Consolidated Dulcie

Gold Project (100% )

The Consolidated Dulcie Gold Project, wholly owned by Zenith Minerals, comprises the 100%-owned Dulcie Far North (DFN) Mining Lease and newly acquired subsurface rights at Dulcie. Located approximately 400 km east of Perth and 80 km south of Southern Cross within the Southern Cross-Forrestania Greenstone Belt, the project benefits from direct sealed-road access and proximity (~35km) to the operational Marvel Loch Processing Plant (Barto). These factors are anticipated to facilitate efficient logistics and potential processing options (see Figure 1). The recent acquisition of additional tenure from Highscore-RRA in June 2025 significantly expands the exploration footprint, consolidating Zenith’s position within the belt (ASX Release: 10 June 2025).

Quick Pathway to Production

The Consolidated Dulcie tenure is strategically positioned across a series of granted Mining Licences, benefiting from favourable access agreements and a clearly defined call option to acquire existing surface operations. Internal preliminary studies indicate that the identified mineralisation appears amenable to open-pit mining, with nearby toll-treatment facilities providing potential low-capital, accelerated development pathways. Subject to further detailed evaluations, this presents Zenith with a potentially rapid and capital-efficient route to commercial gold production.

Project Highlights DFN

  • Resource Growth and Potential: An updated Mineral Resource Estimate (MRE) is anticipated H2-2025, incorporating recent drilling results. The current Inferred Mineral Resource at DFN stands at 5.1 million tonnes at 1.3 g/t Au for 210,000 ounces, see table one below.

Table 1:  JORC-compliant Inferred Mineral Resource for Dulcie Far North as at 8 December 2024 (0.5 g/t Au cut-off by weathering zone). This Mineral Resource represents a greater than 40% increase in contained metal over the maiden JORC-compliant Mineral Resource of 3.4 Mt at 1.4 g/t Au for 150 koz announced on 11 July 2023. Refer to the Competent Persons Statement provided below and ASX Release dated 12 December 2024.

 
  • Robust Drilling Results: A recent 37-hole drilling program conducted in February–March 2025 successfully confirmed significant mineralisation continuity and identified multiple new stacked lodes including:
    • 7m @ 2.82 g/t Au from 85m, including 3m @ 5.28 g/t Au (SRRC042; ASX Release: 3 April 2025)
    • 6m @ 2.76 g/t Au from 57m, including 4m @ 3.72 g/t Au (SRRC070; ASX Release: 19 May 2025)
    • 5m @ 2.19 g/t Au from 97m, including 1m @ 9.34 g/t Au (SRRC069; ASX Release: 19 May 2025)
  • Infrastructure and Permitting Advantages: Existing mining leases and sealed-road access are anticipated to assist in streamlining permitting processes and enhancing logistical efficiencies. The project is conveniently located only a five-hour drive from Perth and approximately 45 minutes from the Great Eastern Highway, further supporting potential operational and development advantages.

Project Highlights Dulcie

  • Strategic Tenement Consolidation: Zenith secured exclusive subsurface exploration and mining rights (below 8m depth) to tenements immediately south, with milestone-based options for full ownership.
  • Current Mining Operations Anticipated to De-risk Project: Active heap-leach mining operations on the acquired tenements are expected to significantly de-risk future exploration and development activities, potentially supporting streamlined permitting and accelerated exploration timelines.
  • Confirmed Gold System: Zenith’s 2020 to 2021 drilling program confirmed the southern continuation of DFN gold mineralisation, leaving extensive shallow zones inadequately tested and open for potential resource growth. Notable intercepts include:
    • 32m @ 9.4 g/t Au from 14m, including 9m @ 31.4 g/t Au from 17m (ZAC153, ASX ZNC 2 December 2020)
    • 14m @ 3.5 g/t Au from 46m, including 3m @ 5.6 g/t Au and 4m @ 6.7 g/t Au (ZAC209, ASX ZNC 2 December 2020)
    • 18m @ 2.0 g/t Au from 25m, including 1m @ 23.7 g/t Au (ZAC162, ASX ZNC 2 September 2020)
  • Attractive Commercial Terms: Zenith will pay Highscore-RRA A$250,000 (80% in Zenith shares) and grant a 2% Net Smelter Return (NSR) royalty on future subsurface gold production. Zenith also holds clearly defined milestone-based options to acquire either subsurface rights or full ownership of these tenements (ASX Release: 10 June 2025). Refer to Figure 2.

Figure 1:  Map illustrating Zenith’s extensive Split Rocks tenure package (highlighted in purple), situated within the highly prospective greenstone belts (shaded green). The map clearly shows the strategic location of the expanded Dulcie Gold Project relative to regional infrastructure, including the Marvel Loch Processing Plant, and surrounding significant gold deposits in the Marvel Loch–Forrestania Gold Belt

Figure 2:  Map of Zenith’s Dulcie Project showing significant gold intercepts at Dulcie North, Scott’s Grey, and Dulcie Laterite Pit, along with the DFN Gold Project Inferred Resource (5.1Mt @ 1.3g/t Au for 210,000oz). Refer to the Competent Persons Statement for details.

Next Steps

Zenith is advancing the Consolidated Dulcie Gold Project with a clear, expedited strategy:

  • Immediate (Q2–Q3 2025):
    • Complete and announce the anticipated DFN JORC Resource Update.
    • Define JORC Exploration Target at Dulcie, clearly outlining the exploration potential based on existing drilling data, geological interpretations, and other relevant data.
  • Near-Term (Q3 2025):
    • Approximately 2,000m RC drilling to delineate newly identified lode systems at DFN.
    • Conduct around 3,000m RC drilling along strike for resource definition.
  • Medium-Term (Q4 2025–Q1 2026):
    • Expand the existing resource through ~3,500m RC infill drilling.
    • Execute ~10,000m RC and ~2,000m diamond drilling to elevate resource categories, supporting a potential production scenario.

Zenith continues regional exploration across the Split Rocks tenure, systematically targeting broader regional gold prospects to bolster the project’s overall resource potential. 

Definitions

  • Dulcie Far North (DFN): Mining Lease M77/1292, acquired by Zenith in January 2023 (ASX Release: 25 January 2023).
  • Dulcie Tenement Package: Subsurface rights from Highscore-RRA covering Mining Leases M77/581, M77/1246, M77/1250, M77/1267, M77/1290, and Miscellaneous Licences L77/226, L77/244, and L77/256.
  • Highscore-RRA: Vendors Highscore Pty Ltd and Richard Read and Associates Pty Ltd. 

Competent Persons Statement

The exploration results presented in this document are based on information compiled by Mr. Daniel Greene, a Member of the Australasian Institute of Geoscientists and a full-time employee of Zenith Minerals Limited. Mr. Greene has sufficient experience relevant to the style of mineralisation and deposit type under consideration and to the activities being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr. Greene consents to the inclusion of this information in the form and context in which it appears.

Mineral Resource information at DFN is compiled by Mr. John Horton, a Fellow and Chartered Professional of the Australasian Institute of Mining and Metallurgy and a full-time employee of ResEval Pty Ltd. Mr. Horton consents to the inclusion of this information in the form and context presented. 

Relevant ASX Announcements

The exploration results and project details referenced on this page have been previously reported in Zenith Minerals’ ASX announcements dated 14 February 2020, 2 September 2020, 2 December 2020, 15 January 2021, 21 April 2021, 25 January 2023, 12 December 2024, 3 April 2025, 19 May 2025, and 10 June 2025. The Company confirms that it is not aware of any new information or data that materially affects the information included in these original market announcements, and that all material assumptions and technical parameters underpinning these results continue to apply and have not materially changed.