Stock Analysis

A mining lease application has been lodged for the Paris Silver Project, which the company described as a major milestone in advancing it through South Australian approvals.

Assays from 23 rock chip samples confirmed copper at all six historical pits sampled, along the Tlou trend. Samples reached up to 2.0% copper, and 12 of 23 samples were above 1% copper.

Assays from 20 further drillholes contained higher-grade gold within broad mineralised envelopes. The report highlighted results including 7.50 metres at 11.17 grams per tonne gold and 2.00 metres at 17.08 grams per tonne gold. Drilling at the Astoria deposit within Rouyn comprised 19 diamond …

The permits cover stibniteMiningat the Styx and Stibium prospects, ore sorting and processing at the Whiskey Bravo concentration site within the Estelle Project, andDownstreamprocessing and refining at Port Mackenzie. The company describes the approvals as clearing the way for construction and development.

A mining lease application has been lodged over the Capricorn Prospect after the company identified auriferous palaeogravels of scale.

The company completed an aircore program of 75 holes for 4,737 metres at the Brians Mill gold prospect in the BryahBasinProject. Logging identified alteration consistent with the company's geological model, and assay results are expected in early November 2026.

The Horden Lake scoping study reports a post-tax NPV of A$920 million and an IRR of 49%, or A$1,343 million and 63% at spot prices. Pre-productionCapitalis A$411 million net, with payback in 1.3 years from first ore.