Status update

Mar 17, 2026

Press Release

In March, Wishbone Gold provided an exploration update for its Red Setter projects in the Paterson province of Western Australia. I am delighted to be joined by Wishbone Gold Director, Ed Mead, and Company Chairman, Richard Polden. Richard, very short first question, but were the results as expected? No, Sarah. They were far better. I think the major point that I want to draw on here is that Expert Geophysics, who do the MT surveys, when they did the first one of Red Setter the year before last, they said in their announcement that they thought it was an analog of Telfer. They've continued with that as their view. Now, the grades that we got last year are similar to Telfer, and in some cases, they're actually better. I think that picture, that's what we were trying to achieve last year, and we certainly achieved it. Okay. You mentioned last year. Question to you, Ed. Was the 2025 drilling campaign more reconnaissance in nature, and these assay results will be used to shape and define the upcoming 2026 drill program? I suppose there is a small degree of reconnaissance. We tested the mobile MT target to the southwest of the main diorite, and we came up with a good structural target that helps us understand the setting for Red Setter. After we drilled those 2 holes and we've got results that showed that there was no mineralization to the depths we tested, we've now focused back on the 4-kilometer strike of the magnetite diorite, where we have non-mineralization and we have now a far better understanding of where we are and what we need to do. What about if I use phrases like the only company in the world? Are you the only company in the world who perceives that they have something outstanding, possibly on a par or far exceeding Telfer, which is a neighboring property? I suppose the thing we'd say is that the best indicator of mineralization is mineralization, and we've proven that we've got mineralization. Now we understand that within the diorite, we have gold and copper mineralization that is economic grades of similar or better tenor than the Telfer mine itself. We now know that's where we should focus. We've also observed that as we have gone deeper below about 150 meters, the alteration in the diorite increases and so do the grades. We've got a very clear plan as announced with 9,000 meters of drilling that will be undertaken in this drill campaign. And on top of that, it means that we've also learnt that we'll be able to do 150-meter reverse circulation pre-collar holes, followed by diamond tails. This will help us expedite what we're trying to achieve this year. There's also the issue of nearology. We are 10-15 km away from Telfer. In Australia, we walk that far for a beer. Having been drilling that close to a known resource is a good indicator there's probably something there from the data that we've got already. Okay. Now, the 2026 drill campaign commences at the end of April. Once the rain has stopped, so at the time of this recording, just six weeks' time. Ed, is that enough time to adjust your geological profiling of Red Setter and determine which holes will yield better or best grades? I think we're very close to rolling out the drill campaign, and we've got a very broad plan to drill across the extent of the 4 kilometers. We've drilled very small pockets within that 4-kilometer strike, and now that we understand a little bit more about the mineralization, we think the best next step is to really drill all the way along that 4-kilometer strike, hence the idea of that we've got a 9,000-meter program, where we'll be doing 150-meter pre-collar holes with diamond tails afterwards. Looking forward to getting on the ground and getting that up and underway. Looking further ahead, and then the assay results from the 2026 program will be forthcoming when? Are you going to give the results throughout the campaign or at the end? This time around, the plan has changed. The plan from 2025 was to consolidate all the results so that we had an understanding of what we would be doing for 2026, and hence the release that we made yesterday. The plan now is that we have streamlined our activities, our ideas, and our way forward so that we will be processing core on-site, and we will be having a steady stream of assays or samples going down to Perth for assay. We'll be able to keep shareholders better informed, ourselves better informed, and move forward as we progress Red Setter. Just looking back at the consolidated results from 2025, some investors were concerned that possibly all the data wasn't forthcoming. They thought that perhaps information from two holes wasn't included in March's investor update. I know all the results were included. There was an Appendix 1 at the back of the release, and that had all the results. The two holes that most people were referred to that they were waiting for was the, say, the breccia, which was the southwest, and they were the first two holes we dug. As we've indicated, to the depths we have tested that area, we didn't intersect mineralization. Understood. Going back to you, Richard, you mentioned nearology. Are you sure that Red Setter has a large mineralized system? Remind investors why you're certain of this with the information that you have at present. Gosh, what a question, Sarah. We wouldn't be spending the time and the money on it unless we believed that. I think that our belief is based on a solid foundation. I can't thank Cameron Spritzer enough for introducing us to Expert Geophysics a couple of years ago. That was an absolute game changer, because otherwise, a lot of this drilling would've been blind, whereas it isn't. I think, delaying announcing the results this year was absolutely the right decision because what we were waiting to do is to combine all of the data. The Expert Geophysics analysis, they did more during the year for us. We didn't have that data. Now we do. That was all combined in the results. It's important that we're trying to create a picture of the whole system here, not just one drill hole, because that one good drill hole doesn't tell you any more than one bad drill hole. It's just one hole. What we're trying to do, as Ed has just very carefully described, is create the image of the whole system and that actually system is a major gold deposit. In terms of short-term news flow, Richard, what are you hoping to share with shareholders perhaps in quarter two? As Ed said, we will try and produce some results along the way. What we won't be able to do from one or two results is create the entire picture. Because we've done all the analysis that we've done on last year's work, this now gives us a very good picture of the system. There is, at the end of the presentation, a very nice color picture that you can print out. It gives a very good description of where the holes are, where the good results have been, and it shows very clearly what Ed's talking about of the 4-kilometer strike. Final word to you, Ed. Only six weeks to go. Are you excited? Are boots already on the ground? Is all the equipment and the personnel in place? We're reestablishing camp, and I'll generally say on the 2nd of April rather than the 1st, which is April Fool's. Yeah, it will be going in on the 1st of April. We reestablish camp, and we will be getting ready for drilling. Superb. Can't wait for the update. Gentlemen, thank you very much indeed. Ed Mead and Richard Polden of Wishbone Gold, thank you very much indeed. Thank you, Sarah. Thank you.