The Cowal gold deposits (E41, E42, E46, Galway, and Regal) occur within the 40km long by 15km wide Ordovician Lake Cowal Volcanic Complex, east of the Gilmore Fault Zone within the eastern portion of the Lachlan Fold Belt. The overall structure of the gold deposits is complex but in general consists of a faulted antiform that plunges shallowly to the north-northeast. The deposits are aligned along a north-south orientated corridor with bounding faults, the Booberoi Fault on the western side and the Reflector Fault on the eastern side (the Gold Corridor).

The E41 West mineralisation strikes north northeast and dips -70° east, and measures 750m along strike and 250m across strike. Individual mineralised zones are 35m to 50m wide and extend down dip for 125m. The E41 East mineralisation strikes east-west and dips -35° to -80° south, and measures 475m along strike and 500m across strike. Individual mineralised zones are 35m to 50m wide and extend down dip for 225m. The E42 deposit comprises the Regal/Galway corridor and the E42 Main Zone. The Regal/Galway corridor trends north-south, dips vertical to -70° west, and is composed of small and discontinuous lenses. The corridor is approximately 900m along strike and 200m wide. The E42 Main Zone trends north-south and dips -35° to -45° west. The two principal domains in the E42 Zone are separated by the Cowal Fault. Overall, the E42 Main Zone mineralisation is approximately 850m by 850m and extends 500m down dip.

The E46 deposit is subdivided into the East and West zones. The East zone is a continuation of the Regal/Galway corridor, trends north-south, dips vertical to -70° west, and extends approximately 750m along strike and 175m across strike. Individual lenses in the E46 East mineralised zone are 1.0m to 15m wide, 25m to 250m long, and extend 50m to 200m down dip. The E46 West mineralisation trends north-northeast, dips -40° west to flat-lying, and measures approximately 650m along strike and 17m across strike. Individual zones are approximately 50m wide and extend 200m down dip.

Mining production is derived from a single open pit, utilising conventional drill and blast, load and haul methodologies, mining nominally 9m benches in flitches. The operation is scheduled to continue until FY25 and the processing until FY33 at current estimates. The LOM strip ratio is currently 1.27:1.

Primary crushing:Metso 54-75 Superior MK-II gyratory crusher

Grinding Plant Equipment:FFE 36' x 20.5' SAG. FFE 22' x 36.5' ball mill

Grinding Media:Forged steel, 125mm balls (SAG mill), 105mm balls (ball mill)

Screening plant/equipment:Schenck Vibrating (SAG discharge), Delkor Linear (COF)

Recycle crusher:2 x Sandvik H6800 hydrocone cone crushers

Mineral liberation/recovery method:Flotation, regrind, CIL of concentrate

Mineral liberation plant/equipment:2 x SK1200 and 10 x OK200TC (flotation), Metso Vertimill 3 (VTM1000WB) and 2 x Metso 355kW SMD’s (regrind), 4,000m 3 3 Pre-Ox, 2 x 4,000m and 6 x 1,000m CIL Tanks

Gravity circuit:Falcon Concentrator / Acacia Reactor

Chemicals/reagents used:Orica (Cyanide), Ixom (Hydrochloric acid, sodium hydroxide, sulphuric acid, SMBS, PAX), BOC (Oxygen), Boral (Lime), Solvay Interox (Hydrogen peroxide), SNF (Flocculant).

Refining plant/equipment:10t AARL elution circuit, ANSAC regeneration kiln