Announcement PDF ASX ANNOUNCEMENT 26 MAY 2025 ST ARNAUD MAIDEN JORC RESOURCE INCREASES AUREKA’S GLOBAL GOLD INVENTORY AND EXPLORATION TARGET RANGE HIGHLIGHTS  Aureka’s historic 120 drill holes at the Comstock pit St Arnaud yields Maiden Inferred JORC Resource, and increases Aureka’s global JORC Resources by 19% from 304koz to over 360koz and adds an additional Exploration Target range to its portfolio.  St Arnaud Comstock Mineral Resource Estimate 1.45Mt at 1.2g/t Au for 56,500 oz gold within historically mined open pit. In addition, an Exploration Target around the Resource has been defined for 112,000 oz to 116,000 oz gold.  Potential for gold mineralisation to extend at depth and along strike of open pit – this shall be tested by Aureka’s current drill program at Comstock. Mining operations ceased in the 1990s with high grades produced up to 50 g/t per tonne.  The historic mine is located within a fenced off public reserve and may lend itself to a more favourable permitting process compared to greenfield sites. A number of third-party owned processing mills are located within trucking distance of Comstock.  Aureka is currently undertaking diamond drilling at Comstock with potential to add to this maiden inventory figure later in the year. Aureka Limited (ASX: AKA, “Aureka”, “the Company”) is pleased to announce the Maiden JORC Resource and Exploration Target for the Comstock Prospect within the St Arnaud Project area (AKA 100% owned). The St Arnaud – Comstock Prospect is located in Western Victoria, 65km northeast of Stawell and 90km west of Bendigo, and was last mined in the 1990s. A maiden JORC Mineral Resource of 1.45M tonnes at 1.21g/t Au for 56,500 oz gold has been determined and additionally, an exploration target around the inferred resource has been estimated to range between 3.0Mt and 3.5Mt, at grades 1.2g/t to 1.0g/t resulting in an exploration target range estimate of 112koz to 116koz of gold and potentially economic amounts of silver at a grade of 2.14g/t Ag for total of 100koz silver. A S X : AK A BRINGING VICTORIA'S GOLD TO LIFE 1 26 MAY 2025 St Arnaud increases Aureka global gold inventory The additional JORC Resource and Exploration Target results in a meaningful lift in Aureka’s already substantial gold inventory that until now was made up of only the Irvine Project in the Stawell Corridor. The addition of the St Arnaud Comstock MRE increases the global gold inventory of Aureka’s project portfolio by 19% from 304,300 oz to 360,800 oz, and adds a further Exploration Target has been defined for 112,000 oz to 116,000 oz gold, which diversifies the Company’s gold production potential by adding another project with potentially economic inventory of gold. Table 1 – Aureka’s Updated Global Mineral Resources Prospect Inferred Cut-Off Gold (g/t) Tonnes Gold Grade (g/t) Gold Ounces Resolution Open Pit >0.6 1,754,000 2.09 118,000 Adventure OP >0.6 680,000 1.85 40,300 OP Irvine (Stawell) >0.6 2,434,000 2.02 158,300 Resolution UG MSO 1,455,000 3.12 146,000 Total Irvine (Stawell)1 Variable 3,889,000 2.43 304,300 Comstock (St Arnaud) >0.5 1,450,000 1.21 56,500 Total All Projects Various 5,339,000 2.10 360,800 The preceding statements of Mineral Resources conforms to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2012 Edition. All tonnages reported are dry metric tonnes. Minor discrepancies may occur due to rounding to appropriate significant figures. Table 2 – Aureka’s Global Exploration Target Totals Prospect Exploration Target Range Tonnes (Mt) Gold Grade (g/t) Gold Ounces (k Oz) Resolution 2.4 - 3.6 2.0 - 3.0 200 - 300 Adventure 1.0 - 1.6 2.0 – 3.2 80 - 120 Total Irvine (Stawell) 3.4 – 5.2 2.0 – 3.0 280 – 420 Comstock (St Arnaud) 3.0-3.5 1.2-1.0 112-116 Total All Projects 6.4-8.7 3.2-1.0 392-536 *The potential quantity and grade of the Exploration Target is conceptual in nature and there has been insufficient exploration to estimate a Mineral Resource in relation to this Exploration Target. It is uncertain if further exploration will result in the estimation of a Mineral Resource in relation to these Exploration Targets 1 ASX Announcement: Maiden Mineral Resource for Stawell Corridor Gold Project - 30 March 2021. A S X : AK A BRINGING VICTORIA'S GOLD TO LIFE 2 26 MAY 2025 Early JORC declaration demonstrates underlying value within Aureka’s large portfolio When Aureka resumed activities in late 2024, it did so with one of Victoria’s largest portfolios of advance stage exploration and pre-development gold projects. The initiative for Aureka to commission and deliver the St Arnaud Comstock MRE on existing data in the current favourable gold price environment, demonstrates the determination to fully exploit the hidden pockets of value within the project portfolio. Current and most recent drill programs at Comstock, St Arnaud As announced on the 10th of April, Aureka has recently commenced a diamond drilling program at St Arnaud. An initial 4 hole, 1,400 metre program is underway along strike and adjacent to the old Comstock pit with drilling on schedule and progressing as planned. If successful, these initial drill holes and any other follow up programs over coming months may enable an update of the Maiden JORC Resource and Exploration Target for the Comstock Prospect. Figure 1: Current drilling program at Comstock St Arnaud. The most recent program prior to the 2025 campaign was a 17-hole program reported on 21 January 2022 that included highlights (ASX Release: Broad gold zones in first holes on Nelson Line at St Arnaud 21 January 2022):  1.0 metre at 13.9 grams per tonnes (g/t) gold within a broader zone of 25.3 metres at 1.7 g/t gold from 157.7m (NED008)  4.6 metres at 3.2 g/t gold & 26.9 g/t silver from 194m (NED009)  4.0 metres at 2.4 g/t gold & 15.9 g/t silver from 165.8m (NED010)  8.3 metres at 2.1 g/t gold & 1.6 g/t silver from 266.7m (NED011) A S X : AK A BRINGING VICTORIA'S GOLD TO LIFE 3 26 MAY 2025 "It is very pleasing, in this strong gold price environment, to be able to define an inferred JORC Resource and Exploration Target for the previously mined open pit at Comstock so soon after we have resumed activities. This has added to our inferred JORC inventory with an additional exploration target across our projects, and demonstrates our ability to deliver value for shareholders from within our portfolio of advanced stage exploration projects. As announced on 10 April 2025, we have also recently begun drilling at St Arnaud to uncover more of the potential gold that lies within the Comstock pit area. If these and future drill holes prove successful, we look forward to potentially adding to this maiden JORC Resource and Exploration Target later in the year. " - James Gurry, Managing Director Initial Mineral Resource at St Arnaud – Comstock Prospect Aureka is pleased to announce a Maiden JORC Resource and Exploration Target for the Comstock Prospect at the St Arnaud Gold Project (100% Aureka). Earlier in 2025, Aureka recognised the extent of previous drilling data available which, in the current economic climate, has been sufficient to determine a maiden JORC Mineral Resource Estimate and Exploration Target for the prospect just when the market is looking for deposits with near term production potential. Comprising drilling data from air core (AC), reverse circulation (RC) and included 27 diamond drill (DD) holes. The most recent drilling was reported in January 2022 after drilling on the southern and northern edges of the Comstock pit (17 diamond drill holes). In April 2025 Aureka engaged a third-party consultant to undertake a Mineral Resource Estimation (MRE). Resource estimation has been completed on the interpreted mineralised areas and the ore contained within the historically mined Comstock Pit has been depleted, Results of the model based on the mineralised trends are outlined below: Table 3 - Comstock Mineral Resources Cut-Off Prospect Gold Inferred Tonnes (g/t) Comstock (St >0.5 Gold Grade Gold Grade Silver (g/t) Ounces (g/t) (oz) silver 1,450,000 1.21 56,500 2.14 100,00 Arnaud) The preceding statements of Mineral Resources conforms to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2012 Edition. All tonnages reported are dry metric tonnes. Minor discrepancies may occur due to rounding to appropriate significant figures. A S X : AK A BRINGING VICTORIA'S GOLD TO LIFE 4 26 MAY 2025 Aureka have assumed all responsibility for the logging, sampling, analytical and QA/QC protocols currently in place at the Comstock Prospect. Similarly, Aureka have assumed all responsibility for the drillhole database review and geological interpretation. This is an independent MRE conducted by third party consultant and has been completed under the provisions of JORC 2012 guidelines. The information in this release that relates to the Estimation and Reporting of Mineral Resources has been compiled by Mr. Daniel Brost BSc (Economic Geology) - MSc (Mine Engineering). Mr. Brost is not employed by Aureka Limited and has acted as an independent consultant on the Comstock Prospect Mineral Resource estimation. Mr. Brost is a Chartered Professional Geology and a Member of the Australasian Institute of Geologists (#221836) and has sufficient experience with the style of mineralisation, the deposit type under consideration and to the activities 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 (The JORC Code). Mr. Brost consents to the inclusion in this report of the contained technical information relating the Mineral Resource Estimation in the form and context in which it appears. In addition, an Exploration Target* has also been delineated through increased geological knowledge gained from recently completed diamond drilling campaigns, Table 2. Table 4 – St Arnaud, Comstock Prospect - Exploration Target* Exploration Target* Prospect Comstock (St Arnaud) Range Tonnes Gold Gold Silver Silver (Mt) Grade ounces (k Grade ounces (k (g/t) Oz) (g/t) Oz) Lower 3.0 1.2 116 2.02 195 Upper 3.5 1.0 112 1.90 214 *The potential quantity and grade of the Exploration Target is conceptual in nature and there has been insufficient exploration to estimate a Mineral Resource in relation to this Exploration Target. It is uncertain if further exploration will result in the estimation of a Mineral Resource in relation to these Exploration Targets The information in this release that relates to the Estimation and Reporting of Exploration Target* has been compiled by Mr. Daniel Brost BSc (Economic Geology) - MSc (Mine Engineering). Mr. Brost is not employed by Aureka Limited and has acted as an independent consultant on the Comstock Prospect Mineral Resource estimation. Mr. Brost is a Chartered Professional Geology and a Member of the Australasian Institute of Geologists (#221836) and has sufficient experience with the style of mineralisation, the deposit type under consideration and to the activities 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 (The JORC Code). Mr. Brost consents to the inclusion in this report of the contained technical information relating the Mineral Resource Estimation in the form and context in which it appears. Using a cutoff grade of 0.5g/t gold, total of 1.45Mt of ore at grade 1.21g/t has been defined for contained gold of 56.5koz. In addition to the gold, Comstock contains potentially economic amounts of silver at a grade of 2.14g/t for a total of 100koz of silver. All drilling on the prospect was completed by prior lease owners and under the previous name Navarre Minerals Limited (ASX:NML), before the Company was relaunched as Aureka Limited (ASX:AKA) under new management. The Comstock Prospect drillhole database contains 120 drillholes, including 27 diamond (DD), 23 air-core (AC) and 70 reverse-circulation (RC) drillholes for a total of 13,512m of drilling which have been used in this MRE. The data spacing within the prospect has been designed and drilled on a nominal 50m x 50m drill grid. A S X : AK A BRINGING VICTORIA'S GOLD TO LIFE 5 26 MAY 2025 Potential path to production St Arnaud Gold Project and the Comstock pit lies within trucking distance to a number of gold processing plants in Victoria. With the current strong gold price environment Aureka intends to begin community, scoping and regulatory approval work to plan for a productive future at Comstock and the St Arnaud gold field. Figure 2: Comstock Pit following the Comstock Shear that was historically mined Figure 3: Examples of high-grade drill intercept from Comstock Prospect (NED009). 1 1 ASX Release: Broad gold zones in first holes on Nelson Line at St Arnaud 21 January 2022 A S X : AK A BRINGING VICTORIA'S GOLD TO LIFE 6 26 MAY 2025 Figure 4: Historical drill results at Comstock within the Nelson Line. 1 Figure 5: Comstock resources area with mineralisation trends and core drill hole traces. 1 ASX Release: Maiden Diamond Drilling on St Arnaud’s Nelson Line Intersects Broad Gold and Silver Mineralisation 21 January 2022 - modified from figure 4. A S X : AK A BRINGING VICTORIA'S GOLD TO LIFE 7 26 MAY 2025 Figure 6: 3D image interpreting Comstock Shear incorporating Comstock Vein in purple and Walker Vein in yellow. Figure 7: St Arnaud Comstock Project relative location to a number of gold processing mills in Victoria. A S X : AK A BRINGING VICTORIA'S GOLD TO LIFE 8 26 MAY 2025 St Arnaud Goldfield background The St Arnaud Gold field was mined from the mid-1850s to the early 1900s, producing approximately 400koz Au at an average grade of 15g/t1. The most significant production was from the Lord Nelson Shaft which reached a depth of 786m2. Gold is hosted within quartz reef systems that have developed in steeply west dipping thrust faults proximal to a fold hinge, similar to the Fosterville Gold Mine. The St Arnaud Project is located in the Stawell Structural Zone with the St Arnaud Fault in the east and Percydale Fault in the west, which are both prospective for orogenic gold mineralisation. Previous exploration programs by the Company have upgraded the priority of the Nelson and New Bendigo Lines. The St Arnaud Gold Project is considered highly prospective for the discovery of orogenic and intrusiverelated gold. EL006819 overlies the historic St Arnaud goldfield where extensions to known mineralisation present key targets. The quartz reef systems can extend for a few metres to a few kilometres along strike but are usually a few hundred metres strike length. Figure 8: Location of the Comstock Project within EL 6819 1 2 St Arnaud 1:100 000 Map Area Geological Report No 110, Department of Natural Resources and Environment Victorica, 1997. ASX Release: High-grade gold in new reef at St Arnaud 16 August 2021 A S X : AK A BRINGING VICTORIA'S GOLD TO LIFE 9 26 MAY 2025 This announcement has been approved for release by the Board of Directors. For further information, please visit www.aureka.com.au, or contact: James.Gurry@aureka.com.au Managing Director Ph: (03) 9692 7222 peter@nwrcommunications.com.au Investor and Media Relations Ph: 0412 036 231 Aureka uses InvestorHub for enhanced, 2-way, communication with shareholders, providing easy access to Company updates, reports, and announcements. Investors are encouraged to sign up to the InvestorHub distribution list on the Company’s website. Sign up here: https://investorhub.aureka.com.au/ A S X : AK A BRINGING VICTORIA'S GOLD TO LIFE 10 26 MAY 2025 Our Projects 3 Significant Gold Exploration Projects 360,800oz Inferred Gold Resource Potential 392 – 536koz Exploration Target The largest portfolio of advanced exploration projects in Victoria. stage Aureka Limited (ASX: AKA) owns a portfolio of advanced stage high grade gold projects across Victoria. The company acknowledges and thanks the traditional owners and local communities where we work. The company's strategy is continuous exploration to uncover more of Victoria's high-grade gold and work with neighbouring producers and strategic investors to advance projects toward development. Stawell Corridor Aureka's flagship Irvine Project hosts a large, inferred Mineral Resource (304koz at 2.43g/t) and additional Exploration Target (280-420koz, 2-3g/t) on the margins of a basalt dome only 20km from the operating Stawell Gold Mine (~five million ounce)1. The Company is currently diamond drilling the Resolution lode at Irvine to extend the resource down plunge as well as infill drilling with a view to an update the Resource in 2025. Irvine highlight drill results include: 5.0m @ 10g/t, 9.4m @ 5.3g/t and 10.8m @ 4.5g/t.2 Board Tandarra Gold Aureka owns a 49% contributing interest in the highgrade Tandarra Gold Project, only 50km northwest of Agnico Eagle's world-class Fosterville Gold Mine, and 40km north of the 22-million-ounce Bendigo Goldfield. The project is subject to annual drilling campaigns as it advances toward a maiden Resource. Tandarra highlight results include 9m @ 14.8g/t, 12.9m @ 33.1g/t, 3.40m @ 5.97g/t Au.3 St Arnaud Aureka's tenements encompass the historical St Arnaud Goldfield and its associated mines including the Comstock area which contains a declared JORC Mineral Resource of 1.45Mt @ 1.21g/t Au for 56.5koz gold and an exploration target around the inferred resource 3.0Mt and 3.5Mt, at grades 1.2g/t to 1.0g/t for 112koz to 116koz of gold and potentially economic amounts of silver. St Arnaud highlight results 9m @ 6.1g/t, 4m @ 3.0g/t, 20m @ 1.8g/t , 6.2m @ 3.7g/t.4 Contact Us Graeme Hunt Non-Executive Chairman Phone +61 3 9692 7222 Email info@aureka.com.au James Gurry Managing Director Head Office + Postal Address Level 4, 100 Albert Road Richard Taylor Non-Executive Director South Melbourne Victoria 3205 Australia Angela Lorrigan Non-Executive Director Technical Director aureka.com.au | ASX:AKA ASX: Maiden Mineral Resource for Stawell Corridor Project 30-Mar-21. ASX: High-grade gold results continue at resolution lode 25-Sep-20. 3 ASX releases: 26 July 2021, CYL/NML ASX release 17 May 2022, NML ASX release 28 August 2024. 4 ASX: 30 July 2018, 26 March 2021 & 16 August 2021. 1 2 A S X : AK A BRINGING VICTORIA'S GOLD TO LIFE 11 26 MAY 2025 Competent Person Statement – Stawell The Mineral Resources and Ore Reserves statements and the Exploration Target potential statement are based on and fairly represents, information and supporting documentation prepared by the Competent Persons. The Mineral Resources, Exploration Targets and Ore Reserves statement at the Stawell Project has been approved by Mr Peter de Vries, who is both a Member of the Australian Institute of Geoscientists (MAIG) (#6129) and a Member of the Australasian Institute of Mining and Metallurgy (MAIMM) (#103264). Mr de Vries is the Principal consultant of Geological, Educational and Mining Services (G.E.M.S.) Pty Ltd, a consultant to Aureka Limited. Mr de Vries has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity currently 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 de Vries consents to the publishing of the information in this presentation in the form and context in which it appears. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant ASX announcement continue to apply and have not materially changed. Exploration Target On 30 March, 2021, AKA (then trading as Navarre Minerals Limited ASX:NML) announced the maiden gold Exploration Target at its flagship 100%-owned Resolution and Adventure projects in Victoria, Australia. Notably, the Exploration Target was constrained to the current drill footprint at Resolution and Adventure, as at the time these areas only contained sufficient drilling to determine continuity and infer grade ranges. Significant potential exists to increase the size of the exploration target with additional drill results beyond the Exploration Target area. Prospect Exploration Target* Range Tonnes (Mt) Gold Grade (g/t) Gold ounces (k Oz) Resolution Lower 2.4 2.0 200 (Stawell) Upper 3.6 3.0 300 Adventure Lower 1.0 2.0 80 (Stawell) Upper 1.6 3.2 120 The potential quantity and grade of the Exploration Target is conceptual in nature and therefore is an approximation. There has been insufficient exploration to estimate a Mineral Resource, and it is uncertain if further exploration will result in the estimation of a Mineral Resource. The Exploration Target has been prepared and reported in accordance with the 2012 edition of the JORC Code. Summary of Relevant Exploration Data, Methodology, and Assumptions Previously engaged consultants had, in conjunction with the Navarre Minerals personnel generated an estimate of the Exploration Target for the Resolution and Adventure prospects. These Exploration Targets represent the strike and depth/plunge extensions to the Mineral Resources defined for both deposits. The results of this estimation are presented in Table 1 for the combined Exploration Targets. The Resolution and Adventure prospects are intersected by a predominantly west dipping shear zone which broadly mimics the strike of the Irvine basalt dome. Gold occurs on or adjacent to the shear zone, A S X : AK A BRINGING VICTORIA'S GOLD TO LIFE 12 26 MAY 2025 typically on meta-basalt/meta-sediment contacts where the rheological contrast provides an ideal locale for shearing and mineralisation. The attitude of the contacts also influences the shear geometry resulting in localised, high-grade gold shoots. The Exploration Target was based on the interpretation of the following geology and mineralisation data that had been collated as part of the 2021 MRE statement:        42 structurally oriented diamond drillholes and169 aircore, drill holes for a total of 23,465 m at the Resolution prospect that have been drilled by Navarre Minerals (NML), 10 structurally oriented diamond drillholes and 195 aircore, drill holes for a total of 17,952 m at the Resolution prospect that have been drilled by Navarre Minerals (NML), 943 density measurements on mineralised diamond drill core, and the determined SG’s were applied to the appropriate lithological units involved with the Exploration Target, surface geological mapping, costean data and diamond core geological logging, detailed LiDAR imagery, geophysical datasets including detailed ground magnetic and 3D induced polarisation, and wireframing and modelling of the Resolution and Adventure mineralised bodies. For the Resolution prospect, the Exploration Target has been estimated based on the strike continuity and down plunge continuity of the mineralisation defined by drilling and modelled as part of the Mineral Resources. The extent of this strike and plunge continuity is considered to be consistent with that evident in the Magdala deposit analogue to the north of Resolution, as the mineralisation controls and style are consistent between the two deposits. To determine the tonnage and grade ranges for the Resolution prospect Exploration Target, the existing Mineral Resources as defined at Resolution was used as the base case in combination with the geological understanding of the mineralisation model for Resolution. The northern strike extents component of the Exploration Target has been based on the initial wide spaced shallow AC drilling that extends approximately 900 metres to the north of the defined Resolution mineralisation. The Consultants determined that the potential for a repeat of the mineralisation defined in the upper parts of Resolution along strike is adequate for estimating an Exploration Target that is within +/-20% of the Resolution open pit Mineral Resource. In addition, the strong southerly plunge controls evident with the deeper parts of the Resolution Mineral Resource have been used to guide the estimation of an Exploration Target down this plunge direction at depth. This part of the Exploration Target has used the UG Mineral Resource defined at an MSO cut-off grade of 1.4 g/t Au as a base with a +/-20% range applied for the tonnage, grade and ounces. For the Adventure prospect, the Exploration Target has been estimated based on the wide spaced exploration drilling that has been completed to date. The mineralisation as defined by these drill results does not currently have adequate confidence to be classified as a Mineral Resource. However, Mining Plus considers that the estimation of an Exploration Target is possible for the mineralised extents that have been modelled. The ranges for tonnage, grade and ounces have been estimated using the Adventure block model results reported at a 1 g/t Au cut-off (Figure 10) for those estimated blocks remaining unclassified (that do not satisfy the criteria of an Inferred Mineral Resource). A -20% and +30% range has then been applied to determine the ranges required for reporting an Exploration Target*. It is important to note that as these estimated blocks do not meet the requirements of a Mineral Resource, there is increased likelihood of grade extrapolation, rather than interpolation, hence the application of suitable tonnage, grade and ounce ranges for the Adventure Prospect Exploration Target. The upper grade, tonnage and ounces range of +30% has been based on the presence of two of the higher grade and thicker intercepts returned to date for Adventure being located at the base of the Exploration Target. A S X : AK A BRINGING VICTORIA'S GOLD TO LIFE 13 26 MAY 2025 Competent Person Statement – St Arnaud The information in this release that relates to the Estimation and Reporting of Mineral Resources and Exploration Target at the St Arnaud Project has been compiled by Mr. Daniel Brost BSc (Economic Geology) - MSc (Mine Engineering). Mr. Brost is not employed by Aureka Limited and has acted as an independent consultant on the Comstock Prospect Mineral Resource estimation. Mr. Brost is a Chartered Professional Geology and a Member of the Australasian Institute of Geologists (#221836) and has sufficient experience with the style of mineralisation, the deposit type under consideration and to the activities 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 (The JORC Code). Mr. Brost consents to the inclusion in this report of the contained technical information relating the Mineral Resource Estimation in the form and context in which it appears. An Exploration Target has been delineated through increased geological knowledge gained from recently completed diamond drilling campaigns at St Arnaud. Exploration Target* Prospect Comstock (St Arnaud) Range Tonnes Gold Gold Silver Silver (Mt) Grade ounces Grade ounces (k (g/t) (k Oz) (g/t) Oz) Lower 3.0 1.2 116 2.02 195 Upper 3.5 1.0 112 1.90 214 The potential quality and grade of the Exploration Target is conceptual in nature and there has been insufficient exploration to estimate a Mineral Resource in relation to this Exploration Target. It is uncertain if further exploration will result in the estimation of a Mineral Resource in relation to these Exploration Targets. 1. All tabulated data have been rounded and as a result minor computational errors may occur. 2. No economic viability is implied. 3. The potential quantity and grade of the g old mineralisation at Comstock is conceptual in nature, there has been insufficient exploration outside the reported Mineral Resource, and it is uncertain if further exploration will result in an increase of the reported Mineral Resource. 4. The Exploration Target is reported as a range of grade and tonnages for the project based on drillhole data extrapolation of statistical and estimation confidence limits and various assumptions of continuity. Summary of Relevant Exploration Data, Methodology, and Assumptions The Comstock Shear Lode/veins are considered to have sufficient data to prepare an Exploration Target estimate, using extrapolated mineral resource search distance within the solids and the mapped strike length as a base case for determining overall strike length. Historical surface occurrences, soil geochemistry and historical geophysical report were also used for the establishment of a clear Exploration Target in the Comstock Prospect The strike length was adjusted using the proportion of positive intersections to estimate the mineralised strike length of each shear structure. Each lode/vein was extrapolated up to 500 metres depth at a dip of -75° to -90o based on the continuity of similar deposits in the Victoria goldfields, and a ‘base case’ estimation of tonnes and grade was applied to each reef. A S X : AK A BRINGING VICTORIA'S GOLD TO LIFE 14 26 MAY 2025 The base case was used to approximate a range of tonnages and grades for the Exploration Target estimate shown in Table 2 of the report, in accordance with the JORC Code (2012). The ranges were derived from expected upper and lower volumes for the dominant rock types in each shear structure and the 90% confidence interval for declustered true thickness and historical mining and sampled drill hole grade dat