Minco Exploration PLC Publishes Annual Report and Accounts 2025

01 June 2026 | Minco Exploration PLC (“Minco Exploration”, “Minco”, or the “Company”) announces the publication of its Annual Report and Accounts for the year ended 31 December 2025.

Click here to download Minco’s Annual Report and Accounts 2025. (PDF)

Chairman’s Letter to Shareholders

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2025 was a transformational year for Minco Exploration, marked by significant exploration success at our 100%-owned Rapla Project in County Laois, and by the strengthening of our shareholder base through a series of strategic financings completed during the year and shortly after year-end.

Rapla: A Discovery of District Scale Potential

Rapla rapidly emerged as Minco’s primary exploration focus following the grant of the prospecting licences in 2024. During 2025, Minco advanced an extensive drilling program which confirmed the presence of a high-grade, multi-metal mineralised system along the Rathdowney Trend, one of Ireland’s most prospective zinc-lead districts and host to the former high-grade Lisheen and Galmoy mines.

The highlight of the year was the announcement of significant high-grade drill results from Rapla, featuring 16.5 metres grading 10.99% zinc, 3.12% lead, 1.39% copper and 294 g/t silver, including 4.5 metres grading 19.45% zinc, 8.18% lead, 5.05% copper and 1,028 g/t silver in drill hole 3312-82. This is one of the highest-grade holes drilled in Ireland in decades. Considering the mix and grade of metals, including copper, silver, antimony, nickel and cobalt, in addition to high-grade zinc and lead, we believe we are at the beginning of a special mineral discovery.

These results confirmed a robust mineralising system with zinc, lead, copper, silver, antimony, nickel, and cobalt. Follow up drilling demonstrated continuity of mineralisation and validated our geological interpretation. While the full geometry and scale remain to be defined, early results firmly establish Rapla as a discovery with district scale potential.

The success of the 2025 drilling campaign measurably enhanced the Company’s technical confidence in the Rapla Project and strengthened our belief that Rapla represents one of the most compelling recent base metal discoveries in Ireland.

Strengthened Financial Position Through Strategic Investments in 2025 and Early 2026

Importantly, exploration success at Rapla was driven by strong financial support from new strategic investors.

In July 2025, Minco completed an €800,000 financing with a strategic investor (the “Strategic Investor”) to undertake and accelerate exploration activities at Rapla. This was followed in December 2025 by an additional €745,000 financing from the Strategic Investor to expand the drilling program following encouraging early exploration results.

Subsequent to year-end, Minco completed a further €1.66 million financing led by Irish Minerals Fund LP together with the Strategic Investor. The concurrent investments by the Irish Minerals Fund and the Strategic Investor reflect continued confidence in Minco and in the quality and potential of the Rapla Project. The investments represent an important milestone for Minco and reflect growing recognition of the strategic importance of Irish mineral projects within the broader European critical raw materials supply chain.

Collectively, these financings have significantly strengthened the Company’s financial position and enabled Minco to accelerate and expand our exploration activities at Rapla. Minco is currently undertaking an expedited exploration program, including additional drilling and technical work designed to further define and expand the mineralised system identified to date.

The Irish Minerals Fund LP is an Irish limited partnership sponsored by Lionhead Resources and anchored with a €30 million commitment from the Ireland Strategic Investment Fund to make minority investments in value-creating, ESG-responsible, high-quality metals and mining projects, with established social licences within local communities. The Ireland Strategic Investment Fund, managed and controlled by the National Treasury Management Agency, is Ireland’s sovereign development fund with a unique mandate to invest on a commercial basis to support economic activity and employment in Ireland.

Global Uncertainty and Ongoing Conflict – Rising Importance of European Metals

Global economic conditions remain subject to uncertainty arising from geopolitical conflicts, trade tensions, inflation, and broader volatility in financial and commodity markets.

The ongoing conflict in Ukraine, the Iran war in the Middle East, and increasing trade friction between major global economies have continued to impact supply chains, industrial activity, commodity pricing, and investor sentiment. In addition, governments and industries across Europe continue to place increased emphasis on domestic supply chains, strategic minerals security, and the development of critical raw materials projects within politically stable jurisdictions.

Global demand for zinc continued to be supported by infrastructure investment, industrial manufacturing, steel galvanization, and increasing investment in energy and transportation infrastructure. At the same time, the longer-term supply outlook for zinc remains influenced by declining production from several mature mining operations and a limited number of significant new zinc discoveries globally.

The Minco Directors believe these broader trends continue to support the strategic importance of mineral exploration projects located within Europe, including the Company’s Irish exploration portfolio. Against this backdrop, we were very gratified to secure continued support from new strategic investors to advance the Rapla Project through an expanded exploration program.

Ireland as a Place for Metals – Evolving Policy Landscape

Ireland remains one of Europe’s most prospective and underexplored zinc-lead jurisdictions, with a highly prospective geological environment for zinc-lead exploration, supported by strong geological databases, excellent infrastructure, a skilled technical workforce, a transparent regulatory framework, and a long history of mining and mineral exploration.

At the same time, the European Union’s increasing focus on critical raw materials security and domestic mineral development continues to improve the long-term strategic outlook for high-quality exploration projects within Europe.

During 2025 and into 2026, the European Union continued implementation of the Critical Raw Materials Act (“CRMA”), reflecting a broader strategic objective of strengthening secure and responsible European supply chains for critical and strategic raw materials.

The CRMA framework has increased focus on the importance of domestic mineral exploration and development within Europe, including the advancement of projects capable of supporting long-term industrial, energy transition and manufacturing requirements.

As Europe continues to focus on strengthening domestic supply chains for critical and strategic raw materials, Ireland, with its long history of zinc-lead mining and well-established geological potential, remains well positioned to contribute to these broader European objectives.

In this environment, Minco’s Board believes that high quality exploration projects located within well-established mineral districts will continue to attract strategic interest as demand for secure European metal supply increases and that Ireland can contribute to Europe’s climate and electrification objectives.

2026 and Beyond

The participation of the Irish Minerals Fund as an investor in Irish mining assets and as a major shareholder in Minco represents an important endorsement of the sector and reflects growing institutional support for responsibly developed domestic mineral resources, and institutional recognition of the quality and potential of Minco’s Rapla Project.

The redevelopment of the Galmoy Mine by Shanoon Resources represents a significant contribution to regional employment and highlights the potential application of new, lower impact, processing technologies.

The extension by the Irish Government of the Mining Lease for Boliden’s Tara Mine to November 2045 provides long term operational certainty, benefitting not only the mine itself but also the wider supply and services industry that supports it.

Thus, Ireland remains a favourable jurisdiction for base metal exploration, benefiting from an experienced work force, established infrastructure, regulatory certainty, and proximity to European end markets.

With funding in place, a strengthened shareholder base, anchored by the Irish Minerals Fund and the Strategic Investor, and encouraging technical results from Rapla, Minco is well positioned for continued advancement in 2026. Minco will continue systematic exploration at Rapla, designed to further define and expand the mineralised system identified to date.

Acknowledgements

Our congratulations and admiration go to John Clifford, Minco’s Director of Exploration, and his team, for the geological vision in acquiring Rapla and imagination in designing and implementing the exploration programme that led to the Rapla discovery.

On behalf of the Board of Directors, I would like to publicly welcome our two new cornerstone shareholders, and to thank all Minco employees, consultants, contractors, landowners, local communities, and business partners for their continued support throughout the year.

 

 

John F.  Kearney

Chairman of the Board

01 June 2026

 

Review of Operations

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Minco Exploration is a mineral exploration company which holds interests in Prospecting Licences in Ireland that are considered highly prospective for the discovery of zinc-lead mineralisation. Minco has interests in four projects located within the Irish Midlands Orefield that are operated by Minco’s wholly owned subsidiaries, either alone or in joint venture with Boliden Tara Mines DAC (“Boliden”).

Minco’s primary focus is its 100% owned Rapla Project, in County Laois, where exploration drilling in 2025 identified high-grade zinc-lead-copper-silver mineralisation. The Rapla Project is located approximately 5 km and 15 km northeast of the past producing Galmoy Mine (10.9Mt @ 12.4% Zn, 1.6% Pb) and Lisheen Mine (22 Mt @ 11.5% Zn, 1.9% Pb), respectively. The Rapla Project lies along the Rathdowney Trend, a highly prospective segment of the greater Galmoy / Lisheen mineralising system.

Minco also holds a 100% interest in the Slieve Dart prospecting licence block in County Galway. In addition, Minco holds a 20% joint venture interest with Boliden (80%) on Licence 1440R (Tatestown), which lies immediately adjacent to Boliden’s large 130 million tonne Tara zinc-lead mine at Navan, and a joint venture interest with Boliden on Licence 3373 (Kells), contiguous to the west of Licence 1440R, where Minco has earned a 50% interest.

Minco’s strategy is to prioritise capital and management resources on projects considered to have realistic potential to support future mineral resource delineation, while maintaining exposure to opportunities through joint venture interests where appropriate.

Rapla Project, County Laois

Project Background

The Rapla Project is located near the village of Cullohill, County Laois, within the well-established zinc lead metallogenic Rathdowney Trend. Exploration conducted from the 1980s identified zones of zinc lead mineralisation close to the base of the Waulsortian Limestone, at depths of 550–650m.

Figure 3 – Location of the Rapla Exploration Target relative to the Galmoy and Lisheen Zn-Pb deposits, Rathdowney Trend, Ireland

At Rapla, eighty-three historical drill holes (36,000m of drilling) outlined a mineralised footprint extending over approximately 4km². While widely spaced, this drilling demonstrated geological similarities in host stratigraphy and structural setting to the mineralised systems at the Galmoy and Lisheen mines (without implying size, grade, or economic equivalence).

In April 2024, Minco was awarded a contiguous block of three prospecting licences covering 75.3km². The licences have an initial six-year term and are subject to aggregate minimum expenditure commitments of €700,000, alongside compliance with applicable regulatory requirements.

Exploration Activity During 2025

Beginning in 2024 and continuing in 2025, Minco completed a comprehensive compilation and reinterpretation of available historical geological, geochemical, and geophysical datasets. This work formed the technical basis for a Company-led drilling programme, funded through a share placing completed in July 2025.

As of May, 2026, Minco had four drill rigs operating at Rapla, with nineteen drill holes totalling 10,728m completed to date, with a further four holes in progress. This drilling formed part of a Geoscience Regulation Office (“GSRO”) permitted 70-hole programme.

Commitment to High Standards of ESG and Corporate Responsibility

Health and safety practices for our employees and contractors are ingrained into our activities. In addition, social engagement and environmental compliance form an integral part of our programmes. Regular contact is maintained with all relevant landowners; briefings have been provided to officials in GSRO and Laois County Council, and support has been given to the local GAA Club to install floodlights for their training pitch adjacent to our drilling area.

As a standard practice, access to all the drill sites is lined with ground protection mats. This not only provides a clean working environment for our personnel but also demonstrates our environmental values. We also monitor water quality prior to, and after, drilling operations to ensure no contamination risk to the local water sources.

Figure 4 – Overview of the Rapla Main Zone

Drilling Results and Interpretation

The target at Rapla represents classic Irish-type zinc-lead mineralisation occurring at the base of the Waulsortian limestone. Initial drill testing focused on areas surrounding the strongest historical intersections which are spatially located proximal to the Rapla Main Fault.

On-going structural studies now interpret the presence of four significant fault structures, rather than two as suggested by earlier interpretations. A model of the geology and mineralisation, based on current knowledge, shows the zinc mineralisation draped over the base of Waulsortian contact and suggests the presence of several mineralised zones spatially located relative to the Main Fault. The other, newly interpreted, structures are virtually untested. These will be a focus for a “brownfield” drilling programme in H2 2026.

Figure 5 – 3D visualization of the zinc mineralisation draped over the base of Waulsortian contact (Looking East)

Minco’s first drill test returned one of the most significant mineralised intersections reported from the Rathdowney Trend, and included high-grade zinc, lead, copper, and silver mineralisation. Follow up drilling demonstrated continuity of mineralisation at the primary target horizon, although with grade variability typical of Irish type deposits.

One drill hole was extended to test a deeper stratigraphic horizon (the Lisduff Oolite) approximately 200m below the Waulsortian limestone. This hole also intersected zinc lead mineralisation, supporting the geological interpretation that multiple prospective horizons are present within the licence area.

Figure 6 – Image of a short segment of mineralisation from DDH 3312-82

Figure 7 – Drill hole locations within core Project Area and the planned H1-2026 Pierce Point Tests

Drilling of an interpreted eastern extension to the mineralised system was initiated late in the period.

Preliminary mineralogical studies conclude that the mineralisation in the upper part of the 3312-82 intersection is typical of a primary Irish-style lead-zinc replacement phase followed by later veining and recrystallization. The lower part of the mineralised intercept is notable for antimony-rich tetrahedrite hosting high silver grades analogous to mineralisation in parts of the Lisheen and Silvermines orebodies.

The Company notes that no mineral resource or mineral reserve has been defined, and that further drilling will be required to determine the extent, continuity and potential economic significance of the mineralisation encountered to date.

Table 1 – Significant Intercepts within the “Main Zone”

Hole	From (m)	To (m)	Length (m)	Zn %	Pb %	Cu %	Ag g/t	As %	Cd %	Co %	Ni %	Sb %	Hg ppm
Historical Intersections
Waulsortian Limestone Horizon
3312-11	586.60	592.50	5.90	1.42	0.14		13
3312-71	571.25	579.95	8.70	9.83	2.86		11
Including	572.25	575.30	3.05	14.46	1.91		5
Including	577.15	579.65	2.80	12.81	6.40		27
3312-71	585.60	586.00	0.40	4.78	6.26		18
Minco Intersections
Waulsortian Limestone Horizon
3312-82	576.50	593.00	16.50	10.99	3.12	1.39	294	0.74	0.07	0.05	0.12	0.56
Including	577.00	580.00	3.00	12.56	1.95	0.00	15	0.30	0.06
Including	583.50	593.00	9.50	14.68	4.61	2.41	508	1.18	0.09	0.09	0.21	0.98
Including	588.00	592.50	4.50	19.45	8.18	5.05	1028	2.19	0.16	0.17	0.41	2.05
3312-89	603.00	625.00	22.00	1.89	0.21	0.14	6
Including	605.00	611.00	6.00	3.01	0.53	0.02	3
Including	619.50	621.50	2.00	2.61	0.03	0.01	1
Including	622.50	624.50	2.00	4.05	0.30	1.08	51
Including	623.50	624.50	1.00	5.36	0.31	2.15	101
3312-95	575.60	587.50	11.90	4.98	0.67	0.00	1
Including	577.80	581.50	3.70	7.11	0.72	0.00	2
3312-95	585.00	587.00	2.00	9.00	1.81	0.01	1
Lisduff Oolite Horizon
3312-89	827.00	830.00	3	6.65	1.88	0.03	14						309

A second mineralised area, the Aghmacart Zone, located approximately 200m north of the main target area, was drill tested and returned further zinc-lead intersections. These results indicate and confirm that significant mineralisation is not confined to a single discrete location within the mineralised footprint.

Figure 8 – Rapla Drilling Overview Identifying Exploration Zones

Table 2 – Significant Intercepts within the “Aghmacart Zone”

Hole	From (m)	To (m)	Length (m)		Zn %	Pb %	Ag g/t
Historical Intersections
Waulsortian Limestone Horizon
3312-09	561.10	561.50	0.40		5.70	1.10	5
3312-09	564.45	570.19	5.74		4.55	0.47	5
including	564.95	567.42	2.47		5.45	0.64	5
including	567.42	570.19	2.77		4.36	0.39	6
3312-09	573.85	574.55	0.70		2.90	0.17	4
3312-12	558.95	562.52	3.57		9.99	1.14	3
including	558.95	561.31	2.36		14.42	1.60	3
3312-13	579.27	582.94	3.67		4.89	0.74	7
3312-20	576.50	578.00	1.50		1.40	0.23	3
3312-20	581.00	584.40	3.40		5.31	1.14	3
3312-20	588.65	589.82	1.17		1.04	0.04	3
3312-20	591.23	594.42	3.19		9.33	4.68	32
3312-21	542.22	543.68	1.46		8.48	2.72	58
3312-22	611.16	611.94	0.78		7.91	0.48	7
Minco Intersections
3312-91	576.78	579.53	2.75		9.60	4.44	38
3312-94	589.25	593.25	4.00		4.74	3.41	18

Forward Programme – Rapla

The Rapla Project has been identified by the Board of Directors as Minco’s principal exploration focus, reflecting its geological potential relative to other assets in the portfolio.

In the short-term we will continue to conduct additional drilling and technical work designed to further define and expand the mineralised system identified to date, leading an in-fill drill test in the latter half of 2026 and laying the foundations for a resource estimation and an assessment of the economic viability of the Project in the medium- term.

Concurrent with the above it is also planned to assess the amenability of the mineralisation for upgrading using the ore sorting technology to be applied by Shanoon Resources at the nearby Galmoy Mine.

Subject to the availability of drill rigs, we also propose to initiate a brownfield drilling programme to assess geologic targets in the areas immediately proximal to the potential resource block.

Subject to permitting, market conditions and funding availability, Minco intends to continue systematic drill testing during the next budget year with the objective of refining the geological model and assessing the geometry and lateral and vertical extent of mineralisation.

Regional Exploration – Rathdowney Trend

In parallel with work at Rapla, Minco reviewed the wider Rathdowney Trend and applied for a further ten prospecting licences immediately southwest of the former Lisheen Mine. A provisional offer has been accepted, subject to formal grant.

If awarded, Minco intends initially to focus on low cost data compilation and reinterpretation, leveraging technical insights gained from its work at Rapla. Any targets identified will be assessed for follow up work in the context of competing capital priorities.

Slieve Dart Project, Co. Galway (Minco – 100% Interest)

Minco now holds a 100% interest in this project following Boliden’s decision to focus its attention on the Navan area surrounding its Tara mine and withdraw from the Slieve Dart joint venture.

As a result of our increasing understanding of the geology of the area, Minco reduced the licences holdings to focus on multiple potential mineral controlling structures in the south-eastern part of the area with a combined prospective strike length of 50 – 60 km. While conceptual geological targets have been identified at depth, it would be very expensive to drill them all, so prioritisation by other methods will be the focus of our programs during 2026.

Figure 9 – Slieve Dart Exploration Concept Cross-Section

Tatestown Project, County Meath (Minco – 20% Interest, in Joint Venture with Boliden)

Minco (20%) is participating in a joint venture with Boliden (80%) – the operator – on Licence 1440R (Tatestown) just to the north-west of the Tara Mine. This licence has numerous untested targets similar in scale to the small Tatestown – Scallanstown Prospect which was discovered in the 1970’s. Because of the proximity to the Tara Mine and its infrastructure, the size of mineral deposit required to make a discovery here economic is smaller than it would be in a standalone, greenfield setting.

Boliden has reviewed targeting opportunities within this highly prospective and strategically located licence and has indicated that one or more targets may be drill tested during 2026.

Kells Project, County Meath (Minco – 50% Interest, with option to increase to 75%, in Joint Venture with Boliden)

Minco is also participating in a joint venture with Boliden Tara Mines on PL 3373, at Kells near Navan, County Meath, contiguous to the west of PL 1440R and about 15 km to the west of the Tara Mine. Minco has earned a 50% interest and has the option to increase its interest to 75% by proposing and funding an exploration program.

The Project is operated by our joint venture partner – Boliden Tara Mines, which has reviewed the historic seismic results for the area in light of the significant advances in the processing and interpretation of seismic data. This review of the historic exploration data has highlighted targets within the licence and determined that further drill testing is warranted.

While conceptual targets have been identified beneath younger cover rocks, Minco has no current plans to conduct further exploration on PL 3373, as we have determined to focus on our 100% owned Rapla project. Minco recorded an impairment to reduce the carrying value of this property to €1. Boliden Tara has renewed PL 3373, and the Licence will remain in good standing into 2028. Any future work will be assessed by Minco considering its broader strategic priorities.

Outlook

Minco will continue to apply a disciplined approach to capital allocation, prioritising assets with the greatest potential to deliver shareholder value.

Subject to permitting, market conditions and funding availability, Minco intends to continue systematic drill testing of the Rapla Project during the next budget year with the objective of refining the geological model and assessing the geometry and lateral and vertical extent of mineralisation. We also plan to test the amenability of the mineralisation for processing using the ore sorting technology being implemented at Shanoon Resources’ nearby Galmoy Mine.

The objective of these programmes is to lay the foundations for a resource estimation and economic study to assess the viability of the Project in the medium-term.

 

Peter McParland		John Clifford
Peter McParland		John Clifford
CEO & Director		Director – Exploration

 

Competent Person

Technical information in this news release has been approved by EurGeol John A. Clifford, P.Geo, Minco’s Director – Exploration and “Competent Person” as defined under the 2021 Pan-European Reporting Standard for the Public Reporting of Exploration Results, Mineral Resources and Mineral Reserves.

ABOUT MINCO EXPLORATION PLC

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Minco Exploration PLC is a mineral exploration company which holds interests in Prospecting Licences in Ireland which are considered highly prospective for the discovery of zinc-lead mineralisation. Minco has interests in four projects located within the Irish Midlands Orefield that are operated by Minco or in joint venture with Boliden Tara Mines.

Minco’s primary focus is its 100% owned Rapla Project, which is located approximately 5 km and 15 km northeast of the past producing Galmoy Mine (10.9Mt @ 12.4% Zn, 1.6% Pb) and Lisheen Mine (22 Mt @ 11.5% Zn, 1.9% Pb), respectively, and lies within the Rathdowney Trend, in a highly prospective segment that can be considered to be part of the greater Lisheen / Galmoy mineralising system.

Minco also holds (i) a 100% interest in the Slieve Dart prospecting licence block in County Galway; (ii) a 20% joint venture interest with Boliden (80%) on Licence 1440R (Tatestown), which lies immediately adjacent to Boliden’s large 130 million tonne Tara zinc-lead mine at Navan; and (iii) a joint venture interest with Boliden on Licence 3373 (Kells), contiguous to the west of Licence 1440R, where Minco can earn up to a 75% interest.

Additional information about the Company is available at www.MincoExploration.com.

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