Warriedar Resources (WA8) Status Update summary

Resource growth and project updates

• Announced maiden antimony resource at Ricciardo, now the largest open pittable antimony resource in Australia, with 60,000 tons contained, most in an optimized open pit.

• Total mineral resource estimate (MRE) at Golden Range increased to 2.3 million ounces gold equivalent, up from 1.3 million last year.

• Drilling continues with a diamond rig on site and a second arriving soon, targeting both gold and antimony expansion.

• High-grade gold and antimony zones remain open at depth and along strike, offering immediate growth targets.

• Processing test work shows ability to produce a 50% antimony concentrate at 81% recovery and up to 96% gold recovery, both via flotation.

Strategic focus and development plans

• Growth strategy centers on expanding Ricciardo, developing the Golden Corridor, and exploring the 70 km shear zone for new deposits.

• All key deposits are on permitted mining leases, with haul roads and a processing plant providing infrastructure advantages.

• Optionality exists for the processing plant: potential refurbishment, toll treatment, or sale to fund exploration.

• Early cash flow opportunities being considered at Windinne Well and M1, pending further drilling and resource definition.

• Monetization targets for Ricciardo are around 1.5 million ounces gold and double current antimony, aiming for 3 million ounces gold equivalent.

Market positioning and engagement

• Engaging with off-take partners, commodity traders, and government funding sources to support antimony development.

• Australian antimony market seen as having significant growth potential, with industry collaboration encouraged.

• Company valuation compared favorably to ASX and international peers, with potential for significant re-rating as resources grow.

• Monitoring for predatory offers and maintaining a standalone advanced explorer status.