MT MACKENZIE RESOURCE UPGRADE DELIVERS 32% INCREASE IN GOLD WITH 70% NOW IN INDICATED

• Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling.
• Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.
• Aspects of the determination of mineralisation that are Material to the Public Report.
• In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.

• The results reported in this announcement relate to reverse circulation drilling, diamond drilling and RC pre-collar with diamond tail drilling completed by QMines at the Mount Mackenzie gold and silver project. RC samples were collected at nominal 1m downhole intervals from the drilling rig. Diamond core was geologically logged and sampled at nominal 1m intervals, adjusted where appropriate to geological, alteration, oxidation and mineralisation boundaries. Diamond core samples were generally submitted as half core, with remaining half core retained for reference. Quarter core duplicates were collected at selected intervals as part of the QAQC program. Sampling was designed to provide representative material for gold, silver and multi-element analysis. The sample interval selection, geological logging and QAQC procedures are considered appropriate for the style of gold-silver mineralisation being tested.
• Historical drilling informing the Mineral Resource comprises 619 drillholes for 59,707m, as reported in the previous Mineral Resource estimate, completed between the 1970s and 2023, predominantly 5.25 inch open hole percussion drillholes with lesser 5.5 inch RC and minor HQ3/NQ2 core. Percussion and RC samples were typically collected at 1-2m intervals, while core was generally sampled at 1m or less where lithology or alteration changed.
• MMM (2015-2023) RC samples were collected every metre via a three-tier riffle splitter beneath the cyclone, with mostly dry, free flowing samples. Earlier RC samples were collected using either a self-splitting agitating cyclone or a manual 50/50 splitter. Pre-MMM percussion samples were recovered via a surface casing diverter into an onboard cyclone, air bailed after each 1-2m run and riffle split into a 3-5kg laboratory sample and a 1kg reference sample. Wet samples were drained, dewatered and scooped for lab sampling, with some loss of fines noted.

• Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).

• Drilling comprised RC drilling, diamond drilling and RC pre-collar with diamond tail drilling. RC drilling was used to test near surface and intermediate depth targets across North Knoll Core, North Knoll West, Southern Extension, Vein 355 and Mount Mackenzie South. Diamond drilling was used to obtain oriented and continuous core through key mineralised positions, deeper target areas and structurally complex zones. Diamond drilling included HQ3 triple tube core drilling where required to maximise recovery through altered and broken ground. Core orientation was completed where practicable using an AXIS CHAMP ORI or equivalent core orientation system. Downhole surveys were completed using gyro survey equipment at regular intervals and at end of hole. Final collar details, including hole depth, dip, azimuth, RL and drilling method, are provided in the drillhole collar table in this announcement.
• Historical drilling utilised HQ/NQ core, RC and open hole DTH percussion methods. MMM RC drilling used 5.25 or 5.5 inch face sampling hammers, while pre-MMM percussion drilling used a standard 5.25 inch DTH hammer; early RC drilling likely used conventional hammers, though records are unclear. Pre-collars and surface casing were mostly 6 inch and set 3-8m below surface. Recent historical core holes were oriented and RC holes surveyed by gyroscope. Directional surveys for pre-MMM RC holes MMRC614-664 were completed using either a Humphrey or an Eastman camera. Downhole directional surveys were also carried out on boreholes PDH538-612, however the method used is not recorded.

• Method of recording and assessing core and chip sample recoveries and results assessed.
• Measures taken to maximise sample recovery and ensure representative nature of the samples.
• Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

• RC sample recovery was monitored at the rig by field geologists and drilling personnel, with sample condition recorded where relevant. Diamond core recovery was measured and recorded by run. Triple tube diamond drilling was used where appropriate to improve recovery through altered, fractured or rubbly intervals. No material relationship between sample recovery and grade has been identified from the drilling completed to date. However, local nugget effects and grade variability are recognised in high grade Vein 355 mineralisation, particularly where coarse gold or rubbly breccia textures are present.
• For historical drilling, core recoveries for all diamond holes were measured linearly rather than by mass. MMM RC recoveries were estimated qualitatively from geologist observations and sample bag volumes, with sample masses logged in the field and rechecked at the laboratory. Pre-MMM percussion and RC recoveries were not systematically recorded, with occasional notes of good or poor recovery. HQ triple tube coring was used to maximise historical core recovery, and no relationship between sample recovery and grade demonstrating bias has been identified in the historical dataset.

• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.
• Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.
• The total length and percentage of the relevant intersections logged.

• All RC chips and diamond core were geologically logged by QMines geologists. Logging included lithology, alteration, oxidation, veining, brecciation, sulphide abundance, sulphide mineralogy, structure and mineralisation. Diamond core was also geotechnically logged where appropriate, including recovery, RQD and structural observations. Logging was qualitative to semi-quantitative in nature and is considered sufficient to support geological interpretation, drill targeting and the Mineral Resource estimation work reported here for the North Knoll Core. All diamond core was photographed prior to cutting and sampling.
• All historical holes were geologically logged to a level sufficient to support resource estimation, recording lithology, alteration, mineralisation and weathering, with anisotropies such as joints, fractures and veins also logged in cored holes. Historical logging is qualitative and descriptive; core photography was routinely completed only for post-1999 drilling, and chip trays from all percussion and RC holes, together with remnant core, have been retained for reference.

• If core, whether cut or sawn and whether quarter, half or all core taken.
• If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.
• For all sample types, the nature, quality and appropriateness of the sample preparation technique.
• Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.
• Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling.
• Whether sample sizes are appropriate to the grain size of the material being sampled.

• RC samples were collected at nominal 1m intervals and submitted for laboratory analysis. Diamond core was cut by diamond saw, with half core submitted for assay and the remaining half core retained. Quarter core duplicates were collected at selected intervals. Sample preparation was undertaken by ALS Townsville or the ALS laboratory network using industry standard preparation procedures, including drying, crushing and pulverising to produce a representative pulp for analysis. The sample sizes are considered appropriate for the grain size and style of mineralisation being tested, noting that local coarse gold and nugget effects may be relevant in high grade Vein 355 material.
• Historical core samples were half split lengthwise for assay, with entire core used for selected metallurgical testing. MMM RC samples were collected using a three tier riffle splitter (approximately 3kg); earlier RC samples used a self splitting cyclone (approximately 5kg) and percussion samples were manually riffle split (approximately 3-5kg), with most samples logged as dry. Dewatering of wet pre-MMM DTH percussion samples may have caused fine loss and introduced bias, though such intervals form a small portion of the database.
• Historical laboratory preparation was completed by ALS Brisbane and Townsville using standard procedures, including drying, crushing to less than 5mm and pulverising to greater than 85% passing 75 microns. MMM QAQC included blanks and duplicates inserted at approximately 1 per 20m, with duplicates created by cone and quartering; pre-MMM RC QAQC included standards (typically one per hole) and duplicates (one per 30-50m drilled). No documented QAQC processes exist for pre-MMM percussion drilling

• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.
• For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.
• Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.

• Samples were submitted to ALS for gold, silver and multi-element analysis. Gold was analysed by fire assay using method Au-AA25. Silver was analysed using method Ag-AA45, and multi-element geochemistry was analysed by ICP using method ME-ICP61. Certified reference materials, blanks and field duplicates were inserted into the sample stream at regular intervals as part of the QMines QAQC program, with laboratory internal QAQC also completed by ALS. Review of the QAQC data indicates analytical performance is acceptable for the reporting of Exploration Results, with no material QAQC issues identified that would affect the results reported in this announcement. Overgrade gold was reassayed using Au-GRA21 gravimetric finish.
• Historical MMM drilling used a 50g fire assay charge with ICP-AES finish (AA26) for gold and 30g sub-samples for 33 element analysis by 4-acid digest and ICP-AES, with over-limit results re-assayed using suitable methods. Pre-MMM drilling used 30g fire assays with AAS finish for gold (PM209) and acid digestion for multi-element analysis (IC580), standard practice in the 1980s and 1990s. Historical gold assay methods are considered total.
• ALS internal laboratory QAQC applies certified reference materials, blanks, splits and replicates, with each batch of 40 samples including a reagent blank, two replicate determinations and two standards, and barcoding providing chain of custody records through the analytical process. ALS QAQC protocols for pre-MMM testing are undocumented, though repeat assays, particularly of higher grade intervals, are present in the dataset.

• The verification of significant intersections by either independent or alternative company personnel.
• The use of twinned holes.
• Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.
• Discuss any adjustment to assay data.

• Significant intersections were checked against original assay certificates, geological logs and drillhole data. Results were reviewed by QMines technical personnel and the Competent Person. Assay results were imported into the Company database and validated prior to interpretation and reporting. No adjustments were made to the primary assay data, other than standard treatment of below detection limit values where required for statistical analysis. Reported intersections are based on laboratory assay results.
• Historical sampled intersections were verified by the on-site geologist and subsequently checked by the principal consultant for Geko-Co against drillhole metadata and QAQC records, with final results reviewed by the MMM exploration manager. Early mineralised intercepts have been validated through infill, extensional and confirmatory drilling by multiple operators, including MMM. No twinned holes have been drilled at Mount Mackenzie. Pre-MMM data was sourced from previous operators and, where possible, verified against historical exploration reports lodged with regulators, with data stored and error checked in Explorer 3 software. Historical analytical data has not been adjusted.

• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.
• Specification of the grid system used.
• Quality and adequacy of topographic control.

• Drillhole collar locations were recorded using handheld GPS during drilling and subsequently picked up by DGPS where available. Coordinates are reported in GDA2020, MGA Zone 55. RL values are based on surveyed collar positions and available topographic data. Downhole surveys were completed using gyro survey methods at regular intervals and at end of hole. Final collar coordinates, RL, dip, azimuth and end of hole depths are provided in the drillhole collar table.
• All MMM drillhole collars were surveyed by Terrex Spatial using RTK GPS referenced to a state control mark, with a stated accuracy of plus or minus 0.05m in horizontal and vertical axes. Pre-MMM drillholes were located on a local grid via total station or transit traverse, with coordinates subsequently transformed to AMG66 (1999) and GDA94 (2015); a 2015 check survey of 230 historical holes identified positional discrepancies of a few centimetres up to 5m, attributed to grid transformation errors. MMM downhole surveys used a Surtron gyroscope (plus or minus 0.25 degrees azimuth, 0.05 degrees inclination), with the gyroscope lowered to effectively end of hole in eight holes and to between 58% and 83% of drilled depth in a further five holes. Earlier pre-MMM holes MMRC614-664 were surveyed using either a Humphrey or an Eastman camera, with accuracy not recorded, and the survey method used for boreholes PDH538-612 is not recorded.
• Historical grid data was captured in GDA94 Zone 55, with azimuths recorded as magnetic and a declination correction of 8.812 degrees applied. Historical collar RLs and surface elevations were used to build the Digital Terrain Model, with a 2015 Terrex DTM applied over the North Knoll area and a 2007 UTS Geophysics aerial survey DTM (plus or minus 2.5m accuracy) applied elsewhere; small elevation differences between the two DTMs are within stated tolerances.

• Data spacing for reporting of Exploration Results.
• Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.
• Whether sample compositing has been applied.

• The program comprised 73 holes for 9,798m of drilling across North Knoll Core, North Knoll West, Southern Extension, Vein 355 and Mount Mackenzie South. Drill spacing varies by area, reflecting the staged exploration nature of the program. North Knoll Core has the closest drill spacing and best demonstrated continuity, and is considered the most advanced area for Mineral Resource estimation. North Knoll West, Southern Extension and Vein 355 remain at exploration stage, with drilling designed to test extensions, structural controls and target geometry. Sample compositing has been used for reporting significant intersections, but not for primary laboratory analysis.
• Historical exploration data spacing ranges from 5m to 50m and, together with the recent QMines program, is considered sufficient to establish the degree of geological and grade continuity appropriate for the resource classifications applied. Historical drillhole samples were not composited prior to assay; samples of less than 2m were composited to 2m after assaying for resource estimation purposes.

• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.
• If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

• Drillhole orientation was designed to test interpreted mineralised structures and alteration zones based on available geological mapping, historical drilling, surface geochemistry, geophysics and previous QMines drilling. At North Knoll, inclined holes were generally designed to test interpreted southwest dipping or structurally controlled mineralisation. At Vein 355, some holes were drilled steeply or vertically due to terrain, access and program design constraints. As a result, true widths are not yet known and all reported intersections are downhole lengths. Additional oriented diamond drilling is required at Vein 355 to resolve the geometry, true width and plunge of the high grade mineralised shoot.
• Historical drillholes were generally oriented appropriately to the principal mineralisation, which dips 60-80 degrees west-southwest, with some vertical holes intersecting steep zones. Given the high historical drill density and well defined mineralised extents, no significant sampling bias is expected from historical drill orientation.

• The measures taken to ensure sample security.

• Samples were collected, bagged and recorded by QMines personnel or contractors under QMines supervision. Samples were transported to the laboratory using standard chain of custody procedures. Sample submission records and laboratory dispatch documentation were maintained.
• For MMM samples, field teams matched samples to records, sealed them in sequentially numbered plastic bags, secured them in bulker bags with submission sheets and dispatched them directly to ALS Townsville via a transport contractor, with the laboratory verifying sample numbers against the submission manifest and tracking samples by barcode through analysis. Pre-MMM samples were placed in pre-numbered calico bags, tied and packed into taped poly-weave sacks for transport to ALS Brisbane or Townsville.

• The results of any audits or reviews of sampling techniques and data.

• Internal reviews of drilling, logging, sampling, assay and QAQC data were completed by QMines technical personnel. Completion of the final assay batch has enabled a program wide geological, geochemical and statistical review of the complete Mount Mackenzie dataset. No external audit of the full drilling database has been completed at this stage. The dataset is considered suitable for reporting exploration results and for advancing Mineral Resource estimation work at North Knoll Core, subject to the validation and Competent Person review as part of the Resource Estimate.
• No external audits or reviews of historical sampling techniques have been completed. Historical data compilation and validation work, including database reviews by Terrasearch, Geko-Co and Martlet, is described under Database Integrity in Section 3.

• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.
• The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

• All datasets, drilling and derived targets lie within MDL2008, held 100% by Mount Mackenzie Mines (wholly owned subsidiary of QMines Limited). Tenement in good standing, no known impediments.

• Acknowledgment and appraisal of exploration by other parties.

• Mt Mackenzie explored intermittently since the 1970s by multiple parties. Historic drilling >600 holes, predominantly shallow (<100m). Historical IP surveys: 1984 dipole-dipole (Peabody/Utah) providing foundational electrical dataset for northern and central project; 2002 OPD (SmartTrans/Arctan) overlapping and extending central coverage. QMines compiled and reviewed all historic datasets.

• Deposit type, geological setting and style of mineralisation.

• Mount Mackenzie is a high sulphidation epithermal Au-Ag-Cu system in altered volcanic sequences of the Connors-Auburn magmatic arc. Advanced argillic alteration, vuggy silica, and enargite-bearing sulphide assemblages confirmed by drilling. IP responses interpreted in context of this model, with chargeability and resistivity contrasts mapping silicification, sulphidation and clay alteration typical of high sulphidation lithocaps (Sillitoe, 2010; Hedenquist & Taran, 2013; Cooke et al., 2017).

• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: easting and northing of the drill hole collar; elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar; dip and azimuth of the hole; down hole length and interception depth; hole length.
• If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

• Drillhole collar information, including hole ID, easting, northing, RL, dip, azimuth, end of hole depth, drilling method and prospect area, is provided in the drillhole collar table in this announcement. The final assay batch includes diamond holes MMRD059 to MMRD063 at North Knoll West, MMDD012 at Vein 355, RC holes MMRC021 and MMRC024 to MMRC034 at Southern Extension, and RC holes MMRC038 to MMRC057 at Vein 355. Two holes, MMRC037 and MMRC058, were abandoned prior to reaching target depth and are excluded from the reported assay results.

• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.
• Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.
• The assumptions used for any reporting of metal equivalent values should be clearly stated.

• Significant intersections are reported using a lower cut off of 0.2g/t Au, unless otherwise stated. For drill holes first reported in this announcement, significant intercepts use a 0.2g/t Au lower cut-off with no internal dilution: every assayed sample within a reported interval is at or above cut-off, and intervals are bounded by sub-cut-off, unassayed or absent samples. Intercepts for holes previously reported to the ASX are reproduced unchanged from the relevant prior announcement and may have applied a different aggregation convention, including limited internal dilution; refer to the original announcements for their basis. Higher grade included intervals are reported using a higher cut off where appropriate. No top cuts have been applied to exploration results. Metal equivalent values are not reported. Length weighted average grades are used for all reported composite intervals.

• These relationships are particularly important in the reporting of Exploration Results.
• If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.
• If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’).

• All reported intersections are downhole lengths. True widths are not yet known. The geometry of mineralisation varies between target areas and remains subject to further drilling and structural interpretation. At North Knoll, drilling indicates multiple mineralised zones with structural and alteration controls. At Vein 355, current drilling indicates a narrow, steeply dipping structurally controlled shoot, but additional oriented diamond drilling is required to resolve true width, plunge and continuity.

• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

• Appropriate plans, sections and drillhole location figures are included in the announcement. These show drillhole collar locations, prospect areas, reported intersections and interpreted mineralised trends.

• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

• All material results from the final assay batch are reported in this announcement. Holes that returned low grade, anomalous or no significant intersections are discussed in the text where relevant. Two holes abandoned prior to reaching target depth, MMRC037 and MMRC058, are excluded from the reported assay results. The announcement also distinguishes between the more advanced North Knoll Core area, the deeper North Knoll West target, the transitional Southern Extension area, the spatially restricted Vein 355 high grade position and the lower priority Mount Mackenzie South area.

• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

• The announcement incorporates geological logging, alteration interpretation, structural observations, multi-element geochemistry and statistical analysis of the complete assay database of approximately 8,700 samples. Pathfinder geochemistry includes Au, Ag, Sb, Pb, Cu, Te and As, with zinc depletion interpreted as a vector toward the more strongly altered lithocap core. Previous diamond drilling at North Knoll West identified enargite bearing sulphide mineralisation, anhydrite stockwork veining and elevated tellurium and copper, supporting the interpretation of a more proximal part of the hydrothermal system.

• The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).
• Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

• Mineral Resource estimation work is underway for North Knoll Core. Further work will include planning a deeper diamond drill hole at North Knoll West to test below the current drill limit and assess the transition from lithocap alteration into the interpreted alteration root zone. Oriented diamond drilling is also warranted at Vein 355 to resolve the structural geometry controlling the higher grade shoot and to test potential down-dip extensions below the MMDD010 and MMRC035 intersections. The Company is also finalising an updated structural interpretation incorporating oriented core data from the completed program to guide future drilling.

• Measures taken to ensure that data has not been corrupted by, for example, transcription or keying errors, between its initial collection and its use for Mineral Resource estimation purposes.
• Data validation procedures used.

• The Mineral Resource estimation database was validated against original laboratory certificates and supporting drilling records before geological modelling and grade estimation.
• Validation procedures included checks for duplicate records, overlapping or missing intervals, FROM/TO inconsistencies, invalid sample identifiers, collar and survey mismatches, merged records, transcription errors and quality-control samples incorrectly allocated as routine drill samples.
• Identified transcription errors, sample numbering inconsistencies, merged records and misallocated quality-control samples were corrected before preparation of the final estimation database.
• The two abandoned and unsampled drill holes, MMRC037 and MMRC058, were retained within the drilling register but excluded from the assay database and Mineral Resource estimation.
• The final database was reviewed for internal consistency against the published 2025–2026 drilling program comprising 73 drill holes for 9,798m.

• Comment on any site visits undertaken by the Competent Person and the outcome of those visits.
• If no site visits have been undertaken indicate why this is the case.

• The Competent Person responsible for the Mineral Resource estimate has not undertaken a recent site visit specifically for this study. However, the Competent Person has previously visited the nearby Mt. Chalmers Project operations and selected historic area workings in 2023 within similar geological terrane, and is familiar with the regional geology and style of mineralisation.
• Given the extensive historical drilling database and the availability of digital geological data and new drillhole records, the CP considers that the absence of a recent site visit does not materially impact the reliability of the Mineral Resource estimate.
• HGMC has reviewed the available geological, drilling, sampling, assay, survey and quality-control information and has prior familiarity with the regional geological setting through work completed elsewhere within the broader district.
• HGMC considers that the available technical information is sufficient to support the Mineral Resource Estimate. A site visit will be completed when considered appropriate for subsequent stages of technical evaluation.

• Confidence in (or conversely, the uncertainty of) the geological interpretation of the mineral deposit.
• Nature of the data used and of any assumptions made.
• The effect, if any, of alternative interpretations on Mineral Resource estimation.
• The use of geology in guiding and controlling Mineral Resource estimation.
• The factors affecting continuity both of grade and of geology.

• Mount Mackenzie is interpreted as a high-sulphidation epithermal gold-silver system developed within an extensive silica-altered lithocap.
• The geological interpretation is supported by historical and recent drilling, surface mapping, lithological logging, alteration logging, structural observations and multi-element geochemistry.
• Mineralised envelopes were interpreted using gold assays together with geological, alteration and structural information. Mineralisation wireframes were generally delineated using a nominal 0.4g/t Au threshold, while allowing for geological continuity and the inclusion of limited internal lower-grade material where supported by the interpretation.
• Recent drilling materially improved the understanding of the controls on mineralisation. Gold is preferentially associated with advanced argillic and silica-pyrite alteration and is locally concentrated within structurally prepared breccias, veins and fracture zones.
• Higher-grade mineralisation is interpreted to occur where favourable alteration coincides with structural permeability. At North Knoll, anhydrite-bearing vein and breccia associations provide an additional geological vector in parts of the mineralised system.
• Post-mineralisation structures, including northwest-trending dextral faults, may locally offset mineralised zones and were incorporated into the geological interpretation where supported by drilling and structural data.
• Alternative interpretations principally relate to the local continuity and geometry of discrete higher-grade structures within broader mineralised envelopes. These alternatives are not considered likely to materially affect the global Mineral Resource but may influence local grade distribution and mining selectivity.
• Geological continuity is controlled by the distribution of favourable alteration, brecciation, vein development and post-mineralisation faulting. Grade continuity is more variable, particularly within locally high-grade or nuggety gold zones.

• The extent and variability of the Mineral Resource expressed as length (along strike or otherwise), plan width, and depth below surface to the upper and lower limits of the Mineral Resource.

• The Mineral Resource comprises mineralised zones at North Knoll and South West Slopes.
• At North Knoll, mineralisation extends for approximately 350m along strike, up to approximately 100m across strike and to a vertical depth of approximately 300m below surface.
• Mineralisation at North Knoll commences at or near surface and remains open at depth and locally along strike.
• The South West Slopes Mineral Resource extends for approximately 400 m along strike, up to approximately 200-250m in plan width and approximately ~200m vertically, based predominantly on historical drilling.
• The mineralised system comprises a combination of broad altered and brecciated envelopes and more discrete structurally controlled higher-grade zones.
• Steve to confirm from the final model: maximum plan width ranges from 40-100m at North Knoll; maximum plan width ranges from 40-80m at South Knoll; maximum vertical extent at North Knoll is approximately 300m from topographic surface; maximum vertical extent at South Knoll is approximately 180m from topographic surface; maximum depth below surface of the lowest Resource limit is at the -170mRL or approximately 360m from topographic surface at North Knoll; The South West Slopes mineralization extents remain the same as the previous mineralization interpretation modelling however they have been more refined and constrained for this July 2026 Resource Estimate.

• The nature and appropriateness of the estimation technique(s) applied and key assumptions, including treatment of extreme grade values, domaining, interpolation parameters and maximum distance of extrapolation from data points. If a computer assisted estimation method was chosen include a description of computer software and parameters used.
• The availability of check estimates, previous estimates and/or mine production records and whether the Mineral Resource estimate takes appropriate account of such data.
• The assumptions made regarding recovery of by-products.
• Estimation of deleterious elements or other non-grade variables of economic significance (eg sulphur for acid mine drainage characterisation).
• In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed.
• Any assumptions behind modelling of selective mining units.
• Any assumptions about correlation between variables.
• Description of how the geological interpretation was used to control the resource estimates.
• Discussion of basis for using or not using grade cutting or capping.
• The process of validation, the checking process used, the comparison of model data to drill hole data, and use of reconciliation data if available

The Mineral Resource was estimated using three-dimensional geological modelling and geostatistical grade interpolation.

• Mineralised domains were interpreted using drilling, assay, lithological, alteration and structural information and were wireframed at a nominal 0.4g/t Au delineation threshold. The domains were subdivided into local estimation areas where required to reflect changes in mineralisation geometry and orientation.
• Assay samples were composited to a nominal 2m downhole length, with residual intervals treated in accordance with the compositing strategy adopted by the Resource geologist.
• Statistical analysis was completed within each estimation domain. Extreme grades were assessed using histograms, log-probability plots, coefficient-of-variation analysis and spatial review.
• High-grade outliers were controlled using distance-based restrictions at approximately the 98th percentile, with restriction distances informed by downhole continuity analysis. This approach was selected to limit the spatial influence of extreme grades while retaining legitimate high-grade samples within the estimate.
• Variography was completed by estimation domain, or across combined domains where individual composite populations were insufficient to support robust variogram modelling.
• Block grades for gold, silver, copper, lead, zinc and arsenic were estimated using Ordinary Kriging.
• The block model used nominal parent block dimensions of 4m east-west by 5m north-south by 2.5m vertically, with block volume percentage adjustment applied at mineralisation and topographic boundaries.
• Search ellipses were aligned with the interpreted geometry of each mineralised domain. Estimation was completed using a broad primary and a constrained secondary search ellipsoid search passes, with progressively reduced search distances locally where required according to mineralization orientation AREA domain.
• The shorter range secondary search ellipsoids employed a nominal ellipsoid of approximately 50m by 40m by 20m, with a maximum of 24 composites and a maximum of two composites permitted from each drill hole.
• Gold shows weak correlation with silver and limited correlation with copper, lead, zinc and arsenic. Silver was estimated separately and is expected to provide a potential economic contribution to gold extraction. Base metals are not presently considered primary economic contributors to the Mineral Resource.
• The estimate was compared with the previous July 2025 HGMC estimate and the earlier Resources and Energy Group estimate completed in 2020. Changes principally reflect the inclusion of recent drilling, refined geological interpretation, revised mineralisation domaining, updated density assignments and changes to the reporting cut-off grade.
• No mining has occurred within the Mineral Resource area and no production reconciliation data are available.
• Model validation included visual comparison of estimated block grades against drill hole composites, global statistical comparison by domain and classification, trend analysis and swath-plot review.
• The validation results indicate that the block model appropriately reproduces the general tenor, spatial distribution and grade trends of the input drilling data at the scale relevant to the Mineral Resource classification.
• One ‘Primary and One Secondary of search pass was used for interpolation for mineralization in each AREA ‘sub-domain’;
• Search ellipsoid dimensions for primary pass was 80m, x 60m x 50m and for secondary 50m x 40m x 20m;
• Minimum number of composites allowed was 1 and a maximum of 24 and a maximum of only 2 composites from any given drill-hole;
• high-grade restriction thresholds and distances; High grade restrictions were aligned to the 98-99th percentile distribution for each interpolated element on a local AREA domain basis.
• Typical outlier’ grade restrictions for Gold were between 1.0g/t Au and 50g/t Au. These outlier composites had a distance of restriction of 15m. Similarly typical outlier’ grade restrictions form Silver were between 10.0g/t Ag and 165g/t Ag. These outlier composites also had a distance of restriction of 15m
• Semi-Variogram Modelling approach.; Reliable down-hole semi variograms were modelled for 10 out of the 17 AREA domains. Some domains contained insufficient composite for reliable variogram modelling.
• Composites were not ‘hard cut’ to a specific upper cut-off threshold. Grade items Au, Ag, Cu, Pb, Zn were interpolated / estimated. In separate interpolation runs with separate semi-variogram and related composite population parameters applied on a specific element basis.;
• Validation was carried out primarily by Visual (on screen) validation – sectional comparison of composite versus block grades locally and also using bench by bench review as well as comparison with previous block model.

• Whether the tonnages are estimated on a dry basis or with natural moisture, and the method of determination of the moisture content.

• Tonnages are estimated on a dry in-situ basis.
• No moisture factor has been applied to the reported tonnage.

• The basis of the adopted cut-off grade(s) or quality parameters applied.

• The Mineral Resource is reported at a lower cut-off grade of 0.4g/t Au beneath the current topographic surface.
• The cut-off grade was selected with consideration of the shallow geometry of the mineralisation, the potential application of conventional open-pit mining methods and treatment through a conventional carbon-in-pulp or carbon-in-leach processing route.
• The cut-off grade also considers indicative assumptions relating to gold price, mining costs, processing costs, general and administrative costs, metallurgical recovery and royalties.
• The adopted cut-off grade is considered appropriate for assessing reasonable prospects for eventual economic extraction at the current level of study.
• Mining and metallurgical factors considered: gold price assumed AUD$ 5000 (Kitco); silver price, assumed AUD$ 80 (Kitco); metallurgical recovery; Previous reported metallurgical test-work points to 94% recovery for oxide/transitional material and 59% for fresh/sulphide material. Q-Mines metallurgical test-work yet available. A significant proportion of Mt. McKenzie mineralisation is weathered / oxide and expected quite suitable for recovery via CIP or CI. royalty assumptions; None; dilution or ore-loss assumptions – initially low dilution with wide mineralization zones near surface.
• Potential mining of the Mt. McKenzie deposit will be by surface mining methods involving standard truck and haul techniques.
• The price and cost assumptions for any future mining studies will be generalized and considered in the context of the nearby Mt. Chalmers mining costs assumptions as derived by other Q-Mines engaged Mining Consultants Costing assumptions will be appropriately benchmarked against deposits of a similar scale and geological nature in the same region.
• The overall wall slopes are expected to be in the order of 40-50° in all material.
• Mining at Mt. McKenzie deposit is assumed to be on either 2.5 m flitches or a 5m bench with a current selective mining unit (SMU) dimension of 4m x 4m x 2.5m based on utilizing RC grade control. This is assumed based on other projects having a similar style of mineralisation.
• Preliminary Whittle pit optimisations excluding any ore loss or ore dilution using approximated regional mining and processing costs for multiple scenarios will need to be run with a view to open pit mining on 2.5m or 5m benches. For initial economic assessment purposes a gold price of approximately AUD$5000/oz could reasonably be justified to preliminarily generate a range of pit shells and cut-off grades. Gold mineralization grades as those displayed at or near to topographic surface at the Mt. McKenzie Project is envisaged to satisfy the JORC Code requirement for a Mineral Resource, or part thereof to have reasonable prospects for eventual economic extraction.

• Assumptions made regarding possible mining methods, minimum mining dimensions and internal (or, if applicable, external) mining dilution. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential mining methods, but the assumptions made regarding mining methods and parameters when estimating Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the mining assumptions made.

• The Mineral Resource has been assessed on the basis of potential extraction using conventional open-pit mining methods.
• The shallow position, geometry and lateral continuity of the mineralisation are considered amenable to conventional drill, blast, load and haul mining.
• The nominal block dimensions of 4m by 5m by 2.5m were selected with consideration of drill spacing, mineralisation geometry and a potential mining flitch height of approximately 2.5m.
• No mining dilution or ore-loss factors have been applied directly to the Mineral Resource Estimate.
• The estimate assumes that selective mining would be supported by appropriate grade-control drilling and operational practices.
• No detailed mine design, pit optimisation or production schedule has been completed as part of the Mineral Resource Estimate. Mining assumptions are therefore conceptual and are used solely to support reasonable prospects for eventual economic extraction.

• The basis for assumptions or predictions regarding metallurgical amenability. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential metallurgical methods, but the assumptions regarding metallurgical treatment processes and parameters made when reporting Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the metallurgical assumptions made.

• Historical metallurgical testwork completed under previous ownership included approximately 15 variability composites and five master composites prepared from HQ diamond core.
• The testwork assessed gold recovery using a conventional carbon-in-pulp or carbon-in-leach flowsheet with a nominal 48-hour leach residence time.
• Reported gold recoveries were approximately 94% for oxide and transitional material and approximately 59% for fresh or sulphide material. No material coarse-gold component was identified during the historical testwork.
• The Company considers the historical testwork preliminary and insufficient to support detailed project design.
• For the purpose of assessing reasonable prospects for eventual economic extraction, HGMC has assumed that the Mineral Resource could be treated using a conventional gold processing flowsheet, subject to confirmation through current metallurgical testwork.

• Assumptions made regarding possible waste and process residue disposal options. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider the potential environmental impacts of the mining and processing operation. While at this stage the determination of potential environmental impacts, particularly for a greenfields project, may not always be well advanced, the status of early consideration of these potential environmental impacts should be reported. Where these aspects have not been considered this should be reported with an explanation of the environmental assumptions made.

• No environmental factor has been identified that is presently considered likely to prevent eventual development of the Mineral Resource.
• The Project remains subject to environmental assessment, approval and management requirements applicable to any future mining operation.
• Fresh and partially oxidised material contains sulphide minerals and may have the potential to generate acidic or metalliferous drainage if not appropriately characterised and managed.
• Future studies will need to include geochemical characterisation of waste rock and process residues, assessment of potential acid-forming and neutralising capacity, surface-water and groundwater management, waste storage design and rehabilitation planning.
• Potential environmental impacts and management requirements have not yet been assessed to the level required for mine development approval.
• For the purpose of the Mineral Resource Estimate, it has been assumed that conventional waste rock and process residue storage facilities could be developed and managed in accordance with applicable regulatory requirements.

• Whether assumed or determined. If assumed, the basis for the assumptions. If determined, the method used, whether wet or dry, the frequency of the measurements, the nature, size and representativeness of the samples.
• The bulk density for bulk material must have been measured by methods that adequately account for void spaces (vugs, porosity, etc), moisture and differences between rock and alteration zones within the deposit.
• Discuss assumptions for bulk density estimates used in the evaluation process of the different materials.

• Bulk-density assignments were based on measurements from diamond core and were applied according to oxidation state and, where supported by data, geological or geometallurgical domain.
• The previous estimate applied dry in-situ bulk densities of approximately: 2.0t/m³ for oxidised material; 2.4t/m³ for partially oxidised material (transitional); and 2.8t/m³ for fresh / sulphide material.
• The updated estimate incorporates approximately 200 additional specific-gravity measurements collected by QMines at nominal 12m intervals across six geometallurgical domains.
• Measurements were undertaken using the Archimedes method with appropriate treatment applied to porous, weathered, fractured or vuggy material where required.
• The expanded dataset was reviewed by oxidation state and geological domain and used to update the bulk-density assignments applied to the block model.
• The average implied model density is approximately 2.62t/m³ for Indicated material and 2.68t/m³ for Inferred material, although these values represent model averages rather than direct domain assignments.
• Bulk densities were assigned on a material type basis: Weathered / strongly oxidised, Transitional and Fresh/ Sulphide material based directly on the interpreted geological drill-hole logs. The refinement of this aspect is warranted in future modelling.

• The basis for the classification of the Mineral Resources into varying confidence categories.
• Whether appropriate account has been taken of all relevant factors (ie relative confidence in tonnage/grade estimations, confidence in continuity of geology and metal values, quality, quantity and distribution of the data).
• Whether the result appropriately reflects the Competent Person’s view of the deposit.

• The Mineral Resource has been classified as Indicated and Inferred in accordance with the JORC Code (2012).
• Classification reflects confidence in geological continuity, grade continuity, drill spacing, data quality, QA/QC performance, survey reliability, estimation quality and the spatial relationship between drilling and the interpreted mineralised domains.
• Indicated Mineral Resources are generally supported by nominal drill spacing of approximately 20m by 20m to 25m by 25m, together with consistent geological continuity and acceptable estimation confidence.
• Inferred Mineral Resources are generally supported by drill spacing greater than approximately 25m and extending to approximately 50m, where geological continuity can reasonably be inferred but is not sufficiently established for Indicated classification.
• All classified Mineral Resources are constrained within interpreted mineralisation wireframes. Classification was not extended beyond areas supported by drilling and geological continuity.
• The classification also considered areas affected by incomplete or uncertain downhole survey data, historical data limitations, locally complex structural geometry and the distribution of extreme grades.
• Approximately 70% of contained gold is classified as Indicated.
• The Mineral Resource classification appropriately reflects the Competent Person’s view of the confidence and uncertainty in the estimate.
• Resources have been classified as Indicated and Inferred, reflecting the Competent Person’s assessment of data quality, geological and grade continuity, and spatial confidence.
• Classification criteria considered approximate drill spacing (20–30 m near surface; 30–50m at depth), the number of informing composites used during block interpolation, distance to nearest sample, and local kriging variance.
• The typical confidence of estimate threshold ranges of the ancillary block model parameters were: Distance – Low 20m, High 30m; Number of Composites in ellipsoid – Low 10, High 20; Local Kriging Variance – Low 0.4, High 0.8
• These parameters were used to derive an internal quality of estimate index guiding classification boundaries.
• The classification approach used to arrive at this reported estimate is considered appropriate for reporting under the JORC Code (2012).
• Classification modifying factors considered: All Indicated resources were reported no deeper than ~150m from surface at North Knoll and no deeper than ~140m from surface; All DH data was used from historic drilling programs. This DH data was supplemented with confirmation recent Q-Mines drilling with generally very good correlation All drill holes (in database) including historic used for mineralization domain development guidance. Some holes or mineralization intercepts were omitted if in isolated areas or were not supported by nearby reliable / newer drilling data; The classification was manually adjusted locally with minor adjustments aligned towards ensuring better Indicated category continuity; whether classification was based on search pass, kriging metrics or drill spacing; (Kriging interpolation metrics were used as the initial classification review (as above) but manually ‘post-processed’ where appropriate); The final percentage of tonnes classified as Indicated at a 0.4g/t Au lower cut-off is ~72% Indicated and ~28% Inferred.

• The results of any audits or reviews of Mineral Resource estimates.

• The Mineral Resource Estimate was subject to internal review by Hyland Geological and Mining Consultants as part of the estimation and reporting process.
• The review included assessment of the drilling database, geological interpretation, mineralisation domaining, statistical analysis, variography, grade interpolation, bulk-density assignments, block-model validation and Resource classification.
• The Company also completed an internal review of the drilling and assay database, including validation against original laboratory certificates and review of collar and downhole survey information.
• Identified issues were corrected before completion of the final estimate.
• The current Mineral Resource estimate has been internally reviewed by the Competent Person and Q-Mines personnel The Resource Estimate has been compared with previous historical resource estimates using available information for the project area.
• No independent external audit of the updated Mineral Resource Estimate has been completed, unless otherwise stated.

• Where appropriate a statement of the relative accuracy and confidence level in the Mineral Resource estimate using an approach or procedure deemed appropriate by the Competent Person. For example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the resource within stated confidence limits, or, if such an approach is not deemed appropriate, a qualitative discussion of the factors that could affect the relative accuracy and confidence of the estimate.
• The statement should specify whether it relates to global or local estimates, and, if local, state the relevant tonnages, which should be relevant to technical and economic evaluation. Documentation should include assumptions made and the procedures used.
• These statements of relative accuracy and confidence of the estimate should be compared with production data, where available.

• The Mineral Resource Estimate is considered to provide an appropriate global estimate of the tonnage and grade of the Mount Mackenzie mineralisation at the level of confidence represented by the Indicated and Inferred classifications.
• The estimate is intended to support global and project-scale technical evaluation. Local block grades may be less precise than the global estimate, particularly within structurally complex or locally high-grade zones.
• Confidence is highest within the more densely drilled portions of North Knoll, where recent reverse circulation and diamond drilling has improved drill density, verified the historical drilling dataset and refined the geological interpretation.
• Key factors supporting confidence in the estimate include: increased modern drilling coverage; validation of historical assay data against original laboratory certificates; improved geological and alteration domaining; modern QA/QC procedures; expanded bulk-density measurements; and enhanced structural and geological interpretation.
• Factors that may locally affect relative accuracy include: reliance on historical percussion and reverse circulation drilling in parts of the deposit; limited historical QA/QC and survey documentation; incomplete downhole survey coverage for some drill holes; uncertainty in the local continuity of extreme or high-grade gold values; possible nugget effects within discrete higher-grade structures; variable metallurgical recovery, particularly in fresh sulphide material; and incomplete environmental and geometallurgical characterisation.
• The recent drilling campaign materially reduces, but does not eliminate, the uncertainty associated with historical drilling.
• No production data are available for reconciliation against the Mineral Resource Estimate.
• The Competent Person considers the reported classification to appropriately reflect the relative accuracy and confidence of the estimate.