Dynamic Metals Confirms Gold Mineralisation at 300 Metres at Cognac West

Dynamic Metals Confirms Gold at Depth: Cognac West System Extends to ~300 Metres

Dynamic Metals Limited (ASX: DYM) has announced the first assay results from its diamond drilling program at the Cognac West gold prospect within the Widgiemooltha Project in Western Australia. The results mark a meaningful step forward for the company's exploration story, with Dynamic Metals Cognac West gold drilling results at 300 metres depth confirming gold mineralisation well below the shallow zones identified in earlier reverse circulation (RC) drilling campaigns conducted throughout 2025.

The four-hole diamond drilling program totalled approximately 1,400 metres and was co-funded with support of up to $175,000 from the Western Australian Government's Exploration Incentive Scheme (EIS). Results from the first two holes — WDRD082 and WDRD083 — are now in hand, with assays from the remaining two holes (WDRD084 and WDRD085) still pending.

What Are the Drill Results Telling Us?

The first two diamond holes targeted Anomaly B, a priority zone identified through soil geochemistry, rock chip sampling, and two prior phases of RC drilling. The headline result is the confirmation of gold at depth — something previous shallow drilling could not establish.

Key assay results from the first two diamond holes:

All reported intervals are downhole lengths. True widths are not yet determined.

The grades themselves are moderate, but the geological significance carries considerable weight. The Dynamic Metals Cognac West gold drilling results at 300 metres depth represent the first time gold has been confirmed at this depth at Cognac West. Furthermore, a broader halo of weak gold anomalism — greater than 10 parts per billion but below 100 parts per billion — was also identified above the main intercepts in WDRD082, which geologists interpret as the distal expression of a larger mineralised system at Anomaly B.

WDRD083 was drilled as a diamond twin of an earlier RC hole (WDR041) to better understand structural controls. A strongly deformed interval between 57 and 63 metres returned 1.5m @ 2.5 g/t Au, including 0.6m @ 4.3 g/t Au, associated with sulphides, quartz veining, and foliation — features consistent with a mineralised shear zone. However, no repetitions of this structure were encountered at depth in WDRD083.

Managing Director Karen Wellman commented: "These initial diamond drilling results confirm gold mineralisation at depth beneath previously defined shallow anomalism, representing an encouraging step forward for Cognac West. The identification of mineralisation at these depths supports the potential for a broader, vertically extensive system and provides a strong foundation for the next phase of drilling."

Understanding Shear-Hosted Gold Systems: Why Depth Matters at Cognac West

What Is a Shear-Hosted Gold System?

Gold in the Yilgarn region of Western Australia — one of the world's great gold provinces — is commonly found in what geologists call shear-hosted deposits. These form when large-scale faults or shear zones create pathways for gold-bearing fluids to travel through rock. As fluids migrate, they deposit gold along structural "traps," often associated with quartz-carbonate veins and sulphide minerals such as pyrite.

At Cognac West, mineralisation appears linked to narrow felsic units within a broader dolerite sequence. The mechanical contrast between different rock types is interpreted to have focused mineralising fluids into these zones, creating the gold-bearing quartz-carbonate veins and pyrite now being intersected by drilling.

Why Does Depth Matter for Investors?

Near-surface anomalism is common in the Yilgarn and does not always translate into meaningful mineralised systems at depth. The confirmation of gold at approximately 300 metres is significant because it demonstrates vertical continuity — a key requirement for any deposit of economic scale.

In addition, it aligns Cognac West with the depth profile of nearby producing operations, including the Higginsville and Junction gold mines in the Widgiemooltha district, both of which target mineralisation at comparable depths. The Dynamic Metals Cognac West gold drilling results at 300 metres depth place the prospect in a similar geological context to these established operations, supporting the interpretation that Cognac West could form part of a district-scale mineralised corridor.

Key Technical Terms Explained

• Diamond Drilling (DD): A drilling method using a diamond-tipped drill bit to extract cylindrical core samples, providing detailed geological information including structure, alteration, and grade
• Reverse Circulation (RC) Drilling: A faster, lower-cost drilling method that returns rock chips rather than core — good for grade definition, but less informative for structural interpretation
• Shear Zone: A zone of rock deformation where rocks have been broken and moved along a fault or fracture
• Anomaly B: A priority exploration target at Cognac West defined by soil geochemistry, rock chip sampling, and RC drilling results
• g/t Au: Grams of gold per tonne of rock — the standard unit for reporting gold grades
• ppb: Parts per billion — used for reporting very low-level gold anomalism in soils or rock

Two More Holes Still to Deliver Results

The first two holes addressed Anomaly B. The remaining two — WDRD084 and WDRD085 — were drilled to test magnetic anomalies at depth near Anomaly A, a distinct and compelling target in its own right.

Anomaly A is a quartz vein system identified through surface sampling and mapping. Rock chip samples from this zone returned gold grades of up to 2,040 g/t Au — an exceptional high-grade surface result that established Anomaly A as a high-priority drill target. Assays from WDRD084 and WDRD085 are pending.

Upcoming catalysts and next steps:

1. Assay results for WDRD084 and WDRD085 — targeting geophysical anomalies at Anomaly A, where surface rock chips have returned up to 2,040 g/t Au
2. Detailed geological logging and structural interpretation of diamond core from all four holes to refine the geological model
3. Integration of all results with existing datasets including geophysics, geochemistry, and prior RC drilling
4. Follow-up drilling program targeting extensions of mineralisation at Anomaly B, guided by the updated geological model

The pending results from the Anomaly A-targeted holes represent a near-term binary catalyst. Given the extraordinary surface grades recorded at Anomaly A, the market will be watching closely.

The Investment Case: A System Growing in Stature

Dynamic Metals is a small-cap explorer with a market capitalisation of approximately $30.2 million at a share price of $0.575 (as at 4 May 2026). With 52.5 million shares on issue and $2.72 million in cash as at 31 March 2026, the company carries a modest capital structure relative to the exploration upside being pursued.

Company snapshot:

The Widgiemooltha Project covers an extensive ~800 km² between Norseman and Kambalda — a region with a continuous exploration and mining history stretching back to 1892. Dynamic's tenements sit adjacent to multiple million-ounce gold camps, established gold producers, and associated infrastructure, providing a meaningful geological and logistical context for the company's exploration activities.

Cognac West is not the company's only asset. Dynamic also holds a broader portfolio of exploration tenements prospective for gold, nickel, lithium, and iron ore across Western Australia, including several joint venture positions where third parties are funding exploration to earn an interest. This model allows Dynamic to maintain exposure to multiple commodity and exploration themes without bearing the full cost of each program.

What Makes the Cognac West Results Investment-Relevant?

• Depth confirmation is a de-risking event. Many shallow gold anomalies in the Yilgarn do not persist at depth. Cognac West has now demonstrated it does
• Proximity to established operations adds geological credibility. The Higginsville and Junction gold mines in the Widgiemooltha district target comparable depths, supporting the interpretation that Cognac West could form part of a district-scale mineralised corridor
• Prior RC drilling returned up to 8m @ 2.87 g/t Au including 4m @ 5.37 g/t Au at Anomaly B — robust shallow results that the diamond drilling program is now building upon
• Anomaly A remains largely untested at depth and carries extraordinary surface grade results of up to 2,040 g/t Au, with assays from WDRD084 and WDRD085 due imminently
• EIS co-funding of up to $175,000 reduces the company's cash outlay on the program, extending the effective reach of its exploration budget

Why Investors Should Watch Dynamic Metals

Dynamic Metals sits at an inflection point for Cognac West. The company has systematically worked through soil sampling, rock chip mapping, two phases of RC drilling, and now the first phase of diamond drilling — each step building on the last and progressively improving the geological understanding of what is emerging as a vertically extensive gold system.

The Dynamic Metals Cognac West gold drilling results at 300 metres depth are not merely a technical milestone. They signal that the Cognac West system has the vertical extent that could support something more substantial than a near-surface anomaly. Moreover, with two more holes pending in the high-priority Anomaly A corridor, and a clear pathway to follow-up drilling at Anomaly B, the news flow from this program is not yet complete.

For investors seeking early-stage gold exploration exposure in a proven Western Australian address — at a market capitalisation that remains modest relative to the scale of the ground position and the exploration targets being pursued — Dynamic Metals warrants close attention in the weeks ahead.

Key Takeaway: Dynamic Metals (ASX: DYM) has taken a significant step forward at Cognac West, confirming gold mineralisation at ~300 metres depth for the first time and demonstrating the vertical extent of the system. With two additional drill holes targeting the high-grade Anomaly A zone still to report, and a systematic follow-up drilling program being planned at Anomaly B, the company has a clear near-term catalyst pipeline. Set against a ~$30 million market cap and a proven gold address in Western Australia, DYM is a name to watch as results continue to emerge.

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