Ann: Trading Halt, page-23

Investment highlights King of the Hills (KOTH) project construction complete
• KOTH project completed within budget of A$226m, under fixed price contracts, with first gold 5 June 2022.

KOTH mining ramp up in September Quarter
• Production tonnes below plan (Fig 1). Open pit & underground ramp up delayed by COVID. Additional crews in place since August to accelerate mining. Commercial production expected in December quarter.
• Grades in September quarter below plan with higher grades expected for remainder of FY23 (Fig 2).
• Existing Darlot underground mine delivered expected tonnes and grade.

KOTH processing ramp up in September Quarter
• KOTH expected to produce 26k – 27k oz in September quarter.
• KOTH process plant has had sustained periods at design throughput rates (softer oxide feed).
• Unplanned downtime in the crushing circuit in August reduced availability and mill throughput rates.
• In September, SAG mill is adjusting to a harder rock blend, transitioning from oxide from stockpiles and open pit. KOTH process plant throughput expansion to ~5.5Mtpa in FY24
KOTH geology well understood, open in all directions (Fig3) – ore body is in contact zone of substantial Granodiorite intrusion (4km long x 2km wide) Significant upside potential
• KOTH open pit mine plan extends to 2037 (Fig 4).
• KOTH 5 yr underground mine plan is only constrained by drilling (Fig 5).
• Numerous surface targets.