Announcement • Apr 13
Geo Exploration Limited Provides Update on Western Australia Gold Projects Work Programme Geo Exploration Limited provided an update on planned exploration activities across its Western Australian gold portfolio, comprising the Gorge Project and the Juno Project. The Company's strategy is focused on advancing both projects through systematic exploration programmes aimed at defining drill-ready targets with drilling to commence thereafter across both projects. The Company is progressing a systematic exploration programme at the Gorge Project, focused on modern exploration techniques to refine priority target areas and advancing the project towards a maiden drilling campaign. Planned airborne geophysical surveys include: magnetic, radiometric, LiDAR and aerial photography surveys. These datasets will support detailed mapping of historical workings and deriving a litho-structural interpretation to assist target generation. Preferred contractors have already been identified and scheduled works are anticipated to commence in the Second Quarter 2026. Field-based geological activities will include validation of historical geochemical results, confirmation of historic workings and drill locations, and detailed mapping to better understand controls on mineralisation. Supporting logistical work, including access preparation and heritage surveys, will also be undertaken to facilitate forward geochemical and drilling programmes. These activities are anticipated to commence in the Second Quarter 2026. Given the presence of only shallow cover across parts of the project, an auger geochemical soil survey is proposed across the known mineralised trend of approximately 5km strike. This programme is anticipated to commence in the Third Quarter 2026 and is designed to define and prioritise targets for follow-up drilling, with flexibility to expand based on incoming results and ongoing interpretation. Maiden drilling programme consisting of Reverse Circulation (RC) and/or Air Core (AC) drill holes to test beneath known areas of surface gold mineralisation occurrences in addition to targets generated from proposed geochemical and geophysical surveys. Drilling activities will commence after the completion of heritage and government permitting. The Gorge Project (Exploration Licence E08/3737), located approximately 110km west of Paraburdoo in Western Australia, covers an area of 81 square kilometres within the Proterozoic aged Capricorn Orogen. GEO recently acquired the licence, through its 100% owned subsidiary Gorge Gold Pty Ltd. The Gorge project is considered highly prospective for large scale gold systems of Orogenic-type or Carlin-type. Limited historical exploration at Gorge has identified widespread gold mineralisation across the licence area. Gold occurrences have been recorded over approximately 5km of strike, supported by drainage, soil and rock chip sampling, historic workings, and alluvial and eluvial gold mining. Historical results include: Rock chip samples returning gold values up to 134g/t Au, Soil samples returning gold values up to 233g/t Au, Drainage sampling returning elevated gold values, Recovery of multiple gold nuggets from near surface, ranging from <2g to in excess of 100g. These results along with the proximity of the nugget recoveries suggests the potential presence of a primary bedrock gold source within the licence area. The Company believes exploration is a systematic, multi-programme learning process and further drilling is warranted to test for the presence of higher grade mineralisation within the large multi kilometre scale of the Juno geophysical target. The Company aims to develop a 3D geological model using recent drilling information to further refine targets for testing. Further geochemical studies using the collected multi-element assay and continuous XRF analysis data will be completed to determine if alteration zonation and pathfinder elemental signatures are evident that can be used to vector towards higher grade mineralisation. At present, the phase two drilling campaign at Juno will consist of one diamond drill hole to test additional targets generated from geophysical surveys previously completed by GEO. The diamond hole aims to test a high priority gravity anomaly, with an offset induced polarisation chargeability response positioned at an interpreted geological contact in the basement, located approximately 5km south of JUD001. All government and heritage permitting requirements are already in place enabling efficient mobilisation and providing flexibility to expand the programme as required. The Company is progressing towards a targeted drilling commencement in the Third Quarter 2026. The Juno Project comprises four contiguous licences, located approximately 100km south of Paraburdoo in Western Australia and covers an area of 644 square kilometres within the Proterozoic aged, Capricorn Orogen. The Company carried out its maiden drilling programme at the Juno Project during September and October 2025. Two diamond drill holes were successfully completed for c.1600m of drilling aimed to test for an Havieron style Proterozoic aged IRGS style deposit associated with the Juno geophysical anomaly. Gold and copper sulphide mineralisation, together with silver and zinc, was intersected in both drillholes. Mineralisation intersected in JUD001 and JUD002 may represent a peripheral position within a larger mineral system. The licences contain several geophysical targets with similar features to other known IRGS style deposits elsewhere in Western Australia. In addition, evaluation of these recent and historic drilling results indicates the potential for Abra style sedimentary hosted lead-silver-copper-gold deposits at the Juno project. New Risk • Mar 27
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$2.8m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$2.8m free cash flow). Share price has been highly volatile over the past 3 months (17% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (UK£6.15m market cap, or US$8.18m). Minor Risk Shareholders have been diluted in the past year (27% increase in shares outstanding). New Risk • Jan 20
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 44% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Shareholders have been substantially diluted in the past year (44% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (UK£7.65m market cap, or US$10.3m). 
