Ann: Operational Update, page-6

and down she goes ...for now anyway - doesn't help gold prices down overnight too.

March quarter-to-date gold sales for the Group have been affected by a combination of weaker-than-planned milling
performance at KCGM and reduced mining productivity across several operating areas, particularly at Jundee. Total gold
sales for January and February were 220koz.
Whilst several factors will continue to have a meaningful impact on the full year result, the Company’s best estimate at
the current time is that FY26 production will be above 1.50Moz. As noted above, the result remains particularly
dependent on mill throughput at KCGM - with downside and upside potential. The market will be provided with
additional details relating to FY26 production and costs with the release of the March quarterly report on Wednesday,
22 April 2026.
In relation to the KCGM Mill Expansion Project, it continues to progress well and remains on track for commissioning
early FY27. The decision to increase labour to offset lower-than-planned productivity and protect the commissioning
timeline has proven effective, with ~800 contractors currently working on the plant and a further ~400 contractors on
enabling works. The Company’s focus remains on the safe, disciplined and timely delivery of this significant value
creating investment. Until the expanded mill comes online, operations remain dependent on the existing mill, where as
noted above, performance continues to be highly variable.
On the positive side, mining volumes at KCGM are tracking well and ROM stockpiles continue to build with ~100koz of
high-grade ore (average grade of 1.6g/t) at the end of February. This stockpiled high-grade material will be processed in
FY27, displacing lower grade material.
KCGM open pit high-grade ore mined over January and February averaged 1.6g/t. Mining productivity in both the open
pit and underground was in line with the December quarter, with each area progressing toward its annual guidance
targets (open pit material movement: 80-90Mtpa; underground: 3Mtpa).
At Jundee, the Company is undertaking an operational review aimed at reducing costs and prioritising higher-margin
ounces. As part of this process, there is an opportunity to redeploy surplus personnel and equipment to higher-margin
operations, with these changes expected to occur over the June quarter.
The Company has also commenced work on producing medium term forecasts which it plans to release prior to the end
of the year.