Gold Discovery at MetalsGrove Mining Ltd’s Zuénoula Project Validates Strategy

MetalsGrove Strikes Gold: First Exploration Target Identified at Zuénoula Project in Côte d’Ivoire

MetalsGrove Mining Limited (ASX: MGA) has announced a significant breakthrough at its Zuénoula project in Côte d’Ivoire, with district-scale soil sampling successfully defining the company’s first gold exploration target. The results mark a promising start to MetalsGrove’s 2026 field season and demonstrate the effectiveness of innovative field assay technology in accelerating exploration timelines.

The initial soil sampling programme has identified a 13 km² gold anomalous area requiring immediate follow-up, with gold values ranging from 15 to 33 dU detected in a cluster of three soil samples. This discovery at MetalsGrove Mining Ltd’s Zuénoula project validates the company’s strategic approach to exploring the highly prospective Abujar-Napié gold trend within Côte d’Ivoire’s renowned Birimian greenstone belt.

Rapid Results Through Innovation

MetalsGrove’s exploration success stems from deploying cutting-edge PortablePPB field assay technology, which has revolutionised the traditional exploration timeline. Furthermore, the company established an innovative field laboratory in the nearby town of Zuénoula, enabling real-time analysis of soil samples and eliminating the typical delays associated with off-site laboratory processing.

“These initial results are a great start to our 2026 field season, and the application of the innovative Portable PPB assay technology has eliminated the usual time delay between sample collection, receipt of assays, and the implementation of follow-up in-fill soil sampling,” stated Managing Director Lijun Yang.

The field programme commenced on 10 January 2026, with remarkable progress already achieved. The discovery at MetalsGrove Mining Ltd’s Zuénoula project has driven accelerated sampling activities across the permit area.

Key achievements to date include:

• 200 of 320 planned soil samples collected to date

• 124 samples already assayed using PortablePPB technology

• Second sampling crew being mobilised to increase capacity

• 400m by 400m infill sampling planned for the anomalous zone

Understanding Soil Geochemistry in Gold Exploration

What is soil geochemistry sampling?

Soil geochemistry involves collecting and analysing soil samples to detect trace amounts of gold and associated minerals that have migrated upward from mineralised bedrock below. For instance, this technique is particularly effective in tropical climates like Côte d’Ivoire, where deep weathering creates distinct geochemical signatures above gold deposits.

Why it matters for investors

The technique offers several compelling advantages for exploration companies and their investors:

• Cost-effective method for covering large areas quickly

• Proven technique for identifying drill targets in West Africa

• Essential first step before expensive drilling programmes

• High success rate in the Birimian geological setting

The dU measurement unit represents “detection units” – a proprietary measurement used by the PortablePPB system that correlates with traditional gold-in-soil concentrations. Additionally, values above 15 dU are considered anomalous and warrant follow-up investigation.

Strategic Location and Geological Context

The discovery at MetalsGrove Mining Ltd’s Zuénoula project sits within the company’s expanding Central West Gold Project, which now encompasses 1,315 km² across four permits strategically positioned along the prolific Abujar-Napié gold trend. However, this location offers significant advantages beyond its size alone.

Geographic Positioning

The project benefits from its strategic position within an established gold corridor:

• 100km north of the producing Abujar Gold Mine

• 160km south of the Napié Gold Deposit

• Adjacent to MetalsGrove’s existing Kounahiri West and Vavoua permits

• Contiguous exploration corridor with shared geological characteristics

Geological Setting

The gold anomaly occurs within a NE-trending belt of mafic volcanic rocks positioned on the northwest side of an interpreted granite intrusion. In addition, this geological setting mirrors many successful gold discoveries throughout West Africa’s Birimian greenstone belts, which host multiple multi-million-ounce gold deposits.

Exploration Timeline and Next Steps

MetalsGrove’s systematic exploration approach ensures efficient target development across multiple phases. Furthermore, the discovery at MetalsGrove Mining Ltd’s Zuénoula project has accelerated planning for subsequent exploration phases.

Immediate Phase (Q1 2026)

The company has outlined clear priorities for the current quarter:

1. 1. Complete remaining 120 regional soil samples at 1km spacing

1. 1. Conduct 90 infill samples at 400m spacing over anomalous zone

1. 1. Deploy second sampling crew to accelerate progress

1. 1. Extend sampling to adjacent Vavoua permit (PR-454)

Follow-up Phase (Q2 2026)

Subsequently, the company plans more intensive exploration activities:

1. 1. Higher-density infill sampling to define drill targets

1. 1. Ground-based geophysical surveys if warranted

1. 1. Drilling programme planning and permitting

1. 1. Expansion to additional permits upon tenure granting

The PortablePPB technology provides results within 48 hours of sample collection, enabling immediate decision-making and programme optimisation. This represents a significant competitive advantage in fast-moving exploration environments.

Investment Thesis: Why This Discovery Matters

The discovery at MetalsGrove Mining Ltd’s Zuénoula project represents several compelling investment factors converging simultaneously. Moreover, these elements create a strong foundation for potential value creation in the coming exploration phases.

Technical Validation

The recent results provide robust technical validation of the company’s exploration model:

• First significant gold anomaly confirms geological models

• 13 km² target area suggests substantial exploration potential

• Results align with successful discoveries throughout the region

• Innovative technology provides competitive exploration advantage

Strategic Positioning

The project’s location within a proven gold corridor offers numerous advantages:

• 1,315 km² land package along proven gold corridor

• Proximity to existing mines and deposits validates regional prospectivity

• Contiguous permit holdings enable systematic exploration approach

• Côte d’Ivoire’s mining-friendly jurisdiction reduces political risk

Execution Capability

Management has demonstrated strong operational execution capabilities:

• Rapid deployment demonstrates operational efficiency

• Four weeks from agreement signing to field results

• Professional exploration team with 40+ years regional experience

• Scalable approach suitable for large land holdings

West Africa’s Birimian greenstone belts contain approximately 35% of the world’s Proterozoic gold production, with Côte d’Ivoire representing a key component. However, recent discoveries in similar geological settings have attracted major mining companies and significant investment.

Why Investors Should Follow MetalsGrove

The discovery at MetalsGrove Mining Ltd’s Zuénoula project positions the company as an emerging player in one of the world’s most prolific gold-producing regions. Nevertheless, several factors make this company particularly compelling for investors seeking exposure to African gold exploration.

Competitive Advantages

The company has established several key differentiators within the competitive exploration landscape:

• Innovative exploration technology reducing discovery timelines

• Strategic land position along proven mineralised corridor

• Experienced management team with regional expertise

• Systematic exploration approach maximising discovery potential

Upcoming Catalysts

Furthermore, multiple catalysts could drive share price performance over the next 12-24 months:

• Q1 2026: Completion of initial soil sampling programmes

• Q2 2026: Potential drilling programme commencement

• 2026: Results from additional permit areas

• Medium-term: Resource definition and development studies

Financial Position

The company’s ability to rapidly deploy field teams and establish innovative laboratory facilities demonstrates adequate funding for current exploration phases. In addition, this positions the company for potential significant value creation through systematic target development.

MetalsGrove has established itself as an innovative explorer in West Africa’s premier gold district, with the Zuénoula discovery validating both its technical approach and strategic positioning. With multiple permits across 1,315 km² of highly prospective ground and cutting-edge exploration technology, investors should monitor upcoming results as the company advances toward potential drilling programmes and resource definition.

The combination of proven geological settings, innovative exploration techniques, and systematic development approach positions MetalsGrove for potential significant discoveries in one of the world’s most prolific gold regions. Consequently, as soil sampling extends across the broader project area and results continue flowing in, the company represents a compelling opportunity for investors seeking exposure to early-stage gold exploration with substantial upside potential.

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