Zopkhito

Antimony-Gold

Project Overview

The Zopkhito Project is a high-grade antimony-gold project located in the Racha region of Georgia, held under an exploration-mining licence valid until March 2042. Krakatoa holds an option to acquire up to 80% of the Zopkhito Project.

The Project is supported by extensive historical development (~27km underground), strong metallurgical recoveries and modern drilling validation. The project has a large-scale, high-grade historical foreign resource containing over 26,000t antimony and ~ 815,000ozs of gold.

Krakatoa is advancing the project with a primary focus on delivering a maiden JORC-compliant Mineral Resource, in addition to development studies with the aim to become a strategic antimony supply source for Europe.

Zopkhito represents a rare opportunity to develop a high-grade antimony system with significant gold upside in a tightening global supply environment.

Zopkhito is located within a strategic European critical minerals corridor and is supported by established infrastructure, including access to rail and port networks.

2025 High-Grade Results

The 2025 drilling program confirmed widespread high-grade antimony mineralisation, intersecting visible stibnite in the majority of holes and significantly improving confidence in the structural controls and continuity of the system. Notable intersections included:

  • 1.93m @ 7.59% Sb & 5.04g/t Au
  • 5.21m @ 6.11% Sb & 3.54g/t Au
  • 8m @ 14.1g/t Au (incl. 38.5g/t Au)

The highest grade intervals recorded during the 2025 drilling program were 38.5g/t Au and 24% antimony. These results build on historical data that recorded exceptional grades of up to 82.8% antimony and 58.4 grams per tonne gold, reinforcing the high-grade nature of the system. Historically, gold mineralisation was not a focus of Soviet exploration.

Geology and Mineralisation

Geologically, Zopkhito is characterized by narrow quartz–stibnite veins hosting high-grade antimony, with broader surrounding alteration zones containing gold associated with sulphides such as pyrite and arsenopyrite. This dual mineralisation supports both a high-grade antimony development focus and broader gold upside.

Resource and Scale

The project hosts a significant historical foreign resource, positioning Zopkhito as one of the highest-grade antimony deposits in Europe. Foreign estimates completed by Eastern Mediterranean Resources Public Ltd in 2007 and 2008 reported resources containing approximately 224.5kt @ 11.63% antimony for 26.1kt of contained antimony and 7.26mt @ 3.7g/t gold for approximately 815,000oz of gold.

These estimates were based on EMED assay data and earlier Soviet exploration, using GKZ reporting standards. While not JORC-compliant, the scale and grade of the historical resource highlight the project’s strong development potential and provide a clear pathway for modern resource conversion.

Tabulated details of the resources are shown below. The estimates were based on the EMED assays and previous Soviet exploration works. Key details are summarised in ASX announcement dated 9th December 2024.

EMED used the State Commission for Reserves; Gosudarstvennaya Komissia po Zapasam (“GKZ”) guidelines and methodology for the resource estimation. It is understood that these resources were not registered with the State, but were disclosed publicly on AIM. It is understood that EMED relinquished the licence in 2008 to focus on the Riotinto mine in Spain.

Metallurgy

Metallurgical testwork has delivered encouraging results, demonstrating greater than 90% antimony recovery and the ability to produce a concentrate grading approximately 56% antimony using a relatively simple flotation flowsheet. These outcomes support a conventional processing approach, with further optimisation work planned to improve concentrate quality and enhance gold recovery, which could materially strengthen project economics.

Development Pathway

Krakatoa’s future work program is focused on advancing Zopkhito toward development. Planned activities include targeted resource drilling aimed at upgrading and expanding the existing resource base to convert the deposit into a  JORC-compliant resource. Future activity will also include ongoing metallurgical optimisation, and the commencement of mining and environmental studies.

Cautionary statement: The foreign estimate and foreign exploration results in this presentation were first released by the Company in an announcement titled “Option to Acquire Major Antimony and Gold Project” on 9 December 2024 (“Announcement”) and are not reported in accordance with the JORC Code 2012. A competent person has not done sufficient work to classify the foreign estimate as a Mineral Resource, or disclose the foreign exploration results, in accordance with the JORC Code 2012. It is uncertain that following evaluation and/or further exploration work the foreign estimate will be able to be reported in accordance with the JORC Code 2012, and it is possible that following further evaluation and/or exploration work that the confidence in the reported foreign exploration results may be reduced when reported under the JORC Code 2012. The Company confirms that the supporting information provided in the Announcement continues to apply and has not materially changed.