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Reporting assumptions

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Ownership basis

Show the full project inventory before ownership adjustment.

Display scale

Display contained quantities in millions of ounces or tonnes.

Resource treatment

Normalise Resources to exclude Reserves: where a project is flagged inclusive, net Reserves out of Resources so the figure is additional Resources beyond Reserves. Unknown-convention rows are shown as stated.

Resource total

Total Resource includes Inferred (JORC convention). Totals are re-derived from category rows wherever the document discloses them.

Recovery basis

Show the issuer's headline recoverable figure as reported. Lithium-brine reserves already have the brine-processing recovery factor applied; everything else is shown as stated.

Commodity view

Primary view: each commodity in its own contained unit (oz / t).

Cowal

New South Wales, Australia · Producing · 100.0% ownedManual entry

Current R&R by category

Whole-project rollup at the latest vintage per category: printed project-level rows are preferred, and mining areas are summed (tonnes-weighted grade) only where the issuer prints no project-level row. Per-area and per-source detail in the Current R&R table below.

Category	Tonnes (Mt)	Grade (g/t Au)	Contained (Moz Au)	As at
Measured	52.00 Mt	0.49 g/t	0.82 Moz	31 Dec 2025
Indicated	230.00 Mt	0.99 g/t	7.30 Moz	31 Dec 2025
Inferred	60.00 Mt	1.04 g/t	2.00 Moz	31 Dec 2025
Total Resources	340.00 Mt †	0.92 g/t †	0.00 Moz	31 Dec 2025
Proved	44.00 Mt	0.52 g/t	0.73 Moz	31 Dec 2025
Probable	130.00 Mt	1.01 g/t	4.40 Moz	31 Dec 2025
Total Reserves	180.00 Mt	0.89 g/t	5.10 Moz	31 Dec 2025

Sub-category rows are as disclosed (no Reserves-treatment netting); the Total rows honour the Resources treatment and Inferred-policy toggles, so components may not sum to the Total.

† Tonnes and grade as published (not net): the reserve statement prints no tonnage to net out, so only Contained honours the Resources treatment on this row.

Cut-off grade

0.3000 g/t Au · 1.4000 g/t Au · 1.5000 g/t Au

Price assumption

A$3300.00/oz · A$3000.00/oz

JORC code year

2012

Peer benchmark — producing Au projects (282 with resources)Resource size P77Resource grade P34View on grade-tonnage chart →

Percentile of this project's current total Resource among covered peers (P100 = largest / highest grade). Basis and Inferred toggles apply.

Data quality

Latest source: Annual Mineral Resources and Ore Reserves Statement · 31 Dec 2025
Reporting code: JORC 2012
Convention: inclusive
Currency assumption: A$
Disagreement flags: 6 rows

Current R&R

Resources

Area	Category	Tonnes (Mt)	Au		As at	Source	Provenance
Area	Category	Tonnes (Mt)	Grade (g/t Au)	Contained (Moz Au)	As at	Source	Provenance
Total	Measured	52.00 Mt	0.49 g/t	0.82 Moz	31 Dec 2025	12Unverified Evidence record Cowal Measured · Au · as at 2025-12-31 Reported figure Area Whole project Basis 100% Ore tonnes (t) 52000000.0000 Grade 0.4900 Contained (oz) 820000.0000 Classification Resource Source trail Annual Mineral Resources and Ore Reserves Statement 12 Published 2026-05-01 Verification Approved; not independently verified · Model extracted QA WARN: identical figures appear under ANOTHER area label of this project in the same document — likely one printed estimate stored twice (a summary/grouping line duplicating its leaf). Keep one copy; reject the relabelled twin. Copies a pre-filled issue record so you can send it through your normal channel.

Total

Total Resources

340.00 Mt †

0.92 g/t †

0.00 Moz

31 Dec 2025

12Unverified

notes (5)

Source: Annual Mineral Resources and Ore Reserves Statement · published 01 May 2026

Ref: 12

JORC 2012 — Reporting code of record: JORC 2012
@ A$ 3,300/oz — Metal price assumption used to derive this estimate.
inc — Stated Resources are inclusive of Reserves. Set Resources: Excl. Reserves to net them out.

QA notes:

QA note (t92a a3): F3 missing-leaf capture gap, total is SOUND: total_resource Au NULL 340,000,000 t @ 0.92 = 10,000,000 oz vs OP 240,000,000 t/6,000,000 oz + UG 44,000,000 t/3,400,000 oz = 284,000,000 t/9,400,000 oz. The delta is exactly the Stockpiles leaf: SP is 100% measured in this doc (measured SP 8287078c = 52,000,000 t @ 0.49 = 820,000 oz), so 284,000,000 + 52,000,000 = 336,000,000 t -> prints 340,000,000 at 2sf, and 9,400,000 + 820,000 = 10,220,000 oz -> prints 10,000,000. Independent check: measured 52,000,000 + indicated 230,000,000 + inferred 60,000,000 = 342,000,000 t and 820,000 + 7,300,000 + 2,000,000 = 10,120,000 oz, both printing to the NULL row. The total_resource 'SP' row was never extracted — listed under CAPTURE in the reply report. No reject.
t92a swarm-r3

Reserves

Area	Category	Tonnes (Mt)	Au		As at	Source	Provenance
Area	Category	Tonnes (Mt)	Grade (g/t Au)	Contained (Moz Au)	As at	Source	Provenance
Total	Proved	44.00 Mt	0.52 g/t	0.73 Moz	31 Dec 2025	13Unverified Evidence record Cowal Proved · Au · as at 2025-12-31 Reported figure Area Whole project Basis 100% Ore tonnes (t) 44000000.0000 Grade 0.5200 Contained (oz) 730000.0000 Classification Reserve Source trail Annual Mineral Resources and Ore Reserves Statement 13 Published 2026-05-01 Verification Approved; not independently verified · Model extracted QA WARN: identical figures appear under ANOTHER area label of this project in the same document — likely one printed estimate stored twice (a summary/grouping line duplicating its leaf). Keep one copy; reject the relabelled twin. Copies a pre-filled issue record so you can send it through your normal channel.	notes (3) Source: Annual Mineral Resources and Ore Reserves Statement · published 01 May 2026 Ref: 13 JORC 2012 — Reporting code of record: JORC 2012 @ A$ 3,000/oz — Metal price assumption used to derive this estimate. QA notes: QA WARN: identical figures appear under ANOTHER area label of this project in the same document — likely one printed estimate stored twice (a summary/grouping line duplicating its leaf). Keep one copy; reject the relabelled twin.
Total	Probable	130.00 Mt	1.01 g/t	4.40 Moz	31 Dec 2025	13Unverified Evidence record Cowal Probable · Au · as at 2025-12-31 Reported figure Area Whole project Basis 100% Ore tonnes (t) 130000000.0000 Grade 1.0100 Contained (oz) 4400000.0000 Classification Reserve Source trail Annual Mineral Resources and Ore Reserves Statement 13 Published 2026-05-01 Verification Approved; not independently verified · Model extracted QA INFO: recompute differs 4.06% from the printed contained figure, but the printed tonnes/grade/contained are only good to ±4.34% (rounding granularity) — treated as reconciled. Copies a pre-filled issue record so you can send it through your normal channel.	notes (3) Source: Annual Mineral Resources and Ore Reserves Statement · published 01 May 2026
Total	Total Reserves	180.00 Mt	0.89 g/t	5.10 Moz	31 Dec 2025	13Unverified Evidence record Cowal Total Reserve · Au · as at 2025-12-31 Reported figure Area Whole project Basis 100% Ore tonnes (t) 180000000.0000 Grade 0.8900 Contained (oz) 5100000.0000 Classification Reserve Source trail Annual Mineral Resources and Ore Reserves Statement 13 Published 2026-05-01 Verification Approved; not independently verified · Model extracted Copies a pre-filled issue record so you can send it through your normal channel.	notes (2) Source: Annual Mineral Resources and Ore Reserves Statement · published 01 May 2026 Ref: 13
OP	Probable	110.00 Mt	0.78 g/t	2.70 Moz	31 Dec 2025	13Unverified Evidence record Cowal Probable · Au · as at 2025-12-31 Reported figure Area OP Basis 100% Ore tonnes (t) 110000000.0000 Grade 0.7800 Contained (oz) 2700000.0000 Classification Reserve Source trail Annual Mineral Resources and Ore Reserves Statement 13 Published 2026-05-01 Verification Approved; not independently verified · Model extracted QA INFO: recompute differs 2.17% from the printed contained figure, but the printed tonnes/grade/contained are only good to ±5.19% (rounding granularity) — treated as reconciled. Copies a pre-filled issue record so you can send it through your normal channel.	notes (4) Source: Annual Mineral Resources and Ore Reserves Statement · published 01 May 2026 Ref: 13
OP	Total Reserves	110.00 Mt	0.78 g/t	2.70 Moz	31 Dec 2025	13Unverified Evidence record Cowal Total Reserve · Au · as at 2025-12-31 Reported figure Area OP Basis 100% Ore tonnes (t) 110000000.0000 Grade 0.7800 Contained (oz) 2700000.0000 Classification Reserve Source trail Annual Mineral Resources and Ore Reserves Statement 13 Published 2026-05-01 Verification Approved; not independently verified · Model extracted QA INFO: recompute differs 2.17% from the printed contained figure, but the printed tonnes/grade/contained are only good to ±5.19% (rounding granularity) — treated as reconciled. Copies a pre-filled issue record so you can send it through your normal channel.	notes (4) Source: Annual Mineral Resources and Ore Reserves Statement · published 01 May 2026 Ref: 13
SP	Proved	44.00 Mt	0.52 g/t	0.73 Moz	31 Dec 2025	13Unverified Evidence record Cowal Proved · Au · as at 2025-12-31 Reported figure Area SP Basis 100% Ore tonnes (t) 44000000.0000 Grade 0.5200 Contained (oz) 730000.0000 Classification Reserve Source trail Annual Mineral Resources and Ore Reserves Statement 13 Published 2026-05-01 Verification Approved; not independently verified · Model extracted QA WARN: identical figures appear under ANOTHER area label of this project in the same document — likely one printed estimate stored twice (a summary/grouping line duplicating its leaf). Keep one copy; reject the relabelled twin. Copies a pre-filled issue record so you can send it through your normal channel.	notes (4) Source: Annual Mineral Resources and Ore Reserves Statement · published 01 May 2026 Ref: 13
SP	Probable	2.00 Mt	0.37 g/t	0.02 Moz	31 Dec 2025	13Unverified Evidence record Cowal Probable · Au · as at 2025-12-31 Reported figure Area SP Basis 100% Ore tonnes (t) 2000000.0000 Grade 0.3700 Contained (oz) 24000.0000 Classification Reserve Source trail Annual Mineral Resources and Ore Reserves Statement 13 Published 2026-05-01 Verification Approved; not independently verified · Model extracted Copies a pre-filled issue record so you can send it through your normal channel.	notes (3) Source: Annual Mineral Resources and Ore Reserves Statement · published 01 May 2026 Ref: 13 JORC 2012 — Reporting code of record: JORC 2012
SP	Total Reserves	46.00 Mt	0.51 g/t	0.75 Moz	31 Dec 2025	13Unverified Evidence record Cowal Total Reserve · Au · as at 2025-12-31 Reported figure Area SP Basis 100% Ore tonnes (t) 46000000.0000 Grade 0.5100 Contained (oz) 750000.0000 Classification Reserve Source trail Annual Mineral Resources and Ore Reserves Statement 13 Published 2026-05-01 Verification Approved; not independently verified · Model extracted Copies a pre-filled issue record so you can send it through your normal channel.	notes (3) Source: Annual Mineral Resources and Ore Reserves Statement · published 01 May 2026 Ref: 13 JORC 2012 — Reporting code of record: JORC 2012
UG	Probable	26.00 Mt	2.02 g/t	1.70 Moz	31 Dec 2025	13Unverified Evidence record Cowal Probable · Au · as at 2025-12-31 Reported figure Area UG Basis 100% Ore tonnes (t) 26000000.0000 Grade 2.0200 Contained (oz) 1700000.0000 Classification Reserve Source trail Annual Mineral Resources and Ore Reserves Statement 13 Published 2026-05-01 Verification Approved; not independently verified · Model extracted Copies a pre-filled issue record so you can send it through your normal channel.	notes (3) Source: Annual Mineral Resources and Ore Reserves Statement · published 01 May 2026 Ref: 13 JORC 2012 — Reporting code of record: JORC 2012
UG	Total Reserves	26.00 Mt	2.02 g/t	1.70 Moz	31 Dec 2025	13Unverified Evidence record Cowal Total Reserve · Au · as at 2025-12-31 Reported figure Area UG Basis 100% Ore tonnes (t) 26000000.0000 Grade 2.0200 Contained (oz) 1700000.0000 Classification Reserve Source trail Annual Mineral Resources and Ore Reserves Statement 13 Published 2026-05-01 Verification Approved; not independently verified · Model extracted Copies a pre-filled issue record so you can send it through your normal channel.	notes (3) Source: Annual Mineral Resources and Ore Reserves Statement · published 01 May 2026 Ref: 13 JORC 2012 — Reporting code of record: JORC 2012