MURCHISON GOLD PROJECT

Western Australia

The Murchison Gold Project (MEK 100%) covers the northern extent of the highly prospective Mount Magnet and Youanmi Shear Zones in the prolific Murchison Gold Fields of Western Australia. The project is located adjacent to several multi-million ounce gold mines and includes 281km² of granted Mining Leases and Exploration Licences. The project hosts a high grade 1.2Moz Mineral Resource with all Mineral Resources located on granted Mining Leases, hence there are minimal impediments to production.

The Company is also progressing through a staged pathway to mine development. The release of the Murchison Gold Project Scoping Study in December 2021 marked the conclusion of the first stage in this process. The Study delivers a robust financial outcome, paying back Project start-up capital and delivering a significant Internal Rate of Return over the life-of-mine. The strong Project fundamentals outlined by the Study provided the Company with the confidence to advance the Project through to Pre-feasibility level while continuing to grow the existing 1.2Moz Mineral Resource. The Pre-feasibility study will be released in the June 2023 half.

The Company’s 2022 drilling targeted extensions to the 685,000 ounce Turnberry deposit and St Anne’s, also within the Fairway shear zone and 3.5km along strike to the south of Turnberry.

Turnberry

Broad zones of gold mineralisation were intersected at shallow depths on the western flank of the Turnberry deposit beyond the existing Mineral Resource. Assay results included:

16m @ 6.67g/t Au from 20m including 4m @ 24.10g/t Au (21TBRC014)
21m @ 2.28g/t Au from 100m including 4m @ 5.14g/t Au (21TBRC013)
29m @ 1.95g/t Au from 32m including 3m @ 5.23g/t Au & 6m @ 4.06g/t Au (21TBRC015)

Drill holes targeting below the 2021 Scoping Study open pit shell intersected thick zones of gold, assays included:

51m @ 1.64g/t Au from 264m including 21m @ 3.44g/t Au (21TBRCDD015)
47m @ 1.30g/t Au from 256m including 17m @ 2.44g/t Au (21TBRCDD010)
17m @ 2.31g/t Au from 283m including 7m @ 4.55g/t Au (21TBRCDD011)
18m @ 4.41g/t Au from 252m including 10m @ 7.26g/t Au and 23m @ 2.52g/t Au from 281m including 10m @ 4.31g/t Au (22TBRCDD009)
16m @ 2.18g/t Au from 301m including 5m @ 4.41g/t Au (21TBRCDD018)
19m @ 2.62g/t Au from 364m including 3m @ 5.46g/t Au (21TBRCDD027)

On the western side of these broad zones of gold mineralisation, also below the planned pit, drilling intersected a high-grade lode, grading up to 62.80g/t Au (21TBRCDD011). Assay results from the high-grade western lode included:

1m @ 28.23g/t Au from 330m including 0.09m @ 190.85g/t Au (22TBRCDD026)
1m @ 15.60g/t Au from 305m (22TBRCDD027)
2m @ 37.08g/t Au from 366m including 1m @ 62.80g/t Au (21TBRCDD011)

TBRCDD026 showing nuggety visible gold within chlorite-pyrite altered dolerite (1m @ 28.23g/t Au from 330m including 0.09m @ 190.85g/t Au).

Turnberry long section showing new assay results, drill hole pierce points and position of cross sections

Shallow aircore drilling intersected broad zones of high-grade gold outside the Mineral Resource on the Western Flank of Turnberry, results include: o 32m @ 3.09g/t Au from 32m including 20m @ 4.53g/t Au (22TBAC011)

12m @ 3.80g/t Au from 52m including 4m @ 10.70g/t Au (22TBAC015)
48m @ 0.91g/t Au from 12m including 24m @ 1.37g/t Au (22TBAC010)
8m @ 1.77g/t Au from 48m including 4m @ 3.18g/t Au (22TBAC020)

In August 2022, the Company released assays for seven diamond drill holes targeting a zone 250m-350m below surface at Turnberry central, below the base of the 2021 Scoping Study open pit shell, returned both high-grades and broad mineralised zones.

Assays confirm the high-grade nature of the western lode where drilling intersected visible gold:

1m @ 28.23g/t Au from 330m incl. 0.09m @ 190.85g/t Au (22TBRCDD026)
1m @ 15.60g/t Au from 305m (22TBRCDD027)

These follow previously released results from the western lode, located 150m to the north, where visible gold was also observed:

2m @ 37.08g/t Au from 366m including 1m @ 62.80g/t Au (21TBRCDD011)
2m @ 11.53g/t Au from 348m (21TBRCDD010)

Additionally, new assays continue to show the broad zones of gold at Turnberry central extend at depth, results included:

18m @ 4.41g/t Au from 252m including 10m @ 7.26g/t Au and 23m @ 2.52g/t Au from 281m including 10m @ 4.31g/t Au (22TBRCDD009)
19m @ 2.62g/t Au from 364m including 3m @ 5.46g/t Au (21TBRCDD027)
16m @ 2.18g/t Au from 301m including 5m @ 4.41g/t Au (21TBRCDD018)

These new results are located along strike to the south of previously reported main lode intersections, including:

51m @ 1.64g/t Au from 264m including 21m @ 3.44g/t Au (21TBRCDD015)
47m @ 1.30g/t Au from 256m including 17m @ 2.44g/t Au (21TBRCDD010)
17m @ 2.31g/t Au from 283m including 7m @ 4.55g/t Au (21TBRCDD011)

Cross section 7087525N (Turnberry central) showing new assay results.

St Anne’s

Drilling at St Anne’s has intersected broad zones of high grade gold and quartz veining on a geological contact between felsic volcaniclastics and mafic rocks, the Driver lode. The mineralisation is predominantly hosted by the mafic unit within a broad, sub-vertical north-south trending shear zone. Assay results included:

20m @ 20.74g/t Au from 48m including 16m @ 24.86g/t Au (22SAAC061)
32m @ 16.07g/t Au from 48m including 16m @ 28.59g/t Au (22SAAC058)
24m @ 4.81g/t Au from 68m including 4m @ 20.30g/t Au (21SARC002)
24m @ 4.73g/t Au from 52m including 8m @ 11.78g/t Au (22SAAC100)
36m @ 3.61g/t Au from 44m including 8m @ 11.07g/t Au (22SAAC083)
32m @ 2.20g/t Au from 48m including 20m @ 3.31g/t Au (22SAAC009)
32m @ 2.03g/t Au from 44m including 16m @ 3.59g/t Au (22SAAC018)
28m @ 1.47g/t Au from 28m including 8m @ 3.46g/t Au (22SAAC005)
36m @ 1.02g/t Au from 24m including 8m @ 2.35g/t Au (21SARC004)

In November, the Company announced a high-grade intercept in RC drilling ~100m below the oxide intersections in 22SAAC058 and 22SAAC061 (above) of:

4m @ 87.50g/t Au from 172m (22SARC005)

This program also intersected mineralisation 100m to the east of the Driver Lode in a new zone called the ‘Wood Lode’, with high-grade results including:

16m @ 3.48g/t Au from 48m including 8m @ 6.17g/t Au (22SAAC165)
12m @ 2.48g/t Au from 76m including 8m @ 3.55g/t Au (22SAAC164)
12m @ 1.38g/t Au from 88m including 4m @ 2.27g/t Au (22SAAC128)

Mining Studies

In December 2021, the Company released its Murchison Gold Project Scoping Study. The Study delivers a robust financial outcome, paying back start-up capital and delivering a significant internal rate of return over the life-of-mine. The strong project fundamentals provided the Company with confidence to advance to pre-feasibility level while continuing to grow the 1.2Moz Mineral Resource base.

Key Scoping Study outcomes include (all in Australian dollars):

Pre-tax undiscounted free cash flow of $182M (post-tax $131M) at $2,400/oz gold price
NPV5% of $124M
IRR of 46%
EBITDA of $457M
Average gold production of ~50,000oz per annum
Total mine production of 4.9Mt @ 2.8g/t Au for 443,000oz
AISC of $1,655/oz
8 year life of mine
72% of gold production is sourced from Measured and Indicated Resources (Inferred 28%)

Forward Strategy

The Company’s strategy in relation to the Murchison Gold Project is to rapidly expand the Mineral Resources through drilling while concurrently completing studies to advance to a development ready state for the project.

Mineral Resource growth will focus on near mine targets identified through geophysics and in drilling areas that have not received sufficient follow-up. Key target areas include shallow, high-grade gold mineralisation at St Anne’s, which is not yet included in the Mineral Resource estimate, extensions to the 685,000 ounce Turnberry deposit and a number of compelling geophysical targets within the 7km long Fairway shear zone along strike from Turnberry.

Concurrently with Mineral Resource growth, the Company is working to complete a Pre-feasibility study in the June 2023 half and subsequently a Definitive Feasibility Study. This staged study process will facilitate a decision to mine and finalisation of funding options.