• 2,500m RC drilling underway to grow existing Resource
• Targets open southern strike and down-dip extensions
• MEGA Resources mobilises mining fleet, production start targeted Q4 2025

Everest Metals Corporation Ltd (ASX: EMC) is pleased to announce the commencement of a 2,500m reverse circulation (RC) drilling program at the Mt Dimer Taipan Gold Project, located 150km northwest of Kalgoorlie and 120km northeast of Southern Cross in Western Australia. The program is being conducted in partnership with MEGA Resources Pty Ltd (MEGA) under a recently executed Right to Mine Agreement, which provides up to A$18.6 million in non-dilutive funding. MEGA has now mobilised its mining fleet and commenced site preparation for open-pit operations, with first ore extraction scheduled for November 2025 and toll-treatment processing to commence March 2026 under a 200,000 tonnes per annum agreement in Kalgoorlie. The drilling program is designed to infill and upgrade the existing Inferred Mineral Resource of 722kt @ 2.10g/t Au (48,545oz gold) and 3.84g/t Ag (89,011oz silver), as well as test priority southern and down-dip extensions where the deposit remains open. Assay results are anticipated in December 2025 and will feed directly into mine planning and resource upgrades, positioning EMC for near-term cash flow in a record gold price environment.

The Company is targeting first ore extraction in November 2025 and toll-treatment processing to commence March 2026 under a 200,000 tonnes per annum agreement in Kalgoorlie.

The drilling program is expected to infill and upgrade the existing Inferred Mineral Resource, as well as test priority southern and down-dip extensions where the deposit remains open. Assay results are anticipated in December 2025 and will feed directly into mine planning and resource upgrades, positioning EMC for near-term cash flow in a record gold price environment.