Beacon Minerals Limited has completed two significant air core drilling programs at its Lady Ida – Iguana Deposit, located north of the Jaurdi Mining Centre. The company has advanced its exploration efforts by executing a Stage 2 laterite program designed to map the full extent of laterite mineralisation. In this phase, 215 vertical air core holes were drilled to a total depth of 2,572 metres, refining the existing grid from a 100‐metre traverse with 25‐metre-spaced holes to a denser 50‐metre line spacing over an additional 11 lines. Preliminary results from the Stage 1 laterite program have already revealed potential zones of near-surface gold mineralisation, with key areas open to the north requiring further drilling to assess their full extent. In addition to the laterite delineation, the company conducted an infrastructure “sterilisation” drill program consisting of 12 air core holes drilled for 687 metres. This targeted the current footprint of the Iguana workshop and infrastructure areas, aiming to secure and optimise these key operational zones ahead of planned mining activities. Final data from both the Stage 1 and Stage 2 air core, as well as grade control RC drilling programmes, are expected to be released following quality assurance checks in mid to late June 2025. The company anticipates commencing mining operations at the Lady Ida – Iguana Deposit in 2026. There is a bullish sentiment surrounding Beacon Minerals Limited’s announcement. The successful completion of the drilling programs and the early indications of near-surface gold mineralisation suggest considerable potential for expanding the resource base. Advancements in drilling grid resolution and infrastructure optimisation, paired with a clear timeline towards mining operations, support a positive outlook for future project development and possible value creation for investors. Conversely, a bearish perspective may arise from the inherent uncertainties of early-stage exploration. With final assay results pending and the requirement for further drilling to fully delineate the identified zones, risks remain regarding the actual size, grade, and economic viability of the mineralisation. Investors should also consider the broader market volatility, operational risks, and the uncertainties associated with transitioning from exploration to production.