Highlights

  • 49 Metals added eight patented Mining claims to the Gold Mountain Project in Nevada.
  • The claims were secured at nil additional consideration under the existing earn-in agreement.
  • Historical exploration on the newly added claims includes drilling and high-grade rock chip samples.
  • The additional land package expands the Company’s exposure to prospective gold-silver mineralisation.
  • The claims include areas near the Adit zone where recent drilling intersected 33.5m at 1.1g/t gold.

49 Metals Ltd (ASX:49M) has announced the addition of eight patented mining claims to its Gold Mountain Project in Nevada, expanding the Company’s landholding across prospective gold and silver mineralisation zones. The new claims are set to be incorporated into the existing earn-in agreement with Americas Gold Exploration Inc. and were secured at nil additional consideration. According to the Company, the additional patented claims are expected to improve access, operational flexibility and long-term development optionality at the project, subject to relevant approvals and regulatory requirements.

Shares of 49 Metals traded lower during the session on 20 May 2026, declining 11.11% to AUD 0.12. Over the past year, the stock remains down 29.41%. Despite the decline in the share price during the session, the latest announcement outlines an expansion of the Company’s strategic footprint at Gold Mountain and adds further exploration targets within the broader Nevada project area.

The newly acquired claims extend the Gold Mountain Project towards the west while also filling strategically positioned ground surrounding the main project area. The Company stated that this improves continuity across the tenure package and consolidates control over both surface and mineral rights in important sections of the project.

Importantly, the additional claims also provide 49 Metals with greater scope to test extensions of known gold-silver mineralisation in a more integrated manner. Historical exploration work completed within these claims includes Reverse Circulation Drilling, shallow rotary air blast drilling and multiple rock chip sampling programs that previously returned elevated gold and silver results.

The latest land addition appears to strengthen the geological footprint of the Gold Mountain Project, particularly in areas associated with the prospective Oddie Rhyolite host sequence and interpreted fault structures that are considered important controls on mineralisation throughout the broader district.

Historical Exploration Results Draw Attention

49 Metals noted that the additional claims contain records from nine historical reverse circulation drill holes along with two shallow RAB drill holes. While assay data from the RAB holes is currently unavailable, the Company highlighted that several historical rock chip samples from the area returned elevated gold and silver grades that may Warrant further follow-up work.

According to the announcement, historical sampling across the new patented claims included 15 rock chip samples grading above 10 grams per tonne gold and 37 samples returning greater than 2 grams per tonne gold. The highest silver result from rock chip sampling reached 1,005 grams per tonne silver.

The Company also included a cautionary statement noting that rock chip samples are selective surface samples and may not necessarily represent the average grade or continuity of mineralisation across the broader project area. It further stated that no assumptions regarding width or continuity should be inferred solely from individual rock chip results.

Nevertheless, the historical exploration database appears to provide multiple targets for additional assessment as the Company advances exploration activities at Gold Mountain.

Proximity to Recent Drilling Results

Two of the newly added patented claims, Bally Hoo Bey and El Rio Rey, are located near the Adit zone, where 49 Metals recently reported drilling results from hole DRC#8.

Earlier this month, the Company announced that hole DRC#8 intersected 33.5 metres grading 1.1 grams per tonne gold from 182.9 metres, including a higher-grade interval of 1.5 metres at 4.8 grams per tonne gold from 193.5 metres.

The Company described the Adit zone as a significant target area within the broader Gold Mountain Project and confirmed that further holes have already been drilled, with assay results currently pending.

The proximity of the newly secured claims to this area could potentially support broader targeting opportunities around known mineralised structures and historical workings.

Strategic Importance of the Patented Claims

According to 49 Metals, the patented status of the newly acquired claims is expected to provide several operational advantages compared with standard unpatented claims.

The Company stated that patented claims may enhance project access and provide additional operational flexibility, while also contributing to future development optionality across the project area, subject to applicable federal, state, county and environmental requirements.

The claims also cover parts of historical underground workings associated with the Divide underground mine area, which historically included a shaft extending to approximately 420 metres depth.

49 Metals believes these areas, combined with interpreted fault systems and the prospective Oddie Rhyolite geological unit, may represent important controls on gold mineralisation across the project.

By consolidating ownership across strategically positioned areas, the Company appears to be positioning itself to explore the broader mineralised system more efficiently as exploration progresses.

Nevada Remains Central to Company Strategy

49 Metals is focused on gold and silver exploration in Nevada, United States, with its projects located within the Walker Lane Trend — a region recognised for hosting multiple precious metals deposits and mining operations.

Nevada remains one of the major gold-producing jurisdictions globally and accounts for a substantial proportion of total United States gold production. In its announcement, the Company noted that the state consistently ranks among the leading mining Investment destinations in the Fraser Institute survey.

The Company currently holds three gold-focused projects within the Walker Lane Trend and continues to pursue exploration activities aimed at expanding its understanding of mineralisation across its land package.

The latest claim additions at Gold Mountain form part of that broader exploration strategy, particularly as the Company seeks to advance prospective gold-silver targets within its Nevada portfolio.

Existing Earn-In Agreement Expanded

The additional claims will become part of the existing earn-in agreement with Americas Gold Exploration Inc., the underlying project owner.

Importantly, the Company stated that the claims were secured at nil additional consideration, allowing 49 Metals to expand its project footprint without an additional Acquisition payment tied specifically to these claims.

This aspect of the transaction may provide a Capital-efficient method of increasing exposure to prospective exploration ground while continuing exploration programs already underway at Gold Mountain.

Exploration Momentum Continues

49 Metals indicated that it remains funded to continue exploration activities following its IPO and expects ongoing work across its precious metals portfolio.

The Company stated that active exploration programs are underway and suggested that the expanded landholding could contribute to a continued flow of exploration updates as drilling and target assessment activities progress.

With assay results still pending from additional drilling completed near the Adit zone, investors are likely to continue monitoring future announcements for further indications regarding the scale and continuity of mineralisation across the project.

What This Means for Investors

The latest update from 49 Metals outlines an expansion of its Gold Mountain Project through the addition of eight patented mining claims in Nevada. The claims increase the Company’s exposure to prospective gold and silver mineralisation while also improving land continuity across important sections of the project area.

Historical drilling records, elevated rock chip assays and proximity to recently reported drilling intersections add exploration interest to the newly secured claims. The inclusion of these areas under the existing earn-in agreement at nil additional consideration also allows the Company to expand its footprint without a separate acquisition cost tied to the claims.

While exploration remains ongoing and further drilling results are pending, the latest announcement reflects continued project advancement at Gold Mountain as 49 Metals progresses exploration activities across its Nevada portfolio.