Ann: Windarra Gold Tailings DFS Highlights Robust Project, page-4

Key Recommendation of DFS

• Consider engaging a Joint Venture (JV) partner to implement the Project who has the demonstrated

engineering design and construction expertise but also the capability to manage the project during the
operations phase. A JV partnership (equity based) project implementation model would minimise
construction contractor mark-ups and incentivise project delivery performance across construction,
schedule, capital cost, operating cost, and also assist to align the key processing KPIs (such as
metallurgical recovery) during operations.

The Company will commence a process to seek opportunities to monetise the Project, in particular divestment
or JV options presented to Poseidon.