First Scotia Drilling Defines Large Gold System

mineralsexploration.com.au

12 February 2026

Waitekauri Gold Project, NZ
Large mineralised gold system identified
from first holes drilled at Scotia Prospect

Wide zones of gold mineralisation intersected in first holes below
historic gold workings at Scotia; First diamond hole at historic Jubilee
Gold Mine drilling ahead towards main target zone
Highlights
• The Company’s flagship Waitekauri Gold Project is located near Waihi on New
Zealand’s North Island and 4.5km directly along strike from OceanaGold’s 2.2Moz @
14g/t Au WKP deposit – which include the historic Scotia and Jubilee Gold Mines

• The Waitekauri Gold Project is only 8km west of OceanaGold’s Waihi Gold Mine
(+13Moz Au produced to date) and in the centre of a heavily gold-mineralised
structural corridor hosting four +1Moz gold deposits

• Two holes underneath the historic Scotia gold workings intersected wide zones of
mineralisation, in oxidised and altered dacite including:
o 94.4m @ 0.46g/t Au from 3.5m to 97.9m (see comments), including 3.9m @
5.53g/t Au from 94.0m to 97.9m (TGW002)
o 71m @ 0.52g/t Au from 30.0m to 101.0m, including 3.5m @ 5.02g/t Au from
97.5m to 101.0m (TGW002A)

• The Jubilee diamond drilling program is targeting historical underground trenching
results of up to 80.0g/t Au
1
, supported by historical drill data and new MEX rock
chip assays of up to 68.8g/t Au

• Another 13 holes are planned for Jubilee as part of the initial 3,000m diamond
drilling program at Waitekauri, with a second rig planned to start drilling in April-
May

• The prospectivity of Scotia and Jubilee has been further highlighted by more strong
assays from rock chip samples taken at both locations. Results include 68.8g/t Au
at Jubilee and 27.5g/t Au at Scotia South


1
https://wcsecure.weblink.com.au/pdf/UVA/02987512.pdf

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Office 3 Richardson Street, West Perth WA 6005 | Postal PO Box 1976, West Perth WA 6872
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Minerals Exploration Limited (ASX: MEX, NZX: MEX) is pleased to announce strong
assays from its initial drilling at its flagship Waitekauri Gold Project in New Zealand.
Minerals Exploration Executive Director, Brett Mitchell said: “This is an outstanding
start to our maiden Waitekauri drilling program.
“While it is early days in the drilling program, these assays confirm the presence of high-
grade gold below historic workings at Scotia.”
”Geological modelling is being updated iteratively including a void model on the Jubilee
and regional prospects to allow accurate drill planning around and into workings where
required where it is interpreted high grades remain. This is normal operations in a
brownfield, high grade epithermal drill out as at Jubilee.
“We intend to drill another 13 holes at Jubilee with a second rig planned to commence
drilling at Jubilee in April. Once we have the full assay results and analysis from this
program, the Company will be planning a detailed follow up drill program for both Scotia
and Jubilee.”


Figure 1: Jubilee drilling program designed to target historical high grade zones

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Positive Drilling Results from first holes at Scotia Gold Prospect
TGW001 was the first hole drilled at Waitekauri in October 2025, with the diamond
program starting at the Scotia South prospect as it was the first hole granted full drilling
permits and with access approval with the private landowner at this location. The South
Scotia diamond hole TGW001 was a regional hole testing out-cropping quartz boulder
trend south of the Scotia central prospect, which had never been previously drill tested.
The drill hole was collared in post mineral andesitic sequence before reaching
intensively hydrothermally altered dacite at 57.0m depth. The drill hole encountered
massive fault zone from 141.6m to 171.2m depth and strongly clay/pyrite altered andesite
with calcite veinlets in 171.2m to 221.1m.
The second hole (TGW002) was drilled directly underneath the historic Scotia gold
workings and intercepted a significant wide zone of mineralisation from 9.0m to 97.9m.
TGW002 was terminated at 106.0m due to significant water ingress due to porous quartz
impacting core recovery from within the mineralised zone from 95.1m to 100.7m. The
decision was made to drill a second hole, TGW002A, from the same drill pad drilled to
191.2m final depth to attempt to generate good quality core for assaying.
TGW002A intersected the same geological sequence with satisfactory core recovery
(>90%). The assays reported in this release are from 30.0m to 128.0m downhole depth,
with the remaining 63.2m of core from TGW002A still pending. TGW002A confirmed the
presence of wide low grade mineralisation observed in the original TGW002 hole, with
the high grade 3.5m @ 5.02g/t Au interval from 97.5m to 101.0m.

Figure 2: TGW002 and TGW002A cross section

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Figure 3: TGW002A core tray photo, high-grade zone 3.5m @5.02g/t Au, 97.5m – 101.0m
Scotia Geology Summary and Follow Up Drilling Plans
Thick mineralised supergene mineralisation has been intersected at the Scotia prospect
by TGW002 and TGW002A drillholes. The mineralisation is hosted in hydrothermally
altered and oxidised dacite with common epithermal quartz-pyrite veinlets. High grade
intercept of 3.5m @ 5.02g/t Au from TGW002A (97.5m to 101.0m) is linked to a 45cm
wide banded quartz vein and a base of oxidation.

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An interpreted feeder structure at depth or along strike of the known low grade
stockwork remains the priority target for the follow up drilling programs at Scotia and
Scotia South.
Priority Jubilee Gold Project Drilling Program Underway
Following the completion of drilling at Scotia and Scotia South, drilling commenced at
Jubilee in late January with the first hole, TGW003 and is now drilling ahead towards
its planned target depth of approximately 150m. The main mineralised zone is expected
to be intersected from approximately 80m and the rig is currently drilling ahead towards
this main target zone. The drill rig is averaging between 10m-12m per day, due to the
friable, mineralised nature of the core.
The Jubilee Gold Project is a historical mine located in the middle of the Company’s
Waitekauri project tenement, which represents the Company’s priority drilling prospect
at Waitekauri. Jubilee is directly south-west of the historical Golden Cross mine and
northeast of the Karangahake mine, in the centre of the NE-SW structural trend that
also hosts the +2.2Moz Au (at 14.3g/t Au)
2
deposit at WKP, developed by OceanaGold
Corporation (OceanaGold).
The historical Jubilee Gold Mine produced approximately 29koz Au+Ag bullion @ 48g/t
Au+Ag
3
, and the focus of the drilling program is to define depth and strike extensions
of the known ore body from the historical producing ore zones.
The priority drill targets at Jubilee were generated by the Company’s technical team
from historical mining reports, drill database of previous project operators, historical
high grade underground trenching results and interpretations of surface observations
(Figure 1).
New High Grade Rock Chips assays delivered from Jubilee and Scotia

Figure 4: Rock chip samples TGR0020 (left) 27.5g/t Au from Scotia South and TGR0013
(right) 68.8g/t Au from Jubilee




2
https://oceanagold.com/operations/reserves-and-resources
3
Downey, J.F., 1935, Gold mines of the Hauraki district: Wellington, New Zealand, Government Printer, 315 p.

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Sample ID Project Prospect Au Ag NZGD E NZGD N
FAA505 IMS12R
TGR0006 Waitekauri Jubilee 17.3 6.7 5859379 1844235
TGR0007 Waitekauri Jubilee 2.45 1.3 5859393 1844254
TGR0008 Waitekauri Jubilee 7.35 4.9 5859393 1844254
TGR0009 Waitekauri Jubilee 5.01 32.6 5859393 1844254
TGR0010 Waitekauri Jubilee 0.27 3.3 5859393 1844254
TGR0011 Waitekauri Jubilee 0.3 0.5 5859393 1844254
TGR0012 Waitekauri Jubilee 1.92 29.3 5859386 1844249
TGR0013 Waitekauri Jubilee 68.8 100 5859396 1844260
TGR0014 Waitekauri Scotia 0.36 0.4 5859405 1845550
TGR0015 Waitekauri Scotia 0.29 0.7 5859389 1845541
TGR0016 Waitekauri Scotia 0.25 0.8 5859373 1845487
TGR0017 Waitekauri Scotia 1.21 2.8 5859033 1845436
TGR0018 Waitekauri Jubilee 3.21 1.9 5859393 1844254
TGR0019 Waitekauri Jubilee 2.51 1.4 5859391 1844249
TGR0020 Waitekauri Scotia-South 27.5 100 5858667 1845067
TGR0021 Waitekauri Scotia-South 0.02 0.3 5858667 1845067
TGR0022 Waitekauri Scotia-South 0.38 1.2 5858667 1845067
TGR0023 Waitekauri Grace Darling 0.17 94.3 5861543 1845868
TGR0024 Waitekauri Grace Darling 0.08 0.7 5861293 1845911
TGR0025 Waitekauri Grace Darling 0.04 5 5861543 1845868
TGR0026 Waitekauri Grace Darling 0.18 54.2 5861543 1845868
TGR0027 Waitekauri Grace Darling 0.02 8.2 5861543 1845868
TGR0028 Waitekauri Grace Darling 0.04 4.4 5861543 1845868
TGR0029 Waitekauri Grace Darling 0.02 1.5 5861543 1845868
TGR0030 Waitekauri Grace Darling 0.07 5.6 5861543 1845868
TGR0031 Waitekauri Grace Darling 0.07 7.2 5861543 1845868
TGR0032 Waitekauri Grace Darling 0.03 1.5 5861543 1845868
TGR0033 Waitekauri Grace Darling 0.22 5.9 5861543 1845868
TGR0034 Waitekauri Grace Darling 0.05 3.8 5861543 1845868
TGR0035 Waitekauri Grace Darling 0.2 8.4 5861543 1845868
TGR0036 Waitekauri Grace Darling 0.08 31.5 5861543 1845868
TGR0037 Waitekauri Grace Darling 0.09 4.2 5861543 1845868
TGR0038 Waitekauri Grace Darling 0.03 3.8 5861543 1845868
TGR0039 Waitekauri Grace Darling 0.01 2 5861543 1845868
TGR0040 Waitekauri Grace Darling 0.07 5.4 5861543 1845868
TGR0041 Waitekauri Grace Darling 0.12 30.6 5861543 1845868
TGR0042 Waitekauri Grace Darling <0.01 4.1 5861543 1845868

Table 1. New rock chips assays averaging 8 ppm Au for Jubilee (all assayed as per drill
core by Au Fire Assays FAA505 SGS Code and Silver IMS12R)

The Company is pleased to report it has received new rock chips assays from the
sampling program around Jubilee Vein, Scotia South and Grace Darling. Grace Darling is
located about 2.5km along NE strike of Jubilee Vein. Prospectivity of Jubilee is
highlighted with 68.8g/t Au and 17.5g/t Au rock chips from the near surface shallow
historical pits. Sampling at Scotia South returned up to 27.5g/t Au from nicely banded
quartz discovered in the float in nearby creek (Figure 4). This highlights the prospectivity
of the Scotia South prospect.

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Geochemical and geophysical surveys are planned to locate the source of high grade
float samples in this area.
Rock chip samples from the Grace Darling prospect returned anomalous Au grades up
to 0.45g/t Au (TRG0043) and are indicating possible strike extension of the Jubilee
mineralised system approx. 2.5km to the NE from the central zone.

Figure 5. Jubilee and Scotia drill hole and rock chip locations map
Waitekauri Gold Project Overview
The Waitekauri Gold Project covers 58km
2
in the Hauraki goldfield. The Waitekauri
tenement eastern boundary is located only 1km west of OceanaGold’s Waihi gold mine.
The Waitekauri project area displays the hallmarks of a major goldfield in a region with
a compelling mineral resource endowment, located in the middle of the
northeast/southwest structural trend that hosts numerous multi-million ounce
deposits including OceanaGold’s WKP, Karangahake and Golden Cross deposits.
The Waitekauri Gold Project is within an 18km long mineralised corridor hosting multiple
targets and historical workings and holds three high priority prospects for gold
exploration based on their historical gold production profile: Jubilee, Scotia and
Sovereign (Figure 6).

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Figure 6: Gold prospects occur in a defined NE-SW structural trend which extends from
the WKP discovery down through the Waitekauri Gold Project
-ENDS-
This announcement has been authorised by the Board of Minerals Exploration Ltd.
For enquiries contact:
Brett Mitchell Paul Armstrong
Executive Director Read Corporate
+61 8 6319 1900 +61 8 9388 1474
BMitchell@mineralsexploration.com.au

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About Minerals Exploration Ltd – NZ Gold Focused Explorer
Minerals Exploration Ltd (ASX/NZX: MEX) is implementing an aggressive brownfields
exploration strategy at its portfolio of New Zealand gold assets. These assets host
known high-grade mineralisation from historical production and exploration activities,
are located in the historical Hauraki and Otago Goldfields and sit close to major
deposits. The Company is led by Directors and Management with an outstanding track
record of exploration success and value creation and is dual-listed on the ASX and NZX.
Competent Person’s Statement
The information in this Report that relates to Exploration Results is based on
information compiled by Mr Jason Beckton, who is a Member of the Australian Institute
of Geoscientists. Mr Beckton, who is Director of Otagold Limited, a wholly owned
subsidiary of Uvre Limited, has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the activity which he is
undertaking to qualify as a Competent Person as defined in the 2012 edition of the
‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore
Reserves’. Mr Beckton consents to the inclusion in this Report of the matters based on
the information in the form and context in which it appears.
There is information in this announcement relating to exploration results which were
previously announced by the Company on 1 September 2025. Other than as disclosed in
the announcement, the Company confirms that it is not aware of any new information
or data that materially affects the information included in the original market
announcement.

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JORC Code, 2012 Edition – Table 1 Waitekauri, New Zealand
Section 1 Sampling Techniques and Data
Criteria JORC Code explanation Commentary
Sampling
techniques
• Nature and quality of sampling (eg cut channels,
random chips, or specific specialised industry
standard measurement tools appropriate to the
minerSGS Waihi under investigation, such as down
hole gamma sondes, or handheld XRF instruments,
etc). These examples should not be taken as
limiting the broad meaning of sampling.
• Include reference to measures taken to ensure
sample representivity and the appropriate
calibration of any measurement tools or systems
used.
• Aspects of the determination of mineralisation that
are Material to the Public Report.
• In cases where ‘industry standard’ work has been
done this would be relatively simple (eg ‘reverse
circulation drilling was used to obtain 1 m samples
from which 3 kg was pulverised to produce a 30 g
charge for fire assay’). In other cases more
explanation may be required, such as where there
is coarse gold that has inherent sampling problems.
Unusual commodities or mineralisation types (eg
submarine nodules) may warrant disclosure of
detailed information.
Rock chip grab samples were collected from outcrops, spoil
heaps and accessible surface soil assumed from the internal
workings.
Samples were taken to understand the style and tenor of
mineralisation prior to more detailed work being undertaken.


Drilling
techniques
• Drill type (eg core, reverse circulation, open-hole
hammer, rotary air blast, auger, Bangka, sonic, etc)
and details (eg core diameter, triple or standard
tube, depth of diamond tails, face-sampling bit or
other type, whether core is oriented and if so, by
what method, etc).
• Small diameter diamond drilling – approximately NQ and HQ
size

Drill sample
recovery
• Method of recording and assessing core and chip
sample recoveries and results assessed.
• Measures taken to maximise sample recovery and
ensure representative nature of the samples.
• Whether a relationship exists between sample
recovery and grade and whether sample bias may
have occurred due to preferential loss/gain of
fine/coarse material.
•
Logging
• Whether core and chip samples have been
geologically and geotechnically logged to a level of
detail to support appropriate Mineral Resource
estimation, mining studies and metallurgical
studies.
• Whether logging is qualitative or quantitative in
nature. Core (or costean, channel, etc)
photography.
• The total length and percentage of the relevant
intersections logged.
• The complete core is to be relogged.
Sub-sampling
techniques and
sample
preparation
• If core, whether cut or sawn and whether quarter,
half or all core taken.
• If non-core, whether riffled, tube sampled, rotary
split, etc and whether sampled wet or dry.
• For all sample types, the nature, quality and
appropriateness of the sample preparation
technique.
• Quality control procedures adopted for all sub-
sampling stages to maximise representivity of
samples.
• Measures taken to ensure that the sampling is
representative of the in situ material collected,
including for instance results for field
duplicate/second-half sampling.
• Whether sample sizes are appropriate to the grain
size of the material being sampled.
• ½ or ¼ core cut with a thin diamond blade (due to the small
diameter of the core)
• At this early stage no QC samples have been collected

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Criteria JORC Code explanation Commentary
Quality of assay
data and
laboratory tests
• The nature, quality and appropriateness of the
assaying and laboratory procedures used and
whether the technique is considered partial or total.
• For geophysical tools, spectrometers, handheld
XRF instruments, etc, the parameters used in
determining the analysis including instrument make
and model, reading times, calibrations factors
applied and their derivation, etc.
• Nature of quality control procedures adopted (eg
standards, blanks, duplicates, external laboratory
checks) and whether acceptable levels of accuracy
(ie lack of bias) and precision have been
established.
Samples are stored in the Waihi facility. Core in good
condition.
Assays will be carried out by SGS Waihi, an internationally
certified laboratory. Technique FAA303 was used with lower
detection limit of 0.01 and upper detection limit of 100 ppm Au.
The SGS FAA303 technique refers to the fire assay method
used for analyzing gold and platinum group elements (PGEs)
in high-grade ores. This technique involves several steps:
The sample is pulverized and mixed with a fluxing agent,
typically lead or nickel, to facilitate melting and separation of
the precious metals from gangue.

The sample is heated in a furnace, where it fuses and
separates into a "button" containing the precious metals.

The button is then subjected to cupellation, where the lead in
the button is oxidized and absorbed into a cupel, leaving a
metallic bead known as a prill.

The prill is analyzed for gold content by spectroscopy.

Verification of
sampling and
assaying
• The verification of significant intersections by either
independent or alternative company personnel.
• The use of twinned holes.
• Documentation of primary data, data entry
procedures, data verification, data storage
(physical and electronic) protocols.
• Discuss any adjustment to assay data.
• TGW002 and TGW002A are effective twinned holes albeit 002
was terminated at 106m due to poor ground conditions and
002A commenced diamond drilling at 30m.

Location of data
points
• Accuracy and quality of surveys used to locate drill
holes (collar and down-hole surveys), trenches,
mine workings and other locations used in Mineral
Resource estimation.
• Specification of the grid system used.
• Quality and adequacy of topographic control.
• Hole locations determined from historical records and
converted to NZD 2000 Grid.



•
Data spacing
and distribution
• Data spacing for reporting of Exploration Results.
• Whether the data spacing and distribution is
sufficient to establish the degree of geological and
grade continuity appropriate for the Mineral
Resource and Ore Reserve estimation
procedure(s) and classifications applied.
• Whether sample compositing has been applied.
• Nominal 2m and 1m spacing for NQ and HQ sampling.

Orientation of
data in relation
to geological
structure
• Whether the orientation of sampling achieves
unbiased sampling of possible structures and the
extent to which this is known, considering the
deposit type.
• If the relationship between the drilling orientation
and the orientation of key mineralised structures is
considered to have introduced a sampling bias, this
should be assessed and reported if material.
• No bias is believed to be introduced by the sampling method.

Sample security
• The measures taken to ensure sample security. • Samples were collected by Otagold NZ - MEX employed
personnel, bagged and immediately dispatched to the
laboratory by independent courier
Audits or
reviews
• The results of any audits or reviews of sampling
techniques and data.
• No audits or reviews of the data management system have
been carried out.

Section 2 Reporting of Exploration Results
Criteria JORC Code explanation Commentary
Mineral
tenement and
land tenure
status
• Type, reference name/number, location and
ownership including agreements or material issues
with third parties such as joint ventures, partnerships,
overriding royalties, native title interests, historical
sites, wilderness or national park and environmental
settings.
• Minerals Exploration Limited has 100% interest in Otagold
Ltd NZ (‘Otagold’), a company incorporated in New
Zealand
The laws of New Zealand relating to exploration and
mining have various requirements. As the exploration
advances specific filings and environmental or other

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Criteria JORC Code explanation Commentary
• The security of the tenure held at the time of reporting
along with any known impediments to obtaining a
license to operate in the area.
studies may be required. There are ongoing requirements
under New Zealand mining laws that will be required at
each stage of advancement. Those filings and studies are
maintained and updated as required by Uvre’s
environmental and permit advisors specifically engaged for
such purposes.
• The Company is the manager of operations in accordance
with generally accepted mining industry standards and
practices.
Exploration
done by other
parties
• Acknowledgment and appraisal of exploration by
other parties.
• The areas discussed have been mapped, geochemically
sampled (not reported) and drilled historically..
Geology
• Deposit type, geological setting and style of
mineralisation.
• Epithermal gold silver mineralisation in a volcanic
sequence..

Criteria JORC Code explanation Commentary
Drill hole
Information
• A summary of all information material to the
understanding of the exploration results including
a tabulation of the following information for all
Material drill holes:
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level – elevation above
sea level in metres) of the drill hole collar
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
• If the exclusion of this information is justified on
the basis that the information is not Material and
this exclusion does not detract from the
understanding of the report, the Competent
Person should clearly explain why this is the
case.
• Drill Hole – Channel - Collar Information NZD 2000 Grid


Survey Information. Downhole surveys using continuous logging
equipment.





Data
aggregation
methods
• In reporting Exploration Results, weighting
averaging techniques, maximum and/or minimum
grade truncations (eg cutting of high grades) and
cut-off grades are usually
Material and should be stated.
• Where aggregate intercepts incorporate short
lengths of high grade results and longer lengths of
low grade results, the procedure used for such
aggregation should be stated and some typical
examples of such aggregations should be shown
in detail.
• The assumptions used for any reporting of metal
A minimum sample length is 1m generally but can be as low as
0.5m. Average sample length is 2m. No lower cut or bulk and
carry rules are applied apart from a minimum reported grade of
0.1 ppm Au. Yellow highlighted broad zones report above in
summary.

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equivalent values should be clearly stated.

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Office 3 Richardson Street, West Perth WA 6005 | Postal PO Box 1976, West Perth WA 6872
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Criteria JORC Code explanation Commentary

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Criteria JORC Code explanation Commentary

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Office 3 Richardson Street, West Perth WA 6005 | Postal PO Box 1976, West Perth WA 6872
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Criteria JORC Code explanation Commentary
Relationship
between
mineralisation
widths and
intercept
lengths
• These relationships are particularly important in
the reporting of Exploration Results.
• If the geometry of the mineralisation with respect
to the drill hole angle is known, its nature should
be reported.
• If it is not known and only the down hole lengths
are reported, there should be a clear statement to
this effect (eg ‘down hole length, true width not
known’).
• In general the holes have intersected the a supergene enriched
zone about narrow feeder structures with a main feeder
remaining the target of exploration in the Scotia area.
Diagrams
• Appropriate maps and sections (with scales) and
tabulations of intercepts should be included for
any significant discovery being reported These
should include, but not be limited to a plan view of
drill hole collar locations and appropriate sectional
views.
• The location and results received for the drill campaign are
displayed in the attached maps and/or tables.
•
Balanced
reporting
• Where comprehensive reporting of all Exploration
Results is not practicable, representative
reporting of both low and high grades and/or
widths should be practiced to avoid misleading
reporting of Exploration Results.
• Results for all samples collected in the past are displayed on the
attached maps and/or tables.
Other
substantive
exploration data
• Other exploration data, if meaningful and material,
should be reported including (but not limited to):
geological observations; geophysical survey
results; geochemical survey results; bulk samples
– size and method of treatment; metallurgical test
results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or
contaminating substances.
• No metallurgical or bulk density tests were conducted at the
project by MEX.
Further work
• The nature and scale of planned further work (eg
tests for lateral extensions or depth extensions or
large-scale step-out drilling).
• Diagrams clearly highlighting the areas of
possible extensions, including the main geological
interpretations and future drilling areas, provided
this information is not commercially sensitive.
• MEX continues out drilling the Project area at report date as per
the northern and southern extensions of both Scotia and Jubilee
prospects.