Arthur Gold Project

Arthur Gold Project (formerly Expanded Silicon) comprises the Silicon and Merlin deposits in southern Nevada near Beatty. Pre-Feasibility Study completed at year-end 2025 reports an initial Probable Mineral Reserve of 4.9Moz of contained gold (88Mt @ 1.75 g/t) and 7.8Moz contained silver (88Mt @ 2.76 g/t) at $1,950/oz. Initial 9-year mine life supports ~500,000oz/yr average annual production at LOM TCC ~$778/oz and LOM AISC ~$954/oz. Project capital ~$3.6bn (real terms). >95% of mineralisation hosted in oxide material amenable to bulk mining methods and conventional processing. Conventional open-pit with electric rope shovels and ultra-class haul trucks. Integrated 7Mtpa CIL plus 5.5Mtpa crushed heap-leach circuit; filtered dry-stack tailings. Merlin deposit hosts additional Indicated Mineral Resource of 1.0Moz Au + 2.0Moz Ag and Inferred Mineral Resource of 5.5Moz Au + 13.7Moz Ag (Dec 31, 2025). PFS expected to be presented to Board June 2026 for approval to transition to feasibility study phase.