Bindi extends Ravni gold zone as new targets emerge

Drenjak Gold Intersection Expands

Bindi Metals Limited (ASX:BIM) has strengthened the geological case for its Ravni project in Serbia, but the company will need to solve a near-term funding problem before it can properly follow up. Final assays from hole RAV26011 expanded the Drenjak intersection to 8 metres at 13.1 g/t gold from 47 metres, including 3 metres at 30.0 g/t and 2 metres at 42.3 g/t.

“Cross section of RAV26011 with geological interpretation.”

“Cross section of RAV26011 with Chargeability IP (mV/V).”

Caption and image © Bindi Metals Limited. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 28 Oct 2026.

The result builds on the earlier 2-metre intersection at 21.6 g/t gold and sits about 100 metres from surface channel sampling that returned 6 metres at 15.3 g/t. Bindi said the mineralised zone remains open and is associated with an induced polarisation chargeability anomaly above 60 mV/V, while a second high-chargeability target to the south remains untested. The company cautions that all drill intervals are downhole lengths and true widths have not yet been established.

“Major prospects at the Ravni project”

The result completes a maiden programme of 14 diamond holes totalling 2,159.4 metres across four Ravni prospects. The campaign had already established a maiden Ravni drilling programme with high-grade gold and silver results, but difficult ground conditions caused poor core recovery in some earlier holes. Bindi said the larger rig used for RAV26011 improved recovery and allowed a more effective assessment of the high-grade zone.

Silver and Nickel Add More Targets

At Rudnjak North, hole RAV26010 returned 5 metres at 71.1 g/t silver from 112.8 metres, including 1 metre at 341 g/t. All three holes at the prospect intersected more than 80 metres of vuggy silica, pyrite and breccia alteration, which Bindi interprets as the upper levels of a high-sulphidation epithermal system. The extent and continuity of the silver mineralisation have not yet been established.

“Cross section of RAV26010, 12 and 13 with silver mineralisation.”

“Soil anomalies and channel sampling results from Bucje prospect.”

Caption and image © Bindi Metals Limited. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 28 Oct 2026.

The same hole also produced a separate near-surface interval of 16.4 metres at 1.1% nickel and 0.05% cobalt from 17.6 metres in weathered ultramafic rocks. At Bucje, channel sampling returned gold-bearing intervals within an approximately 2km prospective trend along a diorite intrusive contact, including 24 metres at 0.2 g/t gold and 6 metres at 0.5 g/t. Bucje has not yet been tested by drilling.

Ravni Follow-Up Depends on Funding

“Ravni Gold Project, Serbia”

Bindi is now reviewing its geological, geochemical, geophysical and structural data before setting priorities for follow-up work. The company plans to assess extensions at Drenjak and Rudnjak North, reinterpret the fault-displaced target at Rujak and refine potential drill targets at Bucje. Any staged programme remains subject to funding, approvals and technical prioritisation.

That qualification is central to the quarterly report. Bindi ended September with A$459,000 in cash after spending A$1.004 million on exploration and evaluation, mainly on Ravni, and A$211,000 on administration and corporate costs. The cash flow statement puts estimated funding at 0.38 quarters based on the quarter's outgoings. Bindi said the September spending included the completed diamond programme, so exploration expenditure should be materially lower in the next quarter, but it is assessing funding options including a potential equity raising. No funding arrangement has been committed.

Biloela Sale Removes One Commitment

The company completed the sale of its Biloela project to Jacaranda Natural Resources on 26 October, after shareholder approval in September. Bindi received 1.25 million Jacaranda shares valued at A$250,000, subject to a 12-month escrow, and retains potential milestone consideration of up to A$650,000 in Jacaranda shares plus a 2% net smelter return royalty. The divestment follows the Biloela sale agreement and is intended to focus management and exploration expenditure on Ravni.

Bindi also said Canamera Energy Metals had secured a three-year permit and was progressing a planned 1,500-metre maiden drilling programme at Schryburt Lake in Ontario, with a proposed C$1.7 million budget contributing to its earn-in obligations. Meanwhile, the Lisa exploration licence application remains unresolved after the vendor appealed to the Serbian Administrative Court, leaving Bindi to review both the application and its contractual position.