China Hanking (03788) announced that, following the completion of the Phase 1 Pre-Feasibility Study for the Cygnet gold project and the updated Definitive Feasibility Study for the Mt Bundy gold project, an independent assessment by SRK China in accordance with the Listing Rules confirmed a 53.1% increase in combined ore reserves to 2.62 million ounces, while JORC gold resources grew to 5.54 million ounces.

The independent assessment under the Listing Rules confirmed that these resources and reserves were evaluated by independent experts from SRK China according to the JORC Code (2012 Edition).

Open-pit resources are reported as in-situ resources, with an optimized design pit shell based on a gold price of AUD 4,900 per ounce; high-grade underground resources used a cut-off grade of 1.5 grams per tonne.

A completed drilling program on the historical ore stockpile at the Cygnet gold project revealed a total JORC resource of 76,000 ounces at an average grade of 0.45 grams per tonne, which will provide low-cost ore feedstock for gold production.

The JORC-compliant gold resources at Mt Bundy increased by 460,000 ounces, bringing the total resource to 3.47 million ounces.

All JORC-compliant ore reserve estimates were based on a gold price of AUD 3,750 per ounce.

The increase in JORC-compliant ore reserves primarily came from the Cygnet project's Phase 1 Pre-Feasibility Study, which included 417,000 ounces of reserves from the high-grade underground Copperhead deposit (averaging 2.94 g/t) and 127,000 ounces from the high-grade underground Golden Pig deposit (averaging 2.45 g/t), plus 122,000 ounces from the Corinthia open pit (averaging 1.49 g/t); additionally, there is a 68,000-ounce low-grade ore stockpile on the surface available for processing.

Regarding the latest update to JORC ore reserves and gold resources, Dr. Qiu Yumin, the company's Executive Director and Vice President, and Managing Director & CEO of Hanking Australia Investment Pty Ltd, stated that the Phase 1 Pre-Feasibility Study results for the Cygnet gold project demonstrate the achievement of 734,000 ounces of JORC-compliant reserves under a highly conservative gold price assumption, which is only 56% of the spot price (AUD 6,693.6/oz as of January 9, 2026).

The low-grade ore stockpile on the surface provides flexibility for mill production scheduling.

With ongoing drilling and feasibility studies, we anticipate synchronized growth in both gold resources and ore reserves, creating greater value for shareholders.

The Mt Bundy gold project is now ready, boasting nearly 1.9 million ounces of JORC-compliant ore reserves and close to 3.5 million ounces of resources, which is particularly exciting in the current market climate.

This is a rare global gold development opportunity, especially considering that Rustlers Roost is one of the gold deposits with the lowest strip ratios in the world.

The robust and conservative Definitive Feasibility Study for the Mt Bundy gold project provides an excellent opportunity to become a gold producer with an average annual output of 150,000 ounces (first 10 years) based on this project alone.