Ann: Davyhurst Site Visit Presentation, page-4

Davyhurst is a very different operation with a very different resource profile today to the operation that once impaled Eastern Goldfields who slipped into administration with the project. Then in 2021, Dave Quinlivan-led Ora Banda reached the first gold pour milestone at Davyhurst just six months from when redevelopment site works commenced. Pre-production CAPEX for the development of the Davyhurst mining and processing operation was only A$45 million. It was an impressive team effort to deliver this project into production under the uniquely challenging circumstances of 2020 and 2021. Focus now remains on the continued ramp-up of activity as we progress toward steady state and the ultimate goal of delivering a long-life and sustainable gold operation. According to Ora Banda’s definitive feasibility study, ASIC was f/cast at A$1,578/oz. Project capital payback was estimated at 7 months. Davyhurst has been a tough nut to crack since gold mining and processing operations began at the project in 1997. Ora Banda Mining’s predecessor company, Eastern Goldfields ran into financial troubles at Davyhurst, largely due to arguably mismanagement (who can forget the unpaid protestors outside the Diggers & Dealers Conference a few years back) , as did a couple of the project’s previous owners for separate reasons, resulting in a 25-year-old golden child. It is, however, a very different operation with a very different mine plan and resource base to draw from when compared to previous failures – and the current high gold price doesn’t hurt either