Maritana Minerals Boosts Gold Ore Reserves by 148% with Maiden Crake and Kalpini Deposits

Significant Reserve Growth Accelerates Maritana’s Gold Portfolio

Maritana Minerals Limited (ASX:MRT) has delivered a robust update to its Mineral Resources and Ore Reserves for the year ended 30 June 2026, revealing a substantial 148% jump in gold Ore Reserves to 204,100 ounces despite mining depletion. This leap was principally powered by maiden Ore Reserves declared at the Crake and Kalpini open pit projects, alongside an updated Boorara Ore Reserve. Gold Mineral Resources also expanded by 6.3% to 1.86 million ounces, underscoring a meaningful step forward in the company’s inventory quality and confidence.

Managing Director Grant Haywood highlighted that Boorara and Burbanks remain the portfolio’s cornerstone assets, with Boorara’s Reserve growth reflecting the value of ongoing drilling and mine planning efforts feeding Maritana’s 100%-owned Black Swan Processing Hub (BSPH) infrastructure. The company is actively drilling 60,000 metres across multiple projects including Burbanks, Coote, Crake, and Gordon’s Dam to underpin further resource and reserve upgrades and optimise mine planning for the Black Swan Hub.

Focused Portfolio with Strategic Divestments

Alongside gold, Maritana’s non-gold Mineral Resources remain substantial, featuring 20.2 million ounces of silver, 104,000 tonnes of zinc, 293,000 tonnes of nickel, and 5,800 tonnes of cobalt. However, the company completed the divestment of its Lake Johnston Nickel Project, signaling a more disciplined and focused approach centred on its growing gold inventory in the heart of Western Australia’s prolific goldfields.

The updated Mineral Resource Estimates reflect a 17% increase in tonnes and a 6.3% rise in contained gold ounces, albeit with a 9% drop in average grade to 1.69 g/t Au. Notably, deposits like Coote and Golden Ridge North saw significant tonnage increases driven by lowered cutoff grades, reflecting the impact of rising gold prices that have made lower-grade mineralisation economically viable.

Boorara and Phillips Find Depletion and Stockpiles

Mining depletion has been accounted for at Boorara and Phillips Find. Boorara’s in-situ Mineral Resource now stands at 375,000 ounces after deducting 53,000 ounces mined since 2021. The Ore Reserve at Boorara decreased by 9,200 ounces due to mining but remains a solid 72,000 ounces. Boorara also holds 463,000 tonnes of measured stockpiles grading 0.95 g/t Au, equating to about 14,000 ounces, which remain available for processing.

Phillips Find’s Mineral Resource has been depleted by 17,000 ounces mined, leaving 37,000 ounces in the open pit resource and a small underground resource of 208 ounces. The project has been operated under a joint venture with BML Ventures, which managed mining and funded costs, with net cashflows split evenly after cost recovery.

Technical Rigor and Governance Uphold Reporting Standards

The Mineral Resource and Ore Reserve estimates comply with the JORC Code (2012) and have undergone rigorous internal review by qualified personnel and independent consultants. Competent Persons with relevant expertise have certified the estimates, ensuring transparency and reliability. The company’s governance framework includes board review consistent with ASX continuous disclosure obligations.

Maritana’s technical disclosures detail extensive drilling methodologies, sampling techniques, and estimation procedures for key deposits such as Boorara, Crake, Kalpini, and Phillips Find. These include sophisticated geostatistical modelling and variography, alongside metallurgical test work confirming recoveries averaging above 90% at Boorara.

Black Swan Processing Hub Remains Central to Growth Strategy

The Black Swan Processing Hub is pivotal to Maritana’s development plans, with ongoing drilling programs intended to convert Inferred Resources to higher confidence categories and optimise mine scheduling. Recent announcements indicate the company is progressing infrastructure and regulatory approvals to target first gold production in the second half of 2027, backed by a strong cash position and committed capital expenditure.

This resource and reserve update, alongside the ongoing drilling and infrastructure progress, positions Maritana well to capitalise on its Western Australian gold assets. The company’s disciplined portfolio review and divestment of non-core nickel assets further sharpen its focus on gold production growth.