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AUREKA LIMITED Investor Presentation 2026
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AUREKA
May 2026
BRINGING VICTORIA'S GOLD TO LIFE
asx:aka
aureka.com.au
A
Forward Looking Statement
This presentation has been prepared by Aureka Limited (Aureka or the Company). It contains general information about the Company's activities current as at the date of the presentation. The information is provided in summary form and does not purport to be complete. This presentation is not to be distributed (nor taken to have been distributed) to any persons in any jurisdictions to whom an offer or solicitation to buy shares in the Company would be unlawful. Any recipient of the presentation should observe any such restrictions on the distribution of this presentation and warrants to the Company that the receipt of the presentation is not unlawful. It should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation or any information, opinions or conclusions expressed in the course of this presentation. This presentation is not a prospectus, product disclosure document or other offering document under Australian law or under any other law. It has been prepared for information purposes only and is not a recommendation as to whether to invest in Aureka shares. The information contained in this presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. The presentation has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. Unless otherwise specified, data and tables set out in this presentation are based on Aureka management estimates.
This presentation does not include all available information on Aureka, and any potential investor should also refer to Aureka's Annual Reports and ASX releases and take independent professional advice before considering investing in Aureka. For more information about Aureka Limited, visit the website at www.aureka.com.au.
No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of Aureka or its directors, or any of their employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising out of fault of negligence, for any loss arising from the use of the information contained in this presentation. In particular, no representation or warranty, express or implied is given as to the accuracy, completeness or correctness, likelihood of achievement or reasonableness or any forecasts, projections, prospects or returns contained in this presentation nor is any obligation assumed to update such information. Such forecasts, prospects or returns are by their nature subject to significant uncertainties and contingencies. Past performance is no guarantee of future performance.
This presentation may contain "forward-looking statements" within the meaning of securities laws of applicable jurisdictions. Forward-looking statements can generally be identified by the use of forward-looking words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "believe", "continue", "objectives", "outlook", "guidance" or other similar words, and include statements regarding certain plans, strategies and objectives of management and expected financial performance. These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are outside the control of Aureka and any of its officers, employees, agents or associates. Actual results, performance or achievements may vary materially from any projections and forward-looking statements and the assumptions on which those statements are based. Readers are cautioned not to place undue reliance on forward-looking statements and Aureka assumes no obligation to update such information
Competent Person Statement
The Mineral Resources and Ore Reserves statements and the Exploration Target potential statement are based on and fairly represents, information and supporting documentation prepared by the Competent Persons. The Mineral Resources, Exploration Targets and Ore Reserves statement has been approved by Mr Jozef Story, who is a Member of the Australian Institute of Geoscientists (MAIG) (#10079). Mr. Story has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity currently being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves." Mr. Story consents to the publishing of the information in this presentation in the form and context in which it appears. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant ASX announcement continue to apply and have not materially changed.
AUREKA
ASX:AKA aureka.com.au
Exploration Target
On 30 March, 2021, Navarre Minerals Limited ASX:NML announced the maiden gold Exploration Target at its flagship 100%-owned Irvine Gold Project in Victoria, Australia. Notably, the Exploration Target was constrained to the current drill footprint at the Resolution and Adventure Index, as at the time these areas only contained sufficient drilling to determine continuity and infer grade ranges. The Navarre portfolio was purchased and rebranded by the Aureka team in 2024. Significant potential exists to increase the size of the exploration target with additional drill results beyond the Exploration Target area. On 26 May 2025, Aureka (ASX.AKA), announced an updated Exploration Target total to include for historic drilling at St Arnaud, yielding a maiden JORC resource and Exploration Target.
| Project | Exploration Target Range | ||
|---|---|---|---|
| Torrent (X6) | Gold Grade (g/s) | Gold Dupont (2.5L) | |
| Resolution | 2.4 - 3.6 | 2.0 - 3.0 | 200 - 300 |
| Adventure | 1.0 - 1.6 | 2.0 - 3.2 | 80 - 120 |
| Total Irvine (Stawell) | 3.4 - 5.2 | 2.0 - 3.0 | 280 - 420 |
| Comstock (St Arnaud) | 3.0-3.5 | 1.2-1.0 | 112-116 |
| Total All Projects | 6.4-8.7 | 3.2-1.0 | 392-536 |
The potential quantity and grade of the Exploration Target is conceptual in nature and therefore is an approximation. 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. The Exploration Target has been prepared and reported in accordance with the 2012 edition of the JORC Code.
Summary of Relevant Exploration Data, Methodology, and Assumptions
Previously engaged consultants had, in conjunction with Company personnel generated an estimate of the Exploration Target for the Resolution and Adventure prospects. These Exploration Targets represent the strike and depth/plunge extensions to the Mineral Resources defined for both deposits. The results of this estimation are presented in Table 1 for the combined Exploration Targets. The Resolution and Adventure prospects are intersected by a predominantly west dipping shear zone which broadly mimics the strike of the Irvine basalt dome. Gold occurs on or adjacent to the shear zone, typically on meta-basalt/meta-sediment contacts where the rheological contrast provides an ideal locale for shearing and mineralisation. The attitude of the contacts also influences the shear geometry resulting in localised, high-grade gold shoots.
The Exploration Target was based on the interpretation of the following geology and mineralisation data that had been collated as part of the 2021 MRE statement:
- 42 structurally oriented diamond drillholes and 169 aircore, drill holes for a total of 23,465 m at the Resolution prospect that have been drilled by Navarre Minerals (NMLL)
- 10 structurally oriented diamond drillholes and 195 aircore, drill holes for a total of 17,952 m at the Resolution prospect that have been drilled by Navarre Minerals (NMLL)
- 943 density measurements on mineralised diamond drill core, and the determined SG's were applied to the appropriate lithological units involved with the Exploration Target,
- surface geological mapping, costean data and diamond core geological logging,
- detailed LiDAR imagery,
- geophysical datasets including detailed ground magnetic and 3D induced polarisation, and
- wireframing and modelling of the Resolution and Adventure mineralised bodies.
For the Resolution prospect, the Exploration Target has been estimated based on the strike continuity and down plunge continuity of the mineralisation defined by drilling and modelled as part of the Mineral Resources. The extent of this strike and plunge continuity is considered to be consistent with that evident in the Magdala deposit analogue to the north of Resolution, as the mineralisation controls and style are consistent between the two deposits.
To determine the tonnage and grade ranges for the Resolution prospect Exploration Target, the existing Mineral Resources as defined at Resolution was used as the base case in combination with the geological understanding of the mineralisation model for Resolution. The northern strike extents component of the Exploration Target has been based on the initial wide spaced shallow AC drilling that extends approximately 900 metres to the north of the defined Resolution mineralisation. The Consultants determined that the potential for a repeat of the mineralisation defined in the upper parts of Resolution along strike is adequate for estimating an Exploration Target that is within +/-20% of the Resolution open pit Mineral Resource. In addition, the strong southerly plunge controls evident with the deeper parts of the Resolution Mineral Resource have been used to guide the estimation of an Exploration Target down this plunge direction at depth. This part of the Exploration Target has used the UG Mineral Resource defined at an MSO cut-off grade of 1.4 g/t Au as a base with a +/-20% range applied for the tonnage, grade and ounces.
For the Adventure prospect, the Exploration Target has been estimated based on the wide spaced exploration drilling that has been completed to date. The mineralisation as defined by these drill results does not currently have adequate confidence to be classified as a Mineral Resource. However, Mining Plus considers that the estimation of an Exploration Target is possible for the mineralised extents that have been modelled. The ranges for tonnage, grade and ounces have been estimated using the Adventure block model results reported at a 1 g/t Au cut-off (Figure 10) for those estimated blocks remaining unclassified (that do not satisfy the criteria of an Inferred Mineral Resource), A -20% and +30% range has then been applied to determine the ranges required for reporting an Exploration Target*. It is important to note that as these estimated blocks do not meet the requirements of a Mineral Resource, there is increased likelihood of grade extrapolation, rather than interpolation, hence the application of suitable tonnage, grade and ounce ranges for the Adventure Prospect Exploration Target. The upper grade, tonnage and ounces range of +30% has been based on the presence of two of the higher grade and thicker intercepts returned to date for Adventure being located at the base of the Exploration Target.
AUREKA
ASX:AKA aureka.com.au
A
Significant Resource Growth & Near Term Production
- Irvine Project proximate to world class mines and growing
- Comstock Project (brownfield style) offers near term production opportunity
- Step by step approach to building long term gold business (e.g. continuous drilling, permanent land access, mill access)
>360koz of JORC Resource and >400koz ETs¹
- Stawell Irvine: JORC Inferred (304koz @ 2.43g/t)
- Exploration Target* (280-420koz @ 2-3g/t)
- St Arnaud Comstock: JORC Inferred (56koz @ 1.21g/t)
- Exploration Target* (112-116koz @ 1.2-1.0g/t)
Clean Balance Sheet & Top Teir Team
- Top Tier Director and Executive team
- No debt and well funded for continuous drilling
- Backed by small Institutions and HNWs
Continuous Diamond Drilling & Attractive Valuation
- Previously peak ~$150m Market Cap on these assets in 2020
- Low EV = attractive EV per ounce of JORC
Poised for Growth
*The potential quality and grade of this exploration target is conceptual in nature, there is currently insufficient exploration completed to support a mineral resource of this size and it is uncertain whether continued exploration will result in the estimation of a JORC resource. The exploration target has been prepared in accordance with the JORC Code (2012). A detailed basis for this statement, including the completed exploration activity, has been provided on slide 3 of this presentation
¹ASX:NML Announcement 30 March 2021 & ASX:AKA Announcement 26 May 2025
AUREKA
ASX:AKA
aureka.com.au
A
Capital Structure is Set Up for Success
| BOARD OF DIRECTORS | |
|---|---|
| Graeme Hunt | Non-Executive Chairman |
| James Gurry | Managing Director |
| Richard Taylor | Non-Executive Director |
| Angela Lorrigan | Non-Executive Director – Technical Director |
SHARE REGISTER
AUREKA'S TOP 20 SHAREHOLDERS REPRESENT 44% OF THE COMPANY
BOARD OF DIRECTORS
HNW / FAMILY OFFICES
INSTITUTIONS
OTHER
SGH
SG HISCOCK & COMPANY
CYGNET CAPITAL
INVESTMENT GROUP
LION CAPITAL
DUNKELD PASTORAL S.D.
CAPITAL STRUCTURE
| $0.10
Share Price (30/04/26) | 158m
Shares in Issue |
| --- | --- |
| ~$17m
Market Cap | $3.7m
Cash at Bank 31 March 2026 |
| ~$14m
Enterprise Value | $0
No debt or convertibles |
AKAAAC Performance rights: 10,300,000 (various strike prices 15c, 20c, .25c, 30c) AKAAAD Broker Options: 3,092,000 (exp, 8-Nov-27, strike $0.20), ZEPO5: 3,434,286 for Directors based on length of service.
| 1 | • $1.7m @ 6.5c prior to listing | June 2024 |
|---|---|---|
| 2 | • $6.5m (received bids of $9m) to fund 12-month exploration program | |
| • $0.10 per share | October 2024 | |
| 3 | • $3m Placement at 13c, a 5% premium to 15-day VWAP | |
| • Funds secured land, additional work programs and WC | June 2025 | |
| 4 | • $3.6m Placement at 14c per share | |
| • Funds support on-going diamond drilling programs | December 2025 |
- / Funds secured land, additional work programs and WC.
AUREKA
ASX:AKA
aureka.com.au
Board & Key Management... Incentivised to Deliver
A
Graeme Hunt
Non-Executive Chairman
- BHP / Lihir Gold / Newcrest Broadspectrum /
- AGL Energy
James Gurry
Managing Director
- Credit Suisse / Deutsche Bank
- Red Hawk Iron Ore (RHK)
Richard Taylor
Non-Executive Director
- Head of Public Affairs Newmont Asia Pacific
- Mineral Deposits / PanAust / MMG
Angela Lorrigan
Non-Executive Technical Director
- Southern Cross Gold (SX2) / recipient of Tasmania's Twelvetrees Medal for services to exploration
Aligned Executive Incentives:
- Share price hurdles 25c to 40c.
- 100% increase in the JORC Resource
- Successful takeover, or final investment decision on project development.
Jozef Story
Exploration Manager
Barrick Mining Corp (NYSE:GOLD), Fosterville Gold Mine, Castlemaine Goldfields
Meet the Team
AUREKA
ASX:AKA
aureka.com.au
JORC Resource & Exploration Target
Stawell Corridor & St Arnaud
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. All tonnages reported are dry metric tonnes. Minor discrepancies may occur due to rounding to appropriate significant figures.
*The potential quantity and grade of the Exploration Target is conceptual in nature and there has been insufficient exploration to estimate a Mineral Resource in relation to this Exploration Target. It is uncertain if further exploration will result in the estimation of a Mineral Resource in relation to these Exploration Targets. A detailed basis for this statement, including the completed exploration activity, has been provided on slide 3 of this presentation
ASK:NML Announcement 30 March 2021
ASK:AKA Announcement 26 May 2025
Mineral Resource: Stawell Corridor Prospects & St Arnaud
| Prospect | Cut-Off
Gold (g/t) | Inferred | | |
| --- | --- | --- | --- | --- |
| | | Tonnes | Gold Grade (g/t) | Gold Ounces |
| Resolution Open Pit | ≥0.6 | 1,754,000 | 2.09 | 118,000 |
| Adventure OP | ≥0.6 | 680,000 | 1.85 | 40,300 |
| OP Irvine (Stawell) | ≥0.6 | 2,434,000 | 2.02 | 158,300 |
| Resolution UG | MSO | 1,455,000 | 3.12 | 146,000 |
| Total Irvine (Stawell)¹ | Variable | 3,889,000 | 2.43 | 304,300 |
| Comstock (St Arnaud)² | ≥0.5 | 1,450,000 | 1.21 | 56,500 |
| Total All Projects | Various | 5,339,000 | 2.10 | 360,800 |
¹9% increase in 2025...
Exploration Target*: Stawell Corridor Prospects & St Arnaud
| Prospect | Exploration Target Range | ||
|---|---|---|---|
| Tonnes (Mt) | Gold Grade (g/t) | Gold Ounces (k Oz) | |
| Resolution | 2.4 - 3.6 | 2.0 - 3.0 | 200 - 300 |
| Adventure | 1.0 - 1.6 | 2.0 - 3.2 | 80 - 120 |
| Total Irvine (Stawell) | 3.4 - 5.2 | 2.0 - 3.0 | 280 - 420 |
| Comstock (St Arnaud)² | 3.0-3.5 | 1.2-1.0 | 112-116 |
| Total All Projects | 6.4-8.7 | 3.2-1.0 | 392-536 |
ASK:AKA aureka.com.au
A
Irvine Project - First subsequent discovery in multi million ounce corridor
ASX:NML Release 30 March 2021, JORC Resource and Exploration target
AUREKA
ASX:AKA
aureka.com.au
STAWELL CORRIDOR GOLD PROJECT
Irvine Basalt Dome (Resolution & Adventure)
- Maiden Inferred Resource¹ reported in March 2021
- 304koz at 2.4 g/t gold
- Resource hosted on east flank of basalt dome, open down-dip and along strike.
Langi Logan Basalt Dome
- Large-scale basalt dome structure with 14.5km strike length
- Significant historical deep lead gold production in local areas
- Maiden diamond drilling program included²
- 0.5 metres at 19.8 (g/t) gold from within a broader zone of 2.4m at 5.8 g/t from 131.2 (LD002)
- 0.6 metres at 6.9 (g/t) from within a broader zone of 6.8 metres at 1.1 g/t gold from 48 metres (LD004)
¹ ASX:NML Announcement - 30 March 2021
² ASX:NML Announcement - 21 March 2022
AUREKA
ASX:AKA
aureka.com.au
A
Irvine Project (Stawell): Resolution Lode - 264koz of the 304koz at Irvine
ASX:NML - Announcements released 24 April 2017, 28 July 2017, 28 May 2018, 25 September 2020 and 11 March 2021
ASX:AKA - Announcement released 15 October 25
AUREKA
ASX:AKA
aureka.com.au
IRVINE - TENACITY DISCOVERY
The tenacity discovery in 2025. High grade visible gold intercepts along newly identified Foot Wall Vein. Gold mineralisation is within a weakly stylolitic sheared quartz vein with minor arsenopyrite hosted in the Resolution Foot Wall.
ASX:AKA Release 3 December 2025 - The multiple high grade gold mineralisation intercepts within hole RD048 confirms two mineralised targets associated with high-grade visible gold.
AUREKA
ASX:AKA
aureka.com.au
IRVINE - TENACITY DISCOVERY
A
ASX:AKA Release 3 December 2025 - The multiple high grade gold mineralisation intercepts within hole RD048 confirms two mineralised targets associated with high-grade visible gold.
The tenacity discovery in 2025. High grade visible gold intercepts along newly identified Foot Wall Vein. Gold mineralisation is within a weakly stylolitic sheared quartz vein with minor arsenopyrite hosted in the Resolution Foot Wall.
AUREKA
ASX:AKA
aureka.com.au
A
Irvine Project - Long Section - 2 lodes Resolution (264koz) and Adventure (40koz)
AUREKA
ASX:AKA
aureka.com.au
A
Irvine Project - step change targets around the existing resource by drilling under historic mines
Yet to be tested prospects on the western flanks of Irvine, such as in the vicinity of the historic New Eaglehawk and Native Youth Mines. Example of current TMI utilised for developing geological architecture beneath cover, including projections of the current known reef systems proximal to the Eaglehawk Reef that hosts the historic Eaglehawk and John Bull Mines.
AUREKA
ASX:AKA
aureka.com.au
A
1,2: ASX:AKA Announcement 26 May 2025
3 ASX:NML Announcement - 30 July 2018 and 26 March 2021
4 ASX:RXM Announcements - 15 and 16 April 2008
ST ARNAUD GOLDFIELD
Comstock Pit
- Maiden inferred JORC Resource¹ reported 26 May 2025: 57Koz @1.21g/t and Exploration Target²: 112-116Koz @1.2-1.0g/t
- Historic underground mining during the gold rush (1855-1913), more recently open pit mining in 1990's (Comstock – Nelson Line)
- Aureka's St Arnaud Gold Project comprises 819km² of granted tenements, including the historical 0.4M St Arnaud Goldfield, where high-grade gold was mined from quartz lodes in a structural setting consistent with most gold deposits in central Victoria, including Bendigo and Fosterville.
- Aureka's first pass drilling confirmed several continuous lines of gold mineralisation, extending north under cover³
- Maiden diamond drilling program completed in 2022 intersecting high-grade gold adjacent to historic production on Nelson and New Bendigo lines
- Previous 1m @ 1,174 g/t Au (2008) at New Bendigo⁴ demonstrates the potential for high grade mineralisation
- Regional reconnaissance soils program to detect new areas of potential mineralisation beneath Murray Basin cover
A
AUREKA
ASX:AKA
aureka.com.au
A
St Arnaud - Comstock, last mined in 1995 and proximate to multiple mills
ASX:NML Announcement released 21 January 2022,
ASX:AKA Announcements released 20 November 2025, 22 December 2025 and 5 March 2026
AUREKA
ASX:AKA
aureka.com.au
A
St Arnaud, Comstock - Multiple Intercepts of Visible High-Grade Gold
ASK:AKA Announcements released 13 June 2025, 22 December 2025 and 25 February 2026
AUREKA
ASX:AKA
aureka.com.au
A
ST ARNAUD - COMSTOCK
Homing in on milling options
- 45km to Wedderburn Milling Facility operated by Core Prospecting Pty Ltd
- Core Prospecting has been engaged to assess suitability of Comstock Project for early-stage production and processing at Wedderburn Mill.
AUREKA
ASX:AKA
aureka.com.au
Comstock Pit
View of the high-accuracy LiDAR and photogrammetry of the Comstock open-cut pit – looking towards the South
Zoomed view of the high-accuracy LiDAR and photogrammetry of the Comstock open-cut pit wall – looking towards azimuth 280.
Refer: ASX:AKA Release 5 March 2026, St Arnaud Comstock Tenure & LiDAR
AUREKA
ASX:AKA
aureka.com.au
Catalogists (6 months)
- Continuous drilling & reporting significant assays (Irvine)
- JORC updates (Irvine)
- Large step out drilling to deliver line of sight to 1Moz (Irvine)
- Mill agreements / licencing approvals (Comstock)
- Steps to first production (Comstock)
Get The Latest Aureka News
Poised for Growth
Size of Prize is Huge
- Neighbourhood of 5.3Moz Stawell Gold Mine
- Substantial JORC Resource plus Exploration Targets
- Trading at <$50/oz and close to mills
Strategy of Massive Growth and Near Term Production
- On-going diamond drilling in 2026 (after 7,000 metres in 2025)
- Irvine subject to large step out step change discovery drilling
- Comstock positioned for near term production
Victorian Mining is Moving Ahead
- 2x recent gold project approvals (CYL, SX2)
- 2x mineral sands mine approved
- Operating mine extensions
Strategy to Commercialisation
- Irvine flagship has million ounce potential, freehold land, successful recent drilling on extensions of JORC Resource
- St Arnaud, Comstock – potential early producer - close to hungry mills
*The potential quality and grade of this exploration target is conceptual in nature, there is currently insufficient exploration completed to support a mineral resource of this size and it is uncertain whether continued exploration will result in the estimation of a JORC resource. The exploration target has been prepared in accordance with the JORC Code (2012). A detailed basis for this statement, including the completed exploration activity, has been provided on slide 3 of this presentation
AUREKA
ASX:AKA
aureka.com.au