Ann: Paulsens to Generate Strong Returns - Study Update, page-5

Paulsens to Generate Strong ReturnsSIGNIFICANT IMPROVEMENT AND GROWTH OPPORTUNITIES

The May 2024 Study is a subset of an Internal Operating Plan which includes additional mining areas that do not meetrequirements for public release as some Inferred Resources and Exploration Targets are included. The Internal OperatingPlan may provide substantial opportunities that the Company expects to realise once operational. These potentialopportunities includeeveloped, High-Grade Veins: Historically, the focus of mining was within the Main Zone, with the Footwall **bro Zone mostly overlooked. Numerous unmined Footwall **bro Zone veins within existing access drives contain thick, high-grade intercepts as identified by historical and recent wall/face sampling (Figure 3 and Figure 4). Due to limited drilling, most sampled areas are outside of the recently announced Resource of 406koz @ 9.5g/t Au and are not included in the May 2024 Study.

These potential walk-up mining opportunities may contribute additional high-grade feed.High-Grade Stockpile Strategy: The Internal Operating Plan includes selective mining of exposed and unmined,high-grade veins to build a high-grade stockpile for immediate processing once the processing facility is commissioned. This has the potential to increase and accelerate the initial and life of mine cash flow. The high-grade stockpile strategy, while excluded from the May 2024 Study, will commence immediately upon full funding.

By way of example, Figure 4 shows a face sampled at 3.4m @ 75.78g/t Au5 that is not in Resource/production target but which is in the Internal Operating Plan. An estimated Exploration Targets of 400-520kt @ 9-12g/t Au for 100-200koz relating to exposed and unmined, high-grade veins (Table 6) is excluded from the May 2024 Study.