Orlando Mineral Resource is growing again after absorbing bismuth and silver

CuFe limited (ASX: CUF) (the Company), is pleased to announce a major update to the 55% owned Orlando Copper / Gold Resource at the Tennant Creek Project. The update is the result of including and estimating the bismuth, silver and other metals in the borehole data in the Mineral Resource Estimate (MRE), with the previous Resource Update of June 2025 limited to copper and gold only.

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KEY POINTS

• The JORC 2012 Mineral Resource Estimate update for the Orlando Deposit in the Tennant Creek Project now includes bismuth and silver.
• The new mineral resource estimate includes 4,421 tonnes of bismuth-bearing metal and 266,000 ounces of silver.
• The combined Tennant Creek Resource exploited by CuFe now stands at 24.4 Mt at 1.80% Cu and 0.55 g/t Au, including 18,224 tonnes of contained bismuth metal and 2.03 Moz of silver metal, making it one of Australia’s largest bismuth resources.
• The bismuth and silver mineralization coincides with the copper and gold mineralization casings, which occur as high-grade pods within the ore lenses and are likely to add significant value to the project economics.
• Orlando Scoping Study is being updated to reflect the inclusion of these sought-after commodities

MEC, as technical advisor to CuFe, prepared an MRE update for the Orlando deposit, based on the inclusion of bismuth and silver from the drill hole database. The results are summarized in Table 1. This update follows a detailed technical review of bismuth (see the CUF ASX announcement dated October 21, 2025) which identified significant bismuth interceptions from both historic and more recent drillings.

Table 1: Orlando Deposit Mineral Resource as of November 2025 reported above a limit of 1.0 g/ton Au equivalent.

Notes:

• Mineral resources are reported above an equivalent limit of 1.0 g/ton Au.
• The model has been supplemented with open pit and underground workings and a 5 meter buffer has been added around underground workings to account for sterilised, unstable and/or unrecoverable ore.
• A 5% buffer zone has been applied to historic underground workings and these barrels have been sterilized and not included in the resource
• The gold equivalent value is derived from the following formula: Au_eq = Au (g/t) + (Cu (%) x 1.38) + (Ag g/t *0.0095) + (Bi % *0.00015)
• The gold equivalent calculation used for reporting in Orlando only assumes a gold price of US$4,000/oz for gold, US$9,250/ton for total copper, a bismuth price of US$15,000/ton and a silver price of US$30/oz and assumes an 88% recovery for gold, 87% recovery for copper, 80% recovery for bismuth and 80% recovery for silver. US/AUD exchange rate of $0.67.
• Apparent differences may occur due to rounding.

The Orlando Resource update increases the Tennant Creek Project Resource to 24.4 Mt at 1.80% Cu and 0.55 g/t Au, and includes 18,224 tonnes of bismuth metal and 2.03 Moz of silver (see Table 2), cementing the assets as significant deposits within both the Tennant Creek Mineral Field and the Northern Territory.

Table 2: Orlando and Gecko Global JORC 2012 Mineral Resources Summary of Tennant Creek, November 2025.

• Gecko MRE is reported above a copper limit of 1.0% (reported in CUF ASX release dated August 18, 2025).
  
• The Gecko MRE copper equivalent value is derived from the following formula: 𝐶𝑢𝐸𝑞 = 𝐶𝑢 %+(𝐴𝑢 𝑔/𝑡 ×0.68)+ (𝐴𝑔 𝑔/𝑡 ×0.0089)+ (𝐵𝑖 𝑔/𝑡×0.00014)
  
• The Gecko MRE copper equivalent calculation used for reporting at Gecko assumes a price of US$9,250/ton for total copper, a gold price of US$2,200/oz for gold, a bismuth price of US$15,000/ton and a silver price of US$30/oz and assumes a 94% recovery for copper, 83.8% recovery for gold, 80% recovery for bismuth and 80% recovery for silver. US/AUD exchange rate of $0.67.
• Orlando MRE is reported above an equivalent limit of 1.0 g/ton Au.
• The gold equivalent calculation used for reporting in Orlando only assumes a gold price of US$4,000/oz for gold, US$9,250/ton for total copper, a bismuth price of US$15,000/ton and a silver price of US$30/oz and assumes an 88% recovery for gold, 87% recovery for copper, 80% recovery for bismuth and 80% recovery for silver. US/AUD exchange rate of $0.67. Clear differences may occur due to rounding.

Commenting on the mineral resource estimates, CuFe Executive Director Mark Hancock said:

“This resource update has increased the Orlando and Gecko bismuth resources for the project to 18,224 tonnes and over 2 Moz of silver and has consolidated CuFe’s position as holder of one of Australia’s largest bismuth resources at a time when concerns are increasing over the global supply of this critical mineral. As context, the Tennant Creek bismuth resource is now approximately one year of global production for this critical mineral, which is an excellent position for a emerging company like ours. The resource update allows us to study and determine the optimal revenue streams from what are now true polymetallic deposits, and to understand their impact on capital and operating costs. The field has historically been a producer of a significant amount of bismuth and silver as by-products of copper and gold.

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