Cosmo Metals Confirms High-Grade Copper Gold Silver at Bingara Ahead of Drilling

Cosmo Metals Confirms High-Grade Copper-Gold-Silver at Bingara, Advances Toward First-Ever Drilling

Cosmo Metals Ltd (ASX: CMO) has delivered a significant exploration update from its Bingara Project in northern New South Wales, with rock chip sampling confirming exceptional multi-metal grades across the Everest-Mona-Victory Trend. This Cosmo Metals Bingara high grade copper gold silver drilling update includes peak results of 4.93% Cu, 11.65 g/t Au, and 204 g/t Ag at the Mona Prospect, alongside a standout copper hit of 7.94% Cu at the newly tested Sweet Nell Prospect.

Furthermore, the company is now advancing toward the first-ever drill testing of this 5km mineralised corridor—a milestone that has never been reached across more than a century of intermittent exploration activity at the site.

Key headline results from 54 rock chip samples collected in December 2025 and February 2026 include:

• 10 out of 54 samples returned greater than 1% copper
• 8 samples returned greater than 0.5 g/t gold, peaking at 11.65 g/t Au
• 7 samples returned greater than 20 g/t silver, peaking at 204 g/t Ag
• Peak copper of 7.94% Cu from an oxide sample at Sweet Nell Prospect, located approximately 1km east of Everest
• Sample CBR0005 returned 3.20% Cu, 4.14% Zn, 3.18 g/t Au, 48.3 g/t Ag, and 730 ppm Co—a classic VMS polymetallic signature

These results not only confirm the presence of high-grade volcanic-hosted massive sulphide (VMS) copper mineralisation, but also reveal an important secondary overprint of intrusion-related gold and silver—a combination that materially upgrades the prospectivity of the entire corridor.

A Belt-Scale Opportunity Coming Into Focus

The Bingara Project covers approximately 743 km² within the New England Orogen of northern NSW—a geologically rich region with a long history of high-grade copper, gold, and antimony production, yet remarkably underexplored in modern terms. The Bingara VMS belt itself extends for a nearly continuous 20km strike length, hosted within the basaltic volcanics and associated sediments of the Nangahrah Formation.

The Everest-Mona-Victory Trend occupies a 5km section of this broader belt and represents the current focus of Cosmo's systematic exploration programme. The trend is defined by:

• A magnetically "quiet" (demagnetised) corridor confirmed to host suitable stratigraphy and alteration for high-grade copper-rich VMS mineralisation
• Historic copper mines worked in the early 1900s at Everest, Mona, and Victory—none of which have ever been drilled
• Coincident copper-in-soil anomalies, geological mapping, high-resolution LiDAR interpretation, and airborne magnetics data that together define a compelling, layered dataset now ready for drill targeting

In addition, the project sits within a region with no known drilling in approximately 30 years, meaning Cosmo is effectively approaching virgin ground with modern exploration tools.

What Is the Managing Director Saying?

"We have taken a systematic approach to exploration at the Everest-Mona-Victory Trend; collecting, compiling and interpreting the layers of geophysical, geochemical and geological data at this previously unexplored high conviction prospect to have us poised to progress towards the first ever drilling.

"The exceptional high grade gold and silver results associated with high grade copper received from this latest round of work, combined with the infield mapping and interpretation of the geological formations and structures, highlights the potential for high grade mineralised VMS horizons with an intrusion related gold-silver overprint in the Everest-Mona-Victory Trend."

— Managing Director Ian Prentice

What the Rock Chip Data Is Telling Us

The table below summarises the most significant rock chip results from the current programme, drawn from the Mona, Everest, Victory, and Sweet Nell prospects:

Two distinct mineralisation styles are now confirmed within the one trend:

1. Primary VMS copper-zinc mineralisation—expressed as massive and stringer sulphides (chalcopyrite-pyrite dominant), consistent with a Besshi-Cyprus style deposit. Cobalt-bearing and pyrite-dominant massive sulphide samples represent a target for electromagnetic (EM) geophysics.

2. Intrusion-related gold-silver overprint—expressed as silica-pyrite veining and cross-cutting stringer chalcopyrite, with gold grades up to 11.65 g/t Au and silver to 204 g/t Ag. The presence of molybdenum to greater than 200 ppm, bismuth, and tellurium anomalism further supports this secondary mineralising event.

The geological team notes that the combination of these two mineralisation styles—occurring coincidentally and in close spatial proximity—materially increases the prospectivity of the corridor and defines a key exploration target where both styles can be tested together.

Understanding VMS Deposits: Why Does the Mineralisation Type Matter?

Volcanic-Hosted Massive Sulphide (VMS) deposits are a style of base and precious metal mineralisation formed on ancient seafloors, where superheated metal-bearing fluids vented into cold seawater and precipitated dense concentrations of sulphide minerals—primarily pyrite, chalcopyrite (copper), sphalerite (zinc), and galena (lead).

For investors, VMS deposits matter for several reasons:

• They are typically high-grade—copper grades of 2–5% and gold grades of several grams per tonne are not uncommon
• They occur in clusters (called "camps"), meaning the discovery of one deposit often leads to additional nearby discoveries within the same host horizon
• The Cyprus style specifically—which the Cosmo team has identified indicators of at Everest-Mona-Victory—tends to produce modest-tonnage but high-grade copper-dominant systems that may repeat along a belt

The Cosmo geological team has noted that combined Cu+Zn grades exceeding 7% at some sample points are reminiscent of Cyprus style VMS mineralisation, and that if confirmed by drilling, the belt-scale setting offers scope for a multi-deposit "camp" discovery across the broader 20km Bingara VMS trend.

Key Technical Terms Explained

What Has Been Built to Get Here?

Cosmo has invested the past twelve months in building a layered, systematic exploration dataset across the Everest-Mona-Victory Trend—a disciplined approach that is now underpinning drill targeting. The data assembled includes:

• High-resolution airborne magnetics (UAV Sub-Audio Magnetics survey) flown between January and April 2025, confirming the demagnetised VMS corridor over a current mapped 5km strike length
• LiDAR survey covering 484 km², flown May 2025, producing 1m resolution digital elevation models that identified historic mine workings and structural features across the tenure
• Systematic soil geochemical sampling supported by a NSW Government Critical Minerals and High-Tech Exploration Programme Grant, defining three major areas of copper anomalism up and down stratigraphy
• Geological mapping completed November 2025 through March 2026, confirming the lithological controls on geochemical anomalies
• Rock chip sampling (December 2025 and February 2026) providing the high-grade assay results now reported

This multi-layer approach has allowed the team to move from broad regional targeting to specific drill collar selection—a process that the Managing Director describes as having the company "poised" for first-ever drilling.

Forward Work Programme: The Path to the Drill Bit

Cosmo has now entered the pre-drilling phase at the Mona Prospect, with work progressing on multiple parallel tracks:

1. Drill collar selection—Proposed collar positions and high-priority target zones have been identified at Mona, with RC or diamond drilling methods under consideration
2. Stakeholder engagement—The company is advancing all necessary approvals and authorisations required prior to drilling
3. **Downhole EM (DHEM)**—A programme of downhole electromagnetic surveys is planned to follow the initial drilling campaign, with the objective of identifying lateral extensions of any massive sulphide bodies confirmed by drilling
4. Star of Bingara to Lone Hand Gold Trend—Assay results from rock chip samples at this separate gold trend remain pending; once received, results will inform geological mapping and potential drill target definition
5. Antimony Gully Prospect—Pending assay results will also guide prioritisation of an auger-based soil sampling programme across this high-priority target

This Cosmo Metals Bingara high grade copper gold silver drilling update positions the company at a critical inflection point, where systematic exploration work is translating directly into drill-ready targets.

The Investment Case: Why Does This Announcement Matter?

Several elements of this result combine to make it a genuine exploration step-change for Cosmo. However, it is worth examining each key factor individually.

Dual mineralisation types confirmed together. The co-occurrence of VMS copper-zinc mineralisation and an intrusion-related gold-silver overprint in the same corridor is geologically significant. It means exploration drilling can simultaneously target both deposit styles—effectively doubling the value proposition of each drill hole.

First-ever drilling approaching. Despite historic copper mining activity dating to the early 1900s, the Everest-Mona-Victory Trend has never been drilled. Cosmo will be the first company to test depth extensions and the continuity of these high-grade surface expressions—a rare opportunity in a well-endowed geological belt.

Scale potential is substantial. The discovery of Sweet Nell mineralisation approximately 1km east of Everest, returning 7.94% Cu, suggests that prospective horizons may be stacked—extending the system vertically as well as along strike. The broader corridor already shows copper-in-soil anomalies, mapped alteration, and high-grade surface expressions across multiple prospects including Everest, Mona, Victory, Sweet Nell, and Fensons.

Systematic dataset reduces exploration risk. Cosmo has assembled airborne magnetics, LiDAR, geological mapping, soil geochemistry, and surface sampling—all of which align to define the same mineralised corridor. Drill targets are being defined from multiple converging datasets rather than a single surface expression.

Why Should Investors Watch Cosmo Metals Closely?

Cosmo Metals offers a focused exposure to a pre-drilling, high-grade copper-gold-silver discovery opportunity in a Tier-1 Australian jurisdiction. The combination of systematic exploration execution, a compelling multi-metal surface geochemistry dataset, and an imminent first-ever drill programme creates a clearly defined near-term catalyst.

The Bingara Project's broader footprint—covering 743 km² across multiple prospects including gold, antimony, copper, and now dual-style VMS-IRG mineralisation—means that newsflow from Cosmo is unlikely to be limited to a single target. Pending assay results from the Star of Bingara to Lone Hand Gold Trend and the Antimony Gully Prospect represent additional near-term catalysts sitting in the pipeline.

For investors seeking leveraged exposure to copper and gold exploration in a geological setting with demonstrated high-grade mineralisation and genuine discovery potential, Cosmo Metals represents a company at a clear inflection point—moving from data collection to drill bit.

The confirmation of two distinct but coincident mineralisation styles within the Everest-Mona-Victory Trend means that the upcoming drilling programme will test both VMS copper-zinc potential and intrusion-related gold-silver systems simultaneously. This dual-target approach effectively doubles the discovery potential of each drill hole and underscores why this Cosmo Metals Bingara high grade copper gold silver drilling update represents a material step forward for the company.

Key Takeaway:

"Cosmo Metals has systematically built one of the most compelling pre-drill copper-gold-silver exploration packages in NSW, with the Everest-Mona-Victory Trend now confirmed to host both high-grade VMS copper-zinc and intrusion-related gold-silver mineralisation. With the first-ever drilling at this historically mined, never-drilled corridor now advancing toward execution, this Cosmo Metals Bingara high grade copper gold silver drilling update positions investors to monitor closely as this belt-scale story moves from surface to depth."

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