IP Survey Identifies Three Copper Drill Targets Near Rinaldi Workings

New Copper Targets Emerge from Geophysical Survey

Neometals Ltd (ASX:NMT) has uncovered multiple compelling copper drill targets beneath and around the historic Rinaldi copper workings at its Barrambie Gold Project in Western Australia. The company’s Dipole-Dipole Induced Polarisation (IP) survey, completed in late April 2026, flagged a standout coincident chargeability and resistivity anomaly approximately 700 metres northeast of the old workings, alongside moderate chargeability responses extending below and along strike from the historic mine.

These anomalies are significant because they occur within the same geological and stratigraphic corridor as Solstice Minerals Limited’s (ASX:SLS) Nanadie Copper Project, which boasts an Inferred Mineral Resource Estimate of 40.4 million tonnes grading 0.4% copper and 0.1 g/t gold. The proximity and geological similarity suggest that Neometals’ tenure within the Barrambie Greenstone Belt could host additional copper mineralisation beyond what has been historically mined.

Survey Details and Target Prioritisation

The IP survey comprised two east-west oblique lines spaced 200 metres apart, with the central line positioned directly over the historic Rinaldi workings. The northern line, 200 metres to the north, revealed the strongest anomaly (Target T2), a chargeability and resistivity response extending laterally over 200 metres and vertically beyond 300 metres. This target is now Neometals’ highest priority for drilling.

Additional targets include a moderate chargeability anomaly beneath the northern projection of the workings (Target T1) and a depth extension anomaly directly below the historic workings (Target T3), both displaying geological signatures consistent with known mineralisation. These findings build on recent drilling results at Rinaldi, which returned 7 metres at 1.72% copper and 25.9 g/t silver from 82 metres, reinforcing the presence of a primary copper-silver system.

Strategic Drilling Plans Aligned with Gold Program

Neometals is integrating these copper targets into the drill hole design for its upcoming Reverse Circulation (RC) drilling campaign at the Ironclad Gold Deposit, scheduled for June 2026. This approach aims to efficiently test both gold and copper prospects within the Barrambie Project’s 357 square kilometres of tenure, which includes approximately 40 kilometres of strike along the Barrambie Greenstone Belt.

The Ironclad deposit itself recently saw an updated Indicated and Inferred Mineral Resource Estimate of 15,000 ounces of gold, supporting the company’s strategy to advance Barrambie towards near-term production via a joint venture. The inclusion of copper targets at Rinaldi alongside the gold program reflects Neometals’ broader ambition to unlock the polymetallic potential of the project.

Historic Context and Exploration Upside

Historic small-scale mining at Rinaldi yielded 138 tonnes of copper at an exceptionally high grade of 9.8% Cu. Recent limited drilling beneath the workings has confirmed primary copper sulphides, while silver assays have strengthened the case for a significant copper-silver mineral system. The Barrambie Project also hosts one of the world’s highest-grade titanium deposits and has demonstrated potential for high-tenor gold mineralisation, with an Exploration Target ranging from 335,000 to 775,000 ounces of gold.

Neometals’ renewed focus on Barrambie follows a series of capital raises earlier this year aimed at accelerating gold production and exploration. The company’s strategy balances advancing near-term gold cash flow through the Ironclad JV with longer-term growth opportunities in copper and critical minerals, including lithium in the US.

Neometals Managing Director Chris Reed highlighted the significance of the IP results, noting the "clear set of drill targets in a highly prospective copper setting," and emphasised the potential for the Rinaldi system to extend beyond the historical mining footprint. The upcoming drilling will be closely watched for confirmation of these targets’ economic potential.

These developments build on the company’s recent exploration momentum, including the silver assays confirming copper system and the Barrambie Ironclad JV targets that underpin Neometals’ push towards production and resource expansion.