Adelong Gold (ASX:ADG) High-Grade Gold and Antimony Intercepts at Lauriston

23 April 2026

Price Sensitive Announcement $

Highlights:

Comet – Diamond drilling assays
o AC2502 confirms high-grade gold within the Comet Shear: 9.8m @ 2.76 g/t
Au from 90.9m, including 0.7m @ 27.1 g/t Au from 100.0m and 0.6m @ 5.33
g/t Au from 91.4m; plus 4.3m @ 1.01 g/t Au from 82.7m.
o AC2504 returned 1.0m @ 3.09 g/t Au from 166.6m and 0.8m @ 1.84 g/t Au
from 146.8m.

New Trojan – First diamond drilling assays confirm gold-antimony system,
representing an emerging antimony discovery

o AY2608: 1.9m @ 0.48% Sb and 0.88 g/t Au from 103.3m.

o AY2607: 0.3m @ 0.67% Sb and 3.80 g/t Au from 90.9m.

o AY2605: 0.7m @ 1.46% Sb and 0.49 g/t Au from 96.0m; plus 0.4m @ 1.05 g/t
Au from 99.8m.

Program status
o First phase, early-stage diamond drilling program: six holes complete at
Comet (1,481.6m), four at Yankee, seven at Trojan. Assays have been returned to date for the six holes at Comet, and the first three holes at Trojan, and results for remaining holes are expected within the coming weeks

o All Comet holes intersected the Comet Shear with well-developed arsenic
halos, geometry consistent with Fosterville-style epizonal Au-Sb systems

o Significant antimony grades in all three initial holes from New Trojan represent an important development for the Company in outlining the strategic value of the Lauriston project

o All drill samples from the program are being submitted for photon assay to
test for coarse gold

Overview:

Adelong Gold Limited (ASX:ADG) has updated on ongoing diamond drilling at the Lauriston Gold-Antimony Project in Victoria. The program forms part of the broader campaign outlined in the Company’s announcement dated 8 October 2025, which detailed the planned 3,000 metre drill program across the Comet and Yankee-Trojan prospects.

Drilling to date has intersected the mineralised structure, the Comet Shear, in all six drillholes, accompanied by well-developed arsenic halos that are characteristic of the upper levels of the major Victorian Au-As-Sb epizonal system. Gold mineralisation is associated with arsenopyrite, pyrite, stibnite, sphalerite and quartz veining within the Comet Shear.

Drilling is ongoing at the Yankee-Trojan prospect, located three kilometres to the north of Comet along the same regional trend.

Ongoing Program and Next Steps

The current first-phase diamond drilling program at Lauriston is scheduled to be completed in the coming weeks. The drill rig will then move to the Apollo Gold and Antimony Project in Victoria’s Melbourne Zone for winter drilling, before returning to Lauriston for a follow-up program.

Follow-up work at Lauriston will be designed around results from the current program, with a focus on:

 Testing the down-dip and along-strike continuity of the Comet Shear, including stacked shear potential beneath the Comet Anticline.

 Step-out drilling along the 4.5km Comet-Trojan corridor, with priority on the antimony-rich New Trojan-Countess trend.

 Integrating photon assay results to refine sampling and structural interpretation.

The program remains fully funded.

Photon assay program – testing for coarse gold

Given the visible gold observed in AC2502 and the nuggety character typical of Fosterville-style epizonal systems, all drill samples from the current program are being submitted for photon assay in addition to conventional fire assay. Photon assay is a non-destructive technique that screens the full sample mass for gold and is well-suited to detecting coarse gold that conventional fire assay can miss. Results from the photon assay program will be reported as received.

Company Notes:

Adelong Gold Managing Director, Ian Holland, said:
“These first assays from Comet confirm high-grade gold within the Comet Shear, validating the historic intercepts that drew us to Lauriston. Just as importantly, the first results from New Trojan confirm the gold-antimony association we expected, with the stibnite-rich veining now supported by assay. This is an early-stage, first-phase program; each hole adds to our understanding of a large, structurally controlled system. We will complete the current program in the coming weeks, rotate to Apollo for the winter months, and return to Lauriston to build on these results.”

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