Ann: Equity Raise Presentation, page-10

many things can go wrong and some will probably go wrong. However, SPR is an a unique situation.

How many developers have a tested plant which produced gold for a few years (yes some upgrades are needed), have raised probably close to enough funds to go into production before they have even completed a FS or an FID which is at least 6 months away?

None of this scale that I am aware (POL and DVP are smaller examples). Interested if anyone has examples at this scale (ie 200k+ Oz pa) or equivalent for other metals.

While they may have to raise some debt later maybe in mid to late 2026, the the current risk profile is many times more at DEG, AUC, AAR, etc than for SPR.