One Bullion Receives Final Maitengwe Airborne Geophysical Dataset and Provides Vumba Drilling Update

Operational progress at Maitengwe and Vumba, but assay results are still pending.

What the company is saying

One Bullion Ltd. reports completion of a 2026 high-resolution airborne geophysical survey at the Maitengwe Gold Project, covering 11,654 line kilometers over 58,075 hectares, and details ongoing drilling at the Vumba Gold Project in Botswana. The company emphasizes the integration of new magnetic and radiometric data with historical datasets to refine drill targets under Kalahari cover. At Vumba, three holes (VUDD017, VUDD018, VUDD019) have been drilled, with VUDD017 samples now at ALS Laboratories in Johannesburg and initial analytical results expected within 14 days, subject to QA/QC and Qualified Person review. The announcement is careful to state that no assay results are available yet and that visual geological observations do not establish grade or economic significance. CEO Adam Berk frames the update as advancing two complementary exploration workstreams, highlighting the technical approach and pending laboratory results. The company also discloses the issuance of 75,484 Common Shares to SLD Capital Corp. for September, subject to a statutory hold period.

What the data suggests

The company has completed a large-scale airborne geophysical survey at Maitengwe, with 11,654 line kilometers flown at 50-meter spacing, and is now integrating this data to prioritize future drill targets. The Vumba drilling program is ongoing, with approximately 3,000 meters planned and three holes (VUDD017, VUDD018, VUDD019) completed; VUDD019 reached a depth of 315 meters at the North Main deep target. Sampling protocols are robust, with nominal one-meter intervals and full QA/QC, and gold analysis will use a 30-gram fire assay with gravimetric re-assay for samples above 10 g/t. No assay results are yet available from the current drilling, so there is no evidence of mineralization, grade, or continuity at this stage. The technical update is detailed and transparent, but the absence of assay results means the economic potential of the projects remains untested. The share issuance to SLD Capital Corp. is routine and does not affect operational progress.

Analysis

The announcement is a factual operational update on One Bullion Ltd.'s exploration activities, with no exaggerated or promotional language. The company discloses the completion of a high-resolution airborne geophysical survey and the status of its ongoing drilling program, including specific technical details such as line kilometers, drill hole IDs, and sampling protocols. While some forward-looking statements are present (e.g., expected assay results in 14 days, planned future drilling), these are routine and time-bound, not aspirational or promotional. The release explicitly states that no assay results are available yet and cautions that visual observations do not establish grade or economic significance, which demonstrates transparency rather than hype. There is no claim of imminent discovery or economic value, and no large capital outlay is paired with long-dated, uncertain returns in this update. The tone is measured, and all claims are supported by disclosed operational facts.

Risk flags

• ●The absence of assay results from the current Vumba drilling means there is no confirmation of gold grade, width, or continuity, leaving the project's economic potential unproven and subject to significant exploration risk.
• ●Operational execution risk remains, as the integration of new geophysical data and ongoing drilling require accurate interpretation and follow-up to generate viable targets; errors or misinterpretation at this stage could lead to ineffective exploration spending.
• ●Laboratory turnaround times, QA/QC verification, and Qualified Person review introduce potential delays or complications in receiving and validating assay results, which could push back key milestones and impact investor sentiment.

Bottom line

One Bullion has advanced its technical groundwork at Maitengwe and Vumba, completing a major geophysical survey and several drill holes, but has not yet produced assay results to demonstrate gold mineralization. The company is transparent about the status and limitations of current data, with the next catalyst being laboratory results from VUDD017 expected within two weeks. Until assays are disclosed, the investment case remains speculative and hinges entirely on the quality of pending results. The share issuance to SLD Capital Corp. is a routine administrative matter and does not change the operational outlook. Investors should focus on the upcoming assay data, as this will determine whether the technical progress translates into tangible resource potential.

Announcement summary

(TSXV:OBUL) One Bullion Ltd. announced the receipt of the final processed dataset from its 2026 high-resolution airborne geophysical survey at the Maitengwe Gold Project in Botswana and provided an update on its ongoing approximately 3,000-meter HQ diamond drilling program at the Vumba Gold Project. The Maitengwe airborne survey covered 11,654 line kilometers at 50-meter line spacing across the two licenses comprising the 58,075-hectare project. Final magnetic gradient and radiometric products are being integrated with historical geological, geochemical, and structural information to refine and rank drill targets beneath extensive Kalahari cover. At Vumba, holes VUDD017 and VUDD018 were completed at the Vumba Central target to establish the principal geological and structural framework from two different drilling orientations, while VUDD019 was drilled at the North Main deep target, providing an early deep test of a second established mineralized corridor. Drilling is planned to return to Vumba Central with VUDD020, a deeper Central test, followed by VUDD021, a northern step-out intended to test continuity and scale. VUDD017 samples are currently being processed at ALS Laboratories in Johannesburg, South Africa, with initial analytical results expected within approximately 14 days, subject to laboratory turnaround, QA/QC verification, and Qualified Person review. No assay results from the current Vumba drilling are reported in this release; visual geological observations do not establish gold grade, true width, continuity, or economic significance. The Maitengwe survey was acquired by Xcalibur Smart Mapping using a fixed-wing Air Tractor platform between July 7 and July 30, 2026, and post-processed by Campbell & Walker Geophysics. The technical team is integrating the new geophysical products with historical datasets to rank prospective areas for follow-up work and future drilling. The Vumba drilling program continues with approximately 3,000 meters planned, and holes VUDD017, VUDD018, and VUDD019 have been completed, with VUDD020 currently drilling and VUDD021 planned. VUDD019 was drilled from the North Main deep target at 535753 mE / 7713970 mN (WGS84 / UTM Zone 35S) to a depth of 315 meters. Core from the current Vumba program is being logged, photographed, cut, and sampled at the company’s secure core facility, with sampling at nominal one-meter intervals adjusted to geological contacts. Certified reference materials, blanks, and duplicates are included in the QA/QC stream. Samples are transported under chain-of-custody procedures to ALS Laboratories in South Africa, an ISO/IEC 17025-accredited laboratory independent of the company. Gold analysis is planned by 30-gram fire assay with atomic absorption finish (Au-AA25), and samples returning more than 10 g/t gold are planned for gravimetric-finish re-assay (Au-GRA21). The company expects to receive initial analytical results from VUDD017 within approximately 14 days, subject to laboratory throughput and QA/QC review. The company will issue an aggregate of 75,484 Common Shares for the month of September to SLD Capital Corp. under their approved agreement, with all shares subject to a statutory hold period of four months and one day from the date of issuance. The scientific and technical information in this release has been reviewed and approved by Rory Kutluoglu, P.Geo., a Qualified Person as defined under National Instrument 43-101, who is independent of One Bullion.

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