Prodigy Gold’s Hyperion Scoping Study Signals Robust Open Pit Potential

Hyperion Project Scoping Study Highlights Development Viability

Prodigy Gold (ASX:PRX) has delivered a scoping study for its 100%-owned Hyperion Gold Project in the Tanami North region, confirming the deposit's potential as a viable open pit mining operation. The study targets 4.2 million tonnes at 1.9 grams per tonne gold, aiming to produce approximately 260,000 ounces over a four-year mining period with processing extending to five years.

Financially, the project presents an attractive profile with a pre-tax net present value (NPV10) of A$107 million and an internal rate of return (IRR) of 63% based on a gold price of A$4,250 per ounce. Capital expenditure is modest at around A$24 million, with all-in sustaining costs (AISC) estimated at A$3,400 per ounce. The payback period is forecast at just 20 months, underscoring the project's economic robustness.

The study envisages mining across three staged open pits to a depth of approximately 180 metres, with 58% of the targeted ounces classified within the Indicated resource category. Metallurgical testing supports conventional carbon-in-leach processing, with strong recovery rates from oxide and transitional ores and promising improvements for fresh material if flotation is incorporated.

Exploration Grant and Deep Drilling to Extend Resource

Adding momentum, Prodigy Gold secured a $112,152 co-funded exploration grant from the Northern Territory Government’s Geophysics and Drilling Collaborations Program. This funding will support a 600-metre deep diamond drill hole targeting a significant geophysical anomaly approximately 300 metres beneath the current Hyperion resource. The drilling, planned for the September quarter, aims to test for sulphide mineralisation that could materially expand the deposit’s footprint.

These developments come amid ongoing discussions with neighbouring Tanami Gold NL regarding potential processing partnerships, although no binding agreements have yet been reached. The Hyperion deposit remains open along strike and at depth, with further drilling planned to convert inferred resources to indicated and explore high-grade zones.

Old Pirate Ore Sorting Breakthrough Advances Twin Bonanza Project

At the Twin Bonanza Project, Prodigy Gold has made significant progress towards restarting mining at the Old Pirate Gold Mine. Regulatory approvals are advancing, including environmental mining licences and water extraction permits. Notably, ore sorting testwork using TOMRA’s X-Ray Transmission (XRT) technology demonstrated a remarkable upgrade in gold grade from 322.3 grams per tonne to an ultra-high grade of 2,647 grams per tonne, while rejecting 89% of waste material by mass.

This ore sorting success suggests a potential to enhance processing efficiency and reduce costs, complementing the planned gravity processing circuit. Exploration drilling approvals have also been granted for the first time since 2015, aimed at confirming and potentially expanding the mineral resource base at Old Pirate, which currently stands at 115,000 ounces at 4.5 grams per tonne.

Resource Base and Joint Ventures Provide Growth Platform

Prodigy Gold’s portfolio includes a total Mineral Resource of 1.05 million ounces across its key projects, including Hyperion, Tregony, Buccaneer, and Old Pirate. The company is actively advancing exploration and development, supported by joint ventures with major players such as Newmont Corporation, which holds farm-in rights over the Tobruk and Monza projects. Newmont’s proprietary Deep Sensing Geochemistry technique has identified several priority targets at Monza for follow-up ground truthing and drilling.

Meanwhile, Prodigy Gold manages joint ventures with IGO Limited at the Lake Mackay project, though no active exploration occurred in the quarter. The company continues to seek partners or buyers for Lake Mackay, reflecting a strategic focus on its core Tanami assets.

Financial Position and Governance Update

As at 30 June 2026, Prodigy Gold held A$3.06 million in cash with no debt, providing a runway of over 12 quarters at current expenditure levels. The company reported net cash outflows from operating and investing activities consistent with ongoing exploration and development efforts. In governance, APAC Resources Limited replaced Brett Smith with Daniel Broughton as its nominee director on the Prodigy Gold board, signalling continuity and fresh oversight.