Major Drilling at Iltani Resources Targets Australia’s Largest Silver-Indium Deposit

Iltani Resources Gears Up for Major 16,000-Metre Drilling Program at Australia's Largest Silver-Indium Deposit

Silver and base metals explorer Iltani Resources (ASX: ILT) has announced the commencement of its highly anticipated 2026 exploration program at the Orient Silver-Indium Project in Queensland. Following the end of the wet season, the company is mobilising equipment and drilling contractors for what promises to be a significant drilling at Iltani Resources campaign across 115 reverse circulation holes at Australia's largest known silver-indium deposit.

The program represents a major step forward for Iltani's development of the Orient Project, which currently hosts a substantial 34.2 Mt @ 110.4 g/t Ag Eq. resource containing 121.4 million ounces silver equivalent. With two RC drilling rigs confirmed to mobilise on 13 April 2026, the company is positioning itself to upgrade resource categories and extend known mineralisation across the 6km² epithermal system.

Drilling Program Kicks Off After Extended Wet Season

The Orient Silver-Indium Project has faced delays due to an unusually wet March, but Managing Director Donald Garner remains optimistic about making up lost time. A bulldozer has already mobilised to complete earthworks for drilling pad preparation, with all 115 planned drill holes already pegged and awaiting pad completion.

Furthermore, the drilling at Iltani Resources initiative encompasses multiple strategic objectives:

• Resource upgrades – Converting Inferred resources to Indicated category at both Orient East and Orient West
• Strike extensions – Testing mineralisation extensions along strike to increase current resources
• Link Zone definition – Further defining mineralisation between Orient East and Orient West deposits
• Target testing – Evaluating Orient North, Vein 1, and VTEM geophysical targets
• Deep exploration – Testing for deeper mineralisation to support potential underground mining scenarios

Management Commentary:
"It is good to announce that we have finally started our 2026 exploration program after a much longer wet season, and a much wetter March, than we anticipated. We are confident that we can make up for the time we have lost and complete the drilling programs as designed." – Donald Garner, Managing Director

Understanding Silver Equivalent Grades: Why This Metric Matters

For investors new to precious metals exploration, Silver Equivalent (Ag Eq.) represents a standardised way to combine multiple metals into a single grade figure based on their relative values and recoveries. At Orient, the calculation incorporates silver, lead, zinc, and indium using the formula:

Ag Eq. = Ag + (Pb x 35.5) + (Zn x 50.2) + (In x 0.47)

This methodology assumes 87% silver recovery, 90% lead recovery, 85% zinc recovery, and 85% indium recovery based on historical metallurgical test work. The silver equivalent grade allows investors to quickly assess the total metal value within the deposit, making it easier to compare against other precious metals projects globally.

The calculation is conservative, excluding potentially valuable antimony and tin credits that could enhance project economics once metallurgical studies determine their recoverability and payability. Consequently, the current drilling at Iltani Resources may reveal additional value not reflected in existing grade calculations.

Expanded Exploration Across the Herberton Project

Beyond the primary Orient drilling program, Iltani has outlined preliminary exploration activities across its broader 370km² Herberton Project tenement holding. These secondary programs, expected to commence after Orient drilling completion in approximately four months, include:

The company is also investing in longer-term geological understanding through a four-year PhD partnership with the University of Queensland and CSIRO, focusing on geochronological and mineralogical studies to determine vectors for further mineralisation discovery.

Substantial Resource Base Provides Strong Foundation

The Orient Project's current resource estimate establishes it as a significant silver-indium deposit by global standards. Moreover, the extensive drilling at Iltani Resources over the years has built this impressive resource base:

Additionally, the company has identified an Exploration Target of 15.4-18.8 Mt @ 95-117 g/t Ag Eq., which the upcoming drilling program aims to convert into defined Mineral Resources.

The Orient system demonstrates exceptional continuity, with high-grade sulphide-rich veins surrounded by extensive lower-grade mineralised zones up to 100 metres thick. Historical metallurgical test work indicates that silver, indium, lead, and zinc are recoverable into marketable lead-silver and zinc-indium-silver concentrates.

Strategic Location in Proven Mineral District

The Orient Project benefits from its location within the Herberton Mineral Field, a highly prospective terrain with over 140 years of mining history. The region hosts more than 2,400 historical mines and prospects, primarily focused on tin, tungsten, copper, and silver-lead-zinc mineralisation.

Iltani's tenement holdings strategically cover the Boonmoo Sag Caldera, a geological structure that hosts multiple mineralisation styles including:

• Epithermal silver-gold systems (Orient)
• Massive sulphide deposits (Isabel, Isabel Extended)
• Historical base metal mines with copper, silver, lead, and zinc
• Critical mineral targets including indium and antimony

The company's 120km proximity to Cairns provides access to established infrastructure, while the region's mining-friendly jurisdiction offers regulatory certainty for project development. Furthermore, this strategic positioning enhances the value proposition for future drilling at Iltani Resources activities.

Investment Thesis: Australia's Premier Silver-Indium Discovery

Several factors position Iltani Resources as a compelling investment opportunity in the precious metals sector:

Scale and Grade Combination

With 34.2 million tonnes at 110.4 g/t silver equivalent, Orient represents one of Australia's largest undeveloped silver resources. The 121.4 million ounces silver equivalent contained metal provides substantial scale for potential mining operations.

Critical Minerals Exposure

Beyond silver, the project's significant indium content (579 tonnes contained) provides exposure to a critical mineral essential for touchscreen technology, solar panels, and LED applications. Indium's strategic importance and supply constraints create additional value potential.

Resource Expansion Potential

The 15.4-18.8 Mt exploration target represents a potential 30-50% increase in resource tonnage, while the 6km² extent of the epithermal system suggests additional discovery opportunities across the broader tenement holding. In addition, the planned drilling at Iltani Resources could significantly expand these numbers.

Multiple Discovery Opportunities

The 370km² Herberton Project provides numerous exploration targets across different mineralisation styles, creating a portfolio approach to discovery success with multiple value creation opportunities.

Established Metallurgical Pathway

Historical test work demonstrating recoverable metal production into standard concentrate products reduces technical risk compared to earlier-stage exploration projects requiring extensive metallurgical development.

Why Investors Should Follow Iltani Resources

Iltani Resources presents a unique combination of immediate drilling catalysts and long-term discovery potential that positions the company for significant value creation over the coming 12-24 months. The April drilling commencement provides near-term newsflow opportunities, while the substantial resource base offers development optionality as silver and critical mineral markets continue strengthening.

The company's strategic approach of combining resource definition drilling with regional exploration across multiple target areas maximises discovery potential while advancing the flagship Orient Project toward development consideration. With approximately 30,000 metres already drilled establishing the initial resource base, the planned 16,000-metre program represents a substantial commitment to resource expansion and upgrade.

Key upcoming milestones include:
• 13 April – Drilling commencement at Orient
• Q3 2026 – Initial drilling results and resource updates
• Q4 2026 – Herberton Project regional drilling commencement
• 2027 – Updated resource estimates incorporating drilling results

Investment Takeaway:
Iltani Resources controls Australia's largest known silver-indium deposit with significant expansion potential across a 370km² tenement holding in the proven Herberton Mineral Field. The upcoming 16,000-metre drilling program provides multiple catalysts for resource growth and discovery success, while the company's critical minerals exposure offers additional strategic value in an increasingly supply-constrained market.

Ready to Explore Iltani Resources' Silver-Indium Opportunity?

With Australia's largest silver-indium deposit entering a pivotal 16,000-metre drilling phase, Iltani Resources offers investors exposure to both precious metals upside and critical mineral fundamentals. The company's substantial 121.4 million ounce silver equivalent resource base, combined with significant expansion potential across the proven Herberton Mineral Field, positions ILT for multiple value creation catalysts throughout 2026. To discover how Iltani's strategic drilling programme and diversified exploration portfolio could fit into your investment strategy, visit iltaniresources.com.au for comprehensive project details, management presentations, and the latest exploration updates.