Olympio Metals Limited (ASX: OLY) — Phase 3 Drilling Commences at Bousquet Gold Project, Quebec

9 June 2026

Price Sensitive Announcement $

Highlights:

• Phase 3 diamond drilling has commenced at the Paquin Prospect at Olympio’s flagship Bousquet Gold Project in Quebec, Canada, following up the best intercept in the project’s history of 19.40m @ 17.29g/t Au from 172.5m in hole BO-26-63
• The ~1,500m program will focus on defining the lateral and down-dip extent of the high-grade lode identified in Phase 2
• Phase 3 targets have been informed by the project’s first down-hole televiewer survey, completed in May across 2,253 metres, with full results expected in the coming weeks
• Olympio recently reached 51% ownership of the Bousquet Gold Project, with a pathway to earn up to 80% through additional option payments and exploration expenditure commitments
• The Bousquet Gold Project is located on the Cadillac Break in Quebec — a regional structure associated with world-class gold endowment of more than 110Moz Au
• The project sits within 15km of two multi-million ounce working gold mines: Agnico Eagle’s La Ronde (15.8Moz Au) and Iamgold’s Westwood (2.4Moz Au)

Overview:

Olympio Metals has returned to the drill rig at its Bousquet Gold Project in Quebec, launching a ~1,500m Phase 3 diamond drilling campaign at the Paquin Prospect to follow up one of the most compelling intercepts seen along the Cadillac Break in recent years — 19.40m @ 17.29g/t Au from 172.5m in hole BO-26-63, reported in March 2026.

The Phase 3 program is designed to test the lateral and down-dip dimensions of the high-grade lode intersected in Phase 2, with targeting informed by the project’s inaugural down-hole televiewer survey completed in May. The survey covered 2,253 metres across existing holes and preliminary data has already been used to define Phase 3 targets, with the full dataset still being processed and interpreted.

The drilling comes shortly after Olympio confirmed it had reached 51% ownership of the Bousquet Gold Project, having met exploration expenditure and option payment commitments to joint venture partner Bullion Gold Resources. The path to 80% ownership remains open, requiring a further C$500k in option payments, C$250k in shares and C$1m in exploration expenditure over five years — with flexibility for Olympio to accelerate those commitments. Bullion will retain a 20% net carried interest.

With the project sitting directly on the Cadillac Break — the same structure that hosts some of Canada’s most significant gold deposits — and neighbouring mines such as La Ronde and Westwood operating within 15km, Olympio’s Phase 3 program arrives at a genuinely pivotal moment for the project.

About Olympio Metals Limited (ASX: OLY):

Olympio Metals is an ASX-listed gold exploration company advancing its flagship Bousquet Gold Project in the Abitibi Greenstone Belt of Quebec, Canada. The project’s Paquin Prospect is located on the Cadillac Break, a major regional structure associated with more than 110Moz of gold endowment and situated within 15km of Agnico Eagle’s La Ronde mine and Iamgold’s Westwood mine. Olympio holds a 51% interest in the project with a clear pathway to 80%, with Bullion Gold Resources retaining a 20% net carried interest.

Company Notes:

Olympio’s Managing Director, Sean Delaney, commented:
“We are excited to be back drilling at the Bousquet Gold Project again to follow up the best ever intercept to-date of 19.40m @17.29g/t gold from the Phase 2 drill program. This program will help us define the dimensions of the high-grade lode at Paquin and begin to test the potential of the system at depth.”

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