2026 Annual Report
Released
Released
Announcement PDF
VERTEX MINERALS LIMITED AND CONTROLLED ENTITIES
ABN 68 650 116 153
ANNUAL REPORT
FOR THE YEAR ENDED
30 JUNE 2026
VERTEX MINERALS LIMITED AND CONTROLLED ENTITIES
ABN 68 650 116 153
Table of Contents
Page
Corporate directory 1
Chairman’s report 2
Review of operations 5
Corporate Governance Statement 26
Directors’ report 27
Auditor’s independence declaration 53
Consolidated statement of profit or loss and other comprehensive
income 54
Consolidated statement of financial position 55
Consolidated statement of changes in equity 56
Consolidated statement of cash flows 57
Notes to the consolidated financial statements 58
Consolidated Entity Disclosure Statement 111
Directors’ declaration 112
Independent auditor’s report 113
Additional ASX information 117
Schedule of tenements 121
VERTEX MINERALS LIMITED AND CONTROLLED ENTITIES
ABN 68 650 116 153
Corporate Directory
1
Directors
Bruce McInnes
Executive Chairman
Roger Jackson
Executive Director
Jim Simpson
Executive Director - Operations
Tully Richards
Executive Director
Company Secretary
Ian Morgan
Principal and Registered Office
6 Bowen Street
HILL END NSW 2850
Telephone: +61 2 7229 4849
Email: info@vertexminerals.com.au
Website: www.vertexminerals.com
Auditor
BDO Audit Pty Ltd
Parkline Place
Level 25, 252 Pitt Street
Sydney NSW 2000
Banker
National Australia Bank
Securities Exchange Listing
Australian Securities Exchange
Home Exchange: Perth, Western Australia
Codes: VTX and VTXO
Share Registry
Automic Group
Level 5, 191 St Georges Terrace
Perth WA 6000
Telephone: 1300 288 664
VERTEX MINERALS LIMITED AND CONTROLLED ENTITIES
ABN 68 650 116 153
Chairman’s Report
2
Dear Fellow Shareholders,
It is my privilege to present the Annual Report of Vertex Minerals Limited for the year ended
30 June 2026 - my first as Chairman, and the Company’s first as a gold producer.
The Company entered the 2026 financial year in the final stages of commissioning the gravity
processing plant in conjunction with the rehabilitation and development of the Reward Mine.
The pre-feasibility study called for a 12-month rehabilitation and development program prior
to the commencement of production. Whilst the Company is still committed to ramping up
production in October 2026, it hasn’t come without its challenges.
The first major hurdle was obtaining 24/7 underground operations which has caused major
delays. The PFS called for 24/7 operations from the very start of the rehabilitation and
development of the Reward Mine. Unfortunately, it was only on 20 August 2026 that the
Company gained approval for the change of blasting hours and the ability to operate
underground on a 24/7 basis. The second major hurdle was the rehabilitation of the workings
which had been submerged for approximately 14 years. The extent of ground support
required to rehabilitate the three declines was significantly greater than initially anticipated.
As this work sat on the critical path to production, it required both time and capital that the
Company would otherwise have preferred to direct toward stoping activities. As a result, gold
production for the year was below the level initially anticipated by the Company.
Subsequent to 30 June 2026 the rehabilitation program has been completed, with Decline 1,
2 and 3 having been rehabilitated in order to start stoping or full face ore development.
Decline 3 was the first to be rehabilitated and backfilled in preparation for the first trial of
long hole open stope.
Alongside the rehabilitation program, the Company repositioned the Reward Mine as a
mechanised narrow-vein mining operation. The trial long hole stope demonstrated that
mechanised long hole stoping is a viable mining method and can operate in concert with airleg
stoping on a similar mining width, but with the advantages of greater speed and efficiency.
Development drives are now being narrowed to better reflect the width of the high-grade
veins and reduce dilution.
Equipment procurement was a significant challenge throughout the year with all narrow vein
“built for purpose” equipment coming from overseas in Europe, South Africa and Peru. Tele-
remote loading capacity was expanded, additional underground haulage equipment was
ordered, and a purpose-built narrow-vein long hole production rig was commissioned for
delivery. These initiatives have kept the transition to production on track for the ramp up
through October 2026. In parallel, multiple high-grade airleg mining fronts were established
on the Paxtons Reef across the 671 and 677 levels, providing greater operational flexibility
and reducing the Company’s reliance on any single working area.
VERTEX MINERALS LIMITED AND CONTROLLED ENTITIES
ABN 68 650 116 153
Chairman’s Report (continued)
3
Above ground, the Company also continued to improve the performance of its processing
infrastructure. The gravity-only processing plant operated throughout the year without the
use of cyanide or other chemical reagents - providing a clear environmental advantage, while
performance at both the Gekko gravity plant and Tomra laser ore sorter improved.
Exploration field activity was intentionally limited during the year as the Company prioritised
its resources toward underground development and production at Reward. Despite this,
important progress was made for future exploration work within the broader Hill End project.
The Company was awarded the “Dun Dun” exploration licence in March 2026, which
consolidated approximately 50 kilometres of contiguous geology along the Hill End-Hargraves
trend, where several gold-bearing quartz veins have been identified. A new structural geology
model was also completed during the year and incorporated into an updated block model for
the Reward Mine, with an updated Mineral Resource estimate subsequently released after
financial year end. The Hargraves Project remains a logical potential source of future satellite
ore and an important component of the Company’s broader Mineral Resource base,
consistent with its long-term strategy of developing a larger gold operation across the Hill End
region.
The Company also secured the funding required to support its transition toward full
production. A capital raising completed in July 2025 was followed by loan facilities entered
into in December 2025, March 2026 and June 2026, together providing the capital required
to fund underground development and the production ramp-up at Reward. The Board
recognises that shareholders have supported the Company through a longer development
period than originally anticipated. Our focus now is to convert that support into a sustainable,
cash-generating operation, and that benefits all shareholders for the years ahead.
There were also a number of changes to the Board during the year. Mr Sean Richardson
resigned and Mr Declan Franzmann retired as Non-Executive Directors in July 2025 and
December 2025 respectively, and I thank them for their contributions to the Company. Mr
Jim Simpson joined the Board and was subsequently appointed Executive Director -
Operations in February 2026, bringing substantial practical underground mining experience
to the Company at an important stage in the development of the Reward Mine.
I was appointed Executive Chairman in June 2026, at which time Mr Roger Jackson
transitioned to the role of Executive Director. Roger was one of the founding directors of
Vertex, helping to secure the Hill End tenure and leading the Company through the re-entry
of the Reward workings and into first gold production. He remains closely involved with the
Company and continues to lead our geological and exploration activities. I am grateful for the
significant contribution he has made to the Company and for his support throughout this
transition.
VERTEX MINERALS LIMITED AND CONTROLLED ENTITIES
ABN 68 650 116 153
Chairman’s Report (continued)
4
Looking ahead, our priorities are clear. With the major rehabilitation work now complete, our
focus is on commencing long hole stoping, improving delivered grade, bringing additional
high-grade airleg mining fronts into production, and capitalising on the increased
underground working hours now available following approval of the development consent
modification by Bathurst Regional Council on 20 August 2026. Vertex holds a permitted, high-
grade underground gold mine with its own processing plant in a district that has historically
produced more than one million ounces of gold, at a time of strong gold prices. The
development work undertaken over the past year has established the foundation from which
the Company can now focus on increasing production and building a sustainable mining
operation at Reward.
None of this progress would have been possible without the commitment of our people. The
work undertaken underground at Hill End during the year has been carried out with a strong
focus on safety and operational discipline. On behalf of the Board, I sincerely thank our
employees and contractors for their efforts and acknowledge the continued support of the
Hill End, Mudgee and Bathurst communities. We remain committed to maintaining high
standards of operational responsibility and contributing positively to the communities in
which we work.
Finally, I thank you, our shareholders, for your patience and continued support as Vertex has
progressed from explorer to producer. With production underway, the major development
work now largely complete and a clear operating plan for the year ahead, I believe the
Company is well positioned to build on the foundations established during the year and
progress toward becoming a sustainable Australian gold producer.
Yours sincerely,
Bruce McInnes
Executive Chairman
Vertex Minerals Limited
VERTEX MINERALS LIMITED AND CONTROLLED ENTITIES
ABN 68 650 116 153
Review of Operations
5
Exploration and Production
Vertex Minerals Limited holds a portfolio of high-grade gold projects in New South Wales, anchored by
the flagship Hill End Gold Project. Together with the nearby Hargraves Gold Project, located 35
kilometres to the north, these assets form a district-scale position within the highly prospective Hill
End - Hargraves corridor, which has historically produced more than one million ounces of gold.
The Company’s priority during the year ended 30 June 2026 was the establishment of underground
mining at the Reward Gold Mine and the transition of the Hill End Gold Project from initial production
into a sustained underground operation. Underground ore production commenced in August 2025 with
the first blasting of ore on the Lady Belmore Reef, and the Company sold gold in each quarter of the
financial year. Feed to the gravity processing plant transitioned progressively from surface stockpiles
to underground ore during the first half of the year, and the plant operated on underground ore alone
from November 2025.
The 2026 financial year was however dominated by underground rehabilitation. The Reward workings
had been submerged for approximately fourteen years prior to dewatering and the condition of the
ground on re-entry required substantially more ground support than had been anticipated. By 30 June
2026, the majority of the rehabilitation work had been completed and the mine had been repositioned
as a mechanised narrow-vein operation ahead of the commencement of long hole open stoping.
During the year the Company also secured the Dun Dun (EL 9868) exploration licence, consolidating
approximately 50 kilometres of contiguous geology along the Hill End - Hargraves trend, and completed
a new structural geology model for the Reward deposit which formed the basis of an updated Mineral
Resource estimate.
Image 1: Vertex Minerals Key Projects
VERTEX MINERALS LIMITED AND CONTROLLED ENTITIES
ABN 68 650 116 153
Review of Operations (continued)
6
Hill End Gold Project
Background
The Hill End Gold Project is located in the Central Tablelands of New South Wales, approximately 50
kilometres south of Mudgee and 74 kilometres north of Bathurst, within the highly prospective Eastern
Lachlan Fold Belt. Vertex holds tenure across exploration licences, one gold lease (GL 5846) and ten
mining leases (ML 49, 50, 315, 316, 317, 913, 914, 915, 1116 and 1541). The Company’s tenure was
expanded during the year by the award of exploration licence EL 9868 (Dun Dun), described further
below.
The district has a rich gold mining history, with more than one million ounces historically produced.
Vertex’s ground position spans the Hill End corridor and includes several historic high-grade mines. The
cornerstone of the Company’s operations is the Reward Gold Mine, a high-grade underground deposit
accessed via the existing 640 Level portal, which sits immediately below the historic Hawkins Hill mine.
The Reward Gold Mine benefits from substantial existing infrastructure - a permitted processing plant
site, established portal, ventilation and services, permitted residue storage and road access - together
with underground development inherited by the Company.
Image 2: Map of the Hill End Project Area
VERTEX MINERALS LIMITED AND CONTROLLED ENTITIES
ABN 68 650 116 153
Review of Operations (continued)
7
Commencement of Underground Production
Underground gold production commenced at the Reward Gold Mine in August 2025. Following
commissioning of the primary ventilation fan on 21 August 2025, the first blasting of ore was completed
on the Lady Belmore Reef and approximately 500 tonnes of ore was blasted and bogged to the
Amalgamated portal for processing. On 25 August 2025 the Company announced that the first freshly
blasted ore had been sourced from the first two stoping blocks at Reward.
Supporting infrastructure commissioned during the year at Reward included the underground
transformer substation, primary ventilation, underground communications and water and power
reticulation. These works enabled the Company to move progressively from surface stockpile feed to
underground ore, and the processing plant treated underground ore exclusively from November 2025.
Underground Development and Rehabilitation
The dominant activity at Reward during the year was the rehabilitation of the three declines which
provide access to the lower levels of the mine. The workings had been under water for approximately
fourteen years before the Company dewatered them and on re-entry the ground was found to be in a
poorer condition than anticipated which was unsafe to work in without substantial remediation.
Rehabilitation involved stripping the backs, bolting and meshing the declines and grouting cables into
the rock where required.
This work consumed development capacity that would otherwise have been directed to ore
development and stoping at the Reward project and was the principal reason that the production
ramp-up extended beyond the timetable contemplated at the beginning of the year. The Board took
the view throughout that the work had to be completed properly and safely before mining rates could
be increased.
Progress during the year included:
• rehabilitation of Decline 3 completed, together with the Decline 3 flatback Lift 2 including
backfilling, ahead of the first full trial of long hole open stoping on the Mica 1 seam;
• rehabilitation of Decline 2 completed during the June 2026 quarter;
• rehabilitation of Decline 1 substantially advanced at 30 June 2026, and completed
subsequent to year end; and
• development drives narrowed to better match the width of the high-grade veins, reducing
dilution and improving delivered grade.
VERTEX MINERALS LIMITED AND CONTROLLED ENTITIES
ABN 68 650 116 153
Review of Operations (continued)
8
Mining Methods and Mining Fronts
During the year, the Company adopted a strategy of establishing multiple mining fronts and employing
a range of mining methods to diversify operational risk and maximise delivered head grade at Reward.
Mining methods utilised included airleg gallery and shrink stoping and jumbo cut-and-fill stoping.
Narrow-vein long hole open stoping was being prepared at year end, with the first production rings of
the trial stope fired in late July 2026.
Mining fronts established and worked during the year included the 1670 airleg stope, the 1438 and 438
North stopes, the Amalgamated and Star of Peace 2 veins, and the Mica 1 and Mica 2 vein sets.
Additionally, between April to June 2026, additional airleg stoping fronts targeting the high-grade
Paxtons Reef were advanced on the 671 and 677 levels, both north and south of the Reward shaft.
As rehabilitation of the underground declines progressed, the Company also advanced its transition
towards mechanised bottom-up long hole open stoping. As this mining method had not yet
commenced at scale during the financial year, the majority of ore delivered to the plant was sourced
from development headings and airleg stopes. Following completion of the decline rehabilitation,
mechanised bottom-up long hole stoping is scheduled to commence in October 2026.
Image 3: Reward Gold Mine - long section showing declines and mining fronts at 30 June 2026
Underground Fleet and Equipment
Vertex expanded and upgraded its underground fleet through the year to support the transition to
mechanised narrow-vein mining, with the purchase of approximately $2.0 million worth of equipment.
The improvements made to the Company’s fleet during the year included the following:
• an Aramine L350D loader, installed with the assistance of RCT and commissioned with tele-
remote capability in November 2025, enabling loading from unsupported ground ahead of
long hole stoping;
VERTEX MINERALS LIMITED AND CONTROLLED ENTITIES
ABN 68 650 116 153
Review of Operations (continued)
9
• a second Aramine loader delivered to site and placed into operation;
• a second haul truck under construction at year end;
• Muki jumbo rails procured for fitting to the existing Epiroc Boomer TD1 and Atlas Copco
H104 jumbo drills, enabling narrower development drives; and
• a Muki LHBP narrow-vein long hole production rig ordered from Resemin for delivery ahead
of the commencement of long hole stoping (Image 4).
Image 4: Muki Production Drilling Rig
Processing Operations
The Gekko gravity gold plant operated throughout the year at the Reward project, recovering gold
exclusively by gravity without the use of cyanide or other chemical reagents. The plant is configured to
recycle and re-use process water and to produce dry-stacked sand residue from processed ore. The
TOMRA ore sorter, commissioned in the prior financial year, continued to upgrade plant feed by
rejecting barren host rock ahead of the gravity circuit.
Following improvements in plant availability and ore sorter performance in the second half of the 2026
financial year, hard rock processing achieved sustained throughput near nameplate capacity in the
second half of the financial year. By June 2026, mill recovery had reached 81%, with the plant operating
against an estimated design capacity of approximately 110,000 tonnes per annum.
Production Summary
Gold production and sales by quarter for the year ended 30 June 2026 were as follows:
VERTEX MINERALS LIMITED AND CONTROLLED ENTITIES
ABN 68 650 116 153
Review of Operations (continued)
10
Quarter
Gold produced
(oz)
Gold sold (oz)
Gold revenue
($)
September 2025 quarter 77 77 415,708
December 2025 quarter 123 118 751,271
March 2026 quarter 284 245 1,718,123
June 2026 quarter 195 217 1,355,199
Total - year ended 30 June 2026 679 657 4,240,301
Table 1. Reward Gold Mine production and sales, year ended 30 June 2026.
Production increased through the second half of the year as underground stoping volumes and grades
improved, with a record 113 ounces of gold sold in the month of June 2026, generating gross revenues
of approximately $670,000. Production for the year as a whole remained below the rate contemplated
in the Company’s mine plan, reflecting the extended rehabilitation programme described above and
the resulting delays in accessing the higher-grade stoping areas.
Development Consent Modification
During the year the Company lodged an application with Bathurst Regional Council to modify its
development consent for the Reward Gold Mine, seeking changes to permitted working hours and
blasting times in order to extend the hours available for underground mining.
Determination of the application, initially expected in mid-July 2026, was deferred by Council to mid-
August 2026. While the application remained undetermined at 30 June 2026, the application was
subsequently approved on 20 August 2026. More information concerning the application approval can
be found within the Directors’ Report section of this Annual Report.
Geology and Resource Modelling
During the second half of the year the Company’s geology team completed a new structural geology
model for the Reward deposit. The model was developed from underground mapping, face sampling
and reconciliation of material mined and processed against the tonnes and grade predicted by the
existing block model and incorporates 30 known gold seams identified from historic diamond drilling
and current face sampling. That work fed into an updated block model and an updated Mineral
Resource estimate for the Reward Gold Mine.
The updated estimate remained subject to external audit at 30 June 2026 and was released to the
market on 11 September 2026. Further information concerning the updated resource estimate is
described within the Annual Report of Mineral Resources and Exploration Results section of this Annual
Report.
VERTEX MINERALS LIMITED AND CONTROLLED ENTITIES
ABN 68 650 116 153
Review of Operations (continued)
11
Red Hill Project
The Red Hill deposit is located approximately three kilometres north of Hill End, within exploration
licence EL 5868. It lies within a mineralised corridor on the eastern limb of the Hill End Anticline, where
gold occurs in bedding-parallel quartz veins and stockworks, a setting similar to the Hargraves deposit
and the Hawkins Hill-Reward system. Red Hill hosts a JORC (2012) Mineral Resource of 1.48 million
tonnes at 1.7 g/t Au for 80,000 ounces (refer Table 2 below).
No field work was undertaken at Red Hill during the 2026 financial year.
Dun Dun Project
Vertex was awarded exploration licence EL 9868 (Dun Dun) during the 2026 financial year. The licence
covers ground extending from the Company’s existing Hill End tenure through to its Hargraves tenure,
giving Vertex access to approximately 50 kilometres of contiguous geology along the Hill End -
Hargraves trend.
Dun Dun hosts five known gold-bearing quartz vein systems - the Northeast, Longmore (also known as
Reward East Immediate), Dun Dun (also known as Craigend Main), West Immediate and Southwest
veins. Mineralisation is hosted in laminated quartz veins within turbiditic greywacke and slate, a setting
considered closely analogous to the veins currently being mined at the Reward Gold Mine. Historic
workings on the Dun Dun vein extend to a depth of approximately 106.7 metres and over more than
one kilometre of strike, at vein thicknesses of 20 to 30 centimetres.
No field exploration was undertaken on the licence during the year. The Company intends to compile
and review the historic dataset for Dun Dun during the 2027 financial year with a view to prioritising
targets for future drilling.
Image 5: EL 9868 (Dun Dun) and the Hill End - Hargraves trend
VERTEX MINERALS LIMITED AND CONTROLLED ENTITIES
ABN 68 650 116 153
Review of Operations (continued)
12
Hargraves Gold Project
Background
The Hargraves Project is located approximately 35 kilometres north of Hill End in the Central Tablelands
of New South Wales, within the Eastern Lachlan Fold Belt. The project comprises two granted
exploration licences (EL 6996 and EL 9485) covering the historical Hargraves Goldfield. The area has a
rich mining history, with more than 1.4 million ounces of gold historically produced from reef and
alluvial workings.
Hargraves hosts a JORC-compliant Mineral Resource of 2.3 million tonnes at 2.4 g/t Au for 177,000
ounces. Its proximity to Hill End positions Hargraves as a logical potential satellite ore source,
supporting the Company’s strategy of developing Hill End as a centralised processing hub.
Image 6: Map of the Hargraves Project Area
Activity during the Year
Field activity at Hargraves was limited during the year, with the Company prioritising its financial and
technical resources toward establishing underground production at Reward. No drilling was
undertaken at Hargraves, as activities were instead focused on desktop studies and target
prioritisation, building on the geological review and conceptual mine planning work undertaken during
the previous financial years.
VERTEX MINERALS LIMITED AND CONTROLLED ENTITIES
ABN 68 650 116 153
Review of Operations (continued)
13
Next Steps
The Company will progress exploration planning for Hargraves during the 2027 financial year, with the
objective of defining additional JORC-compliant ounces and evaluating the project’s potential role as a
satellite ore source to extend the life of the Hill End production hub. The timing and scale of any field
programme will remain subject to funding and to the Company’s broader operating priorities at
Reward.
Other Projects
Taylor Rock Project
Background
The Taylor Rock Project (E63/2058) lies on the southeastern margin of the Lake Johnston Greenstone
Belt in Western Australia, approximately 190 kilometres southwest of Kalgoorlie. The geological setting
is prospective, with historic drilling identifying pegmatite swarms that may host lithium-bearing
spodumene, as well as nickel sulphide potential from past exploration campaigns by Norilsk Nickel.
Image 7: Map of the Taylor Rock Project
Project Strategy
Vertex views Taylor Rock as an early-stage, multi-commodity opportunity, with potential across
lithium, nickel and gold. The tenement provides exposure to critical minerals within a proven geological
province and aligns with the Company’s strategy of maintaining a pipeline of exploration assets at
varying stages of development.
VERTEX MINERALS LIMITED AND CONTROLLED ENTITIES
ABN 68 650 116 153
Review of Operations (continued)
14
Next Steps
No field exploration work was undertaken at Taylor Rock during the 2026 financial year, with the
Company’s technical and financial resources directed to the Reward Gold Mine. Expenditure of
approximately $25,000 was incurred during the 2026 financial year to maintain the tenement in good
standing.
The Company will continue to review the project as part of its ongoing portfolio assessment. Any field
programme would remain subject to approvals, access arrangements and broader corporate priorities.
Pride of Elvire Project
Background
The Pride of Elvire Project (E77/2651, approximately 51 km²) is located in the Mt Elvire greenstone belt
in Western Australia, approximately 210 kilometres north of Southern Cross. The project area is
historically known for small-scale gold mining, and previous explorers have undertaken stream, soil and
rock chip sampling, as well as RAB and RC drilling.
Image 8: Map of the Pride of Elvire Project
VERTEX MINERALS LIMITED AND CONTROLLED ENTITIES
ABN 68 650 116 153
Review of Operations (continued)
15
Project Strategy
Vertex considers Pride of Elvire to be an early-stage gold exploration asset with the potential to host a
maiden JORC gold resource. The project provides additional gold exposure within the Company’s
portfolio, complementing the more advanced Hill End and Hargraves assets.
Next Steps
No exploration work was undertaken at Pride of Elvire during the 2026 financial year. Expenditure of
approximately $35,000 was incurred during the 2026 financial year to maintain the tenement in good
standing. The Company will continue its review of historical exploration results and, subject to funding
and portfolio priorities, would look to refine that work into a staged exploration program focused on
validating historical anomalies through sampling and geological mapping.
Annual Report of Mineral Resources and Exploration Results
The Statement of Mineral Resources and Exploration Results presented in this Report has been
prepared in accordance with the Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves 2012 Edition (the JORC Code 2012).
Mineral Resource Estimates as at 30 June 2026
The following table shows the Mineral Resource estimates of the Hill End and Hargraves projects in
accordance with the JORC Code (2012) as at 30 June 2026. The estimates below are those which were
current at the reporting date, being the estimates first announced in June 2023. An updated Mineral
Resource estimate for the Reward deposit was completed after the reporting date and has been
separately defined below.
Deposit Classification
Cut-off
(g/t)2
Tonnes
(’000)1 Au (g/t) Ounces
Reward Indicated 4.0 141 15.5 71,000
Inferred 4.0 278 17.3 155,000
Hargraves Indicated 1.0 1,109 2.7 97,000
Inferred 1.0 1,210 2.1 80,000
Red Hill Indicated 1.0 413 1.4 19,000
Inferred 1.0 1,063 1.8 61,000
Total 4,214 3.6 483,000
Table 2(a). Hill End, Hargraves and Red Hill Project Mineral Resource Estimates as at 30 June 2026.
VERTEX MINERALS LIMITED AND CONTROLLED ENTITIES
ABN 68 650 116 153
Review of Operations (continued)
16
Notes to Table 2(a):
1
Figures have been appropriately rounded.
2
The Reward Mineral Resource is reported at a cut-off grade of 3.0 g/t Au. The Hargraves and Red Hill Mineral Resources
are reported at a cut-off grade of 1.0 g/t Au.
Deposit Classification Cut-off (g/t)2 Tonnes
(’000)1
Au (g/t) Ounces
Reward3 Indicated 4.0 80 21.2 54,700
Inferred 4.0 194 14.8 92,200
Hargraves Indicated 1.0 1,109 2.7 97,000
Inferred 1.0 1,210 2.1 80,000
Red Hill Indicated 1.0 413 1.4 19,000
Inferred 1.0 1,063 1.8 61,000
Total 4,069 3.1 403,900
Table 2(b). Hill End, Hargraves and Red Hill Project Mineral Resource Estimates, incorporating the updated
Reward Mineral Resource estimate announced on 11 September 2026.
Notes to Table 2(b):
1
Figures have been appropriately rounded.
2
The Reward M
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