Ann: Drilling Mobilisation commenced at Independence Project, page-6

JBY Investment Update – June 2025

Theme: High-Grade Expansion Confirms Upside at Independence Gold Project (Nevada)

✅ Key Catalysts Delivered

• Exceptional High-Grade Hit: JBRC003 returns 68.6m @ 1.2g/t Au (incl. 6.1m @ 8.6g/t Au), and 13.7m @ 2.5g/t Au (incl. 3.1m @ 8.8g/t Au).

• Mineralisation Extended by 370m: Rebel Trend now confirmed as host to stacked lodes, outside the current MRE.

• Validates Heap-Leach Model: Grades and intercepts compare favourably to Phoenix and Marigold, where AISC remains low despite 0.17–0.36g/t Au mining grades.

Investment Thesis Strengthened

• Supports the “hidden value” view of near-surface oxide mineralisation.

• Increases likelihood of resource re-rating from 1.2Moz to ~2Moz.

• Reinforces takeover potential as NGM oxide supply declines.

⚠️ Risks Still Present

• JBRC001/002 grades modest (0.4–0.5g/t) but in line with heap-leach expectations.

• No metallurgical update yet—recovery and ore type confirmation still key.