Christmas Well & Panhandle Projects

Leonora Gold Project – Tier-One Address in a World-Class Gold District

The Leonora Gold Project is strategically located within the highly endowed Leonora district of Western Australia, one of the State’s most prolific and long-lived gold camps. The region has produced +15 Moz of gold and continues to attract sustained investment from major and mid-tier producers. The area is underpinned by excellent infrastructure, a skilled workforce and a deep understanding of the local geology. Proximity to globally significant operations such as the Gwalia, king of the Hills and Ulysses Gold Mines highlights the district’s exceptional endowment and reinforces Leonora’s reputation as a premier address for high-grade orogenic gold discoveries.

Within this highly fertile geological setting, the Company’s Leonora Gold Project comprises two complementary exploration assets — the Christmas Well and Panhandle Projects — each offering distinct but highly compelling discovery upside. Christmas Well provides exposure to a large, underexplored gold system where modern geophysics has revealed strong litho-structural targets concealed beneath shallow cover, while Panhandle is positioned immediately south of the +8Moz Gwalia Gold Mine, hosting multiple high-grade gold prospects within a proven mineralised corridor. Together, the projects deliver a balanced exploration portfolio, combining district-scale undercover potential with advanced, high-grade targets in close proximity to world-class gold operations.

Christmas Well Project

The Christmas Well Project represents a compelling opportunity to unlock gold mineralisation concealed beneath shallow cover in a proven gold corridor. Recent high-resolution magnetic surveying coupled with a systematic review of historical data has fundamentally improved geological understanding across the project area, revealing strong litho-structural architecture and multiple structural trends interpreted to be favourable for gold deposition. Importantly, these structures align with regional controls known to host major deposits elsewhere in the Leonora district.

The new data confirms that areas of known gold mineralisation occur in robust structural positions and has generated a suite of new drill-ready targets, many of which remain effectively untested by modern exploration. The Company believes Christmas Well is a compelling project positioned as a genuine discovery-focused project, offering significant upside through systematic drilling of structurally driven targets beneath cover.

Panhandle Project

The Panhandle Project is located immediately south of the +8Moz Gwalia Gold Mine, within one of the most productive structural corridors in Western Australia. The project hosts multiple defined gold prospects — including Gwalia South, Annapurna, Paradise North and Pelican — each of which has returned encouraging drill intersections exceeding 2 g/t Au, confirming the presence of high-grade gold mineralisation.

Beyond these defined prospects, Panhandle covers a substantial landholding with extensive areas of shallow cover that remain lightly tested by historical drilling. Geological interpretation indicates that key stratigraphic units and gold-fertile structures extend beneath cover across large portions of the project area, providing significant scope for additional discoveries. With modern geophysics and systematic targeting yet to be applied across much of the tenure, Panhandle offers compelling exploration upside and the potential to uncover new zones of mineralisation in a setting directly analogous to one of Australia’s most significant gold deposits.