Announcement PDF ElizabethHillSilverProject Ultra High-Grade Silver with a Pathway to Production ASX: WCE | MAY 2026 1 Massive native silver specimen from Elizabeth Hill Refer to West Coast Silver Ltd ASX announcement dated 22 December 2025 Near-Term Development with Scalable Upside RIU Sydney Resources Round-up 2 Forward-Looking Statements Statements in this announcement which are not statements of historical facts, including but not limited to those relating to the proposed transaction, are forward-looking statements. These statements instead represent management's current expectations, estimates and projections regarding future events. Although management believes the expectations reflected in such forward-looking statements are reasonable, forward-looking statements are based on the opinions, assumptions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Accordingly, investors are cautioned not to place undue reliance on such statements. Competent Person Statement The information in this report that relates to Exploration Results reviewed by Mr Tom Redcliffe and Mr Ian Stockton Competent Persons who are Members of the Australasian Institute of Mining and Metallurgy and Fellow of the Australian Institute of Geologists (FAIG) and Registered Professional Geologist (RPGEO). Mr Stockton has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity 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’, and a Specialist under the 2015 Edition of the ‘Australasian Code for Public Reporting of technical assessments and valuations of mineral assets’. Mr Stockton consents to the inclusion in the report of the matters based on his information and in the form and context in which it appears. Cautionary Statement This document is confidential and may not be reproduced, redistributed or passed on, directly or indirectly. This document is neither a prospectus nor an offer to subscribe for fully paid ordinary shares. West Coast Silver Ltd (West Coast Silver) and its directors, employees and consultants make no representations or warranty as to the accuracy, reliability or completeness of this document, and have no liability, including liability to any person by reason of negligence of, or contained in or derived from, or for any omissions from this document, except liability under statute that cannot be excluded. This document contains reference to certain targets and plans of West Coast Silver which may or may not be achieved. The performance of West Coast Silver may be influenced by a number of factors, uncertainties and contingencies, many of which are outside the control of West Coast Silver and its directors, staff and consultants. WCE emphasises that visual estimates of mineral abundance should not be regarded as a proxy or substitute for laboratory analyses, particularly when concentrations or grades are of primary economic significance. Furthermore, visual estimates do not yield information concerning impurities or detrimental physical properties that are pertinent to valuations. Elizabeth Hill Silver Project Disclaimer De-Risked Asset: Proven Mine on Granted Lease Figure 1: Elizabeth Hill Exploration Tenement Package and Mine Location Strategic Pilbara Location Granted Mining Lease Proven Production Pedigree Processing Optionality • Located in established Pilbara mining hub • Granted ML → fast-track restart pathway • Historical production of 1.2 Moz Ag @ 2,194 g/t (1999–2000). • Operations ceased due to low silver price (~US$5/oz), not geological or metallurgical constraints • Multiple Processing Pathways (Low Complexity) Strategic Asset Elizabeth Hill Silver Mine 1999 - 2000 3 3 Processing Plant 10 km 30 km 4 Investment Highlights Ultra High-Grade Silver with a Clear Path to Production and Scale Ultra High-Grade Development Asset High-margin profile Production-ready setting Open in all directions Multiple value catalysts in 2026 • 2.79Moz @ 617 g/t Ag (JORC 2012) — among the highest-grade undeveloped silver resources globally • Pure silver exposure — no polymetallic dilution (rare vs peers) • Exceptional grade drives margin: small tonnage → low capex → rapid payback (short mine build + fast cash generation) • 2.8Moz inventory → potential ~A$250–300m revenue (~A$90–110/oz Ag) • Proven by history: 1.2Moz @ 2,194 g/t Ag with ~90% recoveries • Granted Mining Lease + historic mine → clear pathway to restart • MoU in place for nearby processing infrastructure (Radio Hill) • Simple, low-complexity metallurgy (gravity + conventional processing) • 86% Inferred = embedded growth + conversion upside • Mineralisation open at depth and along strike → repeatable system • +6,000m drilling underway → resource conversion & growth • MRE update + Scoping Study start → re-rating stage-gates Highlights "Ultra high-grade, low-tonnage profile with a clear pathway to near term production and scalable upside.” 5 Development & Growth Strategy High-grade foundation with a pathway to production and growth GROWTH (District Scale Silver System) • Open at depth and along strike → repeatable high-grade growth pipeline • “String of pearls”system → repeatable high-grade pods • Pipeline of targets → near-mine + regional (~180 km² to explore) • Active 2026 drilling → mineralization extensions + new targets • Focus: resource growth + new deposits → to quantify scale potential Dual Strategy: Near-Term Production + Multi-Deposit Growth DEVELOPMENT (De-risking / Production Pathway) • 2.8Moz @ 617 g/t Ag → high-value, high-margin starter operation • Shallow open pit (~200m x 180m x 130m) → low strip / low capital intensity • Simple metallurgy (~90% recovery) + historic production validation • Granted Mining Lease → an accelerated pathway to restart • Focus: resource conversion + Scoping Study → clear pathway to development decision 6 Resource Increase at Elizabeth Hill Category Tonnes(kt) Grade (g/t Ag) Silver (koz) Inferred 69 126 280 Total 69 126 280 2011 Elizabeth Hill MRE – East Coast Minerals NL1 (@ 20 g/t Ag cut-off-grade) 1 In August 2011, P Jones from Al Maynard & Associates completed a Mineral Resource estimate which was reported in accordance with the 2004 Edition of the JORC Code. The Mineral Resource was confined to a conceptual pit design approximately 15–30 m above the presumed location of the underground workings. According to the report“the extent of the underground workings is only sketchy since at least some of the survey data has been lost and only fragmentary data remains”, (East Coast Minerals NL, 2011 p3). 2 Refer ASX Annoucement WCE “Elizabeth Hill Silver Project – 2.8 Moz Silver Mineral Resource Estimate”dated 22 April 2026 compliant with JORC (2012). Category Tonnes (kt) Grade (g/t Ag) Silver (koz) Indicated 84 137 369 Inferred 57 1,331 2,426 Total 141 617 2,795 2026 Elizabeth Hill MRE - West Coast Silver 2 (@ 20 g/t Ag cut-off-grade) % Change 104% 390% 898% Near x9 increase in contained silver ounces vs prior estimate Development 7 Processing Optionality Source: ASX: WCE announcement 22 April 2026, Table 1 and Figures 2–4. Rounding may lead to minor apparent discrepancies. Low-Complexity Options to Maximise Value The Karratha Queen: Australia's largest native silver nugget (145kg, containing ~3,520 oz Ag), previously recovered from the Elizabeth Hill mine. Radio Hill Facility Proximity Located just 30 km from existing infrastructure. Proven gravity recovery Proposed conventional flowsheet Direct Ship Ore (DSO) & Specimen Upside Primary Metallurgical Objective • Mining 1999–2000 recovered native silver using simple low-cost gravity separation. • Conventional circuit: Gravity → Merrill-Crowe cyanidation → Flotation. • Native silver specimens can return up to x5 metal value, presenting high- margin DSO and Specimen sales opportunities. • An optimised flowsheet maximising recoveries from high-grade native silver and sulphide mineralisation halo. Development 8 Unrivalled Grade in a Pure Silver System 1 World leading silver grades chart is a comparison of the size of the resource vs the silver-only grade 2 Silver as a % of the commodity mix is silver only grade / silver equivalent grades when published •Refer to Appendix 2 for full details. WCE delivers a x3–x15 grade premium vs peers — with 100% silver exposure (no base metal dilution) Bubble size = Silver grade 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% West Coast Silver (WCE) Elizabeth Hill Patriot Resources (PAT) Tassa Silver Mines (SVL) Bowdens Rapid Critical Metals (RCM) Webbs & Conrad Lode Resources (LDR) Montezuma Iltani Resources Limited (ILT) Orient Mithril Silver and Gold (MTH) Copalquin Boab Metals (BML) Sorby Hills Silver as % of Commodities in Resource Andean Silver (ASL) Cerro Bayo Unico Silver (USL) Joaquin / Cerro Leon Silver Mines (SVL) Bowdens Maritana Minerals (MRT) Nimbus Boab Metals (BML) Sorby Hills Investigator Silver Limited (IVR) Peterlumbo Manuka Resources (MKR) Wonawinta Maronan Metals Limited (MMA) Maronan Mithril Silver and Gold (MTH) Copalquin West Coast Silver (WCE) Elizabeth Hill Rapid Critical Metals (RCM) Webbs & Conrad Iltani Resources Limited (ILT) Orient Patriot Resources (PAT) Tassa Lode Resources (LDR) Montezuma 0 100 200 300 400 500 600 700 800 0 50 100 150 200 Silver Only Grade (g/t Ag) Mt Leading Silver Grades Pure Silver Play Economic Implication Low tonnes @ one of industries highest average silver grades (617g/t Ag) – • Ability to mine to 20g/t Ag, • Absorb dilution, • Cherry-pick at higher cut-off-grades e.g. @ 60 g/t Ag CoG = 1,114g/t Ag for 2.72 Moz Ag • Can blend to increase recovery of very high grades. • Can blend to smooth out plant performance and loss of silver to tailings. • Every new tonne Ag >20g/t has significant impact on resources. 9 Exceptional Grade Concentration High Value, Low Processing Tonnage Source: ASX: WCE announcement 22 April 2026, Table 3. Rounding may lead to minor apparent discrepancies. Elizabeth Hill Grade-Tonnage Curve 0 200 400 600 800 1,000 1,200 1,400 1,600 0 20 40 60 80 100 120 140 160 20 g/t 40 g/t 60 g/t 80 g/t 100 g/t Grade (g/t Ag) Tonnes (kt) Cut-off Grade (g/t Ag) Tonnes (kt) Grade (g/t Ag) At a 60 g/t Cut-off Point 1,114 g/t Ag | 2.72 Moz 10 Growth Potential – Drilling Underway Source: ASX: WCE announcement 22 April 2026, Table 1 and Figures 2–4. Rounding may lead to minor apparent discrepancies. Schematic Longitudinal Section, Elizabeth Hill Mine showing 2026 MRE optimized pit shell, historical workings mineralisation grade distribution, planned 2026 RC and Diamond extension drilling (in progress). Geological Setting Host Rocks & Proximity Mineralisation Style Growth Vectors • Ultramafic basal portion of the Munni Munni Intrusive Complex (MMIC), cut by the regional Munni Munni Fault. • Mineralisation in altered ultramafic and granite rocks within ~50 m of the fault. • Native silver and sulphide silver in silica-carbonate veining. Ultra-high- grade, nuggetty shoots, typically <5 m wide, within structurally controlled zones. • System open along strike and at depth. Deeper targets identified for later-stage testing. High-Grade System with Strong Growth Vectors Growth 11 Not a single deposit – a System of High-Grade Pods • Not a single deposit, a repeatable high- grade system. • Mineralisation structurally controlled. • Current MRE covers only a portion of the system. • Predictable exploration targeting as repeatable style of mineralisation. • Just need to drill. Growth ‘String of Pearls’ exploration targets on, and off the Munni Munni Fault.. Plan View: Coincident surface mapping, sampling; aircore, RC drilling; geophysics defined multi-layer anomalism. All sitting at structural intersection points. Potential Silver Rich Zone Concept Long Section: structural model for mineralisation localization (D.Lewis 2026, WCE Internal Structural Report ). Concept Section: formation of dilational jog with potential mineralization (D.Lewis 2026, WCE Internal Structural Report ). 12 District-Scale Upside: 180 km² Along Munni Munni Fault Source: WCE ASX announcement 22 April 2026; Company Presentations. Surface sampling and historical data presented as indications of regional prospectivity Plan View: Elizabeth Hill ML prospectivity – multiple aircore drilling, RC drilling, surface geochemistry, surface mapping and overlapping geophysics supported anomalies and targets. Consolidated 180 km² Tenure Munni Munni Fault Corridor High-Grade Surface Anomalies Active Drilling Pipeline • Extensive land package with silver rights, including WCE's 70% stake in Elizabeth Hill Mining Lease and significant regional JV rights. • Dominated by the Munni Munni Fault trace, with multiple subparallel structures identified as highly prospective for Elizabeth Hill analogues. • Abundant near-mine targets and untested regional anomalies exhibiting surface silver grades up to ~490 g/t Ag. • Strategic follow-up of 2025 Aircore (AC) results integrated into the 2026 RC/DD drilling campaigns. "Hunting for Elizabeth Hill-style repeats in a proven, district-scale silver system." Growth Natalie Hill North Natalie Hill Natalie Hill North Elizabeth Hill North (EHN) Elizabeth Hill South (EHS) Elizabeth Hill Deeps (EHD) Elizabeth Hill West (EHW) Maitland Targets 13 2026 Drill Program: Converting Ounces & Growing Resource Source: ASX: WCE announcement 22 April 2026, Table 1 and Figures 2–4. Rounding may lead to minor apparent discrepancies. Drill Program Key Drill Priorities Recent Intercept Highlights Q4 2026 Catalysts • Comprising up to 3,100m RC, 3,600m DD and optional additional meterage to follow up success and infill resource • Infill drill for resource conversion • EH North & Main extensions • EH Deeps underground extension • Geophysics (Mag, EM, IP, CSAMT) • Native silver logged in 9 of 13 recent holes. • Best intercept: 27.4m @ 1,314 g/t Ag (25WCDD014). • Drilling leads to an updated Mineral Resource Estimate and Open Pit Scoping Study. 2026 Exploration & Development Timeline Q2/CY26 Q3/CY26 Q4/CY26 EH North RC Drilling EH Main DD Program (Infill) EH Deeps DD Program Geophysics & Metallurgical Testwork Regional AC Drilling (Optional) MRE & Scoping Study RC Drilling DD Drilling Assay Results Testwork Maiden MRE Timeline Update MRE Scope Start Studies 14 Note: As of 1 May 2026. Cash (last reported) 31 March 2026. Shares on Issue 360,069,213 Share Price A$0.14 Market Capitalisation A$50.4m Cash A$5.4m Implied Enterprise Value A$45.0m Average Daily Turnover ($) 6 months $525,324 Corporate Overview – ASX:WCE 0.00 5.00 10.00 15.00 0.00 0.10 0.20 0.30 Volume (m) Share Price ($/sh) Volume Price Source: S&P Capital IQ Pro. 1https://sprottetfs.com/slvr-sprott-silver-miners-physical-silver-etf/ Capital Structure Share Performance WCE ~US$0.5m investment in the Sprott Silver Miners & Physical Silver ETF (NASDAQ: SLVR)1 Balance 57% Top Twenty 43% Institutions, 16.87% Retail, 56.51% Insiders, 14.65% ~8.5% Ownership Structure Note: As of 1 May 2026. Corporate 15 Key Executive and Management Experienced Team with Proven Development Track Record Mr. Garlick is a finance, governance, and accounting professional with experience across nickel, copper, lead, and PGM exploration, development, and operations. He has held senior roles globally, including at Normandy Mining (now Newmont), Platinum Australia, and MI Energy. He is currently a Non-Executive Director of Artemis Resources (ASX:ARV). Mr. Bruce Garlick EXECUTIVE CHAIRMAN * Technical Director is a management and non-Board role Mr. Sergei Smolonogov is a geologist with 30+ years’ global experience in gold, copper and base-metals exploration and mine geology. He has held senior roles with Adriatic Metals (ASX:ADT), KAZ Minerals and Barrick, and was a key technical leader in advancing the Rupice polymetallic deposit into production. Mr. Sergei Smolonogov TECHNICAL DIRECTOR* Mr. Reddicliffe is a geologist with over 40 years’ exploration and evaluation experience primarily focused on Australia. Fellow of the Australian Institute of Mining and Metallurgy. Current Executive of GreenTech Metals (ASX:GRE) and Non-Executive Director of Gibb River Diamonds (ASX:GIB). Mr. Thomas Reddicliffe NON-EXECUTIVE DIRECTOR Technical Advisory Board TECHNICAL ADVISORS David Lewis Technical Consultant Ian Stockton ERM Consultants Simon Tonkin Business Development Manager ex Stifel Nicolaus, Canaccord Corporate Corporate 16 Why WCE Can Re-Rate Source: WCE ASX announcement 22 April 2026; Company Presentations. Surface sampling and historical data presented as indications of regional prospectivity Figure 5 : Part of wider 0.60m interval grading 26,618g/t (74.60m to 75.20m) in hole 25WCDD014 Orebody Specimen Elizabeth Hill Mine3 Australia’s Highest-Grade Silver Resource Pure Silver Play Near-term production pathway Significant Growth Upside 2026 Catalysts • High-grade starter operation → strong margin potential • 100% silver exposure — no polymetallic dilution • Direct leverage to silver price • High-grade, low-tonnage profile → low capex / fast payback potential • District-scale system • RC & diamond core drilling assay results • MRE update + Scoping Study Conclusion Transitioning from explorer → developer → potential producer Contact ASX | WCE One of Australia’s highest-grade silver projects Elizabeth Hill westcoastsilver.com.au Bruce Garlick Executive Chairman info@westcoastsilver.com.au +61 437 393 6000 Investor & Media Relations Dannika Warburton - Investability westcoastsilver@investability.com.au +61 401 094 261 18 2026 WCE Detailed Exploration Timeline Schedule for Discovery, Resource Growth & Development Mar Apr May Jun Jul Aug Sep Oct Nov Dec Feb Jan Q1/CY26 Q2/CY26 Q3/CY26 Q4/CY26 EH North & Main RC Drill Program EH North & Main RC Assay Results EH Deeps DD Program EH Deep DD Assay Results 3,100m RC program EH Main DD Program EH Main DD Assay Results 3,600m DD Program 2025 EH North, South, Main Aircore Assay Results 2025 EH Main DD Assay Results GeophysicalSurveys Mag,EM,IP,CSAMT EH Main & TSF Metallurgical Testwork Program EH MRE Update Start of Open Pit Scoping Study Note: DD= Diamond Drill hole, EH = Elizabeth Hill mine lease, CY = Calendar Year ` Planned 6,700m drilling, contingent on exploration success and staged program approvals. EH Maiden MRE Timeline Appendix 1: Elizabeth Hill Mineral Resources JORC Classification Tonnes (kt) Ag (g/t) Ag (koz) Indicated 84 137 369 Inferred 57 1,331 2,426 Total 141 617 2,795 Notes to the Mineral Resource: • The tonnes and grades have been reported inside a pit shell. • The Mineral Resource is reported in accordance with the JORC Code 2012 Edition. • The Competent Person for the Mineral Resource is Phil Jankowski FAusIMM of ERM. • Mineral Resources are reported at a cutoff of 20 g/t Ag, constrained by an optimised open pit generated at A$85.71/oz Ag. • Rounding may lead to minor apparent discrepancies. As of April 2026 19 Appendix 2: ASX Listed Silver Projects As reported Measured Indicated Inferred Total Reported Company Ticker Mkt Cap. ($m) Project Status Commodities Mt g/t Ag Moz Mt g/t Ag Moz Mt g/t Ag Moz Mt g/t Ag Moz g/t Ag Eq. Moz Ag Eq. % silver Source: ASX Link Andean Silver ASL 453.0 Cerro Bayo Resource Ag, Au 1.0 331 10.6 8.8 136 38 9.8 151 47.5 1-Apr-25 https://announcements.asx.com.au/asxpdf/20250401/pdf/06h70z388t6tgd.pdf Unico Silver USL 381.2 Joaquin / Cerro Leon Resource Ag, Au, Zn, Pb and In 43.9 93 131.7 32.4 52 54 76.3 76 185.3 NP NP 17-Mar-26 https://announcements.asx.com.au/asxpdf/20260317/pdf/06xhxch15zdl7t.pdf Silver Mines SVL 355.2 Bowdens Feasibility Ag, Zn, Pb, Au 100 42 43.0 21 29.0 36.0 14 16 179.0 31 180.0 58 334 54% 20-Dec-24 https://announcements.asx.com.au/asxpdf/20241220/pdf/06cwkm77l7k0pt.pdf Maritana Minerals MRT 293.8 Nimbus Feasibility Ag, Au, Zn 3.62 102 11.9 3.2 48 4.9 5.3 20 3 12.1 52 20.2 NP NP 30-Apr-15 https://announcements.asx.com.au/asxpdf/20150430/pdf/42y7d59db8440s.pdf Boab Metals BML 230.5 Sorby Hills Funded Pb, Zn, Ag 12.6 43 17.4 11.0 34 12.0 23.6 31 23 47.3 35 53.1 123 210 28% 17-Dec-21 https://announcements.asx.com.au/asxpdf/20211217/pdf/4548gyd0lqfdd6.pdf Investigator Silver IVR 150.7 Peterlumbo Feasibility Ag, Pb 17.0 75 40.9 7.2 67 15 24.0 73 56.2 NP NP 27-Feb-26 https://announcements.asx.com.au/asxpdf/20260227/pdf/06ww71sgq71r25.pdf Manuka Resources MKR 137.6 Wonawinta Prefeas/Scoping Ag, Pb 1.1 47.3 1.7 12.3 46 18.0 24.9 39 31 38.3 41 50.9 NP NP 23-Mar-26 https://announcements.asx.com.au/asxpdf/20260323/pdf/06xqbbd0dh55pm.pdf Maronan Metals MMA 86.7 Maronan Prefeas/Scoping Cu, Au, Ag 5.3 116 19.7 27.9 107 96 33.2 108 115.1 NP NP 6-Jun-25 https://announcements.asx.com.au/asxpdf/20250606/pdf/06kj3yzhm1vd2h.pdf Mithril Silver and Gold MTH 59.1 Copalquin Resource Au, Ag 0.691 114 2.5 1.73 152 8.4 2.4 141 10.9 477 37 30% 17-Nov-21 https://announcements.asx.com.au/asxpdf/20211117/pdf/453247jz1srmd9.pdf West Coast Silver WCE 50.4 Elizabeth Hill Resource Ag 0.084 137 0.4 0.06 1331 2.4 0.1 617 2.8 617 3 100% 22-Apr-26 https://announcements.asx.com.au/asxpdf/20260422/pdf/06yqtqhkslztvy.pdf Rapid Critical Metals RCM 44.1 Webbs & Conrad Resource Ag, Cu, Pb, Sb, Zn 2.7 106 9.0 2.8 109 10 5.5 107 19.1 200 35 54% 22-May-25 https://announcements.asx.com.au/asxpdf/20250522/pdf/06jzp04m4v58c0.pdf Iltani Resources ILT 34.5 Orient Resource Ag, In 9.4 37 11.2 3.1 45 4.5 12.6 39 15.8 128.1 52 30% 30-Oct-25 https://announcements.asx.com.au/asxpdf/20251030/pdf/06r87zdd1q7dt3.pdf Patriot Resources PAT 30.2 Tassa Resource Ag, Au 18.5 31 19 18.5 31 18.7 53 31 60% 16-Feb-26 https://announcements.asx.com.au/asxpdf/20260216/pdf/06wbngd1n9zkh9.pdf Lode Resources LDR 21.8 Montezuma Resource Ag, Sb, Cu, Pb 0.31 172 1.7 0.17 173 0.2 0.5 173 0.5 533 8 32% 14-Apr-26 https://announcements.asx.com.au/asxpdf/20260414/pdf/06ygdyn5f68zw0.pdf 20 Source: ASX Announcements, Company Reports. % silver is calculated from reported g/t Ag divided by g/t Ag Eq. 21 High Grade Native Silver at Elizabeth Hill Grade 1 Refer to West Coast Silver Ltd ASX announcements dated 16 July 2025 & 22 August 2025 & 4 February 2026. 2 Recalculated from original published assays 3 Massive native silver specimen from Elizabeth Hill Refer to Alien Metals website: https://www.alienmetals.uk/project/silver-elizabeth-hill/ for photo Orebody Specimen Elizabeth Hill Mine3 Among the Highest-Grade Silver Intercepts Reported Globally in 2025/26 Rank Intercept1 Interval (m) Grade (g/t Ag) Gram- Metres (g·m) 1 25WCDD0112 63.0 762 48,020 2 25WCDD014 27.4 1,314 36,009 3 25WCDD001 21.0 1,047 21,993 4 25WCDD0192 19.0 659 12,514 5 25WCDD0222 6.6 415 2,736 Capital Structure 22 Open Pit Optimization Reasonable Prospects for Eventual Economic Extraction (RPEEE) Source: ASX: WCE announcement 22 April 2026, Table 1 and Figures 2–4. Rounding may lead to minor apparent discrepancies. Key Whittle Pit Parameters Silver Price US$60 / oz Mining Cost A$4.50 / t Processing Cost A$45.57 / t feed Metallurgical Recovery 90% Payability 99% Overall Pit Slope 46 degrees Calculated Cut-off 20 g/t Ag Figure 2: View from southeast of model > 20 g/t Ag with pit shell. Yellow=Indicated, Red=Inferred; Orange traces show planned and current diamond holes and pink traces show planned and current RC holes. Robust at US$60/oz Well below current spot price, capturing almost all current mineralisation