Cosmo Metals (ASX:CMO) strengthens geological model as maiden RC drilling confirms shallow high grade gold at Spring Creek

Cosmo Metals has released the initial results from its 2025 maiden RC drilling program at the Spring Creek prospect within the 484.1km² Bingara Project in northern NSW, providing important confirmation that the shallow high grade gold mineralisation defined by historic operators continues southward and aligns with the company’s geological interpretation.

Early intersections, including 6.0m at 9.99 g/t Au from 11.0m in SCRC016 with a high grade internal interval of 1.0m at 58.3 g/t Au from 15.0m, validate both the tenor and geometry of the mineralised system.

These results also advance the company’s understanding of the structural controls at Spring Creek and support exploration along the broader 12km Star of Bingara to Lone Hand trend, which remains largely untested along 4km to 5km of strike to the north and south.

We are extremely encouraged by the initial results of our maiden drilling campaign at Spring Creek, which validate the shallow high grade gold mineralisation immediately south of the locus of historic drilling and significantly enhance our understanding of the controls on mineralisation and the broader geological setting, as we step to the south of Spring Creek.

The results set the foundation for the next stage of technical work, with assays pending for eight additional holes, including deeper tests designed to investigate potential feeder structures and the southern continuation of a strong gold arsenic soil anomaly.

How do the new Spring Creek results strengthen your confidence in the continuity and tenor of shallow gold mineralisation?

The initial results strengthen our confidence because they successfully extend the mineralised envelope defined by historic drilling while also confirming the structural characteristics of the shallow east dipping sheet that daylights to the west and is between 1m and 14m thick.

The intersection of 6.0m at 9.99 g/t Au from 11.0m in SCRC016 occurs immediately south of earlier intersections such as 6.0m at 6.43 g/t Au from 8.0m in SC17 and 6.0m at 2.97 g/t Au from 19.5m in PDHSC10, thereby demonstrating consistent grade and continuity across multiple campaigns.

These results allow us to further refine the mineralised geometry creating a more comprehensive geological model that will guide subsequent drill planning.

What is the geological significance of intersecting the metabasalt sediment contact and the serpentinite sediment contact during drilling?

The metabasalt sediment contact is a key host position for gold at Spring Creek, and its consistent intersection in this program reinforces its importance as a geological control.

The mineralisation reported from the first five holes occurs at or immediately above this contact and is associated with quartz veining and sericite alteration, features that correspond directly with the mineralised positions identified in historic drill programs.

The deepest intersection of the serpentinite sediment contact to date was recorded in SCRC026 at 131m, where quartz veining and strong fuchsite chlorite alteration were observed.

Although assays for that hole are pending, the geological characteristics provide important structural context and demonstrate that the system extends into deeper stratigraphic positions that warrant systematic follow up.

How should investors interpret the untested strike extensions along the 12km Star of Bingara to Lone Hand trend?

Investors should recognise that Spring Creek is only a small component of a much larger mineralised corridor stretching for 12km and containing numerous historic workings that have not been subjected to modern explortation.

Several kilometres to the north and south of Spring Creek remain untested despite structural continuity, a strong gold arsenic soil anomaly along strike in both directions, and historical evidence of mineralised activity across the trend.

We aim to unlock the potential of this high conviction target as well as the broader 12km long Star of Bingara to Lone Hand high intensity trend of historic workings, with no previous drilling recorded for the 4 to 5 km to the north and south of Spring Creek.

The combination of validated shallow mineralisation, supportive geological architecture, and multiple untested targets positions the trend as a district scale opportunity for systematic exploration.

What is the expected impact of the pending assays from the remaining eight RC holes, particularly SCRC026?

The pending assays represent a significant portion of the program and will provide critical insight into areas not previously drilled, including steep dipping feeder positions and the southern extensions of the gold arsenic soil anomaly.

SCRC026 is particularly noteworthy because it was drilled down dip of SCRC016 and intersected the serpentinite sediment contact at depth, displaying strong alteration and quartz veining.

While the mineral content of that interval will only be known once assays are received, the geological setting broadens the understanding of structural controls and will influence how future programs test both depth and lateral extensions.

How will the results from this program guide Cosmo’s forward exploration strategy across the Bingara Project?

The integration of assay data, geological logging, and multi element geochemistry will allow us to refine and prioritise follow up drill targets at Spring Creek, both along strike and down dip.

The confirmation of shallow high grade mineralisation provides a reliable foundation for planning additional drilling, while the identification of deeper stratigraphic positions such as the serpentinite sediment contact creates new structural domains to investigate.

Concurrently, systematic mapping and rock chip sampling will continue along the underexplored portions of the 12km trend, and the company is advancing a co-funded geochemistry program at the Mt Everest Mona trend that targets a more than 4km VMS copper corridor.

We are eagerly awaiting the balance of the results from this program and applying the learnings which will inform future drilling at Spring Creek.

These combined datasets will shape a disciplined and technically grounded roadmap for gold exploration across the entire Bingara Project.

Positioning Spring Creek for the next phase of exploration

The initial results from Cosmo Metals 2025 RC drilling program have reinforced the geological basis for continued exploration at Spring Creek and provided strong validation of both grade and mineralised architecture within the shallow east dipping system.

The combination of confirmed high grade intervals, the identification of key geological contacts, and the recognition of deeper structural positions strengthens the project’s technical framework as the company prepares for the next phase of drilling.

With additional assays due shortly and further regional work under way, Cosmo Metals is advancing a data driven strategy that leverages validated mineralisation at Spring Creek while systematically exploring the broader 12km structural corridor.

This approach positions the Bingara Project for ongoing discovery and the progressive definition of multiple gold targets across a district scale environment.

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