High-Tech Metals Mobilises Drilling Campaign at Mt Fisher Gold Project

High-Tech Metals Prepares to Triple Gold Resource at Mt Fisher with Major Drilling Campaign

High-Tech Metals Ltd (ASX: HTM) is mobilising crews for an aggressive 5,000-metre RC drilling programme at Mt Fisher Gold Project, targeting significant expansion of the current 35,000-ounce gold resource. With drill pads prepared and equipment ready, the company stands poised to unlock what could be a transformational resource growth story.

The timing couldn't be better. While the high-grade Wagtail deposit (14.6koz @ 7.11g/t Au) advances toward production, Mt Fisher represents the scalable growth engine that could establish HTM as a serious gold development play in Western Australia's prolific Yilgarn Craton.

Untapped Resource Potential: 104 Mineralised Intercepts Await Inclusion

The most compelling aspect of the High-Tech Metals drilling campaign at Mt Fisher lies in what's already been discovered but not yet captured. HTM's geological review has identified 146 mineralised intercepts across Mt Fisher, yet only 42 are currently included in the existing resource model.

This means 104 high-quality gold intersections remain outside the current 464,000-tonne resource – representing immediate upside potential without requiring new discovery. Furthermore, the company is essentially drilling known mineralisation that simply hasn't been formally incorporated yet.

Historical High-Grade Intercepts Outside Current Resource

The excluded intercepts demonstrate exceptional gold grades that could significantly enhance the overall resource quality:

• 6.0m @ 9.39g/t Au (PMF296)
• 10.0m @ 4.27g/t Au (PMF033)
• 7.0m @ 5.07g/t Au (PMF077)
• 13.0m @ 4.41g/t Au (PMF061)

These results demonstrate that high-grade gold shoots extend well beyond the current resource boundaries, providing clear drill targets for immediate resource expansion. In addition, the consistency of these high-grade intercepts suggests systematic mineralisation rather than isolated occurrences.

Understanding Gold Resources: Why Grade and Tonnage Matter

What is a Mineral Resource?

A Mineral Resource represents an estimate of tonnage and grade of mineralisation that has reasonable prospects for economic extraction. Mt Fisher's current resource of 464,000 tonnes @ 2.32g/t for 35,000 ounces provides the foundation, but the real value lies in expanding both the tonnage and improving the grade through targeted drilling.

Why This Matters for Investors

Higher-grade resources require less processing to generate equivalent gold production, improving project economics. Mt Fisher's historical production averaged approximately 4.3g/t Au, nearly double the current resource grade, suggesting significant potential for grade enhancement through targeted drilling of high-grade shoots.

Grade vs Tonnage Relationship

Resource value depends on both factors. While a large tonnage provides scale, higher grades typically translate to better economics. The High-Tech Metals drilling campaign at Mt Fisher aims to define both, capitalising on known high-grade zones whilst extending overall resource boundaries.

Strategic Drilling Programme: Systematic Resource Growth

HTM's Stage 1 drilling programme employs a methodical approach to resource expansion, targeting multiple vectors simultaneously to maximise success probability.

Immediate Targets

The drilling campaign focuses on four key areas that offer the highest probability of resource expansion:

1. Down-dip extensions to 200m below surface
2. Strike extensions north and south of current resource
3. High-grade shoot definition from historical drilling
4. Infill drilling to upgrade resource confidence

Geological Advantages

The recent collaboration with Muller Geological Consulting confirmed several critical factors that enhance drilling success probability. Moreover, the geological framework provides multiple vectors for resource growth, reducing exploration risk while maximising expansion potential.

Key geological advantages include:

• Mineralisation hosted within basalt-sediment contact – a proven gold trap
• Down-plunge continuity beyond current resource limits
• System remains open in all directions with limited deeper drilling

"We are now operationally ready at Mt Fisher with this programme designed to rapidly grow the existing Resource and extend high-grade mineralisation beyond current limits, with the system remaining open in multiple directions," says James Merrillees, CEO.

Dual-Track Strategy: Production + Growth

HTM's strategic positioning offers investors both near-term catalysts and longer-term upside through complementary asset development.

Key Strategic Benefits

This dual-track approach creates significant strategic advantages for investors:

• Wagtail provides near-term production pathway and cash flow potential
• Mt Fisher offers scalable resource growth in proven mining jurisdiction
• Combined 1,150km² land package in Yilgarn Craton goldfields
• Secure tenure with no known land access impediments

This approach reduces execution risk by advancing multiple assets simultaneously, creating optionality for investors while building toward a larger-scale gold development opportunity.

Free-Milling Gold: Processing Advantage

Historical metallurgical work indicates Mt Fisher mineralisation is free-milling gold associated with quartz veining – a significant processing advantage that supports conventional gold recovery methods. This characteristic typically results in superior economics compared to refractory ores.

Processing Benefits

Free-milling characteristics provide multiple advantages:

• Higher recovery rates (often 90%+ gold extraction)
• Lower processing costs compared to refractory ores
• Simpler metallurgy reducing capital requirements
• Faster project development timelines

The upcoming drilling programme will collect representative samples for updated metallurgical testwork, supporting future development studies and providing investors with key data on processing economics.

What is a Basalt-Sediment Contact?

This geological boundary represents where volcanic basalt rock meets sedimentary layers. These contacts often create ideal conditions for gold mineralisation as circulating fluids carrying dissolved gold can become trapped and concentrated at these boundaries.

Why This Formation Matters

The High-Tech Metals drilling campaign at Mt Fisher is targeting this specific geological setting because it offers proven gold prospectivity:

• Contact zones often host higher-grade mineralisation
• The boundary provides structural controls for gold deposition
• Similar settings have produced significant gold deposits across the Yilgarn Craton

Down-Plunge Continuity

Gold mineralisation often extends along plunging structures beneath the surface. HTM's drilling will test whether high-grade zones continue at depth, potentially adding significant tonnage to the resource. However, limited historical deep drilling means substantial exploration upside remains untested.

Investment Thesis: Resource Growth in Proven Gold Province

Mt Fisher presents a compelling resource expansion story within one of Australia's premier gold regions. The combination of known high-grade mineralisation, systematic drilling approach, and free-milling metallurgy creates multiple value drivers for investors.

Near-Term Catalysts

Several immediate catalysts position HTM for potential value realisation:

• 5,000m drilling programme commencing immediately
• Assay results expected throughout Q2 2026
• Resource update following successful drilling
• Wagtail development studies advancing in parallel

Medium-Term Opportunities

Longer-term value drivers extend beyond the immediate drilling programme:

• Potential resource doubling based on excluded intercepts
• Grade enhancement through high-grade shoot definition
• Scale development across combined project portfolio
• Strategic partnerships or acquisition interest

Risk Factors and Considerations

Whilst the High-Tech Metals drilling campaign at Mt Fisher targets known mineralisation, investors should consider several risk factors that could impact outcomes.

Exploration Risks

Key exploration risks include:

• Drilling may not confirm continuity of high-grade zones
• Metallurgical characteristics could differ from historical work
• Resource expansion depends on successful intersection of target zones

Market Factors

External factors affecting project value:

• Gold price volatility affects project economics
• Capital requirements for development may require additional funding
• Competition for processing facilities in the region

Operational Considerations

Practical implementation risks:

• Drilling programme subject to equipment availability and weather
• Sample processing timelines may affect result reporting
• Further studies required before production decisions

Why Investors Should Monitor High-Tech Metals

HTM is executing a disciplined growth strategy that balances near-term production potential with systematic resource expansion. The Mt Fisher drilling campaign represents a low-risk, high-reward opportunity to unlock significant value from known mineralisation.

Key Investment Highlights

Multiple factors converge to create an attractive investment proposition:

• Immediate catalyst with major drilling programme launching
• Resource expansion potential from 104 excluded mineralised intercepts
• Dual-track strategy providing production pathway and growth optionality
• Proven jurisdiction in Western Australia's Yilgarn Craton
• Experienced management with successful exploration track record

High-Tech Metals has positioned itself for transformational resource growth at Mt Fisher, with 104 known mineralised intercepts awaiting inclusion in the resource model. Combined with the high-grade Wagtail production opportunity, HTM offers investors both immediate catalysts and substantial upside potential in Australia's premier gold province.

With drilling imminent and multiple value drivers converging, investors should monitor HTM closely as it executes this systematic resource expansion strategy. Consequently, the company's disciplined approach to unlocking known mineralisation, combined with its broader strategic positioning, makes it one to watch in the Australian gold sector.

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