Sinclair Gold Extends Mt Henry Resource Beyond 915,000 Ounces with Ongoing Drilling

Drilling Pushes Mt Henry Gold Mineralisation Deeper

Sinclair Gold Ltd (ASX:SGC) has confirmed that its aggressive drilling program at the Mt Henry Gold Project in Western Australia is extending gold mineralisation well beyond the current 915,000-ounce Mineral Resource. Initial assay results from step-out drilling at the Mt Henry and Selene deposits have pushed the interpreted down-dip mineralisation by approximately 150 metres and 125 metres respectively, with mineralisation remaining open at depth.

The ongoing 50,000-metre drilling campaign, now operating with four rigs, has delivered thick sulphide-bearing BIF intersections, often exceeding the average grade of the existing resource. Notable results include 28.6 metres at 2.0g/t gold from 224 metres at Selene and 9.5 metres at 3.5g/t gold from 176.5 metres at Mt Henry, reinforcing the potential for substantial resource growth.

Resource Update Expected by Year-End

With 12,350 metres completed by the end of June, Sinclair Gold is on track to deliver an updated Mineral Resource Estimate before the end of calendar year 2026. The current resource of 915,000 ounces is predominantly within the upper 100 metres of three deposits along a 16-kilometre mineralised corridor, much of which remains under-explored at depth.

The company has also expanded its landholding by approximately 90 square kilometres through acquisition of adjacent exploration licences, increasing its footprint in the Norseman region to around 150 square kilometres. A recent regional targeting review identified multiple high-priority gold targets along the corridor that have seen limited historical drilling, highlighting broader district-scale upside potential.

Strong Financial Position Supports Exploration

Sinclair Gold strengthened its balance sheet during the quarter, closing June with $38.3 million in cash, up from $14.3 million three months earlier. This follows a $30 million institutional placement and a non-dilutive royalty transaction with Stria Lithium Inc, which provided upfront cash and shares in exchange for a 1% Net Smelter Royalty, with potential for further payments contingent on resource milestones.

The royalty deal is structured to deliver up to $18.1 million, including $5 million upfront and additional payments tied to Sinclair reporting a Mineral Resource Estimate of at least 2 million ounces at 0.8g/t gold or higher. The company recently received a $1 million non-refundable deposit and extended the completion date to align with Stria's regulatory timetable.

Corporate Changes Reflect Strategic Focus

Reflecting its sharpened focus on Mt Henry, the company formally changed its name from Alicanto Minerals to Sinclair Gold Ltd on 14 July 2026. The new name honours Laurie Sinclair, a pioneering prospector in the Norseman Goldfields, underscoring the company’s commitment to the region.

Leadership was bolstered with the appointments of Graeme Pettit as Chief Financial Officer and Sara van den Hoogen as General Counsel and Joint Company Secretary. Amber Stanton joined the Board as a Non-Executive Director, replacing the retired Didier Murcia. These changes aim to strengthen governance as Sinclair advances its exploration and development activities.

Swedish Assets Transitioned via Earn-Out Agreements

Sinclair Gold progressed earn-out transactions for its Swedish Falun Copper-Gold and Sala Silver-Zinc projects, enabling the company to focus capital and management attention on Mt Henry while retaining exposure to potential future upside in those assets. The earn-outs could deliver up to $9 million in cash, milestones, and shares, alongside approximately $11.8 million in third-party funded exploration.

No exploration activity was undertaken in Sweden during the quarter as the company prioritised its Australian gold project.