FLAGSHIP GROWTH ASSET
Feni Island
Gold-Copper Project
1.46 Moz Au
Inferred (Kabang)
100%
Adyton-owned
Whole-of-island
Land tenure
New Ireland
Province, PNG
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TIER 1 GOLD-COPPER DISCOVERY
Tier 1 Gold-Copper Discovery Potential
Feni Island sits within the +120 Moz gold-prolific geological arc of the Pacific Ring of Fire — the same trend as Simberi (St Barbara) and Panguna (formerly Rio Tinto).
The project is hosted within a large alkalic-type epithermal-porphyry setting, supporting both high-grade gold mineralisation and significant copper potential. Similar host rock geology, comparable age (~0.5 Ma), and analogous mineralisation styles to neighbouring world-class deposits. Feni like Lihir is geothermally active presenting an opportunity to generate 100% of its electricity as zero carbon green energy.
Whole-of-island tenure enables systematic testing of multiple targets within the same mineral system, beyond the defined Kabang resource area — a key source of exploration upside.
| Lihir | Feni Island | |
|---|---|---|
| System | Alkalic epithermal-porphyry | Alkalic epithermal-porphyry |
| Age | ~0.5 Ma | ~0.5 Ma (ca.) |
| Structure | NW-SE structural corridor | NW-SE structural corridor |
| Setting | Island-based | Island-based |
| Operator | Newmont (major operator) | Adyton (ASX/TSXV explorer) |
| Geothermal energy potential | Yes | Yes |
NI 43-101 COMPLIANT RESOURCE
1.46 Moz Au Foundational Resource
| Classification | Tonnes (Mt) | Grade (g/t Au) | Contained Au (Moz) |
|---|---|---|---|
| Inferred | — | — | 1.46 |
NI 43-101 Technical Report on the Feni Gold-Copper Property, New Ireland Province, Papua New Guinea, dated October 14, 2021. Qualified Person: Dr. Chris Bowden PhD, GCMEE, FAusIMM(CP), FSEG. Mineral resources are not mineral reserves and have not demonstrated economic viability.
The Kabang deposit represents a foundational resource with significant upside potential. Mineralisation remains open along strike and at depth. Multiple epithermal and porphyry priority targets across Feni Island — including Dome, Saddle, Caldera, and Danmagal — have not yet been systematically drill-tested, and over 7 km² of proximal and extensional geophysical targets have been identified.
ACTIVE EXPLORATION — ONGOING RESULTS
Confirming Scale and New Discoveries
Adyton has completed 10,663 m of its ongoing drill program at Feni Island, successfully confirming high-grade extensions to the north and documenting resource continuity across the Kabang system. New gold-copper mineralised zones have been identified in the February 2026 program.
| Hole | From(m) | Interval(m) | Au(g/t) | Cu(%) | Au.eq(g/t) | gXm |
|---|---|---|---|---|---|---|
| FDD002 | 45 | 142.2 | 1.18 | 0.05 | 1.17 | 166.4 |
| incl. | 45 | 93 | 1.58 | 0.05 | 1.55 | 144.2 |
| FDD001 | 95 | 76 | 1.43 | 0.03 | 1.38 | 104.9 |
| FDD004 | 62 | 229 | 0.71 | 0.08 | 0.78 | 178.6 |
| incl. | 62 | 115 | 0.92 | 0.07 | 0.96 | 110.4 |
| FDD003 | 70 | 81 | 1.12 | 0.21 | 1.36 | 110.2 |
| ADK001 | 1 | 145.8 | 0.84 | 0.08 | 0.91 | 132.7 |
| FDD017 | 151 | 53 | 1.29 | — | — | 68.4 |
All intercepts are downhole lengths. True widths not yet determined. Cu assays pending for some holes. See individual press releases on Newsfile for full details.
NOT YET IN THE MRE
Copper Adds Material Upside to the Kabang Resource
Copper mineralisation at Feni was confirmed through assaying of Adyton's ADK-series and FDD-series drill holes. Copper is not included in the current 1.46 Moz Kabang MRE — most historical holes through mineralised intervals were not assayed for copper.
Where both Au and Cu have been assayed, Au-equivalent grades are up to approximately 56% higher than the gold-only figure. Adyton's geological model identifies the Danmagal porphyry system at depth as the likely source of copper mineralisation, linked to the Kabang epithermal system.
| Hole | From(m) | To(m) | Int(m) | Au(g/t) | Cu(%) | Au.eq | % uplift |
|---|---|---|---|---|---|---|---|
| ADK004 | 70.7 | 156.1 | 85.4 | 0.94 | 0.57 | 1.47 | +56.5% |
| KAD001 | 3.5 | 109.7 | 106.2 | 0.84 | 0.29 | 1.11 | +32.1% |
| MAD007 | 74 | 278 | 204 | 0.36 | 0.13 | 0.48 | +34.3% |
| AMD002 | 0 | EOH | 250 | 0.77 | 0.17 | 0.93 | +21.0% |
Copper upside is exploration potential only and is not included in any current NI 43-101 Mineral Resource Estimate.
Global Ore Discovery Collaboration
In December 2025, Adyton engaged world-class geological consulting group Global Ore Discovery to provide expert oversight and targeting strategies for the Feni exploration program, leveraging their deep expertise in epithermal and porphyry systems.
DIRECT SHIP ORE OPPORTUNITY
5 km Pit-to-Ship Distance
Feni Island's direct tidewater access means the pit-to-ship distance for any future operation is approximately 5 km — compared to 1,350 km for the Ok Tedi operation in PNG's highlands. Coastal access reduces logistical complexity, supports lower capital intensity, and simplifies permitting and construction compared with remote inland projects.