New Murchison Gold (NMG) investor relations material

Recent achievements and performance

• Crown Prince open pit mine reached steady-state production, driving strong share price and cash flow, with 184,746 dry tonnes processed at 4.0g/t Au and 95.9% recovery in December 2025.

• First gold ore sales in September 2025 generated $72 million cash in the December 2025 quarter, with 22,700 oz sold at a cash cost of AUD 2,200/oz.

• Free cash flow of approximately AUD 25 million per month observed in early 2024.

• Ore purchase agreement with Westgold enabled immediate, low-capital processing at Bluebird Mill, currently at 60,000 tons per month.

• Four drilling rigs active, supporting ongoing exploration and resource growth.

Growth strategy and future plans

• Focus on expanding the mineral resource base and mine life, with near-term growth at Crown Prince West Pit, Crown Prince East, and Lydia, and a reserve update expected by mid-year.

• Lydia project to add open pit production in 2024, with high-grade intercepts and potential for a third pit.

• Systematic regional exploration across 677 km² in the Abbotts Greenstone Belt, targeting both near-mine and large-scale prospects.

• Project pipeline includes advanced prospects (Lydia, Abbotts, Crescent) and early-stage targets, with several on granted mining leases for faster commercialization.

• Ongoing optimization and mine life extension at Crown Prince, leveraging existing infrastructure for new developments.

Operational optimization and partnerships

• Partnership with Westgold chosen over building own mill, providing financial flexibility and rapid production start.

• Ongoing optimization of mining practices, equipment, and workforce to stabilize and improve operations.

• Simple cost structure with processing and haulage costs well managed.

• Focus on pit wall stability, dewatering, and efficient drill/blast practices.

• Confident in operational stability, enabling focus on expansion and resource development.