Ask Charles questions and answers14 Nov 2025 10:14
Charlie,
I agree a great response last week – my thanks again - and I am happy to answer your questions, see below:
Regards
Mike
1. You’ve said the JORC upgrade is close. What remains to be done?
We are now in the final technical review stage. All drilling, assays and modelling work is complete. Our independent consultants are validating the block models and classifications before formal sign-off. It is essentially the last round of checks. It is all beginning to come in now and more expected over weekend, we are getting very close.
2. Should investors think of the JORC primarily as a conversion of resources into reserves and mine-life security, or do you also expect to demonstrate growth from Beehive and Lyan in some form?
The primary aim of the Stage 7 programme was to convert a large portion of the current 25Mt resource into long-life reserves for the DFS. That strengthens mine life, project economics (via higher production rates) and financing.
At the same time, the exploration drilling at brand new Beehive and Lyan deposits has delivered exactly what we hoped for (including the 6x 100 metre deep holes drilled into both of them) and we now have two very exciting new additions to add to the existing Northern Syncline and Camp Lode deposits. It is too late to get them into the DFS as the assay work is still underway on these but we will bring them in sometime in the early new year, either as JORC Resource (inferred or indicated tonnes) or they will sit in exploration target, depending on drill spacing, geology, etc, which means we would probably drill them into JORC standard sometime next year. Whether those tonnes are classified as exploration targets or to come in via another JORC update we publish in early 2026, they clearly add significant growth opportunity ahead.
To note, all our deep holes ended in mineralisation, and when those results are released they will show the scale potential beneath us. This is another resource base that will continue to grow. We are really looking forward to these results and from what’s we’ve seen so far, expect them to impress.
3. Can you give a brief update on the DFS and whether this is still tracking for late November?
Yes, the DFS is in its final stages, we are flat out trying to hit this deadline. Most engineering and cost work is complete, and the remaining sections tie directly into the updated JORC numbers.
We continue to target end November.
4. What have WaterBorne Capital been doing behind the scenes, and how does this position you for project financing?
WaterBorne have been building lender-ready financial models, preparing data rooms, and structuring the funding strategy for Phase 1 production.
They have already been engaging with institutions and government-linked financiers so that when the DFS is released, we are not starting from scratch. Their African track record in critical minerals funding and deep industry contacts gives us a strong ad
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