The Redcastle Project is one of the most significant historic epizonal high-grade gold fields in Victoria.  First discovered in 1859, it is a uniquely Victorian opportunity where significant historically mined epizonal gold systems remain poorly explored to depth. Its extremely high gold grades with visible gold in quartz (+/- stibnite association) were mined over a 4.5 x 7 km area containing over 24 historic mining areas but it remains poorly explored to depth.

Better historic mines include the Welcome Group of mines were exploited over 2 km strike length from 1859–1865, down to a maximum depth of 125 m and extracted 20,583 oz @ 254.6 g/t gold; the Beautiful Venus Group of mines are located 2.5 km east of the Welcome Group; the reef was worked along strike for 61 m on surface and 30 m at the base of the shaft and averaged 0.6 m@ 93 g/t to 311 g/t gold. Other styles worked in this field included quartz-vein stock works in sandstones and dyke-hosted mineralization.

Modern exploration work undertaken prior to predecessor Southern Cross Gold Ltd ("SXG") at Redcastle began in 1985 included extensive rock chip (1,795 samples) and soil geochemical programs (1,619 soil samples); RC (169 drill holes totalling 7,950.5 m) and RAB drill programs; costean mapping programs (128 costeans totalling 6,051.6 m) and extensive geophysical surveys. Exploration within Redcastle concentrated mostly on gold, with areas of past mining and known mineralization being the focus for most companies.

17 km of combined high-grade vein strike remains completely untested below the workings and below the water table (50 m average depth). Selected drill results from these previous shallow holes marginal to the high-grade mines include: 10 m at 2.5 g/t gold from 22 m (RRC26), 2 m at 10.7g/t gold from 39 m (RRC41) and 2 m at 6.03 g/t gold from 26 m (PR16). None of this historic drill data have been independently verified at this time. The true thickness of the mineralized intervals is not known at this stage. No systematic geophysical surveys have been undertaken.

The exploration strategy at Redcastle has focused on searching for high-grade epizonal gold at depth beneath historic mines. The approach has been to compile all historical mining and exploration data into a 3D model and apply large scale geophysical and remote sensing methods to identify mineral systems below 50 m depth, followed by oriented diamond drilling to test targets.

To 15 July 2026, 18 drill holes for 3,557.25 m have been reported at Redcastle (for an average hole depth of 197.6 m). Thin to moderate grades and widths of gold were discovered in the first 16 holes, except those that hit historic mine workings. Details of drill results from these earlier holes are set out in the Independent Geologist's Report in SXG's Prospectus prior to its ASX listing in May 2022 dated 17 March 2022 and can be found here. Many targets require follow-up drilling.

In July 2023, SXG secured 100% of one of the higher-grade parts of the Redcastle goldfield, where drilling has identified very high grades (up to 704 g/t Au and 24.7% Sb) within continuous and targetable structures above a 1.3 km long and a coherent IP anomaly. The IP anomaly also sits below historic mines that produced 20,583 oz at 254.6 g/t Au over 2 km strike length down to a maximum depth of 125 m during 1859 to 1865.

In July 2026, SXGC reported results from the first two deep holes drilled at Redcastle, SDDRE016 at the Laura prospect and SDDRE017 at the Beautiful Venus prospect, both drilled west to east to achieve high intersection angles across the steeply west-dipping vein architecture. SDDRE016 tested the mineralized western limb of the NNW-SSE trending Redcastle Anticline beneath surface workings and a large IP chargeability body modelled from 155 m depth. The hole intersected vein-hosted pyrite-arsenopyrite mineralization from 102 m to 360 m down hole, before passing through the anticlinal hinge at approximately 380 m to a final depth of 410.45 m. Three styles of mineralized features were logged: a deformed black shale unit, bedding-parallel laminated veins, and steep to vertical extensional veins, with visible gold in subvertical extensional veins fringed by arsenopyrite haloes, reminiscent of Costerfield-style mineralization.

SDDRE016 returned eight individual high-grade gold intervals, including 26.2 g/t Au & 0.01% Sb over 0.14 m from 112.98 m (approximately 86 m vertical depth) and 15.4 g/t Au & 0.03% Sb over 0.22 m from 321.84 m, confirming Costerfield-style gold-antimony mineralization over more than 250 m of vertical extent. Further drilling is required to define strike and dip continuity between intercepts.

SDDRE017 tested the Beautiful Venus prospect, where earlier hole MDDRE014 had intersected old workings at a vertical depth of 42.5 m, and returned low-tenor gold with a best individual result of 0.91 g/t Au over 0.29 m from 140.71 m, confirming the structural and vein setting for future targeting.

The true thickness of the mineralized intervals in SDDRE016 and SDDRE017 is interpreted to be approximately 70% to 85% of the sampled thickness. Results are pending from further holes drilled at Redcastle as part of the Company’s regional program.