STN met results update. Recoveries in the mid 80s with this testing showing 86%. PEA used 75% which was conservative based on prior met work.

What does this mean to project economics?

• Recovery is up ~15%
• Total ounces produced up ~15%
• NPV is up ~25% as the revenue from extra ounces essentially fall through to FCF.

These are the kinds of breakthroughs that can drive large re-rates in project economics as studies progress, offsetting the typical scope and cost creep that comes with more detailed engineering progress.

In this gold price environment, Apollo Hill is will show to be a A$1.5b+ project.

https://announcements.asx.com.au/asxpdf/20250605/pdf/06kgd8hc82cdq9.pdf