METALSGROVE MINING LTD — Capital/Financing Update 2025

Dec 10, 2025

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MetalsGrove Expands its Footprint in Côte d’Ivoire to 75 km Strike-length

11 December 2025

HIGHLIGHTS

• MetalsGrove has expanded its gold exploration assets in Côte d’Ivoire , West Africa, by securing the high-potential Stellar Joint Venture (JV)

• This acquisition complements the earlier acquisition of three gold JV permits earlier this year

• The Zuénoula permit (PR-750) , owned by TSX-V-listed Stellar AfricaGold Inc., is strategically located between MetalsGrove’s Kounahiri West and Vavoua permits, and gives MetalsGrove contiguous exploration control over 75-strike-km of this highly prospective greenstone belt

• The Zuénoula permit (395.78 km²) also expands MetalsGrove’s total controlled exploration footprint to 1,315 km²

• The geological characteristics and structural complexity of MetalsGrove’s JV project areas are interpreted to be highly favourable for the discovery of large gold deposits

• Extensive artisanal mining activity within the district also highlights untapped gold deposit discovery potential

• Granted on April 17, 2024, the Zuénoula permit allows immediate commencement of exploration activities by MetalsGrove

• MetalsGrove is well positioned to initiate surface sampling activities this month , with the objective of defining gold corridors to be followed by drill testing.

MANAGEMENT COMMENTARY

Managing Director and CEO, Mr Lijun Yang, commented:

“The acquisition of the Zuénoula permit through forming a joint venture with Stellar AfricaGold marks a significant milestone in the expansion of our West African gold exploration portfolio. This strategic addition builds on our recent consolidation of three gold permits in central-west Côte d’Ivoire, increasing our total landholding to 1,315 km² in one of the most prospective yet underexplored gold provinces in the region.

The location of the Zuénoula permit, adjacent to our existing Kounahiri West and Vavoua permits, creates a contiguous exploration corridor with shared geological characteristics, including favourable lithological sequences, complex structural features, and active artisanal workings, all of which are strong indicators of gold mineralisation potential.

Through this acquisition, we are rapidly moving forward and will commence surface sampling programs this month, with the objective of identifying gold trends (gold corridors) and significant gold anomalies along these trends. Drill testing of these gold exploration targets will follow soon after. Our approach remains methodical and data-driven, leveraging regional knowledge and partnerships to unlock value efficiently and sustainably.”

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MetalsGrove Mining Limited ( ASX: MGA ) (“ MetalsGrove ” or the “ Company ”) is pleased to announce that, following the acquisition of three Central West Gold joint venture (JV) permits in Côte d’Ivoire, West Africa, earlier this year, the Company has entered into another JV with Aucrest Sarl, an Ivorian subsidiary of TSX-V listed Stellar AfricaGold Inc. (TSX-V-SPX) (“ Stellar JV” ) covering its PR750-Zuénoula permit (Zuénoula), which is located between the existing MetalsGrove controlled Kounahiri West and Vavoua Permits in the same Birimian greenstone belt.

The addition of the Zuénoula permit to the Company’s existing three joint ventured gold permits, now covering a combined area of 1,315 km² , are strategically situated along the Abujar–Napié gold trend within the Oumé–Fetekro Birimian greenstone belt in central Côte d’Ivoire, 100km north of the Abujar Gold Mine and 160 km south of the Napié Gold Deposit (Figure 1). Further details of the permits are provided in Table 1.

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Figure 1. Map illustrating location of Stellar JV permit together with Central West Gold JV permits in Côte d’Ivoire

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Figure 2. Map of the Kounahiri Area JV Projects and Historical Exploration Results[1]

Table 1. MetalsGrove Gold JV Permits

Name	Permit ID	Type	Status	MGA Ownership	Area **(Km2) **
Zuénoula	PR-750	Exploration	Granted	Earning up to 80%	395.78
Vavoua	PR-454	Exploration	Application	Earning up to 80%	378.25
Kounahiri West	PR-1063	Exploration	Application	90% on granting	338.48
Vavoua West	0544DMICM31/03/2022	Exploration	Application	90% on granting	203.33
Total Area					1,315.84

1 Historical BLEG results sourced from African Gold Limited Annual Report 2023; Historical Auger drilling result sourced from Ricca Resources Limited Financial Report for half year ending 31 December 2021

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Zuénoula Permit (PR750) and Exploration Plans

The Zuénoula permit was granted on 17 April 2024 and covers a highly prospective area of structurally disrupted greenstone intruded by granite. The Central West Gold JV tenements (3) and the Stellar JV tenement (1) together provide MetalsGrove a commanding exploration position along this gold mineralised belt of volcanic and metasediment greenstone, with the Abujar Gold Mine (3.3 Moz.) to the south。 In addition, there are historical auger and BLEG gold soil geochemistry anomalies in areas immediately adjacent to, and along-strike of the MetalsGrove project area (Figure2). MetalsGrove is not aware of any historical systematic exploration having been conducted within the Zuénoula permit area.

Initial Soil Sampling Program (Program 1)

An initial soil sampling program on the Zuénoula permit, excluding agricultural areas and settlements, shall commence in this month (Figure 3). Approximately 300 soil samples shall be collected on a 1km by 1km offset grid pattern, with the samples assayed on-site using the new and innovative PortablePPB technique developed in Australia. The sampling and assaying shall be conducted by the highly professional and experienced SEMS Exploration Services (SEMS) team which have been operating in West Africa for over 20 years. The assay results will be available within 48 hours of sample collection, enabling infill soil sampling to be conducted before the sampling crew has been demobilised. It is anticipated that the first results shall be reported in February 2026.

will be conducted on 400m by 100m and then 200m by 50m spacing to fine-tune the gold targets. The follow up sampling will be analyses with conventional fire assay and should provide robust targets for drill hole planning.

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Figure 3. Map illustrating planned initial soil sampling program on Zuénoula permit

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Joint Venture Summary

• Payment:

• MetalsGrove to pay US$50,000 upon signing to secure exclusivity and initiate the partnership.

• MetalsGrove to pay US$1,000,000 in cash upon reaching 1,000,000 ounces of gold resources with at least 500,000 ounces in the Indicated category.

Management & Governance :

• Management Committee : comprising two representatives from Stellar and two representatives from MetalsGrove to oversee the JV. While MetalsGrove is sole funding the JV or has a contributing JV interest of more than 50% it can nominate the Chaiman, who has a casting vote. When the parties each hold a 50% JV interest and are contributing to expenditure, the Chairmanship role rotates on an annual basis.

• Operatorship : MetalsGrove has operatorship of the Zuénoula project while it is sole-funding exploration.

Earn-in Structure and Joint Venture Equity :

• MetalsGrove is required to spend a minimum of US$150,000 by 16 April 2026 before it can withdraw from the JV.

• If MetalsGrove elects to withdraw before earning a 50% stake, it retains no interest in the JV.

• MetalsGrove is required to invest US$1,000,000 by 16 July 2027 to maintain its interest in the JV.

• MetalsGrove can then invest an additional US$2,000,000 by 16 April 2029 to acquire a 50% interest in the JV, at which stage Aucrest can elect:

• to allow MetalsGrove to continue funding up to an additional US$3,000,000 to take its JV interest to 80% ; or

• to co-fund the JV.

• If Aucrest elects to allow MetalsGrove to continue sole funding, MetalsGrove may elect at any time to cease sole funding, and it will have a 50% joint venture interest.

• When both parties are contributing to expenditure, if a party ceases funding, its JV interest will dilute pursuant to an industry standard formula.

• If either party’s JV interest falls below 10% it converts to a 1% Net Smelter Royalty.

Pre-existing Arrangements :

•

• There is a 1% Net Smelter Royalty to Elemental Altus which will remain a JV obligation .

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This announcement was authorised for release by the MetalsGrove Mining Ltd Board of Directors.

SHAREHOLDER ENQUIRIES MEDIA ENQUIRIES Mr Lijun Yang Sam Burns Managing Director & CEO SIXº Investor Relations MetalsGrove Mining Ltd +61 400 164 067 LijunY@metalsgrove.com.au sam.burns@sdir.com.au

COMPETENT PERSON STATEMENT – EXPLORATION STRATEGY

The information in this announcement relating to exploration strategy and results is based on information provided to and compiled by Mr Robert Perring, who is a current member of the Australian Institute of Geoscientists (MAIG) and Exploration Manager of MetalsGrove Mining Limited.

Mr Perring has sufficient experience, which is relevant to the style of mineralisation and exploration processes as reported herein, 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 Perring consents to the inclusion of the information contained herein in the form and context in which it appears in this announcement.

FORWARD LOOKING STATEMENTS

This announcement may contain certain “forward-looking statements” which may not have been based solely on historical facts but rather may be based on the Company’s current expectations about future events and results. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis.

However, forward-looking statements are subject to risks, uncertainties, assumptions, and other factors which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, exploration risk, mineral resource risk, metal price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, as well as political and operational risks in the countries and states in which we sell our product to, and government regulation and judicial outcomes.

For a more detailed discussion of such risks and other factors, see the Company’s website about the Company’s other filings. Readers should not place undue reliance on forward-looking information. The Company does not undertake any obligation to release publicly any revisions to any “forward-looking statement” to reflect events or circumstances after the date of this announcement, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

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JORC Code, 2012 Edition – Table 1

Section 1- Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections)

Criteria	JORC Code Explanation	Commentary
Sampling Techniques	• Nature and quality of sampling (e.g. cut channels, random chips, or ifi ilid idt tdd	• No drilling has been undertaken. Sil Sli (PtblPPB)Iitil bd
	specc specaze nusry sanar measurement tools appropriate to the	o ampng orae:na roa- spaced (1km by 1km) soil sampling
	minerals under investigation, such as	supported by rapid field analysis of samples
	down hole gamma sondes, or	using the PortablePPB analytical technique is
	handheld XRF instruments, etc.) These	planned so that gold anomalous trends can
	examples should not be taken as	be identified, and infill sampling conducted
	limiting the broad meaning of	before the field crew is demobilized.
	sampling.	• MGA has provided SEMS Exploration
	• Include reference to measures taken	Services with an Excel table listing the
	to ensure sample representivity and	designated sample point locations using
	the appropriate calibration of any	WGS-84 UTM zone 29N coordinates
	measurement tools or systems used.	• Each soil sample to be collected from
	• Aspects of the determination of	within 100 metres of the designated
	mineralisation that are Material to the	sample point, with the actual sample
	Public Report.	point then recorded
		• At each sample point: 1) brush away all
	In cases where ‘industry standard’ work	organic material from the surface, 2) dig a
	has been done, this would be	15cm deep hole and collect the sample
	relatively simple (e.g. ‘reverse	by taking a channel-cut along the entire
	circulation drilling was used to obtain	length of the hole, 3) collect 600g of the
	1 m samples from which 3 kg was	minus 2mm fraction of soil from each
	pulverised to produce a 30 g charge for	sample point, 4) use the hand-held XRF to
	fire assay’). In other cases, more explanation may be required, such as	determine and record arsenic, copper, nickel, tungsten, iron and manganese
	where there is coarse gold that has	concentrations 5) gold to be determined
	inherent sampling problems. Unusual	at the SEMS field compound using the
	commodities or mineralisation types	PortablePPB technique
	(e.g. submarine nodules) may warrant	• Duplicate sample is to be collected every
	disclosure of detailed information.	20th sample and given the next sample
		number
		• No Standards will be used to avoid low-
		level gold contamination. Gold
		anomalous sample sites (+50ppb Au)
		shall be resampled and assayed using the
		fire assay technique
		• Samples are to be stored and processed
		at a secure SEMS field compound
		• Assay results to be reported to
		MetalsGrove within 48 hours so that infill
		samplingcan beplanned and scheduled.
Drilling	• Drill type (e.g. core, reverse	• No drilling has been undertaken.
Techniques	circulation, open-hole hammer, rotary
	air blast, auger, Bangka, sonic, etc.)
	and details (e.g. 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).

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Drill Sample	• Method of recording and assessing	• No drilling has been undertaken.
Recovery	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	• No drilling has been undertaken.
	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.
Sub-sampling	• If core, whether cut or sawn and	• No drilling has been undertaken.
Techniques	whether quarter, half or all core
and Sample	taken.
Preparation	• 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.

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Quality of	• The nature, quality and	• Samples are to be analysed using the
Assay Data and	appropriateness of the assaying and	patented detectORE™ process developed
Laboratory	laboratory procedures used and	by Portable PPB Pty Ltd in Australia.
Tests	whether the technique is considered	• The process involves a partial extraction
	partial or total.	using the safe, non-dangerous GLIX-20®
	• For geophysical tools,	reagent that is akin to traditional BLEG
	spectrometers, handheld XRF	(which uses a cyanide leach).
	instruments, etc., the parameters	• The 400g samples are added to the
	used in determining the analysis,	reagent and tumbled for 12 hours, into ™
	including instrument make and model, reading times, calibration	which the detectORE collector device had been inserted.
	factors applied, and	• After the bottle roll process has
	their derivation, etc.	completed, the collector device is
	• Nature of quality control procedures	removed, washed, and dried prior to
	adopted (e.g. standards, blanks,	reading on a Vanta M (VMR) pXRF loaded
	duplicates, external laboratory	with Evident/Olympus’s detectORE™
	checks) and whether acceptable	mode.
	levels of accuracy (i.e. lack of bias)	• The entire process is managed using
	and precision have been established.	Portable PPB’s Portable Lab Information
		Management System (pLIMSTM), which
		records all aspects of the sample
		throughput, including QAQC and control
		of the pXRF via the Application
		Programming Interface to
		Olympus/Evident’s co-developed
		detectORE™ mode.
		• Certified Collector Devices (CCDs)
		supplied by PortablePPB with known
		quantities of gold ranging from 0 -1000
		ppb are used to check that the pXRF was
		functioning correctly and that the
		instrument settings were as intended.
		One CCD serves as a blank.
		• The pLIMS software confirmed the
		instrument settings are correct and the
		VMR is operating as expected, controlled
		by the pLIMS API and Evident’s
		detectORE™ firmware.
Verification of	• The verification of significant	• The detectORE™ process is checked in
Sampling and	intersections by either independent	accordance with PortablePPB’s
Assaying	or alternative company personnel.	recommended processes and
	• The use of twinned holes.	procedures. These include the insertion
	• Documentation of primary data, data	of 250g reference materials (RMs).
	entry procedures, data verification,	• The RMs comprise mixtures of
	data storage (physical and electronic)	commercial Certified Reference
	protocols.	Materials (CRMs) and barren regolith til Th RM f k bt
	• Discuss any adjustments to assay data.	maera. e s are o nown, u uncertified gold concentration and are
		used to check that the leach and collect
		process has worked as intended during
		the 12-hour bottle roll.
		• RMs were inserted at a rate of 1 every 44
		samples throughout the sample
		batches. The RMs were checked against
		Portable PPB’s cloud-based database
		and passed within the accepted
		tolerance ranges for the technique,
		currently 20% (3 sigma). • The pXRF instrument settings are
		checked usinga range of Certified

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		Collector Devices, which are used to
		confirm the pXRF is operating as
		expected. The pXRF spectral files are
		reviewed by Portable PPB’s cloud and
		SME procedures.
Location of Data Points	• Accuracy and quality of surveys used to locate drillholes (collar and down-	• A handheld GPS is used to locate the soil data positions, with a +/-5m vertical and
	hole surveys), trenches, mine	horizontal accuracy
	workings and other locations used in	• Sample locations and sample
	Mineral Resource estimation.	descriptions are digitally recorded in the
	• Specification of the grid system used.	field using grid system: UTM WGS84 zone
	• Quality and adequacy of topographic	29N
	control.	• GPS measurements of sample positions
		are sufficiently accurate for first pass.
Data Spacing	• Data spacing for reporting of	• The 1km by 1km offset soil sample
and	Exploration Results.	pattern over the permit area is considered
Distribution	• Whether the data spacing and	to be an effective technique for identifying
	distribution is sufficient to establish	and delimiting gold anomalous areas,
	the degree of geological and grade	which will then be followed up with higher
	continuity appropriate for the Mineral	density sampling.
	Resource and Ore Reserve estimation
	procedure(s) and classifications
	applied.
	• Whether sample compositing has been applied.
Orientation	• Whether the orientation of sampling	• The sample location configuration has
of data in	achieves unbiased sampling of	been deliberately planned to avoid
relation to	possible structures and the extent to	directional bias.
geological al	which this is known, considering the
structure	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.
Sample security	• The measures taken to ensure sample security.	• Samples are collected in calico bags, assigned individual sample numbers and
		transported to the secure SEMS site
		facility for gold determination by
		PortablePPB.
Audits or	• The results of any audits or reviews of	• The sampling and assay technique
Reviews	sampling techniques and data.	adopted by MetalsGrove has been
		effectively used in the Vavoua-Kounahiri
		district, and more widely in Cote d’Ivoire,
		to define drill targets and is considered an
		effective, initial approach for defining gold
		anomalous structural trends.

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Section 2 - Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code Explanation	Commentary
Mineral	• Type, reference name/number, location	• Following the acquisition of the three
Tenement and	and ownership, including agreements or	Central West Gold joint venture (JV)
Land Tenure	material issues with third parties such as	permits in Côte d’Ivoire, MetalsGrove
Status	joint ventures, partnerships, overriding	entered into another JV with TSX-V
	royalties, native title interests, historical	listing company Stellar AfricaGold Inc.
	sites, wilderness or national park and	(Stellar) for its PR-0750 Zuénoula
	environmental settings.	permit. PR-0750 was granted on 17 April
	• The security of the tenure held at the time	2024 for an initial four years period,
	of reporting, along with any known	renewable for two additional 3 years
	impediments to obtaining a licence to	period.
	operate in the area.	• The Zuenoula permit is located between
		existing MetalsGrove controlled
		Kounahiri West and Vavoua permits
		along the same Birimian greenstone
		belt. The two groups of joint venture
		permits (4) occupy a combined area of
		1,315 km², strategically situated along
		the Abujar–Napie gold trend within the
		Oumé–Fetekro Birimian greenstone belt
		in central Côte d’Ivoire, approximately
		100 km north of the Abujar gold mine
		and 160 km south of the Napie gold
		project.
Exploration	• Acknowledgement and appraisal of	• MetalsGrove is not aware of any
Done by Other	exploration by other parties.	previous systematic exploration for gold
Parties.		being conducted with the Zuénoula
		permit PR-0750.
Geology	• Deposit type, geological setting and style	• The Zuénoula permit (Stellar JV),
	of mineralisation.	together with the Vavoua, Vavoua West,
		and Kounahiri West permits acquired
		through the Central West Gold JV, are
		located in the central west of Côte
		d'Ivoire at the south edge of the West
		Africa craton. This region is the world’s
		largest Proterozoic gold-producing
		region, and Cote d’Ivoire contains 35%
		of the region’s Birimian Group rocks,
		which host a number of multi-million-
		ounce gold deposits.
		• The Central West Gold JV permits and
		Stellar JV permit, together cover a
		combined area of 1,315 km², and are
		strategically situated along the Abujar–
		Napie gold trend within the Oumé–
		Fetekro Birimian greenstone belt, and
		are located approximately 100 km north
		of the Abujar gold mine and 160 km

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			south of the Napie gold project.
•	A summary of all information material	•	No drilling results are included in this
	to the understanding of the exploration		release.
	results, including a tabulation of the
	following information for all Material
	drill holes:
•	easting and northing of the drillhole collar
	elevation or RL (Reduced Level –
	elevation above sea level in metres) of
	the drillhole collar dip and azimuth of the
	hole
•	down hole length and interception depth
	hole length.

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		south of the Napie gold project.
Drillhole	• A summary of all information material	• No drilling results are included in this
Information	to the understanding of the exploration	release.
	results, including a tabulation of the
	following information for all Material
	drill holes:
	• easting and northing of the drillhole collar
	elevation or RL (Reduced Level –
	elevation above sea level in metres) of
	the drillhole collar dip and azimuth of the
	hole
	• down hole length and interception depth
	hole length.
Data	• In reporting Exploration Results,	• No data aggregation methods were
Aggregation	weighting averaging techniques,	applied to the soil sampling data.
Methods	maximum and/or minimum grade
	truncations (e.g. 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 assumption used for any reporting
	of metal equivalent values should be
	clearly stated.
Relationship	• If the geometry of mineralisation with	• Not applicable.
Between	respect to the drillhole angle is known, its
Mineralisation	nature should be reported.
Widths and Intercept
Lengths

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Diagrams	• Appropriate maps and sections (with	• See maps in the body of the report.
	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 drillhole collar locations and
	appropriate sectional views.
Balanced	• Where comprehensive reporting of all	• Only the exploration strategy and
Reporting	Exploration Results is not practicable,	planned fieldwork are reported in this
	representative reporting of both low and	announcement. No assay data
	high grades and/or widths should be	collected by MetalsGrove or the
	practiced, avoiding misleading reporting	interpretation of that data are included
	of Exploration Results.	in this announcement.
Other	• Other exploration data, if meaningful and	• Any meaningful data and relevant
Substantive	material, should be reported, including	information have been included in the
Exploration	(but not limited to): geological	body of this release.
Data	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.
Further Work	• The nature and scale of planned further	• The initiation of the initial soil sampling
	work (e.g. tests for lateral extensions, or	program is a high priority for
	depth extensions, or large-scale step-out	MetalsGrove, and SEMS has given a
	drilling).	commitment to being able to
	• Diagrams clearly highlighting the areas of	commence sampling in December 2025
	possible extensions, including the main	• Field programs will also be sequentially
	geological interpretations and future	initiated on the adjoining Central West
	drilling areas, provided this information is	Gold JV permits once tenure is granted
	not commercially sensitive.	by the Government of Cote d'Ivoire
		• The images included show the location
		of the current proposed field programs.

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