Queensland Exploration Programme & Drilling Update

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

17 August 2026

Mila Resources Plc

(“Mila” or the “Company”)

Queensland Exploration Programme Update

& Drilling to Re-commence

Drilling targeting the extension and infill of gold mineralisation across the 20km Yarrol System

Mila Resources Plc (LSE: MILA), the post-discovery gold and copper resource development company focused on Australia, is pleased to announce an update on its exploration programme across its 100% owned gold and copper portfolio in Queensland, Australia. 

HIGHLIGHTS

• Mila’s fully funded 1,400m drilling campaign in Queensland is now underway.
• New phase of drilling will build on the ~5,000 metres of drilling completed by the Company to date at the Yarrol Gold Project (“Yarrol”).
• Drilling to date has confirmed the scale and continuity of the gold system at Yarrol and has demonstrated that mineralisation remains open in multiple directions – previous intercepts include:
  • 24m @ 29.4g/t Au from 8m including 1m @ 112g/t
  • 17m @ 5.47g/t Au from 42m including 1m @ 47.4g/t
  • 9m @ 2.48g/t Au from 31m including 1m @ 15.05g/t
• New campaign will comprise nine holes targeting depths of up to 200 metres, testing extensions to known and new mineralisation targets
  • Work has been refined by AI-generated target ranking and drilling optimised work along the Yarrol Fault system.
• Drill targets informed by MINML's AI-integrated geoscience platform, which ranked prospective targets using Mila's geological interpretations and historical exploration datasets.
• Latest drilling programme is one element of the Company’s staged exploration strategy across its portfolio of gold and copper projects in Queensland, including the delineation of a Mineral Resource Estimate (“MRE”) and delivery of preliminary economic studies at Yarrol.

Mark Stephenson, Executive Director of Mila, commented:

“It has been four months, and our team are now back drilling in Queensland.  In that time, we have seen a step change in our understanding of the Yarrol deposit and now even more confident in the scale of this system.

“Recent AI work by MinML has supported our work, ensuring we have a stronger understanding of the system’s mineral controlling structures, and incorporating geophysical analysis to help rank target generation.

“With all of this information at hand, we set the team a challenge: with the metres budgeted, balance conservative resource definition work without compromising blue sky scale of this system.  The result is a programme that is well designed to extend our understanding of the gold system and to test the most prospective targets identified to date.

“Investors can look forward to a busy period of news flow as assay results come through in the weeks ahead and as we continue our pre-resource evaluation and preliminary economic phases at Yarrol, with the objective of delivering a commercially and technically compelling development prospect over the coming months.”

Figure 1. Overview of Mila completed drill programmes at Yarrol and upcoming drill programme.

Objective of the Drilling Programme

This latest programme comprises nine drill holes for a total of 1,400 metres, targeting depths of up to 200 metres. The programme is designed to infill and extend known mineralisation, test new AI-generated targets along strike, and provide data to support an updated MRE.

As announced on 3 August 2026, Mila engaged London-based AI geoscience specialist MINML to integrate machine learning into target generation for the Yarrol programme. MINML's platform has ranked exploration targets by integrating geological, geophysical and geochemical datasets and calibrating its models against Mila's geological interpretations and historical data. The drill programme incorporates these AI-assisted targets alongside geologically defined objectives.

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Figure 2. Overview of the entire Yarrol project area showing the Yarrol Fault and the small section tested to date.

Q4 Programme

During Q4 2026, the Company plans a multi-pronged work programme across its Yarrol and Monal projects aimed at advancing both near-term resource growth and longer-term exploration upside. At Yarrol, metallurgical test work will be carried out on key ore zones to build a clearer picture of processing characteristics, running alongside updated geological and resource modelling as the project progresses towards a maiden or updated resource estimate. This will be complemented by drilling of new targets along the Yarrol fault corridor, designed to test the extent of mineralisation and demonstrate the project's potential for further resource growth beyond the current footprint. At Monal, the Company will continue to advance its target inventory through additional geological mapping and geophysical surveys, sharpening the definition of priority drill targets, with scout drilling planned at the most promising of these to test their potential ahead of a possible follow-up campaign.

FURTHER INFORMATION

The Yarrol Gold Project is located in Queensland, Australia, along the Yarrol Fault, a major structural corridor extending over 20 km. Mila's exploration programme to date, comprising approximately 5,000 metres of drilling together with geological mapping, geochemical interpretation and geophysical analysis, has confirmed the continuity of gold mineralisation and its extension beyond the footprint of the historic Yarrol North resource, while demonstrating that the system remains open along strike and at depth.

Competent Person Statement

The information in this announcement relating to Exploration Results is based on information compiled by Alastair Goodship, who is COO of Mila Resources, and a member of The Institute of Materials, Minerals and Mining and a Fellow of the Geological Society. Dr Goodship 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".

**ENDS**

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

ABOUT MILA RESOURCES

Mila Resources Plc (LSE: MILA) resource developer focussed on advancing a portfolio of gold and copper interests in Australia.  The most advanced is the Yarrol Gold Project, which is moving towards an initial Mineral Resource Estimate, alongside the systematic advancement of exploration targets across its broader Queensland licence portfolio, including the Monal West porphyry corridor.

ABOUT MINML

MINML is a UK-based AI-native mineral exploration company that combines advanced machine learning with geological expertise to accelerate mineral discovery. Its proprietary, explainable AI platform integrates large and fragmented geoscience datasets to identify and rank prospective exploration targets, helping exploration companies improve targeting efficiency, reduce exploration risk and make faster, data-driven decisions. Founded by Earth Scientists from the University of Cambridge, MINML's technology is designed to support the discovery of critical minerals through geology-first, transparent artificial intelligence.