Highlights
- The 100% owned Lewis Ponds project covers approximately 148 km² located 15 km east of Orange (EL5583) in an historically active gold and base metals workings area
- On 15 December 2025, an updated Mineral Resource Estimate (MRE) was reported in accordance with the JORC Code (2012), equating to a global resource inventory of: 17.52Mt (9.09Mt indicated & 8.43Mt inferred) @ 1.12g/t Au, 53.34g/t Ag, 2.06% Zn, 1.10% Pb, 0.14% Cu (630Koz of gold and 30.1Moz of silver). See full MRE table below. Resource is part of a larger mineral system extending over 9 km SE with extensive gold, copper and base metal workings
- Located 20 km along a broad structural zone from McPhillamys 2.3m oz gold deposit and surrounded by historical prospects - Mt Shorter, Mt Lindsay, Ophir and Caleula
- Godolphin announced results of its Scoping Level Mining Study Lewis Ponds 16 February 2026. The study was based on existing Lewis Ponds MRE and December 2025 metallurgical test work, confirming soft mineralisation, low comminution energy requirements and production of high-quality, low-impurity. (For full announcement, assumptions and compliance statement, see ASX release 16 February 2026)
Scoping Study Highlights
- Open Pit and Underground Mine Design with an Initial operating mine life of 12 years at a 1.25Mtpa throughput
- Open Pit production for an initial four years followed by Underground production
- US$3,700/oz gold and US$55/oz silver price forecast delivers (Base Case):
- NPV7.5% of AUD$481M (pre-tax) and a 24% IRR (pre-tax)
- AUD$1.1 billion free cash flow (pre-tax)
- US$5,055/oz gold and US$82/oz silver price forecast delivers (Upside Case):
- NPV7.5% of AUD$1,088M (pre-tax) and a 40% IRR (pre-tax)
- AUD$2.2 billion free cash flow (pre-tax)
- During the six-year payback period, 74% of cumulative material mined is Indicated Mineral Resource and 26% of the cumulative material is Inferred Mineral Resource
- Low pre-production capital cost estimated at AUD$268M
- Forecast average All-In-Sustaining-Cost (AISC) of AUD$3,254/ AuEq oz
- A standalone processing option is the Company’s preferred development pathway to leverage the future growth potential of the Lewis Pond’s Mineral Resources
- On the strength of these outcomes, the Godolphin Board has approved progressing the project to Pre-Feasibility Study (PFS) stage
Growth potential at Lewis Ponds
- Resource growth potential remains strong, with Spicer’s and Tom’s Lodes open to the north, south and at depth, and additional upside from Torphy’s and Quarry lodes identified in 2024–2025 drilling
- Exploration upside expanding through IP surveys, with reprocessed historical data clearly defining the Lewis Ponds Deposit and new surveys identifying multiple untested targets along strike in both directions
- Scoping Study limited to part of the existing MRE, highlighting potential for future value uplift through resource infill and resource expansion drilling and of newly identified IP targets to the north and south of the current deposit
- Drilling to commence shortly, rigs expected to mobilise in March 2026 for 2,500m drill program targeting highly-prospective underexplored areas outside of the current MRE
Resources
The current Mineral Resource Estimate was announced on 15 December 2025. Mineral Resource Estimates have previously been reported in 2005, 2016, 2019, 2021, and August 2025.
The Lewis Ponds Inferred Mineral Resource, reported in accordance with the JORC Code (2012), has a global resource estimate of 17.52Mt (9.09Mt indicated & 8.43Mt inferred) @ 1.12g/t Au, 53.34g/t Ag, 2.06% Zn, 1.10% Pb, 0.14% Cu (630Koz of gold and 30.1Moz of silver). For more details, including assumptions, see the ASX announcement dated 15 December 2025.
| Category | Cut-off (AuEq g/t) | Resource Classification | Tonnage (Mt) | AuEq (g/t) | Au (g/t) | Ag (g/t) | Pb (%) | Zn (%) | Cu (%) | Au Metal (Koz) | Ag Metal (Moz) | Pb Metal (Kt) | Zn Metal (Kt) | Cu Metal (Kt) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Open pit | 0.67 | Indicated | 3.38 | 1.80 | 0.46 | 34.45 | 0.53 | 1.65 | 0.11 | 50.5 | 3.7 | 18 | 56 | 4 |
| 0.67 | Inferred | 1.44 | 1.65 | 0.40 | 39.27 | 0.70 | 1.12 | 0.12 | 18.6 | 1.8 | 10 | 16 | 2 | |
| Total | 4.82 | 1.75 | 0.45 | 35.89 | 0.58 | 1.49 | 0.11 | 69.1 | 5.6 | 28 | 72 | 6 | ||
| Underground | 1.80 | Indicated | 5.71 | 3.44 | 1.50 | 50.00 | 1.25 | 2.24 | 0.12 | 275.8 | 9.2 | 71 | 128 | 7 |
| 1.80 | Inferred | 6.99 | 3.56 | 1.27 | 68.11 | 1.35 | 2.31 | 0.17 | 285.3 | 15.3 | 94 | 162 | 12 | |
| Total | 12.70 | 3.51 | 1.37 | 59.97 | 1.30 | 2.28 | 0.15 | 561.1 | 24.5 | 165 | 290 | 18 | ||
| Global | Total | 17.52 | 3.02 | 1.12 | 53.34 | 1.10 | 2.06 | 0.14 | 630.2 | 30.1 | 194 | 362 | 24 | |
|
Due to the effect of rounding, the total may not represent the sum of all components. For additional notes, see ASX announcement dated 15 December 2025. |
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About Lewis Ponds
The 100% owned Lewis Ponds project covers approximately 148 km² located 15 km east of Orange (EL5583). This is a high priority project for Godolphin due to the extensive historic gold and base metal workings, with a JORC (2012) Mineral Resource estimated at 9.83 million tonnes (5.01Mt Indicated, 4.82Mt Inferred) at 1.49g/t gold, 66.15g/t silver, 2.46% zinc, 1.38% lead, 0.15% copper (ASX announcement dated 12 August 2025).
The Lewis Ponds area was an active mining centre from around 1884 till the 1920s. The workings were centred around two major areas; Main Zone (also called Spicers Mine) and Tom’s Zone. Main Zone was actually the site of a smelter and an adjacent limestone quarry – postulated to be a flux source. Spicers Mine was reported to have produced around 6000 t of ore at 6.7% lead and 187 g/t silver (Rowe, 1999). Tom’s Zone was reportedly a pyrite mine and was in operation from 1913 to 1921.
Historical workings are extensive, consisting of numerous shafts (mostly collapsed and shallow) and shallow surface workings. These locations were mapped by Ardea Resources to assist in identifying the surface expression of mineralisation and hence assist in the creation of a geological\mineralisation model.
Around two to three kilometres south of the Main Zone workings, there is another group of workings including; Mt Nicholas, Brittania, Icely and Ophir Copper Mine.
In the western part of the tenement, around Mt Bulga, there is a line of workings and mineral occurrences running over a distance of approximately 6 km. The Mt Bulga Mine was reported to have a copper grade of 6.5% and also has a historical resource from 1970.
In the far northern part of the tenement, west of Summer Hill Creek, there are numerous workings and occurrences around the historical Mt Lindsay copper mine.
Historical mining, drilling and exploration at Lewis Ponds focussed on sedimentary base metal models and not gold.
Work by Godolphin team during 2021 confirmed significant gold and multielement anomalism at Lewis Ponds similar to the nearby two-million-ounce McPhillamys Gold Deposit. The McPhillamys Gold Deposit is one of Australia’s largest, under development open pittable resources situated 20 km south east along the Godolphin Fault Zone.
During 2022 Godolphin completed a four-hole reverse circulation (RC) drill program at the Quarry Lode, testing for mineralisation near surface and to the northwest of the current MRE. All four holes intersected gold, silver and base metal mineralisation and was followed by the completion of a soil sampling program in Q4 north of the Lewis Ponds deposit.
2024 to 2025 Diamond Drill infill program and review of historical data, exceeded expectations and highlighted the exceptional potential for the Lewis Ponds project. Through infill drilling and improved geological understanding of the Spicer’s and Tom’s Lodes and the introduction of a portion of the Torphy’s Lode, the updated Mineral Resource, reported 12 August 2025, showed a significantly increased global resource metal inventory, including 58% more tonnes, an 18% uplift to the contained gold to 470,000oz, and a massive 31% increase to the contained silver metal to 21Moz.
Geology
The Lewis Ponds deposit lies on the east limb of the Mullions Range Anticline and is hosted within the Late Silurian Mumbil Group. The actual mineralisation is hosted within the Anson Formation, a fining up sequence from a conglomeritic base to siltstones at the top. The stratigraphic sequence has been metamorphosed to lower greenschist facies. Other deposits in the region with similar mineralisation styles include; Daydawn, Calula, Mt Lindsay, Icely and Mt Bulga.
Within the sulphide lenses at Lewis Ponds, alteration varies in intensity, mineralogy and distribution. Dip of the mineralised zones is generally steep to the northeast, however they can range from vertical to more steeply westerly dipping.
The most prominent regional structure is the Lewis Ponds Fault, located less than one kilometre to the west of Lewis Ponds, which is interpreted as a splay off the Godolphin Fault.
Two series of faults have been noted at Lewis Ponds, one regular set strikes southwest-northeast and dips to the northwest and a second dipping steeply and striking east-west.
The Lewis Ponds polymetallic deposit is a stratabound and disseminated sulphide system and is historically considered to be of a VHMS type. Godolphin has documented a later stage deformation and an orogenic overprint that has introduced a component of remobilisation and the introduction of silica respectively into the system, as well as flexuring of the stratigraphy.
Agnew (2002) concluded that Tom’s Zone was a sheet style VHMS deposit formed at or near the sea floor, which has later been deformed, remobilised and fluids introduced by the Lewis Ponds Fault. The Main Zone however has similarities with carbonate-hosted replacement deposits, where sulphides have infiltrated into the pore spaces of poorly sorted breccias. Textures within the sulphides indicate rapid sea water quenching.