, including a peak recovered grade of 101 g/t in 1899. Despite this rich legacy, modern exploration has been minimal, with only four drill holes penetrating below 200 metres and no substantial work since 1916.

The Neeld acquisition offers immediate upside potential, particularly targeting unmined high-grade resources below historical stopes and along strike. The project’s extensive parallel lodes and open mineralisation at depth present a fertile exploration opportunity. Xpedra plans to systematically explore the project following permit approvals, including evaluating near-term cash flow possibilities from historical tailings reprocessing. The acquisition terms involve a combination of cash and shares, with 41.5 million shares issued for EL8815 and 2.5 million shares for EL9168, including escrow arrangements and cancellation of a contingent royalty to ensure full economic exposure.

Corporate Moves and Capital Raising Support Growth Strategy

In tandem with its exploration progress, Xpedra has appointed experienced mining executive Scott Funston as Managing Director, aligning leadership with its strategic focus on high-grade gold assets. Funston’s appointment follows his previous role as Non-Executive Director and coincides with the company’s maiden drilling at Springfield, reinforcing a fresh operational direction. The leadership change complements the company’s recent capital raise, securing $3.2 million through a strongly supported two-tranche placement priced at $0.02 per share. The placement attracted institutional and existing shareholders, with directors committing $175,000 subject to shareholder approval. This funding will underpin ongoing exploration at Springfield, Neeld, and other projects within Xpedra’s expanded NSW portfolio, providing a solid financial footing amid exploration uncertainty. The placement details and leadership transition were outlined in the company’s $3.2M capital raise announcement earlier in April.

Meanwhile, Xpedra completed the sale of its non-core Hidden Bay Uranium Project in Canada to Powerhaus Uranium Limited, receiving cash, shares, and a 2% royalty on future uranium sales. This divestment allows Xpedra to focus on its core gold exploration assets in Australia while retaining upside exposure through its shareholding and royalty interest.

Exploration Expenditure and Operational Status

For the March quarter, Xpedra reported $231,000 in exploration expenditure focused mainly on geological and exploration activities at Springfield and the Rockvale Gold and Antimony Project. There were no substantive mining production or development activities during the period. The company ended the quarter with $1.1 million in cash and equivalents, supplemented by the recent placement proceeds, ensuring adequate funding for upcoming exploration programs. Payments to related parties, including director fees and administrative expenses, totalled $102,000 for the quarter.