Cobar District Exploration Update

On 22 January 2025, we advised that significant copper had been intersected at Kairos in our Peak South Mine, and at Jubilee North and New Cobar in the Peak North Mine during underground exploration programs undertaken in H1 FY25. Drilling also intercepted significant gold and copper at Hercules in the Peak South Mine.

At Kairos, copper grades up to 6.4% were intersected, with drilling indicating the deposit continues at least 300 metres (m) down dip from existing mine development and remains open at depth.

Successful exploration drilling extended known mineralisation up- and down-dip approximately 150m north of the Jubilee deposit, which remains open to the north along strike and at depth.

Strong copper grades were intersected down-dip at New Cobar, indicating the mineral system continues at depth. And drilling results confirmed high-grade mineralisation occurs in the hangingwall of the main Perseverance (Hercules) deposit, and is easily accessible, located within 50m of the existing underground development.

Our Chief Development and Technical Officer, Andrew Graham spoke about these results.

“It is pleasing to see such positive copper and gold results from the recent exploration drilling of several deposits across our Peak Mine. Results such as these demonstrate that the Mine has a strong future and support its transition from gold-zinc-lead dominant to copper-gold dominant ores in the near-term,” Andrew said.

“The Jubilee North and New Cobar results are particularly pleasing. It is intended to access the significant Great Cobar copper deposit from the New Cobar mine, adjacent to Jubilee. Copper ore in New Cobar and Jubilee is complementary to any mining activity at Great Cobar, enhancing its value. These will also be important sources of copper ore during our planned development of Great Cobar,” Andrew concluded.

The details of these results are available in the full ASX Announcement: Cobar District Project Update.