Paulsens Gold Operation

A high-grade underground gold mine in the Pilbara, Western Australia, comprising the Paulsens underground mine, a 0.45Mtpa processing facility, a camp and associated infrastructure; Paulsens has historically produced over 900koz at high grades. After refurbishment, mining recommenced and the plant was recommissioned in December 2024 (first gold pour), with the operation turning cash-flow positive in June 2025. The operation's resource base also includes the Mt Clement, Belvedere, Northern Anticline and Electric Dingo deposits. FY2025 underground mining produced 8,411oz contained gold and the operation produced 8,162oz. The Paulsens Gold Operation Mineral Resource is 4.3Mt at 4.0g/t Au for 548koz (including 66koz of gold at Mt Clement), with an Ore Reserve of 0.6Mt at 4.3g/t Au for 87koz.