A desktop review of historical exploration data has narrowed our large Silver Peaks permit in Otago, New Zealand, down to three priority targets worth testing on the ground: Lamb Hill–Three O'Clock, Stone Burn South and the Northern Soil Anomaly.

We hold a 90% interest in this 497.69 km² permit through our subsidiary Goldfire Resources. The review pulled together more than 1,250 historical soil and stream-sediment records, plus two historical antimony occurrences, to work out where our field teams should focus first. Two of the three targets sit immediately south of OceanaGold's Macraes gold camp, a +10 Moz operation and New Zealand's largest active gold mine, which tells us we're in a well-mineralised part of the country.

The historical numbers are encouraging as pointers, not proof. At the Northern Soil Anomaly, gold and arsenic turn up together across several samples. Stone Burn South combines earlier gold-in-stream results with later arsenic and antimony results. Lamb Hill–Three O'Clock pairs a gold-arsenic stream anomaly with two historical antimony occurrences sitting within a broader structural trend. It's worth being clear-eyed here: this data was collected by previous explorers, no drilling has ever been done at these three areas, and the results tell us where to look rather than what we'll find.

Our next step is a focused field programme to verify these targets and map the geology properly. Any move to geophysics or drilling would depend on what that fieldwork turns up, and on getting the right permits in place, including a minerals exploration permit that isn't guaranteed.

If you have questions about this announcement, we'd encourage you to ask us directly through the investor hub.