Quarterly Activities Report – June 2025

KEY HIGHLIGHTS:

OPERATIONS

• Record recent production and sales, generating cash proceeds of $35m and net cash from operations of $8.5m
in the June quarter.

• Wiluna expanding operations with the execution of the first Toll Treatment Agreement with Western Gold
Resources.This agreement confirms Wiluna’s emergence as the only large volume processing facility capable of processing
free milling and sulphide ores in the Northern Goldfields region.

• Throughout the June 2025 quarter, Wiluna continued key activities to maintain tailings retreatment operations
and build up its processing of ore produced from the Golden Age Cutback (GAC).

• GAC progressing to plan. Three processing campaigns were successfully completed. The fourth and last
campaign will be completed in the September quarter.

• Wiluna continued and enhanced its program of infrastructure maintenance and critical spares strategy to derisk and support the expansion of its operating capacity.

FINANCIAL

• Cash on hand as of 30 June 2025 was $8.4M (as of 31 March 2025: $0.7M).
• The Company maintained payments of principal and interest to the secured lender throughout the period.
• The OR Royalties International Ltd gold purchase agreement standstill extended to 30 June 2026.
• Convertible notes were extended to 30 June 2026.