Benz Mining Reports CAD 40.4 Million Loss and CAD 81.2 Million Cash at April 2026

Glenburgh Project Breakthroughs Signal Growing Gold Potential

Benz Mining Corp. (ASX:BNZ) has reported a year of substantial exploration progress at its Glenburgh Gold Project in Western Australia, highlighted by over 200,000 metres of drilling that delineated three distinct gold camps, Hurricane, Icon, and Thunderbolt, within a fully permitted mining lease. The discovery of six high-grade gold lenses at Hurricane’s Zone 126, including a standout 79-metre intercept grading 4.4 g/t gold, extends mineralisation beyond 800 metres depth and confirms the system’s vertical continuity.

Meanwhile, the Icon Camp revealed a broad, shallow-dipping mineralised envelope over three kilometres with a high-grade core, including intercepts such as 27 metres at 15.33 g/t gold. Less than 30% of this trend has been tested, leaving significant upside potential. Thunderbolt, newly identified during the year, remains largely untested at depth, presenting an additional exploration frontier.

These drilling results support a maiden Exploration Target of 10.1 to 12.0 million ounces of gold, combining a higher-grade core of 6.1 to 7.3 million ounces with a broader mineralised halo. Benz's metallurgical testwork confirms excellent gold recoveries across all grade fractions and identifies tungsten mineralisation co-incident with gold, a critical mineral with potential economic value. The company is progressing metallurgical and geotechnical studies alongside ongoing drilling to underpin a maiden Mineral Resource Estimate targeted for early 2027.

Eastmain Project Resource Update and Canadian Exploration

In Canada, Benz updated its Mineral Resource Estimate for the Eastmain Project in Québec, reporting 1.0 million ounces of gold across indicated and inferred categories at grades of 9.0 and 5.1 g/t respectively. This represents a significant increase from the 2019 estimate and is based on an extensive 103,444 metres of diamond drilling. The company notes that further exploration is planned for late 2026 to target high-grade structural trends and regional opportunities within the tenement package.

Minimal exploration was conducted on the Ruby Hill and Windy Mountain properties during the year, but these remain integral parts of Benz's Canadian portfolio with ongoing plans for activity.

Financials Reflect Heavy Investment in Growth

Reflecting its aggressive exploration and development strategy, Benz reported a net loss of CAD 40.4 million for the year ended April 30, 2026, a substantial increase from the prior year’s CAD 7.5 million loss. Exploration and evaluation costs surged to CAD 38.8 million, driven primarily by Glenburgh activities, while general and administrative expenses declined to CAD 2.2 million.

The company ended the period with a strong cash balance of CAD 81.2 million, bolstered by multiple private placements that raised over CAD 100 million during the year, including a CAD 71.5 million placement in February 2026. Post-year end, Benz secured further commitments for a CAD 150 million placement to accelerate its drilling campaign, expanding its rig fleet and aiming for a maiden resource in the first half of 2027.

Corporate Governance and Board Composition

Benz maintains a board comprising one executive chairman and four independent non-executive directors, with a strong mix of mining, geological, and financial expertise. The company adheres to ASX Corporate Governance Principles, with ongoing reviews of board composition and governance structures as the company scales. Key management includes CEO Mark Lynch-Staunton, who brings extensive experience from Barrick Gold, and CFO Simon Sharp, a seasoned financial professional based in Montreal.

Commitments, Contingencies, and Future Outlook

Benz continues to manage environmental and reclamation obligations, including a provision of CAD 1.58 million related to a petroleum tank farm at Eastmain, with plans to proceed with removal and environmental surveys. Tenement commitments in Western Australia total approximately AUD 6.7 million over the next five years.

With its robust capital base, expanding drilling programs, and advancing pre-development workstreams, Benz is positioning Glenburgh as a potentially world-class gold system. The company’s next milestones include converting the Exploration Target into a formal Mineral Resource and progressing metallurgical and economic studies, while Canadian exploration efforts seek to build on the updated Eastmain resource.

Given the scale and pace of activity, Benz’s trajectory will be closely watched as it seeks to translate its exploration success into tangible project development and shareholder value.