Verity Resources Reports Maiden Indicated Resource of 66,200oz at Monument Gold Project

Maiden Indicated Resource Boosts Geological Confidence

Verity Resources Limited (ASX:VRL) has delivered a significant technical milestone at its Monument Gold Project in Western Australia, announcing a maiden Indicated Mineral Resource of 66,200 ounces at 1.75 grams per tonne gold (g/t Au). This upgrade marks a major step up from the previous 2021 resource estimate, which was entirely Inferred, and lifts the total updated Mineral Resource Estimate (MRE) to 2.5 million tonnes at 1.72 g/t Au for 137,700 ounces combining Indicated and Inferred categories.

Importantly, 57,000 ounces of the Indicated resource lie within optimised open-pit shells at a 0.5 g/t Au cut-off, enhancing the project's development potential by providing a solid foundation for near-term open-pit mining studies. The new resource also includes a high-grade underground component of 77,100 ounces below the Korong and Waihi deposits, reported above a 1.0 g/t Au cut-off, which offers long-term mine plan optionality and depth extensions directly beneath the planned pits.

Rigorous Economic Framework and Grade Uplift

The updated MRE applies a more stringent Reasonable Prospect of Eventual Economic Extraction (RPEEE) framework, reporting resources within optimised pit shells and applying higher cut-offs for underground material. This approach yields a more selective and development-focused resource base, excluding lower-grade material that does not meet economic criteria at an assumed gold price of AUD $5,500 per ounce.

Grade uplift is notable, with the Korong deposit grade increasing by approximately 20% from 1.4 g/t Au in 2021 to 1.68 g/t Au in the current estimate, reflecting refined geological domaining and validation through twinned drilling. This grade improvement, coupled with increased geological confidence, strengthens the project's technical robustness.

The resource update follows an extensive 11,000-metre infill drilling campaign completed in 2025–2026, conducted on a nominal 25m x 25m spacing, which verified and extended mineralisation at Korong and Waihi. This drilling campaign was complemented by detailed geological modelling, density studies, and metallurgical testwork that reported exceptional gold recoveries averaging 92.75% at Korong, supporting the project's processing pathway options.

Exploration Upside Along 20km Prospective Corridor

Monument hosts approximately 20 kilometres of prospective Banded Iron Formation (BIF) strike within the Laverton Gold District, the same geological unit that hosts Genesis Minerals’ (ASX:GMD) 1.4 million-ounce Westralia deposit located nearby. To date, only a small fraction of this corridor has been systematically drilled, leaving substantial exploration upside.

Recent drilling has extended mineralised strike at Korong and Waihi, with the combined strike length now exceeding 1.4 kilometres at Korong and over 800 metres at Waihi, both remaining open along strike and at depth. Priority follow-up areas have been identified to target further resource growth, supported by ongoing exploration programs including soil sampling and step-out drilling to unlock new targets along the corridor. This exploration momentum builds on the company’s earlier efforts to extend mineralisation over 1km and confirm high-grade continuity across the project area.

Environmental and Stakeholder Considerations Support Development

Early-stage environmental, social, and heritage assessments indicate no material impediments to the potential development of Korong and Waihi. Flora and fauna surveys align with standard mining considerations in the Western Australian Goldfields, while groundwater testing shows neutral to mildly alkaline water with manageable salinity levels. Acid-base accounting testwork suggests the project lithologies are dominated by non-acid forming material with strong neutralising capacity, mitigating risks of acid mine drainage.

Ethnographic and archaeological surveys have confirmed sufficient space for open pit mining and infrastructure placement without impacting Aboriginal heritage sites, providing a positive foundation for future permitting and stakeholder engagement.

Next Steps Toward Development and Resource Growth

With the maiden Indicated resource now declared, Verity Resources is advancing the Monument Gold Project toward development and mine planning. Key upcoming activities include scoping-level technical studies covering mining, geotechnical, and processing pathways, as well as ongoing drilling to test resource extensions along strike and at depth.

The company’s approach reflects a disciplined focus on confidence and economic viability, positioning Monument as a compelling development opportunity in a prolific gold district. However, the resource remains subject to inherent uncertainties typical of early-stage projects, and conversion of Inferred resources to higher confidence categories will require further drilling and study.

As Verity continues to unlock the potential of the 20km BIF corridor, the market will be watching how exploration success and technical progress translate into project value and development milestones.

11,000m drilling campaign completed confirmed and extended mineralisation, underpinning the resource upgrade, while mineralised strike extended from 900m at Korong and Waihi highlights the growing scale of the project’s footprint.