STAVELY PROJECT

>1,000KM2 | 100% OWNED

PROJECT OVERVIEW

The Stavely Project, covering an area of in excess of 1,000 square kilometres over the highly prospective Stavely Volcanic Belt in western Victoria, includes a 100% owned retention licence RL2017, 100% owned exploration licences EL6870, EL7347, EL7921, EL7922, EL7923 and EL7924 and the Black Range Joint Venture licence EL5425.

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STAVELY PROJECT

The Stavely Project, covering an area of in excess of 1,000 square kilometres over the highly prospective Stavely Volcanic Belt in western Victoria, includes a 100% owned retention licence RL2017, 100% owned exploration licences EL6870, EL7347, EL7921, EL7922, EL7923 and EL7924 and the Black Range Joint Venture licence EL5425.​

The Black Range Joint Venture is an earn-in and joint venture agreement with Aureka Limited (previously Navarre Minerals Limited). Stavely Minerals earned 80% equity in EL5425 in December 2021.

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REGIONAL GEOLOGY

The Stavely Project is hosted in Cambrian age fault-bounded belts of submarine calc-alkaline volcanics, namely the Mount Stavely Volcanics, structurally in contact with the older quartz-rich turbidite sequence of the Glenthompson Sandstone and the Williamson Road Serpentinite.​

These sequences were deformed in the Late Cambrian Delamerian Orogeny. Seismic traverses in western Victoria have supported the interpretation of an Andean-style continental convergent margin environment for the development of the buried Stavely Arc beneath the Stavely Volcanic Complex and environs. This regional architecture is considered conducive to the formation of fertile copper / gold mineralised porphyry systems as is the case with the younger Macquarie Arc in New South Wales, which hosts the Cadia Valley and North Parkes copper-gold mineralised porphyry complexes.

The Lachlan Fold Belt and Delamerian sequences are in fault contact through large-scale thrusting along the east dipping Moyston Fault.

Unconformably overlying both these domains by low-angle décollement is a structural outlier of the younger Silurian fluvial to shallow marine sandstone to mudstone sequences of the Grampians Group.

THURSDAY’S GOSSAN PROSPECT

In the Stavely Project, the Thursday’s Gossan prospect, which includes the Cayley Lode and the chalcocite-enriched blanket, hosts a Total Mineral Resource Estimate (using a 0.2% CuEq grade cut-off for open pit material and a 0.7% CuEQ for underground material) of –59Mt at 0.43% copper, 0.08g/t gold and 2.7 g/t silver for 250 kt of contained copper, 154, 000 ounces of gold and 5.2Mt of silver. Click here for details of the March 2026 Mineral Resource Estimate.​

In September 2019, Stavely Minerals made a significant discovery at the Thursday’s Gossan prospect on RL2017, identifying shallow, high‑grade, structurally controlled copper‑gold‑silver mineralisation.

The very first diamond drill hole into the target, SMD050, tested the Ultramafic Contact Fault and delivered an exceptional intercept, returning stunning copper grades of up to 40% within a 32‑metre‑wide high‑grade zone.

In March 2026 an updated Total Mineral Resource Estimate (MRE) was completed for the Stavely Copper-Gold Project in Western Victoria (including Carroll’s Copper Deposit):

60Mt at 0.58% CuEq (including metallurgical recovery adjusted gold and silver

  • Containing 280,000t of copper, 170,000oz of gold and 5.4Moz of silver
  • 58% of the copper, 63% of the gold and 63% of the silver contained metal are in the higher-confidence Indicated Resource category.

Compared to the previous 2022 Stavely Project Total MRE:

  • Tonnage has increased by 113%
  • Contained copper has increased by 31%
  • Contained gold has increased by 67%, and
  • Contained silver has increased by 69%

An additional open pit optimisation has been completed utilising consensus metal prices to be the basis for the 2026 Scoping Study. The consensus metal prices open pit optimisation has captured a proportion of the 2026 Thursday’s Gossan MRE (including UG MRE) at a notional strip ratio of ~2.5:1: 34Mt at 0.74% CuEq (0.55% Cu, 0.10g/t Au and 3.3g/t Ag)

The captured MRE contains some 190kt copper, 110koz of gold and 3.6Moz of silver.

In the consensus metals price-constrained open pit optimisation, 80% of the tonnage, 74% of the contained copper metal, 79% of the gold and 81% of the silver are in the higher-confidence Indicated Resources category. The implication is that the 2026 Scoping Study is likely to evaluate production options based on a higher proportion of Indicated Resources.

This very indicative outcome provides confidence that the Scoping Study should evaluate a 3Mtpa processing option.

At Thursday’s Gossan there are at least two additional structures that host high-grade copper-gold-silver mineralisation, namely the Copper Lode Splay and the North-South Structure Lode.​

Only very limited drilling has been conducted to test these targets, however intercepts including 6m at 6.73% copper, 0.84g/t gold and 15g/t silver from 538m were returned from the Copper Lode Splay and 18m at 3.62% copper, 0.28g/t gold and 15g/t silver from 848m were returned from the North–South Structure Lode.

While drilling to-date targeting the copper-gold porphyry has returned extremely encouraging indications that the system is a very hydrous, strongly oxidised and well-endowed with metals, and has all the attributes that it is well-mineralised, the economical porphyry has yet to be discovered. The search for the mineralised porphyry is on-going, including undertaking a seismic survey, structural studies and deep diamond drilling.

REGIONAL PROSPECTS

The known prospects that are largely exposed or located in areas of sub-crop that have been previously identified by either reconnaissance mapping or stream/soil geochemical sampling programs.

Soil auger sampling was completed in areas of sub-crop including Thursday’s Gossan, Mount Stavely, Mount Stavely East, Fairview, Highway, Northern Flexure, Pollockdale, Lexington and the Southern Intrusion prospects.

In addition to the known historical prospects, the Stavely Minerals’ geology team has identified many additional priority targets under shallow cover. A large number of these ‘blind’ prospects have never been previously tested.

Due to the lack of geological data owing to pervasive “Newer Volcanic” basalt cover, targeting is reliant on the interpretation based on aeromagnetics and gravity. Wide-spaced first pass aircore drilling was completed at the Yarram Gap, Muirhead, S4, S41, S29, Mt Elliot East, Nekeeya and Buninjon Prospects.

Outstanding assay results were received from Phase 1 and Phase 2 RC drilling at the Fairview North gold prospect in 2025 including several high-grade zones within broader, shallow intervals:

  • 59m at 1.31g/t gold from surface in drill-hole SFRC006, including
    • 27m at 2.33g/t gold from 13m down-hole, including:
      • 3m at 10.81g/t gold from 19m down-hole; and
      • 4m at 5.05g/t gold from 30m down-hole
  • 42m at 1.57g/t gold from 23m down-hole in drill-hole SFRC007, including:
    • 8m at 4.76g/t gold from 46m drill depth
  • 29m at 0.96g/t gold from surface in drill-hole SFRC005, including:
    • 6m at 3.46g/t gold from 20m drill depth
  • 14m at 1.08g/t gold from 19m drill depth in drill-hole SFRC015, including:
    • 5m at 2.0g/t gold from 19m; and
  • 13m at 1.22g/t gold from 40m, including:
    • 4m at 2.29g/t gold from 42m
  • 40m at 0.98g/t gold from surface in SFRC018, including
    • 14m @ 2.14g/t gold from 16m, including:
      • 4m at 6.14g/t gold from 16m, including:
        • 1m at 18.60g/t gold from 16m
  • 21m at 0.98g/t gold from 31m drill depth in SFRC019, including:
    • 10m at 1.81g/t gold from 42m, including:
      • 2m at 6.64g/t gold from 42m

The recent drilling has increased the extent of the shallow gold mineralisation at Fairview North to over 300m, and remains open along strike to the north and south, and down-dip.

Bottle-roll cyanide leach tests on previous RC drill composite samples (2017) from Fairview North concluded that in-excess of 80% of gold would be recoverable by low-cost heap leaching.

The first RC drill hole completed by Stavely Minerals in 2025 at the Fairview South Prospect intersecting a thick zone of high-grade gold mineralisation, with SFSRC001 returning an intercept of 40m at 1.96g/t gold, including 17m at 4.18g/t gold. Both rock-chipping and soil auger results indicate that the gold mineralisation extends for a further 400m to the south of SFSRC001. A further two phases of RC drilling were completed in 2025 with anomalous intercept shown in the Figure below.

Recent reconnaissance RC drilling at the Freddy’s Find Prospect (formerly S41 Prospect) strengthened the potential for a large-scale epithermal gold-silver discovery. The 200m wide-spaced drilling returned multiple gold-silver intercepts within an extensive hydrothermal breccia system. The style of mineralisation at Freddy’s Find is characterised as porphyry-related epithermal carbonate-base metal-gold – the most prolific style of gold-producing mines in the South-West Pacific Rim.