Verity Resources Declares 66,200oz Maiden Indicated Resource at Monument Gold

Verity Resources Delivers Maiden Indicated Resource at Monument Gold — A Step-Change in Geological Confidence

Verity Resources Limited (ASX: VRL) has announced a materially upgraded Mineral Resource Estimate (MRE) for its 100%-owned Monument Gold Project in Western Australia's Laverton Goldfields, headlined by a maiden Indicated Resource of 1.18Mt @ 1.75g/t Au for 66,200 ounces of contained gold. The Verity Resources Monument Gold maiden Indicated Resource update, underpinned by an 11,000-metre infill drill program, elevates the project from an entirely Inferred resource base — as reported in 2021 — to one anchored by a classified Indicated Resource, the majority of which sits within an open-pit optimisation shell. This is a high-materiality milestone that directly strengthens the technical foundation for development studies.

From Inferred to Indicated: Why This Upgrade is a Game-Changer

The distinction between Inferred and Indicated resources is more than a classification technicality — it is the difference between an early-stage exploration target and a resource robust enough to underpin serious mine planning. The 2021 MRE for Monument was reported entirely as Inferred. The 2026 update changes that picture substantially.

The key headline metrics of the updated MRE are as follows:

Of the 66,200 Indicated ounces, 57,000 ounces sit within the open-pit optimisation shell at a 0.5 g/t Au cut-off — directly amenable to potential open-pit mining and forming the cornerstone of near-term development planning.

Alongside the open-pit component, the update has also defined a first-time underground Mineral Resource of 1.37Mt @ 1.75 g/t Au for 77,100 ounces (Indicated + Inferred) below the Korong and Waihi pit shells — sitting in fresh rock at a 1.0 g/t Au cut-off and representing a meaningful depth-extension component.

Director Patrick Volpe commented: "This is an important technical milestone for Verity. The 2025–2026 drill program was specifically designed to convert a defined portion of the Korong and Waihi resource envelopes into the Indicated category, and that objective has been delivered — with a 66,200oz maiden Indicated Resource, the vast majority of which is amenable to open-pit mining at attractive grade."

A Closer Look: The Full Resource Breakdown

The updated MRE is structured across two mining scenarios — open pit and underground — each with its own cut-off grade and reporting framework.

Open Pit Component (0.5 g/t Au cut-off, within optimised pit shells):

Underground Component (1.0 g/t Au cut-off, fresh rock below pit shells):

The Waihi deposit stands out for its grade profile, with the Waihi open-pit Indicated component sitting at 2.11 g/t Au and the Waihi underground Indicated component at 2.40 g/t Au — among the highest-grade components of the entire resource envelope.

Understanding What "Indicated Resource" Actually Means for Investors

What is an Indicated Mineral Resource?

Under the JORC Code (2012), mineral resources are classified across three confidence tiers:

• Inferred: Lowest confidence. Geological continuity is implied but not demonstrated. Cannot be used to support detailed mine plans or feasibility studies.
• Indicated: Moderate to high confidence. Geology and grade continuity is sufficiently well understood to support mine planning studies, including scoping and pre-feasibility assessments.
• Measured: Highest confidence. Used in full feasibility studies and underpins Ore Reserve declarations.

Why Does This Matter for Investors?

The conversion of an Inferred resource to the Indicated category is a critical de-risking milestone. It signals that the underlying geology has been validated to a standard where the resource can credibly support economic studies. For Monument, this conversion — achieved through infill drilling at a nominal 25m x 25m spacing and validated with twin holes — clears a key technical hurdle on the path toward development.

Glossary of Key Terms

What Distinguishes the 2026 MRE from the 2021 Estimate

The 2026 MRE is not simply a larger version of the 2021 estimate. Three structural differences mark it as a materially more advanced and credible resource:

1. Confidence: The entire 2021 MRE was classified as Inferred. The 2026 MRE introduces 66,200 ounces of Indicated resource — a category simply absent from the prior estimate.

2. Grade uplift of approximately 20%: Refined geological domaining and twinned-hole validation have produced tighter, better-constrained mineralisation domains. Korong's grade has risen from 1.4 g/t Au in 2021 to 1.68 g/t Au in 2026.

3. Reporting discipline: The 2026 MRE applies a rigorous RPEEE framework — constraining open-pit material within optimised pit shells at a $5,500/oz AUD gold price assumption, and limiting underground material to fresh rock at a 1.0 g/t Au cut-off. Lower-grade marginal material that does not meet economic extraction thresholds has been deliberately excluded.

The company has been transparent that these changes result in fewer total ounces than an unconstrained comparison might suggest. According to Verity's management, "reporting fewer ounces with greater confidence is the appropriate outcome of a well-designed resource definition program."

A Clear Two-Stage Development Pathway Has Emerged

One of the most significant outcomes of the Verity Resources Monument Gold maiden Indicated Resource update is the emergence of a clearly defined two-stage development structure.

Stage 1 — Near-Term Open Pit

• 57,000 Indicated ounces within the open-pit optimisation shell
• 0.5 g/t Au cut-off, modelled within an AUD $5,500/oz pit optimisation shell
• Metallurgical recoveries of 89.0–92.75% established from prior testwork at Korong
• Toll treatment with 40km haulage factored into RPEEE modelling
• Third-party processing options in the Laverton region under assessment

Stage 2 — Underground Depth Extension

• 77,100 ounces (Indicated + Inferred) in fresh rock below the Korong and Waihi pit shells
• Sits directly below the planned open-pit footprint — a natural mine-life extension scenario
• Provides long-term optionality without requiring separate surface access

This structure positions Monument as a project with a defined near-term entry point and a longer-term growth dimension built in from the outset.

Environmental and Heritage Workstreams: Early-Stage Findings Are Constructive

Environmental and stakeholder workstreams have progressed alongside the resource definition program. Key findings to date include:

• Flora and fauna survey completed over the proposed open pit footprint areas — no issues identified beyond normal Western Australian Goldfields considerations
• Groundwater testing at Korong shows neutral to mildly alkaline water with moderate salinity, comparable with nearby operations
• Acid-Base Accounting (ABA) testwork at Korong indicates non-acid forming (NAF) material with strong neutralising capacity in the footwall waste rock — no elevated acid or metal drainage risk identified
• Archaeological survey completed over the proposed mine footprint — sufficient space confirmed for open-pit operations and associated infrastructure without impacting Aboriginal heritage

These findings are early-stage and, furthermore, additional studies will be required as the project advances. However, no material impediments to potential development have been identified at this stage.

20km of Largely Untested BIF Strike Remains the Exploration Wildcard

The Korong and Waihi deposits currently underpin the MRE, but they represent only a small portion of Monument's total prospective footprint. The project sits within approximately 405km² of tenure in the Laverton Goldfields and hosts approximately 20km of prospective BIF strike — the same geological unit interpreted to host Genesis Minerals' (ASX: GMD) 1.4Moz Westralia deposit, located approximately 20km to the southeast.

The Monument project is also adjacent and along strike from Genesis Minerals' 3.3Moz Mt Morgan Project.

Only a small proportion of this 20km BIF strike length has been drilled with detailed air core and reverse circulation drilling to date. The 2025–2026 drill program extended mineralised strike at both Korong and Waihi, with mineralisation remaining open at both ends and at depth. Consequently, approximately 60 priority targets have been identified along the BIF horizon and broader syenite-intrusion hosted settings.

This exploration upside sits outside the current MRE entirely and represents a distinct and substantial organic growth dimension.

Next Steps: A Focused Near-Term Work Program

With the Indicated resource now in hand, Verity has outlined a clear set of next steps:

The combination of a near-term Indicated-category resource study pathway and active exploration drilling targeting resource growth presents investors with two distinct value drivers operating in parallel.

Why Investors Should Watch Verity Resources

Verity Resources enters a new phase of its development with a project that has substantially de-risked its geological foundation over the past 12 months. In addition, the Verity Resources Monument Gold maiden Indicated Resource update provides a compelling technical platform from which scoping and pre-feasibility studies can now advance.

Key reasons to monitor the company:

• Maiden Indicated Resource declared: 66,200 ounces at 1.75 g/t Au — a category that was entirely absent from the 2021 estimate and that unlocks the ability to advance scoping and pre-feasibility studies
• Grade improvement: A ~20% grade uplift at Korong relative to the 2021 MRE, driven by tighter geological domaining and twinned-hole validation
• Two-stage development structure: Open-pit starter operation with an underground depth extension component already defined and sitting directly below the pit footprint
• Strong metallurgical results: Prior testwork at Korong demonstrated average recoveries of 92.75%, a figure factored into the RPEEE pit optimisation modelling
• 20km of largely untested BIF strike: With ~60 priority targets identified and mineralisation open at both Korong and Waihi, the resource growth story is only beginning
• Established gold address: Located in the Laverton Goldfields adjacent to Genesis Minerals' multi-million-ounce project — a jurisdiction with demonstrated production infrastructure and third-party processing options

Key Takeaway:
Verity Resources has delivered a technically credible, development-ready resource at Monument Gold — combining a maiden Indicated Resource suitable for mine planning studies with a newly defined underground extension and a 20km exploration corridor that has barely been tested. With scoping-level studies and follow-up drilling both advancing, Monument is transitioning from a resource definition story into an early-stage development story, with meaningful exploration upside attached. Investors with an interest in Australian junior gold development should keep Monument firmly on their radar.

Ready to Learn More About Verity Resources and the Monument Gold Project?

Verity Resources (ASX: VRL) has taken a decisive step forward with its maiden Indicated Resource at Monument Gold — unlocking the technical foundation required to advance scoping and pre-feasibility studies on a project with a clearly defined two-stage development pathway and significant exploration upside across 20km of largely untested BIF strike. For investors seeking exposure to an emerging Australian junior gold developer with a de-risked resource base and multiple near-term catalysts, Monument Gold warrants close attention. Visit verityresources.com.au to learn more about the company and the Monument Gold Project.