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Safety and Environment: The project is advancing safely with no lost-time incidents and in compliance with all environmental management commitments. Schedule: Total project completion is at 74% and remains on schedule and within budget for the restart of operations in H1 2026. Procurement is at 98%, with most equipment on site already. Processing Plant Status: The construction of the processing plant is now 83% complete. On the critical path remains the Tailings Filter Press, which has concrete foundations set and ready to receive this week both its steel framework and the filter press mechanism. Mining Operations: Full refurbishment of the access ramp to Level 8 mining areas (through the Cate Fault) is progressing to schedule and budget. Access to initial mining stopes is in place. The Paste Plant is being prepared for construction in the Wardner mining base. The mobile equipment fleet is to be upgraded via a lease-to-purchase agreement (pending final negotiations). Stockpiling of Ore: The site has already begun stockpiling payable ore underground in advance of completing ramp refurbishment and the start of commissioning. Resource and Mine Planning: Resource and mine planning work advances in alignment with the Company’s restart plan, which leverages extensive existing underground infrastructure to minimize capital intensity and development timelines. Detailed engineering and sequencing work remain focused on optimizing access to higher-grade zones and establishing efficient haulage routes from the upper levels through to the main decline, now being extended to connect existing workings down to the 8 Level. This approach preserves flexibility in mine scheduling and positions the operation for staged production growth following the restart. Planning assumptions remain robust under current market conditions, with the project designed to generate strong margins across a range of metal price scenarios. Zinc and lead markets have stabilized after recent volatility, supported by improving industrial demand and declining inventories, while silver continues to benefit from structural deficits and sustained demand growth from solar and electronics applications. Although silver prices remain more volatile than base metals, the project’s diversified metal mix provides a natural hedge and resilience to market fluctuations. Mine planning work now incorporates updated cost estimates, contingency allowances, and sensitivity analyses across multiple commodity price environments to ensure resilience through the cycle. The resulting plan supports a restart of operations in the first half of 2026, maintaining a disciplined focus on capital efficiency and cash flow generation from the initial production phase onward.
