Boss Energy (BOE) Status Update summary

Honeymoon review and challenges

• Recent review revealed significant deviation from Enhanced Feasibility Study (EFS) in life of mine production and costs, leading to withdrawal of the EFS.

• Key issues include less continuity of high-grade mineralization, low-permeability clays, and smaller wellfields with fewer pounds under leach.

• These factors would have materially impacted production rates and cost structure.

Pathway forward: wide-space wellfield design

• A new wide-space wellfield design is proposed to increase lixiviant residence time, reduce costs, and unlock lower-grade mineralization.

• Simulations and deposit characteristics support the potential for higher efficiency and lower reagent consumption.

• The approach could extend mine life, improve production profile, and be applied to satellite deposits.

• A new feasibility study is planned for Q3 next year, with no need for additional capital due to strong financial position (AUD 212 million cash and liquid assets).

Technical and operational insights

• The Honeymoon deposit has good permeability, low acid consumption, and laterally continuous low-grade mineralization.

• Preliminary modeling shows wide spacing (75-100m) may optimize recovery and cost, with higher PLS head grades and lower capital intensity.

• Accelerated delineation drilling (55,000m planned, 20,600m completed) is underway to support the new design.