North Bullfrog — gold project

North Bullfrog is a greenfield gold project in southern Nevada near Beatty (part of AGA's Nevada portfolio that includes the Arthur Gold Project and acquired Augusta Gold deposits Reward, Bullfrog, Mother Lode, Crown Block - SNA, Secret Pass, Daisy and the Sterling mine). Following completion of a feasibility study the project entered detailed engineering in November 2024, ~70% complete at end-2025. Expected to produce an average of 105koz/yr in the first five years and 76koz/yr average over an 11-year mine life at AISC of $934/oz. Project capital (real terms) is expected to be $480m. Final investment decision anticipated H2 2026; construction start scheduled 2027 subject to permitting.