We've received high-grade gold assays from our completed drilling programme at Pipeline Ridge, 28km south of our Mt Boppy gold mine in the Cobar Basin. The standout intersection was 32 metres at 7.98 g/t gold from just 34 metres depth, with other strong hits including 8 metres at 12.96 g/t gold and 5 metres at 8.59 g/t gold, all close to surface.

These results come from a 56-hole, 3,133 metre RC drilling programme, and they've confirmed mineralisation in both the northern and southern target zones at Pipeline Ridge. Just as importantly, the gold system appears open in every direction, at depth, along strike and across section, which gives us confidence there's more to find.

We're now moving to build a maiden Mineral Resource Estimate for Pipeline Ridge, targeted for release in 2026, subject to further modelling, validation and Competent Person review. A second phase of drilling is planned for October 2026 to test those open extensions.

Pipeline Ridge is being evaluated as a potential satellite gold source for our Wonawinta processing plant, 120km away, where gold processing has already restarted using Mt Boppy ore. If it proves up, it would add another feed source to the multi-source production platform we're building across the Cobar Basin.

It's worth being clear that these are exploration results only. There's no certainty that further work will lead to a Mineral Resource or a mining operation, and any resource estimate is still to come.

If you have questions about this announcement, we welcome you to send them through.