Great Northern Minerals Ltd (ASX:GNM) Acquisition of Gold-Silver Project in Nevada

15 April 2026

Price Sensitive Announcement $

Highlights:

• Iron Butte is a significant low-sulphidation epithermal gold-silver deposit located along the western edge of the prolific Battle Mountain-Cortez Trend, renowned for world class gold deposits in Nevada, which is well known as a tier one mining jurisdiction, recently being ranked #1 globally by the Fraser Institute1.
• Compilation and verification ofexisting data is progressing, targeting a maiden Inferred
  JORC-compliant Mineral Resource in the near term. In addition, exploration and infill drilling programs are planned for Q3 2026 to support further resource expansion.
• Previous drilling, comprising 148 holes for 23,032m, has returned a series of wide intersections of significant gold mineralisation from surface that occur primarily in the
  oxide zone. Oxide and transitional intersections include:

  o 29.2m at 2.0 g/t Au, 32.8 g/t Ag from 62.5m in CC09-02;

  o21.3m at 1.5 g/t Au, 52.8 g/t Ag from 28.9m within 97.3m at 0.7 g/t Au, 30.8 g/t Ag from 0m in H31-82;

  o 21.3m at 1.2 g/t Au, 53.8 g/t Au from 28.9m within91.4m at 0.6 g/t Au, 29.6 g/t Ag in H32-
  82;

  o 19.8m at 1.6g/t Au, 41.6 g/t Ag from 42.7m within 64m at 0.8 g/t Au from 0m in NC52; and

  o 15.2m at 1.5 g/t Au, 23.8 g/t Ag from 62.5m within 94.5m at 0.6 g/t Au, 14.3 g/t Au from 0m in AAU22-04.

• The footprint of the central mineralised zone extends for approximately 500m by 300m
  and extends from surface to 200m depth and is open in all directions.
• Extensive geophysics including CSAMT and PDIP have previously been conducted with significant resistivity and chargeability anomalies identified below the oxidetransitional deposit from depths between 200m and 400m, to date very little drilling has been completed below 200m.
• Only 2 deeper diamond holes have been conducted with one hole intersecting 1.5m at 13.5 g/t Au, 11.5 g/t Ag from 405.4m clearly demonstrating exciting Carlin-style potential at depth.
• Following the completion of the Golden Ant divestment and execution of the Agreement, GNM has a cash balance of $4.2 million and is well-funded to aggressively
  explore Iron Butte.

Overview:

Great Northern Minerals Limited (ASX:GNM) has announced that it has entered into a binding exploration lease and option to purchase agreement (Agreement) to acquire 100% of the Iron Butte Gold–Silver Project (Iron Butte or the Project) located in Lander County, Nevada, USA. The Project is a well‑defined, epithermal system with demonstrated near‑surface gold–silver mineralisation and potential for high‑grade mineralisation at depth.

Important Regional Setting for Iron Butte

The Iron Butte Project is located in Nevada, approximately 60 km south of the Battle Mountain-Eureka Trend, one of Nevada’s most prominent gold corridors alongside the Carlin Trend and Getchell Trend (Figure 1). These trends are controlled by long-lived crustal fault systems that focus magmatism and hydrothermal gold mineralisation.

Iron Butte lies within the Great Basin, a region of extensional tectonics and dominant north– southfaulting. The Project is underlain by Paleozoic sedimentary rocks (carbonates and siliciclastics) overlain by Tertiary volcanics, with the sedimentary sequence emplaced during the Sonoma Orogeny along the Golconda Thrust Fault. Regional deformation has created structural windows exposing favourable lower-plate carbonates beneath the Roberts Mountains Allochthon. The Battle Mountain–Eureka Trend overlies a deep, reactivated crustal fault zone that has acted as a fluid conduit for repeated gold mineralisation.

Locally, Iron Butte is situated on the margin of the Caetano Caldera, at the intersection of caldera ring fractures and a north–south range-front fault along the Shoshone Range—a highly prospective structural setting. A possible analogue to the east is the nearby Cortez District (~35 km northeast), including Pipeline, where similar structural settings host >65m oz gold. Iron Butte also lies along the southern margin of a large (>100 km²) caldera-related argillic alteration zone, focused along similar fault systems that control mineralisation.

Nevada is widely recognised as one of the most attractive mining jurisdictions in the world, recently being ranked #1 globally on the Investment Attractiveness Index by the Fraser Institute’s 2025 Annual Survey of Mining Companies1. The Project is well connected to roads and local infrastructure and includes 24 unpatented claims, covering a total area of approximately 200 ha.

Conclusion and Next Steps:

GNM considers Iron Butte to represent an exciting epithermal gold-silver project with near term potential to define a resource with significant upside. There is potential to expand the size and scale of the resource along the strike as indicated by mapped alteration and structures as well as at depth as identified by the deeper resistivity and chargeability anomalies. The upper part of the deposit hosted in volcanic rocks is considered to be a low sulphidation gold-silver deposit whereas the deeper mineralisation and targets within the sedimentary rocks is likely to be of Carlin or carbonate replacement style. Both styles are the most common gold deposit and mineral deposit styles across Nevada.

The Company plans to conduct the following workplans:

• Validation of the existing database and data entry of the QAQC data in preparation for a JORCcompliant resource.
• Field visit to validate collar coordinates in preparation for a JORC-compliant resource as w ell asassessing outcropping mineralisation and alteration to validate documents deposit style.
• Full compilation and internal review of all the existing geophysics and geochemistry data to ranknew exploration targets in preparation for a maiden drill program in Q3 2026.
• Field sampling based on outcomes of the full data review.
• Appointment of drilling contractor and obtaining required permitting for maiden drilling
  program.

Company Notes:

Non-Executive Chairman, Eddie King, commented: “The acquisition of Iron Butte delivers GNM an outstanding opportunity in Nevada with an extensive and high-quality existing drill dataset that clearly demonstrates a substantial oxide gold-silver system at surface. With 148 existing drill holes, we have a strong foundation and are aggressively progressing to deliver a maiden inferred JORC-compliant resource in the near term – this is a genuine near-term catalyst for the Company.

Importantly, a large portion of the historical drilling was primarily focused on gold and did not
consistently assay or include silver in the evaluation. The silver grades we are now seeing alongside the gold represent additional upside that was largely overlooked by previous operators in a vastly different market cycle. Beyond the robust shallow mineralisation, the Project shows exciting potential for significant resource expansion both along strike and at depth, where geophysical targets and early highgrade Carlin-style intercepts point to a much larger system. The deposit characteristics are potentially highly favourable for low-cost heap leach production, offering a clear and rapid pathway to development.

We are extremely well positioned with the timing of this acquisition. Gold continues to trade near alltime highs around US$4,750/oz and silver around US$76/oz, with both metals maintaining strong bullish momentum as we move through 2026 and beyond. This deal structure allows us to move quickly on resource definition while retaining full upside. We are highly excited to pursue a maiden JORC Resource leading into commencement of drilling in Q3, unlocking the full potential of this impressive project.”

Full ASX Announcement: Great Northern Minerals ASX Announcement