Investor Presentaiton

• • DFS Update to Position Project as Regionally Significant ✓ TOUBANI Kobada has the hallmarks to become an operating mine RESOURCES Toubani has initiated an update of the 2021 DFS ("DFS Update") • 2021 DFS "mined for a large project” but “milled for a small project", seeing large stockpile balances created • • 2021 DFS targeted ~100,000ozpa • Mining rate of 24Mtpa, processing rate of 3.0Mtpa • • ~18Mt of stockpiles built over the first 10 years DFS Update's overarching goal is to deliver a project with a more optimal alignment between mining and milling rate . Targeting a step-change in production and AISC vs 2021 DFS Oxide dominant for several years followed by fresh rock blend Tonnage (Mt) 2021 DFS - Tonnes Mined & Processed vs Stockpile Balances 50. Fresh Material to Stockpile 45- Oxide Material to Stockpile 40- Cumulative Ore Tonnes Mined Cumulative Ore Tonnes Milled 35- 30- 25- 20- 15- 10- 5- Focused on an initial oxide plant that supports a relatively lean and competitive capex profile for a larger throughput project 0. 1 2 3 4 56 7 8 9 10 Period (Years) 11 12 13 14 15 16 17 • • DFS Update centred on a bulk mining approach that reduces overall technical and geological risk Impact to economics of a higher production, lower cost project to be assessed in the DFS Update Note: Refer to the Company's announcement dated 11 July 2023 and Prospectus lodged 25 November 2022. 15

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