Everest Metals Corporation Ltd has commenced a 6,000-metre aircore drilling campaign at the Revere Gold Project in Western Australia, targeting resource expansion and improved geological confidence across the system.

The active field program runs in parallel with a newly commissioned scoping study and a transaction that increases project ownership and simplifies joint venture arrangements. The Revere project currently hosts a maiden Mineral Resource Estimate of 15.0 million tonnes grading 0.54 g/t gold for 260,780 ounces, declared in May 2026. Tenure for the site was secured following the grant of Mining Lease M51/905 in July 2026.

Drilling focuses on closing gaps through infill holes across the Armstrong deposit and the northeast extension of the Big John deposit within the Revere Shear System. The program tests both along-strike and down-dip positions to support future resource updates, with assay results anticipated in early November 2026.

Alongside field operations, Everest Metals has appointed Como Engineers Pty Ltd to complete a scoping study for Revere by the March quarter of 2027. The engineering group brings experience in mineral processing, including modular gold processing plants designed for off-site construction.

“Revere now has a defined Mineral Resource and a Mining Lease, so our focus is now on developing this Project. We are not waiting for a larger Resource before advancing our development work. The Scoping Study will assess a pathway based on what we have today, while drilling continues to test the opportunity to add scale. Advancing these workstreams in parallel will give us a clearer basis for determining the next stage of Revere's development.”

— Mark Caruso, Executive Chairman and CEO

To consolidate the ownership structure, Everest Metals has agreed to acquire Angelo Levissianos' 5% interest in the Goodins East project tenements and associated joint venture rights for $150,000 in cash and 1,000,000 ordinary shares. The acquisition lifts Everest Metals' joint venture interest from 51% to 56%, with Entelechy Resources Pty Ltd holding 39% and Laszlo Szalay holding the remaining 5%.

The transaction also extinguishes separate surface mining and alluvial rights held by Mr Levissianos and Mr Szalay, simplifying operating arrangements across the ground. Furthermore, acquired royalty interests have been merged and extinguished, reducing the total gross revenue royalty burden over exploration licences E51/2199 and E51/1770 from 2.0% down to 1.0%.

Read the full announcement: Resource Drilling, Scoping Study, JV Buyout at Revere Gold