Godolphin Resources Lewis Ponds Talc Pre-Flotation Lifts Lead Grade Potential

A Simple Processing Change With Potential to Lift Concentrate Grade at Lewis Ponds

Godolphin Resources Ltd (ASX: GRL) has reported mineralogical results from its Lewis Ponds gold and silver project in New South Wales that point to a clear processing refinement opportunity. The Godolphin Resources Lewis Ponds talc pre-flotation results, according to the ASX announcement, stem from detailed work by ALS Canada using QEMSCAN Particle Mineral Analysis. This has confirmed talc as the dominant non-valuable mineral in the lead concentrate, and indicates that a talc pre-flotation step ahead of the lead circuit could potentially lift lead concentrate grade from approximately 33% Pb to more than 60% Pb.

The results relate to Godolphin Resources Ltd's previously reported flotation testwork and directly link to the February 2026 Scoping Study for Lewis Ponds, which outlined a 12‑year, open pit and underground operation focused on gold, silver and base metals.

"The identification of talc as a component of dilution in the lead concentrate represents a key metallurgical insight and provides a practical pathway to improve flotation performance of the mineralisation at Lewis Ponds. Importantly, the work demonstrates that a simple pre-treatment step – removing talc ahead of the lead circuit – has the potential to materially improve concentrate grade and support stronger lead recoveries. Given the close association of gold, silver and copper with the sulphide minerals in the lead concentrate, this also presents a clear opportunity to increase precious metals recovery."

— Jeneta Owens, Managing Director, Godolphin Resources Ltd

Furthermore, these findings are expected to be incorporated into ongoing metallurgical and flowsheet optimisation work, with the stated aim of assessing the impact on project economics outlined in the Scoping Study.

The Talc Issue and Why It Is Technically Manageable

The mineralogical assessment identified talc as the key non-sulphide gangue mineral affecting the lead concentrate. Specifically:

• Talc accounts for approximately 19% of the lead concentrate mass
• Talc represents over 90% of the non-sulphide gangue component in that concentrate

In processing terms, gangue refers to minerals that do not have commercial value and simply dilute the concentrate. At Lewis Ponds, talc is reported to be the main contributor to this dilution.

Talc is described as a naturally hydrophobic mineral. Hydrophobic means it repels water and readily attaches to air bubbles in flotation cells, so it tends to float with valuable sulphide minerals. This is why it enters the lead concentrate stream.

The same property, however, also makes talc a candidate for targeted removal. A dedicated talc pre-flotation stage ahead of the lead circuit can be designed to float and remove talc before the main lead–precious metals flotation, consequently reducing its entry into the lead concentrate.

According to mineralogical modelling cited by Godolphin Resources Ltd, the current process inefficiency appears to be dominated by gangue entrainment rather than any inherent inability to recover the valuable minerals. In practical terms, the metals are present and largely liberated, but the product is being diluted by talc and some iron sulphides.

What the QEMSCAN Mineralogy Shows

The QEMSCAN work conducted by ALS Canada examined:

• A lead flotation concentrate sample
• A zinc rougher tailings sample

The objective was to understand mineral composition, liberation, and metal hosting, and to identify where dilution occurs in the circuit.

Mineral Hosts and Liberation: Are Key Metals Recoverable?

The announcement summarises the liberation characteristics as follows:

A mineral being liberated means it exists as a free particle, not locked within another mineral or in complex intergrowths. Liberated particles are generally easier to recover in flotation.

From an investor perspective, this liberation profile is important because:

• A high proportion of galena (lead sulphide) is free and can, in principle, be collected efficiently
• Copper sulphides show similarly high liberation
• Silver-bearing minerals have somewhat lower liberation, but still a majority free

These data support the assertion in the announcement that metallurgical performance could be materially improved not by changing how the ore is ground, but by improving selectivity and reducing dilution in flotation.

Concentrate Grade Potential With Talc Pre-Flotation

The Godolphin Resources Lewis Ponds talc pre-flotation modelling suggests a substantial upside in lead concentrate grade if talc and other liberated gangue minerals are better rejected.

The company states that this grade improvement is expected to be achievable without materially impacting lead recovery. That is, the same amount of lead could be captured in a smaller mass of concentrate, increasing product quality and potentially improving payability.

For investors, concentrate grade is relevant to:

• Revenue terms under smelter contracts
• Transport and handling costs per unit of metal
• Downstream processing performance

Higher grade generally improves the commercial position, provided recoveries remain robust.

Implications for Gold, Silver and Copper Recovery

While talc directly affects the lead concentrate grade, its removal also has broader implications for other metals because of how these metals are hosted.

According to the announcement:

• Silver is mainly contained in sulphide minerals such as tetrahedrite/freibergite and pyrargyrite/stephanite, which report to the lead concentrate stream
• Copper occurs primarily as chalcopyrite and related sulphides in the same stream
• Lead is almost entirely contained in galena, the main target mineral in the lead circuit

By reducing talc and other dilution minerals in the lead concentrate, the flotation circuit could operate with improved selectivity. This may:

• Enhance the recovery of lead-containing galena
• Improve the recovery of associated silver and copper sulphides that float with galena
• Reduce mass pull into the concentrate, lifting grades for several metals

Gold was not specifically quantified in the QEMSCAN work due to sample size limitations. However, Godolphin Resources Ltd notes that previous metallurgical testwork at Lewis Ponds has shown a close relationship between gold and silver recovery, as both are largely present in the lead–precious metals concentrate.

The company therefore expects that any improvement in lead and silver recovery could have a similar positive effect on gold recovery, subject to further testwork.

Scoping Study Context: Current Economics and Upside Pathway

The Godolphin Resources Lewis Ponds talc pre-flotation results sit within the broader development case for the project, as outlined in the Scoping Study released on 16 February 2026.

Project Configuration

The Scoping Study envisaged a flowsheet producing:

• A zinc concentrate
• A lead–copper–precious metals concentrate that carries most of the gold and silver

The new mineralogy results address that second concentrate stream directly.

Economic Outcomes From the Scoping Study

According to previous ASX disclosures referenced in the mineralogy announcement, the Scoping Study reported:

These figures were generated using metallurgical recovery assumptions based on prior flotation testwork, including the 2018 SGS program and the 2025 Core Resources program.

The latest QEMSCAN work does not itself change those economic metrics. Instead, it provides a technical pathway that, if validated by further testwork and incorporated in future studies, could potentially increase lead, silver, gold and copper recoveries and therefore improve project cash flow outcomes relative to the Scoping Study base case.

For investors monitoring Godolphin Resources Ltd, the key point is that the study supports the idea of flowsheet refinement rather than a need for wholesale redesign.

Educational Focus: What QEMSCAN Mineralogy Is and Why It Matters

Mineralogy and tools such as QEMSCAN can be highly technical. The current announcement provides a useful case study of how this type of work translates into project value.

What Is QEMSCAN?

QEMSCAN stands for Quantitative Evaluation of Minerals by Scanning Electron Microscopy. It is an automated mineral analysis technique that:

• Scans polished sections of ore or concentrate using an electron microscope
• Measures how electrons interact with the minerals
• Uses a reference library to identify each tiny mineral grain and its composition
• Produces maps and data tables showing which minerals are present, their abundance and how they are distributed

Key outputs include:

• Mineral assemblages: what minerals are present and in what proportions
• Liberation data: how much of each valuable mineral occurs as free particles versus locked in other minerals
• Association data: which minerals occur together, and which minerals host the metals of interest

For a project like Lewis Ponds, this helps determine whether poor flotation performance is due to inadequate grinding, poorly designed flotation conditions, or dilution by unwanted minerals that are floating with the valuable ones.

Why Does Mineralogy Matter to Project Economics?

Mineralogy studies such as this can affect economics in several ways:

• Recovery: If a high proportion of valuable minerals are liberated, recoveries can potentially be increased with appropriate processing
• Concentrate grade: Identifying and removing key gangue minerals can improve concentrate grade
• Reagent use: Understanding gangue minerals allows more efficient use of chemicals in flotation
• Flowsheet design: Mineralogy guides where pre-flotation or cleaning stages should be added

In the Lewis Ponds work, QEMSCAN has:

1. Identified talc as the dominant non-sulphide gangue mineral in the lead concentrate
2. Quantified the liberation of lead, silver and copper minerals, demonstrating that they are largely recoverable
3. Supported the case for a talc pre-flotation step ahead of the lead–precious metals circuit

This type of information can reduce technical uncertainty in later-stage studies such as a Pre‑Feasibility Study.

Key Terms Explained

• Gangue: Non-valuable minerals that are mined and processed with the ore but do not contribute to revenue
• Flotation: A separation process where air bubbles are used to float specific minerals based on surface chemistry differences
• Pre-flotation: An early flotation step used to remove an unwanted mineral (for example talc) before the main recovery stage
• Hydrophobic: Describes a mineral that does not like water and instead tends to attach to air bubbles, helping it float
• Liberation: The extent to which valuable minerals have been freed from surrounding rock so they can be recovered
• VHMS (Volcanic-hosted massive sulphide): A type of deposit formed on ancient sea floors by volcanic activity, often containing copper, zinc, lead, gold and silver

Lewis Ponds Resource Base and Project Setting

The mineralogy work at Lewis Ponds is being undertaken on a project that already has a substantial Mineral Resource Estimate (MRE) under the 2012 JORC Code.

Current Mineral Resource Estimate (December 2025)

As reported by Godolphin Resources Ltd on 15 December 2025:

The headline numbers for investors are:

• 17.52 Mt at 3.02 g/t gold equivalent (AuEq)
• Containing 1.7 million ounces AuEq

Gold equivalent is calculated based on long-term consensus metal prices and metallurgical recoveries, as described in the company's compliance statement, and is used for comparison across polymetallic deposits.

Geological and Regional Context

According to the announcement, key points about Lewis Ponds include:

• Located within the Lachlan Fold Belt, a recognised gold–copper and base metals province
• Classified as a volcanic-hosted massive sulphide (VHMS) style system
• Mineralisation occurs as massive, semi‑massive and disseminated sulphides in multiple lodes (Tom's, Spicer's, Torphy's)
• Historically regarded as a base metals deposit, but later reviews by Godolphin Resources Ltd have highlighted strong gold and silver potential

The mineralogy work reported on 1 July 2026 builds on prior metallurgical testwork from SGS (2018) and Core Resources (2025), both of which demonstrated that flotation can produce a zinc-rich concentrate and a lead–copper–precious metals concentrate containing the majority of gold and silver.

Next Steps in the Metallurgical and Study Pipeline

The ASX announcement outlines how Godolphin Resources Ltd intends to progress this work. Planned steps include:

1. Laboratory-scale talc pre-flotation testwork — use fresh drill core from Lewis Ponds and test whether a dedicated talc pre-float achieves the modelled reductions in talc content and concentrate dilution
2. Flowsheet optimisation — integrate positive talc pre-float results, if achieved, into the overall process flowsheet and refine flotation conditions to improve selectivity and concentrate grades
3. Economic assessment — model the impact of any improved lead, silver, gold and copper recoveries on project economics and compare against existing Scoping Study results
4. Future study work — the company states that a Pre‑Feasibility Study may commence in 2026, with ongoing drilling, geophysics and other technical programs across the broader project

Indicative Development Milestones

Why This Mineralogy Update Matters to Investors

From an investment perspective, the Godolphin Resources Lewis Ponds talc pre-flotation announcement carries several practical implications:

• It identifies a specific, technically conventional processing adjustment (talc pre-flotation) rather than a need for complex new technology
• It indicates that the main metals of interest (lead, silver, copper, and by extension gold) are largely liberated and therefore potentially recoverable with a refined flowsheet
• It links directly back to the lead–precious metals concentrate, which is central to revenue in a polymetallic system

Want to See What Godolphin Resources Is Building at Lewis Ponds?

With a 1.7 million ounce gold equivalent resource, a 12-year mine life outlined in its February 2026 Scoping Study, and now a clear metallurgical pathway to potentially lift lead concentrate grade from ~33% Pb to more than 60% Pb, Godolphin Resources Ltd (ASX: GRL) is steadily advancing Lewis Ponds toward its next development milestone. To find out more about the company and the Lewis Ponds project, watch here.