• Aircore drilling confirms expansion potential and broad, exceptional, near-surface scandium grades
• Drilling results include up to 18m @ 597 ppm Sc from 2m and 12m @ 615 ppm Sc from 13m
• Follow-up drilling to commence in late February 2026, SRK engaged to update the 2017 scoping study

Australian Mines Limited (ASX: AUZ) has reported results from aircore drilling at the Flemington Project, confirming expansion potential and broad, exceptional, near-surface scandium (Sc) grades. Notable intercepts include 18m @ 597 ppm Sc from 2m, 12m @ 615 ppm Sc from 13m, 16m @ 552 ppm Sc from 3m, and 10m @ 502 ppm Sc from surface. The drilling program aimed to test a large geophysical anomaly adjacent to the established scandium resource footprint, which has not been adequately tested previously. The results demonstrate the potential to increase the resource to the north and further east of the current resource. Australian Mines has engaged SRK Consulting to complete an Updated Study, which will prioritize the production of scandium. The 2017 scoping study indicated a substantial positive NPV and an IRR of 37.3% using a scandium oxide price of USD1,500,000 per tonne. The Updated Study will use the latest Mineral Resource Estimate of 6.3Mt @ 446ppm Sc at a 300ppm cut-off, compared to the previous 3.1Mt grading at 434 grams per tonne of scandium. The company also highlighted the strategic synergy between the Flemington scandium deposit and its proprietary scandium-doped metal hydride compositions, which demonstrate strong potential for safe, efficient, and low-cost hydrogen storage. The potential to establish a vertically integrated supply chain from mine to metal hydride represents a significant strategic advantage for Australian Mines.

Australian Mines plans to commence follow-up drilling at the Flemington Project in late February 2026, which will test the geophysical anomaly west of the current resource area. The company has also engaged SRK Consulting to complete an Updated Study, which will prioritize the production of scandium and refine key technical and commercial inputs to support the company's ongoing evaluation and forward planning for the project.