Neometals Confirms Up to 97.9% Gold Recovery at Ironclad Deposit

Strong Metallurgical Results Reinforce Ironclad's Processing Potential

Neometals Ltd (ASX:NMT) has delivered encouraging metallurgical outcomes from the Ironclad gold deposit within its 100%-owned Barrambie Gold Project in Western Australia. The recently completed second phase of testwork on seven composite samples confirms the ore's suitability for conventional gravity and leach processing, with gravity gold recoveries reaching up to 35% and overall recoveries peaking at 97.9%, averaging a robust 91% across samples.

Conducted by Independent Metallurgical Operations in Perth, the testwork incorporated comprehensive assays, gravity concentration, intensive leaching, and cyanide leaching of gravity tails. Notably, no sulphide minerals were detected, simplifying processing considerations. However, one composite exhibited a slow-leaching component, resulting in a tail grade of 0.47 g/t, which has prompted plans for further mineralogical and diagnostic studies to clarify its impact on the processing flowsheet.

Advancing Development with Drilling and Approvals

Building on these metallurgical insights, Neometals is preparing to commence infill and northern extension drilling at Ironclad in late June. Concurrently, the company is working to finalise the native title agreement and complete technical studies necessary for approvals submissions, laying groundwork for advancing the deposit towards production.

These developments dovetail with Neometals' broader strategy to unlock value at Barrambie, where the Ironclad deposit boasts an Indicated and Inferred Mineral Resource Estimate of 15,000 ounces at approximately 1.6 g/t gold. The project also benefits from a recently executed mining services joint venture and a positive scoping study that assumed lower gold recoveries than those now demonstrated.

Exploration and Copper Prospects Continue

Beyond Ironclad, Neometals is finalising its FY2026-2027 budget with plans for reverse circulation drilling across several brownfields targets including Ironclad North, Golden Treasure, Silver Lining, Woodies, and Kismet. The company is also advancing its copper strategy, with drilling scheduled to test a large target identified in a recent Induced Polarisation survey near historic workings at the Rinaldi prospect.

Managing Director Chris Reed highlighted that the metallurgical results align with prior testwork and confirm the deposit’s amenability to established processing methods. He noted that gold recoveries exceeded scoping study assumptions, with ongoing testwork aimed at further optimisation.

Barrambie’s Strategic Position in the Murchison Region

The Barrambie Project sits within the Barrambie Greenstone Belt, a narrow Archaean belt known for its high-grade gold mineralisation historically averaging 24.8 g/t at several mines. Neometals’ tenure covers approximately 357 square kilometres, hosting multiple gold targets and one of the world’s highest-grade titanium deposits, which is currently under divestment.

Neometals resumed gold exploration at Barrambie in FY2025 after a two-decade hiatus, focusing initially on Ironclad. The recent metallurgical success and ongoing drilling and technical work position the company well to capitalise on the project’s potential, particularly as it moves towards near-term development under a funded joint venture.