Analysis and comments by Bill Pearson, Ph.D., P.Geo., Geologic and Technical Advisor, Crescat Capital:
"Inflection Resources is a Canadian-listed exploration company focused on undercover copper-gold and gold exploration in Australia, primarily in the northern extension of the Macquarie Arc in New South Wales and more recently IOCG exploration in the Northern Territory. The company’s strategy is to identify large-scale mineral systems hidden beneath younger sedimentary cover using modern geophysics and systematic drilling.
Inflection’s exploration model focuses on:
· Hidden (“undercover”) porphyry and IOCG deposits
· Use of government geophysical datasets combined with proprietary airborne surveys
· Systematic shallow drilling to vector toward mineralized centres
· Advanced geophysics including Ambient Noise Tomography (ANT), gravity and magnetic surveys
· Large district-scale land positions in underexplored terrain
Inflection is employing a probabilistic approach testing large number of massive targets with scale potential for Tier-1 deposits using cost-effective mud-rotary drilling through the sedimentary cover sequence followed by short (20-50 m) diamond core holes at depth. 2-3 initial scout holes are completed in each target testing for favorable alteration and/or mineralization. Core is studied for geochemistry, spectral characteristics, magnetic susceptibility, petrography and age dating. If first-pass drill results are positive, targets are further drilled with step-out / deeper core holes for footprint vectoring.
Inflection has a strong technical team including several well-known exploration geologists associated with discoveries such as Kamoa, Ernest Henry, Olympic Dam, and Cadia.
The Company has a multi-year agreement with AngloGold Ashanti to advance copper-gold projects in New South Wales (NSW). $54M in cumulative earn-in expenditures allows AngloGold to individually earn a 65% interest in each project. Completion of a Pre-Feasibility Study (PFS) is required for AngloGold Ashanti to earn 75% in each project (to include minimum 2 Moz Au or Au-Cu Measured & Indicated Resources) and cede a 2% or 1% NSR royalty to Inflection.
The initial $10M Phase I regional exploration program has been completed and AngloGold Ashanti is now funding Phase II exploration programs of $7M on each of the Trangie and Nyngan Projects.
Key Projects
The Trangie Project (NSW) is one of Inflection’s most advanced exploration areas and is being explored under an agreement with AngloGold Ashanti. The project targets alkalic porphyry copper-gold systems concealed beneath sedimentary cover in the Macquarie Arc. Drilling has intersected strong porphyry-style alteration, including biotite-magnetite assemblages, sulphide mineralization, and localized high-grade gold intercepts. Recent programs have expanded to large-scale air-core drilling campaigns designed to vector toward potential Tier-1 porphyry centres.
Nyngan Project (NSW) forms part of the AngloGold partnership portfolio and targets buried porphyry-style Cu-Au mineralization within the northern Macquarie Arc. The project benefits from extensive regional geophysical datasets and forms part of Inflection’s broader district-scale exploration strategy.
Duck Creek Project (NSW) is a large copper-gold porphyry target defined by coincident magnetic and gravity anomalies. The geological setting is considered analogous to major Macquarie Arc deposits such as Cadia Valley Operations and Northparkes Mines. Drilling has encountered strong hydrothermal alteration including potassic alteration with chalcopyrite and molybdenite-bearing quartz veins, suggesting proximity to a porphyry system.
Crooked Creek Project (NSW) is another Macquarie Arc target focused on concealed alkalic porphyry copper-gold mineralization. Exploration has included airborne geophysics, regional interpretation, and target generation for drill testing.
Molong North Project (NSW), located within the prolific Molong Belt, Molong North targets porphyry Cu-Au systems in one of Australia’s premier mineral belts. The belt hosts major deposits including Newmont’s Cadia Au-Cu mine and Boda-Kaiser Cu-Au project of Alkane. The project is considered prospective for both porphyry and epithermal mineralization styles in concealed extensions of the Molong Volcanic Belt. The Company has 1,944km2 of 100% owned tenements.
Bell River Project (NSW) covers approximately 115 km² in the Molong Belt and is located about 65 km north of Newmont’s Cadia Mine. Surface mapping, spectral surveys, and geochemical work have identified advanced argillic and propylitic alteration systems characteristic of porphyry copper-gold environments. Rock-chip sampling has returned values up to 40.8 g/t Au and 1% Cu. Large portions of the project remain essentially untested by drilling.
The Endurance Projects (Northern Territory) represent Inflection’s newest exploration initiative. Acquired from a subsidiary of Newmont Corporation, the 100% owned land package covers 4,600 km² east of the historic Tennant Creek mining camp. The projects target Iron Oxide Copper Gold (IOCG) systems similar to Olympic Dam and Ernest Henry Mine. The high priority targets have coincident magnetic, gravity, and induced polarization anomalies interpreted as possible magnetite-rich sulphide mineralization. Early drilling has confirmed hydrothermal alteration and IOCG pathfinder geochemistry.
On May 13 th Inflection released an update on the ongoing drilling in New South Wales, Australia under the agreement with AngloGold Ashanti:
· Air Core drilling is ongoing on the Trangie project as part of the Exploration Agreement with AngloGold Ashanti as announced on January 19, 2026;
· Thirty-seven drill holes totaling 7,130 m have been completed on the Trangie project aspart of the current program to follow-up on porphyry gold-copper mineralisation intercepted in earlier drilling;
· Assays have not yet been received from the laboratory, although internal studies using portable pXRF analytical methods are highlighting existing areas of known mineralisation and several previously unknown areas of interest; and,
· The Company has received notice from AngloGold Ashanti that it will withdraw Duck Creek and Crooked Creek as Designated Projects under the Earn-in Agreement. Inflection retains 100% ownership in both projects. Going forward, AngloGold Ashanti will focus exploration on two Designated Projects: Trangie and Nyngan."
Inflection Resources ($AUCU.CN) provides an update on ongoing drilling at its Trangie gold-copper project in New South Wales under the AngloGold Ashanti earn-in agreement:
• 37 Air Core holes totaling 7,130m completed to date
• Approximately 83 holes planned across a 15km² target area
• Drilling following up on earlier porphyry-style gold-copper mineralization
• Previous highlights include 54.37m @ 0.37 g/t Au and 3m @ 7.72 g/t Au
• pXRF work is identifying several previously unknown mineralized areas while assays remain pending
AngloGold Ashanti will continue focusing on Trangie and Nyngan under the earn-in agreement, which could see it spend up to AUD$27M to earn a 65% interest in each project.
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