Announcement PDF ASX Announcement 17 December 2024 Fortnum Expansion Study Starlight Updated Mineral Resource Estimate of 12.9Mt @ 2.7g/t Au for 1.13Moz 1 highlights potential 10-year project life Perth, Western Australia, 17 December 2024: Westgold Resources Limited (ASX/ TSX: WGX, OTCQX: WGXRF – Westgold or the Company) is undertaking a portfolio asset review and is pleased to provide the summary of a Scoping Study evaluating the potential expansion of the Fortnum Gold Operation, 140km north of Meekatharra in the Murchison Region of Western Australia. Scoping Study Summary Scoping Study on the Fortnum Expansion Project (FXP) has identified a potential 10year, fully integrated mine plan  Including the Starlight, Nathan’s and Yarlarweelor open pits and an expansion of the existing Starlight underground operation Scoping Study underpinned by expanded Starlight Mineral Resource Estimate  Now 12.9Mt at 2.7g/t Au for 1.13Moz of gold - 91% increase in the previously reported Starlight Mineral Resource Estimate (refer ASX – 16 September 2024 Mineral Resource Estimate and Ore Reserves). Scoping Study evaluates potential mill expansion – from current 0.9Mtpa to 1.5Mtpa, significantly reducing mill operating cost/tonne. Key Scoping Study outputs include:  Life of Mine (LOM) gold production of 713koz – 871koz – at an All in Sustaining Cost range of $1,404 – $2,916/oz.  Reduction in mid-point AISC to $1,558/oz once steady state is achieved  Mid-point net present value (NPV8) of $306M at $3,500/oz o  Mid-point free cash flow of $777M at $3,500/oz o  lifting to NPV8 of $498M at current spot pricing of $4,000/oz. lifting to $1.2B at spot price of $4,000/oz Mid-point maximum cash drawdown of $53M - in year 2 of the project o Mid-point total Life of Mine (10 year) Capital investment of $294M See ASX announcement dated 13 November 2024 titled ‘Starlight Mineral Resource Grows by 91%’. Westgold Resources Limited ABN 60 009 260 306 ASX: WGX | TSX: WGX | OTC: WGXRF westgold.com.au T: +61 8 9462 3400 E: perth.reception@westgold.com.au Level 6, 200 St Georges Terrace Perth WA 6000 PO Box 7068, Cloisters Square WA 6850 Cautionary Statement The Scoping Study referred to in this ASX release has been undertaken to evaluate the potential expansion of the Fortnum Gold Operation (Fortnum), located approximately 150km north of the township of Meekatharra, Western Australia. Westgold owns 100% of Fortnum and is the operator of the Project. The Scoping Study is prepared on a 100% basis and is a preliminary technical and economic study of the potential viability of the expanded Fortnum Gold Operation. It is based on technical and economic assessments that are sufficient to support estimation of Ore Reserves reported for the currently operating Fortnum Gold Operation which are included within the Fortnum Expansion Project (FXP) production schedule. Further infill drilling, evaluation work and appropriate studies are required before Westgold will be able to estimate complete Ore Reserves for the FXP or to provide assurance of an economic development case. The Scoping Study has been completed to a level of accuracy of +/- 35% for Operating costs, Capital costs and financial outcomes, and +/- 10% for production outcomes. Of the Mineral Resources scheduled for extraction in this Scoping Study production target, approximately 8% is classified as Measured, 56% Indicated and 36% as Inferred over the evaluation period. There is a low level of geological confidence associated with Inferred Mineral Resources, and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources for the current Inferred portion, or that the production target itself will be realised. 100% of the current Starlight and Nathan’s Ore Reserves (36% Proven and 64% Probable) are scheduled for extraction in this Scoping Study production target. Ore Reserves form 17% of the material currently scheduled for extraction in this Scoping Study production target. The Scoping Study production contemplates mining the existing Ore Reserves at Starlight underground and Nathan’s open pit initially, before moving onto Indicated and Inferred Mineral Resources at Starlight underground and Nathan’s, Starlight, Yarlarweelor and satellite open pits. The Fortnum Gold Operation has been mined successfully over four main campaigns since discovery during the 1980’s, with approximately 800koz Au produced from the main Starlight group of deposits. Westgold has undertaken open pit mining previously at Yarlarweelor and is currently mining Starlight underground and as such the Company has a reasonable degree of confidence in the projected production and commercial outcomes. Furthermore, Westgold confirms that the FXP is financially viable at a Scoping level of accuracy when excluding Inferred Resources from the production schedule. The Company believes that it has a reasonable basis for providing these forward-looking statements and the forecast financial information based on material assumptions outlined in this release. While the Company considers all the material assumptions used in the Scoping Study to be based on reasonable Fortnum Expansion Study 17 December 2024 2 grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the Scoping Study will be achieved. One of the key assumptions is that the funding for the FXP will be available when required. To achieve the range of outcomes indicated in the Scoping Study, funding of approximately $294M will likely be required over the life of the project (circa 10 years), comprising approximately $39M in open pit pre-production capital expenditure, approximately $93M in processing plant capital including additional grinding capacity, expanded cyclone classification, additional leaching tanks and upgrades to the power system, approximately $113M in Life of Mine underground capital development, and approximately $48M in working capital and exploration funding. All above figures represent mid-point values. Westgold has operating cashflow from its existing operations the Company, as at 30 September 2024 had $103M of cash, bullion and liquid investments (refer ASX – 31 October 2024, September 2024 Quarterly Results). Westgold also has optionality over debt to fund expansion projects and subsequent to the end of the quarter, on 28 October 2024 Westgold announced it had executed a commitment letter with its existing lenders to increase its $100 million Syndicated Facility Agreement to $300 million through the addition of a new $200M facility. Post quarter end, Westgold drew down $50 million of the facility. Given the uncertainties involved, investors should not make any investment decisions based solely on the results of the Scoping Study. Figure 1 – Starlight mine overview Fortnum Expansion Study 17 December 2024 3 Westgold Managing Director and CEO Wayne Bramwell commented: “Westgold’s review of its expanded portfolio of assets to determine where the best opportunities exist to enhance profitability is advancing, with the Fortnum Expansion Study the first to be completed. Fortnum is a mature, yet under drilled asset and is one of Westgold’s most profitable and productive operations, with the Starlight mine having produced over 800koz of gold over its life. The scoping study contemplates a modest upfront capital investment to deliver a long life, fully integrated open pit and underground project of increased scale, supported by an expansion of our existing processing plant to 1.5Mtpa. Given Fortnum is currently operational many of the assumptions utilised in the Scoping Study are considered materially derisked by the Company and having passed this stage gate, our technical team will accelerate open pit drilling across Fortnum and Peak Hill as the next step of project evaluation.” Figure 2 – Fortnum Processing Plant Fortnum Expansion Study 17 December 2024 4 Westgold’s Fortnum Project – An Overview Westgold’s Fortnum Project is located approximately 140km north of Meekatharra, Western Australia and encompass the 0.9 Mtpa Fortnum processing plant and the Fortnum, Horseshoe and Peak Hill mining areas [Figure 3]. The Starlight underground mine is currently the predominant feed source (90% of all processed tonnes with the additional 10% of ore sourced from surface stockpiles) to Westgold’s Fortnum processing hub. Figure 3 – Westgold’s Bryah asset map Homestake Gold Mines (Homestake) developed the Fortnum mineral field during the 1980’s, after regional reconnaissance work discovered gold mineralisation in outcrop at Tom’s Hill. The Trev’s, Dougie’s and Twilight gold deposits (all part of the Starlight Mineralisation Complex) were mined as open pits by Homestake from 1989 to 1993. In total ≈525,000 ounces of gold were produced historically from Starlight at ≈3.1g/t Au to a total depth of 260m by previous open pit and shallow underground operators (+2,000 ounces per vertical metre) before mining ceased. Between 1994 and 1998 Perilya Gold Mines subsequently mined the Trev’s – Starlight open pits, then the Starlight-Twilight underground from 1999 to 2001. Westgold has subsequently mined +307koz from the Starlight underground. Fortnum Expansion Study 17 December 2024 5 Fortnum Expansion Plan (FXP) – Summary The FXP Scoping Study contemplates a significant increase in output when compared to the current Fortnum Gold Operation which produced 58,752oz of gold at an AISC of $1,883 during FY24 (refer ASX – 23 October 2024 Annual Report). This output was achieved from one active mine, being the mainstay Starlight underground operation. The FXP Scoping Study contemplates production of circa 83koz of gold per annum at an average all-In Sustaining Cost of approximately $2,160/oz (over the life of project). Production would be underpinned from three large open pits at Nathan’s, Starlight and Yarlarweelor and a larger Starlight underground mine. The existing 0.9Mtpa processing plant would be expanded to circa 1.5Mtpa with long-term tailings disposal into the Nathan’s open pit void post mining. Subsequently a newly constructed paddock-style tailings storage facility (TSF) may be required. This re-evaluation of the Fortnum asset is underpinned by the significant increase in the Mineral Resource Estimate for the Starlight deposit - now a total of 12.9Mt at 2.7g/t Au for 1.13Moz, a 91% increase in the previously reported Starlight Mineral Resource Estimate (refer ASX – 16 September 2024 Mineral Resource Estimate and Ore Reserves). Westgold has undertaken a significant body of technical work to understand mineralisation distribution and grade variability. This in turn has driven a strategic review of the Fortnum operation, culminating in the Scoping Study which forms the basis of this release. The results of these studies have determined that total extraction of the mineralisation package represents the best balance between commercial result and certainty of outcome for the Starlight mine. Figure 4 – Fortnum Expansion Project key assets Fortnum Expansion Study 17 December 2024 6 Mineral Resource Update Over the last two years Westgold has invested significant resources into extending the footprint of the mineralised system at Starlight, with three drill rigs employed underground near-continually over this period. Given the geological and geometric complexity at Starlight it is important to take a disciplined approach to drilling at the mine, striking a balance between defining the limits of the mineralised zone to allow efficient capital infrastructure placement, whilst at the same time acquiring enough infill information to allow for a sufficient level of robustness and certainty at the detailed mine planning and execution stage. At the end of FY24 Westgold was able to incorporate a large portion of this drilling into a Mineral Resource Estimate update which delivered a 41% Mineral Resource increase compared to the FY23 Starlight Mineral Resource (refer ASX 11 June 2024 Starlight Mineral Resource Increases by 41%). This increase formed the basis of the studies considering project scale, differing estimation methodologies and a more complete extraction of the Mineral Resource that drove the current Scoping Study. Table 1 – End of FY24 Starlight Mineral Resource Estimate Starlight Mineral Resource Estimate Classification Tonnes (t) Grade (g/t Au) Ounces (Au) Measured 864,000 4.0 111,000 Indicated 1,976,000 3.4 219,000 Inferred 2,588,000 3.1 260,000 Total 5,428,000 3.4 590,000 Subsequent to the end of FY24 Mineral Resource Estimate, and associated studies, the current Starlight Mineral Resource Estimate was conducted. The current process considers: ■ Incorporation of additional drilling results acquired between estimates. ■ Depletion for mining between estimates. ■ A change in domaining approach and estimation methodology (from internal to the mineralised package sub-domaining with ordinary Kriging to a more holistic mineralised package domaining approach and Categorical Indicator Kriging). ■ A change in extraction philosophy to that of a more comprehensive extraction of Mineral Resource base. ■ The consideration of an open pit mining phase. ■ Change in project and processing scale lowering the unit cost base and subsequent cutoff grade calculations. Fortnum Expansion Study 17 December 2024 7 The resultant Mineral Resource Estimate now stands at 12.9Mt at 2.7g/t Au for 1.13Moz of gold, a 91% increase as tabulated below (Tables 2, 3 and 4). Table 2 – Current Starlight Open Pit Mineral Resource Estimate – reported above a $4,000/oz open pit shell and above 0.5g/t Au Starlight Open Pit Mineral Resource Estimate Classification Tonnes (t) Grade (g/t Au) Ounces (Au) Measured 400,000 2.7 40,000 Indicated 2,500,000 1.8 140,000 Inferred 1,300,000 2.7 110,000 Total 4,200,000 2.2 290,000 Table 3 – Current Starlight Underground Mineral Resource Estimate – reported below a $4,000/oz open pit shell and above 1.2g/t Au Starlight Underground Mineral Resource Estimate Classification Tonnes (t) Grade (g/t Au) Ounces (Au) Measured 600,000 3.7 70,000 Indicated 4,000,000 2.8 370,000 Inferred 4,100,000 3.1 400,000 Total 8,700,000 3.0 840,000 Table 4 – Current Starlight Mineral Resource Estimate – combined open pit and underground portions Total Starlight Mineral Resource Estimate Classification Tonnes (t) Grade (g/t Au) Ounces (Au) Measured 1,000,000 3.3 100,000 Indicated 6,500,000 2.4 510,000 Inferred 5,400,000 3.0 510,000 Total 12,900,000 2.7 1,130,000 The background to the Mineral Resource Estimate is provided as Appendix 1. Fortnum Expansion Study 17 December 2024 8 FXP Scoping Study Summary Note that all Scoping Study figures represented here are mid-point values. Appropriate ranges are provided in Tables 5 through 8 below. ■ Average gold production of approximately 83koz per annum (an increase of ~25koz) with an average gold head grade of 2.0g/t Au for total gold production of approximately 832koz over a 10-year Life of Mine (LoM). ■ First two years underpinned by current Starlight underground mine plan - and a significant open pit at Nathan’s. ■ Major Starlight open pit program initiated in year two - and development of an expanded underground to occur simultaneously from adjacent location. ■ Major Yarlarweelor open pit plus minor satellite pits - commence year six. ■ Over the LoM an average All-In Sustaining Cost (AISC) of approximately $2,160/oz. ■ Reduction in mid-point AISC to $1,550/oz once steady state is achieved - higher in early periods with both underground and open pits starting. o LoM Mining (UG): $1,270/oz. o LoM Mining (OP): $1,559/oz. o LoM Processing: $507/oz. o LoM G&A: $193/oz. ■ Scoping Study assumes an upgrade of the 0.9Mtpa carbon-in-leach (CIL) plant to 1.5Mtpa - to process the increased material mined through both the Starlight underground and regional open pit program. ■ Total life of mine capital of approximately $294M: ■ o Capital costs to upgrade current 0.9Mtpa processing plant to 1.5Mtpa of approximately $93M including additional crushing and grinding capacity, expanded cyclone classification, additional leaching tanks and upgrades to the power system. o Open pit and underground capital of approximately $152M. o Working capital (such as tails dams, closure costs) of approximately $48M. o Capital intensity of approximately $525/oz reflects low capital nature of the project. Compelling financial outcomes reflecting the low capital intensity of the FXP. o Project life of 10-years. ■ Pre-tax undiscounted cashflow of approximately $777M over the LoM at a gold price of $3,500/oz - increasing to $1.2B at spot gold price ($4,000/oz). ■ Net Present Value (NPV₈) of approximately $306M at a gold price of $3,500/oz increasing to $498M at spot gold price ($4,000/oz). Fortnum Expansion Study 17 December 2024 9 Key Study Outcomes and Assumptions Westgold has considered various options within the FXP, such as development of the Starlight underground only, smaller open pit cutbacks to maximise grade, and heap leach. The FXP as defined in this release has a modest capital requirement and maximises project cashflow from open pit and existing underground mining sources. The Scoping Study assumes truck and shovel open pit mining will be completed within the Starlight, Yarlarweelor, and Nathan’s pits. Cut-backs on these pits have been assumed utilising current costs supplied by external operators alongside Westgold’s own internal costing regime. Wall angles, bench heights, and berm widths are based on a mixture of historical mining within these pits as well as geotechnical recommendations supplied by external consultants. Dilution and ore loss aligns with historic mining within the area. Figure 5 – Proposed Starlight open pit schematic extents. Underground mining utilises a method and modifying factors associated with the current underground Starlight mine. Minimum mining widths, cut-off grades, stope sizes, dilution and ore loss are all included within the Scoping Study and based on those being achieved within the existing Starlight underground operation. Fortnum Expansion Study 17 December 2024 10 Given Fortnum is an operating mine, Westgold assumes that a transition from the current operational plan could occur during FY26, if the next phase of evaluation supported a Final Investment Decision (FID). Table 5 – Key physical assumptions Assumptions Life of Mine Years 10.0 Plant Throughput ktpa 1,500 Material Mined kt 12,757 – 15,591 Au Grade g/t 1.8 – 2.2 Au Ounces koz 822 – 1,004 Material Mined kt 6,281 – 7,677 Au Grade g/t 1.5 – 1.9 Au Ounces koz 399 - 487 Material Mined kt 5,405 – 6,607 Au Grade g/t 2.2 – 2.6 Au Ounces koz 423 - 517 Material Processed kt 11,687 – 14,284 Au Grade g/t 1.8 – 2.2 Au Ounces koz 752 - 919 Payable Metal (post processing recovery) koz 713 - 871 Combined Mine Output Total Open Pit Total Underground Processing Physicals A conservative gold price of $3,500/oz (significantly lower than the spot gold price at $4,000/oz), has been used to determine the economic viability of the FXP. The project is forecast to generate a healthy unleveraged NPV8 of approximately $306M. Fortnum Expansion Study 17 December 2024 11 The financial summary is shown below: Table 6 – Financial results summary Financials @ 8% Discount Factor Gold Price $/oz 3,500 4,000 Project Free Cash flow pre-tax $m 505 –1,049 775 – 1,610 Project NPV $m 198 - 413 324 - 672 Maximum cash out $m 34 - 70 23 - 49 AISC margin $oz 1,404 – 2,916 1,411 – 2,932 Project Valuation Total payable metal over the life of the project is forecast to be approximately 832koz, an annualised breakdown is shown below [Figure 6]. 1,600 140 1,400 120 Material Milled (ktpa) 1,200 100 1,000 80 800 60 600 40 400 Mined Ounces (koz) Current projections of mined material exceed the FXP processing capacity at 1.5Mtpa and hence comparative studies on processing size optimisation will be completed within a Pre-Feasibility Study (PFS). For the Scoping Study it is assumed excess stockpiles will be available to be processed at the cessation of mining. 20 200 0 0 Yr 1 Yr 2 Yr 3 UG koz Yr 4 Yr 5 OP koz Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Material Processed Figure 6 – Mid-point metal breakdown by year Fortnum Expansion Study 17 December 2024 12 Sensitivity Analysis The project NPV is most sensitive to changes in gold price and operating costs as shown in Figure 7, below whilst being more resilient to changes in the discount rate and capital costs. Gold Price (±10%) Operating Costs (±10%) Discount Rate (±1%) Capital Costs (±10%) 100 150 200 250 300 350 400 450 500 NPV ($'M) Figure 7 – Fortnum Scoping Study sensitivities Capital Costs Capital cost estimates are derived from several sources, including quotes, budget pricing and actual prices from suppliers to Westgold’s current operating mines. Estimated Capital items include expansion capital for open pit mining, processing plant, tailings dams, pre-production underground development, dewatering, and sustaining capital post the commencement of production. Westgold has taken a conservative approach to its capital estimation and is of the view that substantial opportunities exist to reduce and defer elements of pre-production capital. These opportunities are subject to further study in accordance with Westgold’s Capital Allocation Framework. Fortnum Expansion Study 17 December 2024 13 Table 7 – Capital cost estimates Expansion Capital Site Infrastructure $m 37 - 77 Tails Storage $m 8 - 16 Processing Facilities $m 60 - 126 Underground Development $m 17 - 35 Open Pit $m 25 - 53 Total Pre-Production $m 148 - 306 Underground $m 37 – 77 Other $m 7 – 14 Total $m 44 – 90 Sustaining Capital – LoM Operating Cost Operating costs are derived from several sources including quotations and budget pricing alongside Westgold’s own existing cost profile. Table 8 – Operating cost estimates Operating Costs Mining $m 794 – 1,648 Processing $m 266 - 552 Site G&A $m 101 - 211 Royalty $m 47 - 97 Total Operating Costs $m 1,208 – 2,508 Fortnum Expansion Study 17 December 2024 14 Looking Forward The current FXP Scoping Study defines a commercially viable alternative to enhance Fortnum Project physical and economic outputs. The study depicts attractive financial and production metrics with a modest capital requirement and as such, the FXP warrants further evaluation. Given Fortnum is currently operational many of the assumptions utilised in the Scoping Study are considered materially derisked by the Company, and thus Westgold has resolved to advance drilling across the open pit targets across the Fortnum and Peak Hill tenure. A Pre-Feasibility Study will include detailed design optimisation and scheduling in an effort to improve commercial metrics, consideration of satellite mining opportunities to further underwrite the significant Life of Mine (inclusive of Yarlarweelor underground studies), and the commencement of surface resource development drilling to improve definition of the mineralised system within the proposed open pits, expanded underground footprints as well as additional development targets. Fortnum in its expanded form appears significantly value accretive for the enlarged Westgold. Fortnum’s strong recent operational and commercial performance and the relative simplicity of the FXP plan provide the Company with confidence that it can bring the project to an Investment Decision within 12 months, in accordance with its Capital Allocation Framework. Westgold looks forward to providing an update on the progress of the Fortnum Expansion Project during calendar year 2025 (CY25). This announcement is authorised for release by the Board of Directors. Investor and media relations enquiries Investor and Media Relations - Australia Kasun Liyanaarachchi | Investor Relations Manager investor.relations@westgold.com.au +61 458 564 483 Fortnum Expansion Study 17 December 2024 15 Competent Person Statements Mineral Resource Estimates The information in this report that relates to Mineral Resource Estimates is compiled by Westgold technical employees and contractors under the supervision of Mr. Jake Russell B.Sc. (Hons), who is a member of the Australian Institute of Geoscientists. Mr Russell is a full-time employee of the company and has sufficient experience which is relevant to the styles of mineralisation and types of deposit under consideration and to the activities which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Russell consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. Mr Russell is eligible to participate in short- and long-term incentive plans of the company. Ore Reserves The information in this report that relates to Ore Reserve is based on information compiled by Mr. Leigh Devlin B.Eng. FAusIMM. Mr. Devlin has sufficient experience which is relevant to the styles of mineralisation and types of deposit under consideration and to the activities which they are undertaking to qualify as a Competent Person as defined in the 2012 Editions of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr. Devlin consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. Mr. Devlin is a full-time senior executive of the Company and is eligible to and may participate in short-term and longterm incentive plans of the Company as disclosed in its annual reports and disclosure documents. Forward looking statements These materials prepared by Westgold Resources Limited include forward looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as “may”, “will”, “expect”, “intend”, “believe”, “forecast”, “predict”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs. Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the Company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation. Forward looking statements are based on the Company and its management’s good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company’s business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company’s business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company’s control. Fortnum Expansion Study 17 December 2024 16 Although the Company attempts and has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. In addition, the Company’s actual results could differ materially from those anticipated in these forward looking statements as a result of the factors outlined in the “Risk Factors” section of the Company’s continuous disclosure filings available on SEDAR+ or the ASX, including, in the Company’s current annual report, half year report or most recent management discussion and analysis. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the Company does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in events, conditions or circumstances. Reasonable Basis for Forward-Looking Statements This ASX release has been prepared in compliance with the JORC Code (2012) and the ASX Listing Rules. All material assumptions on which the Scoping Study production target and projected financial information are based have been included in this release. Consideration of Modifying Factors in the format specified by JORC Code (2012) is provided in Section 4. Fortnum Expansion Study 17 December 2024 17 Appendix A – Background to the Mineral Resource Estimate The Fortnum deposits are Paleoproterozoic shear-hos