Verity Resources Launches First-Pass Exploration at Botswana PL123/2024

Verity Resources Kicks Off First-Pass Exploration Across 903 km² Botswana Licence

Verity Resources Ltd (ASX: VRL, FSE: 48B0) has commenced first-pass soil geochemical sampling and geological mapping across its recently granted PL123/2024 in southeast Botswana. The Verity Resources exploration at Botswana PL123/2024 near Selebi nickel copper mine is now underway across a 903 km² licence situated within the Limpopo Mobile Belt, a district that hosts the long-life Selebi nickel-copper (Ni-Cu) mine and Verity Resources Ltd's existing Maibele North, Airstrip and Dibete projects.

According to the ASX announcement, the program is designed to screen PL123/2024 for copper, silver, gold, nickel and cobalt and to generate targets for ground geophysics and potential maiden drilling.

"Botswana is fast-becoming a highly sought after critical metals jurisdiction. The commencement of this program marks an important step in unlocking the exploration potential of PL123/2024. The Limpopo Mobile Belt is a world-class nickel-copper and critical metals district, and with 2,868km² of tenure we have an opportunity to identify additional new prospects in a proven address where we have already made high grade copper-silver and nickel-copper discoveries. This first-pass program will give us the geochemical and geological data needed to prioritise targets for ground geophysics and drilling."

— Patrick Volpe, Director, Verity Resources Ltd

According to Verity Resources Ltd, PL123/2024 is 100% owned through its subsidiary African Metals (Pty) Limited and forms part of a 2,868 km² critical metals landholding in eastern Botswana.

Geological Context: Targeting Analogous Rocks to Selebi

The new program is framed around a clear geological comparison. PL123/2024 lies in the Central Zone of the Limpopo Mobile Belt and is underlain by:

• Archaean metasedimentary gneiss
• Mafic–ultramafic amphibolite units

These rock units are described as the same host lithology that contains the Selebi Phikwe Ni-Cu mine, located approximately 20 km west of PL123/2024.

Selebi Mine Data for Regional Context

The Selebi mine, now owned by NexMetals Mining Corp (NASDAQ: NEXM), has a long operational history and remains a key reference point for the district:

According to NexMetals' NI 43-101 Mineral Resource update (effective 30 June 2024), the Selebi project currently reports:

NexMetals has furthermore disclosed that the project received a US$150 million Letter of Interest from the Export-Import Bank of the United States in July 2025.

The Verity Resources Ltd announcement stresses that this information is provided for regional geological context only:

• The Selebi deposit is not owned by Verity Resources Ltd.
• The NI 43-101 resource has not been reported under the JORC Code 2012.
• Mineralisation at Selebi is not necessarily indicative of mineralisation on PL123/2024 or other Verity Resources Ltd projects.

From a geological perspective, both Selebi and PL123/2024 are situated within the same broader Archaean metasedimentary sequence with mafic–ultramafic intrusions — a rock setting that globally is considered highly prospective for Ni-Cu sulphide systems.

Program Outline: What First-Pass Work Looks Like on PL123/2024

The current activity on PL123/2024 is clearly defined as first-pass. The intent is to gather baseline data across the large licence area before committing to more intensive and higher-cost work.

Field Program Parameters

According to the ASX announcement, the program includes:

• Soil sampling
  • Approximately 200 soil samples
  • Lines oriented perpendicular to the regional NE-SW strike
  • Sample stations spaced at roughly 50 metres

• Geological mapping
  • Documentation of:
    • Lithological contacts (boundaries between different rock types)
    • Structural trends (folds, faults and shear zones)
    • Alteration patterns that may be associated with mineralisation

• Assay suite
  • Samples to be tested for Cu, Ag, Au, Ni and Co
  • Samples to be sent to ALS South Africa, an accredited laboratory

Soil geochemistry is being paired with existing airborne electromagnetic (AEM) Geotem data sourced from the Botswana Geoscience Institute. Consequently, Verity Resources Ltd reports that coincident soil and AEM anomalies will be prioritised for follow-up.

Planned Exploration Workflow

The staged workflow outlined in the announcement is as follows:

1. Soil sampling and mapping across PL123/2024 (current phase).
2. Integration with Geotem AEM data to identify overlapping geochemical and geophysical anomalies.
3. Ground electromagnetic and magnetic surveys on priority anomalies, subject to results.
4. Generation of maiden drill targets based on combined datasets.

For investors, this sequencing indicates that drilling is not yet scheduled, and future work will be contingent on the findings of the current soil and mapping program.

Educational Section: Understanding the Limpopo Mobile Belt and Target Styles

What Is the Limpopo Mobile Belt?

The Limpopo Mobile Belt is described in the announcement as a Proterozoic orogenic belt. In simple terms:

• Orogenic belt — A region where ancient tectonic forces caused strong deformation, folding and metamorphism of rocks.
• Proterozoic age — These rocks formed roughly between 2.5 billion and 541 million years ago.

Such belts commonly host mafic and ultramafic intrusions, which are dark-coloured, magnesium and iron-rich rocks. When these magmas cool, they can concentrate sulphide minerals that contain nickel, copper and cobalt.

Key Mineralisation Styles Being Targeted

Verity Resources Ltd identifies three principal target types within PL123/2024:

• Orthomagmatic Ni-Cu-(Co, PGE) sulphide mineralisation — Forms directly from cooling magma that separates a sulphide liquid. This sulphide liquid can trap nickel, copper, cobalt and platinum group elements (PGEs). This is the style reported at Selebi and at Verity Resources Ltd's Maibele North resource.

• Structurally controlled high-grade Cu-Ag — Copper and silver mineralisation controlled by faults, shear zones or other structural features. This style is already reported at Verity Resources Ltd's Airstrip and Dibete prospects.

• Shear-zone hosted gold — Gold hosted in zones of intense shearing and deformation. This style is documented within the Limpopo Mobile Belt and occurs as an accessory metal at Maibele North.

Glossary of Key Technical Terms

• Archaean metasediments: Very old (>2.5 billion years) sedimentary rocks that have been altered by heat and pressure.
• Mafic–ultramafic amphibolite: Dark, dense metamorphic rocks rich in magnesium and iron, commonly associated with nickel and copper systems.
• Orthomagmatic sulphide deposit: A deposit where metal-bearing sulphides crystallise directly from cooling magma.
• Geotem AEM: An airborne electromagnetic survey system that measures variations in the ground's electrical conductivity, useful for detecting sulphide bodies.
• CuEq (copper equivalent): A way of expressing the combined value of multiple metals as an equivalent copper grade.

For investors without a technical background, the core concept is that the Limpopo Mobile Belt has a long-recognised combination of rock types and tectonic features that are commonly linked to Ni-Cu-Co sulphide and associated precious metal systems.

PL123/2024 Within Verity's Botswana Portfolio

PL123/2024 is presented as an extension of Verity Resources Ltd's established land position in eastern Botswana.

Existing Botswana Assets

The company's ASX announcement summarises the following Botswana projects:

All Botswana tenements are reported as 100% owned by Verity Resources Ltd or its subsidiaries. The company states that the total Botswana landholding is 2,868 km² across the Limpopo Mobile Belt.

Location and Infrastructure Context

PL123/2024 sits adjacent and to the south of Verity Resources Ltd's existing Botswana portfolio and lies approximately 20 km east of the Selebi Ni-Cu mine and processing facility. It is, furthermore, within a district that already hosts:

• Rail infrastructure
• Water storage
• Tailings facilities

The Selebi complex has been on care and maintenance since 2016 but is reported to remain fully permitted. From an investment standpoint, the presence of regional-scale infrastructure can be relevant if future discoveries progress to development, though this remains subject to exploration outcomes and economic assessment.

Beyond Botswana: Verity Resources Ltd as a Multi-Asset Explorer

The ASX announcement also reiterates that Verity Resources Ltd is not solely focused on Botswana.

Monument Gold Project, Western Australia

Verity Resources Ltd owns 100% of the Monument Gold Project near Laverton, Western Australia. The project hosts a JORC (2012) Mineral Resource Estimate (MRE) of:

The company notes that a maiden Indicated Resource was declared in May 2026 and refers to the ASX announcement dated 12 May 2026 for further detail.

Brazil Critical Metals Portfolio

Verity Resources Ltd also holds critical metals exposure in Brazil through joint ventures, including:

• Rare earth elements (REE)
• Lithium
• Gold, base and precious metals

The licences are situated in "Lithium Valley" and Poços de Caldas in Minas Gerais, as well as the Pimenta Project, of which Verity Resources Ltd owns 70%, described as a potential large-scale REE project in eastern Minas Gerais.

These additional assets position the company in multiple commodity classes including gold, REE, lithium, nickel, copper, cobalt and silver, diversifying its exploration profile across Australia, Botswana and Brazil.

Key Points for Investors to Monitor

In terms of near-term catalysts specifically linked to the Verity Resources exploration at Botswana PL123/2024 near Selebi nickel copper mine, the announcement suggests the following sequence:

1. Completion of soil sampling and mapping — Approximately 200 soil samples to be collected and dispatched to ALS South Africa.
2. Assay results from PL123/2024 — Results for Cu, Ag, Au, Ni, Co and selected pathfinder elements, expected to guide early interpretation of anomalous areas.
3. Integration with AEM (Geotem) data — Focus on areas where soil anomalies overlap with conductive features in the AEM data.
4. Follow-up ground EM and magnetics (subject to results) — Higher resolution surveys to refine potential sulphide targets.
5. Potential maiden drilling — To be considered once sufficient geochemical and geophysical evidence supports specific targets.

No explicit timetable is given in the ASX announcement for these steps. Progress is described as dependent on the results of the soil sampling and subsequent interpretation.

Why the Current Botswana Work Is Relevant to the Investment Case

From an investor perspective, the current update on PL123/2024 links into several broader themes within Verity Resources Ltd's strategy:

• District-scale position in a proven Ni-Cu belt — 2,868 km² in the Limpopo Mobile Belt, with an existing JORC resource at Maibele North and previous high-grade Cu-Ag results at Airstrip and Dibete.

• Proximity to a long-life Ni-Cu operation — PL123/2024 is ~20 km from the Selebi mine, which produced over 40 Mt of Ni-Cu ore over 36 years and now hosts a NI 43-101 CuEq resource (NexMetals data). However, Selebi's mineralisation is not necessarily indicative of outcomes on Verity Resources Ltd ground.

• Structured, early-stage exploration methodology — The company is using soil geochemistry and existing geophysics to screen a large tenement prior to scheduling drilling, which may support more efficient capital allocation.

• Multi-commodity and multi-jurisdiction exposure — Nickel, copper, cobalt, silver, gold and PGEs in Botswana; gold resources at Monument in Western Australia; and REE and lithium potential in Brazil.

The initiation of first-pass work at PL123/2024 does not itself change the resource base of Verity Resources Ltd. Nevertheless, it does extend exploration coverage across a new 903 km² licence within the same regional geological corridor as the company's existing Botswana projects. Investors are likely to focus on upcoming soil assay results and subsequent target definition as the main technical indicators of whether Verity Resources exploration at Botswana PL123/2024 near Selebi nickel copper mine may contribute materially to the broader portfolio over time.

Ready to Learn More About Verity Resources and Its Critical Metals Portfolio?

Verity Resources Ltd (ASX: VRL) is advancing a district-scale critical metals exploration programme across 2,868 km² in Botswana's Limpopo Mobile Belt, alongside a gold resource in Western Australia and a growing critical metals footprint in Brazil. With first-pass exploration now underway at PL123/2024 and a clear pathway to target generation and potential drilling, investors looking to follow the company's progress can visit the official Verity Resources website for the latest updates, project details and corporate information.