Ann: Van Uden Gold Project MRE Conversion (Amended), page-20

First lets just recap on who Wesfarmers are. There would barely be an Australian that doesn't know at least one of Bunnings, Target or Kmart. These are core strategic assets of Wesfarmers. Some gold assets acquired when buying the Mt Holland lithium operation in a JV with SQM are IMO both non-strategic and potentially something Wesfarmers would be happy to release, if they got what they considered fair value for the asset. Its not however quite that simple.

There are two sets of ownership structures. The first is most likely not for sale and this is when Wesfarmers via either its 100% owned subsidiary Montague Resources Australia or its 100% owned subsidiary MH Gold Pty is the owner in conjunction with SQM. These assets are close to or contain the Mt Holland Lithium mine with the potential to be containing lithium or being used as part of the infrastructure area supporting that mine (The Minedex satellite picture is old). I wouldn't expect these ex Mt Holland gold project deposits to be available for purchase:

• Twinings Group of Earl Grey and Jasman (128k oz @ 1.1g/t) on M77/1080
• Victory (15k oz @ 1.2g/t) on M77/1066
• Bounty Open pit (137kt @ 1.6g/t) on M77/1066
• Bounty UG (246kt @ 3.6g/t) on M77/1066

The second set of tenements are owned purely by Montague Resources Australia so they don't have the complication of joint ownership with SQM. Because I don't see Wesfarmers considering gold deposits strategic, they are for sale but only at a price Wesfarmers considers acceptable. Wesfarmers are not a stressed seller and are under no pressure to sell. The three deposits that are under Montague only ownership are:

• Blue Vein (373k oz @ 2.39g/t with a 2.0g/t cut-off or 208k oz at 6.7g/t with a 3g/t cut-off) on M77/1065
• Razorback (10k oz @ 1.13g/t with a 0.5g/t cut-off on M77/1067
• Bushpig (28k oz @ 1.16g/t with a 0.5g/t cut-off on M77/1068

These mining leases all have December 2025 expiry dates. I'm unsure how many have been extended in the past. Its unlikely but this may trigger some activity near December.

Blue Vein is an UG operation with perhaps some cut-back open pit potential. Razorback and bushpig are currently open pit extensions and I don't know if they have had depth drilling to confirm UG potential. With Montague having done a deal with TG6, the inside running on a future acquisition would be TG6 but Wesfarmers would probably prefer cash rather than script as a sale option that complicates things unless Van Uden starts generating a lot of cash fairly quickly.