Slides
Page 1
Wia Gold Limited Kokoseb , Namibia DFS and Funding Presentation Investor Conference Call August 2026 WIAGOLD ASX : WIA wiagold.com.au
Page 2
DRIVING DEVELOPMENT OF THE KOKOSEB GOLD DEPOSIT 2 Disclaimer General Information and Disclaimer This presentation has been prepared by Wia Gold Limited (Wia Gold or the Company) for information purposes only. This presentation is dated 10 August 2026 and has been authorised for release by the Board of Directors of Wia Gold. This presentation does not, and does not purport to, contain all the information that the recipient may require to evaluate the Company. It should be read in conjunction with Wia Gold’s other periodic and continuous disclosure announcements, which are available at www.asx.com.au. Each recipient of this presentation should make its own enquiries and investigations regarding all information in this presentation, including but not limited to the assumptions, uncertainties and contingencies which may affect future operations of Wia Gold and the impact that different future outcomes might have. Information in this presentation is not intended to be relied upon as advice and has been prepared without taking into account the investment objectives, financial situation or particular needs of any investor, potential investor or any other person. No investment decision should be made in reliance on this presentation. Independent financial and taxation advice should be sought before making any investment decision. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction. Forward Looking Statements This presentation contains certain forward-looking statements and projections regarding: estimated, resources and reserves; planned production and operating costs profiles; planned capital requirements; and planned strategies and corporate objectives. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to materially differ from those reflected in the forward- looking statements, including, without limitation: inherent uncertainties and risks associated with mineral exploration; uncertainties related to the availability of future financing necessary to undertake activities on Wia Gold’s properties; uncertainties related to the possible recalculation of, or reduction in Wia Gold’s minerals resources; uncertainties related to the outcome of studies; uncertainties relating to fluctuations in gold prices; the risk that Wia Gold’s title to its properties could be challenged; risks related to Wia Gold’s ability to attract and retain qualified personnel, uncertainties related to general economic and global financial conditions; uncertainties related to the competitiveness of the industry; risk associated with Wia Gold being subject to government regulation, including changes in regulation; risks associated with Wia Gold being subject to environmental laws and regulations, including a change in regulation; risks associated with Wia Gold’s need for governmental licenses, permits and approvals; uninsured risks and hazards; risk related to the integration of businesses and assets acquired by Wia Gold; risk associated with Wia Gold having no history of earnings or production revenue; risks associated with fluctuation in foreign exchange rates; risks related to default by joint venture parties (if any), contractors and agents, inherent risks associated with litigation; risk associated with potential conflicts of interest; risk related to effecting service or process on directors resident in foreign countries; uncertainties related to Wia Gold’s limited operating history; risks related to Wia Gold’s lack of a dividend history; risks relating to short term investments; and uncertainties related to fluctuations in Wia Gold’s share price. The forward-looking statements contained in this presentation are based on the assumptions, beliefs, expectations and opinions of management as of the date hereof and which Wia Gold believes are reasonable in the circumstances, but no assurance can be given that these expectations will prove to be correct. These assumptions include but are not limited to that Wia Gold’s exploration of its properties and other activities will be in accordance with Wia Gold’s public statements and stated goals, that there will be no material adverse change affecting Wia Gold or its properties, anticipated costs and timing for Wia Gold’s activities and such other assumptions as set out herein. Such forward-looking statements/projections are estimates for discussion purposes only and should not be relied upon. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors many of which are beyond the control of the Company. The forward-looking statements/projections are inherently uncertain and may therefore differ materially from results ultimately achieved. Wia Gold does not make any representations, provides no warranties concerning the accuracy of the forward-looking statements and disclaims any obligation to update or revise any forward-looking statements based on new information, future events or otherwise except to the extent required by applicable laws. Except for statutory liability which cannot be excluded, each of Wia Gold and its related bodies corporate and their respective officers, employees and advisers disclaim any responsibility for the accuracy or completeness of the material contained in this presentation and exclude all liability whatsoever (including in negligence) for any loss or damage (direct or indirect) which may be suffered by any person as a consequence of any information in this presentation or any error in it or omission from it. Mineral Resource Estimate The information in this presentation that relates to the Mineral Resource Estimate for the Kokoseb Project was reported in an announcement dated 10 August 2026 (“Kokoseb Mineral Resource Resource Estimate Increases 29% to 3.78Moz Au”). The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in that 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. Ore Reserves The information in this presentation that relates to Ore Reserves for the Kokoseb Project was reported in the Company’s announcement dated 10 August 2026 (“Robust Definitive Feasibility Study and Project Financing Update”). The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in that 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. Production Target and Forecast Financial Information The information in this presentation that relates to the production target (and forecast financial information derived from the production target) for the Kokoseb Project was reported in the Company’s announcement dated 10 August 2026 (“Robust Definitive Feasibility Study and Project Financing Update”). The Company confirms that all the material assumptions underpinning the production target and forecast financial information derived from the production target in that announcement continue to apply and have not materially changed. Previously Reported Exploration Results The information in this presentation that relates to prior exploration results has been extracted from the Company’s announcements dated 15 May 2023 (“Maiden mineral resource at Kokoseb of 1.3 million ounces Au”), 16 April 2024 (“Kokoseb Mineral Resource Estimate increased to 2.12Moz Gold”), 27 February 2025 (“Kokoseb drilling continues to extend mineralisation”), 12 June 2025 (“Drilling continues to return high-grade mineralisation”), 3 July 2025 (“High Grade Gold Discovered at Kokoseb”), 30 September 2025 (“Scoping Study Confirms Outstanding Potential of Kokoseb Gold Project”) and 10 August 2026 (“Robust Definitive Feasibility Study and Project Financing Update”). 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.
Page 3
DRIVING DEVELOPMENT OF THE KOKOSEB GOLD DEPOSIT 3 1. Refer to ASX announcement 10 August 2026 ‘Robust Definitive Feasibility Study and Project Financing Update’ 2. Refer to ASX announcement 10August 2026 ‘Kokoseb Mineral Resource Estimate Increases 29% to 3.78 Moz Au’ 3. Refer cautionary statement regarding production target on page 2 4. Spot price is the average daily closing spot price for July 2026 Kokoseb DFS Highlights1 US$1.2bn Post-tax NPV5% (A$1.7bn) 41% Post-tax IRR 1.8 yrs Payback period US$1,696 LOM AISC (/oz) ~150 koz Avg annual production, first 10 years 14+ yrs Life of Mine US$1,519m C1 cash operating cost (/oz) US$475m Pre-production capital Base case at US$3,600/oz – the median long-term consensus gold price Leverage to gold price (post-tax) US$1.6bn (A$2.3bn) NPV5% 49% IRR @ US$4,075/oz4 US$1.9bn (A$2.7bn) NPV5% 57% IRR @ US$4,500/oz 3.78 Moz Mineral Resources (~53% Indicated) 1.95 Moz Maiden Probable Ore Reserve
Page 4
A Transformational Gold Discovery Discovered in 2021, rapid growth to 3.78 Moz, including a maiden underground resource¹ MINERAL RESOURCE ESTIMATE¹ 3.78 Moz @ 1.0 g/t Au 0.50 g/t Au (open pit) / 0.85 g/t Au (underground) cut-off Kokoseb August 2026 MRE1 vs previous MREs² 0 1 2 3 4 1.30 May 2023 2.12 April 2024 2.93 July 2025 3.78 August 2026 Indicated Inferred (open pit) Inferred (underground) Maiden underground Inferred MRE (7.9mt at 2.2 g/t Au for 0.56 Moz Au) 1. Refer to ASX announcement 10 August 2026 ‘ Kokoseb Mineral Resource Estimate Increases 29% to 3.78 Moz Au’ .2. Refer to ASX announcements dated 15 May 2023 and 16 April 2024; May 2023 maiden Inferred MRE of 41 Mt at 1.0 g/t Au for 1.3 M oz Au (US$1,800/oz gold price), April 2024 Inferred MRE of 66 Mt at 1.0 g/t Au for 2.12 Moz Au (US$1,800/oz gold price) and 16 July 2025 updated MRE totals 89 Mt at 1.0 g/t Au for 2.93 Moz Au (US$2,300/oz gold price).
Page 5
Potential for Underground Mining Maiden underground Inferred MRE ¹ adds higher-grade component and underpins long-term growth UNDERGROUND INFERRED MRE¹ 0.56 Moz @ 2.2 g/t Au 0.85 g/t Au (underground) cut-off 1. Refer to ASX announcement 10 August 2026 “Kokoseb Mineral Resource Estimate increases 29% to 3.78 Moz Au” Underground block model contains: 5.7 Mt at 2.7 g/t Au for 0.50 Moz Au, blocks >1.0 g/t Au, and 4.3 Mt at 3.2 g/t Au for 0.44 Moz Au, blocks >1.5 g/t Au. 6 Diamond rigs testing continuity and extension of mineralisation at depth
Page 6
DRIVING DEVELOPMENT OF THE KOKOSEB GOLD DEPOSIT 6 Pit design split into 8 stages with focus on higher value zones early in the mine life. Open Pit Mining Conventional load and haul operation Schedule based on maximum mining rate of 54 Mtpa using 300t class excavators matched to 140t dump trucks. Mining physicals1: • Total tonnes: 471 Mt • Waste tonnes: 398 Mt • Strip ratio: 5.5 (based on 0.4 g/t cut-off grade) • Mining inventory: 72.9 Mt @ 0.87 g/t Au • In-situ metal: 2,031 koz Au Contract mining strategy. 1. Refer to ASX announcement 10 August 2026 ‘Robust Definitive Feasibility Study and Project Financing Update’
Page 7
DRIVING DEVELOPMENT OF THE KOKOSEB GOLD DEPOSIT 7 Conventional CIP Processing Plant Simple metallurgy and processing achieving +90% recovery SABC grinding circuit 5.25 Mtpa CIP plant Primary crushing with a gyratory crusher; coarse ore stockpile Gold recovery via gravity / intensive leach and leach / CIP Process recovery 90%+ based on a grind size of P80 63 μm Cyanide destruction and tailings filtration
Page 8
DRIVING DEVELOPMENT OF THE KOKOSEB GOLD DEPOSIT 8 DFS Production & Financial Metrics1 Post-tax NPV of US$1.2bn and 41% IRR, with strong leverage to the gold price Production Metrics Units Value Life of Mine years 14 Mining Inventory/ Processed Mt 72.9 Processing Rate Mtpa 5.25 LOM Average Processing Recovery % 90.4% LOM Average Grade g/t Au 0.87 Average Grade (first 10 years) g/t Au 0.98 Avg. Gold Production (first 10 years) koz Au 150 Financial Metrics Units Base Case Spot Case2 Gold Price US$/oz 3,600 4,075 Pre-Production Capital US$m 475 475 C1 Cash Costs US$/oz 1,519 1,519 AISC (LOM) US$/oz 1,696 1,715 Post-Tax NPV5% US$m 1,214 1,577 Post-Tax IRR % 41% 49% Payback Period Months 21 17 1. Refer to ASX announcement 10 August 2026 ‘Robust Definitive Feasibility Study and Project Financing Update’ and cautionary statement regarding production target on page 2 of presentation 2. The spot price is calculated as the average daily closing price for July 2026
Page 9
DRIVING DEVELOPMENT OF THE KOKOSEB GOLD DEPOSIT 9 Capital Cost1 US$475m pre-production capital US$m Pre-Production Mining 27 Plant and Infrastructure 281 Water Supply 44 Power Supply 37 Owners Costs 46 Contingency 40 Total Pre-Production Capital 475 US$m Sustaining costs 48 Closure costs (net of US$26m salvage) 12 Total 60 Pre-Production Capital Costs Closure and Sustaining Costs Pre-production capital costs includes US$50m of additional strategic water (OmAP borefield) and power (132kV connection) infrastructure investment enabling future expansion optionality. 1. Refer to ASX announcement 10 August 2026 ‘Robust Definitive Feasibility Study and Project Financing Update’
Page 10
DRIVING DEVELOPMENT OF THE KOKOSEB GOLD DEPOSIT 10 Operating Costs1 1. Refer to ASX announcement 10 August 2026 ‘Robust Definitive Feasibility Study and Project Financing Update’ 2. C1 cash cost and AISC are calculated based on gold produced. C1 cash cost includes mining, processing, administration, and transport and refining costs (within G&A). All-In Sustaining Cost (AISC) per ounce payable includes C1 cash cost, royalties and sustaining capital calculated based on gold produced post construction and commissioning. It does not include corporate costs, exploration costs and non-sustaining capital. Area LOM (US$m) Unit Cost (US$) US$/oz Mining 1,438 US$3.10/t total mined 783 Processing 1,126 US$15.44/t ore 614 General & Administrative 216 US$15.5m pa 118 Transport, Insurance & Refining 8 US$4/oz 4 C1 Cash Costs 2,788 1,519 Royalties 264 3% royalty + 1% export tax 144 Sustaining Capital & Closure 60 - 33 All-in Sustaining Costs 3,112 1,696 DFS Operating Cost Breakdown A competitive, well-defined cost base across the mine life
Page 11
DRIVING DEVELOPMENT OF THE KOKOSEB GOLD DEPOSIT 11 Production Profile (5.25mtpa Open Pit only)1 1. Referto ASX announcement 10 August 2026 ‘Robust Definitive Feasibility Study and Project Financing Update’ and cautionary statement regarding production target on page 2 of presentation 2. At US$3,600/oz Competitive AISC of ~US$1,696/oz with strong free cash flow generation US$1,696/oz2 LOM All-in Sustaining Cost 0 500 1,000 1,500 2,000 2,500 0.0 50.0 100.0 150.0 200.0 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 AISC (US$/oz) Gold produced (koz) Gold produced (koz) AISC (US$/oz) US$1,519/oz LOM C1 Cash Costs US$276m2 Average Annual Pre-tax Free Cash Flow (first 10 years of operations)
Page 12
DRIVING DEVELOPMENT OF THE KOKOSEB GOLD DEPOSIT 12 Sensitivity Analysis Project economics strongly leveraged to prevailing gold price 1. Refer to ASX announcement 10 August 2026 ‘Robust Definitive Feasibility Study and Project Financing Update’ and cautionary statement regarding production target on page 2 of presentation 2. The spot price is calculated as the average daily closing price for July 2026 Base Case1 Spot Case2 Gold Price (US$/oz) Unit 3,600 4,075 4,500 5,500 NPV5% (pre-tax) US$m 1,923 2,493 3,004 4,204 IRR (pre-tax) % 51% 61% 69% 87% LOM Free Cash Flow (pre-tax) US$m 3,020 3,856 4,605 6,367 NPV5% (post-tax) US$m 1,214 1,577 1,901 2,665 IRR (post-tax) % 41% 49% 56% 70% Payback (post-tax) Months 21 17 15 11 LOM Free Cash Flow (post-tax) US$m 1,914 2,442 2,914 4,026
Page 13
DRIVING DEVELOPMENT OF THE KOKOSEB GOLD DEPOSIT 13 Sprott Project Financing Indicative project financing terms agreed providing a clear pathway to production The Financing Facility Structure & Pathway Following completion of a competitive financing process Agreement follows preliminary independent technical review and lender due diligence Subject to customary conditions including completion of detailed due diligence, execution of definitive documentation, final approval and receipt of Mining Licence and Environmental Clearance Certificate US$50m available on financial close and receipt of permits, balance to fund construction US$360m Senior secured debt facility – indicative, non-binding project financing terms agreed US$15m Equity subscription Key Terms: Tenor of ~ 6 years, competitive interest rate at SOFR + margin, interest capitalised for 2 years following closing of facility and no mandatory hedging or offtake
Page 14
Placement1 A$125 million placement to fully fund development of Kokoseb Offer Summary Offer size A$125 million conditional placement Offer price A$0.425 per new share Pricing Nil discount to last close (Fri 7 Aug 2026); 2% discount to 5-day VWAP of A$0.434 New shares ~294.1 million fully paid ordinary shares Approval Conditional on shareholder approval General Meeting Late September / early October 2026 Use of Funds • Pre-production capital expenditure • Project studies, testwork & development • Permitting, social & environmental activities • Exploration & project generation • Corporate, working capital & offer costs A fully funded to first gold production Placement, together with the proposed US$360m Sprott debt facility and existing A$119m cash reserve2 fully funds Kokoseb through construction to first gold production. US$1.2bn3 post-tax NPV 41%3 post-tax IRR 1.95Moz4 Ore Reserve DRIVING DEVELOPMENT OF THE KOKOSEB GOLD DEPOSIT 14 1. Refer to ASX Announcement 12 August 2026 ‘A$125m Placement to Fully Fund Kokoseb Development’ 2. At 30 June 2026 3. Refer to ASX announcement 10 August 2026 ‘Robust Definitive Feasibility Study and Project Financing Update’ 4. Refer to ASX announcement 10 August 2026 ‘ Kokoseb Mineral Resource Estimate Increases 29% to 3.78 Moz Au’
Page 15
DRIVING DEVELOPMENT OF THE KOKOSEB GOLD DEPOSIT 15 Implementation and Execution Pathway to Kokoseb production DFS Project Funding Environmental & Mining Licence Approval Execution Readiness ENGINEERING & PROCUREMENT Bulk Earthworks Engineering Process Plant EPCM Water Supply Power Supply Accommodation Village CONSTRUCTION Bulk Earthworks Process Plant Water Supply Power Supply Pre-Production Mining COMMISSIONING & RAMP -UP First Ore Processing & First Gold Ramp-Up H2 2026 H1 2027 H2 2027 H1 2028 H2 2028 H1 2029 ENGINEERING & PROCUREMENT CONSTRUCTION COMMISSIONING & RAMP -UP Resource growth, underground & regional exploration EXPLORATION
Page 16
DRIVING DEVELOPMENT OF THE KOKOSEB GOLD DEPOSIT 16 Opportunities A platform for future growth Future Plant Expansion Strategic water and power infrastructure investment of US$50m, beyond base-case requirements, enables future expansion optionality: • Water - OmAP borefield (US$34m): a groundwater resource in excess of 80 Mm³, well above the Project’s long-term demand. • Power - 132 kV power supply (US$16m), upgraded from 66 kV, providing additional capacity for future demand. Underground Potential Maiden underground Mineral Resource adds a higher-grade component and underpins long-term growth. A new high-grade target beneath the Central Zone, with continuity in the Central and Southern Zone shoots — both open at depth. Mineralisation extended 580 m of strike below the pit shell. Six diamond rigs advancing underground resource definition and extension. Regional Exploration Multiple regional targets across the licence portfolio offer additional discovery potential.
Page 17
DRIVING DEVELOPMENT OF THE KOKOSEB GOLD DEPOSIT 17 Next Steps Progressing rapidly towards construction Execution Readiness Activities Establishing owner’s team with the Project Director already appointed Finalising Project execution and contracting strategy Advancing detailed engineering and design Ordering long-lead items on the Project critical path Initiate plant expansion and underground development studies Exploration & Resource Definition Continue underground resource definition and extension drilling Advance regional exploration across the licence portfolio Permitting & Regulatory Approvals Mining Licence application submitted to the Ministry of Industries, Mines and Energy (MIME) on 10 October 2025. Environmental and Social Impact Assessment (ESIA) and Environmental and Social Management Plan (ESMP) formally submitted on 19 March 2026 to the MIME and the Ministry of Environment, Forestry and Tourism (MEFT). Progressing the Accessory Work Permit that was submitted to MIME on 8 May 2026 Project Funding Progress the US$360 million Sprott debt facility towards financial close, including final due diligence and a lender site visit in August. Project Construction Construction to commence upon grant of key permits and the required regulatory approvals.
Page 18
DRIVING DEVELOPMENT OF THE KOKOSEB GOLD DEPOSIT 18 Investment Highlights 1. Refer to ASX announcement 10 August 2026 “Kokoseb Mineral Resource Estimate increases 29% to 3.78 Moz Au” 2. Refer to ASX announcement 10 August 2026 “Robust Definitive Feasibility Study and Project Financing Update” Fast Growing Kokoseb Gold Project 3.78 Moz Mineral Resource1 including 1.95 Moz Ore Reserve1 with significant upside Permitting Key project permits are in various stages of preparation and assessment with the grant of the Mining License and ECC anticipated in H2 2026 ASX: WIA Outstanding DFS2 Economics Post-tax NPV5% of US$1,214m, IRR of 41% and ~1.8 year payback with strong leverage to gold price. Established, Well Recognised Mining Jurisdiction Namibia is a stable jurisdiction with excellent infrastructure attracting significant investment capital Growth Potential Strategic infrastructure investment to enable expansion optionality, process expansion, UG development. Project Funding Placement, together with the proposed US$360m Sprott debt facility and existing A$119m cash reserve fully funds Kokoseb through construction to first gold production. .
Page 19
DRIVING DEVELOPMENT OF KOKOSEB GOLD DEPOSIT 19 Contact details 130 Hay Street, Subiaco WA 6008 Australia Tel: +61 8 6288 4252 E: info@wiagold.com.au Investor Relations/Media enquiries E: smacpherson@vectoradvisors.au E: Wia@bursonbuchanan.com
Page 20
DRIVING DEVELOPMENT OF THE KOKOSEB GOLD DEPOSIT 20 Appendices
Page 21
DRIVING DEVELOPMENT OF THE KOKOSEB GOLD DEPOSIT 21 Corporate Snapshot 1. At 31 July 2026 2. At 31 July 2026, 19.4m options with various exercise prices/expiries, and 23.3m performance rights with various expiry dates 3. At 30 June 2026 High Net Worth 30% Institutional 29% Capital DI 16% Retail 16% Board & Management 9% Shareholder Register Composition 9% 16% 29% 16% 30% 1,701.9m Total Shares on Issue1 42.7m Options and Performance Rights3 A$0.425 Share Price 1 A$723.3m Market Cap (undiluted)2 A$119.1m Cash3 Zero Debt (A$M)3 Wia Gold is included in the S&P All Ordinaries index Broker Analyst Patrick Streater Andrew Richards Alexander Bedwany David Butler Gabriele Ejikeme George Ross
Page 22
DRIVING DEVELOPMENT OF THE KOKOSEB GOLD DEPOSIT 22 Adam has significant mine development experience across Africa, including as Project Director at Perseus Mining's Sissingué Gold Project in Côte d'Ivoire and with Mineral Deposits Limited. Prior to joining WIA he was Chief Operating Officer of Liontown Resources (ASX:LTR), developer of the Kathleen Valley Lithium Project in Western Australia. Josef served as Chairman and CEO of Centamin Plc, guiding the company from exploration through to production and growing its market cap from US$20M to US$4bn. Centamin was subsequently acquired by AngloGold Ashanti for US$2.5bn in late 2024. He is currently Non- Executive Chair of AIC Mines, a gold and copper producer in Queensland. Josef El-Raghy Non-Executive Chairman Andrew is Non-Executive Chairman of Predictive Discovery (ASX:PDI), a A$4.5bn market cap, leading West African gold production and development company. He brings over 30 years' experience in exploration, project development and operations, including as CEO of Centamin Plc from 2015 to 2019. Mark is a Chartered Accountant with over 30 years' experience in the international resources industry, with extensive experience in the structuring and negotiation of finance for major resource projects. He has held executive roles with Billiton/Gencor, AngloGold Ashanti, Equinox Minerals and Gulf Industrials. Mark Arnesen Non-Executive Director Andrew Pardey Non-Executive Director Experienced Leadership Discovered, permitted, financed and built some of Africa’s largest gold mines Henk has overseen multiple resource projects through feasibility, development and into production. He joined WIA from Predictive Discovery (ASX:PDI), where he served as COO, and prior to that was CEO & Managing Director of OreCorp, developer of the Nyanzaga Gold Project in Tanzania, which was acquired by Perseus Mining in 2024. Henk Diederichs CEO/MD Adam Smits Non-Executive Director
Page 23
DRIVING DEVELOPMENT OF THE KOKOSEB GOLD DEPOSIT 23 Stable Regulatory Environment Namibia A premier low-risk mining jurisdiction Long-standing stable democracy with an independent judiciary. Consistent political and community support for mine development. Kokoseb structured in an 80/20 Joint Venture with state- owned Epangelo Mining Company. Well-Developed Infrastructure Existing road access linking Kokoseb to Windhoek. Proximity to stable national power grid. Access to modern port and rail infrastructure. Namibia's Gold District Located within a proven and rapidly growing gold district. Projects in proximity include QKR's Navachab, B2Gold's Otjikoto (both producing), Shanjin's Twin Hills (construction) and Ondundu (exploration). Long-Established Mining Sector Major revenue earner and employer — 14% of GDP, 50% of foreign earnings (2025). Clear and established mining code and fiscal regime: 37.5% tax, 3% royalty, 1% export levy, 15% VAT. Skilled local workforce and established in-country mining services capability. Long track record of operating gold, uranium, diamond and base-metal mines.
Page 24
DRIVING DEVELOPMENT OF THE KOKOSEB GOLD DEPOSIT 24 Project Location Located in the Erongo Region, 320km from Windhoek 24 Kokoseb Gold Project Otjikoto Twin HillsNavachab
Page 25
DRIVING DEVELOPMENT OF THE KOKOSEB GOLD DEPOSIT 25 Kokoseb Mineral Resource & Ore Reserve August 2026 JORC Ore Reserve1 Class. Cut-off (g/t) Tonnes (Mt) Grade (g/t Au) Contained (koz Au) Open Pit Proved - - - - Open Pit Probable 0.40 69.8 0.87 1.95 Total Ore Reserve 69.8 0.87 1.95 JORC Mineral Resource2 Class. Cut-off (g/t) Tonnes (Mt) Grade (g/t Au) Contained (koz Au) Open Pit Indicated 0.50 63.9 0.98 2,010 Inferred 0.50 41 0.92 1,200 Open Pit total 105 0.96 3,230 Underground Inferred 0.85 7.9 2.2 560 Total Kokoseb 113 1.0 3,780 Open pit at 0.50 g/t Au and underground at 0.85 g/t Au cut-off. Underground reported below the DFS reserve pit shell. 0.56 Moz Maiden UG @ 2.2 g/t Au 2.01 Moz Indicated (53% of total) 3.78 Moz Total MRE · +29% 1. Refer to ASX announcement 10 August 2026 ‘Robust Definitive Feasibility Study and Project Financing Update’ 2. Refer to ASX announcement 10August 2026 ‘Kokoseb Mineral Resource Estimate Increases 29% to 3.78 Moz Au’. Estimates rounded; components may not sum to totals
Page 26
DRIVING DEVELOPMENT OF THE KOKOSEB GOLD DEPOSIT 26 Exploration Licences Growing licence holder in proven gold jurisdiction c.2,700 km2 Exploration licences covering Located within the Pan-African Damara Orogenic Belt which is largely underexplored for gold mineralisation. Sediment-hosted style gold deposits, structurally controlled. Similar structures to existing gold mines of B2Gold’s Otjikoto and QKR’s Navachab (both in production), and Shanjin’s Twin Hills (in construction).
Page 27
DRIVING DEVELOPMENT OF THE KOKOSEB GOLD DEPOSIT 27 Power, Water And Roads Power NamPower application for 31 MW submitted in September 2025. NamPower study determined that a dedicated 132 kV supply from the Omburu Substation (proximal to Omaruru) provides the optimal solution for the Project. Water Okombahe Water Supply Scheme (WSS) – construction water Omaruru Alluvial Plains (OmAP) - operations Road Access Project located North of the C36 (Omaruru-Uis) road. New site access road (12.7 km long) to enable access to the Project. Strong foundational strength
Page 28
DRIVING DEVELOPMENT OF THE KOKOSEB GOLD DEPOSIT 28 Contributors to the Kokoseb DFS AREA CONTRIBUTOR Geology & Mineral Resource Estimation Mining Inventory, Mine Planning & Design Mine Geotechnical Metallurgical Testwork Process Plant & Infrastructure Design Tailings Management & Surface Water Management Power Supply & Distribution Capital Cost Estimation Operating Cost Estimation Financial Analysis Environmental Mine Closure Estimation Overall Study Management