Miramar Resources Strikes Exceptional Gidji Gold Discovery at Highway

Miramar Resources Strikes High-Grade Gold at Flagship Gidji Project

Miramar Resources Limited (ASX: M2R) has delivered exceptional drilling results at its flagship Gidji JV Gold Project, with 3m @ 9.45g/t Au from 47m at the Highway Prospect, including an outstanding 1m @ 23.11g/t Au. The results from the latest reverse circulation (RC) drilling campaign mark a significant milestone for the company's exploration efforts in the highly prospective Eastern Goldfields region of Western Australia.

Located just 15 kilometres north of Kalgoorlie, the Gidji project sits in prime real estate surrounded by established gold processing facilities. The recent drilling programme comprised 19 holes totalling 2,431 metres, with most holes intersecting supergene gold anomalism at the base of the Gidji Paleochannel.

This remarkable Miramar Resources Gidji gold discovery represents some of the highest-grade intersections recorded in the region's recent exploration history.

Standout Results Drive Resource Potential Forward

The Highway Prospect has emerged as the most promising target following the latest drilling campaign. Furthermore, the standout intersection came from hole GJRC043, which delivered the company's highest-grade result to date in a mixture of basal gravels and weathered diorite.

Key drilling highlights include:

• GJRC043: 3m @ 9.45g/t Au from 47-50m (including 1m @ 23.11g/t Au)

• GJRC044: 1m @ 1.08g/t Au from 43-44m

• Multiple additional intersections ranging from 0.25g/t to 0.71g/t Au across various prospects

The drilling has outlined an altered diorite body with abundant sulphides, sandwiched between more mafic units at the Highway Prospect. This geological setting is highly encouraging for the potential development of a substantial gold resource.

Managing Director Marion Bush commented: "This high-grade intersection at Highway is the best gold result from the Project to date and increases the potential for a shallow gold resource at Gidji, where our proximity to numerous gold processing plants aids our ability to monetise any deposit."

Understanding Gold Grades: What Makes 23.11g/t Exceptional?

For investors new to gold exploration, understanding what constitutes high-grade gold is essential when evaluating the significance of the Miramar Resources Gidji gold discovery. Gold grades are measured in grams per tonne (g/t), representing the amount of gold present in each tonne of rock.

Grade Classification includes:

• Low grade: Under 1g/t Au – typically uneconomic

• Commercial grade: 1-5g/t Au – standard for most operating mines

• High grade: 5-10g/t Au – considered excellent

• Very high grade: Above 10g/t Au – exceptional by industry standards

Miramar's peak result of 23.11g/t Au represents bonanza-grade mineralisation. To put this in perspective, there are over 23 grams of gold in every tonne of rock at this intersection.

This grade is nearly five times higher than what many established mines extract as their average ore grade. In addition, the exceptional grade, combined with the shallow depth (47m) and proximity to existing processing infrastructure around Kalgoorlie, suggests strong potential for economic extraction.

High-grade intersections like this can significantly improve project economics by reducing the volume of rock that needs to be processed to recover each ounce of gold.

Strategic Location Amplifies Development Potential

The Gidji JV Project's location provides significant competitive advantages that could accelerate development timelines and reduce capital requirements. Positioned in the world-class Eastern Goldfields Province, the project benefits from exceptional infrastructure and geological advantages.

Infrastructure Benefits:

• 15km from Kalgoorlie-Boulder – established mining hub with skilled workforce

• Proximity to multiple gold processing plants – potential toll treatment options

• 15 kilometres of strike along the prolific Boorara Shear Zone

• Established mining infrastructure and services readily available

Geological Advantages:

• Multiple gold deposits hosted along the Boorara Shear Zone

• Historically underexplored tenure due to shallow transported cover

• Systematic drilling since 2020 has defined multiple bedrock targets

• Potential for multiple gold deposits within a developing gold camp

The project has been historically underexplored despite being surrounded by active gold operations, presenting a rare opportunity in one of Australia's premier gold regions. However, the Miramar Resources Gidji gold discovery benefits from this exceptional location where infrastructure costs are minimised and processing options are readily available.

Accelerated Exploration Programme Taking Shape

With the standout Highway results now confirmed, Miramar is positioning for an aggressive follow-up exploration programme. The company is awaiting additional assays from six remaining drill holes, most of which targeted the Highway Prospect area.

Immediate Next Steps:

1. Complete assay results from current drilling campaign

2. Plan additional RC drilling to test extensions of high-grade zone

3. Resource drilling programme to potentially define JORC-compliant resource

4. Bedrock testing to assess deeper mineralisation potential

The company is also preparing for an auger drilling campaign in late Q1/early Q2 2026 at the 100%-owned Chain Pool Project in the Gascoyne region. This copper, lead and silver project features high-grade mineralisation and extensive sedimentary exhalative (SEDEX)-style alteration at the Joy Helen prospect.

Investment Proposition: Multiple Catalysts Converging

The Miramar Resources Gidji gold discovery presents a compelling investment proposition built around several converging factors that could drive significant value creation over the coming 12-18 months. Furthermore, multiple catalysts are positioning the company for potential significant share price appreciation.

What makes this investment opportunity compelling?

Proven Exploration Success – The company has achieved its best drilling result to date, which validates the exploration strategy across multiple prospects identified since 2020 exploration commenced. Moreover, the systematic approach continues yielding consistent gold discoveries.

Strategic Asset Base – The prime location in an established mining province combined with proximity to processing infrastructure reduces development risk significantly. The 80% ownership in the flagship project provides substantial leverage to any future discoveries.

Near-term Catalysts – Pending assay results from six additional drill holes could provide additional high-grade intersections. In addition, the follow-up drilling programme aims to extend high-grade zones with potential resource definition study within 12 months.

Management Track Record – The board experience in successful discovery and development spans multiple jurisdictions including Australia, Africa, and North America. The focused strategy centres on high-quality mineral deposits with proven commercial potential.

Multiple Discovery Potential at Gidji

Since commencing exploration in late 2020, Miramar has made multiple large supergene gold discoveries through systematic aircore drilling. The company has defined multiple bedrock targets for deeper drilling across the project area.

Discovery Track Record includes:

• Highway Prospect – latest high-grade discovery

• Blackfriars Target – previous significant intersections

• Marylebone Prospect – multiple high-grade results identified

• Additional targets – systematic exploration continuing

The company believes there is potential for the discovery of a new gold camp, with multiple gold deposits, within the Gidji JV Project. This multi-target approach reduces exploration risk whilst increasing the potential for a substantial combined resource.

The project contains approximately 15 kilometres of strike of the Boorara Shear Zone, which hosts several gold deposits along strike in either direction. Despite being surrounded by multiple gold mining and processing operations, it has been underexplored due to extensive shallow transported cover.

The Gidji Paleochannel crosscuts the most prospective basement geology, creating unique exploration opportunities for experienced teams.

Why Should Investors Track Miramar Resources?

The latest drilling results position Miramar as a standout exploration story in the Australian gold sector. With the highest-grade intersection to date now confirmed at Highway, and significant assay results still pending, the company appears to be at an inflection point in its exploration journey.

Compelling Tracking Reasons:

✓ Exceptional grades – 23.11g/t Au peak result validates high-grade potential

✓ Shallow depth – 47m intersection depth suggests low-cost extraction potential

✓ Strategic location – surrounded by processing infrastructure and established operations

✓ Multiple prospects – Highway joins several other discoveries across the project

✓ Immediate catalysts – pending assays and follow-up drilling programmes

✓ Experienced team – proven track record in discovery and development

The combination of high-grade shallow gold, strategic location advantages, and immediate exploration catalysts creates a compelling case for investor attention. With the potential for multiple gold deposits within what could emerge as a new gold camp, the Miramar Resources Gidji gold discovery represents significant leverage to gold exploration success.

However, investors should consider that exploration companies carry inherent risks, and results can vary significantly between drill holes. Nevertheless, the exceptional grades achieved and strategic location provide strong foundations for continued exploration success.

The Miramar Resources Gidji gold discovery has positioned the company as a major exploration story in the Eastern Goldfields, with exceptional high-grade gold results opening the door to potential resource definition. With upcoming drilling programmes and strategic infrastructure advantages, investors should monitor developments closely at the Highway Prospect for continued exploration success.

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