Highlights

• Pilbara Gold's Mt York Gold Project holds a 2.1 million ounce gold resource within a granted Mining lease, with a pre-feasibility study targeting a 4-5 million tonne per annum processing rate and expected completion in the first half of 2027.

• The company's Roe Hills Gold Project has delivered high-grade drilling intercepts in 2026 at the Terra Prospect, with results confirming a developing gold corridor over more than 1,500 metres of bedrock strike.

• A 280 square kilometre airborne electromagnetic survey was completed at Mt York in September 2026, with processed data expected by December 2026 to guide targeting of buried sulphide-gold deposits.

• Pilbara Gold holds approximately 1,978 square kilometres of combined exploration ground across the Pilbara and Eastern Goldfields of Western Australia.

Pilbara Gold Limited (ASX:PGL), a gold development and exploration company listed on the Australian Securities Exchange under the ticker PGL, presented to investors at the CG Australia Noosa Mining Conference in November 2026, delivering an update on its dual-project portfolio spanning two of Western Australia's most established gold-bearing geological terranes. The company's flagship asset, the Mt York Gold Project in the Pilbara Craton, holds a compliant gold resource of 2.1 million ounces, is covered by a granted mining lease, and has a Native Title Mining Agreement in place — a combination of regulatory and social milestones that meaningfully reduces the development pathway risk relative to earlier-stage peers. Meanwhile, the company's Roe Hills Gold Project in the Eastern Goldfields of the Yilgarn Craton has emerged as an active discovery story following high-grade drill results delivered during the 2026 field season.

Mt York Gold Project — Development Trajectory

The Mt York Gold Project is the centrepiece of Pilbara Gold's near-term development plan. The 2.1 million ounce resource sits within a single optimal pit shell extending 4.2 kilometres along strike, hosted in banded iron formation — a geological host known for its capacity to carry consistent gold mineralisation over significant widths. The mineralisation is characterised as free-milling, with metallurgical test work indicating suitability for a conventional carbon-in-leach processing route. A scoping study completed in late 2024 established the preliminary financial framework for the project. The company is now progressing a pre-feasibility study targeting a process throughput of 4 to 5 million tonnes per annum, with completion anticipated in the first half of 2027. Work streams underway include comminution test work and flow sheet development, ground water modelling, a power option study, and a revision of the surface water management plan. An airborne electromagnetic survey completed at the project in September 2026 covering 280 square kilometres is expected to provide processed data by December 2026, which management intends to use to target buried sulphide-gold deposits and potentially grow the resource inventory.

Roe Hills Gold Project — High-Grade Discovery in Progress

At the Roe Hills Gold Project, located in the Eastern Goldfields approximately 65 kilometres northeast of Kalgoorlie, 2026 drilling at the Terra Prospect has delivered a series of high-grade intersections across more than 1,500 metres of bedrock mineralised footprint. Results from the 2026 program included intervals of several metres to tens of metres with grades indicative of a potentially significant gold corridor. The geological setting at Roe Hills — where gold is hosted within a condenser dolerite sill with strong alteration characteristics — has drawn comparisons by the company to known deposits at other well-regarded Eastern Goldfields operations. Additional drill results from both the Terra Prospect and the Caliburn Prospect were awaited at the time of the presentation, with RC sampling also ongoing at Kookynie.

Peer Context and Corporate Positioning

From a corporate positioning perspective, Pilbara Gold presented a peer comparison analysis illustrating that its implied Enterprise value relative to its gold resource stands at a material discount to comparable ASX-listed gold developers at similar project stages. The company highlighted that peer developers in the same resource size and grade range have attracted enterprise values on a per-ounce basis substantially above that implied by its own share price, noting that the most comparable projects by resource characteristics have been valued by the market or by acquirors at multiples significantly above its own implied rate. Major shareholders in the company include several well-known institutional investors, alongside director and management holdings that signal board-level alignment with Shareholder outcomes. With a granted mining lease, completed Native Title Mining Agreement, an active pre-feasibility study, and an emerging discovery at Roe Hills providing dual newsflow, Pilbara Gold is pursuing both a development milestone timeline at Mt York and an exploration upside story at its secondary project, offering investors exposure to two distinct value creation pathways within a single listed vehicle. The Investment case for Pilbara Gold is built on the combination of a large, established gold resource in an accessible Pilbara location, a regulatory pathway that has cleared two of the most significant hurdles — mining Lease and Native Title agreement — and an emerging second discovery story at Roe Hills that provides exploration upside beyond the development timeline at Mt York. For investors seeking exposure to Australian gold development, the company's dual-project approach means that progress or setbacks at either asset provide ongoing news flow, while the peer comparison analysis presented suggests there may be a valuation gap relative to comparable development-stage peers. The completion of the PFS at Mt York in the first half of 2027, alongside continued drill results from Roe Hills, represents a catalyst-rich period that could provide multiple opportunities for the market to reassess the company's development potential and relative positioning. The scale of Pilbara Gold's exploration tenure — almost 2,000 square kilometres across the two regions — also provides a runway for discovery that extends well beyond the current focus areas, particularly as the AEM survey data being processed at Mt York may reveal previously unidentified targets beneath the Pilbara landscape.

Key Insights

From a corporate positioning perspective, Pilbara Gold presented a peer comparison analysis illustrating that its implied enterprise value relative to its gold resource stands at a material discount to comparable ASX-listed gold developers at similar project stages. The company highlighted that peer developers in the same resource size and grade range have attracted enterprise values on a per-ounce basis substantially above that implied by its own share price, noting that the most comparable projects by resource characteristics have been valued by the market or by acquirors at multiples significantly above its own implied rate. Major shareholders in the company include several well-known institutional investors, alongside director and management holdings that signal board-level alignment with shareholder outcomes. With a granted mining lease, completed Native Title Mining Agreement, an active pre-feasibility study, and an emerging discovery at Roe Hills providing dual newsflow, Pilbara Gold is pursuing both a development milestone timeline at Mt York and an exploration upside story at its secondary project, offering investors exposure to two distinct value creation pathways within a single listed vehicle. The investment case for Pilbara Gold is built on the combination of a large, established gold resource in an accessible Pilbara location, a regulatory pathway that has cleared two of the most significant hurdles — mining lease and Native Title agreement — and an emerging second discovery story at Roe Hills that provides exploration upside beyond the development timeline at Mt York. For investors seeking exposure to Australian gold development, the company's dual-project approach means that progress or setbacks at either asset provide ongoing news flow, while the peer comparison analysis presented suggests there may be a valuation gap relative to comparable development-stage peers. The completion of the PFS at Mt York in the first half of 2027, alongside continued drill results from Roe Hills, represents a catalyst-rich period that could provide multiple opportunities for the market to reassess the company's development potential and relative positioning. The scale of Pilbara Gold's exploration tenure — almost 2,000 square kilometres across the two regions — also provides a runway for discovery that extends well beyond the current focus areas, particularly as the AEM survey data being processed at Mt York may reveal previously unidentified targets beneath the Pilbara landscape.