Iceni Reports 13m at 1.39 g/t Au Highlighting Expanding Mineralisation

Exploration Momentum at 14 Mile Well

Iceni Gold Limited (ASX, ICL) has delivered a robust exploration update for the quarter ended 30 September 2025, underscoring significant progress at its flagship 14 Mile Well Gold Project in Western Australia. The company’s drilling campaigns across multiple targets have not only confirmed existing mineralisation but also unveiled new gold-bearing trends, reinforcing the project’s potential in a prolific gold district.

The 14 Mile Well Project, strategically located between the established gold hubs of Leonora and Laverton, benefits from a large contiguous tenement package of approximately 850 square kilometres. This quarter’s activities focused heavily on the Guyer Farm-In area, operated in partnership with Gold Fields Limited, and the Wild West prospect within the Everleigh-Tatong target area, wholly owned by Iceni.

New Basalt-Hosted Gold Trend Emerges at Guyer

Drilling at Guyer has been particularly productive, with 59 reverse circulation holes totaling over 10,800 metres revealing two distinct styles of gold mineralisation. Notably, a standout intercept of 13 metres grading 1.39 grams per tonne gold, including a high-grade 3 metres at 5.03 grams per tonne, was recorded in hole GUYRC0083. This intersection is hosted entirely within basalt, marking the discovery of a previously unrecognised mineralised trend approximately 500 metres east of the Danjo Granite contact.

This basalt-hosted system contrasts with the granite-hosted mineralisation, which is characterised by flat-lying shears and a leached regolith profile. The basalt trend is associated with steeper shear zones and a more restricted gold footprint, suggesting different geological controls on mineralisation. The company interprets Guyer as a large, multi-style gold system, a view supported by these findings.

Expanding Gold Anomalies at Wild West

At the Wild West prospect, a comprehensive aircore drilling program comprising 351 holes and over 17,000 metres has delineated three new gold anomalies along a 2,000-metre north-trending corridor adjacent to the western contact of the Danjo Granite. Significant intercepts include 3 metres at 1.10 grams per tonne gold and multiple other zones exceeding 0.5 grams per tonne. These anomalies are hosted within a fractionated dolerite unit, a geological setting considered highly prospective for gold.

The proximity and structural similarity of the Wild West and Guyer West trends suggest the potential for a combined mineralised corridor extending approximately 7 kilometres. Iceni plans to conduct infill drilling to test the continuity between these zones, aiming to better define the scale and economic potential of the system.

Corporate and Financial Position

Financially, Iceni maintains a solid footing with cash reserves of $2.57 million and no debt as of 30 September 2025. The company spent approximately $3.35 million during the quarter on exploration and related activities, primarily funded through the Farm-In Agreement with Gold Fields, which has met its initial $5 million minimum expenditure commitment. This agreement allows Gold Fields to earn up to an 80% interest in the Guyer tenements by investing $35 million over three stages.

Looking ahead, Iceni is preparing for further drilling programs at Guyer and Wild West in the December quarter, alongside the commencement of diamond drilling at its Welcome Creek project in November. The company’s strategic focus on systematic exploration and geological modelling aims to unlock the full potential of its extensive landholdings in a region with a rich gold endowment.