of around A$470,000 (c.£253,000). These projections assume a 0.6 gram per bank cubic metre (“BCM”) grade and a 25 tonnes per hour wash plant to provide prospective monthly output of more than 100 ounces of gold per month. Annualised, this equates to roughly A$5.6 million (c.£2.7 million), already covering a significant portion of ECR’s current market value. However, it’s important to note that these estimates were calculated by ECR Minerals in February 2025, using a gold price of US$2,790/oz. With gold now trading near US$3,300/oz and projections indicating the bull run may extend into 2026, there is potential for an immediate upward revision of these figures. Blue Mountain presents plenty of operational upside, too. ECR has completed modifications to its prototype plant, and is currently putting the final touches to a more efficient gold capture process designed to boost recovery rates. Meanwhile, a drilling and bulk sampling campaign is underway to define the depth of bedrock and assess the full extent of the alluvial system. The goal is to build confidence in the project’s longer-term commercial viability. Initial trenching has already returned gold grades well above historical averages; up to 1.55g per bank cubic metre (bcm) compared to the historical 0.6g/bcm estimate. Should this higher-grade material prove consistent over a larger area, it would improve the project economics further. When it comes to advancing Blue Mountain from here, ECR has stated it is willing to take the project into production itself. However, partnering remains an option should the right opportunity arise. Moving towards production at Blue Mountain At the heart of ECR’s strategy is the Blue Mountain project in Queensland. The property hosts a large near-surface alluvial gold system offering a realistic path to first cashflow in the short term, with production targeted for end-2025. Testing by Gekko Systems has shown the ore at Blue Mountain to be highly amenable to gravity processing, with recovery rates of up to 91.7% into 0.4% of the mass. If these results are repeatable across the project, ECR believes Blue Mountain will represent a commercial project suitable for an onsite production plant. Given the shallow mineralization at Blue Mountain, ECR anticipates low costs for establishing and operating a mining venture, with the potential for substantial profit margins. Based on early-stage modelling, Blue Mountain is expected to generate indicative monthly revenues 3
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