17 ANNUAL REPORT 2025 BETA HUNT UNDERGROUND MINE Following the merger, our primary focus was to swiftly identify and address key risks and opportunities across the Southern Goldfields operations. Early activities included deploying additional safety and operational management to support the site teams; and expediting remedial maintenance of basic mine infrastructure - while developing a comprehensive infrastructure replacement and upgrade plan focussing on primary electrical, ventilation, and water distribution networks. Key enablers to higher mine productivity included investment in a clean mine water supply, upgrades to underground pumping, power, ventilation, and facilities for our workforce. Progressive application of these has resulted in notable improvements to mining rates since Westgold’s ownership at Beta Hunt. The mine water supply project was completed during the year. Ventilation upgrades experienced minor delays, with fan commissioning occurring in late July and early August - subsequent to the reporting period. The power supply upgrade project is now also complete, establishing reliable power with increased capacity to sustain future growth. Collectively, these critical investments position Beta Hunt to consistently deliver run rates exceeding 2Mtpa in the medium term. TWO BOYS UNDERGROUND MINE During the past year, the Two Boys underground mine sustained steady output with our team focussing on improving planning to extend the life of the operation. Early in the year, the team completed upgrades to the primary ventilation system to support ongoing development and extend the mine beyond its original closure date. Development continues to advance northward, establishing new drilling horizons and access to the Poseidon South zone of the nearby Trident Mine – an example of the incredible optionality our team is unearthing across Westgold’s considerable landholding. LAKE COWAN OPEN PIT Mining at the Lake Cowan open pits commenced in early Q4 FY25 with open pit contractor Mineral Mining Services Pty Ltd having mobilised in April. With the pre-strip completed, ore production is expected to peak in Q1 FY26 prior to the pit completion at the end of the quarter. Excess soft oxide Lake Cowan ore will be stockpiled and processed over the course of FY26. Beta Hunt Infrastructure Upgrade
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