Mt Ida Gold: Regional Targets Fuel Growth

Key Concepts

• Baldock: The primary mining project serving as the baseline for production.
• Satellite Open Pit Prospects: Smaller, secondary deposits used to supplement primary production.
• Incremental Stocking Fillers: Regional targets identified to provide the additional 1/3 of annual production.
• Mineral Resource Target: The total volume of gold (1.5M to 2M ounces) required to sustain the mine life.
• Top-Down Goal: The strategic production objective of 100,000 ounces per annum.

Strategic Production Objectives

The company has established a "top-down" production goal of 100,000 ounces per annum over a minimum period of 8 to 10 years. To achieve this, the operational strategy relies on a two-tiered feed system:

• Baseline Feed: Approximately 2/3 of annual production will be sourced directly from the Baldock project.
• Production Uplift: The remaining 1/3 will be sourced from satellite open pit prospects, which are currently being identified through regional exploration.

Exploration and Drilling Program

To support these production goals, the company is executing an aggressive exploration strategy at the Mount Ida site:

• Drill Program Scale: A 220,000-meter drill program is currently underway.
• Operational Capacity: Six drill rigs are actively operating on-site.
• Resource Targets: The company aims to reach a mineral resource of 1.5 million ounces within the current calendar year, with a target of 2 million ounces by early next calendar year.
• Resource Allocation: Exploration efforts are divided with 2/3 of the budget and focus directed toward extending the mine life at Baldock, while the remaining 1/3 is dedicated to testing the 53 identified regional targets.

Regional Targets and "Stocking Fillers"

The company has identified 53 regional targets that function as "incremental stocking fillers." These are essential for the operational model, as they provide the necessary volume to meet the 100,000-ounce annual target without relying solely on the primary Baldock deposit. Recent exploration results confirm that these targets are successfully shaping up to meet the criteria required for satellite open pit mining.

Synthesis and Conclusion

The company’s strategy is built on a clear, scalable framework: securing a long-term baseline at Baldock while simultaneously de-risking production through a portfolio of satellite deposits. By maintaining a high-intensity drilling program (220,000 meters) and focusing on a specific resource target of 1.5 to 2 million ounces, the company aims to ensure a stable 8-to-10-year mine life. The successful identification of 53 regional targets provides the necessary flexibility to maintain the 100,000-ounce annual production goal, effectively balancing core mine development with regional exploration growth.