Maximus Resources Limited announced results from the metallurgical testwork programme conducted on representative open pit resource samples from the Redback and the Wattle Dam Stockwork deposits, located ~25km from Kambalda, Western Australia. The testwork was completed under the supervision of ALS Metallurgy Services and consisted of gravity recovery and cyanide leach tests. Metallurgical testwork was undertaken on four bulk composite samples selected from Mineral Resource drill programmes completed in 2021-2022.

The Reverse Circulation samples comprised of oxide, transitional and fresh material which represents potential mineable open-pit parcels. Samples were ground down to P80:125µm and then gravity separation was completed via a Knelson concentrator followed by mercury amalgamation to collect any free gold. Gravity separation results show excellent gravity gold recoveries from oxide and fresh rock samples ranging from 18.8 to 71.2%, highlighting the free gold haracteristics of Wattle Dam /Redback ore.

The gravity amalgamation residue was then re-combined with the Knelson gravity tail for the downstream cyanide leach testwork using a bottle roll technique via standard Western Australian "Gold Fields" leach conditions. The test was conducted over a 48-hour period, during which all intermediate and final leach products were analysed at specified intervals. These tests provide valuable insights into the gravity gold content, the cyanidable gold content, the total gold recovery, gold leach kinetics, lime and sodium cyanide reagent consumptions and a calculated gold grade that can be compared directly with the head assay gold grade as a final check.

Gold leach kinetics were rapid with most of the gold leaching in the first 2-4 hours. After a 48-hour test period, the total extractable gold ranged from 93.14% to 97.51%, with residue gold tail grades from the direct cyanide leach tests averaging 0.07/t Au. The final calculated gold head grades correlated well to the initial head assay gold grades for all composite samples.

Tests confirm favorable metallurgy with low reagent consumption and low oxygen demand. Oxygen sparging was used for the first 15 minutes of the leach tests and importantly due to the rapid leach times, sodium cyanide consumption rates were low for all samples tested. Lime consumption rates were elevated to buffer the water used during the testwork, which would be optimised in full-scale operations.

A multi-element analysis and semi-quantitative (XRD) mineralogical analysis found no elements that would have a detrimental effect on gold recovery. The composite samples exhibited low levels of arsenic (As) and tellurium (Te), which reduces the probability of the presence of refractory gold-bearing minerals. The composite samples also showed low levels of organic carbon, minimising the probability of preg-robbing of gold in solution during cyanidation.

Low concentrations of base metals were detected in all composite samples, which decreases the possibility of cyanicides (elements that consume cyanide), thus reducing the chance of any detrimental effect on gold cyanidation. Wattle Dam and Redback gold deposits with a combined resource of ~100,300 oz Au are strategically located within short trucking distance to several regional gold processing plants. Gold mineralisation at Wattle Dam including the Redback Deposit, Golden Orb and S5 are all considered to be part of a much larger interconnecting mineralized system, with opportunity for further resource growth.

The Wattle Dam Stockwork - 645,000t at 1.2 g/t Au - 23,850 oz Au is situated adjacent to the Wattle Dam underground high-grade shoot which was mined until 2012. Wattle Dam produced ~286,000oz at 10.1g/t gold, highlighting the high-grade discovery potential within the Company's 108 sq km Spargoville tenements. Maximums holds a current Mining Licence over the deposit.

Mineralisation follows the plunge of the high-grade shoot and occurs as a network of quartz-carbonate veins with minor disseminated sulphide. Visible gold has been reported in legacy drill programmes, leading to high gravity recovery in the metallurgical testwork. The domain of stockwork veining is inclusive of domains of internal waste and is open to the south and at depth in the southern part of the deposit.

Redback deposit - 1,240,000t at 1.9 g/t Au ­ 76,500 oz Au is located ~600 m to the southeast of the Wattle Dam Gold Mine. Maximums holds a current Mining Licence over the deposit. The geological observation along the S5 /Golden Orb corridor drilling is analogous to the Wattle Dam Gold Mine, with drilling passing through the Western Shear Zone and into variably altered and veined ultramafics in the footwall of the shear zone.

The Wattle Dam gold project, including Redback, is a promising site for substantial resource growth, with potential opportunities for both open pit and underground mining. Further testwork is planned to assess optimisation aspects of the metallurgy with site-specific metrics, in conjunction with further resource growth drill programmes across the Wattle Dam project area. Future metallurgical testwork includes: Diamond core samples; Optimisation of grind size; Extend CIL testing and optimisation of reagent additions; Further testwork using site-specific water, optimising reagent use.

The Company has engaged structural geological expert, who is conducting a structural analysis of Wattle Dam and Redback area to assist with geological interpretation and future gold resource drill targeting.