Brisbane, Australia – November 18, 2025 – Adyton Resources Corporation (TSX Venture: ADY) ("Adyton" or the "Company") is pleased to announce that its 50/50 Joint Venture Partner, East Vision Investment Holdings (EVIH), has completed both land ownership mapping and baseline social and environmental base line work at its Wapolu gold project, Fergusson Island, Papua New Guinea.
Key Highlights
Adyton's JV partner, EVIH, is the operator and has been progressing a number of key enabling work streams to satisfy the requirements for both Mining Lease and Environment permit applications. In parallel, EVIH has also been progressing metallurgical test work to inform the Wapolu flow sheet design and resource modelling and meeting with a range of equipment suppliers in preparation to place orders for long lead items with the goal of production in 2H26.
Tim Crossley, Chief Executive Officer, stated:
"We are pleased with the progress being made by EVIH and remain confident that, with strong execution and a timely assessment by the Mineral Resources Authority (MRA) and Conservation and Environment Protection Authority (CEPA), together we can achieve first production at Wapolu in 2H26. Although it is early days, this significant progress bodes well for the JVs near-term development plans for a shallow, open-pit surface mining operation at Wapolu."
Gary Wang, Chief Executive Officer, EVIH stated:
"We have now completed more than 8,000 m of drilling at Fergusson Island, and my team has been working on meeting the requirements for our mining lease and environment permit applications for the restart of the old Wapolu operation. We are also well advanced in completing metallurgical test work and finalizing the flowsheet design for the Wapolu process plant."
Project Update
Adyton's JV partner, EVIH, has completed the current phase of drilling at both Wapolu and Gameta. Due to a large back-log in samples being processed through a Lae laboratory in PNG, Gameta drill core samples are being dispatched to international laboratories. Key activities are now focused on updating resource reports, metallurgical testing, equipment selection, social and environment base line studies and land ownership boundary mapping. At Adyton's projects, numerous local jobs have been created, providing employment opportunities in areas with limited job prospects.
Background
Adyton's gold projects in JV with EVIH are in PNG on easily accessible island locations. The Gameta and Wapolu projects are located on Fergusson Island in the Milne Bay province of PNG which also hosts the Woodlark and Misima projects.
The Wapolu gold project is a proposed restart of the past-producing Wapolu mine which operated in the mid 1990's producing about 9,000oz of gold before shutting down due to low gold prices. The restart of Wapolu will be substantially easier than a green field project, being enabled by significant existing infrastructure such as airstrips, workshop and warehouse structures, basic wharf infrastructure and tailings impoundments.
The neighboring Gameta project is an advanced exploration asset being prepared to be taken into permitting and development, that lies approximately 30 km from Wapolu and has the benefit of being able to leverage some of the Wapolu infrastructure, such as the airstrip.
As previously reported, the Fergusson projects are under an earn-in Joint Venture Agreement with EVIH, granting EVIH the right to acquire up to 50% ownership interest in the project. This interest is contingent on the achievement of certain development milestones and a total investment of up to US$9.5 million, allocated as follows:
- US$8.5 million to fund project expenditures; and
- US$1.0 million as a direct payment to the Company (US$500,000 paid).
- Once the projects are permitted and a financial investment decision made by the JV, the agreement provides for EVIH to provide a shareholder loan (8% interest charge) to the JV to fund the project development capital which would carry Adyton to production on the Fergusson projects.
While this JV agreement at its end point results in Adyton diluting its interest at Fergusson Island to 50%, the agreement does provide for a complete "carried" funding solution to production for Adyton at its Fergusson projects.
Resource Estimate
The existing Gameta and Wapolu Mineral Resource Estimate has resources open at depth and along strike. The current drill programs at both Wapolu and Gameta are in part designed to test depth and strike extensions but also importantly to increase resource confidence to enable progression to establish reserve estimates and the Mining License (ML) application.
For further information please contact:
Tim Crossley, Chief Executive Officer
E-mail: ir@adytonresources.com
Phone: +61 7 3854 2389
Phone: +1 778 549 6768
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