Key Highlights

• Updated Ironclad MRE estimates 250,000 tonnes at 3.9 g/t for approximately 31,000 ounces of gold, more than doubling previous total ounces and grade

• The resource includes 100,000 tonnes Indicated at 2.5 g/t (8,000 oz) and 150,000 tonnes Inferred at 4.8 g/t (23,000 oz)

• A Mining Services Joint Venture with BML Ventures provides a capital-efficient development pathway

• Final approval documents expected to be lodged in December 2026 following a native title authorisation meeting in November

Neometals Ltd (ASX:NMT) announced on 5 November 2026 an updated Mineral Resource Estimate for the Ironclad deposit at its 100%-owned Barrambie Gold and Copper Project in Western Australia. The revised estimate more than doubles the total gold ounces and grade compared to the previous MRE reported in March 2026, reflecting both additional drilling data and a revised geological interpretation approach.

Updated Resource Estimate

The updated Ironclad MRE, reported in accordance with the JORC Code (2012 Edition), estimates a total of 250,000 tonnes at 3.9 g/t gold for approximately 31,000 ounces. This comprises 100,000 tonnes in the Indicated category at 2.5 g/t gold (8,000 ounces) and 150,000 tonnes in the Inferred category at 4.8 g/t gold (23,000 ounces). Resources are reported above a 0.5 g/t gold block cut-off and constrained within a pit optimised at a A$6,500 per ounce gold price. The increase in grade from the March 2026 MRE reflects a fundamental change in the geological modelling approach. The previous estimate used a probabilistic Categorical Indicator Kriging (CIK) method within broad wireframes, which generally resulted in higher tonnes at a lower grade. The November 2026 estimate applied discretely interpreted mineralised lodes estimated with ordinary kriging, producing lower tonnes at a notably higher grade.

Development Pathway Through Mining Services JV

Neometals has outlined a capital-efficient development pathway for Ironclad through its existing Mining Services Joint Venture Agreement with mining contractor BML Ventures Pty Ltd. This arrangement allows the company to advance the deposit toward production without bearing the full Capital cost of developing mining infrastructure independently. Final approval documents for the project are expected to be lodged in December 2026, following a native title agreement authorisation meeting scheduled for November 2026. The native title process represents one of the remaining permitting milestones before mining activities can commence.

The Barrambie Project

The Ironclad deposit sits within the broader Barrambie Gold and Copper Project, which is 100% owned by Neometals. The Barrambie Project is located in Western Australia and hosts gold and copper mineralisation across multiple deposits. The company has been progressing exploration and resource definition work across the project area, with Ironclad representing the most advanced gold target. The company completed drilling programs during 2025 and 2026, the data from which has been incorporated into the updated MRE alongside historic drilling information.

About Neometals

Neometals Ltd is an ASX-listed company dual-listed on the OTCQX market under the symbol NMTAY. The company holds a diversified portfolio of projects and investments spanning gold, copper, lithium and vanadium. Neometals pursues a Business model focused on developing projects through partnerships and joint ventures that reduce capital intensity and operational risk. The Barrambie Gold and Copper Project is one of several Assets in the company's portfolio.

Sector Context

Gold exploration and development activity in Western Australia remains elevated, supported by elevated gold prices and continued interest in near-term production opportunities. Deposits with capital-efficient development pathways, such as those that can Leverage existing processing infrastructure or mining services agreements, are attracting attention for their lower barriers to production. The JORC-compliant resource at Ironclad, while modest in scale, benefits from its relatively high grade and the planned mining services arrangement.

Risks to Consider

The Ironclad resource, while upgraded, remains relatively small at 31,000 ounces. The Inferred component (23,000 ounces) represents the majority of the resource and carries a lower level of geological confidence. Native title approvals and permitting processes introduce timing and regulatory risk. The change in geological modelling methodology between the March and November 2026 estimates introduces interpretation uncertainty. Commodity price fluctuations and the availability of processing facilities for ore treatment could affect the project's economics.

Catalysts on Watch

The native title authorisation meeting in November 2026 and subsequent lodgement of final approval documents in December represent near-term milestones. Any announcement of a processing pathway for Ironclad ore, whether through the BML Ventures agreement or toll treatment arrangements, would advance the development timeline. Further drilling results from other deposits within the Barrambie Project could add to the overall resource base. Gold price movements above the A$6,500 per ounce pit optimisation price would expand the economic envelope of the deposit.

Looking Ahead

Neometals' updated Ironclad MRE delivers a meaningful upgrade in both grade and total ounces, validating the revised geological interpretation approach. The combination of a higher-grade resource and a capital-efficient mining services pathway through BML Ventures provides a clearer route to potential near-term production. The November native title meeting and December approval lodgement will determine the pace at which Ironclad can progress from resource to development.