Valiant Gold (VAL) investor relations material

Funding and resource base

• Cash of $62.5m at 30 September 2026 and no debt; total resource base of 15.6Mt at 2.4g/t Au for 1.2Moz, including 465koz Measured and Indicated.

• Westgold Resources holds 44.4%; market capitalisation was $132.3m and enterprise value $69.8m at a $0.245/share basis.

Comet restart

• 100%-owned brownfields project with existing mining leases and underground development, 14km by road from Tuckabianna Mill; total resource 4.1Mt at 2.43g/t Au for 319koz.

• Permanent power and pumping commissioned, restart study and preliminary schedule completed, contractors mobilised, grade-control and resource-definition drilling commenced, and dewatering and rehabilitation advanced.

• First production targeted for H2 FY27; mineralisation remains open with further mine-life extension potential.

Reedy growth opportunities

• Reedy resource base of 11.5Mt at 2.4g/t Au for 890koz, with South Emu–Triton positioned as a future underground restart and Boomerang offering open-pit and underground pathways.

• South Emu–Triton hosts 224koz at 4.0g/t Au; drilling confirmed mineralisation up to ~400m below the existing resource, with the system open down-dip and along strike.

• Boomerang contains 367koz at 2.17g/t Au; drilling supports resource confidence and evaluation of a pit cut-back and underground resource extensions.