How Prodigy Gold’s Drilling Boosted Resources to Over 1 Million Ounces

Overview of Prodigy Gold’s 2025 Mineral Resource Update

Prodigy Gold NL has released its annual Mineral Resource Statement as of 30 June 2025, revealing a consolidated gold resource of approximately 1.03 million ounces. This inventory spans four key deposits in the Northern Territory’s Tanami region – Tregony, Hyperion, Buccaneer, and Old Pirate. The update reflects both new drilling results and strategic adjustments to cut-off grades, underscoring the company’s ongoing efforts to enhance resource confidence and leverage rising gold prices.

Significant Resource Growth at Tregony and Hyperion

The standout developments come from the Tanami North project, where Tregony and Hyperion deposits have seen resource upgrades. Drilling campaigns completed during the 2024/2025 financial year added both tonnage and confidence to these deposits. Tregony’s resource now totals 2.01 million tonnes at 1.2 grams per tonne gold, equating to 80,000 ounces, up from 64,000 ounces previously reported. Hyperion’s resource increased to 9.7 million tonnes at 1.4 grams per tonne, containing 435,000 ounces of gold, a notable rise from 407,000 ounces.

These upgrades were facilitated by extensive reverse circulation and diamond drilling, alongside a reduction in cut-off grades from 0.6 to 0.5 grams per tonne for oxide material, reflecting the stronger gold price environment. The company limits reported resources to depths consistent with potential open pit extraction, maintaining a pragmatic approach aligned with economic realities.

Buccaneer Resource Restated Amid Higher Gold Prices

At the Twin Bonanza project, the Buccaneer deposit’s resource was restated to incorporate a lower cut-off grade of 0.6 grams per tonne, down from 0.7 grams per tonne, enabled by an optimized pit shell model and a gold price assumption of A$2,960 per ounce. This adjustment increased the reported resource to 11.2 million tonnes at 1.1 grams per tonne gold, totaling 400,000 ounces. While no new drilling was conducted here during FY25, the restatement reflects a more economically realistic resource base under current market conditions.

Old Pirate Resource Stable but Under Review

The Old Pirate deposit remains unchanged since its last update in 2016, with a resource of 0.8 million tonnes at 4.5 grams per tonne gold for 115,000 ounces. Prodigy Gold has completed a detailed review of this deposit and is considering re-framing the resource to include lower-grade material, potentially expanding the inventory. However, no drilling has taken place recently, and an updated resource estimate is planned for FY26 to reflect possible open pit mining scenarios.

Looking Ahead – Development Challenges and Opportunities

Despite the encouraging resource growth, Prodigy Gold currently lacks a nearby processing facility, which constrains immediate development options. The company is contemplating a scoping study to evaluate mining and processing strategies across its deposits, though the absence of a processing plant remains a critical hurdle. Further drilling is planned at Tregony and Hyperion to continue improving resource confidence and potentially expand the inventory.

All resource estimates comply with the 2012 JORC Code and have been prepared or reviewed by qualified professionals, including Managing Director Mark Edwards. The company’s methodical approach to resource reporting and economic assumptions signals a disciplined path forward amid a buoyant gold price environment.