Barrambie Gold
Project

near-term cashflow opportunity and significant growth potential in under-explored high-grade greenstone belt

WHAT

The Barrambie Gold Project is located between the Sandstone and Meekatharra mining centres and consists of tenure (357km²) covering approximately 40km strike in the Barrambie Greenstone Belt. The potential for high-tenor gold mineralisation within the Barrambie Project is demonstrated by several historic mines within the Belt with a combined average production grade of 24.8g/t. Despite this high-grade mining history, the Barrambie Project remains under-explored with minimal gold drilling completed since the 1990s.

With a view to advance and grow existing and new targets, in 2024, Neometals resumed gold exploration for first time in several decades.

The Barrambie Project has a JORC Exploration Target between 8Mt at an average grade of 1.3g/t Au and 10.5Mt at an average grade of 2.3g/t Au, for an implied 335k to 775k ounces, which outlines the potential of the Barrambie Project to host multiple gold occurrences. Refer https://www.neometals.com.au/investors-media/asx-announcements/ for further information.

An updated 15,000 ounce Indicated and Inferred Mineral Resource Estimate was announced in March 2026 at the Ironclad deposit, which is now being advanced towards production and early cashflow.

Based on the updated MRE, a Scoping Study indicates the Ironclad gold deposit has the potential to deliver, subject to FID, between 10,000 to 11,000 ounces of gold, generating undiscounted cashflows (on a pre-tax, 100% basis, at A$7,000/oz gold price) of between A$19 to A$23 million – refer to 19 March 2026 ASX announcement for cost assumptions.

Figure 1 – Location of Barrambie Gold Project and proximal processing facilities

WHY

The Barrambie Gold Project represents a unique exploration opportunity:

An updated 15,000 ounce Ironclad Indicated and Inferred Mineral Resource Estimate;
Positive Ironclad Scoping Study outcomes;
Potential cash flow from Ironclad mining services Joint Venture with BML Ventures Pty Ltd (“BMLV”);
Abundant milling capacity with 150km radius;
Large tenure in an under-explored greenstone terrane in highly sought-after mining jurisdiction;
Additional high-grade gold potential is demonstrated by historic mining with an average mining grade of 24.8g/t gold;
Lack of modern exploration with gold exploration being resumed after a 30 to 40 year hiatus, and;
Large initial JORC Exploration Target of between 335,000 ounces to 775,000 ounces gold (see the cautionary statement regarding exploration target at the top of this page).

Figure 2 – Ironclad local geology, March 2026 Indicated and Inferred MRE, lease application M57/674 and conceptual mine layout

STATUS

Near-Term Production – Ironclad Gold Deposit

The Ironclad gold deposit contains an Indicated and Inferred Mineral Resource Estimate of 15,000 Au ounces, and is covered by mining lease application M57/674, located in the north of the Barrambie Gold Project.

Gold mineralisation is hosted in discrete, generally narrow, northwest trending, subvertical structures (presenting as schist units), with parallel and cross-cutting quartz veining of various orientations.

Ironclad was actively explored in the late 1980s, culminating in a 1988 Notice of Intent contemplating multiple mines feeding a central processing facility to be located at the Barrambie Project.

Subject to Board approval/ FID, this deposit is intended to be developed through a Joint Venture with experienced mining contractor BML Ventures Pty Ltd (“BMLV”) (link to announcement). BMLV will fund the majority of pre-mining activities, along with funding and managing mining and haulage operations, in return for a 50:50 profit share (after cost recovery).

Figure 3 – Long section slice (looking southwest) through the March 2026 Ironclad Indicated and Iferred MRE, showing the block model (>0.5g/t), the A$7,000/oz optimised pit and drilling.

Prospectivity

The large JORC Exploration Target of between 335k ounces and 775k ounces, announced in September 2024, describes camp-scale exploration potential similar to that found in other greenstones belts (GSB) of the Yilgarn, where multiple deposits of various sizes, styles and grades contribute to a total endowment for the Barrambie Project (see the cautionary statement regarding exploration target at the top of this page). Examples of camp-scale gold endowment proximal to the Barrambie Project include producing and advanced projects at historic mining centres at Gum Creek GSB, Meekatharra-Mount Magnet GSB and Sandstone GSB.

Attributes and data which support this view include:

geological setting of the Barrambie Project within the under-explored Barrambie Greenstone Belt;
historic mining data which demonstrates existence of high tenor gold mineralisation along the length of the GSB;
tenor of gold mineralisation at the historic mining centres and along new, un-tested structures has been validated by recent grab and rock-chip sampling;
historic drill data, albeit restricted in area, demonstrates continuity of Au mineralisation in multiple (10) locations;
historic surface geochemical data demonstrates Au anomalism along the length of the GSB;
observed and recorded geological descriptions demonstrate Au mineralisation of various styles (shear, vein and stockwork);
observed and recorded geological descriptions demonstrate Au mineralisation occurs in all major lithologies across the width and length of the GSB; and,
reprocessed geophysics and new structural interpretation coupled with field mapping, shedding light on the structural complexity and likely relationships with the localisation of gold mineralisation.

Subject to FID, Neometals is aiming for early cash-flow from the Ironclad deposit through the mining services Joint Venture with BMLV. Neometals will continue work to realise additional value from the gold endowment potential of the Barrambie Gold Project.

Figure 4 – Barrambie Gold Project, pipeline of exploration opportunities.
Note: see the cautionary statement regarding exploration target at the top of this page. The project pipeline is indicative only, subject to change and dependent on approvals, funding, permitting, development outcomes and market conditions. Actual outcomes may differ materially from those indicated.

COMPLIANCE STATEMENT

The Competent Person cautions that certain historical exploration results and production data contained within this website have been extracted from historical DEMIRS WAMEX annual reports and internal company reports prepared by previous historical operators. Further exploration and evaluation may affect confidence in these data and results under JORC 2012 standards. Nothing has come to the attention of Neometals or its Competent Person that cause them to question the accuracy or reliability of the previously reported data and results. The Company has undertaken desktop evaluation of the work completed. However, it has not comprehensively validated that data and results and therefore these data and results are to be treated with appropriate caution.

COMPETENT PERSONS STATEMENT

Mineral Resource Estimate

The information in this website that relates to the March 2026 Indicated and Inferred Mineral Resource Estimate at the Ironclad gold deposit is based on and fairly represents information and supporting documentation compiled by Clay Gordon, a Competent Person who is a Member of the Australian Institute of Geoscientists. Mr Gordon is currently employed by Neometals Ltd as the General Manager Geology. Mr Gordon has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Gordon consents to the inclusion in the website of the matters based on his information in the form and context in which it appears.

The information that relates to the Indicated and Inferred Mineral Resource Estimate at the Ironclad gold deposit has been presented in market announcements available on the Company's website at www.neometals.com.au/en/investors or ASX's website at www.asx.com.au.

Exploration Results and Exploration Targets

Information in this website that relates to Exploration Results reported during 2026 (see Neometals’ ASX announcements listed below) are based on and fairly represents information and supporting documentation compiled and reviewed by Mr Travis Craig a Competent Person who is a Member of the Australasian Institute of Geologists (AIG) and is currently employed full time by Neometals Ltd as Exploration Manager. Mr Craig has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Craig consents to the inclusion in the website of the matters based on his information in the form and context in which it appears.

Information in this website that relates to Exploration Results and Exploration Targets which were reported during 2024 to 2025 (see Neometals’ ASX announcements listed below) are based on and fairly represents information and supporting documentation compiled by Mr Jeremy Peters FAusIMM CP (Min, Geo). Mr Peters is a Director of Burnt Shirt Pty Ltd, a geological and mining engineering consultancy, and has sufficient experience relevant to the reporting of Exploration Results and Exploration Targets in Western Australian Archaean orogenic gold mineralisation to qualify as a Competent Person as defined in the December 2012 Edition of the “Australasian Code for Reporting of Exploration Results”. Data compiled from historical internal reports by the Neometals Exploration Team has been reviewed by Mr Peters, who consents to the inclusion in the website of the matters based on his information in the form and context in which it appears. Information relating to Exploration Results and Exploration Targets has been presented in market announcements available on the Company's website at www.neometals.com.au/en/investors or ASX's website at www.asx.com.au.

FORWARD-LOOKING INFORMATION

This website contains opinions, projections and other forward‑looking statements that are subject to significant uncertainties, contingencies and other factors beyond Neometals’ control. Forward‑looking statements include, but are not limited to, statements regarding future events, expectations about the performance of Neometals’ business and the outcome of strategic or operational initiatives.

Many known and unknown risks, uncertainties and other factors could cause actual events or results to differ materially from those expressed or implied in any forward‑looking statements. Recipients are cautioned that such statements are not guarantees of future performance and that actual results, performance or achievements may differ materially from those expressed or implied in them, or from any projections and assumptions on which they are based.

Any opinions, projections, forecasts and other forward-looking statements contained in this website do not constitute any commitments, representations or warranties by Neometals and its associated entities, directors, agents and employees, including any undertaking to update any such information. Except as required by law, and only to the extent so required, directors, agents and employees of Neometals shall in no way be liable to any person or body for any loss, claim, demand, damages, costs or expenses of whatever nature arising in any way out of, or in connection with, the information contained in this announcement.