Mt Malcolm Mines Advances Golden Crown Drilling and Processing Plant Study

Golden Crown Drilling Program Targets Resource Expansion

Mt Malcolm Mines NL (ASX:M2M) has finalised plans for a significant Reverse Circulation (RC) drilling campaign at its Golden Crown prospect, aiming to bolster and extend its maiden JORC 2012 Mineral Resource Estimate of 95,700 tonnes at 1.5 g/t Au for 4,600 ounces. The upcoming program, announced after quarter-end on 16 July 2026, includes approximately 25 holes totalling 2,000–2,500 metres. It will test shallow infill areas to potentially upgrade resource confidence and explore a 300-metre untested corridor along strike, as well as down-dip extensions beyond the current 50-metre depth limit.

Previous drilling at Golden Crown has delivered encouraging high-grade intercepts, including 3 metres at 11 g/t Au, featuring a standout 1 metre at 30.77 g/t Au. Bulk sampling in 2025 produced 345 ounces of gold doré with metallurgical recoveries averaging 94.3%, reinforcing the prospect's processing potential. Geological and 3D structural modelling have sharpened the understanding of mineralisation controls, informing the drill design to maximise resource growth opportunities.

Calypso Drilling Plans Progress Amid Exploration Target Ambition

Alongside Golden Crown, Mt Malcolm Mines is advancing drilling preparations at the Calypso prospect. The company aims to convert the historical T1/T2 Exploration Target, estimated at 2.9–3.9 million tonnes grading 1.6–2.2 g/t Au for 153,000–279,000 ounces, into a maiden JORC 2012 Mineral Resource Estimate. This will involve a combination of RC pre-collar and diamond tail drilling to depths of 150–180 metres, supported by ongoing structural interpretation and 3D geological modelling.

The Calypso program also targets the newly identified T3 Constance Lode system, which represents additional high-grade mineralisation not captured in the existing Exploration Target and remains open down-plunge, offering further upside. Drilling readiness activities, including contractor tendering and regulatory submissions, continued during the quarter to minimise lead times once funding and approvals are secured.

Regional Exploration Advances with Soil Sampling and Target Generation

Systematic regional exploration progressed through extensive soil sampling campaigns across multiple targets, Malcolm South, Braiser, Harry’s, and Wool Shed, within the Malcolm Gold Project. Over 1,000 soil samples were collected and analysed using portable X-ray fluorescence (pXRF) technology to rapidly screen geochemical anomalies. Interpretation and target ranking are underway, integrating new data with historical geochemistry, aeromagnetic surveys, and structural geology.

Applications for extensions of term on key tenements have been lodged to facilitate ongoing laboratory validation, infill sampling, and potential drill testing of priority targets. These efforts aim to build a robust pipeline of greenfield prospects for future drilling campaigns.

Processing Plant Study Advances Technical and Economic Assessments

Mt Malcolm Mines continued technical and economic assessments of its recently acquired 500,000 tonnes per annum Carbon-In-Pulp (CIP) processing plant. Led by Ecopure Minerals Pty Ltd, the study encompasses condition assessments, refurbishment planning, configuration reviews, cost estimation, and development scheduling. This work is a critical step towards establishing a company-controlled processing solution to underpin future production, subject to permitting, funding, and development approvals.

Capital Raising Supports Exploration and Development

During the quarter, Mt Malcolm Mines completed a non-renounceable rights issue, raising capital to fund the processing plant study and exploration activities. The company’s financial position strengthened with cash and equivalents of $1.35 million at quarter-end and available financing facilities totaling $700,000. Exploration expenditure for the quarter was $258,000, focused mainly on geology and field activities.

Board changes were also announced during the quarter, reflecting ongoing governance adjustments as the company advances its development strategy.

Outlook for Upcoming Quarter

Looking ahead to the September 2026 quarter, Mt Malcolm Mines plans to commence the Golden Crown RC drilling program and report results as they become available. Preparations for Calypso drilling will continue, alongside further processing plant assessments. Regional exploration will maintain momentum with data validation and target prioritisation efforts ongoing.