Iltani Resources Accelerates Drilling at Orient Silver-Indium Project

Iltani Resources Fires Up Two Rigs at Australia's Largest Known Silver-Indium Deposit

Iltani Resources Limited (ASX: ILT) has shifted into a higher gear at its flagship Orient Silver-Indium Project in North Queensland, deploying two RC drill rigs simultaneously as it pursues one of the most ambitious exploration programs in its history. The Iltani Resources Orient Silver-Indium Project drilling results are highly anticipated, with 13 holes completed and 2,312 metres drilled already in the books, and a pipeline of assay results expected to flow from early June. The company is moving with clear intent to both upgrade its existing resource and push the boundaries of a deposit that already carries considerable scale.

Two Rigs, One Clear Mission

The mobilisation of a second RC rig — one track-mounted and one wheel-mounted — marks a meaningful step-change in drilling pace at Orient. The full program targets 115 RC drillholes for 16,000 metres, a scope that reflects the company's confidence in the deposit's potential and its commitment to systematic, multi-objective exploration.

Samples are being dispatched to Intertek's Townsville laboratory every three to four days, with approximately five drill holes per batch. This rolling dispatch cadence is designed to keep the assay pipeline moving efficiently alongside active drilling, meaning results should begin flowing to market in a steady sequence rather than in one delayed batch.

"Drilling is well underway at the Orient Silver-Indium Project, with both RC rigs onsite and drilling. To date, we have completed 13 RC holes for 2,312 metres drilled. The team on site are sending a batch of samples to the Intertek assay lab (Townsville) every 3 to 4 days, with each sample dispatch containing samples from approximately 5 drill holes. Assay results are pending, and we expect to receive the first results in early June."

— Donald Garner, Managing Director

What the Drill Program Is Designed to Achieve

The 2026 program is not a single-purpose exercise. It has been structured to address several distinct exploration objectives simultaneously, which means results have the potential to deliver value across multiple fronts.

The five core objectives of the current drill program are:

1. Infill drilling at Orient East and Orient West to demonstrate mineralisation continuity and upgrade resource categories from Inferred to Indicated
2. Strike extensions at Orient East and Orient West to grow the existing resource footprint
3. Link Zone definition — drilling the corridor between Orient East and Orient West to test whether the two zones connect into a larger, unified system
4. New target testing at Orient North and Vein 1 to assess geometry, width, and grade
5. VTEM geophysical target follow-up, completing drill testing of targets that were interrupted by wet season onset in 2025

Furthermore, drilling beyond this program is already anticipated, with the company flagging that results from extension and new-target drilling will inform subsequent phases.

The Deposit Behind the Drilling: Orient by the Numbers

Orient is not a greenfields punt. Iltani has already completed 145 drill holes totalling approximately 30,000 metres at the project, and that prior work has defined a substantial JORC-compliant mineral resource. Understanding the scale of what already exists is important context for evaluating the current program.

Orient Project JORC Mineral Resource — 60 g/t Ag Eq. Cut-off Grade

At a lower cut-off grade of 30 g/t Ag Eq., the resource expands significantly:

Orient Project JORC Mineral Resource — 30 g/t Ag Eq. Cut-off Grade

Beyond the formal resource, there is also a substantial Exploration Target of 15.4 – 18.8 Mt at 95 – 117 g/t Ag Eq. — material that sits outside the current resource classification and represents meaningful upside if infill drilling confirms it.

Orient Project Exploration Target — 60 g/t Ag Eq. Cut-off Grade

Note: The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

Understanding Indium: The Metal That Sets Orient Apart

Most investors are familiar with silver, lead, and zinc. Indium is the less well-known element in the Orient mix, but it is arguably one of the most strategically interesting.

What Is Indium?

Indium is a soft, silvery metal produced almost entirely as a by-product of zinc mining and processing. It is a critical component in modern electronics, serving as the key ingredient in indium tin oxide (ITO), which forms the transparent conductive coating used in LCD screens, touchscreens, flat-panel displays, and solar panels.

Why Does Indium Matter at Orient?

Orient carries grades of 16.9 g/t In at the higher cut-off resource, with 579 tonnes of contained indium — a meaningful quantity given global primary indium production is measured in hundreds of tonnes per year. The presence of economically recoverable indium alongside silver, lead, and zinc means Orient's concentrate products could carry value well beyond what silver grades alone would suggest.

Historical metallurgical test work cited by Iltani indicates that silver, indium, lead, and zinc are recoverable into a lead-silver concentrate and a zinc-indium-silver concentrate — two saleable products rather than one, each carrying a different blend of payable metals.

Indium in the Global Context

Global indium production is estimated at approximately 800–900 tonnes annually, with demand driven primarily by the electronics industry. China dominates production, controlling roughly 60% of global supply. The strategic importance of indium has grown alongside the expansion of renewable energy technologies and the digital economy, making deposits like Orient increasingly relevant to supply chain considerations.

Technical Terminology Guide

Reverse Circulation (RC) Drilling: A drilling method that uses a rotating drill bit and compressed air to bring rock cuttings to the surface through the drill rods, producing representative rock samples for analysis.

g/t (grams per tonne): A standard measure of metal concentration in rock; higher g/t generally means richer mineralisation.

Silver Equivalent (Ag Eq.): A single number that expresses the combined value of multiple metals as if they were all silver, allowing easy comparison across different metal mixes.

JORC Code: The industry standard for reporting mineral resources in Australia; resources must meet strict criteria to be reported under JORC.

Indicated Resource: A higher-confidence resource category where the geological data is sufficient to support reasonable assumptions about grade and continuity.

Inferred Resource: A lower-confidence category where mineralisation is interpreted but not yet confirmed with sufficient drilling density.

Cut-off Grade (CoG): The minimum grade at which mineralised material is considered economically worthwhile to include in a resource estimate.

Exploration Target: A conceptual estimate of additional mineralisation potential, not classified as a JORC Mineral Resource.

Catalysts on the Horizon

The next several months represent a genuine news flow period for Iltani, with multiple triggers that could move the investment case in a meaningful direction.

The company has also flagged that further drilling beyond the current 115-hole program is planned, contingent on results from the extension and new-target components. In other words, the current program is the beginning of an expanded exploration phase, not its conclusion.

The Geological Setting: Herberton Mineral Field Context

Orient sits within the Herberton Mineral Field, a region with demonstrated mineral endowment spanning over 140 years of mining history. The field has produced tin, tungsten, copper, and silver-lead-zinc, with more than 2,400 historical mines and prospects recorded across the broader area.

Iltani holds approximately 370 km² of wholly owned tenements across the field, providing the company with significant exploration upside beyond Orient itself. The broader holding includes the Isabel deposit, described as a low-tonnage, exceptionally high-grade copper-lead-zinc-indium-silver massive sulphide deposit, and the Isabel Extended target.

The geological framework that hosts Orient is well understood, with the deposit classified as a large-scale silver-rich epithermal system extending over at least 6 km². High-grade sulphide-rich veins are surrounded by extensive lower-grade zones up to 100 metres thick, providing multiple targets for resource expansion.

The Investment Case: Scale, Metals Mix, and Exploration Upside

Several characteristics combine to make Orient an unusual exploration story in the current market environment.

Scale is already established. With 62.5 Mt at 81.5 g/t Ag Eq. in the broader resource and 34.2 Mt at 110.4 g/t Ag Eq. at the higher cut-off, Orient is already a large deposit by any measure. Consequently, the current drilling is not trying to find a deposit — it is trying to make an existing one bigger and better understood.

The metals mix is differentiated. Silver and indium together with lead and zinc create a multi-product concentrate story. Historical test work supports the recovery of these metals into saleable concentrates, providing a metallurgical pathway that underpins the economic rationale for continued investment in the resource.

Exploration upside is quantified. The 15.4 – 18.8 Mt Exploration Target at 95 – 117 g/t Ag Eq. gives investors a clear sense of how much additional resource could plausibly be delineated. At the top end of this range, the exploration target alone carries grades well above the current resource average — a signal that high-grade extensions may still be within reach.

The project sits within a proven mineral field. Orient is located within the Herberton Mineral Field, a region with over 2,400 historical mines and prospects and a mining history stretching back to 1880. The geological setting is well understood, and Iltani holds approximately 370 km² of wholly owned tenements across the broader area, including additional targets such as the Isabel copper-rich massive sulphide deposit and the Isabel Extended target.

Assay results are the near-term value driver. With first results due in early June and a rolling cadence of batch dispatches, the market can expect a regular flow of information across the coming months. Each batch has the potential to confirm, extend, or exceed the mineralisation patterns defined by prior drilling.

Why Orient Deserves a Place on Investors' Watchlists

"Iltani Resources has built a compelling foundation at Australia's largest known silver-indium deposit, with a substantial JORC resource already in place and a high-activity drill program now underway to expand it further. With first assay results expected in early June and a rolling news flow anticipated across the coming months, the next phase of Orient's story is about to be written — and the scale of what already exists suggests the next chapter could be significant."

The combination of an already-defined large-scale resource, a differentiated metals mix anchored by indium alongside silver, and a systematic multi-objective drill program targeting both resource upgrades and new discoveries makes Orient a project that warrants close attention. The deployment of two rigs simultaneously is a practical signal of the company's commitment to moving quickly, and the structured sample dispatch cadence means investors should not be waiting long for the first indicators of how this phase of drilling is performing.

For investors tracking silver and critical minerals exploration on the ASX, the Iltani Resources Orient Silver-Indium Project drilling results represent one of the more substantive stories currently in active news flow. The project's combination of established scale, strategic metal content, and systematic exploration approach positions it as a notable player in Australia's evolving critical minerals landscape.

Ready to Dig Deeper Into Iltani Resources and the Orient Silver-Indium Project?

With two RC rigs now turning at Australia's largest known silver-indium deposit, a 115-hole drill program underway, and first assay results expected in early June, Iltani Resources (ASX: ILT) is entering one of the most active phases in its history. For investors seeking exposure to a large-scale, already-defined JORC resource with a differentiated metals mix and near-term news flow, the Orient Project warrants a closer look. Visit iltaniresources.com.au to explore the company, the project, and the investment case in full.