Clogau Gold Mine Exploration Update

Arkadian Strategic Metals Plc / EPIC: AKN / Market: AIM / Sector: Mining

19 October 2026

Arkadian Strategic Metals Plc

("Arkadian" or the "Company") 

Clogau Gold Mine Exploration Update

Arkadian Strategic Metals Plc (AIM: AKN), the strategic metals and gold-focused exploration and development company, is pleased to provide an update on the ongoing geological investigation of the Jack Williams stope at its 100%-owned Clogau-St David's Gold Mine in north Wales, and other related developments.

Following the completion of access works announced on 26 August 2026, pressure washing and an initial programme of sample collection have been completed along the accessible upper Jack Williams west drive. The work has exposed the vein for geological inspection and provided 21 samples to date for further analysis. Detailed mapping, laboratory assays and mineralogical examination will help assess the case for further exploration in this part of the mine.

In addition, processing in the onsite pilot plant continues, currently focused on floor material taken from around one of the historic shafts, and the protected species licence (EPSL) for the mine has been renewed until 31 March 2032.

Highlights

Jack Williams stope exploration (Upper Tyn y Cornel)

•                      Pressure washing completed along the upper Jack Williams west drive to the point where the drive bends south, exposing the vein predominantly in the roof.

•                      Twenty-one samples collected, covering variations in vein texture, sulphide mineralisation and contacts with the surrounding rocks.

•                      Laminated quartz and shale veining observed beyond the extensively mined entrance stope, in sections which do not appear to have been extensively mined historically.

•                      Galena and other sulphide minerals observed in collected samples. Laboratory work is required to establish their relationship with gold in this area.

•                      The vein narrows westwards and is no longer visible at the southward bend. Further washing and mapping are proposed to investigate its position and possible continuation.

Shaft area excavation and processing

•                      Extensive floor material around one of the shafts is in the process of being dug and processed.

EPSL extended to March 2032

•                      The protected species licence (EPSL) for the mine has been renewed until 31 March 2032.

Details

Jack Williams sampling

The Jack Williams stope lies at the western end of the historically worked Main Lode, the principal quartz-vein structure associated with most historic gold production at Clogau (Figure 1). The current work is investigating the exposed vein and surrounding rocks to assess potential exploration targets within the existing workings and towards the west.

Figure 1: Section diagram of underground workings, showing the Jack Williams stope and other proposed target areas within the mine.

The entrance to the upper drive contains an extensive historic stope. Sampling has been undertaken in places where the remaining vein was accessible in the roof beyond this stoped section. The 21 upper-level samples taken, numbered NC34 to NC54, include laminated veining, surrounding white quartz, sulphide-bearing material and vein contacts (Figure 2). These are geological samples selected to investigate variations in the exposed rocks.

Initial observations indicate at least two phases of vein formation. A laminated component, comprising alternating quartz and shale bands and sometimes described historically as "streaky bacon" veining, is commonly surrounded by more massive white quartz (Figure 2). The laminated component is generally approximately 5-20 cm thick in the observed sections. These are visual estimates of the exposed component and do not establish true widths or assayed intervals.

Figure 2: (left) Vein exposed after pressure washing of upper Jack Williams; (middle) Unmined streaky veining at the end of the stoped section; (right) Streaky section of veining along upper Jack Williams.

Moving westwards, the laminated veining becomes narrower and more massive white quartz becomes dominant in places. Off-white to pink calcite bands are also present. Samples have been collected to test these variations. At the southward bend, the vein is no longer visible in the washed exposure; its continuation remains to be established as part of future exploration work.

The exposed sidewalls are predominantly shale, with local greenstone contacts. Initial observations suggest that some greenstone exposures may represent smaller intrusive sills rather than the principal sill shown on existing geological maps. A weathered, highly graphitic shale band containing pyrite has also been sampled beside the vein. Further mapping is needed to clarify these relationships and compare them with laboratory results.

Mineralogical work

Preliminary examination of cut samples has identified galena, arsenopyrite, pyrite and other sulphides. Galena-bearing material from the first accessible vein section beyond the entrance stope is intended for thin-section examination and assay to investigate whether gold is associated with this mineral in the sampled area.

Pink surface staining has also been observed, particularly in the eastern part of the upper west drive. Preliminary portable X-ray fluorescence (pXRF) analysis indicates cobalt and arsenic, with the staining provisionally identified as cobalt arsenate. Apparent gold signals recorded during this screening remain unverified and could reflect measurement error or weathering of historic exposed surfaces. They are not being reported as gold grades at this stage.

Figure 3: (left) Galena within a sample from upper Jack Williams; (right) Pink cobalt arsenate.

The findings will be incorporated into the wider mineralogical review at Clogau and used to assess priorities for further sampling and exploration development. The Company will provide a further update once material results have been received and technically reviewed.

Shaft area excavation and processing

Sampling and hand-panning of extensive floor material around one of the shafts from previous periods of mining has identified what are believed to be particles of visible gold in the material, which will be independently verified in due course by third-party assaying and/or refining. The floor is in the process of being dug from east to west in 1m² sections down to the bedrock, with all material then being transported to the Company’s pilot processing plant for concentrating. Concentrates will then be sent to the Company’s usual third-party assay laboratory for assaying and extraction of any gold content.

EPSL renewal

One of the key regulatory approvals for the mine, the European Protected Species Licence (EPSL), has been renewed by Natural Resources Wales (NRW), following the Company’s formal application. The period of renewal is for a much longer period than previous renewals, permitting work activities in the Lower Llechfraith mine system up until 31 March 2032.

Company comment

George Frangeskides, Executive Chairman, commented:

“The work we have advanced at Clogau on several fronts demonstrates our confidence about the mine’s exploration potential. At Jack Williams, we have exposed and sampled sections of the Main Lode beyond the extensively mined entrance stope, giving us the opportunity to examine vein material that appears to have seen limited mining in the past.

“Alongside this work, the identification of what we believe to be visible gold in historic floor material around one of the shafts provides an encouraging focus for excavation and processing through our pilot plant.

“The renewal of our protected species licence through to March 2032 provides a longer planning horizon for future work in the Lower Llechfraith mine system. Our focus is two-pronged, both assessing the mineralogy of these different areas in order to prioritise gold exploration targets while at the same time pursuing opportunities to recover gold from historic mine material.”

This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.

Forward Looking Statements

This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market, financial and business conditions, competition for and availability of qualified staff and contractors, regulatory processes and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the timing and granting of regulatory and other third party consents and approvals, uncertainties regarding the Company's or any third party’s ability to finance, execute and implement future plans and programmes, and the occurrence of unexpected events. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.

*ENDS**

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Key Contacts

Arkadian’s Key Projects at a Glance

Motzfeldt Critical Metals Project, Greenland

Arkadian holds a majority interest in the Motzfeldt Critical Metals Project in southern Greenland, a large-scale mineralised system containing rare earth elements, niobium, tantalum and zirconium. Its Aries deposit hosts a JORC-compliant Inferred Mineral Resource of 340 million tonnes, with additional exploration potential across the wider project area, including the Merino and Voskop targets.

The Company’s strategy has sought to advance Motzfeldt through resource evaluation, mineral processing studies and environmental and engineering work, while assessing opportunities to expand and upgrade the existing resource. The longer-term objective is to develop the project’s potential to supply critical metals needed by advanced technologies and industry.

Clogau-St David’s Gold Mine, Wales

Arkadian owns the exclusive exploration rights to the Clogau-St David’s Gold Mine in north Wales, Britain’s largest historic gold producer, with recorded production of at least 80,000 ounces. Situated within the Dolgellau Gold Belt, the mine combines a distinguished gold-mining heritage with opportunities to investigate extensions to historically productive veins and previously unworked targets.

The Company’s strategy has combined geological investigation and targeted underground exploration with evaluation of gold recovery from historic mine material. Alongside this technical work, Arkadian has been developing commercial opportunities for Welsh gold, whose scarcity and provenance can support premium pricing through limited-edition coins, jewellery and other products.