Ausgold (AUC) Noosa Mining Investor Conference summary

Project overview and feasibility study

• Katanning Gold Project aims to establish a multi-decade, multi-million ounce gold district in southwest Western Australia, with 100% ownership and a large, early-stage land position.

• A definitive feasibility study, completed after 18 months of work, constrains the resource to a pit shell, resulting in a robust 2.5 million oz at 1.11 g/t, with 91% in measured and indicated categories.

• Proven reserves stand at 1.25 million oz at 1.11 g/t, with 84% classified as proven, supporting strong project finance prospects.

• The project is designed for a 10-year mine life, with an average annual production of 130,000 oz in the first seven years and a 3.6 Mtpa throughput, expandable in the future.

• Initial capital expenditure is $355 million AUD, with all-in sustaining costs of $2,265/oz and a base case NPV just under $1 billion AUD at $4,300/oz gold price.

Financials, economics, and expansion potential

• At a $5,000/oz gold price, after-tax NPV rises to $1.35 billion AUD, IRR reaches 68%, and payback is 12 months, indicating strong early cash generation.

• The project is positioned as a credible, achievable development, with management prepared to build unless a superior alternative emerges.

• Production profile is stable, with higher grades in the first four years (1.3 g/t), and opportunities exist to extend high-grade periods through further exploration.

• Metallurgy is straightforward, with free-milling ore and clean recoveries, supporting competitive costs and high margins, especially at current gold prices.

• The project sits competitively on the Australian cost curve, aiming for lower costs than most domestic producers.

Community, environmental, and operational considerations

• The project will diversify the local economy, create well-paid jobs, and provide its own accommodation village to avoid local housing pressures.

• Drive-in, drive-out workforce model will attract regional talent and maintain community ties, with strong support from the Shire of Katanning.

• Mining is concentrated in a central pit for the first four years, then expands to satellite deposits, with efficient scheduling minimizing local road closures.

• Processing plant is a conventional 3.6 Mtpa CIL operation, with future expansion to 5–5.5 Mtpa possible via additional equipment.

• Environmental design preserves remnant woodland, implements fauna protection, and lines the tailings dam to mitigate agricultural risks.