Earnings release
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ASX RELEASE. BEACON MINERALS LIMITED ACN 119 611 559 144 Vivian Street, Boulder WA 6432 | Phone +61 8 9093 2477 | enquiries@beaconminerals.com.au 30 July 2026 June 2026 Quarterly Report Highlights Operations • Gold production for the quarter was 5,241 ounces at a cash operating cost of A$5,448/oz • Mill throughput of 235,602 dry tonnes • ROM ore stockpiles of 660,000 tonnes (containing 15,150 ounces) • September 2026 quarter production guidance is 5,000 to 6,000 ounces Financial • Quarterly gold sales of 4,701 ounces at an average sale price of $6,371/oz • Sale receipts of $29.95 million for the quarter • Cash on hand as at 30 June 2026 was $20.69 million • Quarterly cash costs of A$4,673/oz (excludes royalties and stock adjustments) • Fuel price increase added $470 to the June quarter cost per ounce compared to the previous quarter • Quarterly capital expenditure of A$ 5.74 million (includes resource definition, exploration, capital works and plant and equipment purchases, less financing). • Quarterly corporate expenditure of A$8.60 million (includes hire purchase and income tax) Corporate • Beacon continues its gold retention strategy with: o Gold held at Perth Mint of 4,824 ounces as at 30 June 2026 o At gold spot price of $5,785/oz on 29 July 2026 valued gold at Perth Mint at A$27.91 million o Gold in transit of 390 ounces as at 30 June 2026 o At a gold spot price of $ 5,785/oz on 29 July 2026 valued June gold in transit at A$2.25 million o Value of total gold held at Perth Mint and in transit at 30 June 2026 when valued on 29 July 2026 is $30.16 million • 3,537,934 Listed Options exercised during the quarter, raising $4.24 million
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ASX RELEASE. Page 2 of 13 • A fully franked cash dividend of $0.10 per fully paid ordinary Beacon share held on the record date which was paid to Beacon shareholders on 21 July 2026 • A special fully franked dividend by way of an in -specie distribution to eligible Beacon shareholders of 36,000,000 fully paid ordinary shares in Forrestania Resources Limited (ASX:FRS) to be distributed on 14 August 2026 • After the quarter end 1,444,489 Listed Options were exercised raising a further $1.73 million Commenting on the March quarter performance, Beacon Minerals Managing Director Graham McGarry said: "Mining activities at the Lady Ida Gold Project continued to progress steadily during the quarter, with operations maintained on a day -shift basis and material movement remaining consistent with the previous quarter. Exploration and resource definition dri lling at the Iguana deposit was completed on 1 May 2026. "Operational performance continued to improve, with mill throughput increasing by 6% on the March quarter despite approximately 20 days of processing lower-grade stockpiles at reduced milling rates. The processing plant is now operating at an annualised throughput rate of approximately 1.05Mtpa on Iguana laterite material, demonstrating the strong performance and reliability of the operation. "Construction of the expanded tank farm also progressed in line with the schedule. Wet commissioning remains on track for November 2026. The increased lea ch/adsorption capacity will provide greater operational flexibility and support future production growth. "While operational performance remained strong, the average realised gold price for the quarter was $6,371 per ounce, compared with $7,045 per ounce in the March quarter, reflecting softer gold prices during the period. Despite this, Beacon remains well po sitioned with a stable operating platform, continued project advancement and a clear focus on delivering sustainable production and long -term value for shareholders." Overview Beacon Minerals Limited (ASX: BCN) (“Beacon Minerals” or “ the Company”) is pleased to present the Quarterly Activities Report for the quarter ended 30 June 2026.
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ASX RELEASE. Page 3 of 13 Operations Lady Ida Mining activities continue with two fleets of Beacon owned mining equipment. Operations are stable with similar material movement this quarter compared to the March quarter. There has been no requirement to increase mining rates as there are adequate mined ore stocks at Iguana. Infrastructure necessary to support the mining activities was essentially complete at quarter end. A grade control program of +11,000 metres was planned and drilling commenced in July 2026. Beacon is contracted to a major fuel supplier, and notwithstanding the recent volatility and disruption in global oil markets, deliveries to the date of this report have continued in line with forecast requirements. The Company continues to monitor the evo lving supply environment and maintains confidence in the reliability of its fuel supply arrangements. Cost increases of $0.98 cents per litre (110%) on a weighted average basis negatively affected our operating cost per ounce. The increase added $470 per ounce to our operating costs when compared to the March Quarter. Image 1: Grade Control Drilling in North Pit 28 July 2026
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ASX RELEASE. Page 4 of 13 Image 2: Workshops, Offices and Infrastructure at Iguana 28 July 2026 Operations – Jaurdi Mill A total of 235,602t was milled at 0.80g/t for 5,241/oz, a decrease from 5,419/oz in the previous quarter. The decrease in ounces produced being due to slow milling of very viscous low grade Jaurdi ROM stockpiles when rainfall events in June severally impacted ore haulage from Iguana.
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ASX RELEASE. Page 5 of 13 Figure 1: Jaurdi Processed Ore Tonnes and Head Grade Jaurdi Mill Upgrade • The $11.5 million tank farm expansion remains on budget and on schedule, with commissioning targeted for November 2026. • 11 days were lost to wet weather, but the project remains on target/budget. • On site assembly and installation of tanks (5x600m/3) is complete. • MCC and electrical switch room have been delivered. • Warehouse and maintenance workshop erection has commenced. • Structural steel work, bridges and walkways have been delivered to site and erection commenced. • Acid wash column and structural contract have been awarded. 0 0.2 0.4 0.6 0.8 1 1.2 1.4 0 50,000 100,000 150,000 200,000 250,000 300,000 Sep-25 Dec-25 Mar-26 Jun-26 Processed Ore Tonnes Head Grade (g/t)
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ASX RELEASE. Page 6 of 13 Image 3 – Jaurdi Gold Project Mill Upgrade – 28 July 2026 Ore Stocks As at 30 June 2026 total ore stocks were: Tenement* Tonnes Ozs Jaurdi ROM 62,000 1,150 Geko ROM1 430,000 10,500 Iguana ROM 168,000 3,500 Total 660,000 15,150 *Rounding errors may occur Note 1: Inclusion of lower grade stockpiles.
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ASX RELEASE. Page 7 of 13 Table 1: Production and Cost Summary OPERATION UNIT SEP-25 QTR DEC-25 QTR MAR-26 QTR JUN-26 QTR10 FY-2026 FY-2025 Open Pit Mining Ore mined BCM 79,941 144,232 101,420 211,232 536,825 336,211 Waste mined BCM 163,419 142,996 562,447 449,186 1,318,048 1,346,196 Total Mining BCM 243,360 287,228 663,867 660,418 1,854,873 1,682,367 Mill Production Processed ore tonnes t 248,827 207,2835 221,1558 235,602 912,867 832,831 Head grade g/t 1.01 1.25 0.86 0.80 0.97 1.09 Tails Grade g/t 0.15 0.15 0.10 0.11 0.12 0.13 Recovered Grade g/t 0.86 1.10 0.76 0.69 0.85 0.96 Recovery % 85 88 86 87 87 87 Gold produced oz 6,884 7,3106 5,4196 5,241 24,854 25,639 Gold Sales Gold sold oz 5,550 8,350 3,600 4,701 22,201 21,342 Average Sale Price A$/oz 5,210 6,403 7,045 6,371 6,202 4,327 Gold revenue3 $M 28.9 53.47 25.36 29.95 137.68 92.3 Cost Summary Mining $M 10.8 7.9 8.2 10.6 37.5 38.4 Processing $M 10.2 9.8 7.8 11.0 38.8 32.0 Site Services $M 2.3 2.7 2.5 2.9 10.4 6.2 Total cash operating costs A$m 23.3 20.4 18.5 24.5 86.7 76.6 Royalties $M 1.0 1.7 1.2 0.9 4.8 3.6 Sustaining Capital $M 1.5 6.5 3.0 4.0 15.0 7.4 Inventory Adjustments $M (1.0) 2.0 (0.5) (2.2) (1.7) 1.0 Rehabilitation $M 0 (4.6) 0.5 0.4 (3.7) 1.1 Corporate Cost $M 0.6 0.3 0.4 (0.0) 1.3 1.8 Hire Purchase Payments $M 1.1 0.9 1.2 1.0 4.2 3.7 Cash Operating Costs $M 26.5 27.2 24.3 28.6 106.6 95.2 Exploration $M 0.3 0.6 1.0 0.4 2.3 3.0 Resource Definition – Lady Ida $M 1.5 3.0 6.0 2.6 13.1 1.7 Unit Cost Summary Mining A$/oz 1,569 1,078 1,514 2,022 1,508 1,498 Processing A$/oz 1,482 1,338 1,445 2,098 1,561 1,248 Site Services A$/oz 334 363 461 553 416 242 Cash Operating Costs A$/oz 3,385 2,779 3,420 4,673 3,485 2,988 Royalties A$/oz 142 233 221 172 193 141 Sustaining Capital A$/oz 215 889 554 763 604 290 Inventory Adjustments A$/oz (148) 274 (92) (420) (68) 40 Rehabilitation A$/oz 0 (629) 92 76 (149) 44 Corporate Cost A$/oz 84 42 74 (7) 51 71 Hire Purchase Payments A$/oz 157 124 221 191 169 145 Project Cash Operating Costs1 A$/Oz 3,835 3,712 4,490 5,448 4,285 3,719 Depreciation and Amortisation A$/oz 1,017 435 447 1,089 736 1,041 Mine Cash Flow Net Mine Cashflow2 $M (0.3) 20.1 (6.0) (3.4) 10.37 3.2 Note 1: Cash Operating Costs calculated on a per ounce of gold recovered basis Note 2: Net Mine Cashflow is calculated as Revenue, less Cash Costs (excluding inventory movements), Sustaining Capital and Exploration Note 3: Gold revenue does not include gold held at Perth Mint Note 4: Rounding errors may occur
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ASX RELEASE. Page 8 of 13 Note 5: Ore milled includes 46,020 DMT of Lizard LG ore stockpile/laterite ores pursuant to the Earn In/Joint Venture Agreement Note 6: Gold produced includes 882 ounces in December 2025 quarter and 960.81 ounces in March 2026 quarter attributable to GL pursuant to the Earn In/Joint Venture Agreement Note 7: Cost recovery from the milling of the GL JV ore in the month of March 2026 has not been accounted for in the above Note 8: Ore milled includes 68,238 DMT of Hodari/Iguana stockpiles pursuant to the Earn in/Joint Venture agreement Note 9: December quarter numbers have been re-stated to align with audited Half Year accounts. Note 10: Table below is Beacon’s share under the Lady Ida Joint Venture Agreement Production Units 100% Beacon’s Share Waste Mined BCM 449,186 - Ore Mined BCM 211,232 - Ore Milled DMT 235,602 - Gold Produced oz 5,241 2,958 Gold Sales oz 4,701 2,900 Average Gold Price p/oz 6,371 6,415 Gold Sales $mill 29.95 18.60 Operating Expenditure Operating cash costs for the June 2026 quarter was $4,673/oz. Cash Operating Costs per ounce for the quarter was $5,448/oz. Expenditure during the quarter was directed at: • Completion of resource definition drilling at the Iguana deposit • Continued mining and stockpiling of laterite and in-situ ore at Iguana • Progression of treatment plant upgrade initiatives Capital Expenditure Capital Expenditure for June 2026 Quarter A$’000 Plant & Equipment 2,262 Capital Works 4,655 Subtotal 6,917 Less Finance provided (1,174) Total net expenditure 5,743 Corporate Expenditure for June 2026 Quarter A$’000 Income tax payments 7,640 Hire Purchase repayments 995 Corporate administration (35) Dividend payment 0 Total 8,600
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ASX RELEASE. Page 9 of 13 Exploration Update Lady Ida Project During the quarter, Beacon completed its extensive Iguana Resource Definition Drill Program which totalled 133,000m of RC drilling, in addition to 4,000m of Diamond Drilling across the Iguana Deposit since September 2025. Focus has now shifted from drilling to data analysis and resource interpretation, with Beacon continuing to partner with Entech to update the Iguana Resource, with the addition of the new drilling data and updated geological interpretations. Assay returns have now been completed, with results further confirming the size and extent of the Iguana Deposit. Despite the large and focused drill campaig n the Iguana Deposit remains open at depth, to the East and along strike to the South. The extreme extent of the mineralisation dimensions at Iguana further confirms Beacons initial interpretations that the Iguana Deposit is one of enormous potential, and regional significance. During the quarter, Beacon Minerals also conducted the first drill program on the nearby Lizard Deposit since Beacons acquisition. The Lizard Deposit was the primary mining focus for Delta in the early 2000’s and until Beacon’s recent mining work at Iguana remained the region’s largest ore source. Drilling has continued to confirm mineralisation extremities which continue below the planned open pit Stage 1, and along strike to the North and South of the Stage 1 pit. With all assays now returned Beacon has commissioned Entech to conduct a Resource update on the Lizard deposit, with the aim of providing a Maiden Resource Estimate on the Lizard Deposit within the 2026 Calander year. Jaurdi - Wealth of Nations The Jaurdi Project comprises Beacon’s processing plant, neighbouring tenure and the Wealth of Nations Deposit. During the period Beacon’s Geology team finalised database work on the Wealth of Nations deposit post purchase and are now positioned to validate internal Resource Estimates for further evaluation. A program of 18 holes for 2,500 metres is planned but requires flora, fauna and heritage surveys to be completed before commencement. Initial mining and milling occurred from the Geko Mineralised Waste/ Low Grade Stockpiles identified by Beacon Minerals earlier in the year. The stockpile size is extensive with initial milling of approximately 12kt. These netted positive results with the grade exceeding the initial Resource Est imate for the same material. Lastly, areas around Panther and Lost Dog were further evaluated for remaining resource potential, with high level target planning ongoing. These works focused on remaining or subsidiary orebodies which hold value due to their proximity to the Jaurdi Processing Plant at today’s prevailing gold price. Mt Dimer Project During the period some minor rehabilitation was conducted by Beacon to comply with DMIRS regulations. In addition, initial evaluation work was conducted for a proposed RC drill program targeting prior identified prospects to create further Resource zones at Mt Dimer outside of Golden Slipper and Lightning. Resource evaluation work continued to be carried out at Mt Dimer to provide scope for an amended gold price guidance, with these new Resource calculations being prepared in line with the upcoming Resource and Reserves statement.
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ASX RELEASE. Page 10 of 13 Outlook for Exploration Beacon continues to maintain focus on its keystone project, Lady Ida , which has continued to provide exploration success. The current focus for Beacon, now that the extensive drilling efforts have ceased, is the updating of the Resource and Reserves for future economic evaluations. The upcoming period will see an updated Iguana Reserve which is reward for Beacon‘s extensive Resource Definition Drilling efforts. This will be in addition to a maiden Lizard Resource scheduled for Q2 FY27. Beacon’s efforts at Iguana have focused on the limited extension of known mineralised areas, with a primary focus on converting known Inferred material into the Indicated Resource Category down to the 360mRL. This limitation means that the Iguana deposit remains open in most orientations and at depth. The coming period will see the results of two deep Diamond holes which were drilled under the Iguana Deposit (holes 26IGDD0019 and 26IGRD0022). Both holes have undergone logging and are awaiting core processing and assay work. Early indications from the drill core suggests that the Iguana Deposit remains open at depth with strong indications of extensive mineralisation 150m below the main zone of the FY2026 Resource Definition Drill program. Corporate Update Gold Sales Gold sales for the June 2026 Quarter were 4,701 ounces at an average price of A$6,371/oz for revenue of A$29.95 million. As at the date of this report Beacon has no gold hedging commitments. Gold Retention Strategy Beacon continues to review its gold marketing and treasury strategy, with a focus on building and retaining gold within its metal account at the Perth Mint. Gold sales are undertaken as required to meet ongoing monthly operating and corporate cash costs. As part of its risk management framework, Beacon actively monitors prevailing gold price trends and, where appropriate, may enter into short -term gold sale contracts with the Perth Mint to lock in higher spot prices. This approach is designed to provide cash flow certainty and protect margins while maintaining ongoing exposure to favourable movements in the gold price. Interest-bearing liabilities Beacon has no corporate debt. At 30 June 2026 Beacon had asset finance liabilities totalling $9.9 million.
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ASX RELEASE. Page 11 of 13 Corporate Summary Ordinary Shares on issue 30 July 2026 116,332,442 Listed Options on issue 30 July 2026 2,671,543 Unlisted Options on issue1 30 July 2026 3,750,000 Market capitalisation 29 July 2026 319.91 million ($2.64 share price) Cash on hand 30 June 2026 $20.69 million Joint venture cash on hand 30 June 2026 $6.4 million Bullion in transit 30 June 2026 390 ozs Bullion held at Perth Mint2 30 June 2026 4,824 ozs Income tax payments (Cash paid) 30 June 2026 $7.64 million 1. Various exercise prices and exercise dates. 2. Includes Beacon’s portion of gold ounces held in the JV account. Dividend Information On 18 June 2026 the Company announced a fully franked cash dividend of $0.10 per fully paid ordinary Beacon share held on the record date and a special fully franked dividend by way of an in -specie distribution to eligible Beacon shareholders of 36,000,000 fully paid ordinary shares in Forrestania Resources Limited (ASX:FRS). Payment Date Dividend Type Franking Percentage Rate Per Share 14 August 2026 Special 100% 10 cents 21 July 2026 Final 100% 10 cents 18 December 2025 Interim 100% 4 cents 18 December 2025 Special 100% 1 cent 8 December 2023 Interim 100% 4 cents1 9 December 2022 Interim 100% 4 cents1 14 April 2022 Interim 100% 5 cents1 29 October 2021 Final 100% 5 cents1 24 March 2021 Interim 0% 8 cents1 24 March 2021 Special 0% 20 cents1 3 November 2016 Special 0% 10 cents1 1. Revised as a result of the consolidation 2. Based on the closing price of FRS Shares of $0. 33 on 29 July 2026 and 36,000,000 FRS shares being issued to shareholders. Beacon makes no guarantee as to the price of FRS Shares at the time any Distribution Dividend is declared and/or paid.
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ASX RELEASE. Page 12 of 13 Authorised for release by the Board of Beacon Minerals Limited. For more information contact: Graham McGarry Managing Director/Chairman Beacon Minerals Limited +61 459 240 379 Geoffrey Greenhill Non-Executive Director Beacon Minerals Limited +61 419 991 713 Disclaimer: This ASX announcement (Announcement) has been prepared by Beacon Minerals Limited (“Beacon” or “the Company”). It should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this Announcement. This Announcement contains summary information about Beacon, its subsidiaries and their activities which is current as at the date of this Announcement. The information in this Announcement is of a general nature and does not purport to be complete nor does it contain all the information which a prospective investor may require in evaluating a possible investment in Beacon. By its very nature exploration for minerals is a high risk business and is not suitable for certain investors. Beacon’s securities are speculative. Potential investors should consult their stockbroker or financial advisor. There are a number of risks, both specific to Beacon and of a general nature which may affect the future operating and financial performance of Beacon and the value of an investment in Beacon including but not limited to economic conditions, stock market fluctuations, gold price movements, regional infrastructure constraints, timing of approvals from relevant authorities, regulatory risks, operational risks and reliance on key personnel. Certain statements contained in this announcement, including information as to the future financial or operating performance of Beacon and its projects, are forward-looking statements that: • may include, among other things, statements regarding targets, estimates and assumptions in respect of mineral reserves and mineral resources and anticipated grades and recovery rates, production and prices, recovery costs and results, capital expenditures, and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions; • are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Beacon, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies; and, • involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward -looking statements. Beacon disclaims any intent or obligation to update publicly any forward -looking statements, whether as a result of new information, future events or results or otherwise. The words ‘believe’, ‘expect’, ‘anticipate’, ‘indicate’, ‘contemplate’, ‘target’, ‘plan’, ‘intends’, ‘continue’, ‘budget’, ‘estimate’, ‘may’, ‘will’, ‘schedule’ and similar expressions identify forward-looking statements. All forward looking statements made in this announcement are qualified by the foregoing cautionary statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and accordingly investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein. No verification: Although all reasonable care has been undertaken to ensure that the facts and opinions given in this Announcement are accurate, the information provid ed in this Announcement has not been independently verified.
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ASX RELEASE. Page 13 of 13 – Ends –