At the Frasers open pit and Frasers underground mine (FRUG), deposits are centred on mining the hangingwall shear. In outcrop, the shear typically dips at 15 to 20 degrees to the east and is approximately 5 metres thick. At depth, the dip of the shear flattens to approximately 5 to 10 degrees and develops into an approximately 20 to 30 metres thick mineralised high-grade zone of quartz cataclasite, and mineralised schist. Within the open pit, gold mineralisation comprises mineralised schist and cataclasite, shear-parallel quartz veins and arrays of sub-vertical quartz veins. hangingwall shear and arrays of subvertical quartz veins account for most of the mineralisation within the open pit, although there are a few shear-parallel quartz veins. These veins typically splay off the base of the hangingwall Shear and dip at between 5 and 10 degrees to the west. A large amount of erratic mineralisation occurs between the base of the hangingwall shear and the footwall fault. At the resource drilling stage, this mineralisation manifests as poorly developed clusters of elevated gold grades, which often appear discontinuous. During mining however, these typically present as extensive zones of quartz vein arrays and mineralised shears. The footwall fault lies between 80 metres and 120 metres below the hangingwall shear and is identified as a cataclastic zone up to 10 metres thick. To date, no economic mineralisation has been located below the footwall fault. FRUG encompasses the down-d ........

Access to the FRUG mine is via a decline from within the Frasers open pit. During 2021 development of the GPUG mine commenced becoming the second underground mine at the Macraes operation. The combined ore production from the two underground mines is expected to be 1,000,000 tpa. The projected completion and mine closure of FRUG is mid-2023, after which GPUG will continue as the only operating underground mine. The current projected mine life for GPUG is 2028. The Macraes open pit production runs in parallel with the underground operations, with all ore being processed through the Macraes processing plant.

Combined annual gold production from the underground operations is projected to be approximately 40,000 to 50,000 ounces. During 2022 at FRUG, activity was focused on developing and stoping the final mining panel at the extent of the ore body. Once the final panel is extracted then remnant stoping in main access ways will take place prior to retreat and closure. During 2022 at GPUG, activity was focused on developing the decline and associated infrastructure to support the ramp up of production. The first mining panel was established, and stoping activity commenced at the end of Q4 2022.

Development and production mining at both FRUG and GPUG is carried out by Company personnel using a combination of leased and owned mining equipment.

The Frasers underground orebody encompasses the down dip continuation of the Hangingwall shear mined in th ........

The plant's crushing and grinding comprises the following components and stages:

- Two single stage jaw crushing circuits, which reduce the ore to a top size of approximately 200mm; the products from these two circuits are directly fed to the two SAG mills and an emergency feeder on the conveyor system feeding the higher capacity circuit provides continuity of feed to the grinding circuit if the jaw crusher feed is interrupted;

- A complex grinding circuit to reduce the particle size of the ore to 80% passing at 130 µm; the original, higher capacity crushing circuit feeds a 2,300kW SAG mill and the new crushing circuit feeds a 1,500kW SAG mill; discharge from the two SAG mills is combined with the discharge from one of the two ball mills (2,300kW) and directed to the primary cyclone cluster. Discharge from the higher capacity ball mill (2,500kW) is fed to the secondary cyclone cluster. The underflows from both cyclone clusters are combined and fed in parallel to the flash flotation circuit and two ball mills (2,300kW and 2,500kW);

- Regrind of the flotation concentrate is performed in a 900kW ball mill to 80% passing of 15 µm to improve pressure oxidation kinetics.

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