FMR Resources Confirms Broad Porphyry System at Llahuin, Eyes Higher-Grade Core

Drilling Confirms Porphyry System at Llahuin — FMR Resources Eyes Higher-Grade Core for Phase II

FMR Resources Limited (ASX: FMR) has received final assay results from drillhole 26LHDD073 at Target L within the Southern Porphyry, part of the Llahuin Project Joint Venture in Chile. These results represent the latest development in the FMR Resources Llahuin drilling results higher grade core target in Chile programme, confirming broad copper-gold-molybdenum mineralisation consistent with an extensive porphyry system.

Crucially, the geochemistry supports the interpretation that drilling to date has been testing the margins — not the core — of the system. Phase II drilling, planned for Q4 2026, will target that interpreted higher-grade core.

What the Assays from Target L Tell Us

Drillhole 26LHDD073 was drilled to a depth of 1,068.0 metres and was specifically designed to test structural, geological, and geochemical vectors interpreted from three preceding holes: 25LHDD070, 25LHDD071, and 26LHDD072. The hole encountered multiple porphyry intrusive phases, broad zones of stockwork veining, and pervasive hydrothermal alteration — all hallmark features of a classical porphyry copper system.

The key assay intervals from 26LHDD073 are:

Visible chalcopyrite and molybdenite were identified in quartz-sulphide, magnetite-sulphide, and anhydrite veinlets throughout the drillhole — providing direct geological confirmation of the assay results.

Putting Target L in Context: How Has the Drilling Programme Evolved?

The results from 26LHDD073 are the latest in a sequence of four drillholes completed across the Southern Porphyry system. Together, they paint an increasingly detailed picture of a large, zoned porphyry system. The full assay dataset across completed drillholes is summarised below:

What stands out across the dataset is the consistent pattern of broad mineralised intersections across multiple zones and hole orientations. The 124-metre intersection at 0.31% CuEq from 25LHDD071 and the 104-metre intersection at 0.16% CuEq from 25LHDD072 demonstrate the spatial scale of mineralisation.

Furthermore, the 0.78% CuEq over 4 metres at 582 metres depth in 26LHDD073 is particularly notable — it represents the highest-grade interval yet reported from Target L and was associated directly with a porphyry zone lithology.

What Does the Managing Director Say?

"The assays from Target L validate the geological observations from drilling, confirming a broad mineralised porphyry system containing copper, molybdenum, and gold anomalism associated with intrusive phases and stockwork breccia. Importantly, the geochemistry supports our interpretation that drilling to date has intersected the margins of an extensive porphyry system rather than the higher-grade core. Integration of the assays with structural, petrographic and geophysical datasets is continuing to refine vectors for Phase II drilling."

— Oliver Kiddie, Managing Director, FMR Resources

Understanding the Geology: What Is a Porphyry System and Why Does It Matter?

A porphyry copper deposit is one of the world's most important sources of copper, molybdenum, and gold. These systems form when mineral-rich hydrothermal fluids rise from a deep magmatic source and deposit metals across a large volume of rock — typically in a roughly cylindrical or elliptical shape centred on the intrusive body.

Critically, porphyry systems are zoned. The highest-grade copper-molybdenum mineralisation tends to concentrate in the central "potassic" core, surrounded by progressively lower-grade alteration zones moving outward. Near the surface, these systems can also host epithermal-style gold mineralisation.

Why Does This Matter for Investors?

FMR's geological team has interpreted that the four holes drilled so far at the Southern Porphyry have intersected the outer zones of the system — the mineralised margins and breccia corridors. The higher-grade potassic core, which in comparable deposits hosts the bulk of economic mineralisation, remains to be drilled.

The increasing vein complexity observed in 26LHDD073, relative to earlier holes, is interpreted as a signal of proximity to that fluid source. In other words, the footprint has been established, and the team is now triangulating toward the economic heart of the system.

Key Terms for Reference

The Bigger Picture: A Six-Kilometre Mineralised Corridor

The Southern Porphyry target sits within a six-kilometre-long mineralised corridor at the Llahuin Project, which hosts multiple copper-gold-molybdenum porphyry centres. Field mapping completed in mid-2025 identified argillic alteration, silicification, and epithermal quartz veining at surface, alongside secondary copper mineralisation assemblages — all features consistent with the upper levels of a copper porphyry system.

Re-logging of historic drillholes confirmed these features at depth. The observation of epithermal-style veining preserved above a deeper porphyry core suggests a telescoped system — a geological configuration where the deeper, hotter porphyry zones remain intact beneath a cap of epithermal mineralisation. This is considered a highly prospective configuration.

The Llahuin Project is a joint venture with Southern Hemisphere Mining Limited (ASX: SUH), with the project tenements 100% owned by SUH.

Integrating the Datasets: What Happens Before Phase II?

Before drill bits turn again, FMR's technical team is undertaking a comprehensive integration exercise designed to sharpen the targeting for the next phase. The work includes:

1. Multi-element geochemistry analysis — identifying elemental associations and zonation patterns that vector toward the porphyry core
2. Thin-section petrography — characterising mineral relationships, alteration zoning, and paragenesis from key lithologies to reconstruct system geometry
3. Geophysical and petrophysical integration — interrogating downhole datasets from all four completed holes against surface IP and magnetotelluric (MT) geophysical models
4. 3D porphyry model refinement — combining all datasets into an updated three-dimensional geological model to define the interpreted core corridor
5. Phase II drill targeting — finalising hole locations and orientations to intersect the interpreted higher-temperature copper-molybdenum core

Phase II Roadmap and Key Catalysts

Phase II represents the most significant potential inflection point in FMR's exploration narrative to date. If the geological vectoring interpretation is correct and Phase II holes penetrate the potassic core of the Southern Porphyry, the grade profile of intersections could be materially higher than those reported to date.

Why This Exploration Story Warrants Investor Attention

Several aspects of FMR's position at Llahuin make this a compelling exploration narrative to follow. The FMR Resources Llahuin drilling results higher grade core target in Chile programme reflects a methodical, data-driven approach that distinguishes the company's exploration strategy.

1. Scale of the System Is Already Demonstrated

The broad intersections across four drillholes — including intervals of up to 124 metres of continuous mineralisation — indicate a large mineralised footprint. In porphyry exploration, footprint scale is a critical early indicator of potential deposit size.

2. The Core Remains Untested

The geological interpretation, supported by multi-element geochemistry and alteration mapping, consistently points to the existing holes having tested the margins of the system. The higher-grade core — typically the economic prize in a porphyry deposit — has not yet been drilled.

3. Multi-Metal Optionality

The system carries copper, gold, and molybdenum. Molybdenum is a critical element with industrial and energy-sector applications, and its presence alongside copper and gold adds to the potential value profile of any discovery. The CuEq calculations incorporate assumed metal prices of Cu US$3.50/lb, Au US$4,000/oz, and Mo US$12.50/lb using established metallurgical recovery factors.

4. Systematic and Rigorous Exploration Methodology

The company is not rushing to drill. The integration of geophysics, petrography, whole-rock geochemistry, and structural data before committing Phase II drill collars reflects disciplined exploration practice. Moreover, core recoveries from the 2025/26 programme averaged 99%, providing high confidence in the assay data.

5. Established Geological Corridor With Multiple Targets

Assay results have now been received from Targets A, C, K, and L within the broader Southern Porphyry system. Each result has added to the geological understanding and contributed to refining the three-dimensional model. The six-kilometre corridor scale means there is potential for multiple mineralised centres to be tested over time.

In summary, the FMR Resources Llahuin drilling results higher grade core target in Chile initiative has systematically built a compelling geological case at the Southern Porphyry. Four drillholes now confirm a broad, multi-metal porphyry system across a six-kilometre corridor, and Phase II drilling — targeted for Q4 2026 — is being designed specifically to intersect the higher-grade core. With a rigorous multi-dataset integration programme underway and a clear technical roadmap in place, the next phase of drilling represents a material potential catalyst for the company.

FMR Resources Limited is a Perth-based explorer focused on battery and critical minerals, with projects in Chile (Llahuin JV and La Lorena) and Canada (Fairfield copper project). Investors can stay updated via the company's website at www.fmrresources.com.au.

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