Iconic Minerals Reports Further Positive Near-Surface Gold and Silver Results from Final 2026 Drill Assays at New Pass, Nevada

Iconic Minerals Ltd. (ICM) has reported the third and final assay batch from its 15-hole Phase 1 HQ core program at the New Pass Gold Property in Churchill County, Nevada. The project is a 50/50 joint venture with McEwen Mining, with Iconic serving as the operator. The latest results complete the dataset for the program, which included three new holes and twelve previously released. Of the twelve earlier holes, six were disclosed on August 13, 2026, and the remaining six on September 17, 2026.

The new assay results include the following intercepts:

• NP2611: 0–170 ft (0–52 m) @ 0.67 g/t Au, 9.56 g/t Ag; including 60–150 ft (18–46 m, 27 m) @ 1.10 g/t Au, 17.13 g/t Ag. One sample from 80–90 ft returned silver above the analytical limit (>100 g/t).
• NP2619: 50–100 ft (15–30 m, 15 m) @ 0.34 g/t Au, 1.48 g/t Ag.
• NP2626: 10–40 ft (3–12 m, 9 m) @ 0.28 g/t Au, 6.20 g/t Ag; 40–50 ft no sample recovered; 50–100 ft (15 m) @ 0.41 g/t Au, 1.58 g/t Ag.

The drilling was conducted at an angle of -45°, approximately perpendicular to the southwest-dipping mineralized limestone. The program tested approximately 1,900 ft (600 m) of strike, with mineralization extending a maximum of ~200 ft (61 m) east of historic intercepts. Sampling involved 10-ft (3 m) quarter-core samples sent to ALS Reno, accompanied by standards, blanks, and repeats. Gold analysis was performed via cyanidation extraction.

All 15 holes in the Phase 1 program are now assayed. Metallurgical work, specifically column leach testing, is scheduled to follow. The Qualified Person for the project is Richard Kern, CEO of Iconic Minerals Ltd. The company also repeated its historic 2010 inferred resource estimate of 15.5 million short tons at 0.022 opt AuEq (341,750 oz AuEq), explicitly caveating that this figure is not current.

Iconic Minerals Ltd. (ICM) is a pre-resource, pre-revenue explorer with a C$11 million market capitalization. The company carries a going-concern flag and has no revenue. At this stage of development, drilling is the primary value driver.

The company reported 61 meters of eastward extension on a zone already defined over 1,250 meters of strike. The new material is at existing deposit grade within a system whose historic inventory is 342 koz AuEq. The extension is characterized by shallow, oxidized, from-surface material, which improves strip ratio and heap-leach economics. The program has also produced the core needed for real metallurgy.

Twelve of fifteen holes were already public on 13 August and 17 September. The stock’s reaction to those releases was a brief bump from $0.05 to $0.09 in late August and a fade back to $0.07. The share price is $0.06, unchanged from the day before the first assay batch and near the 52-week low of $0.04. The stock reached a January 2026 high of $0.30, driven by the McEwen JV and the financing, not by drilling.

The drilling adds a heap-leach cap and metallurgical sample, not scale. It does not change the resource thesis or address the funding gap that will force a raise at or below $0.06 against paper issued at $0.125 in January.

Iconic Minerals Ltd. (TSXV: ICM; OTCQB: ICMFF; FSE: YQG) is a Vancouver-based explorer focused on Nevada projects. The company has 185,759,051 shares outstanding, with 14 million options and 30 million warrants exercisable at $0.17 with a two-year term, accelerated above $0.35, resulting in approximately 215.8 million fully diluted shares. Insiders hold approximately 9.8% of the company.

The firm’s flagship asset is the New Pass Gold Property, a 107-claim, 2,140-acre package located in eastern Churchill County, Nevada, on the Sulfur-Lovelock-Austin structural trend. The property is held under a 50/50 joint venture with a McEwen Mining subsidiary, with Iconic serving as the initial manager and both parties funding pro rata. Historic data from 2010, reported by Paul Noland, CPG, outlines an inferred resource of 15,515,488 short tons at 0.022 opt AuEq (0.75 g/t) for 341,750 oz AuEq. This estimate comprises 282,986 oz Au at 0.62 g/t and approximately 3.14 moz Ag at 6.93 g/t, derived from 266 of 329 historic holes. This resource is explicitly not current under NI 43-101 standards. The deposit is 75% oxidized, and 1988 McClelland oxide recoveries ranged from 75% to 77% Au.

Iconic also holds early-stage Carlin-trend fault targets at Midas South in the Ivanhoe district. Historic shallow drilling there identified a west-dipping structure with gold values improving at depth, though no resource has been defined. The company also maintains lithium brine optionality at Smith Creek and Grass Valley in Nevada, where only MT surveys have been conducted. This includes a US$200,000, 12-month option commitment at Grass Valley.

Financial context for the nine months ended May 31, 2026, shows a net loss of $1,660,706, or EPS of −$0.01. Selling, general, and administrative expenses totaled $1,911,093, including $1,135,353 in share-based compensation. The company reported an operating cash outflow of $1,911,992, cash on hand of $1,920,269, and total liabilities of $319,831. Equity stood at $3,508,984, or approximately $0.02 per share, with working capital of $2,011,084 following a $3.75 million placement in January. Management has flagged a going-concern issue, stating that cash is insufficient for the next 12 months.

No transcripts, analyst coverage, or economic studies detailing NPV, IRR, CapEx, or AISC are provided. The company has no production, revenue, or reserves.