Stockhead Gold and Copper guide by News Corp Custom Publishing

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PLUS: MARKET INSIGHTS | 25+ COMPANIES TO WATCH

NOVEMBER 2026

GOLD & COPPER

THE FUTURE IS BRIGHT

The light at the end of the mining tunnel

FEATURING

BARRY FITZGERALD One of Australia’s leading resources journalists

CONTENTS EDITOR'S LETTER

FEATURED COMPANIES

3 Copper crunch, golden opportunity

13 Alara Resources

30 Manuka Resources

14 Aurum Resources

31 Many Peaks Minerals

MARKET INSIGHTS

15 AusQuest

32 Mount Hope Mining

16 Azzuro Resources

33 New Murchison Gold

17 Ballard Mining

34 Pilbara Gold

18 BOA Resources

35 QMines

19 Breakthrough Minerals

36 Taiton Resources

20 Broken Hill Gold

37 Tambourah Metals

21 Cannindah Resources

38 Theta Gold Mines

22 Caprice Resources

39 Vantage Metals

23 El Dorado Goldfields

40 Waratah Minerals

24 Javelin Minerals

41 White Cliff Minerals

25 Kaoko Metals

43 JORC Competent Person statements

4-5 Plenty of upside ahead for gold 6-7 Big red powers up: Copper’s mighty supply challenge 8-9 Smart money: Where David Franklyn sees value in copper and gold 10-11 From the Goldfields to the ASX

26 Koonenberry Gold 27 Latitude 66 28 Leeuwin Metals 29 LinQ Minerals

The views, information or opinions expressed in these articles do not represent the views of Stockhead. Stockhead does not provide, endorse, or otherwise assume responsibility for any financial product advice contained in these articles. At Stockhead we tell it like it is. While some companies mentioned in the Education Overview and Market Insights articles are Stockhead advertisers, they did not sponsor any of these articles.

GOLD & COPPER FY2027

GOLD / COPPER Josh Chiat

Copper crunch, golden opportunity Copper’s looming supply crunch and gold’s enduring appeal are creating opportunities for ASX juniors chasing the next big discovery.

EDITORIAL Publisher: Stockhead Co-Editor: Josh Chiat Co-Editor: John Miller Contributors: Kristie Batten,

JOSH CHIAT

HP has laid out its bull case for copper, with the world’s largest miner engineering a shift to the metal long before it became a mainstream headline. Its latest commodity outlook, released alongside its annual results in August, spells out why copper prices are on the rise. Demand is set to jump from ~34Mt today to over 50Mt by 2050. BHP expects copper demand from the energy transition and digitisation to grow at a compound annual rate of 6.5% between 2020 and 2035. Every US$200bn of annual investment in data centres requires the equivalent of a 150,000tpa copper mine, the Big Australian’s chief economist Graham Slack estimates. US AI hyperscalers are expected to spend US$700-800bn by this year's Times Square ball drop. But those mines aren’t being built.

“CRU estimates that over 2.5 million tonnes of uncommitted mine supply (i.e. not yet approved for development) is required by 2030 to keep the market in balance. This gap could widen up to 10 million tonnes in the coming decade,” Slack said. Are BHP and the other majors filling this gap? By the mid-2030s, BHP’s attributable output could grow from 1.4Mtpa to ~2Mtpa, though that will cost billions in capex. Some incumbents have been in decline – like Codelco – while others have been horse trading via M&A in moves which will enrich large players but barely alter the overall picture. Therein lies the opportunity for the juniors you will read about in this guide. Prices are already close to record highs at US$14,475/t on the LME at the time of writing. Many observers say they need to go higher: Deutsche Bank in late

September laid out a potential path to US$22,050/t or US$10/lb on US and Chinese stockpiling. Some of these juniors will be chasing discoveries that could put a dent in the growing deficit, others looking to benefit from higher prices needed to stimulate new operations, restarts and expansions. And don’t forget about gold. The precious metal may have been driven from its January highs by inflationary fears and rate hikes off the back of the US war with Iran. But at around US$4060/oz (A$5768/oz), margins for gold producers are extremely strong, and with US debt ticking over US$40 TRILLION, the case for gold as a store of wealth is getting stronger. In this guide you’ll read about 29 emerging copper and gold companies, each expertly dissected by legendary resources reporter Barry FitzGerald, along with expert insights from Stockhead’s team of quality mining scribes.

Barry FitzGerald, Bart Bogacz

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MARKET INSIGHTS

Plenty of upside ahead for gold Gold has had a stellar run, but analysts and fund managers believe the precious metal Kristie Batten

has further to climb. KRISTIE BATTEN

hile the gold price has cooled through 2026 after reaching an all-time high in January, most commentators believe there are further gains ahead. The gold price reached a record of just under US$5600 an ounce in late January but by mid-year had briefly dipped below US$4000/oz. Despite gold’s traditional ‘safe haven’ status, the launch of the war in Iran did nothing to help prices. Most commentators put the reaction down to profit-taking and difficulties in moving gold through the Middle East. Additionally, the closure of the Strait of Hormuz has driven up oil prices and reignited inflation concerns. Analysts from Canadian investment bank BMO Capital Markets recently argued that gold was becoming increasingly resilient to traditional macro headwinds. “Despite a hawkish Fed, higher Treasury yields and a stronger US dollar, investor demand has remained robust, supported by ETF

inflows, fiscal sustainability concerns and strengthening physical demand across India and China,” it said. RBC Capital Markets commodity strategist Christopher Louney recently said that while gold’s underlying drivers were on pause, they remained intact. He expects gold to trade in the US$4500-5000/oz range for the remainder of 2026, before returning to above US$5000/oz next year. The World Gold Council highlighted two opposing forces for gold. “ETF investors, concerned about stagflation (while short-term bond yields have come down, longterm yields remain high signalling stagflation which can erode real returns on cash/bonds) are likely to consider adding more gold,” the industry body said. “In contrast, the ‘fast money’ or futures investors remain focused on the direction of interest rates and may wait for stagflation risks (and the threat of delayed rate cuts) to subside. “The interplay between these macroeconomic signals and how investors respond will be key to

“At circa US$4000, we’ve built base camp. The expedition continues.”

shaping gold’s next move.” Global gold-backed exchangetraded funds added US$18 billion in August, which was the secondlargest monthly inflow in value terms on record, driven by North American and European-listed funds. Positive flows, together with a higher gold price, lifted global gold ETF assets under management by 16% to US$615 billion, while collective holdings rose by 121 tonnes to 4189t, the highest on record.

THE GOLDEN DECADE For anyone interested in gold, the sector’s “bible” is the annual In Gold We Trust report, released by Liechtenstein-based Incrementum. In 2020, Incrementum declared this the golden decade and has held firm in that view. This year’s report, ‘Back to the Monetary Future’, argued that global upheaval was reviving gold’s monetary relevance. The report identified six key

GOLD & COPPER FY2027

vectors of gold remonetisation: reserve function and sovereignty; private and institutional demand; accounting and recapitalisation; gold-backed bonds as an anchor of credibility in credit markets; accumulation by Western central banks; and digitalisation and tokenisation. In 2020, Incrementum set a 2030 base case gold price of US$4800/oz, which raised eyebrows at the time. However, the target was reached years ahead of schedule with Incrementum managing director,

partner and fund manager RonaldPeter Stoeferle recently describing the number as looking “quaint” today. Incrementum’s 2030 inflationary target of US$8900/oz is its new base case. “Fittingly, Mount Everest stands 8849m tall. At circa US$4000, we've built base camp. The expedition continues,” Stoeferle said recently. Since 2024, Incrementum has advocated for an alternative to the traditional 60:40 portfolio, comprising 45% stocks, 15% bonds,

15% physical gold, 10% gold and silver equities, 10% commodities and 5% bitcoin. Still, private investors are estimated to hold just 2.7% of their portfolios in gold, well below the 8.3% peak in 1980. Incrementum also sees further upside for central bank buying, with gold accounting for about 26% of reserves, well below the historical peak of 62%. The past three years have seen central bank purchases in excess of 1000t. PRODUCERS IN RUDE HEALTH Against this backdrop, gold producers and royalty companies have never been in better shape. Stoeferle said the sector was seeing gross margins of 54% on average and most were still reporting gold reserves at well below current gold prices. Strong balance sheets raise capital allocation questions. Gold miners are already funding organic growth

and returning cash to shareholders via dividends and buybacks. That brings mergers and acquisitions to the fore, with deal flow strong through 2026 and poised to accelerate. However, miners have largely been praised to date for their discipline and sensible M&A, with the memories of value-destroying deals in the past cycle still fresh in the minds of many investors. The largest deals in the Australian space have been Genesis Minerals’ merger with Vault Minerals and the proposed acquisition of Ausgold by Canada’s OceanaGold Corporation. Northern Star Resources rejected a nearly $39 billion cash and scrip offer from South Africa’s Gold Fields, which, if successful, would have been the largest deal ever in the gold sector. Stoeferle expects M&A in the space to continue to accelerate but warned that “crazy M&A mania” could indicate the end of the bull market.  5

MARKET INSIGHTS

Big red powers up: Copper’s mighty supply challenge

Barry FitzGerald

Copper’s record run is fuelling a wave of ASX takeover activity.

BARRY FITZGERALD

opper has emerged as a tower of strength in the mineral commodities space, driving heightened investor interest in producers, developers and explorers of the red metal. While gold, iron ore, lithium and copper’s base metal cousins have run out of puff on the price front in the year-to-date, copper has managed to move to record levels, due mainly to burgeoning demand from AI/ data centres for the most conductive of metals and a spate of supply disruptions. The potential for the US to impose tariffs on refined copper has distorted trade flows, with traders and end-users front-running the possibility by hoarding the red metal in US warehouses, squeezing supplies elsewhere in the world. Should President Trump walk back on the possibility of a copper tariff, prices could come under pressure. But in the meantime, the AI/data centre thematic and the pressure on

supplies due to ageing mines, falling grades, lengthy development times and ongoing supply disruptions continue to provide a backstop for the metal’s price. The copper price averaged US$4.15/lb in 2024 and increased 9% to US$4.52/lb in 2025. Most recently it was quoted at US$6.54/lb, making for a 15.7% year-to-date gain. Compared with its 2025 average, the price is up a spectacular 44%. Add in the premiums being paid to secure copper concentrates and finished metal, and the producers have been receiving even higher prices. This was highlighted by BHP’s September quarterly report, which showed the world’s biggest copper producer received an incredible US$7.01/lb for its production in the period. In share market terms for BHP, it meant copper has more than offset iron ore price weakness. A long-time bull on copper’s outlook, BHP said in the quarterly that “unprecedented investment in data centres and enabling infrastructure globally is reinforcing the long-term outlook”.

AI DEMAND GOES INTO OVERDRIVE Henry Van, head of industrial metals analysis for the giant commodities trader Trafigura, recently put some hard numbers on the AI/data centre impact at Bloomberg’s 2026 Base Metals event in London. He said copper’s use in large-scale cloud computing and data-centre infrastructure to power AI could reach between 2.5 million and 3 million tonnes in 2028, up from about 1m estimated by Trafigura for this year. The implied requirement for an extra 1.5Mtpa to 2Mtpa in 2028

“Copper stories across production, developments and exploration have become hot property on the ASX.”

GOLD & COPPER FY2027

doesn’t sound like much when said quickly. But to give it some true meaning, it compares with the roughly 1.3Mtpa produced by the world’s biggest copper mine, the BHP-led Escondida mine in northern Chile. Another way of looking at the potential for 3Mtpa demand from AI/data centres come 2028 is to compare it with BHP’s own longstanding forecast that the demand sector could reach 3Mtpa – but not until 2050. All that highlights the fast-paced nature of the AI/data sector, with the comments from Trafigura (it acknowledges the demand could

be less) suggesting that BHP might need to have a second look at its AI/ data centre demand forecast. A MIGHTY SUPPLY CHALLENGE As it is, BHP’s broader look at the copper market has expected demand growing from 34Mtpa in 2026 to more than 50Mtpa by 2050 driven by traditional economic growth (home building, electrical equipment and household appliances), energy transition (renewables and electric vehicles) and digital (AI/data centres). It means there is a mighty supply challenge emerging.

BHP said in its quarterly that while the copper market was currently broadly balanced, demand was expected to exceed committed supply in coming years, requiring new supply to come to market. It’s why BHP alone has earmarked US$45 billion for copper developments and expansions in coming years. It is also why copper stories across production, developments and exploration have become hot property on the ASX. COPPER JUNIORS IN HOT DEMAND That has been reflected in hectic merger and acquisition activity in the ASX copper space in recent times. There has been more than $12bn in M&A activity in copper in the last 31 months alone. Two big-ticket M&A transactions accounted for $10.61bn of the $12bn – BHP’s acquisition of OZ Minerals

and Harmony Gold’s acquisition of MAC Copper. Then there has been the rash of takeovers in the junior space as a mix of existing producers and private equity groups seek to increase exposure to copper’s bullish thematic. ASX copper juniors to be snapped up in takeovers include Hammer, Xanadu, Rex Minerals, New World Copper, Cygnus and Carnaby Resources. More names are likely to be added to the list as juniors work up discoveries into development opportunities in a record copper price environment. For copper developers with a deposit already under their belt, the pathway to production will be all that much easier. The equity market is keen to step up to help with financing thanks to copper’s price strength, as are government funding sources because of copper’s critical status.  7

MARKET INSIGHTS

Smart money: Where David Franklyn sees value in copper and gold

David Franklyn

The Argonaut fund manager shares his copper and gold picks amid strong metal prices.

JOSH CHIAT

ith copper prices close to record highs – above US$14,500/t – and gold at historically elevated levels, it’s little wonder investors and miners alike are looking for more exposure. For majors like BHP, which counts copper as the provider of more than half of its earnings, that means eyeing off mine expansions and potential acquisitions. M&A is also picking up among smaller companies, as juniors eye off mid-tier status through acquisitions like AIC Mines’ purchase of Mt Cuthbert Resources in Queensland. Royalty and streaming companies are getting in on the action, too. International giant Wheaton Precious Metals has paid BHP US$4.3bn for a silver stream from the Antamina copper mine, while junior KGL Resources has a gold and silver stream helping fund its Jervois mine in the NT. Deterra Royalties has joined the hunt, with the iron ore royalty play spending US$74.15m to diversify into copper via a royalty over the Santa Cruz project owned by

Ivanhoe Electric. But with copper and gold commanding such attention, where should investors look for exposure without taking on too much risk in a notoriously cyclical industry? We asked Argonaut Funds Management portfolio manager David Franklyn where he sees the opportunities.

Josh Chiat

PORTFOLIO EXPOSURE Argonaut’s Natural Resources Fund returned 62% in FY26, outperforming the S&P/ASX 300 Resources benchmark by 17 percentage points. Copper and gold investments contributed to that performance, with strong prices and improving equity margins helping deliver 77% gains in the firm’s gold fund. Franklyn says demand for copper is robust. “We're very bullish in the medium to long term on copper in particular, really seeing it as an enabler of electrification. “Demand growth for electricity is running at about two and a half times the general growth rate of energy on the back of electrification,

energy transition, rollout of data centres and AI.” He said around 20% of the fund was allocated to copper stocks with another 20% to gold. “We're pretty comfortable with that. Just given the run-up that copper's had more recently, we'll probably keep it at 20% but look to increase it on any pullback,” Franklyn added.

“We're very bullish in the medium to long term on copper in particular, really seeing it as an enabler of electrification.” David Franklyn,

WHERE TO FIND VALUE IN COPPER Franklyn sees opportunities in two parts of the copper market. “The first is if you look at

Argonaut Fund Management

GOLD & COPPER FY2027

copper businesses that have a huge endowment of copper, so think about a Teck or Anglo or a First Quantum, Freeport, BHP,” he said. “In general, I don't know that the huge mine life that a lot of those groups have, and basically the copper in the ground, is fully reflected in relative valuations. “They’ve typically got mine lives of somewhere between 20 to 50 years whereas if you look at some of the mid-tier producers, they trade on the same multiples but might only have a five or 10-year mine life.” The second opportunity is in developers of high-grade mines without the multi-billion-dollar

capex bills of large-scale porphyries. He looks for companies with the potential to develop operations producing 50,000-100,000tpa of copper. “Two things will happen with that portfolio of stocks. One is, they'll build the project themselves and get re-rated because at that level, they're at a decent scale,” he said. “Or the alternative is you've got a lot of potential buyers looking for projects like that. “If you're in a tier-1 location, your grade’s OK, your capex isn't too outrageous, then it's going to be in demand from an M&A perspective.” Argonaut holds BHP, Faraday – a

US developer with a JV with BHP – Chilean developer Marimaca, which has a secondary ASX listing, and FireFly Metals, which owns the Green Bay project in Canada. “We think they will all be in that ballpark range where we see some good opportunities,” Franklyn said. GOLD PICKS When it comes to precious metals, Argonaut has set out its stall in mid-tier producers with substantial growth opportunities. “Basically, we want high-quality companies, well managed, strong balance sheets, good production growth, decent mine life and making a good margin,” Franklyn said. Core positions in Argonaut’s gold fund include Ramelius Resources,

Capricorn Metals, Genesis Minerals and Greatland Resources, with all pursuing new developments or growth through acquisitions. “The similarity there is they're all going from 150,000-200,000 ounces to 400,000, 600,000, 700,000 ounces per annum,” he said. “Pretty much all of them have a very strong net cash position, all tier-1 locations, all in Australia, very strong management teams and well regarded by the market. “In this kind of market where gold can bounce around, we're focused on producers with growth, generating good cash, strong balance sheets, always likely to surprise, for example, on capital returns or dividends, which I think is a logical next step for a lot of these businesses generating huge amounts of cash.”  9

MARKET INSIGHTS

From the Goldfields to the ASX From its gold rush origins to record financial results and modern investment products, The Perth Mint continues to evolve after 127 years.

BART BOGACZ

n 1893, Irish-born labourer Paddy Hannan and his partners stumbled across gold in a remote part of WA, about 600km east of Perth. The find triggered one of history’s greatest gold rushes. Just a few kilometres away, South Australian prospectors William Brookman and Samuel Pearce pegged the Ivanhoe and Great Boulder leases. Those early leases became part of the Golden Mile, a stretch of richly mineralised ground that would earn the legendary title of the 'richest square mile on Earth'. Tent cities appeared almost overnight as thousands of prospectors poured into the region in search of their own slice of fortune. By 1895, WA’s population had doubled to more than 100,000 and the sprawling mining settlement ultimately became the city of Kalgoorlie-Boulder. But the treasures being pulled from the ground created a problem. The gold needed to be assayed, refined and transformed into a product that could be used, traded and stored.

That necessity marked the beginnings of one of the most iconic institutions in Australia’s mining history. FROM GOLD RUSH TO GOLD COINS Established in 1899, the Perth Mint was the third and final Australian branch of Britain's Royal Mint. Its main purpose was to process the riches pouring out of the goldfields and turn them into coins. By 1931, it had struck more than 106 million gold sovereigns and nearly 735,000 half-sovereigns for use throughout Australia and the British Empire. Fast forward to today and WA remains one of the world’s largest gold-producing regions. But the underground workings of the Golden Mile have given way to Kalgoorlie’s famed Super Pit, whilst modern mines use technology the old-timers would struggle to imagine. Yet The Perth Mint’s connection with Australia’s gold mining industry remains firmly in place. It has evolved into a modern business, refining gold, producing bullion products and providing investors with various ways to gain exposure to precious metals.

Bart Bogacz

“Whilst prospectors of the 1890s travelled to WA in search of gold, investors today can access the same metal without owning a bar.”

A RECORD-BREAKING YEAR The scale of that business was highlighted in the latest financial results for Gold Corporation – which operates the Mint. In FY26, the group delivered the strongest financial result in the Perth Mint’s 127-year history, with revenue of $44.23 billion and profit before tax of $100.19 million. It will also return a record $47.7 million dividend to its owners, the WA government. The Perth Mint’s general

manager of institutions and business solutions, John O’Donoghue, said demand for precious metals amid record-breaking prices was a major contributor to the result. “If you look back at the year, we had huge demand for gold prior to Christmas, that coincided with unprecedented demand on our side for gold kilo bars, one ounce gold pieces,” he said. “And then if we look at the start of this year, we had a huge spike in the silver price. “Silver rallied to a record high,

GOLD & COPPER FY2027

and again, that led to a huge amount of increased demand for our silver products. “If you were at the Mint in those periods, you'd have seen queues outside our premises every morning, with people lining up to actually buy physical product.” Physical gold remains an important part of the Mint’s operations, but investors can also buy silver, platinum and palladium bars and coins with different weights and denominations. “Our product mix has probably

been quite traditional, and that continues to be the case,” O’Donoghue said. “If we're looking at our retail presence, it's still the same bricks and mortar presence we've had for many years. “So, a lot of people are still actually after the physical product.” GOLD GOES DIGITAL But The Perth Mint’s suite of investment products has evolved over the years to also cater for the

modern world. For those who prefer not to take physical possession, the Mint’s storage services provide a way to buy and hold precious metals electronically, including through allocated and unallocated holdings. It also offers an exchange-traded product (ETP) that can be traded on the ASX through an online platform or a stockbroker under the ticker code PMGOLD. The ETP is used by both retail and professional investors, including financial planners, advisers and wealth-management firms. Several factors differentiate PMGOLD from its peers, according to O'Donoghue. “PMGOLD is one of the cheapest products in the market at 15 basis points,” he said. “It has a longstanding record that has been around for over 20 years, and the units can be converted into physical gold at The Perth Mint.” “All of that is backed by a government guarantee from the state of WA, which is the ultimate

owner of the Mint.” O'Donoghue said the Mint saw a record number of new PMGOLD unitholders join the register in FY26. More broadly, he noted that demand for gold exchange-traded products has also increased in the past few years. “ETFs are becoming more mainstream,” he said. “They're becoming a legitimate asset class in every country, and I think that's supporting the growth of the new products.” Exchange-traded funds (ETFs) and other ETPs provide a modern way to gain exposure to gold without the storage and insurance requirements of physical bullion. Whilst prospectors of the 1890s travelled to WA in search of buried gold, investors today can access the same metal without owning a bar. But gold still comes out of the ground and needs to be refined and transformed into investment products. And The Perth Mint remains an integral link in that story.  11

FEATURED COMPANIES

Gold is sitting at record highs and copper is staring at decades of supply deficits. Meet the companies positioned to join the next generation of mine builders.

Alara Resources

New Murchison Gold

Aurum Resources

Pilbara Gold

AusQuest

QMines

Azzuro Resources

Taiton Resources

Ballard Mining

Tambourah Metals

BOA Resources

Theta Gold Mines

Breakthrough Minerals

Vantage Metals

20 Broken Hill Gold

Waratah Minerals

White Cliff Minerals

Cannindah Resources

22 Caprice Resources 23 El Dorado Goldfields 24 Javelin Minerals 25 Kaoko Metals 26 Koonenberry Gold 27

Latitude 66

28 Leeuwin Metals 29 LinQ Minerals 30 Manuka Resources 31

Many Peaks Minerals

32 Mount Hope Mining

Companies included in this Featured Companies section are advertising clients of Stockhead. The articles in this section have been developed in association with the companies featured. The views, information or opinions expressed in these articles do not represent the views of Stockhead. Stockhead does not provide, endorse, or otherwise assume responsibility for any financial product advice contained in these articles. *Figures for Market Cap and Share Price were sourced from asx.com.au 12

GOLD & COPPER FY2027

ALARA RESOURCES ASX: AUQ

◾ Company name: Alara Resources Ltd ◾ Company ASX code: AUQ ◾ Key commodities: gold, copper ◾ Key personnel: Peter Lee, Executive Chair; AV Sthapak, Managing Director; Avigyan

Bera, CEO; Manish Tomar, General Manager, Exploration

◾ Location: Oman ◾ Market cap as of 27/10/26: $57.72M ◾ 52-week share price: $0.027 – $0.079 ◾ Website: alararesources.com

Alara Resources (ASX:AUQ) has capitalised on copper’s record price run as its Al Wash-hi Majaza mine in Oman hits its straps. The mine’s performance has driven a re-rating as investors chase copper exposure, while Alara holds extensive exploration ground in the Semail ophiolite belt. Sales in the June 2026 quarter from Al Wash-hi Majaza – owned and operated by Alara’s 51%-owned joint venture Al Hadeetha Resources – were a record 2077t of copper in concentrates, with exports through Sohar port on the Gulf of Oman, south of the troubled Strait of Hormuz. This record was then broken in the September 2026 quarter with 2952t of copper in concentrate sales (+42% on the June quarter), demonstrating embedded operational excellence. Regional conflict continues to pose shipping challenges, but Alara reported

dispatching its 66th copper concentrate shipment in mid-October. Alara has overcome early commissioning bottlenecks, with the mine and processing plant operating above nameplate capacity. Alara executive chair Peter Lee said the company had entered a new chapter. “We now have an outstanding flagship asset that's producing cash. “The mine and concentrator are cranking out approximately 40,000 wet metric tonnes of copper concentrate per year which is typically grading around 21.5% copper at a time when the background copper price is very strong,” Lee said. “And there’s also significant exploration upside as Alara has interest in approximately 2500 square kilometres of prospective ground.” The Al Wash-hi Majaza Mineral Resource (as at 30 June 2026, 100% basis) is estimated at 10.23Mt at 0.78% copper and 0.25g/t gold for 79,900t of contained copper and 81,400oz of contained gold, with recent mine exploration focused on assessing mineralisation along strike and at depth. The belt has an ancient copper history but remains largely underexplored in the modern era. “It’s essentially a clean sheet where a good explorer can capitalise on this potential,” Lee said. “We've discovered ancient slag workings in our tenements that indicate

the presence of copper mines and copper refining from thousands of years ago. “So we're saying, well, if there was copper production here, then there has to be a deposit or a resource nearby,” Lee said. “So it's quite exciting.” In mid-October the company updated the market on exploration and prospect generation on the Block 22B concession (Alara 27.5%). Twelve copper-gold prospects were identified across the concession and adjoining Al Wash-hi Mullaq licence area, including a promising 41km2 greenfield prospect 10km east of the Al Wash-hi Majaza operation.

PETER LEE EXECUTIVE CHAIR

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PLEASE VIEW COMPLIANCE STATEMENT ON PAGE 43 13

AURUM RESOURCES ASX: AUE

◾ Company name: Aurum Resources Ltd ◾ Company ASX code: AUE ◾ Key commodities: gold ◾ Key personnel: Dr Caigen Wang, Managing

Director; Mark Strizek, Executive Director; Richard Simpson, Chairman; Mauro Piccini, Company Secretary; Troy Flannery, Non-Executive Director

◾ Location: Côte d'Ivoire ◾ Market cap as of 27/10/26: $233.35M ◾ 52-week share price: $0.43 – $0.800 ◾ Website: aurumres.com.au

It is a case of rinse and repeat for Aurum Resources’ (ASX:AUE) management team fast-tracking a move into production at the company’s Boundiali gold project in Côte d'Ivoire. Aurum’s management team is the same team of West African gold specialists that grew the gold resource at Tietto Minerals’ Abujar gold project in Côte d'Ivoire to 3.83Moz and brought it into production, only for Tietto to be taken over by China’s Zhaojin for $733 million in June 2024. Led by Tietto’s founder and managing director Caigen Wang, now managing director of Aurum, the same management team is well into a rinse and repeat performance at Aurum’s 3.84Moz and growing Boundiali project. Aurum also owns the 1.16Moz Napié gold project 110km to the south-east of 14

Boundiali. It is not part of the initial development plans for Boundiali but does form part of Aurum’s five-year mine plan. First production from Boundiali is being planned for early in 2028, with the quality and scale of the resource across a number of deposits continuing to grow thanks to intense drilling by Aurum’s own fleet of 16 drilling rigs. “We have been continuously drilling since the end of April,’’ Wang said. The October mineral resource update lifted Boundiali’s gold resource by 19% to 3.84Moz, including a 37% increase in indicated resources to 2.33Moz. In keeping with the cracking pace set at Tietto’s Abujar, Aurum intends to follow up the resource update with a definitive feasibility study to be released in December ahead of a final investment decision on Boundiali’s development. The DFS will include a range of project optimisations from a previously released preliminary feasibility study (June 2026) that pointed to a 6Mtpa mining and processing operation producing an average of 185,000oz of gold annually in years 1-5. But Wang said the DFS would be considering a 6.6Mtpa-6.8Mtpa mining and processing rate. “We are now targeting average annual production of 200,000oz for

the initial five to six years,’’ Wang said. That puts Boundiali in the same league as Tietto’s Abujar, raising the prospect of a re-rate for the company on the release of the DFS. As it is, Wang said Aurum was undervalued compared to its West African peers. Zhaojin and ASX-listed West African gold heavyweight Perseus took up strategic placements in Aurum in May 2025 and March 2026 respectively. Both Perseus and Shandong Gold participated in Aurum’s September 2026 placement.

DR CAIGEN WANG MANAGING DIRECTOR

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GOLD & COPPER FY2027

AUSQUEST ASX: AQD

◾ Company name: AusQuest Ltd ◾ Company ASX code: AQD ◾ Key commodities: gold, copper ◾ Key personnel: Graeme Drew, Managing Director; Gregory Hancock, Chairman; Christopher Ellis, Non-Executive Director; Michael Sherington, COO Peru; James Potter, COO Australia

◾ Location: Peru ◾ Market cap as of 27/10/26: $49.45M ◾ 52-week share price: $0.030 - $0.080 ◾ Website: ausquest.com.au

AusQuest (ASX:AQD) was a junior explorer with a sub-$10 million market value when it made a greenfields copper-gold porphyry discovery in southern Peru’s coastal belt in January 2025. With exploration about to enter an exciting new phase, the company’s market value grew to more than $70 million as the scale of its Cangallo discovery continues to grow. AusQuest managing director Graeme Drew said it was simply a case of “every time we drill, we find more”. “Even though we're still in a relatively early stage, our success rate in terms of hitting copper every time we drill is very high. “So we're more than confident that the discovery is going to grow in size, and we're also starting to see higher

copper grades emerge,” he said. Drilling continues at Cangallo which is on a plateau with an elevation of 1200m about 8km from the Pan Pacific Highway and 30km from the town of Chala with a population of 10,000. Drew said the company was close to receiving permits for 20 more drilling pads from which five holes from each pad can be drilled. Near-term drilling will mostly occur to the south where previous drilling and surface geochemistry indicates extensions of the copper porphyry. “We just need to get the drill rigs in there to see by how much the mineralisation extends and at what grade. “That's going to be an exciting time for us,” Drew said. In September AusQuest received results from the first two diamond drill holes at Cangallo. One in the northern part of the system assayed 355.8m at 0.31% copper and 0.05g/t gold from 34.2m and the other in the southern corridor 348m at 0.23% copper and 0.06g/t gold from 178m. “These first holes have strengthened our view that Cangallo is an important new South American copper discovery with significant upside,” AusQuest said at the time. Results in October from a geophysical survey confirmed that drilling to date

has only tested part of the broader porphyry system and importantly identified new target areas to test. Apart from the growing scale of the discovery, Drew said the importance of its coastal location compared with copper discoveries high in the Andes needed to be appreciated. “The location is ultra important in terms of development time, operating costs and capital costs. “The cost structures that we could have should be a lot lower than if we were on the side of a mountain somewhere.”

GRAEME DREW MANAGING DIRECTOR

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AZZURO RESOURCES ASX: AZ9

◾ Company name: Azzuro Resources PLC ◾ Company ASX code: AZ9 ◾ Key commodities: gold, copper ◾ Key personnel: Gan-Ochir Zunduisuren, Managing Director; David Paull, Chairman;

Neil Young, Non-Executive Director; Kirsten Livermore, Non-Executive Director

◾ Location: Mongolia ◾ Market cap as of 27/10/26: $14.34M ◾ 52-week share price: $0.013 – $0.042 ◾ Website: azzuroresources.com

Microcap explorer Azzuro Resources (ASX:AZ9) is pursuing a rapid commercialisation plan for its advanced copper-gold and copper-nickel-PGE projects, Red Hill and Oval, 8km apart in south-west Mongolia. The plan seeks to capitalise on nearby smelting capacity across the Chinese border and Mongolia’s competitive mining costs. Azzuro managing director Gan-Ochir Zunduisuren said the plan was for quick integration into the Chinese supply chain. He said an advantage of operating in Mongolia was that projects did not need exceptionally large or high-grade deposits to be commercially viable. “As long as the projects are of good size and good grade and competitive in cost curve they can be developed really quickly. “Both Red Hill and Oval fit that criteria because the mineralisation starts from the surface,’’ Gan-Ochir said. 16

At Red Hill, copper mineralisation outcrops along a steep ridge, potentially reducing open-pit stripping requirements. He said the company was pursuing a mine-first strategy, with exploration upside secondary. It’s a strategy that Canadian-listed companies have successfully pursued in Mongolia in recent years. Azzuro has established a JORCcompliant exploration target at Red Hill of 15-30 million tonnes grading 0.710.9% copper and 0.26-0.4g/tonne gold, while Oval has an exploration target of 6-25 million tonnes grading 0.59-1.5% copper equivalent. The potential quantity and grade of the Red Hill and Oval exploration targets are conceptual. Insufficient exploration has been undertaken to estimate mineral resources, and it remains uncertain whether further exploration will result in the estimate of a mineral resource. Both projects are on a pathway to reporting maiden mineral resource estimates in the first half of next year. A targeted drill program of only 3 additional drill holes of 290m in total at Oval and a further 11 drill holes for 1,760m at Red Hill are required to support estimation of the lower target range to inferred resource classification. The immediate focus in the early commercialisation drive for the company is the shallow oxide gold mineralisation

at Red Hill, a potential starter project to generate early cash flow while the bigger story at the two projects unfolds. The Australian market believes the south-west Mongolia address of the projects means the company faces infrastructure shortcomings. But Gan-Ochir said the project areas came with comparatively well-developed infrastructure for the country. “It’s 10km to a paved road and it’s close to a power line. “And potentially in the future it will become an infrastructure hub for southwest and western Mongolia,’’ he said.

GAN-OCHIR ZUNDUISUREN MANAGING DIRECTOR

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GOLD & COPPER FY2027

BALLARD MINING ASX: BM1

◾ Company name: Ballard Mining Ltd ◾ Company ASX code: BM1 ◾ Key commodities: gold ◾ Key personnel: Paul Brennan, Managing

Director; Tim Manners, Finance Director; Todd Hibberd, Chief Geologist; Loren Falconer, Company Secretary

◾ Location: Western Australia ◾ Market cap as of 27/10/26: $313.82M ◾ 52-week share price: $0.52 – $1.015 ◾ Website: ballardmining.com.au

Ballard Mining’s (ASX:BM1) gold project in the heart of Western Australia’s Eastern Goldfields is shaping up as the region’s next big goldmine after its mineral resource estimate soared by 56% to 1.84Moz. The increase and the potential for further growth to 2Moz points to a longer mine life emerging at Mt Ida as previous expectations were for a 1.5Moz resource for mine planning and final investment decision purposes. Ballard managing director Paul Brennan said that with a reasonable resource-to-reserve conversion, the initial 1.5Moz resource benchmark would have been good for an eight-year mine life. But with 2Moz now in sight, and assuming similar resource-to-reserve conversion, a 10-year mine life at 100,000oz annually is something Ballard can close in on as it works on

completing a feasibility study by mid-2027. Brennan said an important aspect of Mt Ida’s resource growth was that it was now closer to 2Moz earlier than previously anticipated, meaning drilling at the project could pivot to infill drilling for the rest of the year. For the rest of the calendar year all five rigs will be focused on infill drilling. “So by the back end of the March quarter next year we can come up with an updated MRE which has a much greater portion of indicated material. “That will flow through to the reserve component of the feasibility study, and we are quietly confident that we will tick off the 2Moz MRE milestone at that point as well,’’ Brennan said. Brennan noted that the cut-off for the latest 1.84Moz MRE was June 30. “Since then we've done another 60,000m of drilling and we have 40,000 assays in the labs outstanding. “It's possible we're already at 2Mozs and we just don't know it,’’ Brennan said. The latest MRE represents a 658,000oz increase from the previous February 2026 estimate. Significant MRE growth came from the cornerstone Baldock deposit and emerging regional deposits. The increase in the mainly underground resource at Baldock alone was 35% to 1.36Moz.

Brennan said a deliberate feature of this year’s exploration drilling was to target the open-cut potential of Mt Ida’s regional prospects to provide additional production to supplement the anticipated base load feed from Baldock. “We took the view that as Baldock is going to predominantly be an underground mine after a couple of years of open-cut mining, we'd target the regional prospects as open pits for oxide transition material to blend with the fresh rock from Baldock,’’ Brennan said.

PAUL BRENNAN MANAGING DIRECTOR

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BOA RESOURCES ASX: BOA

◾ Company name: BOA Resources Ltd ◾ Company ASX code: BOA ◾ Key commodities: gold, copper ◾ Key personnel: Graeme Purcell, Managing Director; Cath Norman, Non-Executive Chair; Mark Tomlinson, Independent Non-Executive Director; Adrian Griffin, Non-Executive Director; David Reid, Exploration Manager

◾ Location: Western Australia ◾ Market cap as of 27/10/26: $46.83M ◾ 52-week share price: $0.025 – $0.200 ◾ Website: boaresources.com

BOA Resources (ASX:BOA) has grabbed market attention after a string of high-grade copper results from its Neds Creek project in Western Australia’s Murchison region. The results come at a time of record prices for copper and a shortage of investment options for exposure to the red metal on the ASX. BOA first moved onto the Neds Creek project last year and recently consolidated its position in the northern Yerrida Basin in a deal that secured the Thaduna and Green Dragon deposits and made Sandfire Resources a substantial holder with a 6.23% interest. These deposits have a combined mineral resource estimate of 5.3Mt grading 2.3% copper for 121,000t of contained metal. The deposits and BOA’s run of success at nearby prospects has set the company 18

on a pathway to building a regional copper camp in the Murchison. Ahead of completing its acquisition of Thaduna and Green Dragon in mid-October, BOA impressed the market with drill results from a maiden 46-hole drilling program at Ricci Lee prospect, with high-grade copper intersections returned from 28 of 34 reverse circulation holes by midOctober. BOA managing director Graeme Purcell said the results had transformed Ricci Lee from a series of historical intercepts into a coherent, high-grade copper system. He said BOA would look to grow its copper resource at Neds Creek, initially through Ricci Lee. “The initial results there demonstrate good high grades and good continuity over 400m to 500m in strike. “And there is good depth potential because our deepest hole (hole 23) returned 22m at 3.05% copper from 250m and a high-grade core of 9m at 6.86% copper from 257m that was very bornite rich,” Purcell said. “Once we get all the results in from Ricci Lee, we will begin to chase the system at depth.” BOA has also tested five other Neds Creek prospects by aircore drilling, with first results in for Rooney’s by mid-

October. Shallow intersections included 4m at 3.54% copper from 10m and 10m at 1.75% copper from 51m. “The drilling has extended the strike to what we were going to test from about 200m up to 500m, which is a similar length to Ricci Lee,” Purcell said. Once all drilling results from Ricci Lee and other prospects were to hand and analysed, Purcell said BOA would likely begin a new drilling program either late 2026, or early 2027.

GRAEME PURCELL MANAGING DIRECTOR

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GOLD & COPPER FY2027

BREAKTHROUGH MINERALS ASX: BTM

◾ Company name: Breakthrough Minerals Ltd ◾ Company ASX code: BTM ◾ Key commodities: gold, copper ◾ Key personnel: Nigel Broomham, Managing Director; Graeme Robertson, Non-Executive

Chair; Peretz Schapiro, Non-Executive Director; William Dix, Non-Executive Director; Joel Ives, Company Secretary

◾ Location: Queensland ◾ Market cap as of 27/10/26: $17.93M ◾ 52-week share price: $0.083 – $0.270 ◾ Website: breakthroughminerals.com.au

Breakthrough Minerals (ASX:BTM) is looking to build one of the ASX’s most compelling copper stories following its acquisition of the North Queensland copper-gold project in March. The acquisition comes as copper prices have hit records in response to surging demand from global electrification and the AI build-out, prompting investors to pile into copper producers and explorers. Investor enthusiasm has triggered a wave of mergers and acquisitions in the ASX copper space, with the Mt Isa-Cloncurry region of northwest Queensland becoming a hotbed of activity. Breakthrough snared its March deal, which came with a resource base of 200,000t of copper equivalent across several deposits. “We're not starting from scratch,” Breakthrough managing director Nigel Broomham said. “It's a great platform to launch from as

we build on an established resource base. “We've got that combination of the right place, the right time, quality assets, and scale,” Broomham said. He said the strategy was simple: grow the resource base with the drill bit, make new discoveries and continue building the copper story. “From 200,000t to 400,000t and beyond, that's where I want to get to, and that's where I believe we'll end up,” Broomham said. Breakthrough’s 10,000m drilling program got underway after the acquisition, initially targeting the former Barbara mine, which has a copper-gold resource with expansion potential. “We know we haven't found the edges of that mineralised system, and now we've moved to Turpentine, the largest deposit within the portfolio at the moment,” Broomham said. Turpentine has an 8.7Mt inferred resource grading 1.16% CuEq for 101,000t of contained CuEq. Breakthrough’s latest drilling at Turpentine has returned strong coppergold mineralisation, with all nine holes intersecting copper and supporting plans to grow the resource. Standout results include 14m at 1.57% CuEq from 251m in the northernmost hole, including 5m at 3.75% CuEq, and 17m at 1.24% CuEq from 180m, including 6m at 2.18% CuEq. “We believe we’ve got significant

opportunities to extend the mineralised system, along with multiple highly prospective targets adjacent to the existing resource,” Broomham said. “We see this as a real growth platform for us within the broad portfolio. “In addition, across the broader portfolio, we've got numerous highly prospective regional targets and absolute walk-up drill targets that have seen very little modern exploration. “So we think we've got a clear funded pathway to materially grow that resource base in 2026, and we believe successfully delivering on that strategy has the potential to create significant value for shareholders.”

NIGEL BROOMHAM MANAGING DIRECTOR

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BROKEN HILL GOLD ASX: BH6

◾ Company name: Broken Hill Gold Ltd ◾ Company ASX code: BH6 ◾ Key commodities: gold, copper ◾ Key personnel: Matthew Boyes, Managing Director; Geoff Lowe, Exploration Manager; Richard Hacker, Chair; Yugi Gouw, CFO

◾ Location: South Australia ◾ Market cap as of 27/10/26: $64.50M ◾ 52-week share price: $0.056 – $0.210 ◾ Website: bh6.com.au

Last year’s acquisition of the White Dam project in South Australia’s Curnamona province is proving particularly sweet for Broken Hill Gold (ASX:BH6). Within five months of the October acquisition, the company formerly known as Pacgold joined the ranks of gold producers by re-establishing heapleach processing of oxide material at the former producing mine (2010-2018). But the real excitement came in July this year when drilling beneath the unmined shallow oxide resource at the Icebreaker deposit (formerly White Dam North) returned high-grade gold and copper sulphide including 20m at 2.5g/t Au and 0.5% Cu from 58m and 46m at 1.1g/t Au and 0.3% Cu. The combination of initial production, newly mined material to follow and gold-copper sulphide exploration upside has underpinned a fourfold increase in the company’s market cap since White Dam was acquired. 20

Managing director Matt Boyes said the company now had two legs to its story – something the market has backed with a $13m placement at the time of the White Dam acquisition and another $13m in July on news of the sulphide discovery. “In the short-term we are mining an asset that made a lot of money previously, so it’s a case of back into the oxides and a restart, and hopefully producing free cash flow by quarter one next year,” he said. “And secondly, there is obviously the exploration upside. “The key for us now is to potentially demonstrate that we've got a millionounce target there at White Dam and at Icebreaker,” Boyes said. He added that the company was still coming to grips with the geology of the sulphide mineralisation “but the indications are that it is a very significant sized system”. The sulphide success at Icebreaker, named in honour of a young gogetter geologist at the project who subsequently picked up a 12-month logistics posting in Antarctica, has implications for the company’s other known shallow oxide gold-copper prospects in the broader project area. They too have had little to no previous deep drilling beneath the oxide zone. While the company explores the sulphide potential at Icebreaker and

other prospects, infill and exploration drilling for additional oxide material to grow production from the heap-leach operation continues. Boyes said that the short-term plan for the restarted heap-leach operations was to build to 20,000-30,000oz of gold annually. “That will throw off significant cash flow, and if we do uncover an oxide resource in the order of 50,000 to 100,000oz which I think there is serious potential to do, then we can really push hard and look to produce more.”

MATTHEW BOYES MANAGING DIRECTOR

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GOLD & COPPER FY2027

CANNINDAH RESOURCES ASX: CAE

◾ Company name: Cannindah Resources Ltd ◾ Company ASX code: CAE ◾ Key commodities: gold, copper ◾ Key personnel: Tony Rovira, Chairman; John

Morrison, Director; Cameron Switzer, Managing Director & CEO; Andrea Betti, Company Secretary; Chris Chambers, Exploration Manager

◾ Location: Queensland ◾ Market cap as of 27/10/26: $31.49M ◾ 52-week share price: $0.022 – $0.073 ◾ Website: cannindah.com.au

Cannindah Resources (ASX:CAE) is poised for a re-rating after growing the copper resource at its namesake project in central Queensland at a time when prices for the red metal have taken off to record levels. And according to Cannindah managing director Cameron Switzer, the project’s resource base will continue to grow with more drilling. The company has two drilling rigs working at the Breccia deposit within the broader Cannindah project area. A new mineral resource estimate for the deposit was released in late September. The estimate now stands at 23.2Mt grading 0.93% copper equivalent (0.53% copper, 0.37g/t gold and 10.8g/t silver) for 216,500t of CuEq, a 37% increase on the previous estimate.

Breccia is the most advanced prospect at Cannindah and sits close to the emerging big-time porphyry coppergold potential at Appletree prospect, part of the project’s Southern Porphyry target area. Switzer said it was important to recognise that the latest resource estimate was based on an optimised pit shell. “So all the mining and processing costs, the administration costs, the treatment charges, the state royalties and so on have been taken into account. “It means the resource is robust and we know what the upside is moving forward,” Switzer said. On the potential for resource growth, Switzer said the existing estimate was based on a 700m by 300m area in a prospective zone defined as being 2km long and 1km wide. “So you can basically say we've got 216,000t of copper (equivalent) from 20% of what we are looking at.” Switzer said the company was holding off on development study work simply because the scale of Breccia would continue to grow. “If we did any study work, I know it's going to be definitely wrong. “So let’s understand the scale and the size of this place before any study works happen,’’ he said. Thanks to its location 90km southwest of Gladstone, a future

development at Breccia would be able to leverage off existing major infrastructure, as would the Appletree prospect should its porphyry potential be confirmed. The company reported early encouragement on that front in late September, with strongly anomalous copper and gold/silver defined over a strike length of 400m in multiple reconnaissance drill holes. “It is just vindication of the (porphyry) concept we have, and it provides the opportunity that could be the real transformational asset for the company moving forward,” Switzer added.

CAMERON SWITZER MANAGING DIRECTOR & CEO

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CAPRICE RESOURCES ASX: CRS

◾ Company name: Caprice Resources Ltd ◾ Company ASX code: CRS ◾ Key commodities: gold ◾ Key personnel: Luke Cox, Managing Director; Rob Waugh, Chairman; Roger Mason, NonExecutive Director; Scott Deakin, Non-Executive Director; Oonagh Malone, Company Secretary; Duncan Franey, Exploration Manager

◾ Location: Western Australia ◾ Market cap as of 27/10/26: $58.38M ◾ 52-week share price: $0.062 – $0.160 ◾ Website: capriceresources.com

Caprice Resources (ASX:CRS) plans to release its maiden Mineral Resource Estimate (MRE) for the Island Gold Project near Cue in Western Australia in November 2026. The estimate will draw a line in the sand, showing what has been defined so far and providing a foundation for further resource growth as drilling tests the gold system’s broader potential. The company is working through its 50,000m drilling program, with Central Island and New Orient forming the basis of the initial resource. Central Island incorporates the structurally controlled gold system around Vadrians and Baxter– Golconda, while New Orient hosts a separate high-grade northern system. Managing director Luke Cox said: “The maiden MRE is our starting point for the Island. It will show what we have defined through drilling to date, while we continue testing extensions and the many targets across the project.” “We have made significant progress in understanding the high-grade gold 22

system, but there is still so much more of the Island to test.” Resource-definition drilling will continue to build confidence in known mineralisation, while extensional and discovery drilling will test beyond the initial MRE footprint. The Central Island and New Orient systems remain open along strike and at depth. An updated Exploration Target, planned for release alongside the MRE, will outline the project’s broader conceptual growth potential and help guide the next phase of drilling. The project’s location also gives Caprice options as it assesses future development pathways. “We have the Great Northern Highway running through our mining tenement, processing facilities within 15km to the north and the Ramelius processing plant at Mt Magnet only 50km to the south,” Cox said. “It just shows we’ve got options. We also want to assess our own development pathway while continuing to build the resource.” But the immediate job is to establish just how big the Island system can become, rather than lock in a particular development pathway too early. Exploration spans a five-kilometre corridor containing multiple banded iron formation horizons and interbedded mafic units. Cross-cutting structures are a key focus for identifying further concentrations of high-grade gold,

with multiple mineralised zones already identified beyond the original Vadrians discovery. “Beyond the Island Gold Project, our Comet and Cuddingwarra projects offer further exploration potential within the highly endowed Murchison goldfields, providing opportunities for new discoveries and a broader pipeline of gold projects,” Cox said. For investors, the near-term catalysts are clear: a maiden MRE in November, alongside an updated Exploration Target, intended to show that the first resource represents only part of the broader gold system that continues to be uncovered.

LUKE COX MANAGING DIRECTOR

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GOLD & COPPER FY2027

EL DORADO GOLDFIELDS ASX: EDO

◾ Company name: El Dorado Goldfields Ltd ◾ Company ASX code: EDO ◾ Key commodities: gold ◾ Key personnel: Nicholas Katris, Executive Chairman; Timothy Morrison, Non-Executive

Director; Steve Letwin, Non-Executive Director; Travis Schwertfeger, Non-Executive Director; Boaz Wade, Exploration Lead, Guyana

◾ Location: Guyana ◾ Market cap as of 27/10/26: $30.42M ◾ 52-week share price: $0.002 – $0.005 ◾ Website: eldoradogoldfields.com

El Dorado Goldfields (ASX:EDO), formerly Liberty Metals, is out to find the next multi-million ounce gold deposit in Guyana’s Oko gold district. The company secured a large tenement package (180km2) in August in the exploration hotspot where more than 9Moz of gold has been discovered in recent years by Canadian-listed companies. El Dorado executive chairman Nick Katris said the company’s acquisition of the Oko North and Oko South projects placed it in one of the most prospective parts of the world for gold exploration. About 9.3Moz of gold has been discovered in the region in the last five years, with ownership of the various deposits recently consolidated under the C$14.5 billion G Mining Ventures

through acquisitions. The Australian market was alerted to the Oko gold district’s hotspot status by ASX-listed explorer Altair, now a $240 million company, with drilling underway at its Oko district gold exploration projects. In contrast, El Dorado starts out its Oko hunt with a $30m market cap. El Dorado’s Oko North borders ground where G2 Goldfields – acquired by G Mining – made its Oko discovery while Oko South covers an interpreted southern continuation of the district trend hosting the Oko deposits. Katris said a supporting $5 million capital raising meant El Dorado could get cracking with initial exploration programs on its ground. He added that the company had put together an exploration team with local expertise to expedite work. The in-country exploration team is led by Boaz Wade, a former vice president of exploration for G2 Goldfields when it made the greenfields 3.5Moz Oko-Ghanie discovery which prompted the C$3 billion takeover of the company by G Mining in July. El Dorado reported first pass rockchip assay results at its Oko North project in late September, saying the results (multiple 1g/t-plus gold) confirmed in situ gold mineralisation and basement shearing pointing to a proximal source within its tenure.

The company also has a 5000-point geochemical soil sampling program underway across its tenure with results aimed at defining priority drill targets for a maiden drilling program at Oko North in the first instance. Katris said the company was also looking to advance exploration at Oko South. “The plan there is to identify large scale geochemical anomalies, and then define drill targets. “Ultimately we will look to utilise a combination of the same exploration methodology that was used at the original Oko discoveries,” Katris said.

NICHOLAS KATRIS EXECUTIVE CHAIRMAN

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JAVELIN MINERALS ASX: JAV

◾ Company name: Javelin Minerals Ltd ◾ Company ASX code: JAV ◾ Key commodities: gold, copper ◾ Key personnel: Brett Mitchell, Executive

Chairman; Andrew Rich, Non-Executive Director; Peter Gilford, Non-Executive Director; Mike Edwards, Non-Executive Director; Mark Cossom, GM Exploration & Resources

◾ Location: Western Australia ◾ Market cap as of 27/10/26: $24.27M ◾ 52-week share price: $0.062 – $0.160 ◾ Website: javelinminerals.com.au

Javelin Minerals (ASX:JAV) expects its combination with fellow Kalgoorlie gold junior FirstAU to be the first step in some serious value creation by the enlarged group. The combination is by way of an all-scrip takeover of Javelin by FirstAU at a 40.6% premium, with Javelin shareholders to emerge with 48.7% of the enlarged FirstAU. The agreed takeover brings together three brownfields gold projects near Kalgoorlie with combined resources of 350,000oz spread between FirstAU’s Gimlet project and Javelin’s Eureka and Coogee projects. The two Javelin projects bookend Kalgoorlie, with Eureka 50km to the north and Coogee 55km to the south. The Eureka project is shovel ready with planning underway for a toll treatment operation that would initially recover 50,000-60,000oz of gold. 24

Javelin executive chairman Brett Mitchell said Eureka was permitted and ready to mine once a toll treatment agreement was secured. “We're quite relaxed in the sense that we've got the gold sitting there ready to turn into cash for the company and shareholders once we secure the right milling option for Eureka. “In the meantime, we're going to push ahead with our exploration activities now underway at Coogee and also our Central Yilgarn project,’’ Mitchell said. The agreed takeover by FirstAU follows the recent entry onto Javelin’s share register by David Geraghty (9.65% personally), the former long serving Mineral Resources executive and now chairman of Forrestania Resources. Forrestania’s market cap has grown from $25 million to $800 million in under two years of Geraghty’s leadership during which time it has pursued a processing hub consolidation push in the Southern Cross and Forrestania regions. It is why the market has dubbed the proposed Javelin and FirstAU combination as Forrestania 2.0, with the focus being on consolidation of mining assets in the Kalgoorlie region. Mitchell said that when Geraghty first arrived on the Javelin share register he told the Javelin board that he saw the opportunity for potential consolidation of similar sized companies with similar sized resources in the Eastern Goldfields. “He asked whether we’d be interested

in being introduced to those possibilities and opportunities through his network,’’ Mitchell said. “We've been looking at a number of different options and opportunities since. “FirstAU is the first one that we've gone ahead with.’’ “We see a similar opportunity in the Eastern Goldfields to what Forrestania has achieved,’’ Mitchell said. “In under two years Forrestania has gone from a Javelin-sized $30 million market cap junior to a market cap of $800m. “That's the upside that we see now for the Javelin/FirstAU combination moving forward,’’ Mitchell said.

BRETT MITCHELL EXECUTIVE CHAIRMAN

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GOLD & COPPER FY2027

KAOKO METALS ASX: KAO

◾ Company name: Kaoko Metals Ltd ◾ Company ASX code: KAO ◾ Key commodities: gold, copper ◾ Key personnel: Gerard O’Donovan, Managing Director & CEO; Callum Standing, Chief

Geologist; Lisias Pius, In Country Manager; Colum O’Leary, In Country Exploration Lead

◾ Locations: Namibia ◾ Market cap as of 27/10/26: $57.06M ◾ 52-week share price: $0.330 – $3.055 ◾ Website: kaokometals.com

Kaoko Metals (ASX:KAO) is off to a flying start as a Namibian-focused copper explorer. Only joining the ASX in May after a $6.25 million IPO, Kaoko notched up a copper-silver discovery in its maiden drilling at Otniel prospect, part of the broader Chalkos project. Assays reported on October 12 were 37.1m grading 1.23% copper and 15.2g/t silver from 54m in the first hole and 48m grading 1.02% copper and 12.9g/t silver from 46m in the second. The results included higher grade zones of up to 3.05% copper. Drilling is continuing, with assays from additional completed holes to be expedited. In anticipation of the first two holes returning impressive grades and widths, and based on visual inspection, Kaoko

was able to pull in $20 million from an institutional-led placement of shares in September to accelerate work at Chalkos. Kaoko managing director Gerard O’Donovan said the drill results were from a 400km2 area that had never seen a drill hole previously. “These are great results,” he said. “Importantly they form the basis for something to build on. “We've made a discovery and we need to capitalise on it now,” O’Donovan said. “There’s a hell of a lot of work to do as we still have to figure out this whole system, the mineralisation, and the geometry of the mineralisation. “We've got a rig at Otniel that’s going 24/7 and we've got a rig at Donkey Hill that's now going 24/7 as well. “We've gone from a smallish company that listed in May to a relatively serious company that has a long runway of work ahead,’’ he said. O’Donovan noted that when the company listed on the ASX it was Donkey Hill that was considered the primary target, with nearby Otniel only drilled first because of easier access. “Otniel has delivered in its own right. “It's now a standalone prospect that will be drilled out,” O’Donovan said. “But Donkey Hill was always the main game because of the intensity of

mineralisation at surface and a strike which we now know is 1.5km. “We're drilling that as we speak and we’re on to the second hole,” he added. More drill results from Otniel and the first from Donkey Hill are expected before the end of the year. Funds from the recent placement will also be used to advance Kaoko’s Karibib copper-gold-tungsten project in central Namibia.

GERARD O’DONOVAN MANAGING DIRECTOR & CEO

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KOONENBERRY GOLD ASX: KNB

◾ Company name: Koonenberry Gold Ltd ◾ Company ASX code: KNB ◾ Key commodities: gold, copper ◾ Key personnel: Paul Harris, Executive

Chairman; Darren Glover, Executive Technical Director; Anthony McIntosh, Non-Executive Director; George Rogers, Non-Executive Director

◾ Location: New South Wales ◾ Market cap as of 27/10/26: $18.50M ◾ 52-week share price: $0.015 – $0.048 ◾ Website: koonenberrygold.com.au

With a commanding ground position that covers nearly 5000km2 in some of the most prolific and exciting regions for gold and copper discoveries in New South Wales, Koonenberry Gold (ASX:KNB) is building a case for exploration success. The company is accelerating drill testing across multiple prospects at its Enmore gold project in the New England Fold Belt, as well as the state’s prodigious Lachlan Fold Belt (LFB), where its Lachlan projects sit among some of Australia’s largest copper-gold deposits, including Newmont’s Cadia and Evolution’s Cowal and Northparkes operations. Koonenberry recently expanded its LFB portfolio to include a camp-scale position covering potential epithermalporphyry gold-copper, intrusion-related gold and orogenic gold targets near Gundagai. Koonenberry executive chairman Paul 26

Harris said exploration success at one or two of its multiple prospects would soon result in a market re-rating of the sub-$30 million company. “And I think off the back of that, the market will see the quality of our exploration team and the quality of our portfolio,” he said. “It’s up to us now to prove to the market that we have the ability to create some serious wealth from our portfolio.” Koonenberry’s executive technical director Darren Glover added that the exploration team had a combined 70 years of experience in NSW. “So, we know what we're doing and we've made discoveries in this part of the world previously,’’ Glover said. “We’ve got multiple shots on goal with a pipeline of prospective targets across our portfolio, and that's what's attracting people to Koonenberry. Our focus is on systematically testing these targets through drilling. “Success at any of these projects would be a game changer for Koonenberry.” Koonenberry is currently drilling at its Wilga Flats project, where its team has identified multiple high-priority gold and copper targets within the 4.2km long Olaf’s trend. Multi-disciplinary datasets indicate potential for both epithermal and porphyry style mineralisation.

Elsewhere in NSW, Newmont recently completed a drilling program at the Junee joint venture project where Koonenberry has a 20% free-carried interest, with results awaited. Koonenberry expects a busy end to the year, as it prepares to drill-test the high-grade Queen of Sheba target with the next phase of drilling at Sunnyside, while permitting and drill planning are underway for the Breakfast Creek target at Lachlan and the commencement of exploration activities at Gundagai now that the acquisition is complete.

PAUL HARRIS EXECUTIVE CHAIRMAN

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GOLD & COPPER FY2027

LATITUDE 66 ASX: LAT

◾ Company name: Latitude 66 Ltd ◾ Company ASX code: LAT ◾ Key commodities: gold ◾ Key personnel: Grant Coyle, Managing Director; Thomas Hoyer, Non-Executive

Chairman; Toby Wellman, Technical Director

◾ Locations: Finland and Western Australia ◾ Market cap as of 27/10/26: $18.20M ◾ 52-week share price: $0.049 – $0.225 ◾ Website: lat66.com

Development options are emerging for Latitude 66 (ASX:LAT) across a strategically significant gold-cobalt project in northern Finland and a gold project in WA’s northern Goldfields. These options put the company in line for a re-rating as apart from anything else, the combined gold resource at the projects – KSB in Finland and Laverton in WA – stands at a shade under 1Moz. Managing director Grant Coyle says it could be argued that the company is undervalued on the Laverton project alone where the resource estimate increased in August to 339,000oz across the Tin Dog and Red Dog deposits. “And then we have the Finnish asset where we have just released a scoping study which is probably not getting much value at all given we have been sitting at a $25 million market cap,”

he said. Coyle hopes to prompt a market re-rate. “We've got $5.5m or so in the bank so we are well funded with quality assets in two excellent jurisdictions. “We’ve got some strong work programs ahead of us and I think we’re definitely set-up to get a pretty good run soon.” A scoping study delivered robust financial outcomes for KSB which has a resource estimate of 650,000oz of gold and 5,840t of cobalt. This study evaluated a standalone operation with average annual production of 65,000oz of gold and 475t of cobalt in concentrate over an initial mine life of 7.5 years. Using a base case gold price of US$3,500/oz post-tax net present value was assessed at $674m and post-tax IRR was 85%. Capital expenditure was estimated at US$130m and all-in sustaining costs were put at US$1,283/ oz or US$1,149 on a gold equivalent basis. Coyle said the project was being moved to the pre-feasibility study stage and drilling to grow the resource was imminent. He said key features of KSB were low capital intensity and its strategic importance in a European context. The low capital intensity is a

function of location with nearby access to power, roads, towns, airports and water. “So effectively all the non-processing infrastructure is already there,” Coyle said. He said the cobalt component at KSB was huge from a strategic standpoint. “It's second to none in Western jurisdictions for us to be able to supply Europe with the cobalt they need. “We think that funding is definitely going to come on the back of that,” Coyle said.

GRANT COYLE MANAGING DIRECTOR

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LEEUWIN METALS ASX: LM1

◾ Company name: Leeuwin Metals Ltd ◾ Company ASX code: LM1 ◾ Key commodities: gold ◾ Key personnel: Chris Piggott, Executive Chairman

◾ Location: Western Australia ◾ Market cap as of 27/10/26: $28.26M ◾ 52-week share price: $0.135 – $0.295 ◾ Website: leeuwinmetals.com

Leeuwin Metals (ASX:LM1) has turned its attention to development options for the Marda gold project north of Southern Cross in Western Australia after achieving rapid-fire growth in its resource base. After acquiring the project from Ramelius Resources in March 2025, Leeuwin has already established a 378,600oz resource grading 1.03g/t gold. The company also sees a clear pathway for growth to beyond 500,000oz after releasing a JORC compliant exploration target for an additional 142,000oz-186,000oz. Achieving 500,000oz-plus would expand Leeuwin’s development options. In June it signed a memorandum of understanding with mine operator and contractor MEGA to evaluate development pathways for the project. Leeuwin executive chairman Chris Piggott said the company was now running a strategy of continuing to explore the options with MEGA while 28

also starting to work up “our own pathways around our own third-party toll milling, or potentially our own on-site processing solution as well”. “We're developing enough scale to show the material nature of what we have out there, all within a very short amount of time. “It's really encouraging from that point of view,” Piggott said. Marda ore was the last to be treated 150km away by road at the Edna May processing plant near Westonia before Ramelius shut the operation. Edna May is now owned by David Geraghty’s Forrestania Resources. Forrestania is planning to restart the processing operation and interestingly, Forrestania has recently emerged as a 12.71% shareholder in Leeuwin. “We're really happy to have those guys on the register, and they've been very supportive,” Piggott said. “They clearly see some value in what we're doing, and it's a really strong endorsement and a signal to the market that the ounces at Marda are high quality and have some serious value in the ground to be realised.” Piggott said Forrestania’s activity at Edna May and elsewhere demonstrated just how under-explored and unconsolidated the broader Southern Cross region was. “And we arguably have the best ounces in the region.

“That puts us in a really strong position,’’ Piggott said. While the development options are pursued, Leeuwin will continue to grow its story at Marda through drilling. A drilling program will kick off in October while the company expanded its exploration footprint with its September acquisition of 105km2 of ground in gold-producing belts in the Forrestania and Lake Johnston regions. Piggott said the low-cost acquisition meant Leeuwin now had a presence in three of the Yilgarn’s proven gold producing greenstone belts.

CHRIS PIGGOTT EXECUTIVE CHAIRMAN

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GOLD & COPPER FY2027

LINQ MINERALS ASX: LNQ

◾ Company name: LinQ Minerals Ltd ◾ Company ASX code: LNQ ◾ Key commodities: gold, copper ◾ Key personnel: Harrison Donner, CEO &

Executive Director; Clive Donner, Executive Chair

◾ Location: New South Wales ◾ Market cap as of 27/10/26: $96.38M ◾ 52-week share price: $0.160 – $0.760 ◾ Website: linqminerals.com

Following its June 2025 IPO, LinQ Minerals (ASX:LNQ) is kicking off a 30,000m drilling program at its Gilmore gold-copper project in NSW, targeting resource growth and new discoveries along 40km of prospective Macquarie Arc rocks between Temora and West Wyalong in south-central NSW. Gilmore already has an existing mineral resource estimate of 3.7Moz of gold and 1.2Mt of copper across only six copper-gold porphyry and epithermal gold deposits. In addition, LinQ has more than 20 targets that warrant further drilling. Newsflow from the company over the next 12-24 months will be near non-stop across multiple priority targets. LinQ is attracting investor interest after results at the Dam deposit in Gilmore’s Southern Zone and the Monza prospect in its Central Zone. Recent results at Monza included 226m at 0.7% copper equivalent from

47m, including 28m at 1.85% copper equivalent. LinQ executive director and CEO Harrison Donner said the company had prioritised 8-10 targets in the latest drilling program. “We really think a few of them could potentially be game changers for our company.’’ “Given our JORC Resources, Gilmore is already an advanced and derisked exploration-stage asset but it's still significantly under drilled. There is substantial untested potential along our 40km of strike, which represents the longest continuous copper gold strike length in the Macquarie Arc,” Donner said. “The first discovery hole there was in 2007 and not much has happened since. But what we're seeing there is highgrade copper gold mineralisation very close to surface. “Drilling to date is showing that the target is open in multiple directions at this point. “What's more interesting is there's an existing resource about 1km from Monza (Estoril) which also has had limited drilling. “So that's a big exploration target for us and there is potential for a number of these targets to be plumbed from the same source.” The strategic appeal of Gilmore’s big land position in a hot copper and

gold market has also attracted inbound interest from other companies. “We're always open to having those discussions,” Donner said. “But our view right now is we’re funded to drill out a range of these areas, and I believe we are still very undervalued given our current resources, scale of the belt and the numerous untested additional targets all in a Tier 1 jurisdiction and surrounded by a number of large producers. “We are focused on systematically drilling the belt over the next 12 months looking to grow our resource base and find new discoveries.”

HARRISON DONNER CEO & EXECUTIVE DIRECTOR

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MANUKA RESOURCES ASX: MKR

◾ Company name: Manuka Resources Ltd ◾ Company ASX code: MKR ◾ Key commodities: gold ◾ Key personnel: Dennis Karp,

Executive Chair; Rod Griffith, Executive GM; Haydn Lynch, COO; Phil Bentley, Chief Geologist; Wayne Trenning, Operations Manager

◾ Location: New South Wales ◾ Market cap as of 27/10/26: $88.13M ◾ 52-week share price: $0.045 – $0.230 ◾ Website: manukaresources.com.au

Silver stock Manuka Resources (ASX:MKR) has broadened its production profile across a portfolio of assets in the Cobar region of New South Wales to include gold. The combination of silver and gold comes as prices for both precious metals remain at elevated levels, making for high margin operations. Restarting silver production at an initial annual rate of 1.4Moz at the Wonawinta project in the December quarter is the main focus. But ahead of that Manuka has been trucking gold-bearing material from the historic Mt Boppy project to Wonawinta for processing. Executive chairman Dennis Karp said this material was a mix of stockpiles and waste dumps with a resource estimate of 2.6Mt grading 1.32g/t gold, of which 30

there is a 39,000oz reserve in the Pit at Mt Boppy grading 4.2g/t. “So there's a lot of material that we can just crush, screen, and haul across to Wonawinta,” he said. “And that's exactly what we're doing at the moment and will continue doing so until we start commissioning the silver circuit.” “The intention is to use these stockpiles now as a cash flow generator.” The gold operation started on August 21, with the plan to run at a monthly processing rate of 50,000t. “That's going to generate about $7–8 million of revenue for the next four months, with our operating profits of around 50%,” Karp said. The go-forward plan is to run 60,000-65,000t of silver ore a month through the Wonawinta plant and 20,000-25,000t of Mount Boppy gold ores. Exploration at Mt Boppy – the historical producer of 500,000oz at 15g/t gold – is pointing to a bigger story. “We believe that Mt Boppy is the untouched gem in our portfolio,” Karp said. Exploration involving holes down to 500m has provided encouragement for Manuka’s expectation that the project has a lot more gold to give up. Regional exploration around Mt Boppy is also adding to the gold upside for Manuka. In early September the company

reported high-grade results from its initial drilling at Pipeline Ridge prospect about 28km from Mt Boppy. Results included 32m grading 7.98g/t gold from 34m and 8m grading 12.96g/t from 37m in a separate hole. Karp said Pipeline Ridge had potential as a satellite gold deposit to feed the Wonawinta plant, as material from Mt Boppy was currently doing. Further drilling starting in late October is planned and a maiden resource estimate is on the cards before the end of the year.

DENNIS KARP EXECUTIVE CHAIR

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MANY PEAKS MINERALS ASX: MPK

◾ Company name: Many Peaks Minerals Ltd ◾ Company ASX code: MPK ◾ Key commodities: gold ◾ Key personnel: Travis Schwertfeger, Managing Director; Matthew Scully, COO & Executive Director; Francis Harper, Chairman

◾ Location: Côte d'Ivoire ◾ Market cap as of 27/10/26: $170.04M ◾ 52-week share price: $0.640 – $1.375 ◾ Website: manypeaks.com.au

Many Peaks Minerals (ASX:MPK) is making rapid progress towards first production at its flagship Ferké project in northern Côte d'Ivoire. Since acquiring the project in mid-2024 MPK has enjoyed major exploration success with the drill bit, leading to its maiden resource estimate in April this year. The current MRE at the Ouarigue prospect stands at 1.32 million ounces at a grade of 1.54g/t gold. But that is only the start of the story at Ferké and MPK’s other gold properties in Côte d'Ivoire’s booming gold sector. MPK managing director Travis Schwertfeger planned to release an updated MRE in late October. Again, there will be more to come. “The thing is that we’re still drilling and we keep seeing good core, so we’ve been pushing out the cutoff date for the

MRE update,” Schwertfeger said. “In early October though we'll have to draw a line in the sand and get the resource out because we're also pushing to get a (scoping) study out before the end of the year which the new resource estimate will underpin.’’ “We are working on a PFS for an open pit and underground scoping study that we are pushing to deliver in November,’’ Schwertfeger said. “Assuming we have a successful PFS and scoping studies, we will move directly into a definitive feasibility study through 2027,’’ Schwertfeger said. “We anticipate applying for a mining permit at the start of 2027 which could set us up to have that in hand by early 2028. “Completing a feasibility study concurrent with that application process would tee us up for a construction decision in early 2028 and working towards a first gold pour in 2030,’’ Schwertfeger said. “It seems achievable for us.’’ The open-pit push comes as a highgrade underground opportunity is emerging at Ferké. That was highlighted on September 22 when MPK reported extensional diamond core drilling had identified a 70% increase in the vertical extent of gold mineralisation hosted in the Ouarigue intrusion. This was followed

by some of the Company’s highest grade intercepts on October 13. Deeper drilling extended high-grade intercepts from 540m to more than 900m vertical depth. Assay results included 116m grading 2.78g/t (estimated true width of 65.5m) from 524m downhole depth and 188.9m @ 3.58g/t gold (estimated true width of 95.3m) from 633m downhole depth. Schwertfeger said MPK was keen to add a scoping-study-level assessment of the underground opportunity.

TRAVIS SCHWERTFEGER MANAGING DIRECTOR

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MOUNT HOPE MINING ASX: MHM

◾ Company name: Mount Hope Mining Ltd ◾ Company ASX code: MHM ◾ Key commodities: gold, copper ◾ Key personnel: Fergus Kiley, Managing Director & CEO; Ben Phillips, Non-Executive Chair; Todd Williams, Non-Executive Director

◾ Location: New South Wales ◾ Market cap as of 27/10/26: $10.66M ◾ 52-week share price: $0.110 – $0.255 ◾ Website: mounthopemining.com.au

Mount Hope Mining (ASX:MHM) is close to delivering its maiden mineral resource estimate for its Mt Solitary gold project in the southern Cobar region of NSW after completing its third round of drilling since listing on the ASX in December 2024. MHM managing director Fergus Kiley said that depending on assay lab turnaround time, the resource estimate was likely to be released towards the end of the year or early next year, moving Mt Solitary closer to potential near-term production. “While we don’t have assay results yet we can say from a technical perspective we achieved everything that we set out to do with those holes in the phase three program. “We were drilling for resource extensions and testing ground to the south and to the north, down dip as well,’’ Kiley said. MHM’s drilling has been the first 32

systematic drilling at the historic project since the early 2000s. Kiley said while resource growth at Mt Solitary continues, the project has geological and geographical advantages when it comes to plotting its pathway to production. “We did some preliminary metallurgical testwork and returned exceptional recoveries. “We also have a very high gravity component and the cyanide leach on the tails responds exceptionally well, principally because it's a primary structurally controlled gold prospect,’’ Kiley said. Another advantage is Mt Solitary’s location. “It’s 500m from a bitumen road in the heartland of Cobar which is NSW’s version of Kalgoorlie because of the density of mining activity,’’ Kiley said. “The difference between Cobar and Kalgoorlie is everyone in Cobar is long processing infrastructure and short ore tonnes to process. “We’ve got four (third party) hungry mills that all need dirt,’’ Kiley said. “It’s why we think Mt Solitary represents a capital-light expedited development opportunity.’’ Mt Solitary is the start of the story for MHM as it sits within the company’s broader MS2 mineralised trend (7.5km). “It's the MS2 corridor that we're really excited about.

“We think we could be sitting on multi-million-ounce potential across that broader district,’’ Kiley said. It was the progress at Mt Solitary and the upside of MHM’s broader ground position – including for Cobar-style copper-gold – that attracted the interest of Ronin Metals, now a 12% MHM shareholder. Ronin is the private mining investor group associated with the former executives of Spartan Resources, which was acquired by Ramelius for $2.4 billion in 2025 after achieving major highgrade gold exploration success at the Dalgaranga project in Western Australia.

FERGUS KILEY MANAGING DIRECTOR & CEO

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NEW MURCHISON GOLD ASX: NMG

◾ Company name: New Murchison Gold Ltd ◾ Company ASX code: NMG ◾ Key commodities: gold ◾ Key personnel: Alex Passmore, Chief Executive Officer

◾ Location: Western Australia ◾ Market cap as of 27/10/26: $621.31M ◾ 52-week share price: $0.026 – $0.088 ◾ Website: newmurchgold.com.au

A key feature of New Murchison Gold’s (ASX:NMG) success at Crown Prince was its capital-light development through an ore purchase agreement with Westgold Resources – now a 16% shareholder – with ore trucked 36km to its Bluebird processing plant for treatment. NMG chief executive Alex Passmore said the company was now aiming to settle into a groove of producing 60,000oz annually, with a longer-term ambition to grow gold resources through regional exploration success. “We’re looking for a big standalone type project (500,000oz-plus) on our 619km2 tenure holding which makes us one of the larger landholders in that Meekatharra area,” Passmore said. NMG’s ground position sits on the eastern side of the Abbotts greenstone and within 200km of five operating gold

processing plants, including Westgold’s Bluebird. “We would like to think it's underexplored, and we're having good success all throughout the belt,” Passmore said. “If we find something small, we are pragmatic and would sell it under an ore purchase agreement or similar. “And if we find something larger, then we would look at our construction of our own facilities, camps and potentially a processing plant,” Passmore said. With the cash rolling in from Crown Prince, NMG has stepped up exploration expenditure to about $10m annually. “Previously we were very focused on getting the mine up and running. In late 2025 we pared back the exploration spend to make sure that we had enough money to cover working capital during the early mine establishment and ramp up phase,” he said. NMG’s near-term focus is to continue mining at Crown Prince as well as open the adjacent Cloudkicker deposit, which will initially add another 20,000oz over 12-18 months to production. Passmore said mining had started at Cloudkicker and its ore would be sold through the purchase arrangement with Westgold. Cloudkicker has returned high-grade

hits during drilling such as 10m grading 13.61g/t gold from 44m including 3m at 32.17g/t from 46m, and 9m at 9.31g/t from 3m including 3m at 14.3g/t from 3m.

ALEX PASSMORE CHIEF EXECUTIVE OFFICER

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PILBARA GOLD ASX: PGL

◾ Company name: Pilbara Gold Ltd ◾ Company ASX code: PGL ◾ Key commodities: gold ◾ Key personnel: Dr Peter Turner, Managing

Director; Rob Klug, CFO & CLO; Mark Falconer, Exploration Manager

◾ Location: Western Australia ◾ Market cap as of 27/10/26: $91.26M ◾ 52-week share price: $0.367 - $0.850 ◾ Website: pilbaragold.com.au

Pilbara Gold (ASX:PGL) has shot to prominence after notching up a highgrade gold discovery in the Kalgoorlie region. This discovery at the Terra prospect, part of the broader Roe Hills project 100km east of Kalgoorlie, comes as the company advances its 2.1Moz and growing Mt York Gold Project in the Pilbara towards production. Pilbara Gold managing director Peter Turner said while the stellar highgrade hits at Roe Hills were exciting, the company remained steadfast in prioritising the development of Mt York as a major new mine. A preliminary feasibility study for Mt York is planned for the first half of 2027 and its release is expected to prompt a market re-rating of the company which currently has one of the lowest enterprise values to resource ounce metrics of its ASX peer group. 34

And that EV/resource metric is without the impact of the growth in the Mt York resource expected from a fullyfunded 60,000m infill and extensional drilling program in 2026 at the project. In mid-September the program was about 60% complete and transitioning to drilling deeper and stepping out to the northwest to target the Monster Zone. “Every time we drill this project, the resources go up,” Turner said. “This is a big gold system that we've only really tapped the top 250m. “We don't see any reason why the mineralisation shouldn't continue below that depth,” he said. The company has also completed an airborne electro-magnetic survey to the south of Mt York that is expected to generate new gold targets. Down in the Kalgoorlie region, thick and high-grade hits at Roe Hills’ Terra prospect of 46m grading 3.17g/t gold from 92m, including 18m at 4.36g/t from 110m are cause for excitement. “We expected some reasonably good results but to get a 46m intercept at 3.17g/t is something that has blown us away,” Turner said. The exploration success follows a deep dive into the Roe Hills database, with the project last being drilled in 2017. “Roe Hills has historically been

looked at for nickel, lithium, and some rare earths in the past, but it was never really taken seriously for gold,’’ Turner said. “But as much as we would like to call this a new discovery, it has had some previous drilling in 2016/2017. And I suppose it didn’t raise any indication that there was a sleeping deposit there. “So, we are taking this really quite seriously. There is a bit of transported cover but with grades and widths the way they are, this is looking really quite interesting,’’ he added.

DR PETER TURNER MANAGING DIRECTOR

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QMINES ASX: QML

◾ Company name: QMines Ltd ◾ Company ASX code: QML ◾ Key commodities: gold, copper ◾ Key personnel: Andrew Sparke, Executive

Chairman & MD; Elissa Hansen, Non-Executive Director & Company Secretary; Peter Caristo, Executive Director (Technical); Richard Wittig, Development Manager; Tom Bartschi, Exploration Manager

◾ Location: Queensland ◾ Market cap as of 27/10/26: $46.31M ◾ 52-week share price: $0.043 – $0.084 ◾ Website: qmines.com.au

Investors are clamouring for exposure to booming copper market conditions through ASX junior companies advancing new copper mine developments. But there are few options on the ASX, with a rash of big, premium mergers and acquisitions in the junior space removing likely candidates for investor attention on a regular basis. It is against that backdrop that QMines (ASX:QML) has become something of a standout in the sector thanks to its near-term production plans for its Mt Chalmers copper-gold project near Rockhampton in central Queensland. QMines chairman and managing director Andrew Sparke listed the company in May 2021 with a clear vision, one that is now starting to become a reality as Mt Chalmers shapes up as a 10,000tpa-15,000tpa copper equivalent producer.

“We set out to become the dominant copper-gold producer in central Queensland,’’ Sparke said. “We were the first mover in the region and have now bought three projects - Mt Chalmers, Develin Creek and Mt Mackenzie. “That's given us an awesome platform, with a lot of upside and potential,’’ Sparke said. Sparke said Mt Chalmers was the first deposit being brought into production for some very good reasons. “It's shallow, high grade, and there was a lot of sunk capital there from the historic operation which gives us a real low capital advantage.’’ A definitive feasibility study on the Mt Chalmers Deposit based on the 2024 PFS – a mine and a 1Mtpa treatment plant at Mt Chalmers – is planned for release in March next year. “We see the initial plant size as very much a starting point for the Company,’’ Sparke said. Mt Chalmers is one of 10 deposits the company has assembled in the central Queensland area, with resource growth across Mt Chalmers and the other deposits through exploration continuing. In late September QMines reported that latest drilling at Mt Chalmers was continuing to deliver high-grade copper and gold intersections. Finance advisory group BurnVoir Corporate is working with QMines on finance for the first stage development.

And in another rarity in the ASX copper space, the Queensland government is supporting QMines’ plans through a $15m investment by the QIC-managed Critical Minerals and Battery Technology Fund. It means the government is effectively QMines’ biggest shareholder with a 12.3% stake. “The investment is really strategic because being a developer, we knew the permitting approvals were the biggest risk for us,’’ Sparke said. “Bringing them in has really helped with that process. “They're actually pushing us to get it moving, which is great,’’ he said.

ANDREW SPARKE EXECUTIVE CHAIRMAN

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TAITON RESOURCES ASX: T88

◾ Company name: Taiton Resources Ltd ◾ Company ASX code: T88 ◾ Key commodities: gold, copper ◾ Key personnel: Shane Tomlinson, Technical Director; David Low, Executive Director

◾ Location: South Australia ◾ Market cap as of 27/10/26: $6.68M ◾ 52-week share price: $0.030 – $0.190 ◾ Website: taiton.com.au

Micro-cap explorer Taiton Resources (ASX:T88) has expanded its presence in South Australia’s emerging west Gawler gold province. West Gawler has become something of an exploration hotspot thanks to plans by the $300 million Barton Gold to revive the region’s only gold processing plant, the Challenger mill, and the exploration success of the $95 million Marmota at its Greenewood discovery. Taiton already had a presence in the region at its Challenger West project area, about 10km west of Barton’s Challenger project which produced 1.2Moz of gold between 2002-2018. Now Taiton, which has a sub-$10 million market cap, has expanded its project area in the region in a deal with Havilah Resources covering three tenement areas close to Marmota’s high-grade Greenewood discovery and 36

its other gold prospects. Limited historic drilling (1997-2003) on the tenements being acquired by Taiton from Havilah returned shallow and high-grade gold and copper hits. Historic results included 9m at 1.57g/t gold and 0.53% copper from 33m, including 4m at 3.34g/t Au and 0.82% Cu from 33m. Despite the recent exploration success by others in the region, and the surge in gold and copper prices, no exploration activity has been recorded within the tenement area since 2003. Taiton’s technical director Shane Tomlinson said it was important to recognise that the agreement with Havilah had delivered Taiton an advanced exploration target. “There's some historic drilling which recorded some pretty strong numbers. “That's giving us a scenario where we can basically set up and go drilling, and then try and add to those targets through the soil sampling we've been doing,’’ Tomlinson said. “If everything went really well for us, then we would try to get out there drilling before it gets too hot, which is the back end of October. “If not, then we would look to really expand the drill targets and go hard earlier in the new year on that area.” Tomlinson said Barton’s restart plans for the Challenger treatment plant were

critical to Taiton’s decision to expand its Challenger West ground position. “That's because that could give us a potential outlet to processing pretty quickly,’’ he said. Elsewhere in the Gawler region Taiton plans to continue the hunt for a big iron oxide copper gold discovery. Tomlinson said the Pluto prospect at Taiton’s Highway project in the central Gawler could potentially be tested with the drill bit in the first quarter next year.

SHANE TOMLINSON TECHNICAL DIRECTOR

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GOLD & COPPER FY2027

TAMBOURAH METALS ASX: TMB

◾ Company name: Tambourah Metals Ltd ◾ Company ASX code: TMB ◾ Key commodities: gold, copper ◾ Key personnel: Rita Brooks, Executive

Chairperson; Bill Clayton, Non–Executive Director, Bill Marmion, Non–Executive Director, Graeme Smith, Company Secretary

◾ Location: Western Australia ◾ Market cap as of 27/10/26: $7.55M ◾ 52-week share price: $0.026 – $0.120 ◾ Website: tambourahmetals.com.au

Junior explorer Tambourah Metals (ASX:TMB) has kicked off a highly anticipated drilling program at Beatty Park Sth and Baxter Sth prospects within its broader Bryah gold project in Western Australia. The diamond drilling will be closely watched by investors following impressive results from an aircore drilling program at the property, 160km north of Meekatharra, in August last year. Best results included 6m at 25.8g/t gold from 30m and 10m at 38.9g/t from 22m, including 1m at 169g/t from 25m. The follow-up drilling campaign got underway in late September and five diamond holes for a total of 1500m are planned. This campaign is targeting high-grade extensions up to 250m below the highgrade aircore results from last year. Tambourah executive chair Rita Brooks said the company would now

effectively be results driven until the end of the year. Announcing the start to the program the company said that because the target area had no surface outcrop and limited historical drilling, the diamond core drilling would deliver crucial data on the prospect’s structural orientation, fluid conduits and potential traps. “These structural insights will be applied to systematically target subsequent drilling campaigns across the prospect,” Brooks said. Ahead of first assays from the program Tambourah’s market cap was less than $10 million, giving its shares strong leverage to further high-grade exploration success. Elsewhere in the Bryah project area the company completed aircore drilling programs at the T2 gold-in-soil anomaly, 1.1km from Beatty Park Sth, and at the West Harmony gold target, 4km from the Harmony gold deposit owned by Great Boulder Resources. The company listed on the ASX in 2021 and it takes its name from the historic Tambourah goldfield, 90km southwest of Marble Bar in the Pilbara. This goldfield is home to 20 historical high-grade workings and the company recently completed reverse circulation drilling focused on the Tambourah King prospect. The mineralised lode system at the prospect was the subject of infill drilling

over a strike length of 200m. Best results included 4m at 3.59g/t gold from 109m and 3m at 1.81g/t from 123m in a separate hole. A conceptual target in an oblique setting to the known lode system returned a best result of 4m at 3.59g/t gold. Brooks said a maiden resource estimate was coming soon for Tambourah King. “We've consolidated the area, applied for mining leases, and now we’re working on the maiden resource estimate. We are looking forward to all our results from our recent drilling within the Bryah Basin,” she said.

RITA BROOKS EXECUTIVE CHAIRPERSON

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THETA GOLD MINES ASX: TGM

◾ Company name: Theta Gold Mines Ltd ◾ Company ASX code: TGM ◾ Key commodities: gold ◾ Key personnel: Bill Guy, Executive Chairman; Brent Hofman, CFO

◾ Location: South Africa ◾ Market cap as of 27/10/26: $247.69M ◾ 52-week share price: $0.150 – $0.245 ◾ Website: thetagoldmines.com

South Africa’s historic Eastern Transvaal Goldfields has produced approximately 6.7Moz of gold since the 1870s. Today, Theta Gold Mines (ASX:TGM) controls a substantial position across this established goldfield and is bringing it back into modern commercial production. Theta is not a conventional exploration story dependent on making a new discovery. It is a recommercialisation strategy built around historic mines, extensive underground workings and a defined 6.1Moz mineral resource, with around 100 kilometres of old workings, adits and stopes providing considerable opportunity across the field. As Theta chairman Bill Guy puts it: “It’s hard to explain the grandeur of the project. We own a goldfield which historically was South Africa’s third largest goldfield.” 38

The immediate opportunity for Theta Gold Mines is converting that resource into production and cash flow. First gold is targeted for Q1 2027, with Beta, Frankfort, CDM and Rietfontein forming the initial production base. Production is targeted at 50,00070,000oz per annum initially, scaling towards 160,000oz within five years through mine extensions and the progressive addition of further mines. For Bill Guy, the near-term objective is straightforward: “Now it’s just about getting the gold bars out the back of the plant, and we’re pretty much there early next year.” The revised feasibility study demonstrates the potential value of delivering that strategy. At an assumed US$2884/oz gold price, the first phase generated a US$455 million post-tax NPV, US$900 million in free cash flow and a 77% post-tax IRR, against estimated peak development capital of US$116 million. Importantly, the base case comprises a 13.1-year mine life producing 1.06Moz, only a portion of Theta’s broader 6.1Moz resource. The initial four mines are therefore the platform for a potentially much larger operation. That strategic control of the Eastern Transvaal Goldfields underpins Bill’s confidence: “It means we basically have no neighbours because anything worth

having, we own.” For investors, first gold is the beginning of the Theta story. The next few years will see the company move through first production and cash flow into a sustained expansion phase, progressively bringing more of its 6.1Moz resource into the production plan. Successful execution could transform Theta Gold Mines from an emerging producer into a larger, long-life multimine gold business, with the potential for the market to increasingly recognise the strategic value of the historic goldfield it controls.

BILL GUY EXECUTIVE CHAIRMAN

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GOLD & COPPER FY2027

VANTAGE METALS ASX: VAN

◾ Company name: Vantage Metals Ltd ◾ Company ASX code: VAN ◾ Key commodities: copper ◾ Key personnel: Will Dix, Chief Executive

Officer; Chris Blaser, General Manager Exploration; Lourens Jordaan, Country Manager, Botswana; Rachel Kogiopoulos, CFO; Jose Gambina, Country Manager, Argentina

◾ Locations: Botswana, Argentina ◾ Market cap as of 27/10/26: $9.44M ◾ 52-week share price: $0.025 – $0.150 ◾ Website: vantagemetals.com.au

ASX junior Vantage Metals (ASX:VAN) has secured prime exploration ground in two of the world’s copper exploration hotspots – the Kalahari copper belt in Botswana and in the Andes in Argentina’s San Juan province. The company’s modest market cap and share price gives it extreme leverage to any success with the drill bit at either of the exploration hotspots. Its current focus is on the Kalahari project where a drilling program is underway. Vantage is also keen to return to its TMT project in the Andes to follow up on previous encouraging results once the exploration season commences later in the year. The Kalahari project lies approximately 30 kilometres to the north of the Khoemacau copper project, which is being expanded from 50,000

tonnes per annum of copper production to 130,000tpa by its Chinese-backed owner, MMG. Fellow ASX company, the $10 billion Sandfire, owns the more recently developed 50,000tpa Motheo copper mine just to the south of Khoemacau. Vantage chief executive officer Will Dix said the company would be drilling the prospective sedimentary-hosted copper prospects at the Kalahari copper project right up to Christmas. The drilling program follows a rethink by the company on how to go about finding the region’s next big copper discovery. “We rebuilt the team from scratch and we’ve brought in a new drilling contractor,” Dix said. “We're also using some technical specialists out of Scotland and Canada to provide advice. “Both of those guys have been working in the Kalahari for 15 yearsplus. “So we think we're talking to the right people and the best people,” the CEO said. Dix said the key to the exploration success in the Botswana copper belt was finding the geological contact between the Ngwako Pan and D’kar formations. Once the contact was determined, he said it was a case of following it to the north and south to vector in on the copper mineralisation.

Dix said the downtime at the TMT project was being used to reassess targets by “looking again at geophysics and geochemistry and all the stuff that you do when you can't be in the field”. “We've got an outstanding target at Tambo South where we did some drilling in 2024/25,” he said. Two holes were drilled at the prospect and both hit copper over lengths of more than 400m, albeit at low-level grades. “But when you look at the way the geophysics stacks up, it's a compelling target to go and drill,” Dix said.

WILL DIX CHIEF EXECUTIVE OFFICER

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WARATAH MINERALS ASX: WTM

◾ Company name: Waratah Minerals Ltd ◾ Company ASX code: WTM ◾ Key commodities: gold, copper ◾ Key personnel: Dr Andrew Stewart, Executive Chair; Mr Peter Duerden, Managing Director;

Naomi Scott, Non-Executive Director; Dr Darryl Clark, Non-Executive Director; Johan Van Vuuren, Non-Executive Director

◾ Location: New South Wales ◾ Market cap as of 27/10/26: $279.54M ◾ 52-week share price: $0.425 – $0.910 ◾ Website: waratahminerals.com

Waratah Minerals (ASX:WTM) is working its way through an 80,000m exploration drilling program at the Spur project in Central West NSW. Mining in the area, of both copper and gold, has a 160-year history, but in all that time owners and operators have managed only 60,000m of drilling. The reason why Waratah now has 10-12 drilling rigs going flat-chat at Spur is simple enough – it believes it is on to a district-scale system with the potential for several million ounces of gold. There is nearby evidence supporting this as Spur is just 5km west of Newmont’s Cadia gold-copper mine (25Moz of gold and 6Mt of copper in resources and reserves) near Orange in NSW’s prodigious Lachlan Fold Belt. When Waratah acquired the Spur project in late 2023, it was a $10 million 40

company, but success with the drill bit took its market cap to more than $300 million as Spur’s big-time potential begins to unfold. The initial focus of Waratah has been on epithermal gold mineralisation in the upper part of a big porphyry system at depth while previous explorers had focused on finding copper. Waratah Executive Chairman Andrew Stewart said that exploration by the company had demonstrated Spur was essentially a gold district that has been hiding in plain view. “That's great for us, it's fallen in our lap. “The key message is that the discovery is being made here at Spur,” he said. “We have a lot of conviction in the discovery and it’s about working out how big it can be while in the background we're working on all the things that go into building a mineral resource, and also building a project. “We've got the scale, we've got the grade, we've got the continuity, we've got a clear runway now,’’ Stewart said. The first taste for investors of the scale of Spur is expected early next year with the release of a maiden resource estimate. But it will only be the start of the story as exploration success continues across the project area.

“There's still new discoveries to be had and we haven't got to the edges of the mineralisation,’’ Stewart said. He added that he did not see the maiden resource estimate as an event in itself. “I treat it more as the start of a journey. “We're in for building a solid resource that's a foundation for further growth.”

DR ANDREW STEWART EXECUTIVE CHAIR

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GOLD & COPPER FY2027

WHITE CLIFF MINERALS ASX: WCN

◾ Company name: White Cliff Minerals Ltd ◾ Company ASX code: WCN ◾ Key commodities: copper ◾ Key personnel: Gavin Rezos, Non-Executive

Chairperson; Troy Whittaker, Managing Director; Eric Sondergaard, Executive Director; John Hancock, Non-Executive Director; Sara Kelly, Independent Non-Executive Director

◾ Location: Canada ◾ Market cap as of 27/10/26: $91.00M ◾ 52-week share price: $0.012 - $0.480 ◾ Website: wcminerals.com.au

White Cliff Minerals (ASX:WCN) has been building a strong case for its Rae copper project in the Nunavut region of northern Canada to be recognised as a major new discovery with district-scale potential at a time of record copper prices. Recognition for Rae’s status through a share market re-rating of White Cliff has nevertheless been hard to come by. This is due mainly to investor perceptions that its Nunavut address means it is remote and lacking the infrastructure needed to support a future mining operation. But White Cliff and the big-time potential of its Rae project has been thrust on to investor radars courtesy of a mid-September deal that saw Gina Rinehart’s Hancock Prospecting emerge with a 13.5% stake in the company

through an $8.76 million private placement. The investment by Australia’s richest person makes White Cliff something of a family affair as Ms Rinehart’s son John Hancock became a strategic advisor to the company in July 2024 and a non-executive director in mid-2025. White Cliff managing director Troy Whittaker said the investment by Hancock Prospecting was a “powerful third-party endorsement of what we are building at Rae”. “The search for large, high-quality new copper discoveries has rarely been more important, and we believe Rae has the potential to become one of them,” Whittaker said. Funds from the placement are to be used to accelerate drilling and exploration activities across the four Danvers high-grade vein-hosted copper deposits at Rae, as well as stepping up the hunt for a world-class sedimentary copper system. At the most advanced of the Danvers deposits, Danvers 1, White Cliff will now fast-track the preparation of a JORCcompliant exploration target, followed by a maiden resource estimate (MRE), with the scale of the project having already grown beyond an historical resource estimate. “We're on target for an exploration target first, sometime during the first half of next year, and then we’re

targeting an MRE early in the second half of next year,” the managing director said. He said the company’s future messaging to the market would have a greater focus on changing the perception that Rae was remote and faced logistics hurdles. “There are roads coming and there are ports coming, thanks to government investment, and companies like Agnico Eagle and others are making investments.” Agnico Eagle alone is spending C$2.4 billion building its Hope Bay gold project in the region. “Nunavut is about to have its time,” Whittaker added.

TROY WHITTAKER MANAGING DIRECTOR

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GOLD & COPPER FY2027

APPENDIX Alara Resources Ltd (AUQ) (from page 13)

this release.

Competent Person / JORC Compliance Statement

COMPLIANCE STATEMENT The information in this release that relates to Boundiali Mineral Resources is extracted from the announcement “Boundiali Gold Resource Grows to 3.84 Moz, Indicated Up 37% released to the Australian Securities Exchange on 28 Oct 2026 and available to view on www.asx.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. The information in this release that relates to Boundiali Ore Reserves is extracted from the announcement “Boundiali PFS and Maiden Ore Reserve delivered” released to the Australian Securities Exchange on 11 June 2026 and available to view on www.asx.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. The information in this release that relates to Napié Mineral Resources is extracted from the announcement “Napie Grows to 1.2Moz Au and Aurum reaches 4.2Moz Au” released to the Australian Securities Exchange on 10 April 2026 and available to view on www.asx.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

The information in this article that relates to Mineral Resources for the Al Wash-hi Majaza Copper Mine is extracted from the ASX announcement ‘Annual Mineral Resources and Ore Reserves Statement as at 30 June 2026’ released on 14 October 2026 (Competent Persons: Mr Shameek Chattopadhyay and Mr Somnath Gain of SRK Consulting). The information that relates to Exploration Results for the Block 22B concession and the adjoining Al Wash-hi Mullaq licence area is extracted from the ASX announcement ‘Block 22B Concession Exploration and Prospect Generation Update’ released on 13 October 2026 (Competent Person: Mr Manish Tomar, MAusIMM). These announcements are available at www.asx.com.au (ASX: AUQ) and www.alararesources.com. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original market announcements. ***********************************************************************

Aurum Resources Ltd (AUE) (from page 14) Competent Person / JORC Compliance Statement The information in this release that relates to Exploration Results is based on, and fairly represents, information and supporting documentation prepared by Mr Mark Strizek, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Strizek is an Executive Director of the Company. Mr Strizek was a Non-Executive Director from 1 February 2024 and was appointed Executive Director on 1 June 2024. Mr Strizek holds shares in Aurum Resources Limited and holds options and performance rights that have been approved by shareholders of the Company. Mr Strizek has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Strizek consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears. Additionally, the Company confirms that it is not aware of any new information or data that materially affects the information contained in the ASX releases referred to in

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AusQuest Ltd (AQD) (from page 15) Competent Person Statement (Exploration) The details contained in this report that pertain to exploration results are based upon information compiled by Mr Graeme Drew, a full-time employee of AusQuest Limited. Mr Drew is a Fellow of the Australasian Institute of 43

APPENDIX Mining and Metallurgy (AUSIMM) and has sufficient experience in the activity which he is undertaking to qualify as a Competent Person as defined in the December 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). Mr Drew consents to the inclusion in the report of the matters based upon his information in the form and context in which it appears. ***********************************************************************

Azzuro Resources PLC (AZ9) (from page 16) Competent Person Statement (Exploration) The information in this announcement that relates to the Oval and Red Hill Exploration Targets is based on, and fairly represents, information compiled by or under the supervision of Mr Robert Dennis. Mr Dennis is the Competent Person for this announcement and is the Principal of Mine Project Consult (MPC). He is a Member of the Australian Institute of Geoscientists (AIG) and has sufficient experience relevant to the styles of mineralisation and types of deposit under consideration, and to the activity undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the JORC Code. Mr Dennis compiled the upper case component of both the Oval and Red Hill Exploration Targets, directed, supervised and reviewed the lower range estimate as well as edited the Exploration Target estimates as a whole, including field visits to Oval in June and November 2024 and September 2025, and to Red Hill on 13 and 14 September 2025. Mr Dennis consents to the inclusion in this announcement of the matters which is based on the information first presented publically in the announcement dated 24 August 2026 “Maiden Exploration Targets Defined at Oval and Red Hill”.

Results, Mineral Resources and Ore Reserves’ (“JORC Code”). Mr. Hibberd consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. The Mineral Resource estimates reported in this report have been previously prepared and disclosed by Ballard in accordance with the JORC Code in its ASX announcement titled "Mt Ida Gold Resource increases 56% to 1.84 Moz" dated 23 September 2026. The Company confirms that it is not aware of any new information or data that materially affects the information included in the aforementioned ASX announcement. The Company confirms that the form and content in which the Competent Person's findings are presented here have not been materially modified from the aforementioned ASX announcement, and all material assumptions and technical parameters underpinning Mineral Resource estimates in the aforementioned ASX announcement continue to apply and have not materially changed. ***********************************************************************

BOA Resources Ltd (BOA) (from page 18) Competent Person / JORC Compliance Statement The information in this document that relates to new exploration results is based on and fairly represents information and supporting documentation prepared by Mr David Reid, who is an employee of and the Exploration Manager for BOA Resources Limited. Mr Reid, BSc (Geology), is a registered member of the Australian Institute of Geoscientists and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and the activity being undertaken to qualify as a Competent Person under the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Mr Reid consents to the inclusion of the data in the form and context in which it appears.

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Ballard Mining Ltd (BM1) (from page 17) Competent Person / JORC Compliance Statement Information in this report that relates to exploration results is based upon work undertaken by Mr Todd Hibberd, a Competent Person who is a Member of the Australasian Institute of mining and Metallurgy (AusIMM). Mr. Hibberd has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a ‘Competent Person’ as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration 44

The information in this document that relates to the Thaduna and Green Dragon Mineral Resources is based on, and fairly reflects, information compiled by Mr Matt Bampton, who is an employee of Cube Consulting Pty Ltd and a Member of the Australian Institute of Geoscientists. Mr Bampton is not an employee of BOA Resources Limited. Mr Bampton has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as Competent Person as defined in the 2012 Edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources, and Ore Reserves (JORC Code). Mr Bampton consents to the disclosure of information in this document in the form and context in which it appears.

GOLD & COPPER FY2027

JORC Compliance Statement The Company confirms that: It is not aware of any new information or data that materially affects the information included in previous market announcements; and All material assumptions and technical parameters underpinning the estimates in those announcements continue to apply and have not materially changed.

technical parameters underpinning the Mineral Resource estimate continue to apply.

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Metal equivalents statement Metal equivalents have been calculated using the formula CuEq = [Cu grade /100 / 0.912 Cu Recovery * $9773) +(Au grade * 0.686 Au Recovery * $3300/31.1034) / (0.912 Cu Recovery * $9773) * 100]. Prices of USD9,773/t for Cu, USD3,300/oz for Au and recoveries Cu 91.2% and Au 68.6%. It is the competent person’s opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold.

Breakthrough Minerals Ltd (BTM) (from page 19)

Mineral Resource Estimates

Competent Person Statement (Exploration)

Project Summary of Mineral Resources for North Queensland Copper-Gold Project

The information in this report that relates to the estimation and reporting of Mineral Resources at the Mt Colin Cu-Au Gold Projects, is based on information compiled and reviewed by Mr Andrew Fowler who is a Member of the Australian Institute of Mining and Metallurgy (AusIMM). Mr Andrew Fowler was employed at the time by Aeris Resources on a full-time basis. Mr Fowler has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Fowler consents to the inclusion in this report of the matters based on information in the form and context in which it appears. The information in this report that relates to the estimation and reporting of Mineral Resources at the Barbara, Turpentine, Turpentine South & Eight Mile Creek Cu-Au Gold Projects, is based on information compiled and reviewed by Mr Christopher Speedy who is a Member of the Australian Institute of Geoscientists. Mr Christopher Speedy is employed by Encompass Mining on a full-time basis. Mr Speedy has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of exploration Results, Mineral Resources and Ore Reserves”. Mr Speedy consents to the inclusion in this report of the matters based on information in the form and context in which it appears. No new information The information in this report relating to the Mineral Resource estimate for the North Queensland Copper-Gold Project is extracted from the Company’s ASX announcements dated 30 October 2025. BTM confirms that it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and

Notes: • • •

Mineral Resource Estimates are reported using a variety of cutoff criteria (NSR) depending on which is best suited to each deposit Discrepancy in summation may occur due to rounding For full details including JORC tables, please refer to the Company’s ASX Announcement 30 October 2025

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APPENDIX Broken Hill Gold Ltd (BH6) (from page 20)

announcement or any changes in events, conditions, or circumstances on which any such forward looking statement is based.

Competent Person Statement *********************************************************************** The information in this announcement that relates to Exploration Results is based on, and fairly represents, information compiled or reviewed by Mr Geoff Lowe, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Lowe is the Company's Exploration Manager and holds shares and options in the Company. Mr Lowe has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code). Mr Lowe consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The information in this announcement that relates to previously reported Exploration Results for the White Dam Project were first reported by the Company in accordance with the JORC Code on 23 July 2026 and 27 August 2026. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcement.

Cannindah Resources Ltd (CAE) (from page 21) Competent Person / JORC Compliance Statement The information in this report that relates to exploration results is based on information compiled by Mr Cameron Switzer who is a geologist with 37 years’ experience having worked on numerous gold and copper systems on a global basis including porphyry and porphyry related Cu Au deposits. Mr Switzer has BSc Honours and MSc degrees in geology; he is a Member of the Australasian Institute of Mining and Metallurgy (112798) and a Member of the Australian Institute of Geoscientists (3384). Mr Switzer has sufficient relevant experience in respect to the style of mineralization, the type of deposit under consideration and the activity being undertaken to qualify as a Competent Person within the definition of the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (“JORC Code). Mr Switzer consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

Forward Looking Statements This article may include forward-looking statements. These forwardlooking statements are not historical facts but rather are based on the Company’s current expectations, estimates and assumptions about the industry in which the Company operates, and beliefs and assumptions regarding the Company’s future performance. Words such as “anticipates”, “expects”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “potential” and similar expressions are intended to identify forward looking statements. Forward-looking statements are only predictions and are not guaranteed, and they are subject to known and unknown risks, uncertainties, and assumptions, some of which are outside the control of the Company. Past performance is not necessarily a guide to future performance and no representation or warranty is made as to the likelihood of achievement or reasonableness of any forward-looking statements or other forecast. Actual values, results or events may be materially different to those expressed or implied in this article. Given these uncertainties, recipients are cautioned not to place reliance on forward looking statements. Any forward-looking statements in this announcement speak only at the date of issue of this announcement. Subject to any continuing obligations under applicable law and the ASX Listing Rules, the Company does not undertake any obligation to update or revise any information or any of the forward-looking statements in this 46

Disclosure: Mr Switzer is a shareholder of the company as outlined ASX:CAE 9 April 2026. Incentive based payments are outlined in ASX:CAE 15 December 2025 and 9 April 2026. The information and data in this report that relates to Mineral Resource estimates for the Mt Cannindah copper gold silver deposit and the Monument Exploration Target is based on information evaluated by Mr Simon Tear who is a member of the Australasian Institute of Mining and Metallurgy (MAusIMM) and who has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person within the definition of the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Mr Tear is a Director of H&S Consultants Pty Ltd and he consents to the inclusion in the report of the Mineral Resources in the form and context in which they appear. Disclosure: Neither Mr Tear nor any related entity holds any ordinary shares in ASX:CAE nor any incentive-based payments. ************************************************************************

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Caprice Resources Ltd (CRS) (from page 22)

Resource.

Forward-Looking Statements

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This announcement may contain certain forward-looking statements, guidance, forecasts, estimates or projections in relation to future matters (Forward Statements) that involve risks and uncertainties, and which are provided as a general guide only. Forward Statements can generally be identified by the use of forward-looking words such as “anticipate”, “estimate”, “will”, “should”, “could”, “may”, “expects”, “plans”, “forecast”, “target” or similar expressions and include, but are not limited to, indications of, or guidance or outlook on, future earnings or financial position or performance of the Company. The Company can give no assurance that these expectations will prove to be correct. You are cautioned not to place undue reliance on any forward-looking statements. None of the Company, its directors, employees, agents, or advisers represent or warrant that such Forward Statements will be achieved or prove to be correct or gives any warranty, express or implied, as to the accuracy, completeness, likelihood of achievement or reasonableness of any Forward Statement contained in this announcement. Actual results may differ materially from those anticipated in these forward-looking statements due to many important factors, risks, and uncertainties. The Company does not undertake any obligation to release publicly any revisions to any “forward- looking statement” to reflect events or circumstances after the date of this announcement, except as may be required under applicable laws.

El Dorado Goldfields Ltd (EDO) (from page 23)

Competent Person’s Statement The information in this report that relates to the Exploration Results is based on information compiled by Mr Luke Cox, a Competent Person who is a Fellow of The Australasian Institute of Mining and Metallurgy and is a full-time employee of the Company. Mr Cox has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Cox consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Prior exploration results have been reported in accordance with Listing Rule 5.7 on 31 January 2022, 17 February 2022, 1 June 2022, 12 February 2025, 1 April 2025, 21 July 2025, 5 August 2025, 9 December 2025, 19 January 2026, 11 February 2026, 4 March 2026, 26 March 2026 and 6 May 2026 and the Company confirms there have been no material changes. The potential quantity and grade of the Exploration Target are conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource for the mineralisation covered by the Exploration Target, and it is uncertain whether further exploration will result in the estimation of a Mineral

Competent Person / JORC Compliance Statement The information in this company profile that relates to Exploration Results and to the geology and geological interpretation of the Oko North and Oko South Gold Projects is based on, and fairly represents, information compiled by Mr Christopher Piggott, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Piggott is a consultant to El Dorado Goldfields Ltd and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code). Mr Piggott consents to the inclusion in this profile of the matters based on his information in the form and context in which it appears. Previously Reported Information The Exploration Results referred to in this profile (rock chip sampling at the Oko North Project) were first reported by the Company (then Liberty Metals Ltd, ASX: LIB) in its ASX announcement dated 21 September 2026. Information relating to the acquisition of the Oko North and Oko South Gold Projects, the geological setting of the Projects and the ongoing geochemical soil sampling program was first reported in the Company’s ASX announcements dated 12 August 2026 and 21 September 2026, and information relating to the Company’s in-country exploration team was first reported in its ASX announcement dated 13 October 2026. Copies of these announcements are available on the ASX platform (ASX: EDO) and on the Company’s website. The Company confirms that it is not aware of any new information or data that materially affects the information included in those announcements and that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original announcements. Proximity and Cautionary Statement (Third-Party Information) This profile contains references to exploration results, Mineral Resources, Ore Reserves, market capitalisations and corporate transactions of other parties, including G Mining Ventures Corp (TSX: GMIN), G2 Goldfields Inc. (formerly TSX: GTWO) and Altair Minerals Ltd (ASX: ALR), on tenure nearby or proximate to the Oko North and Oko South Gold Projects, and 47

APPENDIX includes references to geological or structural similarities interpreted by the Company. All such information is derived from the public disclosures of those companies and has not been independently verified by the Company or its Competent Person. The +9Moz figure referred to in this profile relates to Mineral Resources and Ore Reserves on third-party projects located outside the Company’s tenure. The Oko West and Oko-Ghanie deposits are owned by third parties. Nearby discoveries, transactions or geological similarities are not necessarily indicative of the mineralisation within the Company’s tenure and do not guarantee that the Company will have any exploration success or that it will delineate a Mineral Resource in accordance with the JORC Code on its Projects, if at all. The Oko North and Oko South Gold Projects are greenfields exploration projects and no Mineral Resources or Ore Reserves have been estimated on the Company’s tenure. Forward Looking Statements This profile contains forward-looking statements, including statements regarding planned exploration programs, drill targeting and the timing of a maiden drilling program. These statements are based on the Company’s current expectations and are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied. The Company does not undertake to update forward-looking statements except as required by law. ***********************************************************************

Javelin Minerals Ltd (JAV) (from page 24) Competent Person / JORC Compliance Statement The information in this report that relates to Exploration Results and Mineral Resources has been extracted from various Javelin ASX announcements and are available to view on the Company’s website at www.javelinminerals.com.au or through the ASX website at www. asx.com.au (using ticker code “JAV”). The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements, and in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the original market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. *********************************************************************** 48

Kaoko Metals Ltd (KAO) (from page 25) Competent Person / JORC Compliance Statement The information in this announcement that relates to Exploration Results is based on information compiled by Jason Froud, a Competent Person who is a Member of the Australian Institute of Geoscientists (AIG). Mr Froud is a consultant to Kaoko Metals Limited and employed full time by Arc Geoscience Pty Ltd. Mr Froud has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Froud consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears. ***********************************************************************

Koonenberry Gold Ltd (KNB) (from page 26) Competent Person / JORC Compliance Statement The information in this report that relates to Exploration Results is based on, and fairly represents, information and supporting documentation prepared by Mr Brynache Ellingworth, who holds a BSc Geology (Hons.), is a Member of the Australian Institute of Geoscientists (AIG) and is a full-time employee as Exploration Manager at Koonenberry Gold Limited. Mr Ellingworth has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves.’ Mr Ellingworth consents to the inclusion in this report of the matter based on his information in the form and context in which it appears. Where reference is made to previous announcements of exploration results in this report concerning the Company’s projects, the Company confirms that it is not aware of any new information or data that materially affects the information and results included in those announcements. Information in this report has previously been disclosed to the ASX on: 25/05/2026 “High-grade gold defined on third structure at Enmore”, 15/06/2026 “Newmont commences drilling at Junee Cu-Au JV Project”, 19/05/2026 “KNB to acquire High-Grade Gold-Copper Project, NSW”, 30/09/2026 “Drilling at Deundoo identifies porphyry-epithermal system” & 04/10/2026 “Priority gold & copper drill targets defined at Wilga Flats”

GOLD & COPPER FY2027

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Latitude 66 Ltd (LAT) (from page 27) Competent Person / JORC Compliance Statement The information in this document that relates to Exploration Results is based on and fairly represents information and supporting documentation compiled by Mr Toby Wellman, a competent person who is a Member of The Australasian Institute of Mining and Metallurgy (MAusIMM). Mr Wellman has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”). Mr Wellman is the Technical Director of Latitude 66 Limited and consents to the inclusion in this announcement of the Exploration Results in the form and context in which they appear. Information in this announcement that relates to mineral resources is based on, and fairly represents, information and supporting documentation prepared by Mr Brian Wolfe, principal consultant of International Resource Solutions Pty Ltd who specialises in mineral resource estimation, evaluation, and exploration. Mr Wolfe is a Member of the AustralianInstitute of Geoscientists. Mr Wolfe has sufficient experience which is relevant to the style ofmineralisation and type of deposit under consideration and to the activity which he is undertaking toqualify as a Competent Person (or “CP”) as defined in the 2012 Edition of the Australasian Code forReporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Wolfe has reviewed the contents of this document and consents to the inclusion in this announcement of all technical statements based on his information in the form and context in which they appear. **********************************************************************

Leeuwin Metals Ltd (LM1) (from page 28) Competent Person Statement (Exploration) The information in this report that relates to Exploration Results is based on and fairly represents information compiled by Mr Christopher Piggott, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy and the Executive Chairman of the Company. Mr Piggott has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral

Resources and Ore Reserves’. Mr Piggott consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The information in this report that relates to Estimation and Reporting of Mineral Resources and the Exploration Target is based on information compiled by Ms Emily Henry, who is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM). Ms Henry is an independent consultant employed by Exora Consulting Pty Ltd. Ms Henry has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which she is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Ms Henry consents to the inclusion in the report of the matters based on the information in the form and context in which it appears. The Exploration Target has been derived from exploration results already obtained and is not based on any proposed exploration programme. The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain whether further exploration will result in the estimation of a Mineral Resource. All drilling, sampling and assay data underpinning the Exploration Target have previously been reported to the ASX by the Company in accordance with the JORC Code (2012). Previously Reported Information The Exploration Target has been prepared from exploration data and Mineral Resource information previously reported by the Company. Where this report contains references to the Marda Gold Project Mineral Resource Estimate, the Company confirms that such information has been cross-referenced to the ASX report dated 29 July 2026 referred to below. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant prior market report referred to in this report, namely the report dated 29 July 2026, entitled "Marda Gold Resource grows to 378,600oz, Indicated up 41%". The Company confirms that all material assumptions and technical parameters underpinning the estimates in that report continue to apply and have not materially changed. The Exploration Target excludes all material currently included within the Marda Gold Project Mineral Resource Estimate reported on 29 July 2026. 49

APPENDIX Prior disclosure

Competent Persons Statement – Mineral Resources

This report contains references to prior Exploration Results, all of which have been cross-referenced to previous market reports made by the Company. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market reports.

The information in this report that relates to Exploration Results and Mineral Resources pertaining to the Gilmore porphyry Project is based on information compiled by Mr. Scott Munro, Member Australian Institute of Geoscience (MAIG) principal of Munro Geological Services Pty Ltd. Munro Geological Services Pty Ltd is a shareholder and option holder in LinQ Minerals Limited and provides geological consultancy services to LinQ Minerals Limited. Mr. Munro has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr. Munro consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

Forward Looking Statements Various statements in this report constitute statements relating to intentions, future acts and events. Such statements are generally classified as "forward looking statements" and involve known and unknown risks, uncertainties and other important factors that could cause those future acts, events and circumstances to differ materially from what is presented or implicitly portrayed herein. The Company gives no assurances that the anticipated results, performance or achievements expressed or implied in these forward-looking statements will be achieved. Reference: ASX Report 1 September 2026 “Marda Exploration Target Defined Outside Current Resource” Reference: ASX Report 29 July 2026 “Marda Gold Resource grows to 378,600oz, Indicated up 41%” ***********************************************************************

LinQ Minerals Ltd (LNQ) (from page 29) Competent Persons and Compliance Statement The information in this report that relates to Exploration Results pertaining to the Gilmore Project is based on information compiled by Dr Stuart Munroe, BSc (Hons), PhD (Structural Geology), GDip (AppFin&Inv) who is a full time employee of the Company. Mr Munroe is a Member of AusIMM. Dr Munroe has over 20 years’ experience in the mining and metals industry and qualifies as a Competent Person as defined in the JORC Code (2012). Dr Munroe has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results and Mineral Resources. Dr Munroe consents to the inclusion in this report of the matters based on information in the form and context in which it appears.

Competent Person’s Statement – Gidginbung Deposit The Competent Person for the Gidginbung Mineral Resource Estimate is Mr Arnold van der Heyden of H&S Consultants Pty Limited. The information in the report to which this statement is attached that relates to the Gidginbung Mineral Resource Estimate is based on information compiled by Mr van der Heyden, who has sufficient experience that is relevant to the resource estimation to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr van der Heyden is an employee of H&S Consultants Pty Limited, a Sydney based geological consulting firm and was engaged by LinQ Minerals Limited. Mr van der Heyden is a Member and Chartered Professional of The Australasian Institute of Mining and Metallurgy (“AusIMM”) and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. References: ASX Announcement 14 July2026 “High Grade 5.36% CuEq Intersection at Monza” ASX Announcement 25 July 2025 “Replacement Prospectus” ***********************************************************************

Manuka Resources Ltd (MKR) (from page 30) Competent Person Statement (Exploration) The information in this article that relates to the Manuka Resources Mt Boppy and Pipeline Ridge Projects is based on, and fairly represents,

GOLD & COPPER FY2027

information and supporting documentation prepared by Mr Philip Bentley, who is a Certified Professional by The South African Council for Natural Sciences (SACNASP # 400208/05 ) and is the Chief Geologist employed by Manuka Resources Ltd. Mr Bentley has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Bentley consents to the inclusion in the statement of the matters based on his information in the form and context in which it appears ***********************************************************************

Many Peaks Minerals Ltd (MPK) (from page 31) Competent Person / JORC Compliance Statement The information in this announcement that relates to Exploration Results is based on information compiled by Mr Travis Schwertfeger, who is a Member of The Australian Institute of Geoscientists (AIG). Mr Schwertfeger is the Managing Director for the Company, holding shares, options and performance rights in the Company, and has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code). Mr Schwertfeger consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The Ouarigue Mineral Resource Estimation information in this report is based on and fairly represents information compiled or reviewed by Mr Alex Lukomskyj, who is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM) and the AIG. Mr Lukomskyj is a Principal Resource Geologist and at the time of reporting, full-time employee at Mining One Consultants and confirmed that he has read and understood the requirements of the JORC Code. The information is extracted from the report entitled ‘Maiden MRE of 1.3Moz at 1.54g/t Gold for Ferké’ created on 20 April 2026 (Original Market Announcement) and is available to view on https://api.investi.com.au/api/announcements/mpk/ca300a11-1a2.pdf. Mr Lukomskyj is a Competent Person as defined by the JORC Code, having sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity for which he has accepted responsibility, and holds no vested interest in Many Peaks Minerals Limited or its related parties, or to any mineral properties included in the Original Market Announcement. The company confirms that it is not aware of any

new information or data that materially affects the information included in the Original Market Announcement. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the Original Market Announcement. ************************************************************************

Mount Hope Mining Ltd (MHM) (from page 32) Competent Person Statement The information in this announcement that relates to Exploration Results is based on, and fairly represents, information and supporting documentation prepared by Mr Fergus Kiley, a Competent Person who is a Member of the Australian Institute of Geoscientists. Mr Kiley is a Director of Mount Hope Mining Limited. Mr Kiley has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Kiley consents to the inclusion in this announcement of the matters based on his information in the form and context in which they appear. The information in this announcement that relates to Metallurgical Testwork Results is based on, and fairly represents, information and supporting documentation prepared by Mr John Knoblauch, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Knoblauch is an independent metallurgical consultant to Mount Hope Mining Limited. Mr Knoblauch has sufficient experience relevant to the style of mineralisation and metallurgical processing under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Knoblauch consents to the inclusion in this announcement of the matters based on his information in the form and context in which they appear. Disclaimers No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this release. To the maximum extent permitted by law, none of the Company, its related bodies corporate, shareholders or respective directors, officers, employees, agents or advisors, nor any other person accepts any liability, including, without limitation, any liability arising out of fault or negligence for any loss arising from the use of information contained in this release. The Company will not update or keep current 51

APPENDIX the information contained in this release, or correct any inaccuracy or omission which may become apparent, or furnish any person with any further information. Any opinions expressed in this release are subject to change without further notice.

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Pilbara Gold Ltd (PGL) (from page 34) Competent Person Statement (Exploration)

Forward-looking Statement Certain statements in this announcement constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws. Such statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as “may”, “would”, “could”, “will”, “intend”, “expect”, “believe”, “plan”, “anticipate”, “estimate”, “scheduled”, “forecast”, “predict” and other similar terminology, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. These statements reflect the Company’s current expectations regarding future events, performance and results, and speak only as of the date of this announcement. All such forward-looking information and statements are based on certain assumptions and analyses made by MHM’s management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. ***********************************************************************

New Murchison Gold Ltd (NMG) (from page 33) Competent Person / JORC Compliance Statement Exploration Results Information in this article that relates to results is based upon work undertaken by Alex Johnston, a Competent Person who is a Member of the Australian Institute of Geoscientists (AIG). Mr Johnston has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a ‘Competent Person’ as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code). Mr Johnston is an employee of NMG Limited and consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears. 52

The information in this report that relates to Exploration Results is based on and fairly represents information compiled and reviewed by Mr Mark Falconer, who is a full-time employee of Pilbara Gold Ltd and who is also a Member of the Australian Institute of Geoscientists (AIG). Mr Falconer has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.’ (the JORC Code 2012). Mr Falconer has provided his prior written consent to the inclusion in the report of the matters based on their information in the form and context in which it appears. The information in this report that relates to Mineral Resources is based on information compiled and reviewed by Christopher Speedy a fulltime employee of Encompass Mining Consultants who is also a Member of the Australian Institute of Geoscientists (AIG). Mr Speedy has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.’ (the JORC Code 2012). The Resource Estimation has been prepared independently in accordance with the JORC Code. Mr Speedy has no vested interest in Pilbara Gold Ltd or its related parties, or to any mineral properties included in this report. Fees for the report are being levied at market rates and are in no way contingent upon the results. Mr Speedy has consented to the inclusion in the report of the matters based on their information in the form and context in which it appears. The Mineral Resources were first reported in an ASX announcement dated 13 April 2026 and entitled 'New 2.1Moz gold resource at Mt York lays strong foundation for rapid development' (Announcement) and is available to view at www.pilbaragold.com.au/investors/asxannouncements/. The Company confirms that it is not aware of any new information or data that materially affects the information included in the Announcement and, in the case of estimates of mineral resources, that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent

GOLD & COPPER FY2027

Person's findings are presented have not been materially modified from the original market Announcement. ************************************************************************

a Competent Person under the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr McCrae has consented to the inclusion of this information in the form and context in which it appears.

QMines Ltd (QML) (from page 35)

Mineral Resource Estimate

Competent Person Statement (Exploration)

The information in this report relating to Mineral Resource estimation is based on work completed by Stephen Hyland, a Competent Person and Fellow of the Australasian Institute of Mining and Metallurgy. Mr Hyland is Principal Consultant Geologist with Hyland Geological and Mining Consultants and has the required experience relevant to the style of mineralisation, the type of deposit under consideration and the work undertaken to qualify as a Competent Person under the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Hyland is also a Qualified Person under the rules of the Canadian Instrument NI 43 101. Mr Hyland has consented to the inclusion of this information in the form and context in which it appears.

Forward-Looking Statements This document may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning QMines Limited planned exploration program and other statements that are not historical facts. When used in this document, the words such as "could," "plan," "expect," "intend," "may”, "potential," "should," and similar expressions are forward-looking statements. Although QMines believes that its expectations reflected in these forward- looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that further exploration will result in the estimation of a Mineral Resource.

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Exploration Results and Exploration Targets

Taiton Resources Ltd (T88) (from page 36)

The information in this announcement that relates to Exploration Results is based on information and supporting documentation compiled by, or under the direction of, Mr Thomas Bartschi, a Competent Person who is a Member of the Australian Institute of Geoscientists and a Member of The Australasian Institute of Mining and Metallurgy. Mr Bartschi is a full-time employee of QMines Limited.

Competent Person Statement (Exploration)

Mr Bartschi has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Bartschi consents to the inclusion in this announcement of the matters based on his information in the form and context in which they appear.

The information in this report that relates to exploration results and geological data for the Challenger West is based on information generated and compiled by Shane Tomlinson, who is a member of the Australian Institute of Geoscientists (AIG) and the Technical Director for Taiton Resources Limited. Shane Tomlinson has sufficient experience that is relevant to the styles of mineralisation and types of deposits under consideration and to the activities being undertaken to qualify as Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Tomlinson consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears. ***********************************************************************

Ore Reserve Estimate The information in this report relating to the Open Pit Optimisation and the Ore Reserve Estimate is based on work compiled by Gary McCrae, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr McCrae is a full time employee of Minecomp Pty Ltd and has sufficient experience relevant to the style of mineralisation, the type of deposit under consideration and the work undertaken to qualify as

Tambourah Metals Ltd (TMB) (from page 37) Competent Person / JORC Compliance Statement The information in this report that relates to Exploration Results is based on information compiled by Mr. Bill Clayton, Geology Manager and a shareholder and Director of the Company, who is a Member of the Australian Institute of 53

APPENDIX Geoscientists. Mr. Bill Clayton has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Clayton consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

technical parameters underpinning the Mineral Resources estimates in the relevant market announcement continue to apply and have not materially changed. TGM confirms that the form and content in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

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The information in this report relating to Ore Reserves is based on, and fairly reflects, the information and supporting documentation compiled by Mr. Daniel van Heerden (B.Eng (Mining M.Com (Business Management), member of Engineering Council of South Africa (Pr.Eng. Reg. No. 20050318)), a director of Minxcon Pty Ltd and a fellow of the South African Institute of Mining and Metallurgy (FSAIMM Reg. No. 37309).

Theta Gold Mines Ltd (TGM) (from page 38) Competent Person / JORC Compliance Statement

ORE RESERVES

MINERAL RESOURCES Mr. Uwe Engelmann confirms that he is the Competent Person for the TGM Mineral Resources as reported on TGM’s Mineral Resources which is extracted from TGM’s ASX announcement dated 8 April 2021 (Initial Maiden Underground Mining Reserve) and 25 October 2021 (TGME Project Permitting Update) available to view at www.asx.com.au and was prepared in accordance with the guidelines of the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012). Mr. Engelmann has read and understood the requirements of the JORC Code (2012). Mr. Engelmann is a Competent Person as defined by the JORC Code, 2012, having more than five years’ experience that is relevant to the style of mineralisation and type of deposit described in this report and to the activity for which he is accepting responsibility. Mr. Engelmann (BSc (Zoo. & Bot.), BSc Hons (Geol.), Pr.Sci.Nat. No. 400058/08, MGSSA), is a director of Minxcon (Pty) Ltd and a member of the South African Council for Natural Scientific Professions. Mr. Engelmann is a full-time employee of Minxcon (Pty) Ltd and has reviewed this report and consents to the inclusion of the matters based on his supporting information in the form and context in which it appears. The information in this announcement that relates to TGM’s Mineral Resources is extracted from TGM’s ASX announcement dated 8 April 2021 (Initial Maiden Underground Mining Reserve) and 25 October 2021 (TGME Project Permitting Update) available to view at www. asx.com.au, and was prepared in accordance with the guidelines of the JORC Code (2012). TGM confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and 54

Mr van Heerden has sufficient experience that is relevant to the style of mineralisation under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code (2012). Mr van Heerden consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The information in this announcement that relates to TGM’s Ore Reserves is extracted from TGM’s ASX announcement dated 8 April 2021 (Initial Maiden Underground Mining Reserve) and 25 October 2021 (TGME Project Permitting Update) available to view at www. asx.com.au, and was prepared in accordance with the guidelines of the JORC Code (2012). TGM confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the Ore Reserve estimates in the relevant market announcement continue to apply and have not materially changed. TGM confirms that the form and content in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. ************************************************************************

Vantage Metals Ltd (VAN) (from page 39) Competent Person Statement (Exploration) The information in this report to which this statement is attached and relates to Exploration Results is based on information compiled by Mr Chris Blaser. Mr Blaser is the General Manager-Exploration of Vantage Metals Ltd and is a Competent Person who is a Member of the

GOLD & COPPER FY2027

Australasian Institute of Mining and Metallurgy (AusIMM) and a Member of the Australian Institute of Geoscientists (AIG). Mr Blaser has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the exploration techniques being used to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Blaser has consented to the inclusion in this announcement of the matters based on his information, in the form and context in which they appear. ***********************************************************************

Waratah Minerals Ltd (WTM) (from page 40) Competent Person Statement (Exploration) The information in this report that relates to Exploration Results is based on information compiled by Mr Peter Duerden who is a Registered Professional Geoscientist (RPGeo) and member of the Australian Institute of Geoscientists. Mr Duerden is a full-time employee of Waratah Minerals Limited and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. The Company confirms that it is not aware of any new information or data that materially affects the information included in the report and that all material assumptions and technical parameters in the market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

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