Altitude Minerals Targets Nevada and Byrock With Drilling Plans

Altitude Minerals Accelerates on Multiple Fronts: New Nevada Project, Capital Raise, and Imminent Drilling at Byrock

Altitude Minerals Ltd (ASX: ATT) has delivered a comprehensive exploration and corporate update for May 2026, revealing significant activity across its project portfolio. The Altitude Minerals new Nevada project and Byrock drilling plans represent a pivotal moment for the company. Within a single week, it secured a second Nevada project, completed a capital raise, confirmed compelling drill targets in New South Wales, and received drill permits for its Firenze silver-gold project in Nevada.

The update signals a company moving decisively from target definition towards active drilling programmes — a critical transition for junior explorers that investors monitor closely.

A Busy Week Sets the Stage for a Catalyst-Rich Second Half

The May 2026 update consolidates several near-simultaneous developments, each material in its own right:

• A second Nevada project — the W-Project — has been added to the portfolio via an Option to Purchase Agreement, expanding the company's footprint in a proven precious metals jurisdiction
• A $1.15 million capital raise (before costs) was successfully completed at 1.3 cents per share, with a 1:1 attached option at a 3.4 cent strike price, with GBA Capital acting as Lead Manager
• Drill permits have been issued for the Firenze low-sulphidation (LS) epithermal silver-gold project in Nevada, with earthworks already commenced as of 4 May 2026
• A 2,300m RC drill programme targeting copper-gold porphyry targets at Byrock in NSW is being fast-tracked for June 2026

The convergence of these milestones positions the second half of 2026 as a potentially transformative period for the company, with drill results expected from two separate jurisdictions and commodity types.

Three Active Projects, Two Countries, One Strategy

Altitude Minerals is running a focused multi-project strategy centred on in-demand strategic and precious metals in established, low-risk mining jurisdictions. Below is a snapshot of the current project pipeline:

The strategic logic of combining the Firenze and W-Project RC drill programmes is noteworthy. With near-term rig availability limited in Nevada, management has opted to wait for the W-Project's drill target validation to be completed before mobilising, allowing both programmes to run together in a more cost-effective combined campaign.

Byrock/Macquarie Arc: Copper-Gold Porphyry in NSW — Drilling Imminent

The Byrock Project sits within the Northern Macquarie Arc in New South Wales — a belt historically associated with large copper-gold porphyry systems. Progress through the first four months of 2026 has been substantive.

What Has Been Completed: January to April 2026

• Positive assays returned from air-core drilling at the Pipes Targets
• Near-miss analysis conducted on T55 core drilling from late 2025, informing revised targeting
• Follow-up infill gravity and passive seismic surveys completed at the Pipes and T55 Targets

What Is Coming: May to July 2026

• Logistics preparations are being fast-tracked ahead of drilling
• A 2,300m RC drill programme is planned to test the four highest-ranked targets: P38, P01, P02, and T47

The combination of positive assays, geophysical confirmation, and a refined near-miss analysis creates a well-supported case for the upcoming drill programme. Porphyry copper-gold systems, when discovered, can be among the most economically significant deposit types globally — making Byrock a high-reward component of the portfolio.

Nevada Silver-Gold: Firenze Moves to Drill-Ready, W-Project Joins the Pipeline

Firenze Project — Permits Secured, Drills Approaching

Firenze has progressed materially through 2026. The company completed a CSAMT geophysical survey and built a 3D model integrating CSAMT data, magnetics, field lithology, alteration mapping, and structural mapping. Drill collars have been finalised, permits are in hand, and earthworks commenced on 4 May 2026.

The 2,600m RC drill programme remains subject to rig availability, and the company has made a deliberate decision to combine this programme with the W-Project drilling once target validation is complete — optimising costs and logistics in a tight Nevada equipment market.

W-Project — The Newest Addition

The W-Project was acquired via an Option to Purchase Agreement and adds a second LS epithermal gold-silver target in Nevada to the portfolio. Furthermore, the near-term work programme includes:

1. CSAMT and Drone Magnetics surveys to refine structural controls and define drill targets
2. Boots-on-ground geological mapping
3. Target validation to support drill-ready status by Autumn 2026 (USA calendar)

The dual-project Nevada strategy allows Altitude to spread fixed mobilisation and logistics costs across two programmes, whilst simultaneously advancing the company's exposure to Nevada's well-regarded precious metals endowment.

Understanding RC Drilling: A Critical Tool for Mineral Exploration

Reverse Circulation (RC) Drilling represents one of the most widely used exploration drilling methods in the mining industry. The process involves a drill bit rotating into the ground whilst compressed air is forced down the drill string. Rock chips are blown back up to the surface through the inner tube, where they are collected and sampled at regular intervals — typically every metre.

RC drilling offers several advantages for mineral exploration companies and their investors:

• Speed and Cost-Effectiveness: RC drilling is faster and more cost-effective than diamond core drilling, making it the preferred method for initial target testing
• Reliable Sample Collection: The process produces reliable chip samples suitable for geochemical assay, helping define mineralisation zones
• Investment Catalyst Potential: A positive RC drill result can represent a significant re-rating catalyst for an early-stage explorer
• Rapid Results: Assay results are typically available within weeks of drilling, creating near-term newsflow for investors

Key Technical Terms

Capital Raise: Funding the Path to Active Drilling

The $1.15 million capital raise (before costs) completed in the first week of May 2026 provides the immediate funding base to execute the near-term work programme. The structure included a 1:1 option at a 3.4 cent strike price, offering additional upside leverage to participants.

The stated use of funds breaks down across four clear priorities:

The raise was completed at 1.3 cents per share — a modest price point that reflects the company's early-stage status whilst preserving material upside should any of the upcoming drill programmes return positive results.

Portfolio Rationalisation: Sharpening the Focus

Alongside the aggressive advancement of its core projects, Altitude Minerals is actively rationalising its portfolio. The Eromanga Basin Heavy Mineral Sands (HMS) Project in South Australia, despite delivering positive proof-of-concept drilling results in 2025, has been classified as a lower priority. Consequently, the company will now seek a joint venture partner or divestment for this asset.

"The Company's pipeline strategy and project selection criteria remain focused on in-demand strategic metals & precious metals, favourable jurisdictions, proximity to known economic deposits, and the ability to rapidly validate drill targets for low-cost testing."

This decision reflects a disciplined capital allocation philosophy: concentrate resources on the highest-potential, most drill-ready projects whilst monetising or exiting assets that no longer meet the priority threshold. For investors, this signals management making deliberate trade-offs rather than spreading capital too thinly.

The Investment Thesis: Multiple Shots on Goal in H2 2026

Altitude Minerals enters the second half of 2026 with a portfolio configured to deliver newsflow across three projects and two countries. The investment case rests on several key pillars.

1. Near-Term Drilling Catalysts

The Byrock RC programme is planned for June 2026, whilst the combined Nevada programme follows once W-Project targets are validated. Drill results from porphyry copper-gold and LS epithermal silver-gold targets have the potential to be significant re-rating events.

2. Commodity Diversification

The portfolio spans copper, gold, and silver — three metals with strong structural demand outlooks. This diversification means the company is not entirely dependent on any single metal price environment.

3. Jurisdiction Quality

Australia (NSW) and the United States (Nevada) represent two of the world's most miner-friendly jurisdictions, with established regulatory frameworks, good infrastructure access, and deep pools of technical expertise.

4. Cost-Conscious Execution

The decision to combine the Firenze and W-Project drill programmes into a single Nevada mobilisation demonstrates a management team mindful of exploration efficiency — particularly important for a company of this scale.

5. Portfolio Discipline

The decision to seek a joint venture or divestment for the Eromanga HMS project reinforces that capital will be directed towards the highest-value opportunities, not spread across legacy assets.

Why Altitude Minerals Warrants Investor Attention

With drill permits in hand at Firenze, RC drilling imminent at Byrock, and a new Nevada project already progressing towards drill-ready status, the next three to six months represent one of the most active periods in Altitude Minerals' history. The Altitude Minerals new Nevada project and Byrock drilling plans have been structured to maximise the number of meaningful exploration outcomes in the near term.

For investors interested in early-stage precious and base metals exploration with near-term catalysts across multiple projects, Altitude Minerals presents a compelling watchlist candidate as the 2026 drill season progresses.

"Altitude Minerals has rapidly configured itself for a catalyst-rich second half of 2026, with RC drilling at Byrock (NSW) targeted for June, a combined Nevada RC programme in development across Firenze and the newly acquired W-Project, and a disciplined capital allocation strategy underpinned by a freshly completed $1.15 million raise. With three active projects across two jurisdictions and a management team demonstrating clear strategic intent, drill results in the months ahead warrant close monitoring."

Ready to Explore Altitude Minerals' Upcoming Drill Catalysts?

With RC drilling at Byrock targeted for June 2026, permits already secured at Firenze, and a newly acquired Nevada project advancing rapidly towards drill-ready status, Altitude Minerals (ASX: ATT) is entering one of the most active periods in its history. Investors seeking early-stage exposure to copper, gold, and silver exploration across two premier mining jurisdictions — with multiple near-term newsflow catalysts on the horizon — should take a closer look at what the company has in store. Visit the Altitude Minerals Investor Centre to access the latest project updates, announcements, and corporate information.