Noosa Mining Investor Conference

Jul 25, 2025

Slides

Thanks. Thanks, Amy. And it's great to be presenting again at Noosa this year. They can't be resources. We'll get straight into it. Just a snapshot corporate snapshot. Couple of things I'd point out there is our is our you know, the board of management are heavily invested in in this company. We have top 20 shareholders, which include the three biggest miners in the world, Glencore, BHP and Rio Tinto. And I think that speaks to the the quality of the of our project. The copper space is interesting. Certainly, you know, there's a very few quality development stories on the on the ice x. And we have seen a lot of action. This has been talked about a bit this this conference, but I'll just highlight again the new world takeover. And we think we're certainly heading that direction. We've got a quality development project, and, obviously, MacCap going as well. So there's really not many left, and we certainly think we're certainly on the path to development, and we'll see what happens. We're on Greater Duchess. We're only 70 ks southeast of Mount Isa. We have a resource which we think has reached critical mass now to be developed, 27,000,000 tonnes at 1.5 cue, 400,000 tonnes. And I described we've had three big discoveries in the last three years. We just acquired the fourth deposit, which is Treklaona we'll talk about today. And and this is a a camp of deposits, a camp of diocese deposits. Very similar to the goldfields where where where you get orogenic mineralization. Not not one big deposit, a whole series of deposits, but all open pitable and and very good grade, high grade right to the surface, sulfide to the surface, which is critical in these deposits. So you can see Trekilano, we we've got a fantastic infrastructure. We've got the railway. You can see running in between two of the deposits here. We're looking at in the scoping study to put in a a siding there, and then all the ore on the rail or the road, but the rail is certainly looking very encouraging. And then get that up to Mount Isa. We have the the towing offtake agreements with Glencore. Glencore have been very supportive and and and are keen as they can be to get us into production as fast as we can. In terms of Trekalano, we're just about to complete on Trekalano. The deal was announced quite a while ago, but we're in the process of going through the demalgamation of the the environmental authority. That's about to be completed, and we'll complete the acquisition as soon as that it comes through. We think that could happen as early as next week. So Trekolano is is a is a a real interesting backdrop to Trekolano. If we look at the the the plan view there, one of the key points there is the Inheritance Pit, which was mined by Barrick in the g f during the GFC. And the key key point here is that this mining lease was what was granted at the time. That Trekalino Pit was mined by Barrick. Crest of that pit was pushed right to the the mining lease boundary. They couldn't extend the pit to the east because of the constraint. That constraint is now removed with this other mining lease, which is now granted, so there is now no constraint. We've done early pit optimizations on this just to plan geotech holes mainly for that purpose, but we certainly think you can see the the three potential pit pits will will be developed here. So yeah. And the Trekliner the old mine as well, Trekliner, is on the left hand side there, fantastic mine. Mine continuously from 1911 to 1945 and literally stopped because of the the end of the wall there where they ran out it didn't have people to continue there. And, certainly, that old body, you'll see in the following slides, is completely completely open at depth at some of the best grades. So if we look at the inheritance, this is the main pit we're talking about. And the the results speak from the cells. You can see 93 meters at 6.2. And a and a lot of those results you can see on the on the left, which were drilled by Barrick, they were drilled right at the end of the mine, end of the end of the pit there. We've started doing drilling and mainly mainly centered around the deposits, mainly collecting geotech, confirming the resource. And some of the key results we've come up with, you see at 41 meters of 2.7 since CUEQ, which is, I think, was about 35 meters true width. So we're looking at a really a really, really nice ore body here and really shallowly drilled. Barrick certainly didn't do a lot of drilling beneath this pit and also the other deposits in the mining lease. So we're just gonna have a look at two sections here. You can see these two sections. This is a nice sort of a slice through the ore body to show you what it looks like. So here's here's the two sections that you can see. And the one I'll point out here is that there's the old barrack pit. There's the mining lease boundary, which was the constraint. That's now no longer a constraint. And these holes drilled by Barrick right at the end of the you can see the color there, right at the end of that pit. So that would have been about two or three months before that pit closed. And then it was GFC. They walked away, never to come back, and that's the opportunity that we've got. So I guess one of the risks we had that we identified was with these these, you know, fantastic results like that is the what's the actual true width? Did they actually drill down it? Pleasingly, our first hole, we drilled through that, confirmed the actual that is a very sizable ore body. You're looking at, like, that result there, 41 meters. That's about a 35 meter true width at fantastic grades. And then another sort of step out hole we've just done is this one here on the on the left hand side. 164 meters at half percent with a, you know, with a nice high grade zone of 26 at one and a half percent. So you can see the resource outline there in black. That's the current resource outline. This is this is certainly opening up at depth and and very encouraging. We've we've just done downhole EM on that on that hole, so we we've we're wanting for those results. And if we go to the Trekkolana, this is the old mine. This has never been mined as an open pit. This is a mine back, as said, 1911 to 1945. It was mined as a as a very narrow high grade stope, you know, one to two meters wide maximum, but the ore body's 10 to 15 to 20 meters wide. So all those drill results you can see there are in situ. All those holes are drilled post any mining from 1945. So we do and we've done some initial work. We do think we can put an open pit here. But I think the real the real thing I'd highlight here is is what's happening at depth. You can see they mined down to about you can see the old stopes there in sort of gray there. The last three holes, drilled at the at the at down dip, eight meters at 10.6% copper, 3.3 grams gold, 15 to 4.3, 17 meters at 7.2. So sensational grades, there's no reason why that doesn't continue at depth. Can see the long section here. There's a hole here which is not down plunged. That hole's got one meter at 5% copper and about two grams gold. So it's certainly continuing with depth. As soon as we get the the case to this, which could be as early as next week, we'll start drilling these targets. We go to Mount Hope. Mount Hope was was our big discovery, you know, over the past sort of two years. We spent a lot of time drilling this out. This is a fantastic deposit. You can see on the left hand side, that's what it looks like. There's two main loads, the Boomerang load Boomerang load and the Chalcas load, which we discovered. This is hosted in quartz quartz load. The quartz load is average is 20 meters wide, and the mineralization is all through that load. It's not just a little bit patchy. It's all the way through that load. We think this is gonna be a fantastic open pit and and underground. We'd recently announced in the last couple of weeks, we announced some results from Mount Hope North. And, these are fantastic results. You know, twenty twenty four meters at two percent copper, 21 at 2.4, and right right up to near near the surface. So Mount Hope North is you know, there's some fantastic results of depth there. You can see that 83 meter zone plus another 20 meter zone. So there's there's definitely a lot more work to do at Mount Hope North as well. If we look at the other deposits, Lady Lady Fanny and and and Burke And Wills, again, these are, you know, high grade sulfide open pits. The the the high grades comes right to the surface. Very little stripping at all before you get straight into the ore. So that's part of the mine plan. This is sort of where it all started for us with Nildesbrandham. The original discovery hole, you know, was 41 meters at 44.5%. There's a a really nice breccia pipe there. So we're looking at sort of a a lowish grade open pit of 1%, but that's actually pretty pretty good grade if you if you look regionally. And then the breccia pipe is the real the real moneymaker there with 800,000 tonnes at 2.6. In terms of project development, we have done a scoping study on this. We've put that scoping study out, but the what I'd I'd highlight strongly is that the Trekilano acquisition is not included in that. Obviously, it was done Trekilano acquisition was post the scoping study. So we think, you know, we sort of highlighted that Trek Alona could come in in there in the production profile. So you've got open pit at the start, three years of open pit, then underground. We think, actually, Trek Alona could come up the front, and we could sort of we're we're targeting sort of three to four to five years of open pit mining up front. So we're well into that PFAS study, and we we will have that out by the end of the year. So in terms of the, you know, the optionality we have with the infrastructure, we you know, we were certainly looking at stand alone, but we we have focused the scoping the PFS is more focused on the the toll milling and and offtake with Glencore, and and we think that is a is the way that we proceed because it's such a low CapEx start up. It's not like a normal toll milling in the Goldfield site, for example, where you've got you're getting, you know, $60.70 dollars a ton milling. This is nowhere near that, so half that cost. So it's a viable alternative when you compare it to a stand alone, your processing cost. Just in terms of the time line, we like I said, we're well into the PFS now, where we'll we'll do the FS in the first six months of next year and and and get to FID halfway through next year. So we're well on target for that. Exploration, I guess, come from when we started at Connolly with Gillespie Random, we had zero resource base. So we've put on that 400,000 tonnes through three big discoveries mainly, and there's huge exploration upside. This is Mount Hope. We flew this big V Term survey. We only discovered Mohawk. This is Mohawk towards the end of last year as a big V Term anomaly. We've got a whole series of other V Term anomalies, which we haven't even got to yet. There's huge upside for the exploration. We just announced this is a a big VTEM survey, which the government completely 100% funded, one at Saint Andrews, one at Magdalene. This is a huge survey here. This is 435 line kilometers of VTEM. We've got three fantastic targets of VTEM. This one's really interesting, this new Speckle Park one. Keep keep your eye on this one. This is under a very shallow cover. It's on a major contact. It's on the Corella Agila formation contact, which hosts Tick Hill, hosts Mount Hope. Never been drilled before. We're certainly keen to follow that up. And also point out the ones to the south there, Droughtmaster and Charolais. Devon Court is another project, and Rio Tinto is a joint venture with Rio Tinto. It's very you know, they were keen on us to to come in and and take over the exploration there. They like what what we're doing at the the the Great Duchess project. We've got a a a hole there, which was, again, was completely 100% funded by the government. We've just drilled that hole. We haven't reported on that hole yet, so we'll be releasing the details on that as soon as we can. So, I guess, just in terms of wrapping up a bit, you know, we do think we've reached critical mass with the with the 400,000 copper equivalent tonnes. And that grade, one and a half percent CUEQ, and it's just gold and copper. We certainly think that is right up there in terms of, you know, the development projects in Australia. It's one of the one of the high higher grade or highest grade development, you know, copper development in terms of open pit especially in the region. You know, the region's very interesting at the moment. There's a lot, obviously, going on with the government and and Glencore and and Mount Isa, what's happening there. But, you know, we Glencore have been extremely supportive. They they are just as kind of trying to do everything they can to to help get us us get into production. You know, there's like I said, the infrastructure in the in the region is is the railway and completely unused. It's only 25% utilized the railway. The government's super keen on getting us on the railway and and the and, obviously, getting into the the Isa Mill. We do have our alternatives there as well. If it's not man eyes, certainly, everyone's sort of wanting to hear the news on what's gonna happen there. But, obviously, Glencore, they they wanna keep the smelter open. The government wanna keep the smelter open. So I think it's just a matter of those getting together. I think they're looking at federally now to resolve something there, so wait for that. In terms of news flow, we had ongoing drilling. Our our success has been certainly exploration. We think there's there's a huge amount of upside here in the in the you know, with 400,000 tonnes, it's just the start. So we're looking forward to a lot more results coming out before the end of the year. Again, I'd highlight the Danhole EM. We've just done some Danhole EM. We'll be reporting on that. We're following up some of those V terminologies. But, obviously, back to the PFS, you know, we'll we'll put out the updated mineral resource, and the PFS study will come out by the by the end of the year. So we think we're well on the way to, yeah, getting this into production at a at a very low low CapEx preproduction. I think that's probably about it, and thanks for