60c target

Felix Gold Limited (FXG) - Near term, high grade antimony production

Felix Gold is advancing a dual commodity strategy across antimony (Sb) and gold at its flagship Treasure Creek Project, located in Alaska, USA. The near-term antimony opportunity is the principal focus, with a low capex, small-scale, rapid move into production (early 2026) being targeted by the company. This comes at a time when China (who control >80% of global antimony market) has banned all exports of antimony to the US, resulting in a 3x uplift in antimony prices to +US$60,000/t. With very high grade antimony-gold established at surface and a project located in an established mining district with a supportive US Government, we believe Treasure Creek can be the first domestic source of antimony into the US and benefit from all-time high prices. Whilst resource/reserve and study work will define final development parameters over coming months, we value FXG based on a modest operation from early 2026 producing up to 5ktpa Sb for 3 years (50% risk-weighted), plus a EV/Resource-derived valuation for its 831koz gold resources. From this, we initiate with a BUY rating and A$0.60/sh PT.
The only near-term source of US antimony

• Standout grades a feature: Despite no antimony resource yet being declared, the exceptional grade potential (historic production of 38-58% Sb), supported by recent FXG trenching and multiple drill intercepts up to ~50% Sb underpin a pathway toward a simple, low-cost, small-scale, high grade antimony operation.
• A critical upcoming period: The remainder of 2025 marks a pivotal period where a large volume of technical data is arriving, enabling integration of all workstreams to define the optimal production pathway. This will deliver several key catalysts over coming months including resource definition, mine planning, and economic studies — and ultimately determine the timing of first production (currently targeted for early 2026).

Preliminary assumptions underpin a A$0.60/sh PT

• Our Price Target of A$0.60/sh comprises (i) A$0.40/sh from a small scale antimony operation (5% Sb, 5,000tpa Sb-in-conc for 3 yrs at US$60,000/t Sb price, US$25m capex) & (ii) A$0.20/sh from the 831koz Gold Resource at Treasure Creek, based on average EV/Resource of the ASX Gold Developer peer group of A$120/oz.
• Our grade, cost, capex, and risking assumptions are all conservative – a doubling of valuation is highly plausible.

Key Dates Ahead

• Q ‘25 – Assay results, permitting, metallurgy, early contractor engagement.
• Q ‘25 – resource, mining studies, start construction.
• 1H CY26 – commissioning and ramp-up.