Telfer Ore Reserve, Outlook and Havieron expansion

FY26

FY27

Average

Production (koz Au)

300 - 340

260 - 300

280 - 320

Production (kt Cu)

9 - 13

5 - 9

7 - 11

AISC4 (A$/oz)

2,400 - 2,600

2,750 - 2,950

-

30-Jun-2025

46,302

3,905

30-Sep-2025

38,910

3,905

31-Dec-2025

30,792

3,905

31-Mar-2026

37,502

4,200

30-Jun-2026

37,502

4,200

30-Sep-2026

37,502

4,200

31-Dec-2026

37,498

4,200

Total

266,008

4,071

FY26

FY27

Average

Inventory processed (Mt)

17.0 - 17.5

17.0 - 17.5

17.0 - 17.5

Production Au (koz)

300 - 340

260 - 300

280 - 320

Production Cu (kt)

9 - 13

5 - 9

7 - 11

AISC (A$/oz)

2,400 - 2,600

2,750 - 2,950

-

Growth capital (A$m) - Telfer

80

-

-

Potential inventory source

Description / status

In Telfer 2-Year Outlook?

West Dome Open Pit (refer Figures 1 and 2)

Stage 8

Current active mining area

✔

Stage 2

Current active mining area

✔

Stage 7 Cutback

Ore Reserve, approved and commenced mining March Q 25

✔

Stage 2 Extension

Ore Reserve, approved and continuation of Stage 2

✔

Stage 7 Extension

East expansion of the Stage 7 Cutback, drilling underway

✔ 1

Central Extension

Large potential cutback to north of Stage 2 Extension

-

South Extension

Large potential cutback to south of West Dome Open Pit

-

Main Dome Open Pit

Exploration target, historical mining area

-

Main Dome Underground (refer Figure 3)

M-Reefs

Current active mining area

✔

A-Reefs

Current active mining area

✔

Rey

Current active mining area

✔

ESC

Exploration Target, drilling underway

✔

LLU

Near mine high confidence Mineral Resource

✔

VSC

Large multi-year underground sublevel cave potential

-

West Dome Underground

New potential underground mining area

-

Stockpiles

ROM

9.6Mt at 0.68g/t Au and 0.07% Cu at 31 Dec 2024

✔

LG

20.3Mt at 0.33g/t Au and 0.04% Cu at 31 Dec 2024

✔ 2

Havieron Underground

Havieron production expected to commence during FY28. Feasibility Study will assess an initial mining rate (post ramp-up) of 2.8Mtpa, increasing to between 4.0 - 4.5Mtpa

-

Source

West Dome

Open Pit

Main Dome Underground

Stockpiles (LG)

Total

Mining

Waste (Mt)

30.3

0.3

-

30.6

Inventory Mined (Mt) 1

25.4

3.4

-

28.8

Total (Mt)

55.7

3.7

-

59.4

W:O Strip Ratio

1.19

-

-

-

Milling

Inventory Milled (Mt)2,3

30.0

3.4

1.1

34.6

Milled Grade (g/t Au)

0.52

1.46

0.33

0.61

Milled Grade (% Cu)

0.05%

0.31%

0.04%

0.07%

Gold Recovery (%)

84.7%

90.6%

78.5 %

86.0%

Copper Recovery (%)

61.6%

85.6%

45.0%

71.5%

Gold recovered (koz Au)3

443

145

9

597

Copper recovered (kt Cu)

9

9

0

18

Operating Costs (A$/t processed)

Mining

19.5

123.0

-

29.1

Processing

15.2

General and Administration

4.8

AISC (A$/oz gold recovered)5

2,670

Area

Proven

Probable

Combined

Tonnes(Mt)

Aug/t

Cu%

Tonnes(Mt)

Au

(g/t)

Cu%

Tonnes(Mt)

Aug/t

Cu%

Au(koz)

Cu(kt)

Telfer: West Dome Open Pit

-

-

-

14.2

0.60

0.05

14.2

0.60

0.05

273

8

Telfer Stockpiles (ROM)

9.6

0.68

0.07

-

-

-

9.6

0.68

0.07

209

6

Telfer Stockpiles(LG)

-

-

-

20.3

0.33

0.04

20.3

0.33

0.04

215

9

Telfer Dump Leach (DL)

-

-

-

2.0

0.23

-

2.0

0.23

-

15

-

Telfer (total) 2

9.6

0.68

0.07

36.5

0.43

0.05

46.1

0.48

0.05

712

23

Havieron Underground 3

-

-

-

24.9

2.98

0.44

24.9

2.98

0.44

2,391

109

Group total

9.6

0.68

0.07

61.4

1.47

0.20

71.0

1.36

0.19

3,103

132

Area

Measured

Indicated

Inferred

Combined

Tonnes(Mt)

Aug/t

Cu%

Tonnes(Mt)

Au

g/t

Cu%

Tonnes(Mt)

Aug/t

Cu%

Tonnes(Mt)

Aug/t

Cu%

Au(Moz)

Cu(kt)

Havieron Deposit

-

-

-

50

2.60

0.33

81

1.10

0.13

131.0

1.67

0.21

7.0

270

Telfer West Dome Open Pit

-

-

-

28.8

0.57

0.05

86.8

0.55

0.05

115.6

0.55

0.05

2.1

61

Telfer Main Dome Underground

-

-

-

5.6

2.65

0.56

2.3

2.55

0.39

7.9

2.62

0.51

0.7

40

Telfer Stockpiles

10.3

0.68

0.07

20.3

0.33

0.04

-

-

-

30.6

0.45

0.05

0.4

16

Combined

10.3

0.68

0.07

104.7

1.60

0.21

170

0.84

0.09

285

1.11

0.14

10.2

387

FY26

FY27

Average

Production (koz Au)

300 - 340

260 - 300

280 - 320

Production (kt Cu)

9 - 13

5 - 9

7 - 11

AISC2 (A$/oz)

2,400 - 2,600

2,750 - 2,950

-

FY26

FY27

Gold Price (A$/oz)

4,030

3,797

Copper Price (A$/lb)

6.58

6.58

AUD:USD

0.66

0.66

Tonnes (Mt)

Au g/t

Cu %

Au (koz)

Cu (kt)

1.0 - 2.0

1.2 - 1.8

0.1 - 0.4

40 - 115

1.5 - 7.0

Criteria

Commentary

Sampling techniques

Resource definition drilling at Telfer involves a combination of reverse circulation (RC) and diamond drilling throughout the mining period. For diamond drilling, samples are taken according to lithological boundaries, with geologists defining sample intervals and selecting the assay methodology. Historically, high-grade reef samples were sent for screen fire assay, while other samples underwent fire assay for gold and additional elements.

Core sizes for resource drilling usually range from NQ to PQ, while smaller sizes (NQ or LTK60) are used for grade control. Diamond drilling typically samples lithological units with lengths between 0.2 to 1.2 meters, with 1-meter intervals being most common and they are barcoded and submitted for laboratory analysis.

Historically, RC drilling typically produces 1-meter samples, from which a 2-5 kg sub-sample is taken using a riffle splitter, then pulverised for gold assay. Earlier RC drilling involved samples from 0.5-meter to 2-meter intervals, with the small intervals were used to target reefs. Recent RC drilling for resource definition uses 1-meter intervals and split using cone splitter from which a 2-5 kg sub-sample is taken with bulk reject material stored temporarily. While grade control uses 2-meter intervals and split using cone splitter. All RC drilling has field duplicates conducted at a 1:20 ratio.

Rock chip samples, collected manually from exposed development faces, are typically 2-3 kg, collected perpendicular to bedding, and include all relevant domains (reef, hanging wall, footwall). These samples are stored in pre-numbered bags for analysis.

Drilling techniques

Drilling at the Telfer has evolved over time, following industry-standard protocols. Before 1998, drilling targeted mainly previously mined areas, while from 1998 to 2002, diamond drilling formed the primary data source for current Mineral Resource estimates, supplemented by RC drilling. Currently, RC drilling is the primary data source for the open pit resources and diamond drilling for underground resources. Currently, NQ2 is the dominant drill size for diamond drilling and RC Drilling is drilled with a pre-collar of 143mm then reduced to 134mm diameter.

Additional core sizes, including NQ, HQ, HQ3, LTK60, and limited PQ and BQ, have also been used at Telfer. LTK60 and BQ have mainly been used for grade control. The Reflex orientation tool is used by drillers, with all core being oriented using Ezy-Mark to mark the bottom of the hole. The core is then re-constructed in V-Rail, where the orientation line is drawn along the core.

Drill sample recovery

Core recovery data from diamond drilling is systematically recorded by comparing drillers' depth blocks with database records and is stored in the geological database. If excessive core loss occurs, a wedge hole is often drilled to recover the lost interval. A review in 2019 confirmed no significant relationship between sample recovery and grade for either core or RC samples, with high core recovery minimising potential loss effects. Following the review, weighing each RC sample at the rig was implemented to ensure consistent sample support in resource estimation.

Logging

Geological logging is conducted for all diamond and reverse circulation (RC) drill holes, capturing lithology, alteration, mineralisation, veining, and structure (for diamond core). Diamond drill holes are also quantitatively logged for veining, vein percentage, and structure. All drill core is photographed before sampling, using either slide film or digital cameras. Logged data is validated before merging into the database, which contains over 1,000 km of logged geology, covering approximately 80% of total drilling. Rock Quality Designation (RQD) is routinely recorded, with around 900 diamond holes geotechnically assessed. The level of logging detail is appropriate for resource estimation and related studies.

Sub-sampling techniques and sample preparation

Sampling and quality control procedures are designed for the material being tested. Geologists define sample intervals to avoid crossing key lithological contacts and select appropriate assay methods. Diamond core is typically sampled as half-core, while RC samples are collected dry, with conditions recorded. Since 2015, cone splitters have replaced riffle splitters for RC sampling, with field duplicates taken at a 1:20 ratio.

Core samples are processed through drying, crushing, and pulverising, with historical standards requiring 90% passing 75 µm. Older RC drilling used 0.5-2 m intervals, while recent resource definition drilling follows 1 m intervals (2 m for grade control), with a 5 kg primary split collected.

Samples are prepared at the Telfer lab, where they are crushed, sub-split, and pulverised to 95% passing 106 µm. Gold is analysed via 30 g fire assay, while base metals, sulphur, and arsenic are tested by ICP. Cyanide-soluble copper is determined by bottle roll leach with AAS analysis. To ensure accuracy, 1 in 20 samples undergo external lab verification.

Quality of assay data and laboratory tests

Assay and quality control protocols at the Telfer deposit have evolved to align with industry standards. Before 1998, quality control procedures followed industry norms of the time, with no major concerns identified. From 1998 onwards, protocols were enhanced, particularly during prefeasibility and feasibility studies conducted between 1998 and 2002.

Samples are primarily prepared at the Telfer laboratory and then sent to external commercial labs for analysis. Currently, all resource definition samples have been assayed through a combination of the Telfer Laboratory and the Bureau Veritas (BV) Commercial Lab in Perth and all grade control samples have been sent through Telfer Laboratory. Gold is analysed using fire assay, while multi-element analyses-including silver, arsenic, bismuth, copper, iron, nickel, lead, sulphur, and zinc-are conducted using ICP techniques. Cyanide-soluble copper is assessed via bottle roll leach with AAS analysis. Since 1998, comprehensive quality control measures have been in place, including the use of Certified Reference Materials (CRMs), blanks, duplicate assays, blind pulp re-submissions and checks at independent laboratories. Matrix-matched CRMs were introduced in 1999, and transition to multi-client CRMs in 2018. Since 2000, Telfer's laboratory was managed by commercial organisations until Telfer re-opening in 2002 has been managed by Newcrest and now, Greatland.

Regular reviews of Quality Assurance and Quality Control (QAQC) procedures, including sample resubmissions and bias assessments, help ensure data accuracy and reliability. Monthly reports document any anomalies, with corrective actions taken as needed. Comparison studies, including analyses of duplicate pulp samples sent to external laboratories, confirm data precision, with a 90% repeatability rate. The QAQC protocols and assay techniques used are considered reliable for Mineral Resource estimation.

During the 2002 feasibility study, 13,570 pulp duplicate samples were dispatched from the Telfer preparation laboratory for analysis at a check laboratory. Insignificant bias was identified between the original and check laboratories for gold (-0.8%) and copper (0.5%). 

Verification of sampling and assaying

Drill hole data is securely stored in an acQuire database, with stringent controls to ensure data integrity and prevent errors or duplication. Data collection, including collar coordinates, drill hole designation, logging, and assaying, follows strict protocols to maintain accuracy. Validation involves multiple stages, with input from geologists, surveyors, assay laboratories, and down-hole surveyors where applicable.

Data entry has evolved from manual methods to direct digital input, incorporating automated validation checks. Internal and external reviews further enhance data quality before resource estimation. Resource data is managed daily by site geologists, with additional verification by a centralised resource team.

Sampling details are recorded digitally, utilising barcode and tracking systems to monitor sample integrity throughout the process. Recent drilling programs employ numbered bags for tracking consistency. Regular audits of both internal and commercial laboratories ensure compliance with quality standards. No assay data adjustments have been made in the Mineral Resource estimate.

Location of data points

Mining operations at Telfer Gold Mine adhere to periodic reporting requirements for the WA Department of Mines, Industry Regulation and Safety (DMIRS), using the MGA94/AHD coordinate system for official submissions. However, site operations utilise the Telfer Mine Grid (TMG) and Telfer Height Datum (THD), requiring coordinate transformations between the national and operational coordinate systems.

This has been supplied by AAM Surveys in 1995 (AMG84 to Telfer Mine Grid) and AAMHATCH in February 2007 (Telfer Mine Grid to MGA Transformation). Both reports also addressed the height datum and in 2007 established the THD=AHD + 5193.7m.

A local grid covers the whole of the Telfer mine area (Telfer Mine Grid 2002). It is oriented with grid north at 44o03'12' west of magnetic north.

Topographic control is maintained through a combination of surface and aerial surveys, with routine updates for pits and underground voids. Drill hole collars are surveyed upon completion by mine surveyors. The natural surface topography, along with current pit surveys and underground voids (development, stopes and vertical openings) are used to deplete the resources and account for changes in mining areas at Telfer. 

Downhole survey methods have evolved over time, progressing from early single-shot cameras to modern electronic tools. Currently, drilling programs include multi-shot surveys at regular intervals, with post-completion surveys conducted at finer resolutions. Specific drilling campaigns may incorporate gyroscopic surveys where required. Routine in-pit drilling, particularly for pre-production and grade control, typically excludes downhole surveys, relying on collar surveys for accuracy.

Data spacing and distribution

The drill hole spacing is sufficient to demonstrate geological continuity appropriate for the Mineral Resource and the classifications applied under the 2012 JORC Code.

The drill spacing applied to specific domains within the overall resource is variable and is considered suitable for the style of mineralisation and mineral resource estimation requirements.

Orientation of data in relation to geological structure

The Telfer mine site topography is dominated by two large scale asymmetric dome structures with steep west dipping axial planes. Main Dome is in the southeast portion of the mine and is exposed over a strike distance of 3 km north-south and 2 km east-west before plunging under transported cover. West Dome forms the topographical high in the northwest quadrant of the mine and has similar dimensions to Main Dome. Both fold structures have shallow to moderately dipping western limbs and moderate to steep dipping eastern limbs.

Surface drilling is orientated to ensure optimal intersection angle for the reefs. Underground drilling orientation may be limited by available collar locations, but acceptable intersection angles are considered during the drill hole planning process. No orientation bias has been indicated in the drilling data.

Sample security

Sample security is maintained through a tracking system from drilling to database entry. While barcoding was previously used, it has been replaced with pre-numbered calico bags for resource development and underground drilling samples.

All sample movements, including dispatch details, drill hole identification, sample ranges, and analytical requests, are recorded in a database. Any discrepancies identified upon receipt by the laboratory are validated to ensure data integrity.

Audits or reviews

In-house reviews of data, QAQC results, sampling protocols and compliance with corporate and site protocols are carried out at various frequencies by company employees not closely associated with the Telfer projects. Procedure audits and reviews are carried out by corporate employees during site visits.

Criteria

Commentary

Mineral tenement and land tenure status

Mining and ore processing at Telfer operate under granted leases and licenses covering all key infrastructure, including open pits, underground resources, processing facilities, waste storage, and support services. The Telfer Main Dome Underground Mineral Resource is within mining leases M45/6 and M45/8, while the West Dome Mineral Resource, approximately 3km northwest of the Main Dome open pit, lies within leases M45/7 and M45/33. These leases are currently under renewal.

An Indigenous Land Use Agreement (ILUA) has been in place since December 2015, covering all operational aspects of the site. Telfer operations also remain compliant with the Mining Rehabilitation Fund (MRF) levy.

Exploration done by other parties

The Telfer district was first geologically mapped by the Bureau of Mineral Resources in 1959, though no gold or copper mineralization was identified. In 1971, regional sampling by Day Dawn Minerals NL detected anomalous copper and gold at Main Dome. From 1972 to 1975, Newmont Pty Ltd conducted extensive exploration and drilling, defining an open pit reserve primarily in the Middle Vale Reef.

In 1975, BHP Gold acquired a 30% stake in the project, and in 1990, Newmont and BHP Gold merged their Australian assets to form Newcrest Mining Limited. Newcrest managed exploration and resource drilling from 1990 until its acquisition by Newmont Corp on November 6, 2023. Newmont later divested Telfer, selling it to Greatland Gold on December 4, 2024, which now oversees exploration and drilling activities.

Geology

Telfer is located within the northwestern Paterson Orogen and is hosted by the Yeneena Supergroup, a 9 km thick sequence of marine sedimentary rocks. Gold and copper mineralization occurs in stratiform reefs and stockworks within the Malu Formation of the Lamil Group, controlled by both structure and lithology.

Mineralisation styles include high-grade narrow reefs, reef stockwork corridors, sheeted vein sets, and extensive low-grade stockwork, which forms most of the sulphide resource. Sulphide mineralisation consists mainly of pyrite and chalcopyrite, with copper minerals including chalcopyrite, chalcocite, and bornite. Gold is primarily free-grained or associated with sulphides and quartz/dolomite gangue, with a correlation between vein density and gold grade.

The highest gold and copper grades occur within bedding sub-parallel reef systems, including multiple reef structures in Main Dome, such as E-Reefs, MVR, M10-M70 reefs, A-Reef, and B-Reefs (notably B30). Additional mineralisation occurs in northwest-trending and north-dipping veins. Stockwork mineralisation, found in open pits, Telfer Deeps, and the Vertical Stockwork Corridor (VSC), is best developed in the axial zones of Main Dome and West Dome, often extending over large areas (0.1 km to 1.5 km). It can include brecciated zones filled with quartz, carbonate, and sulphides

Drill hole Information

Not applicable to the mineral resource estimate.

Data aggregation methods

Significant assay intercepts are reported using length-weighted averages based on predefined thresholds, with a maximum allowable internal dilution. For Mineral Resource estimates, data aggregation methods are aligned with sampling, drilling, and recovery techniques. No exploration results are included in this report, as it focuses on Ore Reserves and Mineral Resources.

Relationship between mineralisation widths and intercept lengths

No exploration has been reported in this release, therefore there are no relationships between mineralisation widths and intercept lengths to report. This section is not relevant to this report on Ore Reserves and Mineral Resources.

Diagrams

As provided

Balanced reporting

Significant assay intervals represent apparent widths, as drilling is not always perpendicular to the dip of mineralisation. True widths are typically less than downhole widths and can only be estimated once all results are received and final geological interpretations are completed. No exploration results are included in this report, so relationships between mineralisation widths and intercept lengths are not applicable to the Ore Reserves and Mineral Resources report.

Other substantive exploration data

Not applicable to the mineral resource estimate.

Further work

Further work is planned to evaluate exploration opportunities that extend the known mineralisation and to improve confidence of the model.

Criteria

Commentary

Database integrity

Data is stored in a SQL Server database known as acQuire. Assay data and geological data are electronically loaded into acQuire and the database is replicated in Greatlands centralised database system. Regular reviews of data quality are conducted by site and corporate teams prior to resource estimation.

Validation checks include but are not limited to:

· Duplicate drill hole identifier.

· Overlapping FROM and TO intervals values in the geology, oxidation state, assay, density, core size, and recovery tables.

· Duplicate records.

· Other checks made outside the SQL environment include but are not limited to:

· Down hole survey dip and bearing angles appear reasonable.

· All collar co-ordinates were within the permit area.

· Any anomalous assay, density or sample recovery values.

Site visits

The Competent Person for Telfer Mineral Resources regularly visits the site.

Geological interpretation

All interpretations were undertaken by site-based geologists.

MDU Block Model

The MDU Block Model wireframe interpretations were constructed in Leapfrog software using implicit modelling interpolations from primary logging codes extracted from the Acquire database. The Main Dome Underground model includes the Lower M-Reef horizons (from M52 downward), the A Reefs horizons, Kylo, B30 Reef, LLU, Rey LLU and Rey AR, Oakover Vein, Wedge, North Finn and intervening Stockwork mineralisation. 

The Lower M Reefs comprise both intermittent reef but more significantly zones of stockwork mineralisation, as such each of these are modelled as mineralised corridors. The same approach has been applied to the A Reef interpretation with multiple corridors of reef and stockwork mineralisation defined.

Kylo also comprise high-grade mineralised breccia\stockwork and is stratabound.

The LLU is a mineralised stratigraphic layer that is guided by the well know dome-shaped stratigraphy in Main Dome and monocline structure. The western limb of the LLU has been the target of bulk stoping in mining areas called Western Flanks.

In the south-eastern of the lower mine, thrust structures have been identified that offset and dilate the eastern limb stratigraphy. High-grade veining has formed in the dilation zone and two domains have been interpreted to capture this mineralisation Rey LLU and Rey A-Reefs.

M-Reef Block Model

The Upper M Reefs (M20 to M50) are largely strataform, interpretation is guided by the well-known dome shape stratigraphy. The Upper M-Reef mineral resource consists of discrete reef wireframes constructed in Vulcan using Sirovision mapping, wall mapping and sampling data from development drives, and from drill hole intercepts. The thickness of the reef is honoured as far as practicable in the interpretation process.

West Dome Block Model

The Telfer West Dome Deposit consists of a repeat of the Main Dome geological units. Mineralisation styles include high-grade narrow reefs, reef stockwork corridors, sheeted vein sets, and extensive low-grade stockwork, which forms most of the sulphide resource.

The primary estimation domains are based on stratigraphy. The estimates refrained from detailed interpretations of E-Reefs as they are discontinuous and complex to interpret. The estimate relies on an E-Reef corridor within the appropriate stratigraphy to constrain grade estimation.

The M-Reefs domains in West Dome they have been interpreted as reef/stockwork corridors from drill hole intercepts. The thickness of the reef is honoured as far as practicable in the interpretation process and within the database, defined by intercept domains. The M-Reefs are largely strataform, interpretation is guided by the well-known dome shape stratigraphy.

The Leeder Hill Veins are sub-vertical veins sets that run west to east across the West Dome Resource. They vary in thickness from 1 -10cm in thickness and can appear as individual veins or vein sets.

Stockwork mineralisation is best developed in the axial zones of West Dome, often extending over large areas (0.1 km to 1.5 km). It can include brecciated zones filled with quartz, carbonate, and sulphides

Dimensions

The maximum extent of the Telfer Mineral Resource is approximately 5 km x 1.5 km x 1.8km over the two dome complexes.

Estimation and modelling techniques

Main Dome Underground Block Model:

Drill data used for the MDU Resource estimate include underground diamond drilling and resource definition reverse circulation drilling.

Three composite databases were compiled for each element from the raw assay database using 4 m composite lengths for bulk domains and 2m composite length for more discrete domains like Lower M-Reefs, A-Reefs, Kylo and Rey Domains and copper specific 4m composite that's coded for copper. The databases use all available resource definition drill data and the 3-D wireframes from the interpreted geological model. The majority of the raw assay file contains 1 or 2 m assay intervals.

Boundary contact analyses were undertaken on all stratigraphic and mineralised domains. The result of this analysis forms the basis for the majority of the stockwork sub-domaining decisions for the project. The analyses were conducted using both the 4 m and 2m downhole composites for gold and copper. The boundary analyses for both elements (Au and Cu) reveal that most of the domain boundaries are hard and are accordingly estimated independently.

Exploratory data analysis was undertaken on the bulk and discrete domains with 4m and 2m composite data for gold, copper, sulphur, arsenic, and cobalt assessed. Statistical reviews indicate that Stockwork domains have highly variable distributions. The other domains contain lower variable distributions due to their more homogeneous mineralisation style.

Due to the generally lower variability, it was decided to use OK for all other domains except for stockwork

Ordinary Kriging is considered to be sub-optimal for estimating in highly variable material without the need for aggressive top-cuts, due to the potential over-representation of the extreme end of the data distribution. A non-linear method such as Multiple Indicator Kriging (MIK) is considered to be better suited for dealing with these highly variable data sets. MIK was used to estimate gold and copper grade in the majority of stockwork domains. The MIK estimate is e-type that directly estimates the model blocks with the average grade of the cumulative distribution.

Top cutting (capping) was applied where appropriate for the OK estimations. Metal at risk analysis was completed to inform the capping grades.

The non-economic elements are all estimated by ordinary kriging in all domains. Cyanide soluble copper, sulphur, arsenic and cobalt variogram models were generated by transforming the data to Gaussian space and back transforming the resulting variogram model to raw space, as no robust experimental variography could be obtained in raw space alone. All sills have been normalised to 1.

The local varying anisotropy (LVA) rotation functionality provided by Vulcan was used during OK and MIK estimation for the A-Reefs, LLU and B30 domains. For each target block, a unique rotation can be set and used to control both the variogram model and search neighbourhood rotation. These orientations are derived from smoothed interpretations of the main stratigraphic surfaces that define the overall geometry of the Main Dome anticline as applied to the stratigraphically aligned mineralisation.

Upper M-Reef Block Models

Modelling of the reef volume / thickness for all reefs was determined using a calculated hanging wall surface from reef domain intercepts. The vertical and true width were determined using a dynamic anisotropy model of the footwall and determining the reef dip and azimuth and calculating a vertical width and true width.

Drill data used for the estimate included underground diamond drilling, resource definition reverse circulation drilling and underground production face samples with interpreted resource definition mineralisation surfaces.

Grade composites were determined by vertical reef grade accumulates as the reef thickness varies between 0.01 m to approximately 2.0 m therefore a single composite was generated for each reef intercept. Grade accumulates were generated for gold, copper, cyanide soluble copper and sulphur, silver, arsenic, cobalt and lead and determined by grade x width. The data was then transformed into 2 dimensions and projected to a planar surface.

Exploratory data analysis (EDA) and variography analysis was conducted

Grade sensitivity tests were completed for each metal accumulate for each reef and a high- and low-grade indicator was determined for the majority of the reefs and elements. The composite files were then flagged for the indicators and indicator variograms compiled. An Ordinary Kriged indicator model was estimated and for each reef estimation block, a high grade and low-grade proportion determined.

Variogram analysis for the metal accumulates was completed at the indicator thresholds along with a review of the metal at risk for each reef and element. Gold mineralisation anisotropy is consistent for all the reefs aligned northeast, whereas copper, cyanide soluble copper and sulphur is less consistent between reefs and can lie along either the northeast trend similar to the gold trend or to the northwest along the dome hinge axis.

Ordinary Kriging was used for estimation of the metal accumulates in 2D space for both the high- and low-grade indicator domains for each reef. Then using the high grade and low-grade block proportions, an overall grade was determined for each block estimate for each element.

Block grade estimates were then translated back into 3-dimensional resource block models defined by the footwall and hanging wall surfaces of the reef. The 2022 resource block dimensions and M20 Jan 25 resource block dimensions are 0.5 x 0.5 x 0.2 m to eliminate volume variances that can exist when reporting a narrow reef at larger block sizes. 

West Dome Open Pit Block Model

The West Dome Open Pit Resource model includes estimates for gold, copper and density along with attributes required for modelling metallurgical recovery including cyanide soluble copper, sulphur, cobalt and arsenic.

A composite database was compiled for each element from the raw assay database using 4 m composite lengths using the available resource definition drill data and the 3-D wireframes from the geological model. Many of the wireframe volumes overlap, reflecting the overprinting nature of various mineralising events at Telfer. A priority sequence was developed whereby the main mineralised reef structures were prioritised over bulk domains and background stockwork mineralisation. The majority of the raw assay file contains 1 or 2 m assay intervals. The composite length of 4 m was chosen to standardise sample support and reflects the minimum Z sub-cell size (mining selectivity in the reef corridor areas).

Boundary contact analyses were undertaken on all stratigraphic, oxidation and mineralised reef domains. The results of this analysis forms the basis for the majority of the stockwork sub-domaining decisions for the project. The analyses were conducted using the 4 m downhole composites for gold, copper and sulphur grade.

The West Dome Mineral Resource grade model is constructed with two components: Stockwork domains (bounded by key stratigraphy contacts) and Reef\Stockwork Corridor domains. The Telfer Reefs (M-Reefs) are stratabound and have relatively uniform thickness over short range intervals. Grade distribution within the reefs is also relatively consistent with regionally separated areas of on average high or low grades. Grade partitions are used to domain the reefs into high-grade and low-grade domains using an indicator estimation methodology.

The West Dome M-Reef Stockwork Corridors use ordinary kriging into the 3D solid utilising local rotation functionality (LVA) in Vulcan. Variography and estimation parameters were updated based on the revised interpretation of the mineralisation style.

The stockwork gold mineralisation outside the reefs is highly positively skewed with high Coefficient of Variation of between ~ 2 and 4. Ordinary Kriging (OK) has been demonstrated to be sub-optimal for estimating such highly variable material. Multiple Indicator Kriging (MIK) is considered best suited for this type of mineralisation. Gold and copper were estimated using MIK. The type of MIK is the e-type estimate; that is directly estimating the model blocks with the average grade of the cumulative indicator distribution. Indicator variograms for gold and copper were modelled for all Stockwork domains.

The indicator thresholds were selected such that each bin has a reducing balance of number of samples. Indicator variography was then undertaken on gold and copper ensuring that nuggets increased and ranges decreased consistently in modelling progressively higher cut-offs; this minimises order relational problems in the MIK estimates.

Stockwork cyanide soluble copper, sulphur, arsenic and cobalt stockwork estimates were estimated using Ordinary Kriging. Cyanide soluble copper, sulphur, arsenic and cobalt variogram models were generated by transforming the data to Gaussian space and back-transforming the resulting variogram model to raw space.

The local rotation (LVA) functionality provided by Vulcan was used during stockwork OK and MIK estimation. For each target block, a unique rotation can be set and used to control both the variogram model and search neighbourhood rotation. These orientations are derived from smoothed interpretations of the main stratigraphic surfaces that define the overall geometry of the West Dome anticline as applied to the stratigraphically aligned mineralisation.

The block sizes in the resource models are 3.125 m x 3.125 m x 1 m for the selective reef areas and 12.5 m x 12.5 m x 12 m for the bulk stockwork. All modelling and estimation are done in commercially available software supplemented with specialised algorithms coded within the package as required.

Moisture

All tonnages are calculated and reported on a dry tonne basis.

Cut-off parameters

A specific cut-off grade was not used. Each block within the resource model is assigned a value based on an estimate of its net smelter return. Net smelter return is calculated on a payable metal basis taking into account metal prices, metallurgical recoveries, processing costs and realisation costs. Value / profit cut-off includes mining costs, processing costs with assigned sustaining capital and G&A components.

The reported NSR cutoffs for UG are:

• WF NSR COG= $46.55 (unchanged from Dec23)

• SW NSR COG= $74.26 (unchanged from Dec23)

• AReef NSR COG = $107.50 (unchanged from Dec23)

• REY NSR COG = $147.96 (unchanged from Dec23)

• KYLO NSR COG = $150 (unchanged from Dec23)

The reported NSR cutoff for Open Pit:

• West Dome COG = $24.78 (oretype 5 and oretype 6)

Consequently for stockpiled material, the material is estimated based on the Grade Control criteria at the time of production.

Mining factors or assumptions

The LLU, B30, Kylo, and Rey resource areas will be mined using bulk stope mining, while the M20-M50 and A50-A80 areas will be mined using selective narrow vein techniques. Resource estimates have been constrained by MSO outlines to enhance mining feasibility. Fit-for-purpose models have been developed for these methods, though future technological advancements may enable alternative mining approaches.

Open-pit operations at Telfer use an excavator-loader fleet for selective ore extraction, employing a 12 m bench height mined in 4 m flitches to minimise ore dilution and loss. Bulk waste is removed in either a single 12 m pass or three 4 m flitches. The Selective Mining Unit (SMU) is defined as 6.25 m x 6.25 m x 4.00 m, ensuring dilution control without additional mining dilution or recovery factors applied to the resource estimate. The West Dome Mineral Resource shells are constrained based on contract mining costs and value NSR assessments

Metallurgical factors or assumptions

The current Telfer plant has been operating since 2003.

The feed ore for the Telfer treatment plant is sourced from both open pit and underground mining operations. Owing to the range of ore types with differing mineralisation of both gold and copper, together with variation in ore hardness, the treatment flowsheet is complex. Two parallel process trains have been incorporated through the grinding and flotation circuits in the treatment plant which has a nominal throughput capacity of 20 Mtpa but the throughput rate varies between 17 Mtpa and 23 Mtpa dependent upon the ore characteristics. The typical operating strategy is to blend ore to control ore grade and hardness.

The circuit was designed to maximise the recovery of the valuable minerals, with a flash flotation and gravity recovery section within the grinding circuit to capture coarse gold. The milled product passes to the copper flotation circuit where copper sulphides are recovered together with attached gold and independently liberated gold particles. Tailings from the copper circuit are processed through the pyrite flotation circuit with recovered pyrite processed through a cyanidation leach circuit for final gold extraction.

The gold is extracted from the leach liquor by means of adsorption onto activated carbon followed by stripping and electrowinning. Two products are generated - gold doré (gravity and pyrite float leach) and gold-bearing copper concentrate. Minor amounts of oxide ore are processed in a dump leach operation as an adjunct to the main treatment route, with the dump leach output being incorporated within the overall gold doré production total.

Metallurgical recovery formulae are applied in the value estimations developed from production history and reconciliations for each deposit. Typically, gold and copper recoveries are a function of absolute gold grade, copper grade and copper/sulphur and cyanide soluble/copper ratios to estimate either recovered grade or estimated tails grades. Transport costs and realisation costs (TCRC) of recovered metals plus smelting and royalty costs contribute to the estimated block value.

Environmental factors or assumptions

Telfer has a long history of mining and processing ore with the waste dump and residue disposal facilities all currently in place in accordance with the required statutory approvals. Statutory approvals under the Western Australian Environmental Protection Act (EP Act) provide the umbrella approval for the project. These approvals are reflected in Ministerial Approvals (issued by the Minister for the Environment - Nos. 605 and 606). The approvals include both environmental commitments made by Newcrest and conditions applied by the Minister acting primarily on the recommendations of the Environmental Protection Authority (EPA), which coordinated detailed assessment by government agencies of potential environmental impacts and proponent-proposed management plans to manage those impacts.

Performance against Ministerial Approval conditions is reported on a regular basis and reviewed by the government.

Bulk density

Bulk density measurements at Telfer are taken from 20 cm samples of DDH whole core using the air-water method, with results stored in the acQuire database. These measurements are conducted at nominal 20 m intervals and are assigned to stratigraphic units and there oxidation/weathering profiles. Bulk densities were extensively evaluated in the 2002 feasibility study and continue to be re-evaluated and updated based on new data.

Certain domains, such as the reef domains, MVR, LLU, and Oakover, show greater density variability due to high sulphide content, leading to bimodal distributions in some areas and sulphur regression are used for these domains.

Density estimation follows a three-step process:

1. Global mean densities are assigned to bulk domains with low variability.

2. Sulphur regression is used to estimate density in the LLU, where density variability is high due to sulphide content.

3. M-Reef densities are assigned based on previous resource estimates from 2011 and 2013.

Classification

MDU:

Resource classification is based on geological interpretation confidence combined with Ordinary Kriging derived Slope of Regression (SoR) and/or Average weighted distance (AWD) of informing composites.

Typical Indicated classification (SoR) >0.65 and Inferred classification is based on SoR >0.5 on a block-by-block basis. However final classification is based on manually interpreted aggregated volumes, not individual blocks.

There are no Measured Mineral Resources.

M-Reef

Maximum drill spacing up to 40 m by 40 m with development sampling was classified as Indicated Mineral Resources. Indicated Mineral Resources must also have a sound geological understanding and grade continuity.

Where drill density and development sampling are satisfied but unsolved geological complexity exists, for example, the steeper zones of M30, M40 and M50, these were classified as Inferred.

Where drill spacing is greater than 40 m X by 40 m Y and up to100 m X by 100 m Y where unresolved geological complexity exists have been classified as Inferred Mineral Resources.

Mineralisation with drill spacing wider than 100 m X by 100 m Y is unclassified.

The primary reef M30 and M40 resource classification was used for the two double reefs M28/M30 and M38/M40.

There are no Measured Mineral Resources in the M-Reefs.

West Dome

The December 2024 West Dome Mineral Resource reported figures were classified using a combination of geostatistical confidence parameters including average weighted distance for informing samples and slope of regression resulting from the Ordinary Kriging estimation for each block. Contiguous volumes were flagged with either Indicated or Inferred classification, no in-situ material is classified as Measured.

Measured Resources at Telfer open pits are stockpiled material which has been grade controlled by very closed spaced production blast hole and/or RC sample data.

Audits or reviews.

All mineral resources at Telfer are regularly independently reviewed by resource estimation specialist consultants. The results and recommendations are tabulated and actioned by Telfer Resource Geologists.

Discussion of relative accuracy / confidence

Telfer Gold Mine is an established operation with a long history to support development of plans to exploit the available Mineral Resources. As such, in the Competent Person's opinion, there are no known factors related to the environment, permitting, legal, title, taxation, socio-economic, marketing or political changes that could materially affect the Mineral Resource estimates. The Mineral Resource estimates are based on long term capital and operating costs assumptions based on the current operating cost base modified for changing activity levels and reasonable cost base reductions over the life of the mine.

Any material change in long term cost base or metal price assumptions would impact the Mineral Resource estimate.

Criteria

Commentary

Mineral Resource Estimate for conversion to Ore Reserves

Note: The last historical Ore Reserves reported for Telfer Mine were by Newcrest Mining Limited (Newcrest) in July 2023. Following Newmont Mining Corporation (Newmont) acquiring Newcrest (and accordingly Telfer) in November 2023, Newmont reported those reserves as Mineral Resources, given the different gold and copper price assumptions used to support Newmont's Ore Reserves. Newmont did not use short term mine life pricing, and a projected forward price curve from spot to reserve pricing to support financial evaluation was discounted. Information contained in this Table 1 Section 4 report considers the relevant historical Ore Reserves practices and modifying factors, as Telfer Mine is an ongoing operation, but has been re-estimated using Greatland's processes and assumptions since taking ownership and management of the Telfer mine in December 2024.

The conversion of Mineral Resource to Ore Reserve follows the guidelines and principals outlined in the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2012 (JORC 2012), and is driven primarily by applying modifying factors to available resource inventories through applying pit optimisation, pit design, cut-off grades and financial valuations.

In line with JORC 2012 guidelines, only Measured Resources were considered for conversion to Proved Ore Reserves, and both Measured and Indicated Mineral Resources were considered for conversion to Probable Ore Reserves. Inferred Mineral Resources and unclassified material are treated as waste and given zero grade.

The Mineral Resource estimate supporting this Ore Reserve estimate is Greatland's Telfer Mineral Resource Estimate as at 31 December 2024, released to the market on 18 March 2025.

The Telfer gold mine is an operating mine and since Greatland took ownership in December 2024 it has completed pit optimisation, pit design and production schedule updates supporting this Ore Reserve estimate. Telfer currently mines from both open pit (West Dome Open Pit) and underground (Main Dome Underground) operations. The West Dome Open Pit comprises the majority of ore mined at Telfer Mine and is currently considered the primary financial driver, and accordingly the near term mining areas in the West Dome Open Pit (Stage 2 Extension and Stage 7 Cutback) were the focus of this Ore Reserve estimate, together with already mined stockpiles. On confirmation of the West Dome Open Pit reserves, the Main Dome Underground reserve estimates can follow as supplementary feed to the West Dome Open Pit. The Main Dome Underground reserve estimate will be completed following ongoing drilling and modelling.

The reported Telfer Mineral Resources are inclusive of Ore Reserves and are reported on a 100% basis.

The nominated and company approved Competent Person (CP) for Ore Reserves is Otto Richter, BEng (Mining) FAusIMM #301723.

Site Visits

The Competent Person for the Ore Reserve estimate is an employee of Greatland and at the time of the Ore Reserve preparation was the Group Mining Engineer and Manager - Mine Planning. The Competent Person is familiar with Telfer Mine both under previous employment in 2017 to 2019, and currently under Greatland ownership and regularly visits the site as part of normal duties.

Study Status

Telfer is a mature and stable operation with well-established mining and processing performance that has operated continuously for a period of more than 36 years (other than the period 2000 to 2004). The Telfer process plant in its current configuration has two processing trains that have been in operation since 2005. Inputs for this Ore Reserve estimate have been determined as part of Greatland's life of mine planning cycle and are in line with current operating practices.

Cut-off Parameters

Telfer Ore Reserves employ a value-based cut-off by determining the Net Smelter Return (NSR) value equal to the relevant site operational costs. This is achieved via a General Profit Algorith (GPA) script that derives a value margin for the material parcels considering a range of possible process paths, costs and recoveries.

This margin has been calculated using the revenue from which treatment charges and refining costs (TCs and RCs) and royalty charges have been deducted as well as considering the site operational costs used for cut-off determination. Site operational costs include processing cost, relevant site general and administration (G&A) costs and relevant sustaining capital costs.

The NSR calculation is applied to individual blocks in the resource model. Revenue and cost assumptions are consistent with Greatland's short term metal price assumption as at December 2024 with a gold price of AS$3,450/oz, copper price of A$4.6/lb, and an exchange rate of 0.65 USD per AUD. The cut-off value for reporting reserves within the open pit is calculated based on each block's location in the mine, which average above a NSR value of A$24.78/t processed. The stockpiles do not incur mining cost and therefore has a reduced cut-off ranging between $13.7/t and 17.2/t processed.

Mining factors or assumptions

Estimation of the Telfer open pit Ore Reserve involved standard steps of pit optimisation, detailed mine design, production scheduling and financial modelling. Factors and assumptions have been determined as part of a prefeasibility level study, or are based on current operating experience and performance.

Current mining activities at Telfer West Dome open pit are completed by a third-party contractor that has operated at Telfer since 2016. Mining consists of conventional truck and shovel operation and support the appropriateness of the selected mining method as the basis of the Ore Reserve.

Open pit mine design parameters are adjusted to suit local conditions in the pit, consisting of:

· Bench height of 12m mined in three 4m flitches

· Dual lane road width of 35m and single lane ramp width of 20m

· Maximum road grade of 10%

· Minimum mining width of 50m for single excavator and 80m for two excavators

Geotechnical zones within the pit are assigned specific slope parameters based on detailed analysis of ground conditions and other factors which influence geotechnical performance. These design parameters are based on current geotechnical experience and ongoing studies. Global stability analysis confirms conservative factor of safety estimates with applied pit slope parameters.

The Telfer resource model is a sub-blocked block model with a parent block size of 12.5m x 12.5m x 12.5m that can be sub-blocked down to 6.25m x 6.25m x 4m thus representing the selective mining unit (SMU) of the operation and no further mining dilution factor is therefore applied. Based on reconciliation and historical mining performance, a mine recovery factor of 94% (6% ore loss) is applied to convert the insitu ore tonnes to processed ore tonnes.

Stockpile material is reclaimed and fed to the crushers as part of the mill schedule and only requires loading and hauling. The existing low-grade stockpiles operating performance, included in the Ore Reserve estimate, is well understood from recent processing operations.

Inferred Mineral Resources and unclassified material is treated as waste in the Ore Reserve estimate and grades are set to zero.

Telfer mine is an operating site and all major infrastructure required to support this Ore Reserve estimate is in place. Minor capital works is required in the open pit for ongoing dewatering, power and communications, and is included in the supporting capital estimate. Adequate tailings, dump leach and waste storage areas were defined to support the reported open pit Ore Reserves.

Metallurgical factors or assumptions

The Ore Reserve estimate is predicated on the existing Telfer two-train ore processing facility and Dump Leach facilities which have been in operation since 2005. The processing facility has a nominal throughput rate of 20Mtpa which incorporates flotation, gravity and pyrite/carbon in leach (CIL) leaching circuits to produce a gold rich copper concentrate as well as gold dorè. Concentrate is exported to customers via Port Hedland. The Telfer process plant utilises proven technology which is widely used in the gold industry for this style of mineralisation.

All metallurgical assumptions and potential geo-metallurgical paths are based on actual performance of the current processing operations which in recent years have been primarily processing West Dome material.

Metallurgical recoveries for the Ore Reserve estimate are assigned on an individual block basis. West Dome recovery is dependent on the mineralogical composition of the plant feed, feed type, ore feed grades, circuit constraints and process route (mode). Recoveries range depending upon the ore type, copper domain, feed grades and selected processing paths.

Metallurgical recoveries through the processing facility are based on current and historical operating parameters. For the open pit crusher feed ore, average recoveries of 86% for gold and 65.7% for copper have been applied. Low-grade feed average recoveries of 78.5% gold and 45% copper have been applied. Metallurgical recoveries of gold through dump leach is mostly dependent on oxidation state, with most of the current dump leach reserve material being partially or fully oxidised and ranging in recovery from 40% to 50% for gold. No copper is recovered through the dump leach process. Crusher feed stockpiles on the Run-of-Mine (ROM) pad is assigned the same recovery ranges as the source material from the open pit (86% for gold and 65.7% for copper), and low grade stockpiles are assigned average recoveries of 78.5% gold and 45% copper based on historical performance. The existing low-grade stockpiles operating performance, included in the Ore Reserve estimate, is well understood from recent processing operations.

The main deleterious elements present in the Telfer Open Pit ore bodies are sulphides of arsenic and cobalt. These elements are more commonly found in the supergene areas of the Ore Reserve. Deleterious elements are not predicted to materially impact on the value of concentrate produced.

Environmental

The Telfer open pit is an operating mine and is in material compliance with its required and granted environmental permits and heritage surveys.

Tailings will be stored in approved tails storage facilities on site. Waste generation tapers off as pre-stripping comes to an end in the latter part of the open pits. The remaining waste to be generated by mining operations are separated into potentially acid forming, and non-acid forming and will be stored within current approved waste storage areas. Non-acid forming waste is kept separated to be used during final rehabilitation work to encapsulate potentially acid forming waste and as armouring material on rehabilitation slopes. Several waste rock dumps have already been reshaped and rehabilitated.

Infrastructure

The Telfer open pits are part of an operating mine and the necessary infrastructure is in place for continued operation. Minor changes are required to dewatering, secondary power feed lines and communication towers for ongoing operations, and these have been included in the cost estimates and mine schedule.

Costs

Capital and operating costs have been determined based on the current operational cost base, modified for changing activity levels and reasonable cost base reductions over the life of the mine.

Supported by operating history and current sustaining capital investments, Ore Reserve cost estimates are considered to be at Pre-Feasibility level or better.

Deleterious elements have been considered under the current operating conditions and does not materially impact the saleability nor cost of Telfer concentrate.

Transport and refining charges are consistent with the application and input assumptions for these costs as used by the current operation.

Royalty rates are 2.5% for all gold and 5% for copper calculated on an ad valorem basis. Costs also include a revenue-based payment from mining under the Indigenous Land Use Agreement (ILUA) with JYAC.

Revenue factors

Greatland adopted short mine life metal prices and exchange rate assumptions for the material to be mined in the next three years and included in this Ore Reserve estimate. Metal prices used are A$3,450/oz for gold and A$4.6/lb for copper at an exchange rate of 0.65 USD per AUD.

Market assessment

Greatland is a price taker, with gold and copper sold on the open market after refining and subject to price fluctuations. Supply and demand for gold and copper from Telfer is not a constraint in the estimation of the Ore Reserve.

The specification of concentrate produced from the open pit Ore Reserve is closely managed to meet contract specifications. Greatland established independent copper concentrate off-take agreements since taking ownership.

Economic

The Ore Reserve has been evaluated through a financial model. All operating and sustaining capital costs as well as revenue factors discussed in this document were included in the financial model along with required non-sustaining capital costs.

This process demonstrated that Telfer Reserves have a positive NPV. Sensitivity of ±10% was conducted on the key input parameters affecting the NPV, and confirmed the estimate to be robust. The NPV is most sensitive to items affecting the gold revenue component, i.e. gold grade, gold metallurgical recovery and gold price. The NPV range has not been provided as Greatland considers it commercially sensitive information.

Social

Agreements were put in place with the holders of native title in respect of Telfer for the purposes of the Telfer expansion project (2002-2005). Telfer continues to maintain a strong relationship with local communities and traditional owners of the land surrounding Telfer, the Martu people. In December 2015 Newcrest and Martu formalised their relationship when the parties signed an ILUA. Greatland signed the Deed of Assumption on 4 December 2024 and is now the current holder of this deed and continues to maintain the historical relationship.

Other

It is considered that the appropriate and necessary approvals, including tenements, are in place to support the continued operation of the Telfer open pits.

Classification

Ore Reserves are classified according to the Mineral Resource classification. All of the ex-pit Ore Reserves are from Indicated Mineral Resources and have been classified as Probable Reserves. This classification is based on the density of drilling, the ore body experience and the mining method employed. Measured Mineral Resources defined in ROM stockpiles were converted to Proved Reserves. Low grade stockpiles are from Indicated Mineral Resources and were converted to Probable Ore Reserves to account for planned mill feed, stockpile ageing and material tracking. No Inferred Mineral Resources were converted to Ore Reserves.

It is the Competent Persons view that the classifications used for the Ore Reserves are appropriate.

Audits or reviews

SRK Consulting (Australasia) Pty Ltd has completed an independent technical assessment of the Updated Mineral Resource and Initial Ore Reserve estimates completed by Greatland for Telfer Open pit and stockpiles. As part of that assessment SRK reviewed the Resource and Reserve modelling methods and parameters and found them to be reasonable and to take into consideration all of the current exploration data and levels of technical knowledge of the Telfer deposit.

SRK considers that the Mineral Resources and Ore Reserves have been reported in accordance with guidelines and principles outlined in the 2012 edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code, 2012 edition).

Discussion of relative accuracy / confidence

The accuracy of the estimates within this Ore Reserve is mostly determined by the order of accuracy associated with the Mineral Resource model, the metallurgical input, geotechnical slope angles, mine equipment, metal prices and the cost factors used.

Telfer open pit Ore Reserves are based on proven operating history of ore metal grade, operating cost, geotechnical stability, and metallurgical recoveries. Estimated operating and sustaining capital costs developed for the remaining open pit mine life have been calculated to a pre-feasibility level of accuracy or better and are supported by continuation of current operating practices.

Gold is the primary value contributor. As such, the Ore Reserves are most sensitive to assumptions impacting gold value, such as gold price, gold grade and gold metallurgical recoveries.

The Competent Person is not aware of any modifying factor that may materially impact the Ore Reserve Statement (as of 31 December 2024) and the Ore Reserves are supported by a positive cash flow analysis.

The Competent Person views the Telfer Open Pit Ore Reserve to be a reasonable and appropriate global estimate.