NELSON RESOURCES LIMITED. — Capital/Financing Update 2025

Oct 27, 2025

==> picture [595 x 128] intentionally omitted <==

----- Start of picture text -----

ASX Announcement
28 October 2025
----- End of picture text -----

POW Submitted – Drilling at Yarri to commence on receipt of approved POW

Highlights:

• Program of Work ( PoW ) for 230 holes, 11,544m RC drill program at the Yarri Gold Project has been submitted to DEMIRS for approval.

• Nelson and MEGA Resources ( MEGA ) are in discussions with drilling contractors regarding the program with contract to be awarded in the near term.

• Drilling to commence as soon as PoW is approved and the contractors mobilise to site.

• Yarri has numerous, high-grade gold intercepts such as (Figure 1[*] ):

• 8m @ 18.1g/t Au including 3m at 44.1g/t Au from 101m in hole YWRC11

• 9m @ 14.6g/t Au including 4m @ 30.2g/t Au from 70m in hole YWRC05

• 4m @ 4.1g/t Au including 1m @ 13.8g/t Au from 52m in hole YWRC18

• Nelson is party to a Right to Mine Agreement with Goldfields mining services provider MEGA for the 100% owned Yarri Project.

• MEGA to fully-fund operations up to $10M and provide geological, engineering services and will manage all project permitting and approval requirements.

Nelson Resources Limited (ASX: NES ) ( Nelson or the Company ) is pleased to announce that it has submitted a Program of Work ( PoW ) to the Department of Energy, Mines, Industry Regulation and Safety ( DEMIRS ) covering a planned 230 holes, 11,544m of RC drill program at the Yarri Gold Project ( Yarri ) near Kalgoorlie, Western Australia. The Company anticipates no issues with the PoW approval.

As announced 1 October 2025, the Company executed a Right to Mine Agreement with MEGA for the Yarri Gold Project. Concurrently with the PoW submission process, Nelson and MEGA have been in discussions with drilling contractors regarding the program with the contract to be awarded in the near term. As soon as the PoW is approved, MEGA and the preferred drilling contractor will mobile to site to commence the RC drill program.

Nelson Executive Chairman Gernot Abl commented:

“ We have been impressed by the approach of MEGA to date and their eagerness to get highimpact drilling underway at the Yarri Gold Project. The proposed RC drilling program described in the submitted PoW is intended to evaluate high-priority target areas with the objective of informing future mine planning and production scheduling.

We are currently in discussions with a number of drilling contractors who are available to mobilise to the Yarri project and look forward to updating the market on the preferred contractor and approval of the PoW in coming weeks”.

• ASX Announcements 19 May 2023; 9 January 2019; 31 January 2018

==> picture [595 x 128] intentionally omitted <==

==> picture [484 x 560] intentionally omitted <==

----- Start of picture text -----

RMA drilling
5m @ 1.13 g/t
intercepts
Nelson drilling
6m @ 13.2 g/t
intercepts
Shear
5m @ 1.13 g/t Zones
3m @ 4.8 g/t
6m @ 13.2 g/t
2m @ 1.83 g/t
4m @ 4.1 g/t
9m @ 14.6 g/t Hidden Treasure:
RMA drilling
8m @ 18.1 g/t
intercepts
4m @ 4.2 g/t
3m @ 2.24 g/t
N
2 km
----- End of picture text -----

Figure 1: Yarri Gold Project showing significant historic intersections in drilling

(see ASX Announcements 19 May 2023; 9 January 2019; 31 January 2018)

ABOUT MEGA

MEGA is an Australian subsidiary of Bain Global Resources, and is part of the BGR Mining & Infra group (BGR). One of India’s largest mining contractors, BGR boasts an order book exceeding AU$18 billion, with MEGA established in Western Australia to provide turnkey mining solutions. MEGA has extensive expertise in mine planning, engineering and operations.

-ENDS-

For further information please contact:

Gernot Abl – Non-Executive Chairman: gernot@nelsonresources.com.au

Or

Louis Bucci – Executive Director: louis@nelsonresources.com.au

Competent Persons Statement

The information in this report that relates to Exploration Results is based on information compiled by Dr Louis Bucci, a consulting geologist employed by Nelson Resources Limited. Dr Bucci is a Member Australian Institute of Geoscientists and has sufficient experience that is relevant to this style of mineralisation and type of deposit under consideration and to the activity that is being reported on 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”. Dr Bucci consents to the inclusion in the report of the matters in the form and context in which it appears.