Riversgold Secures 21-Year Mining Lease at Kalgoorlie Gold Project

Riversgold Clears a Critical Hurdle: Riversgold Mining Lease Granted at Kalgoorlie Gold Project

Riversgold Ltd (ASX: RGL) has reported a key regulatory advance at its Kalgoorlie Gold Project, with the Riversgold mining lease granted at Kalgoorlie gold project now formally confirmed. Mining Lease M25/389 has been granted over the Northern Zone Gold Project, located 25 km east of Kalgoorlie in Western Australia. The lease runs for 21 years to 1 July 2047 and can be renewed, providing long-term tenure over ground that hosts the Northern Zone gold mineralisation.

According to the ASX announcement dated 3 July 2026, this mining lease grant is described by Riversgold Ltd as a major step for both project permitting and its funding and development partnership with MEGA Resources. Furthermore, it initiates a series of near-term regulatory tasks, including vegetation and site clearance permit applications and completion of the Mine Development and Closure Proposal.

Executive Chairman David Lenigas commented:

"The formal grant of the Mining Lease is a great milestone for this very exciting gold project so close to Kalgoorlie. To have this mining lease granted after an 18-month process is a tremendous result for the Company, our JV partners, Oracle Power in the UK, and our funding and production partner – Mega Resources."

"Not only does the granting of the mining lease secure long term tenure, but it also gives us the ability to submit the NVCP and MDCP… As of today, we are now much closer to turning dirt at Northern Zone and I look forward to updating shareholders on progress with the MDCP very soon."

What the Mining Lease Grant Actually Means

The mining lease grant is not simply a formality. According to Riversgold Ltd, it is a prerequisite for a range of operational and permitting steps that move the Northern Zone Gold Project closer to potential mining.

With M25/389 now granted, Riversgold Ltd reports that it can:

• Submit the National Vegetation Clearing Permit (NVCP) application, due for submission in July 2026
• Submit the Site Clearance Permit application, also due for submission this month
• Finalise and submit the Mine Development and Closure Proposal (MDCP) to the Western Australian Government

The company states that the MDCP team, which includes Resources WA and MEGA Resources, has been progressing the required inputs in parallel with the lease application over an 18-month period.

Key technical and regulatory studies reported as already completed include:

• Flora and fauna surveys to document plant and animal communities in the project area
• Hydrogeological wells and testing to understand groundwater conditions and water management needs
• Heritage surveys to identify and manage cultural and heritage values

Riversgold Ltd indicates that the final inputs to the MDCP are in the process of being completed, positioning the project for submission of the proposal and subsequent assessment.

Educational Section: Understanding Mining Leases and Their Importance

What Is a Mining Lease?

A mining lease is a formal tenure granted by a government that gives a company the legal right to mine specified minerals from a defined area of land for a set period.

In Western Australia, a mining lease:

• Covers a precise mapped area
• Identifies the term of the lease (in this case 21 years to 1 July 2047)
• Provides the right to extract and sell minerals, subject to conditions
• Can be renewed, subject to regulatory processes

A mining lease is different from an exploration licence. An exploration licence allows a company to search for minerals through drilling and sampling, but not to carry out commercial mining operations.

Why Is a Mining Lease Important for Investors?

For investors in companies such as Riversgold Ltd, the grant of a mining lease is often viewed as a shift from pure exploration to potential development. A granted mining lease:

• Confirms legal access for mining activities within the lease area
• Enables submission of key operating permits such as the MDCP and NVCP
• Often satisfies conditions in funding or joint venture agreements
• Can support longer-term planning, such as mine designs and infrastructure layouts

Without a mining lease, even a technically attractive deposit cannot legally move into production. Consequently, with M25/389 granted, Riversgold Ltd is now able to advance toward the next regulatory and commercial stages at Northern Zone.

The MEGA Resources Partnership: Fully Funded, Zero Upfront Cost to Project Owners

The mining lease grant is described by Riversgold Ltd as highly significant in relation to its Mining and Co-Operation Agreement with MEGA Resources, first announced on 30 September 2025. That agreement sets out a funding and operating model for Northern Zone.

According to the earlier ASX release and reiterated in the latest announcement:

Under this structure, MEGA is described as a full-service mining contractor that will fund and operate the project, while sharing profits with Riversgold Ltd and Oracle Power Plc as project owners.

From an investor perspective, this arrangement means Riversgold Ltd does not need to raise project development capital upfront for Northern Zone, as MEGA is expected to fund operational costs in return for a 50% profit share.

Conditions Precedent and the Impact of M25/389

The MEGA Resources agreement includes several conditions precedent, which are requirements that must be met for the agreement to be fully effective. According to the 3 July 2026 announcement, these include:

• Conversion of P26/2651 into Mining Lease M25/389 (now satisfied)
• Execution of a formal Mining Services Agreement including a schedule of rates
• Receipt of any required third-party approvals

Riversgold Ltd notes that the grant of M25/389 is highly significant because it satisfies one of these key conditions precedent, removing a major legal hurdle to the MEGA funding and operating structure at Northern Zone.

Understanding the MDCP: The Final Door Before Mining

What Is a Mine Development and Closure Proposal?

A Mine Development and Closure Proposal (MDCP) is a detailed document required by the Western Australian Government before mining operations can begin.

According to the company, the MDCP:

• Describes how the mine will be built and operated
• Sets out environmental management plans
• Details how the site will be closed and rehabilitated at the end of mining
• Once approved, provides the operating permit for the start of mining operations

The MDCP is therefore a central regulatory document. It consolidates technical, environmental, social and closure information into a single proposal that regulators use to assess whether the operation can proceed.

Why Does the MDCP Matter to Investors?

For investors following Riversgold Ltd, the MDCP is the next major regulatory gate between a granted mining lease and potential production. Key points of relevance include:

• Timing: The company indicates that a significant proportion of studies and surveys feeding into the MDCP are already completed and the remaining inputs are being finalised.
• Permitting pathway: Approval of the MDCP is described as the step that will provide the formal operating permit for mining.
• De-risking progression: Progress on MDCP preparation and submission provides visibility on the project's advancement through the regulatory system.

Riversgold Ltd has signalled that it expects to update shareholders on MDCP progress in the near term, which may represent a meaningful catalyst for investors tracking the project timeline.

The Northern Zone Project: Location and Scale

Northern Zone is part of the Kalgoorlie Gold Project held by Riversgold Ltd. It lies approximately 25 km east of Kalgoorlie, in proximity to the well-known Kalgoorlie "Super Pit."

According to the company's prior statements, drilling at Northern Zone has:

• Identified a gold mineralised porphyry
• Outlined a mineralised zone reported to be around 600 metres wide and approximately 500 metres deep based on diamond drilling

What Is a Gold Mineralised Porphyry?

A porphyry is a type of igneous rock that has large crystals set in a finer-grained background. In some geological settings, these rocks can host wide zones of mineralisation. A gold mineralised porphyry:

• Contains gold dispersed throughout the rock, often over large volumes
• Can support bulk-tonnage, lower-grade mining concepts if economic conditions and other factors are favourable
• Is typically investigated with diamond drilling and reverse circulation drilling to understand size, grade and geometry

At Northern Zone, Riversgold Ltd reports that diamond drilling has outlined a substantial porphyry-hosted gold system. Whilst no resource or economic metrics are provided in this announcement, the physical dimensions of the mineralised zone give useful context to the project's potential scale.

For investors, such geological information provides background to why MEGA Resources has entered into a fully funded operating arrangement, and why Riversgold Ltd is advancing the project through permitting.

Management Incentives Tied Directly to Shareholder Value Creation

Alongside the mining lease news, Riversgold Ltd has outlined a performance rights milestone framework intended to align executive management and key personnel with shareholder interests.

According to the ASX announcement, performance rights will vest only when specific, measurable milestones are achieved. These milestones are both market-based and operational.

This structured, milestone-based framework is designed to retain and reward high-performing individuals, tie management outcomes directly to resource growth and production events, and support a culture of value creation for shareholders.

Riversgold Ltd confirms that the performance rights will be issued under its Equity Securities Incentive Plan, and where required, will be subject to shareholder approval. From an investor perspective, the presence of clear vesting conditions linked to share price performance and tangible project milestones may be seen as a mechanism to align management focus with delivery of both market and operational outcomes.

What Comes Next: Near-Term Catalysts to Watch

According to the 3 July 2026 announcement, the key next steps for Riversgold Ltd at Northern Zone and under the MEGA Resources agreement include:

1. Submission of permits — the NVCP and Site Clearance Permit applications are both due for submission this month.
2. Finalisation and submission of the MDCP — remaining inputs are being completed ahead of submission to the Western Australian Government.
3. Progress under the MEGA agreement — execution of a formal Mining Services Agreement, including a schedule of rates, and receipt of any required third-party approvals.
4. Operational readiness — subject to MDCP approval and completion of commercial agreements, the project would have both legal tenure and an agreed funding and operating partner in place.

Investors monitoring Riversgold Ltd may additionally focus on updates related to the finalisation of the Mining Services Agreement with MEGA Resources, and any reported timelines for commencement of site works and potential first gold production.

Why Investors Should Keep a Close Eye on Riversgold Ltd

Riversgold Ltd has reported that, after an 18-month process, it now holds a 21-year mining lease (M25/389) over the Northern Zone Gold Project, with renewal rights. This has allowed the company to move forward with key permit applications and to progress the MDCP, which, once approved, will provide the operating permit for mining.

The company also has in place a Mining and Co-Operation Agreement under which MEGA Resources is expected to fully fund operations, with no upfront funding required from Riversgold Ltd or Oracle Power Plc. Profits are intended to be shared on a 50/50 basis, with an agreed reinvestment component for ongoing drilling.

Geologically, Northern Zone is located in a mature mining district near Kalgoorlie and hosts a sizeable gold mineralised porphyry confirmed by diamond drilling. From a corporate governance perspective, management incentives are directly linked to share price milestones, commencement of ground works, first gold production and cumulative production targets.

For investors focused on ASX-listed gold developers, Riversgold Ltd now presents a combination of granted long-term mining tenure, a fully funded operating model subject to remaining conditions precedent, a clear regulatory pathway via the MDCP, and defined management milestones directly connected to project advancement and production outcomes.

Glossary of Key Terms

• Mining lease: A formal government-granted tenure that provides the legal right to mine minerals from a specific area for a defined period.
• MDCP (Mine Development and Closure Proposal): A regulatory submission to the Western Australian Government that explains how a mine will be developed, operated and closed, and that, once approved, provides the operating permit for mining.
• NVCP (National Vegetation Clearing Permit): A permit required before native vegetation can be cleared for mining, infrastructure or other project-related activities.
• VWAP (Volume Weighted Average Price): The average price of a share over a set period, weighted by the volume traded at each price, used here to set objective share price conditions for incentive vesting.
• Condition precedent: A requirement that must be met before a contract or agreement becomes fully binding or can move to the next stage.
• Porphyry: A type of igneous rock that contains larger crystals embedded in a finer-grained matrix and that can host large-scale gold and copper-gold mineralisation systems.
• Doré: A semi-pure alloy of gold and silver poured at a mine site before being sent to a refinery for final processing into high-purity metal.

Ready to Learn More About Riversgold's Path to Production at Northern Zone?

With a 21-year mining lease now granted, a fully funded operating partner in place, and a clear regulatory pathway through the MDCP, Riversgold Ltd (ASX: RGL) is advancing its Northern Zone Gold Project near Kalgoorlie toward potential production. For investors seeking to understand the full scope of the project, the MEGA Resources partnership structure, and what the next milestones could mean for shareholders, visit the official Riversgold website at www.riversgold.com.au to find out more.