25 ANNUAL REPORT 2025 HIGGINSVILLE EXPANSION PLAN On 28 April, 2025 we announced a Scoping Study into the potential expansion of the existing 1.6Mtpa Higginsville Processing Plant to 2.6Mtpa - reducing the operating cost per tonne of this large facility that can be further expanded as resource opportunities grow, not least ahead of plans to sustain a mining rate of >2Mtpa at Beta Hunt. With a modest mid point capital outlay of ~A$92M largely offset by the A$85M sale of the Lakewood Mill, the Study is financially compelling, indicating: – A mid point IRR of 37%, and mid point payback of 2.1 years assuming a conservative gold price of $3,200/oz. – An increase in steady state gold production at Higginsville from 87kozpa to between 122kozpa and 160kozpa (at the historic 1 August 2024 Ore Reserve grade of 1.9g/t ) – A reduction in current processing costs from ~36$/t to ~33$/t; and reduction in the Southern Goldfields mid-point AISC of ~A$142/oz. Based only on 2024 Reserves, the Study does not incorporate any debottlenecking or improvements currently in progress at the plant. A detailed engineering study is underway to improve the order of accuracy of the 2.6Mtpa expansion case to support a financial investment decision in FY26. CASE STUDY
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