Highlights

• The sale of the Biloela project in Australia to Jacaranda Natural Resources Limited was completed on 26 October.

• At the Lisa project in Serbia, the exploration licence application has not been granted and the vendor has.

• In Canada, Bindi's 100 per cent held Schryburt Lake project is subject to an earn-in by Canamera Energy.

• Bindi said it will carry out an integrated data review, followed by design and permitting of a staged.

Bindi Metals (ASX:BIM) — said it has received all assays from 14 diamond holes, totalling 2,159.4 metres, drilled across four prospects at the Ravni gold project in Serbia. The results were disclosed in its quarterly activities report for the period ended 30 September 2026, lodged on 28 October 2026. Bindi holds 20 per cent of Ravni and is earning up to 80 per cent.

The standout result came from Drenjak, where hole RAV26011 returned 8 metres at 13.1 grams per tonne gold from 47 metres, including 3 metres at 30.0 grams per tonne and 2 metres at 42.3 grams per tonne. The company said the zone remains open and that an untested induced polarisation chargeability target, above 60 millivolts per volt, lies immediately to the south.

At Rudnjak North, hole RAV26010 intersected 5 metres at 71.1 grams per tonne silver from 112.8 metres, including 1 metre at 341 grams per tonne. A separate near-surface interval returned 16.4 metres at 1.1 per cent nickel and 0.05 per cent cobalt from 17.6 metres. Bindi interprets the alteration as the upper levels of a high-sulphidation epithermal system.

Results were less encouraging elsewhere. The main surface target at Rujak was not intersected, which the company attributed to a previously unmapped low-angle normal fault that appears to have offset the mineralised zone. New drill pads there need Forestry Department permits. At Bucje, soil anomalies define an undrilled trend of about 2 kilometres. All intersections are downhole lengths, and true widths have not been established.

Cash and funding

Cash at 30 September 2026 was A$459,000, compared with A$1.681 million at the end of the previous quarter. Net operating outflow was A$1.208 million, including A$1.004 million of exploration and evaluation spending, mostly Ravni drilling and assays, and A$211,000 of administration and corporate costs.

On those numbers the company estimated about 0.38 quarters of funding, well below the two-quarter threshold that triggers the going-concern questions in the Appendix 5B, which the report therefore answers. Bindi said it is assessing options, including a possible equity raise, and is pursuing Serbian VAT refunds that are excluded from reported cash. The report states that no funding arrangement has been committed.

Portfolio changes

The sale of the Biloela project in Australia to Jacaranda Natural Resources Limited was completed on 26 October 2026, after shareholder approval on 10 September. Consideration comprises 1,250,000 Jacaranda shares valued at A$250,000 and held in escrow for 12 months, up to A$650,000 in further shares tied to exploration and resource milestones within five years, and a 2 per cent net smelter royalty subject to buy-back provisions. The milestone payments are contingent.

At the Lisa project in Serbia, the exploration licence application has not been granted and the vendor has appealed to the Serbian Administrative Court. The conditions precedent deadline expired on 17 September 2026, and Bindi said it is reviewing its contractual position.

In Canada, Bindi's 100 per cent held Schryburt Lake project is subject to an earn-in by Canamera Energy Metals Corp. (CSE: EMET), which can earn up to 90 per cent, including 51 per cent after a C$1.5 million earn-in. Bindi retains a 10 per cent free-carried interest until a Preliminary Economic Assessment is delivered. A three-year exploration permit took effect on 10 September 2026, and about 1,500 metres of drilling budgeted at C$1.7 million was scheduled to mobilise from 16 October.

Next steps and risks

Bindi said it will carry out an integrated data review, followed by design and permitting of a staged follow-up program, subject to funding, approvals and technical prioritisation.

The company listed its main risks as limited cash with no committed funding, uncertainty over the Lisa licence, Rujak permitting, difficult ground at Drenjak, and the dependence of any drilling on funding and approvals. The results are exploration results and do not constitute a resource or reserve.