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RAPID HIGH-GRADE GROWTH IN THE GOLDFIELDS Bell Potter Unearthed Presentation 9 February 2026 ASX:GG8 Rapid value creation through aggressive drilling targeting high-grade gold in Tier-1 locations For personal use only
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gorillagold8.com | ASX:GG8 2 Nature of Document: This presentation has been prepared and issued by Gorilla Gold Mines Ltd (Company) to provide general information about the Company. The information in this document is in summary form and should not be relied upon as a complete and accurate representation of any matters that a reader should consider in evaluating the Company. While management has taken every effort to ensure the accuracy of the material in this presentation, the Company and its advisers have not verified the accuracy or completeness of the material contained in this presentation. Forward looking statements: This presentation contains forward-looking information about the Company and its operations. In certain cases, forward-looking information may be identified by such terms as "anticipates", "believes", “should”, "could", "estimates", “target”, “likely”, “plan”, "expects", "may", “intend”, "shall", "will", or "would". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements are subject to risk factors associated with the Company’s business, many of which are beyond the control of the Company. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements. Disclaimer: No representation or warranty, express or implied, is made by the Company that the material contained in this presentation will be achieved or proved correct. Except for statutory liability which cannot be excluded, each of the Company, its directors, officers, employees, advisors and agents expressly disclaims any responsibility for the accuracy, fairness, sufficiency or completeness of the material contained in this presentation and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this presentation or any effort or omission therefrom. The Company will not update or keep current the information contained in this presentation or to correct any inaccuracy or omission which may become apparent, or to furnish any person with any further information. Any opinions expressed in the presentation are subject to change without notice. Competent Person’s Statement The Company confirms that it is not aware of any new information or data that materially affects the information included in those announcements and all material assumptions and technical parameters underpinning the resource estimates with those announcements continue to apply and have not materially changed. The Mineral Resource estimates shown for Comet Vale and Labyrinth were prepared and disclosed by Gorilla Gold Mines Ltd. The information in this presentation related to Exploration Results or Mineral Resources based on and fairly represents information and supporting documentation compiled by Mr Charles Hughes who is a Professional Geoscientist and a Member of the Australian Institute of Mining and Metallurgy and an employee of Gorilla Gold Mines Ltd. Mr Hughes has sufficient experience relevant to the style of mineralisation and type of deposits under consideration, and to the activities which have been undertaken to quality as a Competent Person as defined in the 2012 Edition of the Joint Ore reserves committee (JORC) Australian Code for Reporting of Exploration results, Mineral Resources and Ore Reserves. Mr Hughes consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears. This presentation has been authorised and approved for release by the Chief Executive Officer. Disclaimer For personal use only
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gorillagold8.com | ASX:GG8 3 Gorilla- investment highlight Located on granted Mining Leases, close to multiple operating mines & infrastructure. 1.5 Moz @ 3.8 g/t Au in WA with much more to come 120km drilled in 2025, 150km planned for 2026 ~1.4Moz @ 3.7 g/t Au resources added across WA projects in 2025 Major Resource upgrades planned for 2026 Substantial commitment to drilling, massive growth and development potential in 2026 Proven ability to deliver Gorilla is undervalued Undervalued compared to peers, not seen uplift Rapid high-grade gold resource on granted mining leases in WAgrowthSimple StrategyFor personal use only
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gorillagold8.com | ASX:GG8 4 Experienced Team – Delivery and Value-Creation Highly experienced board and leadership team with proven track records in the WA mining sector Dean Hely - Non-Executive Chair Simon Lawson - Non-Executive Director Alex Hewlett - Non-Executive Director Kelvin Flynn - Non-Executive Director Craig Jones - Non-Executive Director Charles Hughes - Chief Executive Officer Matt Crowe - Exploration Manager Kelly Moore - Company Secretary Daniel Kendall - Chief Financial Officer Jarrod Ramadan Principal Engineer/Studies Chris Goti Principal, Approvals & Heritage For personal use only
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gorillagold8.com | ASX:GG8 $- $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 55 SHARES ON ISSUE 730M CASH as at 31 Dec 25 $37M MARKET CAP as at 6 Feb, $0.395 $288MSHAREPRICE ANALYST COVERAGE Corporate Overview Well-funded and well supported to continue driving value for shareholders 19% 17% 7% 9% 49% Board & Management Institutional Genesis 1832 Balance of shareholders MAJOR SHAREHOLDERS For personal use only
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gorillagold8.com | ASX:GG8 6 Exceptional Location – Heart of the WA Goldfields Three “forgotten” projects consolidated for the first time by a focused and dynamic explorer Strategy: Rapidly discover and delineate high-grade ounces close to infrastructure at a targeted average resource grade of ~3-5g/t Au Growth platform: current resource base 1.5Moz @ 3.8 g/t Au in WA Development platform: Granted Mining Leases, Comet Vale and Vivien on C&M For personal use only
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gorillagold8.com | ASX:GG8 77 Peer Comparison Market Cap $920m $633m $946m $328m $331m $456m $673m $554m $882m $288m $420m $236m $346m Cash $94m $67m $54m $68m $90m $76m $232m $75m $31m $37m $35m $37m $23m Enterprise Value $825m $565m $891m $260m $242m $380m $441m $478m $850m $253m $384m $198m $323m Resource (Mt) 21.7 13.1 26.8 10.2 10.3 50 12.1 68.6 130 12.4 44.2 30 82 Grade Au (g/t) 2.2 3.0 2.9 3.3 3.3 1.1 5.6 1.1 1.0 3.8 1.7 1.9 1.5 Contained Ounces (koz) 1,542 1,235 2,488 1,097 1,102 1,761 2,170 2,443 4,500 1,500 2,417 1,783 4,030 $536 $458 $358 $238 $220 $216 $203 $196 $189 $169 $159 $111 $80 2.2 3.0 2.9 3.3 3.3 1.1 5.6 1.1 1.0 3.8 1.7 1.9 1.5 0.0 1.0 2.0 3.0 4.0 5.0 6.0 $- $100 $200 $300 $400 $500 $600 BNZ MEK BC8 MM8 BM1 AAR RXL AUC MI6 GG8 MAU HRZ BTR ASX Gold Peers – EV/Contained Resource & Grade EV/Resource AU (g/t) 1. GG8 only includes WA projects 2. Refer to Appendices for source information 3. Rounding errors may occur Average EV/contained resource for ASX gold peers >3 g/t trading at an average of $249/ozFor personal use only
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gorillagold8.com | ASX:GG8 88 Share Price The recent increase in the spot gold price since Jul 25 has not been reflected in the GG8 share price For personal use only
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gorillagold8.com | ASX:GG8 9 • 0.86Moz @ 3.7 g/t Au resource updated in December 2025. • 900% increase in resources after 1 year of drilling. • Major Growth potential for 2026 – more undrilled Lakeview style prospects awaiting permits to begin exploration drilling - imminent • Granted Mining Leases and existing mine permitting in place - multiple mills in the region. Comet Vale Project For personal use only
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gorillagold8.com | ASX:GG8 10 Comet Vale – Thick and High-grade Standout Intercepts Lakeview Sovereign/Sovereign North – Cheer & Happy Jack – Three new discoveries – best drill results to date from the Comet Vale Project – thick high-grade gold 19m @ 18.1 g/t Au fr. 80m LVEX018 (344 gram-metre) 11m @ 24.8 g/t Au fr. 145m LVEX017 (273 gm) 24m @ 10.3g/t Au fr. 200m LVEX034 (247 gm) 96m @ 2.5g/t Au fr. 125m LVEX027 (240 gm) 40m @ 4g/t Au fr. 128m LVEX031 (160 gm) 22m @ 6.8g/t Au fr. 138m LVEX030 (150 gm) 13m @ 10g/t Au fr. 123m LVEX008 (130 gm) 6m @ 10.3g/t Au fr. 246m LVEX119 (62 gm) 5m @ 66.3 g/t Au fr. 399m STEX084 (332 gram-metre) 7m @ 19 g/t Au fr. 49m STEX048 (133 gm) 6m @ 22 g/t Au fr. 70m STEX060 (132 gm) 8.9m @ 13.8 g/t Au fr. 371.4m STEX085 (123 gm) 13m @ 5.1g/t Au fr. 191m STEX077 (66 gm) 5m @ 11.6g/t Au fr. 53m STEX049 (58 gm) 7m @ 8.2g/t Au fr. 216m STEX059 (57 gm) 8m @ 5.1g/t Au fr. 80m STEX11a (43 gm) 2m @ 126.4 g/t Au fr. 52m C31 (253 gram-metre) 21m @ 11.6 g/t Au fr. 23m HJEX005 (244 gm) 18m @ 7.8 g/t Au fr. 50m C6 (140 gm) 3m @ 26g/t Au fr. 51m CVEX006 (80 gm) 4m @ 18.8g/t Au fr. 108m CVEX016 (75 gm) 13m @ 5.3g/t Au fr. 44m C14 (69 gm) 14m @ 4.9g/t Au fr. 32m CVEX028 (69 gm) 15m @ 4.4g/t Au fr. 93m CVEX102 (66 gm) For personal use only
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gorillagold8.com | ASX:GG8 11 Comet Vale – Resource 7.3Mt @ 3.7 g/t Au for 0.86Moz - 900% increase in 2025 • Simple strategy to do this – • Targeted under drilled geochemical targets. • Understood structural framework. • Major resource growth potential for 2026. For personal use only
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gorillagold8.com | ASX:GG8 12 Comet Vale – Exciting targets being unlocked right now • GG8 added 0.75Moz in 2025 at Lakeview, Sovereign and Cheer • Happy Jack, Lady Margaret, Lakeview South, Sovereign South look the same as Lakeview and have not been drilled • <10% of targets have been tested at Comet Vale due to POW permitting, approvals are imminent. For personal use only
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gorillagold8.com | ASX:GG8 13 • Major MRE update in August 2025 - 350koz @ 3.6 g/t Au. • Multiple lodes from surface in a > 3km long gold system, drilled <20% of target area. • Major growth upside in a very poorly explored project • GG8 have 2 rigs extending this resource along strike and at depth. 1. ASX Announcement 13 November 2018 – Bardoc Gold – 2.6Moz JORC Resource for Bardoc Gold Project Mulwarrie Gold Project – High grade strategically located For personal use only
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gorillagold8.com | ASX:GG8 14 Mulwarrie – New High-Grade Resource 5m @ 95 g/t Au fr. 73m 17MWRC008 (475 gm) 8.2m @ 23.5 g/t Au fr. 217.6m MWEX012 (193 gm) 13m @ 14 g/t Au fr. 63m MWDD001 (183 gm) 14m @ 12g/t Au fr. 122m 17MWRC097 (168 gm) 7m @ 22.7 g/t Au fr. 97m 17MWRC019 (159 gm) 15m @ 9.5g/t Au fr. 72m MWRC628 (143 gm) Multiple high-grade lodes from surface to >200m depth and open – top drill results so far from Mulwarrie 7m @ 19.9g/t Au fr. 53m 17MWRC010 (140 gm) 9m @ 13.3g/t Au fr. 176m 17MWRC108 (120 gm) 4m @ 26.8 g/t Au fr. 138m MWEX064 (107 gm) 25m @ 4.3 g/t Au fr. 56m 17MWRC045 (107 gm) 10m @ 10g/t Au fr. 70m MWRC604 (106 gm) 7m @ 12.9 g/t Au fr. 188m MWEX013a (90 gm) August MRE update: Indicated and inferred - 3Mt @ 3.6 g/t Au for 350koz For personal use only
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gorillagold8.com | ASX:GG8 15 Mulwarrie – New drilling outside of the August resource For personal use only
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gorillagold8.com | ASX:GG8 16 Image: Vivien Gold Project Vivien Project: • 278koz @ 4.1 g/t Au in resource. • High grade gold mine 10km west of Leinster, WA - last operated in 2023 • Prior focus on high-grade production, excellent ore bodies - underexplored. • Granted Mining Leases very close to mills. PLAN – FIND ANOTHER VIVIEN MAIN OREBODY & UPGRADE EXISTING SHALLOW RESOURCES TO INDICATED For personal use only
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gorillagold8.com | ASX:GG8 17 Exploration to test the footwall or along strike positions to Vivien main lode Vivien – Growth upside For personal use only
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gorillagold8.com | ASX:GG8 18 Work Program Calendar Year Q3’2024 Q4’2024 Q1’2025 Q2’2025 Q3’2025 Q4’2025 Q1’2026 Q2’2026 Acquisition of Vivien Project, re capitalisation Comet Vale Stage 1 RC and DD drilling Comet Vale ~10,000m discovery drilling Cheer, Sovereign, Lakeview Stage 2 RC and DD drilling Comet Vale ~30,000m growth drilling, Sovereign North, Lakeview Stage 3 RC drilling Comet Vale ~30,000m discovery drilling targeting parallel structures Geochemistry, Geophysics Helping to define the parallel targets Studies and permitting Flora&fauna, met, geotech, engineering Resource update Comet Vale Cheer, Sovereign, Sovereign North, Lakeview Vivien Stage 1 RC drilling Vivien ~5,000m discovery drilling Maiden Mineral Resource for Vivien Stage 2 RC and DD drilling Vivien ~10,000m discovery drilling Mulwarrie Acquisition of Mulwarrie Project Stage 1 RC and DD drilling Mulwarrie ~30,000m growth and discovery drilling Studies and Permitting Flora&fauna, met, geotech, engineering Resource Update Mulwarrie Upcoming Work Program Planned discovery and growth work to drive resource potential Target Cash Spend Composition Drilling Ground Support, Targeting & Studies Corporate *Assumes ongoing drilling from 4-5 rigs & excludes non-cash items including share-based payments, depreciation & amortisation expenses. 7% 56% 37% For personal use only
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gorillagold8.com | ASX:GG8 19 Why invest with Gorilla? High-Grade Strategy Quality Projects x3 Experienced Team Very ActiveGreat Jurisdiction Grade is king. The best place to find a new gold mine is next to an old gold mine. Rapid discovery and growth on granted mining leases at projects where production has been the focus, strong news flow, high-grade = optionality WA’s Eastern Goldfields is the best place to mine in the world: milling and transport infrastructure rich, strong government support, strong community support, strong skilled workforce Former high-grade gold mines where the focus was on production. Comet Vale: thick high- grade emerging camp scale mineralisation. Mulwarrie: high-grade, synergies with Comet Vale. Vivien: High-grade underexplored. Experienced Board and management team, with a track record of creating significant value for shareholders by executing this style of strategy and the right skill sets to grow the Company significantly Gorilla is doing what it said it would do, moving very quickly, rapidly advancing high-grade discoveries at Comet Vale and Mulwarrie, with multiple rigs drilling at multiple projects For personal use only
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gorillagold8.com | ASX:GG8 20 Appendices Image: Comet Vale For personal use only
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gorillagold8.com | ASX:GG8 21 Table 1: Gorilla Gold – Mineral Resource Gorilla Gold – Mineral Resources Indicated Inferred Total Category Tonnage (Mt) Au Grade (g/t) Au Moz Tonnage (Mt) Au Grade (g/t) Au Moz Tonnage (Mt) Au Grade (g/t) Au Moz Comet Vale 1.7 4.1 0.22 5.6 3.5 0.64 7.3 3.7 0.86 Mulwarrie 1.3 2.8 0.11 1.8 4.2 0.24 3.0 3.6 0.35 Vivien 0.2 4.9 0.03 2.0 4.1 0.25 2.1 4.1 0.28 WA Total 3.2 3.5 0.4 Moz 9.4 3.8 1.1 Moz 12.4 3.8 1.5 Moz Labyrinth - - - 3.0 5.0 0.5 3.0 5.0 0.5Moz Total 3.2 3.5 0.4 Moz 12.4 4.0 1.6 Moz 15.4 4.0 2.0 Moz For personal use only
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gorillagold8.com | ASX:GG8 22 Mineral Resources – Comet Vale Table 1: Comet Vale Mineral Resource Estimate Summary The Company confirms that it is not aware of any new information or data that materially affects the information as previously released on 15 December 2025 and all material assumptions and technical parameters underpinning the estimate continue to apply and have not materially changed. For personal use only
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gorillagold8.com | ASX:GG8 23 Table 1: Mulwarrie Mineral Resource Estimate Summary Mulwarrie Mineral Resource Estimate Summary (0.5g/t cut-off Open pit, 1.1 g/t Underground) Category Tonnage (Mt) Au Grade (g/t) Au Ounces Inferred 1.3 2.8 110,000 Indicated 1.8 4.2 240,000 Total 3 3.6 350,000 Existing total JORC Resource at Mulwarrie of 350koz at 3.6g/t Mineral Resources – Mulwarrie Gold Project The Company confirms that it is not aware of any new information or data that materially affects the information as previously released on 4 August 2025 and all material assumptions and technical parameters underpinning the estimate continue to apply and have not materially changed. For personal use only
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gorillagold8.com | ASX:GG8 24 Table 1: Vivien Mineral Resource Estimate Summary Existing total JORC Resource at Vivien of 278koz at 4.1g/t Mineral Resources – Vivien Gold Project The Company confirms that it is not aware of any new information or data that materially affects the information as previously released on 14 April 2025 and all material assumptions and technical parameters underpinning the estimate continue to apply and have not materially changed. Comet Vale March 2023 Depleted Open Pit Resource (Au>=0.5g/t OP) Category Tonnage (Mt) Au Grade (g/t) Au Ounces Indicated 0.15 4.9 24,000 Inferred 1.95 4.1 254,000 Total 2.10 4.1 278,000 For personal use only
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gorillagold8.com | ASX:GG8 25 Inferred Lode Tonnage (Mt) Au Grade (g/t) Au Ounces Boucher 1.0 5.7 190,000 McDowell 1.0 4.5 150,000 Talus 0.7 5.3 110,000 Front West 0.2 2.7 20,000 Shaft 0.1 5.5 30,000 Total 3.0 5.0 500,000 Table 1: Labyrinth Mineral Resource Estimate Summary by Lode Existing 500koz at 5.0 g/t and represents a low-cost option on further exploration success Mineral Resources – Labyrinth Gold Project The Company confirms that it is not aware of any new information or data that materially affects the information as previously released on 27 September 2022 and all material assumptions and technical parameters underpinning the estimate continue to apply and have not materially changed. For personal use only
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gorillagold8.com | ASX:GG8 2626 Nb: Consolidated resources across all projects have been used for peer companies, whilst Gorilla has only used Western Australian projects. Peer Company Financial Resource Sources Code Name Stage Market Cap Cash Enterprise Value Resource (Mt) Measured (Mt) Indicated (Mt) Inferred (Mt) Grade (g/t) Contained Ounces (koz) Financial Resource BNZ Benz Mining Resource $920m $94m $825m 21.7 - 15.03 6.64 2.2 1,542 29/01/2026 - TRANSFORMATIONAL A$75M BOUGHT DEAL 2025 annual report MEK Meeka Metals Ltd Operations $633m $67m $565m 13.1 0.20 8.20 4.70 3.0 1,235 Dec 25 QAR 2025 annual report BC8 Black Cat Syndicate Ltd Operations $946m $54m $891m 26.8 0.18 12.44 14.16 2.9 2,488 Dec 25 QAR Dec 25 QAR MM8 Medallion Metals Ltd PFS $328m $68m $260m 10.2 - 6.43 3.78 3.3 1,097 Dec 25 QAR 14/10/25 - Investor presentation BM1 Ballard Mining Resource $331m $90m $242m 10.3 - 2.84 7.50 3.3 1,102 23/01/2026 - Ballard Fully Funded to Final Investment Decision 21/01/26 - Investor presentation AAR Astral Resources NL PFS $456m $76m $380m 50 - 14.00 36.00 1.1 1,761 Dec 25 QAR Dec 25 QAR RXL Rox Resources Ltd DFS $673m $232m $441m 12.1 - 7.90 4.10 5.6 2,170 Dec 25 QAR 24 Nov AGM presentation AUC Ausgold Ltd DFS $554m $75m $478m 68.6 41.60 21.20 5.90 1.1 2,443 Dec 25 QAR AGM presentation MI6 Minerals 260 Ltd Resource $882m $31m $850m 130 - 93.00 42.00 1.0 4,500 Dec 25 QAR Dec 25 QAR MAU Magnetic Resources NL PFS $420m $35m $384m 44.2 32.03 12.12 1.7 2,417 Dec 25 QAR Dec 25 QAR HRZ Horizon Minerals Ltd PFS $236m $37m $198m 30 0.95 15.26 13.78 1.9 1,783 Dec 25 QAR Dec 25 QAR BTR Brightstar Resources Ltd Operations/PFS $346m $23m $323m 82 0.70 23.76 56.12 1.5 4,030 Dec 25 QAR Dec 25 QAR Peer comparisons – source data For personal use only
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gorillagold8.com | ASX:GG8 27 This presentation refers to historic press releases: • Major Resource Upgrade for Comet Vale (refer ASX Announcement 15 December 2025) • Mulwarrie Met Results and Drilling Commenced (refer ASX Announcement 24 November 2025) • Comet Vale Drill Results and MRE Timing Update (refer ASX Announcement 11 November 2025) • High Priority Surface Geochem Targets - Comet Vale/Mulwarrie (refer ASX Announcement 17 October 2025) • Mulwarrie High-Grade Step Outs (refer ASX Announcement 3 October 2025) • Lakeview Metallurgy Update (refer ASX Announcement 5 August 2025) • Mulwarrie Resource Update (refer ASX Announcement 4 August 2025) • Mulwarrie Drilling Update (refer ASX Announcement 28 July 2025) • Mulwarrie Drilling Update (refer ASX Announcement 17 July 2025) • Lakeview Drilling Update (refer ASX Announcement 7 July 2025) • High grade diamond results from Mulwarrie (refer ASX Announcement 12 June 2025) • Lakeview Update (refer ASX Announcement 6 June 2025 • Mulwarrie Drilling Update (refer ASX Announcement 30 May 2025) • Parallel Structure Discovered at Lakeview (refer ASX Announcement 19 May 2025) • Lakeview Update (refer ASX Announcement 8 May 2025) • Lakeview Extended 125m Along Strike (refer ASX Announcement 17 April 2025) • Mulwarrie Drilling Update (refer ASX Announcement 4 April 2025) • Maiden Drill Results at Mulwarrie (refer ASX Announcement 21 March 2025) • Further Intercepts from Lakeview Prospect (refer ASX Announcement 21 March 2025) • Further high-grade Hits from Lakeview & Sovereign Prospects (refer ASX Announcement 17 March 2025) Previous Announcements This presentation refers to historic press releases: • Lakeview high-grade Intercepts Grow Mineralisation (refer ASX Announcement 28 February 2025) • Gold Intercepts from New Prospects at Comet Vale and Vixen (refer ASX Announcement 24 February 2025) • New Gold lode emerges North of Comet Vale’s Sovereign Trend (refer ASX announcement 10 February 2025) • Latest Gold drilling results from Comet Vale Project (refer ASX Announcement 9 December 2024) • Reporting on Genesis Minerals Mulwarrie Project (refer ASX Announcement 18 November 2024) • Acquisition of Mulwarrie from Genesis Minerals (refer ASX Announcement 18 November 2024) • Maiden Gold Drilling Results at Cheer (refer ASX Announcement 6 November 2024) • LRL Enters Binding Option with Olympio (refer ASX Announcement 4 November 2024) • Drilling Commences at Comet Vale (refer ASX Announcement 7 October 2024) • Acquisition Completion & New Board / Management Appointments (refer to ASX Announcement 23 September 2024) • Review of historical Vivien and Comet Vale databases (refer to ASX Announcement 13 September 2024) • LRL Set to Acquire Vivien Project and 100% of Comet Vale (refer to ASX Announcement 17 July 2024) • Comet Vale Resource Estimate 2023 (refer to ASX Announcement 11 April 2023) • Labyrinth Resource Estimate 2022 (refer to ASX Announcement 27 September 2022) • high-grade Diamond Drilling Results at Mulwarrie Confirm Lode Structures and Pave Way for Resource Upgrade (refer to ASX Announcement 18 March 2019) The Company confirms that it is not aware of any information or data that materially affects the information included in the said original announcements and the form and context in which the Competent Persons’ findings are presented have not materially modified from the original market announcements. For personal use only
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admin@gg8.com.au Contact Charles Hughes|CEO gorillagold8.com | ASX:GG8 For personal use only