Maddens and Brothers advances to gold production
Summary by AI BETAClose X
5 August 2026
ECR MINERALS PLC
("ECR Minerals", "ECR" or the "Company")
ECR advances development of Maddens and Brothers towards gold production
ECR Minerals plc (AIM: ECR), the Australian gold exploration and development company, is pleased to provide an operational update on development and upcoming production-related activities across the Maddens and Brothers mining operations within the Maddens Gold Project at the Maddens Flat Group of Mines in Queensland. ECR has a 50% interest in the Maddens Gold Project.
The Company has advanced several operational and technical workstreams for the development of the Maddens Gold Project, which the Board considers to be one of ECR's highest-priority gold production opportunities. These activities span underground mine development, geological evaluation, processing plant enhancements and preparations for trial alluvial mining, reflecting ECR's strategy of establishing multiple gold production opportunities from a single operating hub.
Highlights
· Underground development at the Maddens Underground Mine has identified an additional mineralised quartz vein containing visible gold, with ore now being stockpiled on the Run-of-Mine ("ROM") pad ahead of future processing.
· Development of the Maddens Underground Mine continues to advance, with the next phase of the development of the decline (the downwards tunnel to access the ore body) expected to commence shortly.
· Installation of a Knelson gravity concentrator expected in the coming weeks, supporting enhanced gravity gold recovery as the Maddens Gold Project progresses towards production.
· Operational personnel and equipment continue to be mobilised to the Brothers Mining Lease area following the strategic redeployment from Raglan, with encouraging prospecting results supporting the planned trial alluvial mining programme.
· Recently completed LiDAR (Light Detection and Ranging) survey enhances geological understanding of the Maddens Gold Project, with preliminary interpretation indicating potential extensions of the Maddens mineralised system towards the historic Sisters Mine.
· Multiple operational, geological and processing workstreams advancing in parallel as ECR progresses the leading areas within the Maddens Gold Project towards gold production.
Advancing the Maddens Gold Project
When ECR completed the acquisition of the Paleogold assets earlier this year, the Board identified the Maddens Gold Project as one of the Company's highest-priority development opportunities.
The Maddens Gold Project comprises the historic Maddens Flat Group of Mines, including the Maddens and Brothers mining operations, which form part of a group of seven mining leases, including processing infrastructure and significant exploration upside across the wider project areas. The Board believes that the combination of established infrastructure, multiple historic mining centres and nearer-term production opportunities provides ECR with a strong platform from which to develop a long-term gold production business in North Queensland.
Following the strategic decision announced in July 2026 to redeploy operational personnel and equipment from Raglan to Brothers, the Company has focused its efforts on advancing both the Maddens underground mine and the proposed Brothers alluvial operation, through a coordinated programme of mine development, geological evaluation, processing plant preparation and operational mobilisation.
ECR is advancing multiple workstreams simultaneously, ensuring underground mine development at the Maddens Underground Mine, processing plant readiness and trial mining preparations continue in parallel as the Company moves towards gold production.
Underground Development at Maddens
Underground development continues to progress at the Maddens Underground Mine, with preparations well advanced for the commencement of the next phase of the development of the decline (the downwards tunnel to access the ore body), which is expected to begin shortly.
As development has progressed, the Company's technical team has intersected a separate mineralised quartz vein containing visible gold. Initial geological interpretation indicates that the structure may represent a distinct mineralised vein separate from the main Maddens Reef and will form part of the Company's ongoing geological evaluation programme.
Importantly, underground development is now generating ore, with material currently being stockpiled on the Company's ROM pad ahead of processing.
The Board believes that this represents an important milestone in the Company's progression from mine development towards gold production, while simultaneously providing additional geological information that continues to improve understanding of the broader mineralised system underlying the Maddens Gold Project.
Geological Evaluation Strengthens Confidence
Alongside underground development, ECR has continued to enhance its understanding of the broader Maddens Gold Project through the application of modern geological techniques.
The recently completed LiDAR (Light Detection and Ranging) survey has now been received by the Company's technical team and is being incorporated into ongoing geological interpretation and mine planning. Preliminary assessment has identified features considered prospective for potential extensions of the Maddens Underground Mine's mineralised system towards the historic Sisters Mine.
These observations will be evaluated alongside geological information being generated through underground development and structural mapping, providing an increasingly detailed understanding of the Maddens Gold Project's overall mineralised architecture.
The Board believes that the combination of modern geological interpretation and historical mining data continues to strengthen confidence in the broader prospectivity of the Maddens Gold Project and supports the Company's long-term development strategy.
Brothers Development Programme
Preparations continue to advance trial alluvial operations at the Brothers Mining Lease following the strategic decision announced in July 2026 to redeploy operational personnel and processing equipment from Raglan.
The Board believes that parts of the Brothers Mining Lease area represent an attractive near-term alluvial gold production opportunity that complements the underground development programme at the Maddens Underground Mine and will form an integral part of the development potential at the wider Maddens Gold Project.
Operational personnel continue to be mobilised to site while preparations for trial alluvial mining progress. At the same time, ongoing prospecting has continued to produce encouraging results around the Brothers Mining Lease area, reinforcing management's confidence in both the alluvial opportunity and the potential for additional hard-rock mineralisation associated with the historic workings.
The Company believes that the parallel advancement of the Maddens Underground Mine and the opportunities at the Brothers Mining Lease area provides the potential to establish complementary underground and alluvial production streams supported by common infrastructure and operational expertise.
Processing Plant Preparation
Alongside mine development activities, ECR continues preparations to enhance processing capability at the Maddens Gold Project.
A Knelson gravity concentrator is expected to arrive on site in the coming weeks and will be installed by the Company's technical team to improve gravity gold recovery from future processing campaigns. The processing plant upgrade complements the Company's operational progress at the Maddens Underground Mine, where ore generated during development is now being stockpiled on the ROM pad ahead of processing.
By progressing mine development and processing plant readiness simultaneously, the Company continues to advance the key parts of the Maddens Gold Project towards operational readiness.
Operational Priorities
During the third quarter of 2026, ECR expects to continue progressing a number of important operational milestones across the Maddens Gold Project, including:
· Commencement of the next phase of decline development at Maddens.
· Installation and commissioning of the Knelson gravity concentrator.
· Commencement of processing of ore generated during underground development.
· Continued geological assessment of the newly identified mineralised quartz vein.
· Ongoing interpretation of the LiDAR survey and assessment of potential extensions to the Maddens mineralised system.
· Continued operational mobilisation and commencement of trial alluvial mining activities at Brothers.
Mike Parker, Non-Executive Director, commented: "One of the most exciting aspects of our recent work is seeing the geological model continue to evolve as underground development progresses. Every metre of development not only moves us closer to production but may also provide valuable geological information that improves our understanding of the overall Maddens Gold Project.
"The identification of a separate mineralised quartz vein during development, together with the early interpretation of our recently completed LiDAR survey, suggests that there is still considerable potential to expand our understanding of the mineralised system beyond the historically mined areas. While further work is required, these are exactly the types of observations we had hoped to see as we systematically develop the project.
"Perhaps, most importantly, our focus is now firmly on execution. Underground development is generating ore for future processing, preparations for the next phase of decline development are well advanced and upgrades to the processing plant continue. Collectively, these activities represent important steps towards bringing the Maddens Gold Project into production."
Nick Tulloch, ECR Chairman, added: "When we completed the Paleogold acquisition, we made it clear that the Maddens Gold Project would become one of ECR's highest strategic priorities. Today's update demonstrates our focus on delivering on that commitment.
"Over recent months we have deliberately redirected people, equipment and technical expertise towards Maddens and Brothers because we believe these assets represent some of the most compelling nearer-term development opportunities within our portfolio. Importantly, investors can now see multiple workstreams progressing simultaneously - from underground mine development and geological evaluation through to processing plant upgrades and preparations for trial alluvial mining.
"This is exactly how we intend to build ECR. Through disciplined execution, sensible capital allocation and a clear focus on projects that we believe are ultimately capable of delivering meaningful shareholder value. There remains much work ahead, but the progress being made across the Maddens Gold Project gives the Board increasing confidence in its potential to become a significant cornerstone asset within ECR's Australian gold portfolio."
Review of Announcement by Qualified Person
This announcement has been reviewed by Michael Parker, Non-Executive Director of ECR Minerals Plc. Michael Parker has a BSc. in Mining Geology and is a professional geologist and is a 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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OAK Securities Joint Broker Jerry Keen / Robert Bell
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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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Brand Communications |
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Tel: +44 (0) 7976 431608 |
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Public & Investor Relations |
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Alan Green |
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ABOUT ECR MINERALS PLC
ECR Minerals is a mineral exploration and development company operating through four wholly owned Australian subsidiaries ECR Minerals (Australia) Pty Ltd ("ECR Australia"), ECR Minerals (Queensland) Pty Ltd ("ECR Queensland"), ECR Minerals (Raglan) Pty Ltd ("ECR Raglan") and ECR Minerals (Paleogold) Ltd ("ECR Paleogold").
ECR Paleogold has a 50% interest in the Maddens Gold Project in Northern Queensland, which includes the Underground Mine where work is underway for production this year. It also has a 20% interest in the Salt Bush shallow open cut mining project in South Australia where preparations are underway for production which is expected to commence around mid-2027. ECR Paleogold also owns 80% of the Tuckanarra exploration project in Western Australia.
ECR Australia owns the Bailieston and Creswick gold projects in central Victoria, Australia as well as the Tambo gold project in eastern Victoria.
ECR Raglan has a mining lease at the Raglan alluvial gold project in central Queensland, Australia and ECR Queensland has two approved exploration permits over the nearby Blue Mountain alluvial gold project. The Raglan project is in an initial production phase and ECR is currently working to bring the Blue Mountain alluvial gold project into production. ECR Queensland also has three approved exploration permits covering 946 km2 over a relatively unexplored area in Lolworth Range in northern Queensland. Furthermore, it has also submitted a licence application at Kondaparinga which is approximately 120 km2 in area and located within the Hodgkinson Gold Province, 80 km NW of Mareeba, North Queensland.
Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), ECR Australia has the right to receive up to A$2 million in payments subject to future resource estimation or production from these projects.
ECR Australia also has approximately A$77 million of unutilised tax losses incurred during previous operations.
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