Koonenberry Gold Strikes 87g/t Au at Enmore’s Queen of Sheba Prospect

Koonenberry Gold Strikes High-Grade Gold on a Third Parallel Structure, Revealing District-Scale Potential at Enmore

Koonenberry Gold (ASX: KNB) has delivered one of its most significant surface sampling announcements to date, confirming the Koonenberry Gold high-grade gold discovery at Enmore Project in New South Wales. Rock chip results from the Queen of Sheba and Doyle's Prospects — situated on the Sheba and Borah Faults respectively — include a standout result of 87g/t Au, the highest single rock chip assay recorded across the entire project.

With more than 30km of cumulative prospective strike length now identified across three parallel fault systems, the announcement materially strengthens the district-scale narrative that KNB has been building since acquiring the Enmore Project in late 2024.

What Was Found and Where It Matters

The Queen of Sheba Prospect sits along the Sheba Fault, a regional structure running parallel to the Borah and Sunnyside Faults — the two structures that have driven KNB's exploration momentum to date. Furthermore, 46 rock chip samples were collected predominantly from historical workings over approximately 700m of strike length, with results that are difficult to ignore:

• 87g/t Au — the highest project-wide rock chip result to date
• 66.5g/t Au, 49.7g/t Au, 43.6g/t Au, 34.9g/t Au
• 19 out of 37 samples returning greater than 5g/t Au
• A historical rock chip result of 180g/t Au from the same area further supports the prospectivity

These results are complemented by a 344-sample soil grid defining an approximately 700m x 200m gold-in-soil anomaly, with a peak soil value of 9,230ppb Au — dramatically larger than the Sunnyside Prospect's comparable anomaly of 500m x 150m (max 476ppb Au).

Arsenic pathfinder values of up to 3,330ppm As in soils and 6,290ppm As in rock chips reinforce the structural and mineralisation continuity at Queen of Sheba.

What Did Doyle's Prospect Reveal?

At the Doyle's Prospect, located more than 5km along strike from the Borah Prospect on the Borah Fault, 24 rock chip samples from mullock piles returned:

• 11.55g/t Au and 7.12g/t Au as headline results
• Four assays greater than 5g/t Au
• A peak antimony result of 0.39% Sb — the highest antimony result recorded at Enmore

Importantly, no historical drilling has been completed at Doyle's, meaning the prospect remains entirely open and untested at depth.

Snapshot: Queen of Sheba vs. Comparable Enmore Prospects

The comparison underscores just how underexplored Queen of Sheba remains relative to its anomaly intensity.

"These impressive Queen of Sheba rock chip results include the highest project to date rock chip assay of 87g/t Au, while 19 samples returned >5g/t Au across 700m strike of historical workings with visible gold in multiple samples. These are complemented by a historical rock chip sample grading 180g/t Au with only limited shallow drill testing of the target. Significantly, these results are located on a completely separate and parallel structure to the Borah and Sunnyside Faults. With more than 30km of prospective faults now identified at Enmore, we are continuing to underline its district-scale potential."

— Paul Harris, Executive Chairman, Koonenberry Gold

Understanding Rock Chip Sampling: What It Tells Investors

Rock chip sampling is one of the earliest and most cost-effective exploration tools available to junior miners. A geologist physically collects fragments of rock — in this case from historical mine workings and mullock (waste rock) piles — and submits them for laboratory assay.

Why Does It Matter?

• High-grade rock chip results signal that mineralisation exists at or near surface, justifying the cost of drill testing
• Results from mullock piles reflect material that was mined historically, confirming that economic-grade gold was extracted — and that more may remain
• The spatial distribution of results across 700m of strike at Queen of Sheba suggests a large and continuous mineralised system rather than an isolated occurrence

Key caveat: Rock chip sampling is selective in nature and does not define a Mineral Resource. It is an indicator of prospectivity, not a statement of economic inventory. Laboratory assays are required to quantify grades and cannot be substituted by visual estimates alone.

Glossary of Terms

The Antimony Angle: A Quietly Significant Discovery

Beyond the gold headline numbers, the 0.39% antimony result at Doyle's Prospect deserves attention in its own right. Antimony (Sb) has attracted growing interest as a critical mineral, and its association with high-grade gold at Doyle's introduces a potential dual-commodity dimension to the Borah Fault trend.

KNB draws a geological parallel to the Hillgrove antimony-gold mine (ASX: LRV), located just 20km to the northeast of the Enmore Project. At Hillgrove, upper portions of the system are dominated by antimony mineralisation, transitioning to more gold-rich mineralisation at depth.

KNB's geologists interpret a similar potential vertical zonation across the Enmore district — from higher-level Au-Sb systems in the west to deeper Au-dominated systems in the east. At Queen of Sheba, antimony values up to 0.11% Sb were also returned, suggesting this zonation may extend across the Sheba Fault as well.

It is important to note that geological similarities to Hillgrove do not guarantee equivalent outcomes at Enmore. These comparisons are used to frame the exploration model, not to imply that a similar deposit has been found.

The Three-Fault Framework: District Scale Takes Shape

One of the most structurally significant aspects of this announcement is what it means for Enmore as a whole. Prior to these results, KNB had been advancing two parallel fault systems:

1. Sunnyside Fault — 2km gold trend defined from Sunnyside to Hand in Hand; ongoing diamond drilling has extended mineralisation from surface to 415m depth
2. Borah Fault — 4km gold trend defined from Borah to Postman's Gully; drill permit secured; historical intersections include 13m @ 7.1g/t Au including 4m @ 20.63g/t Au

The Queen of Sheba and Doyle's results now formally introduce a third parallel fault system — the Sheba Fault — with a 700m gold trend already defined and a 700m x 200m soil anomaly warranting drill testing.

With three parallel regional-scale structures now demonstrating gold mineralisation, the cumulative prospective strike across the district exceeds 30km.

What's Next: A Strong Catalyst Pipeline

The announcement outlined a clear series of upcoming activities across KNB's portfolio, with multiple near-term newsflow events anticipated.

Enmore Project

1. Queen of Sheba drill permit — preparations underway, with drill testing targeted for Q4 2026
2. Pending assay results — further drill results from Postman's Gully and Hand in Hand expected in May/June 2026
3. Geological and structural interpretation — to support the next phase of drilling at Sunnyside
4. Stoney Hill — systematic geochemical sampling immediately west of Borah underway
5. Gradient Array IP (GAIP) geophysics — completed at the Borah-Sherwood trend to better define structures ahead of drill testing

Lachlan Project and Junee Joint Venture

6. Geophysical interpretation and drill targeting — pending from recently completed programmes across multiple targets
7. Gundagai Project field work — to commence following completion of the acquisition, announced on 19 May 2026
8. Diamond drilling to commence June 2026 at the Junee Joint Venture — fully funded by Newmont; KNB holds a 20% free carried interest requiring no capital outlay

The Investment Case: Why Enmore Deserves Closer Attention

Several factors converge to make this announcement meaningful for investors tracking the Koonenberry Gold high-grade gold discovery at Enmore Project.

A Genuinely New Discovery Vector

Queen of Sheba is not an extension of a known system — it sits on an entirely separate fault to the Borah and Sunnyside Faults. Only two shallow historical holes have been drilled at the prospect, and neither adequately tested the target.

The combination of an 87g/t Au rock chip, a 180g/t Au historical sample, 19 samples above 5g/t Au, and a 700m x 200m soil anomaly with a 9,230ppb Au peak makes this one of the most compelling untested targets KNB has yet identified.

Minimal Prior Drilling Creates Significant Upside

The absence of meaningful drilling at Queen of Sheba and the complete absence of drilling at Doyle's means both prospects are essentially greenfield opportunities, despite the presence of historical workings. This is a rare situation where surface geochemistry has materially outpaced subsurface testing.

Multiple Funded Work Streams Running in Parallel

Newmont's fully funded drilling at the Junee JV means KNB benefits from exploration activity on a material tenure without deploying its own cash. With $4.4M cash as at 31 March 2026, KNB has the capacity to maintain its exploration programmes whilst awaiting results from multiple fronts.

In addition, with the top 20 shareholders holding 47% of the register as at 22 May 2026, the share register carries a concentration of informed capital — often a positive signal for small-cap explorers at an active discovery phase.

Why Investors Should Keep Watching KNB

The Koonenberry Gold high-grade gold discovery at Enmore Project represents the clearest indication yet that the project's gold endowment may be substantially larger than the Sunnyside system alone. The company is executing a disciplined district-scale exploration strategy, systematically testing multiple parallel fault systems with surface geochemistry ahead of drill targeting.

The combination of high-grade surface results, minimal prior drilling, and a defined drill permit pathway to Q4 2026 creates a well-defined catalyst sequence for investors to monitor. Simultaneously, pending drill results from Postman's Gully and Hand in Hand, Newmont's June drilling commencement at Junee, and advancing targets across the Lachlan portfolio provide multiple independent newsflow opportunities in the near term.

The Koonenberry Gold high-grade gold discovery at Enmore Project, particularly the Queen of Sheba results, has materially expanded the exploration opportunity by identifying high-grade gold mineralisation on a third parallel regional fault — completely separate from the systems already in active development. With the highest project-wide rock chip assay of 87g/t Au, an untested 700m soil anomaly dwarfing comparable prospects, and drill permitting underway for Q4 2026, investors have compelling reasons to track KNB's progress closely through the second half of 2026.

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