Summary of Interview

• Horizon approved the development of Boorara in late July 2024 to mine a series of four open pits containing 1.24Mt of ore at 1.24g/t Au for 49.5koz of gold
• Boorara mining services and surface ore haulage contracts awarded to Hampton Transport Services Pty Ltd on competitive terms, with no mining contractor payments until first gold pour sold and funds received
• Mining to occur over 14 months and processing over 19 months at Norton Gold Fields’ Paddington plant through an Ore Sale Agreement (OSA) to generate $30M in estimated free cashflow at a A$3,600/oz gold price
• Under the OSA, within five days of delivering ore to the Paddington ROM pad, Paddington to pay Horizon 50% of gross revenue less estimated processing costs, based on the determined grade for each stockpile, and
• Within five days of Paddington fully treating the stockpile, a final revenue calculation shall be made based on the determined grade, moisture and metallurgical recovery, less agreed costs for processing, to calculate a final payment to Horizon
• Gross revenue based on the average gold bid spot price reported by the Perth Mint at 16:59 hours on Tuesdays during the period between the first truck load hauled to Paddington and final gold pour for the stockpile
• Mining commenced in August 2024 on single shift, night shift commencing in October with one digger shift, and mining now on four digger shifts
• The tight WA labour market for operators has created some shortages of personnel and delayed first ore by several weeks, but the operation is now fully manned up
• The first ore stockpile of 54,380 tonnes has undergone assaying and metallurgical test work and is being hauled to the Paddington mill for first gold production this month