Announcement PDF ASX Announcement 10 July 2025 ASX: MKR Further Information to 26 June 2025 Announcement Financing Update on the Cobar Basin Silver & Gold Production Strategy Manuka Resources Limited (ASX: MKR) (Manuka or the Company) refers to the announcement titled “Financing Update on the Cobar Basin Silver & Gold Production Strategy” dated and released on 26 June 2025 (26 June Announcement). The 26 June Announcement references an increase in the NPV of the Cobar Basin Production Plan to A$153m. The enclosed Announcement includes updated forecast financial information in support of the increased NPV because of the Company revising the commodity price assumptions upwards. Other than the revised commodity price assumptions referred to above and in the 26 June Announcement, the Company confirms that it is not aware of any new information or data that materially affects the information included in the 26 June Announcement and that all material assumptions and technical parameters underpinning the estimates contained in the 26 June Announcement continue to apply and there have been no material changes. The Company also notes, the cross reference to foot note 3 in the 26 June Announcement referred to the 29 May 2025 as the release date of the Updated Cobar Basin Production Plan; the Company wishes to clarify the release date was the 30 May 2025. Manuka’s Executive Chairman is responsible for this Clarification Announcement and has provided his approval for release. For further information contact: Dennis Karp Executive Chairman Tel. +61 2 7253 2020 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 ASX Announcement 10 July 2025 ASX: MKR Further Information on Financing Update on the Cobar Basin Silver & Gold Production Strategy Announcement Originally Released 26 June 2025 Highlights • Independent Technical Due Diligence and Legal Due Diligence completed and provided to prospective Financiers. • Terms Sheets received from multiple parties for the refinancing of existing debt and funding of the Wonawinta Silver Mine restart. • Silver and Gold prices remain strong with current spot prices increasing the NPV of the Cobar Basin Production Plan to A$153M1. • Manuka is currently assessing the feasibility of a cut-back of the Mt Boppy open pit (Mineral Resource of 0.4Mt at 4.23g/t Au for 53.5koz Gold)2 to augment and add significant value to the Cobar Basin Production Plan. Manuka Resources Limited (ASX: MKR), (Manuka or the Company) is pleased to provide an update on progress of the Company’s Cobar Basin silver and gold production strategy and the restart of the existing 1Mtpa Wonawinta processing plant. Background Manuka recently released on 30 May 2025 a 10-year production plan based on its 100% owned silver and gold assets located in the prolific Cobar Basin 3. The plan comprises the mining and processing of 10.7Mt containing 19.2Moz of silver plus gold credits (Table 1). The Production Target is underpinned by 61% Reserves. The capital expenditure required to bring the Wonawinta processing plant back into production in Q1 2026 is estimated to be A$18.9M. That production plan was modelled using a silver price of A$50/oz and a gold price of $5,000/oz over the life of the project. For purposes of comparison alternative commodity prices were used in the cashflow model as disclosed on 26 June 2025. No changes to the physical parameters or operating cost structure of the project were made or deemed appropriate and all of the project information disclosed on 30 May 2025 remains current with no revision or restatement required. This revised modelling was done to determine project sensitivities to varied factors; in this case the revenue line by adjusting silver and gold prices. Natural resource projects operate in a world of fluctuating commodity prices impacted by external price benchmarks and are regularly modelled under a range of revenue assumptions that do not require changes to cost structure or physical parameters. The ASX announcement of 30 May 2025 disclosed financial sensitivities of the project to changes in individual parameters including gold and silver prices at page 13. Table 1 1 Cobar Basin Study used pricing of A$50/oz Ag and A$5,000/oz Au, current spot price ~A$56/oz Ag and A$5,125/oz Au 2 ASX Release 25 August 2023 3 ASX Release 30 May 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 below displays the difference in project NPV and IRR from changes in just the commodity price assumption Table 4 further below details the annual financial flows over the life of the project as a result of these new commodity price assumption and differs from Table 7 of the 30 May 2025 release on ASX. Table 1: Comparison of project economics resulting from increase in spot prices 26 June 2025 30 May 2025 $A56/oz – silver $50/oz – silver $A5,125/oz - gold $A5,000 - gold Average EBITDA pa A$29M A$22M IRR 173% 109% NPV A$153M A$101M Commodity prices Financing Progress The Company advises that it is in discussion with financiers to provide funding to refinance existing debt and bring the Wonawinta processing plant back into production. Prospective financiers have been provided with independent technical and legal due diligence reports to support their preparation of terms. To date, terms sheets have been received from multiple parties by the Company and are under consideration. The Company aims to reach binding terms on a financing facility early in the third quarter. The Company further advises that the security shares held by GAM Company Pty Ltd4 have been purchased by existing shareholder and prominent investor Antanas Guoga. The associated convertible notes have been extinguished. Mt Boppy Gold Mine – Open Pit Cut Back The Mt Boppy Gold Mine is located 50km east of Cobar and 151km by road to the Wonawinta processing plant. The Mt Boppy Gold Mine comprises an existing open pit with a Resources of 0.4Mt at 4.23g/t Au and a collection of mineralised rock dumps and tailings totaling 2.2Mt at 0.84g/t Au (Table 2). Approximately 0.2Mt from the rock dumps and tailings (less than10%) is included in the Cobar Basin production plan. Historically one of New South Wales richest gold mines, Mt Boppy is estimated to have produced ~500,000 ounces of gold at ~15g/t Au. The existing open pit was last mined by Manuka in 2021 when ore grading >4g/t Au was extracted and hauled to Wonawinta for processing. Production was halted after a severe weather event caused flooding in the pit and instability in the pit wall. 4 ASX Release 29 November 2024 Page 2 The Company is currently undertaking a re-optimisation and reassessment of open pit designs to determine the feasibility of recovering approximately 53.5koz of gold contained in the existing In Ground Resource. The In Ground Resource remains open at depth and along strike and is prospective for mineralisation of the tenor historical mined at Mt Boppy. The Company aims to report on the result of the re-optimisation and reassessment of Mt Boppy Gold Mine open pit cut back during the upcoming quarter. MKR Executive Chairman commented: “Following the release of our updated Cobar Basin production plan, we have moved rapidly to enter into productive discussions with a number of prospective funders for our development strategy. With technical and legal due diligence reports now complete we are confident of securing a financing facility in the upcoming quarter and bringing Wonawinta back into production in the new year. In parallel, we are progressing a study on a cut-back at the Mt Boppy Gold Mine. With an in-situ gold grade of over 4g/t, the open pit cut back opportunity presents as a potentially high margin gold operation that will augment, and add significant value to, our Cobar Basin production plan. We look forward to providing further updates to the market on our financing progress and Cobar Basin production strategy in the near future, along with our plans for the reoptimisation of the Mt Boppy Gold Project.” 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 7253 2020 Investor Relations James Moses Mandate Corporate Tel: +61 420 991572 Page 3 Table 2: Cobar Basin Production Target Tonnes (Mt) 0.2 Waste (Mt) - Ag (g/t) - Ag (Moz) 0.0 Au (g/t) 1.1 Au (koz) 7.3 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 - - Total 10.7 42.7 56 19.0 0.02 7.7 Tonnes Grade Gold Source Mt Boppy Stockpiles Note: Tonnes and Grade are rounded. Discrepancies in calculated Contained Metal are due to rounding. Table 3 - Mt Boppy Global Resource by Ore Type 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 44.8 110 2.39 8.5 Mt Boppy South Pit Shell 110 2.39 8.5 In-Ground Resource 392 4.23 53.5 M&I Inferred Total Mt Boppy Open Pit Inferred Sub-Total Rock Dumps 1.6/3.0 1.00 Indicated 0.25 867 0.46 12.8 Inferred 0.25 154 0.39 1.9 1,021 0.45 14.7 Total Rock Dumps Tailings Indicated 0.25 410 1.08 14.2 Inferred 0.25 706 1.25 28.3 1,116 1.19 42.5 Total Tailings Stockpiles Sub-Total Total Indicated 0.00 85 1.11 3.0 Inferred 0.00 - - - Total Stockpiles 85 1.11 3.0 Rock Dump, Tails, Stockpiles 2,222 0.84 60.2 Measured 107 5.25 18.0 Indicated 1,520 1.06 51.7 Total M & I 1,627 1.33 69.7 Inferred 987 1.29 40.8 Total Resource 2,614 1.32 110.5 Note: Tonnes and Grade are rounded. Discrepancies in calculated Contained Metal is due to rounding Page 4 Figure 1: High Grade Open Pit Mining at Mt Boppy by Manuka in 2020-2021. Figure 2: Long section of the Mt Boppy Open pit looking east. Compliance Statement Information that relates to previously reported Mineral Resource Estimates. 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. Page 5 ASX Announcement 10 July 2025 ASX: MKR Table 4 – Annual Summary of Mine Plan - Financials Production Year Payable Silver Payable Gold Unit koz koz Silver Price Gold Price A$/oz A$/oz Net Silver Revenue Net Gold Revenue Govt. Royalties Total Net Revenue Mining Processing G&A + Logistics Mt Boppy Costs EBITDA Preproduction Capx Sustaining Capex Net Project Cashflow NPV IRR A$M A$M A$M A$M A$M A$M A$M A$M A$M A$M A$M A$M A$M % AISC A$/oz Total 13,184 5.8 735.0 30.0 (19.3) 745.7 (181.8) (201.2) (59.7) (12.8) 290.2 (16.4) (35.2) 238.5 152.8 173% 35.3 0 - 1 1,246 3.3 2 1,246 2.6 3 1,570 4 1,520 5 1,346 6 1,396 7 1,221 8 1,496 9 1,471 10 672 56 5,125 56 5,125 56 5,125 56 5,125 56 5,125 56 5,125 56 5,125 56 5,125 56 5,125 56 5,125 56 5,125 (1.2) (1.4) (2.6) (16.4) (18.9) 69.5 16.7 (2.2) 84.0 (20.1) (21.1) (6.0) (6.1) 30.7 (4.7) 26.0 69.5 13.3 (2.1) 80.7 (25.6) (21.8) (6.0) (6.7) 20.6 (3.3) 17.3 87.5 (2.4) 85.1 (23.0) (21.6) (6.2) 34.3 (2.2) 32.1 84.8 (2.3) 82.4 (17.8) (21.2) (6.2) 37.2 (2.2) 35.0 75.0 (1.9) 73.1 (22.2) (21.3) (6.3) 23.3 (4.4) 18.9 77.8 (2.0) 75.8 (23.3) (21.3) (6.3) 24.9 (4.8) 20.1 68.1 (1.6) 66.5 (22.6) (20.7) (6.3) 16.9 (5.3) 11.6 83.4 (2.1) 81.3 (16.8) (21.2) (6.3) 37.0 (4.0) 33.1 82.0 (1.9) 80.1 (10.3) (21.1) (6.2) 42.5 (3.5) 39.0 37.4 (0.8) 36.6 (8.7) (2.5) 25.4 (0.8) 24.5 - 31.8 41.1 35.8 32.2 42.3 40.7 46.5 33.6 29.2 20.2 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 Financial Assumptions • Spot prices for silver (A$56/oz) and gold (A$5,125/oz) have been used for the base case financial evaluation. • A refining charge of A$0.25 per recovered ounce has been applied to both silver and gold based on typical commercial terms. • A 4% Government Royalty net of allowable deductions including refining costs, processing costs and depreciation has been applied. • The model has been prepared on a real, pre-tax, pre-finance basis. It is noted however that the Company has an accumulated tax loss position of approximately A$70M available to offset against future profits Wonawinta Operating Costs Mining • Mining is scheduled to commence in April 2026. Mining will be undertaken on a day and night shift roster except for periods in Production Year 3-4 and Production Years 8-10 where only a dayshift will be employed. • The Company will initially adopt a dry hire model before transitioning to an owneroperator model from half-way through Production Year three. • A total Mining Cost of A$3.43/t mined (A$7.00/BCM) includes mining administration, grade control, drill & blast (where applicable) load & haul, fleet maintenance, dayworks provision and fleet financing costs (from Year 3) and is based predominately on recent quotes from contractors and financiers Processing • Processing is scheduled to commence in January 2026 with commissioning to be performed using Wonawinta ROM Stockpiles. • Processing Costs of A$1.28/t ROM feed plus A$25.02/t ore milled have been developed via a bottom-up approach based on recent quotes and data from the most recent processing campaign undertaken by Manuka in 2023. G&A & Logistics • G&A Costs of approximately A$500K per month include Site Administration and Camp costs and are based on recent quotes and data from the most recent processing campaign undertaken by Manuka in 2023. • A logistic provision of A$5.8k per load of concentrate has been made with an average of one trip per week (4-5 per month) anticipated. Page 7 Mount Boppy Operating Costs • An operating cost estimate for reclaiming, screening (where applicable) and hauling ore at Mt Boppy has been derived from previous operating experience at Mt Boppy and Wonawinta and updated with recent quotes and estimates. • Site Supervision and Overhead A$15.9K per month • Truck Loading = A$20.3K per month • Screening Costs = A$11.3/t screened • Haulage Costs = A$24.4/t hauled • Processing Costs = A$27.74/t ore Capital Costs A summary of the Project Capital Costs is shown in Table 8. Table 8: Capital Cost Budget (A$’000) Item Pre-Production During Operations Total Plant Upgrades 10,511 20 10,531 Plant Refurbishment 1,810 710 2,520 Camp & Admin 153 1,498 1,651 Restocking Warehouse & Lab 462 492 955 Reagent First Fills 962 - 962 Tailings Dam Lifts 1,000 29,410 30,410 3,115 3,115 Sustaining Capex 10% Contingency 1,490 1,490 Capital Costs 16,388 35,245 51,634 Staff Ramp-Up 2,552 - 2,552 Total Pre-Production Cost 18,940 35,315 54,186 Major Capital Items include: • A$10.5M for the supply and installation of a Deslime Circuit including a modular primary crusher, wet and dry screen, log-washer, cyclones, secondary modular cone crusher dewatering thickener, conveyors. • A$30.4M Life of Mine provision for 9 periodic tailings dam lifts to accommodate the 10.7Mt of ROM tails to be generated over Mine Plan. • A provision of A$420K per annum has been made for sustaining capital from Production Year 3. A 10% Contingency has been applied to all pre-production capital costs. Page 8 Value Enhancement Opportunities • Strategic Opportunities in the Cobar Basin: Operating a processing facility within the Cobar Basin positions Manuka to unlock strategic value. The plant’s capacity to treat precious metal ores presents opportunities to monetise and potentially support nearby stranded assets that lack sufficient scale to justify standalone processing infrastructure. • Gold Credit from Wonawinta Silver Ore: As previously noted, Manuka has been generating a modest but meaningful gold credit while processing stockpiles of Wonawinta silver ore. If gold continues to be recovered consistently throughout the life of mine, it could deliver a materially positive impact on both project cashflows and overall valuation. • Continued Haulage of Mt Boppy Gold Ore: The current Mine Plan incorporates 0.2Mt of gold ore stockpiles from Mt Boppy—a small fraction of the broader 2.2Mt Resource of mineralised rock dumps, tailings, and stockpiles at the site. Ongoing identification of high-grade zones within these materials offers the potential to further increase gold ore feed and enhance cashflow generation. • Further Resource-to-Reserve Conversion: The current Mine Plan utilises 10.4Mt of ore—approximately 25% of the total defined in-ground and stockpiled Resources at Wonawinta. Additional drilling and sampling could enable the conversion of further Resources into Reserves, thereby extending mine life and strengthening project economics. • Mining Fleet Optimisation: As procurement discussions with mining contractors advance, there is scope to reassess and refine equipment requirements and associated costs. These negotiations offer the potential to reduce unit mining costs and improve operating margins. Implementation Schedule The Company is targeting financial close on the refinance facility and a Final Investment Decision in Q3 2025. The Company aims to be in production by January 2026. Table 9: Indicative Implementation Schedule Jun May Apr Mar Feb Jan Dec 2026 Nov Oct Sep Aug Workstream Jul 2025 Final Investment Decision Re-establish Camp Re-establish Offices, Stores & Workshop Refurbish, Modify & Processing Plant Commission Process Plant Page 9 Steady State Production Construct TSF Lift 3 First Shipment of Silver Concentrate Mobilise Mining Mining Commencement Additional Information • Appendix A – Summary of the Project Implementation Plan • Appendix B – Wonawinta In-ground Reserve Update • Appendix C – Wonawinta Stockpiles Reserve and Mineral Resource Estimate • Appendix D – Mt Boppy Rock Dumps, Tailings and Stockpiles Reserve • Appendix E – Mt Boppy Rock Dumps, Tailings and Stockpiles Mineral Resource Estimate • Appendix F – JORC Table 1 Page 10 Compliance Statements Information relating to in-ground Mineral Resources Estimate for the Wonawinta Silver Mine is extracted from the announcement titled “43% Increase in Measured & Indicated Resources at Wonawinta Silver Project” dated 1 April 2021 and available to view on the Company’s website. The Company is not aware of any new information or data that materially affects the information used to compile the Mineral Resource and all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The information in this announcement that relates to Ore Reserves is based on, and fairly represents, information and supporting documentation prepared by Anthony Stepcich, Director / Principal Mining Engineer, Maximus Mining Pty Ltd who is a Member of the Australasian Institute of Mining and Metallurgy (Membership No. 110954) and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken 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” (the JORC Code). Mr Stepcich consents to the inclusion in this report of the matters based on their information in the form and context in which it appears and consents to the release of the Report and this Consent by the Directors of Manuka Resources Limited. In estimating this Ore Reserve, Anthony Stepcich has relied on the metallurgical processing, infrastructure and tailings work undertaken by Mr Dieter Engelhardt. The information in this announcement that relates to Ore Reserves and specifically Mineral Processing, Infrastructure and Tailings is based on, and fairly represents, information and supporting documentation prepared by Dieter Engelhardt, who is a full-time employee of Manuka Resources Limited. Mr Engelhardt is a Member of the Australasian Institute of Mining and Metallurgy (Membership No.108249) and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken 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” (the JORC Code). Mr Engelhardt consents to the inclusion in this report of the matters based on their Information in the form and context in which it appears The information in this report that relates to Wonawinta ROM Stockpile Resources and Reserves is based on, and fairly represents, information and supporting documentation prepared by Mr Philip Bentley, who is a Certified Professional by The South African Council for Natural Sciences (SACNASP # 400208/05 ) and is the Chief Geologist employed by Manuka Resources Ltd. Mr Bentley has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity 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 Bentley consents to the inclusion in the statement of the matters based on his information in the form and context in which it appears. The information in this report that relates to Mt Boppy Rock Dump, Tailings and Stockpile Resources & Reserves is based on, and fairly represents, information and supporting documentation prepared by Mr Philip Bentley, who is a Certified Professional by The South African Council for Natural Sciences (SACNASP # 400208/05 ) and is the Chief Geologist employed by Manuka Resources Ltd. Mr Bentley has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity 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 Bentley consents to the inclusion in the statement of the matters based on his information in the form and context in which it appears Information relating to the in-ground Mineral Resources Estimate for the Mt Boppy Gold Mine is extracted from the announcements titled ‘Mineral Resource Update - Mt Boppy Gold Project amended” dated 16 April 2024 and “360% increase in Mt Boppy Total Gold Resources, 80% increase in ‘Measured and Indicated” dated 24 August 2023 available to view on the Company’s website. The Company is not aware of any new information or data that materially affects the information used to compile the Mineral Resource and all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. Page 11 Appendix A: Project Implementation Plan Location and Access Wonawinta and Mt Boppy are located 100km south and 50km east respectively of Cobar in central New South Wales (Figure A1). Access to Cobar from the major regional centre of Dubbo is via 300km of State highways. Access to Wonawinta from Cobar is via 70km of sealed highway and 30km of shire and private unsealed roads. Access to Mt Boppy is via sealed highway and local sealed road. The distance by road between Mt Boppy and Wonawinta is approximately 150km via Cobar. Figure A1: Location of and access to Wonawinta and Mt Boppy relative to Cobar Page 12 Project Tenure The granted tenements held by Manuka Resources and its wholly owned subsidiary Mt Boppy Resources Pty Ltd that comprise the Project Implementation Plan and Mine Plan are listed in Table A1. Table A1: Mining Leases comprising the Mine Plan ID Holder Area Grant Date Expiry Date ML1659 Manuka Resources Limited 923.8 Ha 23-11-2011 23-11-2032 EL7345 Manuka Resources Limited 59 Units 25-05-2009 25-05-2028 MPL240 Mt Boppy Resources Pty Ltd 17.8 Ha 17-01-1986 12-12-2033 ML1681 Mt Boppy Resources Pty Ltd 188.1 Ha 12-12-2012 12-12-2033 ML311 Mt Boppy Resources Pty Ltd 10.12 Ha 08-12-1976 12-12-2033 GL5848 Mt Boppy Resources Pty Ltd 8.63 Ha 15-02-1968 15-06-2033 GL5898 Mt Boppy Resources Pty Ltd 7.51 Ha 21-06-1972 12-12-2033 GL3255 Mt Boppy Resources Pty Ltd 8.28 Ha 20-05-1926 20-05-2033 GL5836 Mt Boppy Resources Pty Ltd 6.05 Ha 15-06-1965 15-06-2033 Wonawinta Manuka is the 100% owner of the Western Lands Lease (pastoral lease) on which the Project Mining lease and Mineral Resource is situated. To date, there are no option agreements or joint venture terms in place for the Project nor are there commercial obligations on ground covered by tenure comprising Wonawinta. No compensation agreements are in place for the Project. Mt Boppy The property on which the Mount Boppy mine situated is Crown Land. A Native Title Agreement is in place with the traditional owners over a mining lease on the western edge (not withing the current project area). The Company notes that no land within the licence area may be classified as sensitive land and the site has been subject to over 100 years of intermittent mining activity. No further approvals other than those required under the Mining Act 1992 are required for current operations. Site Layout Recent aerial images of the Wonawinta and Mt Boppy Project areas labelled with key features are shown in Figure A2 and A3. Page 13 Figure A2: Existing layout of Wonawinta Page 14 Figure A3: Existing layout of Mt Boppy Page 15 Mineral Resource Estimates & Ore Reserves Wonawinta The Wonawinta Mineral Resource Estimate comprises: • a 38.3Mt of in-ground Resource with a grade of 41.3g/t Ag and 0.54% Pb; and • a stockpile Resource of 0.2Mt with a grade of 60g/t Ag and 0.07g/t Au. The Mineral Resource Estimate for Wonawinta was previously released to the ASX on 1 April 2021 The in-ground Mineral Resource Estimate remains unchanged. The Wonawinta stockpile Mineral Resource Estimate has been updated. The basis for the update is outlined in Appendix C of this announcement. The Wonawinta Ore Reserve comprises: • a 6.2Mt of in-ground Reserve with a grade of 56.4g/t Ag; and • a stockpile Reserve of 0.2Mt with a grade of 60g/t Ag and 0.07g/t Au. The in-ground Reserve for Wonawinta updates that which was previously released to the ASX on 29 October 2024. The basis for update is outlined in this Appendix A and Appendix B of this announcement. The ROM Stockpile Reserve for Wonawinta is a maiden Reserve. The basis for this Reserve is outlined in Appendix A and Appendix C of this announcement. Mt Boppy The Mt Boppy Mineral Resource Estimate comprises: • 0.4Mt in-ground Resource at 4.23g/t Au; and • A Rock Dump, Tailings and Stockpile Resource of 2.2Mt at 0.84g/t Au. The Mt Boppy Mineral Resource Estimate was previously released to the ASX on 16 April 2024. The in-ground Mineral Resource Estimate remains unchanged. The Rock Dump, Tailings and Stockpile portion of the Mt Boppy Mineral Resource Estimate has been updated. The basis for the update is outlined in Appendix E of this announcement. The Mt Boppy Ore Reserve comprises: • A Rock Dump, Tailings and Stockpile 0.2Mt at 1.1g/t Au. The Rock Dump, Tailings and Stockpile Reserve for Mt Boppy is a maiden Reserve. The basis for these is outlined in Appendix A and Appendix D of this announcement. Page 16 Metallurgy Eleven different ore lithologies observed within the Wonawinta Resource have been grouped into five categories - Oxidised Clays, Fresh Clays, Oxidised Limestone, Fresh Limestone and Fresh Granite. These groups have been further assigned a metallurgical classification of either Clay, Semi-Competent and Competent (Table A2). Table A2: Lithology description for Wonawinta Ox. State Met. Class Lithology Sandstone SST S rich (sulphates?) Fe rich fine grained brown sandstone only found in one hole in Bimble in middle of iron rich clay Dolomitic and Limestone Clays DOLCLY + LSTCLY High Ca, brown to dk grey clay, well weathered occurring just above, or occasionally within dolomite or limestone CLY-L Occurs at the top of drill holes, below soil and silcrete, white, cream, light pink, light grey, light brow, light yellow etc., low in Fe, Ca and S, except for odd gypsum layer which usually has no silver Ferricrete FECR Found below or within Fe rich clays, and adjoining limestone. Hard, shades of red or brown with highest Fe on site and low Ca. Can be high Mn (pyrolusite). Granite OXGRT Low Ca, S and Fe, medium sized quartz grains occurring at base of drill hole in one hole in Belah Oxidised Dolomite and Limestone OX DOL + LST Dark Clays CLYC Fresh Dolomite and Limestone FRSH DOL + LST Mudstone MDST Granite FRGRT SemiCompetent CLYFE Highly variable in colour with varying amounts of weathering, Fe, S and quartz-carbonate alteration. Found at base of drill holes with high Ca. Also known as saprolite (totally oxidised) or saprock (partially oxidised). Clay Iron Rich Clays Red, brown, orange with high Fe, low Ca, variable S. Can contain significant proportion of h