The Day's Play Edition 115: Sandstone reaches 2.9Moz, Chalice expands beyond resource | BTR, CZN, SHN

THE COIN TOSS

BTR - Brightstar Resources increased the Sandstone Mineral Resource 18% to 2.9Moz Au, more than doubled Indicated Resources to 1.1Moz and lifted total group Mineral Resources to 4.5Moz.

CZN - Corazon Mining identified high-grade historical gold intercepts outside the 191,000oz JORC Mineral Resource, confirming mineralisation beyond existing resource wireframes at Chalice.

SHN - Sunshine Metals increased the Liontown Gold Study Resource 13% in contained gold, 21% in contained silver and 28% in tonnes while lifting 75% of the Resource to Measured or Indicated.

LPM - Lithium Plus Minerals increased the Lei Mineral Resource 34% in contained Li₂O, lifting Indicated Resources to 55% of the updated Mineral Resource.

AGC - Australian Gold and Copper extended high-grade Achilles mineralisation to at least 540m down dip after its deepest drill hole returned 26m @ 102g/t AgEq.

LIN - Lindian Resources achieved 98% NdPr extraction and ANSTO validated its complete non-radioactive mixed rare earth carbonate processing flowsheet for commercial implementation.

NXM - Nexus Minerals completed Payns resource definition drilling after final assays returned high-grade gold intercepts up to 34.77g/t Au across the prospect.

MMA - Maronan Metals intersected shallow high-grade silver-lead sulphide mineralisation north of the Starter Zone, extending mineralisation near the planned exploration decline.

G50 - G50 Corp demonstrated conventional metallurgical processing upgraded gallium grades by up to 2x while concentrating gallium, gold and silver from oxide-zone samples.

RLF - RLF AgTech secured expanded commercial adoption of its Axioma Biologicals range following completion of a 3-year grower commercialisation program.

KZR - Kalamazoo Resources completed Mt Olympus resource definition drilling after returning further high-grade gold intercepts and mineralisation beyond the current resource envelope.

Brightstar Resources (ASX:BTR)

Sandstone Resource Grows as Indicated Resources Double

The Play

• The Sandstone Mineral Resource increased 18% to 69.3Mt @ 1.3g/t Au for 2.9Moz.

• Measured and Indicated Mineral Resources increased 113% to 1.1Moz @ 1.5g/t Au.

• Brightstar's total group Mineral Resource increased to 100Mt @ 1.4g/t Au for 4.5Moz.

• The interim Resource incorporates drilling completed before May 2026 across key Sandstone deposits.

• The updated Resource improves geological confidence across near-term development deposits.

The Pitch

• The Sandstone Mineral Resource comprises 69.3Mt @ 1.3g/t Au for 2.9Moz.

• Indicated Mineral Resources total 24.7Mt @ 1.5g/t Au for 1.1Moz.

• Approximately 60% of drilling completed since acquiring the Sandstone Project is incorporated in the interim Resource.

• Four drill rigs are currently active at the Sandstone Project.

• The Resource update marks the first milestone under the Two-Year Strategic Plan to Unlock Sandstone.

The Next Overs

• Release a second Sandstone Mineral Resource update in Q4 CY26.

• Deliver the Sandstone Pre-Feasibility Study and maiden Ore Reserve in late CY26.

• Complete current infill drilling at Indomitable and Bull Oak before shifting to growth-focused exploration.

Read full ASX Announcement here.

Corazon Mining (ASX:CZN)

Historical Drilling Expands Gold Mineralisation Beyond Resource

The Play

• Historical review identified high-grade gold intercepts outside the 191,000 oz JORC Mineral Resource.

• Historical drilling identified unmodelled mineralisation beyond existing resource wireframes.

• Near-surface intercepts occur adjacent to the current open pit outside the current resource.

• Deeper intercepts extend mineralisation below existing underground resource limits.

• The historical geological model excluded some mineralisation using a 0.8 g/t Au cut-off.

The Pitch

• Chalice hosts a JORC 2012 Mineral Resource of 191,000 oz at 2.7 g/t Au.

• The project is located on a granted Mining Lease in Western Australia's Higginsville gold district.

• Gold mineralisation includes near-surface open pit and deeper underground zones.

• The current resource uses a 1.3 g/t Au cut-off and a US$1,700/oz gold price assumption.

• Corazon's Western Australian gold portfolio comprises the Chalice, Two Pools and Feather Cap projects.

The Next Overs

• Finalise drill designs for the planned 10,000 m Phase 1 drilling program.

• Update the open pit interpretation using the historical drilling review.

• Progress cut-off grade and pit shell re-optimisation studies reflecting the current gold price environment.

Read full ASX Announcement here.

Sunshine Metals (ASX:SHN)

Liontown Gold Resource Grows with Higher Confidence

The Play

• The Liontown Gold Study Resource increased 13% in contained gold, 21% in contained silver and 28% in tonnes.

• The updated Liontown Resource totals 7.27Mt @ 3.19g/t AuEq for 745Koz AuEq recoverable.

• Resource confidence increased, with 75% of the Liontown Gold Study Resource classified as Measured or Indicated.

• Metallurgical test work returned an average overall gold recovery of 92.3% at an 80µm grind.

• The Ravenswood Consolidated Resource totals 8.36Mt @ 3.47g/t AuEq for 931Koz AuEq recoverable.

The Pitch

• The Liontown Gold Study Resource totals 1.02Mt @ 3.75g/t Au and 29.9g/t Ag.

• The Gold Study Resource represents approximately 14% of Liontown Resource tonnes and approximately 36% of contained gold.

• Liontown forms part of the Ravenswood Consolidated Project with the Waterloo and Orient deposits.

• Gold-dominant mineralisation is amenable to conventional CIL treatment.

• The Resource update incorporates grade control drilling completed between November 2025 and March 2026 and June 2026 metallurgical results.

The Next Overs

• Complete the updated Liontown Mining Study in July to August 2026.

• Complete engineering and design works at the Mt Moss Processing Facility in July to August 2026.

• Commence the Liontown Base Metal Mining Study in August to September 2026.

Read full ASX Announcement here.

Lithium Plus Minerals (ASX:LPM)

Lei Resource Grows 34% with Higher Confidence

The Play

• The Lei Mineral Resource increased 34% in contained Li₂O to 78.42kt.

• Resource tonnes increased 28% to 5.22Mt @ 1.50% Li₂O.

• Indicated Resources increased to 55% of the Lei Mineral Resource.

• The updated Mineral Resource comprises 5.22Mt @ 1.50% Li₂O for 78.42kt contained Li₂O.

• Exploration Targets were estimated for the Lei Primary, Lei Secondary and Perseverance pegmatites.

The Pitch

• Lei is part of Lithium Plus Minerals' 100%-owned Bynoe Lithium Project in the Northern Territory.

• The Lei Mineral Resource comprises Indicated and Inferred categories using a 0.5% Li₂O cut-off.

• The primary Lei pegmatite remains open at depth.

• The updated Mineral Resource supports ongoing studies evaluating a proposed low-capex Direct Shipping Ore operation.

• Exploration Targets have been estimated for the Lei Primary, Lei Secondary and Perseverance pegmatites.

The Next Overs

• Complete the proposed Direct Shipping Ore Scoping Study in early Q4 2026.

• Continue technical studies supporting mining and development evaluations.

• Progress drilling to test the Lei and Perseverance Exploration Targets.

Read full ASX Announcement here.

Australian Gold and Copper (ASX:AGC)

Deepest Achilles Hole Extends High-Grade Mineralisation

The Play

• The deepest hole at Achilles returned 26m @ 102g/t AgEq from 433m.

• The intercept included 15m @ 153g/t AgEq and 2m @ 770g/t AgEq.

• The deepest hole intersected mineralisation at least 540m down dip from surface.

• The completed step-out drilling program confirmed the Achilles mineral system remains open at depth.

• A3DD016 returned 3m @ 97g/t AgEq, including 1m @ 130g/t AgEq.

The Pitch

• Achilles hosts a 38.5Moz AgEq Mineral Resource, with 58% classified as Indicated.

• The current Mineral Resource extends to approximately 250m down dip from surface.

• The depth-extension program targeted the northern high-grade zone below the current Mineral Resource.

• The deepest intercept is approximately 250m below the base of the current Mineral Resource.

• Australian Gold and Copper holds a 2,600km² landholding across the South Cobar Basin in New South Wales.

The Next Overs

• Commence shallow RC drilling targeting oxide gold-silver mineralisation extensions at Achilles.

• Continue diamond drilling at Evergreen with further assay results expected over the coming weeks.

• Commence RC drilling at Evergreen following completion of the diamond drilling program.

Read full ASX Announcement here.

Lindian Resources (ASX:LIN)

ANSTO Validates High-Recovery Non-Radioactive MREC Flowsheet

The Play

• ANSTO independently validated the complete downstream processing flowsheet from concentrate to specification MREC.

• Large-scale test work achieved 98% NdPr extraction and 96% TREY extraction.

• Overall NdPr recovery reached 96% from concentrate through to final MREC.

• ANSTO certified the final MREC exempt from radioactive transport and handling under applicable IAEA standards.

• The validated flowsheet is directly transferable to the SARECO MREC processing facility in Kazakhstan.

The Pitch

• The flowsheet uses conventional sulphuric acid bake, water leach, impurity removal and carbonate precipitation.

• The purification circuit limited total NdPr losses to approximately 1.1%.

• Greater than 99.9% of dissolved rare earths were recovered during carbonate precipitation.

• The final MREC was certified with uranium, thorium and associated decay-chain radionuclides below analytical detection limits.

• The SARECO facility has an existing conventional sulphuric acid processing circuit and an established sulphuric acid supply arrangement.

The Next Overs

• Transition from process validation to implementation at the SARECO processing facility.

• Recommission and optimise the SARECO processing facility in Kazakhstan.

• Implement the validated downstream processing flowsheet using Kangankunde concentrate.

Read full ASX Announcement here.

Nexus Minerals (ASX:NXM)

High-Grade Payns Drilling Advances Maiden Resource

The Play

• Final assays returned high-grade gold intercepts up to 34.77g/t Au at Payns.

• Assay results have now been reported for all 79 RC holes drilled at Payns.

• The completed drilling positions Payns to support a maiden Mineral Resource Estimate.

• The Wallbrook RC drilling program is complete with 196 RC holes for 21,985m.

• Assay results remain pending from the Branches and Crusader–Templar prospects.

The Pitch

• Payns is part of the Wallbrook Gold Project in Western Australia's Eastern Goldfields.

• The prospect hosts a 900m by 750m mineralised footprint defined by aircore and RC drilling.

• The current Wallbrook Mineral Resource is constrained to the Crusader–Templar Mineral Resource of 304koz Au.

• The Wallbrook RC drilling program targeted the Clement, Payns, Branches and Crusader–Templar prospects.

• The Payns resource definition program comprised 79 RC holes for 6,040m.

The Next Overs

• Report remaining assay results from the Branches and Crusader–Templar prospects through July and August.

• Complete the updated multi-prospect Wallbrook Mineral Resource Estimate by the end of the September quarter.

• Independent consultant Lily Valley International to deliver the updated multi-prospect Wallbrook Mineral Resource Estimate.

Read full ASX Announcement here.

Maronan Metals (ASX:MMA)

Shallow High-Grade Silver-Lead Extends North of Starter Zone

The Play

• Infill drilling intersected shallow high-grade silver-lead sulphide mineralisation north of the Starter Zone.

• MRN26002 returned 7.3m at 11.0% lead and 89g/t silver, including 4.3m at 15.8% lead and 118g/t silver.

• MRN26003 returned 14.2m at 3.5% lead and 40g/t silver on the Eastern Horizon.

• MRN26002 intersected multiple high-grade silver-lead sulphide zones across the Western and Eastern horizons.

• MRN26002 intersected unexpected lead-rich sulphide mineralisation north of the Northern Dyke.

The Pitch

• The drilling targeted shallow silver-lead mineralisation north of the Starter Zone.

• New intersections are within 120m of the permitted exploration decline and approximately 250m north of the Starter Zone.

• The program forms part of a 40,000m surface infill drilling campaign supporting prefeasibility work.

• Two drill rigs have completed more than 7,000m of drilling across the current program.

• The Maronan Project hosts Western and Eastern silver-lead mineralised horizons.

The Next Overs

• Commence drilling with a third drill rig scheduled to arrive in August.

• Continue the 40,000m surface infill drilling program.

• Report further drilling results through the end of the year.

Read full ASX Announcement here.

G50 Corp (ASX:G50)

Low-Cost Processing Upgrades Gallium Grades by Up to 2x

The Play

• Metallurgical test work upgraded gallium grades by up to 2x using conventional mineral processing.

• Oxide-zone test work selectively concentrated gallium, gold and silver from surface samples.

• Test work demonstrated optionality to produce combined or separate gallium and precious metal concentrates.

• Gallium concentrated within the fine-grained oxide fraction, with gold and silver more broadly distributed.

• Oxide-zone test results were consistent with the April 2026 non-oxide metallurgical program.

The Pitch

• Golconda is a 100%-owned project hosting gold, silver, zinc and gallium mineralisation.

• The project extends approximately 1,300 m along strike, 400 m wide and 400 m deep.

• Gallium mineralisation is primarily associated with muscovite alteration.

• The project has been defined by 9 diamond and 45 reverse circulation drill holes.

• G50 Corp's United States portfolio comprises the Golconda Project in Arizona and the White Caps Project in Nevada.

The Next Overs

• Continue oxide-zone mineralogy, liberation and geochemistry studies.

• Report results from ongoing oxide-zone mineralogy, liberation and geochemistry studies.

• Undertake further metallurgical test work and evaluation of processing pathways.

Read full ASX Announcement here.

RLF AgTech (ASX:RLF)

Axioma Biologicals Wins Expanded Commercial Adoption

The Play

• A major Australian corporate grain grower expanded commercial adoption of the Axioma Biologicals range.

• The 3-year program progressed from field trials to large-scale commercial deployment.

• Multi-season field results delivered positive yield responses across the majority of paddocks assessed.

• The strongest and most consistent on-farm performance was achieved in wheat.

• The program validated RLF AgTech's staged commercialisation strategy.

The Pitch

• The commercial program covered cereal and canola production across 3 growing seasons.

• The program refined application timing and agronomic practices for broader commercial deployment.

• Axioma Biologicals complements RLF AgTech's existing seed treatment and foliar nutrition portfolio.

• The biologicals range forms part of an integrated crop nutrition solution supported by RLF AgTech's agronomic expertise.

• The Company is evaluating Australian manufacture of the Axioma Biologicals range.

The Next Overs

• Replicate the staged commercial development model with additional corporate growers across Australia.

• Continue evaluating Australian manufacture of the Axioma Biologicals range.

• Continue expanding the staged commercial development program with additional corporate growers.

Read full ASX Announcement here.

Kalamazoo Resources (ASX:KZR)

Mt Olympus Drilling Strengthens Resource Confidence

The Play

• The Mt Olympus Resource Definition Program completed 72 holes for 13,726m.

• Latest assays returned 31.0m @ 5.2g/t Au, including 15m @ 7.5g/t Au.

• Infill drilling reduced spacing to approximately 20m × 20m across key resource areas.

• Drilling intersected mineralisation beyond the current resource envelope within the conceptual Scoping Study pit shell.

• Results have been received for 34 of the 72 completed drill holes.

The Pitch

• Mt Olympus forms part of Kalamazoo Resources' 100%-owned Ashburton Gold Project in Western Australia.

• The Ashburton Gold Project hosts a 1.44Moz Au Mineral Resource.

• The Resource Definition Program targeted conversion of additional Inferred Mineral Resources to the Indicated category.

• Growth drilling is underway beneath Mt Olympus targeting underground resource extensions.

• The Resource Definition Program supports the ongoing Pre-Feasibility Study for the Ashburton Gold Project.

The Next Overs

• Release remaining assay results from the completed Resource Definition Program over the coming weeks.

• Deliver the updated Mineral Resource Estimate targeted for Q4 2026.

• Continue underground resource growth drilling beneath Mt Olympus and at the Peake Deposit.

Read full ASX Announcement here.