+4km Copper Corridor Emerges at Mt Everest – Mona, No Drilling Yet

Exploration Breakthrough at Bingara

Cosmo Metals Ltd (ASX, CMO) has announced a significant advancement in its exploration efforts at the Bingara Project in New South Wales, defining a +4km long volcanogenic massive sulphide (VMS) target corridor along the Mt Everest – Mona trend. This discovery is underpinned by the integration of high-density LiDAR data and Subaudio Magnetotelluric (SAM) geophysical surveys, which together have revealed a more extensive strike length of historic copper workings than previously recognised.

The corridor hosts extensive historic mines and untested prospective horizons, with reconnaissance rock chip sampling confirming the presence of high-grade copper mineralisation. Assays from mine dumps and outcrops have returned copper grades as high as 24.2%, alongside notable gold, silver, and cobalt values, characteristic of Cyprus-style VMS deposits.

Geophysical Surveys Illuminate New Targets

The recent LiDAR survey, flown in May 2025, provided unprecedented 1m resolution digital elevation data across the project area. When combined with the UAV SAM magnetic survey completed earlier in the year, Cosmo identified a magnetically quiet corridor up to 500m wide that aligns with historic workings and prospective mineralised horizons. This corridor is interpreted as a hydrothermal alteration belt within volcanogenic sediments, highly prospective for concealed VMS mineralisation.

Notably, the SAM 3D inversion model highlights laterally continuous magnetic horizons spatially associated with copper mineralisation at Mt Everest, providing a valuable exploration vector for future drilling.

Historical Work Validated, Yet Untapped

Despite historic mining activity dating back to the late 19th and early 20th centuries, there has been no systematic exploration or drilling on the Mt Everest – Mona corridor. Historical records indicate mining primarily targeted supergene copper zones near surface, with primary sulphide mineralisation left unexploited due to technological limitations of the era.

Cosmo is currently validating historical exploration data to meet modern JORC 2012 reporting standards, acknowledging that while past sampling and assays were conducted to industry norms of their time, they require independent verification. This process will underpin the company’s forthcoming exploration programs.

Next Steps, From Sampling to Drilling

Building on these findings, Cosmo plans to expand rock chip sampling, particularly at the Mona Mine where many historic workings remain unsampled. This will be followed by systematic soil sampling and detailed geological mapping across the corridor to refine drill targets. Importantly, no previous drilling has been recorded at Mt Everest or Mona Mines, positioning Cosmo to pioneer the first drill testing of this highly prospective VMS belt.

Beyond the Mt Everest – Mona corridor, Cosmo is also interpreting LiDAR data across the broader 20km VMS belt and the Bingara Goldfield, aiming to identify additional historic mining extents and new target zones, including extensions of known gold mineralisation at Spring Creek.

Strategic Implications

This discovery aligns with Cosmo’s broader strategy to unlock value in underexplored base metal and gold projects within the New England Orogen. The identification of a large, high-grade copper corridor with associated precious metals and cobalt enhances the project’s appeal, particularly given the global demand for copper and battery metals. The absence of prior drilling presents a compelling opportunity for resource delineation and potential development.