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

21 May 2025

Mila Resources Plc

('Mila' or the 'Company')

Highly Positive Gold Results Delivered from Yarrol:

Maiden Drilling Programme Unlocks High-Grade Mineralisation

Mila Resources Plc (LSE: MILA), the post-discovery gold exploration accelerator, is pleased to announce the first batch of assay results from its maiden drilling programme at the Yarrol Gold Project in Queensland, Australia.  The results received are from the first two holes of a 10-hole programme (Table 1). The results for the remaining eight holes will be released over the coming weeks, with the final assays expected by the end of Q2 2025. The drilling programme was designed to test Mila's geological model being that Yarrol hosts a structurally controlled, multi-lode high-grade gold system with scale potential along a 20km corridor.

The drill targets were chosen following an extensive review of historical data and more recent geophysical studies undertaken by the Mila team in Q1 2025.

Assay Highlights:

Hole MYARC0197 (Figure 2)

•   11m @ 2.91g/t Au from 11m,

·  including 1m @ 16.45g/t Au from 11 m

•   1m @ 39.10g/t Au from 32m

•   17m @ 5.46g/t Au from 42m,

·  including 1m @ 9.25g/t Au from 42m

·  and 8m @ 9.76g/t Au from 51m which includes 1m @ 47.40g/t Au from 54m

Hole MYARC0195 (Figure 3)

•   2m @ 1.00g/t Au from 100 m

•   1m @ 5.19g/t Au from 117 m

•   2m @ 6.44g/t Au from 124 m

Cut-off grade of 0.3g/t Au and 2m internal dilution applied to intercepts.

Neil Hutchison, Technical Director

"These initial results have confirmed Mila's confidence in the Yarrol Project, from the initial validation site visit by Mila's geologists, to the completion of the acquisition by the corporate team. The broad widths and high-grade nature of the intersections returned to date support Mila's belief that the Yarrol Project has the potential to deliver a substantial resource with further geological and structural modelling of the ore shoots.  As we finalise the sample processing we are excited to await and receive the assay results for the remainder of the drilling programme."

Mark Stephenson, Executive Chairman

 "This drilling campaign set out to confirm that Yarrol hosts a high-grade gold system. The team are delighted with these initial results which confirm the historical data is reliable and support the growth potential Mila sees in the project. We look forward to both delivering further drill results at Yarrol in the coming weeks and developing the potential of our other exciting Queensland assets in the coming months."

Further Information

Stage 1 Drilling Campaign

The maiden programme consisted of 10 Reverse Circulation ("RC") holes for a total of 1,870m of drilling (Figure 1 and Table 2) to test the following:

i.          Confirm historical drill intercepts from historical data;

ii.          Test depth and strike extensions of the historic (non-JORC compliant) resource. These first assays include step-out drilling and infill of the central historic resource area; and

iii.         Test and develop our own geological-structural model based on the reinterpretation of the historical mineralisation

The Company is expecting all assay results back by the end of Q2 2025. These will include infill and deeper holes in the central zone as well as step out and infill drilling at the northern historic resource to target parallel structures

Table 1: Significant Intersections

Cut-off grade of 0.3g/t Au and 2m internal dilution applied to intercepts.

See Appendix 1 for full table of results.

Table 2: Drill hole collar details

Figure 1: Drillhole location plan with simplified geological interpretation.

Figure 2: Cross-Section through MYARC0197

Figure 3: Cross-Section through MYARC0195

System Scale

The initial batch of drill results has provided the team with a strong level of confidence that its geological model is robust and provides further vectors for ongoing exploration. Historic intercepts such as 20m @ 3.9g/t Au and 40.8m @ 2.90g/t Au have now been complemented by new high-grade zones including 17m @ 5.47g/t Au (with a peak of 47.40g/t Au), indicating strong continuity and potential for scale.

Interim Conclusions

1.         Mila's exploration model is delivering - early results confirm continuity and depth potential.

2.         Only a fraction of the 20km strike has been tested, offering substantial exploration upside.

3.         High-grade intercepts support the potential for a scalable, high-margin resource.

4.         Detailed structural and geological modelling of the drilling programme results will greatly assist in unlocking the full potential of the Yarrol mineralisation.

Next Assay Results

The Company expects to release further drilling results from the remaining holes in the coming weeks with the final assays anticipated by the end of Q2 2025 to further test extensions to the known mineralisation.

Upcoming Video Update

Mila's Executive Chairman, Mark Stephenson, will be presenting alongside other leading gold explorers in a StockBox Premiere event today, on Tuesday 21 May at 7:00 PM (BST).  To join the presentation, please register here: https://mailchi.mp/0413fcf36619/stockboxpremiere.

Mark will provide further insight into the latest drill results, the significance of the Yarrol system, and the Company's forward exploration strategy.

Competent Person Statement

The information in this announcement relating to Exploration Results is based on information compiled by Neil Hutchison, who is Technical Director of Mila Resources, and a member of The Australasian Institute of Geoscientists. Mr Hutchison 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".

Mr Hutchison consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

**ENDS**

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

Mila Resource - The project accelerator, the story so far:

Queensland Portfolio

Mila has taken up the option to acquire three neighbouring properties in South-West Queensland. Each holds historic workings yet are significantly underexplored and represent clear opportunities for discovery and resource growth. This area of Queensland boasts a rich mining heritage and significant ongoing exploration, and Mila's Queensland Portfolio each consisting of multiple targets of Gold, Copper, and other base-metals, each defined at various stages of development, further adding to the project's appeal.

The region, which is parallel to the cost and in proximity to good infrastructure connections, spans from the Cracow and Eidsvold goldfields to major porphyry copper systems like Briggs and Mount Cannindah, with gold, copper, and base metals at the forefront of its mining legacy.

Key highlights of the region's gold mining history include:

·      Cracow Gold Mine: Operated by Aeris Resources, the high-grade underground operation is known for its consistent output.

·      Mount Rawdon: A bulk-tonnage open-pit gold mine, operated by Evolution Mining.

·      Mount Morgan: One of Australia's most historically significant mines, with over eight million ounces of gold and more than 400k tonnes of copper produced to date. The mine, now on C&M is owned by Meritage Minerals who are looking to re-start production in the coming year.

At Yarrol a historic, non-JORC resource of circa 100 k oz Gold at 1.5 g/t (un-cut) was defined but only to shallow depths (< 80 m) despite intersections of mineralised structures past 150m and further mineralised bands drilled along strike. Since 1994, gold has surged from US$384/oz to US$3,000/oz, delivering a 6.8% CAGR, far outpacing Australia's 2.5% annual inflation. In this new price environment, and with modern processing technology enabling the recovery of lower-grade mineralisation surrounding the high-grade veins, Yarrol now sits in a fundamentally different economic landscape. What was once considered marginal could now be overlooked value. Small scout drilling programmes took place in the early 2000s. The previous operators drilled a handful of exploration holes before their focus shifted toward a novel cobalt discovery within the license. The gold has been repeatedly overlooked, requiring systematic exploration work and detailed structural integration of the existing data sets, to extrapolating the model down dip and along strike to provide critical scale, ultimately unlocking the full value of the property.

Mt Steadman

Targeting gold revival as Mila aims to uncover extensive orebody beyond historic mines Mined from the 1920s-1940s with multiple small underground operations.

Mined from the 1920s-1940s with multiple small underground operations. Mining focussed on the single vein London and Mt Steadman prospects. The Venus Prospect is characterised by multiple sheeted quartz veins, and extensive historical excavations indicate a significantly larger system than at London and Mt. Steadman. Drilling to date has been limited to shallow depths (typically <100M). Clear potential for both deeper and along strike drilling to expand the zone of known mineralisation and potential resource area. Multiple higher-grade intercepts in historic drilling that were not further investigated.

Monal

Confirmed copper, gold, and zinc targets, which Mila plans to leverage to unlock economic mineralisation potential.

Licence overlies the historic Mondal Gold fields, that produced over 20k oz of gold in the late 19th century and early 20th century. Multiple gold and copper anomalies confirmed from historic work but have not been systematically explored. Limited geophysical surveys despite outcropping sulphide rich material in multiple localities. Mila sees clear potential to quickly advance a number of high value gold and copper targets within the licence. Excellent access to licence allowing time and cost-efficient near-term exploration work.

Kathleen Valley Portfolio

A key pillar in the Mila Portfolio, Kathleen Valley is located in the tier-one Wiluna-Norseman gold belt, 7km from both Bellevue Gold Mine and Liontown Resources, in the heart of Western Australia's major mineral activity. With a strategic position of the land package, and prospective, Milas team is looking to realise value without committing capital in the short term.

Gold

2022 and 2023 exploration campaigns yielded highly promising gold intercepts including 8.38g/t Gold over 10m, 14.86g/t over 6.6m and 4.28g/t over 5m. Drilled a total of 3,103m with an average depth of ~200m, including scout drilling down to a depth of 303m on hole KVRD029. The teams focus is now on growing critical mass of the project, including reviewing near-surface targets, especially in the northern areas, where structural geology work is providing insights into the controlling mineralisation features.

Lithium

The project sits next door to Liontown's Lithium and Tantalum Kathleen Valley, a recognised tier one mining jurisdiction and one of Australia's most prolific lithium districts. Liontown's proximal Kathleen Valley Lithium Project commenced production mid-2024 and has offtake arrangements with LG, Ford and Tesla. Surface mapping and sampling shows the system continues onto the Mila Kathaleen Valley property.

Appendix 1: Complete assay intervals of mineralised zones with Significant Intersection Calculations and high-grade assays highlighted.

Cut-off grade of 0.3g/t Au and 2m internal dilution applied to intercepts.