BMG provides June quarterly activities report

HIGHLIGHTS

Abercromby

• Transitioned from pure-play explorer to project developer following maiden Mineral Resource of 11.12Mt @ 1.45 g/t Au for 518koz Au at the Capital Deposit
  • Open pit area: 354kozs @ 1.17g/t Au (>0.4g/t Au between surface and 200mbs)
  • Underground area: 164kozs @ 3.09g/t Au (>1.25g/t Au between 200mbs and 500mbs)
  • 353koz (68%) Au Inferred and 165koz (32%) Au Indicated
  • 173koz in oxide and transitional material, 345koz in fresh material
  • Higher grade component of the resource is 430koz @ 2.01g/t at a 1.0g/t lower cut-off
  • Low $8.35/oz discovery cost
• Scoping study underway for potential mining operation with independent consultants engaged
• Planning initiated for next phase of drilling to focus on continued resource expansion and exploration

Bullabulling

• Completed maiden 20-hole Reverse Circulation (RC) drilling program
  • Thick LCT pegmatites intersected (up to 28m) with anomalous lithium confirmed from initial assays
  • Priority assays underly strong prospectivity for lithium and gold:
    • Ubini prospect: 3m @ 0.31% Li2O from 12m (23BBRC012) and 4m @ 0.16% Li2O from 13m (23BBRC016)
    • Poolmans prospect: 4m @ 2.37g/t Au from 53m (23BBRC019)
• Exercised Option to acquire the project following confirmation of LCT pegmatites and gold mineralisation
• Planning for follow up drilling underway

Corporate

• Completed $2.75 million capital raising to fund next phase of work at Abercromby, Bullabulling and Invincible projects
  • Oversubscribed placement of new shares raised maximum $1.5 million
  • Entitlement Offer and Shortfall Offer raised $1.25 million • $750k allocation of exploration credits under the Junior Minerals Exploration Incentive program in July 2023

During the quarter, BMG made the step-change to project developer and multi-commodity explorer following the delivery of a Maiden Mineral Resource at the Abercromby Gold Project and the acquisition of the Bullabulling Lithium-Gold Project.

The maiden Mineral Resource Estimate (MRE) at the Capital Deposit provides a metric to quantitatively demonstrate the Project’s value with potential for open pit mining and the low $8.35/oz discovery cost is testament to BMG’s efficient use of exploration spend. First drilling at Bullabulling shows excellent potential for the discovery of lithium and gold mineralisation in a lithium region of growing significance.

The Company is now well funded to pursue exploration and project development programs after raising the maximum $2.75 million sought in the Company’s equity placement and entitlement offer. The raising consisted of an oversubscribed $1.5 million capital raising, and a further $1.25 million from an Entitlement Offer and Shortfall offer.