Mount Hope Mining Locks in 3,000m Drill Program to Chase Resource at Mt Solitary

Mount Hope Mining has awarded the drill contract for its Phase 3 program at the Mt Solitary gold prospect in New South Wales, with drilling scheduled to commence mid-August 2026. The program comprises up to 3,000 metres of Reverse Circulation drilling over approximately six weeks, targeting southern and western extensions of the mineralised system as well as a CSAMT geophysical feature along the MS2 Corridor.

Site preparation is already underway, with drill pad construction and access preparation already underway. The program is designed to test the mineralised envelope up to 200m south of current drilling limits and aims to support progression toward a maiden JORC Mineral Resource estimate by the end of 2026.

Mount Hope Mining locks in Phase 3 drill program at Mt Solitary gold prospect

The Phase 3 program targets two distinct objectives: extending the known gold mineralisation beyond existing drill coverage, and testing a highly resistive CSAMT geophysical anomaly located along the MS2 Corridor south of Mt Solitary. The southern extension drilling will probe up to 200m beyond the current mineralised envelope, whilst western extension holes will test strike continuity of the gold system.

The six-week program represents continued momentum at a prospect that has already returned multiple high-grade intercepts, including 66m @ 2.36 g/t Au and 10m @ 12.11 g/t Au. The dual-target approach allows the Company to simultaneously expand the known resource footprint whilst investigating new mineralised positions along the broader corridor.

Site works have commenced ahead of the mid-August start date, with drill pad construction and access preparation already underway. This preparatory work positions the Company to commence drilling on schedule, maintaining the timeline toward a maiden JORC Resource estimate anticipated by year-end.

What is Reverse Circulation drilling and why does it matter for gold explorers?

Reverse Circulation drilling is a method that uses compressed air to bring rock chips to the surface through an inner tube, keeping samples uncontaminated during extraction. The technique allows drill rigs to penetrate rock formations whilst maintaining sample integrity, which is critical for accurate gold assay results.

RC drilling is preferred at this stage of exploration because it delivers faster metreage and lower costs compared to diamond drilling, whilst still providing reliable assay samples. For gold explorers testing strike extensions and building resource confidence, RC programs offer an efficient pathway to define mineralisation before committing capital to more expensive diamond drilling for detailed geological studies.

The cost-effectiveness of RC drilling enables companies to test larger strike lengths and multiple targets within a single program, accelerating the path from exploration to resource definition.

Phase 3 follows up on high-grade gold intercepts

The Phase 3 program is designed to extend the known mineralised system beyond previous drilling limits, following up on significant high-grade intercepts returned from earlier phases. Historical results demonstrate strong grade-thickness products, indicating mineralisation with meaningful resource potential that warrants systematic follow-up.

The mineralised system at Mt Solitary remains open along strike and at depth, with previous drilling defining a coherent gold envelope that has not yet been closed off by barren holes. Phase 3 drilling aims to test these open extensions and potentially expand the resource footprint ahead of the maiden JORC estimate.

Grade-thickness products above 100 (calculated by multiplying interval width by grade) are considered meaningful intercepts in gold exploration, indicating sufficient concentration and width to support economic extraction. All four intercepts listed exceed this threshold, demonstrating the prospect’s potential to host a substantial gold resource.

Mt Solitary sits within a district-scale gold corridor

Mt Solitary forms part of the MS2 Gold Corridor, a ~7.5km mineralised trend with multiple targets across Mount Hope Mining’s landholding. The broader Mount Hope Project comprises approximately 606km² in the southern Cobar Basin, New South Wales, positioned on basin-bounding fault structures including the Sugarloaf, MS2, and Scotts Craig faults.

These structural positions are significant because basin-bounding faults in the Cobar region have historically controlled major gold and polymetallic deposits. The Company’s strategic landholding straddles these key structures, providing exposure to both gold mineralisation along the MS2 Corridor and Cobar-style polymetallic targets (copper, gold, silver, lead, zinc) across the broader tenement package.

The district-scale land position provides multiple discovery opportunities beyond the current Mt Solitary focus. Whilst Phase 3 drilling concentrates on resource definition at the flagship prospect, the Company holds additional targets along the MS2 Corridor and across its ~606km² project area that represent longer-term exploration upside.

Exploration Target provides framework for resource potential

Mount Hope Mining has defined an Exploration Target at Mt Solitary of 1.32 to 1.87 Mt at 1.0 to 1.35 g/t Au for 42.5 to 81.4 kOz contained gold. The target is based on 83 historical drill holes and 4 trenches or costeans, incorporating a 2006 non-JORC compliant resource model prepared using Multiple Indicator Kriging.

The potential quantity and grade of the Exploration Target are conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource, and it is uncertain whether further exploration will result in the estimation of a Mineral Resource. The Exploration Target has been prepared in accordance with the JORC Code (2012).

Phase 1 and Phase 2 drilling programs have already commenced validation work, testing historical intercepts and refining the geological model. The Phase 3 program continues this systematic approach, with results expected to provide important information for converting the conceptual Exploration Target into a JORC-compliant Mineral Resource estimate.

The Company has noted that certain historical drill holes completed before 2006 were not subject to rigorous modern QAQC procedures, and some historical downhole survey data is considered unreliable. Accordingly, further drilling is required to verify aspects of the historical dataset and to test the validity of the Exploration Target.

Management outlook

Managing Director and CEO Fergus Kiley emphasised the strategic importance of maintaining exploration momentum at Mt Solitary, with site preparation already positioning the Company to commence drilling in mid-August.

Fergus Kiley, Managing Director & CEO

“Securing the drill contractor represents another important step in maintaining momentum at Mt Solitary. With site preparation already underway, we remain on track to commence the Phase 3 program in mid-August. This program will test the southern and western extensions of the mineralised system well beyond the limits of current drilling, as well as the compelling CSAMT target along the MS2 Corridor. We believe there is significant potential to expand the known gold system, and the results will provide important information as we work toward delivering a maiden JORC Mineral Resource estimate by the end of the year. We look forward to updating shareholders as drilling progresses.”

The timeline provides investors with visibility on upcoming catalysts, with drilling results anticipated to flow through the September quarter and resource modelling work progressing toward the targeted maiden JORC Resource estimate by end of 2026. The Phase 3 program represents a critical step in advancing Mt Solitary from exploration prospect to defined resource, with potential to materially expand the current Exploration Target footprint.

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