Update on Alchemy Resources' exploration activities in NSW

Alchemy Resources Limited (ASX: $ALY) has completed the Right to Negotiate Process over three exploration licences in key Lachlan tenure in New South Wales. The Company executed a land access agreement with the Ngemba, Ngiyampaa, Wangaaypuwan and Wayilwan People, allowing for planning and work program commencement at the Yellow Mountain Prospect mining areas. Alchemy remains well funded with cash on hand of $3m as at 30 June 2024.

Chief Executive Officer's perspective on the milestone

Chief Executive Officer Mr James Wilson expressed gratitude to the NNWW People for their support in reaching the significant milestone for Alchemy. He emphasized the approval as a watershed moment for the Company, enabling access to high grade copper targets at Yellow Mountain, which haven't seen any modern exploration drilling since 1986. Mr Wilson highlighted the historic sampling up to 7% Cu in grab samples around the mine area and the potential for further discoveries in the region.

Summary of Alchemy Resources' exploration update

Alchemy Resources Limited (ASX: $ALY) has secured access to key exploration licences in New South Wales, paving the way for planning and work program commencement at the Yellow Mountain Prospect mining areas. The Company's Chief Executive Officer, Mr James Wilson, expressed the approval as a significant milestone, enabling access to high grade copper targets at Yellow Mountain. Alchemy remains well funded with cash on hand of $3m as at 30 June 2024. The next steps include sampling of historic Yellow Mountain mine area using modern multi-element assay methods, drill planning, detailed structural mapping, drone geophysics planning, and heritage survey requests submitted. Alchemy Resources is focused on growth through the discovery and development of gold, base metal, and battery metals within Australia, with a significant land package in the Carosue Dam - Karonie greenstone belt in the Eastern Goldfields region, in Western Australia, and an 80% interest in the Lachlan/Cobar Basin Projects in New South Wales.