Mount Hope Mining Targets Maiden Resource After High-Grade Mt Solitary Drilling

High-Grade Drilling Transforms Mt Solitary Prospect

Mount Hope Mining (ASX:MHM) has moved decisively from initial exploration to defining a robust gold resource at its Mt Solitary prospect in New South Wales’ southern Cobar Basin. The company’s maiden drill program completed in October 2025 confirmed high-grade gold mineralisation, highlighted by a standout 19 metres at 4.5 grams per tonne (g/t) gold from 39 metres, including an 8-metre interval at 9.5 g/t and a spectacular 1 metre at 50 g/t.

Phase 2 drilling extended these zones both along strike and down-plunge, delivering intercepts such as 6 metres at 17.9 g/t gold and 15 metres at 3.9 g/t, reinforcing the prospect’s potential. Visible gold was observed in samples, underscoring the high-grade nature of the mineralisation. Complementing drilling, rock chip sampling returned assays up to 52.5 g/t gold, suggesting a broader mineralised system beyond current drill coverage.

Phase 3 Drilling Commences to Define Maiden JORC Resource

Building on this momentum, Mount Hope awarded a contract in July 2026 for a Phase 3 reverse circulation (RC) drilling program of up to 3,000 metres, which began mid-August. This campaign targets southern and western extensions of the known mineralised envelope, including geophysical targets identified by a recent CSAMT survey. The drilling is designed to provide the data required for a maiden JORC Mineral Resource Estimate, which the company aims to deliver by the end of calendar 2026.

Metallurgical Testwork Supports Conventional Processing

Metallurgical testwork conducted by ALS Metallurgy has yielded encouraging results. Cyanide leach tests showed an average gold solubility of 88% across various oxidation domains, indicating the mineralisation’s amenability to standard processing. Phase 1 metallurgical tests achieved a combined gold recovery exceeding 98% through a conventional gravity and cyanide leach circuit. The gravity concentrate upgraded to nearly 10,000 g/t gold, confirming the presence of coarse free gold and low ore hardness, which bodes well for straightforward, low-risk processing options.

These findings are particularly significant given Mt Solitary’s proximity to three operating processing plants within 200 kilometres, all reportedly with excess capacity, potentially enabling toll treatment arrangements that could reduce capital intensity.

Expanding Footprint and Environmental Readiness

During the year, Mount Hope expanded its tenement holdings in the Cobar Basin to 626 square kilometres with the grant of three additional exploration licences, including EL9906 in the northern basin. This broad landholding provides a platform for further exploration beyond Mt Solitary.

In June 2026, the company engaged R.W. Corkery & Co to commence environmental baseline studies and Environmental Impact Statement readiness work, an early but crucial step to streamline future development approvals as the project advances.

Funding and Financial Position

Mount Hope funded its activities during the year with a $1.23 million placement in November 2025. As at 30 June 2026, the company held $2.77 million in cash, supporting ongoing exploration and development efforts. Subsequent to year-end, a private placement raised an additional $1.82 million, led by Ronin Metals Holdings Pty Ltd, a fund managed by respected Western Australian gold specialists, which now holds a 12% stake and has board nomination rights. Directors have also committed to participate in the placement, subject to shareholder approval.

Financially, the company reported a net loss of $2.3 million for the year ended 30 June 2026, reflecting increased exploration expenditure as the Mt Solitary project moves from early-stage drilling to resource definition. The company maintains a working capital surplus and has commitments to continue exploration, with the ability to manage expenditure in line with available funds.

Governance and Leadership

The board, led by Non-Executive Chairman Ben Phillips and Managing Director Fergus Kiley, has overseen a year of rapid progress. Both directors, along with Non-Executive Director Todd Williams, hold substantial equity interests aligned with shareholder value creation. The company maintains sound governance practices and transparent disclosure, with remuneration policies designed to attract and retain experienced management without direct linkage to short-term financial performance.

Mount Hope Mining is now entering a pivotal phase where the results of Phase 3 drilling and the maiden resource will be closely watched by investors as indicators of the project’s commercial potential.