Exultant Mining Ltd (ASX:10X) Major Multi-Element Soil Anomalies Coincident Across Key Elements – High-Priority Targets Defined at Peak View

11 February 2026

Price Sensitive Announcement $

Highlights:

• Major multi-element soil anomaly identified at the Peak View prospect with classic Volcanogenic Massive Sulphide (VMS) signature analogous to the nearby Captains Flat VMS deposit
• Coincident Cu–Pb–Zn–Ag–Au soil anomaly defined over 900m of strike
• Anomaly widens significantly to the south, where historical drilling is limited, prioritising this area for future drilling
• Maximum values of 694ppm Cu, 1,250ppm Pb, 1,245ppm Zn, 0.27g/t Au (270ppb) and 3.54g/t Ag
• Highly anomalous TI identified in the southern part of the survey area (in addition to Ag-Au-Sb-Bi) indicative of proximity to massive sulphide mineralisation
• Geophysical surveys (IP and gravity) planned to refine drill targets, ahead of a proposed late Q1 drilling program at the Peak View prospect

Overview:

Exultant Mining Limited has reported results from a recent soil geochemical sampling program completed at the Peak View prospect, located within the broader Peak View Project in New South Wales (Fig. 1). The program has delineated a large, coherent multi-element soil anomaly comprising coincident Cu-Pb-Zn-AgAu mineralisation, supported by enrichment in key Volcanogenic Massive Sulphide (VMS) pathfinder elements and ratios.

The results define a 900-metre-long anomalous trend that increases in width toward the southern end of the prospect, where drilling to date has been limited, highlighting the potential to delineate additional mineralisation. The survey has also identified a second undrilled precious metal and pathfinder anomaly to the south, providing additional high priority targets and supporting ongoing target refinement ahead of planned geophysical surveys and a proposed late Q1 drilling program at the Peak View prospect.

Next Steps:

NEXT STEPS

• Advance the Peak View prospect toward drilling through the completion of targeted geophysical surveys, with geophysics contractors already engaged
• Complete a dipole dipole induced polarisation survey on 200 metre line spacing across the defined Cu-Pb-Zn-Ag-Au soil anomaly to identify chargeability responses associated with sulphide mineralisation
• Undertake a ground gravity survey on a 100 metre by 100 metre grid, locally infilled where required, to assist in defining subsurface density contrasts and prioritising drill targets
• Use the combined geophysical datasets to define and rank drill ready targets, ahead of a planned late Q1 drilling program at the Peak View prospect
• Infill soil sampling between the main Cu-Pb-Zn-Ag-Au anomaly and the southern AgAu-Sb-Tl-Bi anomaly, subject to final land access agreements, to further refine target continuity across the prospect

Peak View Prospect Summary

The Peak View Project comprises exploration licences EL9411 and EL8931 and hosts the Peak
View prospect (EL9411), the Big Badja Silver Mine (EL8931) and the Undoo Creek prospect
(EL8931) (Fig. 1). The soil sampling program was focused specifically on the Peak View
prospect within EL9411. The Peak View prospect is a polymetallic (Cu–Pb–Zn–Ag–Au) sulphide
system hosted within a narrow Silurian volcanic package of the Yalmy Group, where
mineralisation occurs at or near the contact between two felsic volcanic units and comprises
disseminated to massive base and precious metal sulphides.

Historical drilling by WMC, Denehurst and Ironbark returned several high-grade but generally
narrow intercepts¹, including:

• PVD003: 2.1 m @ 1.79% Cu, 5.89% Pb, 11.83% Zn & 105 g/t Ag from 32.2 m
• PVD007: 2.7 m @ 3.0% Cu, 1.41% Pb, 3.88% Zn & 52 g/t Ag from 91.0 m
• PV02: 1.5 m @ 0.40% Cu, 3.25% Pb, 5.10% Zn & 188 g/t Ag from 164.1 m
• PVI008: 0.8 m @ 1.21% Cu, 11.60% Pb, 22.0% Zn, 0.50 g/t Au & 119 g/t Ag from 152.6m

Previous explorers concluded that the Silurian volcanic package at the Peak View prospect is
correlative with and represents the southern continuation of the Silurian sequence that hosts
the Woodlawn and Captains Flat VMS deposits 2. The Peak View prospect is located less than
50 km south of the historic Captains Flat deposit, along the same regional mineralising
structure, the Narongo Fault (Fig. 2).

Captains Flat was a significant, high-grade Zn-Pb-Ag-Cu-Au Mine that delivered exceptional
production of 406kt Zn, 244kt Pb, 27kt Cu, 7.4Moz Ag and 220koz Au from just 4Mt of ore3.
Despite this favourable geological setting, large sections of the prospective volcanic horizon
at Peak View remain untested, and extensions to the known high-grade mineralisation have
not previously been assessed using modern surface geochemistry or geophysics.

Company Notes:

Comment from Executive Chairman, Brett Grosvenor:

“Peak View stands out to us as a prospect with a strong foundation of historical drilling that confirmed high grade polymetallic mineralisation, but which was ultimately left behind at a time when metal markets were generally weaker than they are today and exploration strategies were far less advanced. What is particularly encouraging in our current work is the definition of a large, coherent soil geochemical anomaly extending over approximately 900 metres of strike, supported by elevated copper, lead, zinc, silver and gold values. Importantly, large portions of the prospective volcanic horizon remain untested, and extensions to the known mineralisation have never been assessed using modern surface geochemistry or geophysics. With Peak View located on the same regional structure that hosts the Captains Flat VMS deposit, a historically significant multi million tonne system, we believe the
application of modern IP and gravity surveys gives us a genuine opportunity to unlock a system
that has been largely overlooked despite its geological pedigree.”

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