Ann: Pre-Feasibility Study Summary Report, page-3

• Toll Milling Projectis on track to start operations by1 November 2025. Key steps from May to November 2025 include regulatory approvals, contract finalisation, procurement, team training, and operational start-up.

  • June 2025:Final RFQs for mining/haulage, mining model decision, contract execution, and EIA amendment.

  • July-September 2025:Approvals, contract miner/trucking mobilisation, operator training, and start of drill/blast activities.

  • October 2025:Mining and ore trucking begin.

  • November 2025:Toll milling operations commence.

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      Full-Scale Hualilan Project:Technical/economic studies underway for a future on-site processing facility, aiming for long-term value and flexibility.

      • Completed: Geotechnical program for pit/infrastructure design.

      • Ongoing: Metallurgical, hydrogeology, and hydrology studies.

      • Whittle Consultingengaged for Enterprise Optimisation to find the best mining/processing scenario.

      • Current site design allows for easy future expansion and avoids sterilising resources.

    
    

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