Quarterly Activities & Cashflow Report

Our recent quarterly report for June 2025 highlights the positive results of the Mandilla Pre-Feasibility Study (PFS). The study confirms Mandilla as a lucrative large-scale development opportunity, with a production target of 1.4 million ounces of gold over 19 years at an all-in sustaining cost of $2,085 per ounce. The base case scenario is financially appealing, with forecasted free cash flow of over $2.8 billion, revenue of approximately $6.0 billion, and a rapid payback period of less than 1 year. Moreover, the projected gold production targets are impressive, with an average of 95koz per annum in the first 12 years (Stage 1) and 42koz per annum in the remaining 6.5 years (Stage 2). Additionally, a Maiden Probable Ore Reserve Estimate of 36.6 million tonnes at 0.9g/t Au has been calculated, totaling approximately 1.1 million ounces of gold. This includes Mandilla Probable ORE of 34.3 million tonnes and Feysville Probable ORE of 2.3 million tonnes.