Penny

High-grade underground gold operation acquired by Ramelius in early 2020. Comprises Penny North and Penny West high-grade quartz-sulphide lodes, located approximately 160km from the Mt Magnet Checkers processing plant where ore is hauled for processing. Penny West was originally discovered and mined by open pit in the early 1990s. Underground development advanced to 1,180mRL at Penny North and 1,330mRL at Penny West by 2024. FY25 underground tonnage was 172kt (in line with prior year) at a mined grade of 14.44g/t (up 20% from prior year), among the highest-grade gold mines in Australia. FY26 exploration spend ~A$10-12M targeting southerly plunge of Penny North and infill drilling from an underground platform being developed at Penny West.