Prodigy Gold’s Updated Resource and Metallurgy Signal Key Development Phase Ahead

Resource Upgrade at Hyperion

Prodigy Gold has reported a significant update to its Hyperion Gold Deposit within the Tanami North Project, with the latest Mineral Resource estimate now standing at 9.66 million tonnes grading 1.4 g/t gold for a total of 435,000 ounces. This represents a 7% increase in contained gold ounces compared to the previous estimate, driven by drilling campaigns completed in 2023 and 2024 and a lowered cut-off grade for oxide and transitional material.

The updated resource incorporates a 12% increase in tonnage, offset by a slight 5% decrease in grade, reflecting a deeper understanding of the deposit’s geology and weathering profile. The combined Tanami North Project, which includes the Tregony Deposit, now boasts a total resource of 11.3 million tonnes at 1.4 g/t gold for 499,000 ounces, reinforcing its strategic importance to Prodigy Gold’s portfolio.

Encouraging Metallurgical Test Results

Complementing the resource upgrade, preliminary metallurgical testwork on samples from the Hyperion Deposit’s Tethys and Hyperion lodes has yielded promising results. Oxide and transition mineralisation demonstrated excellent gold recoveries between 93.2% and 96.6% using conventional Carbon In Leach (CIL) processing, with moderate cyanide consumption and minimal lime requirements.

Fresh material showed lower recoveries, ranging from 64.6% to 72.0%, likely due to fine-grained gold hosted in arsenopyrite, but further grind and reagent optimisation tests are underway. The presence of gravity gold was confirmed but at low levels, suggesting that conventional processing methods will be effective for the bulk of the resource.

Exploration and Joint Venture Activity

While the Tanami North Project remains the focal point, no on-ground exploration was conducted this quarter on the Lake Mackay Project or the Newmont joint venture projects at Tobruk and Monza. However, Prodigy Gold and Newmont have expanded their Monza JV agreement to include a new exploration application, EL30944, signaling ongoing strategic collaboration.

Management is actively preparing for the upcoming field season, with planned drilling at Hyperion aimed at upgrading resource confidence and potentially expanding the inventory. The company has also submitted a grant application under the Northern Territory Government’s Resourcing the Territory initiative to fund deeper drilling around the Tethys lodes.

Financial Position and Outlook

Prodigy Gold ended the quarter with a cash balance of A$1.9 million and no debt, maintaining a solid financial footing to support its exploration and development activities. The company continues to evaluate development options for the Old Pirate Deposit, including potential joint ventures or profit-sharing arrangements to accelerate its advancement.

Looking ahead, Prodigy Gold’s strategic focus remains on advancing its priority targets within the Tanami North and West projects, with systematic evaluations planned to determine the next steps for various prospects, including potential divestments or relinquishments.