Iceni Gold (ASX:ICL) strengthens exploration momentum across 14 Mile Well and Welcome Creek

Following the release of its September 2025 Quarterly Activities Report, Iceni Gold Limited (ASX:ICL) continues to make meaningful progress across its exploration portfolio, with sustained activity at the 14 Mile Well Gold Project and preparations advancing at Welcome Creek in Western Australia.

The quarter delivered a strong set of results from the Guyer Farm-In Agreement with Gold Fields Limited, where drilling continues to define a large, multi-style gold system, while regional exploration across Guyer West and Wild West outlined extensive mineralised trends.

Managing Director Wade Johnson discusses the quarter’s results, their geological implications, and what lies ahead for the company.

What progress has been made at the Guyer Farm-In project with Gold Fields?

The Guyer Farm-In project has delivered another productive quarter, with exploration results continuing to highlight the scale and complexity of the gold system developing within this area.

During the September quarter, the company completed 59 reverse circulation drill holes for 10,842 metres and one diamond drill hole for 549.72 metres, testing multiple targets along the Guyer Trend, including Guyer South and Minerie, under the $35 million Farm-In Agreement with Gold Fields Limited.

Drilling has now confirmed two distinct mineralisation styles within the Guyer area, one hosted in granite and the other in basalt, each influenced by contrasting structural and lithological settings.

The granite-hosted mineralisation occurs along flat-lying shears within the Danjo Granite where gold is broadly dispersed at the saprock contact, while the basalt-hosted mineralisation is associated with steeper shears and typically exhibits higher grades in more compact zones.

The standout result for the quarter was 13 metres at 1.39 g/t gold from 179 metres, including 3 metres at 5.03 g/t gold from 182 metres in drill hole GUYRC0083, which intersected an entirely basalt-hosted zone approximately 500 metres east of the Danjo Granite contact.

This new discovery has enhanced the company’s understanding of how lithology and structural control interact within the broader system and supports the interpretation that Guyer represents a large and evolving multi-style gold system.

“The results from Guyer continue to demonstrate that we are dealing with a large and complex mineralised system that extends across multiple geological settings,” said Wade Johnson, Managing Director. “Our partnership with Gold Fields has allowed us to accelerate exploration and strengthen the geological model as we progress towards a clearer picture of the scale at Guyer.”

Importantly, the initial $5 million minimum exploration expenditure requirement under the Farm-In Agreement has been achieved, and Gold Fields, through its subsidiary Gruyere Holdings Pty Ltd has now become both Iceni’s Farm In partner and a major shareholder following its acquisition of Gold Road Resources.

This partnership strengthens Iceni’s position and provides both technical and financial depth as exploration advances

How is Iceni advancing exploration at the Wild West and Guyer West areas?

Iceni made significant headway during the quarter in expanding its exploration coverage along the western contact of the Danjo Granite, where the Wild West and Guyer West prospects have delivered a new level of understanding of the district’s mineralisation potential.

At Guyer West, a 73-hole aircore drilling program for 4,141 metres tested a surface gold anomaly along the granite’s western margin.

This program defined two north-northwest-trending mineralised zones, one extending for 2.4 kilometres and another for four kilometres, with one of the trends remaining open to the south and under cover.

The most notable result was 20 metres at 0.39 g/t gold from 40 metres to end of hole in FMAC0233, which is a strong result given the wide spacing and early-stage nature of the program.

At Wild West, located within the Everleigh-Tatong area, the company completed a 351-hole aircore campaign totalling 17,001 metres, which defined three new bedrock gold anomalies along a two-kilometre north-trending corridor.

These anomalies, now referred to as Rio Bravo, Sundance, and High Noon, are hosted within a magnetic dolerite unit and coincide with the western contact of the Danjo Granite.

Key intercepts include 3 metres at 1.10 g/t gold from 20 metres, 3 metres at 0.55 g/t gold from 72 metres, and 8 metres at 0.39 g/t gold from 32 metres.

Combined, results from Guyer West and Wild West suggest the potential for a continuous seven-kilometre mineralised corridor along the western contact of the Danjo Granite.

Follow-up drilling programs are being planned to infill the untested areas and confirm mineralisation continuity, with both zones now regarded as high-priority targets for the next phase of exploration.

“The identification of gold mineralisation along both sides of the Danjo Granite is a major step forward,” Johnson noted. “It reinforces the view that the system is much larger than initially recognised, with structural repetition and multiple hosts providing several opportunities for discovery.”

What exploration work is planned for the next quarter?

Looking ahead to the December 2025 quarter, Iceni’s exploration focus will remain firmly on progressing the Guyer Trend and adjacent areas within the Gold Fields Farm-In tenure, while also advancing work on the company’s wholly owned ground.

The next program will centre on the basalt-hosted mineralised trend intersected in hole GUYRC0083, with the company and Gold Fields jointly designing follow-up RC and diamond drilling to determine its extent and orientation.

This program will be reviewed at the Exploration Committee meeting with Gold Fields scheduled for November 2025.

In addition, Iceni plans to commence infill RC drilling at the Wild West anomaly at Tatong South to improve definition of the recently outlined gold zones and better understand the geometry of the mineralisation.

At the Welcome Creek Project in the Little Sandy Desert, site preparation and access track clearing are now complete following a heritage survey that granted full clearance for drilling.

The company will shortly commence diamond drilling to re-enter and extend the historic Normandy Poseidon hole LDDH001, which was originally drilled to 701 metres in 1994.

This hole will test the coincident gravity and magnetic anomaly that remains unexplained and represents one of the most compelling deeper exploration targets in the company’s portfolio.

What is the status of the Welcome Creek project and its exploration potential?

The Welcome Creek Project comprises two adjoining exploration licences covering 393 square kilometres in the Little Sandy Desert, approximately 260 kilometres northeast of Newman and 140 kilometres south of Telfer.

The project is considered prospective for gold and copper mineralisation because it contains a large coincident gravity and magnetic anomaly interpreted to be an intrusive feature within the Officer Basin.

In 1994, Normandy Poseidon Exploration drilled a single 701-metre diamond hole (LDDH001) to test this feature, although the results failed to adequately explain the anomaly. Iceni has since revisited the area, completing two helicopter reconnaissance trips to confirm the drill collar location and assess site conditions.

The company determined that the historic hole remains in good condition and suitable for re-entry.

A heritage survey has since been completed, clearing the site for further exploration activity, and an access track has been established from the Talawana Track.

Diamond drilling to re-enter and extend LDDH001 is scheduled to commence in November 2025, marking the first modern test of this geophysical feature and an important step in Iceni’s broader exploration program.

How is Iceni positioned financially to support its exploration programs?

Iceni Gold entered the December quarter with a solid financial foundation, maintaining cash reserves of $2.57 million and no debt as at 30 September 2025.

The company spent approximately $3.35 million during the quarter on exploration, tenement maintenance, staff, contractors, and general administration, with the majority of expenditure linked to ongoing drilling activity at Guyer.

These exploration costs are fully reimbursed under the terms of the Gold Fields Farm-In Agreement, which allows Iceni to continue advancing high-impact exploration programs without incurring excessive financial exposure.

The company did not record any expenditure related to production or mine development during the period, remaining focused on exploration.

“The structure of the Gold Fields Farm-In ensures that we can pursue aggressive exploration without diluting shareholders or overextending the balance sheet,” Johnson said. “It is a strong and sustainable model that aligns our long-term objectives with those of our joint venture partner.”

All payments to related parties were made for standard director fees, geological consulting, and administration services.

Iceni’s careful cost management, combined with the financial support and technical partnership provided by Gold Fields, ensures the company is well positioned to maintain momentum across both the 14 Mile Well and Welcome Creek projects throughout the next phase of its work program.

Strengthening a regional gold system

As the quarter draws to a close, Iceni Gold is entering a decisive period in its exploration journey.

The company’s progress at Guyer, Guyer West, and Wild West has underscored the geological scale of its landholding, while the upcoming drilling at Welcome Creek is set to extend its exploration reach into a new frontier.

“Each program we complete adds another layer of understanding to how gold mineralisation is distributed across our projects,” Johnson said. “The results from Guyer, Guyer West, and Wild West are revealing multiple structural trends with clear potential. With Gold Fields’ continued partnership and our upcoming drilling programs, Iceni is in a strong position to continue uncovering the scale of this system.”

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