REG - Griffin Mining Ltd - Drilling/Production Report
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RNS Number : 6707S Griffin Mining Limited 12 February 2026
8(th) Floor, 54 Jermyn Street, London, SW1Y 6LX. United Kingdom
Telephone: + 44 (0)20 7629 7772 Facsimile: + 44 (0)20 7629 7773
Email: griffin@griffinmining.com (mailto:griffin@griffinmining.com)
12(th) February 2026
Gold Production, Expansion & Discovery
Griffin Mining Limited ("Griffin" or the "Company) is pleased to announce that
gold production has successfully commenced in Zone III of the Yuan Long
("YL") orebody at the Caijiaying Mine, marking the transition into sustained
gold production from gold only stopes. Initial stopes are contributing
approximately 5-10% of total daily Caijiaying Mine production, establishing
gold as a recurring feed source to the processing plant. The YL orebody
remains open to the south and at depth, with further diamond drilling and
underground development planned to expand the production footprint. Ongoing
drilling continues to materially expand the contained gold of the YL system
whilst also defining a new, high‑grade, Fu Long ("FL") feeder system, which
the Company believes could potentially provide multiple avenues for
near‑term growth and longer-term resource expansion.
Drilling within the YL orebody continues to return high‑grade gold
intercepts, at mineable widths, confirming strong continuity along strike and
down‑plunge and supporting ongoing stope development and resource growth.
Selected significant true‑width intercepts include:
· UGCJY‑6485: 6.0 m @ 31.5 g/t Au (including 0.6m @ 312g/t)
· UGCJY‑6488: 11.9 m @ 5.3 g/t Au (including 0.6m @ 92 g/t)
· UGCJY‑6202: 6.9 m @ 4.7 g/t Au (including 2.5m @ 11.8 g/t)
These results demonstrate the robust grade, thickness and continuity of the
YL gold system.
Drilling within the Fu Long orebody has confirmed the presence of a distinct,
high‑grade, feeder system which is interpreted to contribute to the broader
YL-FL mineralised corridor. Selected true‑width intercepts include:
· UGCJY 6047: 5.9 m @ 71.2 g/t Au (including 0.8m @ 479.8 g/t, 4.7m
@ 2.2 g/t, 13.0m @ 1.0 g/t)
· UGCJY 6508: 9.2 m @ 1.4 g/t Au (including 3.7 m @ 16.1 g/t, 1.0 m
@ 53.5 g/t, 11.4m @ 3.6 g/t, 0.9 m @ 34.4 g/t, 4.3m @4.3 g/t)
· UGCJY-5961: 12.2m @ 8.3 g/t Au (including 5.3m @ 16 g/t)
· UGCJY‑6045: 6.8 m @ 5.9 g/t Au (including 0.5m @ 63.6 g/t)
· UCCJY-6048: 13.9m @ 5.8g/t Au (including 2.0 m @ 30.1 g/t, 10.5 m
@ 3.7 g/t)
· UGCJY‑6063: 7.9 m @ 5.1 g/t Au
· UGCJY-6050: 15.7m @ 4.6 g/t Au (including 15.7m @ 34.6 g/t, 2.6 m
@ 23.2 g/t)
· UGCJY-6057: 29.0m @ 4.0 g/t Au (including 5.1m @ 9.2 g/t)
· UGCJY-6046: 18.4m @ 3.3g/t Au
The identification of this feeder system introduces additional high‑grade
gold growth and enhances long‑term production flexibility at the Caijiaying
Mine.
Full detail of intercepts are set out further below in this announcement.
Chairman's Statement
Chairman Mladen Ninkov commented, "The continuing success of not only
discovering more gold at the Caijiaying Mine, but also incorporating new
discoveries into the production profile, confirms the quick nature in which
newly discovered gold can be profitably extracted for the benefit of the
Company and, ultimately, the shareholders. We look forward to further news in
due course."
Further information
Griffin Mining Limited
Mladen Ninkov -
Chairman
Telephone: +44(0)20 7629 7772
Roger Goodwin - Finance Director
Panmure Liberum Limited - Nominated Adviser & Joint
Broker Telephone:
+44 (0)20 7886 2500
James Sinclair-Ford
Zak Wadud
Berenberg - Joint Broker
Telephone: +44(0)20 3207 7800
Matthew Armitt
Jennifer Lee
This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) No. 596/2014
Griffin Mining Limited's shares are quoted on the Alternative Investment
Market (AIM) of the London Stock Exchange (symbol GFM)
The Company's news releases are available on the Company's web site:
www.griffinmining.com
(https://protect.checkpoint.com/v2/r04/___http:/www.griffinmining.com/___.Y3A0YTplbi1nZm06YzpvOmJmNjNmNWViYTQ4YmYyNzNjNDQ1M2M5ZWQwNTkyMGIwOjc6YTk5OTo2MjY4MzRiZDAyZTA0OGU4N2M2MTU1NmJlZTRhODVjNzk0ZWYzMGFhZGE2MTgyOGU4Nzk3ZDc0ZjI1ZjZjNWUxOnA6VDpU)
Appendix 1: Supporting Diagrams and Tables.
Figure 1. Long section looking west on the left and cross-section looking
north on the right. All Yuan and Fu Long significant gold intercept traces
(April 2025- January 2026). Significant intercepts are coloured by the sum of
grams*metres Au values. 3D views, with semi-transparent Dec 2024 Mineral
Resource wireframes (Not all significant intercept traces are annotated with
grade information, refer to complete significant intercepts table (Appendix)
for full details, and to Figure 2 for location diagram)
Figure 2: Long section looking west. Location of Yuan and Fu Long high-grade
gold shoots and April 2025 to January 2026 significant intercepts with respect
to current mine development at Caijiaying and previous high grade gold
drilling intercepts.
2.1 Detailed significant intercepts table, April 2025 to January 2026, Yuan/Fu
Long drilling
Site_ID East (Mine) North (Mine) RL Azi (Mine) Dip DEPTH FROM Interval (m true width) Au (g/t) Au gram * metres (g*m Au) Zn_% Location & Comments
UGCJY-5956 5035.2 39541 1190.8 256.3 24.2 83.8 11.5 1.3 14.9 0.59 Resource Extension Drilling. True thickness (Entire intercept outside 2024
Resource)
UGCJY-5959 5035.1 39539.2 1190.2 258 -20 92.0 10.6 1.1 11.5 0.09 Resource Extension Drilling. True thickness (Entire intercept outside 2024
Resource)
UGCJY-5961 5035.2 39541 1190.8 257.2 -55 98.0 12.2 8.3 100.3 0.06 Resource Extension Drilling. True thickness (Entire intercept outside 2024
Resource)
incl. 106.0 5.3 16.0 85.3
UGCJY-6041 5043.7 39500.8 1192.3 283.7 31.5 64.0 22.6 0.6 12.6 0.68 Resource Extension Drilling. True thickness (Entire intercept outside 2024
Resource)
UGCJY-6042 5043.7 39500.8 1191.6 284.5 14.8 50.2 7.6 2.6 19.5 0.06 Resource Extension Drilling. True thickness (Entire intercept outside 2024
Resource)
UGCJY-6045 5044.5 39500.3 1189.7 284.4 -44 99.3 6.8 5.9 40.4 0.01 Resource Extension Drilling. True thickness (Entire intercept outside 2024
Resource)
incl. 99.3 0.5 63.6 33.2
UGCJY-6046 5044.8 39500.2 1189.8 285.3 -54 111.0 18.4 3.3 59.9 0.40 Resource Extension Drilling. True thickness (Entire intercept outside 2024
Resource)
incl. 138.0 2.3 17.4 39.4
UGCJY-6047 5043.8 39500.1 1192.6 270.3 38.1 49.0 5.9 71.2 417.5 0.02 Resource Extension Drilling. True thickness (Entire intercept outside 2024
Resource)
Incl. 49.0 0.8 479.8 401.9
and 62.0 4.7 2.2 10.1 0.02 Resource Extension Drilling. True thickness (Entire intercept outside 2024
Resource)
and 83.0 13.0 1.0 13.3 0.48 Resource Extension Drilling. True thickness (Entire intercept outside 2024
Resource)
UGCJY-6048 5043.6 39500.1 1192.2 270.2 24.1 40.0 10.4 2.3 23.7 0.19 Resource Extension Drilling. True thickness (Entire intercept outside 2024
Resource)
and 58.0 13.9 5.8 80.6 0.47 Resource Extension Drilling. True thickness (Entire intercept outside 2024
Resource)
Incl. 60.0 2.0 30.1 59.8
and 88.5 10.5 3.7 38.6 0.24 Resource Extension Drilling. True thickness (Entire intercept outside 2024
Resource)
UGCJY-6049 5043.7 39499.9 1191.3 270.4 12.2 64.7 16.1 0.9 14.5 0.17 Resource Extension Drilling. True thickness (Entire intercept outside 2024
Resource)
and 5043.7 39499.9 1191.3 92.0 7.6 3.8 29.2 0.01 Resource Extension Drilling. True thickness (Entire intercept outside 2024
Resource)
UGCJY-6050 5043.7 39499.9 1191 270.4 -0.2 57.0 11.3 1.9 21.1 0.06 Resource Extension Drilling. True thickness (Entire intercept outside 2024
Resource)
and 80.9 15.7 4.6 72.5 0.03 Resource Extension Drilling. True thickness (Entire intercept outside 2024
Resource)
incl. 93.3 2.6 23.2 59.8
UGCJY-6051 5044 39500 1190.6 84.0 26.1 1.9 48.9 0.35 Resource Extension Drilling. True thickness (Entire intercept outside 2024
Resource)
UGCJY-6052 5044.2 39500 1190.1 270.3 -25 65.0 7.7 1.7 12.9 0.01 Resource Extension Drilling. True thickness (Entire intercept outside 2024
Resource)
UGCJY-6053 5044.2 39500 1190.1 269 -46 95.4 11.0 1.9 20.6 0.02 Resource Extension Drilling. True thickness (Entire intercept outside 2024
Resource)
UGCJY-6054 5043.9 39500.1 1192.7 255.1 43.6 85.0 17.1 1.2 21.1 0.39 Resource Extension Drilling. True thickness (Entire intercept outside 2024
Resource)
UGCJY-6055 5043.7 39500 1192.1 256 25.3 50.0 18.3 2.2 40.9 0.09 Resource Extension Drilling. True thickness (Entire intercept outside 2024
Resource)
incl. 57.0 1.0 18.6 18.0
UGCJY-6056 5043.6 39499.9 1191.3 256.4 14.8 55.0 7.7 1.5 12.0 0.02 Resource Extension Drilling. True thickness (Entire intercept outside 2024
Resource)
and 83.0 18.1 3.7 67.5 0.03 Resource Extension Drilling. True thickness (Entire intercept outside 2024
Resource)
incl. 86.0 2.9 14.2 41.0
and 110.0 7.7 2.9 22.1 0.99 Resource Extension Drilling. True thickness (Entire intercept outside 2024
Resource)
UGCJY-6057 5043.6 39499.9 1191 254.8 7.1 64.0 29.0 4.0 117.4 0.02 Resource Extension Drilling. True thickness (Entire intercept outside 2024
Resource)
incl. 92.0 5.1 9.2 46.9
UGCJY-6063 5044.8 39500 1189.7 254.7 -61 152.0 7.9 5.1 40.5 0.14 Resource Extension Drilling. True thickness (Entire intercept outside 2024
Resource)
UGCJY-6192 5073.4 39459.2 1191.8 260.7 20.2 96.0 26.7 0.9 23.9 0.08 Resource Infill Drilling. True thickness (20.4 g*m Inside 2024 Resource, 3.5
g*m Outside 2024 Resource)
UGCJY-6197 5102 39418.4 1191.9 259.9 16.9 169.0 15.4 2.7 41.5 0.62 Resource Infill Drilling. True thickness (37.9 g*m Inside 2024 Resource, 3.6
g*m Outside 2024 Resource)
incl. 170.0 1.9 18.7 35.9
UGCJY-6202 5124.5 39378.7 1192.2 260.2 13.9 173.3 6.9 4.7 32.5 0.03 Resource Extension Drilling. True thickness (Entire intercept outside 2024
Resource)
incl. 178.0 2.5 11.8 30.0
UGCJY-6404 4947 39460.5 1273.3 89 -57 56.0 12.9 1.7 22.5 0.16 Resource Extension Drilling. True thickness (Entire intercept outside 2024
Resource)
UGCJY-6406 4946.1 39450.6 1275.7 90.8 34.4 5.0 10.5 2.5 25.8 0.08 Resource Infill Drilling. True thickness (14.9 g*m Inside 2024 Resource, 10.9
g*m Outside 2024 Resource)
UGCJY-6407 4946.1 39450.5 1275 89.5 9.4 3.9 14.7 2.5 36.4 0.12 Resource Infill Drilling. True thickness (6.5 g*m Inside 2024 Resource, 29.9
g*m Outside 2024 Resource)
incl. 7.0 1.7 11.6 20.2
UGCJY-6411 4944.7 39440 1276 91.1 37.4 12.0 8.6 3.2 27.4 0.14 Resource Infill Drilling. True thickness (2.1 g*m Inside 2024 Resource, 25.3
g*m Outside 2024 Resource)
incl. 22.0 1.6 13.6 22.0
UGCJY-6412 4944.7 39440 1275.4 90.6 16 17.0 8.9 2.7 23.7 0.02 Resource Infill Drilling. True thickness (Entire intercept outside 2024
Resource)
incl. 20.0 1.3 15.8 21.0
UGCJY-6413 4944.9 39439.9 1273.7 89.5 -33 3.1 18.8 1.7 31.6 0.02 Resource Infill Drilling. True thickness (7.2 g*m Inside 2024 Resource, 24.5
g*m Outside 2024 Resource)
UGCJY-6416 4943.9 39430.2 1276 89.8 30.6 0.0 15.1 1.2 17.8 0.98 Resource Infill Drilling. True thickness (0.8 g*m Inside 2024 Resource, 17 g*m
Outside 2024 Resource)
UGCJY-6417 4944 39430.2 1274.6 88.2 -11 5.2 14.0 2.4 33.1 0.07 Resource Infill Drilling. True thickness (14.2 g*m Inside 2024 Resource, 18.8
g*m Outside 2024 Resource)
UGCJY-6430 4946.6 39460.5 1273.3 89.3 -70 24.3 2.2 5.3 11.8 0.07 Resource Extension Drilling. True thickness (Entire intercept outside 2024
Resource)
UGCJY-6485 4943.7 39430.3 1276.7 16.5 6.0 31.5 188.0 0.02 Resource Infill Drilling. True thickness (10.7 g*m Inside 2024 Resource, 177.3
g*m Outside 2024 Resource)
Incl. 22.0 0.6 312.0 176.7
UGCJY-6486 4944 39430.2 1274.8 89 7.3 1.7 8.8 1.5 13.6 0.52 Resource Infill Drilling. True thickness (0.4 g*m Inside 2024 Resource, 13.1
g*m Outside 2024 Resource)
and 16.6 4.8 2.8 13.5 0.27 Resource Infill Drilling. True thickness (Entire intercept inside 2024
Resource)
incl. 16.6 0.6 15.2 9.4
UGCJY-6488 4944.4 39440 1276.6 15.0 11.9 5.3 62.8 0.17 Resource Infill Drilling. True thickness (61.2 g*m Inside 2024 Resource, 1.6
g*m Outside 2024 Resource)
incl. 15.0 0.6 92.0 57.1
UGCJY-6491 5073.5 39460.3 1192.4 255 18.7 100.1 23.2 2.2 51.0 0.01 Resource Infill Drilling. True thickness (50.5 g*m Inside 2024 Resource, 0.5
g*m Outside 2024 Resource)
incl. 111.0 2.7 12.6 33.6
UGCJY-6492 5073 39460.7 1191.7 255.3 11.5 104.0 16.4 1.4 22.6 0.03 Resource Infill Drilling. True thickness (3.4 g*m Inside 2024 Resource, 19.4
g*m Outside 2024 Resource)
UGCJY-6493 5072.8 39460.7 1191.6 256.3 4 70.7 7.2 1.5 11.0 0.01 Resource Extension Drilling. True thickness (Entire intercept outside 2024
Resource)
and 103.0 9.7 2.0 19.1 0.08 Resource Infill Drilling. True thickness (Entire Intercept on 2024 Resource
Boundary)
Incl. 110.0 1.0 17.0 16.4
UGCJY-6507 5073.1 39460.7 1191.7 269.5 14.2 86.0 7.8 1.6 12.5 0.04 Resource Extension Drilling. True thickness (Entire intercept outside 2024
Resource)
UGCJY-6508 5073 39460.8 1191.6 270 7.1 65.8 9.2 1.4 12.6 0.02 Resource Extension Drilling. True thickness (Entire intercept outside 2024
Resource)
and 87.0 3.7 16.1 60.2 0.02 Resource Extension Drilling. True thickness (Entire intercept outside 2024
Resource)
incl. 89.0 1.0 53.5 53.5
and 105.0 11.4 3.6 41.2 0.01 Resource Extension Drilling. True thickness (Entire intercept outside 2024
Resource)
incl. 110.0 0.9 34.4 30.6
and 122.3 4.3 4.3 18.3 0.26 Resource Extension Drilling. True thickness (Entire intercept outside 2024
Resource)
UGCJY-6509 5072.9 39460.6 1191.1 269.8 1.2 86.8 12.3 3.8 46.7 0.02 Resource Extension Drilling. True thickness (Entire intercept outside 2024
Resource)
UGCJY-6599 5072.9 39460.6 1190.9 269.9 -6.3 87.0 12.5 4.3 53.3 0.05 Resource Extension Drilling. True thickness (Entire intercept outside 2024
Resource)
incl. 90.4 4.2 8.4 34.8
Competent Persons' Statements and JORC Compliance Statements
Information in this announcement that relates to new underground diamond drill
results is based on and fairly represents information and supporting
documentation compiled by Mr Paul Benson (BSc). Mr Benson has over 30 years of
industry experience and is a full-time employee of Hebei Hua Ao Mining
Industry Company Limited ("Hebei Hua Ao"). Griffin Mining Limited owns a 88%
equity interest in Hebei Hua Ao which is the operating Company of the
Caijiaying Mine. Mr Benson has been Geology Manager with Griffin Mining
Limited and Hebei Hua Ao for more than 9 years and is a Member of the
Australian Institute of Mining and Metallurgy (AusIMM). Mr Benson has
sufficient experience which is relevant to the style of mineralisation and
type of deposit under consideration and to the activity being undertaken to
qualify as a Competent Person as defined in the 2012 Edition of the
Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves (2012 JORC Code). Mr Benson consents to the inclusion in this
announcement of all technical statements based on his information in the form
and context in which they appear.
JORC Code, 2012 Edition - Table 1
Section 1: Sampling Techniques and Data
Criteria JORC Code explanation Commentary
Sampling techniques Nature and quality of sampling (e.g. cut channels, random chips, or specific The sample database is made up of surface diamond (DD) and reverse circulation
specialised industry standard measurement tools appropriate to the minerals (RC) drilling, underground diamond drilling and representative continuous chip
under investigation, such as downhole gamma sondes, or handheld XRF sampling of underground development walls.
instruments, etc). These examples should not be taken as limiting the broad
meaning of sampling.
Include reference to measures taken to ensure sample representivity and the Diamond core was cut in half using a diamond saw, with the cut line determined
appropriate calibration of any measurement tools or systems used. by the core orientation line or by mineralisation angles when ori-line is
absent. RC samples were split through a riffle splitter. Underground
development drive & cross-cut wall samples were collected using a rock
hammer with best efforts made to collect representative ~1m samples
Aspects of the determination of mineralisation that are Material to the Public Diamond holes were sampled after standard logging and photography. Sampling
Report. intervals were 0.5-1.5 m with 1.0 m being the most common interval. RC
drilling was used to obtain 1 m samples from which 3 kg was pulverised to
In cases where 'industry standard' work has been done this would be relatively produce a 50 g charge for fire assay and a 20 g charge for base metal
simple (e.g. 'reverse circulation drilling was used to obtain 1 m samples assay.
from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In
other cases, more explanation may be required, such as where there is coarse
gold that has inherent sampling problems. Unusual commodities or
mineralisation types (e.g. submarine nodules) may warrant disclosure of
detailed information.
Drilling techniques Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air Drilling was completed using a face sampling hammer or NQ2/BQ size diamond
blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or core. All holes were surveyed upon completion of drilling using
standard tube, depth of diamond tails, face-sampling bit or other type, single/multi-shot electronic or mechanical survey cameras.
whether core is oriented and if so, by what method, etc.).
Drill sample recovery Method of recording and assessing core and chip sample recoveries and results Core recovery is measured for diamond core by measuring the length of core for
assessed. each core run. This is recorded in a table called GEOTECH. There is no
recovery recorded for RC holes, but these constitute only 50 holes within the
Mineral Resource and have been mainly used to provide information about the
depth of overburden. There are no RC hole data for the Yuan/Fu Long high-grade
gold domain work reported here.
Measures taken to maximise sample recovery and ensure representative nature of Diamond coring is carried out using equipment in good working order to ensure
the samples. no loss of core. Any core loss during drilling is noted on a core block placed
into the core tray and then discussed with the geologist. Core loss is
generally rare and related to fault zones away from mineralisation. RC sample
recovery was maximised by using a modern rig with sufficient air to keep the
hole dry.
Relationship between sample recovery and grade/sample bias. This analysis was not carried out because core recovery has generally been
high through the mineralised zones.
Logging Whether core and chip samples have been geologically and geotechnically logged All RC samples were geologically logged to record weathering, regolith, rock
to a level of detail to support appropriate Mineral Resource estimation, type, colour, alteration, mineralisation, structure and texture and any other
mining studies and metallurgical studies. notable features that are present. All diamond core was logged for structure
and geologically logged using the same system as that for RC.
The logging information was recorded into Microsoft (MS) Excel format on paper
and then transferred into the company's drilling database once the log was
complete. Since 2017 core logging has been directly into MS Excel sheets on
laptop computers.
Whether logging is qualitative or quantitative in nature. Core (or costean, Logging was qualitative; however, the geologists also record visual
channel, etc) photography. quantitative mineral percentage ranges for the sulphide minerals present.
Diamond core was photographed wet one core tray at a time using a standardised
photography jig.
Samples from RC holes were archived in standard 20 m plastic chip trays.
The total length and percentage of the relevant intersections logged. All holes and intersections have been logged.
Subsampling techniques and sample preparation If core, whether cut or sawn and whether quarter, half or all core taken. Core samples were taken from half core, cut using a diamond core saw. The
remainder of the core was retained in core trays tagged with a hole number and
metre mark. Since 2016 small diameter (BQ) underground holes (dominantly grade
control holes) have been whole core sampled, to remove the need for core
cutting and to increase the sample weight.
If non-core, whether riffled, tube sampled, rotary split, etc and whether RC samples were cone split to a nominal 2.5 kg to 3 kg sample weight. The
sampled wet or dry. drilling method was designed to maximise sample recovery and delivery of a
clean, representative sample into the calico bag.
Where possible all RC samples were drilled dry to maximise recovery. The use
of a booster and auxiliary compressor provide dry sample for depths below the
water table.
Sample condition was recorded (wet, dry or damp) at the time of sampling and
recorded in the database.
Samples were collected in a pre-numbered calico bag bearing a unique sample
ID. Samples were crushed to 75 µm at the laboratory and riffle split (if
required) to a maximum 3 kg sample weight. Gold analysis was determined by a
50 g fire assay with an inductively coupled plasma-optical emission
spectrometry (ICP-OES) or atomic absorption spectroscopy (AAS) finish.
For all sample types, the nature, quality and appropriateness of the sample The assay laboratories' sample preparation procedures follow industry best
preparation technique practice, with techniques and practices that are appropriate for this style of
mineralisation. Pulp duplicates were taken at the pulverising stage and
selective repeats conducted at the laboratories' discretion.
Quality control procedures adopted for all subsampling stages to maximise Cut lines are marked on diamond drill core to ensure that the core to minimise
representivity of samples. bias when cutting.
The RC drilling was carried out several years ago, and no documentation
remains on QAQC of subsampling. RC samples are not material to the Mineral
Resource estimate (MRE) or to this announcement.
Measures taken to ensure that the sampling is representative of the in-situ Hua Ao inserts approximately three standards and three blanks for every 100
material collected, including for instance results for field samples. Field duplicates were collected from the cone splitter on the rig for
duplicate/second-half sampling. RC samples at a frequency of one duplicate every 20 samples, excluding the
100(th) sample as this was a standard. Diamond core field duplicates are not
taken.
Regular reviews of the sampling are carried out by the supervising geologist
and senior field staff, to ensure all procedures were followed and best
industry practice carried out.
Whether sample sizes are appropriate to the grain size of the material being The sample sizes were appropriate for the type, style and consistency of
sampled. mineralisation encountered during this phase of exploration.
Quality of assay data and laboratory tests The nature, quality and appropriateness of the assaying and laboratory The assay method and laboratory procedures were appropriate for this style of
procedures used and whether the technique is considered partial or total. mineralisation. The fire assay technique was designed to measure total gold in
the sample.
For geophysical tools, spectrometers, handheld XRF instruments, etc, the No geophysical tools, spectrometers were used. Handheld x-ray fluorescence
parameters used in determining the analysis including instrument make and (XRF) instruments are used; however, the values were only used to support
model, reading times, calibrations factors applied and their derivation, etc. geological modelling of the lithology. The values were not used for grade
estimation.
Nature of quality control procedures adopted and whether acceptable levels of The QAQC process described above was sufficient to establish acceptable levels
accuracy (i.e. lack of bias) and precision have been established. of accuracy and precision. All results from assay standards and duplicates
were scrutinised to ensure they fell within acceptable tolerances.
Verification of sampling and assaying The verification of significant intersections by either independent or Primary data is sent in digital format to the company's Database Administrator
alternative company personnel. (DBA) as often as was practicable. The DBA imports the data into a GeoBank (MS
SQL) database, with assay results merged into the database upon receipt from
the laboratory. Once loaded, data was extracted for verification by the
geologist in charge of the project.
The use of twinned holes. Twinned holes have not been drilled at Caijiaying because the MRE is
predominantly based on diamond drillholes with demonstrated good recovery
through the ore zones. Several years of production give confidence to the
geometry and persistence of mineralisation.
Documentation of primary data, data entry procedures, data verification, data All primary data is collected on paper logs, which are filed and stored.
storage (physical and electronic) protocols. Procedures are documented for data recording and entry. Data from paper logs
is transferred to MS Excel files and then imported into GeoBank drillhole
database. A back up of the database is maintained in ERM's Perth office. Since
2017, logging has been directly into MS Excel tables on a laptop. These files
are transferred to a server. The server has a backup system.
Discuss any adjustment to assay data. No adjustments were made to any current or historical data. If data could not
be validated to a reasonable level of certainty it was not used in any
resource estimations.
Location of data points Accuracy and quality of surveys used to locate drillholes (collar and downhole Surface RC drill collars were surveyed after completion, using a differential
surveys), trenches, mine workings and other locations used in Mineral Resource global positioning system (GPS) instrument. Downhole RC surveys were completed
estimation. using a mechanical single-shot survey camera. Underground holes were surveyed
by mine surveyors using a total station theodolite. Downhole surveys were
completed using single/multi-shot electronic survey instruments or single-shot
survey camera. Downhole surveys are recorded relative to magnetic north.
Corrections are made, depending on the year of survey, for magnetic
declination, to give azimuths in terms of the Hua Ao mine grid system.
Specification of the grid system used. All coordinates and bearings use the Hua Ao mine grid system.
Quality and adequacy of topographic control. The quality of the topographic control is considered to be sufficient. The
mine is in operation and has a site-based survey department. Their work is of
good quality, supported by development breakthroughs occurring as expected;
being able to connect two drives being developed towards each other and so on.
Data spacing and distribution Data spacing for reporting of Exploration Results. The data spacing is irregular, with a clustering in the main part of the mine,
but average spacings are approximately 40 m x 40 m.
Whether the data spacing and distribution is sufficient to establish the Refer to December 2024 Mineral Resource estimation report.
degree of geological and grade continuity appropriate for the Mineral Resource
and Ore Reserve estimation procedure(s) and classifications applied. Resource extension drilling is designed to produce data density suitable for
future Mineral Resource estimation updates.
Sample compositing Sample composites have not been used.
Orientation of data in relation to geological structure Whether the orientation of sampling achieves unbiased sampling of possible Drilling was designed based on known geological models, underground mapping,
structures and the extent to which this is known, considering the deposit verified historical data, cross-sectional and 3D interpretation.
type.
Drillholes oriented at right angles to strike of deposit, with dip optimised
for drill capabilities and the dip of the orebody.
If the relationship between the drilling orientation and the orientation of This is not considered to be a material factor because of the style of
key mineralised structures is considered to have introduced a sampling bias, mineralisation and the use of underground drill fans to intersect the
this should be assessed and reported if material. mineralisation at various angles.
Sample Security The measures taken to ensure sample security. All samples were reconciled against the sample submission with any omissions
or variations reported to back to the logging geologists.
All samples were bagged in a tied numbered calico bag, grouped into green
plastic bags. The bags were placed into cages with a sample submission sheet
and delivered directly from site to the SGS and Intertek laboratories in
Beijing and Tianjin by HHA personnel.
Audits or reviews The results of any audits or reviews of sampling techniques and data. An audit of the underground mining geology systems, including sampling, was
carried out in 2018 by Aaron Meakin of CSA Global. This included work on ideal
sample spacing. In general, this audit supported current practice.
Section 2: Reporting of Exploration Results
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status Type, reference name/number, location and ownership including agreements or All exploration was conducted on tenements 100% owned by Hebei Hua Ao or its
material issues with third parties such as joint ventures, partnerships, related companies. The leases are the Hua Ao Mining Licence (Zone II and III)
overriding royalties, native title interests, historical sites, wilderness or and the Hua Ao Retention Licence (Zone V and VIII).
national park and environmental settings.
The Zone II and III Mining Licence has been granted with a term through to
28(th) August 2054. See Company Announcement "Renewal of Caijiaying Mining
Licence to 2054" dated 19th January 2026.
The security of the tenure held at the time of reporting along with any known All tenements are in good standing. The Zone III mining licence extends down
impediments to obtaining a licence to operate in the area. to 1000 mRL. There are processes in place in Chinese mining law to allow this
to be extended deeper.
Exploration done by other parties Acknowledgment and appraisal of exploration by other parties. All exploration has been undertaken by Hua Ao or the Third Geological Brigade
of Hebei who now form part of the Hua Ao Joint Venture.
Geology Deposit type, geological setting and style of mineralisation. Distal magmatic hydrothermal skarn-style mineralisation at Caijiaying is
believed to be related to a Jurassic igneous event that affected the
2.3 billion-year-old metamorphic basement rocks. Base metal and gold
mineralisation associated with Jurassic intrusives have replaced favourable
horizons in the metamorphic rocks, most notably calcsilicates and marble.
Porphyry sills and dykes intruding along faults have then cut across the
sequence.
Drillhole information A summary of all information material to the understanding of the exploration Greenfield exploration results are not being reported. All drilling related to
results including a tabulation of the following information for all Material this announcement has been completed from underground using drill cuddies on
drillholes: varying mine levels, with hole fans drilled up and down dip as well as fanning
laterally. The significant intercepts table contains 3D collar co-ordinates,
· easting and northing of the drillhole collar drill hole azimuth and dip for 2025-26 drilling reported here for the
Yuan/Fu-Long high-grade gold domain.
· elevation or RL (Reduced Level - elevation above sea level in metres)
of the drillhole collar
· dip and azimuth of the hole
· downhole length and interception depth
· hole length.
If the exclusion of this information is justified on the basis that the NOTE: This announcement relates to 2025-2026 drilling results into a single
information is not Material and this exclusion does not detract from the high-grade gold domain (Yuan Long and Fu Long Lode) within the Caijiaying
understanding of the report, the Competent Person should clearly explain why Zn-Pb-Ag-Au mine.
this is the case.
Yuan Long and Fu Long are two of at least five interpreted high grade gold
domains at Caijiaying and are the only gold zones that currently has
significant new drilling beneath the existing Mineral Resource. Following the
recent dramatic increase in gold price and thus the potential in-ground value
of high-grade gold domains at Caijiaying, additional resource extension
drilling has been designed to better define these structurally controlled
gold-rich shoots with the aim to increase gold-rich mining inventory. This
announcement aims to demonstrate the nature and continuity of one of the
high-grade gold domains at Caijiaying for which there is material new drilling
data.
Caijiaying is an operating Zn-Pb-Ag-Au mine Exploration results are not
routinely reported by the Company unless they reflect a potentially materially
different mineralisation style or grade profile. It is not possible to present
all historic exploration and resource extension drilling data here. Please
refer to the December 2024 MRe for more detailed consolidated information on
Mineral Resources and geological context.
Data aggregation methods In reporting Exploration Results, weighting averaging techniques, maximum Significant intercepts reported here are calculated using a 0.2 g/t Au lower
and/or minimum grade truncations (e.g. cutting of high grades) and cut-off cutoff and a maximum 3m consecutive internal waste. No upper cutoff grade has
grades are usually Material and should be stated. been applied.
Where aggregate intercepts incorporate short lengths of high-grade results and Shorter high-grade intervals within significant intercepts are reported as
longer lengths of low-grade results, the procedure used for such aggregation "incl." Au values and intervals in the significant intercept table.
should be stated and some typical examples of such aggregations should be
shown in detail. Significant intercepts are presented as (length) weighted average grades and
as grams * metres values for the intercept. (for example a 2 metre significant
intercept containing 1m @ 10 g/t Au and 1m @ 20 g/t Au would be reported as a
30g*m Au intercept comprising 2m @ 15 g/t Au, incl. 1m @ 20 g/t Au)
The assumptions used for any reporting of metal equivalent values should be Metal equivalent values are not reported here.
clearly stated.
Relationship between mineralisation widths and intercept lengths These relationships are particularly important in the reporting of Exploration
Results.
If the geometry of the mineralisation with respect to the drillhole angle is Most holes were drilled approximately orthogonal to mineralisation (+/- 10
known, its nature should be reported. degrees); where reported drill holes are not approximately orthogonal to
mineralisation an estimated true width is provided based on 3D interpretation
of the drill intercept.
If it is not known and only the downhole lengths are reported, there should be
a clear statement to this effect (e.g. 'downhole length, true width not
known').
Diagrams Appropriate maps and sections (with scales) and tabulations of intercepts All drilling reported here has been completed from underground drill cuddy
should be included for any significant discovery being reported These should locations with drill holes fanning up and down as well as laterally. As such,
include, but not be limited to a plan view of drillhole collar locations and it is difficult to provide serial cross sections, drill hole collar plans etc.
appropriate sectional views. 3D long sections and selected horizontal level plan slice views are provided
(to the extent possible given the geometry and density of the drilling) in
Appendix 2 to demonstrate the mineralisation trends and continuity.
Balanced reporting Where comprehensive reporting of all Exploration Results is not practicable, Significant intercepts have been reported for all 2025-26 drill holes into the
representative reporting of both low and high grades and/or widths should be Yuan Long and Fu Long gold domains below the limit of underground development
practiced to avoid misleading reporting of Exploration Results. and mining in this zone. No results have been reported outside this domain,
and any 2025 drilling into the upper part of Yuan Long (above the 1320m RL)
that has since been mined has been excluded.
Other substantive exploration data Other exploration data, if meaningful and material, should be reported This data has been covered in detail in the Dec 2024 Mineral Resource
including (but not limited to): geological observations; geophysical survey estimation report.
results; geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical Refer to Company Announcement "Exceptional Gold Mineralisation At The
and rock characteristics; potential deleterious or contaminating substances. Caijiaying Mine" dated 15(th) April 2025.
Further work The nature and scale of planned further work (e.g. tests for lateral Underground drilling is ongoing across the mine site with eight underground
extensions or depth extensions or large-scale step-out drilling). drill rigs delivering a mixture of grade control, resource extension and
infill drilling, as well as some deeper and more distal conceptual exploration
targeting.
Diagrams clearly highlighting the areas of possible extensions, including the Areas interpreted to be prospective for down plunge extensions of the
main geological interpretations and future drilling areas, provided this high-grade gold domains are highlighted in figures. Discussion of ongoing
information is not commercially sensitive. routine Zn-Pb-Ag-Au resource extension drilling is beyond the scope of this
announcement.
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