BPM Minerals Commences Drilling at Untested 6km Gold Target

Maiden drilling begins at BPM’s untested 6km Tropicana-style gold target

BPM Minerals Ltd has commenced its maiden Reverse Circulation (RC) drilling program at the Bonnie & Clyde Prospect within the Forelands Gold Project in Western Australia’s Eastern Goldfields. The program comprises 65 holes and approximately 10,000m of RC drilling across 13 traverses, expected to take around two months to complete. Bonnie & Clyde is a coherent ~6km gold-in-soil anomaly that has never been tested by drilling, considered analogous in style to the 7.89Moz Tropicana gold deposit. Key regulatory approvals were recently granted, enabling drilling to proceed.

Oliver Judd, CEO, BPM Minerals

“It has taken a lot of work to get to this point over the past year, nothing has made us happier than seeing the rig spinning at this generational opportunity. Six kilometres of coherent gold-in-soil anomalism, on the right structure, in the right setting, with Tropicana-style mineralisation already confirmed along strike — and not a single drill hole in its history. Over the coming weeks, we will start to find out what lies beneath it.”

What makes Bonnie & Clyde a compelling exploration target

The anatomy of a 6km anomaly

The Bonnie & Clyde Prospect is an untested, >6km long gold-in-soil anomaly associated with the first-order Yellow Dam Shear Zone. It contains several coherent zones of >100ppb Au anomalism, with individual values exceeding 1g/t Au. The anomaly is divided into several named sub-zones, each with distinct dimensions and gold tenor:

• Bonnie 1: 700m x 250m, >50ppb Au, up to 408ppb Au
• Bonnie 2: 400m x 200m, >50ppb Au, up to 235ppb Au
• Bonnie 4: 250m x 200m, >50ppb Au, up to 571ppb Au
• Clyde: 750m x 450m, >50ppb Au, up to 594ppb Au

Historical drilling by AngloGold Ashanti at the adjacent Dragonfly Prospect, immediately along strike to the south of Bonnie & Clyde, previously encountered what was interpreted as Tropicana-style mineralisation. That included biotite–pyrite–sericite alteration and quartz–sulphide veining, providing direct geological precedent for the style of mineralisation being targeted at Bonnie & Clyde.

Why the geological setting matters

BPM has identified four key geological factors that it believes make Bonnie & Clyde prospective for a significant gold discovery:

1. Scale and tenor: The >6km gold-in-soil anomaly with multiple coherent >100ppb Au zones is comparable in footprint and tenor to geochemically-led major gold discoveries including Tropicana, Gruyere, Karlawinda, and Rebecca.
2. Geology: The Bonnie & Clyde area sits within the Northern Forelands Tectonic Zone, host to Proterozoic, re-worked Archean high-grade metamorphic rocks — comparable to the geological unit hosting the Tropicana deposit.
3. Structure: The shape of the gold-in-soil anomaly and observations from magnetic imagery suggest a major flexure in the host structure, a geological environment considered favourable for gold deposition.
4. Mineralisation style confirmed along strike: Historical drilling at the Dragonfly Prospect has already confirmed Tropicana-style mineralisation features immediately adjacent to the Bonnie & Clyde anomaly.

At the regional scale, the Forelands Project sits at a confluence of two major structural features: the NE-SW trending Yellow Dam Shear Zone and the NNW-SSE trending Houtanui Shear Zone. Structural intersections of this kind are considered favourable sites for large-scale mineralising events.

What is a gold-in-soil anomaly? When gold deposits erode over millions of years, trace amounts of gold disperse into the surrounding soil. Geochemists sample this soil systematically and map where gold concentrations rise above background levels. A “gold-in-soil anomaly” is simply a zone where those concentrations are elevated enough to suggest a potential source at depth. The larger and more coherent the anomaly (and the higher the peak values), the more significant the implied source could be.

Why does footprint size matter? Large gold deposits leave large geochemical footprints. When geologists compare Bonnie & Clyde’s >6km anomaly to the footprints left by discovered deposits like Tropicana and Gruyere, the scale is the point. A small, patchy anomaly might reflect a minor mineralised structure. A continuous, multi-kilometre anomaly with strong tenor across multiple zones raises the possibility of something more substantial beneath the surface.

What is Tropicana-style mineralisation? The Tropicana deposit (7.89Moz gold) is hosted in shear zones within high-grade metamorphic rocks. Gold in this style of deposit is typically associated with biotite–pyrite–sericite alteration and quartz–sulphide veining along thick, tabular shear zones. Finding these same features confirmed along strike from Bonnie & Clyde at the Dragonfly Prospect is considered meaningful geological evidence that the right ingredients for this type of deposit may be present in the wider area.

The critical distinction: None of this confirms that Bonnie & Clyde contains gold mineralisation. There is no JORC-compliant resource at Bonnie & Clyde. This is purely an exploration target, and the drilling program now underway is the first step in determining what, if anything, lies beneath the surface anomaly.

Drilling program design and what to expect

The 65-hole, ~10,000m RC program is designed across 13 traverses, with holes targeting both the weathered and fresh rock components beneath the gold anomalies. Targets were generated from historical auger sampling programs and confirmed by a recently completed 50m x 50m, ~1,500 point ultrafine fraction soil and detailed airborne magnetic survey.

Assay results are expected to be returned and reported progressively throughout Q4 2026 and Q1 2027. In parallel, the Beachcomber RC exploration and resource definition drilling program continues, with approximately 8,100m and 50 RC holes completed to date. The first batch of Beachcomber samples is currently at the laboratory, with assay results expected in Q4 2026.

What are the near-term catalysts for investors?

BPM is running two simultaneous drill programs, with results from both expected to flow progressively from Q4 2026 into Q1 2027. For investors tracking the news flow, the upcoming catalyst sequence is:

1. Bonnie & Clyde drilling completion — Q4 2026
2. First Beachcomber assay results — Q4 2026
3. Bonnie & Clyde assay results — Q4 2026–Q1 2027
4. Beachcomber JORC Mineral Resource Estimate (MRE) — H1 2027

The broader Forelands Project context adds weight to the opportunity. The project covers a ~630km² landholding approximately 150km east of Kalgoorlie, with high-grade intercepts already in hand at the Beachcomber deposit, including 3m @ 65.8g/t Au and 9m @ 7.77g/t Au as headline results. The Forelands Project sits within proximity to multiple existing and proposed mills within a 200km radius, which the company notes provides processing optionality for any future resources.

BPM has also reminded holders of its listed BPMOB options of their upcoming expiry at 5pm on 30 October 2026. The exercise price is $0.15 per option, with approximately 25.1 million options remaining. If exercised, this could potentially provide the company with approximately $3.75 million in additional capital. The company is factually notifying option holders of the deadline; whether holders elect to exercise remains entirely their decision.

The next several months represent the most data-rich period in BPM’s exploration history to date, with results from one of Western Australia’s more closely watched untested gold anomalies set to arrive alongside the maturation of an already high-grade adjacent discovery.

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