Premier1 Lithium Unveils Maiden Gold Resource and New High-Grade Discovery

Maiden Gold Resource at Wadgingarra Marks Commercial Milestone

Premier1 Lithium Limited has announced a significant milestone with the release of its maiden inferred Mineral Resource estimate at the Wadgingarra deposit within its Yalgoo Project in Western Australia. The resource totals 150,000 tonnes at an average grade of 2.7 grams per tonne gold, equating to approximately 13,000 ounces of contained gold. This resource is constrained within an optimised pit shell and lies close to surface, offering a low-capital pathway to development.

The resource remains open along strike and at depth, suggesting potential for expansion with further drilling. Independent consultants Optiro and Snowden prepared the estimate, which is reported under the JORC 2012 Code. Premier1’s Managing Director Jason Froud highlighted that this represents the company’s first commercial gold opportunity, underpinning a strategic pivot towards gold and copper exploration.

Strategic Partnership to Accelerate Development

To advance Wadgingarra towards production, Premier1 has entered a non-binding Letter of Intent with Mineral Mining Services Pty Ltd (MMS). Under this framework, MMS will fund and manage development activities including drilling, mine planning, and operational services within the resource area. Profits from the project will be shared after MMS recovers its development costs, allowing Premier1 to leverage external expertise and capital while retaining ownership of the tenements.

The agreement also includes a Drill-for-Equity structure to accelerate exploration across the Yalgoo portfolio, aligning incentives and reducing upfront capital requirements for Premier1. This partnership is a key step in de-risking the project and positioning the company for near-term value creation.

Rochefort Prospect Emerges as New High-Grade Gold Target

At the Abbotts North Project, Premier1 has identified a new high-grade gold discovery at the Rochefort Prospect. Rock chip sampling returned assays up to 10.5 grams per tonne gold, with a mineralised footprint of at least 40 by 40 metres mapped at surface. The prospect remains open to the south beneath shallow cover, indicating potential extensions.

Subsequent soil sampling defined a broad 500 by 300 metre gold-in-soil anomaly supporting the prospect’s significance. Preparations are underway for a maiden aircore drilling program at Rochefort scheduled for early 2026, which will test the extent and continuity of mineralisation. This discovery adds a compelling new target to Premier1’s exploration pipeline.

Capital Raising to Fund Exploration and Development

To support its accelerated exploration and development plans, Premier1 has launched a partially underwritten renounceable entitlement offer aiming to raise approximately A$1.84 million before costs. The offer is partially underwritten to A$1 million by Mahe Capital Pty Ltd and has received strong support from the Board. Funds raised will be directed towards drilling programs, metallurgical testwork, and advancing the Wadgingarra development.

Cash flow reports indicate ongoing exploration expenditure with limited cash reserves at quarter-end, underscoring the importance of this capital raise. The company expects to continue operations and meet its business objectives contingent on successful completion of the entitlement offer and potential further funding.

Strategic Shift and Future Outlook

Reflecting its strategic pivot away from lithium, Premier1’s Board plans to propose a name change to Erebus Resources Limited at the upcoming annual general meeting. This rebranding aligns with the company’s renewed focus on gold and copper exploration within Western Australia’s prolific greenstone belts.

Looking ahead, Premier1 is poised for a busy period with multiple near-term catalysts including resource growth drilling at Wadgingarra, maiden drilling at Rochefort, and ongoing exploration across its portfolio. The company’s partnerships and capital initiatives position it well to unlock value from its emerging gold assets.