Kali Metals Confirms Down-Dip Gold at Tiger II, Marble Bar

Kali Metals Confirms Down-Dip Gold Extensions at Marble Bar as Phase II Drilling Advances

Kali Metals Ltd (ASX: KM1) has reported the first assay results from its Phase II drilling program at the Marble Bar Gold Project in Western Australia. The Kali Metals Marble Bar gold drilling results at Tiger II confirm that gold mineralisation continues down dip from previously reported Phase I intercepts, representing an important early milestone for the program.

According to the ASX announcement, the results come from a completed program totalling 4,059 m of reverse circulation (RC) drilling and 281.7 m of diamond drilling, supported by an extensional soil sampling program. Remaining RC, diamond and soil assays are still to be received.

Phase II Program Overview at Marble Bar

The Phase II drilling program at Marble Bar is described as being designed to achieve two main goals:

• Tighten drill spacing across the Sherman, Churchill and Tiger prospects
• Test for extensions at depth to the gold system defined in Phase I

According to Kali Metals Ltd, the recently completed program comprised:

• 4,059 m of RC drilling
• 281.7 m of diamond drilling
• Extensional soil sampling across three newly acquired tenements (Peggy, Florence and adjacent areas)

Phase II directly follows the Phase I program completed in December 2025, which reported an intersection of 2 m at 4.1 g/t gold from 17 m at Tiger II (ASX: KM1, 29 January 2026).

The first batch of Phase II assays relates to six vertical RC holes at Tiger II:

• Hole IDs: MBRC078 to MBRC083
• All drilled as vertical RC holes
• Targeting the down-dip continuation of the Phase I intercept at Tiger II

Diamond drilling results and the bulk of RC and soil sampling assays are yet to be reported and are expected to be released progressively.

Tiger II Drilling Results: Mineralisation Confirmed at Depth

According to the announcement, the key technical outcome from Tiger II is that mineralisation has been intersected down dip of the Phase I results, with similar widths and grades using a 0.5 g/t gold cut-off.

What Do the Tiger II Intercepts Show?

Reported significant intercepts at Tiger II

The standout interval is reported in MBRC081, with:

• 3 m at 3.6 g/t gold from 41 m, including:
  • 1 m at 5.07 g/t gold
  • 1 m at 3.84 g/t gold

Furthermore, the company reports that:

• Mineralisation at Tiger II is open down dip, with no defined lower boundary yet intersected in the drilling to date.
• The gold occurs in quartz veining with potassic alteration and sulphides, hosted in granodioritic intrusive rocks within the local adamellite gneiss.

This geological style is consistent with previous Marble Bar work and supports the current targeting model applied by Kali Metals Ltd across the project.

Managing Director commentary
"The Phase II drilling program is focused on advancing our understanding of the Marble Bar gold system by both tightening drill spacing across the key Sherman, Churchill and Tiger prospects, and testing for extensions at depth. These early results demonstrate that gold mineralisation of similar width and tenor, continues down dip of the surface-lying Phase I results. The presence of thicker zones of alteration are indicative of the potential of the system to expand at depth."

Paul Adams, Managing Director, Kali Metals Ltd

Educational Section: Understanding Down-Dip Extensions and Drilling Methods

What Does "Down Dip" Mean in a Gold System?

In the Marble Bar announcement, Kali Metals Ltd refers to "down-dip extensions" at Tiger II. In simple geological terms:

• Many mineralised zones sit within inclined rock layers or structures.
• The "dip" is the angle at which a rock layer or vein tilts into the ground.
• "Down dip" means moving deeper into the earth in the same direction that the mineralised structure is tilting.

Drilling to test down dip is, consequently, a way to check whether a gold-bearing zone continues below earlier, shallower intercepts.

Why Do Down-Dip Extensions Matter to Investors?

Down-dip continuity is often a key input for building a future Mineral Resource Estimate (MRE). For a gold deposit to support a potential resource:

• Mineralisation typically needs to be shown to continue in three dimensions
• Grades and widths must be demonstrated over a meaningful volume of rock
• Data must be collected with sufficient spacing and quality to meet JORC (2012) reporting requirements

By reporting that Tiger II mineralisation is open down dip and that similar grades and widths to surface intercepts have been intersected at depth, the Kali Metals Marble Bar gold drilling results at Tiger II signal that:

• The gold system has vertical continuity at least over the tested interval
• Further drilling could extend that continuity, subject to future results
• The Phase II program is contributing data that may support future resource work, if ongoing drilling continues to be successful

This does not constitute a resource at this stage but, however, outlines why confirming mineralisation at depth is an important step in early-stage exploration.

RC Versus Diamond Drilling: How the Methods Differ

The Phase II program at Marble Bar combines RC drilling and diamond drilling. For non-specialists, the methods can be summarised as follows.

Reverse circulation (RC) drilling

• Uses a hammer and compressed air system
• Returns rock chips to surface through the drill rods
• Typically samples at 1 m intervals
• Is relatively fast and cost-effective for early-stage exploration
• Provides enough quality to define grade trends and mineralised zones

Diamond drilling

• Uses a rotating diamond-impregnated bit
• Extracts a solid core of rock, which is brought to surface
• Provides detailed structural, geological and geotechnical information
• Is usually slower and more expensive than RC
• Often used to:
  • Confirm RC results
  • Improve understanding of vein orientation, alteration and structures
  • Support later-stage resource and study work

According to the ASX release, diamond drilling results from Phase II are still pending and are expected in July 2025. These core results are likely to help refine the geological model at Marble Bar and cross-check RC data quality.

Key Technical Terms Explained

Upcoming Work Program: Q1 FY27 Activity Pipeline

The ASX announcement sets out a series of activities planned for Q1 FY27, indicating that assay and field results will continue to be released over the short term. According to Kali Metals Ltd, these include:

1. Remaining Marble Bar drilling assays — Receipt and interpretation of the rest of the RC and diamond drilling results from Marble Bar. These data are expected to clarify the extent and continuity of mineralisation at the Sherman, Churchill and Tiger prospects.

2. Peggy and Florence soils and rock chips — Receipt and interpretation of soil sampling and rock chip results over the Peggy and Florence tenements. The aim is to test whether known gold trends extend into these recently acquired areas.

3. High-resolution hyperspectral survey — Acquisition and interpretation of a high-resolution hyperspectral survey across Marble Bar and DOM's Hill tenement package. Hyperspectral surveying uses spectral imaging to identify alteration minerals on the surface that may indicate buried mineral systems, and these results can be used to generate new exploration targets.

4. Mt Cudgewa soils (Victoria) — Release of soil sampling results from Mt Cudgewa in the Southern Lachlan Fold Belt (Victoria). This supports Kali Metals Ltd's broader gold exploration portfolio outside Western Australia.

5. Higginsville Lithium Project drilling campaign — Initiation of the 2026 drilling and field campaign at the Higginsville Lithium Project. This signals renewed field activity on Kali Metals Ltd's lithium assets alongside its ongoing gold exploration.

For investors, this activity list implies that news flow in the near term will not be restricted to a single project or commodity, with gold and lithium results both scheduled.

Marble Bar in the Context of Kali Metals' Exploration Portfolio

The announcement reiterates that Kali Metals Ltd holds a 4,029 km² exploration portfolio that is prospective for gold, lithium and critical minerals across:

• Western Australia (including the Pilbara and Eastern Yilgarn)
• The Southern Lachlan Fold Belt in New South Wales and Victoria

Within this wider portfolio, Marble Bar currently functions as an early-stage gold project where the company is testing the continuity and extent of a granitic-hosted gold system. Furthermore, it is using a combination of RC, diamond drilling, soils, rock chips and hyperspectral surveys, aiming to define areas that may, subject to further success, support future resource estimation work.

The Higginsville Lithium Project provides a separate pipeline of lithium-focused work, with a 2026 campaign planned, which may appeal to investors seeking exposure to both precious and battery metals via a single ASX issuer.

Investor Takeaways: What the Current Results Indicate

From an investment perspective, several data points in the Phase II update may be of interest to shareholders and potential investors tracking Kali Metals Ltd.

1. Confirmation of Down-Dip Mineralisation at Tiger II

The Kali Metals Marble Bar gold drilling results at Tiger II have intersected gold mineralisation below the Phase I intercept, using a consistent 0.5 g/t cut-off. Intervals such as 3 m at 3.6 g/t gold from 41 m (MBRC081) and 5 m at 1.0 g/t gold from 41 m (MBRC082) demonstrate that mineralisation persists at depth, with grades remaining in a range that is often considered encouraging for further exploration.

2. Mineralisation Remains Open

The company reports that the mineralised system at Tiger II is open down dip, which means drilling has not yet closed off the mineralised zone at depth. Consequently, there is scope for further step-out drilling to continue testing deeper positions, subject to future work programs and funding.

3. Consistent Geological Style

The mineralisation is described as quartz veining with potassic alteration and sulphides, hosted in granodiorite within adamellite gneiss. This consistent geological signature can, in addition, help improve future targeting accuracy, as exploration teams refine models based on recurring patterns.

4. Data Foundation for Potential Future MRE Work

While no Mineral Resource Estimate has been declared for Marble Bar at this stage, the announcement notes that drill spacing and data quality are being designed to support potential future resource estimation. The current dataset is considered by the company to be appropriate for use in a possible MRE if further drilling continues to support continuity.

5. Multi-Project, Multi-Commodity Exposure

Kali Metals Ltd is active across gold and lithium projects in several Australian jurisdictions. This portfolio approach may disperse technical and exploration risk across different commodities and geological settings, although overall outcomes remain dependent on future exploration success.

Why Monitor Kali Metals Ltd From Here?

The latest Marble Bar update positions Kali Metals Ltd as a junior explorer with a completed Phase II drilling program, confirmed down-dip gold mineralisation at Tiger II that remains open at depth, and a defined set of near-term catalysts.

For investors focused on early-stage gold and lithium exploration, the key questions over the coming months are likely to include:

• Will further Marble Bar assays continue to demonstrate continuity and possibly expansion of mineralisation at Tiger II and other prospects?
• How will soil, rock chip and hyperspectral results contribute to defining new targets or extending existing trends?
• What level of lithium prospectivity will the 2026 Higginsville campaign indicate, based on drilling outcomes?

The current announcement indicates that the Kali Metals Marble Bar gold drilling results at Tiger II represent one piece of a broader data-gathering phase, where multiple datasets are being assembled to inform future decisions on resource work, further drilling, and potential project prioritisation within its wider portfolio.

Want to Learn More About Kali Metals and the Marble Bar Gold Project?

With down-dip gold mineralisation confirmed at Tiger II, an active multi-project pipeline, and a steady stream of near-term catalysts across both gold and lithium, Kali Metals Ltd (ASX: KM1) is shaping up as a junior explorer worth watching closely. To find out more about the company, its projects, and what the Phase II program could mean for investors, click here to watch the latest update.