CHINA HANKING (03788): Hanwang Gold JORC ore reserves increased by 53.1% to 2.62 million ounces, JORC gold resources increased to 5.54 million ounces.

China Hanking (03788) announced that with the completion of the first phase of pre-feasibility study (PFS) for the Cygnet Gold Project and the update of the final feasibility study (FS) for the Mt Bundy Gold Project, the combined ore reserves have increased by 53.1% to reach 2.62 million ounces, and the JORC gold resources have increased to 5.54 million ounces. According to the independent assessment process of the listing rules, both the resource and reserve estimates in this announcement have been evaluated by independent experts from SRK China in accordance with the JORC Code (2012 version). The open pit resources are reported as in situ resources, with a gold price optimization boundary of AUD 4900 per ounce; the high-grade underground resources use a cut-off grade of 1.5 grams per ton. The completed drilling program for historical ore heaps at the Cygnet Gold Project shows a total JORC resource of 76,000 ounces, with an average grade of 0.45 grams per ton, providing low-cost ore feed for gold production. The JORC compliant gold resources at Mt Bundy have increased by 460,000 ounces, with a total resource of 3.47 million ounces. All JORC compliant ore reserve estimates are based on a gold price of AUD 3750 per ounce. The increase in JORC compliant ore reserves is mainly due to the first phase of PFS at the Cygnet Gold Project, which includes reserves of 417,000 ounces for the high-grade underground mine Copperhead (with an average grade of 2.94 grams per ton) and reserves of 127,000 ounces for the high-grade underground mine Golden Pig (with an average grade of 2.45 grams per ton), as well as 122,000 ounces for the open pit mine Corinthia (with an average grade of 1.49 grams per ton). Additionally, there are 68,000 ounces of low-grade ore heap reserves on the surface available for processing. Regarding the latest updates on JORC compliant ore reserves and gold resources, Dr. Yu Min Qiu, Executive Director and Vice President of Hanking Australia Investment Pty Ltd, commented that the results of the first phase of PFS at the Cygnet Gold Project show a very conservative approach, achieving 734,000 ounces of JORC compliant reserves even with the assumption of a gold price only 56% of the spot gold price (AUD 6693.6 per ounce as of January 9, 2026). The low-grade ore heap on the surface provides flexibility for plant production scheduling. As drilling work continues and feasibility studies progress, it is expected that gold resources and ore reserves will increase simultaneously, creating greater value for shareholders. Mt Bundy Gold Project is ready, with JORC compliant ore reserves of nearly 1.9 million ounces of gold and resources of nearly 3.5 million ounces of gold, which is particularly exciting in the current market conditions. This is a globally rare gold development project, especially considering that Rustlers Roost is one of the gold deposits with the lowest stripping ratio in the world. The robust and conservative FS for the Mt Bundy Gold Project provides us with an excellent opportunity to become a gold producer with an average annual production of 150,000 ounces in the first 10 years.