Alchemy Resources Ltd (ASX:ALY) Yellow Mountain Assay Results Deliver Outstanding Copper Intersect of 113m @ 1.17% CuEq

1 October 2024

Price Sensitive Announcement $

Highlights:

▪ Assay results received for five RC holes drilled at Yellow Mountain Project (NSW)
▪ Program was designed to validate historic drilling and test extensions to
mineralisation in the shallow portions of the Project
▪ All five holes were mineralised; best intercepts included:

• YMRC004: 113m @ 1.17% CuEq (0.37g/t Au, 24.3g/t Ag, 0.33% Cu, 0.86% Pb,
  1.23% Zn) from 43 to EOH (156m)
  o Incl. 10m @ 2.16% CuEq (0.47g/t Au, 54.6g/t Ag, 0.48% Cu, 1.99% Pb,
  3.08% Zn) from 100m
  o Incl. 3m @ 2.91% CuEq (1.65g/t Au, 36.7g/t Ag, 0.61% Cu, 1.43 % Pb,
  2.05% Zn) from 136m
  o Incl. 7m @ 0.9% Cu from 149 to EOH (156m)
• YMRC005: 31m @ 1.54% CuEq (0.49g/t Au, 48.5g/t Ag, 0.37% Cu, 1.34% Pb,
  0.79% Zn) from 4m
  o Incl. 7m @ 2.57% CuEq (1.14g/t Au, 101g/t Ag, 0.4% Cu, 1.3% Pb, 0.39%
  Zn) from 8m
  o Incl. 14m @ 2.38% CuEq (0.61g/t Au, 92.3g/t Ag, 0.53% Cu, 2.29% Pb,
  1.1% Zn) from 13m
• YMRC010: 7m @ 1.28%CuEq (0.6g/t Au, 27.3g/t Ag, 0.18% Cu, 0.84% Pb,
  1.2% Zn) from 35m
  ▪ Planning underway for follow-up drilling targeting extensions along strike and at
  depth.

Overview:

Alchemy Resources Limited has provided outstanding assay results from the recently completed reverse circulation drill program at the Company’s Yellow Mountain Project in New South Wales.

Yellow Mountain Project:

The Yellow Mountain Project is located 200km southeast of Cobar in New South Wales (NSW). The historic mine workings were worked from the mid-1800s. Accurate production records do not exist for the mine; however, the mine reportedly produced 2.74t of lead, 360kg of copper and 6.2kg of silver from an open pit1.

A maiden Reverse Circulation (RC) drill program commenced in late August 2025 with five holes completed in early September 2025.

Geology of Yellow Mountain

Mineralisation at Yellow Mountain occurs within a felsic volcanic sequence of tuffs and agglomerates, bounded by Yellow Mountain Granite in the footwall and dacite in the hanging wall. The polymetallic system is structurally controlled within the brittle felsic volcanics, challenging historical interpretations of a VMS-style deposit. Ongoing geochemical analyses are being used to map metal distribution and refine targeting.

Company Notes:

Chief Executive Officer Mr James Wilson commented: “These results are a major step forward for the Yellow Mountain Project. Not only do the new results confirm and build upon historic drilling from the 1970s, but they also give us great confidence in using historic data to guide exploration. Validating mineralisation recorded more than four decades ago significantly de-risks our program and supports our view of the Project’s scale and potential. With mineralisation remaining open along strike and at depth, we are excited about the next phase of drilling and revisiting a project of this calibre during a period of very strong base and precious metals pricing.”

Full ASX Announcement: https://hotcopper.com.au/threads/ann-exceptional-copper-assays-at-yellow-mountain-project.8800993/