Verity Resources Achieves Exceptional Gold Recovery Results at Korong

Strategic Gold Development in Australia's Premier Mining District

Verity Resources Limited (ASX: VRL) has delivered exceptional metallurgical results from its 139,000-ounce Korong gold deposit, achieving 92.75% average recovery across key near-surface mineralisation zones. The comprehensive testing programme validates the deposit's amenability to conventional processing methods whilst maintaining low reagent consumption, marking a significant de-risking milestone for the Monument Gold Project. These outstanding Verity Resources gold recovery results position the company amongst Australia's most promising gold development opportunities.

Key Metallurgical Results Exceed Expectations

The metallurgical testwork programme evaluated four composite samples representing different geological domains and mining conditions at Korong. Furthermore, results demonstrate consistently high recovery rates across all tested scenarios, providing confidence in the deposit's commercial viability.

Recovery Performance by Sample Type

Average near-surface recovery: 92.75%

Management Commentary:
"These initial metallurgical results are a major de-risking milestone for Korong and further validate the quality of the Monument Gold Project. Importantly, we deliberately designed this programme to be representative of potential mining conditions where composites were diluted with adjacent waste to simulate open-pit dilution."
— Patrick Volpe, Director

The testing methodology incorporated realistic mining dilution by including one metre of adjacent waste material with each composite sample. Consequently, results reflect actual open-pit conditions rather than laboratory-optimised scenarios, providing greater confidence in future production estimates.

Efficient Processing Pathway Confirmed

The results support a conventional gravity plus cyanide leach flowsheet with attractive reagent consumption profiles. In addition, the processing pathway demonstrates cost-effective characteristics that enhance project economics:

• Cyanide consumption: 0.2-0.6 kg/t
• Lime consumption: 0.3-0.6 kg/t
• Meaningful gravity component supporting front-end gravity recovery

Recovery kinetics demonstrate that 24-hour leach times align with typical Carbon-in-Leach (CIL) plant residence times. Moreover, incremental improvements remain available through longer leach periods for optimising extraction rates.

Understanding Metallurgical Recovery: Why 92.75% Matters

Metallurgical recovery represents the percentage of gold that can be economically extracted from ore during processing. In gold mining, recoveries above 90% are considered excellent, whilst anything below 80% may impact project economics significantly.

The 92.75% average recovery achieved in these Verity Resources gold recovery results places Korong in the top tier of gold deposits globally. For instance, different deposit types typically achieve varying recovery rates:

• High-grade operations typically target 95%+ recovery
• Medium-grade deposits often achieve 85-95% recovery
• Complex ores may struggle to exceed 80% recovery

Korong's consistently high recoveries across different ore types reduce processing risk and support robust mine economics. This performance proves particularly important for deposits targeting conventional CIL processing routes, where predictable recovery rates drive operational success.

Key Processing Terminology

Understanding metallurgical terminology helps evaluate these impressive results:

• CIL (Carbon-in-Leach): Standard gold processing method using cyanide leaching with carbon adsorption
• Gravity Recovery: Pre-concentration of coarse gold particles before cyanide leaching
• Reagent Consumption: Operating cost driver measured in kg/t of ore processed

Strategic Positioning Within Monument Gold Project

Resource Base and Location Advantages

The Korong deposit forms part of Verity's 154,000-ounce Monument Gold Project, strategically located in Western Australia's prolific Laverton Gold District. However, the project's advantages extend beyond impressive resource numbers to encompass strategic positioning benefits.

The project benefits from world-class infrastructure and proximity to major operations. Furthermore, its strategic location provides access to established services and experienced workforce:

• 40km west of Laverton with established mining services
• Adjacent to Genesis Minerals' 3.3Moz Mt Morgan Project
• ~195km² tenure package with significant exploration upside

What Makes This Location Special?

Western Australia's Laverton Gold District has produced millions of ounces of gold over decades. The region's geological characteristics and established infrastructure create ideal conditions for gold development projects seeking efficient paths to production.

Exploration Upside Potential

Current drilling has tested only ~10% of the 20km potential strike length along the banded iron formation. This geological unit hosts both Korong and Waihi deposits, demonstrating the system's gold-hosting potential across extensive strike lengths.

The same structure is interpreted as hosting the 1.4Moz Westralia gold deposit immediately southeast of Monument. Consequently, this geological continuity suggests significant resource growth potential through systematic exploration programmes.

Remaining Targets:

• ~60 syenite-intrusion style targets identified
• Multiple priority targets along the banded iron formation horizon
• Significant resource growth potential from systematic exploration

Next Steps and Development Timeline

Immediate Priorities for Q1 2025

Verity Resources has outlined clear development priorities to maintain momentum following these exceptional Verity Resources gold recovery results. The company's systematic approach focuses on advancing multiple work streams simultaneously:

1. Waihi Metallurgical Testing

   • Similar testing methodology as Korong programme
   • Expected completion within 8-12 weeks
   • Results will provide comprehensive metallurgical understanding

2. Resource Upgrade Programme

   • Current drilling campaign focused on upgrading Korong-Waihi resource confidence
   • Converting Inferred Resource to Indicated category
   • Supporting future feasibility studies

Medium-Term Development Path (2025-2026)

The company has established a clear pathway toward production decisions through systematic study advancement. Moreover, each phase builds upon previous work to de-risk the project progressively:

1. Advanced Metallurgical Studies

   • Comminution testing to determine grinding requirements
   • Flowsheet optimisation and plant design parameters
   • Pilot-scale testing programmes

2. Technical Studies

   • Preliminary Economic Assessment (PEA) incorporating recovery results
   • Environmental baseline studies and permitting preparation
   • Mine planning and infrastructure assessment

3. Regional Exploration

   • Systematic drilling along 20km strike length
   • Target generation and prioritisation
   • Resource expansion opportunities

Investment Thesis: Why Korong Changes the Game

De-Risking Through Superior Metallurgy

The 92.75% average recovery achieved in these Verity Resources gold recovery results significantly de-risks the Korong deposit. Furthermore, the testing programme confirms multiple technical and economic advantages that enhance project viability:

• Conventional processing pathway reduces capital requirements significantly
• Low reagent consumption supports attractive operating costs
• Consistent recoveries across ore types minimise processing variability
• Realistic testing conditions provide confidence in mining assumptions

Competitive Positioning Analysis

Monument Gold Project now demonstrates several key investment advantages that distinguish it from peer development opportunities. In addition, the combination of metallurgical excellence and strategic location creates compelling investment characteristics.

Financial Implications and Economics

Whilst specific economic studies await completion, the metallurgical results support several positive financial indicators. However, investors should note that comprehensive economic modelling requires additional technical studies:

• Robust project economics through high recovery rates
• Reduced processing costs via low reagent consumption
• Conventional plant design minimising capital requirements
• Strong cash flow potential from consistent gold production

Why Investors Should Follow Verity Resources

Accelerating Pathway to Production

Verity Resources has systematically advanced Monument Gold Project through key development milestones. Consequently, the company demonstrates clear progress toward production decisions whilst maintaining rigorous technical standards:

• ✅ JORC Resource Established (154,000oz)
• ✅ High-Grade Drilling Results (up to 38g/t Au)
• ✅ Metallurgical Testing Complete (92.75% recovery)
• 🔄 Resource Upgrade in Progress
• ⏳ Technical Studies Planned (2025)

Multiple Value Catalysts Create Opportunity

The company has established multiple upcoming catalysts that could drive value creation. Furthermore, each milestone builds upon previous achievements to progressively de-risk the development opportunity.

Near-term catalysts (Next 6 months):

• Waihi metallurgical results building on current success
• Resource upgrade announcement expanding project scope
• Additional drilling results from ongoing programme

Medium-term catalysts (6-18 months):

• Preliminary Economic Assessment incorporating recovery data
• Advanced metallurgical studies optimising flowsheet design
• Regional exploration results demonstrating growth potential

Strategic Advantages in Australian Gold Sector

Several strategic advantages position Verity Resources favourably within Australia's competitive gold development landscape. Moreover, these characteristics create defensive qualities whilst maintaining upside potential:

• Experienced management with proven development track record
• Quality asset base in tier-one mining jurisdiction
• Strategic location with infrastructure access
• Multiple expansion opportunities across 195km² tenure

Compelling Risk-Reward Profile Assessment

The combination of high-grade intersections, exceptional recoveries, and strategic location positions Monument Gold Project as a potential near-term production opportunity. However, investors should consider that development projects carry inherent risks alongside significant upside potential.

These outstanding Verity Resources gold recovery results demonstrate the technical quality of the deposit whilst validating the conventional processing approach. In addition, the strategic location in Western Australia's premier gold district provides access to experienced contractors and established infrastructure.

Project Summary and Investment Implications

Key Takeaway:

Verity Resources has demonstrated that Korong can deliver industry-leading metallurgical performance with 92.75% recovery rates and low reagent consumption. With resource upgrade drilling underway and technical studies planned for 2025, the company is rapidly advancing toward production decisions.

The strategic location adjacent to major gold operations and significant exploration upside make this a compelling development story. Furthermore, these exceptional Verity Resources gold recovery results position the project amongst Australia's most technically attractive gold development opportunities.

About Verity Resources Limited (ASX: VRL)

Verity Resources owns 100% of the Monument Gold Project and maintains a diversified portfolio including critical metals projects in Brazil and Botswana. The company's systematic approach to resource development and strategic asset positioning supports its growth trajectory in the global minerals sector.

Could Verity Resources Be Your Next Gold Investment Opportunity?

With 92.75% average gold recovery rates now confirmed at Korong and resource upgrade drilling currently underway, Verity Resources Limited (ASX: VRL) is rapidly advancing the Monument Gold Project toward production decisions. The exceptional metallurgical results, combined with the project's strategic location in Western Australia's premier Laverton Gold District, position VRL amongst Australia's most compelling gold development opportunities. As the company prepares for technical studies in 2025 and continues expanding its 154,000-ounce resource base, investors seeking exposure to near-term Australian gold production should consider the Monument Gold Project's unique combination of high-grade mineralisation, proven processing characteristics, and significant exploration upside. Discover more about Verity Resources' development strategy and upcoming catalysts at www.verityresources.com.au.