Ann: 2023 Annual Report to shareholders, page-2

The key outstanding achievement of the year will not be available by the time this Report is released. TheDefinitive Feasibility Study (DFS) is a major study with many moving parts for what will be one of the largestgold operations builds in the history of gold plants. Let us also acknowledge it is being undertaken in adifficult environment with inflationary pressures coupled by staffing shortages. Under the management andsupport of Glenn Jardine, Rod Smith has led the way with the study. As Study Manager, Rod is a very calmingand knowledgeable presence at Board Meetings where he makes a complex project sound relatively easy.He has been joined by Peter Holmes as Project Director who has previous experiences with large goldconstruction builds and commissioning on behalf of Newmont and Barrick Gold in North America,importantly including pressure oxidation circuits. We are fortunate to have secured such an excellentappointment.

We expect the DFS to be released by the end of the September quarter. Clearly inflationary pressures willsee some adjustments relative to the Pre-Feasibility Study (PFS), but it will be a study of which De Grey andits management and shareholders will be proud