Announcement PDF ASX Announcement bsite 25 September 2024 Felix Gold Update – Investor Briefing Felix Gold Limited (ASX:FXG) will be holding a live and online investor briefing on Thursday, the 26th of September at 1pm (AEST). Executive Director of Felix Gold, Joe Webb, will provide an overview of the company and discuss their ambition for near-term antimony production. Register for the session or request a recording from the link below: https://felixgold.investorportal.com.au/investor-briefing After registering, you will receive a confirmation email containing a calendar invite and information about joining the webinar. The attached presentation forms the basis of the market update. ENDS Enquiries Joseph Webb Reach Markets Executive Director Investor and Media Relations Felix Gold Limited Ph: 1300 805 795 Ph: +61 422 955 411 E: ir@reachmarkets.com.au E: joe.webb@felixgold.com.au To stay up to date with company news, register your details on the Felix gold investor portal About Felix Gold Felix Gold Limited (ASX: FXG) is an ASX-listed gold discovery business operating in the highly endowed Tintina Gold Province of Alaska in the United States. Our flagship asset is a substantial landholding in the world-class Fairbanks Gold District, where historical gold production exceeds 16 Moz. In Fairbanks, our tenements sit within one of the largest gold production centres in the entire Tintina belt and lie in close proximity to both Kinross Gold’s Tier 1 gold mine, Fort Knox, and the rapidly growing Freegold Ventures’ discovery, Golden Summit. We hold four key projects across over 392 km 2 of tenure in the heart of this premier gold production district. Felix’s key projects are located only 20 minutes from our operational base in the central mining services hub of Fairbanks City, Alaska. This base is a huge advantage for Felix with its existing infrastructure, low-cost power, skilled Felix Gold Limited (ASX.FXG) 1 ASX Announcement bsite 25 September 2024 workforce and long history of gold production. It allows us to explore year-round and delivers genuine potential development pathways for our assets. Our key projects are located along the main Fairbanks gold trend and contain dozens of identified prospects, extensive alluvial gold production, large gold-in-soil anomalies and historical drill intercepts which remain wide open and mimic other major deposits in the district. We have multiple walk-up drill targets with evidence of large-scale gold potential. We also possess an existing Mineral Resource at Grant-Ester with significant upside opportunity. Felix’s value proposition is simple: we are striving to be the premier gold exploration business in the Tintina Province through the aggressive pursuit and realisation of Tier 1 gold discoveries. Visit the Felix Gold website for more information. Felix Gold Limited (ASX.FXG) 2 GOLD – ANTIMONY PROJECTS U.S. Based Gold and Antimony Development Opportunities INVESTOR PRESENTATION ASX: FXG Sept 2024 Important Notices The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about and observe such restrictions. This presentation has been prepared based on information available as at the time of its presentation. Forward-Looking Statements Various statements in this presentation constitute statements relating to intentions, future acts and events. Such statements are generally classified as “forward-looking References The information in this presentation that relates to Exploration Results, Mineral Resources and Exploration Targets for Felix’s Fairbanks Gold Projects was extracted statements” and involve known and unknown risks, uncertainties and other important from various ASX announcements. factors that could cause those future acts, events and circumstances to differ A copy of such announcements is available to view on the Felix Gold Limited website - materially from what is presented or implicitly portrayed herein. Words such as “anticipates”, “expects”, “intends”, “plans”, “believes”, “seeks”, “estimates” and similar https://felixgold.investorportal.com.au/share-price-and-announcements/ - or on the ASX announcement platform. These references have also been listed in Appendix 2 - Previous expressions are intended to identify forward-looking statements. Felix Gold cautions Disclosures. shareholders and prospective shareholders not to place undue reliance on these The reports were issued in accordance with the 2012 Edition of the JORC Australasian forward-looking statements, which reflect the view of Felix Gold only as of the date of this presentation. The forward- looking statements made in this presentation relate only to events as of the date on which the statements are made. Various statements in this presentation are also based on the circumstances of other entities. Felix Gold gives no assurance that the anticipated results, performance or achievements expressed or implied in those statements will be achieved. This presentation details some important factors and risks that could cause Felix Gold’s actual results to differ from the forwardlooking statements and circumstances of other entities in this document. Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements. Historical exploration and metallurgical testwork results in this presentation referencing Siak Tan and L. J. Manning 1973 (Tan 1973"), are reported for informational purposes only and do not comply with the current JORC Code 2012. These results have not been independently verified by Felix Gold and should not be relied upon as an accurate representation of the mineralization potential. The Company intends to conduct its own exploration and metallurgical testwork programs to verify and potentially extend these historical results. 2 Investment Summary ANTIMONY GOLD Strategic U.S.-based Assets Overview ASSETS Felix Gold is aiming for a near-term restart of the historic Scrafford Antimony Mine, while also exploring multiple commercialization pathways for its gold assets located near Kinross Gold Corporation's Fort Knox mine, which is actively seeking additional ore supply. ASSETS At the heart of current supply chain Two Gold Projects with combined security initiatives Inferred JORC Resources of 831koz Au First-mover opportunity for near-term Located near Kinross Gold Corporation's antimony production Fort Knox mine Scrafford Antimony Mine Historic high-grade mine with production grades up to 58% Sb Kinross actively seeking additional ore supply Grant Mine Gold Mine Part of a large Gold-Antimony System High-grade brownfields resource with extensive upside potential expansion opportunity Operational Readiness Proven historical processing flow sheets Non-compliant historical resources available JORC 2012 Inferred Minerals Resource Estimate: 364koz gold (inc. 136koz gold @ 6.2 g/t Au)* NW Array Project Large, open, at-surface, oxide and flat- Timeline Aiming for commencement of mining in late 2025 *Reference: ASX Announcement 28/01/2021 Prospectus, which includes JORC 2012 Inferred Minerals Resource Estimate compliant - 5.8Mt @ 1.95 g/t Au, totaling 364 koz gold, including an underground resource of 136 koz gold @ 6.2 g/t Au. lying gold system JORC 2012 Inferred Mineral Resource: 25Mt @ 0.58g/t for 467koz* 3 Our Assets Within the Fairbanks Gold Mining District FELIX GOLD TENEMENT NW Array Project Scrafford Antimony Mine 25Mt @ 0.58 g/t Au for 467koz Production grades up to 58% Sb Inferred Mineral Resource NORTH EAST FAIRBANKS Historic high-grade mine TREASURE CREEK True North Mine Mine ~20km Treasure Creek Exploration Area FORT KNOX MINE 11.27MOZ FAIRBANKS KEY LANDHOLDINGS Gant Mine Gold Mine 5.8Mt @ 1.95 g/t Au for 364 koz gold incl. an underground resource of Felix Gold Avidian Gold Kinross Gold 136 koz gold @ 6.2 g/t Au Freegold Ventures Inferred Mineral Resource Fairbanks Gold Mining District Major Roads Mines / Projects Alaska Pipeline FAIRBANKS Railroad Cautionary Statement: Felix Gold is an early stage exploration company and no direct comparisons can be made with advanced exploration or production companies which are included for information only. 4 Mining Hub: Strategic Operations in Fairbanks Next to a Major Mining Centre, Fairbanks City Alaskan Kalgoorlie Equivalent Recognised as Alaska's mining and services hub, akin to Kalgoorlie. Robust Infrastructure and Utilities Benefits from a substantial infrastructure base and extensive utilities network. Resource Efficiency Access to low-cost power and a skilled workforce ensures operational efficiency. Strategic Location Felix Gold's operational base in Fairbanks is just 20 minutes direct road access from our NW Array and Grant Mine Projects. 5 Antimony U.S. Supply Chain Vulnerabilities The Desperate Need for U.S. Domestic Production of Antimony The U.S. is fully reliant on foreign Antimony National Security Role Supply Chain Vulnerabilities Export Restrictions Antimony is critical to the The U.S. has no domestic China has recently tightened The U.S. supply chain is defense industry, used in antimony production and relies restrictions on antimony largely dominated by China, everything from armor-piercing heavily on China, which controls exports, heightening the which has imposed restrictions ammunition to flame retardants the majority of global supply urgency for the U.S. to on antimony exports. develop its own sources 6 Felix Gold’s Strategic Antimony Assets Past-Producing High-Grade Antimony Mines Treasure Creek hosts multiple past-producing antimony mines including the Scrafford Antimony Mine, one of Alaska's largest historic antimony producers, with past production grades up to 58% Sb high-grade Antimony in multiple locations across Treasure Creek Scrafford Antimony Mine Historical Production Data Antimony Mineralisation Average production grades* include: 1. Scrafford Antimony Mine Composition: 58% Sb (1915-1918, 1926-1927) ANTIMONY POTENTIAL Our previous drilling confirms 56% Sb (1933-1934) 58% Sb (1970) 14% Sb (1971) 45% Sb (1977) *Reference Felix Gold Prospectus 2021. The grades are not reflective of potential future mining grades Massive stibnite lenses near the hanging wall Stockwork style quartz veinlets Disseminated arsenopyrite and stibnite in the footwall 2. Mineralisation Structure: Stibnite veins localized along segments of strong fault zones Veins confined to intersections of fault zones with competent beds Favorable angle forms dilatant zones suitable for stibnite depositions 3. Stibnite Characteristics: Occurs as podiform masses, lenses, and disseminations Includes fine-grained vitrous quartz intergrowth 7 Scrafford Antimony Mine at Treasure Creek One of Alaska's largest antimony historic producers with production grades up to 58% sb Highlights Intermittent operation: 1915 – 1977 Scrafford Antimony Mine Production grades up to 58% Sb Historic high-grade mine NW Array Project TREASURE CREEK True North High-grade (past production up to 58% Sb): Reduced processing complexity Easily accessible: Near-surface high-grade ore Straightforward processing: Gravity separation method used ~20km Treasure Creek Exploration Area Well-defined fault zone: Allowed for targeted exploration KNOX MINE 11.27MOZ FAIRBANKS KEY LANDHOLDINGS Premium quality ore: Due to the absence of harmful smelter impurities Valuable byproducts: Gold and silver present NORTH EAST FAIRBANKS Felix Gold Avidian Gold Gant Mine Gold Mine Kinross Gold Freegold Ventures Fairbanks Gold Mining District Major Roads Proximity to Fairbanks: provided infrastructure advantages Mines / Projects Alaska Pipeline FAIRBANKS Railroad Cautionary Statement: Felix Gold is an early stage exploration company and no direct comparisons can be made with advanced exploration or production companies which are included for information only. 8 Our Fast-Tracked Antimony Strategy Felix Gold Antimony Production Justification for a fast-tracked approach Brownfields Production Plan Accelerated Resource Development Economic Potential Accelerated Program Fast-Track Potential Alignment with U.S. Government The small scale, coupled with its strategic importance Supports U.S. Government's goal of increasing and brownfields nature, supports an expedited domestic production of critical minerals like development process antimony, essential for national security Felix Gold aims to commence antimony mining in 2025 Target Production Our objective is to produce up to 5,000 tonnes per annum Utilizing Proven Mining & Processing Small-Scale Production The limited resource requirements to support production, in combination with the historical resources and the widespread nature of high-grade antimony at surface, provide confidence in advancing the project We will leverage historic mining and Historical Resources & Discoveries processing flow sheets to conduct an While no JORC-compliant resources currently exist, engineering study, focused on determining capital and operating costs Potential for Government Funding Opportunity is well-suited for government funding due to its strategic importance and brownfields pathway to production multiple historical studies have defined antimony resources, with additional high-grade surface discoveries made by Felix Gold 9 Extensive Antimony Exploration Upside Treasure Creek is a gold-antimony system with two past-producing mines and several multiple km of structural corridors hosting antimony 23TCRC155 Scrafford Antimony Mine Goodwin Antimony Mine Operated intermittently 26m (85’) decline and +8km strike hosting the historic Scrafford Antimony Mine and Goodwin Antimony Mine. +6km trend with high-grade antimony discoveries, indicating strong exploration potential. quartz and schist. Ore grades ranging from shipped in WW1 but tonnes 38% to 56% Sb and grade unknown 1.5m @ 26.1% Sb from 38.1m 23TCRC171 22TCEC041 3m @ 14.24% Sb from 7.62m 1.5m @ 15.99% Sb from 86.9m 23TCRC176 Antimony Ridge Shear Zone massive stibnite in brecciated remarkably high production incl. 6.1m @ 13% Sb 23TCRC135 Scrafford Shear Zone 18m (60’) tunnel. Lenses of from 1915 to 1977, achieving 15.2m @ 5.5% Sb from 21.3m 6.1m @ 7.7% Sb from 3m incl. 1.5m @ 28% Sb Structural corridor hosting antimony North West Array Zone A Felix Gold discovery of high-grade and at-surface antimony which is open. These zones offer significant potential for resource growth and support for antimony production EASEMENT +6km Structural corridor hosting antimony VIEN 4,5,6 VIEN 2 22TCRC122 6m @ 2.3% Sb from 143.3m + 1.5m @ 7.43% Sb from 141.7m Indicative 12-Month Production Schedule Our roadmap 2024 TIMETABLE* SEPT OCT NOV 2025 DEC JAN FEB MAR APR MAY JUN JUL AUG SEP Community Consultation Engineering Design Confirmation Metallurgical Test work Capital and operating Cost Estimates Government Funding Applications Baseline environmental surveys Permitting Procurement COMMENCEMENT OF MINING *This timetable is indicative only and may change. Please refer to key risks that may cause changes to the timetable. 11 Our Gold Assets Strategically Located 831 koz gold resources Prime Location Alaska Fraser Institute Top-15 mining rating STRATEGIC ADVANTAGES GOLD POTENTIAL In the established Fairbanks gold mining hub Proximity to Kinross’s Fort Knox Mine, actively seeking additional ore supply Opportunity Current market valuation of $27 EV/oz, positioned for market reassessment Tapping into a record-high gold market Stand-alone or ore supply to existing operations optionality Grant Mine NW Array Project High-grade brownfields resource expansion Large, open, at-surface, oxide and flat-lying gold system JORC 2012 Inferred Minerals Resource Estimate JORC 2012 Inferred Mineral Resource 364koz gold (inc. 136koz gold @ 6.2 g/t Au)* 25Mt @ 0.58g/t for 467koz* Significant intercepts include ** Significant intercepts include ** 18m @ 11 g/t Au (84R54) 70.1m @ 1.6g/t Au (23TCRC138) 6m @ 17 g/t Au (84D6) 100.5m @ 1.14g/t Au (23TCRC135) 6m @ 13 g/t Au (84R51) 54.9m @ 1 .80g/t Au (23TCRC155) 2024 Key Milestones Q2: Commence expansion drilling Q4: Update on resource modeling 2024 Key Milestones Q1 : 90% recoveries from bottle roll test work received Q2: Maiden Inferred Mineral Resource released Q3: Resource expansion and metallurgical drilling *Reference: ASX Announcement 28/01/2021 Prospectus, which includes JORC 2012 Inferred Minerals Resource Estimate compliant - 5.8Mt @ 1.95 g/t Au, totaling 364 koz gold, including an underground resource of 136 koz gold @ 6.2 g/t Au. **Drill intercepts previously reported in ASX Announcements listed in Appendix 1. 12 Grant Mine: Value Propositions High-Grade Gold Brownfields Resource Expansion ECONOMIC POTENTIAL Grant Mine has an average underground grade of 6.2 g/t Au and is only 25km from Fort Knox* High-grade gold, brownfields resource expansion, historic 98% recoveries and positioned for growth High-Grade Gold Intercepts Existing Resource Resource Growth Potential Commitment to extensional drilling in JORC 2012 Inferred Minerals Resource Estimate Initiation of resource expansion activities. high-grade zones compliant 5.8Mt @ 1.95 g/t Au, totalling 364koz gold, JORC 2012 Exploration Target** indicates including an underground resource of 136koz gold 5.6 Mt to 6.6 Mt at 1.9 g/t Au to 2.1 g/t Au, Significant intercepts include @ 6.2 g/t Au* estimating an additional 338koz – 545koz gold** 18m @ 11 g/t Au (84R54)* 6m @ 17 g/t Au (84D6)* Free Milling Gold 6m @ 13 g/t Au (84R51)* Simple gravity and cyanide vat leach flowsheet used between 1985 to 1989 with gold recoveries of up to 98% achieved. *See ASX Announcement 28/01/2021 Prospectus, which includes JORC 2012 Inferred Minerals Resource Estimate compliant - 5.8Mt @ 1.95 g/t Au, totaling 364 koz gold, including an underground resource of 136 koz gold @ 6.2 g/t Au **The Exploration Target potential quantities and grades are conceptual in nature and there has been insufficient exploration to date to define a Mineral Resource. It is not certain that further exploration will result in the determination of a Mineral Resource. The Exploration Target is not being reported as part of any Mineral Resource or Ore Reserve. 13 NW Array: Value Propositions Gold mineralisation at surface and amenable to bulk mining ECONOMIC POTENTIAL Maiden Inferred Mineral Resource of 25Mt @ 0.58 g/t Au for 467,000 ounces of gold using a 0.25 g/t Au cut-off within a US$2,000/ounce pit shell* Notable Gold Intercepts* 70.1m @ 1.6g/t Au from 6.1m incl. 7.6m @ 6.4g/t Au from 21.3m. Hole 23TCRC138 100.5m @ 1.14g/t Au from 21.3m incl. 47m @ 1.7g/t Au from 38.1m. Hole 23TCRC135 54.9m @ 1.80g/t Au from 1.5m incl 30.5m @ 3.02g/t Au from 7.6m. Hole 23TCRC155 Similar size and grade to the Gil Sourdough deposit which has been supplying Fort Knox for two years Open Pit Potential Shallow ore body with ~78% of ounces within 50m from surface Metallurgical test work returns recoveries of oxide material up to 94.5% and averaging 89% overall Multiple drill targets identified for further resource growth 30km by road from Fort Knox, potential toll treatment being investigated Reported to ASX 20 June 2024 Maiden NW Array Inferred Minerals Resource 14 Environment, Community and Governance Stakeholder Engagement We acknowledge and respect the presence of community and industry stakeholders. We are dedicated to surpassing regulatory standards and community expectations through proactive engagement. Regulatory & Community Commitment In Alaska, we have dedicated program to manage stakeholder relations, community engagement, and government affairs. We are committed to earning the trust of stakeholders. Sustainable Practices & Commitments Best-in-Class Regulatory Approach We work closely with industry bodies, regulatory bodies and peers to uphold the highest standards. Strong Community Engagement We ensure open, transparent communication with all stakeholders, fostering strong relationships. Felix Gold’s projects are going through the exploration and resource definition phase. If successful, this work will lead to economic assessment and project definition. A thorough community consultation and statutory permitting process would then be carried out prior to any decision on mining. Integrating ESG We commit to embedding environmental, social, and governance (ESG) principles in our operations, aiming for a positive impact on society and the environment. 15 The Team to Deliver The technical, operational & commercial expertise is geared towards metals exploration success Ronnie Beevor Joseph Webb Mark Strizek Andy Browne Craig McPherson Non-Executive Chairman Executive Director Non-Executive Director Non-Executive Director CFO & Company Secretary 40+ years’ experience in mining investment banking; previously Head of IB at Rothschild Australia over 1997 - 2002 Director of Champion Iron, which operates the 15mtpa Bloom Lake iron ore mine in Quebec Recently Chairman of Bannerman Energy, which owns the Etango Uranium Project in Namibia 20+ years’ global executive management experience in the resources and manufacturing industries, with previous commercial roles with Rio Tinto and Mineralogy Extensive commercial experience and a clear focus on the strategy, people, and processes to maximise the potential of the Company’s vision 27+ years’ experience in the resource industry with geological, technical and development expertise Experience as a geologist across various gold, base and technology metal projects Management and Board responsibilities in exploration, feasibility, finance and development-ready assets globally Geologist with almost 50+ years’ global experience in minerals exploration and evaluation 20+ years’ commercial and financial management experience, both in Australia and internationally Team leader in major discoveries of gold, mineral sands and uranium, including NexGen’s Arrow uranium deposit, Canada Held various key executive roles with ASX- and TSX-listed companies within the resources sector over the past 15 years Brings proven large-scale orebody discovery expertise Significant acquisitions and divestments experience, corporate financing initiatives, and stock exchange listings 16 Value Creation Summary ANTIMONY PRODUCTION 12-months commencement of production target GOLD COMMERCIALISATION STRATEGIC LOCATION FUNDING PATHWAYS 831koz gold resources near hungry Tier-1 mill U.S. assets surrounded by infrastructure Pursuing U.S. Government funding AIMING FOR NEAR TERM ANTIMONY PRODUCTION GOLD COMMERCIALISATION PATHWAYS 17 Corporate Structure Top 10 42% Highlights 19% Tight capital structure - Top 10 42% MDF Global Strongly supportive shareholder base 6% CAPITAL STRUCTURE Cash Balance $1.1m Shares on Issue* 264.655 M Share Price (close 17 Sept 2024) A$0.086 Market Capitalisation A$22.8 M Unlisted Options (see Table 1) Management & Directors Shareholders 75% Consolidated & Institutional 18.5 M NUMBER. Listed Options (expiring 19/6/26 at $0.15) 16.19 M EXERCISE PRICE EXPIRY 4,562,500 $ 0.150 16/06/2026 1,500,000 $ 0.120 6/04/2027 500,000 $ 0.150 6/04/2027 5,000,000 $ 0.300 9/10/2024 1,250,000 $ 0.300 24/01/2025 1,250,000 $ 0.400 24/01/2025 500,000 $ 0.300 9/10/2024 1,047,893 $ 0.225 31/12/2024 Include 9.125m MDF Global Convertible Notes being converted 1,047,893 $ 0.270 31/12/2024 to ordinary shares simultaneously with this Placement 1,893,370 $ 0.080 14/08/2027 Cash (EOFY24) A$1.1 M EV A$21.7 M Table 1: Unlisted Options 18 Capital Raising Use of Funds A$4.8m Exploration 0.75m Drilling 1.5m Scoping Studies 0.4m Permitting 0.3m Government Grant Applications 0.1m Acquisition and Lease Costs 0.9m Corporate and Overheads 0.65m Cost of this offer 0.27m TOTAL A4.8m Felix Gold has received firm commitments to issue 64,000,000 fully paid ordinary shares at an issue price of $0.075 per share to raise $4.8 million Capital Structure A$4.8m Issue Price Per Share 0.075 New Shares on Issue 64m Discount to 15 Day VWAP (A$0.0906) 17.2% Discount to Last Trade Price (A$0.086) 12.7% 19 Key Risks The future performance of Felix Gold Limited may be influenced by a range of factors. Some of these factors can be mitigated, however some are outside the control of Felix Gold Limited. Investors should consider the following risks: Legislation changes/Government Policy and approvals: Changes in government regulations and policies may adversely affect the financial performance and access to projects to undertake exploration activities. Felix Gold Limited ability to explore and exercise our options may be impacted by government policy which is beyond the control of Felix Gold Limited. General economic conditions: Changes in the general economic conditions under which Felix Gold Limited operates may adversely affect the exploration activities. Permitting: Delays in drill permitting may adversely affect the timing or ability for Felix Gold Limited to carry out the drill testing. Commodity price: The value created by any discovery may be impacted by the fluctuation of the commodity price. Foreign exchange risk: Fluctuations in relation to foreign currency may impact on the operating costs of the company. Tenement compliance: Failure of Project Owners to keep tenements in good standing could impact Felix Gold Limited ability to drill test and option targets. Unforeseen expenses: Whilst Felix Gold Limited is not aware of any expenses that may need to be incurred that have not been taken into account, if such expenses were subsequently incurred, the anticipated budgets may be adversely affected. Exploration: Minerals exploration is a high risk undertaking. Felix Gold Limited exploration program may not result in the discovery of an economic minerals deposit. Operator risk: Failure of the project operator to comply with tenement conditions which could increase costs, delay and/or loss of access to tenement to undertake drill testing. Access: Ability to access projects as planned could be disrupted because of pandemics, weather, community or other constraints. 20 GOLD – ANTIMONY PROJECTS U.S. Based Gold and Antimony Development Opportunities For further information, please contact: Joe Webb joe.webb@felixgold.com.au +61 422 955 411 Appendix 1 cont. Previous Disclosure – 2012 JORC Code Grant Mine – Mineral Resource Estimate Grant Mine – Exploration Target An Exploration Target (JORC 2012) of 5.6 Mt to 6.6 Mt at a grade of 1.9 g/t Au to 2.1 g/t Au for 338,000 ounces to 545,000 ounces of gold was independently estimated by CP Mr Ian Taylor of Mining Associates for the Grant Mine based on a proposed exploration program. The Exploration Target is an extrapolation of the Grant Mineral Resource. The target sits outside of the current Mineral Resource reported above and has been extrapolated along the strike extent of known veins to the lease boundary. The Ethel Elms, O’Dea, and Lois veins were extended to a maximum depth of 300 m, 500 m and 50 m below surface respectively. A density of 2.65 t/m3 (same as resource estimation) was used. The Exploration Target was estimated by extending the estimated resource volumes and grade along strike. Grade ranges were determined using alternate estimation techniques during validation of the resource model. The preceding statements of Mineral Resources conforms to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2012 Edition. Due to rounding to appropriate significant figures, minor discrepancies may occur, all tonnages reported are dry metric. Mineral Resource estimates are not precise calculations, and the reported estimate is dependent on the interpretation of limited data pertaining to the location, shape, continuity of the mineralisation and the quality and quantity of the samples of the mineralisation. Mineral Resources that are not Ore Reserves do not have demonstrated economic viability. No processing recovery factors, or other modifying factors have been applied to these resource figures. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant modifying factors. Effective date of 30 June 2021 The defined resource is contiguous, and by virtue of its grade and geometry, should be considered as a Mineral Resource. As such, the CP (Mr Ian Taylor of Mining Associates) considers that the reported Mineral Resource has reasonable prospects for eventual economic extraction by open pit mining methods, and Mineral Resources below the pit depth are considered at a higher cut off to reflect the higher cost of underground mining methods. The potential quantity and grade of this Exploration Target is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. Appendix 2 Previous Disclosure – 2012 JORC Code The information in this release that relates to Exploration Results, Mineral Resources and Exploration Targets for Felix’s Fairbanks Gold Projects was extracted from the following ASX Announcements and Pr