SSH Group Partner HTM Reports 13koz Wagtail Gold Resource With 73% Now Indicated
High-Tech Metals (ASX: HTM) has delivered an updated JORC 2012 Mineral Resource Estimate for the Wagtail Gold Deposit at its 100%-owned Mt Fisher Gold Project in Western Australia, reporting 105,000 tonnes @ 3.8 g/t Au for 13,000 ounces. The strategic significance lies in the confidence upgrade: approximately 73% of the resource is now classified as Indicated, a substantial improvement over the October 2022 estimate, clearing the path for the upcoming Scoping Study. Drilling was funded and managed by partner SSH Mining Australia, a subsidiary of SSH Group (ASX: SSH), while HTM retains full Project ownership. No Ore Reserves have yet been estimated; development remains subject to Scoping Study outcomes.
HTM lifts Wagtail resource confidence with 73% now Indicated, clearing the path to a Scoping Study
The updated MRE incorporates results from 65 RC holes for 3,324 metres completed during the 2025–2026 drilling programme, significantly improving geological understanding and confidence in the mineralised system. The resource now comprises 69,000 tonnes @ 4.2 g/t Au for 9,000 ounces classified as Indicated Resources and 36,000 tonnes @ 3.0 g/t Au for 3,000 ounces classified as Inferred Resources. The estimate was independently completed by Jane Coll of Rose Mining Geology Consultants with an effective date of 27 July 2026.
The updated resource at a glance
Key figures from the updated MRE:
- Total: 105,000t @ 3.8 g/t Au for 13,000oz
- Indicated: 69,000t @ 4.2 g/t Au for 9,000oz
- Inferred: 36,000t @ 3.0 g/t Au for 3,000oz
- Drilling: 65 RC holes for 3,324m completed during 2025–2026
- Effective date: 27 July 2026
- Independently estimated by Rose Mining Geology Consultants
The resource has been reported at two different cut-off grades, reflecting the near-surface portion potentially amenable to open pit mining and the deeper portion that can potentially be mined from underground:
| 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 |
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Why the resource looks different — and why confidence matters more than the headline grade
Compared with the October 2022 estimate, the updated resource reflects a 65% increase in tonnes (from 63,000t to 105,000t), a 47% reduction in grade (from 7.11 g/t to 3.8 g/t), and contained gold broadly maintained at 13,000 ounces (a modest 13% reduction from 14,600 ounces). The new model defines broader mineralised zones at lower grade but with far greater geological confidence and a development-focused reporting structure that separates open pit and underground components based on Reasonable Prospects for Eventual Economic Extraction (RPEEE).
The key investment angle is confidence and mine-planning readiness. The 2022 model was a global resource reported at a single cut-off; the 2026 estimate is structured for economic evaluation, distinguishing material suitable for open pit extraction from that requiring underground methods. This shift reflects the incorporation of extensive infill drilling, revised geological interpretation, and updated estimation methodology using interpreted mineralised wireframes rather than the indicator methodology applied previously.
| 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 |
James Merrillees, CEO
“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 JORC Mineral Resource Estimate actually tells investors
A JORC 2012 Mineral Resource Estimate is a statement of the quantity and quality of mineralisation that has been defined through drilling and geological interpretation. It represents material with reasonable prospects for eventual economic extraction but does not constitute an Ore Reserve — that requires further engineering, economic, and feasibility studies.
Mineral Resources are classified into three confidence categories: Inferred (lower confidence based on limited data), Indicated (higher confidence based on closer-spaced drilling and geological continuity), and Measured (highest confidence). The 2026 Wagtail estimate contains no Measured material. Moving ounces into the Indicated category is materially significant because Indicated Resources can support a Scoping Study and may eventually be converted to Ore Reserves.
RPEEE refers to the requirement that reported Mineral Resources have reasonable prospects for eventual economic extraction. At Wagtail, this is reflected in the dual reporting structure: open pit material reported above a 0.5 g/t Au cut-off within an optimised pit shell, and underground material reported above a 1.6 g/t Au cut-off below that shell. The higher underground cut-off reflects the higher mining costs associated with underground extraction. This framework ensures the reported resource has been evaluated against realistic mining and processing scenarios.
The SSH partnership — a funded pathway that protects HTM shareholders
Development of the Wagtail Gold Deposit is being advanced under the 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 programmes required to advance Wagtail through the development phase, including drilling, mine design, and engineering studies, whilst HTM retains ownership of the Project and participates in future project economics through the agreed profit-sharing arrangement.
The partnership combines HTM’s ownership of the Mt Fisher Gold Project with SSH’s operational mining expertise and development capability, enabling the Wagtail Project to be advanced more rapidly than would typically be achievable by a junior exploration company acting independently. The updated Mineral Resource represents a key milestone under this partnership and provides the technical foundation for ongoing Scoping Study, mine optimisation, metallurgical testwork, and permitting activities required to evaluate a potential mining operation. An ore-processing Memorandum of Understanding with Wiluna Mining provides a processing pathway via the Wiluna Gold Plant, located approximately 180 km from the deposit on a toll-treatment basis.
Daniel Cowley-Cooper, SSH Group CEO
“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 still on the table — and what comes next
The resource remains open down plunge beneath historic workings and along strike to the north and south, providing clear opportunities for future resource growth through targeted drilling. The revised geological model confirms that mineralisation extends beyond the current Resource limits, with previous drilling identifying mineralisation outside the modelled envelope.
The underground component of the Mineral Resource is preliminary in nature. It has been defined from reverse circulation drilling only, and no geotechnical data have yet been collected to support the assumed long-hole open stoping mining method. Bulk densities have been assigned from analogue deposits in the district on the basis of weathering state rather than determined from Wagtail samples. Accordingly, the underground Mineral Resource reflects potential amenability to underground extraction rather than a defined mining scenario and 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 (note that June 2026 testwork returned recoveries up to approximately 97.2%)
- Geotechnical, bulk density, and hydrogeological investigations
- Environmental and permitting activities
- Estimation of Ore Reserves
- Targeted drilling to test resource extensions
The combination of a granted Mining Lease, updated Mineral Resource, advanced technical studies, and development partnership with SSH provides a platform from which to evaluate a potential mining operation and unlock value across the broader Mt Fisher Gold Project.
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