Verity Resources Achieves Near-97% Gold Recoveries at Waihi Monument Project

Near-Perfect Gold Recoveries at Waihi Cement Verity Resources' Path to a Single, Unified Mine

Verity Resources (ASX: VRL) has delivered another significant metallurgical milestone, with Verity Resources Waihi gold recoveries at Monument Gold Project reaching gold recoveries approaching 97% across both principal geological domains. The results, derived from gravity separation followed by cyanide leaching, confirm that Waihi's mineralisation responds exceptionally well to conventional processing — and when viewed alongside the previously reported Korong results, they build a compelling, project-wide metallurgical picture that meaningfully de-risks the path to mine development.

"These results from Waihi are highly encouraging and further validate the overall metallurgical quality of the Monument Gold Project. Both composites delivered recoveries approaching 97% at a 24-hour leach time, consistent with the strong results we observed at Korong. The similarity in recovery profiles across both deposits strengthens our conviction in a single, unified processing strategy for the project." — Director Patrick Volpe

What the Numbers Actually Say

The report detailed that two composite samples were prepared to represent the Waihi deposit's two main geological domains — a weathered saprock composite and a fresh rock composite. Both samples were deliberately diluted with one metre of immediately adjacent waste material to simulate realistic open-pit mining dilution, making these results particularly robust for mine planning purposes.

The headline figures speak for themselves:

Three things stand out immediately from this data:

1. Recoveries are exceptional and consistent. Both composites delivered recoveries within a fraction of one percentage point of each other, demonstrating that Waihi's gold responds predictably to conventional processing regardless of the geological domain.
2. Gravity recovery is meaningful at roughly 29% for both composites. This supports a conventional gravity front-end ahead of cyanide leaching — a straightforward, well-understood processing configuration that keeps capital and operating costs manageable.
3. Reagent consumption is low. Cyanide consumption of 0.51–0.62 kg/t and lime consumption of 0.50–1.45 kg/t are modest figures consistent with a lean, cost-efficient processing operation.

Korong and Waihi Together: A Unified Processing Story

The significance of the Waihi results is amplified considerably when placed alongside the Korong metallurgical results announced on 23 January 2026. Korong, the larger of the two deposits, returned an average recovery of 92.75% across four domain composites, with results ranging up to 98%.

The consistency of recovery profiles across both deposits — tested under identical laboratory conditions, the same sample selection methodology, and using the same laboratory (ALS Metallurgy Perth) — significantly strengthens the case for a single, unified processing plant. That represents a materially important operational and economic simplification.

Furthermore, a single processing flowsheet serving multiple deposits eliminates the cost and complexity of separate infrastructure — a meaningful consideration when assessing project economics at the feasibility study stage.

Understanding CIL Processing: Why the 24-Hour Mark Matters

Carbon-in-Leach (CIL) processing is the gold industry's most widely used hydrometallurgical recovery method, and understanding why recoveries are referenced at 24 hours helps investors appreciate the practical significance of these results.

What Is CIL?

In a CIL circuit, crushed and ground ore is mixed with a cyanide solution, which dissolves the gold. Activated carbon is added to the leach tanks simultaneously, adsorbing the dissolved gold as the slurry moves through a series of tanks. The gold-loaded carbon is then stripped and the gold refined.

Why Does 24 Hours Matter?

The 24-hour timeframe used in Verity's testwork directly approximates the typical residence time of ore slurry within a standard CIL processing plant. Reporting recoveries at this interval — rather than at 48 hours or beyond — gives investors a realistic picture of what a processing plant would actually achieve in commercial operation.

The company noted that testwork did record incrementally higher recoveries beyond 24 hours, however, the 24-hour figure remains the operationally meaningful benchmark.

Why Does It Matter to Investors?

High recoveries at 24 hours mean less ore needs to be mined to produce the same quantity of gold, consequently improving both revenue potential and cost efficiency. For a project still in the technical study phase, strong metallurgical recoveries are a foundational input to economic modelling — they directly influence projected revenue, operating costs, and ultimately the project's net present value.

Glossary of Key Terms

• CIL (Carbon-in-Leach): A gold processing method where cyanide leaching and carbon adsorption occur simultaneously in a series of tanks.
• Gravity Recovery: The proportion of gold recovered using gravitational separation equipment before cyanide leaching — coarser, denser gold particles are separated early, improving overall efficiency.
• BIF (Banded Iron Formation): A sedimentary rock formation that hosts gold mineralisation at both the Korong and Waihi deposits, characterised by alternating iron-rich and silica-rich bands.
• Saprock/Saprolite: Partially weathered rock near the surface — softer than fresh rock and often processed differently in metallurgical testwork.
• NaCN: Sodium cyanide, the primary reagent used in gold leaching. Lower consumption rates reduce operating costs.
• P80 106 micron grind: The particle size at which 80% of the sample passes through a 106-micron screen — a standard grind size for testwork of this nature.
• Comminution: The process of crushing and grinding ore to reduce particle size ahead of leaching — a key area for future testwork at Monument.

The Monument Gold Project: Scale, Location, and Upside

The metallurgical results sit within a broader project context that warrants investor attention. The Monument Gold Project covers approximately 405km² of tenure in Western Australia's Laverton Gold District — one of the country's most prolific gold-producing regions — located approximately 40km west of Laverton.

The Current Resource Base

What Makes the Location Compelling?

Monument sits adjacent and along strike from Genesis Minerals' (ASX: GMD) 3.3Moz Mt Morgan Project — a major, well-established gold project in the same district. In addition, the Korong and Waihi deposits occur along approximately 20km of relatively untested BIF strike length, interpreted to be the same geological unit hosting the 1.4Moz Westralia gold deposit immediately southeast of Monument.

Only a small proportion of that 20km BIF strike has been subjected to detailed drilling. The company has, however, identified approximately 60 priority targets along the BIF horizon and broader syenite-hosted settings, leaving substantial exploration upside beyond the current defined resource.

What Comes Next: The Path Toward Technical Studies

The completion of metallurgical testwork across both Monument deposits marks a structured progression toward more advanced mine development studies. According to the announcement, Verity has outlined the following planned next steps:

1. Advanced comminution testwork — No comminution testwork was conducted in this programme; this will be undertaken as part of more detailed mining studies.
2. Technical studies — The complete metallurgical dataset across Korong and Waihi now underpins the pathway toward formal technical and economic studies.
3. Continued exploration along the BIF — Approximately 60 identified priority targets along the BIF horizon and syenite-hosted settings represent the next phase of resource growth potential.
4. Resource development — The existing Indicated and Inferred resource base provides the foundation for advancing the project toward feasibility-stage analysis.

The Investment Case: Metallurgy De-Risks the Whole Project

Metallurgical risk is one of the most consequential — and often underappreciated — risks in early-stage gold project development. A project with excellent geology but poor metallurgy faces significant economic headwinds; recoveries that disappoint relative to expectations can fundamentally alter project economics and timeline.

Verity Resources Waihi gold recoveries at Monument Gold Project are, furthermore, building a track record that systematically addresses this risk. With six composite samples now tested across both deposits, all returning strong recoveries using conventional gravity plus cyanide leach processing, the project is demonstrating that its mineralisation behaves predictably, consistently, and in a manner amenable to low-cost, well-understood processing technology.

Key Pillars of the Monument Investment Case

• Proven metallurgy across all tested domains — recoveries of up to ~97% at Waihi and up to 98% at Korong using industry-standard conventional processing.
• Low reagent consumption — supports a lean cost structure and straightforward processing economics.
• Unified processing potential — similar recovery profiles across both deposits support a single processing plant, simplifying infrastructure planning.
• District-scale exploration upside — 20km of prospective BIF largely untested, with ~60 identified priority targets and proximity to multi-million-ounce neighbours.
• Strong geological analogues — mineralisation style and host geology consistent with the nearby 1.4Moz Westralia and Genesis Minerals' 3.3Moz Mt Morgan project.
• JORC-compliant resource base — 137,700oz at 1.72g/t Au with 66,200oz in the higher-confidence Indicated category.

Verity Resources Waihi gold recoveries at Monument Gold Project have now built a compelling, project-wide metallurgical dataset, with near-97% recoveries at Waihi complementing the previously reported Korong results. The consistent performance across six composites and two deposits, combined with low reagent consumption and meaningful gravity recoveries, validates a straightforward, low-cost conventional processing pathway.

With a 137,700oz resource base, approximately 60 identified exploration targets, and a clear runway toward technical studies, Monument Gold is a project that is systematically converting geological potential into tangible development momentum.

Ready to Dig Deeper Into Verity Resources' Monument Gold Project?

With near-perfect gold recoveries now confirmed across both the Waihi and Korong deposits, Verity Resources (ASX: VRL) is systematically de-risking what is shaping up to be a compelling single-mine development opportunity in Western Australia's prolific Laverton Gold District. From a 137,700oz JORC-compliant resource base to approximately 60 identified exploration targets along largely untested BIF strike length, the Monument Gold Project offers investors a clear development pathway backed by robust metallurgical fundamentals. To learn more about Verity Resources and the Monument Gold Project, visit the company's official website at www.verityresources.com.au.