Ann: Gold Mining and Processing Update, page-4

Not bad.... good start..

HIGHLIGHTS

Phillips Find

• Toll processing of the second stockpile of ore from the Phillips Find JV with BML (BML Ventures Pty Ltd) completed

• 18,676 dry tonnes of ore at 1.97g/t Au and 95.5% metallurgical recovery delivered 1,132.2oz sold at an average price of $5,140/oz, generating ~$5.8M in revenue to the Phillips Find JV

• First free cashflow distribution from the project achieved, generating ~$1.5M in net cashflow directly to Horizon

• An additional 87,000t of ore will be Toll Treated at the Greenfields Mill in August 2025, including 27,000t of ore from Boorara, to complete the Toll Milling Agreement with FMR

• The remaining 70,000t of ore from Phillips Find will be processed at Focus Minerals Limited’s Three Mile Hill processing plant in September/October 2025 to complete this first phase of mining at Phillips Find

  Boorara

• Significant ore stockpiles, comprising approximately 190,000 tonnes of high-grade and 126,000 tonnes of low-grade

• High-grade stockpiles being prioritised for treatment under the Ore Purchase Agreement (OPA) with Norton Gold Fields to treat at the Paddington Mill for the processing of a total of 1.24Mt of Boorara ore 2

• March 2025 quarter payments received from Paddington included 100% payment from the first stockpile and 50% for the second stockpile, yielding $6.3M in revenue

  June Quarter Revenues

• June 2025 quarter to date, $12.8M in revenue received from Paddington, in addition to $7.5M received from FRM for the treatment of 51,228 dry tonnes at a grade of 0.92g/t Au and metallurgical recovery of 94.71% for 1,439.3oz sold at an average price of $5,195/oz treated at FMR Investments’ Greenfields Mill

Commenting on the mining progress, Managing Director and CEO Mr Grant Haywood said: 3

“We are pleased that our haulage and processing activities are ramping up to crystallise the significant cash we have tied up within our ore stockpiles, with gold production and therefore revenue increasing significantly from the March quarter with both operations starting to build up cash flow.”