Ann: Significant Increase in Ore Reserves, page-2

Overview:

• Reserve Expansion: Major ore reserve upgrade at both Jericho and Eloise projects
• Production Outlook: Supports expansion to 1.1Mtpa capacity and ~20,000tpa copper production (FY27 target)
• Strategic Value: Higher grades & contained metal boost future project economics

Highlights:

Jericho Deposit

• 6.1M tonnes @ 1.8% Cu & 0.4g/t Au
• Contained Metal: 108,000t Cu& 70,900oz Au
• Growth: +77% Cu, +92% Au
• Open at depth = strong exploration upside

Eloise Deposit

• 2.8M tonnes @ 2.3% Cu & 0.6g/t Au
• Contained Metal: 65,200t Cu & 56,500oz Au
• Growth: +12% Cu, +20% Au
• Open along strike, suggesting further potential

Combo:

• Total: 9.0M tonnes @ 1.9% Cu & 0.4g/t Au
• Aggregate Contained: 173,200t Cu & 127,400oz Au

Valuation & Strategic Impact:

• Higher NPV: Increased ore reserves and high grades boost projected cash flows
• De-Risked Investment: 82% Probable Reserves reduce uncertainty & lower project risk < lowering the discount rate
• further potential: Open mineralisation signals further reserve conversion opportunities

Final thoughts....

The reserve upgradematerially strengthens our asset value and future production profile which isamplified by the increased copper/gold value.

Currently holding close to 800t, and will continue to do so until the SP matches the value being generated by A1M.

Cheers,
Childish