De Grey Mining (DEG) Trading Update summary

Project development and financing

• Completed a $600 million fully underwritten institutional placement and entitlement offer, boosting cash reserves to $867 million at June end.

• Secured credit-approved term sheets for a $1.0 billion senior debt facility and $130 million cost overrun facility from leading banks, with final drawdown pending environmental approvals and FID.

• Combined cash and debt facilities are expected to fully fund the Hemi Gold Project's estimated capital cost.

• Process plant layout finalized; major equipment packages awarded and FEED progressing toward 30% milestone in September quarter 2024.

• Power supply negotiations ongoing, with a Power Purchase Agreement expected in the September quarter 2024.

Operational progress and approvals

• Expression of interest issued to contractors for EPCM/EPC bids for the Hemi process plant.

• Fieldwork for additional information requested by environmental regulators completed; reports to be submitted in the September quarter.

• 15-year lease executed on Mt Dove tenements for off-site equipment transit and laydown.

• Ongoing engagement with Kariyarra People and other stakeholders; third implementation meeting held.

• Mining lease for Hemi granted; environmental approval processes advancing with state and federal authorities.

Exploration and resource growth

• Drilling at Eagle returned high-grade intercepts, extending mineralization by at least 200m down plunge.

• Additional mineralized intercepts along the Diucon Thrust suggest potential to expand and deepen proposed pits.

• Hemi Mineral Resource Estimate upgraded to 10.5Moz in November 2023; total project MRE now 12.7Moz.

• Hemi Probable Ore Reserve stands at 121Mt @ 1.5g/t Au for 6.0Moz as of September 2023.

• Ongoing regional exploration and drilling programs continue to enhance the DFS production profile.