Turnstone Resources Locks in ~100km² Copper-Gold Footprint With Glava 100 Exercise

Turnstone Resources Exercises Glava 100 Option, Locking In a ~100km² Copper-Gold Footprint in Sweden

Turnstone Resources Ltd (ASX: TSR) has formally exercised its option over the Turnstone Resources Glava 100 copper gold permit in Sweden, a move that consolidates the company's growing critical minerals portfolio in Scandinavia and sets the stage for drilling later this year.

The exercise, completed with partner McKnight Resources AB, brings Turnstone's Swedish licence count to seven permits spanning two distinct project areas — the Glava-Klinten Project and the Torsby West Project — covering an approximate 100km² footprint across a prospective copper-gold belt.

Executive Chair Len Jubber commented: "We thank McKnight Resources for their ongoing support in Sweden and look forward to advancing focused exploration programmes across both the Glava-Klinten and the Torsby West projects in the months ahead. The transfer of legal title of these permits, subject to gaining the requisite Swedish regulatory approvals, is the latest step in Turnstone's entry into Sweden and emergence as a multi-asset critical minerals company."

Jubber continued: "Both projects offer immediate discovery potential, with historical exploration providing key targets for the Company to investigate further. We are excited that Turnstone has established a platform for growth which we will continue to build on through our ongoing search for additional critical minerals projects."

From Option to Ownership: How the Glava 100 Acquisition Works

The Glava 100 permit — a 430-hectare single exploration licence — was first secured under an option agreement signed with McKnight in November 2025. With the Turnstone Resources Glava 100 copper gold permit in Sweden exercise now formally completed as of 1 June 2026, Turnstone is acquiring the permit for a highly capital-efficient consideration of A$150,000, payable entirely in TSR shares rather than cash.

This share-based consideration structure preserves Turnstone's cash position while delivering a meaningful land package in an emerging copper-gold district. Furthermore, it signals a disciplined approach to capital allocation that investors in early-stage explorers will recognise as prudent.

Key Transaction Terms at a Glance

• Acquisition price: A$150,000
• Settlement currency: TSR ordinary shares
• Issue price: A$0.0352 per share (20-day VWAP to 1 June 2026)
• Shares to be issued: 4,261,363 ordinary shares
• Royalty: A 1.5% net smelter royalty (NSR) in favour of McKnight, to be formalised within 30 business days of permit transfer completion
• Regulatory approvals required: ISP (foreign direct investment) and SGU (permit ownership transfer), applications to be submitted shortly
• Shareholder approval: Already secured at the Company's General Meeting on 17 April 2026

Seven Licences, Two Projects: The Full Swedish Portfolio at a Glance

Turnstone has assembled its Swedish portfolio rapidly since December 2025, with McKnight holding the newly granted permits on trust for Turnstone pending regulatory transfer. The full portfolio breaks down as follows:

Total estimated consideration across all seven licences: A$225,000 in TSR shares — a remarkably low entry cost for approximately 100km² of ground in a recognised copper-gold jurisdiction.

Notably, the Glava 200 and Glava 300 permits carry no transfer fee payable to McKnight, making them particularly cost-effective additions to the portfolio.

What Makes This Ground Geologically Compelling?

The Glava-Klinten Project

The Glava licences sit within the eastern extensions of the Proterozoic Grenville Orogenic Belt, a geological structure that extends across Scandinavia, the UK, Greenland, and Newfoundland. This belt is increasingly recognised as an emerging copper-gold exploration district.

The project area has a documented history of high-grade artisanal mining activity. In addition, outcropping mineralisation at the surface includes:

• Bornite — a high-grade copper sulphide mineral
• Covellite — a secondary copper mineral associated with enriched zones
• Chalcocite — another high-grade copper sulphide mineral
• Visible tellurides — commonly associated with gold-bearing systems

Initial field work conducted by Turnstone validated these historical results, expanded the company's understanding of local geology, and helped advance the Glava geological conceptual model. However, the most significant test will come when the drill bit goes into the ground in the second half of 2026.

The Torsby West Project

Located approximately 40km north of the Glava region, the Torsby West Project covers a 25km corridor of structurally controlled copper-gold-cobalt mineralisation across 6,300 hectares. The project is situated within an Iron Oxide Copper Gold (IOCG) terrain — a deposit style globally associated with large, district-scale discoveries.

Torsby West consequently represents a second, independently significant opportunity within Turnstone's Swedish platform.

Understanding IOCG Systems: Why Do They Matter to Investors?

Iron Oxide Copper Gold (IOCG) is a deposit classification used by geologists to describe a specific type of mineral system. These systems are characterised by:

1. High iron oxide content (magnetite or hematite)
2. Copper and gold as primary economic metals
3. Frequent association with cobalt, uranium, and rare earth elements
4. Often structurally controlled and occurring in large corridors

IOCG systems are known for hosting some of the world's largest copper-gold deposits. For instance, the Olympic Dam mine in South Australia — one of the largest known copper-gold-uranium deposits on the planet — is a classic IOCG system.

While early-stage projects like Torsby West are far from that scale of definition, the deposit style itself is associated with district-scale potential. This is precisely why a 25km corridor of IOCG terrain represents a meaningful exploration opportunity.

Key Technical Terms Explained

• Net Smelter Royalty (NSR): A royalty paid to a previous owner based on a percentage of revenues from mineral sales after deducting smelting and refining costs. McKnight's 1.5% NSR means it receives 1.5% of net mineral revenue if Glava reaches production.
• VWAP: Volume Weighted Average Price — a standard pricing mechanism used to calculate fair share issue prices based on average trading activity over a defined period.
• Bornite / Covellite / Chalcocite: High-grade copper sulphide minerals visible at the surface, indicative of a mineralised system beneath.
• Grenville Orogenic Belt: An ancient geological structure formed approximately 1 billion years ago, now recognised across multiple continents and associated with copper-gold mineralisation in Scandinavia.

Exploration in Motion: What's Happening on the Ground Now?

Field activity is already underway across both project areas. Recent and planned exploration activities include:

• Geological mapping — ongoing across both Glava-Klinten and Torsby West
• Ground magnetic surveys — completed during the initial field work phase
• Drone magnetic surveys — currently underway, targeting areas surrounding mineralised outcrops
• Rock chip sampling — conducted during initial phase, with results validating historical data
• Drilling at Glava — targeted to commence in the second half of 2026

The initial field work programme delivered three key outcomes:

1. Validated historical artisanal mining results and prior rock chip sampling
2. Expanded Turnstone's geological and mineralisation understanding across both areas
3. Enabled progression of the Glava geological conceptual model, refining drill targets

Looking Ahead: Key Milestones on the Horizon

The drilling programme at Glava is the standout near-term catalyst. With surface mineralisation already validated and a conceptual geological model now in place, the drill bit will be the definitive test of what lies beneath.

The Investment Case: Why Turnstone Deserves Attention

The Turnstone Resources Glava 100 copper gold permit in Sweden exercise represents more than a simple option exercise. It marks the completion of a seven-licence, ~100km² Swedish copper-gold platform assembled in under six months at a total acquisition cost of just A$225,000 in shares.

Several factors underpin the investment case:

• Low acquisition cost: A$225,000 in scrip consideration for 100km² of ground across two projects with documented copper-gold mineralisation represents an efficient use of capital.
• Share-based payments preserve cash: All consideration is settled in TSR shares, protecting the company's cash position for exploration activities.
• Two distinct project opportunities: Glava-Klinten offers a high-grade copper-gold system with artisanal mining history, while Torsby West provides district-scale IOCG exposure across a 25km corridor.
• Exploration actively advancing: Field work is not pending — it is underway, with drone magnetic surveys and geological mapping active right now.
• Clear near-term catalyst: Drilling at Glava is targeted for the second half of 2026, providing a tangible, time-defined news flow event for investors to monitor.
• Scalable platform: Management has explicitly flagged an ongoing search for additional critical minerals projects, suggesting the Swedish portfolio is intended as a foundation, not a ceiling.
• In-country infrastructure in place: Turnstone has established a Swedish subsidiary structure to manage licence applications and regulatory submissions, demonstrating operational commitment.

Why Investors Should Keep Watching Turnstone Resources

Following the Turnstone Resources Glava 100 copper gold permit in Sweden exercise, the company has moved from a standing start in November 2025 to a position where it holds — or is in the process of transferring — seven exploration licences across two copper-gold projects in Sweden.

Moreover, with boots on the ground, a drill programme on the horizon, and shareholder approvals already secured for the required share issuances, the company is transitioning from a licence-assembly phase into an active exploration phase.

The second half of 2026 is consequently shaping up as a period of significant news flow as drilling gets underway at Glava. For investors seeking exposure to copper and gold exploration in a stable, established mining jurisdiction, Turnstone's rapidly assembled Swedish portfolio — acquired at a fraction of the cost that comparable ground packages typically command — makes it a company worth monitoring closely.

Key Takeaway:
Turnstone Resources has assembled a ~100km² copper-gold exploration platform in Sweden for just A$225,000 in share-based consideration, spanning two geologically distinct projects with documented high-grade mineralisation at surface. With field work actively underway and drilling at Glava targeted for H2 2026, the company is rapidly transitioning from land acquisition to exploration execution — and the upcoming drill programme represents a clear, near-term catalyst for investors to watch.

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