The JMP Weekly Alert

EQUITY COVERAGE — COMPANY PROFILE

Adyton Resources Corporation

TSXV: ADY | OTCQB: ADYRF | FSE: 701 | 18 September 2026

Company Profile

Adyton Resources Corporation is a Canadian-listed junior focused on gold and copper resources in Papua New Guinea. Its flagship asset is the 100%-owned Feni Island Gold-Copper Project in New Ireland Province. Its Fergusson Island portfolio in Milne Bay Province includes the past-producing Wapolu mine and Gameta gold discovery through a 50/50 joint venture and earn-in with East Vision International Holdings.

The strategy described in the JMP profile combines resource growth through drilling at Feni with a proposed near-term restart at Wapolu. The company presents a 2.527 Moz Au resource base, including 441 koz Indicated, while noting that Feni copper is not yet included in the current mineral resource estimate.

Project Portfolio

Feni Island Gold-Copper Project
New Ireland Province | 100% Adyton | Resource-definition drilling | 1.46 Moz Au Inferred.
2026 highlight: Kabang hole FDD026 — 167m @ 1.14 g/t AuEq from surface.

Fergusson Island Gold Project
Milne Bay Province | 50/50 JV with East Vision International Holdings | Wapolu + Gameta | 1.067 Moz Au Indicated + Inferred.
Wapolu has an environmental permit and approval for a 20,000-tonne bulk sample.

Mineral Resources

Project	Category	Tonnes Mt	Grade g/t Au	Au koz
Feni Island	Inferred	60.40	0.75	1,460
Gameta	Indicated	8.94	1.41	404
Gameta	Inferred	6.52	0.99	207
Wapolu	Indicated	1.25	0.92	37
Wapolu	Inferred	14.72	0.89	419
Total Indicated		10.19	1.35	441
Total Inferred		81.64	0.79	2,086

Total contained gold: 2,527 koz. Mineral resources are not mineral reserves and have not demonstrated economic viability. The Feni resource predates the 2025–26 drilling program.

Market Activity

The report records a 17 September 2026 close of C$0.315, a 52-week range of C$0.195–C$0.465, beta of 1.57 and approximately 130,000 shares of three-month average daily volume. Trading volume spiked to about 11.9 million shares on 5 August around financing news, while the stock re-rated from the low-C$0.20s to the mid-C$0.30s through August.

Catalysts, Risks & Considerations

Recent catalysts

• Kabang, Feni: 167m @ 1.14 g/t AuEq from surface.
• Gameta Indicated resources increased 131% in 2026.
• Wapolu environmental permit and 20,000-tonne bulk-sample approval.
• OTCQB trading commenced in April 2026; H1 cash and investments C$13.4M.

Key considerations

• Pre-revenue explorer with no operating cash flow today.
• Growth has relied on equity issuance, creating dilution risk.
• PNG concentration and 50/50 JV partner exposure at Fergusson.
• Key events include Wapolu restart progress and continued resource growth at Feni and Gameta.

Leadership & Capital Structure

Tim Crossley — Chief Executive Officer & Managing Director. Chirag Patel — Chief Financial Officer & Corporate Secretary. Dr. Chris Bowden leads PNG technical programs. The report lists Sinton Spence, David Irvine, Chris Wilson and Kerry Parker on the board.

Shares outstanding: 316.8M   |   Options/Warrants/RSUs: 49.5M   |   Fully diluted: 366.3M   |   2025 financing: C$20M.

Valuation Context

The JMP profile presents an indicative market capitalisation of approximately C$100 million, enterprise value of approximately C$88.25 million and implied enterprise value of approximately C$35 per total Indicated + Inferred resource ounce. These are contextual calculations, not a target price or recommendation.

The company-presented investment case highlights the two-project PNG portfolio, 2.527 Moz Au resource base, proposed Wapolu restart pathway, C$13.4M cash and investments with no debt, and potential resource growth as newer Feni drilling is incorporated into a future estimate.

Nathan Chang
Director, Head of Equities
nathan.chang@jmpmarkets.com | +675 7001 9121

Lars Mortensen
Managing Director
lars.mortensen@jmpmarkets.com | +675 7001 9121

Benny Takin
Equities Trader
benny.takin@jmpmarkets.com | +675 7001 9121

Disclaimer
Prepared by JMP Securities Limited, a licensed dealer in securities in Papua New Guinea and a Participating Organization on PNGX. This material is general information only and does not take into account the objectives, financial situation or needs of any particular person; it is not an offer or solicitation to buy or sell any security. The Capital Market Act 2015 limits Participating Organizations in providing research on listed securities, and accordingly this presentation contains no trade recommendation or target price. Investors should obtain independent professional advice before making any investment decision.