Gibb River Diamonds Limited has reported impressive results from its Phase 1 grade control drilling campaign at the Edjudina Gold Project in Western Australia. The company’s recent reverse circulation drilling, carried out by BML Ventures Pty Ltd under a Mining Agreement, has confirmed the excellent and coherent high-grade gold mineralisation at the Neta Prospect. The drilling program, which covered 2,180 metres through 65 holes without any incidents, revealed mineralisation starting at surface with consistent strong intercepts. Notable intersections include drillhole 25NRC017, which returned 9 metres at 3.13 grams per tonne (g/t) from 80 metres, identifying a potential new high-grade shoot target. Other significant results include 12 metres at 5.32 g/t (with 4 metres at 12.45 g/t) in one hole and intercepts such as 29 metres at 3.06 g/t from 16 metres and 24 metres at 2.68 g/t from surface. The technical outcomes of the campaign are set to complement the existing Neta Resource estimate of 378,000 tonnes at 1.9 g/t (approximately 24,000 ounces of gold) and the indicated resource of 110,000 tonnes at 2.2 g/t for around 8,000 ounces. The grade control drilling has provided critical data for grade control modelling ahead of mining, as the mineralisation occurs within both primary in situ gold and a 2-metre thick calcrete cap derived from quartz-carbonate alteration. In addition, the recent grant of the Mining Proposal Permit by the Western Australia Mines Department paves the way for the commencement of mining operations. BML Ventures is expected to mobilise plant and equipment during August 2025 to prepare the ground for mining, underscoring the project’s transition from exploration to production. The market reaction to these developments could be viewed through both bullish and bearish lenses. On the bullish side, the excellent, near-surface high-grade results and the clear technical data supporting the integrity and continuity of the mineralisation provide strong confidence in the prospect’s long-term potential. Moreover, the alignment of regulatory approvals and the planned mobilisation of mining equipment indicate that the project is rapidly progressing toward production. Conversely, there is some caution as the decision on a potential Phase 2 drilling program remains pending, meaning further work is necessary to fully delineate the resource. Additionally, as with any early-stage mining project, market conditions and unforeseen technical challenges could affect the project's timeline and economics. Overall, these developments suggest a positive outlook for Gibb River Diamonds Limited, as the company continues to build a robust technical case around its Edjudina Gold Project while progressing steadily toward mining operations.