Flynn Gold Achieves 94% Gold Extraction From Low-Grade Material at Golden Ridge

Flynn Gold Confirms 94% Gold Extraction From Low-Grade Material, Opening the Door to Bulk-Mining Potential at Golden Ridge

Flynn Gold (ASX: FG1) has reported a further round of encouraging metallurgical results at its 100%-owned Golden Ridge Project in northeast Tasmania, achieving 94% average gold extraction across 35 low to medium-grade samples. These Flynn Gold Golden Ridge gold extraction results from low grade material are particularly significant because the samples were drawn from mineralisation outside the high-grade vein domains already captured in the company's Exploration Target, raising the prospect that a broader portion of the deposit could be economically processable.

The result arrives as activity at Golden Ridge accelerates on multiple fronts, with a resource drilling program now underway at the Brilliant Prospect and a non-binding Ore Purchase Agreement recently executed with the Henty Gold Mine, owned by Kaiser Reef Limited.

What the Metallurgical Results Actually Tell Us

The testwork used the LeachWELL™ cyanide leaching method, the same technique applied in Flynn Gold's initial 2023 program. That earlier round tested 26 samples, predominantly higher-grade material, and achieved 94.5% average gold extraction. This new program deliberately targeted the other end of the grade spectrum.

Key parameters of the latest testwork include:

• 35 samples tested, sourced from two diamond drillholes (TFDD008 and TFDD012) at the Trafalgar Prospect
• Sample grades ranging from 0.1 g/t to 4.5 g/t Au, with 28 of the 35 samples below 1.0 g/t Au
• Individual extractions ranging from 88% to 97%
• Aggregate extraction across all 35 samples of 94%

According to the announcement, these results are also consistent with earlier LeachWELL™ testing conducted on six samples from the nearby Grenadier Prospect, which returned 94.9% average gold extraction.

The consistency across three separate test programs, covering different prospects, different grade ranges, and different sample sets, is what gives this result its significance. Gold at Golden Ridge, furthermore, appears to behave in a highly leachable manner regardless of grade.

Understanding LeachWELL™: What Does It Mean for Investors?

LeachWELL™ is an accelerated cyanide leaching method used in laboratory settings to assess how readily gold can be extracted from rock samples using cyanide solution. It works by adding a reagent that enhances cyanide leaching efficiency under controlled conditions.

In plain terms, it addresses one of the most important early-stage questions in gold project development: is the gold actually recoverable?

It is important to note that LeachWELL™ conditions are more intensive than those used in conventional commercial processing circuits such as Carbon-in-Pulp (CIP) or Carbon-in-Leach (CIL). The test also uses very finely ground material. Consequently, while the results are a positive indicator of gold leachability, they do not directly translate to what recoveries would look like in a commercial plant.

A high extraction rate under more intensive laboratory conditions provides an indication that the gold is cyanide-amenable rather than locked in a refractory mineralogy. This supports the case for investment in the next, more detailed phase of testwork, which is exactly what Flynn Gold is now planning.

Glossary of Key Terms

• LeachWELL™: An accelerated cyanide leach reagent used in laboratory metallurgical testing
• CIP/CIL: Carbon-in-Pulp / Carbon-in-Leach, industry-standard commercial gold processing methods
• Sighter testwork: Preliminary testing that provides initial directional results before committing to full-scale metallurgical programs
• Beneficiation: The process of concentrating ore to increase the grade of material before processing
• Tailings: The material remaining after gold has been extracted from ore

Why Low-Grade Leachability Is a Game-Changer for Project Scale

The strategic significance of this announcement extends beyond confirming that cyanide leaching works at Golden Ridge. The company tested material that sits outside the existing Exploration Target — the broad zones of lower-grade mineralisation that surround the higher-grade vein systems at Trafalgar.

If this lower-grade material proves amenable to cost-effective processing, it could support a bulk-mining development scenario, where a larger volume of lower-grade material is processed rather than selective high-grade mining. This represents a different, and potentially larger-scale, development pathway than one focused solely on the high-grade veins.

The existing JORC-compliant Exploration Target at Golden Ridge encompasses three prospects:

The Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource, and it is uncertain if further exploration will result in a Mineral Resource estimate.

The lower-grade mineralisation tested in this announcement sits outside these domains. The metallurgical work is, however, effectively scoping whether this additional material adds to the project's potential inventory and development options.

"To achieve this gold extraction result using low-grade core samples, whilst also confirming the earlier results of 94.5% on higher-grade samples at the Trafalgar Prospect and 94.9% on samples from the nearby Grenadier Prospect, is extremely encouraging. A more comprehensive round of metallurgical testwork is now being scoped out which will, amongst other things, aim to establish whether simple methods can be used to beneficiate run-of-mine material into a high-grade ore or concentrate to supply to Henty Gold Mine or other potential buyers." — Managing Director & CEO Neil Marston

Multiple Workstreams Running in Parallel

One notable aspect of this announcement is the breadth of activity now underway simultaneously at Golden Ridge. The company is not waiting on one result before advancing the next step.

Current and upcoming activities include:

1. Metallurgical testwork (next phase): Consultants are scoping a more comprehensive program using fresh drill core and conditions more representative of commercial processing. This will also investigate beneficiation options to potentially upgrade lower-grade material into a higher-grade feed or concentrate.
2. Resource drilling at Brilliant Prospect: A 21-hole, 2,500-metre program has received Mineral Resources Tasmania approval and has commenced. Results will contribute to future resource estimation efforts.
3. Trenching at Brilliant Prospect: Recommenced following completion of the first four trenches, which confirmed a broad footprint of anomalous gold extending northeast along strike over more than 110 metres.
4. Mining Lease application: Recently registered, representing a formal step in the project approvals pathway.
5. Non-binding Ore Purchase Agreement: Recently executed with the Henty Gold Mine (Kaiser Reef Limited), providing a potential processing and offtake pathway for future ore production.

The Investment Case: Why Golden Ridge Is Gaining Momentum

Flynn Gold is operating in northeast Tasmania, a region the company identifies as geologically comparable to the Victorian Goldfields on the Australian mainland — one of the world's historically significant and currently active gold exploration addresses. The company holds ten 100%-owned tenements in the region, covering a total of 167 km² under a single exploration licence at Golden Ridge.

Several factors underpin the investment case at this stage of the project's development:

• Consistent metallurgical performance: Three separate test programs across two prospects have now returned gold extraction rates of 94% or above, providing a level of confidence in the gold's cyanide amenability.
• Low-grade upside: The potential to process bulk lower-grade mineralisation, if confirmed through further testwork, could expand the project's economic footprint beyond the existing Exploration Target domains.
• High-grade drilling history: Previous drilling at Trafalgar has intersected multiple intervals grading above 100 g/t Au, including 0.7m at 152.5 g/t Au and 0.5m at 169.8 g/t Au, confirming the presence of bonanza-grade vein systems.
• Processing pathway being defined: The non-binding agreement with Henty Gold Mine suggests Flynn Gold is working toward practical processing options rather than treating processing as a distant consideration.
• Active exploration pipeline: With drilling and trenching underway at Brilliant and metallurgical work being planned across the project, there are multiple near-term news catalysts.
• Clean balance sheet: The company carries no debt and held $1.12 million in cash as at 30 June 2026, with a current market capitalisation of approximately $12.2 million.

Why Investors Should Keep Watching Flynn Gold

Flynn Gold appears to be at an inflection point. The Flynn Gold Golden Ridge gold extraction results from low grade material repeatedly indicate that gold at the project is recoverable using conventional cyanide leaching — across grades, across prospects, and now explicitly across the lower-grade material that would underpin any bulk-mining scenario. Each successive test has reinforced rather than undermined the previous results.

The company is, furthermore, transitioning from early-stage leachability testing to a more detailed examination of commercial processing conditions and beneficiation options, while simultaneously advancing drilling and progressing the formal approvals pathway.

With a potential processing partner identified in Henty Gold Mine, and a growing body of geological and metallurgical data supporting the project's development case, the coming months are set to be information-rich for investors following the story.

Key Takeaway

The Flynn Gold Golden Ridge gold extraction results from low grade material, reported across three separate metallurgical programs at two prospects, confirm that gold at the Golden Ridge Project is highly amenable to cyanide leaching — including from lower-grade zones that could underpin bulk-mining development. In addition, with resource drilling underway, a processing agreement in place, and a comprehensive metallurgical program being scoped, the company is advancing on several value-building fronts simultaneously. Investors should monitor upcoming drill results and metallurgical findings closely as the project's development picture comes into sharper focus.

Want to Know More About Flynn Gold's Golden Ridge Project?

Flynn Gold (ASX: FG1) is advancing one of Tasmania's most compelling gold projects, with consistent metallurgical results, active drilling underway, and a potential processing pathway already in place. To explore the investment case further and stay across the latest developments at Golden Ridge, visit www.flynngold.com.au.