Nelson Resources Limited

Nelson Resources Limited (formerly Mongolian Resource Corporation, renamed Nov 2016) shifted its operational focus in Dec 2025 by executing an earn-in agreement (announced 11 Dec 2025, full staged terms disclosed 16 Mar 2026, closing completed 24 Mar 2026) for the right to earn up to a 90% interest in GGL Resources Corp.'s Gold Point high-grade Gold-Silver Project in the Walker Lane District of western Nevada, USA (195 federal + 7 patented lode claims, ~90km south of Tonopah) -- now the company's real operational flagship, consolidating five historic high-grade mines (pre-WWII production ~75,000oz Au) under single ownership for the first time in 140 years. NES holds an initial 25% interest on closing (US$191,617 cash incl. US$141,617 exploration reimbursement, A$325,000 in NES shares at 20-day VWAP, and 1,094,166,666 performance rights to GGL) and can earn to 45% within 12 months, 65% within 24 months and the full 90% within 36 months via staged cash/share payments and an aggregate ~US$3,000,000 of required exploration expenditure; GGL retains a 2% net smelter returns royalty (NES may buy back half for up to US$1,000,000). 2026 exploration activity has been concentrated entirely at Gold Point: Feb 2026 rock chip sampling in the Sylvania Intrusive Complex returned up to 15.1g/t Au and 32.4g/t Ag; underground rehabilitation of the historic Orleans Mine (restoring the Dunfee decline and drill platforms) was completed by May 2026; underground channel sampling on the 300-foot level reported in Jul 2026 returned bonanza-grade results up to 113.5g/t Au and 119g/t Ag over 1.83m; first-pass underground drilling has been completed with assays pending, ahead of a planned diamond program of up to 15 holes testing vein extensions ~40m beyond existing workings; rehabilitation planning is also under way at the nearby Great Western Mine. No JORC or NI 43-101 mineral resource has yet been published for Gold Point or for any other Nelson project -- the company's own Gold Point page states 'No resource estimates or completed drilling results are currently reported.' Alongside Gold Point, Nelson continues to wholly own its original Western Australian gold portfolio -- Woodline (1,185km2, Fraser Range), Yarri, Fortnum and Tempest -- but despite active searching, no 2026 news, drilling or other activity was found on any of them (the most recent Woodline drilling news located dates to 2020-2021); no divestment, farm-out or sale has been confirmed either, so their current disposition is stated as dormant/deprioritized-but-still-owned, not as sold. Note: Nelson's own website carries unreconciled, internally contradictory boilerplate in which both the Woodline and Gold Point project pages separately claim to be the 'flagship' project, and the homepage's own portfolio summary still names Woodline as flagship -- treated here as stale copy-hygiene rather than evidence of where the company's real 2026 activity and capital are actually going, which independently and consistently point to Gold Point.