Adyton Resources reports highest-grade Gameta intercept as Wapolu targets October 2026 production

Adyton Resources reported the highest-grade drill intercept in its history at the Gameta project and, in the same interview, detailed a rewritten joint venture designed to carry its Wapolu project into production by October 2026.

Speaking on CEO.CA's *Inside the Boardroom* in early May, Adyton's Tim Crossley walked through both developments. The interview covers what the new discovery means for Gameta's economics, why Wapolu now goes first, and how the amended EVIH agreement funds the sequence.

## A grade the company has not seen before

The headline result is a drill intercept — the length of mineralized core returned by a single hole — of 12 metres at 28.5 grams per tonne gold. Grams per tonne (g/t) measures gold content per tonne of rock; anything above roughly 5 g/t is generally considered high grade for open-pit gold. The host introduced the hit as the highest-grade in the company's history, and Crossley called it an unexpected new high-grade zone at Gameta.

He was equally clear about the limits of one hole. It is too early, he said, to quantify what the discovery does to the economics of the planned open-pit operation, because the company first has to drill out the breadth and extent of the new zone. A high-grade intercept is a starting point; its value depends on what follow-up drilling finds.

## Why Wapolu goes first

When Adyton signed its agreement with partner EVIH in May 2024, the working plan was to develop Gameta first. Two years of drilling reversed that. Crossley said the Wapolu drill program has doubled that project's resource, and Wapolu carries one decisive advantage: it is a brownfield restart — reopening a mine that produced in the 1990s and inheriting the infrastructure already on site. That shortens the environmental and mining lease permitting path, which is why he describes Wapolu as the fastest route to first cash flow, even though he considers Gameta "definitely a better ore body."

## One milestone instead of many

The amended EVIH agreement replaces what Crossley described as a complex set of conversion steps with a single milestone. The host summarized the terms as up to nearly $10 million committed for a 50% stake. Under the new structure, EVIH carries the pre-development work at Wapolu — drilling, exploration, the MRE (Mineral Resource Estimate, the formal estimate of a deposit's tonnes and grade), environmental permitting, and mining lease permitting — and funds the capex, the capital cost of building the mine. Only when Wapolu reaches production at nameplate design capacity, the throughput the plant was engineered for, do EVIH's Class B shares convert to Class A shares. From that point, the two companies develop Gameta together as a joint venture.

The update also adds restricted stock units (RSUs — equity that vests as agreed milestones are met) for the partner, tied specifically to Gameta development milestones. Crossley's argument is that this gives EVIH a direct stake in outcomes rather than a schedule of payments. The partner has already drilled more than 4,000 metres at each project, he noted, and the recent Gameta results are the first payoff from that work.

The two projects sit about 35 kilometres apart on the same island in Milne Bay Province. They hold separate exploration licences and will keep separate processing plants, but Crossley said they will run on shared logistics chains and one management team with common senior staff.

## Permitting and procurement in parallel

The path to October runs through Papua New Guinea's permitting system, and Crossley laid out where it stands: the environmental permit was submitted around December, the mining lease application followed around February, and the Mineral Resources Authority has nominated May 20 for the warden's hearing — the public hearing stage of the mining lease process. The landowner agreements, he said, are pretty much all done.

The more unusual part is what EVIH is doing while permits are pending. Long-lead equipment — ball mills, the rotating drums that grind ore, and power stations — has already been purchased, with much of it shipped to Papua New Guinea and some already staged at Wapolu in a lay-down area. Crossley's point is that the partner is committing capital before approvals arrive, so construction can start the moment permits are granted.

## What to watch

- Follow-up drilling at Gameta to define the size and continuity of the new high-grade zone. - The May 20 warden's hearing and the mining lease decision that follows. - The start of construction at Wapolu, and whether the October 2026 production target holds. - EVIH's continued funding, since the plan leans on the partner's capital and execution.

The October target is management's goal, and it depends on a permitting process outside Adyton's direct control. The interview is nonetheless specific about dates, amounts, and milestones, which makes the plan easy to check against the company's next announcements.