49 Metals Strikes High-Grade Gold and Silver Across Multiple Nevada Zones

Gold Mountain Delivers High-Grade Gold-Silver Hits Across Multiple Zones in Maiden RC Drill Program

49 Metals Limited (ASX: 49M) has announced initial assay results from its maiden reverse circulation (RC) drilling program at the Gold Mountain project in Nevada's Walker Lane Trend — and the 49 Metals Gold Mountain high-grade gold silver drill results in Nevada are turning heads. Every single one of the first eight holes for which assays have been received has intersected gold and/or silver mineralisation, validating the company's geological model and pointing toward a large, multi-zone epithermal system with meaningful discovery potential.

The headline result — 1.5m @ 15.8g/t Au and 284g/t Ag from hole DRC#5 at the Monte Christo Zone — sits within a broader high-grade envelope of 4.6m @ 7.1g/t Au and 121.8g/t Ag, underscoring the dual characteristic that excites exploration geologists: high-grade shoots sitting within wider, bulk-tonnage mineralised systems.

Meanwhile, the Adit Zone has delivered a genuinely significant intercept of 33.5m @ 1.1g/t Au from 182.9m, including 13.7m @ 2.0g/t Au and a high-grade core of 1.5m @ 4.8g/t Au — confirming that mineralisation at Gold Mountain extends well beyond the Monte Christo corridor.

With assays still pending for completed holes DRC#9 through DRC#12 and drilling actively continuing, the results pipeline at Gold Mountain is far from closed.

CEO Phil Carter commented: "These initial results represent a strong start to drilling at Gold Mountain, with high-grade gold and silver intersected across multiple holes and zones. The fact that all 8 holes for which assay results have been received to date have intersected mineralisation gives us confidence in the scale and continuity of the system, while results from the Adit Zone highlight the potential for significant mineralisation in an area that presents genuine discovery potential."

A 100% Strike Rate Across Eight Holes — What the Results Say

The maiden drilling program at Gold Mountain has been designed to serve a dual purpose: validating and extending known mineralised trends, while simultaneously providing first-pass tests of entirely new geophysical and geological targets. That approach has paid off early.

Across the first eight holes (DRC#1 through DRC#8), gold and/or silver mineralisation has been intersected in every single hole drilled. Three distinct target areas have been tested:

1. The Monte Christo Zone — the primary high-grade target, tested by holes DRC#3 through DRC#7
2. The Adit Zone — a separate area of historic workings on the flanks of Gold Mountain, tested by DRC#8
3. The IP Anomaly — a large, previously undrilled 1.2km-long geophysical target beneath transported alluvial cover, tested by DRC#1 and DRC#2

The results from each zone are summarised below.

Monte Christo Zone: High-Grade Gold-Silver Confirmed

The Monte Christo Zone delivered the program's standout results. Holes DRC#4 and DRC#5 in particular returned compelling shallow high-grade intercepts within broader mineralised envelopes — exactly the kind of dual-characteristic outcome exploration companies hope to see at this stage.

Table 1: Select Monte Christo Zone Significant Intercepts

Note: All reported intercepts are downhole lengths; true widths have not yet been determined.

The Monte Christo Zone is located along strike from historical drilling that returned results including 1.52m @ 18.1g/t Au and 9.1m @ 2.96g/t Au, forming part of the broader area covered by a previously reported foreign mineral resource estimate of up to 462,000oz Au. Furthermore, the purpose of 49M's drilling was to test the orientation, grade distribution, and continuity of mineralisation within this structural zone — and DRC#4 and DRC#5 have done exactly that.

DRC#5 also returned a broader silver-rich interval deeper in the hole — 29.0m @ 0.2g/t Au and 25.0g/t Ag from 253.0m, including 1.5m @ 0.6g/t Au and 149.0g/t Ag — pointing to the kind of multi-level mineralisation architecture that could support a bulk-tonnage discovery below the high-grade structures.

Adit Zone: A Broad, Shallow Intercept Opens a New Front

One of the more geologically significant results in this release comes not from the headline Monte Christo Zone, but from the Adit Zone — a separate area of historic workings on the flanks of Gold Mountain that has delivered a wide, structurally controlled intercept.

Table 2: Adit Zone Significant Intercepts — DRC#8

Note: All reported intercepts are downhole lengths; true widths have not yet been determined.

The broad low-grade mineralisation envelope around these higher-grade structures is consistent with intense alteration of the host rock — the hole is oxidised for its entire length. Critically, the hole collar sits on the flanks of the mountain approximately 100m above the natural surface at the base, meaning the mineralisation remains shallow and open in all directions.

Final assays for parts of DRC#8 remain pending, and nearby holes DRC#9, DRC#10, and DRC#11 will be interpreted in full context once all relevant assays are received and integrated.

IP Anomaly: Blind Target Returns Mineralisation Beneath Cover

Holes DRC#1 and DRC#2 tested part of a 1.2km-long IP chargeability anomaly located approximately 1.1km northeast of the top of Gold Mountain — an entirely blind exploration target beneath transported alluvial cover, with no prior drilling history.

Neither hole reached its original target depth due to adverse drilling conditions, meaning the deeper parts of the IP target remain untested. However, both returned gold and silver mineralisation and intersected strong propylitic alteration assemblages — a style that differs from the main Gold Mountain mineralised area and confirms that hydrothermal systems extend into the covered zone.

Results included 4.6m @ 1.0g/t Au and 1.7g/t Ag from 61.0m in DRC#2, including 1.5m @ 1.8g/t Au from 62.5m, and 4.6m @ 0.1g/t Au and 26.6g/t Ag from 141.7m in DRC#1. Given the blind nature of this target and the difficulty of the drilling conditions, the fact that mineralisation and alteration were returned at all is considered significant for the system-scale interpretation.

Future testing of this target may involve deeper diamond core drilling or RC pre-collars with diamond tails to achieve greater depth penetration.

Understanding Epithermal Gold-Silver Systems — And Why Gold Mountain's Geology Matters

What Is a Low-Sulphidation Epithermal System?

An epithermal gold-silver deposit forms at shallow crustal depths — typically within 1 to 2 kilometres of the surface — from hot, mineralised fluids circulating through fault zones and fracture networks. The "low-sulphidation" descriptor refers to the geochemical environment in which the deposit formed, which typically produces gold-silver mineralisation associated with quartz veining, silicification, and distinctive alteration minerals such as adularia and calcite.

These systems are particularly prized by explorers because they can host both very high-grade vein shoots — sometimes returning tens of grams per tonne gold — and broader, bulk-tonnage mineralised envelopes that can support large-scale mining operations.

Why Does This Matter for Gold Mountain?

The current results show exactly this dual character: narrow high-grade structures (like the 1.5m @ 15.8g/t Au and 284g/t Ag intersection) sitting within broader lower-grade envelopes (such as the 33.5m @ 1.1g/t Au Adit Zone intercept). This is the hallmark of a well-developed epithermal system.

Executive Director Oliver Kreuzer drew a direct technical comparison to one of the Walker Lane's most celebrated recent discoveries: "The Project's geological setting, alteration style and structural controls also show similarities with other significant Walker Lane epithermal systems, including AngloGold's ~16Moz Au Silicon-Merlin discovery, and this provides a clear technical framework for ongoing targeting and follow-up drilling."

Glossary of Key Terms

• RC Drilling (Reverse Circulation): A drilling method that circulates cuttings back to surface through the inner rod string, providing representative samples for assay.
• g/t Au / Ag: Grams per tonne of gold or silver — the standard measure of grade in precious metals exploration.
• IP Anomaly (Induced Polarisation): A geophysical survey technique that can detect disseminated sulphide minerals underground, which are often associated with mineralisation.
• Epithermal System: A type of gold-silver deposit formed at shallow depths from hydrothermal fluids.
• Structurally Controlled Mineralisation: Mineralisation whose distribution is governed by faults, fractures, and shear zones.
• Downhole Length: The length of a drill intersection as measured along the drill hole — not necessarily the true width of the mineralised zone.

What Comes Next: A Busy Pipeline of Pending Results and Ongoing Drilling

The current program is far from complete. As of the announcement date, 4,038m of RC drilling has been completed across 12 holes, with assays pending for DRC#9 through DRC#12 and a further five holes yet to be drilled — with the potential for additional holes subject to ongoing results.

Table 3: Upcoming Milestones and Planned Activities

The integration of new assay, structural, and geochemical data into the company's 3D geological model will be a critical step before determining follow-up drill priorities. In addition, the new results will assist future work aimed at assessing the historical foreign mineral resource estimate under the JORC Code.

The Investment Case: Multiple Zones, a Proven Jurisdiction, and an Early-Stage Discovery in Motion

49 Metals holds three gold projects in Nevada's Walker Lane Trend — one of the most productive and well-regarded precious metals corridors in the United States. Nevada itself is a Tier 1 mining jurisdiction producing in excess of 4Mozpa of gold, accounting for more than 70% of US gold production, and ranked number one globally in the Fraser Institute's 2025 Survey of the world's most attractive mining investment destinations.

Against that backdrop, the 49 Metals Gold Mountain high-grade gold silver drill results in Nevada offer several compelling reasons for investors to take notice:

• 100% drill hit rate across the first eight holes — every hole drilled to date has returned gold and/or silver mineralisation, validating the geological model and supporting the interpretation of a large, continuous system.
• High-grade structures within broader envelopes — the dual character of the mineralisation is a hallmark of the most productive epithermal systems.
• Multiple zones confirmed — Monte Christo, the Adit Zone, and the IP Anomaly have all returned mineralisation, demonstrating the multi-zone nature of the system and providing multiple vectors for resource growth.
• Significant upside remaining — assays are pending for four completed holes, five further holes are yet to be drilled, and the deeper IP target remains largely untested.
• Historical resource context — the Monte Christo Zone sits within the broader area covered by a historical foreign mineral resource estimate of up to 462,000oz Au, which 49M is working toward assessing under the JORC Code.
• Shallow, open mineralisation — the Adit Zone mineralisation is open in all directions and remains shallow, providing a straightforward framework for follow-up drilling.

Table 4: Key Project and Program Statistics

Why Investors Should Keep Watching 49 Metals

49 Metals enters this next phase of exploration with strong momentum. The maiden drilling program at Gold Mountain has already confirmed what the company's geological team suspected: this is a large, multi-zone epithermal gold-silver system with multiple mineralised structural positions, an extensive alteration footprint, and a track record of returning high-grade intersections in structurally favourable settings.

The upcoming flow of assay results from holes DRC#9 through DRC#12 — combined with the five additional holes still to be drilled — means the news pipeline will remain active. Each batch of results has the potential to expand the known footprint of mineralisation, open new zones for follow-up, and build toward the kind of resource definition work that could materially re-rate the project's significance.

The company is well positioned post-IPO with a strong cash position to advance its US precious metals portfolio and deliver a steady flow of news to the market. As the 49 Metals Gold Mountain high-grade gold silver drill results in Nevada continue to demonstrate the scale and quality of this epithermal system, the coming months will be critical for defining the true scope of the discovery.

The combination of proven geology, a world-class jurisdiction, and an active drilling pipeline positions Gold Mountain as a project to watch closely in Nevada's renowned Walker Lane Trend.

"49 Metals has opened its account at Gold Mountain in impressive fashion, with a 100% drill hit rate across eight holes and high-grade gold-silver results from multiple zones confirming the scale of a large epithermal system. With four completed holes still awaiting assays and at least five more to be drilled, Gold Mountain is entering a high-activity phase that warrants close attention from precious metals investors."

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