Investment case

Gold exploration and development in Australia

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  Gold production at Maddens in mid-2026

  Distict scale hardrock mining project in northern Queensland
• 

  Raglan acquisition accelerates path to revenue

  Alluvial project is a turnkey opportunity with mining licence and all equipment already in place
• 

  Forthcoming production at Blue Mountain

  Alluvial gold resource with low capex, near term production and revenue generation capability
• 

  A$77m tax losses

  Tax losses may either be used to enhance returns from future production projects or sold for cash

Additional upside

• 

  Promising, under-explored area at Lolworth

  Geological Survey of Queensland and James Cook University interest supports ECR’s thesis of a multi-metal opportunity
• 

  High profile antimony

  32% antimony grade at Bailieston in a region with high profile antimony projects

Unlocking substantial upsides

Targeting revenue from alluvial gold production

Short term operational upsides

Blue Mountain

• Recovery factor of 91.7% independently tested by Gekko in 2024
• 2025 drilling campaign has evidenced commercial levels (>0.15g/b.c.m) of gold over extensive areas
• Wash plant trials will be conducted shortly to determine commercial quantities of gold that can be recovered

Raglan

• Turnkey project that can be brought into production without the need for any further investment or approvals
• Proximity to Blue Mountain provides operational synergies
• Purchase price of A$1.01m (c. £500k)

Long term operational upsides

Exploration upside at Lolworth

• Previous sampling has confirmed high-grade gold and silver-lead mineralisation across multiple targets
• Inaugural drilling campaign now underway
• Presence of rare earths has already attracted interest from James Cook University and Geological Society of Queensland

Joint venture at Creswick

• Proposed JV with Bold Gold
• Bold Gold to invest up to A$3 million to earn an 80% interest through staged exploration expenditure
• Initial A$250,000 exploration commitment to be spent in the first 12 months

Near-term revenue potential from Blue Mountain & Raglan

Coupled with ongoing development upside at Lolworth and Creswick

Operational upside

Blue Mountain production

• Drilling programme completed and results awaited
• Wash plant trials have been conducted

Turnkey development of Raglan

• Proposed acquisition will extend the overall Blue Mountain project
• Mining licence and full plant & equipment in place

Lolworth exploration

• Gold, silver and rare earths opportunity
• Ongoing drilling campaign designed to extend previous successful surface exploration

Financial upside

A$75m tax losses

• Sale of tax losses may provide short term cash …
• … but application of tax losses to Blue Mountain and Raglan production provides greater longer term upside

Joint venture and royalty

• A$2m royalty on previous sale of assets at Fosterville
• Proposed JV at Creswick is expected to fund exploration costs without further dilution to ECR shareholders