Thicker at depth. Open beyond it.
Six holes for 1,370.3 m. Five hit polymetallic sulphide, the better grades sit on one sheared contact, and the mineralised shear is about 57% thicker over 100 m down-dip, still open below and to the north. Step through the model or drag to rotate it.
A 900 m soil anomaly.
Soil sampling at Balerion returned a coincident copper-lead-zinc-silver-gold anomaly about 900 m long over the Narongo Fault corridor. The white dots are our six drill collars, placed from the published collar table.
Follow the contact.
At Balerion the metal sits in one place: a talc-rich shear on the contact between a band of rhyolite and the volcaniclastic rocks beneath it. That contact dips about 60 degrees east. Four of the six holes were collared east of it and drilled west, back through it, and BLRCDD001 crossed it close to surface. Only BLRC003, collared beneath it, did not cross it.
The assays are in for all six holes. Five intersected zinc-lead-copper-silver mineralisation. The broadest is BLRCDD005: 11.75 m @ 9.12 g/t Ag, 1.43% Zn+Pb, 0.12% Cu and 0.11 g/t Au from 240.15 m, about 10.1 m true thickness. Up-dip on the same section, BLRCDD006 returned 6.65 m @ 16.18 g/t Ag and 1.56% Zn+Pb, about 6.4 m true.
That is a shear getting thicker as it goes deeper, and drilling has not closed it at depth or to the north. We are now building the results into an updated 3D geological model, while the team advances Black Hammer.
What you are looking at.
Drill collars, RL, dips, azimuths, hole depths and intercept depths are drawn from the Company's reported figures (ASX announcements of 13 August 2026 and 1 October 2026); traces are drawn straight without downhole survey deviation. The contact surface is fitted to a ~60° east dip through the reported contact intercepts, and the rhyolite thickness, the soil anomaly outline, the historic hole positions and the hatched open areas are interpretive and illustrative only. The ground surface is from public SRTM elevation data (about 30 m resolution) at 1:1, offset by 2.7 m to the collar datum. Intercepts are downhole widths unless stated as estimated true thickness; estimated true thicknesses are preliminary and based on the current structural interpretation. Core loss was retained in reported widths at zero grade. Exultant Mining has not estimated a Mineral Resource or an Exploration Target at Balerion and insufficient exploration has been completed to do so. There is no certainty that further exploration will result in the estimation of a Mineral Resource.
Statements about the thickening of the shear at depth, its continuity, and future modelling and exploration are forward-looking and subject to risks and uncertainties outside the Company's control; actual results may differ materially. Historic results for PVI006, PVI008 and PV002 are as previously reported. This page is general information only and is not financial product advice.
Smoke First.
Then The Fire.
Most exploration companies drill a system long before they drill an ore body. The first holes find altered rock and weak metal — enough to prove a hydrothermal system moved through, nowhere near enough to mine. That is where we are at Balerion, and it is exactly where a maiden program should land.
The value is not in the first intercept. It is in what the first intercept tells you about where to put the second one.
Five Of Six Holes Hit Sulphide.
BLRCDD001 and BLRCDD002 returned low-grade but continuous sulphide: 3.0 m @ 0.14% Zn, 0.11% Pb, 0.01% Cu, 0.58 g/t Ag from 82.0 m, and 10.3 m @ 0.21% Zn, 0.05% Pb, 0.57 g/t Ag from 149.0 m. Modest numbers. But disseminated and vein-hosted sulphide through the volcaniclastic package is the signature of a working hydrothermal system, not a barren one.
The Grade Sits On The Contact.
Every higher-grade sulphide intersection found so far is associated with the shear zone developed along the contact between the overlying rhyolite and the underlying volcaniclastics. The lower-grade material sits in the footwall below it. That is not a hope — it is a mappable rule, and it turns the next program from a search into a target list.
The Best Ground Has Never Been Drilled.
A 1.1 km gravity high sits coincident with a chargeability anomaly exceeding 12 msec, west of every historical drill hole and open to the north. For scale: the known historic high-grade mineralisation at Balerion carries only a weak ~8 msec response. Meanwhile a ~1 km gravity low sits directly over the ground most previous explorers chose to drill.
“The assays received from BLRCDD001 and BLRCDD002 were generally low grade, but they are still useful in refining our geological model. They suggest that the underlying volcaniclastic package is mineralised, with higher-grade sulphides more likely to be concentrated where hydrothermal fluids have exploited the sheared contact with the overlying rhyolite.”
Brett Grosvenor · Executive Chairman · 13 August 2026