High-Tech Metals Updates Wagtail Gold Resource to 13koz Ahead of Scoping Study
High-Tech Metals sharpens Wagtail gold resource to underpin Scoping Study
High-Tech Metals (ASX: HTM) has released an updated JORC 2012 Mineral Resource Estimate (MRE) for its Wagtail Gold Deposit, part of the 100%-owned Mt Fisher Gold Project in Western Australia. The updated MRE, effective 27 July 2026, comprises 105,000 tonnes @ 3.8 g/t Au for 13,000 ounces following 65 reverse circulation (RC) drill holes completed during 2025–2026. Approximately 73% of the resource now sits in the higher-confidence Indicated category, providing the technical foundation needed to progress the Scoping Study and advance Wagtail from exploration toward potential mining.
This represents the first comprehensive review of the Wagtail Resource since October 2022.
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Inside the updated Wagtail resource
The MRE is reported at two cut-off grades, reflecting distinct mining scenarios. The near-surface portion, potentially amenable to open pit extraction, is reported at 0.5 g/t Au within an optimised pit shell. The deeper underground component is reported at 1.6 g/t Au below the pit shell. The resource remains open down plunge beneath historic workings and along strike to the north and south, providing clear opportunities for future growth.
| Resource Area | Cut-off | Tonnes | Grade (g/t Au) | Ounces |
|---|---|---|---|---|
| Open Pit Resource | 0.5 g/t | 69,000 | 4.2 | 9,000 |
| Underground Resource | 1.6 g/t | 36,000 | 3.0 | 3,000 |
| Total | — | 105,000 | 3.8 | 13,000 |
The resource classification split demonstrates the improved geological confidence underpinning the estimate:
- Indicated: 69,000 t @ 4.2 g/t Au for 9,000 oz
- Inferred: 36,000 t @ 3.0 g/t Au for 3,000 oz
- ~73% classified as Indicated
Higher-confidence Indicated ounces are what feed economic studies. This classification strength provides the foundation for the Scoping Study and positions Wagtail for development evaluation.
What changed since 2022 — and why confidence improved
The updated MRE incorporates all drilling completed since the previous October 2022 estimate, including 65 RC holes for 3,324 metres. The model was rebuilt using interpreted sectional wireframes rather than the previous indicator methodology, providing improved geological control on the mineralised lodes.
Compared with the 2022 estimate, the updated MRE reflects broader mineralised wireframes and updated estimation methodology. Grade has decreased and contained gold has reduced slightly, but tonnes have increased sharply and geological confidence has improved. Contained gold is broadly maintained rather than materially expanded.
| Metric | 2022 MRE | 2026 MRE | Reason for change |
|---|---|---|---|
| Tonnes | 63 kt | 105 kt | New drilling & revised interpretation |
| Grade | 7.11 g/t | 3.8 g/t | Broader wireframes & updated methodology |
| Contained Gold | 14.6 koz | 13.0 koz | Broadly maintained; broader lower-grade zones |
| Reporting | Global Resource | Open Pit + Underground | RPEEE, development-focused |
The revised interpretation provides an improved representation of mineralisation geometry and continuity, supporting the reporting of separate open pit and underground Mineral Resources.
James Merrillees, CEO, High-Tech Metals
“This Resource update is a vital step forward in providing confidence to progress Wagtail from an exploration Project towards a potential mining operation.”
What a Mineral Resource Estimate means for investors
A JORC Mineral Resource Estimate establishes the quantity and quality of mineralisation with geological confidence, classified into three categories: Inferred (lowest confidence), Indicated, and Measured (highest). The Indicated classification level is generally required to support economic studies, which is why the ~73% Indicated proportion at Wagtail is meaningful for development progression.
Importantly, Mineral Resources are not Ore Reserves and do not demonstrate economic viability. Development remains subject to the Scoping Study outcome and further technical and economic evaluation.
The SSH partnership de-risking the pathway
Development of the Wagtail Gold Deposit is being advanced under a Mining and Profit Share Agreement between High-Tech Metals and SSH Mining Australia Pty Ltd, a wholly owned subsidiary of SSH Group Ltd (ASX: SSH).
Under the Agreement, SSH is funding and managing the technical work programs required to advance Wagtail through the development phase, including drilling, mine design, and engineering studies. High-Tech retains ownership of the Project and participates in future project economics through the agreed profit-sharing arrangement.
Separately, a Memorandum of Understanding with Wiluna Mining provides a potential ore-processing pathway, with the Wiluna Gold Plant located approximately 180 km from Wagtail. The pit optimisation was run on a toll-treatment basis, reflecting this processing option.
This structure enables a junior exploration company to advance a project more rapidly than would typically be achievable acting independently, whilst retaining exposure to future value.
Daniel Cowley-Cooper, CEO, SSH Group
“The drilling and updated MRE at Wagtail has greatly improved our understanding of the deposit and substantially de-risked the mine development. We can now progress the Scoping Study for the deposit with confidence in the resource.”
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Growth potential and next steps
The resource remains open down plunge beneath historic workings and along strike to both the north and south, providing a clear runway for future growth through targeted drilling.
Preliminary metallurgical testwork completed in June 2026 returned favourable results, with gold extractions up to approximately 97.2%. The material is free-milling and non-refractory, amenable to conventional gravity and cyanide processing. The 92% recovery assumption used in the pit optimisation is conservative by comparison.
The underground component of the Mineral Resource is preliminary in nature, defined from reverse circulation drilling only. No geotechnical data have yet been collected to support the assumed longhole open stoping mining method, and bulk densities have been assigned from analogue deposits in the district. This component will be refined as further technical work is completed.
The Company will now focus on:
- Completion of the Wagtail Scoping Study
- Mine optimisation studies
- Ongoing metallurgical testwork
- Geotechnical, bulk density and hydrogeological investigations
- Environmental and permitting activities
- Estimation of Ore Reserves
- Targeted drilling to test resource extensions
- Continued evaluation across the broader Mt Fisher Gold Project
Wagtail represents one asset within High-Tech Metals’ broader 1,150 km² Mt Fisher and Mt Eureka landholding in the Yilgarn Craton. With a granted Mining Lease, updated Mineral Resource, advanced technical studies, and a funded development partner, the company has established a clear pathway toward potential mining operations.
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