Miramar Resources (ASX:M2R) strengthens strategic position as Allan Kelly outlines funding, board renewal and high-priority Gidji drilling

Miramar Resources Executive Chairman Allan Kelly has provided an extensive briefing following the Company’s announcement of a A$1 million placement, the appointment of Jonathan Fisher as a Non Executive Director, and preparations for a 2500 to 3000m RC drilling campaign at the high priority Blackfriars and Highway targets within the Gidji JV.

Speaking directly to the technical rationale underpinning the upcoming program and the broader strategic direction, Allan details how the Company intends to deploy capital, advance its geological understanding, and position itself for the next phase of exploration as it enters 2026.

In discussing the placement and drilling strategy, Allan emphasised the pivotal nature of the forthcoming work:

“This capital raising allows us to complete a targeted 2500 – 3000m RC drilling programme underneath two high-priority targets at Gidji for the first time.”

This context frames the Company’s focus on uncovering the bedrock structures that have not previously been tested, despite substantial shallow anomalism.

How does the upcoming 2500 to 3000m RC drilling program at Gidji enhance Miramar’s ability to test for a primary gold source beneath the existing shallow gold anomalism?

The RC program marks a significant shift from the shallow aircore drilling that has defined our exploration to date, as those aircore holes typically averaged ~60m depth and simply drilled until refusal in weathered bedrock.

Although these programs delineated more than 1km long anomalies at both Blackfriars and Highway, with multiple gold results exceeding 1g per tonne and coincident pathfinders such as As, Bi, Mo, Sb, W and Te, they only characterise the near surface geochemical signature.

With 10 to 12 RC holes planned for a total of 2500 to 3000m, scheduled for Q1 CY2026, we will be able to drill through the paleochannel and into fresh rock for the first time, and hopefully making a significant discovery.

This program provides the level of geological insight required to progress from identifying surface anomalies to determining whether those anomalies reflect a deeper mineralised system.

This transition was further reinforced when Allan noted the shift from shallow indications to bedrock testing:

“With all the shallow gold or ‘smoke’ now outlined, the upcoming RC drill campaign will look for the ‘fire’ or primary gold source or sources under these shallow gold discoveries.”

What gives Miramar confidence that Blackfriars and Highway have the potential to host a meaningful gold discovery?

Confidence in these targets stems from the combination of their geological settings, aircore results and supporting geophysical and geochemical datasets.

At Blackfriars, the target lies along the contact between felsic volcaniclastic rocks and sediments of the Black Flag Beds adjacent to the Boorara Shear Zone, which is the same geological environment as the ~4Moz Paddington deposit located ~15km to the north.

An RC hole drilled in 2024 intersected a quartz dolerite with significant sulphide mineralisation before abandonment due to ground conditions, and that dolerite appeared similar to the rock type that hosts the bulk of mineralisation at Paddington.

At Highway, the anomalism is associated with a large felsic intrusion presenting as a gravity low, coinciding with elevated Bi and Hg, while a sub audio magnetic survey completed in 2025 outlined a major bedrock conductor beneath the Gidji Paleochannel.

These features collectively suggest that both targets remain highly prospective and, critically, untested at depth.

Allan underscored the importance of this untested potential:

“The high-priority Blackfriars and Highway targets have not been tested with deeper drilling to date, so we believe there is potential for discovery of a significant gold deposit under one or both of these targets.”

How does the A$1 million placement strengthen the Company’s ability to execute its exploration plans in early 2026?

The placement provides the required financial capacity to proceed with the RC drilling program and does so under terms that signal strong market support, as the A$0.0025 issue price represented a nil discount to the last traded price.

The raising includes approximately 400.0 million shares for gross proceeds of A$1 million before costs, with ~298.7 million shares issued under existing placement capacity and ~101.2 million shares forming the second tranche subject to shareholder approval.

Participants will also receive one attaching option for each new share, exercisable at A$0.0040 for two years, pending approval.

Furthermore, commitments from both Toronga Pty Ltd, the Company’s largest shareholder, and Allan Kelly to participate in Tranche Two reinforce internal alignment and confidence in the Company’s strategy.

What strategic contribution is expected from the appointment of Jonathan Fisher to the Board?

Jonathan Fisher brings two decades of experience across resources, capital markets and corporate leadership, supported by extensive relationships within the mining investment community.

His current positions as CEO of Cauldron Energy and Non Executive Director of APC Minerals give him contemporary exposure to exploration strategy, governance and market engagement.

In addition, Fisher has established a strong reputation as a sector advocate with a track record of effective market communication, which complements Miramar’s intent to refresh and strengthen the Board as the Company advances its Gidji drilling program and continues progressing the Bangemall and Chain Pool projects.

How is Miramar ensuring that capital is prioritised for exploration while maintaining alignment between management and shareholders?

Miramar has taken measures to ensure that funds are directed primarily toward exploration, particularly the Gidji RC program.

Both Allan Kelly and Executive Director Marion Bush have volunteered to receive part of their Q1 2026 remuneration in shares, subject to shareholder approval, allowing cash reserves to be preserved for drilling activities.

This approach also strengthens alignment, as management increases its exposure to the Company’s exploration outcomes.

The focus on disciplined capital allocation sits alongside the broader progress of the Company’s project portfolio, as Allan highlighted:

“I would like to thank the existing and new sophisticated investors who participated in the placement and look forward to the RC drilling programme at Gidji, while continuing to progress our other projects including the Bangemall (Cu-Ni-PGE) and Chain Pool (Cu-Pb-Zn-Ag) projects in the Gascoyne region.”

Advancing with clarity and momentum

Miramar Resources enters 2026 with strengthened financial capacity, enhanced Board capability and a clear technical focus as it prepares to undertake bedrock RC drilling at the high priority Gidji targets.

The Company’s disciplined capital allocation, reinforced by management electing to receive part of their Q1 2026 remuneration in shares, underscores a commitment to directing funds toward exploration where value creation is most likely to emerge.

With the appointment of Jonathan Fisher adding further depth to strategic oversight and investor engagement, Miramar is well placed to advance its exploration objectives with confidence and precision as the upcoming drilling program seeks to evaluate the primary gold potential beneath the well-defined shallow anomalism.

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