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Neometals Ltd (ASX: NMT) Positive Metallurgical Sighter Test Work - Ironclad Gold Deposit

Neometals Ltd (ASX: NMT)

Highlights
• Initial metallurgical sighter test work completed on three geo-metallurgical domain composites from the Ironclad Gold Deposit at Neometals Ltd 100% owned Barrambie Gold Project; 
• High gold recoveries achieved from tested samples using low risk, industry standard processing flowsheet;
• Positive sighter test results highlight:
            • Up to 71% gravity gold recovery;
            • Rapid leach kinetics;
            • Overall gold recoveries of up to 98%.
• Initial metallurgical sighter test work has identified opportunities to refine the strategy for further test work and study phases. • 3,254 metres of Reverse Circulation (RC) drilling undertaken at the historic Golden Treasure Mine and Barrambie Ranges gold trend (assays outstanding); drilling is ongoing at the Ironclad deposit and historic Mystery gold mine. 

Neometals Ltd (ASX: NMT) (“Neometals” or “the Company”), is pleased to provide an update on initial metallurgical test work at the Ironclad deposit, part of the Company’s 100% owned Barrambie Gold Project (“the Barrambie Project”), in Western Australia.

Initial metallurgical sighter test work was conducted by Independent Metallurgical Operations Pty Ltd (IMO) at their Perth facilities. The program aimed to characterise the metallurgical performance and variability of the three geo-metallurgical domains at the Ironclad deposit to inform further optimisation test work. The domains were defined on geology and weathering criteria:
• Domain 1 - weathered gabbro (saprolite) hosted quartz stockwork veins;
• Domain 2 - weathered gabbro (saprolite) hosted shear/veins, and;
• Domain 3 - weakly weathered and fresh gabbro (saprock and fresh) hosted shear/veins.

Test work to date included baseline comminution, gravity recoverable gold assessment and cyanide leaching under well-established industry standard conditions. Table 1 summarises the preliminary results from the samples tested:
• Gravity recoverable gold in tested composites ranged from 17% to 71%;
• Very high overall gold recoveries achievable for Domains 1 and 3, at 95% and 98%;
• Domain 2 achieved 17% gravity gold recovery and an overall recovery of 80.1% after 48 hours, with leaching still in progress (see Figure 1). Further test work is being planned for Domain 2 to investigate the mineralogical and chemical factors affecting leaching rates, and to incorporate any identified improvements into the future test programs. 

Next Steps
Drilling continues at the Barrambie Gold Project.1 The first stage (26 holes for 3,254 metres RC) has been completed along the Barrambie Ranges gold trend and at the historic Golden Treasure mine. The second stage is underway at the Ironclad deposit, comprising 44 infill and extension holes for a planned 3,442 metres RC drilling. The final stage targets the historic Mystery mine with 14 extension holes (for 1,740 metres RC), scheduled for completion in the second half of November.

The assay results are expected this Quarter, with evaluation and follow-up planning to be completed in the March Quarter 2026. Planned follow-up at the Ironclad deposit includes a second phase of metallurgical test work, an update of the Inferred Mineral Resource Estimate2 and continued mine planning and related studies.

Neometals Managing Director, Chris Reed, says: 
“These strong early results from the Ironclad deposit confirm the potential for a simple, low-risk processing route with excellent gold recoveries. It’s a great first step that reinforces our confidence in the Barrambie Gold Project as we advance the development of Ironclad. The presence of Tellurium in a composite sample supports the potential for a well-developed gold system at Ironclad.”

To read the full announcement, please click here

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About Neometals

Neometals’ purpose is to deliver stakeholder value by enabling the sustainable production of critical and valuable materials essential for a cleaner future. The Company is commercialising a portfolio of low-cost sustainable processing solutions for critical materials in parallel with the exploration and development of mining operations at its Barrambie Gold Project.

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