REG - ECR Minerals PLC - Operations Update

ECR MineralsAnnouncement

27/04/2026 07:00

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RNS Number : 9229B  ECR Minerals PLC  27 April 2026

27 April 2026

 

ECR MINERALS plc

 

("ECR Minerals", "ECR" or the "Company")

 

Operations Update

 

Update on proposed Paleogold Transactions to establish multi-project gold portfolio, advancing towards production and nearer-term newsflow

 

ECR Minerals plc (LON: ECR), the exploration and development company focused
on gold in Australia, is pleased to provide the following update on its
projects. This update includes the proposed Paleogold Transactions, which form
part of ECR's proposed Acquisition of Paleogold Limited.  As announced on 20
April 2026, the Board believes that the Paleogold Transactions will advance
ECR from an Australian-focused explorer and alluvial gold producer to a
diversified gold company with nearer-term hard rock production, district-scale
exploration upside and a seasoned operating team.

 

Defined terms used in this announcement shall, unless otherwise defined, have
the same meanings as set out in the Company's announcement of 20 April 2026.

 

Highlights

·      Underground development advancing at Maddens with production
targeted in the nearer term alongside near-mine exploration programme

·      Strong operational momentum expected across a 10-project (post
Completion of Paleogold Transactions), multi-state Australian gold portfolio

·      Raglan ramping up to increased-scale mining following successful
optimisation work

·      Nearer-term gold production updates expected from Raglan and
Maddens (pending Completion)

·      Blue Mountain mining lease application progressing well with
clear pathway to production

·      Exploration and development activity ongoing across Lolworth,
Creswick, Bailieston and Tambo

·      Positioned to benefit from strong gold prices in a Tier-1 mining
jurisdiction

 

Update on Acquisition process

ECR is pleased to announce that Paleogold has reported that it has now secured
over 94% acceptances in respect of the Acquisition of Paleogold, with
acceptances from the remaining shareholders expected shortly.  Further
updates in relation to the process for the completion of the Acquisition and
other Paleogold Transactions (together "Completion") will be provided in due
course.  As part of Completion, ECR, via Paleogold, will exercise Paleogold's
Option to acquire 50% of Lucky Strike, the owner of the Maddens Flat Group of
Mines.

 

Following Completion, the Directors consider that ECR will rapidly evolve into
a multi-asset gold company with 10 projects across four Australian states,
combining nearer-term production opportunities with significant exploration
upside.

 

These projects, including projects joining ECR's portfolio upon Completion,
are as summarised below.

 

Queensland

 

Maddens (subject to Completion)

The Maddens Flat Group of Mines comprises six historical mining sites located
within a 50km² exploration tenement in Northern Queensland. The Maddens
project is being advanced alongside an experienced operating team inherited
through the Paleogold Acquisition, providing strong technical capability on
the ground.  To date there has been no systematic exploration programme
across the Maddens Flat Group of Mines tenement, and as such, the Board
considers that there is future upside potential across the district.

 

As part of the exercise of the Option that forms part of the Paleogold
Transactions, ECR will commit to spend A$1 million to the development of the
Maddens Underground Mine. This capital is being used to extend the existing
decline by approximately 120 metres to access the next level of the mine,
including securing staff and equipment.

 

Based on historical production grades and technical assessments, the Board
believes this next level has the potential to generate approximately 2,500
ounces of gold.

 

Development work is currently underway and progressing well, with production
targeted in the nearer term and post-Completion updates are expected as
operations advance.  Mike Parker, non-executive director of ECR, will visit
Maddens in May 2026.

 

Maddens represents ECR's first hard rock mining interest and is considered by
the Board to have the potential to deliver a meaningful post-Completion
financial contribution during 2026.

 

ECR will hold a 50% interest in the Maddens Flat Group of Mines following
Completion.

 

Raglan

The Raglan Project is a fully permitted, turnkey alluvial gold operation
acquired in December 2025, located nearby to ECR's larger Blue Mountain
project.

 

ECR's team has been active on site since January 2026, focusing on site
preparation, equipment servicing and operational readiness. Trial pit mining
and processing programmes have been successfully completed which has provided
initial production and has enabled optimisation of the wash plant and
refinement of mining targets across the historic river channel.  As is
typical for alluvial operations, a reliable view of the recovered grades
across the project will develop as sustained production progresses, and the
Company will update the market accordingly.

 

This readiness work was completed through the Central Queensland wet season, a
period during which many alluvial operations in the region typically scale
back or suspend activity. With the wet season now largely over, the operating
team is remobilising to site after a break over Easter to commence the ramp-up
to increased-scale mining, with throughput expected to build progressively
through Q2 2026.

 

Updates on gold production from Raglan are expected over the coming months.

 

The Board continues to view Raglan as a key production asset, with the
potential to generate sufficient cashflow to support both corporate overheads
and the development of Blue Mountain.

 

Blue Mountain

Blue Mountain represents a significantly larger alluvial gold opportunity
within ECR's Queensland portfolio.

 

Following successful drilling, wash plant trials and operational work
completed in 2024 and 2025, the Company is now progressing towards securing a
mining lease over the target areas. Preparations are well advanced and
discussions with the relevant mining authority are ongoing.

 

The Board remains confident that the mining lease application can be concluded
this year, positioning Blue Mountain as a significant follow-on production
asset alongside Raglan.

 

The project benefits from strong operational synergies with Raglan, including
the ability to deploy shared equipment, personnel and infrastructure across
both sites.  Initially ECR expects to deploy a mobile 10 tonne per hour
washplant, acquired as part of the Raglan acquisition, at Blue Mountain
(following the award of a mining lease) to perform initial analysis of test
pits in a similar way to how operations at Raglan began.

 

Lolworth

ECR's Lolworth Project continues to demonstrate strong exploration potential
following encouraging maiden drilling results announced in December 2025,
which confirmed a gold-silver system.

 

The Company has now submitted soil samples from recent fieldwork for
laboratory analysis, with results expected to inform the next phase of
exploration activity.

 

Further work programmes, including geophysical surveys and follow-up drilling,
are planned to advance understanding of the system and define future targets.

 

Kondaparinga

The Company's licence application at Kondaparinga is progressing following
adjustments to the application area to address native title considerations.

 

The Board anticipates that these changes may facilitate a positive outcome and
will update the market as appropriate.

 

South Australia

 

Salt Bush (subject to Completion)

Salt Bush is a shallow open cut development opportunity which the Board
believes has the potential to deliver over 10,000 ounces of gold from
relatively near-surface mineralisation.

 

The project benefits from an estimated break-even gold price significantly
below current market prices, highlighting its potential economic
attractiveness.

 

ECR will commit A$200,000 over six months to advance the project towards
production readiness, including permitting, infrastructure planning and
process design.

 

Work is expected to commence shortly following Completion, with production
targeted for around mid-2027.

 

ECR will hold a 20% interest in Salt Bush following Completion.

 

Victoria

 

Creswick

Progress continues regarding discussions on the previously announced proposed
joint venture with Bold Gold over the Creswick Project.

 

Activity has increased in recent weeks, with ongoing engagement between the
parties and the appointment of legal advisers by Bold Gold.

 

Further updates will be provided as discussions progress.

 

Bailieston

Previous drilling at Bailieston confirmed gold and antimony mineralisation,
with recent internal analysis identifying the Hard Up Reef as a priority
target.

 

The Company's geological team is currently preparing an exploration plan for
further work in this area.

 

Tambo

ECR was awarded the Tambo South exploration licence in March 2026, extending
its landholding to cover a contiguous 47km strike.

 

Initial exploration will include stream sampling, rock chip sampling and LIDAR
(Light Detection and Ranging) surveys to assess the area's mineral potential.

 

Western Australia

 

Tuckanarra (Subject to Completion)

Paleogold owns an 80% interest in the Tuckanarra Project, which is located
adjacent to Odyssey Gold Ltd's 407,000 oz gold resource, and is considered
prospective for gold mineralisation.

 

Exploration programmes are being designed to test extensions of known
mineralised systems into the Tuckanarra Project Licence area that will be
joining ECR's portfolio.

 

ECR will hold an 80% interest in Tuckanarra following Completion.

 

ECR Chairman Nick Tulloch commented: "2026 has already started strongly for
ECR, and we believe the remainder of the year will be even more exciting as
the Completion of the Paleogold Transactions brings multiple projects closer
to production.

 

With the addition of the Paleogold Projects, we will have a substantial and
diversified gold portfolio across Australia, combining nearer-term production
opportunities with significant longer-term upside. Importantly, this is all
taking place in a Tier-1 mining jurisdiction at a time of strong gold prices,
which provides a highly supportive backdrop for our strategy.

 

"Our immediate focus is clear: advancing Maddens, Raglan and Blue Mountain. At
Maddens, underground development is progressing well, with the potential to
deliver meaningful production this year alongside near-mine exploration
upside.  At Raglan, the team has used the Central Queensland wet season
productively and we are transitioning into increased-scale mining following
optimisation work. We look forward to providing updates on gold production
from Raglan in due course.

 

"What is particularly exciting is the depth of our pipeline. Beyond our
initial and nearer-term production projects, we have Salt Bush as a more
medium-term production asset and a range of exploration projects which should
continue to build value across the portfolio.

 

"We also now benefit from a high-quality operating team at Maddens, along with
the team from Paleogold who are to join ECR as part of the Completion of the
Paleogold Transactions and bring significant experience in developing and
operating gold mines.

 

"ECR will be entering a new phase - one defined by execution, production and
growth - and we look forward to updating shareholders regularly as we deliver
on that strategy."

 

Review of Announcement by Qualified Person

This announcement has been reviewed by Michael Parker, Non-Executive Director
of ECR Minerals Plc. Michael Parker has a BSc. In Mining Geology and is a
professional geologist and is a Fellow of the Australasian Institute of Mining
and Metallurgy (FAusIMM). He is a qualified person as that term is defined by
the AIM Note for Mining, Oil and Gas Companies.

 

FOR FURTHER INFORMATION, PLEASE CONTACT:

 

 

 ECR Minerals Plc                                                                                                                                                                                                                                                     Tel: +44 (0) 20 8080 8176
 Nick Tulloch, Chairman                                                                                                                                                                                                                                               info@ecrminerals.com (mailto:info@ecrminerals.com)

 Andrew Scott, Director

 Website: www.ecrminerals.com
 (http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.ecrminerals.com%2F&esheet=51817334&newsitemid=20180605005810&lan=en-US&anchor=www.ecrminerals.com&index=1&md5=820ad49dc1fc2c84a0538453c017bc1b)

 Allenby Capital Limited                                                                                                                                                                                                                                              Tel: +44 (0) 3328 5656
 Nominated Adviser and Joint Broker                                                                                                                                                                                                                                   info@allenbycapital.com (mailto:info@allenbycapital.com)

 Alex Brearley / Nick Naylor / Vivek Bhardwaj (Corporate Finance)

 Kelly Gardiner (Sales and Corporate Broking)

 OAK Securities                                                                                                                                                                                                                                                       Tel: +44 (0) 3328 5656

 Joint Broker

 Jerry Keen / Robert Bell

 Axis Capital Markets Limited                                                                                                                                                                                                                                         Tel: +44 (0) 203 026 0320
 Joint Broker
 Lewis Jones

 SI Capital Ltd                                                                                                                                                                                                                                                       Tel: +44 (0) 1483 413500
 Joint Broker
 Nick Emerson

 Brand Communications                                                                                                                                                                                                                                  Tel: +44 (0) 7976 431608
 Public & Investor Relations
 Alan Green

 

ABOUT ECR MINERALS PLC

 

ECR Minerals is a mineral exploration and development company operating
through three wholly owned Australian subsidiaries ECR Minerals (Australia)
Pty Ltd ("ECR Australia"), ECR Minerals (Queensland) Pty Ltd ("ECR
Queensland") and ECR Minerals (Raglan) Pty Ltd ("ECR Raglan").

 

ECR Australia owns the Bailieston and Creswick gold projects in central
Victoria, Australia as well as the Tambo gold project in eastern Victoria.

 

Raglan Resources has a mining lease at the Raglan alluvial gold project in
central Queensland, Australia and ECR Queensland has two approved exploration
permits over the nearby Blue Mountain alluvial gold project.  ECR is
currently working to bring both projects into production.  ECR Queensland
also has three approved exploration permits covering 946 km(2) over a
relatively unexplored area in Lolworth Range in northern Queensland.
Furthermore, it has also submitted a licence application at Kondaparinga which
is approximately 120km(2) in area and located within the Hodgkinson Gold
Province, 80km NW of Mareeba, North Queensland.

 

Following the sale of the Avoca, Moormbool and Timor gold projects in
Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the
subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd
(TSX-V: LVX), ECR Australia has the right to receive up to A$2 million in
payments subject to future resource estimation or production from these
projects.

 

ECR Australia also has approximately A$77 million of unutilised tax losses
incurred during previous operations.

 

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