Godolphin Resources Lewis Ponds Resource Upgrade Delivers Exceptional Scale

Godolphin Resources Lewis Ponds Resource Upgrade Delivers Exceptional Scale

Godolphin Resources (ASX: GRL) has announced a substantial upgrade to its Lewis Ponds Gold, Silver and Base Metals Deposit, delivering impressive increases across all key metrics. The Godolphin Resources Lewis Ponds resource upgrade represents a 78% increase in tonnes, 34% increase in gold, and 44% increase in silver compared to the previous estimate. This updated Mineral Resource Estimate (MRE) establishes Lewis Ponds as a significant polymetallic resource with tremendous development potential.

Upgraded Resource Delivers Outstanding Scale

The revised MRE establishes Lewis Ponds as a significant polymetallic resource with a global inventory of 17.52Mt @ 1.12g/t Au, 53.34g/t Ag, 2.06% Zn, 1.10% Pb, 0.14% Cu, divided between open pit and underground resources.

Total contained metals amount to:

• 630,000 oz Gold (34% increase)
• 30.1 million oz Silver (44% increase)
• 362,000 tonnes Zinc
• 194,000 tonnes Lead
• 24,000 tonnes Copper

Significantly Improved Resource Confidence

The Godolphin Resources Lewis Ponds resource upgrade demonstrates exceptional confidence levels with 70% of the open pit resource and 45% of the underground resource classified as Indicated Resources. This high proportion of indicated material provides strong foundations for the upcoming scoping study and potential mining development.

Furthermore, the enhanced resource classification reduces development risk considerably. Indicated resources require less additional drilling to support feasibility studies compared to inferred categories. Consequently, the project can advance more rapidly through development stages with greater investor confidence.

This substantial upgrade was delivered as part of the Company's ongoing work towards its scoping study, which highlighted that lower economic cutoff grades could be applied to the MRE due to improved operating efficiencies, lower costs, and higher commodity prices, further enhancing the project's viability.

– Jeneta Owens, Managing Director

Understanding Gold Equivalent Calculations

For investors new to polymetallic projects, Gold Equivalent (AuEq) represents a method of combining multiple metals into a single grade metric for comparison purposes. The calculation considers the value contribution of gold, silver, copper, lead, and zinc based on current commodity prices and expected metallurgical recoveries.

Gold Equivalent calculations enable mining companies to assess the economic value of deposits containing multiple metals. Rather than evaluating each metal in isolation, the formula converts all metals into a gold equivalent value based on their relative prices and recovery rates. This approach provides investors with a simplified metric for comparing different polymetallic projects.

Key inputs for Lewis Ponds AuEq calculation:

• Commodity prices: Au $3,200/oz, Ag $40/oz, Cu $9,900/t, Zn $2,700/t, Pb $2,015/t
• Metallurgical recoveries: Au 64.7%, Ag 71.8%, Zn 93.1%, Pb 73.4%, Cu 68.9%

The metallurgical recovery percentages reflect the proportion of each metal that can realistically be extracted during processing. These figures are based on laboratory test work and represent critical inputs for economic assessment. Higher recovery rates directly translate to greater revenue potential from the same grade of ore.

Enhanced Economic Framework Drives Upgrade

The resource upgrade reflects improved project economics driven by several key factors that enable the application of lower cutoff grades across both open pit and underground scenarios. In addition, the enhanced economic framework demonstrates the project's robust fundamentals under current market conditions.

Lower Economic Cutoff Grades

The Godolphin Resources Lewis Ponds resource upgrade benefits from significantly reduced economic thresholds:

• Open pit cutoff: Reduced from 1.0g/t to 0.67g/t AuEq
• Underground cutoff: Reduced from 3.2g/t to 1.80g/t AuEq

Improved Operating Parameters

Several operational improvements support the upgraded economics:

• Enhanced metallurgical recoveries from recent test work
• Lower anticipated operating costs
• Improved mining efficiencies
• Stronger commodity price environment

Positive Metallurgical Results

Recent flotation test work by Core Resources confirmed the deposit's amenability to conventional processing, producing two marketable concentrates. The study demonstrated that Lewis Ponds mineralisation can be processed using standard flotation techniques, producing:

• Zinc concentrate with 93.1% zinc recovery
• Lead-gold-silver-copper concentrate with strong precious metals recovery

These metallurgical results support the economic assumptions underlying the revised cutoff grades. The ability to achieve high recovery rates using conventional processing methods reduces both capital and operating cost requirements. This is particularly advantageous compared to deposits requiring complex or novel processing technologies.

Strategic Development Timeline

According to the report, Godolphin has outlined clear near-term catalysts that position the company for development momentum across multiple timeframes. However, the timeline reflects careful planning to maximise value creation whilst managing development risks.

Immediate Priorities (Next 3-6 Months)

The company has established several critical milestones:

• Scoping study completion – Expected early 2026
• Investor webinar – December 16, 2025 at 11:00am AEDT
• Additional drilling campaigns targeting copper-enriched zones

Medium-Term Objectives

For instance, longer-term development goals include:

• Resource expansion drilling across defined exploration targets
• Integration of new lodes into future MRE updates
• Mine development planning for both open pit and underground operations

The scoping study represents a critical milestone for Lewis Ponds. It will provide the first comprehensive economic assessment incorporating the upgraded resource. This study will evaluate mining methods, processing options, capital requirements, and operating costs to determine project viability.

What Makes This Resource Upgrade Significant?

The significance of the Godolphin Resources Lewis Ponds resource upgrade extends beyond simple tonnage increases. The upgrade demonstrates multiple value drivers that position the project as a premier development opportunity in the Australian mining sector.

Scale and Quality Combination

The resource combines substantial scale with attractive grades across multiple commodities. Furthermore, the polymetallic nature provides revenue diversification that reduces dependence on single commodity price cycles. The 630,000 ounces of gold and 30.1 million ounces of silver represent significant precious metals inventory.

Infrastructure Advantages

Lewis Ponds benefits from exceptional infrastructure positioning. Located just 15km from Orange, NSW, the project enjoys access to established road networks, power supply, and skilled labour. This proximity to infrastructure significantly reduces development capital requirements compared to remote projects.

Investment Thesis: A Premier Australian Polymetallic Asset

Lewis Ponds represents one of Australia's most compelling undeveloped precious and base metals resources, offering multiple investment attractions across scale, grade, and development optionality. Consequently, the project provides exposure to multiple commodity markets through a single investment vehicle.

The combination of increased resource scale, improved economics, and clear development pathway positions Lewis Ponds as a standout opportunity. The project's proximity to established infrastructure in New South Wales reduces development risk compared to remote greenfield projects.

The substantial silver content provides additional value diversity beyond gold. Silver's industrial applications offer different demand dynamics that complement gold's investment demand characteristics. Base metals including zinc, lead, and copper contribute further revenue streams, creating a polymetallic asset that benefits from multiple commodity price cycles.

Why Investors Should Track Godolphin Resources

The Godolphin Resources Lewis Ponds resource upgrade demonstrates the company's ability to enhance value through technical excellence and strategic project development. With the scoping study nearing completion and strong metallurgical results supporting commercial viability, the company has established multiple catalysts for value creation.

Key monitoring points for investors:

• Scoping study results (early 2026) – Critical for defining project economics
• Exploration drilling results – Potential for further resource expansion
• Development partnerships – Possible strategic alliances for project advancement
• Commodity price environment – Particularly gold and silver trends

The upgraded MRE positions Godolphin with a substantial resource base that could support long-term mining operations. The high proportion of indicated resources provides confidence for future mining studies. Moreover, the combination of open pit and underground potential offers development flexibility that can optimise economics under varying market conditions.

Godolphin Resources has positioned itself as a major player in the Australian polymetallic space, with significant upside potential due to the upgraded Lewis Ponds resource, strong metallurgical characteristics, and clear development pathway. With the upcoming scoping study and continued exploration success, investors should closely monitor this emerging development story.

Ready to Explore Godolphin's Polymetallic Opportunity?

With Lewis Ponds now established as a significant 17.52Mt polymetallic resource containing 630,000oz gold and 30.1Moz silver, Godolphin Resources presents a compelling development opportunity just 15km from Orange, NSW. The substantial 78% increase in tonnage, combined with 70% of open pit resources classified as Indicated, positions this project for potential advancement through upcoming scoping studies. To gain deeper insights into Godolphin's strategic development plans and Lewis Ponds' investment potential, watch the company's detailed presentation and discover how this upgraded resource could reshape the company's growth trajectory.