Maritana Minerals Ltd (ASX:MRT) shares closed flat at AUD 0.84 on 14 May 2026, with the company’s latest focus remaining firmly on advancing its flagship Burbanks Gold Project in Western Australia. Over the past year, the stock has recorded a gain of 8.44%, supported by continued exploration success and growing confidence in the project’s geological potential.

Maritana Minerals has announced the commencement of its Phase 2 drilling program at the 100%-owned high-grade Burbanks Gold Project, located approximately 9 kilometres south of Coolgardie in the Western Australian Goldfields. The latest drilling phase follows the completion of a successful 15,000-metre Phase 1 program, which helped strengthen geological understanding of the mineralised system and supported further development planning.

Phase 2 Drilling Program Targets Depth Extensions at Burbanks

The newly commenced Phase 2 drilling campaign is designed to build on earlier exploration success by testing and extending the known Inferred Mineral Resource at the Burbanks Main and Birthday Gift lodes. The program will specifically target depth extensions from approximately 250 metres below surface to depths of up to 450 metres.

According to the company, this deeper drilling is intended to improve geological confidence in the continuity of mineralisation and support future Mining studies. The program will also focus on refining structural controls and identifying potential plunging ore zones that may contribute to future resource growth.

A second drill rig has been mobilised to site as part of the Phase 2 program. This additional rig is expected to accelerate drilling progress and assist in de-risking the early stages of ore delivery to the Black Swan Processing Hub, which remains a key Downstream processing pathway for the project.

Maritana noted that access to neighbouring tenements was secured to optimise drill positioning. This access was necessary due to the steeply dipping nature of the orebody and the narrow width of the company’s existing tenure, allowing for more effective drill testing of deeper mineralised zones.

Exploration Strategy Focused on Resource Expansion and Confidence Building

The Phase 2 program is part of a broader strategy aimed at upgrading and expanding the current resource base at Burbanks. The company has indicated that the drilling results from this program will contribute to increasing geological confidence, with the objective of supporting a transition from inferred to higher confidence resource categories in future updates.

The Burbanks Gold Project currently hosts a significant mineral inventory supported by historical production and existing JORC-compliant resources. Historical underground mining at Burbanks has produced approximately 324,000 ounces of gold at an average grade of 22.7 grams per tonne, highlighting the long-standing high-grade nature of the system.

In addition to historical production, the project currently contains a JORC (2012) Mineral Resource estimate of approximately 6.1 million tonnes grading 2.4 grams per tonne gold for 466,000 ounces. The company views this as a foundation for further resource expansion through ongoing drilling programs.

Southern Burbanks Area Emerges as Additional Exploration Target

Alongside the Phase 2 drilling at Burbanks North, Maritana Minerals has also initiated exploration activity in the southern portion of the project area. This region is being evaluated for shallow, high-grade gold mineralisation potential.

Preliminary drilling observations in the southern area have identified structural features such as shearing and quartz veining, which are consistent with mineralisation controls observed in the northern part of the project. These early indicators suggest geological continuity across the broader project area, although the company has noted that limited shallow drilling has been completed to date.

As a result, the extent and continuity of mineralisation in the southern zone remain largely untested. Maritana is currently planning follow-up Reverse Circulation Drilling to further assess strike continuity and refine geological models for the area.

The company believes the southern exploration zone represents an additional opportunity for near-surface mineralisation, complementing the deeper extension focus of the Phase 2 program at Burbanks North.

Operational Expansion Supported by Additional Drill Capacity

To support the increased pace of exploration, Maritana Minerals has deployed a second drill rig to the project site. This operational expansion is intended to improve drilling efficiency and accelerate the overall program timeline.

The company stated that the additional drilling capacity will also help de-risk the ramp-up phase of exploration activity and support more rapid testing of priority geological targets. This approach is expected to provide faster feedback loops for geological interpretation and resource modelling.

Drilling will be conducted using a combination of reverse circulation and diamond drilling methods, enabling both broad-scale resource definition and detailed structural analysis.

Pathway Toward Updated Resource Estimate and Development Studies

Maritana Minerals has confirmed that all assay results from the Phase 1 drilling program at Burbanks North have now been received. These results will support the preparation of an updated Mineral Resource Estimate, which is targeted for completion in mid CY2026.

Following the updated resource model, the company plans to progress Ore Reserve studies, which will incorporate improved confidence levels resulting from ongoing drilling. The objective is to support a transition from inferred to indicated classification where appropriate, strengthening the technical foundation for future development decisions.

The Burbanks Gold Project is also being evaluated in the context of the Black Swan Processing Hub, which is expected to serve as a central processing Facility for ore sourced from the project. The company has previously indicated that the hub is designed to support a production profile of approximately 100,000 ounces of gold per annum over an initial five-year period.

Geological Setting and Project Potential

The Burbanks Gold Project is located within the Western Australian Goldfields, a region known for its long history of gold production and well-established mining infrastructure. The project benefits from proximity to existing processing facilities, transport networks and mining services, which may support future development scenarios.

Geologically, the deposit is characterised by high-grade gold mineralisation associated with structurally controlled quartz veining and shearing systems. These features are consistent with other gold deposits in the region and are a key focus of ongoing exploration and modelling work.

Maritana Minerals has indicated that continued drilling success could further enhance the scale and confidence of the Burbanks mineral system, particularly as deeper extensions and southern targets are tested.

What This Means for Investors?

The commencement of Phase 2 drilling at Burbanks represents a continuation of Maritana Minerals’ systematic exploration strategy aimed at expanding and de-risking its flagship gold asset. The addition of a second drill rig and the focus on deeper extensions highlight an increased pace of technical activity across the project.

Investors are likely to focus on upcoming assay results, resource updates and the potential for resource upgrades in mid 2026. The combination of historical high-grade production, existing mineral resources and ongoing drilling success continues to position Burbanks as the central asset in Maritana’s development pipeline.

While the project remains in the exploration and resource definition stage, the current program is expected to play a key role in shaping future mine planning and development studies linked to the Black Swan Processing Hub.