Albright Metals Confirms 54,200oz High-Grade Gold Resource Unlocking Scoping Study

Vail Road Mineral Resource delivered — JORC 2012 estimate unlocks development pathway

Albright Metals (ASX: ABR) has delivered its first JORC 2012 Mineral Resource for the Vail Road Gold Deposit at the Golden Pike Project in New Brunswick, Canada, reporting a global resource of 188.0 kt at 9.0 g/t Au for 54,200 contained ounces at a 2.0 g/t Au cut-off. Critically, the estimate includes an Indicated category portion of 33.5 kt at 20.9 g/t Au for 22,500 contained ounces, a classification that paves the way for formal economic assessment at a time of historically high gold prices.

The Indicated category resource is the key development catalyst here. It converts what was previously a Foreign Estimate (reported under Canadian standards) into a JORC 2012-compliant resource with the confidence level required to underpin a Scoping Study. The Inferred portion stands at 154.6 kt at 6.4 g/t Au for 31,700 contained ounces.

CEO Greg Hill

“The extensive work completed over the last 12 months has culminated in this excellent outcome. Having a significant portion of the resource in the Indicated category paves the way for the Company to develop the Vail Road high-grade gold deposit. I am extremely excited about commencing this next phase of project development.”

Breaking down the Vail Road resource — three zones, one high-grade story

The Vail Road Gold Deposit is defined across three mineralised zones: the Main Zone, Middle Zone, and Parallel Zone, each containing quartz-carbonate-sulphide veining with gold mineralisation.

Note: Mineral Resource reported at 2 g/t Au cut-off grade. Numbers may not add up due to rounding. Tonnages are dry metric tonnes.

A few standout zone figures are worth highlighting:

• Main Zone Indicated: 11.1 kt at 31.1 g/t Au for 11,100 oz — exceptional grade for a deposit at this stage
• Middle Zone Indicated: 10.4 kt at 19.5 g/t Au for 6,600 oz
• Parallel Zone is the largest by total tonnage at 117.5 kt combined (Indicated plus Inferred), reflecting extensive vein strike length

How does this compare to the 2011 estimate?

The 2026 resource replaces a Foreign Estimate completed by Roscoe Postle and Associates (RPA) in 2011 and reported under the Canadian National Instrument 43-101 (NI 43-101) code. That prior estimate reported 214.8 kt at 9.60 g/t Au for 66,300 oz, entirely as Inferred category at a 5 g/t Au cut-off.

The 2026 JORC 2012 estimate uses a lower 2 g/t Au cut-off, which reflects the higher prevailing gold price in 2026 and expands the reporting envelope to include lower-grade material that can be supported economically by the high-grade portions of the deposit under narrow-vein underground mining. The tonnage movement between estimates also reflects methodological differences: the 2026 estimate excludes waste wall rock (included by RPA to achieve minimum thickness), applies a significantly larger rock density dataset (327 Archimedes method measurements versus 10 pycnometry measurements), and uses an improved geological model that incorporates post-mineralisation fault offset structures.

The most significant qualitative upgrade is the Indicated category classification itself. Albright Metals’ 2025 diamond drill programme (15 holes, 1,022.5 m) collected oriented core structural data that validated the geological continuity of the deposit’s vein system, providing the confidence required to move a portion of the resource into the Indicated category for the first time under JORC 2012 code reporting.

What is a JORC Mineral Resource — and why does the Indicated category matter?

For investors new to resource-stage mining companies, these classifications carry real practical weight. Here is what they mean:

1. JORC 2012 is the Australian standard for reporting Mineral Resources and Ore Reserves. It is globally recognised and accepted by major stock exchanges. A JORC 2012-compliant resource is a statement of what a qualified expert believes exists in the ground, classified by the level of confidence in that belief.

2. There are three categories, ordered by confidence: Inferred (least confident, based on limited data and geological inference), Indicated (moderate confidence, based on adequate drilling and geological understanding), and Measured (highest confidence, based on close-spaced drilling with well-understood continuity).

3. Indicated is the threshold that matters for development. An Indicated Mineral Resource provides the basis for Scoping Studies and preliminary economic assessments. Inferred alone cannot support these formal studies, because the confidence level is insufficient to underpin economic modelling.

4. The 2011 RPA estimate was Inferred only, meaning Albright Metals could not formally assess the development economics of Vail Road under that estimate. The 2026 upgrade to include an Indicated category is what enables ABR to now commission a Scoping Study.

5. This is the first time ABR has reported a JORC 2012-compliant Indicated resource at Vail Road. The site has a drilling history dating back to 1994, and earlier work informed the geological understanding of the deposit. The step-change in this update is the classification upgrade enabled by Albright Metals’ own 2025 drilling programme.

Scoping Study, drill targets, and the road to gold production

The announcement sets out a clear technical workflow for progressing Vail Road towards a development decision. The planned sequence is:

1. Scoping Study on development pathways to commence, using this Mineral Resource as its basis. The assumed mining method is underground narrow-vein, with a minimum stope width of 1.5 m.
2. Additional infill drilling targeting high-grade zones and depth extensions in the Main Zone. East-west shear offsets suggest the high-grade gold in the eastern Main Zone may continue down-dip in the next fault block to the southwest, representing a drill target with potential to increase the Indicated category in future updates.
3. Metallurgical test work (gravity separation and cyanide leach) is scheduled to commence in early 2027. The gold is expected to be non-refractory based on deposit mineralogy: visible gold is observed in high-grade core, and the deposit is largely devoid of arsenopyrite and pyrrhotite.
4. Broader Golden Pike Project exploration is planned for the 2027 field season, covering gold and antimony prospects at Bond Road and Albright Brook.

Project fundamentals support development confidence

The RPEEE (Reasonable Prospects of Eventual Economic Extraction) assessment for the Mineral Resource is supported by several project-level factors:

• The Golden Pike Project covers approximately 3,292 ha in New Brunswick, Canada, a stable Tier 1 jurisdiction with a clearly defined mining approvals pathway
• The project is located close to road, rail, port, and grid power infrastructure
• Southern New Brunswick’s mild maritime climate supports year-round exploration and development activities
• Baseline environmental studies have been undertaken, with no environmental issues identified to date that would impede mining approvals
• The relevant mineral claim (Mineral Claim 7616) is owned by Globex Mining Enterprises Inc. Albright Metals currently holds an option to acquire the claim, and the announcement notes it is reasonable to expect the option will be fulfilled

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