Historic Sampling to Assess Chester’s Polymetallic Potential

Raptor Metals Ltd (ASX: RAP) (“Raptor” or “the Company”) is pleased to advise that it will commence a core cutting and multi-element sampling program across 20 historic diamond drill holes at its 100%-owned Chester Project in New Brunswick, Canada.

HIGHLIGHTS

• Core cutting and multi-element sampling program to commence across 20 historic diamond drill holes at Raptor’s 100%-owned Chester Project in the Bathurst Mining Camp, New Brunswick, Canada
• All selected holes are located within the footprint of Chester’s existing JORC 2012 Mineral Resource Estimate of 6.685 Mt at 1.07% Cu (Indicated and Inferred) and contain logged intersections interpreted as massive sulphide mineralisation
• Approximately 1,000m of archived core will be sampled to strengthen the assay dataset for copper, lead, zinc, silver, cobalt and indium and provide the basis for a more comprehensive understanding of Chester’s polymetallic VMS system
• The program provides a cost-effective and timely pathway to generate additional geological and geochemical data without new drilling, supporting the next phase of geological modelling and Mineral Resource evaluation
• Core cutting and sampling commenced on 5 September 2026, with assay results anticipated approximately four to six weeks following sample dispatch

The selected holes are located within the footprint of Chester’s existing JORC 2012 Mineral Resource Estimate of 6.685 Mt at 1.07% Cu (Indicated and Inferred) and have been selected based on historic geological logs recording intersections of massive sulphide mineralisation.

The program is designed to strengthen the existing assay dataset through additional multi-element analysis for lead, zinc, silver, cobalt and indium, alongside re-validation of copper. The historic drill database does not contain consistent assay coverage for this broader multi-element suite.

The additional data will assist in Raptor’s increasing understanding of the distribution of metals across the Chester mineralised system and support the next phase of geological modelling and Mineral Resource evaluation.

Managing Director, Brett Wallace, commented:

“Chester already hosts a robust, JORC-compliant copper resource containing a broader suite of metals not yet reflected in its copper-focused Mineral Resource. The Bathurst Mining Camp is renowned for its polymetallic VMS endowment, and much of our historic core has simply never been tested for zinc, lead, silver, cobalt or indium. If this program confirms continuity across the deposit, it potentially provides a more complete picture of Chester’s polymetallic endowment and support future Mineral Resource evaluation. Importantly, we can undertake this work quickly and cost-effectively using existing core, while building on our recent drilling, geophysics and metallurgical work.”

Chester Mineral Resource Estimate

• an Indicated Mineral Resource of 4.87 Mt at 1.13% Cu, containing 120.28 Mlbs Cu, 13.66 Mlbs Pb, 10.52 Mlbs Zn and 69,000oz Ag; and
• an Inferred Mineral Resource of 1.82 Mt at 1.01% Cu, containing 38.35 Mlbs Cu, 3.17 Mlbs Pb and 1.57 Mlbs Zn.

The Mineral Resource is reported at a cut-off grade of 0.5% Cu.

Importantly, the existing Mineral Resource contains lead, zinc and silver in addition to copper, reflecting the polymetallic nature of the Chester deposit. However, complete multi-element assay data is not available across large parts of the historic drill database.

The current program is designed to address these gaps and build a more comprehensive multi-element dataset across the existing Mineral Resource footprint.

A Polymetallic VMS System

The Bathurst Mining Camp is a prolific volcanogenic massive sulphide (VMS) district, hosting numerous historic Zn+Pb+Cu+Ag(±Au) deposits, including Brunswick No. 12, Heath Steele and Caribou. Chester sits within this same geological setting, with mineralisation interpreted as a stacked VMS system.

The Chester deposit comprises three principal mineralised zones: the Central Zone, East Zone and Copper Stringer Zone. Together, these zones contain massive, disseminated and stringer sulphide mineralisation hosted within dacitic volcanic rocks of the Clearwater Stream Formation.

The Copper Stringer Zone is considered to represent a feeder zone associated with the VMS lenses of the Chester deposit. This interpretation is supported by the occurrence of talc, sericite and intense chlorite alteration, together with disseminated and stringer chalcopyrite mineralisation within the zone.

Rationale for the Polymetallic Sampling Program

Historic drilling at Chester was, for the most part, selectively sampled and assayed. VMS deposits within the Bathurst Mining Camp are typically polymetallic, commonly carrying zinc, lead and silver, together with cobalt and, in some deposits within the camp, indium as accessory or by-product metals.

As a result of the selective historic sampling, complete multi-element assay data is not available for a number of logged massive sulphide intersections within the existing Mineral Resource footprint.

The Company has therefore elected to re-examine and sample archived diamond core from selected holes to strengthen the existing multi-element dataset and support the next phase of geological modelling and Mineral Resource evaluation.

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