Savannah Goldfields Achieves First Indicated Resource at Electric Light

Savannah Goldfields Electric Light Indicated Gold Resource Update

Savannah Goldfields Limited (ASX: SVG) has delivered a meaningful update to the Mineral Resource estimate at its Electric Light deposit, part of the Georgetown Gold Project in far North Queensland. The updated resource totals 364,000 tonnes at 3.9 g/t Au, containing 46,000 ounces of gold — and for the first time, a portion of that resource has been classified as Indicated, marking a significant step forward in the Savannah Goldfields Electric Light indicated gold resource update story.

The upgrade comes on the back of Savannah's 2025 drilling programme, which included 14 reverse circulation (RC) holes and one diamond drill hole, along with improved bulk density data and a new LiDAR topography survey. Taken together, these inputs have materially strengthened the geological model underpinning Electric Light and set the stage for mine planning work and expanded drilling in 2026.

What the Updated Resource Looks Like

The full breakdown of the current Mineral Resource, estimated at a 1.0 g/t Au cut-off, is presented below:

Compared to the previous 2022 estimate — which was entirely Inferred at 388 kt at 3.7 g/t Au for 46,000 oz Au — this update reflects a modest reduction in total tonnes. This is largely attributable to the rigorous treatment of older, lower-confidence drilling data from the 1990s. Critically, the total ounces remain comparable at 46,000 oz, and the geological model is now supported by higher-quality, more reliable data.

CEO Brad Sampson commented: "The increased confidence in the Electric Light Mineral Resource which now includes Indicated Mineral Resources for the first time is beneficial as we work to understand the open pit and underground mining potential at this Deposit. Electric Light has the potential to provide additional feed to the Georgetown Gold Processing Plant and significantly extend the processing life of the operation."

Why the Indicated Classification Matters — and What It Means for Investors

Understanding the Difference Between Indicated and Inferred Resources

For investors less familiar with resource geology terminology, the distinction between Indicated and Inferred Mineral Resources is worth understanding — because it has direct implications for how a deposit can be used in project planning.

Under the JORC Code 2012 (the Australian standard for reporting mineral resources), resources are classified into three confidence levels:

• Inferred: The lowest confidence level. Based on limited data; geological continuity is assumed but not demonstrated. Cannot be used as the basis for ore reserves or bankable feasibility studies.
• Indicated: A higher confidence level. Based on adequate sample data with reasonable geological continuity. Can be used in pre-feasibility studies and forms the foundation for conversion to Ore Reserves.
• Measured: The highest confidence level, requiring very close drill spacing and detailed sampling.

At Electric Light, 64,000 tonnes at 5.4 g/t Au has now been classified as Indicated for the first time — a meaningful milestone. This Indicated portion grades higher than the overall deposit average, reflecting well-drilled, better-characterised zones near surface and below the existing pit.

Furthermore, the ability to eventually convert this material to an Ore Reserve is a key step on the path to financing and permitting a mining operation. In short, Indicated resources are a prerequisite for serious mine planning, and their appearance at Electric Light signals that the deposit has crossed an important threshold in its development lifecycle.

The Path to This Update — How Savannah Got Here

The previous 2022 resource was classified entirely as Inferred, reflecting limited data review at the time Savannah acquired the Georgetown properties. The 2022 estimate also flagged two concerns with historic data from the 1990s Sedimentary Holdings drilling programme — possible grade overstatement and concerns around sample quality.

Savannah's approach since then has been methodical:

1. 2025 drilling programme: 14 RC holes and one PQ diamond drill hole were completed, twinning, infilling, and extending historic drill coverage. Savannah's drilling used modern face-sampling RC equipment with boosters, industry-standard cone splitters, and accredited laboratory assaying through Intertek Townsville.
2. Data verification: The entire drilling database was re-examined against historic records, with small but important corrections applied to collar coordinates and elevations. Suspect Sedimentary Holdings holes were either excluded or had their estimation weights halved.
3. Bulk density improvement: The updated estimate incorporates 25 measurements from DRAU's 2011 core and 25 measurements from Savannah's 2025 diamond core, both using water immersion methods on sulphide material.
4. LiDAR topography: A 2022 drone survey was incorporated to ensure surface elevations and pit extents are accurately reflected in the model.

The result is a resource estimate that is more conservatively modelled, better validated, and supported by a materially stronger dataset than anything previously published for Electric Light.

High-Grade Zones Add Appeal to the Deposit

What the Grade Distribution Reveals

The resource's long section reveals notable internal grade structure. Zones grading above 5 g/t Au are present across the Indicated portion, whilst the long section shows blocks grading +8 g/t Au and +4 g/t Au, concentrated in the central high-grade domain.

This internal grade distribution is significant. The main mineralised vein at Electric Light varies in thickness from 5 m to 35 m, and the deposit has a well-defined southerly plunge extending from near-surface in the north to around 100 m depth in the south across a 300 m strike extent. This geometry is amenable to both open pit and underground mining evaluation — an assessment now actively underway.

Historical context adds further weight to the grade story. When Deutsche Rohstoff Australia (DRAU) mined the shallow oxide portion of Electric Light between December 2010 and April 2011, they extracted approximately 23,000 tonnes at 8.7 g/t Au containing around 6,300 oz Au, reconciling positively against the resource model of the time.

Metallurgical Work in Progress — Sulphide Processing is the Key Next Step

The bulk of Electric Light's remaining resource sits in sulphide mineralisation, with the base of oxidation at approximately 15 m below surface. The oxide zone was largely mined out by DRAU in 2011.

Existing test work provides an early framework for what sulphide processing at Electric Light might look like:

These are encouraging preliminary results. Importantly, Savannah is now conducting its own metallurgical test work on core from hole EL25DD1016, drilled into sulphide mineralisation in 2025. The outcome of this work will inform processing pathway decisions and, ultimately, whether Savannah's Georgetown Gold Processing Plant (GGPP) requires modifications to treat sulphide feed from Electric Light.

Georgetown Project: A Growing Resource Base

Electric Light does not stand alone. It forms part of Savannah's broader Georgetown Gold Project, which now carries a combined Mineral Resource of 1,135,000 tonnes at 3.6 g/t Au for 130,000 oz Au, spanning multiple deposits across granted mining leases and exploration permits.

At the corporate level, the inclusion of the Agate Creek project lifts Savannah's total Mineral Resource to 552,000 oz Au across 16.6 Mt at 1.04 g/t Au — a substantial resource base for a company of SVG's market capitalisation.

What's Next — Planned Activities and Upcoming Milestones

The Savannah Goldfields Electric Light indicated gold resource update comes with a clear roadmap for the next phase of development:

• Further drilling in 2026: Infill and extensional drilling is planned to test the deposit's down-dip and along-strike extensions. The Exploration Target of 100,000 to 200,000 tonnes at 2.0 to 5.0 g/t Au beyond the current resource footprint remains unchanged.
• Metallurgical results: Results from the current test work programme on EL25DD1016 will be released to the ASX when finalised, informing processing pathway decisions.
• Mining scenario evaluation: Savannah is actively investigating open pit and underground mining scenarios to determine the optimum development path and to inform an application for an Expanded Mining Lease.
• Expanded Mining Lease application: The current resource extends beyond the existing ML3548 boundary. An additional mining lease will be required to access the full down-plunge mineralisation, and Savannah sees a clear path to re-securing tenure.

Why Investors Should Keep a Close Eye on Savannah Goldfields

Key Advantages of the Current Position

The Savannah Goldfields Electric Light indicated gold resource update is not a standalone event — it is one piece in a broader project development story that is gaining momentum. Several features of the current situation merit attention:

• Processing infrastructure already in place. The Georgetown Gold Processing Plant sits just 30 km by road from Electric Light and has a demonstrated track record of processing ore from the deposit with gold recoveries exceeding 80% during historical operations.
• High-grade profile. At 3.9 g/t Au overall — with the Indicated portion grading 5.4 g/t Au — Electric Light sits well above the global average for open pit gold grades.
• First-time Indicated classification opens the door to reserve estimation. The reclassification of 64,000 tonnes as Indicated is a prerequisite step toward declaring an Ore Reserve, which is typically required to underpin mine financing.
• Multiple deposits, one processing hub. With Red Dam, Jubilee Plunger, Big Reef, and Union all sitting within the Georgetown Project alongside Electric Light, SVG has the potential to sequence ore feed from multiple sources through a single, existing plant.
• Exploration upside remains intact. The unchanged Exploration Target at Electric Light and the planned 2026 drill programme mean there are near-term catalysts on the horizon beyond the current resource.

Key Takeaway: Savannah Goldfields has taken a significant step forward at Electric Light, moving from an entirely Inferred resource to one that includes a first-ever Indicated classification at a high average grade of 5.4 g/t Au. With an existing processing plant nearby, metallurgical test results pending, and a 2026 drill campaign planned to test extensions, SVG presents investors with a multi-catalyst story underpinned by a growing, multi-deposit resource base totalling 552,000 oz Au.

Understanding Key Mining and Exploration Terms

Frequently Asked Questions

What is the JORC Code?

The JORC Code is the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves — the standard framework governing resource reporting in Australia.

What is an Indicated Mineral Resource?

An Indicated Mineral Resource is a resource category with sufficient data to assume geological and grade continuity with reasonable confidence. It is required for pre-feasibility studies and reserve estimation.

What is an Inferred Mineral Resource?

An Inferred Mineral Resource is the lowest resource confidence category, based on limited data with geological continuity assumed rather than demonstrated.

What is Reverse Circulation (RC) Drilling?

Reverse Circulation (RC) Drilling is a method using compressed air to return drill chips to surface through the drill string's inner tube, providing rapid and cost-effective samples.

What is Diamond Drilling?

Diamond Drilling (DDH) uses a diamond-tipped bit to recover continuous solid core, providing the highest quality geological and metallurgical samples.

What is a Cut-off Grade?

The cut-off grade is the minimum gold grade at which rock is considered economic to mine; below this grade, material is classified as waste.

What does g/t Au mean?

g/t Au refers to grams of gold per tonne of rock — the standard unit of gold grade used throughout the industry.

What is LiDAR?

LiDAR stands for Light Detection and Ranging — a remote sensing method using laser pulses to generate precise topographic surface models.

What is Fire Assay?

Fire Assay is the standard industry method for determining precious metal content in rock samples, using high-temperature fusion followed by chemical analysis.

What is Bulk Density?

Bulk Density refers to the mass per unit volume of rock, used to convert drill hole volumes into tonnes for resource estimation purposes.

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