NEAR-TERM CASH FLOW
Fergusson Island
Gold Project
939 Koz Au
Indicated + Inferred
50/50 JV
with EVIH
US$9.5M
EVIH committed
Milne Bay
Province, PNG
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FERGUSSON ISLAND GOLD PROJECT
Zero capital outlay. 50% free cash flow.
The Fergusson Island Gold Project comprises two development-ready deposits — Wapolu and Gameta — located at the western end of the Woodlark Basin a partially submerged extension to the world class Owen Stanley Range discovery belt in Milne Bay Province, Papua New Guinea. Other notable discoveries in the region include the Misima and Woodlark projects.
The project is 100% funded and operated by Adyton's joint venture partner, East Vision Investment Holdings (EVIH), which is committing up to US$9.5M to advance Fergusson to shovel-ready status. Adyton retains 50% of free cash flow with zero capital outlay for construction.
Island-based logistics provide a development advantage: low-cost barge access, short distances between deposits, and supportive landholders.
DEVELOPMENT PARTNER
East Vision Investment Holdings (EVIH)
EVIH is committing up to US$9.5M to fund feasibility, metallurgical work, permitting, bulk sample and Capex for the Wapolu project restart to earn a 50% interest in Fergusson Mining Pte. Ltd.
Progress to date:
- ~8,000 m of drilling completed
- Metallurgical testwork completed
- Mining and environmental permit applications lodged
- Landowner and baseline environmental studies completed
EVIH's parent will provide a shareholder bridging loan to fund the Gameta project to a target 2 Mtpa Life of Mine project. Timeline to shovel-ready: 12–14 months from submission of ML application funding milestone.
On December 10, 2025, Adyton received a non-binding Letter of Intent from Korean trading group Hyosung TNC Corporation for the purchase of gold concentrate from Wapolu — demonstrating strong market demand and materially improved payability terms for project concentrate output.
LOI is non-binding. No binding offtake agreement has been entered into. See December 10, 2025 press release for full details.
WAPOLU GOLD PROJECT
Near-Surface, High-Grade Gold Ready for Restart
Wapolu is a shallow open-pit gold deposit with an established production history. A small-scale mine operated at Wapolu from 1995 to 1997, producing more than 9,000 oz Au before closure due to historically low gold prices — not geology.
| Classification | Tonnes (Mt) | Grade (g/t Au) | Contained (koz) |
|---|---|---|---|
| Indicated | 1.0 | 1.00 | 33 |
| Inferred | 12.7 | 0.97 | 393 |
| TOTAL | 13.7 | 0.97 | 426 |
Filed on SEDAR+ February 25, 2026. Mineral resources are not mineral reserves and have not demonstrated economic viability.
"The updated Wapolu Mineral Resource materially strengthens the foundation of our Fergusson Island development strategy and exceeds our internal expectations. Development work is fully funded to production through our joint venture with EVIH. Adyton is entering a clear growth and execution phase."— Tim Crossley, Managing Director, Adyton Resources
Selected 2025 Drill Intercepts
| Hole | From(m) | Int(m) | Au(g/t) | Notes |
|---|---|---|---|---|
| WPDH002 | 19 | 4 | 9.85 | incl. 1m @ 36 g/t Au |
| WPDH002 | 8 | 6 | 2.46 | |
| WPDH001 | 16 | 8 | 2.36 | |
| WPDH006 | 15 | 6 | 2.32 | |
| WPDH001 | 5 | 5 | 1.66 |
GAMETA GOLD DEPOSIT
513 Koz Au Resource Open in All Directions
Gameta is located approximately 30 km from Wapolu on Fergusson Island, with potential to combine resources and leverage shared infrastructure for a future dig-and-ship or barge-supported development concept.
The deposit has three identified high-grade ore zones — Northern, Central, and Southern — with resource definition drilling confirming continuity and indicating further upside from expansion drilling.
Preliminary metallurgical testwork indicates approximately 87% gold and approximately 85% silver reporting to concentrate, supporting a potential development pathway following Wapolu.
| Classification | Tonnes (Mt) | Grade (g/t Au) | Contained (koz) |
|---|---|---|---|
| Indicated | 4.0 | 1.33 | 173 |
| Inferred | 10.5 | 1.01 | 340 |
| TOTAL | 14.5 | 1.05 | 513 |
Mineral resources are not mineral reserves and have not demonstrated economic viability.
Selected 2025 Drill Intercepts
| Hole | From(m) | Int(m) | Au(g/t) | Notes |
|---|---|---|---|---|
| GMDH001 | 0 | 9 | 1.08 | |
| Inc. | 5 | 1 | 4.6 | |
| GMDH002 | 0 | 6 | 1.22 | |
| Inc. | 0 | 2 | 2.34 | |
| GMDH004 | 0 | 6 | 1.15 | |
| Inc. | 2 | 3 | 1.66 | |
| GMDH005 | 49 | 13 | 1.88 | |
| GMDH005 | 94 | 14 | 1.05 | |
| Inc. | 94 | 1 | 4.21 | |
| Inc. | 96 | 2 | 1.37 | |
| GMDH008 | 98 | 13 | 3.84 | |
| Inc. | 99 | 5 | 8.65 | |
| Inc. | 100 | 2 | 14.37 | |
| GMDH009 | 86 | 6 | 2.28 | |
| GMDH009 | 146 | 12 | 28.56 | |
| Inc. | 150 | 3 | 105 | |
| GMDH010 | 114 | 6 | 2.69 | |
| GMDH013 | 105 | 13 | 1.37 | |
| Inc. | 105 | 8 | 1.8 | |
| GMDH021 | 51 | 16 | 2.07 | |
| Inc. | 55 | 5 | 3.63 | |
| GMDH028 | 80 | 2 | 4.33 | |
| GMDH033 | 9 | 2 | 3.59 | |
| Inc. | 9 | 1 | 5.17 |
Combined Fergusson Resource Summary
| Project | Ind. g/t | Ind. Mt | Ind. koz | Inf. g/t | Inf. Mt | Inf. koz |
|---|---|---|---|---|---|---|
| Gameta | 1.33 | 4.0 | 173 | 1.01 | 10.5 | 340 |
| Wapolu | 1.00 | 1.0 | 33 | 0.97 | 12.7 | 393 |
| TOTAL | 1.28 | 5.0 | 206 | 0.99 | 23.2 | 733 |
PATH TO PRODUCTION
Development Pathway
2026
Fergusson Permitting
Final regulatory approvals & community engagement
2026 H2
Construction & Ramp-Up
JV funding deployment & site development
2027
First Revenue
Concentrate shipment begins
Future
Portfolio Growth (Gameta and Feni)
Reinvest cash flow into development of Gameta and Feni exploration
Timeline represents management targets based on current plans. Actual timing subject to permitting, regulatory approvals, and other factors outside Adyton's control.