Mila Resources Regulatory News (MILA)

Mila Resources Plc / Index: LSE / Epic: MILA / Sector: Natural Resources

26 February 2026

Mila Resources Plc

('Mila' or the 'Company')

Drilling Commenced at Yarrol and

Monal and Mt Steadman Target Definition Underway

Mila Resources Plc, the mineral exploration company looking to accelerate the development of post-discovery assets, is pleased to confirm that drilling has now commenced at the Company's Yarrol Gold Project in Queensland, Australia. The Company has demonstrated the continuity of gold-bearing structures outside the historic resource shell, with intercepts of ~5g/t gold traced from surface to ~230 metres depth, and gained critical insight into the geological model following exploration in 2025 that included the first diamond drilling programme at Yarrol in its recent history. Mila is deploying the latest exploration science and technologies to fully understand the geology and is now looking to "step out" and test shallow targets along strike of the historic resource area at Yarrol as it aims to build the scale of the project and pursue extensions to higher grade zones.

Regional work has also been initiated at the Monal and Mt Steadman projects, with the Company ground truthing existing targets through mapping and grab sampling. The team intend to complete target definition work at Monal to better define known Cannindah-like Breccia and Porphyry (copper-gold), which is located in two clusters within the Monal property, at Boggy Creek and Childs in the southeast of the licence , and at Rough Gully, Eastern Star and the more recently defined Basilica target in the southwest.

Yarrol Drill Programme

· 1600m Reverse Circulation ('RC') "step out" drilling programme commenced along strike from the historical resource at Yarrol.

· Targeting shallow mineralisation (to a depth of 150m) along strike where broader zones of gold can be efficiently tested and potentially developed.

· Drilling will target extensions to mineralisation around the historic resource and test targets further along the strike of the Yarrol Fault.

Queensland Exploration

· Regional work is underway to advance gold (Au) and Copper (Cu) targets across the broader Yarrol project area and Queensland portfolio, targeting Yarrol-Like gold targets as well as to define Porphyry-like gold-copper targets.

· Mapping is also planned to enhance target definition across the broader Yarrol project area and Queensland portfolio where historical intercepts and non-compliant resources offer strong exploration upside.

· Budgeted within the existing cash position of the Company, Mila is looking at geochemical sampling and geophysical surveys, designed to bring additional targets up to a drill ready stage.

· Mapping and desk top evaluations are bringing to light the opportunities to extend strike along known mineralisation trends at Mt Steadman.

Mark Stephenson, Managing Director of Mila Resources, commented: 

"We have been intensely busy in 2026 following the results of our diamond drilling at Yarrol and integrating the data to build a better understanding of the mineralisation controls at Yarrol. We believe we now have a stronger geological model and this RC drilling is the first programme to step out from the historic resource area.  The fully funded drill programme will test areas around the historic resource area, infill extensions to mineralisation discovered by our previous RC and diamond drilling work and begin to test targets further north along the Yarrol fault. We are now focused on building the scale of the deposit and unlocking, near surface high-grade gold zones along strike that we can include in the mineral resource estimate.

"Alongside this work at Yarrol, we are now developing high priority drill targets both in the wider Yarrol project area, as well as our adjacent Monal and Mt Steadman projects. Having recently strengthened our technical team, we are now able to expand exploration activities and develop targets in the other licences. We believe both Monal and Mt Steadman offer significant development opportunities around their historic resource areas (non JORC compliant) and multiple confirmed copper and gold occurrences. We recently saw our neighbours, Cannindah Resources raise a significant amount of capital to explore and we firmly believe that this overlooked region is now receiving the attention and exploration required to build value."

Further Information

Yarrol

Mila recently completed a diamond drilling ('DD') programme at Yarrol, which targeted at depth known mineralisation at Yarrol Central and Ridge, covering approximately 2km of the 20km Yarrol Fault corridor. Results from the DD programme has allowed Mila's technical team to further refine the Company's geological model for Yarrol with mineralisation now being defined and traced outside of the historic resource shell. As a result, the team has identified shallow targets along strike as the most compelling and capital efficient near-term development opportunity.

Mila is now pursuing additional near surface targets alongside historical resources with the objective of generating multiple shallow (to a depth of 150m) prospects featuring broad gold zones that can be efficiently tested and advanced towards potential production. Drilling will target northern and southern extensions to mineralisation along the Yarrol Fault, beyond the historical resource boundary, where high-grade intercepts in Mila drilling of up to 17m @ 5.47g/t gold and 16g/t gold with a 15m @ 1.76g/t intercept and historic drilling has intercepted 25m @ 2.92g/t gold and 12m @ 1.91g/t gold within one hole (YARD43) have previously been recorded from shallow RC drilling. The Starlight satellite target in the north will also be tested around historic gold workings and a defined geochemical and geophysical anomaly.

Results from the drilling programme will be used to complete a comprehensive structural and geochemical review to refine Mila's geological interpretation of the Yarrol system. This work will include integrated structural analysis of drilling and historic datasets, detailed geochemical vectoring analysis and an assessment of potential extensions to mineralisation along strike. Regional work is also planned to enhance target definition across the broader licence area.

Figure 1. Overview of Yarrol resource area and satellite targets

Monal

At Monal, the Company will focus on systematically advancing multiple copper-gold prospects toward compelling drill-ready targets through a combination of geochemical sampling, geophysical surveys and detailed mapping. Using knowledge developed from the discovery of neighbouring Mt Cannindah project, a porphyry system that has formed multiple copper-molybdenum-gold deposits located south of Monal and far north of Yarrol, the objective is to refine target geometry, strengthen geological understanding and prioritise the most prospective zones ahead of any drilling decisions. Work will focus on areas of known Cannindah-like breccia and porphyry (copper-gold), located in two clusters within the Monal property, at Boggy Creek and Childs in the southeast of the licence, and at Rough Gully, Eastern Star and Basilica in the southwest.

Work at the Childs Prospect will comprise additional geochemical sampling and ground-based geophysics to better define the scale and structural controls of the system. In parallel, the Company will progress the development of drill targets across the western and northern portions of the licence area, supported by further geochemical surveys and Induced Polarisation ("IP") geophysics at Eastern Star and Rough Gully.

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Figure 2. Overview of Monal licence with 3 key work areas

Mt Steadman

At Mt Steadman, Mila will evaluate opportunities to extend strike along known mineralisation trends and assess the continuity of existing zones. Work will focus on identifying additional target areas adjacent to established mineralisation, with the aim of uncovering further upside within the broader project area. These initiatives are intended to build a broader exploration pipeline at Mt Steadman.

**ENDS**

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