High-Tech Metals builds a larger gold platform ahead of Wagtail study

Mt Fisher Resource Expands Beneath Historical Pit

High-Tech Metals Limited (ASX:HTM) has increased the Mt Fisher Mineral Resource by 47% to 51,000 ounces of gold, giving the company a larger and more detailed base from which to assess development options in Western Australia’s Northern Goldfields. The updated estimate covers 800,000 tonnes at 2.0g/t gold, compared with the previous 2022 estimate of 34,700 ounces.

“High-Tech Metals’ Mt Fisher and Mt Eureka Gold Project location, Northern Goldfields, Western Australia.”

“Mt Fisher Mine looking north-west showing historical pit, stockpiles and waste dump. WAGTAIL GOLD DEPOSIT (MT FISHER PROJECT).”

Caption and image © High-Tech Metals Ltd. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 28 Oct 2026.

The most consequential addition is a 27,000-ounce Inferred underground resource grading 3.0g/t gold beneath the optimised open-pit shell. The open-pit resource now extends across roughly 770 metres of strike and to about 160 metres below surface, while the underground mineralisation reaches about 650 metres of strike and remains open down plunge. The company’s 47% Mt Fisher resource increase had previously set the stage for this next phase of drilling and development work.

RC Drilling Confirms Continuity but Leaves Conversion Work

Final assays from the 41-hole, 6,038-metre Phase 1 reverse-circulation program supported continuity of the principal mineralised structure beneath the historic pit and beyond the earlier resource envelope. Notable results included 12 metres at 2.30g/t gold from 171 metres, including 5 metres at 4.95g/t, and 13 metres at 1.54g/t from 192 metres, including 5 metres at 3.38g/t.

“Mt Fisher long section with mineralised intersections & updated resource outline.”

“Mt Fisher target horizon extends more than 7km, with drilling focused on resource extension and infill around the historic Mt Fisher pit within Mining Lease M53/127.”

Caption and image © High-Tech Metals Ltd. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 28 Oct 2026.

Those results helped underpin the revised geological model and resource estimate, but the classification remains important: only 13,000 ounces of Mt Fisher’s total resource is Indicated, with the new underground component entirely Inferred. Phase 2 drilling in the December quarter is planned to target northern and down-plunge extensions, higher-grade shoots and conversion of resources into higher-confidence categories.

Wagtail Study Moves Towards Development Test

“Dam-Damsel Gold Trend, Mt Fisher and Wagtail Mines on interpreted geology background.”

Wagtail provides the company’s more immediate development workstream. Its updated resource stands at 105,000 tonnes at 3.8g/t gold for 13,000 ounces, with approximately 73% of contained gold classified as Indicated. The estimate separates 9,000 ounces in an open-pit resource from 3,000 ounces underground and broadly maintains contained gold against the 2022 estimate, while providing a revised model for mine planning.

The Wagtail Scoping Study progressed through mine optimisation, design and scheduling, metallurgical work, and environmental and permitting activities during the quarter. Testwork has indicated recoveries of up to 97.2% under conventional gravity and cyanide leaching. However, Wagtail has no Ore Reserve, and its potential processing route through the Wiluna Gold Plant remains subject to a non-binding memorandum of understanding. Completion of the study, rather than the resource estimate alone, will determine how far the project has advanced towards a development decision.

Cash Supports Drilling and Board Reset

“High-Tech Metals’ Mt Fisher and Mt Eureka Gold Projects, Resources and Prospects.”

High-Tech held $8.9 million in cash at 30 September, with exploration expenditure of $790,000 during the quarter and no mining production or development expenditure. The company says the balance is intended to fund Wagtail and Mt Fisher work, resource growth drilling and broader exploration across its 3.9 million-tonne, 202,000-ounce Mt Fisher-Mt Eureka resource base.

After quarter-end, Cristian Moreno became Executive Director, Patrick Burke became Non-Executive Chairman and Michael McNeilly joined the board. The changes came with a special crossing of 12.49 million shares, or about 11.9% of issued capital, but no new shares were issued. Shareholders are also due to consider a proposed name change to Beyond Discovery Limited and a possible BYD ticker at the 27 November annual meeting, alongside performance rights for incoming directors.

Mt Eureka South adds a longer-dated exploration option, with four priority targets identified from coincident geophysical and surface geochemical anomalies. The company is reviewing historical drilling before deciding which anomalies warrant follow-up RC drilling, making the next quarter a test of both execution and prioritisation rather than simply another round of target generation.