Ausgold (AUC) Investor Update summary

Project overview and feasibility results

• Definitive Feasibility Study confirms a 10-year open pit gold mine in Western Australia, producing 1.14Moz with an average of 140,000oz annually in the first four years and 90.4% recovery.

• Initial CapEx is A$355M for a 3.6Mtpa CIL plant, with AISC of A$2,180/oz (first four years) and A$2,265/oz (LOM), placing the project in the lower half of the Australian cost curve.

• At A$4,300/oz gold, after-tax NPV5 is A$954M and IRR is 53% with a 13-month payback; at A$5,000/oz, NPV5 rises to A$1.36B and IRR to 68%.

• 91% of the 2.44Moz resource is measured and indicated, with 1.25Moz in reserves (84% proven), supporting a de-risked mine plan.

• Project design allows for future expansion, leveraging a large land package and ongoing aggressive exploration to extend mine life and enhance value.

Technical and operational strategy

• Resource estimate and reserves are constrained within economic pit shells at A$4,500/oz and A$3,000/oz, reflecting a conservative, development-ready approach.

• Processing uses conventional 3.6Mtpa CIL with gravity recovery, hybrid gas-solar-battery power supply targeting 42% renewables, and cyanide detoxification.

• Tailings and waste are managed to minimize environmental footprint, with engineered liners and water management informed by environmental studies.

• Mining will be conducted by contractors initially, with potential for owner-mining in the future; selective mining minimizes dilution and ore loss.

• Permitting and approvals are underway, with efforts to minimize disturbance, engage local stakeholders, and secure land access.

Growth opportunities and exploration

• Intensive infill drilling and regional exploration target grade improvements and new satellite deposits, including Datatine, Zinger Nanicup Bridge, Kulin, and Stanley.

• Down-plunge and down-dip extensions in main lodes offer potential for underground mining and resource expansion.

• Next resource update will incorporate recent drilling and is expected early next year.

• Expansion to 5Mtpa throughput is possible as resources grow, with current design allowing for future scalability.

• Over 3,500km² of exploration tenure covers nearly the entire Katanning Greenstone Belt, supporting a regional production hub.