The Torgai exploration area lies in north-central Kazakhstan and covers a licence area of 268 km²; the Group acquired the exploration licence in 2024. Three core rigs were deployed through the 2025–2026 drilling season, using winter and spring ground conditions to complete 12,600 m of drilling at an average core recovery of 94%. All samples were assayed by fire assay at an independent accredited laboratory, with internal and external check pass rates above 98%.
Hole TG-17 returned a continuous 38 m intercept between 126 m and 164 m downhole at an average grade of 4.2 g/t, including 8 m at 9.6 g/t — the best result on the licence to date.
Geological work indicates that mineralisation is controlled by north-west trending secondary faults and is characteristic of a structurally controlled gold deposit. Wall rock alteration within the mineralised zones is dominated by silicification, sericitisation and pyritisation, with a surface oxide zone 20 m to 40 m thick. The two mineralised alteration zones delineated in this campaign have strike extents of 1,420 m and 860 m respectively and remain open down dip below the 200 m elevation, leaving scope to extend both at depth and along strike in either direction.
Resource estimation was completed on the GKZ C1 plus C2 basis, with a parallel reconciliation to JORC classification. The campaign added 2.3 t of Indicated gold resources; total resources and average grade for the licence will be restated once the annual reserve reconciliation report has passed review. Ore types are dominated by oxide material and the oxide–primary transition zone, and initial bottle roll tests returned gold extraction of 88% to 91%.
The Group plans about 18,000 m of infill drilling in the second half of 2026 to tighten drill spacing over the main mineralised zone to 80 m by 40 m, alongside process mineralogy work and metallurgical testwork. Four further geochemical and geophysical anomalies on the licence await testing. If infill results meet expectations, a pre-feasibility study will begin in 2027.
Resource, grade, capacity and investment figures in this article are stated on an interim basis; the Group's formal announcements and reviewed technical documents prevail.