Earnings release
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Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity De Grey Mining Limited ABN Quarter ended (“current quarter”) 65 094 206 292 31 March 2025 Consolidated statement of cash flows Current quarter $A’000 Year to date (9 months) $A’000 1. Cash flows from operating activities 40 364 1.1 Receipts from customers 1.2 Payments for - - (a) exploration & evaluation (b) development - - (c) production - - (d) staff costs (4,400) (13,430) (e) administration and corporate costs (3,198) (8,299) 1.3 Dividends received (see note 3) - - 1.4 Interest received 9,197 23,334 1.5 Interest and other costs of finance paid (186) (461) 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other (provide details if material) - - 1.9 Net cash from / (used in) operating activities 1,453 1,508 2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities (b) tenements - - (c) property, plant and equipment (30,288) (78,369) (d) exploration & evaluation (14,585) (46,987) (e) investments - - (f) other non-current assets - -
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (9 months) $A’000 2.2 Proceeds from the disposal of: - - (a) entities (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) - - 2.6 Net cash from / (used in) investing activities (44,873) (125,356) 3. Cash flows from financing activities - - 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities (14) (15) 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (provide details if material)1 279,699 (295,657) 3.10 Net cash from / (used in) financing activities 279,685 (295,672) 1 Relates to the reclassification of term deposits to/(from) cash and cash equivalents. 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 30,852 686,637 4.2 Net cash from / (used in) operating activities (item 1.9 above) 1,453 1,508 4.3 Net cash from / (used in) investing activities (item 2.6 above) (44,873) (125,356) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 279,685 (295,672)
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (9 months) $A’000 4.5 Effect of movement in exchange rates on cash held - - 4.6 Cash and cash equivalents at end of period2 267,117 267,117 2 De Grey holds $ 475.6M worth of term deposits with maturity lengths between 3 – 12 months. When these are added to De Grey’s cash and cash equivalents balance the total cash balance, including term deposits, at 31 March 2025 is $742.7M. 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 37,117 30,852 5.2 Call deposits 230,000 - 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 267,117 30,852 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 605 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. Payment of director’s remuneration.
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) 1,453 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (14,585) 8.3 Total relevant outgoings (item 8.1 + item 8.2) (13,132) 8.4 Cash and cash equivalents at quarter end (item 4.6) 267,117 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 267,117 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 20.3 Note: if the entity has reported positive relevant outgoings ( i.e. a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? N/A 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? N/A 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? N/A Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 4 April 2025 Authorised by: De Grey Board of Directors Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter , how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, t he definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – e.g. Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained , that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity , and that the ir opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.
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Ground Floor, 2 Kings Park Road, West Perth WA 6005 | PO Box 84 West Perth WA 6872 E: admin@degreymining.com.au | P: +61 8 6117 9348 | F: +61 8 6117 9330 degreymining.com.au | ABN: 65 094 206 29 ASX: DEG ASX: DEG 4 April 2025 ASX ANNOUNCEMENT QUARTERLY ACTIVITIES REPORT For the period ending 31 March 2025 Highlights Corporate • Northern Star Resources Ltd (ASX:NST, Northern Star) proposed acquisition of all the shares in De Grey Mining Ltd (De Grey or the Company) under a Scheme of Arrangement (Scheme) progresses with major milestones achieved: o First Court Hearing approved the release of the Scheme Booklet o Notice of Scheme Meeting and Scheme Booklet dispatched to shareholders on 17 March 2025 o Scheme Meeting scheduled to occur on 16 April 2025 • Cash and short -term deposits of $ 743 million at the end of March 2025, along with the planned senior debt facility, are expected to fully fund 1 the Hemi Gold Project (Hemi or the Project) development if the Scheme does not proceed • Project metrics continue to improve with the increase in spot gold price to ~A$5,000/oz2 compared to the gold price used in the DFS of A$2,700/oz Environmental Approvals • Federal – In December 2024, De Grey received a Request for Further Information (RFI) to the Environment Protection and Biodiversity Conservation Act 1999 (Cth) ( EPBC Act ) Draft Preliminary Document as submitted to the Department of Climate Change, Energy, the Environment and Water (DCCEEW) . The Company continued to prepare the requested information during the March quarter • State - The Part IV Environmental Protection Act 1986 (WA) (EP Act) Revised Referral Supporting Document public comment period concluded on 23 December 2024 and a summary of public submissions and review comments from Decision Making Authorities and public stakeholders were received during the quarter . The Company formally submitted its Response to Submission Documentation, taking into account public and regulator comments, on 25 March 2025 . A Ministerial Decision on approval is expected in or before the middle of the September quarter 2025 Company and Project Development Financing • Progress of documentation for the senior debt facility continues with syndicate support while the Scheme with Northern Star progresses. Under the terms of the Scheme Implementation Deed, De Grey must obtain Northern Star’s written consent prior to finalising or executing any financing documentation Board and Management Non-Executive Chair Simon Lill Managing Director Glenn Jardine Non-Executive Directors Peter Hood AO Andy Beckwith Paul Harvey Emma Scotney General Counsel & Company Secretary Sarah Standish CFO Peter Canterbury Chief Sustainability & Risk Officer Neil Foster Project Director Peter Holmes
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2 Project Development and Operational Readiness • Outstanding infill drill results at Brolga have confirmed the consistency of mineralisation at the Mineral Resource cut-off grade of 0.3g/t Au and at the Hemi DFS Probable Ore Reserve cut-off grade of approximately 0.5g/t Au3 • Assay results from the remaining program included: o 70m @ 3.4g/t Au from 36m in BRIN0212 (including 18m @ 6.6g/t Au from 38m) o 70m @ 3.0g/t Au from 36m in BRIN0267 (including 14m @ 5.1g/t Au from 84m) o 36m @ 4.3g/t Au from 70m in BRIN0213 (including 24m @ 5.2g/t Au from 82m) o 22m @ 3.9g/t Au from 36m in BRIN0265 (including 12m @ 6.2g/t Au from 42m) o 26m @ 3.3g/t Au from 40m in BRIN0302 (including 10m @ 7.6g/t Au from 46m)3 • Mineral Resource infill grade control drilling conducted at Brolga reduced drill spacing from 40m lines and 40m collars to 20m lines with 40m collars, enabling a maiden Measured Mineral Resource Estimate of 12.7Mt @ 1.4g/t for 0.6Moz within the Brolga Starter Pit3 • The Brolga Stage 1 pit contains a Probable Ore Reserve of 26.9Mt @ 1.64g/t for 1.42Moz of contained gold at a strip ratio of 2.4:13 • De Grey has now awarded contracts totalling commitments of $206M for long lead items at a total cost slightly lower than the DFS estimate for these items and excluding allowance for growth and contingency • New Mineral Resource infill diamond drilling results beneath the Hemi Definitive Feasibility Study pit design at Eagle included 78.1m @ 7.9g/t Au from 457.0m in HEDD3474 • Recent results extend Eagle mineralisation by at least 100m down plunge, with mineralisation still open down plunge and along strike • New results enhance future underground mining potential described in the Hemi Underground Conceptual Study and provide potential upside to the production metrics of the Hemi DFS Proposed Northern Star Acquisition The Federal Court of Australia (Western Australia registry) has made orders that De Grey convene a meeting of its ordinary shareholders (Scheme Meeting) to consider and vote on a resolution to approve the Scheme (Scheme Resolution) , and approving the distribution by De Grey of an explanatory statement providing information about the Scheme and notice of the Scheme Meeting (Scheme Booklet) to De Grey Shareholders. The Scheme Booklet was released on the ASX following registration with the Australian Securities and Investments Commission (ASIC) and is also available on De Grey’s website at www.degreymining.com.au. The Scheme Booklet should be read carefully and in its entirety. The Scheme Booklet include s a copy of the Independent Expert’s Report prepared by KPMG Financial Advisory Services (Australia) Pty Ltd (Independent Expert). The Independent Expert has concluded that the Scheme is fair and reasonable and therefore is in the best interests of De Grey Shareholders, in the absence of a superior proposal. The Directors of De Grey: • Continue to unanimously recommend that De Grey Shareholders vote in favour of the Scheme Resolution; and
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3 • Intend to vote, or cause to be voted, all De Grey shares in which he or she has a relevant interest or the voting of which he or she controls in favour of the Scheme Resolution, in each case, subject only to no Superior Proposal (as that term is defined in the Scheme Booklet) emerging and the Independent Expert continuing to conclude in the Independent Expert’s Report that the Scheme is in the best interests of De Grey Shareholders. De Grey Shareholders should have regard to the interests of the De Grey Directors in the outcome of the Scheme which may differ from those of other De Grey Shareholders, in particular the interests disclosed in Section 3.8 of the Scheme Booklet released to ASX on 11 March 2025. The Scheme Meeting is scheduled to be held at 2:00 pm (AWST) on Wednesday, 16 April 2025. The key dates expected for the Scheme are set out in Table 1. Table 1: Expected key dates for the Scheme Note: The above times and dates are indicative only and subject to change. Among other things, dates and times following the date of the Scheme Meeting are subject to necessary approvals from the Federal Court of Australia (Western Australia registry) and all other conditions precedent to the Scheme being satisfied or waived (as applicable). De Grey reserves the right to vary the above dates and times in consultation with Northern Star and otherwise in accordance with the Scheme Implementation Deed, and any changes will be announced by De Grey to the ASX. Hemi Gold Province Hemi is one of the world’s premier gold development projects, located in a Tier 1 jurisdiction with world class infrastructure at its doorstep. Hemi is centrally positioned within De Grey’s 2,500km2 tenement holdings and represents a provincial scale exploration opportunity (Figure 1). Hemi is favourably located within 10km of major sealed highways, approximately 5km from a gas pipeline and less than 30km from a major electricity transmission line (Figure 2). Hemi Project Milestones to Date • Large, high value, intrusion -hosted style of gold deposit discovered in RC drilling at Hemi in February 2020 followed by the discovery of multiple large-scale deposits within the Hemi area • Hemi MRE upgraded to 11.2Moz in November 2024 and global Project overall MRE now 13.6Moz
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4 • Hemi Probable Ore Reserve increased to 121Mt @ 1.5g/t Au for 6.0Moz in September 2023 • Mining Lease approvals in place for Hemi and all Hemi Regional deposits, except for Toweranna • Initial s ubmission of Environmental Approvals to Federal (DCCEEW) and State (EPA) regulators respectively in May and June 2023 followed by resubmission to DCCEEW in August 2024 and EPA in November 2024 and a further resubmission to EPA in March 2025 • Entered the Kariyarra Gold Project Agreement with the Kariyarra Aboriginal Corporation in December 2022 • Release of the Hemi Scoping Study in October 2021, a Pre-Feasibility Study (PFS) in September 2022 and a Definitive Feasibility Study (DFS) in September 2023 • DFS Production outcomes at Hemi showed an Average Gold Production rate over the first 10 years of the project of 553,000oz Au per annum on an Average Process grade of 1.7 g/t Au during that period • Production inputs were a strip ratio of 6.6:1, a nameplate Ore Processing Rate of 10Mtpa and a metallurgical recovery of 93.5% • Project financial metrics were based on an average gold price of A$2,700/oz and an AISC for the first 10 years of A$1,295/oz and a post -tax NPV 5% of A$2.9 billion, a post-tax IRR of 36% and a payback of 1.8 years • Board endorsement of the DFS and commencement of early Project implementation activities in September 2023 • Receipt of credit approved term sheets in June 2024 for a $1 billion senior debt facility and $130 million cost overrun facility from a syndicate of banks and government agencies including NAIF and EFA who both committed $150 million each after consultation with various stakeholders • Expected Project construction period of two years with commencement subject to timing of statutory approvals and a Final Investment Decision Figure 1: Hemi Gold Project showing Hemi and Hemi Regional deposits November 2024 MRE
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5 Figure 2: Hemi Project – Pilbara Region Location Map Mineral Resource An updated Hemi Gold Project MRE was released in November 2024. Table 2: Hemi and Regional Global MRE by Mining Centre, November 2024 Mining Centre Measured Indicated Inferred Total Mt Au g/t Au koz Mt Au g/t Au koz Mt Au g/t Au koz Mt Au g/t Au koz Hemi 12.7 1.4 588 148.5 1.3 6,261 102.7 1.3 4,326 263.9 1.3 11,174 Western1 1.0 1.8 56 16.2 1.6 835 16.5 1.8 980 33.7 1.7 1,871 Eastern1 3.1 1.7 173 2.5 1.5 122 6.3 1.2 243 11.9 1.4 538 Total 16.8 1.5 817 167.2 1.3 7,218 125.5 1.4 5,549 309.5 1.4 13,584
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6 Figure 3: Five-year Hemi and Regional Mineral Resource Growth Table 3: Hemi Probable Reserve# Deposit Proven Probable Total Mt Au g/t koz Mt Au g/t koz Mt Au g/t koz Aquila/Crow - - - 24.7 1.6 1,259 24.7 1.6 1,259 Brolga - - - 36.5 1.6 1,829 36.5 1.6 1,829 Diucon - - - 26.6 1.6 1,383 26.6 1.6 1,383 Eagle - - - 13.0 1.4 598 13.0 1.4 598 Falcon - - - 20.0 1.4 932 20.0 1.4 932 Total Hemi - - - 120.8 1.5 6,002 120.8 1.5 6,002 The rounding in the above tables is an attempt to represent levels of precision implied in the estimation process and apparent errors of summation may result from the rounding # Refer to the Appendix of this document for details
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7 The DFS production profile comprises 99% of Ore Reserves from Hemi. The remaining 1% comprises Inferred Resources that are incidental to open pit mining5. The DFS mine plan comprises open pit mining production from the Hemi deposits of Aquila, Brolga, Crow, Diucon, Eagle and Falcon (Figure 3). The Hemi Regional deposits were included in the PFS but excluded from the DFS physical and financial metrics following the growth and increased JORC confidence of the Hemi deposits in the June 2023 MRE. All the Hemi deposits are located within 4km of the proposed processing plant site. Figure 4: Hemi Pit Shell Outlines The preferred comminution circuit comprises primary and secondary crushing, high pressure grinding roller (HPGR) and ball mills followed by flotation, pressure oxidation (POx) and cyanide leaching. Similar comminution circuits are used in large scale gold projects. Hemi ore has the advantage of generating a low (8%) mass pull sulphide concentrate as feed to the POx circuit. This reduces the POx throughput to 0.8Mtpa compared with the overall plant throughput rate of 10Mtpa.
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8 Figure 5: Simplified Process Flowsheet Project Development and Operational Readiness Orders for plant and infrastructure long-lead items and contracts awarded and being prepared to award during March 2025 now total commitments of $205.6M, which includes the Transport & Logistics contract to be awarded to Antrak in the sum of $6M, and Bridg ing Phase III costs to Wood in the sum of $3.3M for the continuation of their detailed design. This is slightly lower than the DFS capital cost estimate for these items (Table 3). The total DFS capital cost estimate for plant and infrastructure prior to growth and contingency of $162M, was $1,136M for a total plant and infrastructure capital cost estimate of $1,298M. The growth and contingency allowance of $162M excluding the $130M cost overrun facility can now be applied against the remaining DFS plant and infrastructure capital cost estimate of $931M. The combined growth and contingency allowance and cost overrun facility of approximately $292M represents approximately 30% of the remaining DFS plant and infrastructure capital cost estimate. The Company is currently reviewing the capital cost of the Project following receipt of tenders for the plant construction and mining contracts. Pricing to date is generally in line with expectations and compliance with the DFS estimate will continue to be monitored as tenders are received and contracts priced, with appropriate updates to the market if expectations against the DFS estimate change.
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9 Table 4: Long Lead Item Packages – Awarded Long Lead Package Awarded Scale Primary Gyratory Crusher Sized for future expansion Ball Mills 10Mtpa High Pressure Grinding Roller Sized for future expansion Secondary Cone Crusher 10Mtpa Cyclone Clusters 10Mtpa Flotation Cells Sized for future expansion (with modifications) Intertank Screens 10Mtpa Thickeners and CCD's 10Mtpa Wet and Dry Vibrating Screens Sized for future expansion Permanent Accommodation 600-person camp Autoclave Agitators and Seals 10Mtpa Autoclave Feed Pumps 10Mtpa POx Acid Brick Lining 10Mtpa Autoclaves and Flash Vessels 10Mtpa Transport & Logistics Shipping of 7 long lead packages Total DFS Estimated Cost $206.6M Total Committed Cost $205.6M Cost Variance -$1M (-0.055%) Engineering and design scopes during the quarter have been focussed on the POx area, including the tender evaluations and request for award of the POx long lead packages. Horizontal disciplines across the Project were also progressed including the process, civil and electrical works. Other works carried out during the March quarter include: • Global Logistics: Package progressed, with a Recommendation for Award being written in favour of Antrak Logistics Pty Ltd. This is to cover the shipping costs of seven long lead packages • Oxygen Plant: limited notice to proceed Award issued early in January 2025 • Power Supply: Commercial negotiations continue with the preferred supplier • Hemi Permanent Village works separable portion (SP) 1 design preliminary and SP 2: manufacturing of modular buildings continues with the first deliveries of SPQ's arriving at Mt Dove Laydown area during the quarter • EPC and EPCM Tenders Submissions: Evaluation process of the EPC/EPCM tender submissions continuing. Clarification of technical and commercial items progressing • McGarry Associates (MGA) continued progressing the capital cost re-estimate. MGA's preliminary process plant capital expenditure re-estimate is expected early April 2025. Further development of the re -estimate is expected to continue during April including take up of EPC/EPCM contract strategy and costing, De Grey scoped works and NPI works
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10 • Project Controls software implementation commenced during the quarter and the implementation and training is very well progressed • Operations/Business readiness work continued with the development of the ROM/Ore blending strategy • Geology: The 12-month ore facing mine position Brolga Phase 1 RC drilling is complete • Mining: the review process for the mining tender has commenced and continues to progress. Three principal mining contractors and five drill-and-blast contractors have provided high-quality tender documents • Storage and preservation options for Long Lead items being progressed. Shipment of first batch of Ball Mill components (VSDs and Motors) arrived early March 2025. Further shipments were dispatched during March Picture 1: Ball Mill
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11 Picture 2: Feed and Discharge Assembly
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12 Picture 3: Feed and Discharge Assembly
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13 Picture 4: Flotation Cells Package Progress
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14 Heritage and Native Title The Company signed the Kariyarra Gold Project Agreement with the Kariyarra People in December 2022 which covers the Hemi MREs and the Project’s required infrastructure footprint. Negotiations continue d in the quarter with Ngarluma Aboriginal Corporation (NAC), in respect of mining agreement for the Toweranna project . A scheduled negotiation meeting took place in March 2025, with further meetings planned for 2025 . NAC is currently in the process of selecting and appointing a new CEO. During the quarter, Company personnel continued to hold meetings with local stakeholders, including Indigenous businesses, to discuss current and future opportunities to provide goods and services to De Grey and the pathways to access them. Approvals and Permitting In September 2023, the Company was granted the Mining Lease (M47/1628) for Hemi by the Western Australian Department of Energy, Mines, Industry Regulation and Safety (DEMIRS). The Mining Lease covers the Hemi deposits, proposed mining area and processing plant site. Initial Federal and State environmental approval submissions were made by De Grey in May and June 2023 respectively. The Federal Environmental Protection and Biodiversity Conservation (EPBC) Act revised Preliminary Documentation was resubmitted to the DCCEEW on 6 August 2024 in response to requests for additional information. The Company received a Request for Further Information on the revised Preliminary Documentation from DCCEEW on 4 December 2024 having received minor queries, clarifications and additional detail needed to support DCCEEW assessment in the preceding weeks. The Company continued to prepare the requested information during the March quarter. Indications suggest that Federal approval is expected to be obtained in or before the middle of the September quarter of 2025, subject to the outcomes of regulatory review and public consultation. An invitation for a site visit, previously declined, remains with the Assessment Team at DCCEEW. The EPA reviewed the Section 38 (EP Act) Project Referral and advised that it will be assessed on referred information (with certain additional information), followed by a public review process. The Draft Part IV EP Act Revised Referral Document wa s submitted to the EPA on 8 November 2024. The EPA opted to undertake their review, as well as the review from other Decision Making Authorities (DMAs) in parallel to the mandated public review process. The public review period of four weeks commenced 25 November and concluded on 23 December 2024. A summary of public submissions and review comments from DMA’s was received in the quarter. The Company formally submitted its Response to Submissions Documentation and Revised Referral Supporting Document Public Comment and Submission Document during the quarter and a Ministerial Decision on approval is expected in or before the middle of the September quarter of 2025.
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15 During the quarter, the Company continued to engage with a range of stakeholders in support of the approvals process including Federal and State representatives, government departments and agencies and community stakeholders. Project Financing Documentation of the planned senior debt facility continues with the tender group. Following announcement of the Scheme , the Company engaged with all syndicate members, who reaffirmed their support for providing debt funding. De Grey has committed with the syndicate members to progress the documents in parallel with the Scheme process (noting that under the terms of scheme implementation deed with Northern Star, finalisation and execution of financing documentation requires Northern Star’s prior written consent). The current documentation being negotiated contains no requirement for compulsory hedging associated with the senior debt facility. Given the strong gold price environment and its impact on Project economics and the rate of capital return, the Company may consider an appropriate level of discretionary hedging to de-risk a rapid capital payback period. An independent hedging advisor has been appointed to provide advice in this area. Exploration Exceptional width and grades at Eagle support Hemi DFS upside and future underground mining New Mineral Resource infill diamond drilling results beneath the Hemi DFS pit design for Eagle in the quarter include4: • 78.1m @ 7.9g/t Au from 457.0m in HEDD347 • 23.9m @ 5.1g/t Au from 425.1m in HEDD346 • 11.2m @ 3.0g/t Au from 340.8m in HEDD344 including 4m @ 7.6g/t Au • 14.1m @ 2.8g/t Au from 396.9m including 6.5m @ 4.2g/t Au • 17.8m @ 2.0g/t Au from 543.2m in HEDD365 including 7.2m @ 4.2g/t Au New drill results in a hanging wall position to the November 2024 Eagle MRE during the quarter include4: • 6m @ 12.7g/t Au in HMRC735 • 32m @ 1.9g/t Au from 257m (including 7.9m @ 4.7g/t Au from 281.0m) in HEDD273 • 10.4m @ 2.5g/t Au from 330.6m (including 6.4m @ 3.5g/t Au from 330.6m) in HEDD365 These results augment previously released Mineral Resource diamond drilling results in the same area of the Eagle DFS pit and extend Eagle mineralisation by at least 100m down plunge, with mineralisation still open down plunge and along strike . They also enhance future underground mining potential described in the Hemi Underground Conceptual Study and provide potential upside to the production metrics of the Hemi DFS.
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16 Further outstanding infill drill results at Brolga The remainder of the infill grade control drilling at the Brolga deposit at Hemi has been completed during the quarter. Drilling has confirmed the consistency of mineralisation at the Mineral Resource cut-off grade of 0.3g/t Au and at the Hemi DFS Ore Reserve cut -off grade of approximately 0.5g/t Au estimated during the DFS using a gold price of A$2,700/oz. Assay results from the program include3: • 70m @ 3.4g/t Au from 36m in BRIN0212 (including 18m @ 6.6g/t Au from 38m) • 70m @ 3.0g/t Au from 36m in BRIN0267 (including 14m @ 5.1g/t Au from 84m) • 36m @ 4.3g/t Au from 70m in BRIN0213 (including 24m @ 5.2g/t Au from 82m) • 22m @ 3.9g/t Au from 36m in BRIN0265 (including 12m @ 6.2g/t Au from 42m) • 26m @ 3.3g/t Au from 40m in BRIN0302 (including 10m @ 7.6g/t Au from 46m) RC holes were designed to a set depth of 106m and many of the reported intersections end in mineralisation. The infill grade control drilling program covers the first 12 months of ore production at Hemi. The strong results support the Hemi DFS mine plan and the rapid capital payback from the Brolga Stage 1 pit. Corporate During the March 2025 quarter the Company continued to build its Corporate and Projects team to support the development of Hemi . These positions included appointment of the Contracts & Procurement Manager, Health & Safety Superintendent and the Processing Manager. Cash Position and Quarterly Cash Flows The Company ended the March quarter in a strong cash position with cash reserves of $743 million. During the March 2025 quarter: • Net cash used in exploration activities totalled $15M and development totalled $30M, with full details of the exploration and development activities during the quarter set out in this report • Interest received during the quarter was $9.2M covering all corporate overheads as well as staff costs related to exploration and project activities • Cash p ayments to related parties of the Company and their associates for Executive and Non - Executive Director fees, including (where applicable) superannuation, totalled $0.6M • Further details with respect to consolidated quarterly cash flows are available in the Appendix 5B
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17 Share Equity and Shareholders As at 31 March 2025: • Total shares on issue of 2,398,075,852 (~12,465 shareholders) • The Top 20 shareholders are holding ~86.5% of total shares on issue • Total outstanding unlisted securities consisted of: o 6,385,456 (Executive LTI) Performance rights (nil exercise price), expiry various dates o 24,630 NED Share rights (nil exercise price) Document References 1. Based on current information, estimates and assumptions, including as to time and cost 2. As of 3 April 2025 Source: Perth Mint 3. Refer to the Company’s ASX announcement titled: “Further outstanding infill drill results at Brolga” dated 13 January 2025 4. Refer to the Company’s ASX announcement titled: “Exceptional width and grades at Eagle support Hemi DFS upside and future underground mining” dated 28 January 2025 5. Refer to the Company’s ASX announcement titled: “Hemi Gold Project - DFS Outstanding Financial Metrics” dated 28 September 2023 for further details on the key assumptions and risks. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the Production Target itself will be realised This announcement was approved by the Board of the Company. For further information, please contact: Glenn Jardine Managing Director +61 8 6117 9328 investors@degreymining.com.au Peter Canterbury Chief Financial Officer +61 8 6117 9328 investors@degreymining.com.au Michael Vaughan (Media enquiries) Fivemark Partners +61 422 602 720 michael.vaughan@fivemark.com.au
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18 Forward looking statements disclaimer This report contains forward -looking statements. Forward -looking statements include those containing words such as “anticipate”, “estimates”, “forecasts”, “indicative”, “should”, “will”, “would”, “expects”, “plans” or similar expressions. Indications of, and guidance or outlook on, timing and receipt of approvals, future earnings or financial position or performance, including forecast financial information derived from the production target and the DFS, are also forward-looking statements. You are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are provided as a general guide only. Such forward-looking statements are based on information available as at the date of this report and are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are bey ond the control of the Company, are preliminary views and are based on assumptions and contingencies subject to change without notice, and which could cause actual results or trends, projections, guidance and estimates to differ materially from those expressed in this report. Relevant factors include risks associated with exploring for gold, project development and construction and the mining, processing and sale of gold, including without limitation, the ability to obtain debt finance on expected terms, obtaining environmental and regulatory approvals and the time and conditions attached to the same, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the Company operates or may in the futur e operate, environmental conditions including extreme weather conditions, geological and geotechnical events, and environmental issues, recruitment and retention of personnel, industrial relations issues and litigation. Readers of this report are cautioned not to place undue reliance on forward-looking statements included in it. Forward looking statements in this report only apply at the date of issue. Subject to any continuing obligations under applicable law or any relevant securities exchange listing rules, in providing this information the Company does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based. Financial figures are in Australian dollars unless otherwise noted.
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19 Competent Person’s Statement Ore Reserves and Mineral Resources Announcements This Quarterly Report contains estimates of Ore Reserves and Mineral Resources. The information in this Quarterly Report that relates to the Mineral Resource and Reserve Estimates has been extracted from previous ASX announcements including: 1. “Exceptional drill results at Eagle support Hemi DFS upside” - 28 January 2025 2. “Hemi Gold Project Mineral Resource Estimate 2024” – 14 November 2024 3. “Hemi Gold Project Resource Update November 2023” – 21 November 2023 4. “Hemi Gold Project - DFS Outstanding Financial Metrics” – 28 September 2023 5. “Hemi Gold Project Resource Statement – 2023” – 15 June 2023 6. “Hemi Gold Project Preliminary Feasibility Study” – 8 September 2022 7. “Hemi Gold Project Resource Statement – 2022” – 31 May 2022 The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. Global Exploration Results since 1 August 2024: • 28/01/2025 Exceptional drill results at Eagle support Hemi DFS upside • 13/01/2025 Further outstanding infill drill results at Brolga • 14/11/2024 Hemi Gold Project Mineral Resource Estimate 2024 • 29/10/2024 Outstanding infill drill results at Brolga • 10/10/2024 De Grey reaches minimum spend at Novo's Egina Gold Project Exploration Results The information in this report that relates to Exploration Results is based on, and fairly represents, information and supporting documentation prepared by Mr Phil Tornatora, a Competent Person who is a Member of The Australian Institute of Geoscientists. Mr Tornatora is an employee of De Grey Mining Ltd. Mr Tornatora 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 Resource and Ore Reserves”. Mr Tornatora consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.
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20 Ore Reserves – Hemi (includes Brolga) The information in this report that relates to Ore Reserves at the Hemi Gold Project is based on and fairly represents information and supporting documentation compiled by Mr Quinton de Klerk, a Competent Person who is an Associate Consultant with Cube Consulting Pty Ltd, a company engaged by De Grey. Mr de Klerk is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr de Klerk has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which 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 (2012 JORC Code). Mr de Klerk consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Mineral Resources - Hemi The Information in this report that relates to Hemi Mining Centre and Toweranna Mineral Resources is based on, and fairly represents, information and supporting documentation prepared by Mr Michael Job, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Job is a full -time employee of Cube Consulting. Mr Job 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 Job consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Mineral Resources - Regional The Information in this report that relates to Western and Eastern Mining Centre Mineral Resources (excluding Toweranna) is based on, and fairly represents, information and supporting documentation prepared by Mr Callum Browne, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Browne is a full-time employee of De Grey Mining Ltd. Mr Browne 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 fo r Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Browne consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. PRODUCTION TARGETS This report contains De Grey production targets and forecast financial information derived from those. The information in thi s report that relates to production targets and forecast financial information for Hemi are extracted from the ASX announcement “Hemi Gold Project DFS Outstanding Financial Metrics” dated 28 September 2023. De Grey confirms that it is not aware of any new information or data that materially affects the information included in that announcement. All material assumptions and technical parameters underpinning the estimates or production targets or forecast financial information derived from a production target (as applicable) in that ASX announcement continue to apply and have not materially changed. De Grey confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from that announcement.
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21 Appendix 1: JORC Resource and Reserve Statements Hemi and Regional Resources The overall Global Hemi and Regional MRE (JORC 2012) has increased 7% to 309.5Mt @ 1.4g/t Au for 13.6Moz. Increases have occurred at Hemi, Withnell, and Calvert with all other Regional resources within the Western and Eastern Mining centres unchanged (Table 5). The 2023 MRE (Table 6) is shown below for comparison. Table 5: Hemi and Regional MRE by Mining Centre, November 2024 Mining Centre Measured Indicated Inferred Total Mt Au g/t Au koz Mt Au g/t Au koz Mt Au g/t Au koz Mt Au g/t Au koz Hemi 12.7 1.4 588 148.5 1.3 6,261 102.7 1.3 4,326 263.9 1.3 11,174 Western1 1.0 1.8 56 16.2 1.6 835 16.5 1.8 980 33.7 1.7 1,871 Eastern1 3.1 1.7 173 2.5 1.5 122 6.3 1.2 243 11.9 1.4 538 Total 16.8 1.5 817 167.2 1.3 7,218 125.5 1.4 5,549 309.5 1.4 13,584 1: The Withnell Mining Centre and Wingina Mining Centre have been renamed to The Western Mining Centre and The Eastern Mining Centre respectively. Table 6: Hemi and Hemi Regional Global Mineral Resource Estimate by Mining Centre, November 2023 Mining Centre Measured Indicated Inferred Total Mt Au g/t Au koz Mt Au g/t Au koz Mt Au g/t Au koz Mt Au g/t Au koz Hemi 165.8 1.3 6,878 88.8 1.3 3,577 254.5 1.3 10,456 Withnell 1.6 1.8 92 15.6 1.6 792 11.9 2.1 797 29.1 1.8 1,681 Wingina 3.1 1.7 173 2.5 1.5 122 6.3 1.2 243 11.9 1.4 538 Total 4.7 1.7 265 183.9 1.3 7,793 106.9 1.3 4,617 295.5 1.3 12,675 Note: The Regional resource estimates at the Withnell and Wingina Mining Centres have not changed since the April 2020 statement, except Toweranna. Table 7: Hemi and Regional Global MRE by mineralisation type, November 2024 Mining Centre Type Measured Indicated Inferred Total Mt Au g/t Au koz Mt Au g/t Au koz Mt Au g/t Au koz Mt Au g/t Au koz Hemi Oxide 1.4 1.8 80 5.0 1.6 249 0.7 0.9 21 7.1 1.4 349 Sulphide 11.3 1.4 508 143.5 1.3 6,012 102.0 1.3 4,305 256.9 1.2 10,825 Total 12.7 1.4 588 148.5 1.3 6,261 102.7 1.3 4,326 263.9 1.3 11,174 Western Oxide 0.3 1.7 18 2.7 1.4 119 1.8 1.4 82 4.9 1.4 220 Sulphide 0.7 1.8 38 13.5 1.7 716 14.7 1.9 898 28.8 1.8 1,652 Total 1.0 1.8 56 16.2 1.6 835 16.5 1.8 980 33.7 1.7 1,871 Eastern Oxide 2.7 1.8 152 1.8 1.5 88 2.2 1.1 75 6.7 1.5 315 Sulphide 0.4 1.6 21 0.7 1.6 35 4.0 1.3 168 5.1 1.4 224 Total 3.1 1.7 173 2.5 1.5 122 6.3 1.2 243 11.9 1.4 538 Total Oxide 4.4 1.8 250 9.6 1.5 456 4.7 1.2 178 18.7 1.5 884 Sulphide 12.4 1.4 567 157.7 1.3 6,762 120.8 1.4 5,371 290.8 1.4 12,700 Total 16.8 1.5 817 167.2 1.3 7,218 125.5 1.4 5,549 309.5 1.4 13,584
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22 Hemi and Regional MRE by Mining Centre and Deposit, November 2024 Table 8: Hemi Mining Centre Deposit Type Measured Indicated Inferred Total Mt Au g/t Au koz Mt Au g/t Au koz Mt Au g/t Au koz Mt Au g/t Au koz Aquila Oxide 0.0 0.0 0 1.2 1.5 58 0.2 0.9 6 1.4 1.4 63 Sulphide 0.0 0.0 0 11.2 1.7 593 8.8 1.4 394 19.9 1.5 987 Total 0.0 0.0 0 12.3 1.6 650 9.0 1.4 400 21.3 1.5 1,050 Brolga Oxide 1.4 1.8 80 0.5 1.1 16 0.0 0.8 1 1.9 1.6 96 Sulphide 11.3 1.4 508 30.3 1.4 1,329 14.9 1.1 546 56.5 1.3 2,382 Total 12.7 1.4 588 30.7 1.4 1,345 14.9 1.1 546 58.3 1.3 2,479 Crow Oxide 0.0 0.0 0 1.2 1.2 43 0.0 0.8 1 1.2 1.1 44 Sulphide 0.0 0.0 0 22.1 1.1 806 14.4 1.4 666 36.5 1.3 1,473 Total 0.0 0.0 0 23.2 1.1 850 14.5 1.4 668 37.7 1.3 1,517 Diucon Oxide 0.0 0.0 0 0.2 1.9 10 0.2 1.1 8 0.4 1.4 18 Sulphide 0.0 0.0 0 37.0 1.3 1,574 20.4 1.4 917 57.3 1.4 2,491 Total 0.0 0.0 0 37.1 1.3 1,584 20.6 1.4 925 57.7 1.4 2,509 Eagle Oxide 0.0 0.0 0 0.1 1.7 8 0.0 0.9 1 0.2 1.6 9 Sulphide 0.0 0.0 0 19.5 1.2 736 29.7 1.4 1,337 49.3 1.3 2,072 Total 0.0 0.0 0 19.7 1.2 743 29.8 1.4 1,338 49.5 1.3 2,081 Falcon Oxide 0.0 0.0 0 1.9 1.9 115 0.0 0.4 0 1.9 1.9 115 Sulphide 0.0 0.0 0 23.5 1.3 974 10.2 1.1 361 33.7 1.2 1,335 Total 0.0 0.0 0 25.4 1.3 1,089 10.2 1.1 361 35.6 1.3 1,450 Antwerp Oxide 0.0 0.0 0 0.0 0.0 0 0.2 0.8 4 0.2 0.8 4 Sulphide 0.0 0.0 0 0.0 0.0 0 3.7 0.7 84 3.7 0.7 84 Total 0.0 0.0 0 0.0 0.0 0 3.9 0.7 88 3.9 0.7 88 Hemi Mining Centre Oxide 1.4 1.8 80 5.0 1.6 249 0.7 0.9 21 7.1 1.4 349 Sulphide 11.3 1.4 508 143.5 1.3 6,012 102.0 1.3 4,305 256.9 1.2 10,825 Total 12.7 1.4 588 148.5 1.3 6,261 102.7 1.3 4,326 263.9 1.3 11,174
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23 Table 9: Western Mining Centre Deposit Type Measured Indicated Inferred Total Mt Au g/t Au koz Mt Au g/t Au koz Mt Au g/t Au koz Mt Au g/t Au koz Withnell OP1 Oxide 0.3 1.6 16 1.2 0.8 31 0.3 1.4 15 1.8 1.1 61 Sulphide 0.7 1.8 38 3.3 1.9 195 3.6 1.7 194 7.6 1.8 428 Total 1.0 1.7 54 4.4 1.6 226 4.0 1.6 209 9.4 1.6 489 Withnell UG Oxide 0.0 0.0 0 0.0 2.4 0 0.0 3.0 1 0.0 3.0 1 Sulphide 0.0 0.0 0 0.0 3.3 5 2.9 3.2 292 2.9 3.2 297 Total 0.0 0.0 0 0.0 3.3 5 2.9 3.2 293 2.9 3.2 298 Withnell Trend2 Oxide 0.0 2.8 3 0.5 2.6 45 0.1 1.7 8 0.7 2.4 56 Sulphide 0.0 0.0 0 0.2 2.8 21 0.5 2.0 31 0.7 2.2 52 Total 0.0 2.8 3 0.8 2.7 66 0.6 1.9 39 1.4 2.3 109 Calvert Oxide 0.0 0.0 0 0.3 1.1 10 0.0 1.0 1 0.3 1.1 11 Sulphide 0.0 0.0 0 0.9 1.5 42 1.1 1.0 37 2.0 1.2 80 Total 0.0 0.0 0 1.2 1.4 52 1.2 1.0 39 2.3 1.2 90 Mallina Oxide 0.0 0.0 0 0.5 1.3 20 1.2 1.4 53 1.7 1.3 73 Sulphide 0.0 0.0 0 1.1 1.2 44 3.9 1.5 190 5.1 1.4 234 Total 0.0 0.0 0 1.6 1.2 64 5.1 1.5 243 6.8 1.4 307 Toweranna OP Oxide 0.0 0.0 0 0.3 1.5 13 0.1 1.6 4 0.4 1.5 18 Sulphide 0.0 0.0 0 7.6 1.6 384 1.9 1.4 85 9.6 1.5 469 Total 0.0 0.0 0 7.9 1.6 397 2.0 1.4 89 9.9 1.5 487 Toweranna UG Oxide 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 Sulphide 0.0 0.0 0 0.3 3.0 24 0.7 3.0 68 0.9 3.0 92 Total 0.0 0.0 0 0.3 3.0 24 0.7 3.0 68 0.9 3.0 92 Western Mining Centre Oxide 0.3 1.7 18 2.7 1.4 119 1.8 1.4 82 4.9 1.4 220 Sulphide 0.7 1.8 38 13.5 1.7 716 14.7 1.9 898 28.8 1.8 1,652 Total 1.0 1.8 56 16.2 1.6 835 16.5 1.8 980 33.7 1.7 1,871 1: Withnell OP includes Leach Pad Stockpile 2: Withnell Trend includes Camel, Roe, and Dromedary satellite deposits
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24 Table 10: Eastern Mining Centre Deposit Type Measured Indicated Inferred Total Mt Au g/t Au koz Mt Au g/t Au koz Mt Au g/t Au koz Mt Au g/t Au koz Wingina Oxide 2.7 1.8 152 0.6 1.3 27 0.3 1.3 14 3.7 1.6 193 Sulphide 0.4 1.6 21 0.3 1.5 16 1.1 1.7 57 1.8 1.6 94 Total 3.1 1.7 173 1.0 1.4 43 1.4 1.6 72 5.5 1.6 288 Mt Berghaus Oxide 0.0 0.0 0 0.7 1.8 39 1.0 1.1 36 1.7 1.4 75 Sulphide 0.0 0.0 0 0.3 1.7 14 2.4 1.2 92 2.7 1.2 106 Total 0.0 0.0 0 1.0 1.7 53 3.4 1.2 128 4.3 1.3 181 Amanda Oxide 0.0 0.0 0 0.5 1.3 22 0.9 0.9 25 1.4 1.0 46 Sulphide 0.0 0.0 0 0.1 1.8 4 0.6 1.1 19 0.6 1.2 23 Total 0.0 0.0 0 0.6 1.4 26 1.4 0.9 44 2.0 1.1 70 Eastern Mining Centre Oxide 2.7 1.8 152 1.8 1.5 88 2.2 1.1 75 6.7 1.5 315 Sulphide 0.4 1.6 21 0.7 1.6 35 4.0 1.3 168 5.1 1.4 224 Total 3.1 1.7 173 2.5 1.5 122 6.3 1.2 243 11.9 1.4 538 Table 11: Hemi Gold Project – Hemi Ore Reserve Estimate, September 2023 Deposit Proven Probable Total Mt Au g/t koz Mt Au g/t koz Mt Au g/t koz Aquila/Crow - - - 24.7 1.6 1,259 24.7 1.6 1,259 Brolga - - - 36.5 1.6 1,829 36.5 1.6 1,829 Diucon - - - 26.6 1.6 1,383 26.6 1.6 1,383 Eagle - - - 13.0 1.4 598 13.0 1.4 598 Falcon - - - 20.0 1.4 932 20.0 1.4 932 Total Hemi - - - 120.8 1.5 6,002 120.8 1.5 6,002
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25 Appendix 2 Schedule of Mining Tenements and Beneficial Interests Held as at the end of the March 2025 Quarter • • • • Project/Location Country Tenement Percentage held/earning Hemi Gold Project, Pilbara Australia E45/2364 100% Hemi Gold Project, Pilbara Australia E45/2533 100% Hemi Gold Project, Pilbara Australia E45/2983 100% Hemi Gold Project, Pilbara Australia E45/2995 100% Hemi Gold Project, Pilbara Australia E45/3390 100% Hemi Gold Project, Pilbara Australia E45/3391 100% Hemi Gold Project, Pilbara Australia E45/3392 100% Hemi Gold Project, Pilbara Australia E45/4751 100% Hemi Gold Project, Pilbara Australia E45/5140 100% Hemi Gold Project, Pilbara Australia E45/5600 100% Hemi Gold Project, Pilbara Australia E45/6098 100% Hemi Gold Project, Pilbara Australia E45/6655 75%1ᵅ Hemi Gold Project, Pilbara Australia E47/2502 100% Hemi Gold Project, Pilbara Australia E47/2720 100% Hemi Gold Project, Pilbara Australia E47/3399 100% Hemi Gold Project, Pilbara Australia E47/3428 100% Hemi Gold Project, Pilbara Australia E47/3429 100% Hemi Gold Project, Pilbara Australia E47/3430 100% Hemi Gold Project, Pilbara Australia E47/3504 100% Hemi Gold Project, Pilbara Australia E47/3552 100% Hemi Gold Project, Pilbara Australia E47/3553 100% Hemi Gold Project, Pilbara Australia E47/3554 100% Hemi Gold Project, Pilbara Australia E47/3750 100% Hemi Gold Project, Pilbara Australia E47/4565 100% Hemi Gold Project, Pilbara Australia E47/4915 100% Hemi Gold Project, Pilbara Australia E47/4916 100% Hemi Gold Project, Pilbara Australia E47/4917 100% Hemi Gold Project, Pilbara Australia E47/4925 100% Hemi Gold Project, Pilbara Australia E47/4926 100% Hemi Gold Project, Pilbara Australia E47/5032 100% Hemi Gold Project, Pilbara Australia E47/891 100% Hemi Gold Project, Pilbara Australia L45/578 100% Hemi Gold Project, Pilbara Australia L45/597 100% Hemi Gold Project, Pilbara Australia L45/599 100% Hemi Gold Project, Pilbara Australia L45/600 100% Hemi Gold Project, Pilbara Australia L45/604 100% Hemi Gold Project, Pilbara Australia L45/605 100% Hemi Gold Project, Pilbara Australia L45/612 100%
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26 Project/Location Country Tenement Percentage held/earning Hemi Gold Project, Pilbara Australia L45/642 100% Hemi Gold Project, Pilbara Australia L45/766 100% Hemi Gold Project, Pilbara Australia L47/1016 100% Hemi Gold Project, Pilbara Australia L47/1029 100% Hemi Gold Project, Pilbara Australia L47/1048 100% Hemi Gold Project, Pilbara Australia L47/1049 100% Hemi Gold Project, Pilbara Australia L47/1069 100% Hemi Gold Project, Pilbara Australia L47/1070 100% Hemi Gold Project, Pilbara Australia L47/1071 100% Hemi Gold Project, Pilbara Australia L47/1110 100% Hemi Gold Project, Pilbara Australia L47/1111 100% Hemi Gold Project, Pilbara Australia L47/164 100% Hemi Gold Project, Pilbara Australia L47/165 100% Hemi Gold Project, Pilbara Australia L47/963 100% Hemi Gold Project, Pilbara Australia L47/966 100% Hemi Gold Project, Pilbara Australia L47/967 100% Hemi Gold Project, Pilbara Australia L47/971 100% Hemi Gold Project, Pilbara Australia L47/972 100% Hemi Gold Project, Pilbara Australia L47/973 100% Hemi Gold Project, Pilbara Australia L47/975 100% Hemi Gold Project, Pilbara Australia L47/976 100% Hemi Gold Project, Pilbara Australia L47/977 100% Hemi Gold Project, Pilbara Australia M45/1294 100% Hemi Gold Project, Pilbara Australia M45/1295 100% Hemi Gold Project, Pilbara Australia M45/1299 100% Hemi Gold Project, Pilbara Australia M47/1626 100% Hemi Gold Project, Pilbara Australia M47/1628 100% Hemi Gold Project, Pilbara Australia M47/473 100% Hemi Gold Project, Pilbara Australia M47/474 100% Hemi Gold Project, Pilbara Australia M47/475 100% Hemi Gold Project, Pilbara Australia M47/476 100% Hemi Gold Project, Pilbara Australia M47/477 100% Hemi Gold Project, Pilbara Australia M47/480 100% Hemi Gold Project, Pilbara Australia P45/3029 100% Hemi Gold Project, Pilbara Australia P47/1732 100% Hemi Gold Project, Pilbara Australia P47/1733 100% Hemi Gold Project, Pilbara Australia P47/1866 100% Hemi Gold Project, Pilbara Australia P47/2029 100% Hemi Gold Project, Pilbara Australia P47/2030 100% ᵅ The Company has earned a 75% interest in E45 -2502, with the 25% interest held by Farno McMahon Pty Ltd, a 100% subsidiary of Novo Resources Inc.
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27 Schedule of Mining Tenements and Beneficial Interests Acquired during the March 2025 Quarter Project/Location Country Tenement Acquisition or Grant Date Hemi Gold Project, Pilbara Australia E47/4915 20/01/2025 Hemi Gold Project, Pilbara Australia E45/6655 21/01/2025 Schedule of Mining Tenements and Beneficial Interests Disposed of during the March 2025 Quarter Project/Location Country Tenement Withdrawal Date