Cue

High-grade satellite gold project located in the Murchison region, approximately 40km from the Mt Magnet Checkers processing plant. Acquired via the takeover of Musgrave Minerals in September 2023 for $206M net of cash acquired (fully repaid within eight months of ore processing). Cue comprises a series of open pit mines (Break of Day, White Heat, Lena, Waratah, Amarillo, Leviticus, Big Sky, Numbers) within classic Archean greenstones, with the Break of Day underground project advancing to PFS. Ore mining commenced August 2024, ore haulage November 2024. FY25 mining produced 521kt @ 6.82g/t for 114,267oz contained; 295kt @ 10.66g/t was hauled and processed at Mt Magnet for 96,720oz of attributable production. Break of Day and White Heat overperformed resource model by 136% and 130% respectively due to coarse gold in weathered zones. Cue generated $287.7M in free cash flow in FY25 and $270.6M in operating cash flow. FY26 exploration spend ~A$13-16M planned. Geology dominated by the Cuddingwarra Shear Zone and Lena Shear.