Target Generation & Next Phase of Drilling

Mila Resources PLC

03 August 2026

 

Mila Resources Plc / Index: LSE / Epic: MILA / Sector: Natural Resources

3 August 2026

Mila Resources Plc

("Mila" or the "Company")

Target Generation and Next Phase of Drilling at Yarrol Gold Project

Mila Resources Plc (LSE: MILA), the post-discovery gold and copper resource development company focused on Australia, is pleased to announce that target generation, supported by machine learning, is now underway for the next phase of drilling at its Yarrol Gold Project in Queensland.

The next phase of drilling will build on the ~5,000-metres of drilling completed by Mila to date, which consistently demonstrated the scale and continuity of the Yarrol gold system, while also confirming that mineralisation remains open in multiple directions.  This, together with an extensive review of historical exploration data and comprehensive geological studies, significantly enhanced the Company's understanding of the Yarrol mineralised system and has laid the foundation for the upcoming programme, which will be used to assess the broader scale potential of the Yarrol Gold Project beyond the established mineral resource area.

Highlights

·      Mila has partnered with London-based artificial intelligence geoscience specialist MINML to integrate machine learning into target generation to support the technical team across the Yarrol Project.

·      MINML has calibrated its machine learning platform using Mila's geological interpretations developed over the last 18 months together with historical exploration datasets.

·      Mila will use this updated, detailed model to delineate multiple targets beyond the 1 km of strike already tested and realise potential for more mineralised bodies to be found along the 20 km fault.

·      The upcoming drill programme will use the optimised deposit model to infill and test further extensions to mineralisation at Yarrol. These will be used together with further technical studies, as Mila builds towards an updated Mineral Resource Estimate ("MRE").

·      Alastair Goodship, Chief Operating Officer, is currently on site to oversee final target selection, drill preparations and commencement of the (1,400 m) funded programme.

·      Interpretation of the recently completed induced polarisation ("IP") geophysical surveys of copper targets at the Monal Licences is progressing, with a further update to be provided shortly.

Advancing the Geological Model at Yarrol

The Company's exploration programme to date has significantly advanced its understanding of the geological architecture controlling gold mineralisation at Yarrol. Through a combination of drilling, geological mapping, geochemical interpretation and geophysical analysis, Mila has developed an increasingly robust geological model defining the structural controls on mineralisation and the relationships between lithology, alteration, geochemistry and gold distribution.

The Q1 2026 drilling programme confirmed the continuity of mineralisation and its extensions to greater depths, with several drill holes intersecting multiple gold-bearing zones that collectively define broad mineralised corridors. The programme also identified multiple high-grade gold shoots from shallow depths within a large mineralised system, surrounded by a broad lower-grade halo that demonstrates the potential for significant tonnage.

Importantly, continuity of mineralisation has now been confirmed well beyond the footprint of the historic Yarrol North resource, while the system remains open along strike and at depth. Additional high-grade targets and parallel mineralised structures remain untested, highlighting considerable potential for further resource growth.

The Company's growing geological confidence also provides the foundation for future mineral resource updates. However, given the significant exploration success achieved beyond the historic resource footprint, Mila believes there is considerable value in continuing to strategically expand and upgrade the resource through targeted drilling as part of a staged development strategy.

Artificial Intelligence Assisted Target Generation

To support the next stage of exploration, Mila has engaged MINML, a London-based AI-integrated geoscience company specialising in the application of deep learning technologies to mineral exploration.

MINML has calibrated its machine learning platform using Mila's geological interpretations together with historical exploration datasets.

The initial programme has:

·      Integrated multiple geological, geophysical and geochemical datasets;

·      Identified exploration patterns associated with known mineralisation;

·      Generated ranked exploration targets;

·      Provided geological explanations supporting each identified target.

Importantly, the Company notes that MINML's approach is not a "black box" system, with all outputs linked back to geological controls that can be independently reviewed and validated by Mila's technical team.

Following the successful completion of the initial evaluation, Mila intends to incorporate this technology into the wider Yarrol exploration programme.

Exploration Strategy

The Company's exploration strategy is designed to balance near-term resource growth with the longer-term objective of unlocking the full scale of the Yarrol Gold Project.

The substantial increase in geological understanding achieved through recent drilling has demonstrated that mineralisation extends well beyond the limits of the historic resource area. As a result, the Company intends to pursue a dual-track exploration strategy, continuing to systematically grow confidence in the existing mineralised footprint while simultaneously evaluating the broader district-scale opportunity presented by the Yarrol Fault system.

This approach is expected to provide a series of technical and exploration milestones, progressively de-risking the project while maximising the opportunity to define a materially larger gold system over time.

Stage 1 - Resource Growth and Definition

Drilling will initially focus on areas where additional drilling has the potential to increase geological confidence, extend known mineralisation and support future resource updates. This work is intended to progressively enhance the quality and scale of the existing resource inventory while maintaining disciplined capital allocation.

The initial programme will focus on extending known mineralisation through:

·      Refinement of existing geological interpretations;

·      Testing strike extensions;

·      Testing depth extensions beneath known mineralisation;

·      Optimising drill orientations.

Stage 2 - District Stage Growth

In parallel with Stage 1, the Company will continue testing the broader Yarrol Fault system, applying its evolving geological model and machine-learning-assisted targeting to evaluate the considerable exploration potential beyond the currently defined mineralised footprint.

The second phase will evaluate the broader Yarrol mineral system by:

·      Applying the Company's geological model across the wider Yarrol Fault corridor;

·      Reviewing historical prospects that received limited follow-up exploration;

·      Testing previously untested geophysical and geochemical anomalies.

Monal Copper Targets Update

Interpretation of the recently completed IP geophysical surveys at the Basilica/Jazza and Childs targets in the Monal Licences is progressing, with a further update to be provided following shortly.

The survey has been designed to improve understanding of potential mineralised structures and assist in generating priority drill targets.

Commenting, Executive Director Mark Stephenson said:

"The successful application of MINML's AI-integrated geoscience platform represents another important step in advancing our understanding of the Yarrol gold system. By integrating multiple geological datasets, the programme has identified and ranked new exploration targets while, crucially, providing the geological rationale behind each recommendation.  This detailed model will be used to delineate multiple targets beyond the 1km of strike already tested and realise potential for more mineralised bodies to be found along the 20km fault.

"The success of recent drilling has strengthened our confidence not only in the continuity of the existing mineralisation, but also in the scale of the wider system. Our strategy is therefore twofold: to continue building geological confidence and progressively grow the resource in the near term, whilst simultaneously testing the broader exploration opportunity that we believe has the potential to deliver substantially greater long-term value.

"This staged approach allows us to allocate capital efficiently, generate multiple exploration and resource milestones, and progressively de-risk what we believe is emerging as a significant gold system."

Figure 1: Map showing planned drill holes at Yarrol Gold Project

Competent Person Statement

The information in this announcement relating to Exploration Results is based on information compiled by Alastair Goodship, who is COO of Mila Resources, and a member of The Institute of Materials, Minerals and Mining and a Fellow of the Geological Society. Dr Goodship has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resource and Ore Reserves".

**ENDS**

For more information visit www.milaresources.com or contact:  

Mark Stephenson   Mila Resources Plc	[e-mail]
Jonathan Evans   Tavira Financial Limited	[phone]
Nick Emerson   SI Capital	[phone]
Damon Heath Shard Capital Partners LLP	[phone]
Susie Geliher St Brides Partners Ltd	[phone]

ABOUT MILA RESOURCES

Mila Resources Plc (LSE: MILA) resource developer focussed on advancing a portfolio of gold and copper interests in Australia.  The most advanced is the Yarrol Gold Project, which is moving towards an initial Mineral Resource Estimate, alongside the systematic advancement of exploration targets across its broader Queensland licence portfolio, including the Monal West porphyry corridor.

ABOUT MINML

MINML is a UK-based AI-native mineral exploration company that combines advanced machine learning with geological expertise to accelerate mineral discovery. Its proprietary, explainable AI platform integrates large and fragmented geoscience datasets to identify and rank prospective exploration targets, helping exploration companies improve targeting efficiency, reduce exploration risk and make faster, data-driven decisions. Founded by Earth Scientists from the University of Cambridge, MINML's technology is designed to support the discovery of critical minerals through geology-first, transparent artificial intelligence.

 

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