Alba Mineral Resources Plc announced high-grade gold produced from samples of the fines material taken from the trenching programme at the historic Waste Tip at the Company's 100% owned Clogau-St David's Gold Mine in North Wales ("Clogau" or the "Mine"). Key Points: To date, Alba has excavated nearly 33 tonnes of <20mm material (or "fines") from the Waste Tip. This material will be subjected to primary processing at the Company's onsite Gravity Processing Plant and then refined at an offsite gold refinery.

As a preliminary exercise designed to assess the gold content within those trenches excavated to date, four concentrates have been produced from composite samples of <20mm material taken from each trench. The concentrates have been sent to an offsite party refining facility, which has resulted in the following high-grade gold production: From the Trench 1 composite sample, 1.1 grams of gold were recovered from 66.04 kg of sample (dry weight), equating to a back-calculated head grade of 6.0 g/t or 0.19 troy ounces per tonne (oz/t). From the Trench 3 composite sample, 2.9 grams of gold were recovered from 60.63 kg of sample (dry weight), equating to a back-calculated head grade of 17.22 g/t or 0.55 oz/t. From the Trench 4 composite sample: 1.1 grams of gold were recovered from 74.26 kg of sample (dry weight), equating to a back-calculated head grade of 5.33 g/t or 0.17 oz/t. Gold production from the refinery has returned significantly higher grades from the Waste Tip than previous results had indicated, suggesting that previous laboratory assay results had significantly underrepresented the gold content of the tip and greatly enhancing the economic viability of mining the Waste Tip as a whole.

From the Company's initial trenching of the Waste Tip, which has produced a total of 33 tonnes of <20mm fines, four composite samples, each containing material from a specific trench, were sent to a third-party refining facility, where the actual gold content of the samples was determined. The composite samples from trenches 1, 3 and 4 returned a total of 5.1 grams of gold. The sample from trench 2 did not return any gold content, indicating that this particular part of the tip is likely to consist of country rock from the original off-reef development of Tyn y Cornel rather than including waste rock from on-reef production development.

Due to the erratic nature of gold distribution within the Waste Tip, it appears that laboratory assays have underrepresented the gold content of the section of tip from which the sample was taken. This issue is addressed by the refining of a gold concentrate, as this method extracts the entire gold content from the concentrate rather than merely sampling it. By way of illustration, assay results from Pit 2 dug at the Waste Tip in 2022 (reported in the RNS of 21 March 2022) returned a back-calculated head grade of 0.28 g/t of gold.

By comparison, Trench 1, which was dug in the same location as Pit 2, has returned a back-calculated grade of 6.0 g/t. Similarly, Pit 3, which was also dug in 2022, returned 0.83 g/t whereas Trench 3, which was dug in the current exercise and is directly along strike of Pit 3, returned 17.22 g/t. In both these cases, therefore, the latest round of trenching has returned results more than 20 times higher than in 2022.