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1 September 2025 Share in Our Exciting Future... Multi-Rig Drilling Program Targeting High-Grade Gold & Copper… For personal use only
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2 Important Information DISCLAIMER This document is confidential and may not be reproduced, redistributed or passed on, directly or indirectly. This document is neither a prospectus nor an offer to subscribe for Shares. QMines Limited ACN 643 212 104 (QMines) and its directors, officers, employees, advisers, agents and consultants make no representations or warranties as to the accuracy, reliability or completeness of this document including the accuracy or attainability of any forward-looking statements, and have no liability, including liability to any person by reason of negligence of, or contained in or derived from, or for any omissions from this document, except liability under statute that cannot be excluded. COMPETENT PERSON (EXPLORATION) The information in this document that relates to mineral exploration at the Mt Chalmers, Develin Creek, and Mt Mackenzie projects is based on work compiled under the supervision of Mr Tom Bartschi, a member of the Australian Institute of Geoscientists (AIG). Mr. Bartschi is QMines’ principal geologist and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC 2012 Mineral Code). Mr. Bartschi consents to the inclusion in this document of the exploration information in the form and context in which it appears. COMPETENT PERSON (MT CHALMERS, DEVELIN CREEK, & MT MACKENZIE RESOURCES) The information in this report that relates to mineral resource estimation is based on work completed by Mr. Stephen Hyland, a Competent Person and Fellow of the AusIMM. Mr. Hyland is Principal Consultant Geologist with Hyland Geological and Mining Consultants (HGMC), who is a Fellow of the Australian Institute of Mining and Metallurgy and holds relevant qualifications and experience as a qualified person for public reporting according to the JORC Code in Australia. Mr Hyland is also a Qualified Person under the rules and requirements of the Canadian Reporting Instrument NI 43-101. Mr Hyland consents to the inclusion in this report of the information in the form and context in which it appears. COMPETENT PERSON (MT CHALMERS ORE RESERVE) The Information in this Report that relates to Ore Reserve Estimate is based on information compiled by Mr Gary McCrae, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr McCrae is a full-time employee of Minecomp Pty Ltd. Mr McCrae has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr McCrae consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. COMPLIANCE STATEMENT QMines confirms that it is not aware of any new information or data that materially affects the information included in the “Resource Increases by 104% at Mt Chalmers Project” ASX announcement lodged on 22 November 2022 or the “QMines Delivers Fifth Resource at Develin Creek” ASX announcement lodged on 18 September 2023 (Announcements) and that all material assumptions and technical parameters underpinning the estimates in the Announcement continue to apply and have not materially changed. MT CHALMERS PROJECT The historical exploration results in relation to the Mt Chalmers project contained in this document have been reported in accordance with the JORC 2012 Mineral Code and the Competent Person has undertaken sufficient work to disclose the historical exploration results in accordance with the JORC 2012 Mineral Code. DEVELIN CREEK PROJECT The historical exploration results in relation to the Develin Creek project contained in this document have been reported in accordance with the JORC 2012 Mineral Code and the Competent Person has undertaken sufficient work to disclose the historical exploration results in accordance with the JORC 2012 Mineral Code. MT MACKENZIE PROJECT The historical exploration results in relation to the Mt Mackenzie project contained in this document have been reported in accordance with the JORC 2012 Mineral Code and the Competent Person has undertaken sufficient work to disclose the historical exploration results in accordance with the JORC 2012 Mineral Code. FUTURE PERFORMANCE This document contains references to certain targets and plans of QMines which may or may not be achieved. Any forward-looking statements are necessarily based upon a number of estimates and assumptions that, whilst considered reasonable by QMines and the Competent Person, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies, 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. The performance of QMines may be influenced by a number of factors, risks and uncertainties, many of which are outside the control of QMines and its directors, officers, employees, advisers, agents and consultants. BOARD APPROVAL This presentation has been approved by the Board for release to the ASX. For personal use only
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3 Regional Vision Nine Regional Deposits Centralised Processing Targeting Copper & Gold Critical Metals Production Hub QMines vision involves building a centralised processing plant, servicing several regional mines producing copper and gold for a minimum of 8-10 years. Abundant Local Infrastructure For personal use only
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4 The Case for Copper Company Snapshot Metrics Shares On Issue 472,161,245 Share Price (23/09/25) 7.1c Market Capitalisation A$33.5m Debt (23/09/25) $1.5m Cash & Drawdown Facility (23/09/25)¹ $0.8m Top Shareholders Percentage Hendo Family Superannuation Pty Ltd 14.0% Board & Management 11.8% Resources & Energy Group Ltd 7.0% Bilpin Nominees Pty Ltd 4.2% Top 20 Shareholders 51.2% Share Price - 6 months (ASX:QML) ¹ ASX Announcement – Acquisition Of The High-grade Mt Mackenzie Gold Project & Maiden Drilling Program , 19 June 2025. Rounding errors may occur. EquipmentLandProjects QMines Limited 7 Blocks of Land 2 Houses Large Workshop Mt Chalmers Develin Creek Mt Mackenzie RC Drilling Rig 4 Trucks & 5 Utes Excavator & Forklift Substantial Asset Base For personal use only
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5 Deposit: JORC Category: Tonnes (Mt): Cu Grade (%): Au Grade (g/t): Zn Grade (%): Ag Grade (g/t): Mt Chalmers¹ Measured, Indicated & Inferred 11.3 0.75 0.42 0.23 4.6 Develin Creek² Indicated & Inferred 4.13 1.00 0.15 1.16 6.0 Woods Shaft³ Inferred 0.54 0.5 0.95 - - Mt Mackenzie⁴ Indicated & Inferred 3.35 - 1.40 - 8.4 Total: 19.32 Large Resource Inventory Large & Growing Resource Inventory With Known Upside QMines controls a diversified portfolio of high-grade copper and gold deposits in Central Queensland, providing a large, growing resource base to support long-term production and expansion. Currently Drilling ¹ ASX Announcement – Mt Chalmers PFS Supports Viable Copper & Gold Mine, 30 April 2024. Rounding errors may occur. ² ASX Announcement – Develin Creek Resource Upgrade Improves Growth & Development Potential, 12 March 2025. Rounding errors may occur. ³ ASX Announcement – Resource Increases by 104% at Mt Chalmers Project , 22 November 2022. Rounding errors may occur. ⁴ ASX Announcement – Resource Upgrade At The Mount Mackenzie Gold & Silver Project, 9 July 2025. Rounding errors may occur. Drilling Commencing For personal use only
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6 Rapid Resource Growth Management That Delivers! The QMines team have delivered seven resources since acquiring the Mt Chalmers project and listing on the ASX in May 2021. The Company is currently working on its eighth resource update as we speak. Several M&A Opportunities Significant Upside Potential Large Multi-Rig Drilling Programs ¹ ASX Announcement – Resource Increases by 104% at Mt Chalmers Project, 22 November 2022. ² ASX Announcement – QMines Delivers Fifth Resource At Develin Creek, 18 September 2023. ³ ASX Announcement – Mt Chalmers PFS Supports Viable Copper & Gold Mine, 30 April 2024. Rounding errors may occur. ⁴ ASX Announcement – Develin Creek Resource Upgrade Improves Growth & Development Potential , 12 March 2025. ⁵ ASX Announcement – Resource Upgrade At The Mount Mackenzie Gold & Silver Project, 9 July 2025. Resource Upgrade Pending - 2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 14,000,000 16,000,000 18,000,000 20,000,000 Mt Chalmers Mt Chalmers Mt Chalmers Develin Creek Develin Creek Develin Creek Mt Mackenzie Rapid Resource Growth QMines Limited (ASX:QML) Total Resource (t): M&I Resource (t) For personal use only
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7 Copper M&A Activity Active ASX Copper Consolidation! Recent copper M&A has seen ASX players emerge as key takeover targets. QML’s growing Mt Chalmers resource positions it to benefit from this consolidation trend A$1,600m A$645m A$393m A$355m A$295m A$243m A$160m A$128m A$98m A$75m A$73m Metals Acquisition Corp 29 Metals REX Minerals Aeris Resources AIC Mines New World Resources Xanadu Mines Cyprium Metals KGL Resources Hillgrove Resources Carnaby Resources ASX listed Copper peers and valuations of recent ASX Copper M&A activity Producer Developer ¹ Market capitalisation of ASX copper peers as at 19 September 2025 ² ASX Announcement – MAC Copper Limited enters into Binding Scheme Implementation Deed with Harmony Resource, 27 May 2025. .³ASX Announcement – Rex Minerals enters a $A393M Scheme Implementation Deed 8 July 2024. ⁴ ASX Announcement – Kinterra offer price of $0.067 per share triggered 24 July 2025. 5 ASX Announcement – Takeover Offer for Xanadu – Extension of the Offer Period, 8 July 2025 6 Market capitalization includes recent $80m placement and entitlement offer 2 3 4 5 Indicates takeover 1 6 For personal use only
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8 Mt Mackenzie Project For personal use only
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9 Complementary Acquisition¹ Logical, Value- Accretive & Complementary Mt Mackenzie lies approximately 45km northwest of QMines Develin Creek Project, providing several scale and logistical advantages. ¹ ASX Announcement – Acquisition Of The Mount Mackenzie Gold & Silver Project, 16 April 2025. Commencing Maiden Drilling 45km from Develin Creek Substantially Completed PFS Two Existing Au/Ag Deposits For personal use only
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10 Significant Scale Potential¹ Untested Soil Anomalies Demonstrate Growth Potential With several large and undrilled soil anomalies along strike of the existing deposits, the Mt Mackenzie project has exciting and compelling growth opportunities. ¹ ASX Announcement – Acquisition Of The Mount Mackenzie Gold & Silver Project, 16 April 2025. Significant Growth Potential High-Grade Gold & Silver Deposits Potential Cu/Au Porphyry Feeder High Sulphidation Epithermal Open Open Open For personal use only
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11 North Knoll Deposit¹ Immediate Growth Potential Mount Mackenzie offers compelling near-term growth, with mineralisation open at depth, undrilled soil anomalies and resource expansion potential. QMines are actively working to unlock it value for our shareholders. Low Cost, Open Pit Potential Deposits Remain “Open” Shallow Deposits High-Grade Gold & Silver ¹ ASX Announcement – Acquisition Of The Mount Mackenzie Gold & Silver Project, 16 April 2025. Open Open Open For personal use only
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12 South West Slopes Deposit¹ Immediate Growth Potential Mount Mackenzie offers compelling near-term growth, with mineralisation open at depth, undrilled soil anomalies and resource expansion potential. QMines will actively work to unlock this value for its shareholders. Low Cost, Open Pit Potential Deposits Remain “Open” Shallow Deposits High-Grade Gold & Silver ¹ ASX Announcement – Acquisition Of The Mount Mackenzie Gold & Silver Project, 16 April 2025. Open Open Open For personal use only
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13 North Knoll Deposit¹ Immediate Growth Potential Mount Mackenzie offers compelling near-term growth, with mineralisation open at depth, undrilled soil anomalies and resource expansion potential. QMines are actively working to unlock it value for our shareholders. Low Cost, Open Pit Potential Deposits Remain “Open” Shallow Deposits High-Grade Gold & Silver ¹ ASX Announcement – Acquisition Of The Mount Mackenzie Gold & Silver Project, 16 April 2025. Open Open Open For personal use only
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14 Significant Drilling Results¹ Immediate Growth Potential Spectacular historic hits such as 8m @ 69.4g/t Au and 100m @ 2.9g/t Au highlight Mt Mackenzie’s potential to rapidly grow into a large, high-grade gold deposit with every new hole drilled Low Cost, Open Pit Potential Deposits Remain “Open” Shallow Deposits High-Grade Gold & Silver ¹ ASX Announcement – QMines Commences High-Grade Gold Drilling At Mt Mackenzie , 18 September 2025. Hole Intersection (m) Grade: From (m) End in MineralsGold (g/t) Silver (g/t) PDH 355 8 69.41 17 6 PDH 422 26 12.78 34 19 PDH 336 12 13.51 119 34 Yes PDH 378 27 6.48 27 4 Yes PDH 425 12 14.93 61 0 PDH 338 100 2.86 13 20 PDH 340 88 2.70 16 32 Yes PDH 058 143 1.29 5.5 16 Yes PDH 383 88 2.03 12 12 PDH 290 106 1.69 4.2 14 Yes High-GradeBroad Width For personal use only
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15 Initial Drilling Program¹ Immediate Growth Potential Mount Mackenzie offers compelling near-term growth, with mineralisation open at depth, undrilled soil anomalies and resource expansion potential. QMines will actively work to unlock this value for its shareholders. Targeting Strike & Depth Extensions Drilling To Commence Initial 36 Holes for 5,000m Significant Pricing Catalysts ¹ ASX Announcement – QMines Commences High-Grade Gold Drilling At Mt Mackenzie , 18 September 2025. For personal use only
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16 Develin Creek Project For personal use only
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17 Develin Creek Upside¹ Immediate & Known Upside Significant upside to Mt Chalmers PFS results remain with two additional deposits located approximately 90km from Rockhampton, yet to be incorporated into the mine plan. ¹ ASX Announcement – Develin Creek Resource Upgrade Improves Growth & Development Potential, 12 March 2025. Update Pre- Feasibility Study Infill & Step Out Drilling Optimisation & Mine Design Metallurgy & Geotech A A¹ For personal use only
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18 Large Drilling Program Shallow, High- Grade Deposit Expected to Add Mine Life Sulphide City is a shallow high-grade copper and zinc deposit that is located within 90km of Rockhampton. QMines 8,000m drill program seeks to infill this existing resource and prepare it for mine planning. Update Pre- Feasibility Study Infill & Step Out Drilling Optimisation & Mine Design Metallurgy & Geotech For personal use only
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19 Initial Drilling Results Shallow, High- Grade Deposit Expected to Add Mine Life Scorpion is a shallow high-grade copper and zinc deposit that is located within 90km of Rockhampton. QMines current drill program seeks to infill this existing resource and prepare it for mine planning. Update Pre- Feasibility Study Infill & Step Out Drilling Optimisation & Mine Design Metallurgy & Geotech ¹ ASX Announcement – Develin Creek Resource Upgrade Improves Growth & Development Potential, 12 March 2025. For personal use only
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20 Current Drilling Program¹ Immediate Growth Potential Ongoing drilling at Sulphide City continues to deliver broad, high-grade copper-zinc-gold intersections, reinforcing Develin Creek as a key feed source for QMines’ planned Mt Chalmers processing hub. Targeting Copper, Gold and Zinc 2,000m of Diamond Ongoing 42 Holes for 8,000m Drilled Significant Pricing Catalysts ¹ ASX Announcement – Further High-Grade Copper Mineralisation At Sulphide City , 16 April 2025. For personal use only
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21 Mt Chalmers Historic Mine For personal use only
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22 Mt Chalmers Upside¹ Immediate & Known Upside² ³ Significant upside to Mt Chalmers remain with three additional deposits within 1.5km of Mt Chalmers that remain largely undrilled by QMines at this stage. ¹ ASX Announcement – Mt Chalmers PFS Supports Viable Copper & Gold Mine, 30 April 2024. Rounding errors may occur. ² ASX Announcement - Maiden Woods Shaft Resource, 22 November 2022. ³ ASX Announcement - QMines IPO Prospectus (Botos & Mt Warminster Exploration Targets), 4 May 2021. Update Pre- Feasibility Study Infill & Step Out Drilling Optimisation & Mine Design Metallurgy & Geotech For personal use only
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23 Mt Chalmers Upside¹ ² Immediate & Known Upside² ³ Together, the high- grade Mt Chalmers deposit and nearby Woods Shaft provide a cornerstone copper- gold resource with proven scale, shallow open-pit potential, and strong expansion upside. ¹ ASX Announcement – Mt Chalmers PFS Supports Viable Copper & Gold Mine, 30 April 2024. Rounding errors may occur. ² ASX Announcement - Maiden Woods Shaft Resource, 22 November 2022. Update Pre- Feasibility Study Infill & Step Out Drilling Optimisation & Mine Design Metallurgy & Geotech For personal use only
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24 Placement Details For personal use only
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25 Capital Raising Overview Offer Size & Structure ▪ A two-tranche Institutional Placement to raise approximately $5.0 million via the issue of approximately 90 million new fully paid ordinary shares in QMines (“New Shares”) to professional and sophisticated investors. Offer Price ▪ Offer price of $0.055 per New Share (“Offer Price”), which represents a: ▪ 22.5% discount to the last traded price of $0.071 on 23 September 2025; ▪ 18.6% discount to the 5-day volume-weighted average price (“VWAP”) of $0.068 on 23 September 2025; and ▪ 14.9% discount to the 10-day VWAP of $0.065 on 23 September 2025. Placement ▪ Two-tranche Placement to raise approximately $5.0 million via the issue of approximately 90 million New Shares to professional and sophisticated investors, comprising: ▪ A “Tranche 1 Placement” to raise approximately A$4.5 million via the issue of approximately 81 million New Shares within QML’s existing placement capacity under ASX Listing Rule 7.1 and 7.1A; and ▪ A “Tranche 2 Placement” to raise approximately A$0.5 million, via the issue of approximately 10 million New Shares, subject to shareholder approval at an Extraordinary General Meeting (“EGM”) EGM to be held on or around 10 November 2025. ▪ The Company reserves the right to increase the size of the Placement by up to A$1.5 million, subject to demand. ▪ Assuming oversubscriptions are taken, allocations will be split approximately 70% in Tranche 1 and 30% in Tranche 2. ▪ The Company will also undertake a Share Purchase Plan to raise an additional A$1.5 million from existing eligible shareholders, on the same terms as the Placement (“SPP”). This communication relates to the Placement only and does not relate to the SPP. Use of Proceeds ▪ Use of proceeds are for 5,000m drill program at Mount Mackenzie, further exploration and development activities, working capital, loan repayment, freehold land acquisition and offer costs. Ranking ▪ All New Shares issued under the Capital Raising will rank equally with existing shares on issue. Lead Managers ▪ Wilsons Corporate Finance Limited and Canaccord Genuity (Australia) Limited are acting as Joint Lead Managers to the Placement. For personal use only
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26 Indicative Timetable¹ Event Indicative Time / Date (2025) Trading Halt Wednesday 24 September Placement bookbuild conducted Wednesday 24 – Thursday 25 September Trading halt lifted, announce Completion of the Placement Friday 26 September Settlement of New Shares under Tranche 1 of the Placement Wednesday 1 October Allotment and Quotation of New Shares under Tranche 1 of the Placement Thursday 2 October EGM to approve the issue of New Shares under Tranche 2 of the Placement Monday 10 November Settlement of New Shares under Tranche 2 of the Placement Wednesday 12 November Allotment and Quotation of New Shares under Tranche 2 of the Placement Thursday 13 November ¹The above timetable is indicative only and subject to change without notice. For personal use only
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27 September 2025 Share in Our Exciting Future... For personal use only
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Appendix 1 Resource & Reserve Statements 28 Deposit² Resource Category Tonnes (Mt) Cut Off (% Cu) Cu (%) Au (g/t) Zn (%) Ag (g/t) S (%) Mt Chalmers Measured 4.2 0.3% 0.89 0.69 0.23 4.97 5.37 Mt Chalmers Indicated 5.8 0.3% 0.69 0.28 0.19 3.99 3.77 Mt Chalmers Inferred 1.3 0.3% 0.60 0.19 0.27 5.41 2.02 Total² 11.3 0.3% 0.75 0.42 0.23 4.60 4.30 Deposit³ Resource Category Tonnes (Mt) Cut Off (% Cu) Cu (%) Au (g/t) Zn (%) Ag (g/t) Woods Shaft Inferred 0.54 0.3% 0.50 0.95 - - Total³ 0.54 0.3% 0.50 0.95 - - ² ASX Announcement – Mt Chalmers PFS Supports Viable Copper & Gold Mine, 30 April 2024. Rounding errors may occur. Deposit¹ Reserve Category Tonnes (Mt) Cut Off (% Cu) Cu (%) Au (g/t) Zn (%) Ag (g/t) S (%) Mt Chalmers Proved 5.1 0.3% 0.72 0.58 0.25 4.70 5.80 Mt Chalmers Probable 4.5 0.3% 0.57 0.37 0.29 5.50 3.60 Total¹ 9.6 0.3% 0.65 0.48 0.27 5.20 4.30 ¹ ASX Announcement – Mt Chalmers PFS Supports Viable Copper & Gold Mine, 30 April 2024. Rounding errors may occur. ³ ASX Announcement - Maiden Woods Shaft Resource, 22 November 2022. Not in Mine Plan For personal use only
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Appendix 1 Resource & Reserve Statements (Continued) 29 Deposit¹ Resource Category Tonnes (Mt) Cut Off (% Cu) Cu (%) Au (g/t) Zn (%) Ag (g/t) Develin Creek Indicated 2.9 0.3% 1.09 0.15 0.98 6.0 Develin Creek Inferred 1.2 0.3% 0.81 0.16 1.58 6.0 Total¹ 4.13 0.3% 1.00 0.15 1.16 6.0 ¹ ASX Announcement –Develin Creek Resource Upgrade, 12 March 2025. Rounding Errors may occur. Not in Mine Plan Deposit¹ Resource Category Tonnes (Mt) Cut Off (g/t Au) Cu (%) Au (g/t) Zn (%) Ag (g/t) Mt Mackenzie Indicated 2.27 0.5 / 0.7g/t - 1.38 - 9.6 Mt Mackenzie Inferred 1.08 0.5 / 0.7g/t - 1.45 - 5.8 Total¹ 3.35 - 1.40 - 8.4 Not in Mine Plan ¹ ASX Announcement – Resource Upgrade at Mount Mackenzie, 19 May 2020. Cut-off grades of 0.35 g/t Au for oxide and 0.55g/t Au for primary material were used. Rounding errors may occur. For personal use only