Resource Reserves

• Total Ore Reserve estimate increased 24% to 3.0 Mt at 2.4 g/t for 236 koz. Underground Ore Reserves increased 24% to 1.66 Mt at 3.3 g/t for 176 koz, up from 142 koz after mining 108 koz from 1 June 2024 including:
  • Sand King Underground Ore Reserve increased 54% to 829 kt at 3.2 g/t for 84 koz, up from 55 koz after mining 17 koz.
  • Riverina Underground Ore Reserve increased 5% to 825 kt at 3.5 g/t for 92 koz, up from 87 koz after mining 92 koz from 1 June 2024.
• Cut-off grades for Underground Ore Reserve are based on a A$2,500/oz gold price to ensure focus remains on conversion of higher margin ounces.

1. The Riverina Area, British Lion, Callion, Forehand and Silver Tongue Mineral Resources have been updated in accordance with all relevant aspects of the JORC code 2012, and initially released to the market on 2 December 2019, 26 May 2020, 5 June 2020, 9 October 2020, 1 August 2022 & 16 February 2023 (Riverina Area), 15 May 2020 & 29 June 2020 (Callion), 29 July 2021 (Forehand, Silver Tongue & British Lion)
2. The Sand King, Missouri and Waihi Mineral Resources have previously been updated in accordance with all relevant aspects of the JORC code 2012 and initially released to the market on 3 January 2017 (Sand King),15 December 2016 (Missouri) and 4 February 2020 (Waihi). Subsequent MRE updates were released on 26 May 2020 and 2 July 2024 (Sand King) and & 1 May 2022, 26 October 2023 (Missouri). Further updates to Sand King and Riverina are provided in this report.
3. All Mineral Resources listed above, with the exception of the Missouri, Sand King, Riverina Area, British Lion, Waihi, Callion, Forehand and Silver Tongue were prepared previously and first disclosed under the JORC Code 2004 (refer Swan Gold Mining Limited Prospectus released to the market on 13 February 2013). These Mineral Resources have not been updated in accordance with JORC Code 2012 on the basis that the information has not materially changed since it last reported.
4. The Riverina, British Lion, Waihi, Callion, Forehand and Silver Tongue Open Pit Mineral Resource Estimates are reported within a A$2,400/oz pit shell above 0.5 g/t. The British Lion, Waihi, Missouri, Callion, Forehand and Silver Tongue Underground Mineral Resource Estimates are reported from material outside a A$2,400 pit shell and above 2.0 g/t. Riverina Underground Mineral Resource Estimates are reported from fresh material below the A$2,400/oz pit shell within Mine stope optimised solids of dimensions 10 m x 10 m x 1.6 m minimum width at a diluted cut-off grade of 0.9 g/t. Sand King Underground Mineral Resource Estimates are reported from fresh material below 350mRL (base of open pit) within Mine stope optimised solids of dimensions 10 m x 10 m x 1.6 m minimum width at a diluted cut-off grade of 0.9 g/t.
5. Resources are inclusive of in-situ ore reserves and are exclusive of surface stockpiles
6. The values in the above table have been rounded.

Notes:

1. The table contains rounding adjustments to reflect accuracy and may not total exactly.
2. This Ore Reserve was estimated from practical mining envelopes and the application of modifying factors for mining dilution and ore loss.
3. For the underground mine Ore Reserve, dilution skins were applied to the Mineral Resource estimate. Dilution was included at the background grade estimated into each model. The Riverina dilution is estimated to average 57% while Sand King is estimated to average 32%, reflecting mining shapes and orebody widths appropriate for each deposit.
4. At Riverina overall recovery is estimated to be 85%.: The rib and sill pillars equate to 88% mining recovery with both development and stoping activities. Consistent with reconciled performance, an additional 5% stope ore loss was also included for operational losses. At Sand King overall recovery is estimated to be 84%: Sill pillars have been considered via a stope recovery of 72% where stoping extends more than 4 levels down dip on a mineralised lode. A 5% stope ore loss was also included for operational losses
5. The underground mine Ore Reserve was estimated using a cut-off grade of 2.4 g/t Au for Riverina and 2.5 g/t Au for Sand King, based on a gold price of A$2,500/oz, stopes were further spatially optimised. Costs used in the cut-off grade calculation allow for ore transport, processing, site & corporate overheads and royalties as well as process recovery specific to the location. Process recoveries range for the project were estimated to be 87% or above, based on recent metallurgical test work.
6. For the open pit Ore Reserve, dilution skins were applied to the undiluted Mineral Resource estimate. The method also included internal and edge dilution resulting from forming practical mineable shapes. Dilution was incorporated in the model at the background grades estimated into the model: The average grade of dilution for Waihi was 0.16 g/t Au. The estimated average dilution at Waihi was estimated to be 27%. Ore loss was incurred in the Auto Stope Designer (ASD) DeswikTM process due to variation between mineralised lode geometry and practical dig block geometry. In addition, a nominal 5% loss was applied for further mining losses occurring through normal operations.
7. The Waihi open pit Ore Reserve was primarily estimated using a cut-off grade of 1.2 g/t Au based on a gold price of A$2,400/oz. Low Grade Ore Reserve was based on A$3,400/oz for a cut-off grade of 0.8 g/t. Costs used in the cut-off grade calculation allow for ore transport, processing, site overheads and selling costs as well as a weight average recovery of 90% for oxide, transition and fresh. The mining and disposal of existing in-pit tailings were also considered and allowed for.
8. The Inferred Mineral Resource within the mining envelope was considered as waste when defining limits of these envelopes; however, minor amount of Inferred material was included within the Riverina Underground and Sand King Underground mine plan due to practical mining geometries and orebody characteristics. Inferred material within total Underground Mine Ore Reserve equates to 50,000t at a grade of 2.4 g/t Au. This material is included at the edges of the mining envelope and equate to 2.2% of the underground mine Ore Reserve inventories.
9. The Ore Reserve is inclusive of surface stockpiles above cut-off. Cut-off grade for stockpiles was 0.7 g/t Au based on A$4,400/oz. All surface stockpiles were classified as Proved.
10. All low grade material is in situ.
11. Costs were derived from the FY26 budget estimate including underground contract pricing current at the date of this Ore Reserve and budget level contract pricing for Waihi. Unit costs for haulage, processing and site overheads were estimated based on scheduled process plant throughput of ORE material.