Godolphin Resources Metallurgical Results Show Major Cost Reduction Potential

Breakthrough Results Signal Cost Reduction Potential

Godolphin Resources (ASX:GRL) has announced encouraging comminution test results from its 100%-owned Lewis Ponds gold, silver and base metals project in NSW's Lachlan Fold Belt, suggesting a potential path to lower operational and capital costs.

The latest metallurgical testing conducted on representative samples from the project has classified Lewis Ponds material as "medium-soft," indicating it can be easily processed in both SAG and Ball Mills with low energy requirements.

Managing Director Jeneta Owens highlighted the significance of these findings: "These metallurgical testwork results highlight that the samples collected from the most recent drilling at Lewis Ponds have typical mineralisation, are soft and highly amenable to elementary processing, which importantly has low energy requirements. In this case, the need for less energy is highly likely to translate into reduced operating costs and potentially lower capital expenditure on plant design."

Key Metallurgical Findings Strengthen Project Economics

The comminution testing, performed by JKTech Pty Ltd on samples from drillholes GLPDD006-009, yielded several positive outcomes:

1. High A*b parameters between 67.4 and 88.2, indicating the ore is soft and will break easily in a SAG Mill
2. Low Bond Ball Mill Work Index averaging 10kWh/t, confirming the ore is medium-soft and easy to grind in a Ball Mill

These characteristics are particularly important since grinding circuits typically represent the largest power consumption in processing plants. The soft nature of the Lewis Ponds mineralisation points to:

• Reduced operating costs over the life of mine
• Potential for smaller grinding equipment
• Lower installed power requirements
• Decreased capital expenditure for the processing plant

Understanding Comminution Testing

Comminution testing evaluates how effectively material can be broken down into smaller particles through crushing and grinding processes. This represents the first critical step in mineral processing before flotation and other metallurgical methods are applied to liberate target metals.

The Lewis Ponds testing examined two mineralisation domains:

• Semi-Massive (SEM): Selected based on >15% total sulphide content with combined Lead-Zinc grade >6%
• Disseminated (DIS): Selected based on 5-15% total sulphide content and combined Lead-Zinc grade between 2-6%

While the SEM composite showed slightly higher resistance to impact breakage compared to DIS samples, both mineralisation types fell within the soft-to-moderate range, confirming their amenability to conventional SAG/ball mill grinding.

Lewis Ponds: A Polymetallic Opportunity

The Lewis Ponds project is located approximately 15km east of Orange in NSW's prolific Lachlan Fold Belt. The deposit is classified as a volcanic-hosted sulphide system with mineralisation extending over a 1,200m zone that dips steeply to the northeast.

The project has been the focus of multiple drilling campaigns dating back to 1971, with a total of 218 holes for 64,525 meters informing the most recent Mineral Resource Estimate. The deposit contains multiple mineralised lodes, namely Tom's, Spicer's and Torphy's.

Previous metallurgical studies by SGS in 2017/2018 indicated the potential for a relatively simple flotation process producing two concentrates:

• A zinc concentrate
• A lead-copper concentrate containing the majority of precious metals

These studies showed promising metal recoveries: Gold (60%), Silver (79%), Zinc (92%), Lead (75%), and Copper (69%).

Multiple Catalysts on the Horizon

Godolphin is advancing Lewis Ponds on multiple fronts with several near-term value drivers:

• Scoping Mining Study underway, underpinned by the recently announced MRE upgrade (August 2025)
• Ongoing metallurgical test work with the objective of increasing gold and silver recovery
• Additional drilling planned to test known mineralisation and Zinc and Copper Exploration Target areas

The positive Godolphin Resources metallurgical results will feed into the pending Scoping Study, which is expected in the coming weeks.

Why Investors Should Track Godolphin Resources

Godolphin Resources presents a compelling investment case with its Lewis Ponds project showing significant development potential:

1. Cost-effective processing route: The latest comminution results suggest lower operating and capital costs, enhancing project economics
2. Polymetallic exposure: The project offers exposure to gold, silver, zinc, lead, and copper in a tier-one jurisdiction
3. Multiple value catalysts: Upcoming Scoping Study, ongoing metallurgical improvements, and exploration potential
4. Strategic location: Positioned in the prolific Lachlan Fold Belt with excellent infrastructure access
5. Experienced management: Led by Managing Director Jeneta Owens, who brings technical expertise and a clear vision for project advancement

As Ms. Owens notes: "With further metallurgical testing underway, and other exploration initiatives to underpin the next phase of drilling, Godolphin is exceptionally well placed to unlock considerable value from the Lewis Ponds project for shareholders."

Ready to Unlock Value with Godolphin Resources?

Discover how Godolphin's breakthrough metallurgical results at Lewis Ponds could translate into significant cost savings and enhanced project economics. For investors seeking exposure to a promising polymetallic project in Australia's prolific Lachlan Fold Belt, now is the time to take a closer look. Visit Godolphin Resources' latest presentation to learn more about this compelling investment opportunity and the multiple catalysts that could drive shareholder value in the coming months.