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GREENWING RESOURCES LTD Capital/Financing Update 2025

Oct 7, 2025

65029_rns_2025-10-07_56bb9ba9-1958-4cf1-906d-4468bb996663.pdf

Capital/Financing Update

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www.greenwingresources.com

ASX Announcement – 8 October 2025

Que River Project: Scoping Study Completed Highlighting Low Capex Pathway to Potential Cash Flow

Highlights:

  • Greenwing continues to progress its 100% owned Que River Polymetallic asset located on the prolific Mount Reid Volcanics with the tabling of a compelling scoping study highlighting a potential low-cost pathway to cash flow from re-development and extension of existing open pits.

  • Mine production ceased in 2012 when commodity prices in particular Gold, Silver and Copper were significantly lower than today.

  • Completion of 2025 Scoping Study confirms the Que River Project can support a potentially cash-positive re-development through conventional open-pit operations, leveraging existing regional infrastructure from a modest upfront capital requirement of ~A$10m.

  • Optimised mine shell scenarios indicate potential mining and processing of ~665kt at Net Smelter Revenue (NSR) of ~$189/t, with conceptual undiscounted cash flows of ~$A63m with metal revenue of ~$A125m in less than a 12 month production period.

  • JORC (2012) Mineral Resource: a total inferred and indicated resource of 2.4 Mt @ 9.5% ZnEq, containing 75 kt Zn, 36 kt Pb, 10 kt Cu, 59 koz Au and 3.7 Moz Ag – refer Mineral Resource table on next page and Zinc Equivalent calculations in Appendix B.

  • Strong exploration upside identified with multiple high-grade gold and silver intercepts beneath and adjacent to existing open pits, including intercepts up to 86.9% ZnEq including 10 g/t Au.

CEO/Executive Director Comment:

The tabling of the scoping study is another encouraging addition to a rapidly emerging picture at Que River of a valuable asset. In addition to the tabling of a Mineral Resource in March 2025 and the highlighting of the exploration upside, the team has now tabled a potential low capex pathway to production. Que River, with existing mine infrastructure, has previously supported production at much lower commodity prices in particular gold and silver. The team looks forward to providing further updates at Que River over the coming period.

ASX:GW1 | greenwingresources.com Greenwing Resources Ltd ABN 31 109 933 995

2025 SCOPING STUDY RESULTS

The Scoping Study, prepared to JORC 2012 and ASX Guidance Note 31 standards, demonstrates:

  • Conventional open-pit mining with low pre-production capital requirements (~A$10m) from existing mineral resource (ASX Announcement 25 March 2025).

  • Processing costs benchmarked at A$30–40/t, consistent with regional operations

  • Robust economics under a base case optimisation:

  • 665 kt processed at an NSR of A$189/t with metal production valued at ~$A125m.

  • Undiscounted cash flow: ~A$62.8m, with a return on spend >100%.

  • Sensitivity analysis confirms limited downside to mining/processing cost increases, but stronger sensitivity to metal price movements.

Optimisation was completed using Net Smelter Return (NSR) as the grade item. NSR calculations are defined on page 5 of this document.

Case 1 – Best Case.

Tonnes
(,000)		 Ag (g/t) Au (g/t) Cu (%) Pb (%) Zn(%) Zneq (%)
Indicated 591 49.9 0.6 0.7 1.5 3.3 9.8
Inferred 34 57.8 1.1 0.2 2.4 3.9 11.8
Total 625 50.3 0.6 0.7 1.5 3.3 9.9
Case 4 – Worst Case.
Tonnes
(,000)		 Ag (g/t) Au (g/t) Cu (%) Pb (%) Zn(%) Zneq (%)
Indicated 512 51.7 0.6 0.7 1.5 3.3 10
Inferred 25 55.6 1.1 0.1 2.3 3.7 11.4
Total 537 51.8 0.7 0.7 1.5 3.3 10.1

Table 1 Summary Mineral Resource at a 5% ZnEq cut-off

Resource Classification kt Zn Pb Cu Au Ag Density ZnEq
Location % % % g/t g/t t/m3 %
UG Indicated 1,618
2.9		 1.4 0.34 0.77 47 3.30 9.0
underground
Inferred		 329 3.6 1.8 0.34 0.69 48 3.33 9.7
subtotal 1,947
3.0		 1.4 0.34 0.76 47 3.31 9.1
Surface Indicated 411 3.7 1.8 0.70 0.79 56 3.37 11.2
Open Inferred 35 4.3 2.5 0.16 1.15 60 3.30 12.7
Pit subtotal 445 3.7 1.8 0.66 0.82 56 3.37 11.3
Total Indicated 2,028
3.1		 1.5 0.42 0.78 49 3.32 9.5
Inferred 364 3.7 1.8 0.32 0.73 49 3.33 10.0
Total 2,392
3.1		 1.5 0.40 0.77 49 3.32 9.5

( For further Details of the Mineral Resource Estimate see: ASX announcement 25 March 2025 and revised on 7 August 2025)

ASX:GW1 | greenwingresources.com Greenwing Resources Ltd ABN 31 109 933 995

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Figure 1 below shows the outlines of the Whittle RF1 shells (26), generated for the base case, with 5m contours of current topography.

==> picture [388 x 265] intentionally omitted <==

Figure 1 Que River Optimisation Shells

==> picture [437 x 283] intentionally omitted <==

Figure 2 Base Case Size versus value optimisation results.

ASX:GW1 | greenwingresources.com Greenwing Resources Ltd ABN 31 109 933 995

3

EXPLORATION UPSIDE

This project has historic production of 2.6 Mt @ 14% Zn, 8% Pb, 0.5% Cu, 3.7 g/t Au, 205 g/t Ag, yielding ~300koz Au and ~17Moz Ag.

As disclosed in previous ASX Announcements dated 25 March, 2 April and 8 April 2025, the Company has identified numerous high grade targets. The initial target zones are the below the current QR32 pit (ASX Announcement 2 April 2025), the PQ Lens and the corridor between the PQ Pit and its southern margin (ASX Announcement 8 April 2025) and an identified high grade zone between QR32 and N Lens (ASX Announcement 19 May 2025)

Key Intercepts below QR32 – ASX Announcement 2 April 2025

  • QR1276: 7.45 m @ 33.1 % ZnEq (11.47 % Zn, 6.74 % Pb, 0.33 % Cu, 190 g/t Ag, 2.61 g/t Au) incl. 1.5 m @ 86.9 % ZnEq (24.2 % Zn, 13.9 % Pb, 0.72 % Cu, 460 g/t Ag, 10 g/t Au).

  • QR1278: 5.85 m @ 28.9 % ZnEq (2.05 % Zn, 6.88 % Pb, 0.29 % Cu, 116 g/t Ag, 2.08 g/t Au) incl. 1.5 m @ 64.9 % ZnEq (28.9 % Zn, 16.2 % Pb, 0.64 % Cu, 223 g/t Ag, 4.36 g/t Au)

Key Intercepts PQ Lens – ASX Announcement 8 April 2025

  • QR1130: 8.3 m @ 27.8 % ZnEq (7.0 % Zn, 3.06 % Pb, 0.06 % Cu, 179 g/t Ag, 3.46 g/t Au), including 1.8 m @ 74.1 % ZnEq (18.3 % Zn, 3.7 % Pb, 0.12 % Cu, 560 g/t Ag, 10.8 g/t Au).

  • QR0939: 7.7 m @ 28.6 % ZnEq (7.65 % Zn, 3.87 % Pb, 0.16 % Cu, 172 g/t Ag, 3.35 g/t Au), including 5.1 m @ 38.1 % ZnEq (10.15 % Zn, 4.99 % Pb, 0.23 % Cu, 242 g/t Ag, 14.32 g/t Au).

  • • QR0936: 7.5 m @ 20.3 % ZnEq (4.28 % Zn, 1.79 % Pb, 0.19 % Cu, 100 g/t Ag, 3.15 g/t Au), including 2 m @ 41.6 % ZnEq (13.66 % Zn, 3.14 % Pb, 0.26 % Cu, 262 g/t Ag, 4.47 g/t Au).

  • QR0928: 8.1 m @ 22.4 % ZnEq (7.5 % Zn, 4.06 % Pb, 0.08 % Cu, 141 g/t Ag, 1.88 g/t Au), including 0.9 m @ 75 % ZnEq (22.3 % Zn, 10.6 % Pb, 0.22 % Cu, 600 g/t Ag, 7.52 g/t Au).

Key Intercepts New High-Grade Zone Between QR32 and N Lens – ASX Announcement 19 May 2025

  • QR1145: 5.55 m @ 22.9 % ZnEq (6.55 % Zn, 4.25 % Pb, 0.24 % Cu, 167 g/t Ag, 1.87 g/t Au) incl. 1.1 m @ 49.2 % ZnEq (15.1 % Zn, 10.5 % Pb, 0.62 % Cu, 240 g/t Ag, 4.79 g/t Au).

  • QRD1263: 5.4 m @ 22.7 % ZnEq (10.79 % Zn, 5.76 % Pb, 0.24 % Cu, 109 g/t Ag, 1.45 g/t Au) incl. 0.45 m @ 52.5 % ZnEq (25.3 % Zn, 1.23 % Pb, 0.42 % Cu, 340 g/t Ag, 3.6 g/t Au).

  • QR0015: 22.5 m @ 22.5 % ZnEq (8.46 % Zn, 5.35 % Pb, 0.26 % Cu, 109 g/t Ag, 1.63 g/t Au) incl. 1.43 m @ 35.2 % ZnEq (12.66 % Zn, 8.72 % Pb, 0.38 % Cu, 135 g/t Ag, 3.1 g/t Au).

In addition, exploration targeting has identified multiple untested lenses with potential for both open-pit extensions and deeper underground zones.

Further, there is critical mineral potential flagged, with geological similarities to Elementos’ nearby Cleveland Tin Project which has reported significant intersections of critical minerals within deeper recently drilled zones (ASX: ELT announcement released 23 July 2025).

ASX:GW1 | greenwingresources.com Greenwing Resources Ltd ABN 31 109 933 995

4

Net Smelter Return (NSR) factors

Due to the multi-element resource base, an approach has been taken to calculate a net smelter return (NSR) based upon processing recoveries, and payability per element in the Mineral Resource. The NSR calculation uses current metals prices, processing recovery based on past processing history, and estimates for payability for a concentrate to smelter. The payability includes freight and smelting charges and is a net factor of the metal price at the smelter. These are estimates only and based upon prior knowledge from Greenwing personnel regarding industry standard and past performance at Que River.

Net smelter return (NSR) has been populated within the block model. The calculation used has been based upon the sum of metal grade x metal price x payability x processing recovery to give a value in USD equivalent. This gives a NSR factor as below which is applied to each of the grade items. This is then summed for each block to give the final NSR for each block. An exchange rate of 0.65:1 (USD:AUD) has been applied post calculation to convert to Australian Dollars.

Optimisation was completed using NSR as the grade item. As such the processing costs used are essentially the cut-off grade.

Table 1 – Net Smelter Return (NSR) factors.

Metal Parameters Metal Parameters Metal Price Payability Processing Recovery
(%)		 NSR
Factor
Zinc
Lead
Copper
Gold
Silver		 ($/USD/t)
($/USD/t)
($/USD/t)
($/USD/Oz)
($/USD/Oz)		 2790
1980
9720
3340
38		 46%
63%
75%
95%
95%		 86
76
66
84
81		 1103.724
948.024
4811.400
85.692
0.940

Note:

The Production Target is preliminary and includes Inferred Resources. There is no certainty that the Scoping Study outcomes will be realised without further drilling, feasibility studies, and commercial agreements. At this stage, Ore Reserves have not been estimated, and the Study is insufficient to provide assurance of an economic development case. The study is based on a low level of technical and economic assessments that are not sufficient to support the estimation of ore reserves at Que River. Forward looking statements are not a guarantee of future performance and involve unknown risks and uncertainties, as well as other factors which are beyond the control of Greenwing Resources. Actual results and developments may differ materially from those expressed or implied by these forward-looking statements depending on a variety of factors, including but not limited to costs, which are assumed within a level of accuracy of 40%. While the Company considers all the material assumptions to be based on reasonable hypothetical grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the Scoping Study will be achieved.

ASX:GW1 | greenwingresources.com Greenwing Resources Ltd ABN 31 109 933 995

5

SUMMARY

The team has worked hard for the last 2 years and is pleased with the platform it has set and the value emerging at Que River. In addition to aligning the site with best environmental practice, with material changes to its care and maintenance schedule of works, the Company has updated a resource to JORC 2012 standards, established the environmental rehabilitation liability at $2.5m, highlighted significant exploration upside, established a comprehensive data set inclusive from past production and now, following the completion of a scoping study, highlighted a preliminary set of economics that point to the potential to create substantial value for shareholders. The Company will continue to add value and update the market as it progresses the asset over the coming weeks.

The Company would like to acknowledge and thank both the Environmental Protection Agency (EPA) of Tasmania and Mineral Resources Tasmania (MRT) for their proactive and supportive approach at Que River.

This announcement is approved for release by the Board of Greenwing Resources Ltd.

For further information please contact

Peter Wright Executive Director / CEO [email protected]

ABOUT GREENWING RESOURCES (ASX:GW1)

Greenwing Resources is an ASX-listed resource company with a diversified asset portfolio inclusive of the Graphmada Graphite Mine (Madagascar), the San Jorge Lithium Brine Project (Argentina), and the Que River Polymetallic Project (Tasmania).

ASX:GW1 | greenwingresources.com Greenwing Resources Ltd ABN 31 109 933 995

6

COMPETENT PERSON STATEMENT

The information in this report that relates to site conditions and Exploration Results is based on information compiled by Mr Scott Hall who is a member of the Australian Institute of Mining and Metallurgy. Mr Hall is an independent consultant to the Company and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking 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 Hall consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. This information was prepared under the JORC Code 2012 with additional details provided in the following JORC Table 1 assessment (see Appendix 1).

The information in this report that relates to Production Targets is based on information compiled by Mr John Millbank who is a member of the Australian Institute of Mining and Metallurgy. Mr Millbank is full time employee of Proactive Mining Solutions Pty Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking 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 Millbank consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. This information was prepared under the JORC Code 2012 with additional details provided in the following JORC Table 1 assessment (see Appendix 1).

The information relating to the Mineral Resources at the Que River is extracted from

ASX Announcement titled: ‘Greenwing tables updated Polymetallic Mineral Resource at Que River” dated 25 March 2025 and revised on 7 August 2025 .

The report is available to view on the Greenwing website www.greenwing.com.au The report was issued in accordance with the 2012 Edition of the JORC Australasian 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 announcement and, in the case of estimates of Mineral Resources or Ore Reserves that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. 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 announcement.

ASX:GW1 | greenwingresources.com Greenwing Resources Ltd ABN 31 109 933 995

7

Appendix 1- JORC Table 1 – Sections 1 to 4

Section 1 Sampling Techniques and Data

Criteria JORC Code explanation JORC Code explanation Commentary Commentary
Sampling • Nature and quality of • Underground channel and stockpile sampling if
techniques sampling (eg cut channels, undertaken during past mining is not currently
random chips, or specific available and not relied on.
specialised industry standard • All sampling from drilling was core sawn half-core on
measurement tools nominal 1 m intervals, adjusted to any lithological
appropriate to the minerals boundaries. Core sampling is selective targeting
under investigation, such as mineralised zones as well as several meters of
down hole gamma sondes, or surrounding waste.
handheld XRF instruments, • Sampling and drilling are industry standards. Though
etc). These examples should early underground drilling core sizes are narrow they
not be taken as limiting the are suitable for a base metals deposit and have been
broad meaning of sampling. verified by previous mining that did not record any
• Include reference to significant production bias.
measures taken to ensure
sample representivity and the
appropriate calibration of
any measurement tools or
systems used.
• Aspects of the determination
of mineralisation that are
Material to the Public Report.
• In cases where ‘industry
standard’ work has been
done this would be relatively
simple (eg ‘reverse circulation
drilling was used to obtain 1
m samples from which 3 kg
was pulverised to produce a
30 g charge for fire assay’). In
other cases more explanation
may be required, such as
where there is coarse gold
that has inherent sampling
problems. Unusual
commodities or mineralisation
types (eg submarine nodules)
may warrant disclosure of
detailed information.
Drilling • Drill type (eg core, reverse • The current resource estimate is based on 1316 mostly
techniques circulation, open-hole completed mostly on nominal 12.5 m east-west
hammer, rotary air blast, sections to define past underground mine stopes. The
auger, Bangka, sonic, etc) drilling includes 92 Bass Metals Ltd (BSM) surface holes,
and details (eg core 232 older Aberfoyle surface holes and 992 Aberfoyle
diameter, triple or standard underground holes.
tube, depth of diamond tails, • Historic Aberfoyle holes were diamond-drilled and are
face-sampling bit or other of NQ or BQ core size (47.6mm or 36.4mm diameter
type, whether core is oriented respectively).
and if so, by what method, • More recent BSMBSM holes were diamond drilled and
etc). NTW, NQ or LTK60-sized core recovered (diameters of
56 mm, 47.6 mm or 45.2 mm respectively).
• All drilling used standard core tubes and the core was
generallynot oriented.

ASX:GW1 | greenwingresources.com Greenwing Resources Ltd ABN 31 109 933 995

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Criteria JORC Code explanation JORC Code explanation Commentary Commentary
• Drilling was the principal stope design basis with historic
grade control drilling completed on 12.5 m spaced
sections and comprised of both surface drilling is on E-
W sections and underground holes are drilled as
skewed fans from several underground sites.
Drill sample • Method of recording and • For BSM drilling
recovery assessing core and chip
All core runs were measured and checked against
sample recoveries and results core blocks. Drillers record zones of lost core with
assessed. core blocks and sample recovery measured and
• Measures taken to maximise recorded in the drill hole database with 89% length
sample recovery and ensure weighted recovery overall and 96% in
representative nature of the mineralization.
samples.
The drilling process occurs under daily geological
• Whether a relationship exists supervision which provides a means to ensure
between sample recovery maximum sample recovery and proper core
and grade and whether presentation.
sample bias may have
Other than daily geology review of core and
occurred due to preferential recovery no other measures are taken to maximise
loss/gain of fine/coarse core recovery.
material.
There is no evident relationship between sample
recovery and grade.
• Historic Aberfoyle drill records for recovery have not yet
been recovered. Available reports do not indicate
there were any significant drilling recovery issues or that
recovery significantly differs from more recent drilling.
Logging • Whether core and chip • All drill-core has been geologically logged in detail for
samples have been lithology, alteration, structure, mineralisation, veining
geologically and and weathering using standard Que-Hellyer logging
geotechnically logged to a codes.
level of detail to support • Wet and dry digital photographs of all BSM core were
appropriate Mineral Resource taken with older drilling photographed on slide film but
estimation, mining studies and are not current located.
metallurgical studies. • All drilling is logged for RQD (rock quality)
• Whether logging is qualitative measurements were recorded at per drill-run intervals
or quantitative in nature. (average of 3 m).
Core (or costean, channel,
etc) photography.
• The total length and
percentage of the relevant
intersections logged.
Sub- • If core, whether cut or sawn • All drilling is by diamond drilling and sampled as sawn
sampling
techniques
and sample
preparation		 • and whether quarter, half or
all core taken.
If non-core, whether riffled,
tube sampled, rotary split, etc
and whether sampled wet or
•		 half-core on nominal 1 m intervals, adjusted to
lithological boundaries. Core sampling is selective
targeting mineralised zones as well as several meters of
surrounding waste.
Core was cut in half onsite using a core saw,
dry. perpendicular to mineralisation or geology, to produce
• For all sample types, the two mirrored halves.
nature, quality and • For BSM samples sample preparation was at
appropriateness of the commercial laboratories using industry standard
sample preparation approach with oven drying, coarse crushing and then
technique. 100% of the sample was pulverised to a nominal 80%
• Quality control procedures passing 75µm.
adopted for all sub-sampling • Sample preparation is unknown for historic Aberfoyle
stages to maximise samples but mostlyundertaken at an in-house

ASX:GW1 | greenwingresources.com Greenwing Resources Ltd ABN 31 109 933 995

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Criteria JORC Code explanation JORC Code explanation Commentary Commentary
representivity of samples. laboratory.
• Measures taken to ensure • For some early BSM surface holes material was
that the sampling is provided for metallurgical testing by pulverizing a 50%
representative of the in situ split for assay and retaining the remainder of the
material collected, including coarse crush material for metallurgical testing.
for instance results for field • Duplicate samples for BSM programs were obtained by
duplicate/second-half splitting nominated half core samples, at the rate of
sampling. about one in 25 samples, into two quarter core
• Whether sample sizes are samples, which were then submitted in the same
appropriate to the grain size batch. No significant bias was noted between the
of the material being original and duplicate samples. For the resource
sampled. estimate all ¼ core duplicates were composited using
density weighting to provide an equivalent ½ core
assay.
• Sample types, sizes, preparation and quality are
considered to be appropriate for the style of
mineralisation being sampled.
Quality of • The nature, quality and • For BSMdrilling half core samples were submitted to
assay data appropriateness of the Ammtec Laboratories located in Burnie (now ALS),
and assaying and laboratory Tasmania for:
laboratory
tests		 procedures used and
whether the technique is
considered partial or total.
Cu, Pb, Zn, Ag, As, Fe (triple acid digest and AAS)

Au (50 g fire assay with AAS finish

Ba (pressed powder XRF) and at times S and Si
• For geophysical tools,
Density determination was conducted by the
spectrometers, handheld XRF laboratory on each assay sample using an
instruments, etc, the Archimedes method on core specimens.
parameters used in • BSM QAQC sampling included
determining the analysis
1 in 25 Certified Reference Materials (standards)
including instrument make
1 in 25 blanks
and model, reading times,
1 in 200 check assays (to three labs in total)
calibrations factors applied • Historic assays were carried out at Aberfoyle’s
and their derivation, etc. company laboratory (now the Ammtec Burnie lab)
• Nature of quality control using
procedures adopted (eg
pressed powder XRF for Cu, Pb, Zn; AAS for Ag and
standards, blanks, duplicates, As
external laboratory checks)
Au by fire assay
and whether acceptable
Density on many samples was by air pycnometer on
levels of accuracy (ie lack of pulp samples
bias) and precision have
Internal laboratory blanks and standards were the
been established. only QA-QC for historic holes.
• The nature, quality and appropriateness of the assay
techniques used at are to industry standard. All assays
are considered reasonable representation for total
assay content.
Verification • The verification of significant • No twinned holes have been drilled. Both major drilling
of sampling
and		 intersections by either
independent or alternative		 programs are in part verified by mine production that
did not report any significant reconciliation issues.
assaying • company personnel.
The use of twinned holes.		 • No original records for the Aberfoyle drilling has been
discovered at this stage to verify the drilling database
• Documentation of primary with the exception of a few peripheral drill holes
data, data entry procedures, reported under the surrounding exploration lease but
data verification, data which do not contribute to the Mineral Resource
storage (physical and • For BSM drilling laboratory certificates are not available
electronic) protocols. but original dispatch and laboratory spreadsheet data
• Discuss any adjustment to is available. 7 of the 44 assaybatches were compared

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Criteria JORC Code explanation JORC Code explanation Commentary Commentary
assay data. to the drilling database and confirmed the assay data
were loaded correctly. 17% did not match but were
confirmed as QAQC samples and one duplicate
confirms BSM averaged the duplicate and original
assays.
• Primary geological data is based on an Aberfoyle
database extract with BSM drilling information added to
an Access database. Logging by BSM was reportedly
on paper logs and entered into Excel spreadsheet
templates. Information was transferred, complied, and
managed by the Company’s in-house database
geologist in an Access database. Assay data was
provided digitally by the assay laboratory.
• Aberfoyle density measurement are by air pycnometer.
These are adjusted downwards by 2.5% to account for
porosity. Also some density measurements are missing
for the available assays and are calculated from grade
relationships (both are discussed later).
• Top cutting was used to limit the topmost grades
though these have minimal impact on the average
grade they potentially limit local high variance,
particularly for gold and silver. The top cuts include:

4.7 t/m3Density.

For high grade PQ domains 25 g/t Au, 1500 g/t Ag

For low grade and outer domains 10 g/t Au, 500 g/t
Ag

30% Pb

40% Zn

5% Cu except 12% for S Lens (a high copper
domain)
Location of • Accuracy and quality of • The Que River, Hellyer and Fossey areas is covered by
data points surveys used to locate drill an historic Mine Grid system (the Mackintosh Grid) set
holes (collar and down-hole up by Aberfoyle in the 1970’s. This grid has been used
surveys), trenches, mine for all exploration work in the Que-Hellyer area and at
workings and other locations the Que River, Hellyer and Fossey mines. Mine Grid north
used in Mineral Resource is 22.1228° east of AMG north.
estimation. • Historic drill-hole collar survey data is understood to be
• Specification of the grid located by mine surveyors.
system used. • All BSM surface hole-collars were surveyed by a
• Quality and adequacy of licensed surveyor.
topographic control. • Although no direct comparison of historic and BSM
surveys are available for Que River some resurvey of
Aberfoyle holes are reported for the nearby Fossey
mine without issues.
• Drill holes were surveyed down hole during drilling, using
an Eastman single shot camera, at nominal 30 m
intervals. Cameras were reportedly calibrated using
survey jigs set up approximately along mine east-west.
Hole azimuth and inclination data were plotted against
depth. The trend of hole deviation was reviewed to
discard spurious (mainly azimuth) readings. 25m spaced
data were read from the graph and entered into the
survey database.

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11

Criteria JORC Code explanation JORC Code explanation Commentary Commentary
Data • Data spacing for reporting of • Historic mine production areas are drilling on fans of
spacing
and		 • Exploration Results.
Whether the data spacing		 underground and surface drilling on 12.5 mN section
spacing
distribution and distribution is sufficient to
establish the degree of		 • Remaining remnant Mineral Resource areas include
both areas drilling to either 12.5 or 25 m section spacing
geological and grade as well as some lenses drilled on wider exploration
continuity appropriate for the spacing.
Mineral Resource and Ore • The main Mineral Resource areas were interpreted by
Reserve estimation the mine geologists based on detailed knowledge of
procedure(s) and the day.
classifications applied. • Some minor additional Mineral Resource interpretations
• Whether sample compositing are only defined in areas with sufficient drilling and
has been applied. close enough spacing to provide confidence in the
continuity. Extrapolation beyond the drilling is limited
since VMS deposits can terminate rapidly.
• Drill data spacing is represented in classification
approach and description.
• Assayed drill samples are generally 1 m in length.
• 1 m was used for compositing.
Orientation • Whether the orientation of • Surface and underground drilling is on largely E-W
of data in sampling achieves unbiased sections, close to perpendicular to the strike of
relation to sampling of possible mineralisation. Drilling fans result in variable angles of
geological
structure		 structures and the extent to
which this is known,
considering the deposit type.		 • intersection with occasional surface holes intersecting
deep areas at low, near down dip orientations.
The VMS massive sulphides mineralization is unlikely to
• If the relationship between inherently introduce any sampling bias due to
the drilling orientation and orientation and there is no record of past bias due to
the orientation of key the drilling intersection orientations.
mineralised structures is
considered to have
introduced a sampling bias,
this should be assessed and
reported if material.
Sample • The measures taken to ensure
•		 Samples were reportedly transported by company light
security sample security. vehicle to the assay laboratory at the completion of
core cutting.
• Pulps were returned the same way, for storage at the
onsite core shed.
• Sample security was and is not considered a significant
risk given the style of mineralisation.
Audits or • The results of any audits or • For this estimate various database sources were
reviews reviews of sampling recovered and the drilling data compared. The original
techniques and data. BSM Que River data contained only QR series drilling
completed by Aberfoyle and BSM at the Que River
mine. 15 additional drill holes within the Que River
Mining Lease were recovered with geology but without
assay data. Some of these holes are reported in open
file exploration reports with assays. Further work remains
to source the missing assays digitally but since these
holes are peripheral, they are not relevant to the
current Mineral Resource.
• A 10% audit of the Bass drilling against available
laboratory digital files indicated no database issues.
• Records of any reviews of the historic Aberfoyle drilling
are not available.

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Criteria JORC Code explanation Commentary Commentary
• In 2009 BSM completed a Feasibility Study for Hellyer-
Fossey that included Que River Mining Lease. This
included a 2009 report by Hellman & Schofield Pty Ltd
to follow-up on BSM concerns with some higher grades
for ALS check samples. The assessment was focused on
Fossey but also include Que River assaying by Bass from
2005 to 2009. The report concluded very high lead or
barite samples were likely under reported particularly
for Pb and Ba. It is understood the assaying issue was
addressed after 2009 but the problematic samples
pertain to Fossey.
• It is reported that Snowden mining consultants reviewed
the Fossey Mineral Resource in 2011 and were of the
opinion that drilling and sampling has been conducted
to a standard appropriate for resource evaluation.
Since BSM was active at both Fossey and Que River the
conclusion is relevant to Que River.
• BSM prepared an information memorandum for the
Que River, Hellyer and Fossey deposits in 2013 which
included several independent consultants. These
consultants were mainly focused on geology, soils,
geophysical surveys and litho-geochemical aspects for
exploration potential and included Jigsaw Geoscience,
Mineral Mapping and OreFind.

Section 2 Reporting of Exploration Results

Criteria JORC Code explanation JORC Code explanation Commentary Commentary
Mineral • Type, reference • All Mineral Resources are well within the Que River Mining
tenement name/number, location Lease 68M/84 and is wholly owned by BSM.
and land and ownership including
•		 Details of 68M/84 were reviewed online on 5thFeb 2025
tenure
status		 agreements or material
issues with third parties
such as joint ventures,		 indicating:

Holder
Greenwing Resources Ltd

Size
300 Ha
partnerships, overriding
Granted 29/3/1988 (applied 12/6/1984)
royalties, native title
Expired 9/12/2020 but pending renewal
interests, historical sites, • Greenwing have been working closely with the Mineral
wilderness or national Resources Tasmania (MRT) and the Tasmanian EPA to bring the
park and environmental historic Que River mine site surface working into compliance
settings. and arrive at a manageable security deposit. This is
• The security of the progressing and Greenwing understand that the additional
tenure held at the time environmental bond required will be on the order of 2 million
of reporting along with dollars.
any known impediments
to obtaining a licence
to operate in the area.
Exploration • Acknowledgment and • Earliest known exploration in the Que-Hellyer area was
done by
other		 appraisal of exploration
by other parties.		 • prospecting carried out around 1920.
Modern exploration effectively began in the early 1970’s by
parties Aberfoyle Resources (initially Cominco / Abminco) with the
discovery of the Que River deposit in 1974 was carried out
intensively up to 1998. From 1998 to the closure of Hellyer mine
in 2000, exploration was centred on the immediate Hellyer
mine area.
• No exploration occurred between the Hellyer mine closure in
2000 and BSM involvement in 2005.

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Criteria JORC Code explanation JORC Code explanation Commentary Commentary
• BSM started exploration drilling in 2005 and commenced open
pit production in 2007 with drilling and mining completed 2010.
Up until 2015 Bass completed various exploration reviews and
studies as well as rehabilitation of the open pits and disturbed
areas.
• No further drilling or exploration has been completed
subsequently.
Geology • Deposit type, geological
•		 Historically four base metal resources occur in lenses at Que
setting and style of River, N Lens (Nico), PQ & PNth Lenses, QR32 Lens and S Lens.
mineralisation. • The deposits are examples of Volcanic Hosted Massive
Sulphide (VMS) deposits.
• Mineralisation style is diverse and includes footwall stringer
veins and local replacement, to massive high-grade base
metal sulphide, to epiclastic breccia hosted mineralisation.
Drill hole • A summary of all • No exploration drilling has been completed since 2010
Information information material to • The complete drilling database includes 1316 drill holes that
the understanding of are within the Mining Lease. 324 are drilled from surface and
the exploration results the remainder are underground. Drilling includes numerous
including a tabulation of holes now essentially mined out or drilled for grade
the following information control/production definition.
for all Material drill holes:
•		 Due to the volume of drilling data a full listing of the drill holes is
o easting and northing not provided. Instead, the drilling principally influencing the
of the drill hole collar remaining Mineral Resource has been provided in Appendix 2.
o elevation or RL
(Reduced Level –
elevation above sea
level in metres) of the
drill hole collar
o dip and azimuth of
the hole
o down hole length
and interception
depth
o hole length.
• If the exclusion of this
information is justified on
the basis that the
information is not
Material and this
exclusion does not
detract from the
understanding of the
report, the Competent
Person should clearly
explain why this is the
case.
Data • In reporting Exploration • Exploration intervals in Appendix 2 are length weighted.
aggregatio
n methods		 Results, weighting
averaging techniques,		 • The Mineral Resource estimate is based on length weighted 1
m composites similar to the original assaying, but uses length
maximum and/or and density weighting for block estimation.
minimum grade • Que River is predominantly considered a zinc-lead mine,
truncations (eg cutting however considerable value is associated with gold and silver
of high grades) and cut- grades as well as some copper which can combine to be as
off grades are usually value or more valuable than zinc-lead. Hence a zinc
Material and should be equivalent cut-off is required to ensure value of copper, gold

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Criteria
JORC Code explanation		 Commentary
stated.
•
Where aggregate
intercepts incorporate
short lengths of high
grade results and longer
lengths of low grade
results, the procedure
used for such
aggregation should be
stated and some typical
examples of such
aggregations should be
shown in detail.
•
The assumptions used for
any reporting of metal
equivalent values should
be clearly stated.		 and silver areas are not overlooked.
•
Metal prices assumed this review include the 3 month LME
contract price for base metals or last three month Kitco
average price for precious metals.
•
Rosebery ore processing performs similar to Que River. The
published Rosebery combined recovery and payability values
(source HKEX:MMG 23 Jan 2025) provide factors consistent
with that expected for a standalone processing Que River
operation. High factors of around 6 for Cu and Au grades
reflect the relatively high current metal prices for Cu, Au and
Ag and generally higher smelter payability. These factors
include:
•
However toll treatment may not provide the same
opportunities as an owner operated processing plant. The
combined recovery, concentrate payability and milling cost
used by BSM in 2009 for toll treatment at Rosebery were lower
as they included processing costs but also flatter payability
across the commodities. It is these less optimistic equivalence
assumptions and factors that are applied at this stage of the
project review as follows:
•
All prices, values and calculations are rounded to 2 significant
digits.
•
Based on this information it is the Company’s opinion that the
elements included in the metal equivalents calculation have a
reasonable potential to be recovered and sold.
•
Owing to the uncertainty with respect to the zinc equivalent
calculation approach the ZnEq values are only used for cut-off
grades so as to incorporate blocks with significant Au, Ag and
Cu credits.
USD
Unit
USD
Unit
Recovery Payability Combined
Zn Factor
Zn
2800
t
28.0
10kg
86%
46%
40%
1.0
Pb
2000
t
20.0
10kg
76%
63%
48%
0.9
Cu
9300
t
93.0
10kg
66%
97%
65%
5.4
Au
2800
oz
90.0
g
84%
88%
74%
6.0
Ag
31
oz
1.0
g
81%
90%
73%
0.07
Element
Metalprice
Priceper ore tonne
Metallurgical and PayabilityFactors
Element
USD
Unit
USD
Unit
Payability Zn Factor
Zn
2800
t
28
10kg
39.5%
1.0
Pb
2000
t
20
10kg
38.5%
0.7
Cu
9300
t
93
10kg
25%
2.1
Au
2800
oz
90
g
40%
3.3
Ag
31
oz
1.0
g
40%
0.04
Metalprice
Priceper ore tonne Bass Metals Contract
Relationshi
p between
mineralisati
on widths
and
intercept
lengths
•
These relationships are
particularly important in
the reporting of
Exploration Results.
•
If the geometry of the
mineralisation with
respect to the drill hole
angle is known, its
nature should be
reported.
•
If it is not known and		 •
Drill holes are designed to try and achieve intersections as
close to orthogonal as possible, within the limitations of
available drilling sites.
•
True thicknesses are derived from 3D modelling of
mineralisation for the Mineral Resource estimate.
•
For drill intercept reporting in Appendix 2 the east-west width is
provided as a suitable indication of true width as most
domains are nearly vertical in orientation.

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Criteria JORC Code explanation JORC Code explanation Commentary Commentary
only the down hole
lengths are reported,
there should be a clear
statement to this effect
(eg ‘down hole length,
_true width not known’). _
Diagrams • Appropriate maps and • Geological, drilling and interpretive plans and sections are
sections (with scales) included in the body of the report.
and tabulations of
intercepts should be
included for any
significant discovery
being reported These
should include, but not
be limited to a plan view
of drill hole collar
locations and
appropriate sectional
views.
Balanced • Where comprehensive • There is too much drilling to practically report all drilling results
reporting reporting of all
Exploration Results is not		 and many of the high grade drill holes now mined out would
provide a biased impression.
practicable, • Mineral Resource intervals well away from mined areas are
representative reporting listed for practicality. Some higher grade partially depleted
of both low and high drilling are not reported but will still influence the Mineral
grades and/or widths Resource.
should be practiced to • The subset drill hole listing in Appendix 2 should provide a
avoid misleading balanced indication of the drilling with the greatest unput to
reporting of Exploration the Mineral Resource.
Results.
Other • Other exploration data, • Geophysical methods are typically used for exploration of
substantive if meaningful and VMS deposits. These have been used previously to target
exploration
data		 material, should be
reported including (but
not limited to):		 drilling but are not integral to the Mineral Resource.
geological observations;
geophysical survey
results; geochemical
survey results; bulk
samples – size and
method of treatment;
metallurgical test results;
bulk density,
groundwater,
geotechnical and rock
characteristics; potential
deleterious or
contaminating
substances.
Further • The nature and scale of • The Que River underground mine is currently flooded, with a
work planned further work Portal plug in place to manage high water in-flows. Mine
(eg tests for lateral rehabilitation will may be required to extract the remaining
extensions or depth resources.
extensions or large-scale
•		 No further exploration is currently planned.
step-out drilling).
• Diagrams clearly

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Criteria JORC Code explanation Commentary
highlighting the areas of
possible extensions,
including the main
geological
interpretations and
future drilling areas,
provided this information
is not commercially
sensitive.

Section 3 Estimation and Reporting of Mineral Resources

Criteria JORC Code explanation JORC Code explanation Commentary Commentary
Database • Measures taken to ensure • During drilling assay data were transferred and
integrity that data has not been
corrupted by, for example,		 compiled directly in Database using a base
Aberfoyle database compiled from text files. Towards
transcription or keying errors, the end of mining at Que River BSM employed a
between its initial collection database geologist to mange several project and an
and its use for Mineral Access database for Que River was constructed.
Resource estimation • The BSM database was augmented with some
purposes. additional peripheral drilling sourced from old
• Data validation procedures Aberfoyle text file exports.
used. • The data appears in good standing with cross
validation and range assessment highlighting few
required data corrections.
• A 10% audit of the BSM drilling revealed no issues.
There are insufficient records to verify the earlier
Aberfoyle drilling.
• Cross table validation and limit check reveal a small
number of interval; and decimal point corrections
were required.
Site visits • Comment on any site visits • Scott Hall visited site 14-15 September 2024 for site
undertaken by the and project orientation and familiarisation with Chris
Competent Person and the Godfrey. The tour was guided by Brian Prouse who
outcome of those visits. has been caretaking the site for approximately 5
• If no site visits have been years and has extensive site knowledge and
undertaken indicate why provided a detailed insight into the project.
this is the case.
Geological • Confidence in (or • Four existing lens interpretations by the previous mine
interpretation conversely, the uncertainty geologists are available for PQ (& PNth combined), S,
of) the geological QR32 and N Lenses. These are largely vertical and N-
interpretation of the mineral S on the mine grid (~020 magnetic).
deposit. • The VMS massive sulphides mineralisation is
• Nature of the data used dominantly Zn-Pb with some Cu, and reasonable Au
and of any assumptions and Ag enrichment. Mineralisation is relatively simple
made. sulphide assemblages comprising sphalerite + galena
• The effect, if any, of ± chalcopyrite.
alternative interpretations • The PQ lens is complicated with multiple flanges and
on Mineral Resource a synclinal structural component. It was the principal
estimation. ore body and Que River with a high grade core zone
• The use of geology in now largely depleted by mining and comprises a
guiding and controlling consistent steep dipping eat limb and a shallower
Mineral Resource dippingwestern limb. These lenses merge alonga

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Criteria JORC Code explanation JORC Code explanation Commentary Commentary
estimation. fold hinge and the system and refer to collectively as
• The factors affecting PQ lens. There remain some remnants at the north
continuity both of grade and south end, near surface along strike from the
and geology. existing pit and at depth. The original PQ higher
grade domain wireframe model was re-snapped to
honour the drilling but it has not been reworked
owing the complexity of the shape. Instead these
were supplemented with four additional lower zones
not previously included.
• At the lower depth margin or footwall of the PQ vein
fold hinge is weakly base metal mineralised zone of
altered polymictic epiclastic breccia displaying
spotty white K-feldspar / pale sphalerite alteration,
with anomalously high gold values, relative to the
base metal content. This has previously been
described as the footwall Precious Metal Zone (PMZ)
and was not previously mined.
• A new low grade domain shape encompassing PQ
was established to extend the mineralised near
surface and at depth to include the PMZ.
• S Lens ore contacts are occasionally sharp but more
often are diffuse and grade controlled. The lens is
strongly zoned, from dominantly copper rich in the
south (Copper Zone) to relatively Zn-Pb rich in the
north (Zinc Zone).
• QR32 Lens mineralisation is stratiform and developed
at a folded repetition of the main Que River Mine PQ-
PNth ore horizon.
• N Lens (Nico) mineralisation is stratiform and
developed at a folded repetition of the main Que
River Mine PQ-PNth ore horizon. N Lense is the least
well defined lens and was reinterpreted to comprise
three zones with at least two parallel mineralised
structures.
• Three new lower grade lens interpretations have
been added to the Mineral Resource and occur in
the eastern and western walls of the north end of
PQ/PNth lens. The lens between PNth and N lens was
previous refer to as P West Lens
• All lenses were reevaluated using a 5% ZnEq cut-off
to encompass marginal mineralisation previously
ignored with the traditional 5% Pb+ Zn interpretation
cut-off used by Aberfoyle and BSM. Towards surface
for open pit evaluation and for the lower grade PQ
interpretations the criteria were generally relaxed to
3% ZnEq.
Dimensions • The extent and variability of • Que River consists of several lenses with folding. It
the Mineral Resource comprises multiple lens of 1 to 20 m in width with an
expressed as length (along overall size is 800 m NS by 220 m EW 225 m RL.
strike or otherwise), plan • The main PQ lens comprises a folded structure with
width, and depth below the steep dipping western limb 600 m in strike and
surface to the upper and 250 depth and a shallower dipping northerly
lower limits of the Mineral plunging eastern limb 380 by 100 m. Both principal
Resource. lenses are 1 to 30 m in thickness and typically >10 m.
PQlens was extensivelystopped from underground

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Criteria JORC Code explanation JORC Code explanation Commentary Commentary
and open pit mining was completed to a depth of 50
m. The eastern limb is described as PNth are the
northern end and is a more a mining heading name
less relevant the geological structure.
• N Lens (Nico) is sub-cropping, sub-vertical lens of
stringer, disseminated, semi-massive to locally
massive sulphides. It comprises two to three vertical
planar lenses 160 m in strike, 125 depth and 1 to 10 m
in thickness. N lens is not previously mined.
• S Lens is an outcropping, sub-vertical lens of stringer,
disseminated, semi-massive to locally massive
sulphides. It comprises two to three vertical planar
lenses 300 m in strike, 200 depth and 1 to 12 m in
thickness. S Lens was previously mined by open pit at
the zinc rich northern end to a depth of 30 m. Mining
also included 3 large underground panels. A fourth
planned panel in the copper rich end was never
completed.
• QR32 Lens is sub-cropping, sub-vertical lens of
stringer, disseminated, semi-massive to massive
sulphide, with a plunging length of 300 m by 80 m
and thickness from 1 to 15 m. QR32 was previous
mined by open pit to a depth of 40 m and from three
deep underground panels.
Estimation • The nature and • Almost all assayed samples have Zn, Pb, Cu, Au and
and appropriateness of the Ag grades. A few Ag and one Au grade were reset
modelling
techniques		 estimation technique(s)
applied and key
assumptions, including		 to 0 to simplify the estimation process and complete
all intervals. 10% of the assay values are missing
individual density measurements and these are filled
treatment of extreme grade with calculated values based on Zn+Pb+Cu grade
values, domaining, relationships.
interpolation parameters • Samples are composited to 1 m intervals within each
and maximum distance of domain., simplifying but matching the original 1 m
extrapolation from data sampling target length.
points. If a computer • Unsampled grades are assumed null. Generally the
assisted estimation method domain wireframes exclude unsampled intervals
was chosen include a however there are a few drill holes and intervals that
description of computer are unsampled within the domain wireframes. These
software and parameters instances are rare and considered to be a sampling
used. failure rather than a lack of mineralisation.
• The availability of check • The block model is populated with 2.5 m by 5 m by 5
estimates, previous m blocks and aligned roughly with the mineralisation
estimates and/or mine strike and dip. Subblock are down to 0.5 m by 2.5 m
production records and by 1.25 m.
whether the Mineral • Blocks are populated with domains for the lenses
Resource estimate takes developed on a 5% ZnEq cut-off. For QR32 and PQ
appropriate account of an inner high grade massive base metals domain
such data. was developed by BMS based on logging. For PQ an
• The assumptions made outer low grade shell is used to capture remaining
regarding recovery of by- grade and the lower PMZ.
products. • Blocks are estimated for Zn, Pb, Cu, Au, Ag and
• Estimation of deleterious density using ordinary kriging and a zinc variogram
elements or other non- model with a 20% nugget and 70 by 70 by 25 m total
grade variables of range. Search parameters include 70 m by 70 m by
economic significance(eg 20 m search radii and a maximum number of

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Criteria JORC Code explanation JORC Code explanation Commentary Commentary
sulphur for acid mine composites of 20 total and 4 per drill hole and 4 per
drainage characterisation). octant.
• In the case of block model • Estimates were weighted by length and density.
interpolation, the block size
in relation to the average
sample spacing and the
search employed.
• Any assumptions behind
modelling of selective
mining units.
• Any assumptions about
correlation between
variables.
• Description of how the
geological interpretation
was used to control the
resource estimates.
• Discussion of basis for using
or not using grade cutting or
capping.
• The process of validation,
the checking process used,
the comparison of model
data to drill hole data, and
use of reconciliation data if
available.
Moisture • Whether the tonnages are • Tonnages are estimated on a dry basis.
estimated on a dry basis or
with natural moisture, and
the method of
determination of the
moisture content.
Cut-off • The basis of the adopted • A cut-off of 5% Zn+Pb has traditionally been used at
parameters cut-off grade(s) or quality
parameters applied.		 Que River and Hellyer mines. This approach ignores
the economically significant grades for Cu, Ag and
Au. Interpretation and reporting now uses a 5% ZnEq
cut-off. At this stage the most conservative approach
for ZnEq is adopted.
• Based on previous BSM toll treatment contracts at
Rosebery and current metal prices mined ore value is
AUD85/t per 5% Zn (assuming mill payability of 40%,
USD/AUD exchange rate 0.65 and USD 2800 /t for
zinc). Potential mining costs include of AUD50/t for
bulk underground mining or open pit mining
(assuming approximately 10:1 strip ratio and AUD5/t
cost). Potential concentrator milling costs are AUD30
$/t. These support 5% ZnEq cut-off as a reasonable
basis for potential marginal operating costs.
Mining factors
•		 Assumptions made • Mining has previously been undertaken with four
or regarding possible mining small open pits at surface from underground via drive
assumptions methods, minimum mining
dimensions and internal (or,		 development (4 m width) and panel stoping (~200
kt) and backfilling. Future mining options would be
if applicable, external) similar in method.
mining dilution. It is always • The Mineral Resource has been depleted for known
necessary aspart of the miningfrom openpits and underground

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Criteria JORC Code explanation JORC Code explanation Commentary Commentary
process of determining development and stopes. A 5 m buffer zone around
reasonable prospects for all stopes has been used to sterilise Mineral Resource
eventual economic to account for geotechnical and access issues
extraction to consider around previous stoping for underground reporting.
potential mining methods, This essentially removes most internal remnant pillars
but the assumptions made and mining buffers from the Mineral Resource.
regarding mining methods • The Mineral Resource is not factored for mining loss or
and parameters when dilution.
estimating Mineral • Previous stope wireframe models have been
Resources may not always developed from extending the interpreted lens
be rigorous. Where this is the wireframes 1.5 m in width from long sections. The
case, this should be stopes were not surveyed directly but the stopes
reported with an were recorded in long sections from design shapes
explanation of the basis of and draw points. Missing stope wireframes for PQ and
the mining assumptions S Lenses were identified and included.
made. • Open pits were previously established at QR32, PQ (&
PNth) and S lenses
• Underground development and stoping has also
been completed extensively at PQ and for three
stope panels at S Lens and 3 panels at QR32 Lens.
• No previous mining has occurred at N Lens.
Metallurgical • The basis for assumptions or • Mining by Aberfoyle (1980 to 1991) and BSM (2006 to
factors or predictions regarding 2010) was toll treated at the Roseberry concentrator
assumptions metallurgical amenability. It
is always necessary as part		 that provides several products including a gravity,
copper, zinc and lead concentrate products. Ore
of the process of was blended with Rosebery ore which has similar
determining reasonable characteristics. There are no reports of recovery
prospects for eventual issues during previous mining and processing. As a
economic extraction to guide only Rosebery recoveries are published
consider potential annually and for 2024 were reported as 86% Zn, 76%
metallurgical methods, but Pb, 66% Cu, 81% Ag and 84% Au (HKEX:MMG 23 Jan
the assumptions regarding 2025).
metallurgical treatment • Metallurgical test work by Aberfoyle have not yet
processes and parameters been discovered.
made when reporting • The last component (~75 kt) of mining by Aberfoyle
Mineral Resources may not at S Lens was dispatched to the Hellyer concentrator
always be rigorous. Where as was a 2 kt trial package dispatched by BSM in
this is the case, this should 2005 but details of these are not available.
be reported with an • BSM completed metallurgical variability test work in
explanation of the basis of 2006 for 9 samples derived from several surface
the metallurgical sample sources and drill core composites. Details
assumptions made. were previously announced by BSM (ASX:BSM 20 Nov
2006) and included recovery ranges of 75 to 87% Zn,
70 to 78% Pb, 55 to 66% Cu, 70 to 80% Ag and 87 to
92% Au (combining 42% Au gravity concentrate with
copper concentrate recoveries).
Environmen- • Assumptions made • The Que River open pits were rehabilitated by BSM
tal factors or regarding possible waste between 2010 and 2015 with S and PQ pits largely
assumptions and process residue
disposal options. It is always		 backfilled and sealed and a spillway constructed at
the PQ pit. The underground portal and shafts are
necessary as part of the sealed and the QR32 pit remains open as a water
process of determining management site. Despite this there have been
reasonable prospects for some previous acid leakage exceedances and
eventual economic Greenwing have been working with the authorities to
extraction to consider the improve the rehabilitation and compliance. At this

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Criteria JORC Code explanation JORC Code explanation Commentary Commentary
potential environmental stage the site is better placed but an additional
impacts of the mining and environmental bond is likely to be required to retain
processing operation. While the Mining Lease for future production.
at this stage the • Both MRT & the EPA are satisfied that the current care
determination of potential & maintenance regime being undertaken by
environmental impacts, Greenwing including monthly reporting of sampling
particularly for a greenfields and activities to both departments. This will bring the
project, may not always be site back into compliance and permit the project to
well advanced, the status of be brought back into production. Following the
early consideration of these lodgement, review and approval of an updated DRP
potential environmental (Decommissioning and Rehabilitation Plan) currently
impacts should be reported. being undertaken by Greenwing.
Where these aspects have
not been considered this
should be reported with an
explanation of the
environmental assumptions
made.
Bulk density • Whether assumed or • Historic Aberfoyle drill holes have air pycnometer
determined. If assumed, the densities of pulp samples whilst BSM used an
basis for the assumptions. If Archimedean method on drill core.
determined, the method • BSM at the nearby Fossey deposit compared 33 core
used, whether wet or dry, density measurements to air pycnometer pulp
the frequency of the measurements a which indicated an average
measurements, the nature, apparent porosity of 2.5%. Hence all historic air
size and representativeness pycnometer data was adjusted down 2.5% to be
of the samples. comparable with the BSM bulk densities and suitable
• The bulk density for bulk as in-situ density rather than specific gravity readings.
material must have been • Available density data ranges from 2.3 to 5.5
measured by methods that (excluding outliers).
adequately account for • Some assays do not have density data (513 of 4627
void spaces (vugs, porosity, samples within the mineralised domains).
etc), moisture and • A linear relationship with Zn+Pb+Cu was established
differences between rock to assign density values to samples without density
and alteration zones within measurements. This accounts for the strong
the deposit. relationship between density and base metals and
• Discuss assumptions for bulk the lack of consistent sulphur or iron assays to provide
density estimates used in the any alternative approach. After validation of the
evaluation process of the calculation against the samples the process was
different materials. adapted to:

For Zn+Pb+Cu <20, Density = 3.0 + 0.035 x
(Zn+Pb+Cu)

For Zn+Pb+Cu >20, Density = 3.1 + 0.030 x
(Zn+Pb+Cu)
Classification • The basis for the • Classification of resources was undertaken by
classification of the Mineral considering data integrity, grade continuity,
Resources into varying geological confidence and drill hole spacing.
confidence categories. • Without a mining study Measured Mineral Resource is
• Whether appropriate not considered suitable for a remnant mine. However
account has been taken of there are areas drilled to sufficient density (12.5 m
all relevant factors (ie spacing) that Measured would otherwise be
relative confidence in considered suitable if proven viable.
tonnage/grade estimations, • At this stage Indicated Mineral Resource is reported
reliability of input data, for all drilling with a drill spacing of 25 m or better and
confidence in continuity of within the domain wireframes. This is consistent with

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22

Criteria JORC Code explanation JORC Code explanation Commentary Commentary
geology and metal values, the variograms ranges of up to 70 m and past
quality, quantity and practise at Que River.
distribution of the data). • Inferred Mineral Resource reports only domained
• Whether the result areas with a wider drill spacing than 25 m within the
appropriately reflects the interpreted domains.
Competent Person’s view of
the deposit.
Audits or • The results of any audits or • No audits or reviews have been completed for the
reviews reviews of Mineral Resource current Mineral Resource.
estimates. • In July 2011, Snowden mining consultants reviewed
the progressive models by BSM. They stated that it
was suitably classified in accordance with the
guidelines of the previous 2004 JORC Code.
Discussion of • Where appropriate a • There is high confidence in the location, continuity
relative statement of the relative and estimated grades of the modelled base metal
accuracy/
confidence		 accuracy and confidence
level in the Mineral Resource
estimate using an approach
mineralised zones within the Mineral Resource. Drilling
is general tight and mostly at 12.5 or 25 m spacing.
Extrapolation is limited since VMS deposits can
or procedure deemed terminate abruptly.
appropriate by the • Que River has a proven rack record for mining open
Competent Person. For pit and underground and for processing.
example, the application of • Reconciled production figures for BSM open pit
statistical or geostatistical mining were very positive, particularly for grade.
procedures to quantify the Although some of those conditions maybe partly
relative accuracy of the unique they demonstrate visual grade control could
resource within stated provide a very selective mining product effectively
confidence limits, or, if such and can exceed the selectivity currently modelled.
an approach is not deemed
•		 Reconciled Aberfoyle underground mining indicates
appropriate, a qualitative the high grade zones provide a reliable estimate And
discussion of the factors that that the current void models are overstated and
could affect the relative conservative.
accuracy and confidence • The remaining Mineral Resource is a remnant and is
of the estimate. significantly lower grade than past mining
• The statement should campaigns. This provides a more challenging task for
specify whether it relates to estimation and as a mining target.
global or local estimates, • Estimation of the PQ lens uses three concentric
and, if local, state the domain for very high grade, high grade and low
relevant tonnages, which grade zones. This should restrict the influence of the
should be relevant to highest grade to largely the depleted or nearby
technical and economic areas, however it also creates some hard internal
evaluation. Documentation boundaries that will need future review.
should include assumptions
made and the procedures
used.
• These statements of relative
accuracy and confidence
of the estimate should be
compared with production
data, where available.

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Section 4 Estimation and Reporting of Ore Reserves

(Criteria listed in section 1, and where relevant in sections 2 and 3, also apply to this section.)

Criteria
JORC Code explanation
Commentary		 Criteria
JORC Code explanation
Commentary		 Criteria
JORC Code explanation
Commentary
Mineral
Resource
estimate
for
conversion to Ore
Reserves		 •
Description of the Mineral Resource estimate used as a basis for the
conversion to an Ore Reserve.		 The Mineral Resource estimate that this Production Target is based upon
has been compiled by Mr John Horton of Reseval Pty Ltd. The Mineral
Resource estimates have been completed using block models developed
by Mr Horton for the Que River project, using data supplied by Greenwing
Resources Ltd. (Greenwing).
The models produced incorporated all mineralisation in the Que River
Deposit that has been generated to date and allow for mining depletion
from historical open pit and underground production. A 5% ZnEq cut-off
grade has been applied to the resource.
The following table comprises the Mineral Resources used within this study
and has been taken from the ASX media release of 25thMarch 2025,
Greenwing tables updated Polymetallic Mineral Resource at Que River.
This release is publicly available on the Greenwing controlled web site.
Table 1: 2025 Que River Mineral Resource at 5%ZnEq cut-off grade
•
Clear statement as to whether the Mineral Resources are reported
additional to, or inclusive of, the Ore Reserves.		 The Mineral Resources reported are inclusive of the Production Target. No
Ore Reserves have been generated as the level of study is considered
hypothetical and is completed to a Scoping Study Level.
Site visits •
Comment on any site visits undertaken by the Competent Person and
the outcome of those visits.
(If no site visits have been undertaken indicate why this is the case.)		 No Site visit has been undertaken.
Study status •
The type and level of study undertaken to enable Mineral Resources to
be converted to Ore Reserves.		 No Ore Reserve has been generated. The completed Production Target is
based uponpotential economic material forprocessingbased on

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Criteria
JORC Code explanation
Commentary		 Criteria
JORC Code explanation
Commentary		 Criteria
JORC Code explanation
Commentary
(The Code requires that a study to at least Pre-Feasibility Study level has
been undertaken to convert Mineral Resources to Ore Reserves. Such
studies will have been carried out and will have determined a mine plan
that is technically achievable and economically viable, and that material
Modifying Factors have been considered.)		 hypothetical modifying factors. These factors are within current industry
benchmarks.
The Que River Project is a previously mined open pit and underground multi
element precious and base metal mine, with ores processed at the nearby
Rosebery and Hellyer Mine processing plants. The Hellyer processing plant
is currently operating in a tailings retreatment capacity, whilst Rosebery is
currently owned and operated by MMG Ltd. Both are capable of
producing multi element sulphide concentrates that can be shipped to
smelters through the port of Burnie.
This Production Target is based upon hypothetical estimates for costs and
modifying factors. These factors are based upon estimates from prior and
existing operations that are commensurate with this project. Costs are
expected to be within 40% of actual.
Processing costs have been completed based on what is expected for a
process plant of this size and benchmarked against publicly available
annual reports.
Geotechnical slope analysis has been based upon what has currently been
achieved as an Inter Ramp Angle for the PQ Pit.
NSR Calculations have been completed based upon accepted values
provided by Greenwing personnel. These are based upon historical factors
from prior operations, and are hypothetical in nature, without confirmed
contracts in place.
Capital costs have been assumed to be negligible considering that the
project has previously been operated, and all major infrastructure for
mining is in place. What is not in place can be supported by contractors
from nearby depots or operations.
Cut-off parameters •
The basis of the cut-off grade(s) or quality parameters applied.		 A net smelter return calculation has been completed and populated within
the block model. This calculation reflects the potential hypothetical value
of each block after processing. The NSR calculation is as simple as a sum
across all grade items of (grade of element x processing recovery x
payability x metals price.)

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Criteria JORC Code explanation
Commentary		 JORC Code explanation
Commentary
The cut off grade then becomes the cost of processing.
Mining factors or
assumptions		 •
The method and assumptions used as reported in the Pre-Feasibility or
Feasibility Study to convert the Mineral Resource to an Ore Reserve (i.e.
either by application of appropriate factors by optimisation or by
preliminary or detailed design).		 Small scale drill blast, truck and excavator open pit mining methods, for
steep and undulating natural surface.
Mine design has not been completed. However, costs have been used that
benchmark against 120t class excavator and 100 tonne trucks. Costs are
anticipated to be with 40% and commence at $5.92 per tonne mined at
surface, to $6.37 per tonne at approximately 100m depth.
•
The choice, nature and appropriateness of the selected mining
method(s) and other mining parameters including associated design
issues such as pre-strip, access, etc.		 Mine Design has not been completed.
•
The assumptions made regarding geotechnical parameters (e.g. pit
slopes, stope sizes, etc), grade control and pre-production drilling.		 Mine Design has not been completed. Geotechnical IRA slope for
optimisation purposes has been set at 47 degrees and is what has been
achieved in the current PQ pit.
•
The major assumptions made and Mineral Resource model used for pit
and stope optimisation (if appropriate).		 Mine Optimisation was completed using Whittle software. Calculation of
NSR was completed using the factors and prices in the table.
Exchange rates of 0.65:1 (USD to AUD) have been applied post
calculation of this factor.
A reduction in NSR by 40% has been applied to make contingency
allowances on the project. These include but should not be limited to
penalties for treatment charges, freight of ore to a concentrator, legacy
rehabilitation costs and water treatment costs. All in ore costs, are $30 per
ore tonne. Review of the All-in waste mining costs have been estimated as
between $5.90 and $6.30 per tonne, including drill and blast. Site
administrationcostshavenotbeen included.Thesehave beenallowed

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Criteria JORC Code explanation
Commentary		 JORC Code explanation
Commentary
for in the NSR reduction factor Capital costs are expected to be negligible
due to existing infrastructure and toll treatment.
Mine optimisation was run including the inferred portion of the resource.
Cases have been run to test sensitivity to costs, modifying factors and NSR.
Application of conservative values for modifying factors has been
conducted to test limits of the project. The project is sensitive to NSR the
most.
•
The mining dilution factors used.		 Dilution factors are considered as part of the ore block model process. The
model has been reblocked to an SMU size of 5x2.5x5m (x,y,z). Dilution
factors of up to 20% were tested as part of the optimisation process.
•
The mining recovery factors used.		 Mining recovery has been set to 95% of the reblocked SMU size and tested
at 90% as a sensitivity.
•
Any minimum mining widths used.		 Pit Design has not been completed and minimum mining widths have not
been applied.
•
The manner in which Inferred Mineral Resources are utilised in mining
studies and the sensitivity of the outcome to their inclusion.		 Inferred resource category material has been included in this study. The
study has not been used to generate an Ore Reserve under the reporting
guideline. The production Target contains approximately 5% inferred
resource category.
•
The infrastructure requirements of the selected mining methods.		 The project has been previously operated.
Infrastructure for mining is generally in place. Additional offices and crib
rooms may be required. Fuel cells and temporary workshop facilities will
need to be mobilized. Explosives can be sourced from the regional
depots. Power and water are supplied to the site.
Haul roads and Rom pads are already in place on site.
Personnel will be sourced locally. Any temporary accommodation
requirements can be supplied at nearby towns.
Metallurgical
factors or
assumptions		 •
The metallurgical process proposed and the appropriateness of that
process to the style of mineralisation.		 Mineralisation from Que River has previously been treated at Hellyer
Concentrator. The concentrator produces base and precious metal
concentrates from sulphide ores that can then be shipped to smelters.

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Criteria JORC Code explanation
Commentary		 JORC Code explanation
Commentary
•
Whether the metallurgical process is well-tested technology or novel in
nature.		 The technology is proven.
•
The nature, amount and representativeness of metallurgical test work
undertaken, the nature of the metallurgical domaining applied and
the corresponding metallurgical recovery factors applied.		 No additional test work has been undertaken.
•
Any assumptions or allowances made for deleterious elements.		 Deleterious elements are only considered through the payability factor on
the NSR calculations.
•
The existence of any bulk sample or pilot scale test work and the
degree to which such samples are considered representative of the
ore body as a whole.		 Ores were treated at Hellyer and Rosebery during the 1990’s and up to
2010.
•
For minerals that are defined by a specification, has the ore reserve
estimation been based on the appropriate mineralogy to meet the
specifications?		 No minerals defined by a specification for this study.
Environmental •
The status of studies of potential environmental impacts of the mining
and processing operation. Details of waste rock characterisation and
the consideration of potential sites, status of design options considered
and, where applicable, the status of approvals for process residue
storage and waste dumps should be reported.		 Mining approvals will need to be completed. It is the aim of this study to
investigate the options for waste generation to enable backfilling of the
existing QR32 pit to mitigate environmental risk This concept may succeed
however further studies are required.
Processing will be completed off site so no tailings or other long term waste
storage will be required. All mine waste generated will be used for
backfilling of voids.
Infrastructure •
The existence of appropriate infrastructure: availability of land for plant
development, power, water, transportation (particularly for bulk
commodities), labour, accommodation; or the ease with which the
infrastructure can be provided, or accessed.		 General clean up and grading earthworks will be required to re-establish
site and access roads, rom pads, go lines, fuelling and workshop areas.
Fuel could be supplied through a trans tank fuel farm which is simple to
install.
Explosives as required can be supplied by contractor.
Costs •
The derivation of, or assumptions made, regarding projected capital
costs in the study.		 Capital costs have been excluded from the study, however at this time are
expected to be limited to mobilisation costs, offices, workshop and fuel
farm. Roads and electricity supply are already in place.
•
The methodology used to estimate operating costs.		 Mining Cost are based on recently published mining cost for operations
using the same equipment in similar size open pit operations. The
benchmark costs have then been adjusted for depth. The costs are

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28

Criteria
JORC Code explanation
Commentary		 Criteria
JORC Code explanation
Commentary		 Criteria
JORC Code explanation
Commentary
assumed to be an all in mining cost, including supervision, and drill and
blast. Further work is required to refine these estimates.
Processing cost is based on hypothetical processing costs for the area and
are also considered all in. Benchmarking against the MMG 2024 annual
report shows the costs are within range.
•
Allowances made for the content of deleterious elements.		 Smelting and Refining costs include removal of impurities during that
process.
•
The source of exchange rates used in the study.		 A general exchange rate of 0.65:1 has been used for USD to AUD
conversion.
•
Derivation of transportation charges.		 Gold doré bars will be produced on site. Transport costs are included in the
charges supplied by the refining company.
•
The basis for forecasting or source of treatment and refining charges,
penalties for failure to meet specification, etc.		 Net Smelter Return (NSR) has been calculated based on generally
accepted but hypothetical smelter payability and recovery factors. These
factors need to be adjusted once commercial terms can be achieved.
Current metals prices have been reduced by 40% to allow for potential
metals price reductions, additional freight charges, risk associated with
smelter returns and rehabilitation and other legacy costs.
•
The allowances made for royalties’ payable, both Government and
private.		 A 2% allowance for royalty has been made post NSR calculation.
Revenue factors •
The derivation of, or assumptions made regarding revenue factors
including head grade, metal or commodity price(s) exchange rates,
transportation and treatment charges, penalties, net smelter returns,
etc.		 NSR factor has been calculated using the above formula. This has been
applied to the grade for each block. Exchange rate has also been applied
post calculation of this factor. Metal prices have been calculated to the
appropriate unit based on the reporting of the block model.
•
The derivation of assumptions made of metal or commodity price(s),
for the principal metals, minerals and co-products.		 Metals prices are as quoted for the London Metal Exchange as cash prices
at 26thAugust 2025. Contract prices can be 10% lower.

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Criteria
JORC Code explanation
Commentary		 Criteria
JORC Code explanation
Commentary		 Criteria
JORC Code explanation
Commentary
Market assessment •
The demand, supply and stock situation for the particular commodity,
consumption trends and factors likely to affect supply and demand
into the future.		 There is a transparent quoted market for the sale of base metals.
Commercial agreements with particular smelters and refiners are less
transparent and need to be agreed upon by the individual seller. Contract
terms are yet to be formally quantified.
•
A customer and competitor analysis along with the identification of
likely market windows for the product.		 N/A There is a transparent quoted market.
•
Price and volume forecasts and the basis for these forecasts.		 N/A There is a transparent quoted market.
•
For industrial minerals the customer specification, testing and
acceptance requirementsprior to a supply contract.		 N/A – not assessing industrial minerals
Economic •
The inputs to the economic analysis to produce the net present value
(NPV) in the study, the source and confidence of these economic
inputs including estimated inflation, discount rate, etc.		 The operation is expected to operate at a processing rate of 700 ktpa. The
operation is expected to be complete within 12 months.
Economic analysis was limited to the Whittle optimisation revenue factor
shells. No mine design or scheduling work was completed to allow for
further economic modelling. The scope of this report was to test for
potential viability of further work and investigate if sufficient material could
be generated to develop conceptual studies for rehabilitation of the site.
•
NPV ranges and sensitivity to variations in the significant assumptions
and inputs.		 Sensitivity analysis was included in the Whittle optimisations. Tested inputs
included pit wall angle, mining and ore costs, metal price, and model
dilution. The project was found to be most sensitive to metals prices..
Social •
The status of agreements with key stakeholders and matters leading to
social licence to operate.		 •
All native title agreements are in place.
•
The site sits on a granted and previously operated mining lease.
(ML100030)
Other •
To the extent relevant, the impact of the following on the project
and/or on the estimation and classification of the Ore Reserves:
o Any identified material naturally occurring risks.		 No naturally occurring risks have been identified for the site.
o The status of material legal agreements and marketing
arrangements.		 There are currently no sales agreements in place.

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Criteria
JORC Code explanation
Commentary		 Criteria
JORC Code explanation
Commentary		 Criteria
JORC Code explanation
Commentary
o The status of governmental agreements and approvals critical to
the viability of the project, such as mineral tenement status, and
government and statutory approvals. There must be reasonable
grounds to expect that all necessary Government approvals will be
received within the timeframes anticipated in the Pre-Feasibility or
Feasibility study. Highlight and discuss the materiality of any
unresolved matter that is dependent on a third party on which
extraction of the reserve is contingent.		 Government approvals will need to be sought.
Classification •
The basis for the classification of the Ore Reserves into varying
confidence categories.		 No Ore Reserves have been generated for this study. Classification of the
production target follows the guidance of the Mineral Resource.
•
Whether the result appropriately reflects the Competent Person’s view
of the deposit.
•
The proportion of Probable Ore Reserves that have been derived from
Measured Mineral Resources(if any).		 No Ore Reserves Generated.
Audits or reviews •
The results of any audits or reviews of Ore Reserve estimates.		 No Ore Reserves Generated. No Audits completed.
Discussion of
relative accuracy/
confidence		 •
Where appropriate a statement of the relative accuracy and
confidence level in the Ore Reserve estimate using an approach or
procedure deemed appropriate by the Competent Person. For
example, the application of statistical or geostatistical procedures to
quantify the relative accuracy of the reserve within stated confidence
limits, or, if such an approach is not deemed appropriate, a qualitative
discussion of the factors which could affect the relative accuracy and
confidence of the estimate.
o The statement should specify whether it relates to global or local
estimates, and, if local, state the relevant tonnages, which should
be relevant to technical and economic evaluation.
Documentation should include assumptions made and the
procedures used.		 No reserve has been generated.
The resource block models from which the Production Target has been
derived was based on a geostatistical estimation completed by Mr John
Horton who is satisfied with the resource categories quoted.
No statistical quantification of confidence limits has been generated.
Through Whittle optimisation, the Production Target is most sensitive to
unfavourable changes in NSR values. Consequently, this is a conservative
estimate for a Production Target by using a significant reduction factor for
NSR.
Mining dilution has been tested to benchmarks for global values.
o Accuracy and confidence discussions should extend to specific
discussions of any applied Modifying Factors that may have a
material impact on Ore Reserve viability, or for which there are
remaining areas of uncertainty at the current study stage.		 Further work will need to be completed to progress this project to
Prefeasibility level. Geotechnical studies, commercial sales and treatment
agreements, and clarification on modifying factors for NSR calculations
need to be completed. Social Licensing, Environmental and Rehabilitation

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Criteria
JORC Code explanation
Commentary		 Criteria
JORC Code explanation
Commentary		 Criteria
JORC Code explanation
Commentary
studies also need to be completed to a Prefeasibility level. Corresponding
mine planning works including detailed financial analysis would then need
to be completed before an Ore Reserve could be generated.
o It is recognised that this may not be possible or appropriate in all
circumstances. These statements of relative accuracy and
confidence of the estimate should be compared with production
data, where available.

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32

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Appendix 2 – Zinc Equivalent Calculations

The Mineral Resource is reported at a 5% ZnEq cut-off where:

ZnEq = Zn + 0.7 Pb +2.1 Cu +0.04 Ag + 3.3 Au

Que River is predominantly considered a zinc-lead mine, however considerable value is associated with gold andsilver grades as well as some copper which can combine to be as value or more valuable than zinc-lead. Hence a zinc equivalent cut-off is required to ensure value of copper, gold and silver areas are not overlooked.

Rosebery ore processing performs similar to Que River. The published Rosebery combined recovery and payability values (source HKEX:MMG 23 January 2025) provide factors consistent with that expected for a standalone processing Que River operation. High factors of around 6 for Cu and Au grades reflect the relatively high current metal prices for Cu, Au and Ag and generally higher smelter payability. These factors include the data in Table 1 below.

However, toll treatment may not provide the same opportunities as an owner operated processing plant. The combined recovery, concentrate payability and milling cost used by the Company in 2009 for toll treatment at the Rosebery mill were lower as they included processing costs but also flatter payability across the commodities. It is these less optimistic equivalence assumptions and factors that are applied at this stage of the project review are outlined in Table 2 below.

==> picture [312 x 78] intentionally omitted <==

Table 1: published Rosebery combined recovery and payability values

Element Metalprice Metalprice Priceper ore tonne Priceper ore tonne Bass Metals Contract Bass Metals Contract
USD Unit USD Unit Payability Zn Factor
Zn 2800 t 28 10kg 39.5% 1.0
Pb 2000 t 20 10kg 38.5% 0.7
Cu 9300 t 93 10kg 25% 2.1
Au 2800 oz 90 g 40% 3.3
Ag 31 oz 1.0 g 40% 0.04

Table 2: Assumptions applied

The total payability adopted at this stage is based on the most conservative option using combined mill cost, smelter returns & charges and mill recovery factors achieved by the Company under toll treatment contract in 2009 during the last phase of mining at Que River with toll treatment at the Rosebery concentrator.

Metal prices assumed this review include the 3 month LME contract price for base metals or last three month Kitco average price for precious metals.

Based on this information it is the Company’s opinion that the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold.

For complete JORC disclosures please refer to ASX Announcement dated 25 March 2025 and re-issued on 7 August 2025 ‘Greenwing tables updated Polymetallic Mineral Resource at Que River’.

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