• Maiden drilling confirms gold mineralisation at the Queen of the Hills Prospect
• Two new diamond holes completed at Sheards Reef, with assays pending
• Ongoing drilling at the Happy Valley Deposit targeting extensions down plunge

Advance Metals Limited (ASX:AVM) is pleased to provide an update on the progress of ongoing exploration and drilling activities along the Happy Valley Gold Trend, part of the Myrtleford Project in the Victorian Goldfields in Australia. Drilling has progressed across multiple targets, with the Company currently awaiting final assay results from at least six completed holes across the trend. Work is ongoing at the ultra-high grade Happy Valley deposit, where drilling is focused on testing extensions to known mineralisation and unlock further high-grade potential. Importantly, Advance has recently completed its first drilling program targeting prospects outside the main Happy Valley deposit, marking a key step in assessing the broader scale potential of the system. Four diamond holes (1,288m) were completed across the Queen of the Hills and Sheards prospects. The Queen of the Hills Prospect is located 4.5km east-southeast of the main Happy Valley Deposit and Sheards is located 1.5km to the west-northwest. The drilling at Queen of the Hills intersected zones of quartz veining with minor sulphides, with assay results showing encouraging gold mineralisation. Drilling is also continuing at the Happy Valley deposit, with three further diamond holes (AMD021-023) targeting extensions of the system at depth. The Company has also received the final pending results for diamond hole AMD016, which included high-grade intersections. A comprehensive review of historical development and production records from the Happy Valley underground mine indicates that while the near-surface and northwestern areas were partially depleted by historical stoping, minimal mining occurred at depth and toward the southeast, representing a compelling opportunity to define additional high-grade mineralisation. Drilling is now actively targeting this zone, with one hole completed (AMD024, assays pending) and further holes planned. Advance has also commenced an initial metallurgical test work program at the Happy Valley deposit, focused on evaluating recoveries achievable through simple, low-cost gravity separation techniques.

Upcoming activities include: results and interpretation from regional holes AMD019 & AMD020 (Sheards), assay results for deep diamond holes AMD021 - AMD023 at Happy Valley, ongoing drilling and assay results from the up-dip portion of the Happy Valley system, and initial results from gravity metallurgical test work.