2026 Development Study Approach

The 2025 PEA described a staged project development strategy, which will include as Stage 1 a conventional process flowsheet comprising flotation and concentrate production for the higher-grade ROM material. Stage 2 of the project could include a hydrometallurgical process flowsheet including heap leaching and solvent extraction / electrowinning (SX/EW) for the lower grade ROM material. We are confident that a high degree of confidence can be ascribed to the trade-off studies as the input data will be based on actual test results and/or benchmarked data from similar projects.

The PEA is followed by a PFS focused on engineering the unit processes and infrastructure requirements which would generate the optimal economic outcomes for Haib. A key aspect of the 2025 PEA was right-sizing the operation to optimise the life-of-mine (multi decade) whilst maximizing copper production.

The 2025 PEA indicates:

• production of Cu/Mo concentrate via a 28mtpa conventional crushing/milling/flotation (MF) process. Limited additional Cu cathode via 7mtpa of heap leaching (HL) and solvent extraction/electrowinning (SX/EW). There will also be Au credits in the Cu concentrate
• 89% average recovery from Mill/Float (MF) and 74% recovery from Heap Leach (HL)
• 23 years Life of Mine with 92ktpa of annual payable Cu production (Average Years 1-10)

We expect to complete the Preliminary Feasibility Study (PFS) in Q3 2026. This will incorporate and include:

• the Phase 3 drill program results with the potential for further increasing the indicated resource and extension of mineralisation due to drilling upside
• metallurgical testwork results including integrated ore pre-concentration, milling and flotation as well as the inclusion of an appropriate heap leach, solvent extraction and electrowinning circuit for low-grade material using the best possible column leach test results
• the hydrological, pit and civils geotechnical studies into refined technical and cost models