Announcement PDF UPDATED BUTCHERBIRD EXPANSION STUDY Growing Manganese Production to Capture Economies of Scale Element 25 Limited ABN 46 119 711 929 ASX E25 element25.com.au January 2025 TABLE OF CONTENTS Feasibility Dashboard and Highlights 3 Cautionary Statements 5 Forward Looking Statements 6 Expansion Study Update Summary 7 Geology 12 Resource Estimate and Mining Reserve 13 Mining 14 Processing 20 Logistics and Ore Transport 25 Project Infrastructure 26 Manganese Market 28 Economic Analysis 31 Material Assumptions 35 Business Plan Risks 44 Environmental, Heritage and Approvals 45 Project Execution 48 Consultants and Contributors 49 Competent Persons Statement 50 Acronyms & Definitions 51 Butcherbird Feasibility Study Update Targets 1.1 Mtpa Manganese Production to Capture Economies of Scale over a Long Mine Life. A strong result supporting progress toward a Decision to Expand. Element 25 Limited (Company, Ele me nt 25 or E25) (ASX: E25, OTCQX:ELMTF) is pleased to announce that it has completed an updated Feasibility Study (Study or FS) to increase the mine life of the Butcherbird Project base d on the update d Mine ral Re source Inve ntory publishe d in Octobe r 2024 and update d Mining Re se rve published January 2025. The Butche rbird Proje ct is locate d in the southe rn Pilbara re gion of We ste rn Australia, approximate ly 1,050 km north of Perth. The Study demonstrates strong economics with robust economic returns over an 18.3-year mine life with rapid capital payback. The financial summary of the Study outcomes are shown below. Capital Cost NPV8 IRR Cashflow Payback AU$64.8 AU$561M 96% AU$70.5M 1.3 (incl. contingency) (Pre-tax, real) (annual) (years) HIGHLIGHTS The FS e xamine s the e xpansion of the Butche rbird mangane se ope ration to 1.1M tpa manganese concentrate production using expanded open-cut mining methods, a modified primary comminution circuit and a dense media separation (DMS) back-end solution to optimise grade and recoveries. The expansion will establish Butcherbird as a low-cost manganese operator (US$ 2.86/dmtu C1 cost) able to produce high-quality manganese concentrate at a globally competitive operating cost. The Feasibility Study utilises all the available measured and indicated resources within the 18.3-year mine plan supporting this Study. The Measured, Indicated and Inferred Mineral Resources used to support the 18.3-year mine life represents 68% of the total mineral resource inventory within the granted mining lease M52/1074. Low capital requirement of AU$64.8M capital in total construction costs including process and non-process infrastructure. Average base case annual operating cashflow of AU$ 70.5M at full production. The Proven and Probable Ore Reserve has been increased to 101.4Mt at 10.4% Mn containing 10.5 Mt manganese (8.6 Mt recoverable manganese). Forecast cashflows generate a simple payback period of 16 months from commencement of operations. Expanded mining production and process commissioning is currently scheduled to commence within 14 months from the final investment decision and securing project financing. The base case involves an annual production and sale of 1.1M tpa of lump manganese ore grading 31.6% Mn. The concentrate production strategy complements and enhances the Companyʼs plan to develop the proposed high- purity manganese sulphate (HPMSM) plant in Louisiana to supply offtake partners General Motors LLC (GM) and Stellantis NV (Stellantis) with HPMSM for electric vehicle (EV) battery cathodes1. 1 Reference: Company ASX Releases dated 9 January 2023 and 26 June 2023. UPDATED E25 BUTCHERBIRD EXPANSION FEASIBILITY STUDY - JAN 2025 | 4 CAUTIONARY STATEMENTS The production target referred to in this announcement is based on 11% Measured Resources, 86.4% Indicated resources and 2.6% Inferred Resources for the 18.3-year mine life. The mine plan comprises 78% of the current Measured and Indicated Resources within the Yanneri Ridge and Coodamudgi mineral resource inventories, with the remaining 22% mostly tied up in infrastructure reserves around the Great Northern Highway and Goldfields Gas Pipeline and mineralisation not included in the optimisation due to depth. The Company has used Inferred Mineral Resources as part of the production scenario where it is mined as part of the mine plan and the impacts of the use of Inferred mineralisation is included within the report. There is a low level of geological confidence associated with inferred mineral resources and there is no certainty that further exploration work will result in the determination of indicated mineral resources or that the production target itself will be realised. The use of Inferred mineralisation is not a determining factor in the viability of the Project. The Study is based on the material assumptions described elsewhere in this announcement. These include assumptions about availability of funding. The Company considers all the material assumptions to be based on reasonable grounds, however there is no certainty that they will prove to be correct or that the range of outcomes indicated by the Study will be achieved. The Company has a well-defined financing strategy, including a combination of debt and equity under a project financing structure typical for a project of this type. The Company has concluded that it has a reasonable basis for providing the forward-looking statements included in this announcement and believes it has “reasonable basis” to expect it will be able to fund the development of the Project using existing cash reserves, new equity and project financing from lenders to the project. The Study focuses on a development option which has been selected as the most likely mining start up scenario. The Study has targeted a part of the manganese resource where it is considered that reasonable grounds exist for the production target to be achieved in both the grade and size which has been reported. Development options in this Study are also well supported by the larger Butcherbird Mineral Resource where there are additional Indicated and Inferred Mineral Resources. UPDATED E25 BUTCHERBIRD EXPANSION FEASIBILITY STUDY - JAN 2025 | 5 FORWARD LOOKING STATEMENTS Some of the statements contained in this report are forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning estimates of tonnages, expected costs, statements relating to the continued advancement of Element 25 Limited’s projects and other statements that are not historical facts. When used in this report, and on other published information of Element 25 Limited, the words such as ‘aim’, ‘could’, ‘estimate’, ‘expect’, ‘intend’, ‘may’, ‘potential’, ‘should’ and similar expressions are forward looking statements. Although Element 25 Limited believes that the expectations reflected in the forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that the actual results will be consistent with these forward-looking statements. Various factors could cause actual results to differ from these forward-looking statements including the potential that Element 25 Limited’s Project may experience technical, geological, metallurgical, mechanical problems, changes in manganese price and other risks not anticipated by Element 25 Limited. Element 25 Limited is pleased to report this summary of the study in a fair and balanced way and believes that it has a reasonable basis for making the forward-looking statements in this announcement, including with respect to any mining of mineralised material, modifying factors, production targets and operating cost estimates. This announcement has been compiled by Element 25 Limited from the information provided by the various contributors to the announcement. UPDATED E25 BUTCHERBIRD EXPANSION FEASIBILITY STUDY - JAN 2025 | 6 EXPANSION STUDY UPDATE SUMMARY Element 25 Limited (ASX:E25, OTCQX:ELMTF) (ASX: E25) is pleased to announce that it has completed an Updated Butcherbird Feasibility Study (Study or FS) refining the previous feasibility study to include a new mining Reserve, updated capital and operating costs, and extended mine life at the Company’s 100% owned Butcherbird Manganese Project, located in the southern Pilbara region of Western Australia (Butcherbird or Project). This report is an update of the Feasibility Study released in January 20241 and utilises the forecast production data along with a detailed review of the process flow design to optimise the design of an expanded processing facility. The Project consists of eight known manganese mineral resources located in an approximately 600 km2 area of the southern Pilbara region, approximately 1,050 km North of Perth and 130 km South of Newman, Western Australia (WA). The Butcherbird site is accessible directly from the Great Northern Highway. The Study is based on the extraction and processing of the Yanneri Ridge and Coodamudgi mineral resources to produce manganese concentrate for sale and export. Element 25 has held exploration tenure in the Butcherbird area since 2009 and commenced mining and manganese concentrate processing operations at Butcherbird in early 2021. Since then, the Company has exported twelve shipments of manganese concentrate to customers in Asia and the product is also the planned feedstock for the Company’s proposed HPMSM processing facility to be constructed in Louisiana USA. The Project is 100% owned by the Company and comprises the granted Mining Lease M52/1074 and two granted exploration licences E52/2350 and E52/3606 as well as several granted and pending miscellaneous licences required for Project infrastructure. Mining Lease M52/1074 encompasses the Yanneri and Coodamudgi manganese deposits. This expansion plan is predicated on the mining of the measured and indicated mineral resources located at the Yanneri and Coodamudgi mineral resources. The Study does not rely on the inclusion of Inferred Mineral Resources. The Company has two Native Title mining agreements in place servicing the Project area and covering all planned production areas used in the Study. The Butcherbird Project is located on two pastoral stations and the Company has access agreements in place to allow Project expansion to be undertaken. This revised Expansion Study includes updated operational costs and macro-economic inputs and other design parameters where appropriate based on current market conditions and on the improved understanding of the optimal processing methodology derived from production data since the commissioning of the current processing plant. The Study contemplates a revised comminution and procession circuit based on learnings gained from the operation of the current Butcherbird processing facility since 2021. Changes to the processing circuit include the use of a mineral sizer for primary comminution, a dense media separation (DMS) drum for final beneficiation and a tailings screen and thickener for tails thickening and improved water recovery. 1 Reference: Company ASX Announcement dated 23 January 2024. UPDATED E25 BUTCHERBIRD EXPANSION FEASIBILITY STUDY - JAN 2025 | 7 A summary of the parameters used in this Study include: • Increased manganese concentrate production to 1.1Mtpa. • DMS process recovery of 83.7%. • Overall processing plant recovery of 59.1%. • Increased ore recovery and decreased ore loss due to change in processing equipment. • Exchange rate (AUD:USD) of 0.67 in 2025, 0.68 in 2026, with a longer-term assumption of 0.69 from 2027 onwards. • Capital cost estimate of AU$64.8M including: • Construction of an expanded processing infrastructure. • Construction of an expanded mining camp. • An revised site organisation chart has been developed with updated costs reflective of the proposed expansion. • Updated mining costs based on the expanded mining requirements. • Updated sustaining capex involving an expanded tails storage facility (TSF). • Updated manganese ore pricing to reflect current forecasts. The Study results confirm that the robust economics of the Project are further improved, with the economics and performance of the Project benefiting from the inherent economies of scale achieved in the larger-scale production operations. This results in better utilisation of mining and processing equipment, improved operational efficiencies and better utilisation of the large resource/reserve base underpinning the Project. As part of the revised Study, further resource delineation drilling was completed in June 2024 and an updated Mineral Resource Estimate (MRE) was published in October 20242, increasing the Measured and Indicated mineralisation at Yanneri and Coodamudgi. The resultant 18.3-year project utilises 87% of the Measured resources2 and 77% of the Indicated resources available within the Butcherbird resource base. The remaining 13% Measured and 23% Indicated is mostly tied up in infrastructure reserves around the Great Northern Highway and Goldfields Gas Pipeline and mineralisation not included in the optimisation due to depth. UPDATED E25 BUTCHERBIRD EXPANSION FEASIBILITY STUDY - JAN 2025 | 8 2 Reference: Company ASX Announcements dated 17 April 2019 and 29 October 2024. The use of inferred resources is not a determining factor for project viability of the expansion; see Table 1 below. Table 1: Impact of Inferred Mineralisation on Key Financial Outputs Including Inferred Excluding Inferred NPV8 (AUD M) (Pre tax) $561.7 $528.0 IRR (%) 96% 91% Mine Life Utilising existing Mining Reserves (Years) 18.3 18.3 Annual Cash Flow (AUD M) $70.5 $67.3 Table 2: JORC Resource Mineralisation Usage by Classification Resources Utilised (Mt) % Measured 11.3 11.0% Indicated 89.5 86.4% Inferred 2.7 2.6% Total 103.5 100.0% UPDATED E25 BUTCHERBIRD EXPANSION FEASIBILITY STUDY - JAN 2025 | 9 KEY OUTCOMES OF BASE CASE This updated FS includes optimised pit shells and subsequent staged open pit mine designs, estimated mining and production schedules and metallurgical testing relevant to manganese processing and recovery. Capital costs were based on detailed engineering designs and industry sourced quotations provided by technical experts within Element 25 and by external consultants. Operating costs were sourced from supplier quotations for major operational contracts including mining, ore haulage and camp facilities. The balance of the operating costs were sourced from quotations and database costs and are considered to be at ±15% level of estimation. Open pit optimisation, design and mine scheduling were performed by an external consultant, overseen by Element 25 staff, based on design and operating parameters provided by Element 25. The Study base case for the Study consists of: • An Open pit mining and beneficiation operation producing 1.1M tpa (years 1-18) of manganese lump concentrate at an average grade of 31.6% Mn per annum. • A mine life of 18.3-years based on the use of Proved and Probable Ore Reserves3 with Inferred mineralisation used where it is mined to gain access to the Proved and Probable reserves in the later years of the Project. • The current project scenario utilises 11% Measured and 86.4% Indicated and 2.6% Inferred resources, with years 1-5 using 30% Measured and 67% Indicated and 4% Inferred resources. • Inferred mineral resources are included in the base case study, comprising 2.6% of the 18.3-year ore supply. The inferred resources are not a determining factor for project viability; refer Table 1 above. • Operating expenses, C1, over the life of mine are currently estimated at AU$4.14/Dry Metric Tonne Unit (dmtu) (US$2.86/dmtu), assuring a low-cost operation that will be profitable throughout the manganese price cycles. • Low estimated capital costs of AU$64.8M including working capital. Using a censensus manganese price deck based on market analysis provided by AME, Project Blue, and Wood Mackenzie, with a long-term average manganese price forecast of US$6.06/dmtu (44% Cost, Insurance and Freight (CIF) China basis), NPV8 (Net Present Value at 8% discount factor) pre-tax is AU$561.7M, post-tax is AU$379.7M, and the Internal Rate of Return (IRR) is 96%. The Project NPV8 of AU$561.7M highlights that the Project is robust and offers returns even at conservative pricing assumptions. The Project breaks even at a manganese invoiced price of US$3.19/dmtu (FOB Port Hedland basis) for the life of the Project. The assumptions for the expansion study are detailed within the remainder of this Study report. 3 Reference: Company ASX Announcement dated 19 May 2020. UPDATED E25 BUTCHERBIRD EXPANSION FEASIBILITY STUDY - JAN 2025 | 10 DEVELOPMENT TIMELINE A project implementation plan and schedule has been developed based on forecast lead times for equipment procurement, permitting, project financing and construction. The total time required for project delivery from contract signature to start of commissioning is estimated at approximately 15 months from Final Investment Decision (FID). Figure 1: Project Development Timeline EXPANSION PROJECT APPROACH Element 25 have been working closely with specialist WA project delivery consultant, Aspect Engineering (Aspect) for the proposed Butcherbird expansion project. Aspect and Element 25 are jointly designing the proposed Butcherbird expansion plant, which incorporates plant design and supply by specialist vendors of key process equipment. Given that various process equipment is subject to long lead times, an optimised project delivery schedule is currently being developed that aims to identify all opportunities for schedule improvement, including Early Contractor Involvement (ECI) partnerships to identify long lead time items for early procurement, optimisation of manufacture strategy (i.e. local manufacture overseas), fast track of certain design elements, and innovative construction methodologies. Element 25 are targeting a project period of 14 months, followed by a one month commissioning period. 1. GEOLOGY The manganese mineralisation at the Project with the most economic value occur where the manganiferous shales of the Ilgarari formation intersect the weathering profile and display a supergene overprint where deep chemical weathering has upgraded the grade of the manganese and partitioned the manganese mineralisation into discrete high-grade bands, resulting in an ore that is amendable to simple physical beneficiation. 12 3 Figure 1, Table 1, Table 2, Figure 2: Yanneri Ridge Deposit cross section with simplified geology. Figure 2 illustrates the interlayered supergene manganese layers in the manganiferous shale unit which is the primary ore source at Butcherbird. The photo was taken during the bulk sampling program conducted in December 2019 4 and is typical of the mineralisation style at the Project. Ore beneficiation is achieved by separating the nonmanganese bearing clays and shales via comminution, scrubbing, screening and dense media separation (DMS). The liberated concentrate product has a relatively high silica Figure 3: Bulk Sample Trial Pit - Pit Wall showing Manganese Lithology. content with low levels of deleterious contaminants, making it suitable for manganese allow manufacturing as well as chemical refining to produce HPMSM for EV batteries. 1 2 3 4 Company ASX released dated 19 December 2019 UPDATED E25 BUTCHERBIRD EXPANSION FEASIBILITY STUDY - JAN 2025 | 1 2 2. RESOURCE ESTIMATE AND MINING RESERVE 2.1 Resource Estimate The 2024 JORC Measured, Indicated and Inferred Mineral Resource Estimate at Yanneri Ridge and Coodamudgi was completed by MEC Mining consultants following a major infill drilling program in 20245. The Mineral Resource at 29 October 2024 is shown below. The non-Yanneri Ridge and Coodamudgi mineral resources were completed in 2019 by IHC Robbins and in 2017 by Extomine Pty Ltd. Table 3: 2024 Butcherbird Manganese Project Mineral Depleted Resource Estimate 5 Category Tonnes (Mt) Mn (%) Fe (%) Si (%) Measured 13.6 11.3 11.6 20.6 Indicated 116.0 10.1 11.4 21.0 Inferred 144.3 9.8 11.5 20.6 Total 273.9 10.0 11.5 20.8 Notes: • Reported at a 7% Mn cut-off for the Measured and Indicated categories and an 8% Mn cut-off for the Inferred categories. • All figures rounded to reflect the appropriate level of confidence (apparent differences may occur due to rounding). 2.2 Mining Reserve Based on the results of this study, E25 published an updated Ore Reserve for the Project of 101.4Mt in January 2025 6 in the Proved and Probable categories. The depleted Ore Reserve summary is shown below. Table 2. Butcherbird Depleted Ore Reserve Summary. 6 Classification Tonnes (Mt) Grade (Mn%) Contained Mn (Mt) Recovered Mn (Mt) Proved 11.9 11.7 1.4 1.1 Probable 89.5 10.2 9.1 7.5 Total 101.4 10.4 10.5 8.6 The estimated ore reserves and/or mineral resources underpinning the production target have been prepared by a competent person or persons in accordance with the requirements in Appendix 5A (JORC Code 2012). 5 Reference: Company ASX Announcement dated 29 October 2024 6 Reference: Company ASX Announcement dated 22 January 2025 - Ore Reserve Statement. UPDATED E25 BUTCHERBIRD EXPANSION FEASIBILITY STUDY - JAN 2025 | 1 3 3. MINING The mine plan has been designed to exploit the distinctive tabular structure of the mineral deposit at Yanneri Ridge and Coodamudgi, enabling the establishment of an uncomplicated and cost-effective open-pit mining approach. The mining operations will employ multiple pit configurations, including excavation beneath the water table. Local drainage measures will be implemented where required. Geotechnical studies (confirmed by mining activities) have shown that the orebody will predominantly be mineable using free dig techniques; however, drilling and blasting will be required in some areas to break up the cap-rock. Mining within the Yanneri Central and the Coodamudgi Central pits will require the transportation of ore and waste across the Goldfields Gas Pipeline (GGPL). An initial plan has been formulated with the assistance of APA to incorporate engineered crossings of the GGPL at 3 strategic locations to facilitate this process without any disturbance or risk to the GGPL. Mining has been scheduled to maintain ore supply to the processing plant to meet production requirements. Mining will consist of hydraulic excavator(s) mining 2.5m tall benches and delivering the ore to the run-of-mine (ROM) pad via haul trucks, where it will be fed directly to the processing plant or stockpiled for future feed. To enable the excavator to efficiently extract the ore, the ore may be cross ripped if required with a dozer prior to mining. This is shown schematically below in Figure 4. The proposed mining areas for the Yanneri Ridge and Coodamudgi mineral resources are situated with within the boundary of granted Mining Lease M52/1074 and cover an area of some 4,200m (East-West) by 2,000m (North-South), centered around the planned processing plant location. The optimised final pit shapes for Yanneri and Coodamudgi pits provide for a mine life of 18.3-years at the planned production rate of 1.1 Mt of concentrate per annum. These pits target the higher-grade proved and probable mining reserve and allow access for mine scheduling to minimise waste removal. Figure 4: Mining System Schematic UPDATED E25 BUTCHERBIRD EXPANSION FEASIBILITY STUDY - JAN 2025 | 1 4 The pit designs contain 103.5Mt of ore at an average grade of 10.4% Mn and are expected to be mined along with 46.5Mt of waste for an overall strip ratio of 0.45 to 1 (waste:ore). The optimisation of the pit shells uses a base manganese index price of US$5.75/dmtu (44%Mn CIF China basis), which converts to AU$5.80/dmtu (31.5% FOB Port Hedland basis) after the deduction of sea freight. The pit design on which the expansion is modelled contains 11.0% Measured Resources 86.4% Indicated Resources and 2.6% Inferred Resources which are mined during the excavation of primary ore and are not included in the reserve. A preliminary mining schedule is illustrated in Figure 5 below. The current mining schedule was designed as a series of nested pits within the ultimate pit shell. Project economics are not significantly impacted where low volumes of Inferred resources are utilised in the life of mine schedule. Given that there is a low level of geological confidence associated with Inferred Mineral Resources, their treatment as an ore source after the Measured and Indicated ore is depleted is considered conservative. Figure 5: Butcherbird site layout showing open pit staging - Looking Northeast 3.1 Pit Design Although the majority of mining at Butcherbird is free-dig, previous mining operations have encountered some small areas of caprock that will require drill and blast. These areas include mainly the upper levels of the Yanneri Ridge resource down to a depth of approximately 6m from the surface that will be drilled and blasted to ensure the hard cap rock is fully broken up prior to mining. This will be undertaken with the use of a contractor with specialized blasting skills and significant experience in blasting close to critical infrastructure in order to ensure that the GGPL is not affected by blast-related vibration. Drill and blast activities will be UPDATED E25 BUTCHERBIRD EXPANSION FEASIBILITY STUDY - JAN 2025 | 1 5 campaign-based, with a contractor mobilising to the site from time to time as required as part of the schedule. The associated costs have been factored into Project operating costs. The rest of the mining areas will be mined by dozer ripping and extraction using conventional hydraulic excavators to mine directly from the mining face into haul-trucks which will transport the ore to the ROM pad for direct tip process plant feed. Waste will be mined by diggers and transported to the dedicated waste dump. Mining costs used for the pit optimisation and subsequent financial evaluation were sourced from a first principles estimate of the mining costs and supported by the Company's mining Table 4: Optimisation Costs (AUD) Cost Area Value Fixed Mining Cost $1.93/t Fixed E25 Mining Costs $0.19/t Drill & Blast costs $1.21/t where applicable. include 100% ore recovery and 5% dilution. Waste in-pit Haulage $0.69/tkm These are considered appropriate because of Ore in-pit Haulage $0.612/tkm the style of the mineralization and the fact Processing Costs $3.01/t Ejects Disposal $2.00/t Site Administration $1.29/t Concentrate Haulage $55.0/t to Port Hedland for year 1 contractor in November 2024, which was based on the 18.3-year mining plan for the expanded operation. Mining factors used for the pit optimisation that all mineralisation within the pit designs will be processed with minor pit edge dilution. The pit designs are based on open pit shells $51.0/t for subsequent years derived from an open pit optimisation study using operating costs shown in Table 4. Port Logistics $17.0/t A manganese concentrate price based on a Royalties and Access Fees 5.7% revenue. consensus model of three leading independent manganese industry market consultants has been used (AME, Project Blue and Wood Mackenzie). The resultant price of US$5.75/dmtu (CIF 44% China basis) equivalent to AU$5.85/dmtu (FOB 31.5% Port Hedland basis) was applied in the optimisation calculation. Mining production by JORC resource category and average yearly manganese grade is shown below. UPDATED E25 BUTCHERBIRD EXPANSION FEASIBILITY STUDY - JAN 2025 | 1 6 6 12 5 11 4 10 3 9 2 8 1 7 0 6 1 2 3 4 5 6 7 8 10 11 12 13 14 15 16 17 18 19 9 Feed Grade (%Mn) Tonnes per Annum (Mt) Production Source by JORC Classification Year Measured Indicated Inferred Head Grade (Mn%) Figure 6: Ore Supply by JORC Resource Category. A summary of the mining schedule showing ore and waste movement as well as average stripping ratio is shown in Figure 6 and Figure 7. Mining Volumes by Classifications Volume Mined (M bcm) 5 Stripping ratio (Waste Vol:Ore Vol) 1.00 4 0.80 3 0.60 2 0.40 1 0.20 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 - Year Ore Mined Waste Mined Strip Ratio Figure 7: Mining Material Movement and Stripping Ratio. UPDATED E25 BUTCHERBIRD EXPANSION FEASIBILITY STUDY - JAN 2025 | 1 7 3.2 Geotechnical and Diggability Assessment Peter O’Bryan and Associates were engaged to conduct an open pit geotechnical assessment study on the Yanneri Ridge section of the deposit. The study was based on nine geotechnical holes and was completed in March 2019. The geotechnical assessment utilised information on geotechnically logged boreholes from June 2018 to conduct wall stability analysis. Kinematic Analysis and Limit Equilibrium Analysis were undertaken under the following conditions: • Likely Case Materia Properties -Static loading. • Worst Case Materia Properties -Static loading. • Worst Case Materia Properties -Seismic loading. Open pit mining activities were subsequently undertaken from 2021 until 2023 in compliance with the pit slope angle designs assumptions. Inspections by Peter O’Bryan and Associates have subsequently shown that the walls are stable under these design conditions and they have been applied for all future mining designs. The key findings of the base case wall design parameter limits for all walls in the Yanneri Ridge pit considered highly conservative design parameters which include: • Face height 5m from surface to 5m depth. • Face height 10m below 5m depth for the first 10m. • Face angles 50˚ from surface to 15m depth. • Face angles 60˚ below 15m depth with a face height of 10m. • Berm width - 5m throughout. Subsequent geotechnical inspections on site by Peter O’Bryan and Associates have supported the original findings and design