Minerals 260 (MI6) 35th BMO Global Metals, Mining & Critical Minerals Conference summary

Strategic developments and funding

• Achieved rapid market cap growth from AUD 30 million to AUD 1.3 billion in under a year, driven by asset acquisition and investor interest.

• Raised AUD 220 million in equity, a record 7x the market cap at the time, attracting high-quality domestic and international investors.

• Secured a transformational AUD 220 million funding package with Franco-Nevada, including royalty and equity components, enhancing project development and setting a new precedent for ASX funding.

• Franco-Nevada partnership accelerates project schedule, provides non-dilutive funding, and encourages broader industry adoption of royalty financing.

• Funding enables procurement, early site works, and a substantial increase in exploration drilling to 100,000 meters this year.

Project advancement and resource growth

• Bullabulling Gold Project now controls nearly 600 sq km, with a 4.5 Moz resource, up 2.2 Moz since acquisition.

• Last year’s 110,000-meter drilling campaign added nearly 2.2 Moz at a discovery cost of AUD 15/oz; further resource growth expected with ongoing drilling.

• Project features include a Native Title agreement, simple metallurgy, and strategic location near Kalgoorlie, supporting operational efficiency.

• Updated mineral resource, maiden ore reserve, PFS, and DFS all targeted for delivery within the next 12 months, leading to a final investment decision in early 2027.

• Expansion plans include extending strike length to 14 km and leveraging regional growth opportunities.

Team, operations, and sustainability

• Assembled a highly experienced team with a track record in discovery, development, and operations, including former OZ Minerals colleagues.

• Project’s quality and longevity continue to attract top talent despite a tight labor market in Western Australia.

• GR Engineering appointed for engineering aspects of PFS and DFS; other contractors under assessment.

• Power supply investigations underway, with solar and wind energy options actively considered.

• Future capital mix likely to include additional equity and debt, with the Franco-Nevada deal significantly de-risking the funding pathway.