Fully funded 1,500-2,000m maiden drill program to unlock scale potential and underpin production strategy.

HIGHLIGHTS

• Logistics and planning finalised for maiden drill program scheduled for early Jan 2026, subject to final regulatory clearance.
• 1,500–2,000 metre Phase 1 diamond drill program will target high-grade antimony mineralisation beneath historical workings along the Lirios Fault Zone (LFZ).
• Drilling will test ~900m of strike within a broader 4km mapped system, targeting both structural veins and replacement targets.
• Results to inform an expanded program targeting numerous additional areas along the 4km mapped system.
• EVR is fully funded to complete the program, which marks the start of an intensive 2026 exploration campaign.
• Drilling is the critical first step toward delivering a maiden JORC resource in 3Q 2026 and advancing the asset toward near-term production.

EV Resources (ASX: EVR) (“EVR” or “the Company”) is pleased to announce it has finalised planning for the maiden diamond drilling program at its high-grade Los Lirios antimony project in Oaxaca State, Mexico.

This fully funded program represents a pivotal transition for the Company as it moves from surface exploration to subsurface definition, targeting a maiden JORC resource in Q3 CY2026.

Managing Director and CEO, Mike Brown, commented:

“This maiden drilling program represents the first drilling test of the Los Lirios system and is a critical step in unlocking its broader potential. Our geological work to date has provided a strong structural and lithological framework, pointing to the Lirios Fault Zone and associated replacement horizons as compelling targets.

With access preparation largely completed and permitting progressing as expected, we are on track for drilling to commence in early January. Importantly, this program is fully funded and represents the start of a much larger campaign planned for 2026, where we aim to deliver a maiden JORC resource in the third quarter of the year. The parallel advancement of drilling at Los Lirios and production readiness at Tecomatlán sets the foundation a transformative 2026 for EVR.”

DRILL PROGRAM OVERVIEW

Preparatory works for the maiden drill program are well advanced, with access improvements and drill pad construction across the initial target corridor. The Phase 1 program comprises 1,500–2,000 metres of HQ diamond drilling scheduled to begin in early January, pending the completion of SEMARNAT requirements for the Informe Preventivo.

The drilling has been designed to maximise structural information and sample quality. The program will target the immediate extensions below and along strike from Lirios 1 and Lirios 2 historical artisanal pits, where previous sampling identified high-grade antimony mineralisation at surface.

While the total mapped strike length of the Lirios Fault Zone (LFZ) is approximately 4km, this initial phase will focus on testing approximately 900m of strike length beneath historical workings, leaving significant areas to be tested in subsequent phases. Initial drilling will test key structural and replacement targets, with the program likely to be expanded subject to results.

GEOLOGICAL MODEL

Detailed field mapping and structural measurements have allowed EVR to refine its geological model, identifying two distinct mineralisation styles that will be tested in this program.

The principal target is the LFZ, which is seen as the principal fluid conduit and host structure for antimony mineralisation at Los Lirios. Mineralisation associated with the LFZ occurs as quartz-stibnite infill, veining, and strong silicification, which parallels the anticline axis of a weakly folded limestone sequences. Crackle brecciation and silicification along the fold axis indicates folding pre-dated faulting, providing a mechanical weakness for the LFZ and access for ascending hydrothermal fluids.

Pit mapping demonstrates additional mineralisation associated with NW-SE striking cross-faults.
These are interpreted as en-echelon structures related to the broader strike-slip stress regime
that formed the LFZ.

A second, high-value target mineralisation style consists of sub-horizontal carbonate-replacement
bodies (CRD) within limestone units located directly beneath a ductile gypsum layer. The gypsum
appears to have acted as a barrier, forcing hydrothermal fluids to spread laterally. This has
produced 2–5 metre-thick stratabound (manto) replacement zones observed in multiple pits.

Drill orientations have been selected to optimise intersections with both the principal LFZ trend
and the cross-cutting structures. Specifically, at Lirios 1, a dextral strike-slip fault trending
approximately 340° to the north of the historic pits has rotated structures toward a NE-SW
orientation; drill azimuths in these areas have been adapted accordingly.

STRATEGIC SIGNIFICANCE & NEXT STEPS

The Los Lirios maiden drill program represents a major step in EVR’s strategy to fast-track antimony development. The high-grade nature and low impurities potentially provide the Company with a high-quality product that could then be accelerated through development stages. The current program is expected to define priority zones for follow-up drilling, directly underpinning the Company’s objective to deliver a maiden JORC resource in 3Q 2026 and advance the path to future production.

NEXT STEPS

• Receipt of channel and trench sampling assay results (expected from mid-December 2025)
• Receipt of final Preliminary Metallurgical Test work
• Final permit approval and mobilisation of drilling contractor, to commence drilling in early January 2026
• Finalisation of preliminary engineering and budget for Tecomatlán Plant and commencement of Phase 1 refurbishment

– ENDS –

For further information, please contact:

Mike Brown
Managing Director & CEO
Tel: +61 466 856 061
E: [email protected]

This ASX announcement was authorised for release by the Board of EV Resources Limited.

Original Article: https://api.investi.com.au/api/announcements/evr/931ad95a-952.pdf