Ann: Early Drill Results Confirm Prospectivity at Balladonia, page-21

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From S32 Quarterly report.

DEVELOPMENT AND EXPLORATION UPDATE
We continue to actively reshape our portfolio, progressing our development and greenfield exploration options to
further enhance our exposure to commodities critical to a low-carbon future.
We invested US$256M of growth capital expenditure at our Hermosa project in FY23, achieving significant milestones.
We progressed the feasibility study for the Taylor zinc-lead-silver deposit, confirmed the potential to produce
battery-grade manganese from our Clark deposit, and installed critical path dewatering infrastructure.
During the June 2023 quarter, Hermosa was confirmed by the US Federal Permitting Improvement Steering Council as
the first mining project to be covered by the FAST-41 process, reflecting its status as currently the only advanced project
in the United States with the potential to supply two federally designated critical minerals, zinc and manganese.
Greenfield exploration continues to play a critical role in our approach to embedding growth options in base metals,
with more than 25 options across our partnerships and own properties. We consolidated our position in the highly
prospective San Juan mineral belt in Argentina during FY23, exercising our earn-in right to acquire a 50.1% interest and
operatorship in the Chita Valley copper exploration project16 and acquiring a 9.9% interest in Aldebaran Resources Inc.