Highlights

• Everest Metals Corporation Ltd , a Western Australian explorer focused on gold, silver, base metals and critical minerals.

• Everest plans to toll-process stockpiled material, and the report says a start was planned for late September but.

• On 4 September 2026 the company appointed Hall Chadwick as exclusive strategic adviser to assess partnerships, offtake or.

• On approvals, a mining development and closure proposal was submitted in March 2026, with an outcome expected in.

Everest Metals (ASX:EMC) — reported cash of about A$4.09m at 30 September 2026 and a Mt Dimer resource of about 43,000 ounces, now partly in the higher-confidence categories.

Everest Metals Corporation Ltd , a Western Australian explorer focused on gold, silver, base metals and critical minerals, set out progress across three projects in its September 2026 quarterly activities report. The main developments were a Mineral Resource update at Mt Dimer, the appointment of a strategic adviser for Mt Edon, and a mining lease grant at Revere. The company reported cash of about A$4.09m at quarter end.

Mt Dimer gold

Everest holds 100 per cent of the Mt Dimer Taipan gold project. Under a Right to Mine Agreement that it describes as non-dilutive, the run-of-mine stockpile has grown to more than 142,000 tonnes from 92,788 tonnes at 30 June. A new resource, effective 7 October 2026, totals 975,000 tonnes at 1.37 grams per tonne gold for about 43,000 ounces, using a 0.5 gram per tonne cut-off. About 32 per cent of the contained gold is in the Measured and Indicated categories, whereas the previous 2021 estimate was entirely Inferred.

Everest plans to toll-process stockpiled material, and the report says a start was planned for late September but that commencement was not announced in the quarter. The report names two different processing counterparties, Edna May and Medallion Metals, so the arrangement should be confirmed with the company. A 2,000 metre, 16-hole reverse circulation programme on tenement E77/2383 is co-funded by the Western Australian government's exploration incentive scheme for up to A$145,000. Drilling below the current pit is planned from the December 2026 quarter.

Mt Edon rubidium and lithium

Everest owns 51 per cent of the Mt Edon critical minerals project. Its resource is 4.3 million tonnes at 0.23 per cent rubidium oxide and 0.10 per cent lithium oxide, containing about 9,800 tonnes of rubidium oxide and 4,400 tonnes of lithium oxide, with about 63 per cent classified as Indicated.

On 4 September 2026 the company appointed Hall Chadwick as exclusive strategic adviser to assess partnerships, offtake or prepayment arrangements, joint ventures and other transactions, initially in the United States and allied markets. There is no assurance the review will lead to a deal. An independent two-phase validation of the rubidium thesis is under way. The company reported batch rubidium extraction of up to 90 per cent, while continuous rotary-kiln trials achieved 50 to 60 per cent and are being optimised.

On approvals, a mining development and closure proposal was submitted in March 2026, with an outcome expected in early calendar 2027. A groundwater licence of up to 15 megalitres a year and a native vegetation clearing permit were granted in the quarter.

Revere gold

At Revere, where Everest holds 51 per cent and expects to move to 56 per cent on completion of a joint venture and royalty rationalisation, the resource from May 2026 is 15.0 million tonnes at 0.54 grams per tonne for about 260,780 ounces. Mining lease M51/905 was granted to 2047 following a native title and mining agreement with the Yugunga-Nya People #2.

Everest appointed Como Engineers to a scoping study targeted for March 2027, and it retains the right to earn up to 100 per cent by completing a feasibility study. A 7,877 metre aircore programme of 125 holes is complete, with assays expected in early December 2026. The report is inconsistent on when the mining proposal will be submitted and on whether the increase to 56 per cent is completed.

Risks and next steps

Key milestones are the first toll-processing campaign at Mt Dimer, the Hall Chadwick review and rubidium validation at Mt Edon, Revere assays in early December, and the scoping study. Related-party payments included about A$105,000 of director fees and about A$30,000 for equipment hire, labour hire and rent paid to a director-related party. The company flagged risks around commodity prices, native title, approvals and funding.