Announcement PDF ASX Announcement 29 July 2025 ASX: MKR Maiden Mt Boppy Open Pit Ore Reserve Additional 39,000 gold ounces delivered into Manuka’s Cobar Basin production plan Highlights • Mt Boppy was historically one of New South Wales’ richest gold mines with an estimated ~500,000 ounces of gold mined at ~15g/t Au. • Manuka has assessed the feasibility of undertaking a cutback of the existing Open Pit to access the >4g/t Resource located beneath the pit floor. • The study has resulted in the statement of a Probable Ore Reserve for the Mt Boppy Open pit of 290kt at 4.2g/t Au containing approximately 39,000oz gold. • Potential additional ounces have been identified in the existing pit wall and in a blasted bench located on the pit floor. • Ore mined from the Mt Boppy Open Pit is proposed to be hauled to and processed at Manuka’s existing Wonawinta Processing Plant along with silver bearing ore mined from open pits located at Wonawinta. • Mt Boppy Open Pit cutback project, upon execution, delivers a pre-tax NPV8 of A$43.2M and IRR of 64% to Manuka’s Cobar Basin production plan. • The Manuka Cobar Basin production strategy now comprises 19.0Moz of Silver and increases to 47koz of Gold. • Exploration to target near-pit and greenfields high grade mineralisation. • On the back of the recently announced A$8M underwritten entitlements offer, the Company remains on track to reach binding terms on a finance facility within the current quarter to support the restart of Wonawinta. Manuka’s Executive Chairman, Dennis Karp, commented: “We are delighted to report on the positive assessment of the Mt Boppy cutback project and the associated statement of an Ore Reserve. The 39,000 gold ounces are a significant addition to our Cobar Basin production strategy, with Manuka retaining flexibility to fund the cutback via free cashflow from operations, debt or a Joint Venture/Profit Share arrangement. Manuka Resources Limited (ASX:MKR, “Manuka” or the “Company”) is the 100% owner of the Wonawinta Silver Mine and Mt Boppy Gold Mine located in the prolific Cobar Basin of New South Wales (Figure 1). The Company recently released a 10-year Cobar Basin production plan1 comprising the mining and processing of 10.7Mt containing 19.2Moz of silver plus ~8koz of gold credits (Table 1). The plan was forecast to deliver an average EBITDA of A$29M per annum at an IRR of 173% and NPV8 of A$153M off the back of A$18.9M capital expenditure. 1 ASX Release 10 July 2025 Manuka Resources Limited - Level 4 Grafton Bond Building, 201 Kent St Sydney NSW Australia 2000 ABN 80 611 963 225 Tel 02- 7253 2020 www.manukaresources.com.au The Mt Boppy Open Pit Reserve reported in this announcement delivers an additional 39,000 ounces of gold to the Cobar Basin production plan. Figure 1: Location Wonawinta and Mt Boppy Projects within the Cobar basin Table 1: Updated Cobar Basin Production Plan - Production Target Tonnes (Mt) Waste (Mt) Ag (g/t) Ag (Moz) Au (g/t) Au (koz) Wonawinta ROM Stockpiles 0.2 - 60 0.4 0.07 0.5 Manuka Open Pit 1.4 3.4 61 2.7 - - Belah Open Pit 1.1 5.5 67 2.4 - - Boundary Open Pit 5.5 23.9 54 9.6 - - Bimble Open Pit 1.8 9.0 57 3.2 - - Pothole Open Pit 0.4 0.9 41 0.5 - - Mt Boppy Stockpiles 0.2 - - 0.0 1.1 7.3 Mt Boppy Open Pit 0.3 7.0 - - 4.2 39.0 Total 10.9 49.7 56 19.0 0.02 46.8 Source Note: Tonnes and Grade are rounded. Discrepancies in calculated Contained Metal are due to rounding. 2 Background The Mt Boppy Gold Mine (Figure 2) is located approximately 50km east of Cobar and 151km by road from Manuka’s existing Wonawinta Processing Plant. Underground mining from 1897 to 1923 extracted high-grade ore to a maximum depth of about 230m. Open pit mining first occurred between 2002-2005 when Polymetals mined to a maximum depth of 80m extracting ~500kt at 5g/t. Under Manuka’s ownership, open pit mining at Mt Boppy recommenced between 20202021. Over 560kt of ore at approximately 3g/t was mined from the pit and hauled to Wonawinta for processing before a severe weather event caused flooding in the pit, instability in the pit wall and the subsequent cessation of mining activities. Against a backdrop of record gold prices and the Company’s updated Cobar Basin production strategy, Manuka has undertaken an assessment to determine the feasibility of mining Resources grading >4g/t Au beneath the pit floor via a cutback to the open pit. The assessment has been performed to a Pre-Feasibility level and based on processing the mined ore via the Company’s existing CIL Plant located at Wonawinta (Figure 3) together with silver bearing ore mined from open pits at Wonawinta. No assumption has been made regarding the start date of the cutback, with Manuka retaining the flexibility to commence the Mt Boppy cutback project as capital funding or free cash flow from the Wonawinta silver mine allows. Figure 2: High Grade Open Pit Mining at Mt Boppy by Manuka in 2020-2021. 3 Results Summary The results of the Mt Boppy cutback assessment are summarised in Table 2. Table 2: Results of the Mt Boppy cutback assessment. Item Unit Value Waste Mined kt 7,016 Ore Mined kt 291 Measured % 51% Indicated % 49% Mined Grade g/t Au 4.17 Mined Ounces koz 39.1 Recovery % 78% Recovered Ounces koz 30.4 Gold Price A$/oz 5,000 Net Royalty % Revenue 2.5% Selling Cost A/oz Recovered 7.69 Unit Mining Cost A$/t Mined 8.36 Unit Logistics Cost A$/t Hauled 28.10 Unit Processing Cost A$/ore 25.14 Opex Contingency % applied to Opex 10% AISC (incl. pre-strip) A$/oz recovered 2,936 Infrastructure Capital Cost A$M 5.5 Net Cashflow A$M 57.6 NPV8 A$M 43.2 IRR % 64% 4 Figure 3: The existing Wonawinta Processing Plant. Mineral Resource Estimate As part of the cutback assessment, the Mt Boppy Open Pit Resource was re-estimated based on a cut-off grade of 1.0g/t Au. The updated Mt Boppy Open Pit Resource Estimate comprises a total 333kt at 4.12 g/t (Table 3). Further information on the Mineral Resource Estimate can be found in Appendix 1 and 2 of this Announcement. Table 3: Mt Boppy Open Pit Resource (July 2025, 1g/t cut-off) Category Tonnes Grade Ounces Measured 168,890 4.01 21,770 Indicated 164,500 4.24 22,400 Inferred - - - Total 333,390 4.12 44,170 Note: Tonnes and Grade are rounded. Discrepancies in calculated Contained Metal are due to rounding. 5 Pit Design and Mining The Resource model was regularised to a standard selective mining unit of 2.5m x 5.0m x 2.5m. Mining dilution and ore losses were accounted for during the standardisation process, resulting in a 7.8% reduction in gold ounces. A marginal cut-off grade of 1.0g/t based on a A$4,000/oz gold price was used for pit optimisation. Optimisations were run at different gold prices to determine the production target sensitivity to changes in the gold price. There were only minor changes to the production target for gold prices down to A$3,500/oz. The proposed design is a cutback that focusses on the southern and central portions of the existing pit. Overall pit depth increases by 80m, the equivalent of four benches. The pit design has a single 10m access ramp with four passing bays of 16.5m width. Geotechnical parameters including slope angles were adopted assuming that ground conditions that will be experienced are similar to those in the exposed current pit. A number of geotechnical risks have been identified that will need to be either further investigated prior to mining or managed throughout the mining process. There is currently ~500ML of water at the bottom of the current pit from the previous flooding event. This water will need to be pumped out before mining in the cutback can take place. At 83 litres per second there is approximately 2.5 months of pumping required to dewater the pit. Mining will initially target a rate of 4.5Mt per annum whilst mining predominately waste material before tapering off as high grade ore is exposed (Figure 5). Mt Boppy operations first operate two shifts per day for 17 months, with a forecast 90% availability and 80% utilisation. When working room reduces towards the base of the pit, there is eight months of mining on single shifts and utilisation is reduced to 40% and then to 20%, to allow the drill-blast-load-haul cycle to take place in a confined area. The major pieces of equipment scheduled were a CAT 390 80t excavator and CAT 349 50t excavator and six CAT740 38t trucks. The Manuka operating plan is to mine using dry hire equipment in the operation. Quotations have been sourced from local contractors for supply of the mining fleet and fleet maintenance. Manuka will supply the operators and fuel for operations. Ore Haulage to Wonawinta Mined ore will be stockpiled on site at Mt Boppy and then hauled 150km to Wonawinta for processing at a rate of ~13kt per month (Figure 7). A 966 Loader will be required for reclaiming and loading the ore onto haulage trucks. A water cart will be used for dust suppression on site as required. Haulage trucks are typically a B-Double configuration capable of a 55t payload. The trailers will be covered and self-tipping. Ore haulage is based on three trucks operating 6 days per week. Three trips per day are planned for each truck with breaks during the day to ensure the task is performed safely and within current national vehicle (fatigue management) guidelines. Ore haulage drivers would be accommodated at the Wonawinta camp at Manuka’s cost. 6 Figure 4: Cross-Section looking west (Top) and north (Bottom) showing through the Mt Boppy Orebody showing orebody shape and grade versus the existing, optimised and designed pit outlines. 7 7.00 6.00 5.00 4.00 3.00 2.00 Gold Grade g/t Ore tonnes 450,000 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 - 1.00 1 4 7 10 13 Ore Mined t 16 19 22 25 Waste Mined t 28 31 34 Gold Grade g/t % Ore Tonnes Mined Figure 5: Mt Boppy Open Pit Cutback Production Target 100% 80% 60% 40% 20% 0% 1 4 7 10 13 16 19 Measured Tonnes 22 25 28 31 34 Indicated Tonnes 45,000 150,000 125,000 30,000 100,000 75,000 15,000 50,000 25,000 - MIned Ore Stockpile Ore Hauled to Wonawinta (t) Figure 6: Resource Classification of the Production Target 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 Closing ROM Stockpile Ore Hauled to WON Figure 7: Stockpile and Ore Haulage Schedule 8 Metallurgy and Processing Mt Boppy gold ore would be processed in conjunction with the Wonawinta silver ore mine from open pits located at Wonawinta as an incremental part of the feed blend using the upgraded process plant design described in Manuka’s 10-year Cobar Basin Production Plan (ASX Release 30 May 2025) The nameplate design capacity of the proposed new crushing and screening circuit is 180t/hr and can accommodate the expected maximum feed rate of up to 170t/hr. The planned 12,698 t/month of gold ore equates to an incremental milling rate of 19t/hr (assuming 100% mass recovery of Mt Boppy ore through the deslime circuit). With 100t/hr of Wonawinta silver ore this would total 119 t/hr of mill feed. The nameplate capacity of the grinding circuit is 135 t/hr and has previously been run up to 125 t/hr on Mt Boppy gold ore screened to <22mm. Gold will be leached by cyanide and adsorbed onto the activated carbon along with silver. Gold and silver recovered from the carbon by elution will be precipitated using zinc powder and the resultant precipitate filtered and retorted for mercury removal. Overall recoveries between 69-79% have been applied based on grade-recovery curve derived from historic production results when Manuka last processed Mt Boppy Open Pit ore through the Wonawinta processing plant in 2020 – 2021. Infrastructure Infrastructure at the Wonawinta processing plant including the Tailings Storage Facility, water, power, accommodation is outlined in Manuka’s 10-year Cobar Basin Production Plan (ASX Release 30 May 2025). Available infrastructure at Mt Boppy includes grid power, potable water from Cobar, tar road access, and a ~40 person camp with kitchen and ablutions (Figure 8), a 70kL diesel storage facility, an undercover heavy mining equipment workshop area (Figure 9), and mine offices. A capital provision has been made to upgrade the accommodation facilities and an engineered bund to manage the interaction between cutback and the dry tailings impoundment (TSF3) located at the southern end of the Mt Boppy Open Pit. 9 Figure 8: Existing camp facilities located at Mt Boppy Figure 9: Existing mining and diesel power infrastructure at Mt Boppy 10 Environment and Approvals Three mining leases (ML 240, 311 and 1681) issued under the Mining Act 1992 and four Gold Leases (GL 3255, 5836, 5848 and 5898) issued under the Mining Act 1906, are held by Mt Boppy Resources Ltd (a wholly owned subsidiary of Manuka). All permits are current and in good standing. The property on which the Mount Boppy mine is situated on Crown Land. A Native Title Agreement is in place with the traditional owners. The Company notes that no land within the licence area may be classified as sensitive land. No further approvals other than those required under the Mining Act 1992 are required. Mt Boppy operates under Development Consents 2006/LD00015 and 2011/LD-00070Rev1, inclusive of an amended Mining Operations Plan (2020). A compliance review was completed in Dec 2024 on the Mt Boppy Mine. The following approvals are current for the Mt Boppy Gold Mine. • Development Consent 2006/lD00015: issued by Cobar Shire Council (Council). • Development Consent 2011/lD0070: issued by Council and modified in 2015. • Environment Protection Licence (EPL) 20192: issued by the NSW Environment Protection Authority (EPA). • Water Supply Works Approval 85WA752611: issued by the Department of Climate Change, Energy, Environment and Water (DCCEW) for two groundwater bores. • Water Supply Works Approval 85WA753524: issued by DCCEW for groundwater extraction from an open excavation (open cut). • Water Supply Works Approval 85WA753525: issued by DCCEW for watercourse diversion. • Water Access Licence (WAL) 30045: issued by WaterNSW for take of up to 250 units from the Lachlan Fold Belt MDB Groundwater Source. Water quality of the Open Pit water is suitable for stock, and approvals are in hand for pumping out using the mostly dry creek bed adjacent to the Open Pit. Waste rock geochemical characterisation has been undertaken through ICP analyses at ALS Orange of evaluation drilling sampling of the Mt Boppy orebody. The Mineral Resource block model incorporates these analyses. Waste characterisation testing completed to date confirms that a proportion of the waste rock is classified as Potentially Acid Forming (PAF). PAF material will be encountered once mining reaches depths of approximately 50m to 60m below ground level. PAF waste rock material with total sulphur content greater than 1% (~242,148bcm) will be placed either within the existing TSF3 structure or a new separate area demarcated within the Main Waste Dump prior to capping. The remaining PAF material with total sulphur content between 0.3% and 1% (~720,259bcm) will be placed within specially designed sections of the Waste Rock Emplacement. The remaining ~2,500,000bcm of waste rock is considered non-acid forming (NAF). 11 Operating Costs A breakdown of operating costs is outlined in Table 4. The PFS operating cost model was constructed from first principles using an activity-based cost model. A 10% contingency was added to the operating cost estimate. Table 4: Summary of Unit Operating Costs Breakdown Operating Cost Assumptions Value Units Drill and Blast Cost 1.49 A$/t blasted Grade Control 0.90 A$/t ore Fuel Cost 1.22 A$/t mined Fleet Hire 2.11 A$/t mined Tyres / Consumables Cost 0.10 A$/t mined Labour Cost 1.82 A$/t mined Annual Maintenance 0.78 A$/t mined Camp, Site` Admin, Dewatering, Pit Stabilisation, Consultants, Light Vehicles 1.80 A$/t mined Unit Mining Cost 8.36 A$/t mined Road Train Haulage to Wonawinta 0.19 A$/t/km Haulage distance 150 km Unit Logistics Cost 28.10 A$/t ore Ore Crushing at Wonawinta 1.36 A$/t ore Ore Processing at Wonawinta 23.78 A$/t ore Unit Processing Costs 25.14 A$/t ore 1.04 A$/t mined Mining Costs Logistics Processing Costs OPEX Contingency 10% applied on top of all OPEX 12 Capital Costs A breakdown of capital costs is outlined in Table 5. Table 5: Summary of the Capital Cost Capital Cost Assumptions Value Mt Boppy Camp Upgrade A$1.4M Technical Services A$0.6M TSF 3 Bunding A$3.1M Sustaining Capital A$0.8M Contingency (10%) A$0.6M Economic Analysis and Funding Discounted Cashflow analysis was undertaken based on the Production Target and associated production schedule together with the operating and capital costs assumptions outlined above. For the purposes of assessing the economic viability of the Ore Reserve a discount rate of 7.5% and A$ gold price of A$4,000/oz was used. For the purpose of reporting a Project Valuation, a discount rate of 8% and a gold price of A$5,000oz was used. These are the same economic parameters adopted for reporting Manuka’s 10 year Cobar Basin Production Plan. A monthly cashflow and cumulative cashflow chart is provided in Figure 10 and shows a peak funding requirement of ~A$45M including a A$31.5M pre-strip. Manuka retains the flexibility to fund the cutback from free cashflow generated from the processing of silver ore at Wonawinta or via external sources (debt, JV/profit share arrangement). The project is highly leveraged to gold with a +/-25% increase/decrease in gold price resulting in a 76% change in NPV. A 25% increase in mining costs results in a 38% reduction in NPV. 13 $8.0 $80.0 $6.0 $60.0 $4.0 $40.0 $2.0 $20.0 $0.0 $0.0 -$2.0 -$20.0 -$4.0 -$40.0 -$6.0 -$60.0 -$8.0 -$80.0 -$10.0 Cumulative Cashflow (A$M) $100.0 Monthly Cashflow (A$M) $10.0 -$100.0 1 4 7 10 13 16 19 22 25 28 31 34 Months Monthly Cashflow Cumulative Cashflow Figure 10: Monthly and Cumulative cashflow for the Mt Boppy cutback based on a gold price of A$5,000. Ore Reserve Statement Table 6: Mt Boppy Open Pit Ore Reserve Statement (July 2025) Category Tonnes Grade Ounces Proved - - - Probable 290,000 4.2 39,000 Total 290,000 4.2 39,000 Note: Tonnes and Grade are rounded. Discrepancies in calculated Contained Metal are due to rounding. An Ore Reserve estimate of 290 thousand tonnes of Probable ore at an average grade of 4.2 g/t Gold is being declared for the Mt Boppy project as of 18 July 2025 (Table 6). Anthony Stepcich is the Competent Person for the declaration of this Ore Reserve reported in accordance with the JORC Code (2012). In estimating this Ore Reserve Estimate, Anthony Stepcich has relied on the metallurgical processing, infrastructure and tailings work undertaken by Mr Dieter Engelhardt. Mr Engelhardt has signed off as the Competent Person on the metallurgical processing, infrastructure and tailings inputs to this JORC (2012) Ore Reserve Report. Ore Reserves are stated on the basis that ore mined from Mt Boppy will be hauled to and processed at the existing Wonawinta processing plant alongside silver bearing ore mined from open pits located at Wonawinta. 14 Exploration Upside The Mt Boppy deposit is silica dominated with associated veining and brecciation producing a high level hydrothermal system with multiple fluid phases. Current exploration targeting is integrating historic borehole geology and surface/airborne geophysics to fine tune drilling targets. What is evident is that complex thrusting and transpressional structures have emanated north from the closure of the eastern Cobar basin rift shoulder. The coeval and adjacent Florida volcanics (rhyo-dacite intrusives and subaerial felsic volcanic sequence) provide a potential heat and fluid source for development of epigenetic gold deposits displaying some low-sulphur epithermal characteristics. Figure 11: Target areas for future exploration at Mt Boppy, Mt Boppy exploration is currently aiming to test extensions on the basis that: • Mt Boppy is NOT a one-off occurrence; • The Florida volcanics provide a heat and fluid source; • Mt Boppy is one of several en-echelon pods developed within a left lateral shear zone => plunges SSE or SSW at around 30 degrees; • The initial target zones are ~400-500m deep to SSE, and test the relationship with Boppy South (locates on eastern duplex bounding structure); • The drilling will provide orientated core which will aid the understanding of the timing of structure and mineralisation; and • The drilling ultimately will test the enigmatic Western fault structure. 15 This announcement has been approved for release by the Board of Directors of Manuka Resources Limited. For further information contact: Dennis Karp Executive Chairman Manuka Resources Limited Tel. +61 2 72532020 Investor Relations James Moses Mandate Corporate Tel: +61 420 991572 Compliance Statement Information that relates to previously reported Production Targets and Financial Forecasts are from the Company’s ASX announcements noted in the text of this announcement and are available to view on the Company’s website. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant announcement continue to apply and have not materially changed. 16 Appendix 1: Additional Information relating to the updated Mt Boppy Mineral Resource Estimate Background The Mount Boppy Gold Mine is located in New South Wales approximately 50 km east of Cobar at 435130 mE, 6508060 mN (MGA zone 55). Underground mining from 1897 to 1923 extracted material to a maximum depth of about 230 m. Past open pit mining occurred in two phases in 2002-2005 and 2015 down to a maximum depth of 80 m. Manuka Resources Ltd (MKR) commenced mining in mid-2020 and continued until November 2021 to a maximum depth of 110 m. The mineral resource estimate for Mt Boppy was reported in July 2022 (ASX:MKR 29th July 2022), this memo is an update of that resource considering mining activities to November 30th, 2021, and recent gold price movement. MA has depleted the September Resource for mining activities up to the 30th of November 2021 (Mining ceased on the 24th of November 2021). Resources are reported with respect to a new optimised pit shell (Revenue Factor 1.3). Material within the optimised pit shell is reported at a 1.0 g/t cut off. The optimised pit shell propagates down to 105m RL, material below the pit design has not been reported. Geology Gold mineralisation occurs in quartz-sulphide veining hosted in breccias and tension fractures in two main north-striking and steeply west dipping zones: the thicker, more continuous East Lode and narrower, less well-developed West Lode. Lodes are truncated on their west side and at depth by a NNE striking and steeply east-dipping structure known as the West Fault. Historic underground mining was supported with timber and backfilled with tailings sands from processing. Sand fill samples grade between 0.05 g/t Au and 38 g/t Au. Highest grades in remnant (un-mined) material occur proximal to the hanging wall zone of the East Lode above dip flexures and near the intersection with the West Lode. Mineralisation was interpreted at a cut-off of 1 g/t Au and estimated using Ordinary Kriging. Drilling The Project has by 511 drill holes for 32,315m, including 33 diamond holes for 9,015 m of core, the majority of which is available for review. Drilling is dominantly drilled on a 25 x 25 m pattern with RC grade control drilling down to 12.5 x 6m pattern. In addition, 22,579 sampled blast holes are included in the drill hole database. RC and percussion sampling comprises 1 m reverse circulation chip samples, from which 3 kg was pulverised to produce a 50 g charge for fire assay. Diamond core (HQ and NQ) was cut in half over varying interval lengths depending on logged geological units and was crushed and pulverised to produce a 50 g charge for fire assay. 17 Sampling Samples were collected using various methods across four drilling campaigns led by Polymetals (2002–2015), Black Oak Minerals (2015), MAAS (2016), and Manuka Resources (2020–present). Polymetals (PML) sampled diamond core along an orientation line to ensure a uniform side of half core was submitted for assay. Reverse circulation (RC) samples from both PML and Black Oak Minerals (BOK) were split at the rig using cone splitters at 1 m intervals, while Manuka Resources (MKR) employed a 3-tier riffle splitter for RC sampling at 1 m intervals. Blasthole grade control samples were split using a 3-tier riffle splitter for PML and BOK, whereas MKR utilised a quartering method from the cuttings cone. All samples were dried and pulverised to achieve approximately 90% passing a 75 μm screen. Given gold’s fine dissemination and its association with sulphides within quartz veins, the RC sub-sample size was deemed appropriate for accurate assay results. Sample Analysis Reverse circulation (RC) drilling involved collecting 1 m samples, from which approximately 3 kg was split and pulverised. For diamond drilling, the core was halved along intervals defined by geological logging, then crushed and pulverised. Blast hole samples were similarly split down to 3 kg and pulverised. All samples were dried and pulverised to achieve approximately 90% passing a 75 μm screen followed by a 50 g charge for fire assay. Estimation Methodology The geological interpretations are based on drill hole data, and pit mapping. Drill core, RC chip logging and pit mapping has been used to define the main geological units and weathering profile boundaries. Estimation was performed using Surpac 7.4. Statistical analyses were conducted on composite samples from each mineralised domain to determine declustered means, define top cuts, and evaluate spatial variability. Directional variography revealed distinct differences in spatial anisotropy between the northern and southern zones of the deposit, separated by an interpreted northwest-striking cross-structure. Gold grades were interpolated via Ordinary Kriging into a 3D block model comprising parent blocks of 10 m (strike) × 5 m (cross-strike) × 5 m (vertical), approximately half the drill spacing. For improved volume resolution, blocks were sub-celled to 1.25 m × 0.625 m × 0.625 m. Estimation was applied only to parent blocks using two successive passes with an expanded search radius and reduced minimum sample requirement in the second pass. Search ellipses and anisotropy parameters were aligned with variography outcomes, and domain boundaries were treated as hard boundaries. Final estimates were validated through visual comparison of block grades to drillhole data in plan and section, by evaluating alternative estimation approaches and global comparisons between input and output means 18 Classification Resources were classified in accordance with the guidelines of JORC (2012), using a combination of average distance to informing samples, number of informing samples used and kriging statistics (conditional bias slope and kriging variance). The following classification criteria were applied: • Measured: blocks estimated in pass 1 using a distance to the nearest sample of < 10 m, average sample distance of < 20 m and conditional bias slope >0.7 and kriging variance <0.4. • Indicated: blocks estimated in pass 1 using a distance to the nearest sample of 20m, and average sample distance of < 40 m, with a conditional bias slope >0.5, plus all stope fill material • Inferred: remaining blocks estimated with at least six samples, (no inferred occurs with the optimised pit shell) • Unclassified: blocks estimated with less than six samples. Cut Off Grades Cut-off grades were determined in alignment with potential mining and processing methods, with a threshold of 1.0 g/t Au applied to material located within the optimised pit shell at a revenue factor of 1.3. The base case parameters assumed a gold price of $4,000/oz, metallurgical recovery of 75%, and a uniform mining cost of $5.98/t for both ore and waste. Additional cost assumptions included a 3% royalty, a refining cost of $7.78/oz, processing expenses of $55.19/t of ore, and general and administrative (G&A) costs of $37.03/t of ore. Mining Metallurgy and Other Modifying Factors No mining or metallurgy recoveries have been applied to the resource figures. Previous Resource Statement Table A1: Mt Boppy Open Pit Mineral Resource Estimate (July 2022) Ore Type In-ground Hard Rock Resource Classification Cut-off Au g/t kt Au g/t Au Koz Measured 1.6/3.0 107 5.25 18.0 Indicated 1.6/3.0 158 4.86 24.7 265 5.01 42.7 17 3.90 2.1 282 4.94 44.8 M&I Inferred Total Mt Boppy Open Pit 1.6/3.0 Tonnes Grade Gold 19 Updated Mineral Resource Estimate Table A2: Mt Boppy Open Pit Mineral Resource Estimate (July 2025) Category Tonnes Grade Ounces Measured 168,890 4.01 21,770 Indicated 164,500 4.24 22,400 Inferred - - - Total 333,390 4.12 44,170 Note: Tonnes and Grade are rounded. Discrepancies in calculated Contained Metal are due to rounding. Resources were classified in accordance with the guidelines of JORC (2012), using a combination of average distance to informing samples, number of informing samples used and kriging statistics (conditional bias slope and kriging variance). The Mineral Resource remaining at Mt Boppy is classified as Measured and Indicated no inferred is reported from within the optimised pit shell (RF1.3) as presented in Table A2. The mineral resource is depleted to November 30th 2021, using the October 27th pit pick-up and projecting the p