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

Strategic developments and funding

• Secured AUD 220 million strategic funding from Franco-Nevada, including royalty and equity components, marking Franco-Nevada's largest investment in Australia and setting a new precedent for ASX funding.

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

• Achieved rapid market cap growth from AUD 30 million to AUD 1.3 billion in under a year, with a cash position of AUD 31 million and no debt as of December 2025.

• Funding accelerates early site works, procurement, accommodation village construction, and de-risks future capital requirements.

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

Project advancement and resource growth

• Bullabulling Gold Project controls nearly 600 sq km with a 4.5 Moz open pit resource, up 2.2 Moz since acquisition, and over 650,000m of drilling completed.

• 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 and new programs targeting infill and extension.

• Updated Mineral Resource Estimate and maiden Ore Reserve are planned for mid-2026, with PFS and DFS activities ongoing and a final investment decision targeted for early 2027.

• High-grade intercepts and test work have achieved over 95% gold recovery, with conventional carbon-in-leach processing planned and a 92% recovery assumption.

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

Operations, infrastructure, and sustainability

• Early works include construction of a 400-room accommodation village, procurement of long-lead items, and water sources secured with historical bores rehabilitated.

• Multiple power options under assessment, including grid, diesel, gas, solar, and wind.

• Project features a Native Title agreement, simple metallurgy, and strategic location 65km from Kalgoorlie in Western Australia, a Tier-1 mining jurisdiction.

• Mining leases and Native Title Land Use Agreement are in place, with environmental and heritage surveys underway.

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