We Know WhereThe Grade Should Be.
Six holes at Balerion turned a soil anomaly into a model of where the grade sits. The next program is not a search. It is a list of places that model points at, most of which no one has ever put a rig on.
An Explorer That Reports What The Rock Says
In August we published our maiden assays. Those holes did the job a maiden program is meant to do: they proved the volcaniclastic package is mineralised, and they showed that the better sulphide sits where hydrothermal fluid exploited the sheared contact with the overlying rhyolite. Three further holes drilled straight at that contact returned the strongest visual sulphide of the program of the program, and their assays were reported to the ASX on 1 October 2026. The investment case is not that we have found an ore body. It is that the drilling has told us what controls the grade, on ground where the best geophysical targets have never been tested.
Where The Grade Lives.
A schematic long-section through the Balerion maiden program. The copper line is the sheared contact between the overlying rhyolite and the underlying volcaniclastic package. Select a hole to see what it hit.
The hole that found the rule. It intersected the sheared contact between the overlying rhyodacitic lava and the underlying volcaniclastics at 152.5 m, in a four-metre interval of vuggy quartz-carbonate rock carrying banded coarse pyrite, sphalerite and galena. Grades are still modest, but the step up on the contact against the footwall is the pattern the next program is built around.
- 10.7 m @ 2.70 g/t Ag from 125.6 m — including 1.5 m @ 7.30 g/t Ag from 131.8 m
- 10.3 m @ 0.21% Zn, 0.05% Pb, 0.57 g/t Ag from 149.0 m — including 0.6 m @ 1.12% Zn, 0.17% Pb, 0.07% Cu, 2.35 g/t Ag from 152.0 m
- 4.3 m @ 0.16% Cu, 1.09 g/t Ag from 164.0 m
The section above is a schematic illustration prepared for this page. Hole traces, the position of the interpreted sheared contact and the placement of mineralised intervals are indicative only and are not to scale. It is not a geological cross-section, a resource model, an orebody model or a mineable shape, and it should not be read as an indication of tonnage, grade, continuity or economic potential. Collar coordinates, downhole depths, dips, azimuths and assay intervals quoted in the panel are as reported to the ASX on the dates shown; the schematic geometry is not.
Sulphide abundances described for BLRCDD004, BLRCDD005 and BLRCDD006 are visual estimates recorded during core logging. Visual estimates are qualitative and should never be considered a proxy or substitute for laboratory analysis. Laboratory assays are required to determine the widths and grades of any mineralisation, and assays for these three holes had not been received at the date of this page. Reported intervals for BLRCDD001 and BLRCDD002 include intervals of core loss which were retained in the reported widths and assigned zero grade in the length-weighted composites.
What You Are Buying.
Not a resource. Not a promise. A tested geological rule, a list of untested targets, a team that has made discoveries before, and the cash to drill the next one.
We Know Where To Look
Six holes established that higher-grade sulphide tracks the sheared rhyolite-volcaniclastic contact, while the footwall below carries the low-grade halo. That single observation converts the next program from a scattergun into a set of positions on a surface we can map, follow down-dip and follow along strike.
Ground Nobody Has Drilled
Black Hammer sits in an extremely underexplored part of the Macquarie Arc, 130 km west of Sydney near Oberon. Across the entire 390 km² package, only 5 targeted RC or diamond holes have been drilled, along with 68 aircore holes. Aircore samples shallow ground, so most of the package has never been tested at depth. We have mapped 12 anomalous areas across it.
A Second Front, Already Loaded
~390 km² in the arc that hosts Cadia, Cowal and Northparkes, with three priority targets defined and none of them drilled: Watsons, a ~3 km copper-zinc soil corridor never even assayed for gold; Porters Retreat, an altered monzonite whose chemistry reads as porphyry-fertile; and Vermithor, a 1 km by 1 km magnetic bullseye nobody has followed up. Deep Dykes in Western Australia adds a third.
The Team Has Done This Before
Exploration Manager Seb Hind was part of the Peel Mining team that received the 2022 inaugural Mines & Wines Explorer of the Year and 2019 AMEC Prospector of the Year awards. Executive Chairman Brett Grosvenor brings 25 years in mining and power, including as Director of Development at Primero Group. We listed in December 2025 and started drilling at Balerion in May 2026, on the timeline set at listing. A$3.50 million in cash at 30 June 2026, with no capital raised since the December 2025 IPO.
Exultant Mining has not estimated a Mineral Resource or an Exploration Target on any of its projects 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. Historical drilling, production and exploration results attributed to third parties, including historic results at Balerion reported by previous explorers and production and resource figures quoted for Captains Flat, Woodlawn, Cadia, Cowal, Northparkes, Bottle Creek and other operations, were not reported by Exultant Mining, have not been independently verified by the Company, and are provided as regional geological context only. They are not indicative of the mineralisation that may be present on the Company's tenements, and it should not be assumed that similar results will be obtained.
The Company's reported land position comprises granted exploration licences together with licence applications that remain subject to grant, and there is no guarantee that outstanding applications will be granted in whole or in part. Financial and capital structure figures are stated as at 30 June 2026 and will change. Statements regarding planned exploration, target quality, the expected timing of assay results and future activity are forward-looking and are subject to risks and uncertainties, many outside the Company's control; actual results may differ materially. This page is general information only, is not financial product advice, and does not take account of any person's objectives, financial situation or needs. Investors should read the Company's ASX announcements in full and consider obtaining independent advice.