Production at Maddens, advancement of Brothers and targeting an initial inferred resource estimate at Salt Bush lead year-end priorities
ECR Minerals plc (AIM: ECR), the exploration and development company focused on gold in Australia, is pleased to provide an overview of its principal operational priorities and anticipated milestones for the remainder of the final quarter of 2026 (“Q4”).
The Company has entered Q4 with clearly defined priorities across its portfolio, focused on allocating capital towards the assets which the Board believes to have the strongest potential to deliver near- term production, cashflow and shareholder value.
The Maddens Gold Project remains ECR’s principal operational priority, alongside advancement of Brothers and targeting an initial JORC inferred resource-definition programme at Salt Bush.
Highlights:
- Maddens: Underground decline development continues with first gold from main production ore targeted to commence processing during November.
- Maddens production profile: The next level being accessed has previously been estimated to have the potential to generate approximately 2,500 ounces of gold on a 100% project basis, gross to the joint venture.
- Brothers: Following the recent recovery of multiple coarse gold nuggets, including a 12.3g nugget in a creek feeding the mining area, ECR is advancing systematic bulk sampling and alluvial trial processing as its next operational priority after Maddens.
- Salt Bush and wider portfolio: Subject to the results of a proposed work programme and applicable technical requirements, Salt Bush is targeting an initial JORC inferred mineral resource estimate in the first quarter of 2027, while exploration planning at Lolworth is advancing and further updates are expected from Blue Mountain and the Bold Gold-funded Creswick JV.
Maddens Gold Project – Moving towards production
Underground decline development at Maddens is continuing towards the planned ore drive and stoping, with first gold production from main production ore targeted to commence processing during November 2026.
ECR currently anticipates two initial sources of gold production.
The first is mineralised material already accumulated on surface through underground development work, which the Company is currently processing. Grades are expected to be lower than, and not representative of, the targeted mining area at the Maddens Underground Mine. However, the operation is expected to represent initial gold production at the mine and provides the team onsite with initial processing material for the recently refurbished on-site mill.
The second, and significantly more substantial, expected source of gold production will be primary ore mined via the decline once development reaches the planned mining position and stoping commences.
As previously announced, based on historical production grades and technical assessments, the Board believes that the next level being accessed by the current decline has the potential to generate approximately 2,500 ounces of gold on a 100% project basis, gross to the Maddens joint venture. ECR holds a 50% interest in the Maddens Flat Group of Mines.
Maddens has a history of high-grade underground production, with historical records reporting past production of more than 5,560 ounces of gold at an average grade of approximately 25.0 g/t Au, as described in more detail in the Company’s announcement of 20 April 2026 in relation to the acquisition of Paleogold Limited (now renamed ECR Minerals (Paleogold) Limited).
The Company’s intended operational strategy is to continue development of the decline to open up an additional stope whilst mining from the first stope is underway, with the objective of establishing a continuing cycle of development and production.
The recently identified Jack’s Reef discovery and broader geological interpretation of the Maddens system also provide additional potential for future near-mine growth.
Brothers – Next operational priority
Brothers has been identified as ECR’s next operational priority after the Maddens Underground Mine.
As announced by the Company on 9 October 2026, initial surface prospecting recovered multiple gold nuggets from 26 locations, including a 12.3g nugget from Brothers Creek that feeds the Brothers Mining Licence
ECR is now progressing towards systematic bulk sampling and alluvial trial processing within the granted Brothers Mining Licence, supported by equipment redeployed from Raglan to the Maddens Flat area.
Brothers also provides longer-term underground potential, as described in more detail in the Company’s announcement of 20 April 2026.
Salt Bush – Targeting JORC Code initial inferred resource estimate
Salt Bush represents another important Q4 catalyst for ECR. The Company has committed A$200,000 towards the project to fund the initial work plans.
The proposed work programme is expected to include trenching across the mineralised body, channel sampling, accredited laboratory analysis and metallurgical testing.
Subject to the results of that work and applicable technical requirements, ECR is targeting the definition of a JORC Code initial inferred mineral resource estimate at Salt Bush in the first quarter of 2027.
The Board believes that Salt Bush provides an opportunity to create additional value through a relatively focused and capital-efficient programme of work. ECR holds a 20% interest in the Salt Bush project.
Lolworth
The Board considers that Lolworth remains a significant exploration opportunity within ECR’s portfolio.
The Board is progressing plans for the next phase of exploration, which is expected to include further drilling.
While near-term capital allocation remains focused on production and cashflow from the Company’s more advanced assets, Lolworth continues to be regarded as an important longer-term growth project.
Blue Mountain
The mining lease application for Blue Mountain continues to progress through the Queensland approvals process. ECR will provide further updates as the application progresses.
Creswick
The Creswick project is now comprised within ECR’s joint venture with Bold Gold.
Bold Gold have commenced plans for the joint venture’s first phase of exploration and the Board expects to receive a further operational update from Bold Gold during Q4 and intends to update shareholders once that information has been received and reviewed. As previously announced, the Farm-in agreement to the Creswick project is conditional on the renewal of tenements EL006907 and EL006184 which form part of the Creswick licence area, both of which expire this year. Discussions with the mining authority in Victoria are now well advanced and a further announcement will be made in due course.
The joint venture enables ECR to retain exposure to exploration upside while limiting its direct capital requirements.
Focused Capital Allocation
Across the wider portfolio, the Board remains focused on allocating capital towards projects offering the clearest potential for production, cashflow and near-term value creation, while seeking capital- efficient joint venture and partnership structures for other assets where appropriate.
Nick Tulloch, ECR Chairman, commented: “We entered 2026 focused on production and generating cashflow, and that remains our overriding priority. With development at Maddens continuing to advance, we remain confident that ECR can achieve a production milestone before the end of the year.
“For us, the forthcoming commencement of production at Maddens will represent a significant turning point for ECR and an important milestone for our shareholders. This will move the Company from talking about the potential of its projects to demonstrating that we can execute and generate gold.
“Maddens is unquestionably our first priority, followed by Brothers, where the recent coarse gold discoveries and planned alluvial trial processing provide another potentially exciting operational opportunity. The programme at Salt Bush also has the potential to provide an important catalyst.
“At the same time, Lolworth, Blue Mountain and Creswick continue to provide ECR with additional exposure to future growth. Our focus is to deploy our own capital where we believe it can have the greatest impact while continuing to progress the wider portfolio intelligently.
“Looking into 2027, the theme is straightforward: continued execution, production and building cashflow. Achieving production during Q4 is expected to provide the platform from which we intend to deliver on that strategy.”
Review of Announcement by Qualified Person
This announcement has been reviewed by Michael Parker, Technical Director of ECR Minerals Plc. Michael Parker has a BSc in Mining Geology and is a professional geologist and Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM). He is a qualified person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.
FOR FURTHER INFORMATION, PLEASE CONTACT:
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ECR Minerals Plc |
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Tel: +44 (0) 20 8080 8176 |
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Nick Tulloch, Chairman Andrew Scott, Director |
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Website: www.ecrminerals.com |
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Allenby Capital Limited |
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Tel: +44 (0) 20 3328 5656 |
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Nominated Adviser and Joint Broker Alex Brearley / Nick Naylor / Vivek Bhardwaj (Corporate Finance) Kelly Gardiner (Sales and Corporate Broking)
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CREST Corporate Broking Joint Broker Jerry Keen
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Tel: +44 (0) 20 3973 3678 |
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Axis Capital Markets Limited |
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Tel: +44 (0) 20 3026 0320 |
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Joint Broker |
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Lewis Jones |
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SI Capital Ltd |
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Tel: +44 (0) 1483 413500 |
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Joint Broker |
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Nick Emerson
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St Brides Partners / Spire |
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Tel: +44 (0) 20 7236 1177 |
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Public & Investor Relations |
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Alan Green |
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