Antimony - Gold Project

The Antimony-Gold Project

Nagambie Resources’ main project is the Antimony-Gold Project at the 100% owned Nagambie Mine (Mining License MIN5412).

Multiple antimony (Sb) and gold (Au) vein systems were discovered beneath the West Pit at the Nagambie Mine in 2022.  In May 2024, Nagambie released a maiden JORC Inferred Resource, which was updated in November of that year to:

• Resource Tonnes: 539,000 tonnes
• Gold (Au) Oz in-the-ground: 58,000 oz Au
• Antimony (Sb) tonnes in-the-ground: 20,800 tonnes Sb
• Gold Grade: 3.3 g/t Au
• Antimony Grade: 3.9% Sb

With an average (waste-diluted) antimony grade of 3.9%, it is currently Australia’s highest-grade antimony resource.

Earn-in and potential Joint Venture with Alkane Resources Limited

On 9 April 2026, following very strong shareholder approval, Nagambie and Alkane Resources Limited (ASX: ALK, TSX: ALK, OTCQX: ALKEF) (‘Alkane’) executed an Earn-In Joint Venture Agreement (ANJV).  This agreement gives our flagship Antimony-Gold Project something that most junior explorers never secure: a structured framework, backed by serious capital and operational expertise, that could — if exploration succeeds — take this project from the ground toward development and production.

How the ANJV works

Option Period and Earn-In Structure

A 12-month option period commenced on 9 April 2026, under which Alkane may elect to undertake sole‑funded exploration, evaluation activities and related studies over Nagambie’s Mining Licence MIN 5412 and Exploration Licence EL 5511 (Tenements). During the option period, Alkane may withdraw at any time, in which case operatorship and all assets will revert to Nagambie.

Under the earn-in arrangements, Alkane may elect to:

• solely fund a minimum aggregate expenditure of $12.5 million (inclusive of option period expenditure) within three years from the commencement date to earn a 60% interest in the Tenements (with Nagambie retaining a 40% interest); or
• following the 60% earn-in, solely fund a further $15.0 million expenditure (to total $27.5 million) within five years from the commencement date to earn an additional 20% interest, increasing its participating interest to 80% (with Nagambie retaining 20%).

Joint Venture Formation

Upon Alkane earning either:

• an 80% interest in the Tenements; or
• a 60% interest and electing not to continue sole-funding expenditure,

the parties will form an unincorporated joint venture. Alkane will act as manager of the joint venture, with each party contributing to joint venture costs in proportion to its participating interest. If, following joint venture formation, Nagambie’s participating interest dilutes below 10%, its interest will convert to a 2% net smelter return royalty (NSR), subject to a cumulative NSR payment cap of $20 million, on standard industry terms.

The discovery

In 2006, drill hole NRP002, drilled under the West Pit, encountered a spectacular-looking Sb-Au intercept that had an average Sb grade of 12.3% and an average gold grade of 7.2 g/t. At the time, eight additional drill holes attempted to explain this intercept, but were unsuccessful.

Aerial photo of the Nagambie Mine looking east

The results of drilling undertaken by the Company in the area west of the West Pit from 2019 to 2021 appeared to indicate the southwest ‘bending’ of the East-West striking Nagambie Mine Central Anticline and associated thrust faults that host the oxide gold mineralisation mined in the West Pit in the 1990s. It was hypothesised that the apparent ‘bending’ of the structures may have given rise to perpendicular (north) striking cross-faulting. This led Nagambie Resources to re-analyse the 2006 NRP002 intercept in February 2022. The principal conclusion of the re-analysis was that the high-grade antimony-gold veining could be associated with the north-striking cross-faults, a direction never tested in the eight follow-up holes drilled in 2006 and 2007.

Nagambie Resources commenced Antimony-Gold Project drilling program in April 2022 and by November 2022 announced the discovery of the C1 (as in Costerfield-Mine-style) mineralised vein system, having intersected it multiple times between 50m and 230m vertical depth. By February 2023, the C2 vein system was announced. Nagambie Resources’ geological model predicts that many more vein systems will occur to the southwest of the West Pit, over a prospective trend length of approximately 3 km.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stibnite needles found in the drill core at the Antimony-Gold Project