Comments from MD McGarry on Lady Ida acquisition

Fellow Shareholders and Interested Parties,

We have attached an announcement made to the ASX late Friday.

Subject to shareholder approval the purchase of Lady Ida will have a significant impact on our Jaurdi Operations.

The purchase via Directors McGarry and Greenhill is necessitated by a Wardens Court action brought against the tenement holder (Ora Banda Mines) in May 2011 by McGarry/Greenhill. This action predates the involvement of McGarry/Greenhill in Beacon.

The resources/reserves on the leases were announced by OBM in August 2022 using gold prices below current levels and that report can be viewed on the OBM web site. We are confident that at current gold prices the viability of these leases will be enhanced utilising our owner/miner model and the proximity of the Jaurdi plant to the Lady Ida tenements.

The mining leases are in good standing now and require limited work/approvals to enable a mine to be developed.

Beacon will now prepare and release a new mine plan by July 2023 which will encompass mining/milling of ores from -

• Lady Ida
• Geko
• MacPhersons Reward
• Black Cat

Mining of Panel 3 at Lost Dog continues as per plan with completion expected in Q3/23.

We have released revised production guidance which reflects higher grades in Panel 3 compared to that mined in Panel 2/4.

Current worldwide banking uncertainty has seen improved gold prices well above our budget this year of $2600aud oz.

Regards

Graham