Many Peaks Minerals (MPK) Status update summary

Interim resource estimate

• Interim MRE totals 34.6Mt @ 1.87 g/t Au for 2.077Moz, up 754koz (57%) in six months; cut-offs are 0.31 g/t open pit and 1.35 g/t underground.

• Open-pit resource is 24.32Mt @ 1.42 g/t for 1.108Moz; 97% is Measured and Indicated, with over 63% of in-pit ounces Measured.

• Underground MSO resource adds 10.31Mt @ 2.93 g/t for 970koz, predominantly Inferred.

• Open-pit ounces are down 16.3% from the inaugural MRE as revised RPEEE assumptions shifted ounces underground and raised the pit floor; total resource growth is chiefly Inferred.

• RPEEE uses a US$3,500/oz gold price and provisional 85% recovery; processing and G&A costs were set at US$23/t for MRE modelling.

Mineralisation and exploration

• Intercepts include 189 m at 3.6 g/t, with ~95 m true width, and 116 m at 2.8 g/t below the pit, including 42 m at 5 g/t.

• Mineralised intrusion thickens with depth to 110 m true width versus up to 95 m in-pit; mineralisation remains open at depth and along strike.

• The resource incorporates 286 diamond and RC holes totalling 63,866 m; below 690 m depth, the estimate is increasingly data constrained, with drilling targeting extensions and confidence upgrades.

• More than 37 km of mineralised shear corridor offers regional exploration potential; a 12,000 m southern-permit program and RC drilling at regional targets, including Ferké South, are planned subject to permit grant.

• Two rigs are drilling deeper at Ouarigue; drilling and resource conversion could add 300koz, with a longer-term target above 2.5Moz and a resource update targeted in seven to eight months.

Metallurgy

• At P80 150μm, gravity plus cyanidation extraction ranged from 78.8% to 90.3% across eight variability composites; baseline grind-size results ranged from 74.1% to 91.5%.

• One exploratory V6 test with 100 g/t lead nitrate lifted extraction from 74.1% to 85.7%; the result is unreplicated and confirmatory testing is underway.

• Gold is considered non-refractory and insensitive to grind size; further work includes extended leaching, reagent optimisation, finer grinding and replicate tests. Management sees potential for 90%+ recovery but awaits supporting data.