Resource Update Pending as British King Project Reveals New Gold Zones

Drilling Campaign Finalised

Central Iron Ore Limited, in which Gullewa Limited holds a 54% stake, has completed its 2025 Phase 1 reverse circulation (RC) drilling program at the British King Project in Western Australia. The campaign comprised 78 holes totaling over 10,000 meters, with assay results now fully processed and confirming significant gold mineralisation extensions.

Significant High-Grade Intercepts

The drilling revealed multiple notable down-hole intercepts, including standout grades such as 1 meter at 25.3 grams per tonne (g/t) gold from 114 meters and 5 meters at 13.26 g/t from 112 meters. These results confirm the presence of three distinct high-grade chutes within the deposit, expanding on the previously defined mineralisation zones from the 2024 resource update.

Geological Insights and Resource Update

Interpretation of the assay data supports a geological model where gold mineralisation is associated with a laminated bucky quartz lode extending nearly 840 meters along strike. The drilling has confirmed down dip extensions and lateral continuity of mineralisation, particularly at depth, across the western, central, and eastern portions of the ore body. Central Iron Ore is currently updating the British King Mineral Resource estimate to incorporate these new results, which will be critical for advancing the project towards mining.

Supporting Studies and Next Steps

To further underpin mining feasibility, an 8-hole, 802-meter diamond drilling program is scheduled to commence in late October 2025. This will support geotechnical studies alongside near-completion geohydrological investigations expected by November. These studies aim to refine the understanding of the deposit’s physical characteristics and water management, essential for mine planning.

Quality Assurance and Reporting

The sampling and assay process adhered to rigorous quality control protocols, including the use of certified reference materials and duplicate samples. Assays were conducted at accredited laboratories in Kalgoorlie, Western Australia, ensuring reliability and accuracy. The results have been reviewed and approved by qualified geoscientists, providing confidence in the data’s integrity.