Announcement • Jun 11
ECR Minerals plc Completes Drone Lidar Survey And Implements Plant Optimisation Programme At Raglan Gold Project ECR Minerals plc has completed several initiatives in recent weeks which gives it confidence that more consistent gold production and recovery outcomes can be achieved from the project. Drone Lidar survey completed across the Raglan Project area, with data analysis and interpretation now underway to support mine planning, identify additional palaeochannel targets and seeking to enhance future production activities. Independent alluvial gold specialist with more than 30 years' industry experience engaged to review mining and processing operations at Raglan. Plant optimisation programme now in place to enhance gold recovery and operational efficiency. The Company is pleased to confirm that a drone Lidar (Light Detection and Ranging) survey was completed by Victorian Geology and Survey Solutions across the Raglan Project area during May 2026. Processing and interpretation of the survey data is currently underway. The Board believes that the survey has the potential to significantly improve ECR's understanding of historical drainage systems, palaeochannels and mining targets across the project area. The interpreted data is expected to assist future mine planning, identify additional mining opportunities and support production scheduling activities. Mining operations to date have already identified areas with potentially higher gold grades, specifically gullies into the main stream which can act as traps for alluvial gold. The survey therefore forms an important component of the Company's ongoing efforts to optimise mining operations and maximise the broader potential of the Raglan Project. Since acquiring the Raglan Project, the Company has focused on operating the processing plant and mobile mining fleet, establishing mining operations and developing a detailed understanding of the alluvial system. As part of this process, ECR recently engaged an independent alluvial gold specialist with more than 30 years of operational experience in the alluvial mining sector in Australia to undertake a comprehensive review of both Raglan's processing plant and mining methodology. The review identified several adjustments to optimise gold recovery across the processing circuit. These included improvements to gravity recovery systems, water management, jig performance and overall plant calibration. Based on initial analysis, the Board believes that this optimisation programme can increase the recovery potential at the Raglan Project. The independent review also included a detailed assessment of mining operations and interpretation of the alluvial system. Priority target areas have been identified within ECR's existing phase 1 mining plan and activities are now being directed towards these zones which, based on ground analysis, are believed to represent favourable sections of the historical river channel system. In time, the findings from the Lidar data will also be integrated, with a view to further enhancing the operation's efficiency. New Risk • May 28
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: UK£7.30m (US$9.80m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 1.3% per year over the past 5 years. Shareholders have been substantially diluted in the past year (48% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (UK£7.30m market cap, or US$9.80m). Minor Risk Currently unprofitable and not forecast to become profitable next year (UK£1.2m net loss next year). New Risk • Mar 23
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: UK£7.24m (US$9.72m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 1.3% per year over the past 5 years. Shareholders have been substantially diluted in the past year (49% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (UK£7.24m market cap, or US$9.72m). Minor Risk Currently unprofitable and not forecast to become profitable next year (UK£1.2m net loss next year). 
