Announcement PDF 22 July 2026 Gum Creek Open Pit DFS Confirms Pathway for WA’s Next Major Gold Mine Development Horizon Gold Limited (ASX: HRN) (‘Horizon’ or ‘the Company’) is pleased to announce the Definitive Feasibility Study (‘DFS’ or ‘Study’) of its 100% owned Gum Creek Gold Project (‘Project’) in Western Australia. The Open Pit DFS confirms Gum Creek's potential to become Western Australia’s next major gold project development, underpinned by low operating costs, a high-margin production profile and strong growth potential from extensive underground mining opportunities and sulphide ore deposits which currently sit outside the DFS scope. HIGHLIGHTS  Average annual gold production target of 98kozpa over the first five years and 880koz produced over a 10 year mine life, with first gold scheduled for H2 2028  Pre-production capital cost of A$350m, including mine development, process plant and associated infrastructure (incl. contingency and commissioning)  Pre-tax free cash flow of A$1,854m, NPV5 of A$1,307m and IRR of 53.1%, based on a gold price of A$5,500/oz, delivering a payback of 23 months from first production  Strong margins, with an All-in Sustaining Cost (AISC) of A$2,995/oz  Approvals process on track for a Final Investment Decision (FID) in Q2 2027  Significant upside to grow production and extend mine life by bringing free-milling underground ore and sulphide deposits into the mine plan ________________________________________________________________________________ The Study is based on free-milling open pit mining delivering a robust Production Target containing 962koz of mined gold (880koz recovered), underpinned predominantly by a maiden Ore Reserve Estimate of 18.2 Mt at 1.24 g/t Au for 728koz contained gold. Cautionary Statement The Production Target (and forecast financial information derived from the Production Target) referred to in this announcement is underpinned by 76% Probable Ore Reserve ounces, 18% Indicated Resource ounces and 6% Inferred Resources ounces. The first 5 years 2 of the Production Target is underpinned by approximately 97% Probable Ore Reserve ounces, and approximately 3% Inferred Mineral Resource ounces. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the Production Target itself (or the forecast financial information) will be realised. The Company believes it has a reasonable basis to disclose a production target that includes some Inferred Mineral Resources, as the Inferred Resources are not a determining factor in the viability of the Project. Importantly, the feasibility of the development scenario outlined in the DFS does not hinge on the current Inferred Mineral Resources. Also, the Inferred Mineral Resources do not feature as a significant proportion early in the mine plan. To achieve the range of outcomes anticipated in the DFS, an estimated A$350m of initial capital will be required. The Company believes the assumptions made are reasonable to enable it to obtain the requisite funding required to develop the Project. Reference should also be made to other disclaimers included in this announcement. Investors should note that there is no certainty that Horizon will be able to raise that amount of funding when needed (nor any certainty as to the form such capital raising may take, such as equity, debt, hybrid and/or other capital raising, nor whether the production target, financial forecasts or other forward-looking information in this announcement may be achieved). It is also possible that such funding may only be available on terms that may be dilutive to or otherwise affect the value of Horizon’s existing shares. Managing Director and CEO Scott Williamson said: "The completion of this Definitive Feasibility Study is a defining milestone for Horizon Gold, confirming Gum Creek as a robust, simple and technically de-risked development project ready to advance quickly toward a Final Investment Decision. Gum Creek is one of the most advanced undeveloped gold projects in Western Australia, and this study underpins a clear pathway to production in 2028. We're proud of the work our team has put into this DFS, and we look forward to progressing towards FID in Q2 2027 as we advance Gum Creek towards production and continue our exciting exploration across the belt." Overview The DFS, which was undertaken by an integrated Horizon and MineScope Services project delivery team, provides a comprehensive estimate of production, capital and operating costs and a detailed schedule for the engineering, procurement, construction, commissioning and ramp-up of a 2.4Mtpa gold mining and processing facility at the Gum Creek Gold Project. It has assessed the technical, financial and environmental viability of the Project, which delivers a Production Target of 25.1Mt at 1.19 g/t Au for 962koz which is predominantly underpinned by a maiden Ore Reserve of 18.2Mt at 1.24 g/t Au for 728koz of contained gold reported in accordance with the 2012 edition of Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012). It is anticipated the Project will deliver an average gold production of 88koz per annum over an initial 10-year mine life, peaking at 114koz per annum in year two, and delivering a total of 880koz gold recovered over the Life of Mine (LOM) with an AISC of A$2,995/oz. 3 The DFS confirms that mining and processing at Gum Creek is technically, economically, and environmentally viable at an average rate of 2.4Mtpa with supporting infrastructure. A summary of key Project results and financial metrics is shown in Table 1. Table 1: Key Project Results and Financial Metrics Next Steps Based on the compelling DFS outcomes, the Horizon Board has endorsed the DFS and intends to proceed with a number of Project activities including:  Upgrade the existing camp to its previous capacity (>100 persons)  Completion of the Project approvals pathway aimed at allowing FID in Q2 2027  Progress detailed engineering and design Key Financial Indicator Unit A$5,500/oz (Base Case) Life of Mine (LOM) Years 10.0 Ore Mined (LOM) Mt 25.1 Strip Ratio (LOM) x 9.6 Gold Produced (LOM) koz 880.1 Mill Throughput (Average) Mt / year 2.4 Average Feed Grade (LOM) g/t 1.19 Plant Recovery (LOM) % 91.5 Gold Produced (Average) koz / year 88.0 Gold Sales Revenue (LOM) A$m 4,841 EBITDA (LOM) A$m 2,268 Free Cash Flow - Pre-tax (LOM) A$m 1,854 NPV5 (Pre-tax) A$m 1,307 IRR (Pre-tax) % 53.1 Payback (Pre-tax) Months 23 NPV5 (Post-tax) A$m 894 IRR (Post-tax) % 41.7 Pre-production Capital A$m 350 All-in Sustaining Cost (LOM) A$/oz 2,995 4  Early contractor involvement (ECI) with Engineering, Procurement, and Construction (EPC) contractors;  Accelerate owner’s team appointments;  Advance major supply tenders; and  Progress activities to support the Project execution schedule. Working closely with its financial advisor, the Company will seek to arrange appropriate project finance for the Project. The production target profile and attractive financial outcomes of the DFS are expected to support project financing interest and capacity. The Company will consider a Final Investment Decision (FID) in parallel with Project financing and regulatory approvals. Plant construction activities are expected to commence at Gum Creek in Q4 2027 subject to receipt of required environmental approvals and the completion of Project implementation activities, which will significantly de-risk construction. Based on an estimated 12-month construction period, first gold at Gum Creek is expected in H2 2028. Mineral Resources, Maiden Ore Reserve and Life of Mine Production Target A summary of the Mineral Resources1 , Maiden Ore Reserve and Life of Mine Production Target used as the basis for the DFS is outlined in Table 2. Table 2. Mineral Resources, Maiden Ore Reserve and Production Target 1 Refer to Horizon Gold Ltd ASX announcement titled “Gum Creek Project Gold Resource Update” dated 4 November 2025 Classification Cut-off (g/t)1 Tonnes (Mt) Grade (g/t) Au Metal (koz) Mineral Resources Indicated Various 26.7 1.90 1,629 Inferred Various 11.3 1.86 672 Total Various 38.0 1.89 2,301 Open Pit Ore Reserves Probable Various 18.2 1.24 728 Total Various 18.2 1.24 728 Open Pit Production Target Indicated Various 23.2 1.21 905 Inferred Various 1.9 0.94 57 Total Various 25.1 1.19 962 5 Explanatory Notes: 1. Mineral Resources reported are inclusive of Open Pit Ore Reserves 2. The Mineral Resources and Ore Reserve estimate underpinning the Production Target in this announcement have been prepared by competent persons in accordance with the requirements of the JORC Code (2012); 3. Tonnes are reported as million tonnes (Mt) and rounded to the nearest 100,000; grade reported in grams per tonne (g/t) rounded to the nearest tenth; gold (Au) ounces are reported as thousands rounded to the nearest 1,000; 4. The total LOM Production Target is underpinned by 18% Indicated Resource ounces, 6% Inferred Resource ounces, and the remaining 76% is underpinned by Probable Ore Reserves; 5. Mineral Resources are reported at a 0.4 g/t Au to 0.8 g/t Au lower cut-off for Open Pit and 1.5 g/t Au for Underground and are inclusive of Ore Reserves; 6. Ore Reserves are reported using a A$4,500 gold price basis for cut-off grade calculations; and 7. Refer to Definitive Feasibility Study – Executive Summary, Appendix 2 – JORC Table 1 Section 3 for individual deposit cutoffs. Ore Reserve Estimate The maiden Open Pit Ore Reserve Estimate for the Gum Creek Gold Project as at 22 July 2026 is 18.2 Mt at 1.24 g/t Au for 728,400 oz of contained gold, all classified as Probable, across the seven open pit “Priority” deposits set out below. The Ore Reserve was estimated by Auralia Mining Consulting Pty Ltd and is reported in accordance with the JORC Code (2012). The November 2025 Mineral Resource Estimate of 37.97 Mt at 1.89 g/t Au for 2.30 Moz2 is reported inclusive of the Ore Reserve. A summary of the Maiden Open Pit Ore Reserve presented in Table 3. Table 3. Maiden Open Pit Ore Reserve Note: Figures have been rounded. 2 Refer to Horizon Gold Ltd ASX announcement titled “Gum Creek Project Gold Resource Update” dated 4 November 2025 Open Pit Deposit Classification Ore Tonnes (Mt) Grade (g/t) Au Metal (koz) Eagle Probable 0.8 0.99 25 Hawk Probable 0.7 1.07 25 Howards Probable 5.8 0.99 186 Hyperno-Reliance Probable 0.3 1.23 12 Kingfisher Probable 1.5 1.51 71 Swan/Swift Probable 8.6 1.42 392 Wedge Probable 0.5 1.04 18 Total Probable 18.2 1.24 728 6 Figure 1. Feasibility Study mineral resources (labelled blue for Priority deposits & grey for other deposits) & exploration targets over geology. 7 Figure 2. Gidgee Shear Zone – 3D view of Main Gidgee Mining Area looking down to the northeast showing DFS pit designs (blue), existing haul roads (red) and MRE block models (coloured by Au g/t) 8 Processing The processing plant has been designed to process 2.4Mtpa of gold ore from multiple open pit deposits at a combined LOM gold feed grade of 1.19 g/t Au. The DFS process design incorporates conventional three stage crushing, single stage ball milling, gravity gold recovery, Carbon in Leach (CIL), elution and smelting with the following metrics:  Total Gold Recovery: 91.5%  Gravity Gold Recovery: 29.8%  Bond Ball Work Index: 18.3 KWh/t  Grinding Size P80: 75 µm The plant includes the following major equipment areas:  Primary jaw crusher;  Secondary and tertiary cone crushers;  Crushed ore screening;  Milling;  Cyclone classification;  Gravity separation and concentration, and intensive leaching of gravity concentrate;  Leaching and adsorption of cyclone overflow;  Elution circuit and carbon regeneration; and  Services and reagents. Future expandability has been incorporated into the plant’s design to allow: Crushing circuit to process 3.0Mtpa, by installing larger model primary and secondary crushers; and Milling circuit to process 3.0Mtpa by reserving the ground footprint for a future second mill, and additional leach and adsorption tanks. A larger hydro cyclone cluster has also been selected with spare outlets for future use. Capital Costs The Study estimates pre-production capital expenditure at A$350m, including mine development (incl. minimal pre-strip required at Howards), construction of a process plant and associated infrastructure, plant commissioning costs and a A$30m contingency. An additional A$63m of sustaining capital is expected to be incurred across the remainder of the Project’s life of mine. 9 The pre-production period is defined as the period up to the completion of the process plant commissioning phase and all costs incurred during this period are classified as pre-production capital. A breakdown of the pre-production capital, sustaining capital and contingency estimates is shown in Table 4: Capital Cost Estimate. Table 4: Capital Cost Estimate Operating Costs Operating costs have been estimated using a build-up on a ‘first principles’ basis for contracted mining costs (on the LOM plan), processing, operating and general administration costs. Operating costs incurred during the pre-production phase have been capitalised. CAPITAL COST ESTIMATE A$M Pre-Production (Incl Contingency) Mining 13.3 Process Plant 159.0 Non-Process Infrastructure 114.1 Owner's Costs 30.1 Commissioning 3.5 Contingency 30.4 Total 350.4 Sustaining Mining 4.5 Non-Process Infrastructure 58.4 Total 62.9 10 Project Operating Costs by area and All-in Sustaining Cost (AISC) is summarised in Table 5 below. Table 5: Summary of Operating Costs and AISC Figure 3 shows the AISC and the production target ounces mined per year and the breakdown of the JORC Code (2012) estimate categories underpinning the production target. Figure 3. Annual Ounces Mined and AISC OPEX SUMMARY A$M A$/t Milled A$/oz Sold Mining 1,509 60.21 1,715 Processing 642 25.62 730 G&A 227 9.05 258 C1 Cash Cost 2,379 94.89 2,702 Royalties 195 7.76 221 Sustaining Capex 63 2.51 71 All-in Sustaining Cost (AISC) 2,636 105.16 2,995 11 Figure 4 shows the annual mine schedule by source and grade. Figure 4. Mining Schedule by Source & Grade Financial Analysis The financial analysis was completed using a financial model that calculated all mining, processing and G&A costs based on the Production Target physicals, and financial metrics such as pre and post-tax revenues, net present values (‘NPV’) and internal rates of return (‘IRR’). The analysis has been conducted using a selected gold price of A$5,500/oz. The Project delivers total pre-tax free cash flows of A$1,854m, pre-tax NPV5 of A$1,307m and IRR of 53.1%, and post-tax NPV5 of A$894m and IRR of 41.7%. 12 Figure 5 shows the pre-tax undiscounted cash flows on an annual basis. Figure 5. Annual Project Cashflows (Pre-tax undiscounted) Sensitivity Analysis NPV5 sensitivities for gold price, grade, operating costs, grade, metallurgical recoveries and capital costs at relevant ranges on a pre-tax basis are shown in Figure 6. Figure 6. Project NPV Sensitivity Analysis 13 Key financial outputs applying a range of gold prices are shown in Table 6. Table 6. Scenario Analysis – Gold Price Assumptions Environmental and Approvals Environmental baseline studies have been conducted to identify the key environmental and heritage risks for the Project, as well as to support environmental approval applications for Project development. There are currently no Native Title Claim Applications over the “Priority” deposit areas, however an ethnographic survey was conducted in November 2025 with Senior Aboriginal Heritage Consultants (Wati) of the determined Tarlka Matuwa Piarku Aboriginal Corporation, who all have documented ‘connections to country’ and to the Project area. The Wati supported mining and gave their approval to explore and mine in the “Priority” deposit areas. The Project has an approved Mining Proposal to recommence mining. This includes the operation of the existing processing plant, tailings storage facility and support facilities. It includes an associated native vegetation clearing permit, which authorises the clearing of 100 ha within an application area of 2,023.2 ha. While historical approvals remain valid indefinitely, for future mining a variation or expansion will require a new Mining Development and Closure Proposal (MDCP) and associated works approvals and clearing permits. The approvals pathway for recommencement of mining will be confirmed by the results of the remaining surveys, the final mine plans, community and regulatory stakeholder engagement. Base Case Key Financial Indicator Unit A$4,000/oz A$4,500/oz A$5,000/oz A$5,500/oz A$6,000/oz A$6,500/oz A$7,000/oz NPV5 (Pre-tax) A$m 335 659 983 1,307 1,631 1,955 2,279 IRR (Pre-tax) % 19.5 31.4 42.5 53.1 63.4 73.4 83.1 Payback (Pre-tax) Years 4.17 3.42 2.50 1.92 1.67 1.50 1.42 LOM Free Cash Flow (Pre-tax) A$m 569 998 1,426 1,854 2,283 2,711 3,139 NPV5 (Post-tax) A$m 210 440 667 894 1,121 1,347 1,574 IRR (Post-tax) % 15.1 24.7 33.5 41.7 49.7 57.3 64.8 Payback (Post-tax) Years 4.58 3.75 3.00 2.33 2.00 1.75 1.58 LOM Free Cash Flow (Post-tax) A$m 395 698 998 1,298 1,598 1,898 2,197 14 Project Funding In July 2026, Horizon appointed leading independent financial advisory group, Orimco Pty Ltd, to advise on project financing for the Project. Formal engagement with Australian and international financial institutions will commence shortly after the release of the Study. The Company has formed the view that there is a reasonable basis to believe that the funding required for the development of the Project will be available as and when required. This view is based on the strong technical and financial outcomes of the DFS, the robust global debt and equity appetite for high-quality gold development projects, the Project’s location, the experience of the Company’s Board and management team and its track record of equity raising. Investors should note that there is no certainty that the Company will be able to raise the necessary amount of funding when needed (nor any certainty as to the form such capital raising may take, such as equity, debt, hybrid and/or other capital raising). It is also possible that such funding may only be available on terms that may be dilutive to or otherwise affect the value of the Company’s existing shares. Project Development Schedule This Study demonstrates that there are strong grounds to conclude that the Project has the potential to become a commercially viable stand-alone gold mining operation. Accordingly, the Board of Horizon Gold Ltd has approved the progression of the Project into the Execution Phase, advancing it towards a Final Investment Decision (FID) in Q2 2027. The key objectives to support the Execution Phase are outlined in the forward work plan below (noting that there is no guarantee these will be achieved): a. Safety - Deliver the project with zero fatalities and zero serious injuries. Achieve LTIFR at or below 1.0 and TRIFR at or below 6.0 across all Works Packages throughout the Execution Phase. b. Environment - Complete all remaining biological surveys by Q1 2027, submission and obtain regulatory approvals for the DFS by Q2 2027. Complete all required heritage surveys prior to ground disturbance and meet all rehabilitation obligations progressively throughout the Execution Phase. c. Key Appointments - Onboard a Project Director , Commercial Manager, Engineering Manager and Approvals Manager during Q4 2026 and establish the full Owner’s Team to the level required to lead Process Plant EPC procurement by Q2 2027. 15 d. Accommodation Village – Commence accommodation village early works program in Q3 2026 including site survey, geotechnical investigation, concept design and development approval for the new village prior to construction in Q2 2027. e. Site Early Works – Commencement of site early works in Q1 2027 to upgrade the existing village with additional rooms and services, construction of new site roads and upgrade to existing roads. f. Engineering - Engage the Process Plant EPC contractor by Q2 2027 and progress detail engineering to a level sufficient to support the Definitive Estimate and commence long-lead equipment procurement on schedule. g. Equipment and Material Procurement - Commitment to procure all long lead items in Q2 2027, including, but not limited to, the ball mill, power generators and switch gear, and deliver the items in accordance with the construction schedule. h. Contract Formation and Execution - Award all major Works Package contracts through a competitive and documented tender process. Ensure all contracts include appropriate risk allocation, performance requirements, and safety and environmental obligations. i. Construction, Commissioning, and Handover - Achieve EPC contractor site mobilisation by Q4 2027, commence process plant commissioning in Q4 2028, and achieve a successful handover to the Operations team in Q4 2028. j. Deliver the project within the approved scope, schedule, and budget. 16 Figure 7 provides a high-level schedule of the major activities undertaken during the project Execution Phase. Figure 7: Schedule of the major activities proposed to be undertaken during the project execution phase (noting that timing may vary) Opportunities Several opportunities to further strengthen the Project have been identified, and include; Sulphide gold inventory The DFS is based on mining and processing free-milling ore only. Separate from that case, the current Mineral Resource Estimate includes 9.3 Mt of sulphide mineralisation grading 2.3 g/t Au for 698,000 oz of contained gold3 . This part of the mineral resource estimate includes the permitted Wilsons Underground deposit, which hosts 2.9 Mt at 4.31 g/t Au for 400 koz3 . Studies are ongoing to assess the economic potential of this material and to evaluate refractory gold processing options that, if successful, could unlock additional value in future stages of the project (although no forecast is made of whether they will be successful). Free milling underground mining Infill drilling is underway at Kingfisher aimed at converting inferred resources at depth to indicated status, supporting a clearer path toward future underground development. The deposit already has underground infrastructure left by previous owners, which materially reduces the capital required to restart mining underground. Similar opportunity exists at Swan and Omega, where extensive underground development is already in place and could support mining of higher-grade zones at depth with lower upfront capital than a greenfield underground start. 3 Refer to Horizon Gold Ltd ASX announcement titled “Gum Creek Project Gold Resource Update” dated 4 November 2025 17 Current underground (free milling) Mineral Resources include:  Swan Underground: 1.73 Mt at 4.19 g/t Au for 233,700 oz4  Swift Underground: 848 kt at 2.52 g/t Au for 68,800 oz4  Kingfisher Underground: 1.04 Mt at 3.38 g/t Au for 113,500 oz4 These extensive Underground Resources are being assessed to identify whether they may offer a capital-efficient route to access higher-grade material lifting the production profile and extending production beyond the current 10-year LOM open pit base case, subject to the outcome of economic analysis. Early site works Substantial infrastructure remains on site from previous mining operations, giving Gum Creek a clear head start on development. This creates an immediate opportunity to begin early site works in already approved areas, ahead of full project construction. Key early works include:  Extension of the existing village – Expanding current accommodation capacity so a larger workforce can be housed on site as activity ramps up.  Early field work for the new accommodation village – Completing surveys, site preparation and related groundwork so the permanent village can be built efficiently when required.  Upgrades to existing site roads – Improving access and haul routes to support safe, reliable movement of people, equipment and materials as operations expand. By advancing these works early, Horizon can reduce schedule risk, improve readiness for construction and first production, and make full use of the infrastructure and approvals already in place. Mining approvals & early production pathways The Project’s approved Mining Proposal and associated clearing permit, valid until 2029, reduce the time and cost of moving into operations and opens a clear pathway to consider low-capital early production. With these permits already in place, Horizon can potentially pursue options that do not require building a full process plant before first gold:  Toll-processing – Mine ore from approved ore sources and haul it to a third- party plant, generating cash flow while deferring major plant capital. 4 Refer to Horizon Gold Ltd ASX announcement titled “Gum Creek Project Gold Resource Update” dated 4 November 2025 18  Joint-venture or partnership – Partner with an established producer to share risk, access processing capacity or funding, and accelerate first production. Either route supports a faster, lower-risk start, leveraging existing site infrastructure and the broader approvals process to create optionality for early cash flow ahead of full-scale development. Built-in expandability to 3.0Mtpa The process plant has been designed with expandability to a nominal throughput of 3.0Mtpa. This future-proofs the facility for the development of numerous deposits within the Gum Creek tenure, allowing capacity to be increased if additional ore sources are brought online (although no forecast is made of whether this will occur, and this is not a production target). Building this flexibility in from the outset means the plant can scale efficiently without a full redesign, supporting the aspiration of longer-term growth across the project. Ore Reserve Estimate – Summary of Material Assumptions The following is provided in accordance with ASX Listing Rule 5.9.1 and contains a fair and balanced summary of the information material to understanding the maiden Ore Reserve Estimate for the Gum Creek Gold Project reported in this announcement. It summarises the separate report prepared in accordance with ASX Listing Rule 5.9.2, being the JORC Code (2012) Table 1 disclosure (Sections 1 to 4) appended to this announcement, which should be read in full in conjunction with this summary. Material Assumptions and Outcomes from the Feasibility Study The Ore Reserve is based on a DFS completed to a Feasibility Study level under the JORC Code (2012), which determined that a mine plan for the Project is technically achievable and economically viable after consideration of all material Modifying Factors. The DFS is based on conventional open pit mining of free-milling ore from seven “Priority” deposits, processed through a new 2.4Mtpa gravity and carbon-in- leach (CIL) plant. Key economic assumptions include a gold price of A$4,500/oz for pit optimisation and cut-off grade determination (selected as the expected long-term floor price at the time of the optimisation work), a gold price of A$5,500/oz for cash flow modelling, a discount rate of 5% per annum, and a Western Australian state royalty of 2.5% of product revenue. Capital and operating cost estimates were developed on a ‘first principles’ basis, with pre-production capital estimated at A$350m (including a A$30m contingency) and a life-of-mine All-in Sustaining Cost of A$2,995/oz. On these assumptions, the DFS outcomes include average gold production of 88,000 oz per annum over an initial 10-year mine life, pre-tax free cash flow of A$1,854m, a pre-tax NPV5 of A$1,307m and a pre-tax IRR of 53.1%. Sensitivity analysis was undertaken across gold price, grade, metallurgical recovery, operating and capital costs and discount rate. The Project remains most sensitive to gold price. 19 Criteria Used for Classification The Ore Reserve is classified entirely as Probable and is derived solely from Indicated Mineral Resources within the pit designs for the seven “Priority” deposits. No Measured Mineral Resources were available for conversion and no Proved Ore Reserves are reported. Inferred Mineral Resources were treated as waste in the pit optimisations and pit designs, and were excluded from the Ore Reserve. No Ore Reserves were estimated for the non-priority deposits. The Competent Person considers the confidence in the Modifying Factors applied, and the resulting classification, to be appropriate for this style of deposit. Anthony Keers from Auralia Mining Consulting Pty Ltd completed an internal review of the Ore Reserve estimate. Mining Method and Mining Assumptions Mining will be by conventional open pit methods using drill and blast followed by excavator and truck load-and-haul, staged across multiple pits and cutbacks to reduce the pre-stripping period. Pit optimisations were completed using Whittle software on the supplied Mineral Resource models, followed by detailed pit design and scheduling. Geotechnical studies support overall wall angles of 38° to 51°, varying by deposit and weathering profile, with benches up to 20 m high, batter angles of 50° to 70° and berms of 5 m to 7 m. Mining recovery of between 94.5% and 99.5% and mining dilution of between 8.4% and 23.0%, derived from a minimum selective mining unit of 2.5 m x 2.5 m x 2.5 m, were applied to the production schedule and Ore Reserve, with rounded values applied in the optimisations. Processing Method and Processing Assumptions Ore will be processed through a new 2.4Mtpa plant comprising three-stage crushing, single-stage ball milling, gravity gold recovery and intensive leaching of gravity concentrate, carbon-in-leach cyanidation, elution and smelting to produce gold doré. These are conventional, well-tested processes appropriate to the free-milling, non- refractory