Minerals 260 (MI6) Noosa Mining Conference 2026 summary

Resource and Reserve Growth

• Resource increased to 6.2 million ounces over 12 months, with 70% in the indicated category and head grade maintained; as of July 2026, 4.4Moz are classified as Indicated.

• Maiden Ore Reserve stands at 2.5 million ounces (90Mt @ 0.86g/t Au), the largest undeveloped gold reserve in Australia not owned by a producer, with 85% of Indicated Resources converted to Probable Reserves.

• Acquisition of over 1,000 sq km of contiguous tenements expanded exploration tenure to 1,160km² and extended strike length to nearly 9 km, with potential up to 20 km.

• Resource growth achieved through extensive drilling, with mineralisation open at depth and along strike.

• The project now holds one of Australia’s largest undeveloped gold resources and reserves not owned by an existing producer.

Project Milestones and Strategic Overview

• Pre-Feasibility Study (PFS) completed for a 5Mtpa Stage 1 operation, confirming a high-margin, large-scale gold mine with a 19-year operating life and first gold production targeted for Q4 2028.

• Early construction works, including a 400-person village and water infrastructure, have commenced, with full operational readiness expected in Q1 2027.

• Definitive Feasibility Study (DFS) and Final Investment Decision (FID) are targeted for completion in Q1 2027.

• All milestones delivered on or ahead of schedule over the past year; DFS, final approvals, and FID targeted for Q1 next year.

• Significant transformation achieved in 12 months through disciplined execution.

Financial and Development Strategy

• PFS base case: 150,000 ounces/year, post-tax NPV AUD 2.3 billion, IRR 43%, two-year payback, AISC AUD 2,520/oz, with average annual EBITDA of AUD 510 million and free cash flow of AUD 330 million over the first 10 years.

• Construction capital of AUD 560 million delivers 19 years of production; pre-FID early works funded from an existing AUD 211 million cash balance.

• Discovery cost reduced from AUD 72/oz (acquisition) to AUD 12/oz in latest growth phase, with current trading multiple at AUD 200/oz.

• Growth embedded in design for efficient, capital-light ramp-up to 200,000 ounces/year.

• Staged development strategy balances risk, value, and capital, with proven approach from previous large-scale projects.