Anglo Saxon Resource Revised to 200,000 Ounces at 0.5g/t Cut-Off

Revised Anglo Saxon Resource Boosts Project Confidence

Hawthorn Resources Limited (ASX:HAW) has bolstered confidence in its Anglo Saxon Gold Project with an updated Mineral Resource Estimate (MRE) incorporating new and historical drilling data. The revised MRE, finalised in January 2026, reports 1.53 million tonnes at 4.06 g/t gold (cut) for nearly 200,000 ounces at a 0.5 g/t cut-off, suitable for open pit mining. At a higher 3.0 g/t cut-off relevant to underground methods, the resource stands at 709,016 tonnes grading 6.64 g/t gold, equating to 151,359 ounces.

This update replaces the 2020 resource estimate, with the latest drilling focused on the southern extension of the existing pit. The 53-hole, 7,856m reverse circulation program confirmed excellent continuity of gold mineralisation and vein density both at depth and along strike, reinforcing the deposit’s potential for expanded mining operations.

Pit Optimisation and Scoping Study Reflect Market Realities

Following the MRE update, MineComp Pty Ltd of Kalgoorlie completed an open pit optimisation study, using revised Australian dollar gold prices and input costs. The study underpins a scoping study currently under review, targeting a Stage 2 development involving a larger open pit to access deeper, high-grade vein sets.

However, the scoping study is being stress tested in light of a 27% decline in the A$ gold price over the past six months and rising input costs, including fuel and mining expenses. This recalibration aims to ensure the project’s feasibility and profitability under more challenging market conditions.

Hawthorn’s Managing Director Brian Thornton emphasised the focus on derisking the project and confirming the economics of the larger open pit development. He noted that the company remains well capitalised to fund initial pre-strip works, which are critical for unlocking the deeper bonanza grades.

Stockpiles and Joint Venture Dynamics

The Anglo Saxon joint venture partners, Hawthorn (70%) and Gel Resources (30%), also hold approximately 80,000 tonnes of low-grade stockpiles at 1.25 g/t gold, representing about 3,000 ounces. Monetising this stockpile could provide additional funding for exploration or development initiatives.

Mt Bevan Magnetite Project Advances

In parallel, Hawthorn’s Mt Bevan Magnetite Project continues to progress through its joint venture partners Hancock and Legacy Iron Ore. The partners are advancing hydrology programs and product logistics studies, including rail capacity modelling and port baseline assessments at Esperance. Hawthorn has converted its equity in the project to a 1% FOB royalty, positioning itself to benefit from future production of premium-grade magnetite iron ore suitable for greener direct reduced iron steelmaking.

Corporate and Financial Position

At quarter’s end, Hawthorn held cash of A$11.05 million, a slight decrease from the previous quarter but sufficient to support ongoing activities. The company also appointed Wei Liu as a Non-Executive Director, succeeding the retiring Liu Zhensheng and representing Feng Hua Holdings.

Operating cash outflows were modest at A$165,000 for the quarter, reflecting controlled expenditure on exploration, administration, and staff costs. There were no significant investing or financing cash flows reported.