Rand Mining Ltd has released its EKJV Exploration Report for the quarter ending 30 June 2025, detailing an extensive drilling program across its joint venture assets in the Kundana camp. In a combined effort with Evolution Mining Limited and Tribune Resources Ltd, the company reported completing 10,661 metres of drilling across three key targets: Sadler, Hornet, and Ambition. At the Sadler prospect, the focus was on resource definition through diamond drilling with a 40m x 40m grid designed to upgrade the inferred mineral resource to an indicated resource. The drilling intersected a brittle‐ductile structure that features thin, laminated veins, closely resembling the mineralisation currently mined underground. These systematic infill efforts form an important step toward a more robust resource model update. In the Hornet area, 5,270 metres of reverse circulation (RC) drilling targeted the mineralisation hosted within the Mary Fault Zone and the K2B horizon. The technical work confirmed geological consistency with previous models and identified extensions of mineralised zones, including a flat, south-west dipping quartz veined structure referred to as Hode2. These results align with the initiation of an open pit mining sequence, lending confidence in the deposit’s continuity and resource potential. At the Ambition target, a total of 24 surface drill holes (covering over 5,100 metres) were completed using both RC and diamond drilling. The program successfully delineated a southward plunging high-grade zone hosted in a very narrow, laminated vein within a wide shear zone. Detailed long sections and plan views provided in the report illustrate the geometry of the intercepts and confirm the presence of promising gold mineralisation, even as the results are pending further resource model updates. Extensive technical details underline rigorous sampling techniques, quality assurance and control protocols, and compliance with JORC Code 2012 standards. The report outlines comprehensive drilling data including drill spacing, intersection widths, assay laboratory methods, and verification procedures that underpin the technical reliability of the findings. Bullish sentiment arises from the systematic upgrade of the Sadler resource, promising infill results at Hornet that support open pit mining plans, and the successful delineation of a high-grade zone at Ambition. These advancing technical milestones, underpinned by rigorous QA/QC, suggest potential for future resource enhancements that could strengthen the company’s asset base and market outlook. On the bearish side, the report also signals that further work is required to fully define the boundaries of the mineralised zones. The need for continued drilling and pending resource model updates indicates that near-term production timelines remain subject to exploration risk. Additionally, the technical complexity and inherent uncertainties of early-stage exploration may weigh on market sentiment until further positive updates are delivered. Overall, the detailed reporting of drilling results and planned follow-up work highlights both the opportunities and challenges facing Rand Mining Ltd as it advances its exploration projects within a dynamic joint venture framework.