Neometals Extends High-Grade Gold at Ironclad with Diamond Drilling Planned

Robust Gold Intersections Reinforce Ironclad Potential

Neometals Ltd (ASX:NMT) has delivered encouraging assay results from five recent reverse circulation (RC) drill holes at its 100% owned Ironclad gold project within the Barrambie Gold Project in Western Australia. Four holes that reached target depth intersected significant gold mineralisation over widths exceeding 10 metres, with standout hits including 12m at 5.99g/t Au from 116m and 11m at 5.50g/t Au from 94m. These results bolster the company’s interpretation of a higher-grade plunging corridor beneath the current Mineral Resource Estimate (MRE).

The deepest hole, 26ICRC005, was cut short at 136m due to water ingress but is slated for extension with a diamond drill tail in September, pending approvals. This follow-up will test the target zone more thoroughly and is part of a broader plan to step out an additional 50 metres down plunge towards a newly identified feeder structure.

Gravity Survey Points to Gold Fluid Pathway

A ground gravity survey completed in July 2026 has been instrumental in refining exploration targets. The survey suggests a potential gold fluid “feeder” structure associated with Ironclad, interpreted to branch off the regional Youanmi Zone crustal structure, historically known as a conduit for gold-bearing fluids. Neometals plans to drill this target in the next phase, aiming to better understand the controls on mineralisation and possibly extend the resource footprint.

Managing Director Chris Reed highlighted the quality of the recent intersections, noting that the deepest drilling has produced some of the best grade-width combinations seen to date. He emphasised the company’s excitement about testing the feeder structure and extending the mineralised corridor, which could enhance the project’s economics if the trend continues.

Ongoing Exploration at Rinaldi Copper Prospect

Alongside Ironclad, Neometals is progressing exploration at the nearby Rinaldi copper prospect. Following earlier copper assay results, the company has completed a drone magnetic survey and commenced a soil geochemistry program aimed at verifying historic anomalies. Diamond drilling is also planned for September to test the T2 DDIP target, complementing the RC drilling completed in July. These activities reflect a multi-commodity approach at Barrambie, diversifying exploration risk.

Permitting and Development Pathway in Sight

Neometals is advancing the native title agreement, targeting execution by October, which will pave the way for mining lease grant and submission of approval documents. The company expects this to enable grade control drilling to commence in the December quarter, signalling a potential transition from exploration to development. The Ironclad deposit currently hosts an Indicated and Inferred resource, with recent drilling results providing confidence in upgrading and expanding this base.

While historical exploration data underpins much of the geological understanding, Neometals cautions that these results have not been fully validated and should be treated cautiously. The company’s ongoing drilling and surveys will help confirm and refine the resource model.