Lower Cutoffs and Higher Prices Drive Major Lewis Ponds Resource Upgrade

Significant Resource Upgrade at Lewis Ponds

Godolphin Resources Limited (ASX – GRL) has announced a substantial upgrade to the Mineral Resource Estimate (MRE) for its 100%-owned Lewis Ponds gold, silver, and base metals deposit in New South Wales. The updated resource now totals 17.52 million tonnes at 1.12 grams per tonne gold and 53.34 grams per tonne silver, representing a 78% increase in tonnage, a 34% increase in gold, and a 44% increase in silver compared to the previous estimate released in August 2025.

This upgrade reflects a refined understanding of the deposit, enabled by extensive drilling data and metallurgical test work, as well as the application of lower gold equivalent cutoff grades. These lower cutoffs are justified by improved operating efficiencies, reduced costs, and higher commodity prices, which collectively enhance the project’s economic viability.

Open Pit and Underground Resources

The revised MRE is divided into open pit and underground components. The open pit resource, using a 0.67 g/t gold equivalent cutoff, comprises 4.82 million tonnes grading 0.45 g/t gold and 35.89 g/t silver. Notably, 70% of this open pit resource is classified as Indicated, reflecting a higher confidence level.

The underground resource, with a higher cutoff of 1.80 g/t gold equivalent, totals 12.70 million tonnes at 1.37 g/t gold and 59.97 g/t silver, with 45% classified as Indicated. This delineation aligns with the deposit’s narrow, multi-lode geometry and the selective mining methods anticipated for underground extraction.

Metallurgical Advances and Economic Implications

Recent metallurgical test work by Core Resources has confirmed the deposit’s amenability to conventional flotation processes, producing marketable zinc and lead-gold-silver-copper concentrates. Recoveries are robust, with gold at 64.7%, silver at 71.8%, and zinc at 93.1%, among others. These improved recoveries underpin the recalculated gold equivalent grades and support the lowered cutoff thresholds.

Managing Director Jeneta Owens highlighted the milestone nature of the upgrade, emphasizing the strengthened foundation it provides for the forthcoming scoping study. She noted the project’s exceptional potential and the company’s focus on further exploration to expand the resource base, particularly targeting copper-enriched zones and polymetallic lodes.

Next Steps and Market Engagement

Godolphin plans to release the scoping study early in calendar year 2026, incorporating the updated resource and metallurgical data to outline development pathways. An investor webinar scheduled for 16 December 2025 will offer detailed insights into the upgraded MRE and exploration strategy, alongside updates on the Narraburra Rare Earth Project.

The Lewis Ponds deposit’s location within the Lachlan Fold Belt, a prolific Australian mineral province, combined with its proximity to infrastructure, further enhances its development prospects. The company’s strategic focus on critical minerals aligns with broader market trends favoring sustainable and diversified resource portfolios.