New Risk • Apr 01
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: UK£7.40m (US$9.85m) 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 (14% average weekly change). Negative equity (-UK£414k). Shareholders have been substantially diluted in the past year (63% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (UK£7.40m market cap, or US$9.85m). Announcement • Mar 21
Cloudbreak Discovery plc Provides Update on Gold Exploration Programs At Darlot West and Crofton Projects Cloudbreak Discovery Plc provided an update on its planned gold exploration programs across the Company's Crofton and Darlot West projects in Western Australia. Planning is underway for an initial 3,000 - 5,000m drilling program, designed to test key structural targets identified in the recent geophysical interpretation and surface exploration programs. A Program of Work (POW) application has been submitted to the WA Department of Mines, Petroleum and Exploration (DMPE), with the POW expected to be granted in the coming weeks. The Company believes there is very significant potential for this project to host significant gold mineralization similar to that found at the Darlot Gold Mine (Vault Minerals ASX:VAU), located only 10km to the northeast and Northern Star's (ASX:NST) Thunderbox Gold Mine 20km to the southeast. At the Darlot Gold Mine, the bulk of mineralization is hosted within faulting of the south-eastern limb of the folded Mt Pickering Dolerite. Distinct similarities have been interpreted between the geological setting of Cloudbreak's Darlot West Project and the area hosting the Darlot Gold Mine, specifically the presence of folded, magnetic mafic stratigraphy (analogous to the Mt Pickering Dolerite), displaying significant fault off-sets along east-north-east and north-west structures. Areas where fold hinges are intersected by these faults, and/or coincide with favorable host units such as the magnetic dolerites, are priority exploration targets and will be the primary focus of the upcoming drill program. Evidence of mineralization proximal to these targets are the numerous shallow historical gold workings where sampling carried out by the Company returned assays of up to 65.75 g/t Au (reported on 24th October 2025). Historical drilling in these areas is considered by the Company to have been too shallow and largely ineffective. Two potential porphyry targets have also been identified on the property and require further work. Company geologists will shortly be on the ground conducting field work to assess potential targets associated with historical gold workings and specifically to determine sites for RC drilling. Further rock chip sampling and mapping work is also planned over the next month to collect further geochemical and structural data in preparation for the upcoming drill program. In addition to the above geophysical targeting work, the Company has recently completed Ultra-Fine fraction (UFF) soil sampling over areas of known mineralization on the Project, in conjunction with regolith mapping using Sentinel-2 satellite data over the entire project. UFF is a highly sensitive method which is considered favorable for use in areas of transported cover and/or complex regolith environments where conventional soil geochemistry is less effective. A prospect-scale UFF survey has been completed in proximity to and along strike from recent high-grade rock chip results, where eleven samples assayed over 10 g/t Au and up to 65.75 g/t Au, with the aim of delineating areas where mineralized structures extend under cover. Results from this program are expected in 2-3 weeks, with follow-up surveys across the wider project to commence once these results have been received. The Crofton Project covers an area of approximately 20km2 of laterally extensive quartz veining within the Yilgalong granite. Quartz veins are commonly 10's of metres wide and can be seen to extend along strike for 100's to 1,000's of metres. A total of 54 samples were taken by Cloudbreak geologists (released 19 January 2026) around locations of previously reported gold results and along strike. Initial sampling work was focused on areas of historically reported gold mineralization where grades of up to 253 g/t Au have been historically reported. This work confirmed historical grades, with 15 samples >1 g/t and up to 162.25 g/t Au. Planning for more extensive surface geochemical programs is underway and will commence after the wet season finishes in April. This work will consist of geological mapping and rock chip sampling of historical >25 ppb Au soil anomalies, in conjunction with an extensive soil sampling program over an area of approximately 10km2. The aim of this work is to generate further targets on the project and understand the extent of the mineralized system at Crofton, before target ranking and drill program planning later in the year. Heritage surveys are expected to commence soon in preparation for this work. The Company is fully funded for all planned exploration activities. Announcement • Feb 09
Cloudbreak Discovery Plc (LSE:CDL) acquired 90% stake in Paterson Gold-Copper-Molybdenum Project from Mammoth Minerals Limited (ASX:M79) for AUD 3.5 million. Cloudbreak Discovery Plc (LSE:CDL) acquired 90% stake in Paterson Gold-Copper-Molybdenum Project from Mammoth Minerals Limited (ASX:M79) for AUD 3.5 million on February 9, 2026. Under terms of the Agreement, Cloudbreak Discovery Plc would pay 100 million Shares at Completion, 57.5 million Shares if the Tranche 1 Milestone is satisfied on or before December 31, 2029, 57.5 million if the Tranche 2 Milestone is satisfied on or before December 31, 2029, 57.5 million Shares if the Tranche 3 Milestone is satisfied on or before December 31, 2029 and 57.5 million Shares if the Tranche 4 Milestone is satisfied on or before December 31, 2029. Following the acquisition, Mammoth is to retain a 10% free carried interest in the Project.
David Coffman and Dan Harris of Novum Securities Limited acted as financial advisor for Cloudbreak Discovery Plc.
Cloudbreak Discovery Plc (LSE:CDL) completed the acquisition of 90% stake in Paterson Gold-Copper-Molybdenum Project from Mammoth Minerals Limited (ASX:M79) on February 9, 2026. 
