Breakthrough Minerals Secures $5.15M to Expand North Queensland Copper-Gold Drilling

Breakthrough Minerals Raises $5M to Supercharge Copper-Gold Drilling at North Queensland Project

Breakthrough Minerals Limited (ASX: BTM) has announced a fully subscribed $5.15 million institutional placement, unlocking an expanded ~10,000-metre diamond drilling campaign at its 100% owned North Queensland Copper-Gold (NQCG) Project. The Breakthrough Minerals North Queensland copper-gold drilling campaign funding marks a significant step forward, as drilling is already underway with a steady pipeline of results expected in the months ahead. This capital raise underpins the company's ambition to grow its existing 18.8Mt @ 1.07% CuEq mineral resource well beyond its current ~200,000 tonnes of contained copper equivalent.

A Fully Funded, High-Impact Drilling Phase Begins

The placement was led by Euroz Hartleys Limited as Sole Lead Manager and Bookrunner, with ORA Capital Pty Ltd acting as Co-Manager. The response from the market was emphatic — bids were significantly scaled back following strong demand, with both existing shareholders and new institutional and sophisticated investors participating.

Key placement terms at a glance:

The placement is structured in two tranches:

1. Tranche 1 — 29,411,765 new shares issued under existing ASX Listing Rule 7.1 and 7.1A placement capacities, raising approximately A$5.0 million
2. Tranche 2 — 882,353 new shares issued to BTM Directors, raising A$150,000, subject to shareholder approval at an upcoming general meeting

New shares are expected to be allotted and trading normally from Tuesday, 12 May 2026.

Managing Director Nigel Broomham said:

"We are very pleased with the overwhelming support from existing shareholders and new institutional investors, which is a strong endorsement of the Company's strategy and the quality of the North Queensland Copper-Gold Project. With this capital, we are fully funded to execute an expanded ~10,000m drilling campaign, meaningfully larger than our initial program — targeting resource growth at both Barbara and Hazel Creek, two deposits we believe have significant potential to grow beyond our current 200,000t CuEq resource base."

Where the Money Goes: A Focused Deployment of Capital

Proceeds from the placement will be directed toward three core priorities:

• Expanded ~10,000m diamond drilling campaign at the Barbara and Hazel Creek copper-gold projects within the NQCG Project, targeting significant resource growth
• Ongoing care and maintenance expenditures at the Mt Colin and Barbara mine sites
• General working capital and costs associated with the placement

The emphasis is clear — the lion's share of proceeds is directed at the drill bit, with the Company focused on delivering newsflow that could materially rerate its resource base.

The Asset: A District-Scale Copper-Gold Project in a World-Class Address

The North Queensland Copper-Gold Project sits within the highly endowed Mt Isa region of Queensland, one of Australia's most prolific copper-gold provinces. The project footprint is substantial:

• ~952 km² of granted exploration tenure
• Over 21 km² of granted Mining Leases
• 100% owned by Breakthrough Minerals

The project's current JORC (2012) Global Mineral Resource Estimate spans multiple deposits, providing a meaningful platform from which to grow.

Current Resource Base:

The Barbara and Hazel Creek deposits are the primary targets of the expanded drilling campaign, and both are considered by the Company to have significant potential to grow beyond their current resource footprint.

Understanding CuEq: What Does It Mean for Investors?

Copper Equivalent (CuEq) is a standard industry metric used to express a multi-metal deposit's total value as a single comparable figure — in this case, normalised to copper.

For the NQCG Project, CuEq is calculated using the formula:

CuEq = [Cu grade / Cu recovery × Cu price + (Au grade × Au recovery × Au price)] / [Cu recovery × Cu price]

The metal prices and recoveries used are:

• Copper: USD $9,773/t at 91.2% recovery
• Gold: USD $3,300/oz at 68.6% recovery

Why does this matter to investors?

CuEq allows a direct, apples-to-apples comparison of resource size and value across different projects and companies, regardless of their specific metal mix. For BTM, the inclusion of gold credits meaningfully enhances the economic attractiveness of its copper mineralisation.

A total ~200,000 tonnes of contained CuEq across 18.8 million tonnes of material provides a tangible baseline. Furthermore, the upcoming drill program is specifically designed to expand that number considerably.

Key Terms Glossary:

What Comes Next: A Steady Stream of Drilling Catalysts

With the capital raise completed and drilling already underway, the near-term outlook for BTM is driven by results from the expanded drill program. Shareholders can anticipate a structured pipeline of newsflow as the Company systematically tests high-priority copper-gold targets across the NQCG Project.

Key upcoming milestones and timeline:

The expanded ~10,000m program is described as meaningfully larger than the Company's initial drilling plan, signalling a deliberate escalation in the pace and scale of exploration activity at both the Barbara and Hazel Creek projects.

The Investment Case: Why This Capital Raise Matters

The $5.15 million placement is more than a routine funding exercise — it marks a defined inflection point in BTM's exploration trajectory. Several factors underpin the investment case for the Breakthrough Minerals North Queensland copper-gold drilling campaign funding and the opportunities it presents.

1. Resource growth potential is material

The current 18.8Mt @ 1.07% CuEq resource sits across multiple deposits in a proven copper-gold province. The Company has explicitly stated its belief that Barbara and Hazel Creek have significant growth potential beyond the current ~200,000t CuEq base.

2. The drill program is already live

Rather than flagging a future start date, drilling is already underway. This reduces execution risk and, consequently, accelerates the timeline to newsflow.

3. Strong investor validation

The placement was oversubscribed — bids were scaled back — demonstrating genuine institutional conviction in the project's quality and the company's strategy. Director participation via Tranche 2 further aligns management interests with shareholders.

4. District-scale footprint in a premier address

With ~952 km² of exploration tenure in the Mt Isa region, BTM holds a land position that is orders of magnitude larger than most early-stage explorers. This provides significant optionality for new discoveries beyond the known deposit areas.

5. 100% ownership

Full ownership of the NQCG Project means BTM retains all of the upside from resource growth, with no joint venture dilution to consider.

Key Investment Takeaway:

"Breakthrough Minerals has secured A$5.15 million in institutional backing to execute its most ambitious drilling program to date — targeting meaningful resource growth at the Barbara and Hazel Creek deposits within its 100% owned, district-scale North Queensland Copper-Gold Project. With drilling already underway across a ~10,000m campaign and results expected to flow in the months ahead, investors should keep a close eye on BTM as it works to significantly expand on its existing ~200,000t CuEq resource base."

Why Investors Should Watch BTM Closely

For investors seeking exposure to copper-gold exploration with near-term catalysts, Breakthrough Minerals presents a compelling proposition. The Company is entering a period of concentrated, funded drilling activity across a large, prospective tenement package in one of Australia's most historically productive mining regions.

The placement's strong institutional support provides confidence in the underlying asset quality, while the relatively modest market capitalisation leaves meaningful upside if the drill program delivers on its resource growth objectives.

In addition, with the Breakthrough Minerals North Queensland copper-gold drilling campaign funding now fully secured, a growing resource base as the foundation, and results expected to flow steadily in the months ahead, BTM is positioned at an active exploration inflection point. This warrants close attention from resource-focused investors seeking tangible near-term catalysts.

Want to Learn More About Breakthrough Minerals and Its North Queensland Copper-Gold Project?

With $5.15 million fully raised, a ~10,000-metre diamond drilling campaign already underway, and a district-scale 100% owned copper-gold project in one of Australia's most prolific mining regions, Breakthrough Minerals (ASX: BTM) is entering a period of concentrated exploration activity with a steady pipeline of results expected in the months ahead. Investors seeking near-term catalysts and meaningful resource growth potential should head to breakthroughminerals.com.au to learn more about BTM, the North Queensland Copper-Gold Project, and what the expanded drilling program could mean for the Company's existing ~200,000t CuEq resource base.