Benz Announces That Icon Continues Rapid Growth with Multiple Broad, High-Grade Gold Intercepts

Benz Mining Corp. (BZ) reported drilling results from 68 reverse circulation holes totaling 25,776 meters at its Icon camp within the 100%-owned Glenburgh Gold Project in Western Australia.

Key intercepts included: - 26CN120: 46 m at 6.5 g/t Au from 454 m (including 34 m at 8.7 g/t Au from 460 m). - 26CN129: 42 m at 3.0 g/t Au from 337 m; and 39 m at 3.1 g/t Au from 388 m. - 26CN071: 46 m at 2.5 g/t Au from 24 m. - 26CN147: 87 m at 1.2 g/t Au from 219 m. - 26CN149: 54 m at 1.8 g/t Au from 385 m. - 26CN125: 42 m at 1.6 g/t Au from 318 m; and 62 m at 1.5 g/t Au from 427 m. - 26CN130: 35 m at 2.4 g/t Au from 104 m; and 73 m at 1.1 g/t Au from 355 m. - 26CN146: 68 m at 1.2 g/t Au from 479 m. - 26CN126: 74 m at 1.0 g/t Au from 306 m; 26CN148: 67 m at 1.1 g/t Au from 246 m. - 26CN201: 12 m at 5.4 g/t Au from 390 m; 26CN176: 24 m at 2.6 g/t Au from 168 m.

The company stated that systematic 50 m × 25 m drilling has defined a 100–200 m-wide mineralised system across the first 1 km of the known 3 km Icon trend, with mineralisation defined to vertical depths exceeding 500 m. Stacked high-grade lenses are modelled at approximately 30–50 m width within a broader halo.

First-pass drilling of the eastern 2 km is nearing completion, with assays pending. A fourth exploration camp has been identified east of Hurricane, spanning 3–4 km, though this area is currently limited to mapping with no assays. Benz Mining targets a maiden Mineral Resource Estimate release in Q1 2027, following prior releases in H1 2027. Early development studies regarding geotechnical, metallurgical, water, power, and gas aspects are advancing.

Benz Mining Corp. (BZ) has confirmed and modestly extended the Icon system, defining a zone 100–200 m wide that spans the first 1 km of a 3 km trend and extends more than 500 m vertically. The company is utilizing a 50 m × 25 m grid, with stacked lenses repeated across multiple holes. The release includes a significant deep step-out, hole 26CN120, but does not introduce a new assayed zone or upgrade any Mineral Resource, as no Mineral Resource currently exists at Icon. Consequently, the maiden Mineral Resource Estimate (MRE) remains scheduled for no earlier than Q1/H1 2027.

The new data provides context against previous benchmarks. The best prior Icon intercept was hole 26CN079, which returned 41 m at 14.5 g/t Au from 260 m (595 g·m), including 35 m at 17 g/t, published on 2 August 2026. Other anchor results include 26CN029, returning 27 m at 15.33 g/t Au (414 g·m), published on 28 June 2026, and 25GLR232, returning 13 m at 29.0 g/t (377 g·m), published on 27 January 2026. The latest release reports a new best intercept of 299 g·m at 6.5 g/t over 46 m. While the length is comparable to the previous best, the grade is lower than the anchor’s 14.5 g/t.

The primary purpose of this drilling is systematic infill and resource definition on the 50 m × 25 m grid across the entire 1 km, rather than attempting to reproduce a single discovery hole. The relevant benchmark is the Icon Exploration Target, which defines 205–230 Mt at 0.42–0.65 g/t Au overall, with a high-grade core of 54–60 Mt at 1.40–1.47 g/t Au and a halo at 0.28–0.29 g/t. Every high-grade highlight in the current release (1.7–6.5 g/t) meets or exceeds the core grade, while bulk halo intercepts (1.0–1.8 g/t over 50–90 m) are three to six times the halo grade.

Market expectations were established by the June Exploration Target and high-grade holes in June and August. The stock price rose from C$2.37 on 31 July 2026, the day before the 26CN079 release, to C$3.82 on 4 August 2026, and currently stands at C$3.87, representing a roughly 63% increase. The share price is up approximately 2.5 times from its June 2026 level of C$1.61 on 10 June and 3.4 times from its 52-week low of C$1.14, though it has retreated 28% from the C$5.41 peak in September. This movement reflects the Exploration Target publication, an A$150M placement at A$3.71, and broader gold market conditions, rather than the 26CN079 holes alone.

The release confirms the geological model and adds breadth without altering the perceived scale, grade, or odds of the system, which the market had already priced in. Benz Mining Corp. remains a pre-resource, pre-revenue explorer with no revenue, no Mineral Resource, and a C$28.1M quarterly net loss. Although the company holds C$53.0M in cash, a going-concern flag remains in the MD&A. At a C$1.47B equity valuation, the 68-hole systematic definition program is viewed as routine maintenance of the existing thesis.

Benz Mining Corp. (TSXV: BZ; ASX: BNZ) is a pure-play gold explorer with no revenue, dual-listed and headquartered in Vancouver, with operations in Western Australia and Quebec. The company’s Glenburgh Gold Project in the Gascoyne region of Western Australia, approximately 285 km east of Carnarvon, covers approximately 2,165 km² across an 80 km belt. The three defined camps—Hurricane, Icon, and Thunderbolt—are situated within a granted 12 km Mining Lease (M09/148) that holds a granted clearing permit, water licence, and Native Title agreement. The project’s published Exploration Target is 485–540 Mt at 0.6–0.7 g/t Au for 10.1–12.0 moz, of which approximately 80% is described as drill-constrained and approximately 20% conceptual. A higher-grade core within this target comprises 110–125 Mt at 1.7–1.8 g/t for 6.1–7.3 moz. Additionally, there is a small legacy JORC resource of 16.3 Mt at 1.0 g/t (510 koz).

The Mt Egerton Gold Project, located in the Gascoyne region of Western Australia on 179.59 km² with two granted mining leases approximately 220 km northwest of Meekatharra, holds a JORC resource of 0.28 Mt at 3.1 g/t for 27 koz. This asset includes the Kilkenny discovery, announced on 16 March 2026, which reported 7 m at 223 g/t within 11 m at 144 g/t, as well as historical Hibernian mine workings.

In Quebec, the Eastmain Gold Project is 100% owned following the October 2025 buy-in of Fury’s 25% stake. It carries a JORC resource of 5.1 Mt at 6.1 g/t for 1,005 koz, comprising 384 koz Indicated at 9.0 g/t and 621 koz Inferred at 5.1 g/t. The project is subject to a 2% NSR, with a 1% buy-back option for C$1.5M, and a further C$1.5M milestone payable to Fury on commercial production.

As of 31 July 2026, Benz Mining reported cash of C$53.05M, zero debt, and working capital of C$48.5M. A further approximately C$148.0M gross was raised on 30 August 2026 through an A$150M placement at A$3.71/CDI. For the quarter ended 31 July 2026 (Q1-2027), the company reported a net loss of C$28.1M and EPS of −C$0.08, while the full year 2026 saw a net loss of C$40.4M. Shares outstanding were 338.9M at 31 July 2026, rising to approximately 379M after the August placement. The MD&A carries a going-concern flag, indicating the company will need to raise capital again to reach production.

Management includes CEO Mark Lynch-Staunton, an ex-Barrick executive and NI 43-101 Qualified Person; Executive Chairman Evan Cranston; and principal consulting geologist Ben McCormack, ex-Tropicana. The 2026 Long Term Incentive Plan (LTIP) grants 11,355,000 PSUs, representing approximately 3.5% of fully diluted capital, which vest only upon the publication of Mineral Resources of 2 moz, 4 moz, and 6 moz.

The geological thesis for the projects centers on Paleoproterozoic upper-amphibolite/granulite facies siliciclastic rocks on the Yilgarn Craton margin. The company identifies fold-hinge and shear-controlled stacked high-grade lenses within a broad altered halo, noting that gold recrystallized during high-grade metamorphism, which it credits for the free-milling, high-recovery metallurgy.