Operations Update
Summary by AI BETAClose X
27 April 2026
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
Operations Update
Update on proposed Paleogold Transactions to establish multi-project gold portfolio, advancing towards production and nearer-term newsflow
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to provide the following update on its projects. This update includes the proposed Paleogold Transactions, which form part of ECR's proposed Acquisition of Paleogold Limited. As announced on 20 April 2026, the Board believes that the Paleogold Transactions will advance ECR from an Australian-focused explorer and alluvial gold producer to a diversified gold company with nearer-term hard rock production, district-scale exploration upside and a seasoned operating team.
Defined terms used in this announcement shall, unless otherwise defined, have the same meanings as set out in the Company's announcement of 20 April 2026.
Highlights
· Underground development advancing at Maddens with production targeted in the nearer term alongside near-mine exploration programme
· Strong operational momentum expected across a 10-project (post Completion of Paleogold Transactions), multi-state Australian gold portfolio
· Raglan ramping up to increased-scale mining following successful optimisation work
· Nearer-term gold production updates expected from Raglan and Maddens (pending Completion)
· Blue Mountain mining lease application progressing well with clear pathway to production
· Exploration and development activity ongoing across Lolworth, Creswick, Bailieston and Tambo
· Positioned to benefit from strong gold prices in a Tier-1 mining jurisdiction
Update on Acquisition process
ECR is pleased to announce that Paleogold has reported that it has now secured over 94% acceptances in respect of the Acquisition of Paleogold, with acceptances from the remaining shareholders expected shortly. Further updates in relation to the process for the completion of the Acquisition and other Paleogold Transactions (together "Completion") will be provided in due course. As part of Completion, ECR, via Paleogold, will exercise Paleogold's Option to acquire 50% of Lucky Strike, the owner of the Maddens Flat Group of Mines.
Following Completion, the Directors consider that ECR will rapidly evolve into a multi-asset gold company with 10 projects across four Australian states, combining nearer-term production opportunities with significant exploration upside.
These projects, including projects joining ECR's portfolio upon Completion, are as summarised below.
Queensland
Maddens (subject to Completion)
The Maddens Flat Group of Mines comprises six historical mining sites located within a 50km² exploration tenement in Northern Queensland. The Maddens project is being advanced alongside an experienced operating team inherited through the Paleogold Acquisition, providing strong technical capability on the ground. To date there has been no systematic exploration programme across the Maddens Flat Group of Mines tenement, and as such, the Board considers that there is future upside potential across the district.
As part of the exercise of the Option that forms part of the Paleogold Transactions, ECR will commit to spend A$1 million to the development of the Maddens Underground Mine. This capital is being used to extend the existing decline by approximately 120 metres to access the next level of the mine, including securing staff and equipment.
Based on historical production grades and technical assessments, the Board believes this next level has the potential to generate approximately 2,500 ounces of gold.
Development work is currently underway and progressing well, with production targeted in the nearer term and post-Completion updates are expected as operations advance. Mike Parker, non-executive director of ECR, will visit Maddens in May 2026.
Maddens represents ECR's first hard rock mining interest and is considered by the Board to have the potential to deliver a meaningful post-Completion financial contribution during 2026.
ECR will hold a 50% interest in the Maddens Flat Group of Mines following Completion.
Raglan
The Raglan Project is a fully permitted, turnkey alluvial gold operation acquired in December 2025, located nearby to ECR's larger Blue Mountain project.
ECR's team has been active on site since January 2026, focusing on site preparation, equipment servicing and operational readiness. Trial pit mining and processing programmes have been successfully completed which has provided initial production and has enabled optimisation of the wash plant and refinement of mining targets across the historic river channel. As is typical for alluvial operations, a reliable view of the recovered grades across the project will develop as sustained production progresses, and the Company will update the market accordingly.
This readiness work was completed through the Central Queensland wet season, a period during which many alluvial operations in the region typically scale back or suspend activity. With the wet season now largely over, the operating team is remobilising to site after a break over Easter to commence the ramp-up to increased-scale mining, with throughput expected to build progressively through Q2 2026.
Updates on gold production from Raglan are expected over the coming months.
The Board continues to view Raglan as a key production asset, with the potential to generate sufficient cashflow to support both corporate overheads and the development of Blue Mountain.
Blue Mountain
Blue Mountain represents a significantly larger alluvial gold opportunity within ECR's Queensland portfolio.
Following successful drilling, wash plant trials and operational work completed in 2024 and 2025, the Company is now progressing towards securing a mining lease over the target areas. Preparations are well advanced and discussions with the relevant mining authority are ongoing.
The Board remains confident that the mining lease application can be concluded this year, positioning Blue Mountain as a significant follow-on production asset alongside Raglan.
The project benefits from strong operational synergies with Raglan, including the ability to deploy shared equipment, personnel and infrastructure across both sites. Initially ECR expects to deploy a mobile 10 tonne per hour washplant, acquired as part of the Raglan acquisition, at Blue Mountain (following the award of a mining lease) to perform initial analysis of test pits in a similar way to how operations at Raglan began.
Lolworth
ECR's Lolworth Project continues to demonstrate strong exploration potential following encouraging maiden drilling results announced in December 2025, which confirmed a gold-silver system.
The Company has now submitted soil samples from recent fieldwork for laboratory analysis, with results expected to inform the next phase of exploration activity.
Further work programmes, including geophysical surveys and follow-up drilling, are planned to advance understanding of the system and define future targets.
Kondaparinga
The Company's licence application at Kondaparinga is progressing following adjustments to the application area to address native title considerations.
The Board anticipates that these changes may facilitate a positive outcome and will update the market as appropriate.
South Australia
Salt Bush (subject to Completion)
Salt Bush is a shallow open cut development opportunity which the Board believes has the potential to deliver over 10,000 ounces of gold from relatively near-surface mineralisation.
The project benefits from an estimated break-even gold price significantly below current market prices, highlighting its potential economic attractiveness.
ECR will commit A$200,000 over six months to advance the project towards production readiness, including permitting, infrastructure planning and process design.
Work is expected to commence shortly following Completion, with production targeted for around mid-2027.
ECR will hold a 20% interest in Salt Bush following Completion.
Victoria
Creswick
Progress continues regarding discussions on the previously announced proposed joint venture with Bold Gold over the Creswick Project.
Activity has increased in recent weeks, with ongoing engagement between the parties and the appointment of legal advisers by Bold Gold.
Further updates will be provided as discussions progress.
Bailieston
Previous drilling at Bailieston confirmed gold and antimony mineralisation, with recent internal analysis identifying the Hard Up Reef as a priority target.
The Company's geological team is currently preparing an exploration plan for further work in this area.
Tambo
ECR was awarded the Tambo South exploration licence in March 2026, extending its landholding to cover a contiguous 47km strike.
Initial exploration will include stream sampling, rock chip sampling and LIDAR (Light Detection and Ranging) surveys to assess the area's mineral potential.
Western Australia
Tuckanarra (Subject to Completion)
Paleogold owns an 80% interest in the Tuckanarra Project, which is located adjacent to Odyssey Gold Ltd's 407,000 oz gold resource, and is considered prospective for gold mineralisation.
Exploration programmes are being designed to test extensions of known mineralised systems into the Tuckanarra Project Licence area that will be joining ECR's portfolio.
ECR will hold an 80% interest in Tuckanarra following Completion.
ECR Chairman Nick Tulloch commented: "2026 has already started strongly for ECR, and we believe the remainder of the year will be even more exciting as the Completion of the Paleogold Transactions brings multiple projects closer to production.
With the addition of the Paleogold Projects, we will have a substantial and diversified gold portfolio across Australia, combining nearer-term production opportunities with significant longer-term upside. Importantly, this is all taking place in a Tier-1 mining jurisdiction at a time of strong gold prices, which provides a highly supportive backdrop for our strategy.
"Our immediate focus is clear: advancing Maddens, Raglan and Blue Mountain. At Maddens, underground development is progressing well, with the potential to deliver meaningful production this year alongside near-mine exploration upside. At Raglan, the team has used the Central Queensland wet season productively and we are transitioning into increased-scale mining following optimisation work. We look forward to providing updates on gold production from Raglan in due course.
"What is particularly exciting is the depth of our pipeline. Beyond our initial and nearer-term production projects, we have Salt Bush as a more medium-term production asset and a range of exploration projects which should continue to build value across the portfolio.
"We also now benefit from a high-quality operating team at Maddens, along with the team from Paleogold who are to join ECR as part of the Completion of the Paleogold Transactions and bring significant experience in developing and operating gold mines.
"ECR will be entering a new phase - one defined by execution, production and growth - and we look forward to updating shareholders regularly as we deliver on that strategy."
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) 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) 3328 5656 |
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Axis Capital Markets Limited |
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Tel: +44 (0) 203 026 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 three wholly owned Australian subsidiaries ECR Minerals (Australia) Pty Ltd ("ECR Australia"), ECR Minerals (Queensland) Pty Ltd ("ECR Queensland") and ECR Minerals (Raglan) Pty Ltd ("ECR Raglan").
ECR Australia owns the Bailieston and Creswick gold projects in central Victoria, Australia as well as the Tambo gold project in eastern Victoria.
Raglan Resources 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. ECR is currently working to bring both projects 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 120km2 in area and located within the Hodgkinson Gold Province, 80km 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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