Announcement • Jun 18
NVRO Metals Limited Announces Independent NI 43-101 Mineral Resource Estimate Of 77.6 Million-Tonne Polymetallic Resource At The NVRO Metals Hub
NVRO Metals Limited announced the results of a draft independent mineral resource estimate for the NVRO Metals Hub located in Australia’s Northern Territory following the completion of the Company’s previously announced acquisition of Northern Territory Resources Pty Ltd. The MRE has been prepared by Measured Group Pty Ltd, an independent mining consultancy that provides technical services and geographical modelling to the global mining industry, in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects and has an effective date of May 31, 2026. The MRE confirms a combined Mineral Resource of approximately 77.6 million tonnes (measured, indicated and inferred) grading 1.69% copper-equivalent (CuEq) across oxide and sulfide domains containing copper, cobalt, silver, lead, nickel and zinc. Measured Group’s analysis was supported by 360,000 drill meters, 5,761 drill holes, 1.5 million assays, and a $60 million historical spend on database collection. 94.2% of the combined resource is measured or indicated. Measured: 40.48Mt 52.2%, Indicated: 32.58Mt 42.0%, Inferred: 4.51Mt 5.8%. Based on the MRE the implied in-situ metal resources are: Copper 356,000 tonnes, Lead 1,823,000 tonnes, Zinc 310,000 tonnes, Cobalt 69,800 tonnes, Nickel 62,100 tonnes, Silver 20,951,000 oz. The MRE establishes the resource foundation for the Company’s near term copper, cobalt and nickel production from the oxides, the development of the sulfide resource, testing of NVRO Process™ on the sulfide resource, potentially leading to long term production of Copper, Cobalt, Silver, Lead, Nickel and Zinc and development of the NVRO Metals Hub as a centralized critical minerals processing platform supporting the global critical minerals supply chain. Combined Mineral Resource of 77.6 million tonnes grading 1.69% CuEq. Sulfide-domain Mineral Resource of 61.7 million tonnes grading 1.86% CuEq. Oxide Mineral Resource of 15.9 million tonnes grading 1.01% CuEq. Resource estimate consolidates Browns, Browns East, Area 55, & Mount Finch deposits within a tenement package held 100% by NTR. Metallurgical recovery assumptions incorporated into copper-equivalent calculations. Independent estimate prepared by Measured Group in accordance with NI 43-101 methodology. COMBINED TOTAL RESOURCE (Oxide + Sulfide). Factor for base metals = (metal price x recovery %) ÷ Cu price (metals prices $/lb). Silver factor converts g/t to value vs the value of 1% Cu per tonne (g/t ÷ 31.1035 g/oz × Ag$/oz, over 22.0462 lb × Cu$/lb). In-situ value basis based on forecast metallurgical recovery for every metal; no smelter /refining /freight deductions. Separate copper equivalents for Oxide and Sulfide resources were developed owing to different metallurgical recoveries. Oxide metallurgical recoveries: Cu 72%, Co 58%, Ni 21%. Sulfide metallurgical recoveries: Cu 87%, Co 77%, Ni 77%, Pb 90%, Zn 86%, Ag 86%. Pricing = CIBC long term consensus price as of June 1, 2026. Copper Oxide Equivalent = Cu% + (Co% x 4.25) + (Ni% x 0.51). Copper Sulfide Equivalent = Cu% + (Pb% x 0.2) + (Zn% x 0.25) + (Co% x 4.67) + (Ni% x 1.53) + (Ag g/t x 0.02). "Total (calculated)" rows are tonnage-weighted from the category grades and may differ at the 2nd decimal from the source-stated rounded totals (shown in grey for reference). Oxide carries no reported silver; Ag = 0 in oxide and combined silver grade is diluted by oxide tonnes accordingly. Source: consolidated Oxide & Sulfide Mineral Resource statements, effective May 31, 2026. Notes to the Mineral Resource Estimate: The Mineral Resources for Browns Oxide, which forms part of the Oxide Mineral Resource, were modelled in Leapfrog Geo and reported at a 0.5% copper-equivalent cut-off. The Sulfide-domain Mineral Resource was modelled in Leapfrog Geo and reported at a 0.7% copper-equivalent cut-off. The Mineral Resources for Area 55, Mt Fitch and Browns East, which form part of the Oxide Mineral Resource, were estimated within mineralization wireframes built at a nominal 0.5% copper-equivalent cut-off; no further cut-offs were applied. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability, and there is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Tonnage and grade have been rounded to reflect the accuracy of the estimate, and totals may not sum exactly due to rounding. The MRE was prepared under the supervision of Troy Lowien, Principal Geologist of Measured Group, an independent Qualified Person within the meaning of NI 43-101. The scientific and technical information contained in this news release, including the draft mineral resource estimate disclosed herein, has been reviewed and approved by Troy Lowien, BASc. (Hons.), MAIG, Principal Geologist of Measured Group. Mr. Lowien is independent of the Company and is a “qualified person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Lowien is responsible for the mineral resource estimate. and has verified the underlying data, including QA/QC procedures, and is satisfied that the data is adequate for the purposes of the estimate. No limitations were imposed on Mr. Lowien’s data verification process, and Mr. Lowien considers the data adequate for the purposes of the mineral resource estimate. The supporting technical report in respect of the MRE, prepared in accordance with NI 43-101, will be filed under the Company’s profile on SEDAR+ within 45 days, being the prescribed filing period.
