Delays Loom if Sierra Cuadrada Access Agreements Aren't Finalised Soon

Regulatory Milestones Unlock Drilling Potential

Piche Resources has achieved a significant regulatory breakthrough with environmental approvals now secured for its key Argentine exploration projects, Cerro Chacón South and Middle, as well as Sierra Cuadrada. These approvals mark a pivotal step, allowing the company to initiate ground-disturbing activities and advance its drilling programs without delay.

Following a winter pause, favourable weather conditions have aligned perfectly with these regulatory clearances, enabling Piche to mobilize its maiden reverse circulation (RC) drilling campaign at Cerro Chacón. The program, designed to cover approximately 8,500 metres across 60 holes, targets a 14-kilometre mineralised corridor rich in gold and silver anomalies. Preparations are well underway, with around 20 kilometres of access tracks constructed and half of the drill pads completed.

Focused Exploration at Cerro Chacón

The Cerro Chacón project, situated in Argentina's Chubut Province, is shaping up as a flagship asset for Piche. The drilling program has been refined to incorporate recent geochemical data that revealed extensions to existing mineral anomalies, enhancing the prioritisation of drill holes. The campaign will test high-grade gold and silver zones, including impressive assays up to 16.98 grams per tonne gold and 407 grams per tonne silver in select prospects.

Conosur Drilling S.A. has been appointed as the drilling contractor, with mobilisation scheduled for the upcoming quarter. The results from this campaign are eagerly anticipated, as they will inform systematic resource definition and potentially underpin a significant discovery along this epithermal system.

Advancing Uranium Exploration in Argentina and Australia

Meanwhile, the Sierra Cuadrada uranium project has also cleared a major hurdle with its exploration Environmental Impact Assessment approved this quarter. Drilling here awaits the finalisation of surface access agreements with landholders, with field activities planned for 2026. Piche continues constructive engagement with stakeholders, emphasising environmental stewardship and phased exploration to maintain strong community relations.

In Western Australia, the Ashburton uranium project is progressing through detailed analysis of 2024 drilling results. The company is prioritising follow-up targets based on preliminary interpretations that suggest multiple mineralised horizons and continuity of uranium mineralisation along strike. This methodical approach aims to optimise the next phase of exploration scheduled for 2026.

Corporate and Financial Position

On the corporate front, Piche Resources appointed Karilyn Farmer as Managing Director in August 2025, signaling a leadership transition aimed at driving the company’s exploration agenda forward. The company reported a healthy cash position of A$4.2 million as of 30 September 2025, supporting its near-term operational plans.

Exploration expenditures for the quarter totalled A$215,000, primarily directed towards the Argentine projects, consistent with the company’s prospectus commitments. No mining production or development activities were undertaken during this period, underscoring Piche’s focus on exploration and resource definition at this stage.

Looking Ahead

As Piche Resources embarks on its maiden drilling at Cerro Chacón and advances uranium exploration in both Argentina and Australia, the company is well positioned for multiple near-term catalysts. The coming months will be critical in delivering assay results and finalising access agreements that could unlock further value across its portfolio of Tier-1 discovery opportunities.