MCW - POSITIVE DRILLING OBSERVATIONS, TENEMENT EXTENSION

HIGHLIGHTS:

1. Encouraging Geological Observations:

Daily geological logging from the program to date continues to confirm the presence of porphyry-related alteration types consistent with formation within a large-scale hydrothermal system.  Observations from the current program are consistent with intersection of the upper and peripheral zones of a potentially significant Cu mineralised porphyry system.  Sampling of core for assay is in progress.

Observed features include:

·  Widespread alteration halos including propylitic and phyllic alteration. 

·  Quartz veining and brecciation.

·  Disseminated sulphides, dominated by pyrite with localised trace chalcopyrite and bornite.

·  Evidence of both magnetite enrichment and destruction related to intrusive-related alteration at depth.

These observations support the Company’s interpretation of the historical 4 hole drill program completed by Medusa Mining MML in 2019. That program intersected 104 m at 0.1 % Cu (incl. 14 m at 0.23 % Cu), from 114m including 14 m at 0.23% Cu from 180 m within altered volcanic rocks. Refer to ASX Announcements of 25 August 2022 and 15 October 2025. Further drilling will use the types and styles of alteration to vector toward the higher-temperature core containing the highest concentrations of copper minerals 

2. Department Letter Far East Gold 

This determination represents a strong endorsement of the project’s geological merit, work program rationale and development potential. 

Basis for Extension Without Relinquishment

In granting the extension, the Department accepted the Company’s submission that:

·  The tenement was originally pegged as a highly targeted six sub-block footprint, not an oversized speculative holding

·  Relinquishment would sterilise prospective ground due to surrounding tenure held by multi-national mining companies

·  Lawful access for drilling was only achieved in September 2025, following execution of Conduct and Compensation Agreements (CCAs)

·  The Company moved immediately into drilling once access was granted

·  The project has clear potential to support future development and regional economic benefits should drilling be successful.

3. Land Access Secured

The Company also confirms that Conduct and Compensation Agreements are now in place with both landholders at Mount Clark West, providing secure tenure access and long-term certainty for continued exploration and potential development. (Refer to ASX Announcement 15 October 2025).