Adyton Resources Reports New Discovery of a High-Grade Gold Zone

CEO.CA May 12, 2026 8:55

Summary

A 28.5 g/t (grams per tonne — grams of gold in each tonne of rock) intercept, Adyton's highest ever, reveals a new high-grade zone at Gameta.

CEO Tim Crossley says Wapolu, a brownfield restart of a mine that produced in the 1990s, offers the fastest route to cash flow.

Partner EVIH commits up to nearly $10 million for drilling, permitting and capex at Wapolu to earn 50% under one simplified production milestone.

Wapolu targets production by October 2026; ball mills and power stations are already bought and shipped so construction starts once permits arrive.

The mining lease warden's hearing is set for May 20, keeping permitting the decisive catalyst for Wapolu's path to production.

The guest reports a 12-metre intercept grading 28.5 g/t gold at Gamata, the highest-grade intercept in the company's history, but says it is too early to gauge the impact on the planned open pit's economics until the new high-grade zone is drilled out.
Under the restructured deal, partner EVIH commits up to nearly $10 million to earn a 50% stake, and its Class B shares convert to Class A only after it funds Wapolo's pre-development, permitting and capex through to nameplate production.
Management targets first production at Wapolo by October 2026: the environmental permit was submitted around Christmas 2025, the mining lease application around February 2026, and the warden's hearing is set for May 20, 2026.
The company is advancing Wapolo first, a brownfield restart of a mine that produced in the 1990s with inherited infrastructure, even though it calls Gamata the better ore body, because Wapolo offers the shortest path to cash flow; the Wapolo resource has doubled over the past two years.
EVIH has already drilled over 4,000 metres at each of Wapolo and Gamata and is buying long-lead equipment such as ball mills and power stations in parallel, with some components already shipped to site, so construction can start as soon as permits are granted.

Top takeaway Argues Wapolo, not Gamata (which he calls the better ore body), is the fastest route to cash flow because it is a brownfield restart with inherited infrastructure and a shorter permitting path, with production targeted by October 2026.
Frames the new Gamata high-grade zone, including the 12-metre intercept at 28.5 g/t gold, as an unexpected discovery and the company's highest-grade intercept, too early to size economically until it is drilled out.
Presents the amended EVIH agreement as strongly motivating: a single milestone, taking Wapolo to nameplate production, triggers the Class B-to-A share conversion, and new RSU grants are tied to Gamata development milestones.
Cites the May 20, 2026 warden's hearing for the Wapolo mining lease, the submitted environmental permit, the exploration licence expected shortly and largely completed landowner agreements as support for the production timeline.
Points to EVIH buying long-lead equipment in parallel rather than waiting for permits, with components already shipped to Papua New Guinea, as a sign of its commitment to both projects.