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

26 August 2026

Mila Resources Plc

("Mila" or the "Company")

Upgraded JORC Resource of 41.3koz Gold at Coffey, Kathleen Valley

Mila Resources Plc (LSE: MILA), the post-discovery gold and copper resource development company focused on Australia, is pleased to announce an upgraded JORC (2012) Mineral Resource Estimate ("MRE") for the Coffey Gold Deposit ("Coffey"). Coffey is one of three gold targets at the Kathleen Valley Gold Project ("Kathleen Valley Project" or the "Project"). The Project is located within Western Australia's tier-one Wiluna‑Norseman Belt, which hosts some of the largest gold projects in Australia, including the adjacent, high-grade Bellevue Gold Project.

Highlights

·    Upgraded MRE at Coffey, comprising:

o  41,300oz contained gold Inferred Mineral Resource

o  599,000 tonnes at 2.1g/t Au based on a 0.5g/t Au cut-off

·    Additional elements were calculated during the MRE, including 4.6g/t Ag and 0.71% Zn at a 0.5g/t Au cut-off.

·    The MRE was estimated within constraining wireframe solid envelopes defined above a nominal 0.5g/t Au cut-off.

·    The MRE is based on 44 drill holes totalling 8,914m completed since 2019, providing the geological and grade data underpinning the MRE.

·    Updated MRE roughly doubles the tonnes and contained ounces of gold - a previous Inferred Mineral Resource was reported in November 2020, consisting of 327,000 tonnes at 2.0g/t Au for a contained 21,000 Au ounces reported above a 0.5g/t Au cut-off.

·    The upgraded MRE strengthens the Company's position as it completes a strategic review regarding the future development of Kathleen Valley.

Upside optionality

·   The Company believes the Coffey mineralised system has significant potential to extend beyond the current resource envelope, including into neighbouring properties.

·   Two additional, untested gold targets (Sturrock and Powell) have been identified within the wider Kathleen Valley Project, providing further exploration upside.

·     Mapped lithium-bearing pegmatites across the Project provide additional, longer-term commodity optionality.

Commenting, Executive Director Mark Stephenson said:

"Doubling the Mineral Resource at the Coffey Gold Deposit is a significant achievement. While the majority of Mila's work is now focused on our Queensland portfolio, this resource upgrade underpins the underlying value of our Kathleen Valley Project and highlights the development opportunity that exists. The 41,300 ounces of Inferred gold at 2.1g/t is particularly encouraging given the relatively limited drilling completed to date, with just 44 holes forming the basis of this updated resource estimate. Our belief is that the mineralising system at Coffey extends below and beyond the current resource envelope with potential to extend onto neighbouring properties, with the resource being part of a much larger and undefined system. In addition to this, there are additional gold targets that remain untested, providing further upside.  

"The combination of an established JORC resource, a highly prospective mineral system and significant untested ground, provides multiple opportunities to grow the gold inventory. Alongside this, the presence of mapped lithium-bearing pegmatites across the Project and additional silver and zinc minerality provide further exploration optionality. The board is now reviewing the best route to realise value from Kathleen Valley whilst continuing to advance our Queensland portfolio, where work continues to advance at pace."

Further Information

Mila holds the rights to 30% of the Kathleen Valley Project with an option to increase to 80%. Auralia Mining Consulting Pty Ltd (Auralia) was engaged by Mila to complete a Mineral Resource estimate (MRE) for the Coffey Gold Deposit, which is one of three gold targets at the Project.

The Kathleen Valley Project is located within Western Australia's tier-one Wiluna‑Norseman Belt, which hosts some of the largest gold projects in Australia, including the adjacent, high-grade Bellevue Gold Project, the high-grade producing Agnew Gold Mine located ~50km to the south and the Bronzewing Gold Mine 50km to the northeast. The Project also sits adjacent to Liontown Resources' Kathleen Valley Lithium Mine, now one of the world's largest hard rock lithium operations.

Figure 1: Kathleen Valley Project Location

Geology and Mineralisation

The Kathleen Valley Project (and the Coffey Gold Deposit) is on the western edge of the Mt Keith-Perseverance Greenstone Belt (Figure 2), which is contained within the central portion of the Agnew-Wiluna greenstone belt, which forms the northern third of the Norseman-Wiluna belt. The Agnew-Wiluna belt is an attenuated belt, characterised by major wrench faults traceable over tens of kilometres, at least two phases of complex folding and generally steep dips. The deposit area comprises ultramafic, basaltic and gabbroic rocks, felsic and mafic intrusives, volcanics and sediments, conglomerate and granite.

Mineralisation at the Project is associated with a sulphidic base metal bearing Volcanogenic Massive Sulfide ("VMS") exhalative horizon between basalt flows. Gold-arsenic bearing structures and fluids associated with faulting/shearing in the region have utilised the VMS horizon as a conduit resulting in gold and base metal mineralisation occurring concurrently.

The gold-silver mineralisation in the modelled-zone occurs within a visual zone of bleached, altered, veined and sulphide mineralised rocks within the Mt Goode Basalt sequence, which are the same host rocks as the neighbouring Bellevue Gold Project and Government Well Prospect.

Mineralisation demonstrates a strong association between sulphur, arsenic, gold, silver and zinc, defining a tabular body striking north-north-west to south-south-east and dipping ~50° to the north-east. The mineralisation is blind at surface and pinches to the west, coming to within ~40m of the surface.

Mapped lithium-bearing pegmatites across the Project provide additional commodity optionality.

Figure 2: Geology of Kathleen Valley Project Area

Mineral Resource Estimate

A total of 44 holes for 8914.15m has been drilled at the Kathleen Valley Project and used in this MRE. The drilling, which has been completed by drill contractors since 2019, consists of 28 reverse circulation (RC) holes for 5,100.6m and 16 diamond (DD) holes for 3,813.55m. The Mineral Resource was estimated within constraining wireframe solid envelopes defined above a nominal 0.5g/t Au cut-off.

The Coffey Gold Deposit Mineral Resource Estimate is summarised in Table 1. This estimate is in accordance with JORC Code (2012) guidelines and is effective as of 31 July 2026.

Table 1: Coffey Gold Deposit Mineral Resource Estimate

The Coffey Gold Deposit MRE has been classified as Inferred using the guiding principles contained in The JORC Code (2012 Edition) using a qualitative approach. Consideration was given to geological mapping data, drill hole spacing, drill sampling evidence, sample quality, and density measurements.

An Inferred Mineral Resource was reported in November 2020, consisting of 327,000 tonnes at 2.0g/t Au for a contained 21,000 Au ounces reported above a 0.5g/t Au cut-off. The MRE was based on 12 RC drill holes. This new MRE roughly doubles the tonnes and contained ounces of gold at a reasonably similar overall gold grade.

Other elements (silver "Ag", Arsenic "As", copper "Cu", lead "Pb", sulphur "S" and zinc "Zn") have also been estimated using the same parameters as modelled for Au. Until the planned metallurgical testing is completed and can demonstrate any effects or beneficiation potential for these elements, they are not reported as part of the JORC reportable MRE and are shown strictly for informational purposes. To allow a more complete understanding of the Coffey deposit to be developed, the grade estimate results for these elements are shown in Table 2.

Table 2: Coffey Gold Deposit Other Elements Note: The elements in this table, other than Au, do not form part of the JORC reportable MRE and are for information purposes only pending metallurgical investigation. Differences may occur due to rounding.

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". 

**ENDS**

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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.