Corazon Mining (ASX:CZN) completes Chalice Gold Project acquisition

Corazon Mining has completed the acquisition of 100% of the Chalice Gold Project from Westgold Resources in Western Australia's Higginsville district, following shareholder approval at the company's General Meeting held on 29 June 2026.

Completion marks a decisive step up in scale, transitioning Corazon from earlier stage exploration to an advanced asset with an existing JORC 2012 Mineral Resource of 191,000oz at 2.74g/t Au that remains open in all directions.

The associated $16.5 million placement has also completed, funding the upfront acquisition payment, accelerated exploration at Chalice, further exploration at Two Pools and Feather Cap, and working capital.

Highlights

Chalice follows the acquisition of the Two Pools and Feather Cap projects and significantly strengthens the company's focused Western Australian gold strategy.

The project hosts an existing JORC 2012 Mineral Resource of 191,000oz at 2.74g/t Au that remains open along strike and at depth across all 4 mineralised zones.

Planning is now underway for an initial resource growth drilling program.

The Chalice Gold Project hosts a JORC 2012 Mineral Resource of 2,181,000 tonnes at 2.74g/t Au for 191,000oz of contained gold, comprising 42,000oz Measured, 94,000oz Indicated and 55,000oz Inferred.

The Mineral Resource was estimated using a US$1,700/oz gold price assumption, which underpinned the 1.3g/t Au cut off grade and the open pit optimisation shell used to define the resource boundaries.

Corazon intends to evaluate the implications of the current gold price environment on cut off grade optimisation and potential pit shell expansion as part of its initial post completion technical program.

The company states this work is preliminary, subject to further technical study and should not be taken as a production target or economic forecast.

Total consideration for the acquisition is approximately $25.7 million, comprising $8.0 million in upfront cash, approximately 47.6 million fully paid ordinary shares issued to Westgold and up to $11.0 million in deferred cash payments linked to anniversary and Mineral Resource expansion milestones.

Completion of the associated $16.5 million placement leaves Corazon with a strengthened balance sheet, funding the upfront acquisition payment, accelerated exploration at Chalice, further exploration at Two Pools and Feather Cap, and working capital.

Following completion of the acquisition, Westgold holds approximately 19.9% of Corazon's expanded capital.

Following completion, final planning will be conducted for an initial 10,000m drilling campaign at Chalice, targeted to commence during Q3 CY2026.

The program will initially focus on the priority near surface target area up dip from Kronos. Priority near mine and regional targets include a 700m untested extension north of the Olympus zone and a lightly tested parallel structural corridor approximately 2km to the east.

The Project has a reported production history of 645,000oz at an average grade of approximately 5.4g/t Au.

Corazon Managing Director Simon Coyle commented,

"Chalice is a proven, high grade system with a 191koz resource that remains open in multiple directions, and we believe the best discovery work is still ahead of us and we will waste no time moving straight into an aggressive resource growth drilling program."

Chalice is located on Mining Lease ML 15/786 in the Higginsville district within the Norseman Kalgoorlie greenstone belt.

The project is within 130km of 6 operating processing facilities and a 7th restarting plant. Westgold's 1.6Mtpa Higginsville CIL plant is located 22km from Chalice via sealed road.

The company's next steps are to progress planning for the Phase 1 10,000m drilling program targeted to commence during Q3 CY2026, progress cut off grade and pit shell re optimisation studies reflecting the current gold price environment, and continue exploration and drilling programs in parallel at the Feather Cap and Two Pools projects.