Magnetic Resources (MAU) AGM 2025 Presentation summary

Investment highlights

• High-grade gold resource in a renowned mining belt with proximity to key infrastructure and under-utilised processing capacity.

• Lady Julie Gold Project resource upgraded to 35.7Mt @ 1.86g/t Au for 2.14Moz Au; Laverton resources total 40.7Mt @ 1.77g/t Au for 2.32Moz Au.

• Feasibility Study shows pre-tax NPV of $970M, 45% IRR, 140koz/year production over 9 years, and LOM EBITDA of $2,231M at A$4,000/oz gold price.

• Next steps include completing drilling, updating resource and economic studies, advancing engineering, securing funding, and building the management team.

Feasibility study and project economics

• Maiden Ore Reserve of 18.0Mt at 1.72g/t Au for 997,300oz; 9-year mine life averaging 140,000oz/year.

• Initial capital requirement of A$375M; LOM AISC of A$1,908/oz confirms high-margin operation.

• Feasibility Study improves confidence and scale over PFS, with LOM production of 1.02Moz and higher plant capacity.

• LOM EBITDA margin of 47%, pre-tax free cash flow of $1,754M, and payback in 10 quarters.

• Project benchmarks favorably against peers in grade, production, and AISC.

Resource and reserve growth

• Lady Julie North 4 resource has grown over 17x since 2022, with further growth expected at depth.

• Reserve set to increase with 280,000oz not included in current study and new drilling outlining additional high-grade zones.

• Additional upside from 3.3Mt at 2.64g/t Au (287,000oz) excluded from current FS, with further high-grade core zones identified.