Red Hill
Granted-licence Cu-Au VMS project near Oval and one of the Company's clearest near-term regional growth opportunity..
Sharga soum, Govi-Altai · Drilling
- Mining licence
- MV-019681
- Area
- 79.14 ha
- Ownership
- 100% owned
- Province
- Govi-Altai
Cautionary statement — The information presented is not materially different from the information presented and signed off by the competent person.
Overview
Red Hill, formerly known as the Maikhan Uul Project, is a high-grade copper-gold volcanogenic massive sulphide (VMS) project located just 8 km from the Company's flagship Oval discovery. Red Hill is held under a granted Mining Licence valid to 2045, providing a significant tenure advantage within the emerging Yambat mineral district.
The project benefits from excellent access to infrastructure and high-voltage power and presents two complementary exploration and development opportunities: high-grade copper-gold massive sulphide mineralisation at depth and shallow gold-silver mineralisation near surface.
Historical drilling, combined with recent Company exploration, has confirmed a robust VMS system that remains open along strike and at depth, offering substantial resource growth potential.
Location and tenure
Red Hill lies in Sharga soum, Govi-Altai province, around 300 km north of the Chinese border. The Company holds a 100% interest through mining licence MV-019681. The acquisition of the Red Hill licence followed a comprehensive technical and legal due diligence program, including confirmatory drilling.
Geology and mineralisation
Red Hill is a Neo-Proterozoic felsic VMS deposit hosted within dacitic and rhyolitic volcanic rocks and associated black schists. Mineralisation comprises massive sulphides, stringer-style sulphides and quartz-pyrite veining carrying copper, gold and zinc.
VMS deposits are globally important sources of copper, gold, zinc and silver and are often characterised by high-grade sulphide lenses with strong continuity and the potential for repeated mineralised horizons. Red Hill displays the classic hallmarks of a felsic VMS system, including a copper-gold-zinc metal association, a massive sulphide horizon hosted within felsic volcanic rocks, and an interpreted feeder-style stringer system beneath the massive sulphide lens.
Multiple deformation events have folded and thickened the mineralised sequence, creating a structurally complex system with potential for repeated or stacked mineralisation. The Company's drilling has confirmed thick intervals of copper-rich massive sulphide that were not fully recognised by previous explorers. Mineralisation remains open along strike and at depth, while the interpreted feeder-style mineralisation beneath the massive sulphide horizon represents an additional exploration target.
Notable drill intercepts
The following table summarises notable drill intercepts. Please note that full details for all reported intercepts are available in the Appendices A through F of the "Annual Report and Financial Statements 2025" announced on 27 March 2026.
| Drillhole | Intercept | Announcement | Reference |
|---|---|---|---|
| MU2501 (Cu-Au massive sulphide) | 14.5m @ 2.23% Cu, 0.73g/t Au from 132.5m (including 4.8m @ 2.80% Cu, 0.88g/t Au), plus 2.6m @ 2.28% Cu, 0.49g/t Au from 154.1m | 28 Nov 2025 — Assays Confirm Thick and High-Grade Copper and Gold at Maikhan Uul Project | View ↗ |
| MU2601 onward (2026) | Extended the massive-sulphide zone to over 155m of strike, confirming a large, open Cu-Au VMS system | 7 May 2026 — Initial Success at Red Hill (Maikhan Uul) Cu-Au Project | View ↗ |
| MU2603 (Massive Sulphide) | 21.9m @ 6.4% (2%-10%) Cpy+Cc and 93.6% Py from 82.75m (Assay pending) | 26 May 2026 — Massive Sulphide Zone Extended at Red Hill Cu-Au Project | View ↗ |
Why Red Hill is Significant
Red Hill complements the Company's flagship Oval project by adding a second high-quality copper-gold asset within the broader Yambat district. The project is held under a granted Mining Licence valid through to 2045, providing a clear tenure pathway for future development and a strategic advantage within the Company's Mongolian portfolio.
Red Hill combines high-grade copper-gold massive sulphide mineralisation at depth with shallow gold mineralisation near surface, creating multiple avenues for exploration success and resource growth. Together with its proximity to Oval and access to existing infrastructure, Red Hill represents a strategically important asset with significant upside potential.
Next steps
A gravity survey has been completed across the project, with results now being interpreted to further define the scale and continuity of the massive-sulphide mineralisation. Drilling continues through 2026 to test the system along strike and at depth, and metallurgical test work is planned as the project advances..