Breakthrough Minerals Commences Diamond Drilling at Turpentine Copper-Gold Deposit

Breakthrough Minerals Drilling at the Turpentine Copper Gold Deposit in North Queensland

Breakthrough Minerals Ltd (ASX: BTM) has commenced a ~4,000 m diamond drilling program at the Turpentine copper-gold deposit, the largest single resource within its Hazel Creek Copper-Gold Project (HCCGP) in North West Queensland. According to the ASX announcement dated 8 July 2026, Breakthrough Minerals drilling at the Turpentine copper gold deposit in North Queensland is targeting northern and down-dip extensions to an existing Inferred Mineral Resource of 8.7 Mt at 1.16% CuEq for 101,000 t contained CuEq, where mineralisation remains open.

This activity forms part of Breakthrough Minerals Ltd's ~10,000 m 2026 exploration campaign across its North Queensland Copper-Gold Project (NQCGP) and is directed at growing a 200,000 t CuEq resource base that currently remains uncommitted.

"Turpentine is a cornerstone deposit for Breakthrough, and this program marks an important step in our strategy to grow our North Queensland copper-gold resource base. With over 100,000 tonnes of contained copper equivalent already defined and mineralisation remaining open to the north and at depth, we believe there is significant opportunity to expand the resource through systematic drilling," said Nigel Broomham, Managing Director of Breakthrough Minerals Ltd.

"The gravity inversion modelling provides a compelling vector for growth, indicating the mineralised system continues to plunge north beyond the current resource. That gives us confidence that we're drilling in the right place, and we look forward to reporting results as they become available."

Turpentine as the Cornerstone Asset Within Hazel Creek

Turpentine sits within the Mt Isa Eastern Succession, a long-established Proterozoic copper-gold province in North West Queensland. The HCCGP is located approximately 100 km north of Cloncurry and around 20 km from Harmony Gold's Eva Copper Mine.

At Turpentine, Breakthrough Minerals Ltd reports the following Mineral Resource Estimate (Inferred category):

Turpentine accounts for more than half of Breakthrough Minerals Ltd's global NQCGP resource of 18.8 Mt at 1.07% CuEq for 200,000 t contained CuEq. The scale and concentration of metal at a single deposit, combined with open mineralisation, are key drivers behind the current drilling program.

The mineralised lode demonstrates several notable characteristics:

• Extends for approximately 1.1 km along strike
• Dips steeply at around 75° to the east
• Has an interpreted plunge of about 5–10° to the north
• Remains open at depth and down plunge to the north

The current diamond program has been designed to test this northern, down-plunge target zone, where geophysical data and historical drilling suggest potential for additional copper-gold mineralisation.

What the Turpentine Drilling Program Is Targeting

According to Breakthrough Minerals Ltd, the Turpentine campaign consists initially of approximately 4,000 m of diamond drilling aimed at:

• Northern extensions to the resource
• Down-dip and down-plunge extensions at depth
• Areas immediately below and along strike of earlier high-grade copper-gold intersections

The company's modelling work indicates that gravity inversion and magnetic data support a north-plunging mineralised system extending beyond the current resource envelope. Drill hole orientations and depths have been designed specifically to test this interpreted continuation.

Historical drilling is, furthermore, providing important guidance. The ASX announcement highlights follow-up drilling around high-grade intersections such as:

At Turpentine, the current program is particularly focused on extensions around the EHDD003 intersection, as well as testing the gravity-defined north-plunging target interpreted from 3D modelling.

For investors, these drill targets are relevant because they directly test the continuity of higher-grade zones that feed into future resource updates. If continuity is confirmed, this may consequently support both tonnage growth and grade confidence at Turpentine.

Educational Section: Understanding IOCG Deposits and Turpentine's Geology

What Is an IOCG Deposit?

The Turpentine Deposit is interpreted by Breakthrough Minerals Ltd as an Iron Oxide Copper-Gold (IOCG) style system.

In simple terms, an IOCG deposit is:

• A large mineral system where copper and gold occur with iron oxides such as magnetite or hematite
• Formed from hot, metal-rich fluids moving through the Earth's crust
• Commonly associated with major fault zones that act as fluid pathways
• Often capable of hosting large metal endowments, sometimes with silver and other by-products

These deposits are important because of their potential scale and grade. Many well-known copper districts globally, including parts of the Mt Isa region, contain IOCG deposits.

Geological Setting at Hazel Creek

The HCCGP lies within the Mary Kathleen Domain of the Mt Isa Eastern Succession. In this area, large fault systems such as the Rose Bee, Quamby and Boomarra faults are interpreted to have focused mineralising fluids and controlled copper-gold deposition.

At Turpentine specifically:

• The host rocks are a sequence of interbedded amphibolite, psammite, gneiss and schist.
  • Amphibolite is a dark metamorphic rock formed from volcanic or sedimentary rocks at high temperature and pressure.
  • Psammite is a metamorphosed sandstone.
  • Gneiss and schist are layered metamorphic rocks that typically form at deeper crustal levels.

• Copper occurs mainly as chalcopyrite, a common copper sulphide mineral.
• Chalcopyrite is associated with magnetite, amphibole, albite and biotite alteration, meaning the original rocks have been chemically changed by mineral-rich fluids.
• The strongest copper-gold mineralisation is spatially related to magnetite-rich zones, which is consistent with IOCG systems.

Key Technical Terms Explained

• CuEq (Copper Equivalent): A way of combining copper, gold and silver grades into a single number, based on metal prices and expected recoveries.
• Inferred Mineral Resource: A resource category under the JORC Code with lower geological confidence. More drilling is usually required before it can be upgraded to Indicated or Measured.
• Down-plunge: The direction in which a mineralised body extends at depth, following its main axis.
• Gravity inversion modelling: A geophysical method that uses small variations in rock density to build 3D models of the subsurface.
• Magnetics: A geophysical survey that measures variations in the Earth's magnetic field caused by magnetic minerals such as magnetite.
• RC drilling (Reverse Circulation): A drilling method that produces rock chips rather than core. It is generally faster and lower cost than diamond drilling and is often used for first-pass or resource definition drilling.

For investors, the IOCG classification at Turpentine and Hazel Creek places Breakthrough Minerals Ltd within a geological context that has supported multiple producing operations in North West Queensland. However, each deposit is unique and requires its own drilling and evaluation.

Hazel Creek Exploration Beyond Turpentine

The Turpentine diamond drilling is the lead component of a broader HCCGP program. Breakthrough Minerals Ltd plans an additional ~2,500 m RC program across several priority targets within Hazel Creek, including:

• Turpentine South — planned for resource expansion adjacent to the main Turpentine deposit.
• Eight Mile Creek North — also focused on resource expansion.
• Eight Mile Creek East — a resource definition program following historic hole EHRC286, which returned 50 m at 0.7% Cu and 0.2 g/t Au from 86 m, with intersections reported as open at depth and along strike.
• Turpentine SE Offset Prospect — described as a high-priority magnetic anomaly with geophysical similarities to Turpentine. Only one historical drill hole to 100 m has tested this feature, and a coincident gravity anomaly and a +100 ppm Cu soil anomaly are also reported.
• Broader targets — follow-up of untested EM (electromagnetic) conductors and other geophysical and geochemical anomalies across the project area.

According to Breakthrough Minerals Ltd, previous work at Hazel Creek focused mainly on magnetite-hosted IOCG targets, leaving multiple geophysical and geochemical features either untested or only partially evaluated. These areas, in addition, represent potential for discovery or resource additions if drilling confirms mineralisation.

North Queensland Copper-Gold Project: Current Resource Position

To place Turpentine in context, the NQCGP comprises several deposits, all reported under the JORC Code (2012). The ASX announcement reproduces the Mineral Resource Estimates as follows:

Breakthrough Minerals Ltd notes that this 200,000 t CuEq resource inventory is currently uncommitted, meaning there are no binding offtake, development or partnering agreements over these tonnes. For investors, this indicates that the company retains flexibility in how it may advance, finance or potentially transact on these assets in the future.

Upcoming News Flow and Investor Watchpoints

According to the July 2026 announcement, several near-term milestones are expected across Breakthrough Minerals Ltd's North Queensland portfolio:

For investors tracking Breakthrough Minerals Ltd, these events provide multiple data points over the remainder of 2026 that may add geological information, refine the resource base and clarify exploration potential at both Barbara and Hazel Creek.

Technical Capability: Appointment of Exploration Manager Dr Jim Yaxley

Breakthrough Minerals Ltd has also strengthened its technical team with the appointment of Dr Jim Yaxley as Exploration Manager, effective 1 July 2026.

According to the company, Dr Yaxley brings considerable expertise to the role:

• He is a JORC (2012) Competent Person with more than 20 years of experience across exploration, resource definition and mine geology.
• Academic qualifications include a PhD from Queensland University of Technology and a Bachelor of Science (Economic Geology) from the University of Tasmania.
• He has held senior technical roles with BHP Billiton and Ivanhoe Mines (Chinova), gaining extensive experience in North-West Queensland copper-gold systems.
• His expertise covers drill program design, geological modelling, resource estimation and the application of structural geology and geophysics to IOCG and ISCG mineral systems.

"We're also delighted to welcome Jim Yaxley as Exploration Manager. Jim brings extensive North Queensland experience and deep technical expertise across both IOCG and ISCG systems. His appointment significantly strengthens our technical capability as we accelerate exploration across Barbara, Hazel Creek and our broader regional portfolio," said Nigel Broomham, Managing Director of Breakthrough Minerals Ltd.

Dr Yaxley is furthermore reported as the Competent Person for the exploration results referred to in the announcement. For investors, his appointment indicates that Breakthrough Minerals Ltd is adding experienced oversight at a time when drilling, resource expansion and broader targeting are intensifying across the portfolio.

Why Turpentine and Hazel Creek Matter for Breakthrough Minerals Ltd

From an investor perspective, several aspects of the 8 July 2026 ASX announcement may be of interest:

• Scale and concentration of metal at Turpentine — Turpentine's 101,000 t CuEq represents more than half of the NQCGP's 200,000 t CuEq resource, and the deposit remains open at depth and to the north, with drilling now directed at those extensions.

• Geophysics-directed drilling — the use of gravity inversion modelling and magnetics to identify a north-plunging continuation provides a clear geological rationale for the 2026 drill program, aiming to test specific models rather than purely speculative targets.

• Broader pipeline at Hazel Creek — the planned ~2,500 m RC program extends activity beyond Turpentine to Turpentine South, Eight Mile Creek North and East and the SE Offset Prospect, with numerous EM conductors and geochemical anomalies remaining to be tested.

• Full ownership of the current resource base — Breakthrough Minerals Ltd states that its 200,000 t CuEq resource inventory is entirely uncommitted, leaving flexibility around future development options, partnerships or potential transactions.

• Sequential news flow through 2026 — pending Barbara assay results, ongoing Turpentine drilling and subsequent RC programs are expected to provide results throughout the year.

Taken together, the Turpentine drilling commencement, Hazel Creek RC planning, Barbara results pipeline and the appointment of Dr Yaxley position Breakthrough Minerals Ltd for a technically-focused, data-rich period of work in North West Queensland. Investors monitoring the ASX announcement series will consequently be able to track how the current ~10,000 m 2026 drilling campaign affects the understanding of resource scale, continuity and grade across the company's North Queensland Copper-Gold Project.

Want to Learn More About Breakthrough Minerals and Its North Queensland Copper-Gold Projects?

With a 200,000 t CuEq resource base, an active ~10,000 m drilling campaign underway, and mineralisation remaining open at its cornerstone Turpentine deposit, Breakthrough Minerals Ltd (ASX: BTM) is entering a data-rich period that investors will want to follow closely. To learn more about the company, its projects, and upcoming news flow across the North Queensland Copper-Gold Project, visit breakthroughminerals.com.au.