Adyton JV completes land, baseline work at Wapolu

Executive Summary

• Adyton Resources Corp.'s joint venture partner, East Vision Investment Holdings (EVIH), has completed land ownership mapping and baseline social/environmental work at the Wapolu gold project in Papua New Guinea.
• The JV is targeting first production in the second half of 2026, with EVIH progressing metallurgical testwork, flowsheet design, and equipment ordering for long-lead items.
• The project aims to restart the past-producing Wapolu mine (mid-1990s) leveraging existing infrastructure, with EVIH holding a carried interest up to 50% contingent on meeting development milestones and investing up to $9.5 million.

Key Details

• JV Structure: Adyton holds a 50/50 joint venture with East Vision Investment Holdings (EVIH), who acts as the operator.
• Production Target: Goal is to achieve first production at Wapolu in the second half of 2026.
• JV Investment Terms: EVIH has the right to acquire up to 50% ownership contingent on:
  • Total investment of up to $9.5 million (US).
  • $8.5 million (US) to finance project expenditures.
  • $1.0 million (US) as a direct payment to Adyton ($500,000 US already paid).
  • Provision of a shareholder loan (8% interest) to finance development capital once permitted and a financial investment decision is made.
• Operational Progress:
  • Completed more than 8,000 meters of drilling at Fergusson Island (Wapolu and Gameta projects).
  • Completed current phase of drilling at both Wapolu and Gameta.
  • Gameta drill core samples are being dispatched to international laboratories due to backlogs at a Lae, PNG laboratory.
  • Key activities include updating resource reports, metallurgical testing, equipment selection, and social/environmental baseline studies.
• Project Background:
  • Wapolu: Proposed restart of a mine that operated in the mid-1990s, producing ~9,000 ounces of gold before closing due to low prices. Benefits from existing infrastructure (airstrips, workshops, wharf, tailings impoundments).
  • Gameta: Advanced exploration asset located ~30 km from Wapolu, leveraging Wapolu infrastructure.
• Resource Estimates (as of Oct 14, 2021, NI 43-101):
  • Fergusson Island (Wapolu):
    • Indicated: 4.0 million tonnes at 1.33 g/t Au (173,000 oz contained gold).
    • Inferred: 16.3 million tonnes at 1.02 g/t Au (540,000 oz contained gold).
  • Feni Island (100% owned):
    • Inferred: 60.4 million tonnes at 0.75 g/t Au (1.46 million oz contained gold) at a 0.5 g/t Au cut-off.
• Total Portfolio Resources: Adyton reports an inventory of 173,000 ounces indicated gold and 2 million ounces inferred gold across its PNG portfolio.

Notable Quotes

• Tim Crossley, CEO, Adyton Resources: "We are pleased with the progress being made by EVIH and remain confident that, with strong execution and a timely assessment by the Mineral Resources Authority (MRA) and Conservation and Environment Protection Authority (CEPA), together we can achieve first production at Wapolu in 2H26. Although it is early days, this significant progress bodes well for the JV's near-term development plans for a shallow, open-pit surface mining operation at Wapolu."
• Gary Wang, CEO, EVIH: "We have now completed more than 8,000 m of drilling at Fergusson Island, and my team has been working on meeting the requirements for our mining lease and environment permit applications for the restart of the old Wapolu operation. We are also well advanced in completing metallurgical testwork and finalizing the flowsheet design for the Wapolu process plant."