Verity Resources Advances Monument Gold with Maiden Indicated Resource and 97% Recovery

Maiden Indicated Resource Strengthens Monument Gold Project

Verity Resources (ASX:VRL) has delivered a significant upgrade to its Monument Gold Project in Western Australia, declaring a maiden Indicated Mineral Resource of 1.18 million tonnes at 1.75 grams per tonne gold, containing 66,200 ounces. This marks a leap in geological confidence from the 2021 estimate, which was entirely Inferred, and establishes a credible technical foundation for advancing mine planning and development studies.

The total updated Mineral Resource Estimate (MRE) now stands at 2.5 million tonnes at 1.72g/t Au for 137,700 ounces, combining Indicated and Inferred categories. Notably, 57,000 ounces of the Indicated resource lies within an optimised open-pit shell at a 0.5g/t cut-off, suitable for potential open-pit mining. A high-grade underground component of 77,100 ounces (Indicated + Inferred) at a 1.0g/t cut-off below the pits adds depth-extension optionality.

Exceptional Metallurgical Recoveries De-Risk Processing

Complementing the resource upgrade, Verity reported exceptional metallurgical testwork results at the Waihi deposit, achieving gold recoveries of up to 97% across weathered saprock and fresh rock domains. The results reveal a meaningful gravity recovery component (~29%) and low reagent consumption, supporting a conventional gravity and cyanide leach processing route.

These findings align with previous Korong deposit recoveries averaging 92.75%, reinforcing confidence in a unified, conventional processing approach for Monument and reducing technical risk ahead of mining studies.

Expanding Exploration Footprint with Aircore Drilling

Verity has initiated a 56-hole, approximately 2,800-metre aircore drilling program targeting five regional gold prospects, Perseverance, A1, A4, Korong Syenite, and Cooper Well, along a 20-kilometre prospective BIF corridor. These targets represent extensions of known mineralisation trends and untested strike, with Perseverance standing out due to historical rock-chip grades up to 21.5g/t Au and coincident geophysical anomalies.

This systematic drilling aims to expand the resource base and test high-priority targets, building on the company’s recent success in upgrading the resource and defining new intrusion-related gold prospects like Gum Well, which exhibits a 1.1-kilometre gold-in-soil anomaly coinciding with magnetic intrusive features and pathfinder elements. The Gum Well target invites comparison to nearby Genesis Minerals’ significant intrusion-hosted gold systems new intrusive gold target.

Botswana Critical Metals Exploration Re-Commences

Verity has also reactivated exploration across its extensive Botswana portfolio, which includes high-grade copper-silver prospects at Airstrip and Dibete, and a maiden JORC Inferred nickel resource at Maibele North. The company commenced a first-pass soil geochemical and geological mapping campaign over its 903km² PL123/2024 tenement in the Limpopo Mobile Belt, targeting copper, nickel, cobalt, silver, and gold mineralisation analogous to the nearby Selebi Ni-Cu mine, operated for 36 years and now owned by NexMetals Mining Corp.

The Botswana portfolio’s 23 untested base-metal anomalies identified by VTEM surveys offer substantial exploration upside. Verity’s appointment of Paul Lemmon, an experienced African resource geologist, as Competent Person for Botswana projects, signals a strategic push to unlock value in this critical metals domain soil sampling program Botswana.

Corporate Position and Next Steps

At quarter end, Verity held $1.05 million in cash, having spent approximately $600,000 on exploration activities primarily in Western Australia and Botswana. The company acknowledges a limited cash runway of about 1.4 quarters at current burn rates but expects reduced near-term expenditure following the resource upgrade and plans to raise further funds as needed.

Looking ahead, Verity plans to advance scoping-level technical studies including mining and geotechnical assessments, evaluate development and processing pathways including third-party options in Laverton, and continue drilling to test resource growth potential along strike and at depth at Korong and Waihi.