Highlights

• Iltani Resources said in its quarterly report for the period ended 30 September 2026 that it released assays.

• Iltani said it drilled 41 reverse circulation holes totalling 7,713 metres at Orient for resource infill and extension.

• Among the 65 holes with assays released, the company counted 59 intercepts above 1,000 gram-metres of silver equivalent.

• Silver-equivalent figures rely on assumed prices and recoveries, including silver at US$20 per ounce, lead at US$1.

Iltani Resources (ASX:ILT) — said in its quarterly report for the period ended 30 September 2026 that it released assays from 65 reverse circulation holes during the period, mostly from its Orient silver-zinc-indium project in Northern Queensland. The company, whose fully paid ordinary shares numbered 79,724,380 at quarter end, is a mineral explorer and developer focused on silver, zinc, indium and lead.

Drilling and assay results

Iltani said it drilled 41 reverse circulation holes totalling 7,713 metres at Orient for resource infill and extension, along with seven diamond holes totalling 645 metres to provide samples for ore sorting test work. At the wider Herberton project, eight reverse circulation holes totalling 1,466 metres were drilled, five at Boonmoo Epithermal and three at Union Jack.

Among the 65 holes with assays released, the company counted 59 intercepts above 1,000 gram-metres of silver equivalent, 13 above 1,000 gram-metres of silver and 14 one-metre intercepts above 1,000 grams per tonne silver equivalent. A highlighted result was hole ORR164, which returned 28 metres at 95 grams per tonne silver, 7 grams per tonne indium, 2.1 per cent lead and 2.9 per cent zinc from 38 metres, or about 318 grams per tonne silver equivalent.

Silver-equivalent figures rely on assumed prices and recoveries, including silver at US$20 per ounce, lead at US$1.00 per pound, zinc at US$1.50 per pound and indium at US$300 per kilogram.

Resource and ore sorting

The Orient resource was not updated in the report. As previously reported, it stands at 62.5 million tonnes at 81.5 grams per tonne silver equivalent, containing 45.9 million ounces of silver equivalent at a 30 grams per tonne cut-off. A higher-grade case is 34.2 million tonnes at 110.4 grams per tonne silver equivalent at a 60 grams per tonne cut-off.

On metallurgy, first-pass testing with TOMRA X-ray transmission sorting indicated that Orient mineralisation is amenable to sorting across a 6 to 25 millimetre size range. The company called this proof-of-concept work only and said the results are not representative of overall run-of-mine ore sorting performance.

Iltani also lodged applications for three exploration permits: EPM 29631 at Damper Hill, EPM 29645 at Delaney Extended and EPM 29690 at Thunder Creek. Granting is pending.

Cash and the placement

Cash at 30 September 2026 was A$4.18 million, down from A$7.515 million at the previous quarter end. Exploration and related payments were A$3.15 million, while net operating outflow was A$188,000. The company's own estimate of funding was 1.25 quarters, below the two-quarter threshold that triggered additional disclosures in the report.

On 2 October 2026, Iltani announced a A$4.6 million placement of about 11.7 million shares at A$0.39 each, which the company described as a discount to the five-day volume weighted average price. Participants receive one option for every two shares, exercisable at A$0.57 and expiring on 12 October 2029. The Queensland Critical Minerals Fund managed by QIC committed A$1.5 million to the placement.

The company reported that A$4.41 million had been received in October 2026, with the balance dependent on shareholder approval at the 2026 annual general meeting. It said it does not expect current operating outflows to continue, but acknowledged that its ability to keep operating relies on the placement proceeds and that approval.

Next steps and risks

The company listed shareholder approval at the 2026 AGM, further ore sorting test work using the diamond core, decisions on the three permit applications and continued infill and extension drilling at Orient as its next milestones.

Key risks include the short funding runway before the placement balance is secured, the use of assumed metal prices in equivalent grades, the early-stage nature of the ore sorting work, and the fact that the reported assays are exploration results rather than a new resource estimate.