PTR Minerals Completes Final Rosewood East Assays Ahead of Maiden MRE

PTR Minerals Locks In Final Assays at Rosewood East, Maiden Resource Estimate Due in Weeks

PTR Minerals Limited (ASX: PTR) has received the final batch of assay results from its Rosewood East titanium project in South Australia, clearing the last major data hurdle ahead of what is shaping up to be one of the more anticipated maiden Mineral Resource Estimates (MRE) in the critical minerals space. The PTR Minerals Rosewood East final assay results and maiden resource estimate timing has now reached a pivotal stage, with results drawn from 134 drill holes in Batch 5 continuing a consistent pattern of shallow, thick, and high-grade heavy mineral (HM) mineralisation that has defined the project since drilling began.

With the MRE on track for delivery during Q2 2026, investors are now looking at a project that has assembled a comprehensive drill dataset spanning 799 drill holes and 20,749 metres across the Muckanippie Project area, with Rosewood at its core.

"The Rosewood Titanium Project continues to deliver impressive drilling results. We clearly have a high-quality foundation for the Project, defined by strong grades, thickness, and near-surface accessibility. We look forward to the imminent announcement of our maiden Mineral Resource Estimate as a key step in advancing the project towards development."

— Peter Reid, Chief Executive Officer, PTR Minerals

Final Assays Confirm the Pattern: Shallow, Thick, High-Grade

The Batch 5 results are consistent with everything PTR Minerals has reported to date at Rosewood East. Mineralisation begins from very shallow depths — in many cases starting at just 3 to 8 metres below surface — and delivers thick, high-grade intersections across the deposit footprint.

What makes these results particularly meaningful is not just the peak grades, but the consistency of mineralisation across the drill grid. The following table highlights the standout intercepts from Batch 5:

Several holes returned sub-intervals exceeding 30% and even 40% HM — exceptional grades for a heavy mineral sands deposit. Hole 25RW600, for instance, returned 1 metre at 43.6% HM, while 25RW432 returned 1 metre at 42.7% HM.

These high-grade spikes within already strong broader intercepts point to concentrated zones of mineralisation that could materially influence the resource classification. A single batch covering outstanding holes from the Rosewood West area remains in progress.

What Is Heavy Mineral (HM) Grade, and Why Does It Matter?

For investors new to the heavy mineral sands sector, understanding what "HM%" means is key to contextualising these results. Heavy Mineral (HM) grade refers to the percentage of heavy minerals — including titanium-bearing minerals such as ilmenite, leucoxene, and rutile, as well as zircon — present within a sample of sand or sediment.

Why Does HM Grade Matter to Investors?

• A higher HM% means more valuable mineral content per tonne of material mined, directly affecting the economics of a potential operation.
• Many commercial heavy mineral sands operations globally are developed at HM grades ranging from roughly 3% to 10%. Rosewood's consistent intercepts in the 8% to 18% range across broad widths are therefore considered strong.
• The shallow depth of mineralisation is highly significant, as it reduces overburden removal, lowering mining costs and improving overall project economics.
• The leucoxene-dominant assemblage at Rosewood East is notable because leucoxene commands premium pricing relative to standard ilmenite.

Quick Glossary

• HM% (Heavy Mineral percentage): The proportion of heavy minerals in a sample, expressed as a percentage.
• MRE (Mineral Resource Estimate): A formal estimate of the quantity and grade of a mineral deposit, prepared under the JORC Code.
• JORC (2012): The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.
• Leucoxene: An altered titanium mineral derived from ilmenite; a high-grade titanium feedstock used in pigment and titanium metal production.
• Air Core Drilling: A drilling method using a blade bit that forces sample material to the surface via compressed air, well-suited to shallow, unconsolidated sedimentary deposits.
• HLS (Heavy Liquid Separation): A laboratory technique using dense liquids to separate heavy minerals from lighter material, used to determine HM grade.

The Path to a Maiden Resource Estimate

PTR Minerals has been systematic and methodical in assembling the data required for a credible resource estimate. Batch 5 represents the fifth sequential release of assay results from the resource drilling programme, and this announcement confirms it is the final batch for Rosewood East.

The PTR Minerals Rosewood East final assay results and maiden resource estimate timing indicates the remaining steps to deliver the MRE include:

1. Completion of Rosewood West assays — A single remaining batch covering the western portion of the tenement is still being processed.
2. Assemblage logging — Logging of HM concentrate samples from representative intervals is described as "well advanced."
3. XRF and QEMSCAN analysis — Advanced analytical techniques being applied to quantify the TiO2 mineral assemblage, identifying proportions of leucoxene, ilmenite, rutile, and zircon.
4. MRE compilation — All data will be integrated into a JORC (2012)-compliant Mineral Resource Estimate, with delivery targeted for Q2 2026.

Furthermore, the combination of completed assaying on the eastern portion, advanced mineralogical work, and an already extensive drill dataset positions PTR Minerals to deliver the MRE imminently.

Project Structure and Tenure Overview

The Rosewood project sits within PTR Minerals' broader Muckanippie Project in South Australia's northern Gawler Craton, approximately 120 km south-southwest of Coober Pedy. The tenement structure is as follows:

The company holds several additional exploration licences across the Muckanippie Project, covering titanium, copper, and rare earths targets. Preliminary metallurgical test work from Rosewood East has indicated that mineralisation responds well to conventional processing, with the leucoxene-dominant assemblage, minimal impurities, and coarse grain size contributing to strong expected recoveries.

Why the Investment Case Is Strengthening

Heading into the maiden MRE, several structural attributes of the Rosewood project underpin the investment thesis.

Deposit Quality Is Well Above Typical Industry Thresholds

The consistent delivery of broad HM intercepts in the 8% to 18% range, commencing from near-surface depths, reflects a deposit with genuine commercial potential. These grades compare favourably to operating heavy mineral sands mines globally, many of which are developed at materially lower HM percentages.

Scale of the Drilling Programme Reflects a Substantial Deposit Footprint

With 799 drill holes completed and 20,749 metres drilled, PTR Minerals has assembled one of the more comprehensive drilling datasets for a junior mineral sands explorer. The data density is now described as sufficient to support resource estimation and geological continuity modelling.

Near-Surface Mineralisation Reduces Mining Complexity and Cost

The flat-lying, fluvio-deltaic character of the mineralisation, combined with its shallow depth, makes it well-suited to conventional open-cut mining methods. This is a critical economic advantage for any future development study.

Metallurgical Characteristics Are Favourable

The leucoxene-dominant assemblage is a commercially desirable product, used in the production of titanium dioxide pigment and titanium metal — end markets with significant industrial demand. Preliminary test work suggests the material will respond well to conventional processing flowsheets.

What to Watch For Next

Investors following PTR Minerals have a clear set of near-term catalysts on the horizon:

• Rosewood West final batch assays — Expected to complete the full dataset for both the eastern and western portions of the project.
• Maiden Mineral Resource Estimate (MRE) — Targeted for Q2 2026, representing the pivotal value-crystallisation event for the project.
• XRF and QEMSCAN results — Mineralogical characterisation data that will quantify the titanium mineral assemblage and inform resource quality assessments.
• Preliminary metallurgical and engineering work — Bulk sample testing has commenced to determine product quality, recovery, and to support a preliminary engineering flowsheet.

However, the most significant milestone remains the maiden MRE itself. With the PTR Minerals Rosewood East final assay results and maiden resource estimate timing placing the company at a critical juncture, the focus now shifts to the formal resource calculation that will define the scale and quality of what has been discovered.

PTR Minerals has positioned itself as a credible titanium-focused explorer with a high-quality, near-surface deposit at Rosewood. The completion of final assays at Rosewood East, combined with advanced mineralogical work and a maiden MRE on the immediate horizon, makes this an inflection point for the company.

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