De Grey Mining (DEG) Trading Update summary

Project development and financing

• NAIF agreed to a $150M loan, supporting a $1B senior debt facility for Hemi, with documentation on track for completion in the December quarter 2024.

• Cash and short-term deposits of $828M at September-end, combined with debt facilities, are expected to fully fund Hemi's development.

• Project returns have improved, with a DFS post-tax NPV5% of ~$2.9B at $2,700/oz gold, and current spot gold at $3,950/oz, more than doubling NPV.

• No compulsory hedging is required for the debt facility; discretionary hedging is under consideration.

• Orders for long-lead items and camp total $169M, within 0.5% of DFS capital cost estimates.

Operational readiness and project execution

• FEED reached 30% completion, enabling tendering for EPCM and EPC contracts, with awards expected in the December quarter.

• Key infrastructure and plant contracts are in line with DFS estimates; growth and contingency allowances remain available.

• Project Execution Plan and Risk Register are being updated, with grade control drilling for the Brolga starter pit progressing.

• New General Manager Operations and other senior roles appointed to support transition to operations.

Environmental, heritage, and permitting

• Federal environmental approval resubmitted in August 2024; approval likely in March quarter 2025.

• State EPA resubmission scheduled for October 2024, with guidance on approval timing expected in the December quarter.

• Mining lease granted for Hemi; ancillary works underway where permitted.

• Ongoing engagement with Kariyarra People and other stakeholders to support heritage and native title obligations.