Maritana Minerals Runs Four-Project Drill Push Targeting First Gold in H2 2027

Drilling ramps up across four projects as Maritana builds toward first gold in H2 CY2027

Maritana Minerals (ASX: MRT) is running one of the most active drill programs in the Western Australian Goldfields right now. Across four projects surrounding the Black Swan Processing Hub (BSPH), three rigs are currently turning with a fourth commencing during September 2026, all working toward a single, well-defined production target: first gold processing from the BSPH in H2 CY2027.

The 60,000m total drill campaign is not speculative exploration. Every metre drilled is designed to convert Inferred Mineral Resources to the Indicated category, support Ore Reserve updates, and feed an updated life-of-mine plan for the BSPH. Mining at Boorara, the first ore source for the hub, is targeted to restart in mid-CY2027.

Grant Haywood, Managing Director and CEO

“With rigs now turning at Coote and Crake, and drilling programs completed at Boorara, Burbanks and Wilsons, Maritana has one of the most active drill programs in the district. The majority of these programs will lift confidence in the ounces closest to the Black Swan Processing Hub so they can be converted into Reserves and scheduled into the mine plan. In addition, Wilsons represents a new discovery opportunity within a stone’s throw of our Black Swan infrastructure.”

Project-by-project breakdown — what’s drilling, what’s done, what’s next

Boorara — drilling complete, stockpile ready, mining restart on schedule

Drilling at Boorara is complete. A total of 119 RC drillholes for over 17,000m have been completed as part of the resource conversion campaign. Grade control drilling is now underway, defining the first ore blocks ahead of the planned mining restart targeted for mid-CY2027.

Boorara will be the first ore feed to the BSPH, supplying initial mill feed through commissioning and ramp-up. Critically, a 460kt ore stockpile has already been established from previous mining at Boorara, providing material de-risking for the commissioning timeline before new ore is extracted.

Coote and Crake — RC and diamond drilling underway, ~10km from Kalgoorlie

Reverse circulation and diamond drilling has commenced at Coote and Crake, two of the four initial ore sources targeted for the BSPH. The deposits sit within the Binduli project area approximately 10km northwest of Kalgoorlie-Boulder, around 500m apart, with multiple rigs deployed to accelerate a three-month program.

The geological setting is well-understood. Gold mineralisation at both deposits is structurally controlled and hosted in feldspar porphyries, the same setting as the 390,000oz Janet Ivy open pit located approximately 1,500m to the south. More than 100,000oz has been produced from the nearby Fort William and Fort Scott open pits. At Crake, earlier drilling demonstrated width and grade continuity over a 450m strike, with mineralisation remaining open in multiple directions. Maiden open pit Ore Reserves for Crake were reported in the 30 June 2026 annual statement. First assay results from the current program are expected within approximately one month.

Burbanks — Phase 2 complete, resource update due this quarter

Phase 2 extensional drilling at Burbanks has been completed, targeting extensions to the Main Lode and Birthday Gift lodes at depth. Initial results from Phase 2 were reported with encouraging results on 27 August 2026, supporting mineralisation extending at depth. Final assays from Phase 2 remain pending.

An updated Mineral Resource estimate incorporating the Phase 1 program results is expected during the September Quarter CY2026.

Wilsons — maiden aircore program complete, discovery potential ~400m from BSPH

The 4,000m+ maiden aircore program at the Wilsons Gold Prospect has been safely completed. The program provided the first dedicated shallow drilling coverage of a gold-in-soil anomaly measuring more than 2.5km x 1.5km, defined in 2024. The prospect sits approximately 400m from the BSPH, over ground that was previously explored almost exclusively for nickel. Gold is the new angle here, and proximity to existing infrastructure means any discovery would carry substantially lower development costs than a standalone find. First assay results are expected in October CY2026.

Why resource conversion drilling matters — the path from ounces to mine plan

This type of drilling confuses investors who associate drilling news with exploration discovery. Resource conversion drilling is a different thing entirely, and understanding the distinction tells you why this phase is genuinely value-creating even without new deposit announcements.

Here is how the sequence works:

1. Inferred vs Indicated Mineral Resources: An Inferred Resource is an estimate of mineralisation based on limited data. It carries lower geological confidence and cannot be used to make mining decisions. An Indicated Resource requires closer-spaced drilling that demonstrates continuity of grade and geometry with enough confidence to be incorporated into mine planning.

2. What an Ore Reserve is and why it matters: An Ore Reserve is a subset of an Indicated (or Measured) Resource that has been assessed against economic, mining, and processing factors. It is the classification that underpins a bankable mine plan. You cannot make a final mining decision based on Inferred Resources alone.

3. Why this drilling is a pre-commissioning requirement, not exploration risk: Maritana is not drilling to find something new at Boorara or Burbanks. It is drilling to elevate the confidence classification of ounces it already has, so those ounces can be formally included in Ore Reserves and scheduled into the BSPH mine plan. Higher-confidence ounces translate directly into a more reliable life-of-mine plan, which in turn supports commissioning decisions for the BSPH.

The sequencing matters. Confidence in ounces leads to Ore Reserves. Ore Reserves underpin the BSPH life-of-mine plan. A credible life-of-mine plan supports the path to first gold. Note that the life-of-mine plan references are tied to Scoping Studies, which are preliminary in nature, and there is no certainty that production targets or financial assumptions will be realised.

Catalysts stacking up — what investors should watch over the next six months

Maritana is entering a sustained newsflow period. Multiple data releases are imminent across all four projects, each building sequentially toward the H2 CY2027 production milestone.

• Coote and Crake first assay results: within approximately one month (~October CY2026)
• Wilsons first aircore assay results: October CY2026
• Burbanks Phase 2 final assays: pending, September Quarter CY2026
• Burbanks updated Mineral Resource estimate: September Quarter CY2026
• Boorara grade control drilling results feeding into pre-production mine plan
• Boorara mining restart: targeted mid-CY2027
• First gold processing from BSPH: targeted H2 CY2027

Four projects generating results over the next one to six months means the company is not relying on a single binary event. Each release contributes another piece of the Reserve and mine plan puzzle.

Grant Haywood, Managing Director and CEO

“This Reserve conversion work is strategically sequenced ahead of the commissioning of Black Swan Processing Hub…This puts us on track for mining to restart at Boorara in mid-CY2027 and first processing in H2 CY2027.”

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