Harmony Australasia  |  CONFIDENTIALPage 1

Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

TECHNICAL REPORT SUMMARY

CSA COPPER MINE

New South Wales – Australia

Report Type:	Technical Report Summary of the CSA Copper Mine, New South Wales, Australia
Reporting Period:	June 2026 Mineral Reserve Report
Registrant:	Harmony Gold Mining Company Limited ("Harmony")
Operator:	Cobar Management Pty Limited ("CMPL")
Owner:	Harmony Gold (Australia) Pty Limited ("HMY")
Effective Date:	30 June 2026
Report Date:	June 2026

Effective date: 30 June 2026

Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

IMPORTANT NOTICE This Technical Report Summary ("TRS") has been prepared for Harmony Gold Mining Company Limited in support of disclosure and filing requirements with the United States Securities and Exchange Commission ("SEC") under Subpart 1300 of Regulation S-K and Section 229.601(b)(96) of Regulation S-K. The quality of information, estimates, and conclusions contained in this Technical Report Summary apply as of the effective date of this report. Subsequent events that may have occurred since that date may have resulted in material changes to such information, estimates and conclusions in this summary.

Effective date: 30 June 2026

Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

Qualified Person Consent and Sign-off

I have read and understood the requirements of:

•the South African Code for Reporting of Exploration Results, Mineral Resources and Mineral Reserves (The

SAMREC Code, 2016 edition)

•the Harmony Guidelines on the Reporting of Exploration Results, Mineral Resources and Mineral Reserves

•the Securities and Exchange Commission’s S-K 1300 guide

I am a Competent Person as defined by the above reporting codes, having more than five years' experience that is

relevant to the style of mineralisation and type of deposit described in the Report, and to all activities for which I am

accepting responsibility and have been appointed as a qualified person ("QP") for Mineral Resources and Mineral

Reserves.

I am a member (Fellow) of the Australasian Institute of Mining and Metallurgy (AusIMM) and my registration is as

follows:

Greg Job

Executive General Manager - Growth and Resource Development

FAusIMM No. 111561

I have reviewed the tables and graphs included for the Mineral Resource and Mineral Reserve which will be used in the

2026 Harmony Gold Mining Company Limited Mineral Resource and Mineral Reserve Report to which this Consent

Statement applies.

I acknowledge responsibility for all the Sections of the TRS report and as the principal QP and author I relied on

information provided by various subject experts.

At the effective date of the Report, to the best of my knowledge, information and belief, the Report contains all

scientific and technical information that is required to be disclosed to make the Report not misleading.

/s/ Greg Job

____________________________________

Mr Greg Job

BSc. MSc (Min Econ)

FAusIMM

Executive General Manager - Growth & Resource

Development

Harmony Australasia

Effective date: 30 June 2026

Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

LIST OF CONTENTS

1Executive Summary	1
1.1Summary	1
1.2Property Description, Ownership and Mineral Rights	1
1.3Accessibility, Climate, Local Resources, Infrastructure and Physiography	1
1.4History	3
1.5Geological Setting, Mineralisation and Deposit	4
1.6Mineral Resource Estimates	5
1.7Mineral Reserve Estimate	6
1.8Mining Methods	7
1.9Processing and Recovery Methods	7
1.10Infrastructure	7
1.10.1South Tailings Storage Facility (“STSF”)	8
1.10.2Waste Rock	8
1.11Environmental Studies, Permitting and Plans, Negotiations or Agreements	8
1.12Capital and Operating Costs	8
1.13Economic Analysis	9
1.14Conclusions and Recommendations	10
2Introduction	10
2.1Terms of Reference	10
2.2 Qualified Persons	10
2.3.	11
2.4Information Sources	11
2.5Previous Reports on the Project	11
3Property Description	11
3.1Property Location	11
3.2Property and Title in Australia	11
3.3Mineral Title in New South Wales	12
3.3.1Exploration Licence (“EL”)	12
3.3.2Exploration (Prospecting) Licence (“EPL”)	12
3.3.3Mining Lease (“ML”)	12
3.3.4Mining Purposes Lease (“MPL”)	12
3.3.5Consolidated Mining Lease (“CML”)	12
3.4Mineral Titles, Claims, Rights, Leases and Options	12
3.4.1Mineral Titles	13
3.4.2Land Tenure	13
3.4.3Native Title	13
3.4.4Joint Venture Interests	14
3.4.4.1Water Rights	14
3.4.5Royalties	15
3.4.5.1State Royalty	15
3.4.5.2Glencore 1.5% Cu NSR	15
3.4.6Encumbrances	15
3.4.7Rehabilitation Management Plan (RMP)	15

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

3.4.8Environmental Protection License	16
3.4.9Violations and Fines	16
3.5Significant Factors and Risks That May Affect Access, Title or Right to Perform Work	16
4Accessibility, climate, local resources, infrastructure, physiography	16
4.1Topography, Elevation and Vegetation	16
4.2Accessibility	16
4.2.1Airstrip	16
4.2.2Rail	16
4.3Climate	17
4.4Infrastructure	17
4.4.1Power Supply	17
4.4.2Water Supply and Water Pipelines	17
4.4.3Workforce Accommodation	17
4.4.4Site Buildings and Services	17
4.4.5Tailings Storage Facility	17
5History	20
5.1Previous Operations	20
5.2Recent Production History	20
5.3Historical Exploration	20
6Geological Setting, Mineralisation and Deposit	22
6.1Regional Geology and Mineral Deposits	22
6.2Stratigraphy	22
6.3Local and Property Geology	24
6.4Mineralisation and Alteration	25
7Exploration	26
7.1Historical and Current Drilling	27
7.2Exploration – Non-Drilling	27
7.2.1Geophysical Surveys	27
7.2.22005 Mopone IP-Resistivity Survey	28
7.2.32006 – 2007 MIMDAS Survey	29
7.2.42012 – 2019 Ground Gravity	29
7.2.52020 Airborne Magnetics and Radiometrics	29
7.2.62021 – 2022 FLEM	29
7.2.7Down Hole Surveys	30
7.2.7.12018 CSA Mine DHEM Survey	30
7.2.7.22020 QTS South DHEM Survey	30
7.2.8Geochemistry	30
7.3Exploration – Drilling	31
7.3.1Surface Drilling	31
7.3.2Historical Drilling Campaigns 2000 – 2016	34
7.3.32017 – 2020 Near-Mine Reverse Circulation Drilling	34
7.3.42017 – 2026 Diamond Drilling Campaigns	35
7.4Underground Drilling	35
7.5Geotechnical Data	37
7.6Hydrological Data	37

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

7.7Qualified Person’s Opinion on Exploration Interpretations	38
8Sample preparation, analyses and security	38
8.1Assay Sample Preparation and Analysis	38
8.2Bulk Density Determinations	39
8.3Quality Assurance and Quality Control	39
8.3.1Field Duplicates	39
8.3.2Laboratory QA/QC	39
8.4Security and Storage	39
8.5Qualified Person’s Opinion on Sample Preparation, Security and Analytical Procedures	40
9Data Verification	40
9.1Internal Data Verification	40
9.2Review of CMPL’s QA/QC	40
9.3Geological and Operation Reconciliation	40
9.4Qualified Person’s Opinion on Data Adequacy	41
10Mineral Processing and Metallurgical Testing	41
10.1Overview of Metallurgical Testing Practices	41
10.2Data Analysis and Regression Modelling	42
10.3Planning and Forecasting	42
10.4Deleterious Elements	43
10.5Test Laboratories	43
10.6Comminution	43
10.7Recovery and Concentrate Estimates	44
10.8Qualified Person’s Opinion on Mineral Processing and Metallurgical Testing	44
11Mineral Resource Estimate	44
11.1Introduction	44
11.2Geological Database	45
11.3Geological Models	47
11.4Mineralised Domain Coding	47
11.5Composites	48
11.6Exploration Data Analysis and Grade Capping/Outlier Restrictions	48
11.7Variography	48
11.8Block Model Definition	48
11.8.1Block Size	48
11.9Estimation/Interpolation Methods	49
11.9.1Discretisation	49
11.9.2Number of Samples	49
11.10Density Assignment	49
11.11Validation Visual Validation	49
11.11.1 Grade versus Elevation Plots	49
11.11.2 Model versus Composite Statistics	50
11.12Confidence Classification of the Mineral Resource Estimate	50
11.13Reasonable Prospects of Economic Extraction	51
11.13.1 Commodity Price	51
11.13.2 Depletion	51
11.13.3 Mineral Resource Reporting Cut Off	52

Effective date: 30 June 2026

Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

11.14Mineral Resource Estimate	52
11.15Factors that May Affect the Mineral Resource Estimate	53
11.16Qualified Person’s Opinion on the Mineral Resource Estimate Process	54
12Mineral Reserve Estimate	54
12.1Introduction	54
12.2 Development of the Mining Case	55
12.3Design Guidelines	55
12.4Modifying Factors	55
12.5 Cut-off Grade and Input Assumptions	56
12.5.1Metal Price Assumptions	57
12.5.2Input Parameters	57
12.5.3Metallurgical Recoveries	58
12.6Mineral Reserve Schedule	58
12.7Key Modifying Factors	59
12.8Mineral Reserve Estimate	59
12.8.1Reserve Reconciliation	59
12.9Factors that may affect the Mineral Reserve Estimate	60
12.10Qualified Person’s Opinion on the Mineral Reserve Estimation Process	61
13Mining Methods	61
13.1Introduction	61
13.2Blasting	65
13.3Geotechnical Parameters	65
13.3.1Overview	65
13.3.2Rock Mass Characterisation and Intact Rock Properties	65
13.3.3In-Situ Stress Regime	66
13.3.4Rock Mass Damage Modes and Mining Implications	67
13.3.5Mining Method, Stope Geometry and Extraction Sequence	67
13.3.6 Support Design and Standards	68
13.3.7Monitoring, Numerical Modelling and Instrumentation	69
13.3.8 Seismic Hazard Assessment	69
13.3.9Deepening of the Mine and Forward Management Strategy	69
13.3.10 Governance, Assurance and Change Control	70
13.3.11 Qualified Person's Opinion on Ground Conditions	70
13.4Backfill	70
13.5Hydrogeological Parameters	71
13.6Other Mine Design and Plan Parameters	71
13.7Mine Schedule	71
13.8Mining Fleet Requirements	74
13.8.1Equipment Productivity and Usage	75
13.9Mine Personnel Requirements	75
13.10Mine Map	75
13.11Qualified Person’s Opinion on the Mining Method	76
14Processing and Recovery Methods	76
14.1Introduction	77
14.2Comminution	77
14.2.1Concentrator Operations	77

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

14.3Concentrate Product	79
14.4Tailings	79
14.5Other Processing Inputs	80
14.5.1Consumables	80
14.5.2Personnel	80
14.5.3Energy and Utilities	80
14.6Qualified Person’s Opinion on Processing and Recovery Methods	80
15Infrastructure	80
15.1Access and Ports	80
15.1.1Roads	81
15.1.2Airstrip	81
15.1.3Rail	81
15.1.4Port Facilities	81
15.2Ventilation Infrastructure	81
15.2.1Ventilation Upgrade Projects	81
15.3Power Supply	82
15.4Water Supply and Water Pipelines	82
15.5Tailings Storage Facility	82
15.5.1Overview and Current Configuration	83
15.5.2Regulatory Framework, Standards and Permits	83
15.5.3 STSF Design Basis and Current Stage Configuration	83
15.5.4Operating Performance and Tailings Deposition	84
15.5.5 Governance, Engineer of Record and Accountability	85
15.5.6Geochemistry, Closure and Environmental Considerations	85
15.5.7Life-of-Mine Tailings Storage Capacity and Future Options	85
15.5.7.1STSF Stage 10 (Active Construction)	86
15.5.7.2 STSF Stage 11 (Planned)	86
15.5.7.3 NTSF Recommissioning (Preferred LOM Option)	86
15.5.7.4 WTSF (Greenfield Alternative)	87
15.5.8 Capital Cost Estimate Summary	87
15.5.9Risks, Modifying Factors and Reserve Sensitivity	87
15.5.10 Qualified Person’s Statement	88
15.6Workforce Accommodation	88
15.7Site Buildings and Services	88
15.8Qualified Person’s Opinion on Infrastructure	88
16Market Studies	88
16.1Copper Demand	89
16.2Supply Outlook	89
16.2.1Supply Gap	89
16.3Market Balance	89
16.3.1 Historical and Forecast Pricing	90
16.3.2Incentive Price	90
16.3.3Smelter Terms (TC/RCs)	90
16.4Product Quality and Marketability	90
16.5Offtake Arrangements	90
16.6Material Contracts	91

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

16.7Summary	91
17Environmental Studies, Permitting and Plans, Negotiations, or Agreements with Local Individuals or Groups	91
17.1Introduction	91
17.2Baseline and Supporting Studies - Environmental Management and Reporting System	92
17.3Permitting	92
17.4Rehabilitation Management Plan (RMP)	92
17.5Mine Waste Management	93
17.6Tailings Disposal	93
17.7Water Management	93
17.7.1Water Balance	93
17.7.2Recycling and Water Saving Measures	94
17.7.3Surface Water Monitoring	94
17.7.4Ground Water Monitoring	94
17.8Social Considerations, Plans, Negotiations and Agreements	94
17.8.1Native Title	95
17.8.2Community	95
17.9Cultural Heritage	95
17.9.1Aboriginal Heritage	95
17.9.2European Heritage	96
17.10Mine Rehabilitation and Closure Costs	96
17.10.1STSF Closure	97
17.10.2 Rehabilitation Monitoring	97
17.11Qualified Person’s Opinion on the Permits, Approvals, Tenements and ESG Aspects	98
18Capital and Operating Costs	98
18.1Capital Costs	98
18.1.1Maintenance of Fixed and Mobile plant	99
18.1.2Geological Drilling	99
18.1.3Replacement of Major Equipment	99
18.1.4Process Sustaining Capital	99
18.1.5Tailings Storage Facility	100
18.1.6Capitalised Underground Development	100
18.1.6.1Rehabilitation of Project Facilities	100
18.2 Operating Costs	100
18.2.1Realisation Costs and Offsite Costs	103
18.2.2Treatment and Refining Charges	103
18.2.3Basis of Estimate	103
18.3Qualified Person’s Opinion on the Adequacy of Capital and Operating Costs	103
19Economic Analysis	103
19.1Forward-looking Information Caution	103
19.2Principal Assumptions	103
19.2.1Production:	103
19.2.2Commodity Pricing	103
19.2.3Discount Rate	104

Effective date: 30 June 2026

Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

19.2.4Exchange Rate	104
19.2.5Taxation and Depreciation	104
19.3Results of Economic Analysis	104
19.4Sensitivity Analysis	107
19.5Qualified Person’s Opinion on the Economic Analysis	107
20Adjacent Properties	107
21Other Relevant Data and Information	107
22Interpretation and Conclusions	107
22.1Conclusions	107
22.1.1Mineral Resource	108
22.1.2Mineral Reserve	108
22.1.3Economic Analysis and Viability	108
22.1.4Technical Foundations	109
22.1.5Overall Conclusion	109
22.2Significant Risks and Uncertainties	109
22.2.1Risk Register	110
22.2.2Discussion of Key Risks	111
22.3Opportunities	111
22.3.1 Deep Resource Extensions	111
22.3.2 Near-Mine Exploration	112
22.3.3 Toll Treatment of Neighbouring Zinc Ores	112
22.3.4 Battery-Electric Underground Fleet	112
23Recommendations	112
24References	112
25Reliance on Information Provided by the Registrant	113

Effective date: 30 June 2026

Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

LIST OF TABLES

Table 1-1 Mineral Resource Estimation 30 June 2026.	6
Table 1-2 Mineral Reserve Estimation 30 June 2026	6
Table 3-1 CMPL Tenement Holding	14
Table 3-2 CSA Mine Water Licences	14
Table 5-1 CSA Mine – Production History FY24-FY26	20
Table 5-2 Surface and Underground Drilling History	21
Table 6-1 Cobar Stratigraphic Column	24
Table 9-1 CSA Stope Reconciliation - Ore Mined vs Reserve – 2021 to 2025	41
Table 10-1 Comminution Properties	43
Table 10-2 Copper Flotation Results	44
Table 11‑1 Count of drilling types for CSA used in the Resource estimates	46
Table 11‑2 Summary of DDH by CSA Mine Zones	46
Table 11-3 ROCKZONE codes	47
Table 11-4 CSA Mineral Resource Classification Criteria	50
Table 11-5 Copper and Silver Mineral Resources Exclusive of Mineral Reserves as at 30 June 2026 (Based on a Copper Price of US$11,900/t at 1.5% Cu Cut-Off Grade)	52
Table 11-6 Copper and Silver Mineral Resource Inclusive of Mineral Reserves as at 30 June 2026	53
Table 11-7 Zinc Mineral Resource as at 30 June 2026, Zinc does not inform the Reserve	53
Table 12-1 Historical Average Dilution and Recovery Factors	56
Table 12-2 Selected Reserve Stope Factors	56
Table 12-3 Summary of Mineral Reserve Input Parameters	57
Table 12-4 Reserve Schedule Summary	58
Table 12-5 Key Modifying Factors	59
Table 12-6 Copper Mineral Reserves as at 30 June 2026	59
Table 12-7 Reserve Reconciliation	60
Table 13-3 Sublevel Spacing	68
Table 13-4 CSA Mine – Mineral Reserve Production Schedule	73
Table 13-5 Primary CSA Underground Mining Equipment	74
Table 13-6 Plant and Equipment Availability and Utilisation	75
Table 14-1 CSA Mill Production History	77
Table 14-2 CSA Concentrator Performance January to December 2025	79
Table 15-1 STSF Design Basis (Stage 10 / Stage 11)	84
Table 15-2 Tailings Storage Capacity by Layout	86
Table 15-3 — Indicative Construction and Closure Cost Summary (A$, Dec-2022 base)	87
Table 15-4 — LoA Tailings Storage Scenarios (A$, Dec-2022 base)	87
Table 17-1 Primary Domains Rehabilitation Objectives	96
Table 18-1 CSA Capital Cost Summary	98
Table 18-2 Mining, Processing and G&A Operating Cost Summary	101
Table 19-1 Copper Price Scenarios	103
Table 19-2 Economic Analysis of CSA Reserve LOM	105
Table 19-3 Value Sensitivity Analysis	107

Effective date: 30 June 2026

Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

Table 22-1 CSA Mineral Resource, exclusive of Mineral Reserves, effective 30 June 2026	108
Table 22-2 CSA Mineral Reserve, effective 30 June 2026	108
Table 22-3 CSA Copper Mine – Significant Risks and Uncertainties (residual, post-mitigation)	110

Effective date: 30 June 2026

Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

LIST OF FIGURES

Figure 1-1 Location Plan	2
Figure 1-2 CSA Mine Tenements and JV Tenements	3
Figure 1-3 Plan and Long Section – Mineralised Systems	5
Figure 4-1 Site Facilities Layout Plan	19
Figure 6-1 Cobar Regional Geology	23
Figure 6-2 Geology Section Projection looking north	26
Figure 7-1 Near Mine Exploration Mineralisation	28
Figure 7-2 Historical Exploration Drilling – Long Section, the Merrin Mine not shown on this section but comprises the upper levels of Eastern and Western systems above the North and Central orebodies.	32
Figure 7-3 Surface Exploration Drill Collar Locations	33
Figure 7-4 Long Section CSA Lodes – Potential Mine Life Extension, Merrin Mine comprises the Western and Eastern lodes within the historical workings.	36
Figure 11‑1 Long Section showing drill density	46
Figure 11-2 Distribution of classified material.	51
Figure 12-1 Reserve Reconciliation	60
Figure 13-1 Schematic – Long Hole Open Stoping Mining Method	63
Figure 13-2 Schematic – Avoca Mining Method	64
Figure 13-3 Mine Layout – Long Section	76
Figure 14-1 Process Plant Flowsheet	78
Figure 18-1 Mine Operating Cost Split by Category	102

Effective date: 30 June 2026

Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

GLOSSARY OF TERMS AND ABBREVIATIONS

Term / Abbreviation	Description
2DIP	Two-Dimensional Induced Polarisation
A$	Australian Dollar
AEM	Airborne Electromagnetics (survey)
AEMR	Annual Environmental Management Report
Ag	Silver
ALS	Australian Laboratory Services
AMC	AMC Consultants Pty Ltd
AMR	Airborne Magnetics and Radiometrics (survey)
ANCOLD	Australian National Committee on Large Dams
ANFO	Ammonium Nitrate/Fuel Oil (explosive)
ARD	Acid Rock Drainage
Au	Gold
AuriCula	AuriCula Mines Pty Limited
Ausenco	Ausenco Pty Limited
BBE	BBE Consulting (Australasia)
BDA	Behre Dolbear Australia Pty Limited
Behre Dolbear	Behre Dolbear & Company Inc.
CAGR	Compound Annual Growth Rate
CDA	Canadian Dam Association
CDI	CHESS Depository Interests
CHF	Cemented Hydraulic Fill
CIK	Categorical Indicator Kriging
CLM Act	Crown Land Management Act 2016 (in NSW)
CML	Consolidated Mining Lease
CMPL	Cobar Management Pty Limited
CPF	Cemented Paste Fill
CRA	Conzinc RioTinto Australia
CRF	Cemented Rock Fill
CSA	CSA Copper Mine
CSC	Cobar Shire Council
CTD	Central Tailings Discharge
Cu	Copper
Cube	Cube Consulting Pty Limited
DCF	Discounted Cash Flow
DHEM	Drill Hole Electromagnetic (Survey)
DIDO	Drive-in Drive-out
DPIE	Department of Planning Infrastructure and Environment (in NSW)
EL	Exploration Licence
EM	Electromagnetics (survey)
EMP	Environmental Management Plan
EMS	Environmental Management System
EP&A Act	Environmental Planning and Assessment Act (in NSW)
EPA	Environmental Protection Agency (in NSW)
EPL	Exploration (Prospecting) Licence
EPLs	Environmental Protection Licences
FAR	Fresh Air Raise

Effective date: 30 June 2026

Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

Term / Abbreviation	Description
FEL	Front End Loader
FIFO	Fly-In Fly-Out
FLEM	Fixed Loop Electromagnetics (survey)
FOS	Factor of Safety
FW	Footwall
G&A	General and Administration
g/t	Gram Per Tonne
GAP	Gap Geophysics Australia Pty Ltd
Glencore	Glencore Public Limited Company
GRB	Glencore Geotechnical Review Board
GRS	Geophysical Resources and Services Pty Ltd
GSM	Golden Shamrock Mines Pty Limited
ha	Hectare (10,000m2)
Harmony	Harmony Gold Mining Company Limited
Helix	Helix Resources Limited
HMY	Harmony Gold (Australia) Pty Limited
HPIFR	High Potential Injury Frequency Rate
HW	Hangingwall
ICP-AES	Inductively Coupled Plasma Atomic Emission Spectrometry
IP	Induced Polarisation (survey)
ITASCA	ITASCA Australia Pty Limited
JK or JK Tech	JKTech Pty Ltd
JORC Code	Joint Mineral Reserve Committee (Australasian Resource/Reserve Code)
JV	Joint Venture
km	Kilometre
km2	Square Kilometre
KNA	Kriging Neighbourhood Analysis
koz	Thousand Troy Ounces
kt	Thousand Tonnes
ktpa	Thousand Tonnes per Annum
kV	Kilovolts
lb	Pound
LFB	Lachlan Fold Belt
LHD	Load-Haul-Dump (Mining Units)
LHOS	Long Hole Open Stope
LOA	Life of Asset (Resource Estimate or Financial Model)
LOM	Life of Mine
LRF	Loose Rock Fill
LTIFR	Lost Time Injury Frequency Rate
m	Meter
M	Million
m3/s	Cubic Meters Per Second
MAC	Metals Acquisition Corporation
mbs	Meters Below Surface
MII	Measured, Indicated and Inferred (Mineral Resources)
MIMDAS	M.I.M Distributed Acquisition System
ML	Mining Lease
ML/day	Megalitres per Day

Effective date: 30 June 2026

Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

Term / Abbreviation	Description
MLpa	Megalitres per annum
mm	Micron
MNE	May Not Exist (Material in Mining Inventory)
Moz	Million Troy Ounces
MPa	Mega Pascal
MPL	Mining Purpose Lease
MRE	Mineral Resource Estimate
Mt	Million Tonnes
MT	Magnetotelluric (survey)
Mtpa	Million Tonnes Per Annum
MVA	Megavolt Ampere
MW	Megawatt
MWBAC	Megawatt Bulk Air Cooling
MWE	Megawatt Equivalent
NAF	Non-Acid Forming
NC	Non-Classified (Material in Mining Inventory)
NIR	Not In Reserve (Material in Mining Inventory)
NNE	North-Northeast
NNW	North-Northwest
NRAR	Natural Resource Access Regulator (in NSW)
NSR	Net Smelter Return
NSW	New South Wales
NTSF	Northern Tailings Storage Facility
OK	Ordinary Kriging
OR	Mineral Reserves
OSA	On-Stream Analyz
Oxley	Oxley Exploration Pty Limited
oz	Troy Ounce
P80	80% Passing
PAF	Potential Acid Forming
POEO Act	Protection of the Environment Operations Act (in NSW)
Q	Quarter (year)
QA/QC	Quality Assurance/Quality Control
QP	Qualified Person
QPE	Quattro Project Engineering
QTSC	QTS Central (Deposit)
QTSN	QTS North (Deposit)
QTSS	QTS South (Deposit)
RAB	Rotary Air Blast (drilling)
RAR	Return Air Raise
RC	Reverse Circulation (drilling)
Report or Technical Report	SEC Regulation S-K Technical Report Summary
RL	Relative Level
RMP	Rehabilitation Management Plan
RQD	Rock Quality Designation
S-K Report	SEC Regulation S-K Technical Report Summary
SAG	Semi-Autogenous Grinding (Mill)
SAP	SAP Business Management System

Effective date: 30 June 2026

Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

Term / Abbreviation	Description
SEC	United States Securities and Exchange Commission
SQUID	3-component Supracon High-temperature Super-Conducting Quantum Interference Device (sensor)
STSF	Southern Tailings Storage Facility
t	Tonne (1,000 Kilograms)
t/m3	Tonnes per Cubic Meter
TC	Smelter Treatment Charges
TRIFR	Total Recordable Injury Frequency Rate
TRS	SEC Regulation S-K Technical Report Summary
TSF	Tailings Storage Facility
US$	US Dollar
VDR	Virtual Dataroom
WB	Wet Bulb (Temperature)
wmt	Wet Metric Tonne
XRF	X-Ray Fluorescence

Harmony Australasia  |  CONFIDENTIAL1

Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

1Executive Summary

Section 229.601(b)(96)(iii)(B)(1)

1.1Summary

The CSA Mine is located in western New South Wales, 11 kilometres (“km”) northwest of the town of Cobar,

Australia, and is wholly owned by HMY, a wholly-owned subsidiary of Harmony.

This Technical Report Summary conforms to United States Securities and Exchange Commission’s (“SEC”)

Modernised Property Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 of

Regulation S-K (17 CFR Part 229), Disclosure by Registrants Engaged in Mining Operations and Item 601

(b)(96) Technical Report Summary (collectively “S-K 1300”).

The CSA June 2026 Mineral Reserve has been estimated at 17.7 million tonnes of ore, containing 0.6 million

tonnes of copper.

1.2Property Description, Ownership and Mineral Rights

CSA is located in western New South Wales, Australia, (latitude 31° 24’ 32.42°S, longitude 145° 48’ 0.20°E),

11km northwest of the town of Cobar and 600km west-northwest of Sydney.

Cobar Management Pty Ltd (“CMPL”) is an Australian legal entity and operator of CSA. CMPL is the registered

owner of all key assets of the mine including property, mineral, fixed and mobile assets used in the

operation. CMPL was previously owned by Metals Acquisition Corp. (Australia) Pty Ltd after acquisition from

Glencore Operations Australia Pty Limited on June 16, 2023. HMY subsequently acquired CMPL’s ultimate

parent company MAC Copper Limited on October 24, 2025.

CMPL holds a Mining Lease (CML5) over the CSA deposit, surrounded by three Exploration Licences (EL5693,

EL5983 and EL9587) (Figure 1-2). CML5 covers an area of approximately 24.7 square kilometres (“km2”),

while the surrounding EL5693, EL5983 and EL9587 cover approximately 504km2. Ore is produced principally

from two steeply dipping underground mineralised systems, QTS North (“QTSN”) and QTS Central (“QTSC”)

from depths generally between 1,500-1,800 meters (“m”) below surface. The current depth of the decline is

around 1,900m. CMPL mining operations have historically produced, on average, around 1.1 million tonnes

per annum (“Mtpa”) of ore. The underground mine is serviced by two hoisting shafts and a decline. The ore is

crushed underground, hoisted to surface, and milled and processed through the CSA concentrator.

1.3Accessibility, Climate, Local Resources, Infrastructure and Physiography

All-weather access to the CSA is provided via sealed highways and public roads, and the mine is linked by rail

to the ports of Newcastle and Port Kembla (a suburb of Wollongong) from where the copper concentrate

product is exported. Cobar is serviced by a sealed airstrip with commercial flights to and from Sydney.

The climate of Cobar is semi-arid with evaporation typically exceeding rainfall by a ratio of 6:1. The mean

annual rainfall for Cobar is approximately 400 millimetres (“mm”). During summer months, maximum

temperatures typically range between 28-39ºC and during the winter months, maximum temperatures

typically range between 13-20ºC. Minimum temperatures in the winter months typically range between

5-9ºC.

The project is well served by existing infrastructure which includes power supply, water supply, site buildings,

and service facilities. Power is supplied to the site from the state energy network via a 132 kilovolt (“kV”)

transmission line.

The bulk of the water supply for the operation is provided by the Cobar Water Board from a weir on the

Bogan River at Nyngan (Figure 1-1) through a network of pumps and pipelines. Additional water is available

from tailings water recycling, surface water capture, and an installed borefield.

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

Figure 1-1 Location Plan

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

Figure 1-2 CSA Mine Tenements and JV Tenements

1.4History

CSA has a long operating history, with copper mineralisation first discovered in 1871. Early development

commenced in the early 1900s, focussing on near surface mineralisation. In 1965, Broken Hill South Limited

developed a new mechanised underground mining and processing operation, with new shafts, winders,

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

concentrator, and infrastructure; subsequently, the mine was operated under several different owners, until

the property was acquired by GIAG in 1999. The direct owner and operator of the mine is CMPL, previously

owned by Glencore, MAC and acquired by HMY on October 24, 2025.

1.5Geological Setting, Mineralisation and Deposit

The CSA deposit is located within the Cobar mineral field in the Cobar Basin, a north-south mineralised belt

containing copper, gold, and lead-zinc mineralisation, with five currently operating mines within 80km of

Cobar (Figure 1-2). Mineralisation at CSA is hosted within the Silurian-age CSA Siltstone, a steeply dipping

sequence of interbedded siltstones and sandstones. Mineralisation is associated with north-south faulting

and northwest cross-cutting structures; studies indicate that reactivation of the faults played a significant

role in providing fluid pathways for mineralising fluids and dilational zones for the formation of the mineral

deposits.

The CSA mineralisation occurs in five known systems: Eastern, Western, QTS North (QTSN), QTS Central

(QTSC) and QTS South (“QTSS”) (Figure 1-3). Within these systems multiple lenses occur; lenses are typically

5-30m wide, with relatively short strike lengths (<300m) but significant down plunge extent of up to 1000m.

Not all the systems extend to surface; QTSN which accounts for the bulk of the current production tonnes is

developed from 600m depth while QTSC is developed from a depth of around 1,200m.

The dominant copper sulphide is chalcopyrite (CuFeS2); silver is also present as acanthite (Ag2S).

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

Figure 1-3 Plan and Long Section – Mineralised Systems

1.6Mineral Resource Estimates

The Mineral Resource estimate for CSA covers the whole mine and is reported here in accordance with the

SEC S-K 1300 regulations. The Mineral Resources presented in this section are not Mineral Reserves and do

not reflect demonstrated economic viability. The reported Inferred Mineral Resources are considered too

speculative geologically to have the economic considerations applied to them that would enable them to be

categorised as Mineral Reserves. There is no certainty that all or any part of this Mineral Resource will be

converted into Mineral Reserve. All figures are rounded to reflect the relative accuracy of the estimates and

totals may not add correctly. Mineral Resource estimates exclusive of Mineral Reserves are summarised in

Table 1-1 on a 100% ownership basis. The effective date of the Mineral Resource estimate is 30 June 2026.

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

Table 1-1 Mineral Resource Estimation 30 June 2026.

	Metal >>	Copper		Silver
	tonnes	grade	metal	grade	metal
	kt	%	kt	g/t	koz
Measured Mineral Resource	1,343	7.65	102.691	23.96	1,000.558
Indicated Mineral Resource	1,479	4.90	72.490	13.91	639.696
Total Meas & Ind Resource	2,822	6.21	175.181	18.69	1,640.254
Inferred Mineral Resource	6,173	3.76	231.942	24.83	4,767.050
	Metal >>	Zinc
	tonnes	grade	metal
	kt	%	kt
Measured Mineral Resource	0	0.00	0
Indicated Mineral Resource	280	3.64	10.187
Total Meas & Ind Resource	2,373	7.31	173.503
Inferred Mineral Resource	2,652	6.93	183.69

Notes:

•kt = thousand tonnes, g/t = grams per tonne, koz = thousand ounces, mlb = million pounds

•Mineral Resources are reported as at 30 June 2026 and are reported using the definitions in Item 1300 of Regulation S-K (17 CFR Part

229) (S-K 1300)

•Mineral Resources are reported exclusive of Mineral Reserves

•Price assumptions used in the estimation include US$11,900/t of copper and US$38.9/troy ounce (“oz”) of silver; in line with company

long term forecast guidance pricing

•Geological mineralisation boundaries defined at a nominal 2.5% Cu cut-off for high grade lenses, and 1.5% Cu for the lower-grade halo;

Mineral Resources reported above a 1.5% Cu cut-off grade

•Cost assumptions underlying cut-off grade calculation include AUD$109.30/t ore mined, AUD$41.20/t ore milled and AUD$48.50/t

G&A

•Metallurgical recovery assumptions used in the estimation were 97.5% copper recovery and 86.7% silver recovery

•Mineral Resources reported as dry, raw, undiluted, in-situ tonnes

•Zinc reported separately to copper and silver as it does not inform the Reserve.

•Figures are subject to rounding.

Approximately 73% of the current Mineral Resource tonnage and 78% of the contained copper lies within the

QTSN and QTSC systems.

1.7Mineral Reserve Estimate

CSA produces an annual Mineral Reserve estimate, based on actual stope designs incorporating mining losses

and mining dilution. The Mineral Reserve, in accordance with the Subpart 229.1300 of Regulation S-K (17 CFR

Part 229), is based on Measured and Indicated resources only. CSA’s Mineral Reserve estimate as at 30 June

2026 is shown in Table 1-2.

Table 1-2 Mineral Reserve Estimation 30 June 2026

Total Reserve – CSA
	Copper
	Tonnes	Cu	Cont. Cu
	[Mt]	[%]	[kt]
Total Mineral Reserve	17.691	3.26	576.868
Proved Mineral Reserve	12.531	3.27	410.303
Probable Mineral Reserve	5.161	3.23	166.565

Notes:

•Mineral Reserves are reported as at 30 June 2026 and are reported using the definitions in Item 1300 of Regulation S-K (17 CFR Part

229)(S-K 1300)

•Price assumptions used in the estimation include US$9,900/tonne (US$4.50/lb) of copper and US$38.9/troy ounce of silver; Company’s

internal market-guidance on long-term price estimate as at 30 June 2026

•Mineral Reserves reported tonnes using a Stope breakeven cut-off grade of 2.26% Cu for FY27 to FY28, a cut-off grade of 1.93% for the

remaining periods and a Development breakeven cut-off grade of 1.0% Cu

•Cost assumptions underlying cut-off grade calculation include AUD$109.30/t ore mined, AUD$41.20/t ore milled and AUD$48.50/t

G&A

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

•Metallurgical recovery assumptions used in the estimation were 97.5% copper recovery and 86.7% silver recovery

•Figures are subject to rounding.

1.8Mining Methods

CSA uses mechanised long-hole open stoping (“LHOS”) with cemented paste fill (“CPF”) as the preferred

mining method. Both transverse and longitudinal retreat sequences are applied, adopting the LHOS method

to the QTSN, QTSC and Eastern orebodies. A modified Avoca stoping method using waste rock fill and

temporary rib pillars has been used successfully in the narrower lenses, principally in the Western orebody.

The future dominance of the QTSN orebody, representing approximately 67% of the copper metal currently

estimated in the Mineral Reserve, creates some concentration risk. Estimated Mineral Resources in the other

orebodies and remnant areas of the mine create contingent ore sources. One of the critical aspects to

achieving production objectives is prioritising and increasing the mine development advance as well as access

to drilling and extraction horizons.

Copper production at CSA is currently mining rate constrained. Considerable work in recent years, including

current capital-expenditure programmes has been directed toward relieving ventilation constraints and

maximising ore production as the mine gets deeper. HMY is targeting future ore production of approximately

1.2Mtpa; increasing depth introduces additional mining challenges, and with annually increasing mining costs

and lower delivered grades in some areas, the long-term business focus is on continuous improvement in

operating efficiencies to unlock additional value.

With the mine progressively becoming deeper, rock stresses are increasing, and more ventilation and cooling

is required. A significant capital works programme was completed in 2022 to increase both fresh air delivery

and cooling to accommodate the current LOM plan. Additional work is underway to provide suitable

underground ventilation connections to manage the current return air restrictions and limitations. The

current resource estimate demonstrates that mineralised tonnage per vertical meter is diminishing with

depth, although this is partially impacted by limited drilling at depth. Importantly, with increasing depth,

travel times for employees and equipment increase and issues around ore and waste movement from the

lower levels of the mine to the hoisting shaft or distant stope voids (in the case of waste rock) require more

closely coordinated planning and management.

Despite the combination of geotechnical stress increasing with depth and the cleaved and bedded siltstones,

ground conditions at the current base of the mine appear fair with the ground conditions risk being

appropriately managed.

1.9Processing and Recovery Methods

The CSA processing plant is a conventional underground crushing, surface grinding and flotation circuit.

Replacement of the two Semi Autogenous Grinding (“SAG”) mills, which were around 50 years old, was

completed in 2023 and has returned the grinding circuit overall utilisation to 91-97%, further supporting a

processing capacity in excess of 1.4Mtpa. The four coarse ore bins (which date from the 1960s) have

experienced downtime for ongoing maintenance and can only be partially filled in their current state. A

staged remediation programme has been capitalised and is being implemented as a priority. Any increase in

the mill throughput is still likely to be constrained by the ability of the mining operation to deliver increased

ore tonnage.

Normal continuous improvement practices are included in LOA planning. Reagent supply is currently steady,

air delivery is good, and the process control system is performing to standard. Metallurgical performance,

both historically and in recent years, has delivered consistently high copper recoveries and reasonable copper

concentrate grades as well as payable silver grades. Based on the consistency of ore feed and metallurgy over

the years and in the current LOM no changes to mill operating performance are foreseen.

1.10Infrastructure

Road access to the mine site from Sydney is via National Highway No. A32, the Barrier Highway, a high-

quality rural highway to Cobar and from there to the mine site on sealed urban roads.

Cobar is serviced by a sealed airstrip with commercial flights five times per week to and from Sydney.

The site is serviced by a rail line which allows transport of concentrate product to the Port of Newcastle for

export. Concentrate is loaded into rail wagons at the site and railed to Newcastle along the NSW rail network.

Railing to Port Kembla, south of Wollongong, is also an option.

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

Power supply to the site is via a 132kV transmission line from Essential Energy’s western NSW network. The

Essential Energy network is supplied by a mix of conventional and renewable power generation. A 22kV line is

also connected to the site from Cobar and is available for limited supply in emergencies.

The majority of water supply for the operation is provided by the Cobar Water Board from a weir on the

Bogan River at Nyngan through a network of pumps and pipelines. Additional water is available from tailings

water recycling, surface water capture and a borefield installed in 2019. A contingency water line was

installed in 2026 linking CSA to neighbouring Endeavour mine with acquisition rights to the excess water

available. Water demand is around 3 megalitres per day (“ML/day”) in summer, with most water supplied by

the Cobar Water Board system. The Cobar Water Board system is adequate to supply the operation up to

around 1.4Mtpa; the borefield is only required during periods of drought or should a plant feed rate in excess

of 1.4Mtpa be considered for extended periods.

The majority of the workforce is accommodated in Cobar with some senior staff employed on a fly in/fly out

(“FIFO”) or drive in/drive out (“DIDO”) arrangement. No workforce accommodation is provided at the mine

site itself, however, the Company owns and leases various properties in Cobar, as well as ~150 rooms under

full-time contract at the local Village accommodation facility.

Site buildings comprise site offices, warehouses, and services buildings. Site services include power and water

reticulation facilities, communications systems and fuel storage and dispensing facilities.

1.10.1South Tailings Storage Facility (“STSF”)

The STSF average deposition rate is 55kt per month. Embankment raises, Stage 10 and Stage 11 are planned.

Stage 10 is designed and permitted with construction ongoing.

In 2023, CSA completed a study on the installation of buttressing in specific areas on the STSF wall. The

buttresses are designed to improve the Factor of Safety (“FOS”) to the Post Seismic (Liquified Strength), in

line with ANCOLD guidelines. Buttress construction works were completed in April 2024. There are several

viable TSF expansion options available to CSA, and work is ongoing to determine the preferred option. The

options include additional lifts, reclamation of the TSFN that was historically operated by CSA, or construction

of a new facility on one of several identified sites on the lease.

1.10.2Waste Rock

Waste rock from underground development is backfilled into mined-out stopes where possible. Excess waste

is hoisted typically via shaft 1 or trucked to surface for storage on waste dumps or used on TSF construction.

Most waste rock is classified as Non-Acid Forming (“NAF”) but around 30% of the waste material is classified

as Potential Acid Forming (“PAF”) rock. All waste rock materials are geochemically tested for issues related to

acid rock drainage (“ARD”) and potential for metal leaching. Only suitable, low risk waste rock material is

hoisted and stockpiled on the surface.

1.11Environmental Studies, Permitting and Plans, Negotiations or Agreements

CSA operates under a documented Environmental Management System (“EMS”) which forms the basis of

environmental management at CSA and includes appropriate procedures, standards, and Environmental

Management Plans (“EMP”) to ensure all regulatory requirements are met.

The planned future STSF containment raise Stage 10 has been approved, and Stage 11 has commenced early

phase planning to provide additional storage capacity. Regulatory standards that currently apply to the STSF

are Dam Safety NSW and Australian National Committee on Large Dams (“ANCOLD”).

There is strong community support for the CSA operation and CSA has a positive working relationship with

Cobar Shire Council (“CSC”). This is not unexpected given that CSA is the largest employer in the Cobar

region, with approximately 500 employees.

1.12Capital and Operating Costs

Capital and operating costs were developed based on historical cost performance and first principles

calculations using current commodity costs, labour rates and equipment costs. The costs are provided for

each major cost centre including mining, processing, G&A, off site costs, major capital works and fleet

replacement and closure costs.

Capital cost estimates generally include underground mining works such as ventilation upgrades,

maintenance of fixed and mobile equipment, exploration and resource drilling, and replacement of major

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

equipment. They also cover sustaining capital for the concentrator and supporting infrastructure, capitalised

underground development, ongoing replacement of mobile equipment at the end of its service life, and

rehabilitation of project facilities at the end of mine life.

The HMY forecast of costs for capital works over the life of the mine are summarised in Section 18.1. For the

majority of the significant capital works in the early years, the estimates are based on feasibility study

standard engineering and unit costs from quotations from prospective suppliers and contractors or historical

cost records. The estimates for the later years will have a higher level of confidence as the projects move

forward in the LOM. Capital expenditure (including mine development) for 2025 was AUD$127M, with the

forecast for 2026 increasing to AUD$177M. This represents a significant increase in capital spending

commitment in line with Harmony’s long term vision for the CSA asset.

Due to the recent upgrade of the mining fleet (including the increased payload) and acceleration of shallower

mining fronts such as QTSC (mining up and down the orebody), Eastern orebody and lenses at shaft level in

QTSN, the ore cycle time and associated haulage requirements are expected to remain relatively consistent

over the next 5-6 years. As a result of the more recent steady production profile, fleet and labour

requirements are forecast to remain relatively steady and operating costs at CSA are expected to remain

substantially consistent throughout the Reserve LOM.

The HMY forecast operating costs are estimated using CMPL actual costs as the underlying basis. The split

between capitalised development and underground mining cost is calculated during the mine planning

process and based on the function of the underground development being established, with its respective

allocation to mining operations or capital infrastructure.

CSA has a relatively high proportion of fixed costs; any performance improvement will lead to reduced unit

operating costs. Mining is responsible for around 47% of site operating cash. Of the site mining costs, 44%

relates to labour and contractor costs.

The HMY ore mining rate is forecast to average AUD$118/t, processing costs to be around AUD$44/t milled

and G&A costs averaging approximately AUD$49/t milled, over the Reserve LOM. Overall, the unit costs

appear achievable provided the planned efficiencies are implemented and the mine and mill production

forecasts can be achieved.

Further details on capital and operating costs are outlined in Section 18.

1.13Economic Analysis

This section contains forward-looking information related to the economic analysis for the Project. The

material factors that could cause actual results to differ materially from the conclusions, estimates, designs,

forecasts or projections in the forward-looking information include any significant differences from one or

more of the material factors or assumptions that are set forth in this sub-section including estimated capital

and operating costs, project schedule and approvals timing, availability of funding, projected commodities

markets and prices.

All costs, prices, and monetary values are in Q1 2026 Australian Dollars (AUD$).

The economic analysis of CSA was conducted based on a mine design and schedule of the mined and

processed copper ore outlined in the Mineral Reserves. A discounted cash-flow (“DCF”) model was developed

for this Reserve Case using price assumptions in line with long-term, real, Harmony forecast copper and silver

product prices, being US$9,900/t and US$38.9/oz, respectively. Price assumptions are further outlined in

Section 16.4.

The QP is of the opinion that these prices reasonably reflect a conservative view of current market prices and

are reasonable to use as a forecast of future prices for the purpose of the economic analysis for this report.

The discounted cash-flow establishes that the Mineral Reserve estimates provided in this report are

economically viable. The base case after-tax NPV (7%) is estimated to be AUD$704M. The Net Present Value

determined from a discounted cash-flow analysis is most sensitive to copper price.

Given the extent of historical operations and operating knowledge at CSA, the Mineral Reserve QP considers

the accuracy and contingency of cost estimates used to be well within a feasibility study standard and

sufficient for the economic analysis supporting the Mineral Reserve estimate.

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

1.14Conclusions and Recommendations

CSA is well established and has a long operating history with well understood and predictable mineralised

lodes leading to reliable Mineral Resource and Mineral Reserve estimation. Production reconciliation

continues to support these estimates. Similarly, operating costs have been consistent over recent years

providing confidence in the forecast operating costs.

HMY is forecasting a modest increase in annual ore mined over the LOM to better utilise the capacity of the

process plant; while this may lead to some reduction in unit costs, forecast operating costs have taken into

account the general increases in input costs experienced across the entire mining industry.

QP notes that a large proportion of the Mineral Resource lies in the deeper portions of CSA. However, the

Mineral Reserve is largely accessible from the existing mine development, and as such, should experience

mining conditions no worse than experienced today. HMY has experience in deep underground operations

with multiple assets in South Africa currently operating at depths in excess of 3,000m. CSA has an estimated

mine life of approximately 15 years based on the current Mineral Reserves (June 2026) and is considered

relatively low risk.

Overall, the QP considers that the current Mineral Resource estimate and the Mineral Reserve estimate

prepared by HMY provide a reasonable guide to the in situ and recoverable mineralisation respectively.

Significant exploration potential remains within the mine area, most notably the down dip extensions of

lodes which remain open at depth. HMY has initiated a deep drilling campaign from surface to target deep

Interpreted mineralisation that cannot currently be incorporated into Mineral Resources or Reserves. There

is reasonable expectation that the mine life will extend beyond the current Mineral Reserve limits, and the

mine has a long history of ongoing reserve replacement with the primary ore lenses still open at depth.

2Introduction

Section 229.601(b)(96)(iii)(B)(2) (i-v)

2.1Terms of Reference

Report Purpose

The purpose of this report is to support the Mineral Resource Estimate and Mineral Reserve Estimate for CSA,

both of which have an effective date of 30 June 2026.

Terms of Reference

This Technical Report Summary conforms to United States Securities and Exchange Commission’s ("SEC")

Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 1300 of

Regulation S-K (17 CFR Part 229), Disclosure by Registrants Engaged in Mining Operations (S-K 1300) and Item

601(b)(96) Technical Report Summary.

Unless otherwise indicated, all financial values are reported in Australian (AUD) currency (AUD$) including all

operating costs, capital costs, cash flows, taxes, revenues, expenses, and overhead distributions.

Unless otherwise indicated, the metric system is used in this Technical Report.

2.2 Qualified Persons

This TRS has been prepared following Harmony Gold Mining Company Limited's acquisition of CSA and

supports the disclosure of Mineral Resources and Mineral Reserves in the Company's Annual Report on Form

20-F. The effective date of this TRS is 30 June 2026. No material changes have occurred between the effective

date and the date of signing.

This TRS was prepared by Greg Job, the Qualified Person ("QP"), who is employed on a full-time basis by the

Registrant. The QP's qualifications, areas of responsibility and record of personal inspection of the property

are summarised in Table 2-1.

Qualified Person	Prof. Assoc.	Qualifications	TRS Section Responsibility	Personal Insp.
Mr. G. Job	FAusIMM	BSc. MSc (Min Econ)	All information in the TRS	Regular site inspections, most recent Aug 2026

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

In preparing this TRS, the Qualified Person ("QP") relied upon information, analyses and technical work

prepared by appropriately qualified subject matter experts in the disciplines of geology, mine planning,

geotechnical engineering, hydrogeology, tailings management, metallurgy, environmental management,

infrastructure and finance. These specialist contributions included information relating to mining rights,

surface rights, contractual agreements, historical operating expenditures, community relations and other

matters.

The QP reviewed and accepted the work of these specialists and considers it reasonable and suitable for use

in this TRS. Responsibility for the scientific and technical disclosure contained herein remains with the QP.

2.3.

2.4Information Sources

The reports and documents listed in Section 24 of this Report were used to support the Report preparation.

All plans for mining operations, future plans, potential, forecasts, projections, and estimates of Mineral

Resources, Mineral Reserves and LOM Mine Plans and Production Schedules are forward looking statements.

The QP considers this report and its conclusions provide a fair and reasonable assessment of the CSA

operations, future plans, and potential. However, any forecasts and projections cannot be assured and

factors both within and beyond the control of HMY could cause the actual results to be materially different

from the assessments and the projections contained in this report.

2.5Previous Reports on the Project

Metals Acquisition Limited has previously filed Technical Report Summaries for the Project with the United

States Securities and Exchange Commission. The last Technical Report Summary (“TRS”) for CSA filed was on

April 21, 2024 as Exhibit 96.1 to the Company’s Form F-4/A filing at the time by MAC. The TRS filed on April

24, 2024 reported Mineral Resource and Mineral Reserve Estimates as at December 31, 2023.

Additional previous Mineral Resource and Mineral Reserve estimates are known to have been reported to

other non-US regulatory bodies by Glencore Plc. and Metals Acquisition Limited CHESS Depository Interests

(“CDI”) under JORC Code 2012, however such works should not be considered in conformance with SEC's

Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 1300 of

Regulation S-K (17 CFR Part 229), Disclosure by Registrants Engaged in Mining Operations and Item 601

(b)(96) Technical Report Summary.

3Property Description

Section 229.601(b)(96)(iii)(B)(3) (i-vii)

3.1Property Location

The CSA Copper Mine (latitude 31° 24’ 32.42°S, longitude 145° 48’ 0.20°E) is located 11km northwest of the

town of Cobar, in western New South Wales, Australia (Figure 1), approximately 600km west-northwest of

Sydney.

CMPL is an Australian legal entity and operator of CSA. CMPL is the registered owner of all key assets of the

mine including property, mineral, fixed and mobile assets used in the operation. CMPL is ultimately owned by

HMY, which completed the purchase transaction from MAC on 24 October 2025.

3.2Property and Title in Australia

The forms of Australian land title relevant to CSA are listed below.

Crown Lands

Crown land is land that is owned and managed by the NSW Government. It accounts for approximately 42%

of all land in New South Wales and carries special provisions. Crown land includes a range of land types, such

as:

•Crown lands held under lease, licence or permit

•Community managed reserves

•Lands retained in public ownership for environmental purposes

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

•Lands within the Crown public roads network

•Other unallocated lands.

•Many non-tidal waterways across the state also comprise Crown land as do most tidal waterway land.

•Western Lands Lease

Nearly all the land in the Western Division of NSW is held under Western Lands Leases granted under the

Western Lands Act 1901. From 1 July 2018, this legislation was replaced by the Crown Land Management Act

2016 (“CLM Act”). The 6,600 Western Lands Leases include: 4,300 for grazing; 573 for agriculture; 1,593 for

residence; 134 for mining and other specific purposes. Most leases are perpetual (ongoing) and can only be

used for a designated purpose. The State charges an annual rent for leases in accordance with the CLM Act;

grazing and agriculture lease rents are based on the total area of the property and on the environmental

impact of the land use, including a credit for managed conservation. Rents for residential and business leases

are 3% and 6% of the unimproved land value, respectively.

3.3Mineral Title in New South Wales

The types of NSW mineral titles relevant to CSA are listed below.

Exploration in NSW is regulated under the Mining Act 1992. The aim is to encourage and help in the discovery

and development of NSW’s mineral and coal resources and encourage ecologically sustainable development.

Before exploring for minerals in NSW, an explorer must obtain an exploration licence.

3.3.1Exploration Licence (“EL”)

This licence grants the title holder the exclusive rights to explore for a specific mineral or mineral group(s)

within a designated area. ELs are typically granted and renewed for periods of 2–6 years. An EL does not

permit mining, nor does it guarantee that a mining lease will be granted.

3.3.2Exploration (Prospecting) Licence (“EPL”)

These licences were granted under the Mining Act 1973 to allow a title holder to explore for minerals

(excluding coal) within a designated area. While EPLs are no longer granted, some remain active. Under the

Mining Act 1992, EPLs are deemed to be exploration licences, however they do not permit mining, nor

guarantee that a mining lease will be granted.

3.3.3Mining Lease (“ML”)

A mining (minerals) lease application is made when mining or production is economically, technically and

environmentally feasible. At this stage companies must specify exactly what mineral(s) they intend to extract.

Mining leases give the title holder the exclusive right to extract a specific resource over a selected area.

To be granted a mining lease companies must prove that there is an economically mineable mineral resource

within the area of the proposed mining lease, and that they have the financial and technical resources to

carry out any mining in a responsible way. A development consent must be granted by the relevant consent

authority, and an Environmental Protection Licence (EPL) must have been issued by the NSW Environmental

Protection Agency under the Protection of the Environment Operations Act 1997.

Title holders must comply with all conditions of title and all relevant requirements of the Mining Act 1992

and associated regulations for the life of the lease.

3.3.4Mining Purposes Lease (“MPL”)

These are leases granted for areas in mineral mining operations for purposes such as infrastructure where

resource extraction does not take place. Hence, they will appear as “nil mineral”. MPLs were granted under

the 1906 and 1973 Mining Acts. MPLs are no longer granted and leases for mining purposes are now

categorised as MLs under the Mining Act 1992.

3.3.5Consolidated Mining Lease (“CML”)

This is a mining lease which covers adjoining titles held by one title holder. On a CML, there is often a

common border between where mining takes place or additional areas shown as “'nil mineral” areas, which

is where production facilities and other infrastructure may be located.

3.4Mineral Titles, Claims, Rights, Leases and Options

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

3.4.1Mineral Titles

CMPL has an extensive mineral tenement holding located in the prospective Cobar Basin comprising one

Mining Lease (CML5), two Mining Purposes Leases (MPL1093/1094), five wholly owned Exploration Licences

(EL5693, EL5983, EL9587, EL9595 and EL9596), two joint venture (“JV”) Exploration Licences (EL6223/6907)

and three ELs in which CMPL’s interest has recently been converted to a royalty interest (EL6140/6501/6739)

(Table 3-1) (Figure 1-2). CML5 and MPL1093/1094 will reach expiry within the Reserve life of mine period,

across 2028 and 2029. CMPL has begun preparations for the renewal application, well in advance of the

expiry, and expects the renewals to be granted in due course.

CML5 covers an area of approximately 24.7km2 (2,474 hectares (“ha”)), the MPLs total approximately 30ha,

while the surrounding exploration tenements (EL5693, 5983 and 9587) cover approximately 504km2. EL5693,

EL5983, EL9587, EL9595 and EL9596 are held by CMPL. CMPL has recently acquired the remaining joint

venture interest from AuriCula Mines Pty Limited (“AuriCula”) covering the Shuttleton and Mt Hope

Exploration Licence tenements south of Cobar (CMPL now 100% interest). CMPL previously held joint venture

interests with Oxley Exploration Pty Limited (“Oxley”) in the Restdown, Restdown South, and Horseshoe

tenements southeast of Cobar, but these interests have recently been reduced to a royalty-only interest,

being a 1% net smelter return interest on any mineral or metallic product.

3.4.2Land Tenure

CML5 occupies portions of five Western Land Leases (Nos. 9565, 731, 13844, 3667, 13844) and Crown Land

including parts of the Cobar Regeneration Belt. MPL1093 and MPL1094 occupy Crown Land.

3.4.3Native Title

CSA is located within an area where native title has been determined to exist in favour of the Ngemba

Ngiyampaa, Wangaaypuwan and Wayilwan People. The determination is relevant to parts of the mining and

exploration tenure associated with CSA, including CML 5 and EL 5693.

Native title compliance considerations will be managed through ongoing engagement with relevant

government agencies and native title representatives. These matters are expected to be addressed through

the applicable statutory processes and, where required, agreements or consents to support continued mining

and exploration activities.

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

Table 3-1 CMPL Tenement Holding

Tenement	Area	Granted	Expiry	Status	Details	Holder
CML5	2,474ha	12/01/1993	24/06/2028	Current	CSA Mine	CMPL
MPL1093	16ha	02/05/1947	02/05/2029	Current	MPL for water harvesting	CMPL
MPL1094	14ha	02/05/1947	02/05/2029	Current	MPL for water harvesting	CMPL
EL5693	111 units	02/08/2000	02/07/2027	Current	EL (CSA Regional)	CMPL
EL5983	11 units	30/08/2002	30/06/2027	Current	EL wholly within EL5693	CMPL
EL6223	13 units	04/05/2004	04/05/2029	Current	EL (Shuttleton)	CMPL
EL6907	11 units	10/11/2007	10/11/2027	Current	EL (Mt Hope)	CMPL
EL6140	24 units	22/10/2003	22/10/2026	Current	EL (Restdown) - royalty interest	Oxley Exploration Pty Ltd
EL6501	15 units	01/05/2006	01/01/2027	Current	EL (Restdown South) - royalty interest	Oxley Exploration Pty Ltd
EL6739	15 units	27/03/2007	27/03/2024	Pending*	EL (Horseshoe 2) - royalty interest	Oxley Exploration Pty Ltd
EL9587	46 units	20/07/2023	20/07/2029	Current	EL (Tinderra)	CMPL
EL9595	25 units	18/08/2023	18/08/2029	Current	EL (Sugarloaf)	CMPL
EL9596	35 units	18/08/2023	18/08/2029	Current	EL (Ural)	CMPL

Notes: CML = Consolidated Mining Lease; MPL = Mining Purpose Lease; EL = Exploration Licence; ELA = Exploration Licence Application;

ha = hectare; in NSW one EL map unit is one minute of latitude by one minute of longitude or approximately 3km2. * Oxley has

submitted a renewal application for a further three-year term for EL6739 to the Department of Regional NSW – Mining, Exploration &

Geoscience; this renewal application is currently being assessed.

3.4.4Joint Venture Interests

Joint venture interests held by CSA are outlined for completeness but are not considered material for the

purposes of this Report.

The ground within the Cobar Basin is tightly held with a number of active explorers. Operating and previously

operating mines in the vicinity of CSA’s copper mine include the Endeavor lead-zinc mine (CBH Resources),

Peak and Hera gold-copper mines (Aurelia Metals), and the Tritton copper mine (Aeris Resources) (Figure

1-2).

3.4.4.1Water Rights

At present, CMPL holds an entitlement of 1,356 megalitres per annum (“MLpa”) of high security water under

the Water Sharing Plan for the Macquarie and Cudgegong Regulated Rivers Water Source. These water

licences are issued under the NSW Water Management Act 2000.

CMPL also holds groundwater entitlements. However, river water is preferred due to the levels of sulphates

and the hardness of the ground water.

Two water storages that receive surface runoff from the catchments are located to the northwest of the

mine, named Old Mine Dam North and South and held under Mining Purpose Leases MPL1093 and MPL1094

respectively.

A summary of CSA’s mine water licences is provided in Table 3-2.

Table 3-2 CSA Mine Water Licences

License Number	Source	Category	Allocation
WAL36335	Macquarie and Cudgegong Regulated Rivers Water Source	Regulated River – High Security	542.4 units

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

WAL36336	Macquarie and Cudgegong Regulated Rivers Water Source	Regulated River – High Security	813.6 units
WAL28539	Lachlan Fold Belt Groundwater Source	Aquifer	300 units
WAL28887	Lachlan Fold Belt Groundwater Source	Aquifer	210 units

3.4.5Royalties

3.4.5.1State Royalty

In NSW, most minerals are owned by the state. Under the Mining Act 1992, royalties are payable on

extracted minerals and royalty payments are jointly managed by Mining, Exploration and Geoscience within

the Department of Regional NSW, and Revenue NSW. For copper and silver mined at CSA, an ad valorem

royalty is calculated at 4 per cent of the value of production less allowable deductions.

3.4.5.2Glencore 1.5% Cu NSR

As part of the sale consideration, HMY entered into a copper Net Smelter Royalty (“NSR”) in favour of

Glencore. This is at a rate of 1.5% for copper only based on the NSR received by CMPL for the life of the mine.

3.4.6Encumbrances

The QP is not aware of any material encumbrances that would impact the current resource or reserve

disclosures as presented herein.

Permitting and Development Consents

CSA operates under several authorisations including:

•Development Consents authorised by the CSC, under referral from other government departments

•Landowner’s Consent authorised by NSW Department of Planning Infrastructure and Environment

(“DPIE”)

•Mine Tenements authorised by the NSW DPIE

•Rehabilitation Management Plan (“RMP”) authorised by the NSW Resources Regulator

•Environmental Protection Licence (EPL1864) authorised by the NSW Environmental Protection Agency

(“EPA”)

•Water Licences issued under the NSW Water Management Act 2000; responsibilities for authorising

and managing water licences are shared between the Natural Resources Access Regulator (“NRAR”)

and Water NSW; NRAR is responsible for compliance and enforcement of NSW Water Law including

water access licence requirements

•NSW Western Lands Lease and Property Vegetation Plans authorised by the Western Catchment

Authority under the NSW Crown Land Management Act 2016.

Mining projects in NSW (including expansions or modifications of existing projects) require development

consent under the NSW Environmental Planning and Assessment Act 1979 (“EP&A Act”).

The earliest statutory development consent held by CMPL for CSA is Local Development Consent No. 31/95

and Amendment 97/98:33 approved by CSC in 1995 and 1998 which permits use of CSA site by CMPL.

Subsequent expansions and amendments of mining development at CSA mine have all been assessed and

administered by the CSC.

3.4.7Rehabilitation Management Plan (RMP)

Environmental aspects of mineral exploration and mining (including mine rehabilitation and closure) in New

South Wales are administered under the NSW Mining Act 1992.

The recent introduction of the Mining Amendment (Standard Conditions of Mining Leases – Rehabilitation)

Regulation 2021, requires large mines to have a Rehabilitation Management Plan (RMP). CSA Mine has

completed an RMP and has had its Rehabilitation Objectives Statement approved by the NSW Resources

Regulator. CSA, as the lease holder, will provide annual reporting and scheduling of rehabilitation via an

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

Annual Report and Forward Programme (three-year period). This has replaced the previous requirement for

an Annual Environmental Management Report (“AEMR”).

3.4.8Environmental Protection License

The Protection of the Environment Operations Act (“POEO Act”) is the statutory instrument through which

certain specified activities are regulated by the NSW Environment Protection Authority (EPA). Activities are

administered by means of Environment Protection Licences (“EPLs”) issued to operators of the premises on

which the activities occur. CSA currently holds EPL1864 authorising mining of minerals to a maximum annual

production capacity of 2Mtpa. The EPL1864 has a current Environmental Risk Level of 1, with Level 1 being

the lowest risk score.

There are no additional required activities by CSA and given the historical operations of the mine and long-

standing, regular interactions with the regulator, no material changes are expected to occur as a result of

these reviews.

3.4.9Violations and Fines

The QP is not aware of any current material violations or fines imposed under the Regulations of the Mining

Act 1992 that apply to CSA.

3.5Significant Factors and Risks That May Affect Access, Title or Right to Perform Work

With respect to mining titles, the QP is not aware of any significant risks that may affect access, title, or the

right or ability to perform work in relation to CSA.

4Accessibility, climate, local resources, infrastructure, physiography

Section 229.601(b)(96)(iii)(B)(4) (i-iv)

4.1Topography, Elevation and Vegetation

CSA is approximately 260m above sea level and is located in an area of low undulating north-northwest

trending rises and is associated with a broad, prominent hill, Elouera Hill, which rises approximately 30m

above the surrounding landscape. The mine lies close to the local drainage divide between the catchments of

Sandy Creek in the southwest and Yanda Creek to the northeast.

The Cobar area has been impacted by mining and agricultural activities since the 1880s. The existing

landscape surrounding CSA is characterised by mining infrastructure, tailings storage facilities, shafts,

disturbed grasslands and soil and rock stockpiles. The native vegetation of the area has been impacted by

these activities with the historic removal of much of the native vegetation by clearing and over-grazing,

resulting in erosion and extensive colonisation of the native vegetation. This has created a dense regrowth,

referred to as ‘woody weeds’ or Invasive Native Species. The landscape has become highly modified and

vulnerable to wind and water erosion, particularly those areas devoid of vegetation ground cover protection.

The region surrounding CSA is dominated by rangeland agriculture.

4.2Accessibility

CSA is located 11km northwest of the town of Cobar, in western NSW, Australia (Figure 1-1), approximately

600km west-northwest of Sydney. The mine is accessed via sealed highways from Sydney to Cobar and sealed

urban roads from Cobar to the mine site.

Roads

Road access to the mine site from Sydney is via National Highway No. A32, the Barrier Highway, a high-

quality rural highway to Cobar and from there to the mine site on sealed urban roads.

4.2.1Airstrip

Cobar is serviced by a sealed airstrip with commercial flights five times per week to and from Sydney.

4.2.2Rail

The site is serviced by a rail line (Figure 1-1) which allows transport of concentrate product to the Port of

Newcastle for export. Concentrate is loaded into rail wagons at the site and railed to Newcastle along the

NSW rail network. Railing to Port Kembla, south of Wollongong, is also an option.

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

4.3Climate

The climate of Cobar is semi-arid with evaporation typically exceeding rainfall by a ratio of 6:1. The mean

annual rainfall for Cobar is approximately 400mm. During summer months, maximum temperatures typically

range between 28-39ºC and during the winter months, maximum temperatures typically range between

13-20ºC. Minimum temperatures in the winter months typically range between 5-9ºC. Rainfall and

temperature records have been recorded from May 1962 and evaporation from November 1967.

4.4Infrastructure

4.4.1Power Supply

Power supply to the site is via a 132kV transmission line from Essential Energy’s western NSW network. The

Essential Energy network is supplied by a mix of conventional and renewable power generation, including the

102 megawatt (“MW”) and 132MW solar farms in the nearby towns of Nyngan and Nevertire. A 22kV line is

also connected to the site from Cobar and is available for limited supply in emergencies.

4.4.2Water Supply and Water Pipelines

The majority of water supply for the operation is provided by the Cobar Water Board from a weir on the

Bogan River at Nyngan (Figure 1-1) through a network of pumps and pipelines. Additional water is available

from tailings water recycling, surface water capture and a borefield installed in 2019. Water demand is

around 3 megalitres per day (ML/day) in summer, with most water supplied by the Cobar Water Board

system. The borefield has capacity for up to 1.3ML/day. The Cobar Water Board system is adequate to supply

the operation up to around 1.4Mtpa; the borefield is only required during periods of drought or should a

plant feed rate in excess of 1.4Mtpa be considered for extended periods.

Additional water can be secured by replacing the pipeline from the Cobar Water Board system to the mine

site that currently has approximately 20% transmission losses.

4.4.3Workforce Accommodation

The majority of the workforce is accommodated in Cobar with some senior staff employed on a fly in/fly out

(FIFO) or drive in/drive out (DIDO) arrangement. No workforce accommodation is provided at the mine site

itself, however, the Company owns and leases various properties in Cobar, including the reservation of 150

rooms at the local accommodation facility.

4.4.4Site Buildings and Services

Site buildings comprise site offices, warehouses, and services buildings. Site services include power and water

reticulation facilities, communications systems and fuel storage and dispensing facilities.

4.4.5Tailings Storage Facility

CSA mine currently operates one tailings storage facility, the South Tailings Storage Facility (STSF) (Figure

4-1), comprising the main STSF (approximately 63ha) and the STSF Extension (19ha). In 2010, the STSF was

upgraded to alter the deposition method to a central depositional system. This method provides substantial

water savings and will result in a final landform more amenable to rehabilitation. There will also be a

reduction in the requirement for suitable material for tailings dam wall lifts and final capping; final topsoil

requirements for rehabilitation will be lower than with the old multi-spigot perimeter depositional method

and there will be an increase in tailings dam integrity as the resultant solids will contain less moisture.

After several lifts of the perimeter embankment, the current wall lift (Stage 10) is expected to have

deposition capacity through to 2031. Further perimeter embankment raises (Stage 10 and 11) are scheduled

on the STSF, before establishing a new facility. Stage 10 (Development approval received) and 11 (pre-

planning underway) will provide storage capacity until approximately 2033 (at a nominal 1.2 Mtpa production

rate). Studies completed by CSA’s engineer of record have identified long term tailings storage options

(including the potential use of the North Tailings Storage Facility (NTSF)) to cater for an extended mine life

well beyond the current Reserve mine life. Works are underway to refine designs, estimates and determine

the preferred option.

Tailings from the process plant flotation circuit are thickened in a high-rate thickener, and the underflow is

sent to the paste fill plant or to the STSF. Supernatant water is collected in a dedicated decant dam for

recycling to the process plant circuit.

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

The STSF is being operated proficiently, exhibiting no substantial concerns regarding the facility's structural

integrity. Recent stabilisation works were completed by installing buttressing at designated positions along

the STSF perimeter embankment. This is aimed at improving Factor of Safety (FOS) criteria under Post-

Seismic (Liquefied Strength) conditions. The NTSF (132.9ha) which lies adjacent to the northern boundary of

the STSF, has been decommissioned and has been excised from the CSA Mine Lease (CML5); NTSF is owned

by, and is the responsibility of, the New South Wales government. Initial discussions between the Company

and the applicable government agencies have indicated that the government would support reclamation of

the NTSF, should the Company decide that the NTSF was the preferred long-term tailings storage solution.

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

Figure 4-1 Site Facilities Layout Plan

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

5History

Section 229.601(b)(96)(iii)(B)(5) (i-ii)

5.1Previous Operations

The CSA deposit was discovered in 1871 and named after the nationalities of its initial owners (a Cornishman,

a Scotsman and an Australian). Development began in the early 1900s, but it was not until 1961 that a

significant resource was proven up by Broken Hill South Pty Ltd. The site transitioned to an underground

operation in 1965 with first underground production in 1967.

The mine was acquired by Conzinc RioTinto Australia Pty Ltd in 1980 and sold to Golden Shamrock Mines Pty

Ltd (GSM) in 1993. GSM was subsequently acquired by Ashanti Gold Fields in the same year and the mine

continued to operate until 1997, when the operation ran into financial difficulties and was placed in

receivership.

The CSA mine was acquired by Glencore in 1999. CMPL, a wholly owned Australian subsidiary of Glencore

Operations Australia Pty Ltd, itself a wholly owned subsidiary of Glencore, was the direct owner and operator

of the mine (and is the entity acquired by HMY). As part of its acquisition in 1999, Glencore received a

number of concessions from the NSW government, whereby several components of the previous mining

operations were excised from the mining lease such that no liability arising from these components

transferred to CMPL. The excised components included the Northern Tailings Storage Facility (NTSF), a mine

subsidence area and adjacent waste rock dumps.

Underground operations were resumed, and the mine was operated under Glencore management for over

20 years until being acquired by MAC on 16 June 2023, and was subsequently acquired by HMY on 24

October 2025.

5.2Recent Production History

CSA is one of Australia’s deepest underground mines, extending to ~2km in depth and is one of Australia’s

highest grade copper operations. Mine production in FY26 totalled approximately 26kt of copper and 327koz

of silver (“Ag”) in copper concentrates. Table 5-1 shows the historical production over the last three years.

Mining and processing production in FY26 was significantly lower than CSA historical performance due to

planned site resets. HMY has committed to significant expansion and upgrade capital in the FY27 LOM plan to

return the asset to historical production and beyond.

Table 5-1 CSA Mine – Production History FY24-FY26

Description	Unit	FY24	FY25	FY26
Ore Mined	kt	1,066	989	786
Ore Grade	% Cu	3.67%	4.02%	3.44%
Waste Mined	kt	264	259	308
Total Material Moved	kt	1,330	1,248	1,094
Ore Milled	kt	1,061	1,018	791
Milled Grade	% Cu	3.68	3.90	3.42
Contained Copper	kt	39	40	27
Copper Concentrate Tonnes	kt	144	146	100
Copper Concentrate Grade	% Cu	26	26	26
Copper Recovery to Conc.	% Cu	97.8	97.8	97.8
Cu Production	kt	38	39	26
Ag Production	koz	372	440	327

5.3Historical Exploration

After the initial discovery in 1871 a further discovery of copper-rich ore occurred in 1905, however, a slump

in metal prices and an underground fire led to the closure of the mine in 1920. Zinc Corp Ltd (through its

subsidiary Enterprise Exploration) explored the area from 1947 to 1957 and commenced re-development

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

work in 1952. Cobar Mines Pty Ltd was created in 1956, mining recommenced in 1962 and production

commenced in 1965 from the Eastern (Cu-Zn) and Western (Pb-Zn-Ag) System lenses.

The QTS System was discovered in the mid-1970s with the QTS North lenses becoming the main source of the

copper ore. The previous owners of CSA, Conzinc RioTinto of Australia (CRA) in 1980, Golden Shamrock Mines

(GSM) in 1993 and Glencore in 1999, all undertook various exploration activities including geochemical and

geophysical data acquisition, shallow RC drilling and deeper diamond drilling.

Extensive geochemical soil sampling was undertaken across CML5 in the mid-1970s, 1993 to 1995, and from

2006 to 2008. Pulps from these campaigns have been re-assayed for multi-elements with current laboratory

methods in 2021.

Geophysical surveys across CML5 include early two-dimensional induced polarisation (“2DIP,”), ground

magnetics and gravity, airborne electromagnetics (“EM”), and more recent induced polarisation (“IP”) and

resistivity; magnetotelluric (“MT”) data was acquired by Geophysical Resources and Services Pty Ltd (“GRS”)

using the M.I.M Distributed Acquisition System (MIMDAS). Ongoing surveys include downhole

electromagnetics (“DHEM”) of diamond drill holes and fixed loop EM (“FLEM”) surveys in 2021 and 2022.

Refer to 7.2 for additional information on non-drilling related exploration.

The CSA deposit has been drilled using fully cored diamond drill holes drilled either from surface or

underground, primarily using NQ size core (47.6mm diameter). The deposits have been defined by total

drilling of over 6,800 holes totalling approximately 1,000km of core, although not all drilling, particularly data

from many of the historical drill holes, is not used for current resource estimation, being located in the upper

mined-out levels of the deposit. Drilling ranges from as far back as 1950 to the present; however, the bulk of

the drilling contributing to resource estimation has been completed since 2000. The diamond holes for

estimation prior to 2000 are located predominantly in the upper levels and represent around 51% of drill

meterage; diamond drilling post 2000 is focussed principally on the lower levels and represents

approximately 49% of drill meters. The average drillhole depth is approximately 160m (surface and

underground) with the maximum over 1,100m.

Relatively shallow RC drilling along strike of the mine to the north and south has delineated geochemically

anomalous zones from prospects such as Spotted Leopard and Pink Panther south of the mine to prospects

GSM and Kendi north of the mine, and Western Gossan and Block 19 immediately west of the mine.

Diamond drilling around the mine (such as at Western Gossan and QTS North), and at prospects such as

Tailings Dam and Stoney Tank on the eastern side of CML5, has continued to intersect base metal

mineralisation.

Table 5-2 summarises the various types of surface and underground drilling conducted at CSA over the last

ten years.

Table 5-2 Surface and Underground Drilling History

Drilling Type	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	Total
Diamond Drilling (Surface Exploration)	396	-	1,972	9,540	13,158	27,114	15,001	7,285	-	5,268	9,922	89,656
RC Drilling (Surface Exploration)	-	-	-	-	19,533	13,343	2,188	1,935	-	-	1,140	38,139
Infill/Extension/ Upgrading (Underground)	18,439	15,020	9,991	12,864	17,592	23,706	13,023	23,832	22,151	26,645	28,029	211,292
Exploration (Pure) (Underground)	-	578	-	-	-	692	-	300	-	-	700	2,270
Geotechnical (Underground)	-	1,654	3,470	617	2,867	625	1,475	1,723	253	-	450	13,134
Infrastructure (Underground)	1,085	265	597	-	1,130	-	-	37	889	761	397	5,161
Total (Surface + Underground)	19,920	17,517	16,030	23,021	54,280	65,480	31,687	35,111	23,294	32,674	40,638	359,652

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

6Geological Setting, Mineralisation and Deposit

Section 229.601(b)(96)(iii)(B)(6) (i-iii)

6.1Regional Geology and Mineral Deposits

CSA has a long history of exploration and operations and the geology is well documented and generally well

understood. The CSA deposit is located within the Cobar mineral field, in the Cobar Basin (Figure 7-1).

Mineralisation is hosted in the Silurian-age CSA Siltstone, a member of the Amphitheatre Group of the Cobar

Supergroup sequence of rocks and is associated with zones of deformation and shearing. The CSA Siltstone

consists of a sequence of rhythmic bedded siltstones and sandstones. The rock sequence was structurally

deformed during the development of the Cobar Basin in the early Devonian period.

The Cobar mineral field is a mineralised belt 80km north-south and up to 40km wide, containing copper, gold,

and lead-zinc mineralisation along the eastern margin of the Cobar Basin, one of many north-south grabens

that developed in the Lachlan Fold Belt (“LFB”) during the Siluro-Devonian period. The LFB is a complex

orogenic belt which developed at the margins of an evolving tectonic plate. Regional crustal extension of the

LFB in the late Silurian created a series of north-south trending deep water basins and troughs that, in the

Cobar region, included the Cobar Basin and further south the Raast and Mt Hope Troughs. The Cobar Basin is

fault bounded on all sides and studies indicate that reactivation of the faults played a significant role in

providing fluid pathways for mineralising fluids and dilational zones for the formation of the mineral deposits.

Rocks of volcanic derivation are rare, and igneous intrusions are limited to a few small porphyritic bodies at

the southern extremity of the field. Rocks in the Cobar Basin have undergone low grade regional

metamorphism to lower greenschist facies.

The Cobar Basin is a well-endowed metalliferous province with a diverse range of, predominantly sediment-

hosted, mineral deposits. Most of the known deposits are located adjacent to the eastern, fault-controlled,

basin margin. Significant deposits from north to south include the Endeavor silver-lead-zinc deposit, the CSA

copper deposit, The Peak, Perseverance, New Occidental and New Cobar gold-copper deposits, the Nymagee

copper-lead-zinc deposit, the Hera gold-copper-lead-zinc deposit, and the Mineral Hill gold-copper deposit.

The known mineral deposits are all structurally controlled and typically occur as narrow, short strike length

pipes, lenses and veins (i.e. a small surface area) but are notable for their considerable vertical extent. The

location of the deposits along or adjacent to the basin margin Rookery Fault and sub-parallel faults suggests

migration of fluids from basement sources up the basin margin fault.

6.2Stratigraphy

The principal operating mines in the area are CSA (Cu with minor Pb/Zn), Endeavor (Pb/Zn/Ag), The Peak (Au/

Cu), Hera (Au/Cu), and Tritton (Cu) (Figure 1-1 and Figure 1-2). The deposits of the Cobar field occur

exclusively within the Nurri and Amphitheatre Groups of the Cobar Supergroup (Figure 6-1 and Table 6-1).

The Nurri Group unconformably overlies, and is in faulted contact with, basement rocks of the Cambro-

Ordovician Girilambone Group, along the eastern margin of the Cobar Basin. The Nurri Group comprises the

basal Chesney Formation, consisting of a thick turbidite sequence with a coarse basal conglomerate, and the

Great Cobar Slate, consisting predominantly of mudstones, siltstones, and fine-grained sandstones. South of

Cobar, the contact between the Chesney Formation and the Great Cobar Slate is locally faulted, and this

contact hosts a number of gold deposits in a series of en-echelon sub-vertical shears.

The Amphitheatre Group, a deeper water facies to the west, partially interfingers with, and partially overlies,

the Nurri Group. At the base of the Amphitheatre Group is the CSA Siltstone, which consists of a thinly

bedded turbiditic sequence of carbonaceous siltstones and mudstones with fine-grained sandstones. The CSA

Siltstone is the only unit of known economic significance within the Amphitheatre Group and hosts the CSA

and Endeavor mineralisation.

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

Figure 6-1 Cobar Regional Geology

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

Table 6-1 Cobar Stratigraphic Column

Group	Formation	Age	Description
Cobar Supergroup		Siluro- Devonian
Winduck Group			Shallow marine shelf deposits.
Amphitheatre Group	Upper Amphitheatre Group Biddibirra Formation CSA Siltstone		Turbidites, shales, siltstones, sandstones; CSA Siltstone is host to base metal mineralisation at CSA mine and Endeavour mine.
Nurri Group	Great Cobar Slate Chesney Formation		Turbidites, conglomerates, mudstone, siltstone, sandstone; host to gold mineralisation at The Peak, New Occidental and New Cobar.
Kopyje Group			Shallow marine shelf deposits and minor volcanics, predominantly along the eastern margin of the Cobar trough.
Girilambone Group		Cambro- Ordovician	Turbidite sequence with minor volcanics, deformed and metamorphosed; Silurian granitoid intrusions.

Note: marked unconformity between Cambro-Ordovician and Silurian sediments

6.3Local and Property Geology

CSA mineralisation occurs in five known systems: Eastern, Western, QTS North (QTSN), QTS Central (QTSC)

and QTS South (QTSS) (Figure 6-2). The mineralisation is structurally controlled, associated with fault/shear

zones and arranged in an en-echelon pattern. The Cobar Fault and the Chesney Fault are the major

controlling faults at CSA. The mineralised systems occur at the intersections of two sets of steeply dipping

(~85°) structures, a dominant north-northeast (“NNE”) trending set (S1) and a NNW trending set (S2). These

two structural trends formed due to east-west compression leading to a complex fault/shear system with

dilation zones (S3) at intersections. The NNE shears can be up to 100m wide and contain parallel quartz

veining of variable intensity.

Within the five mineralised systems, multiple lenses of mineralisation occur; lenses typically are 5-30m wide,

have short (<300m) strike lengths but long vertical continuity down plunge (>1,000m). The lenses are

interpreted by CMPL as discrete parallel to sub-parallel stacked lenses (Figure 6-2).

The host rock for the mineralisation, the CSA Siltstone, contains thinly bedded siltstones and mudstones with

fine to medium grained sandstones. Bedding strikes north-northwest and dips steeply west. Cleavage trends

north and dips steeply east.

QTSN is developed from 600m below surface and is the main mineralised system at CSA, currently containing

around 67% of the total copper metal in the estimated Mineral Resource and accounting for approximately

80% of current production tonnes. QTSN consists of around 30 separate lenses which trend north-south and

extend down plunge from 600m to >2,000m. To date, the deepest mineralised intercept at QTSN is at around

8,050m Relative Level (“RL”), 2,200m below surface with surface at 10,250mRL. The main lenses consist of

semi-massive to massive chalcopyrite bounded to the north and south by zones of chalcopyrite and quartz

veining.

QTSC was discovered in 2014; it is located 300m south of QTSN and is developed from a depth of around

1,200m below surface (Figure 7-2). The system consists of two principal lenses with strike lengths of 150m

and widths of 10m.

QTSS is located approximately 200m south of QTSC at a depth of around 700m below surface. QTSS is

essentially mined out except for the QR1 lens which was discovered in 2005. This lens lies below and to the

south of the mined-out area and has a down plunge extent in excess of 400m, a strike length of 90m and a

maximum width of 15m. The mineralisation consists of a zone of quartz-chalcopyrite-chlorite veining.

The Eastern system is located 100m west of QTSN, starting at 250m below surface and consisting of two

principal lenses with strike lengths of 50-80m and widths of 10m. Copper mineralisation occurs as quartz-

sulphide veining in chlorite-altered siltstone, with occasional pods of massive sulphide.

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

The Western system outcrops at surface and approximately the upper 100m of the sulphide mineralisation

has been oxidised. The system is hosted in pervasively silicified and chloritized siltstone. Mineralisation

occurs as zones of quartz-sulphide veining with a number of small high-grade pods of copper or lead-zinc. The

lead-zinc mineralisation is concentrated in the upper portion of the system with copper dominant at depth.

There are four narrow, copper-rich lenses which have a strike length of around 45m, an average width of 7m

and extend down plunge up to 200m.

6.4Mineralisation and Alteration

Chalcopyrite (CuFeS2) is the dominant copper sulphide phase in all five systems. Copper mineralisation occurs

in three distinct forms: as massive sulphide with dominant chalcopyrite and minor pyrrhotite (iron sulphide)

and cubanite (CuFe2S3), as semi-massive sulphide with either quartz or chlorite alteration and associated with

quartz-sulphide veining of variable intensity. Massive sulphide contacts can be sharp, but the majority of

mineralised lenses have gradational contacts with a mineralisation envelope occurring around the more

massive mineralisation.

Cubanite is present as a minor copper species, mainly in QTSC. Sphalerite (zinc sulphide) and galena (lead

sulphide) are also present but principally only in the upper part of the Western system which is the only

system of the five that is exposed at surface. There are no lead-zinc lenses included in the CSA Mineral

Resources or the Cube re-stated Mineral Resource. Silver (Ag), grading 10-50 grams per tonne (“g/t”) is

present as acanthite (Ag2S) and shows a weak to moderate correlation with copper. Good metallurgical

recoveries are achieved, and a high-quality copper concentrate produced grading around 26-27% Cu with

silver credits.

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

Figure 6-2 Geology Section Projection looking north

7Exploration

Section 229.601(b)(96)(iii)(B)(7) (i-vi)

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

7.1Historical and Current Drilling

The CSA deposit was discovered in 1871 with a further discovery of copper-rich mineralisation in 1905,

however, a slump in metal prices and an underground fire led to the closure of the mine in 1920. Zinc Corp

Ltd (through its subsidiary Enterprise Exploration) explored the area from 1947 to 1957 and commenced re-

development work in 1952. Cobar Mines Pty Ltd was created in 1956, mining recommenced in 1962 and

production commenced in 1965 from the Eastern (Cu-Zn) and Western (Pb-Zn-Ag) System lenses.

The QTS System was discovered in the mid-1970s with the QTS North lenses being main source of the copper

ore at the time. CMPL came under the ownership of Conzinc RioTinto of Australia (CRA) in 1980, Golden

Shamrock Mines (GSM) in 1993 and Glencore in 1999. During this time, there have been ongoing periods of

geochemical and geophysical data acquisition, shallow RC drilling and deeper diamond drilling.

Extensive geochemical soil sampling was undertaken across CML5 in the mid-1970s, 1993 to 1995, and from

2006 to 2008. Pulps from these campaigns were re-assayed for multi-elements with current laboratory

methods in 2021.

Geophysical surveys across CML5 include early 2DIP, ground magnetics and gravity, airborne EM, more

recent IP/MT (MIMDAS), ongoing DHEM of diamond drill holes and fixed loop EM (FLEM) in 2021 and 2022.

Relatively shallow RC drilling along strike of the mine to the north and south has further delineated

geochemically anomalous zones from prospects such as Spotted Leopard and Pink Panther south of the mine

to prospects GSM and Kendi north of the mine, and Western Gossan and Block 19 immediately west of the

mine. (Figure 7-1). Diamond drilling around the mine (such as at Western Gossan and QTS North), and at

prospects such as Tailings Dam and Stoney Tank on the eastern side of CML5, has continued to intersect base

metal mineralisation.

The CSA deposit has been drilled using fully cored diamond drill holes drilled either from surface or

underground, primarily using NQ size (47.6mm diameter core). The deposits have been defined by over 6,800

holes totalling approximately 1,000km of core. Data from many of the historical drill holes is not used for

current resource estimation, being located in the upper mined out levels of the deposit; current resource

estimates are based on approximately 2,932 drill holes and more than 71,000 samples. Underground

diamond drilling over the last five years has averaged 23,000m per year, with an average rate of 27,700 m

per year achieved over the last two years.

7.2Exploration – Non-Drilling

7.2.1Geophysical Surveys

Airborne Electromagnetic Surveys

In 2001, the entire extent of CML5 was included within a much more extensive ‘HOISTEM’ survey, which

covered ~70% of surrounding tenement EL5693, for a total of 1,874line-km; the survey was carried out under

the direction of consultant geophysicist Steve Collins whose report on the results forms the basis of the

comments below. The Normandy HOISTEM helicopter-borne electromagnetic (EM) system comprised a single

wire 20m diameter transmitter loop with a centrally mounted receiver slung beneath a helicopter, as such

the system is symmetric with respect to flight direction. Survey parameters comprised 100m spaced east-

west lines flown with a nominal detector terrain clearance of 30m. The receiver recorded 112 channels of off-

time decay signal each of which is 112.7 microseconds in duration. The measured decay signals were binned

into 10 groups.

At the time of this survey, the HOISTEM system was still in development. A change was made to the

electronics of the system half-way through this survey, resulting in significantly lower noise levels which are

apparent in images of the data for the later time groups. The contractor carried out standard processing to

remove bird swing and system self-response, but grouped results were found to still contain some system

noise which manifested itself as a corrugation in the presentation images. The data were passed through a

decorrugation micro levelling process to produce shaded enhanced images for interpretation.

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

Figure 7-1 Near Mine Exploration Mineralisation

In 2019, the Government of NSW and Geoscience Australia flew an Xcite Airborne Electromagnetic (“AEM”)

survey at a height of 60m, with the sensor suspended 30m below, along 116 east–west lines. The lines were

typically about 55km long and between 2.5km and 5km apart. A total of 9-lines of the 2019 Xcite AEM survey

covered the area of the 2001 HOISTEM; comparison showed the 2001 HOISTEM and high quality 2019 AEM

data agree well in the early EM channels (0.4‐1.2ms). This upgraded the reliability and usefulness of the 2001

HOISTEM AEM data and has been reliably used to identify and interpret geophysical signatures that might be

associated with prospective structures and enhanced weathering due to sulphides at depth or lithological

variations.

7.2.22005 Mopone IP-Resistivity Survey

The eastern section of CML5 covers part of an extensive offset pole-dipole IP-resistivity survey undertaken by

Search Exploration Services Pty Ltd in March 2005 under the direction of consultant geophysicist Steve

Collins. The offset pole-dipole array comprises a central line of 100m transmitter electrodes (each in turn

connected to a single remote electrode) with a parallel line of receiver dipoles on either side. Line spacing for

this survey was 200m; transmitter electrode spacing and receiver dipole size was 100m. The data was

processed to 3D inversions on completion of the survey, but degraded by the effects of receiver cabling

problems, not all of which could be resolved. The data were further processed to 2D IP and resistivity offset

inversion sections in-house in 2020; some, but not all of the data problems were resolved. The inversions

were converted to a format suitable for importation into a 3D LeapFrog geological model.

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

The Mopone magnetic anomaly coincides with a resistive zone at depth; no significant IP anomalism was

noted. The configuration of the offset pole-dipole array means that the shallowest sections of the area could

not be resolved in any detail.

7.2.32006 – 2007 MIMDAS Survey

Following a successful trial of 3D MIMDAS in early 2006, 2D MIMDAS surveys were conducted to the north

and south of CSA; principally targeting the Cobar Fault. IP, resistivity and MT data were acquired by

Geophysical Resources and Services Pty Ltd between the 4th of December 2006 and 14 November 2007 using

the M.I.M Distributed Acquisition System (“MIMDAS”). Approximately 22line-km of these surveys were

within CML5. A “standard” 2D MIMDAS pole-dipole/ dipole-pole IP configuration was used with dipole

spacing 100m and line spacing 400m. Initial inversion modelling of data from the North Block has been

completed with good indication of structure, although often poorly resolved.

MIMDAS IP and MT Data from CSA was inverted to return possible causative models. It is believed that the

MIMDAS survey has detected the ore package with the DC Resistivity and MT methods. The technique as

implemented at CSA would seem to be able to locate any similar deposit in a similar geological regime to

approximately 500m depth. If the survey area was centred over the known system proper, it is anticipated

that resolution of individual conductors might have been gleaned from the inversion results. The data,

particularly the chargeability data, although of very good quality in a repeatability sense, has proven difficult

to interpret due to contamination from EM effects. The mineralisation packages to the south of the survey

area are most likely responsible for this contamination. However, with the EM signature being so unique, it

may be able to be used in a comparative exploration sense. Less conductive deposits would lend themselves

to detection by the induced polarisation method as EM effects would not dominate the secondary voltage

decays as has been the case at CSA. A resistivity anomaly occurring on the south-eastern limits of the survey

area has been detected and noted.

7.2.42012 – 2019 Ground Gravity

CMPL commissioned Precision Exploration Services between 2012 – 2019 to collect ground gravity data

across CML5 and over the Cobar and Chesney Faults on EL5693. Gravity data was collected using a Lacoste &

Romberg Model “G” gravity meter, on 100m x 100m grids, with 50m x 50m grid infills to the north and south

of CSA and over the Mopone prospect on the eastern margin of CML5. The gravity data has proved useful for

mapping structures, particularly NNE and NNW crosscutting structures, which have a controlling factor on

mineralisation at CSA.

Between the 1970 – 1990 Cobar Mines and CRAE collected ground gravity data using a Lacoste and Romberg

(L & R) Model G Land Gravity Meter with data collected every 30m‐50m along east‐west lines 300m‐400m

apart, plus infill stations across CML5 and surrounding tenement EL5983. MIM Geophysicist, Terry Harvey,

reprocessed the 1970 – 1990 and recent CMPL gravity data to produce composite products,

7.2.52020 Airborne Magnetics and Radiometrics

Thomson Aviation Pty Ltd were engaged to undertake an Airborne Magnetics and Radiometrics (“AMR”)

survey covering EL5693, which encompasses CML5. The survey was completed on 50m spaced east-west

orientated lines, with 500m spaced north-south tie lines, at a nominal survey height (terrain clearance) of

35m.

The survey provided agreement with previously mapped regional structures, will deliver increased structural

understanding of the region surrounding CML5 and will form a basis for future planning of exploration

programs.

7.2.62021 – 2022 FLEM

Gap Geophysics Australia Pty Ltd (“GAP”) were commissioned to conduct a Fixed-Loop Electromagnetic

Survey (FLEM) encompassing CSA between May 2021 and February 2022. The survey employed one of GAP’s

high-power EM systems which consisted of a GeoPak HPTX-70 or HPTX-80 transmitter and two setups of an

EMIT SMARTem24 receiver coupled with a 3-component Supracon High-temperature Super-conducting

Quantum Interference Device (“SQUID”) sensor. The survey consisted of 24 loops (~1200m x 900m), 50m

east-west spaced stations on 100m north-south spaced lines, for approximately 11-lines per loop, in total the

survey covered approximately 26km2 of highly prospective ground encompassing CSA and along strike.

The survey was a technical success in its ability to detect previously known mineralisation at Pink Panther,

located 1km to the south of CSA. Subtle FLEM anomalies have been detected north along strike of CSA that

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

coincide with geochemical anomalism suggestive of QTS-style sulphide mineralisation at depth; these

anomalies will be targeted in the 2024 Diamond Drilling Campaign.

7.2.7Down Hole Surveys

Down-hole electromagnetic surveys (DHEM) are proven to be an effective method for detecting Cobar-style

mineralisation, since 2016 DHEM surveys are conducted on completion of diamond drilling campaigns. DHEM

surveys post 2000 have been undertaken by Outer Rim Exploration Services Pty Ltd, GEM Geophysical

Surveys Pty Ltd and Gap Geophysics Australia Pty Ltd, all data is available and of moderate to very good

quality. Summary of recent DHEM surveys follow.

7.2.7.12018 CSA Mine DHEM Survey

Down-hole electromagnetic (DHEM) surveys were completed in August 2018 by Gap Geophysics Australia Pty

Limited (GAP), a total of 10,490m was logged on fourteen drillholes over five near-mine prospects (Kendi,

Pink Panther, Spotted Leopard, QTS North and QTS South). The survey utilised a Digi Atlantis DHEM sensor,

Smartem receiver and Gap Geopak HPTX-802 transmitter. The EM responses along three mutually orthogonal

vectors (A, U, V) were measured by the down‐hole probe.

The DHEM surveys have produced fair to good quality data. A total of fourteen holes were surveyed with

DHEM with six holes containing anomalies, three of which being off-hole anomalies at the QTS North

prospect that warranted drill testing. The conductors modelled at the QTS North prospect were diamond drill

tested in early 2023.

7.2.7.22020 QTS South DHEM Survey

Down‐hole electromagnetic (DHEM) surveying of nineteen holes at the QTS South (upper) deposit and one

historic hole (DDHSL7) at the Pink Panther prospect were carried out by Gem Geophysics in September 2020.

The survey utilised a Digi Atlantis DHEM sensor, Smartem receiver and Geonics TT100 transmitter. The EM

responses along three mutually orthogonal vectors (A, U, V) were measured by the down‐hole probe. A total

of 9,935m was surveyed at a station interval ranging from 2.5m‐15m. The surveys were designed to test for

off‐hole conductive mineralisation and for extensions to the known chalcopyrite mineralisation.

The DHEM surveys have produced fair to good quality data. The DHEM data collected from within and close

to the known mineralisation is consistent with the results from the 2018 DHEM surveys. A total of twenty

holes were surveyed with DHEM and seven of these holes contained anomalies that warranted modelling.

Data returned from seven holes contained anomalous electromagnetic (EM) responses that warranted

modelling. Six of these EM responses were modelled at QTS South Upper deposit and provided small

southern extensions to the mineralisation or occur in zones indicating greatest grade or thickest intervals,

however current drilling closes these zones, no further drilling is currently warranted. Modelled conductors

from drillhole QSDD040 returned a relatively high modelled conductance and could represent grade

mineralisation immediately south and east of the QTS South orebody, these conductors were drill tested in

2023.

7.2.8Geochemistry

Throughout the early 1970s, Rotary Air Blast (“RAB”) geochemical campaigns were conducted over CML5 and

the surrounding tenement EL5693. The programs were typically conducted on 30m spaced east-west by

300m spaced north-south grids, with infill lines at 150m north-south spacing. The 1970 campaigns proved

successful in identifying geochemically anomalous areas within CML5 such as the GSM, Stoney Tank, Falcon,

Block 19 and QTS South to Spotted Leopard trend. Other than the QTS South to Spotted Leopard trend, the

remaining prospects have received minimal attention and exploration since being identified.

Between 2003 – 2007, CMPL undertook power auger geochemical surveys on 50m x 50m sample grids in the

near-mine area and 100m x 100m grids on regional prospects within CML5. In total 2,032 power auger

samples were collected by CMPL and analysed by ME-MS43i (Three Acid Digest) for 21 elements, with

eastern CML5 pulps having been re-assayed in 2021 -2022 by ME-MS61 (Four Acid Digest) for 48 elements

plus Au by fire assay. The anomalies identified in the 1970s geochemical campaigns correlate well with early

2000 geochemical surveys; the multi-element data has proved useful in delineating new mineralisation on

CML5. Base metal mineralisation within the Cobar region typically has geochemical haloes that extend less

than 100m in residual soils. Soil sampling conducted around CSA shows a weak and sporadic Cu anomaly

100ppm – 550ppm and a more consistent Pb anomaly 100ppm – 2960ppm, which extends to a maximum of

200-250m from mineralisation, most notably around the Western Gossan. The 2023 diamond drilling

campaign represented the first phase of testing high priority geochemical anomalies adjacent to regional

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

scale structures and in zones of structural complexity highlighted from the 2020 AMR survey. Geochemical

surveys have proved highly successful in the Cobar Basin at detecting blind orebodies.

7.3Exploration – Drilling

The CSA deposit has been drilled using fully cored diamond drill holes drilled either from surface or

underground, primarily using NQ size (47.6mm diameter core). The deposits have been defined by over 6,800

holes totalling approximately 1,000km of core. Data from many of the historical drill holes is not used for

current resource estimation, being located in the upper mined out levels of the deposit; current resource

estimates are based on approximately 7,393 drill holes and more than 104,110 samples. Underground

diamond drilling over the last five years has averaged 25,200m per year, with an average rate of 23,400m per

year achieved over the last two years (Figure 7-2).

Resource definition drilling in active mining areas at QTSN is carried out with a drill hole spacing of around

20m north-south by 37.5m vertical. At QTSC, QTSS, Western and Eastern mineralised systems, drill hole

spacing is nominally 20m north-south by 20m vertical due to the narrower mineralised lenses. Wider drill

hole spacing is used in exploration areas.

The mineralised host rocks are generally very competent below the weathered zone and core recovery

averages above 95%. All CSA drill holes are systematically surveyed (drill collars and down hole) and

geologically and geotechnically logged and photographed. Drill hole logging includes recording lithology,

structures, weathering, alteration, and rock quality designation (“RQD”). Drill core is nominally sampled at

one meter intervals, while honouring lithological contacts. Half-core samples are sent for sample preparation

and assaying.

7.3.1Surface Drilling

The current database of surface drilling lists some 412 RC drill holes totalling 52,818m with an average depth

of around 128m (Figure 7-3). RC holes have generally been drilled to 120m to 150m depth, being just past the

weathered zone and into fresh rock, although some RC holes have been drilled to as deep as 250m.

Historically, some 18 shallow RC holes were drilled in 1984 (under CRA ownership) into Block 19 which is a

NNW base metal (Pb-dominant) trend from CSA. A further 43 RC holes were drilled into Spotted Leopard (a

southern prospect in CML5 along strike of mine) in 1990-91.

There are also records for some 255 surface exploration diamond drill holes within CML5 totalling around

150,960m for an average hole depth of 592m. As part of the ongoing exploration appetite, in 2026, HMY has

engaged tier 1 drilling contractor Titeline to completed a 21.5km surface drilling campaign with 3 deep hole

surface rigs to explore and define the ore lens continuation at depth.

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

Figure 7-2 Historical Exploration Drilling – Long Section, the Merrin Mine not shown on this section but comprises the

upper levels of Eastern and Western systems above the North and Central orebodies.

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

Figure 7-3 Surface Exploration Drill Collar Locations

Diamond drill holes have been drilled on a range of prospects including Western Gossan and Block 19 (west

of mine), GSM/Kendi (north of mine), Pink Panther and Spotted Leopard (south of mine) as well as targeting

extensions to the QTS North, South and Central mine systems. In 2023 diamond drilling tested the CSA-trend

at Kendi (3km north of mine; 1 hole) and Midnight (6km south of mine; 2 holes) prospects. In 2023 and 2024

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

diamond drilling tested the Stoney Tank prospect (4km ESE of mine; 2 holes), and prospects along the Tailings

Dam Shear (3km east of mine) including Ringneck and Falcon prospects (2023; 5 holes) and Cherry and

Tailings Dam prospects (ongoing in 2024; 5 holes). During 2025 much of the surface exploration moved off

the mining lease, targeting Regional targets. During 2026, a programme of deep drilling targeting depth

extensions of the main QTS orebodies commenced, with drilling of the first holes ongoing at year end, June

2026.

As the Mineral Resources and Mineral Reserves presented in this report lie within CML5, exploration

activities on the remaining exploration tenements are largely excluded from this Report.

7.3.2Historical Drilling Campaigns 2000 – 2016

Surface diamond holes drilled within CML5 from 2000-2016 include:

•2003 – 2 holes at Tailings Dam

•2004 – 2 holes into the QTS System

•2005 – 1 hole near mine northeast, 7 holes at Tailings Dam

•2006 – 3 holes testing the QTS System, 3 holes at Tailings Dam

•2007 – 1 hole near mine northeast, 1 hole at Pink Panther and 1 hole at Tailings Dam

•2008 – 1 hole testing 1993 holes at GSM anomaly, 1 hole near mine south

•2009 – no holes identified as being drilled this year

•2010 – 2 holes in Western Gossan

•2011 – 2 holes testing mineralisation in CM30 at Western Gossan, 1 hole near mine south, 1 hole at

Pink Panther

•2012 – 1 hole near mine south

•2015 – 3 holes at Pink Panther

•2016 – some 7,500m at Pink Panther.

Surface exploration diamond drilling during this period was relatively minimal until copper intersections and

DHEM anomalies at Pink Panther resulted in increased drilling in 2016.

7.3.32017 – 2020 Near-Mine Reverse Circulation Drilling

A substantial amount of the total near-mine RC drilling occurred in the 2017 to 2018 period, with some

additional holes in 2019 and 2020.

A small subset of RC drilling, including 17 holes in 2010, 6 holes in 2018 and 1 hole in 2020, have been drilled

for the purpose of establishing water bores. A further nine holes were drilled in 2023 to the south and east of

the tailings dam. The water bore holes are also sampled and assayed.

Over the course of 2017 to 2018 a significant number of holes were drilled including:

•65 at Kendi (along strike of QTS North)

•62 at Spotted Leopard

•58 at Pink Panther (south of QTS South)

•32 at QTS North

•18 at QTS South

•12 at Western Gossan.

In 2019, a further 17 holes were drilled at QTS South and 8 holes were drilled at QTS Central in 2020.

In general, the multi-element geochemistry from the RC drilling confirmed the strength of the geochemical

anomaly along the eastern side of the mine corresponding to QTS-style (chalcopyrite) mineralisation. These

results provide additional support for the plan to progress further exploration diamond drilling on the

eastern side of the known QTS North lenses.

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

7.3.42017 – 2026 Diamond Drilling Campaigns

Interest in Pink Panther and QTS South continued with some 11,091m of diamond drilling in 2017.

In 2018, a total of 24,107m of diamond drilling tested mineralisation at QTS South, QTS North, Kendi, Spotted

Leopard and Western Gossan.

In 2019 some diamond drilling was undertaken at QTS North, however the major emphasis of the 2019

programme was the delineation of Inferred resources at QTS South (discussed below).

2022 – 2023 Diamond Drilling Campaign

The 2022 campaign, consisting of 11 holes, was based on modelling from the 2015 DHEM surveys of previous

drill holes and targeted the QTS North, QTS South and Western Gossan areas. Five holes at Western Gossan

drilled between August and November 2022, successfully intersected modelled DHEM conductor plates and

two zones of pyrite-sphalerite-galena mineralisation. Four holes at the QN prospect (potential lens east of

QTS North) intersected the modelled DHEM conductor plates and assays confirmed mineralisation in all holes

with a best intercept of 4.3 m at 3.30% Cu and 12.10 g/t Ag from 596.6 m in QNDD009.

Western Gossan lies immediately west of the historical Western System. DHEM data from holes CM50

(drilled in 1993 under Golden Shamrock Mines ownership) and SRDD11002 (drilled in 2011) produced two

strong conductors that aligned with significant mineralisation in some historical drill holes (circa 1958).

As above, five holes drilled in 2022 (3,771m) at Western Gossan intersected two zones of massive sulphide

mineralisation with significant sphalerite and lesser galena and chalcopyrite. The zones matched the

modelled conductors; DHEM and assay results are confirmed significant Zn-Pb-Ag mineralisation.

The QTS North and South drill targets were based on DHEM data from holes drilled in 2018-19. Two modelled

conductors aligned with mineralisation in nearby holes. As of 24 February 2023, four holes had been

completed and intersected chalcopyrite mineralisation within Fe-chlorite alteration within the modelled

conductors.

At QTS South modelling from DHEM surveying in 2020 on some 19 DDHs indicated three potential

conductors. One hole was drilled from February to April 2023 but failed to intersect the modelled conductor

plate and did not intersect significant mineralisation.

The 2023 campaign, consisting of nine holes, targeted the strongest auger-soil Cu anomalies at the Stoney

Tank (2 holes), Falcon (3 holes), Ringneck (2 holes) and Midnight (2 holes) prospects. All holes intersected

alteration and minor mineralisation with STDD23001 producing the best intercept of 0.75 m at 7.8 % Cu and

35.9 g/t Ag from a down hole depth of 476.7 m.

A tenth hole was drilled into a late channel FLEM anomaly on the western margin of the Kendi prospect but

did not intersect alteration or mineralisation.

In 2024 five diamond drill holes are progressing at the Tailings Dam prospect (historical off hole conductor

and along strike of a historical Cu intercept) and Cherry prospect (geochemical target). Additional holes are

planned to test late channel FLEM anomalies south of the mine at the Outer Reef prospect and at the QTS

South and QTS Central systems at CSA.

In 2026 a campaign of deep drillholes commenced with the first drillholes still ongoing at end of June 2026.

7.4Underground Drilling

Underground drilling is directed at extending and defining mineralisation below the current working levels in

order to define reserves ahead of mining (Figure 7-4). During the year some holes may be drilled for purely

exploration purposes and some of the resource definition holes may be extended to test a nearby

exploration mineralisation. The aim of these drilling programs is to replace, as a minimum, the Reserve

material extracted each year.

In conjunction with continuous copper production over the past 10 years, CSA has successfully maintained

replenishment of Mineral Resources each year. Additional detail on the Mineral Resource Estimate is

outlined in Section 11.

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

Figure 7-4 Long Section CSA Lodes – Potential Mine Life Extension, Merrin Mine comprises the Western and Eastern lodes

within the historical workings.

In addition to resource and exploration drilling as described above, drilling is also completed for geotechnical

purposes ahead of mine infrastructure programs (e.g. vent rises) and for other mine infrastructure such as

paste fill, electrical and water supply. All holes are geologically logged and sampled as required. Selected

holes are geotechnically logged as coverage requires.

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

By the June 2026 there were approximately 3,700 diamond holes and 253,000 samples contributing to the

CSA Mineral Resource with hole information dating as far back as 1950.

7.5Geotechnical Data

Geotechnical information has been collected at CSA over more than 20 years as part of ongoing underground

resource definition, exploration and infrastructure drilling programmes. All drill core is routinely logged for

core recovery and Rock Quality Designation (RQD), while selected holes are additionally logged for

geotechnical purposes including rock strength, fracture frequency, number of joint sets, discontinuity

characteristics, roughness, infill material, orientation data and Q-system parameters. Geological and

geotechnical mapping is completed in active underground development areas, including face mapping, backs

mapping and structural mapping. The resulting information is captured within the CSA drillhole database and

forms the basis of geotechnical interpretation, mine design and ground support design.

The geotechnical database has been supplemented by laboratory testing programmes undertaken at various

times throughout the life of the operation. Historical laboratory testing comprised uniaxial compressive

strength (UCS), Brazilian tensile strength and point-load testing. A targeted rock-property testing programme

completed during 2025 significantly expanded the database and included testing of mineralised, altered and

unaltered host lithologies from active mining horizons. Testing demonstrated that competent mineralised

and quartz-altered units generally exhibit UCS values in the range of approximately 140 MPa to 200 MPa,

whereas chlorite-altered and shear-hosted lithologies may exhibit materially lower strengths ranging from

approximately 20 MPa to 60 MPa equivalent UCS. These results have been incorporated into the current

geotechnical model and numerical modelling studies used to support mine planning and Reserve estimation.

Geotechnical quality assurance and quality control procedures include standardised logging protocols,

routine review of logging practices by site geotechnical personnel, photographic core records, validation of

structural measurements, and periodic independent review of geotechnical models and assumptions. Ground

support QA/QC includes friction bolt pull-testing, fibrecrete strength testing, grout testing and routine

compliance audits undertaken by site geotechnical engineers. Ground conditions are continually monitored

through underground inspections, cavity monitoring surveys, LiDAR surveys, extensometers, seismic

monitoring systems and ground support performance reviews.

The currently adopted geotechnical assumptions used in mine planning and Reserve estimation are

supported by the available drilling, mapping, laboratory testing, monitoring systems and numerical modelling

studies. The Qualified Person considers the quantity and quality of geotechnical information available for CSA

to be sufficient to support the mining methods, excavation dimensions, extraction sequences, ground

support standards and modifying factors applied in the Mineral Reserve estimate.

7.6Hydrological Data

Hydrogeological information at CSA has been collected through operational monitoring programmes rather

than dedicated resource-definition drilling. The CSA operation is considered a relatively dry underground

mine and has historically experienced minimal groundwater inflow. Water entering the underground

workings is predominantly associated with operational activities including service water and paste-fill

operations rather than natural groundwater sources. Consequently, dedicated hydrogeological drilling and

aquifer testing programmes have not been required to support current mining operations or Mineral

Resource estimation.

Hydrogeological information relevant to the operation is obtained through mine dewatering records,

groundwater monitoring infrastructure associated with the Tailings Storage Facilities, water supply borefields

and site-wide environmental monitoring programmes. Current monitoring infrastructure includes standpipe

piezometers, vibrating wire piezometers, groundwater monitoring bores and production bores. Water levels

are routinely recorded and groundwater quality sampling is undertaken where required in accordance with

site environmental procedures and applicable Australian monitoring standards. Independent hydrogeological

investigations have previously been completed by specialist consultants to assess groundwater conditions,

aquifer characteristics and potential groundwater interactions associated with mine infrastructure and

tailings storage facilities.

Hydrogeological quality assurance procedures include routine calibration and maintenance of monitoring

equipment, verification of monitoring results, periodic review of monitoring data and independent specialist

review of hydrogeological conditions where required. Groundwater monitoring data indicate that

groundwater conditions have had minimal influence on underground mining operations and have not

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

required significant dewatering activities. Available information indicates that groundwater inflows are low

and do not constitute a material risk to current or planned mining activities.

Because the Mineral Resource estimate is based on geological continuity, grade continuity, density and

economic factors, hydrogeological information is not directly used in grade estimation or resource

classification. Nevertheless, the available hydrogeological data and operational experience support the

conclusion that groundwater conditions do not materially affect the reasonable prospects for eventual

economic extraction of the reported Mineral Resources. The Qualified Person considers the available

hydrogeological information sufficient to support the current Mineral Resource and Mineral Reserve

estimates and notes that no material hydrogeological issues have been identified that would reasonably be

expected to impact planned mining activities.

7.7Qualified Person’s Opinion on Exploration Interpretations

The QP considers the drilling and exploration programmes completed at CSA to be appropriate for near-mine

exploration, geotechnical assessment and resource replacement. In-fill drilling is undertaken at an

appropriate rate to allow the steady conversion of resources to reserves as required and to provide the

necessary information for detailed mine planning.

Geotechnical parameters are collected in conjunction with underground diamond drilling and geotechnical

data is captured within the drill database for consideration during the estimation of Mineral Reserves and

Mineral Resources and in the detailed design of underground stopes and development. CSA maintains an

extensive database of geotechnical data, has a solid understanding of the geotechnical characteristics of the

mine and undertakes continuous improvement activities on a regular basis.

Results indicate that geotechnical and hydrogeological conditions are consistent with the assumptions used

for mine design and support the mining methods and excavation geometries adopted in the Technical Report

Summary.

8Sample preparation, analyses and security

Section 229.601(b)(96)(iii)(B)(8) (i-v)

8.1Assay Sample Preparation and Analysis

Core processing follows the standard sequence of meter mark-up, quantification of recovery, RQD

determination, geological logging, sample mark-up, core photography, bulk density determination and

sampling.

The sampling procedure includes interval checks, cutting intervals, sampling intervals, inserting standards,

sampling duplicates, weighing samples and dispatching samples. All parts of the core processing cycle are

tracked and recorded electronically.

Core yard technicians review the core and check the sample intervals as identified on the sampling sheet,

including checking to ensure that the sample intervals satisfy length requirements (0.4 – 1.1m for NQ core).

The geologist corrects any errors or discrepancies.

Core is cut according to the core cutting procedure with a CoreWise diamond core saw.

Once the entire hole is cut, trays are laid out in order on the racks or on pallets. Sample intervals are marked

onto the tray before sampling, allowing the correct sample intervals to be written onto the remaining half

core. The core is cut in half with one half submitted to the laboratory for analysis and the other half returned

to the tray. The half core to be analysed is sampled into pre-numbered calico bags with sample numbers

from the bags written on the sample sheet before sampling. Sticks of half core longer than approximately

8cm are broken in order to reduce the risk of sample bags tearing during transport.

Sample preparation and assaying is carried out by independent laboratory, Australian Laboratory Services

(ALS) in Orange, NSW, using an aqua regia digest and the Inductively Coupled Plasma Atomic Emission

Spectrometry (ICP-AES) analytical method, with analysis for a standard suite of elements including copper,

zinc, lead, and silver. Comprehensive Quality Assurance/Quality Control (QA/QC) protocols have been in

place since 2004 and include insertion of standards (supplied by Ore Research and Exploration Pty Limited),

blanks and duplicate samples at a frequency of approximately 1 in 30 samples. CSA monitors the QA/QC data

reports; the sampling and assaying data for the main elements are considered reliable and without material

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

bias and sample security arrangements are appropriate and satisfactory. CSA’s relational drillhole database is

an acQuire database which is a site-managed system.

8.2Bulk Density Determinations

CSA has compiled a database of around 16,000 bulk density values by testing one sample from each core tray

(approximately one sample per 6.5m of core) and determining density using the water immersion method. A

regression formula based on the copper assay of the samples tested has been derived from this data. Since

2017, CSA has used ALS to carry out density measurements; CSA advises that the ALS data aligns well with the

site-developed regression formula.

8.3Quality Assurance and Quality Control

Regular analysis of CSA mine standards, inserted with each batch sent to the laboratory, commenced in 2007.

These are in addition to normal laboratory standards inserted in the process by ALS. All QA/QC data are

stored in the CSA acQuire database.

Sample weights are measured both before the samples leave CSA Mine site, and before the samples are

prepared for analysis at the ALS laboratory.

Standards and Blanks

External standards and blanks are inserted into the sampling sequence for each drill hole assay submission.

One blank and eleven standards derived from CSA mineralisation were prepared, supplied and certified by

Ore Research and Exploration Pty Ltd for use at CSA.

Standards to be inserted are specified by the logging geologist on the sampling sheet. The procedure requires

a minimum of one standard for every 30 samples, with the selected standard representing a copper grade

similar to the estimated copper grade in the surrounding samples. The core yard technician removes the label

from the standard so that it cannot be identified by the laboratory. It is placed in the appropriately numbered

sample bag and secured. Blanks are inserted periodically, principally following high grade samples to check

for contamination in the laboratory processing stream.

8.3.1Field Duplicates

Duplicate intervals are specified by the geologist on the sampling sheet and are collected approximately

every 30 samples. Duplicate samples are also inserted at the end of the hole. The core yard technician

removes the remaining half of the core from the selected interval and places it in the appropriately

numbered sample bag. For those intervals with duplicate samples, no core remains in the tray.

A separate dispatch is completed for each drill hole.

Comparison of original and duplicate (second half of drill core) assay results for the period 2002 to 2021

indicate good performance for copper, with a correlation coefficient of 0.98. Silver field duplicates are more

variable than copper with a correlation coefficient of 0.79.

8.3.2Laboratory QA/QC

ALS inserts standards into the sample stream as part of its internal QA/QC procedure. Assay results for these

standards are supplied with results for the samples submitted for analysis. Assay results for laboratory

standards are also stored in the acQuire database. Again, laboratory standards are checked on receipt and

incorporated in the QA/QC reports generated within the acQuire database and any issues are reported

immediately to the laboratory for resolution.

8.4Security and Storage

Geological records and assay data are stored in an acQuire database. Drill hole information is stored as collar,

down hole survey, assay, geology, specific gravity and geotechnical data.

Drill hole location data are entered manually, survey and assay data are uploaded from the survey tool and

laboratory downloads respectively. Geology data is entered manually from paper logs or logged directly into

acQuire via a laptop computer. A significant proportion of drill data in the database is derived from historic

hardcopy drill logs.

All data entered is tracked via various registers, including Diamond Drill Hole Register, Diamond Drilling

Spreadsheet, Core Processing Checklist and UG Sampling Register.

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

There are four levels of access to the database. ‘Read only’ access is permitted for “public” users, ‘restricted

data entry’ access for “data entry” users and ‘write access’ to data tables for “acQuire user” users. This

hierarchical security structure allows only the database manager full access to the data.

8.5Qualified Person’s Opinion on Sample Preparation, Security and Analytical Procedures

External consultants have undertaken reviews of historic (2020 and 2021) and recent (2022 and 2023) CMPL

reports detailing the sample preparation, analysis and security and were satisfied that the current practices

undertaken by CMPL are to industry standard and provide assay data which are sufficient to support the

estimation of a Mineral Resource. The QP has reviewed the process and reports and is satisfied that the

practices meet current international standards and are sufficient to support the estimation of a Mineral

Resource.

9Data Verification

Section 229.601(b)(96)(iii)(B)(9) (i-iii)

9.1Internal Data Verification

Basic database validation checks are carried out by CMPL personnel. These include sample from and to

depths, geology depths, record duplication and missing collar duplication checks, as well as collar survey and

down hole survey checks. Assay certificates are verified against acQuire dispatch and laboratory job numbers.

Extensive random checks of the digital database are made against hardcopy/pdf format assay certificates and

geology logs.

Core recovery data has only been collected consistently at CSA since 2004. Data from 2004 shows an average

core recovery greater than 95%. Poor core recoveries are not considered to have a significant impact on the

CSA resource.

9.2Review of CMPL’s QA/QC

Cube undertook a desktop review of historic (2020 and 2021) and recent (2022 and 2023) CMPL Mineral

Resource reports containing control charts detailing the results of CSA QA/QC. The process of systematic QA/

QC monitoring has been in place since 2007. Cube’s review of standards and laboratory and field duplicate

results has identified no material issues, indicating the assay data used by CMPL is without material bias due

to laboratory processes and that results are repeatable with an appropriate level of precision and accuracy.

The QP is satisfied that the current practices undertaken by CMPL are to industry standard and provide assay

data which are sufficient to support the estimation of a Mineral Resource.

9.3Geological and Operation Reconciliation

Confidence in the geological interpretation and estimation at CSA is supported by a history of reconciliation

of mined tonnage and grade compared with the stope tonnes and grade depleted, the latter being based on

the resource and reserve estimates. CSA tracks the stope grades for the Undiluted Stope Design (resource

grade), the Diluted Stope Design (the reserve grade) and the actual mined grades as reconciled to the mill.

CSA uses a Cavity Monitoring System to obtain the final volume (tonnes) of each mined stope. The ore mined

tonnes and grade are reconciled against the reported ore milled tonnes and grade, allowing for opening and

closing stockpile figures.

Historically, CSA’s stope reconciliation reports show reasonably good agreement between the Reconciled Ore

Mined figures and the Diluted Stope Design (reserve) figures. Over a ten-year period to December 2025, the

annual stope production reconciliations showed tonnage reconciliations averaging 101%, copper grade

reconciliation averaging 102% and copper metal reconciliation averaging 103%. Reconciliation data for the

last five years covering the period 2021-2025 is shown in Table 9-1 and indicates a reconciliation of 92% for

tonnes, 97% for grade and 90% for contained copper metal.

The high-grade nature of the deposit means that any ore losses or excess dilution can have a meaningful

impact on ore tonnes and grade. The higher dilution seen in recent years, where level spacing was

temporarily increased, appears to have had a negative impact on reconciliation.

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

Table 9-1 CSA Stope Reconciliation - Ore Mined vs Reserve – 2021 to 2025

Year	Category	Tonnage	Grade	Contained Copper
		Mt	% Cu	kt
2021	Reserve Depleted	0.816	3.94	32.2
	Ore Mined (Mill Reconciled)	0.695	3.97	27.6
	Mined vs Reserve	85%	101%	86%
2022	Reserve Depleted	0.576	3.69	21.2
	Ore Mined (Mill Reconciled)	0.538	3.44	18.5
	Mined vs Reserve	93%	93%	87%
2023	Reserve Depleted	0.351	3.20	11.2
	Ore Mined (Mill Reconciled)	0.293	3.40	10.0
	Mined vs Reserve	84%	107%	89%
2024	Reserve Depleted	1.070	3.93	42.1
	Ore Mined (Mill Reconciled)	1.070	3.39	36.3
	Mined vs Reserve	100%	86%	86%
2025	Reserve Depleted	0.870	4.0%	34.7
	Ore Mined (Mill Reconciled)	0.870	4.0%	34.8
	Mined vs Reserve	100%	100%	100%
Overall (Average)		92%	97%	90%

9.4Qualified Person’s Opinion on Data Adequacy

The QP is satisfied that the data on which the Mineral Resource has been based are of sufficient quality to

support the estimation of a Mineral Resource.

10Mineral Processing and Metallurgical Testing

Section 229.601(b)(96)(iii)(B)(10) (i-v)

With more than 50 years of operating history, the CSA orebody mineralogy is well understood with the

operating performance of the processing plant consistently achieving metallurgical recoveries in the order of

97-98% to produce a high-quality 26-27% Cu concentrate.

An overview of the standard metallurgical management activities performed during CSA operations along

with a selection of historical metallurgical studies are summarised in the following sections. Some of these

studies were investigative in nature and may not have resulted in significant modifications or adjustments to

the processing facility.

10.1Overview of Metallurgical Testing Practices

Being an operating mine, particularly one with such extensive operating history, CSA has established standard

operating procedures for metallurgical management of the processing facility.

The operation employs dedicated metallurgical staff and conducts regular operational test practices using a

combination of onsite and offsite laboratory testing.

The most comprehensive test regime employed by the metallurgical team on a regular basis is the Flotation

Plant Survey which takes multiple samples from across all key process streams throughout the plant to

establish a detailed mass balance and provide input into ongoing data analysis. The following outlines the key

procedures:

•Sample collection follows the internally developed Safe Work Instruction - Flotation Survey Procedure,

updated in November 2022, which is based on sample techniques reported in Wills’ Mineral

Processing Technology book from JKMRC Australia 7th Edition

•Metallurgical samples from across 22 locations within the processing streams are taken in various set

intervals and conducted in accordance with sample capture procedures

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•Standard onsite sampling and testing includes flotation, settling tests, On-stream Analyzer (“OSA”)

calibration samples, PSI flotation feed, Specific Gravity (SG) testing and moisture analysis

•X-ray fluorescence (“XRF”) analysis is conducted in the onsite laboratory to establish initial results

used for short-term operational decisions and internal reporting

•A selection of samples is then sent offsite to independent ALS Ltd. laboratory Service for assay using

Inductively Coupled Plasma Atomic Emission Spectroscopy (ICP-AES), an analytical method used to

detect and measure elements to analyse chemical samples

•Samples requiring comminution analysis are typically sent to JKTech Pty Ltd. (“JKTech” or “JK”)

laboratories at the University of Queensland

•Results received from onsite and offsite laboratories are then incorporated into a detailed data

analysis and regression modelling process outlined in Section 10.2

•Site samples for analysis are kept and stored in the onsite laboratory

•Offsite laboratory results are compared with onsite laboratory results to allow the metallurgical team

to calibrate internal metallurgical models, onsite laboratory equipment and plant equipment

•Results are regularly validated through repeat sampling, and statistical analysis; activities commonly

requiring validated results include those required for adjustments of SG gauges of the flotation feed

and concentrate thickener; in such cases, four samples are taken from each sample point to establish

the average and standard deviation of the results.

10.2Data Analysis and Regression Modelling

Testing procedures and results are supported by statistical analysis such as regression models, reproducibility

tests, and variability mapping. During individual operational trials, test work is usually supported by statistical

experimental design (t-tests) using the statistic computer package Minitab.

An End of Month Metal Reconciliation is based on a Matrix-mass balance approach, which involves data from

several sources including:

•offsite ALS Laboratory assay results

•onsite laboratory XRF

•site and port stockpile information from Alfred H Knight (independent laboratory service), Qube

Logistics (port operator), and Aurizon (rail operator)

•internal mining data.

The mass balance is established to identify actual from reconciled residuals through the adjustment of

standard deviations and Monte Carlo simulations. If the mass balance identifies discrepancies, data and

instrumentation are reviewed in detail for readjustments.

Key analysis within the mass balance process includes assays of feed, concentrate and tailings streams.

Composite samples are sent to ALS and for XRF in-house analysis.

10.3Planning and Forecasting

The Weekly, Monthly and Quarterly plans used in CSA’s operations employ in-house calculated regression

models to establish appropriate assumptions and forecasts. The regression model incorporates

geometallurgical results, elemental to mineral conversion calculations, back-calculations, and mining figures

(haulage and stope grades).

Two main components of the processing forecasts and their associated drivers are:

•Grinding Forecast

•Mill Power Assessment - based on the Mine Future Ores Program conducted in 2020 by JKTech and

based on comminution models reported by Napier Munn 1999, Mineral Comminution Circuits

•Modified Throughput Model - employs power parameters based on regression models and SAG and

ball mill powers and parameters.

•Flotation Forecast

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

•Recovery and Concentrate Grade - regression models developed from geometallurgy, mineralogy and

flotation testwork database

•Tailings Grade Prediction - back-calculated from the calculated feed grade, milled tonnes, and copper

metal tonnes

•Anticipated Feed Grade - calculated from the mining figures, haulage tonnage and stope copper

grades.

CSA has maintained excellent consistency in copper and silver recovery, due largely to the continual

improvement on internal geometallurgical models. As CSA continues to develop existing orebodies at depth,

extend existing orebodies laterally, discover new orebodies and, potentially, treat third-party ore sources, the

metallurgical team will continue to undertake testwork and improve the accuracy of these models.

10.4Deleterious Elements

The influence of deleterious elements on CSA’s operations is low, however regular testing and analysis is

performed to ensure any elevated levels are managed effectively. Close attention is given to stopes

containing relatively high amounts of iron, zinc and lead (which may vary from 0.01 to 0.6%). Any elevated

levels are immediately communicated to mine geologists. Laboratory batch flotation selectivity, and mineral

liberation test work on future mineralisation are conducted to prepare planning inputs and minimise any

influence on product grades.

10.5Test Laboratories

CSA maintains an onsite laboratory capable of conducting flotation tests, settling tests, On-Stream Analyzer

(OSA) calibration samples, flotation feed slurry testing, specific gravity determinations, and moisture testing.

The onsite laboratory is used for operational support and process monitoring.

Metallurgical test samples utilised throughout the various testwork programs are considered representative

of the principal ore types and styles of mineralisation comprising the CSA Mineral Resource and Mineral

Reserve. Testwork has been conducted on samples collected across the operation over many years and has

demonstrated good agreement with actual processing plant performance.

Offsite laboratories are used for independent analytical work, metallurgical testwork and validation. ALS

Laboratory Services in Orange, New South Wales, and JKTech at The University of Queensland are the offsite

laboratories commonly utilised.

ALS Limited is an independent third-party laboratory services provider headquartered in Brisbane, Australia.

ALS provides testing, inspection, certification and verification services globally through a network of

laboratories and technical facilities. ALS operates accredited quality management systems and maintains ISO

9001 certification. Relevant ALS geochemistry laboratories utilised for CSA testwork operate under NATA

accreditation and ISO/IEC 17025 accreditation.

JKTech is a subsidiary of The University of Queensland and provides specialist consultancy and laboratory

services to the mining industry, including comminution, flotation, hydrocyclone and metallurgical testing and

assessment. JKTech is independent of the registrant and has no relationship to the registrant other than the

provision of commercial testing and consulting services.

10.6Comminution

Design and range values for CSA’s primary comminution properties are outlined in Table 10-1. These values

have been established through various testing campaigns conducted by CSA over the past 50+ years of

operation.

Table 10-1 Comminution Properties

Comminution Properties	Unit	Value
Abrasion Index Range		0.03 – 0.24
Abrasion Index Design		0.09
Bond Impact Crushing Work Index – Design	kWh/t	19.0
SMC Drop Weight Index – Range	kWh/m3	2.35 – 7.28
SMC Drop Weight Index – Design	kWh/m³	4.77
Bond Rod Mill Work Index – Range	kWh/t	11.0 – 22.1

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

Bond Rod Mill Work Index – Design	kWh/t	16.7
Bond Ball Mill Work Index – Range	kWh/t	7.8 – 17.0
Bond Ball Mill Work Index – Design	kWh/t	15.3
Axb Range		27 – 97
Axb Design		40.3

10.7Recovery and Concentrate Estimates

Design and range values for CSA’s primary recovery properties are outlined in Table 10-2.

Table 10-2 Copper Flotation Results

Cu Flotation Concentrate	Units	Result
Cu Concentrate Grade (range)	%	24.0 – 29.0
Cu Concentrate Grade (design)	%	26.5
Cu Recovery (design)	%	98.0
Cu Recovery (for resource and reserve estimation)	%	97.5

10.8Qualified Person’s Opinion on Mineral Processing and Metallurgical Testing

Over the long operating history of the CSA Mine, the QP is satisfied that the metallurgical testwork

programmes undertaken have been comprehensive and extensive. The metallurgical testwork is considered

representative of the principal ore types comprising the Mineral Resource and Mineral Reserve, and the

results are supported by the long-term operating performance of the concentrator. The QP considers the

metallurgical understanding of the deposit to be robust and sufficient to support the conclusions presented

in this TRS.

11Mineral Resource Estimate

Section 229.601(b)(96)(iii)(B)(11) (i-vii)

This section contains forward-looking information related to tonnage and grade for the project. The material

factors that could cause actual results to differ materially from the conclusions, estimates, designs, forecasts

or projections in the forward-looking information include any significant differences from one or more of the

material factors or assumptions that are set forth in this sub-section including actual in-situ characteristics

that are different from the samples collected and tested to date, and equipment and operational

performance that yield different results from current test work results.

11.1Introduction

The Mineral Resource estimate for CSA Operations covers the QTS North, QTS Central, QTS South, Eastern

and Western mineralised systems, QTS South Upper and the Merrin mine (historically mined upper parts of

Eastern and Western lodes of the QTS system) as at June 2026. CSA is an established, long-life underground

copper-silver mining operation located near Cobar, New South Wales, Australia. Accordingly, the project is

not a preliminary sampling, early exploration, Scoping, Pre-Feasibility or Feasibility stage project; it is an

operating mine with ongoing resource definition, infill drilling, grade-control support, mine planning,

metallurgical monitoring and production reconciliation.

The report is to support statutory Mineral Resource reporting by summarising the geological setting, data

collection methods, sampling and QA/QC practices, geological interpretation, estimation methodology,

classification criteria, validation outcomes and reasonable prospects for eventual economic extraction. The

report is structured to address the relevant requirements of SAMREC 2016 and SK-1300 on an “if not, why

not” basis, and is intended to provide a traceable basis for the Mineral Resource statement and associated

technical disclosures.

The CSA Mineral Resource estimate is updated annually and consists of Measured, Indicated and Inferred

(“MII”) resources and was historically reported as at December of each year. The June 2026 Mineral Resource

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

estimate was undertaken using all available drilling, geological and assay data as at 30 November 2025 and

depleted with strings and wireframes (Void Model) as at 30 April 2026.

Resource estimation at CSA is based on long-standing procedures, mostly dating from the mid-2000s, which

have been incrementally improved over the years. A void model is developed using the actual stope voids

mined plus an estimate of the stopes to be mined to the relevant cut-off date. The voids are deducted from

the resource model to obtain an estimate of the remaining in-situ resource. The new MRE is used by the

mining and technical services departments for mine planning for the following year and is used by the

company for the MRE statement.

CMPL defines resource wireframes for each mineralised lens in the seven systems – QTSN, QTSC, QTSS,

Eastern, Western, QTS South Upper and Merrin. Interpretation of the wireframes is based on geological

mapping in the mine, drill core logging, and the structural model that has been developed over time. The

wireframe contacts are interpolated between developed levels and then extrapolated beyond mine

development at 5m section increments using drill hole data, core photography and assay data. CMPL uses a

threshold value of 2.5% Cu from the assay database to guide the interpretation of the high-grade lenses. A

lower grade domain using a 1.5% Cu cut-off forms a lower grade halo around the high-grade lenses. An outer

mineralisation envelope is defined for each model using the regional S1 shear interpretations as boundaries.

Merrin and QTS South Upper both contain Zinc orebodies that are modelled using a zinc cut-off of 2.0% Zn

for the high-grade domain and 1.5% Zn for the low-grade domain.

Separate block models are established for each of the five systems. The parent block size of 5mE x 5mN x

10mRL is used for all models. Assay data is composited to 1m; no grade cuts are applied to the copper data

and only a few composite values are capped for silver. Variography is carried out for each mineralised lens if

there is sufficient data available. Grade estimation for copper and silver is carried out using Ordinary Kriging

(“OK”) in three passes with the first pass search ellipse based on the variogram range; the search ellipse

dimensions are doubled for the second pass and quadrupled for the third pass. Interpreted wireframe

boundaries are treated as hard boundaries for grade estimation. The density regression formula is applied

using the estimated block copper grade to determine the block bulk density value.

Resource classification of Measured, Indicated and Inferred is initially assigned to the blocks informed in Pass

1, 2 and 3 respectively. This initial classification is manually modified based primarily on the drilling density.

In general, areas with average drill hole spacing of 20 x 37.5m or less in QTSN and 20m x 20m for the other

orebodies are classified as Measured resources, with 40 x 70m or less as Indicated resources in QTSN and

40m x 40m in the other systems. Inferred resources are categorised in areas with a spacing exceeding that of

the upper limits on Indicated resources. CMPL separates Pass 3 blocks into Inferred resources and a fourth

category ‘Unclassified’ for areas of low confidence with sparse drilling; the Unclassified material is not

included in the reported MRE.

11.2Geological Database

In all, more than 253,000 samples from more than 3,700 diamond holes contribute to the CSA Mineral

Resources. This drilling ranges from as far back as 1950 to the present; however, the bulk of the drilling

contributing to the estimation is completed since 2000. The diamond holes used for estimation that were

drilled before 2000 are located predominantly in the upper levels and represent 47% of the total (1,770

holes); diamond holes drilled after 2000 primarily target lower levels and represent 53% of the total (2,007

holes (Table 11‑1). The average drillhole depth is approximately 170m with the maximum over 1,100m. In

general, drill spacing increases with distance from development with nominal 20m north-south by 20m

vertical spacing for 2 to 4 levels ahead of the mining front, expanding to 40m by 40m and greater below this.

For QTS North, the bulk of drilling prior to 2017 was at the above described spacing, but during 2017,

following an external analysis of the drill spacing, this was increased to 20m north-south by 37.5m vertical for

Measured and Indicated and double this for Inferred (Figure 11‑1).

Diamond holes are planned using a standard procedure. Core sizes vary, however the bulk of drilling used for

the current resource comprises NQ2 and NQ3 core sizes, with lesser contributions from HQ, NQ, BQ, LTK48

and LTK60. Since 2024, however, all underground drilling has used NQ3 core. Hole collars are marked up by

the mine surveyors and ‘picked up’ again by the mine surveyors on completion of drilling.

The database includes diamond holes used for Mineral Resource estimation, of which 1,698 pertain to QTS

North, 256 to QTS Central, 558 to QTS South, 367 to Eastern, 588 to Western and 310 to combinations of

these zones (Table 11‑2).

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Table 11‑1 Count of drilling types for CSA used in the Resource estimates

Drill Type	Count	Metres
DD Prior 2000	1,770	193,660
DD Since 2000	2,007	449,409
Total	3,777	643,069

Table 11‑2 Summary of DDH by CSA Mine Zones

Zone	No of Holes	DD (m)
QTS North	1,698	307,345
QTS Central	256	62,467
QTS South	558	74,526
Eastern	367	37,342
Western	588	80,167
Multiple Zones combined	310	81,223
Total	3,777	643,069

Figure 11‑1 Long Section showing drill density

A review of lens shape and the resource model revealed no obvious distortion that could be attributed to

incorrect location of drill intersections. Based on this, it is considered unlikely that actual drill collar locations

vary significantly from the planned locations.

The remaining unsurveyed holes in QTS North, QTS South, QTS Central, Eastern, Western, QTS South Upper

and Merrin have sufficient support from surveyed collars from the same drill pads, and a high enough density

of adjacent drill holes with surveyed collars to be confident in their use in the resource models.

As a minimum standard, down hole directional surveys are carried out at 15m, 30m and every 30m following.

Extra downhole surveys are conducted as deemed necessary. The azimuth of the 15m survey is at times

affected by the proximity of the drill rig or ferrous ground support and therefore is monitored closely.

Surveys that show significant deviation are checked and, if considered erroneous, are removed from the

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

database. Since late 2016, multishot surveys, with surveys taken every 3m, are taken on completion of each

hole.

The data used to build the Mineral Resource model is sufficiently distributed to inform the estimate to a high

degree. In areas where data coverage is less dense, appropriate classification measures have been applied to

ensure that the associated risk is adequately conveyed.

The mineralisation demonstrates strong geological and grade continuity and is readily identifiable in drill core

and underground mapping, providing a high level of confidence in the position and grade of the ore. This

strong visual and geological continuity supports a high level of confidence in both the estimate and the

geological model.

11.3Geological Models

Mineralisation at CSA is largely controlled by major shears, and consists principally of massive, semi- massive,

and vein sulphides, with the dominant sulphide being chalcopyrite. Mineralisation away from the lenses is

narrow and discontinuous, occurring mainly in minor shears within barren altered sediments. Mapping and

core logging are the main sources of information, and greatly assist in interpretation of mineralisation.

Interpretation of lenses at CSA is based on geological mapping and diamond drilling data. Mineralised

boundaries are digitised from geological maps and the resulting strings are allocated to the appropriate RLs.

These boundaries are then interpolated between developed levels and extrapolated beyond development at

5m intervals and adjusted using diamond drill hole records, core photography and assay data. Boundary

strings are aligned to drill hole lithology/grade boundaries to ensure location accuracy. When the complete

set of bounding strings for an individual lens has been generated and checked, the strings are linked to

produce a solid lens wireframe.

High-grade lens interpretations are completed using a threshold value of 2.5% Cu, maximum internal

downhole waste of 3m and a minimum lens width of 3m. A lower grade halo domain has been constructed

around the high-grade lenses and is defined by Categorical Indicator Kriging (“CIK”) at a threshold of 1.5% Cu,

using an indicator probability value of 0.4.

The mineralised lenses for QTS South Upper and Merrin Mine have been compiled using implicit modelling

within Datamine. The copper dominant orebodies are modelled around the 2.5% Cu cut-off within a 1.5% Cu

CIK shell, while the zinc dominant lodes are modelled using a 2.0% Zn wireframe within a 1.5% Zn CIK shell.

No external dilution is added as lens block model margins are constrained by the geological interpretation

while overall models are constrained by regional shears.

11.4Mineralised Domain Coding

CMPL applies a systematic domain code to each lens wireframed within the five shear systems. The CSA

shear systems are Western, Eastern, QTS South, QTS Central and QTS North. The domain codes (ROCKZONE)

consist of three-digit codes for mineralised domains and two-digit codes for low grade/waste domains as

presented in Table 11-3.

Table 11-3 ROCKZONE codes

Mine Are	ROCKZONE
Western – Low grade/waste	80 / 10
Western – Mineralised	100, 101,110,120,121,130, 140, 150, 160, 170, 180, 190, 200
Eastern – Low grade/waste	80 / 30
Eastern – Mineralised	700, 710, 720.to.810
QTS South – Low grade/waste	80 / 70
QTS South – Mineralised	600, 610, 620, 650, 670, 680
QTS Central – Low grade/waste	80 / 40, 50, 60
QTS Central – Mineralised	850, 860, 870, 880, 890, 900, 910, 920
QTS North – Low grade/waste	80 / 20
QTS North – Mineralised	300, 310, 320.to.50
QTS South Upper A – Waste	85, 90
QTS South Upper A – Mineralised	950, 960

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Merrin Mine HG Zinc	201, 202, 203, 204, 205, 206, 207, 208, 210, 211, 212
Merrin Mine LG Zinc / Waste	80, 81, 82 / 30

11.5Composites

Within the ROCKZONE wireframe domains the majority of sample intervals are 1m in length. CMPL has

determined that there is no correlation between sample length and copper grade. Sample intervals within

individual ROCKZONE wireframe domains are composited to 1m lengths for use in estimation.

11.6Exploration Data Analysis and Grade Capping/Outlier Restrictions

CMPL undertakes a statistical review of each ROCKZONE domain within the five shear systems to confirm

domain characteristics and identify outlier copper and silver grades. The copper statistics presented generally

confirm that the domain distributions are appropriate for a linear interpolation method such as Ordinary

Kriging. Silver distributions within ROCKZONE domains are shown to be more variable than copper indicating

a need for controlling the influence of outliers when using a linear interpolation method.

Within the copper grade populations, high grades are a feature, indicating the presence of massive copper

sulphide. Their occurrence is considered by CMPL to be acceptable in terms of geological continuity and

location within sulphide lodes, hence no grade capping is applied to the copper grades. While extreme

outliers are noted for silver, most are considered to be acceptable within the domain population. A small

number of silver grade caps have been used at QTS South and QTS Central. Grade capping replaces the

original grade with a selected maximum for interpolation. There is a minor level of correlation between

copper and silver at CSA, especially noted in the high-grade domains. The correlation is not strong enough to

support covariant modelling and copper and silver are estimated separately in the model. Stationarity tests

indicate there is very little variance across the deposit.

11.7Variography

Three-dimensional continuity analyses were conducted using Snowden Supervisor software. Traditional

variogram models were generated by ROCKZONE for copper and silver using the 1m composite data files. The

variogram models were updated for all systems, where copper and silver variables were transformed to

normal distribution (normal scores) before variogram calculation and back-transformed for estimation

purposes.

The downhole variogram was viewed for each ROCKZONE domain to determine the nugget effect as this

direction is the most informed to understand inherent variance. The nugget effect for copper and silver was

generally 10% to 35% of the total variability.

The copper and silver variogram models are often different. This is expected given the moderate correlation

between the data sets. Magnitudes and directions of the continuity ellipses match the steep plunge and sub-

vertical dip of the interpreted domains. The maximum copper ranges are generally longer than the silver

equivalents indicating the lower variance of the copper data.

11.8Block Model Definition

CMPL defines a three-dimensional block model for each of the mineralised systems using Datamine Studio

RM software. Block sub-division is not used for the bulk of the orebodies, however a sub-block of

1.25x1.25x2.5m (E,N,RL) is used for the QTS SU and Merrin mines.

11.8.1Block Size

A 5mE by 5mN by 10mRL block size is used for all mineralisation systems.

A 2005 KNA study (Eastern System) resolved that a block configuration of 5mE by 10mN by 10mRL was

appropriate but did not consider 5mE by 5mN by 10mRL block size as an option. Inspection of the block size

vs kriging efficiency and regression slope plot used in 2005 reveals that there is very little change in either

kriging efficiency or slope for smaller block sizes, up to the chosen configuration while both efficiency and

slope begin to deteriorate immediately past the chosen configuration. Given the proximity of this

deterioration to the chosen configuration, and the stability of smaller block sizes, it is considered that a

configuration of 5mE by 5mN by 10mRL is a more suitable configuration for the QTS orebodies.

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11.9Estimation/Interpolation Methods

Ordinary kriged grade estimation was performed using Datamine Studio RM software. The Datamine

Dynamic Anisotropy option was used for the first time in 2014 (Hosken, 2014), resulting in improved search

paths proximal to lens boundaries where a curved search is more appropriate.

Hard boundaries are applied using the ROCKZONE field and composited data. Copper and silver grades are

estimated using a three-pass search process. The first pass search is based on an optimal search derived from

Kriging Neighbourhood Analysis (“KNA”) studies completed for QTS North, QTS South, Eastern, Western and

QTS Central, the results were carried over to the Merrin mine and QTS SU. The first pass uses a search

distance equal to, or greater than variogram maximum ranges. The second pass typically uses double the

primary search range. A third pass is used to ensure each domain is fully populated with an estimated grade

using a search radius that is usually four times the range of the primary search, but up to 10 times for

sparsely populated domains. The same minimum and maximum number of samples is applied to the three

stages, with a maximum of four samples per borehole.

The KNA studies determined optimal block size, sample search radii, number of samples and discretisation.

Block size and discretisation parameters have been maintained for models produced since the KNA studies

were completed. Search sizes are updated each year based on updated variography.

11.9.1Discretisation

A 2006 KNA study determined an optimal discretisation for QTS North and QTS South of 4 by 4 by 4. Similarly,

the 2005 KNA study determined an optimal discretisation grid for Eastern of 2 by 4 by 4. These values are

considered still appropriate and were retained for the current estimation. The Western estimation uses a 4

by 4 by 4 discretisation grid and QTS Central 3 by 3 by 3.

11.9.2Number of Samples

The minimum and maximum numbers of informing samples used for the current estimation vary according to

lens, with an overall minimum of 5 to 10 and overall maximum of 20 to 30. A maximum of four samples were

allowed from any single drillhole. These numbers are based on the KNA studies.

11.10Density Assignment

In situ bulk density data consists of 16,000 records, collected at a frequency of one determination per core

tray (~6.5m for NQ core).

A regression equation is applied for block model density determinations. Block model in-situ density is

calculated using the estimated copper grade and the regression formula presented below, for all systems

except the Western System:

•In situ bulk density = 2.816 + 0.0406 x estimated copper grade (Cu %)

For the Western system, in situ bulk density is determined by:

•In situ bulk density = 2.780 + 0.0400 x estimated copper grade (Cu%)

For the Zinc systems, in situ bulk density is determined by:

•In situ bulk density = (Zn estimate + Pb estimate)*0.0326+2.884 for zinc orebodies

11.11Validation Visual Validation

Block models are validated visually by comparing the input data with the block estimates. Copper grade,

kriging efficiency and search pass are viewed in detail with drillhole data density to assess estimation quality.

In each case, there is a good correlation between data density and estimation quality (kriging efficiency).

11.11.1 Grade versus Elevation Plots

Grade versus elevation plots for each lens are reviewed. Each plot shows a good correlation between block

and sample grades where the number of drillhole samples is high. In all cases, the plots show that the block

grades represent a smoothed version of the sample grades, indicating the Ordinary Kriging ‘smoothing’

process has performed as expected. Modelled lenses are also reviewed against detailed underground face

mapping.

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11.11.2 Model versus Composite Statistics

Model and 1m composite grades for each system are compared against wireframes and block model

volumes. The sample and block grades are mostly within 10% of each other. In some cases, the sample

grades are higher than the model grades, which often indicate the drilling is clustered on high grade zones.

Ordinary kriging, in principle, is a least variance estimator and de-clusters the grades during the estimation

process.

The wireframe and block model volumes compare well in all cases, with the difference in most cases <1%.

11.12Confidence Classification of the Mineral Resource Estimate

Table 11-4 summarises the CSA Mineral Resource classification criteria with respect to kriging efficiency and

drill data density.

Table 11-4 CSA Mineral Resource Classification Criteria

Resource Category	General Description	Geostatistical Parameter
Measured	The majority of mineralisation developed and mapped. Sufficient diamond drill data to define contacts, continuity, grade and density with a high level of confidence. Diamond drill spacing of approximately ≤ 20m north-south by 37.5m vertical for QTS North and 20m north- south by 20m vertical for other systems.	Majority search pass 1. Copper kriging efficiency > 40 RESCON=1
Indicated	Drill intersections are too widely spaced to ensure continuity, but adequate to assume continuity. Features as for Measured can be estimated with a reasonable level of confidence. Diamond drill spacing of approximately ≤ 40m north-south by 70m vertical (QTS North) and 40m north-south by 40m vertical (all other systems).	Majority search pass 1 and 2 Copper kriging efficiency > 20 < 40 where 1st pass is used. RESCON=2
Inferred	Not enough data to reliably predict contacts and grade continuity. Features as for Indicated can be estimated with a low level of confidence. Diamond drill spacing of approximately ≥ 40m north-south by 70m vertical (QTS North) and 40m north-south by 40m vertical (all other systems). Drill density is sufficient to give confidence that the lens persists down plunge/ dip	Majority search pass 2 and 3 Copper kriging efficiency < 20 where 1st pass is used. RESCON=3

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Figure 11-2 Distribution of classified material.

11.13Reasonable Prospects of Economic Extraction

The calculation of the stope break-even cut-off grade used in the assessment of economic viability of Mineral

Resources uses a mining cost of A$109.3/t moved, a processing cost of A$41/t milled, G&A costs of A$49/t

milled.

The Mineral Resource estimate has been reported within a potentially economic mining shape using

commodity price, metallurgical recovery, mining, processing, site general and administrative, treatment and

refining charge, and transport cost assumptions that reflect the QP's assessment of reasonable long-term

expectations. These assumptions were derived from a combination of historical operating performance at

CSA, current operating budgets, recent actual costs, life-of-mine planning assumptions, and prevailing market

conditions at the effective date of the Mineral Resource estimate.

The copper price assumption was selected as a long-term planning price considered reasonable for assessing

reasonable prospects for eventual economic extraction and is consistent with prices commonly adopted by

industry participants for long-life underground copper operations. Cost assumptions were based principally

on recent operating experience at the CSA Mine, adjusted where necessary to reflect anticipated future

operating conditions. The QP considers these assumptions reasonable and appropriate for demonstrating

reasonable prospects for eventual economic extraction.

11.13.1 Commodity Price

The calculation of the stope break even cut-off grade is based on a copper price of US$11,900/tonne. This

price aligns with the price used at CMPL for mine planning and is in line with the Company's long-term, real

copper-price forecast.

The commodity price and cost assumptions are intended to represent long-term planning parameters rather

than spot market conditions and are considered appropriate for Mineral Resource reporting purposes

11.13.2 Depletion

The reported Mineral Resources have been depleted using surveyed wireframe volumes to flag blocks within

each lode system. The QTS North, QTS Central, Eastern and Western block models were depleted with both

3D shapes related to development and depletion strings (“As-builts”). QTS South block model was depleted

with strings only. QTS SU has not been mined, thus has no depletion, and the Merrin mine, where possible,

has been depleted using wireframes, there is still some uncertainty around the historic stopes hence this

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orebody is classified as inferred until stop mapping has been completed. The 3D shapes and depletion strings

are supplied by on-site mining engineers. The resultant Mineral Resource is then assessed lens by lens, level

by level, in conjunction with the mining engineers. Non-mineable components are excluded in spreadsheet

format and the final resource tabulated.

11.13.3 Mineral Resource Reporting Cut Off

Interpretation of the high-grade mineralised lodes is consistent with that used historically at CSA (based on

an approximate 2.5% cut-off), which has proven to reconcile well with production. A lower-grade halo is

modelled around the high-grade zones based on an approximate 1.5% Cu cut-off and represents mineralised

material which is included during mine planning.

The Mineral Resource estimate is based on lode definition using geologically defined structures and

application of copper grade constraints in combination with an underground stope mining method

requirement of reasonable prospects of economic extraction.

11.14Mineral Resource Estimate

The Mineral Resource estimate for CSA is reported in accordance with Regulation S-K 1300 and the Mineral

Resources are considered to have reasonable prospects for eventual economic extraction. The Mineral

Resources presented in this section are not Mineral Reserves and do not demonstrate economic viability. The

reported Inferred Mineral Resources are considered too speculative geologically to have the economic

considerations applied to them that would enable them to be categorised as Mineral Reserves. There is no

certainty that all or any part of an Inferred Mineral Resource will be converted to a higher classification or to

a Mineral Reserve.

Mineral Resource classifications were assigned on the basis of geological confidence, drill spacing, data

quality, continuity of mineralisation, estimation performance, and confidence in the grade interpolation.

Measured Mineral Resources are supported by the highest level of confidence in geological continuity and

grade estimation. Indicated Mineral Resources are supported by sufficient confidence in geological

interpretation and estimation to support mine planning, but at a lower level than Measured Mineral

Resources. Inferred Mineral Resources are assigned where geological continuity is reasonably established,

but where additional drilling is required to increase confidence in the estimate. Accordingly, the level of

uncertainty increases from Measured to Indicated to Inferred Mineral Resources.

Mineral Resources are constrained and reported using economic and technical criteria, including geological

and grade-defined thresholds, mineable shapes, and proximity to existing mine infrastructure, such that the

Mineral Resources have reasonable prospects for eventual economic extraction. In the opinion of the QP,

there are no known material technical, environmental, permitting, legal, metallurgical, infrastructure, or

economic factors that would preclude eventual economic extraction of the reported Mineral Resources. Any

remaining uncertainties are typical of an operating underground mining operation and are expected to be

addressed through ongoing drilling, mine planning, and operational activities.

All figures are rounded to reflect the relative accuracy of the estimates and totals may not add correctly.

Mineral Resource estimates exclusive of Mineral Reserves are summarised in Table 11-5 on a 100%

ownership basis. Table 11-6 shows the total Mineral Resource inventory inclusive of all Mineral Reserves for

copper and silver. Table 11-7 shows the total Mineral Resource inventory for zinc. Zinc does not form part of

the Mineral Reserve estimate and is therefore reported only as a Mineral Resource. The effective date of the

Mineral Resource estimate is 30 June 2026.

Table 11-5 Copper and Silver Mineral Resources Exclusive of Mineral Reserves as at 30 June 2026 (Based on a Copper Price

of US$11,900/t at 1.5% Cu Cut-Off Grade)

System	Resource Category	Tonnes Mt	Cu %	Cu Metal Kt	Ag g/t	Ag Metal Moz
All Systems	Measured	1.343	7.65	102.691	23.2	1.001
	Indicated	1.479	4.90	72.490	13.5	0.640
	Meas + Ind	2.822	6.21	175.181	18.1	1.641
	Inferred	6.173	3.76	231.942	24.0	4.767
	Total	8.994	4.53	407.123	22.2	6.407

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Notes:

1.Mineral Resources are reported as at 30 June 2026 and are reported using the definitions in Item 1300 of Regulation S-K (17 CFR Part

229)(S-K 1300)

2.Mineral resources are reported excluding Mineral Reserves

3.Price assumptions used in the estimation include US$11,900/tonne of copper and US$38.9/troy ounce of silver; in line with the Company's

long term forecast copper pricing.

4.Geological mineralisation boundaries defined at a nominal 2.5% Cu cut-off for high grade lenses, and 1.5% Cu for the lower-grade halo.

Resources reported above a 1.5% Cu cut-off grade

5.Cost assumptions underlying cut-off grade calculation include AUD$109.3/t ore mined, AUD$41.2/t ore milled and AUD$48.5/t G&A

6.Metallurgical recovery assumptions used in the estimation were 97.5% copper recovery and 86.7% silver recovery

7.Mineral Resources reported as dry, raw, undiluted, in-situ tonnes

8.Figures are subject to rounding.

Table 11-6 Copper and Silver Mineral Resource Inclusive of Mineral Reserves as at 30 June 2026

System	Resource Category	Tonnes Mt	Cu %	Cu Metal Kt	Ag g/t	Ag Metal Moz
All Systems	Measured	11.5	5.00	575	19	7.1
	Indicated	5.8	4.80	278	17	3.1
	Meas + Ind	17.3	4.90	853	18	10.2
	Inferred	6.2	3.80	232	23	4.5
	Total	23.5	4.60	1,085	19	14.7

Notes:

1.Mineral Resources are reported as at 30 June 2026 and are reported using the definitions in Item 1300 of Regulation S-K (17 CFR Part

229)(S-K 1300)

2.Mineral resources are here reported inclusive of Mineral Reserves

3.Price assumptions used in the estimation include US$11,900/tonne of copper and US$38.9/troy ounce of silver; in line with the Company's

long-term forecast copper pricing.

4.Geological mineralisation boundaries defined at a nominal 2.5% Cu cut-off for high grade lenses, and 1.5% Cu for the lower-grade halo.

Resources reported above a 1.5% Cu cut-off grade

5.Cost assumptions underlying cut-off grade calculation include AUD$109.3/t ore mined, AUD$41.2/t ore milled and AUD$48.5/t G&A

6.Metallurgical recovery assumptions used in the estimation were 97.5% copper recovery and 86.7% silver recovery

7.Mineral Resources reported as dry, raw, undiluted, in-situ tonnes

8.Figures are subject to rounding.

Table 11-7 Zinc Mineral Resource as at 30 June 2026, Zinc does not inform the Reserve

System	Resource Category	Tonnes Mt	Zn %	Zn Metal Kt
All Systems	Measured	0	0	0
	Indicated	0.280	3.64	10.187
	Meas + Ind	0.280	3.64	10.187
	Inferred	2.373	7.31	173.503
	Total	2.652	6.93	183.690

Notes:

1.Mineral Resources are reported as at 30 June 2026 and are reported using the definitions in Item 1300 of Regulation S-K (17 CFR Part

229)(S-K 1300)

2.Mineral resources are here reported inclusive of Mineral Reserves

3.Price assumptions used in the estimation include US$2,646/tonne for zinc and US$2,094/tonne for lead; in line with the Company's long-

term forecast zinc pricing.

4.Geological mineralisation boundaries defined at a nominal 2.0% Zn cut-off for high grade lenses, and 1.5% Zn for the lower-grade halo.

Resources reported above a 1.5% Zn cut-off grade

5.Cost assumptions underlying cut-off grade calculation include AUD$109.3/t ore mined, AUD$41.2/t ore milled and AUD$48.5/t G&A

6.Mineral Resources reported as dry, raw, undiluted, in-situ tonnes

7.Figures are subject to rounding.

11.15Factors that May Affect the Mineral Resource Estimate

Areas of uncertainty that may materially impact the Mineral Resource estimates include:

•Movement in long-term metal price and exchange rate assumptions based on market dynamics

outside the control of the Company

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•Changes in the local interpretations of mineralisation geometry may occur as CSA continues to

conduct exploration drilling, based on the results of such drilling; changes could include the presence

of mineralisation extensions, off-shoots, faults, dikes and other structures as well as changes to the

continuity of shear geology, the continuity of mineralised zones and grade continuity assumptions

•Changes to metallurgical recovery assumptions which may be driven by changes in mineralogy or

processing plant operation

•Changes to the grade threshold values applied to the lode definitions

•Changes to environmental, permitting and approvals for the ongoing operation of CSA.

11.16Qualified Person’s Opinion on the Mineral Resource Estimate Process

The QP is of the opinion that the Mineral Resource estimate is well-constrained by three-dimensional

wireframes representing geologically realistic volumes of mineralisation. Exploratory data analysis conducted

on assays and composites shows that the wireframes represent suitable domains for Mineral Resource

estimation. Grade estimation has been performed using an interpolation plan designed to minimise bias in

the estimated grade models.

Mineral Resources are constrained and reported using economic and technical criteria, including geological

and grade-defined thresholds, mineable shapes, and proximity to existing mine infrastructure, such that the

Mineral Resource has reasonable prospects for eventual economic extraction. Resource classifications reflect

the QP's assessment of geological confidence, data quality, drill spacing, continuity of mineralisation and

estimation confidence, with uncertainty increasing from Measured to Indicated to Inferred Mineral

Resources.

In the opinion of the QP, there are no known material technical, environmental, permitting, legal,

metallurgical, infrastructure or economic factors that would preclude eventual economic extraction of the

reported Mineral Resources. Any remaining uncertainties are typical of an operating underground mine and

are expected to be addressed through ongoing drilling, mine planning and operational activities.

12Mineral Reserve Estimate

Section 229.601(b)(96)(iii)(B)(12) (i-vi)

This section contains forward-looking information related to tonnage and grade for the project. The material

factors that could cause actual results to differ materially from the conclusions, estimates, designs, forecasts

or projections in the forward-looking information include any significant differences from one or more of the

material factors or assumptions that are set forth in this sub-section including actual in-situ characteristics

that are different from the samples collected and tested to date, equipment and operational performance

that yield different results from current test work results.

12.1Introduction

CMPL estimates Mineral Reserves annually using the most current Mineral Resource estimate and Void

Model to allow for mining depletion.

The mining method used at CSA is a combination of sublevel long-hole open stoping and Avoca stoping (for

narrow mineralised lenses) with either paste or rock fill (discussed in more detail in Section 13). CSA uses

Deswik® software (stope design and scheduling) for mine planning. The Mineral Reserve is the economically

mineable part of the Measured and/or Indicated Mineral Resource after application of the relevant modifying

factors.

The reference point for the Mineral Reserve estimate is the point of delivery to the processing plant.

The principal parameters used in the Mineral Reserve estimate for stope design and economic evaluation are

as follows:

•cut-off grades were estimated and applied as outlined in Section 12.5

•dilution and recovery factors include allowance for overbreak dilution, fill dilution, and ore losses; the

factors applied are based on historical stope performance and industry norms; waste dilution is

assumed to have zero copper and silver grade

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•the Mineral Reserve category is assigned based on contained Measured and Indicated Resource with

Measured Mineral Resource converted to Proven Mineral Reserve, and Indicated Mineral Resource

converted to Probable Mineral Reserve;

•A modifying-factor flag added to the Reserve Estimate block model used for interrogation identifies

any Inferred material as waste for both stopes and development.

•development, which must be mined to access the stopes, is treated as ore if ≥1% Cu.

12.2 Development of the Mining Case

Mineral Reserves are reported within mineable stope shapes designed using Deswik® Mining Stope Optimizer

software (“MSO”). MSO uses an algorithm to generate mineable shapes based on inputs specific to the

geology and mining methods utilised at a specified cut-off grade. Characteristics of material inside the design

wireframes, including tonnes and grades, are considered discretely.

Dilution factors are applied in addition to waste included within the design wireframes. The cut-off grade is

applied following the inclusion of waste dilution factors.

Conversion of Mineral Resource to Mineral Reserve includes the following steps:

•import resource block model

•generate MSO shapes at estimated Reserve Cu cut-off

•remove areas isolated from main operating areas, too close to existing excavations, areas near critical

infrastructure, and stopes with limited strike length

•add pillars as required in areas adjacent to existing excavations to suit backfill type

•design mine development to suit the remaining stopes

•generate altered block models with zero grades for any material other than Measured or Indicated

Resources

•re-evaluate stope and development wireframes using the altered block model

•apply Reserve stoping cut-off grade for Cu after the application of dilution factors in Deswik scheduling

software, and development cutoff grade of 1.00% Cu

•remove areas of the design which are not required for the extraction of Reserve material

•validate scheduled tonnes by comparing to manual batch interrogations against the block models

•validate the Mineral Reserve reported in Deswik.Schedule by using MS Excel to duplicate the

application of modifying factors, cut-off, and classification calculations

•generate a mining schedule

•confirm economics using a discounted cash flow model.

12.3Design Guidelines

CSA uses several variations of long-hole open stoping. The majority of production utilises underhand long-

hole open stoping, augmented by overhand long-hole open stoping and modified Avoca stoping. Ore is

hauled via truck to one of two hoisting shafts, referred to as No. 1 or No. 2 shafts.

There are several production areas as shown in Figure 7-2, each with its own block model. A block model cell size of 5m

x 5m x 10m is used for Mineral Reserve estimation. This block size is considered appropriate for the selectivity and

mining methods used.

12.4Modifying Factors

Modifying factors have been based on the historical stoping performance as captured in the CSA

reconciliation database and considering industry norms. A production reconciliation process is maintained at

CSA, the results of which have been used to analyse stoping performance and to determine usable modifying

factors for the 2026 Mineral Reserve.

During the reserve mine design process, all material within the design wireframes not classified as Measured

or Indicated Mineral Resource is considered to be internal waste or planned dilution. External or unplanned

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dilution is applied as a mining dilution factor in addition to the designed or planned dilution. The factor varies

based on mining method, historical performance, and comparable industry values. The external or unplanned

dilution is generally derived from overbreak in the hangingwall/footwall or failed backfill material.

Mining/Reserve recovery is a percentage factor applied to the diluted tonnage and represents ore which

cannot be recovered during mucking. The recovery factor is based on historical performance. Table 12-1

shows the historical actual dilution and recovery factors by stope type over the last three years. The average

sample for each of the stope types is 23 (Avoca), 15 (Longitudinal) and 51 (Transverse) in line with the

previous three years operating actuals.

Table 12-2 showing the factors applied to the Mineral Reserve Estimate, which are based on the P50 of the

three year historical average. It should be noted that historical dilution factors for longitudinal and modified

Avoca stope types are high by industry standards. The tonnes extracted using these stope types over the

previous three years were relatively small, and additional work on improvement methods is included as part

of the FY27 work plan to further extract value from the asset.

Table 12-1 Historical Average Dilution and Recovery Factors

Mining Method		# Stopes	Compliance Design & Mined (%)	Underbreak (%)	Overbreak (%)	Recovery (%)
Avoca	Average	23	77%	21%	33%	81%
	P50		82%	15%	37%	87%
Longitudinal	Average	15	84%	13%	24%	87%
	P50		86%	13%	19%	89%
Transversal	Average	51	87%	12%	18%	89%
	P50		89%	10%	14%	90%

Table 12-2 Selected Reserve Stope Factors

Mining Method	Overbreak (%)	Recovery (%)
Avoca	35%	87%
Longitudinal	20%	89%
Transversal	15%	90%

12.5 Cut-off Grade and Input Assumptions

The cut-off grades were determined based on the economic evaluation of historical cost and performance

data, estimated future operating and capital costs assumptions and global Macroeconomics, including

revenue factors and price assumptions. The cut-off grade is the grade above which the mineable shapes can

be mined profitably and therefore converted to Mineral Reserves.

The cut-off grades were calculated considering the value of the copper with silver value being excluded due

to current streaming arrangements. It is noted that copper represents 97% of the contained value even if Ag

were to be included. There are no other minerals of economic value included in the 2026 Reserve. Cut-off

grades were based on an analysis of 2024 and 2025 historical operating costs, and modelled costs for 2026 to

LOM. The cut-off determination considers a revenue factor of 90% of copper in concentrate at the mine gate,

averaged over the Mineral Reserve life, to account for logistics and realisation costs. For the purposes of cut-

off grade calculation, the revenue factor for silver is 0%, due to a streaming agreement that makes it

cashflow neutral within mine economic assessments and revenue generated.

Three cut-off grades were calculated:

•Development incremental cut-off

•Stoping incremental cut-off

•AISC (All in Sustaining Capital) cut-off

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The development incremental cut-off is the calculated grade for development material which is broken

during required development and therefore need only cover the incremental cost of hoisting, processing, and

smelting. Although this worked out to be less than 1.0% Cu, for practical reasons the cut-off was kept at 1.0%

Cu as this was considered to be the minimum grade that could practically be segregated.

The stoping incremental cut-off considers all operating costs except general and administrative and capital

development. A stoping cut-off grade of 2.26% Cu was estimated until the end of FY28, after which point a

stoping cut-off of 1.93% Cu is used. The higher cut-off is applied to manage metal production during a period

of increasing mining rate and lower ore tonnes while the mine is stabilised. The AISC cut-off considers all

operating and capital costs.

The increment cut-offs shown in Table 12-3 were applied to the Mineral Reserve estimate and are based on

the values seen during steady-state operation.

12.5.1Metal Price Assumptions

Price assumptions used in the Mineral Reserve estimate are applied as at 30 June 2026 and are summarised

as follows:

•Copper Price - US$9,900/t (US$4.50/lb) - Company’s internal market-guidance on long-term price

estimate

•Silver Price - US$38.90/oz - the Company’s internal market-guidance on long-term price estimate

•A$/US$ Exchange Rate - 0.68 - Company’s internal market-guidance on long-term exchange estimate

The commodity price applied in the estimation of the CSA Copper Mine Mineral Reserve has been estimated

by Harmony as a business-wide planning input. The reserve copper price of US$4.50/lb (US$9,900/t) is set

through the Company’s internal market-guidance and price-forecasting process and is issued as an approved,

Company-wide planning parameter.

The price reflects Harmony’s own long-term view of the copper market formed by its corporate market-

analysis and economics function and approved by executive management. In forming its long-term price

estimate the Company has had regard to a range of market information, including independent expert long-

term market analysis, current and forward market conditions, and the Company’s assessment of long-run

copper supply and demand fundamentals.

Consistent with a conservative Mineral Reserve basis, the reserve copper long-term cut-off-grade price of

US$4.50/lb is set at the Company’s long-term base-case price.

In support of, and as an independent benchmark for, the Company’s price estimate, Harmony has had regard

to the CRU Copper Long-Term Market Outlook (May 2026), prepared by CRU, an independent expert market-

intelligence provider.

CRU’s analysis identifies a structural, and widening, long-term copper supply gap driven by growth-market

demand (electric vehicles, data centres, renewables, electricity grid and battery storage, and defence), which

CRU expects to lift copper’s long-term incentive price and to structurally establish prices above US$10,000/t.

Harmony’s reserve copper price of US$9,900/t sits approximately 2.7% below CRU’s long-term incentive price

of US$10,174/t and below the US$10,000/t structural level identified by CRU. The Company therefore

considers its reserve price to be a reasonable and appropriately conservative long-term assumption, well

supported by independent market analysis while not relying on broker consensus.

12.5.2Input Parameters

The cost inputs for the June 2026 Mineral Reserve estimate are based on CSA’s internal budgeting process.

With its long operating history, CSA has a thorough understanding of the mining, processing, G&A, and other

costs associated with the operation. A discount rate of 7% has been applied for NPV calculations in line with

Harmony estimation for Australian assets.

Key input parameters used in the calculation of cut-off grades used for the estimation of Mineral Reserves

are summarised in Table 12-3

Table 12-3 Summary of Mineral Reserve Input Parameters

Parameter	Unit	Value
Copper Price	US$/t Cu	9,900

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Copper Revenue Factor	%	90
Copper Recovery	%	97.5
Silver Price	US$/oz	38.9
Silver Revenue Factor	%	0%
Silver Recovery	%	86.7
Mining Cost (excl. Capex)	AUD$/t mined	118.0
Processing Cost	AUD$/t milled	44.0
G&A Costs	AUD$/t milled	49.0
Incremental Development Cut Off	% Cu	1.0
Incremental Stoping Cut Off	% Cu	1.93
AISC Cut Off	% Cu	2.26

*Revenue factor accounts for all costs from mine gate (incl. freight, realisation charges and offtake costs)

**Resource price tests the longer-term prospects for eventual economic extraction and is set at the Company's long-term forecast

guidance price, whereas the Reserve price is deliberately set below it to provide a conservative basis on which economically mineable

material is declared, consistent with S-K 1300.

12.5.3Metallurgical Recoveries

Ore has been processed at an onsite conventional flotation concentrator since circa 1965. This produces a

concentrate which is sent off-site for smelting and refining to produce copper cathode.

The metallurgical performance of the CSA plant is well understood and has generally remained stable over

the past 5 years. Copper recovery to concentrates from 2019 to 2025 averaged 97.5%. Recovery of silver, the

only by-product, averages about 86.7%. Concentrate Cu grades averaged 26.1% Cu and contains

approximately 80g/t Ag.

Copper processing recoveries at the CSA concentrator are expected to average 97.5% over the life of the

Mineral Reserve. Silver recoveries are forecast at 86.7% over the same period.

12.6Mineral Reserve Schedule

The modifying factors as outlined have been applied to the available Mineral Resources and schedule then

subject to an economic assessment. The results of the developed Reserve schedule forming the basis of the

Reserve estimate are shown in Table 12-4.

Table 12-4 Reserve Schedule Summary

CSA Mine
		Total
Total Material Mined	kt	23408
Ore Mined	kt	17691
Waste Mined	kt	5716
Total Material Milled	kt	17691
Feed Grade Cu	%	3.26
Feed Grade Ag	g/t	12.3
Contained Copper Tonnes	kt	577
Cu Produced	kt	562
Ag Produced	koz	6079
Revenue	AUD$M	8135
Total Direct Costs	AUD$M	-4422
Mining Costs	AUD$M	-2771
Processing Costs	AUD$M	-776
General Administration	AUD$M	-874
Total Direct Costs (Net Mine Development)	AUD$M	-3956
Indirect Costs (Royalties, Freight, tax other than income)	AUD$M	-610

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Total Capital	AUD$M	-1132
Mine Cashflow	AUD$M	2437
Owners costs (inc Streams)	AUD$M	-716
Undiscounted Mine Cashflow	AUD$M	1720
Undiscounted Post Tax Mine Cashflow	AUD$M	1324
NPV (7%) After Tax	AUD$M	704

12.7Key Modifying Factors

A summary of the key modifying factors as presented in Table 12-5. Assumptions are based on well-

understood historical mine performance and budget level scheduling and costing assumptions.

Table 12-5 Key Modifying Factors

Modifying Factor	Principal Assumption	Confidence
Mining dilution (based on stope type)	15-30%	High
Mining recovery (based on stope type)	87-90%	High
Processing recovery	97.50%	High
Copper price	US$9,900/t	Medium
Operating cost	A$224/t Milled (LOM)	High

12.8Mineral Reserve Estimate

The Mineral Reserve estimate for CSA is reported here in accordance with the SEC S-K 1300 regulations and is

considered to be the economically mineable component of CSA’s Measured and Indicated Mineral Resources.

The reported Inferred Mineral Resources are considered too speculative geologically to have the economic

considerations applied to them that would enable them to be categorised as Mineral Reserves. All figures are

rounded to reflect the relative accuracy of the estimates and totals may not add due to this rounding. CSA

Mineral Reserves are summarised in Table 12-6, on a 100% ownership basis, and have an effective date of 30

June 2026.

Table 12-6 Copper Mineral Reserves as at 30 June 2026

Total Reserve – CSA
	Copper
	Tonnes	Cu	Cont. Cu
	[Mt]	[%]	[kt]
Total Mineral Reserve	17.691	3.26	576.868
Proved Mineral Reserve	12.531	3.27	410.303
Probable Mineral Reserve	5.161	3.23	166.565

Notes:

•Mineral Reserves are reported as at 30 June 2026 and are reported using the definitions in Item 1300 of Regulation S-K (17 CFR Part

229)(S-K 1300)

•Price assumptions used in the estimation include US$9,900/tonne (US$4.50/lb) of copper and US$38.9/troy ounce of silver; Company’s

internal market-guidance on long-term price estimate as at 30 June 2026

•The Cu Mineral Reserve tonnes using a Stope cut-off grade of 2.26% Cu for 2026 to 2028, a stope cut-off grade of 1.93% for the

remaining periods and a Development breakeven cut-off grade of 1.0% Cu

•Cost assumptions underlying cut-off grade calculation include AUD$109.3/t ore mined, AUD$41.2/t ore milled and AUD$48.5/t G&A

•Metallurgical recovery assumptions used in the estimation were 97.5% copper recovery and 86.7% silver recovery

•Figures are subject to rounding to reflect the accuracy of the estimate.

12.8.1Reserve Reconciliation

A reconciliation to the previously reported Mineral Reserve is presented in Table 12-7 and graphically in

Figure 12-1. Resource conversion from ongoing infill and exploration drilling has seen additional Reserve

stopes replace the depletion quantities.

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Table 12-7 Reserve Reconciliation

Total Reserve – CSA Operation
		Copper
	Tonnes	Cu	Cont. Cu
	[Mt]	[%]	[kt]
Previously Reported	15.9	3.4	545
New Figures	17.7	3.26	577
Variance	1.8	-0.1	32

Figure 12-1 Reserve Reconciliation

12.9Factors that may affect the Mineral Reserve Estimate

With 50+ years of operating history and a detailed understanding of these factors, the QP considers that

essential controls are in place for CSA to effectively manage these factors, minimising the risk of significant

impact on the Mineral Reserve estimate.

In the QP’s opinion, the following factors may affect the Mineral Reserve estimates, including:

Metal Prices: the Mineral Reserve estimates are most sensitive to copper prices

Metallurgical Recovery: changes in metallurgical recovery for copper could have an impact on the Mineral

Reserve estimates.

Changes in Operating Costs: operating costs that are higher or lower than those assumed in the estimation

process could affect the Mineral Reserve estimates. Inflationary pressures within Australia could increase

operating costs over the life of mine leading to a reduced Mineral Reserve estimate (assuming other

assumptions such as copper price remained unchanged). Conversely, any reduction in operating costs could

lead to improved economic conditions and an increase in the mineral reserve estimate.

Increased Dilution and Ore Loss: dilution and ore loss form key components of the modifying factors used in

the determination of Mineral Reserves. Any unforeseen geotechnical issues could lead to additional dilution,

difficulty accessing portions of the orebody, or sterilisation of ore. CSA conducts continuous geotechnical

drilling and has extensive knowledge of the geotechnical conditions of the mine, both of which are taken into

consideration during mine design in order to effectively mitigate geotechnical risks. Preliminary designed

underground stopes have been evaluated for stability in several geotechnical studies and are regularly

evaluated by the engineering group at the mine.

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Permitting and Approvals: any inability to maintain, renew, or obtain environmental and other regulatory

permits, to retain mineral rights, extend tailings storage capacity or continue safe mining operations could

have a negative influence on Mineral Reserve estimates.

In-Mine Exploration Potential: as per requirements under Subpart 1300 of Regulation S-K (17 CFR Part 229),

the CSA estimated Mineral Reserve is limited to Measured and Indicated resource material only, that also

satisfies the Mineral Reserve economic criteria and modifying factors. However, due to the steeply dipping

nature of the mineralised lenses, detailed drilling (sufficient to classify the material as a Measured or

Indicated resource) is limited in depth extent to 100-200m below the nearest suitable underground

development horizon. Deeper drilling has commenced via an extensive surface drilling programme to confirm

that there is continuity of the mineralised lenses in depth. As the drill density at depth currently is only

sufficient to classify this material as Inferred, at best, it cannot be included in the Mineral Reserves.

In the QP’s opinion, the estimated Mineral Reserve thus represents a comparatively conservative guide to the

future mining potential.

12.10Qualified Person’s Opinion on the Mineral Reserve Estimation Process

The QP considers that the Mineral Reserve estimate for CSA mine and presented in this report is an

appropriate estimation of the diluted, in-situ, and economically viable Mineral Reserve based on the latest

Measured and Indicated Resource data available, and has been prepared using logical and industry standard

accepted practices conforming to the requirements of Regulation S-K. The QP is of the opinion that the

Resource block models used to determine the appropriate Reserve mine design provide a reasonable guide

to the in-situ mineralisation, and that the historically based modifying factors are consistent with actual

mining and processing experience at CSA. The LOM forecasts based on the Mineral Reserves are considered

to provide a conservative estimate of the likely life of mine, given the historical experience of regular reserve

replacement and the known down-dip extensions of the mineralised lodes.

External audits are regularly carried out on operations as a part of Harmony's annual audit rotation. CSA has

been added to the audit rotation with the CSA Mineral Resources and Mineral Reserves being audited by

Derisk in 2026 as part of the reporting cycle.

There were no material issues noted as a conclusion of the Audit review process.

13Mining Methods

Section 229.601(b)(96)(iii)(B)(13) (i-v)

13.1Introduction

CSA is an established underground mine which has been operating for +50 years using similar mining and

processing methods as those which are used in the operation today. CSA extracts approximately 1.1-1.4Mtpa

of copper ore each year from five en-echelon steeply dipping orebodies, with current mining focused on the

QTSN, QTSC and Western systems, with QTSN and QTSC supplying the bulk of the ore and representing 80%

of the contained copper in the current Mineral Reserves.

The mine uses mechanised long-hole open stoping (LHOS) with cemented paste fill (CPF) as the preferred

mining method. A modified Avoca stoping method has historically been used successfully in the narrower

lenses (principally QTSC, Eastern and Western). QTSC and Eastern orebodies have transitioned to LHOS with

CPF (driven by the introduction of paste reticulation to these areas), whilst a new temporary rib pillar mining

method (utilising wireless blasting) will be utilised in the Western orebody. The future dominance of the

QTSN orebody, representing approximately 66% of the currently estimated Mineral Reserve, creates some

concentration risk. Mineral Resources in the other orebodies and remnant areas of the mine create

contingent ore sources. One of the critical aspects to achieving production objectives is prioritising and

increasing the mine development, ventilation capacity in the lower mine levels and access to additional

drilling and extraction horizons.

Figure 13-1 shows a schematic diagram of a typical long-hole open stope that has been partially extracted

before filling, together with a general arrangement of long-hole open stopes on three levels that are in the

process of being extracted (brown coloured stopes) and then backfilled (white coloured stopes) with

cemented paste fill supplied from a surface borehole. Long-hole open stoping has been used extensively over

the life of CSA, and is mechanised, cost-effective, and well suited to the geometry and operating conditions in

the QTSN, QTSC and Eastern systems.

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In QTSN, sub-level intervals are 30m apart above 8580mRL, approximately 1,620m below surface (“mbs”).

Below 8580mRL, the sub-level interval was increased to 40m, leading to some negative impacts with

increased ground failures and higher levels of overbreak and stope dilution; sub-level intervals have more

recently been reduced to 35m. Stope dimensions are typically 20m long by 25m wide. Mining is non-entry

and ground support is employed to control dilution and overbreak prior to the placement of backfill and to

support extraction development.

Figure 13-2 shows a schematic cross section through a modified Avoca stoping sequence. This method is used

in narrower orebodies such as the Western lodes and relies on backfilling with waste rock to provide support

as the ore is progressively blasted and removed from the stope. While the Avoca method has proven an

effective mining method at CSA, benefiting from having a degree of passive wall support from the waste rock

(long-hole open stopes have to be completely extracted before filling can commence), the Avoca stopes can

suffer from higher ore losses, increased waste dilution, and backfilled waste rehandling.

The level interval in QTSC is a combination of 25m and 30m intervals, whilst the Western and Eastern systems

both use 30m intervals. Orebody widths for the three systems are between 6-10m. In the modified Avoca

method, mining begins in the central area of the ore zone and progresses towards both ends of the ore

drives. The stopes are drilled with either upholes or downholes. A slot is established to create the initial void

for subsequent stope firing. The rings are then fired in slices to a stope length as allowed by the stability

assessment and then bogged clean. The empty stope is then filled with waste rock from the upper sub-level.

The filled stope is then mucked out to a natural angle of repose and subsequent rings are blasted to a free

face.

The QTSC orebody is split into two zones, QTSC Lower and QTSC Upper. QTSC Lower extraction is based on

25m level intervals utilising blind uphole stoping with cemented pastefill. QTSC Upper extraction utilises 30m

level intervals, utilising a mix of uphole and downhole stoping, with a mix of pastefill and rockfill.

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

Figure 13-1 Schematic – Long Hole Open Stoping Mining Method

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

Figure 13-2 Schematic – Avoca Mining Method

Diesel load-haul-dump (“LHD”) units load broken ore from the stopes into diesel-operated trucks. The ore is

hauled from the stopes for up to 7-8km to the underground crushers located at the base of the two hoisting

shafts. Truck haulage distances to the underground crushers will increase as stoping gets deeper, adding to

truck cycle times, requiring more trucks, and adding to the ventilation requirements, all of which is

considered during the mine planning processes. Improving average payloads across the operation, along with

improved utilisation and cycle-time could assist in partially offsetting the increased haul distances at depth.

From the underground crusher, ore is hoisted to surface in the two hoisting shafts:

•No. 1 shaft hoists from 10 level (895m underground) to surface, has a capacity of 700kt per annum

(“ktpa”) and is used for ore and waste hoisting only; No. 1 shaft has previously been upgraded with a

new headframe and double-drum winder

•No. 2 shaft hoists from 9 level (810m underground) to surface, has a capacity of 1.5Mtpa and is used

for both men and material hoisting and ore hoisting; No. 2 shaft has previously been upgraded with a

new Koepe winder and control system.

The Reserve LOM extends a further 6 levels (6 x 35m) from the current deepest levels of stoping. The recent

upgrades in ventilation and cooling along with the new fleet and further planned ventilation upgrades will be

sufficient to mine the mine plan presented in this report.

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13.2Blasting

All stope blasting is conducted with emulsion or Ammonia Nitrate/Fuel Oil (“ANFO”) explosives, in 102mm

blast holes. For the main ore lenses, a raise bore slot is developed to create an opening from a crosscut drive

at the top of a stope, down to a strike drive on the extraction (bottom) level. The slot is opened in two shots.

The remainder of the stope is then drilled and fired as a number of rings that are fired into the void created

by the slot. Smaller lenses would generally be extracted in a similar manner, except that a longhole rise

pattern of drill holes may be used to create the slot rather than a raise bore.

13.3Geotechnical Parameters

13.3.1Overview

The CSA Copper Mine has more than sixty years of continuous underground operating history and one of the

most extensive geotechnical datasets of any operating base-metal mine in the Cobar Basin. The current

geotechnical understanding is documented in the site's Principal Hazard Management Plan for Ground or

Strata Failure and Subsidence (CSA-PHMP-1004, Revision 9, February 2026), which is the master reference

document for ground control at CSA and forms the technical basis for the geotechnical inputs to the Mineral

Reserve estimate.

CSA is an inherently anisotropic mining environment. Ore and waste are hosted in the Silurian-age CSA

Siltstone – a steeply dipping, thinly bedded turbiditic sequence with a pervasive north–south trending, sub-

vertical foliation. Rock mass behaviour is dominated by the interaction between this strong bedding/foliation

fabric, the local shear architecture, and the in-situ and mining-induced stress field. The rock mass is ductile

rather than brittle, dissipating stored energy through progressive buckling and shear along foliation planes

rather than through violent seismic release.

Active production is currently distributed across five ore systems (QTSN, QTSC, Eastern, Western and the

shallow QTSSU deposit brought online in 2026), with the base of QTSN production at approximately 1,850 m

below surface at the effective date of this report. The Life-of-Asset (LOA) drilling programme is now targeting

mineralised continuity beyond 2,000 m below surface, and the geotechnical management strategy has been

updated in 2025–2026 to reflect the transition into a genuinely deep mining environment.

The QP considers that CSA has the data, technical resources, monitoring systems, engineered controls and

governance frameworks required to manage ground control risk to a level consistent with the Modifying

Factors applied to the Mineral Reserve estimate reported in Section 12.

13.3.2Rock Mass Characterisation and Intact Rock Properties

The host rock mass at CSA comprises predominantly steeply-dipping, thinly bedded siltstone (SEDS) with

bedding striking north-northwest and dipping approximately 80° west. A parallel axial-planar cleavage (S2)

provides the dominant mechanical anisotropy. Alteration intensity increases towards mineralised shears,

with chlorite-altered sediments (CAS), silicified/quartz-altered sediments (SAS), and localised talc alteration

presenting the weakest and most anisotropic material behaviour. Lithological codes used in the CSA block

model are based on the intensity and type of alteration. 

Prior to 2025, the site rock property database contained only approximately 90 legacy laboratory tests dating

from 1969 to 2019, none of which were taken from below 8990 mRL or from active stoping horizons. As a

result, a design uniaxial compressive strength (UCS) of approximately 120 MPa was historically adopted for all

unmineralised rock. A targeted rock property testing campaign completed in 2025 (UCS, Brazilian and Point

Load testing) has materially changed this understanding. The 2025 testing confirmed that whilst the

mineralised siltstone and quartz-veined sandstones are competent (UCS typically 140–200 MPa), the chlorite-

altered and shear-hosted rock types are significantly weaker, with point-load-derived UCS-equivalents

commonly in the range 20–60 MPa. Where samples are cut parallel to foliation, the intact strength can be

reduced by an anisotropy factor of up to 5. These revised strength values, held in the Master Lab Testing

Database, are now used to calibrate the LOA numerical model and to inform ground support and stope

stability design. 

Rock mass classification at CSA uses the Barton Q-System. Based on the site-wide core logging review

completed in 2023 and updated with the 2024 transition to automated photo-logging (Datarock), the

sediments typically classify at the 50th percentile at Q′ ≈ 12, degrading to Q′ ≈ 0.2 at the 10th percentile in

shear-affected ground. The dominant control on Q at CSA is RQD, and RQD values are known to be sensitive

to bedding spacing, drill hole orientation, alteration intensity, drilling practice (pre-2016 holes drilled without

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triple-tube barrels) and logger subjectivity – all of which are considered when interpreting rock mass data for

design. 

An Excavation Support Ratio (ESR) of 1.3 is adopted for lateral development supported with friction bolts and

for vertical shaft development, and 1.6 for lateral development supported with solid bar. A minimum overall

factor of safety (FoS) of 1.5 is required for the installed ground support system, with a first-pass turnout

design FoS of 1.3 excluding primary support, per memorandum GTM25-01 Ground Support Standards Review

& Update. 

13.3.3In-Situ Stress Regime 

The CSA in-situ stress regime has been the subject of numerous investigations since the 1970s. A

comprehensive re-evaluation was completed in 2024–2025 as part of the LOA numerical modelling

programme, driven by the observation that historical stress regimes were unable to reproduce observed

underground damage patterns in the lower mine. Two independent lines of evidence were brought together

in this work: 

•A holistic review by Max Lee (mid-2024) which incorporated CSA's historical measurements together

with more reliable HI-cell measurements from the nearby Endeavour Mine, which shares comparable

geological and structural setting. 

•A Seismic Moment Tensor Inversion (SMTI) analysis carried out in late 2024 on lower QTSN seismic

events south of 8465 mRL, which indicated that the major principal stress dips approximately 30° to

the east at depth. 

The revised stress model is consistent with the observations of Kynes (2014) that the foliation dip direction

rotates from east to west somewhere between approximately 9200 mRL and 9000 mRL. Because principal

stress at CSA is broadly perpendicular to foliation, this rotation of foliation drives a corresponding rotation of

the stress tensor at depth. CSA now formally adopts two stress regimes: 

Upper Stress Regime (above 9000 mRL) 

Applicable to QTSSU, Merrin and remnant workings in the upper mine. Sigma-1 dips shallowly to the west

(10°/271°), sub-normal to the foliation-hosted lodes. Sigma-2 dips shallowly to the south and Sigma-3 is

largely sub-vertical. The upper stress regime is shown in Table 13-1

Table 13-1 Upper Stress regime

Principal Stress	Magnitude	Orientation (Dip/Direction)	Comments
Sigma 1	0.058·D MPa	10° / 271°	Shallow westerly, sub-normal to foliation
Sigma 2	0.035·D MPa	03° / 181°	Shallow southerly (can switch with Sigma 3)
Sigma 3	0.021·D MPa	80° / 028°	Largely sub-vertical
Vertical	0.027·D MPa	–	Assumes rock density SG 2.7

Lower Stress Regime (below 9000 mRL) 

Applicable to all current mining below 9L (Eastern, Western, QTSC and QTSN). Confirmed by the 2024 SMTI

analysis and by the LOA FLAC model calibration completed by Cavroc in early 2025, where this regime best

reproduced observed damage. Sigma-1 dips shallowly east, Sigma-2 is horizontal to the south and Sigma-3

dips steeply west. The lower stress regime is shown in Table 13-2

Table 13-2 Lower Stress regime

Principal Stress	Magnitude	Orientation (Dip/Direction)	Comments
Sigma 1	0.052·D MPa	30° / 110°	Shallow dipping to the east
Sigma 2	0.031·D MPa	0° / 200°	Horizontal to the south
Sigma 3	0.018·D MPa	60° / 290°	Steeply to the west
Vertical	0.027·D MPa	–	Assumes rock density SG 2.7

 

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At the current deepest active mining horizon of approximately 1,850 m below surface, the estimated Sigma-1

magnitude is approximately 96 MPa. Extrapolated to the final Reserve mining depth of approximately 1,980

m below surface, Sigma-1 is expected to reach approximately 103 MPa. At 8205 mRL (~2,200 m below

surface), which lies within the Inferred LOA extension and beyond the current Reserve boundary, Sigma-1 is

projected to approach 115 MPa. The stress regime will continue to be verified through cleavage compass

readings, targeted in-situ stress measurements, and annual re-calibration of the LOA numerical model. 

13.3.4Rock Mass Damage Modes and Mining Implications 

The typical stress path for perimeter development at CSA (for example a footwall drive) begins with high

concentrations of the major horizontal stress in the excavation back and floor. As the abutment of the

advancing stoping front approaches, shear stress around the excavation rotates and increases, inducing shear

and tensile failure along bedding in the sidewalls and corners. This mining-induced stress path drives the four

dominant damage modes observed at CSA: 

•Squeezing, buckling and wall convergence – strongest where development is aligned within 25° of the

foliation strike, where the stress-to-strength ratio exceeds 40–70%, or in altered/foliated rock. Off-

setting development to more than 25° from foliation strike is now specified by design under

GTM25-01 as the primary mitigation. Bearings between 330° and 020° are to be avoided in

development below 8700 mRL. 

•Floor heave – increasingly frequent below 8610 mRL, and observed as floor and back stripping in the

QTSN southern footwall drives at 8500 mRL and 8395 mRL, cracking of the 8480 pump station slab and

vent shaft collars, and buckling of rigid vent walls. Standard practice is to bolt walls below gradeline

and to delay fibrecrete spraying to the walls until broken material has been mucked out. 

•Brow failures – increasingly problematic as stress rises with depth, particularly at east-west oriented

brows where the geometry aligns unfavourably with the principal stress and with the weaker east-

west walls. Recent examples include drawpoint failures up to 10 m along development in QTSN.

Mitigation now includes designed brow cabling in accordance with GTM24-12 Intersection Support

Standards Review & Update R1, and a shift towards remote bogging where required. 

•Stope overbreak – dominant on east and west stope exposures across all mining zones due to the

bedding orientation and east-west principal stress. West wall overbreak in QTSN stopes was the

subject of a dedicated 2025 back-analysis (GTM25-02) which confirmed that the empirical Mathews

stability chart does not adequately capture buckling as the dominant failure mode at CSA. 

Beyond these four dominant modes, historic issues at CSA (kinematic wedge failure, strainburst/fault-slip

seismicity, and water-driven corrosion) have been assessed and are considered low residual risks. There have

been no confirmed cases of ground support damage caused by strainburst or seismic shakedown at CSA.

Deep-seated failures in the backs (greater than 2 m) are rare, with only two documented cases since 2015,

both in localised shear zones. 

13.3.5Mining Method, Stope Geometry and Extraction Sequence 

The mining methods and stope geometries applied at CSA have been progressively adapted to the changing

stress regime with depth. Long-hole open stoping with cemented paste backfill (CPB) is the dominant method

in the primary orebodies. A modified Avoca method is used in narrower lenses in the Western system, and

remote-detonation "reverse firings" using the WebGen system are now used for lenses less than 8 m wide,

allowing the slot to be positioned at the front of the stope and eliminating the need for personnel to work

adjacent to open stope voids. Cemented Hydraulic Fill (CHF) was retired in 2019 following commissioning of

the new paste plant; CPB is now the primary backfill material in all four active copper systems. 

Sublevel spacing shown in Table 13-3 in the primary QTSN orebody has been progressively refined as stress

conditions have evolved with depth:

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Table 13-3 Sublevel Spacing

Elevation Zone	Sublevel Spacing	Rationale
Above 8580 mRL	30 m	Original design, performing well historically
8580 – 8500 mRL	40 m	Trialled to reduce development metres but produced excessive overbreak and stope dilution
Below 8500 mRL	35 m	Optimised in 2025 to balance stress management and productivity

The most significant change to the QTSN extraction sequence is the transition to a top-down, centre-out

chevron sequence, recommended by numerical modelling and formally adopted in the 2026 mine plan. In

plan view, extraction begins at the central eastern stopes and progresses north and south. Extraction of the

first stope immediately to the west is only taken once a two-stope lag has been established. Primary–

secondary sequences are explicitly avoided, and lead–lag distances between adjacent lenses are maintained

to prevent problematic production drilling and excessive stress damage to strike development. The QTSC

extraction has similarly been reconfigured to a longitudinal retreat sequence following operational difficulties

encountered when attempting to mine towards a central closure pillar. 

Backfilling practice supports the sequence: stopes are backfilled as soon as practicable, generally to maintain

a 45-degree mining front. Interim crown pillars are designed to a minimum width-to-height ratio of 1.0,

validated by the 2024 QTSN 8465 J2-412 extensometer campaign (GTM24-04) and by the 2025 back-analysis

of 17 QTSN interim crown pillars (GTM25-06). 

13.3.6 Support Design and Standards 

The CSA Minimum Ground Support Standards are the key engineering control for maintaining excavation

stability. The standards are designed to cover at least 95% of expected ground conditions and account for

natural rock mass variability, changing stress fields, and material and installation quality. The current

standards were formally re-issued under memoranda GTM25-01 Ground Support Standards Review &

Update and GTM24-12 Intersection Support Standards Review & Update R1, and are supported by CSA-MIN-

STD-2001 Ground Support Specification. 

Key design principles adopted for the current Reserve LOM are: 

•All development requires surface support to a maximum height of 2 m from floor. 

•Fibrecrete is always overlain with weld mesh; unmeshed fibrecrete is only used where short design life

or misfire risk is present. 

•Development face meshing (0.9 m friction bolts and mesh) has been mandatory across all faces since

2024. 

•Friction bolts are permitted only where stress, convergence and corrosion risks are low; yielding bolts

(mechanically anchored bolts or grouted cables) are required in moderate-to-high convergence areas.

Stiff resin bolts are avoided. 

•Wall cables are installed with a minimum three-cut delay to allow relaxation. 

•Wide spans (>6.5 m) must be cable-supported using twin-strand grouted bulbed cables of minimum 6

m length with a minimum 1 m embedment, unless assessed under the wide-span assessment form. 

•Galvanised support components are required to manage corrosion risk in areas of localised water

ingress. 

•Where practicable, all development below 8700 mRL is offset more than 25° from the foliation strike;

bearings between 330° and 020° are avoided. 

Ground support installation is subject to a formal Quality Assurance / Quality Control (QAQC) programme

managed by the site geotechnical engineers. Friction bolt pull-testing is conducted at a minimum rate of 1%

of all bolts installed, with jumbo operators installing pull-test rings every cut. Fibrecrete UCS testing targets

32 MPa at 28 days with a slump of 240 mm ± 10 mm. Cable grout targets 32 MPa at 28 days. Paste backfill

UCS is tested for every stope pour. A monthly geotechnical QAQC compliance report is issued site-wide. 

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13.3.7Monitoring, Numerical Modelling and Instrumentation 

CSA operates a multi-layered geotechnical monitoring programme comprising routine inspections, void

monitoring (CMS, LiDAR and CALS), damage mapping (S0–S5 scale), blast vibration monitoring by Orica,

ground instrumentation (MPX and digital extensometers, Thingwave instrumented bolts, sloughmeters and

bucket extensometers), and seismic monitoring. Photographic records, drone surveys and biannual survey-

prism monitoring of the Mt Brown surface subsidence zone complete the monitoring suite. 

The IMS seismic monitoring system currently comprises seven geophones split across QTSC and QTSN, with

the deepest sensor at 8470 mRL. Recognising that production is now at 8395 mRL and continuing to deepen,

a seismic system upgrade was initiated in late 2025 and will add a further six sensors, split across lower QTSN

and QTSC, to improve event location accuracy and capture smaller magnitude events at depth. Events are

visualised live via the Ticker software and are monitored by Pitram and by the geotechnical engineers.

Monthly IMS reports summarise activity, blast response and system health. No separate seismic system is

required at QTSSU due to the shallow mining depth. 

Numerical modelling has been substantially upgraded during 2025. An updated LOA FLAC model was

developed with Cavroc and delivered in early 2025, calibrated against damage mapping and stope overbreak

reconciliation using the revised lower stress regime and the 2025 rock property test results. The model is

refreshed annually as sequence, geometry, structural data and rock property information are updated. In

addition, RS2 2D plastic analysis is used for pillar and isolated-stope assessment, and Cavroc-supported back-

analysis work commenced in 2025 to develop raise-specific plastic modelling techniques. Independent raise-

scan validation has demonstrated good alignment with early model predictions. 

13.3.8 Seismic Hazard Assessment 

The seismic hazard at CSA is currently assessed as low. The site has not experienced any seismic events that

have caused notable damage to ground support or excavations. The primary seismic source mechanism at

CSA is intact rock fracturing rather than fault-slip. This is a direct consequence of the ductile, anisotropic

siltstone host rock and the presence of wide, foliated shear zones which dissipate stored strain energy

through progressive buckling and shearing along foliation planes rather than through sudden brittle release. 

Whilst the frequency of seismic events increases with depth, event magnitudes have remained below

damaging thresholds. The current ground support regime is considered adequate for events below

approximately 1 ML. A formal review of ground support dynamic capacity and exclusion zone requirements

will be triggered by any of the following: (a) an upward trend in seismically induced damage to rock or ground

support; (b) numerical modelling forecasts of damaging seismic hazards; or (c) a sustained seismic hazard

above 1.2 ML, whether or not damage is observed. The Seismic Activity TARP (TAR-004, updated 2025)

prescribes operational responses based on event magnitude and proximity to accessible development. 

13.3.9Deepening of the Mine and Forward Management Strategy 

The management of increasing mining depth is the central geotechnical challenge over the Reserve LOM and

beyond. Current active production is at approximately 1,850 m below surface, the Reserve LOM extends to

approximately 1,980 m below surface, and the LOA drilling programme is targeting mineralisation continuity

beyond 2,000 m below surface, with the current deepest QTSN intercept at approximately 8,050 mRL (2,200

m below surface). The increase in depth introduces higher in-situ stress, higher rock temperature, longer

travel and haulage times, and greater ventilation and cooling demand. Whilst none of these are new

challenges for CSA, the pace at which they compound with depth requires a coordinated technical

management strategy. The site's forward strategy for managing depth is built around six pillars, each of

which is captured in the FY26 PHMP and reflected in the FY27 LOM plan: 

•Improved characterisation of the rock mass. The 2025 rock property test campaign has replaced the

historical 120 MPa design assumption with a lithology-differentiated strength model. Additional

testing is planned in 2026, with a specific focus on chlorite-altered sediments where point-load-

derived strengths remain the primary data source. 

•Adoption of dual stress regimes. The formal separation of upper (>9000 mRL) and lower (<9000 mRL)

stress regimes, validated by the 2024 SMTI and the 2025 Cavroc LOA FLAC model, provides the correct

stress boundary condition for design and back-analysis. Additional in-situ stress measurements will be

conducted as new deep development is established, with the intent of confirming the stress

magnitudes and orientations projected beyond current mining. 

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•Optimised stope geometry and extraction sequence. The transition to 35 m sublevel spacing below

8500 mRL in QTSN, together with the QTSN top-down centre-out chevron sequence and the QTSC

longitudinal retreat sequence, are the principal design-level responses to the higher stress

environment at depth. 

•Yielding ground support and rehabilitation planning. The current ground support standards specifically

deploy yielding elements (mechanically anchored bolts, grouted cables, mesh-covered fibrecrete,

cable-supported wide spans and brows) in areas of moderate-to-high convergence. Rehabilitation

frequency and scope are actively planned through the Geotechnical Rehab Register and the workplan

register, using damage mapping (S0–S5) and LiDAR-based convergence monitoring. 

•Enhanced monitoring at depth. The 2025 seismic system upgrade extends microseismic coverage into

the lower QTSN and QTSC production areas. LiDAR-based convergence monitoring has replaced

convergence pins as the primary quantitative deformation monitoring tool, and Thingwave

instrumented bolts are now used routinely at critical excavations. 

•Integration with mine-wide capital works. The ventilation and cooling upgrades captured in the Capital

Ventilation Project (CVP, Section 15.2), the paste reticulation extensions supporting cemented paste

backfill in QTSC and Eastern, and the WebGen remote-detonation programme for narrow lenses in the

Western system are all mine-wide capital investments that materially reduce residual geotechnical risk

over the Reserve LOM. 

13.3.10 Governance, Assurance and Change Control 

Geotechnical risk management is governed by CSA-PHMP-1004 (Revision 9, February 2026), which sits within

CSA's Safety Management System and complies with the NSW Work Health and Safety (Mines and Petroleum

Sites) Regulation 2022 (in particular Sections 47, 49, 55 and Schedule 1 Part 1). The PHMP is supported by the

site Risk Management Procedure (CSA-HSET-MP-1065), aligned to AS/NZS ISO 31000:2018. 

The PHMP is internally reviewed annually and externally audited every three years. The most recent third-

party review was conducted by Professor Ernesto Villaescusa (Chair of Mining Rock Mechanics, Western

Australian School of Mines) in June 2023. Following the acquisition of CMPL by HMY in October 2025, the site

is progressively aligning ground control governance with the Harmony Group technical standards, and CSA

will be added to the Harmony Group Independent Technical Review Board (ITRB) cycle. The next external

PHMP audit is scheduled for 2026. 

Seven Critical Control Verifications (CC1–CC7) are audited monthly by the geotechnical team: design for safe

remote bogging; ground support installation in active areas; barricading of unsupported ground; the formal

design process for mining excavations; seismic and instrumentation monitoring; installation of "No

Travelling" signage; and periodic geotechnical inspections. Any significant change to ground support

standards, components or practices is managed under the Management of Change procedure (CSA-HSET-

PRO-356). 

13.3.11 Qualified Person's Opinion on Ground Conditions 

The QP is of the opinion that the ground conditions at CSA are well understood, well characterised and

appropriately managed. The rock mass is inherently ductile, the seismic hazard is currently low, and the site's

technical response to increasing mining depth – encompassing refreshed rock property testing, dual stress

regimes, revised sublevel spacing, chevron sequencing, yielding ground support, expanded microseismic

coverage, and calibrated numerical modelling – is consistent with contemporary best practice for deep

underground base-metal mines. 

The residual geotechnical risks over the Reserve LOM are considered manageable within CSA's existing

technical, monitoring and governance systems. The QP does not consider that any current geotechnical issue

would prevent achievement of the mine plan on which the Mineral Reserve declared in Section 12 is based,

provided that the FY26 PHMP is implemented as documented, the seismic system upgrade is delivered as

scheduled, and the QTSSU-specific surface monitoring programme is maintained through the mining of that

orebody. 

13.4Backfill

The principal mining method, long-hole open stoping, requires cemented backfill to fill the stopes post

mining and prior to extracting adjacent stopes. Strength requirements are generally achieved by addition of

up to 3% Portland cement by weight, giving a fill strength of 4 MPa; selected areas such as crown pillar

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extractions may require stronger cemented fill of around 1 MPa, achieved with cement addition rates of

about 6%. Isolated stopes are filled with un-cemented bulk fill only, using development waste.

In certain locations cemented rock fill (“CRF”) is used; CRF is a blend of development waste rock, Portland

cement, and water, which is mixed in a dedicated mixing bay mined on each level where required. The CRF is

placed into the stope before filling with uncemented rock fill.

Paste Fill

The paste fill plant was built in 2018 by Quattro Project Engineering (“QPE”) and was initially operated on a

hire basis before the plant was purchased by CMPL in 2020. Paste fill is obtained by removal of water from

the full tailings stream through vacuum filters at the paste fill plant to produce filter cake and adding cement

as required. The paste fill plant runs as required when fill is required to fill stopes; at other times process

tailings are dewatered and stockpiled adjacent to the plant for future use. On average, 45% of the process

tailings are used as paste fill, with the remaining 55% pumped directly to the STSF. An ongoing improvement

process is underway that may result in reduction of cement usage, or use of alternative slag and lime blends

to reduce cement usage.

Paste Fill Reticulation

•The paste fill is delivered from surface to 9430RL underground via a single 835m long borehole with an

outer 250mm casing and inner replaceable casing of 110mm diameter.

•The underground reticulation system comprises steel pipe rated to 10MPa. These lines connect with

inter-level boreholes, three of which are cased with steel pipe; the remainder are unlined drill holes.

The reticulation system is currently around 1,850m in total length. An expansion of the reticulation

network has been completed to the southern section of QTSN at depth, into QTSC and Eastern.

•The elevation difference from the surface plant to the underground delivery points poses a risk of

over-pressurisation of the reticulation system, with potential for bursts, blockages, and hazards to

personnel. Consequently, a key facet of the system is automated control including pressure sensors.

The single delivery borehole poses some reliability risk and may warrant consideration of establishing

a second hole. CMPL considers blockages and pipe damage to be the main risks for the paste fill

system and has increased borehole monitoring and maintenance and is considering the potential

duplication of the delivery line to provide some redundancy to its operation.

Filling Status

•All modern allocated stope voids in the active mining areas have been successfully filled. There is

however some uncertainty regarding the extent of stope voids remaining in the old mining areas in

the upper levels of the mine, a major consideration for any plans to mine the remnant resources in the

upper levels. (No material from these areas is included in this Mineral Reserve estimate.)

13.5Hydrogeological Parameters

There is minimal ground water inflow into the mine and this condition is not expected to change with depth.

Groundwater has little impact on the geotechnical conditions in the mine and there is minimal need for mine

dewatering.

13.6Other Mine Design and Plan Parameters

For additional parameters used in CSA’s mine design and planning process such as orebody-specific design

guidelines, mining dilution and ore loss, reference should be made to Section 12 Mineral Reserve Estimate,

including Section 12.3 Design Guidelines and Section 12.4 Modifying Factors.

13.7Mine Schedule

As part of the Mineral Reserve estimation process, CSA establishes a detailed schedule of mining physicals in

which Mineral Reserves are mined, transported, hoisted, processed and sold as final concentrate product.

Scheduling of mining stopes is developed using Deswik Scheduler software which combines both automated

and manual scheduling processes to ensure that a practical, productive and profitable mining sequence

occurs. Iterative schedule smoothing is often required in order to deliver consistent ore tonnes and grade to

the processing plant whilst managing mobile fleet availability and maintenance outages across fixed and

mobile assets.

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CSA underground mining production is the primary driver to annual concentrate sales, due to the excess

capacity available in downstream infrastructure. With approximately 2.3Mtpa material hoisting capacity in

the shafts and 1.4Mtpa concentrate processing capacity in the processing plant, CSA scheduling is mining-

centred and is currently planned at 1.1-1.5Mt of ore per annum (1.1-1.5Mtpa) for the Reserve estimation

process.

Recovery assumptions used in the mine scheduling process are 97.5% for copper and 86.7% for silver.

Table 13-4 summarises key physicals for the CSA Reserve schedule, including ore/waste tonnes, grade,

recoveries and concentrate production.

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South Wales, Australia

Table 13-4 CSA Mine – Mineral Reserve Production Schedule

CSA Mine		FY27 LOM PLAN
		2027	2028	2029	2030	2031	2032	2033	2034	2035	2036	2037	2038	2039	2040	2041	Total
Total Material Mined	kt	1247	1466	1790	1718	1675	1609	1612	1589	1755	1980	1861	1671	1661	1215	558	23,408
Ore Mined	kt	848	926	1133	1129	1155	1171	1285	1322	1302	1483	1454	1440	1395	1131	518	17,691
Waste Mined	kt	399	540	658	589	520	439	327	267	453	497	407	231	265	84	40	5,716
Total Development Metres	m	4051	7060	7032	5917	5761	5956	4496	4144	3633	5480	4542	2399	1985	868	824	64,148
Capital	m	2942	4352	4154	3293	3146	2118	1481	734	566	930	516	392	140	0	50	24,815
Operating	m	1037	2104	2483	2241	2261	3448	2651	3015	2193	3040	2289	1440	1079	451	578	30,311
Rehab	m	72	604	395	383	354	390	364	394	874	1510	1737	566	766	417	196	9,023
Total Material Milled	kt	848	926	1133	1129	1155	1171	1285	1322	1302	1483	1454	1440	1395	1131	518	17,691
Feed Grade Cu	%	3.65	3.53	3.40	3.46	3.64	3.56	3.28	3.33	3.48	3.03	3.02	2.92	2.91	2.96	2.97	3.26
Feed Grade Ag	g/t	15.5	14.7	13.5	12.8	15.4	15	12.7	11.9	12.1	9.5	10.3	10.3	10.8	11.4	12.2	12
Contained Copper Tonnes	kt	31	32.7	38.5	39	42	41.7	42.1	44	45.3	45	44	42.1	40.6	33.5	15.4	577
Recovery Cu	%	0.977	0.975	0.977	0.975	0.975	0.975	0.975	0.975	0.975	0.975	0.975	0.975	0.975	0.975	0.975	0.98
Recovery Ag	%	0.869	0.868	0.869	0.868	0.868	0.868	0.868	0.868	0.868	0.868	0.868	0.868	0.868	0.868	0.868	0.87
Concentrate Produced	kdmt	115	131	154	149	161	159	161	168	173	172	168	161	155	128	59	2,216
Cu Produced	kt	30	32	38	38	41	41	41	43	44	44	43	41	40	33	15	562
Ag Produced	koz	367	380	429	405	497	490	456	437	438	394	417	413	420	359	176	6,079

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

13.8Mining Fleet Requirements

The existing underground mining fleet is industry standard, as summarised in the Table 13-5 below. Battery

electric LHDs and trucks are being trialled at CSA and are reported to demonstrate good productivity over a

6-7-hour period, requiring 2-3 hours to recharge.

Table 13-5 Primary CSA Underground Mining Equipment

Resource	Model	Units
Hauling Trucks	TH663i	10
Hauling Trucks	AD30	2
Loaders	LH517	6
Loaders	LH621	2
Simba	E70s	2
Jumbo	DD421	5
Cable Bolter	DS421	2
Charge-up Rig	M360S	1
Elphinstone Agitator	WR810	3
Normet Spraymec	SF050d	2
IT Volvo	90L	2
IT Volvo	120L	4
Cat 938	IT	2
Cat 12H	grader	3
Elphinstone Water Truck	WR810	2
Fuel Truck		1
Service Truck		2
LV	Toyota	49

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13.8.1Equipment Productivity and Usage

Equipment performance differs between the fixed and mobile plant with availability and utilisation being

reported as shown in Table 13-6 for the 2025 calendar year. Maintenance of fixed and mobile equipment is

higher than benchmark due to the age of some of the equipment. Replacement strategies have been

implemented and are included in the capital allocations of the project.

Table 13-6 Plant and Equipment Availability and Utilisation

Equipment	Development Drills	Production Drills	Loaders	Trucks	Hoist	Mill/Plant
Availability	78%	83%	73%	82%	78%	82%
UoA	36%	28%	47%	48%	45%	80%
Productivity	130m/day	510m/day	1200t/day	400t/day	217t/ophr	126t/ophr

Note: UoA = Utilisation of Availability, ophr = Operating hour

A capital works programme of upgrading the ageing mobile equipment fleet is ongoing and should improve

availability. Issues affecting the utilisation of equipment include operator shortages, work site availability,

downtime due to shift changes, refuelling and tramming time to the work site and less than optimal planning.

Mitigation and improvement strategies are underway to improve the low utilisation of plant.

13.9Mine Personnel Requirements

Mining department headcount for FY27 is estimated at a total of 502 full time employees. The organisational

structure is reasonably typical, split into Production, Development, Services, Mobile Maintenance, and

Technical Services. Each department is the responsibility of a Superintendent who reports to the Mining

Manager. A combination of FIFO, DIDO and residential roles are utilised to maintain an appropriate level of

staffing and skill within the workforce.

The LOM remains at a steady state, with similar levels to be maintained for the remainder of the Reserve life of mine.

13.10Mine Map

Figure 13-3 shows a long section of the underground working illustrating the Final Mining Outline.

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Figure 13-3 Mine Layout – Long Section

13.11Qualified Person’s Opinion on the Mining Method

The QP considers the application of both longhole open stoping and Avoca stoping to the various lodes at

CSA appropriate. Longhole open stoping with cemented paste fill is preferred in the deeper areas of the mine

where geotechnical conditions can be more challenging. Lessons have been learned with stope orientation

and ground control practices in recent years that are providing a beneficial input for the mine design,

especially for the lower mine levels.

The QP notes that most of the Mineral Reserve is located in and around the existing mine environment with a

commitment to return to an echelon extraction sequence to reduce ground stress. This should reduce both

risk and cost, and take some pressure off mining exclusively in the lower levels of the mine.

14Processing and Recovery Methods

Section 229.601(b)(96)(iii)(B)(14) (i-iv)

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14.1Introduction

The current CSA processing plant has been operating since 1967. It has operated well over the years and

metallurgical performance has been very good with copper recovery to flotation concentrate of around

97%-98%, producing concentrates averaging 26-27% Cu.

Design concentrator throughput is 1.4Mtpa, with design copper production of around 35-45ktpa.

Concentrator throughput is limited by ore availability linked to production capacity from underground. In

recent years this has averaged around 1.1Mtpa to 1.3Mtpa. With improvements in mining area availability,

ventilation upgrades and location, the Reserve plan estimates production at 1.1-1.4Mtpa over the course of

the Reserve life of mine. Mill production history is shown in Table 14-1.

Table 14-1 CSA Mill Production History

Description	Unit	FY24	FY25	FY26
Ore Milled	kt	1,061	1,018	791
Milled Grade	% Cu	3.67	4.01	3.71
Contained Copper	kt	39.1	39.7	28.8
Copper Concentrate Tonnes	kt	144	146	100
Copper Concentrate Grade	% Cu	26	26	26
Copper Recovery to Conc.	% Cu	98	98	98
Cu Production	kt	38.2	38.9	26.5
Ag Production	koz	372	440	327

14.2Comminution

Primary Crushing

Underground ore is crushed underground to a nominal size passing 250mm using two 1,500mm (60 inch) by

1,200mm (48 inch) jaw crushers, located at the base of Shafts 1 and 2 (Levels 9 and 10). The crushed ore is

hoisted to surface and conveyed to one of four 7,000t crushed ore bins on surface (Figure 14-1). Ore from

these bins is conveyed via apron feeders to the SAG mills at the concentrator.

14.2.1Concentrator Operations

The concentrator flowsheet Figure 14-1 comprises:

Two Metso 6.6m by 2.1m semi-autogenous grinding (SAG) mills with 1.6MW motors installed in 2022 and

2023, replacing two 900kW Hardinge Cascade SAG mills which had been operating for over 50-years. The

Metso mills are used for primary grinding. The secondary ball mill is a Hardinge Cascade grinding mill, 6.6m

by 2.1m, with a 1.1MW motor which was installed in the 1980s. The two SAG mills operate in either closed

circuit or open circuit with the secondary ball mill operating in closed circuit. There is flexibility to arrange the

three mills in different circuit configurations.

The ground product from the SAG mills passes via a series of hydrocyclones to the ball mill, with the oversize

returning to the SAG mills. The ground product from the ball mills also passes through a bank of

hydrocyclones to provide a particle size distribution of 80% passing 106 micron (“P80=106µm”) which is sent

to the copper flotation circuit; oversize material is returned to the ball mill.

The flotation circuit has a number of circuit options, but effectively the circuit comprises rougher copper

flotation followed by a scavenger recovery circuit. Scavenger concentrates are recycled to the rougher feed

while rougher concentrates are fed to a cleaner circuit. The cleaner circuit is made up of cleaners followed by

recleaners (Jameson cells). Cleaner tailings are returned to the scavenger circuit; scavenger tailings are

discarded as final tailings. The recleaner concentrates are sent as final concentrates.

Recleaner concentrates are first thickened and then filtered in two plate and frame filters. Final filter cake

moisture is about 9.5%. The concentrates are stored in two 12 kt capacity concentrate storage sheds awaiting

loading into containers and rail transport to the Port of Newcastle for export.

Tailings underflow from the tailings thickener, is either pumped to the paste fill plant and sent underground

to fill mining voids or pumped to the tailings storage facility (TSF).

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Figure 14-1 Process Plant Flowsheet

The metallurgical performance of the CSA plant is very good. Copper recovery to concentrates from 2018 to

2025 averaged 98%. Recovery of silver, the only by-product, averages about 86.7%. Concentrate Cu grades

average about 26.1% Cu and about 80g/t Ag.

Plant operating time during 2025 was quite variable and utilisation was comparatively low; primarily related

to ore feed supply from underground which is currently constrained by ventilation supply. Data for calendar

year 2025 is summarised in Table 14-2.

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Table 14-2 CSA Concentrator Performance January to December 2025

Item	Units	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Total
Mill throu ghpu t	kt	90.7	62.6	87.4	80.3	78.3	95.7	117.6	101.3	81.4	79.8	91	95.2	1,061.5
Avail	%	0.95	0.78	0.96	0.94	0.98	0.88	0.97	0.99	1	0.88	0.99	0.99	0.94
Util	%	0.44	0.47	0.64	0.56	0.47	0.7	0.65	0.42	0.57	0.44	0.57	0.27	0.52
Run Time	hrs	1165	1081	1618	1431	1235	1607	1652	1142	1491	1076	1392	789	15680
Over all Util	%	0.42	0.49	0.64	0.44	0.24	0.84	0.83	0.68	0.55	0.48	0.59	0.55	0.59

CSA has completed the replacement of two Semi Autogenous Grinding (SAG) mills, which were around 50

years old, which has returned the grinding circuit overall utilisation to 91-97% and further supports a

processing capacity of +1.4Mtpa. At 8,000 plant operating hours (91.3%), the annual throughput capacity

should be about 1.45Mtpa, though actual mill throughput is likely to remain constrained by underground

mine production levels until new ore sources are developed.

CSA has limited expansion potential, a toll treating agreement is possible with neighbouring mine Endeavor

to allow the treatment of Zinc ores, however, this is not included in the FY26 LOM or Reserve estimate.

CSA has also reviewed water supply options to the mine. The current installed infrastructure is capable of

supplying sufficient water to allow treatment of approximately 1.4Mtpa. The major source of water for the

CSA operation is the Cobar Water Board supply, piped from Nyngan. This is supplemented by on-site

catchments and bore waters and water offtake from neighbouring mines.

The CSA operation at times experiences recruitment difficulties typical of remote sites. The site currently has

critical maintenance positions open which it has been unable to fill for an extended period. A number of

vacancies are being filled by technical service providers on contract.

14.3Concentrate Product

The copper concentrate produced by CSA is high-quality and acceptable to off-take smelters. The concentrate

grade averages about 26% Cu with payable silver at about 80g/t Ag. The concentrate contains no deleterious

elements that would incur a penalty. The shipped concentrate has moisture levels of around 9.5%, which

comply with the Transportable Moisture Limits for ocean freight. The particle size distribution for the shipped

concentrates average 80% passing 62 micron (P80=62µm).

Concentrates from the processing plant are stored on-site in two large storage sheds located next to the rail

siding and a loading station. Concentrate is loaded into special containers with removable covers and the

containers loaded by front end loader (“FEL”) onto the train. Each train typically comprises 54 wagons

carrying 108 containers containing approximately 2,900 wet metric tonnes (“wmt”) of concentrate. At

Newcastle Port the containers are offloaded using a forklift and placed into a tippler and emptied into a bulk

storage shed. Ships are loaded using a FEL, belt feeders and conveyors; each shipment is typically

10-12,000wmt.

14.4Tailings

Flotation tailings are either sent to the Paste Fill plant or the final tailings thickener depending on mining

backfill requirements. The Paste Fill Plant takes the full stream tailings and partially separates the water

through vacuum filters to produce filter cake. The filter cake is mixed with cement and sent underground as

paste fill.

Tailings product is thickened using a high-rate thickener before being pumped to the storage facility for

deposition.

CSA deposits thickened tailings within the South Tailings Storage Facility which is a licensed discharge point

for CSA.

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Although variable based on production sequencing, approximately 45% of the tailings is sent to the paste fill

plant and ends up as backfill with the remaining 55% of the tailings deposited in the Southern Tailings

Storage Facility.

For additional information on CSA’s Tailings Storage Facility, reference should be made to Section 15.5

14.5Other Processing Inputs

14.5.1Consumables

Due to the high-grade ore at CSA, the processing facility is not required to process a large volume of ore to

extract the copper, compared with many other copper mines in the industry. As a result of its comparatively

small size and efficient ore recovery performance, the plant requirement for consumables such as grinding

media, wear components or reagents is relatively modest.

The main consumables used in the processing operations are grinding media and mill liners which, combined,

represent a cost of approximately AUD$2M per annum. These consumables represent approximately 18% of

total processing costs and 3% of total mine site costs each year.

14.5.2Personnel

Approximately 100 employees work across the fixed plant areas of CSA including the concentrator,

concentrate handling and paste fill plant. The consistency of processing operations has led to greater stability

in the workforce, relative to the mining operations, and workforce numbers are expected to remain at similar

levels for the Reserve life. Labour costs represent approximately 50% of annual Processing costs, with

Contractors contributing a further 10%.

14.5.3Energy and Utilities

The third major processing cost component is power and utilities. As with process plant consumables, the

high-grade ore at CSA enables copper concentrate to be processed using a relatively low total grinding mill

power per tonne of copper produced. Power costs for the process plant average approximately AUD$4-5M

per year, which represents 10% of total milling costs.

Due to the high availability and near-continuous operation of the grinding mills during operation, annual

power demand is generally extremely consistent and not expected to vary throughout the Reserve life of

mine. Variances in power consumption may occur on a short-term basis during maintenance outages or

when ore supply from underground is not available.

Processing facilities require large volumes of water throughout most stages of the processing pathway;

however much of the process water is recovered and reused, significantly reducing the amount of fresh

water required.

Water loss in the process plant is predominantly through entrained water/moisture leaving the plant within

concentrate product (~9.5% moisture content per tonne of concentrate) or tailings (~70% water content per

tonne of tailings). Water from the tailings is recovered through a decant system at the tailings storage facility

or through the filtration process within the paste fill plant.

Water consumption within the process plant is well understood, stable and not expected to vary over the

Reserve life of mine. Power and water costs combined represent approximately 11% of annual processing

costs.

14.6Qualified Person’s Opinion on Processing and Recovery Methods

The QP is satisfied that the processing facilities at CSA are in good order and fit for purpose. Operating

performance has been good and consistent and the QP expects this to continue.

15Infrastructure

Section 229.601(b)(96)(iii)(B)(15)

15.1Access and Ports

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15.1.1Roads

Road access to the mine site from Sydney is via National Highway No. A32, the Barrier Highway, a high-

quality rural highway to Cobar and from there to the mine site on sealed urban roads.

15.1.2Airstrip

Cobar is serviced by a sealed airstrip with commercial flights five times per week to and from Sydney.

15.1.3Rail

The site is serviced by a rail line (Figure 1-1) which allows transport of concentrate product to the Port of

Newcastle for export. Concentrate is loaded into rail wagons at the site and railed to Newcastle along the

NSW rail network. Railing to Port Kembla, south of Wollongong, is also an option.

15.1.4Port Facilities

Concentrate product is unloaded from rail wagons and stored at the Port of Newcastle before being loaded

onto ships for export. The port facilities are owned and operated by a private company, Port of Newcastle

Operations Ltd, with the unloading, storage and ship-loading services being provided to the project in

accordance with a services contract.

15.2Ventilation Infrastructure

The ventilation system is based on four primary exhaust fans. The surface fans can extract a volumetric flow

rate of 1,000m3 per second (“m3/s”) of air out of the mine via a dedicated series of ventilation raises from

the bottom of the mine to surface.

No. 1 Shaft, No. 2 Shaft, Fresh Air Raise 1 (“FAR1”), Fresh Air Rise 2 (“FAR2”) and the main decline from the

surface are the primary fresh air intakes. The No. 2 Shaft accounts for about 20% of the total mine fresh air,

FAR1 33%, FAR2 28%, No. 1 Shaft 17% and the decline 2%.

Underground auxiliary fans force-ventilate working areas with fresh air from a series of dedicated fresh air

raises connected directly to the cooling plants atop FAR1 and FAR2.

The mine’s geothermal gradient is 2ºC per 100m; the air is chilled by surface refrigeration plants at No. 2

shaft, No. 1 Shaft, FAR1 and FAR2 (3.5MW, 2MW, 10MW and 12MW respectively), down to 4-8ºC wet bulb

(“WB”) to target a 24ºC WB fresh air temperature at 8430RL. With the current ventilation system, WB

temperatures in the working areas of 8430RL are up to 27°C WB, which is considered to be within industry

safe working limits.

As mining gets deeper, sustained production will depend on developing sufficient mining fronts, and the

associated level ventilation, to support the production output. An extensive capital ventilation project (CVP)

is underway to relieve the mine's current ventilation constraints. Raise boring of new RARs is underway to

support the continued lower mine extension. Production is supplemented from QTSC and Western stopes.

The ventilation and cooling demands are driven by the increase in mining depth, number of mining areas and

the increasing mining fleet required to support the targeted production.

15.2.1Ventilation Upgrade Projects

The Capital Ventilation Project (CVP) at CSA Mine comprises a portfolio of capital works designed to upgrade

the underground ventilation system to support planned production from deeper mining areas, primarily the

QTSN and QTSC orebodies. 

The project integrates ventilation infrastructure including return air rises, fresh air rises, booster fan

installations, and associated electrical and civil works. 

The CVP scope is designed to:

•Increase total airflow available to the lower mining areas

•Enable safe and compliant working conditions at depth

•Support development, stoping, and haulage activities required under the LoM plan

Ventilation modelling indicates that the proposed upgrade will increase airflow in the lower mine from

approximately 381 m³/s to 713 m³/s. 1 

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The CVP consists of the following principal workstreams:

•Underground Ventilation Infrastructure

•Development of exhaust raise bores to establish additional return air capacity

•Associated lateral development linking new ventilation circuits

•Installation of supporting ventilation infrastructure within the mine

Installation of underground booster fans to increase airflow through lower mine horizons as well as upgrades

to surface fans, including operation at full design capacity where practicable is being targeted.

Supporting Systems

•Installation of high-voltage electrical reticulation (11 kV) and associated switchgear

•Fan chambers and civil infrastructure for ventilation equipment 4 

•Spray lining and ground support within raise bores to ensure long-term stability 

•Geotechnical investigations and design validation supporting raise development 

The project design allows for potential integration with:

•Additional ventilation raises (e.g. FAR developments and future return air capacity expansions)

•Cooling system upgrades and bulk air cooling infrastructure

The total capital cost for the CVP is estimated at approximately A$65 million which is included in the current

LOM and Reserve cost estimates. Capital estimates are based on budget-level (Class 3–5) definitions with

progressive installation works planned over 3 years to FY29. Major ventilation capacity increases are planned

to be realised progressively through the implementation period.

The major components of capital expenditure include:

•Ventilation-related mine development (lateral and vertical)

•Raise boring activities

•Booster fan systems and associated infrastructure

•Electrical reticulation and distribution

•Civil works and geotechnical support

15.3Power Supply

Power supply to the site is via a 132kV transmission line from Essential Energy’s western NSW network. The

Essential Energy network is supplied by a mix of conventional and renewable power generation, including the

102MW and 132MW solar farms in the nearby towns of Nyngan and Nevertire. The current available capacity

of the supply facilities is around 26 mega volt amperes (“MVA”). The average power demand is around

36MVA following the completion of the ventilation upgrade project. A new 40MVA transformer has been

installed to handle the demand. A 22kV line is also connected to the site from Cobar and is available for

limited supply in emergencies.

15.4Water Supply and Water Pipelines

The majority of water supply for the operation is provided by the Cobar Water Board from a weir on the

Bogan River at Nyngan (Figure 1-1) through a network of pumps and pipelines. Additional water is available

from tailings water recycling, surface water capture and a borefield installed in 2019. Water demand is

around 3 megalitres per day (ML/day) in summer, with most water supplied by the Cobar Water Board

system. The borefield has capacity for up to 1.3ML/day. The Cobar Water Board system is adequate to supply

the operation up to around 1.4Mtpa; the borefield is only required during periods of drought or should a

plant feed rate in excess of 1.4Mtpa be considered for extended periods. In addition, a water offtake

agreement is in place with neighbouring mines to allow a cheaper surge alternative during times of low water

availability.

15.5Tailings Storage Facility

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15.5.1Overview and Current Configuration 

The CSA Copper Mine produces flotation tailings from the on-site concentrator that are managed via two

complementary disposal pathways: (i) underground deposition as cemented paste fill (CPF) for stope backfill,

and (ii) surface deposition into the Southern Tailings Storage Facility (STSF). Over the most recent five-year

period, approximately 45–50% of treated ore tonnage has been routed to the Paste Fill Plant as backfill, with

the balance of approximately 50–55% deposited as final tailings to the STSF. This split provides material

flexibility for tailings management and reduces overall surface storage demand. 

The STSF is currently the only operating tailings facility on the CSA Mining Lease (CML). It comprises the main

STSF impoundment of approximately 63 ha and an adjacent STSF Extension of approximately 19 ha, located

approximately 1.5km east of the processing plant. The STSF is a perimeter-embankment, upstream-raised

facility that was converted to a central thickened discharge (CTD) deposition method in 2010. The CTD

method delivers measurable water savings, reduces the volume of construction borrow required for

successive lifts, lowers final capping and topsoil requirements at closure, and improves embankment integrity

through higher solids density at point of deposition. 

A second, historical facility — the Northern Tailings Storage Facility (NTSF) — sits immediately adjacent to the

STSF, sharing a dividing embankment. The NTSF accepted tailings between 1971 and 1997, was excised from

the Consolidated Mining Lease (CML) in 1998 under Dealing T91-0618 (gazetted 19 March 1999) and has

been on care and maintenance under NSW Government oversight since that date. Recommissioning of the

NTSF is the leading option for life-of-mine (LOM) capacity beyond Stage 11 of the STSF and is described in

Section 15.5.7. 

15.5.2Regulatory Framework, Standards and Permits 

Tailings deposition is licensed under Environment Protection Licence EPL 1864, issued by the NSW

Environment Protection Authority (EPA), with the STSF identified as a licensed discharge point. The STSF is a

‘Declared Dam’ (Dam ID 497) under the Dams Safety Act 2015 (NSW) and is regulated by Dam Safety NSW

(DSNSW). The current consequence category for the STSF, as documented by the Engineer of Record, is

‘Significant’, in accordance with the ANCOLD Guidelines on Consequence Categories for Dams (2012,

reaffirmed 2022). 

Design, construction, operation and surveillance are undertaken in accordance with: 

•ANCOLD Guidelines on Tailings Dams – Planning, Design, Construction, Operation and Closure (2019,

Revision 1). 

•Dams Safety NSW Regulation 2019, including periodic Dam Safety Review (DSR) every 15 years. 

•Global Industry Standard on Tailings Management (GISTM, ICMM 2020) — currently being

incorporated through governance alignment with Harmony corporate standards following the October

2025 acquisition. 

•NSW Mining Act 1992, NSW Environmental Planning and Assessment Act 1979, NSW Protection of the

Environment Operations Act 1997 and applicable Development Consent conditions (granted 15

September 1995, as amended). 

The most recent Dam Safety Review was undertaken by Coffey Geotechnics in 2019. A further DSR is due

under the 15-year DSNSW interval; CSA has scheduled this review for completion within the 2026 calendar

year and CSA is concurrently being added to the Harmony Group annual Independent Technical Review Board

(ITRB) cycle. WSP (formerly WSP Golder) is engaged as Engineer of Record (EoR) for the STSF and undertakes

annual surveillance audits and quarterly performance reporting. 

15.5.3 STSF Design Basis and Current Stage Configuration 

The STSF was originally constructed in 1965 and has been progressively raised over its operating life. No

critical dam safety defects have been identified by the EoR or by DSNSW in the current monitoring record. 

Design parameters underpinning the current STSF configuration and the planned Stage 11 raise are

summarised in Table 15-1

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Table 15-1 STSF Design Basis (Stage 10 / Stage 11)

Parameter	Adopted Value / Description
Facility type	Perimeter embankment, upstream raised, single impoundment with adjacent STSF Extension
Deposition method	Central Thickened Discharge (CTD) from elevated causeways, multi-spigot rotation
Stage 9 maximum embankment height	~22 m (RL 272 m crest, pre Stage 10 raise)
Stage 10 raise height	~5 m (upstream raise with top-hat configuration adjacent to decant area)
Stage 10 maximum embankment height	~27 m
Stage 11 raise height	~5 m (upstream raise)
Stage 11 maximum embankment height	~32 m
Embankment crest width	5 m (STSF perimeter) / 6 m (causeway)
Upstream / downstream slopes	2H:1V upstream (progressively buried by tailings) / 3H:1V downstream
Minimum freeboard above design tailings surface	0.5 m perimeter; +2.0 m additional in decant area (Stage 10); +1.8 m additional (Stage 11)
Construction material (raise)	Compacted tailings from impoundment for primary fill; compacted rockfill (NAF mine waste rock and/or borrow) for buttressing
Adopted long-term dry density (LoA modelling)	1.6 t/m³
Average annual rate of rise	0.9 m/yr (overall STSF); 2.5 m/yr (local, western mound); 1.4–1.5 m/yr (local, eastern mound)
Consequence category	Significant (ANCOLD 2012/2022)
Design seismic loading (current)	Safety Evaluation Earthquake (SEE) consistent with ANCOLD Significant category; reassessment forms part of 2026 DSR scope
Decant / water management	Gravity decant chute to lined Decant Dam; emergency spillway sized for the design rainfall event (under reassessment in the Stage 11 design)
Engineer of Record	WSP (formerly WSP Golder); previously Golder Associates

15.5.4Operating Performance and Tailings Deposition 

Average monthly deposition to the STSF over the most recent operating year has been approximately 55,000

t/month (~660,000 dmtpa), consistent with current mill throughput of 1.2–1.4 Mtpa of ore and the prevailing

CPF backfill split. Tailings are thickened upstream of deposition; flotation tails are routed either to the Paste

Fill Plant filter cake circuit or to the final tailings thickener depending on real-time underground backfill

demand. The Paste Fill Plant produces filter cake which is blended with cement to produce CPF for

underground stope backfill. 

Operational performance metrics are tracked monthly and reported to the EoR and to the Accountable

Executive. Routine monitoring includes: 

•Monthly deposition reconciliation against the Operating Manual and the LoA deposition model; 

•Quarterly beach survey of the STSF impoundment to confirm available freeboard, beach geometry,

and remaining storage life; 

•Vibrating wire piezometers (VWPs) for foundation and embankment phreatic conditions, currently

reported through the Gaudi data platform with monthly export to site spreadsheets; 

•Monthly contractor-surveyed deformation surveys during the Stage 10 construction window (live

GNSS beacon monitoring proposed for FY26, ~A$600k capex, to align with the Harmony Group

Hexagon GeoMonitoring Hub); 

•Annual independent surveillance inspection by the EoR (currently WSP), submitted to DSNSW; 

•Trigger Action Response Plan (TARP) thresholds for all monitored instrumentation, reviewed annually. 

Cumulative life-to-date copper losses to tailings have been estimated by HMY using the FY26 LoA

reconciliation and 2022–2023 University of Queensland geochemical and mineralogical characterisation work

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on 61 cross-facility samples. The work indicates approximately 23,000 t of contained copper is held within the

historical and current tailings storage, with elevated Zn, Ag, Sb and Bi enrichment in localised hotspots. While

these inventories are noted, they have not been included in the Mineral Reserve declared in Section 12 of

this Technical Report Summary. 

15.5.5 Governance, Engineer of Record and Accountability 

Following HMY's acquisition of CMPL on 24 October 2025, tailings governance has been transitioned into the

HMY operating framework. CSA continues to operate under its site-level Dam Safety Management System

(DSMS), aligned with ANCOLD positions (Responsible Site Person, Engineer of Record and Accountable

Executive Officer), with the corporate framework now being formalised to align with GISTM principles. 

Site-level documentation under formal control includes the Dam Safety Emergency Plan (DSEP), Operations,

Maintenance and Surveillance (OMS) Manual, and the DSMS. The DSEP was updated in November 2025 and

is in final sign-off; the next mock emergency exercise is scheduled for 2026.

15.5.6Geochemistry, Closure and Environmental Considerations 

Geochemical characterisation work undertaken by Golder Associates (2008) and confirmed by University of

Queensland (2022–2023) classifies the historical NTSF tailings as Acid Forming (AF) or Potentially Acid

Forming (PAF), with potential for metal leaching at concentrations of environmental concern. The upper 2 m

of historic NTSF tailings is oxidised. By contrast, current STSF tailings are predominantly Non-Acid Forming

(NAF), have a higher acid neutralising capacity, and present a lower metal leaching potential. Surrounding

groundwater is generally saline and of poor quality; historical investigations indicate limited migration of

heavy metals from the STSF footprint to groundwater under current management practice. 

The current STSF Closure Plan was updated by WSP Golder in June 2022 based on the Stage 11 final

landform. Closure design assumes: 

•Final landform reshaping with a 3H:1V downstream slope to manage erosion and limit slope length; 

•Capping of the tailings surface with compacted growth medium and / or rock armour over a sealing

layer to manage net percolation; 

•Re-establishment of native vegetation consistent with the surrounding Cobar woodland ecosystem; 

•Surface water diversion to limit erosion and recontouring of the decant area; 

•Long-term groundwater monitoring around the integrated NTSF / STSF footprint. 

Estimated direct construction closure costs for the STSF (Stage 10 or Stage 11 final landform) are

approximately A$18.1M, with preliminaries, engineering services, post-closure monitoring and contingency

of approximately A$12.9M. Closure cost provisions are incorporated into Harmony's group rehabilitation

provision and form part of the financial assurance lodged with NSW. The Cobar local airshed and the semi-

arid climate (mean annual rainfall ~400 mm, evaporation:rainfall ratio of approximately 6:1) materially favour

passive closure outcomes. 

15.5.7Life-of-Mine Tailings Storage Capacity and Future Options 

The June 2026 LOM tailings deposition schedule (refer Section 13) requires approximately 6.1 Mm³ of

additional tailings storage to surface from late 2026 through to the end of the Mineral Reserve mine life and

into the Inferred LOM extension. At an adopted long-term dry density of 1.6 t/m³, the in-place tailings

storage capacities of the STSF lifts and the two prospective new facilities are summarised in Table 15-2

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Table 15-2 Tailings Storage Capacity by Layout

Item	STSF Stage 10	STSF Stage 11	NTSF (recommissioned)	WTSF (new)
Storage volume (Mm³)	2.1	2.1	3.2 – 6.5	3.2
Storage capacity (Mdmt, ρ=1.6 t/m³)	3.36	3.36	5.12 – 10.4	5.12
Maximum embankment height (m)	~27	~32	~14.5 (new perimeter only)	~12–15
Tailings surface area (ha)	46.6	43.0	63.6	66.8
Indicative operating life (current 60 ktpm)	~5.0 years from May 2026	~5.0 years (cumulative)	10–13 years	~7 years

15.5.7.1STSF Stage 10 (Active Construction) 

The Stage 10 lift is the active deposition stage at the effective date of this Technical Report Summary. Stage

10 construction was approximately 80% complete in November 2025, with final crest works targeted for May

2026. The project capital cost is approximately A$18.9M, marginally above the original estimate of A$17.8M

(variance of approximately A$1.1M). At the average forecast deposition rate of approximately 60 kt/month,

Stage 10 will provide tailings storage to approximately September 2031, with an operational buffer of

approximately 12 months (to approximately October 2032) if mill throughput tracks below 60 kt/month over

the first five to six years of LOM (as currently scheduled). 

15.5.7.2 STSF Stage 11 (Planned) 

Stage 11 is a permitted-in-principle, designed-to-concept ~5 m perimeter raise to the STSF that would extend

deposition to approximately late 2032. Detailed design and execution have not been progressed because the

Stage 11 raise has a higher unit cost than the equivalent storage at the recommissioned NTSF and would lock

CSA into the existing facility footprint at a point where the LOM is expected to require materially more

storage than Stage 11 alone can provide. Stage 11 is retained as a contingency case and as a potential

operational buffer to bridge the new-facility execution window if the NTSF or WTSF schedule slips. 

15.5.7.3 NTSF Recommissioning (Preferred LOM Option) 

The recommissioning of the NTSF is the preferred LOM capacity option and provides the basis for the storage

capacity assumption in the Mineral Reserve declaration. The NTSF concept and deposition modelling work

supporting this assessment includes: 

•WSP Golder Life of Asset Tailings Storage Assessment design and cost estimates; 

•MineBridge / TSFRPL LOM Deposition Modelling (1 December 2023) — 13-year conceptual deposition

plan for ~6.1 Mm³ stored in the NTSF using a perimeter spigotted discharge berm in the elevated

western end of the facility; 

•PSM CSA Mine NTSF Inspection Report (15 June 2023) — site walk-down, condition assessment,

embankment static and seismic stability commentary; 

•WSP CSA NTSF Design Report for Recommissioning and Closure — current design supporting

Harmony / CSA; 

•CSA TSF Integration Workshop Summary (12 November 2025) — Harmony governance, regulatory and

bond-transfer pathway. 

The principal physical and stability features of the NTSF concept are: 

•Semi-enclosed perimeter embankment constructed over the existing tailings surface, with a maximum

new embankment height of approximately 14.5 m; 

•Dual deposition causeways constructed from the elevated western end allowing east-flowing tailings

deposition; 

•Decant Dam excavated into the south-west, geomembrane lined; stormwater collection dam in the

north-west, geomembrane lined; small stormwater ponds on the eastern and south-eastern sides; 

•Adoption of dry density of 1.6 t/m³ (consistent with current STSF operating performance); 

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•Estimated rate of rise of approximately 1.1 m/year averaged across the deposition area; 

•Preliminary hazard classification of ‘Significant’ retained (consistent with the existing pre-1997

facility); 

•Pre-recommissioning works including buttressing / flattening of the existing 1990s upstream-raised

perimeter embankments (currently assessed at a static FoS of ~1.2 against an ANCOLD target of ≥1.5),

seismic stability re-assessment using post-liquefied strength, and confirmation of foundation

conditions through additional CPT and laboratory testing. 

15.5.7.4 WTSF (Greenfield Alternative) 

Site 1 to the north-west of the existing TSFs was selected as the screened-preferred greenfield Western

Tailings Storage Facility (WTSF) location in the August 2022 WSP Golder New Tailings Storage Facility Siting

Assessment. The WTSF is sized at 3.2 Mm³ (~5.12 Mdmt) and includes a fully lined impoundment and Decant

Dam. The WTSF is the highest-cost option and carries a materially longer regulatory approval timeline

(estimated 2–3 years of ESIA studies plus approvals) compared with the NTSF; it is retained as a contingency

option in the event the NTSF tenure or approvals pathway cannot be closed within the required execution

window. 

15.5.8 Capital Cost Estimate Summary 

Capital cost estimates for the STSF raises and the two new facility options were prepared by WSP Golder as

part of the Life of Asset Tailings Storage Assessment (December 2022) and have been retained as the base

estimate for this Technical Report Summary. The Stage 10 actual cost (~A$18.9M) is broadly consistent with

the WSP Golder estimate. The base date for all other estimates is December 2022; for the Mineral Reserve

cash flow these estimates have been escalated to the effective date of this Technical Report Summary in

accordance with the cost escalation factors set out in Section 19. 

Table 15-3 — Indicative Construction and Closure Cost Summary (A$, Dec-2022 base) 

Cost Element	STSF Stage 10	STSF Stage 11	NTSF	WTSF
Direct construction (operation)	$18.0M	$22.3M	$9.4M	$32.6M
Preliminaries, engineering and contingency (construction)	$7.2M	$8.9M	$3.7M	$13.0M
Direct construction (closure)	$18.1M	$18.1M	$20.9M	$14.6M
Preliminaries, post-closure monitoring and contingency (closure)	$12.9M	$12.9M	$14.6M	$10.8M
Total (construction + closure)	$56.2M	$62.2M	$48.6M	$71.0M

Table 15-4 — LoA Tailings Storage Scenarios (A$, Dec-2022 base) 

Scenario	Design & Construction	Closure	Total
Scenario A — STSF Stages 10 and 11 only (1.6 Mdmt shortfall vs LoA)	$56.4M	$31.0M	$87.4M
Scenario B — STSF Stage 10 + NTSF recommissioning	$38.3M	$66.5M	$104.8M
Scenario C — STSF Stage 10 + new WTSF	$70.9M	$41.8M	$112.6M

Scenario B (STSF Stage 10 plus recommissioning of the NTSF) is the base case adopted for the Mineral

Reserve LOM cash flow. Additionally, a bond transfer of approximately A$18–25M is currently being

negotiated with NSW Government as part of the NTSF tenure reinstatement, and is provisioned within the

Reserve cash flow. 

15.5.9Risks, Modifying Factors and Reserve Sensitivity 

The adequacy of tailings storage capacity is a material modifying factor under Item 1300 of Regulation S-K.

The QP has reviewed the supporting documentation, the EoR's surveillance reports, the Integration

Workshop outcomes and the indicative execution schedule, and considers the principal risks and mitigations

well understood and well developed.

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Sensitivity to the tailings storage solution has been tested in the Reserve cash flow. The Mineral Reserve is

robust under Scenario B (STSF Stage 10 + NTSF), which is the base case. Under Scenario A (Stages 10 and 11

only) there is a residual storage shortfall of approximately 1.6 Mdmt against the LOM tailings schedule, which

would constrain the LOM to approximately 2032; this scenario has therefore not been adopted for the

Reserve. Under Scenario C (Stage 10 + WTSF), the Reserve remains intact but the LOM cash flow carries a

materially higher capital cost (~+A$7.8M total cost over the Scenario B case) and a longer permitting risk

window. 

15.5.10 Qualified Person’s Statement 

The QP is satisfied that: 

•The active STSF (Stage 10) is permitted, designed, constructed by competent contractors under the

supervision of WSP as Engineer of Record, and is being operated in accordance with ANCOLD (2019)

and Dam Safety NSW Regulation requirements; 

•No critical dam-safety defects have been identified in the STSF surveillance record; 

•The Stage 10 storage capacity is sufficient to support tailings deposition from the LOM mine plan

through approximately September 2031, with operational buffer to approximately October 2032; 

•The NTSF recommissioning option (Scenario B) is technically viable at concept-design level, is

supported by independent geotechnical and deposition modelling, and is the most cost-effective

solution to provide the additional ~6.1 Mm³ of LOM storage required beyond Stage 10; 

•The principal modifying factors related to tailings storage are tenure reinstatement, bond transfer and

regulatory approval for the NTSF — these are non-technical matters being progressively closed out

through an established work programme; 

•Stage 11 of the STSF, and the WTSF greenfield option, provide credible contingency pathways should

the NTSF approval timeline slip; 

•Closure costs for the integrated STSF / NTSF landform are included in the rehabilitation provision in

the Mineral Reserve cash flow. 

On the basis of the above, the QP considers that there is a reasonable prospect that sufficient permitted

tailings storage capacity will be available to support extraction of the declared Mineral Reserve. 

15.6Workforce Accommodation

The majority of the workforce is accommodated in Cobar with some senior staff employed on a fly in/fly out

(FIFO) or drive in/drive out (DIDO) arrangement. No workforce accommodation is provided at the mine site

itself, however, the Company owns and leases various properties in Cobar.

15.7Site Buildings and Services

Site buildings comprise site offices, warehouses, and services buildings. Site services include power and water

reticulation facilities, communications systems and fuel storage and dispensing facilities.

15.8Qualified Person’s Opinion on Infrastructure

CSA is well established with all infrastructure and services in place to sustain the current level of operation

for the remainder of the Reserve mine life. Further lifts of the STSF are required and planning for these are

well progressed with expansion options being traded off on cost, risk and timing.

16Market Studies

Section 229.601(b)(96)(iii)(B)(16) (i-ii)

This section contains forward-looking information related to commodity demand and prices for the Project.

The material factors that could cause actual results to differ materially from the conclusions, estimates,

designs, forecasts or projections in the forward-looking information include any significant differences from

one or more of the material factors or assumptions that are set forth in this section including prevailing

economic conditions, commodity demand and prices as forecast over the reserve mine life period.

The analysis is based primarily on the CRU Copper Long-Term Market Outlook (May 2026) and associated

data.

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16.1Copper Demand

Copper is a critical industrial metal with broad application in electrical, construction, transport, and emerging

energy transition sectors. Demand continues to be underpinned by both traditional uses and accelerated

growth from electrification and decarbonisation trends. 

Global copper consumption is forecast to increase from approximately 33.8 Mt in 2026 to ~42.4 Mt by 2036,

representing a long-term growth rate of ~2.2% per annum.

Refined copper demand is projected to grow from 28.3 Mt in 2026 to ~35.0 Mt by 2036.

Demand growth is increasingly driven by “growth markets” including: 

•electric vehicles and charging infrastructure 

•renewable generation and storage (BESS) 

•grid expansion and modernisation 

•data centres and digital infrastructure 

These emerging sectors have increased their share of total copper demand from approximately 17% in 2015

to ~28% in 2025, and are forecast to reach ~36% by 2036.

China remains the dominant consumer, with total copper demand forecast to peak at approximately 21.9 Mt

by 2037, with refined consumption peaking earlier at ~19.3 Mt.

16.2Supply Outlook 

Global copper supply is expected to face increasing structural constraints over the medium to long term. 

•Forecast primary copper production from operating and committed mines increases from

approximately 24.3 Mt in 2026, before declining after 2028 due to depletion of existing assets.

•While production additions from committed projects partially offset declines, growth is insufficient to

match demand beyond the medium term. 

16.2.1Supply Gap 

A structural supply deficit emerges during the late 2020s and expands thereafter: 

•~0.5 Mt by 2027 

•~2.9 Mt by 2030 

•~8.17 Mt by 2036

Even when including probable and possible projects, significant additional investment is required: 

•Approximately 76 uncommitted projects and 

•~US$169 billion of capital investment are required to close the projected supply gap by 2036.

Key constraints to supply growth include: 

•declining ore grades at mature operations 

•extended permitting and ESG approval timelines 

•increasing reliance on higher-risk jurisdictions 

•long development timelines (average ~3.5 years from FID to production)

16.3Market Balance 

The copper market is forecast to transition through three distinct phases: 

•Short-term (2025–2027): broadly balanced, with modest surpluses possible due to ramp-up of

committed projects 

•Medium-term (2028–2030): tightening market conditions as demand growth outpaces supply 

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•Long-term (post-2030): sustained structural deficit, with progressively widening supply gap 

This structural tightening underpins long-term price support and incentivises new project development. 

Copper Price Outlook 

16.3.1 Historical and Forecast Pricing 

•The LME 3-month copper price averages approximately US$11,750/t (real 2026) in 2026.

•Forecast real prices remain elevated, gradually moderating to approximately US$10,163/t by 2036.

16.3.2Incentive Price 

The long-term copper incentive price (required to sustain new project development) is forecast at

approximately: 

•US$10,174/t (real 2026) 

•with relatively limited year-on-year movement (-0.5% in latest update) 

Notably, this price remains elevated despite an increasing supply gap, reflecting: 

•upward revisions in demand forecasts 

•increased expected supply from existing operations 

•improved visibility of supply from previously under-recognised regions 

16.3.3Smelter Terms (TC/RCs) 

Treatment and refining charges (TC/RCs) are a key component of concentrate pricing. 

•TC/RCs have declined significantly due to persistent concentrate deficits 

•Long-term benchmark levels are forecast at approximately US$61–62/t (real 2026)

Structural shifts in smelter economics are also evident: 

•Sulphuric acid is forecast to become the primary revenue stream (~36%) 

•TC/RCs reduce to ~34–35% of smelter revenue 

•Precious metals contribute ~19% 

This reflects tight concentrate markets combined with strong by-product pricing.

16.4Product Quality and Marketability 

CSA produces a high-quality copper concentrate: 

•low deleterious elements 

•strong market acceptance 

•suitable for blending across a range of smelters 

These attributes enhance commercial flexibility and reduce penalty risk. 

16.5Offtake Arrangements 

CSA production is sold under a binding life-of-mine offtake agreement: 

•100% of concentrate production is sold to GIAG 

•pricing terms are linked to internationally recognised annual benchmark TC/RCs 

•terms are considered consistent with market standards 

This arrangement provides: 

•revenue certainty 

•reduced marketing risk 

•alignment with prevailing market pricing mechanisms 

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The QP is satisfied that the commercial terms are consistent with prevailing market practice and provide an

established route to market for CSA concentrate.

16.6Material Contracts

The CSA Mine operates under a number of commercial agreements supporting mining, processing, power

supply, transportation, explosives supply and equipment procurement. The QP is of the opinion that these

agreements are typical of those used in the Australian mining industry and are consistent with arm's-length

commercial arrangements. Based on a review of the operation, no single contract, other than the

concentrate offtake arrangements, is considered unusual or contains terms that materially constrain the

current or planned operation of the mine. The principal contracts supporting the operation are summarised

in Table 16-1

Counterparty	Purpose
Glencore	Copper concentrate offtake and marketing
DRC Drilling Pty Ltd	Underground diamond drilling services
AGL	Electricity supply
Sandvik	Supply of mobile mining equipment, parts, drilling consumables and rock tools, together with associated hire purchase agreements
Qube	Rail transport and logistics services
Jennmar	Ground support products and services
Orica	Explosives and blasting products and services*

* Current supply arrangements are being transitioned to a new contract effective 1 November 2026.

16.7Summary

The copper market is forecast to enter a period of structural undersupply from the late 2020s, driven by

strong demand growth and constrained mine supply. The resulting supply deficit, projected to reach

approximately 8.2 Mt by 2036, supports long-term price strength and elevated incentive pricing. 

Within this context, CSA is positioned as a: 

•mature, high-grade underground producer 

•supplier of clean, high-quality concentrate 

•participant in a tightening global concentrate market 

This market outlook supports the long-term economic viability of the CSA operation, subject to the

assumptions and risks outlined above. 

17Environmental Studies, Permitting and Plans, Negotiations, or Agreements

with Local Individuals or Groups

Section 229.601(b)(96)(iii)(B)(17) (i-vii)

17.1Introduction

The Cobar area has been impacted by mining and agricultural activities since the 1880s. The existing

landscape surrounding CSA is characterised by mining infrastructure, tailings storage facilities, shafts,

disturbed grasslands and soil and rock stockpiles. The native vegetation of the area has been impacted by

clearing and overgrazing with the historic removal of much of the native vegetation resulting in erosion and

extensive colonisation by invasive species. This has created a dense regrowth, referred to as ‘woody weeds’

or Invasive Native Species. The landscape has become highly modified and vulnerable to wind and water

erosion, particularly those areas devoid of vegetation ground cover protection. The region surrounding CSA is

dominated by rangeland agriculture.

Conditions for reopening the mine in 1999 included concessions obtained from the New South Wales

government, including the excision of three areas from the Mining Lease: the North Tailings Storage Facility

(NTSF), an area of subsidence and adjacent waste rock dumps.

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CSA is located in an area of low undulating NNW trending rises and is associated with a broad, prominent hill,

Elouera Hill, which rises approximately 30m above the surrounding landscape. The mine lies close to the local

drainage divide between the catchments of Sandy Creek in the southwest and Yanda Creek to the northeast.

The climate of Cobar is semi-arid with evaporation typically exceeding rainfall by a ratio of 6:1. The mean

annual rainfall for Cobar is approximately 400mm. During summer months, maximum temperatures typically

range between 28-39ºC and during the winter months, maximum temperatures typically range between

13-20ºC. Rainfall and temperature records have been recorded from May 1962 and evaporation from

November 1967.

CSA is located in a non-environmentally sensitive Area of State Significance; as such, mining activities are

subject to Part 4 of the Environmental Planning and Assessment Act 1979. However, because CMPL’s

Development Consent was granted in 1995 before the State Environmental Planning Policy (State and

Regional Development) 2011 came into force, its activities are classified as Non-State Significant

Development based on the prior existing consent. The Cobar Shire Council is the approval authority for the

site development approvals.

17.2Baseline and Supporting Studies - Environmental Management and Reporting System

CSA mine operates under a documented Environmental Management System (EMS) that forms the basis of

environmental management at CSA and includes procedures, standards and environmental management

plans (EMPs) to ensure all regulatory requirements are met.

Statutory condition (R1.1) of CMPL’s environmental licence (EPL1864) requires it to submit annual

statements of compliance for its Environmental Management System and practices. CMPL submits an Annual

Return comprising a Statement of Compliance and a Monitoring and Complaints Summary to the NSW EPA in

August each year. An Annual Report is compiled for the mine to fulfil the reporting requirements of the NSW

Mining Act 1992.

For completeness, as CSA has been an operating mine for the past 56 years, no ongoing baseline studies are

required for normal mining operations under CML5. CSA does however conduct scheduled environmental

monitoring and undertakes heritage surveys when seeking approval for works outside the already approved

operating areas. The CSA environmental team, along with independent consultants, have extensive

experience in conducting appropriate studies and ensuring compliance with state and federal regulations.

17.3Permitting

CSA operates under a number of different approvals, including:

•Development Consents issued by Cobar Shire Council (CSC)

•Landowner’s Consent issued by NSW Department of Planning, Industry and Environment-Lands

•Mining tenements issued by the NSW Department of Planning, Industry and Environment – under

Housing and Property

•Rehabilitation Management Plan (RMP) authorised by the NSW Resources Regulator

•EPL1864 issued by the Environmental Protection Authority (EPA)

•Water licenses issued by the NSW Office of Water (NoW)

•Dangerous Goods licenses issued by WorkCover NSW.

17.4Rehabilitation Management Plan (RMP)

Environmental aspects of mineral exploration and mining (including mine rehabilitation and closure) in New

South Wales are administered under the NSW Mining Act 1992.

The recent introduction of the Mining Amendment (Standard Conditions of Mining Leases – Rehabilitation)

Regulation 2021, requires large mines to have a Rehabilitation Management Plan (RMP). CSA Mine has

completed an RMP and has had its Rehabilitation Objectives Statement approved by the NSW Resources

Regulator. CSA, as the lease holder, will provide annual reporting and scheduling of rehabilitation via an

Annual Report and Forward Program (three-year period). This has replaced the previous requirement for an

Annual Environmental Management Report (AEMR).

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17.5Mine Waste Management

Waste rock from underground development is backfilled into mined out stopes where possible, but any

excess is hoisted or trucked to surface for storage on temporary waste stockpiles for use in tailings facility

construction projects or for end of mine life rehabilitation. Most waste rock is classified as Non-Acid Forming

(NAF) but around 30% of the waste material is classified as Potential Acid Forming (PAF) rock.

All waste rock materials are geochemically tested for issues related to acid rock drainage (ARD) and potential

for metal leaching. Only suitable, low risk waste rock material is hoisted and stockpiled on the surface. Any

geochemically unsuitable materials are integrated into the underground mining activities. The selection of

appropriate ARD controls depends on several factors including the type and severity of expected

environmental impacts and the opportunities available. Waste rock material is included in cemented rock fill

(CRF) when available or backfilled into stopes to be filled with cemented paste fill (CPF).

17.6Tailings Disposal

CSA deposits thickened tailings within the South Tailings Storage Facility which is a licensed discharge point

for CSA as approved in EPL1684.

The tailings deposited are monitored monthly and the dam is surveyed quarterly. Annual surveillance audits

are conducted by qualified external dam engineers (Engineer of Record). Approximately 45% of the treated

ore ends up as backfill and 55% of the treated ore ends up as final tailings deposited in the STSF.

Flotation tailings are either sent to the Paste Fill plant or the final tailings thickener depending on mining

backfill requirements. The Paste Fill Plant takes the full stream tailings and partially separates the water

through vacuum filters to produce filter cake. The filter cake is mixed with cement and sent underground as

paste fill.

To monitor operational freeboard within the STSF and ensure there is always sufficient capacity, quarterly

surveys are conducted to track the available freeboard remaining within the dam. The results of these

surveys are communicated back to the tailings engineers to allow for performance to be tracked and to

initiate approvals and construction activities, should the surveys identify the STSF is reaching the end of its

projected life sooner than scheduled.

Global engineering firm WSP is engaged by CSA as the Engineer of Record for tailings monitoring, engineering

and design activities.

17.7Water Management

CMPL operates CSA Mine in accordance with the conditions stipulated in Environmental Protection License

(EPL) 1864. No detailed requirements are made of CMPL regarding water management. Specifically, EPL1864

states that no water pollution may occur, and licensed activities including the processing, handling,

movement and storage of materials and substances used to carry out the activity; and the treatment,

storage, processing, reprocessing, transport and disposal of waste generated by the activity, must be carried

out in a competent manner. Further, all plant and equipment installed at the premises or used in connection

with the licensed activity must be maintained in a proper and efficient condition and operated in a proper

and efficient manner.

In lieu of site-specific water management conditions, CMPL has adopted the following principles stipulated in

Australia’s Department of Industry, Innovation and Science Water Stewardship handbook:

•prevent discharges of dirty water

•reduce the importation of water from external water sources

•Minimise the occurrence of water losses through evaporation and seepage and maximise water use

efficiency

•Maximise water recycling and reuse on site, separate water streams where practicable and minimise

disturbance to existing drainage pathways.

17.7.1Water Balance

CSA is a historically "dry" mine with limited water inflow from surface or ground water sources. As such CMPL

maintains several water agreements to ensure enough water is available for full scale mining operations.

Water recovery, bore fields and off take agreements are set up with both neighbouring mines and

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government water sources to ensure supply. HMY is completing a full update to the water balance modelling

to assist future planning of water resource and the guarantee of supply. Currently, reticulation volumes are

measured with mechanical flow meters located at inflows and outflows of interest. Water consumption and

basic reticulation data are reported internally in monthly operational reports.

17.7.2Recycling and Water Saving Measures

An extensive water recycling programme is employed at CSA Mine to supplement process water

requirements. Concentrate and tailings filtration, underground dewatering, and TSF decant have historically

returned in excess of 250ML of water annually. All recycled water is transferred to the settling ponds for

basic suspension treatment to reduce suspended solids before being pumped to Pork Pie dam. Recirculation

of process water has been demonstrated by CSA metallurgists to be of no determinable detriment to ore

processing performance indicators and may therefore be recycled indefinitely. The volume of water recycled

through the ore processing and backfill circuit is expected to increase as paste continues to replace CHF as

the primary means of underground void backfilling. Short term monitoring of water reticulation at the Paste

Fill Plant has indicated that approximately 300kL may be returned daily.

All CSA employees and contractors are informed of the scarcity and importance of water as a resource in the

site induction. All personnel on site are responsible for partaking in water conservation practices and

reporting incidents of excess water usage through the internal hazard reporting system.

17.7.3Surface Water Monitoring

CSA undertakes routine surface water monitoring to demonstrate compliance with the conditions of EPL1864

and to provide data to assess the efficacy of site water management practices. Surface water bodies in CML5

do not extend into adjacent land parcels and do not supply a purpose outside of the mining and milling

activities at CSA. As CSA does not discharge contaminated water offsite, a number of surface water bodies

serve as contaminated water receptacles. The nearest neighbouring water bodies are Yanda Creek 15km east

of the TSF, and Buckwaroon Creek 40km south-west of CML5. Both of these water bodies are ephemeral in

nature.

Surface water sampling is conducted as per the principles enunciated in the Standards Association of

Australia AS/NZS 5667:1:1998. In lieu of baseline data or a reference water body, monitoring analytes are

compared against the short-term trigger values for general water use stipulated in the Australian and New

Zealand Environment and Conservation Council (ANZECC) Guidelines for Fresh and Marine Water Quality.

17.7.4Ground Water Monitoring

CSA maintains and monitors 26 active standpipe piezometers, 9 vibrating wire piezometers, 20 monitoring

bores and 5 production bores at the STSF and an additional 12 standpipe piezometers at the NTSF (excised

from CML5 lease). Routine data collection from these sites is used to assess the integrity of the STSF wall, and

to determine whether any underground seepage of contaminated water into natural areas and/or aquifers

has occurred. Water levels are recorded monthly and water quality samples are taken by the Environment

Department when required and/or available.

Groundwater sampling is conducted as per the principles enunciated in the Standards Association of Australia

AS/NZS 5667:1:1998. Baseline groundwater quality data has not been recorded and is difficult to determine

given the long history of tailings deposition and uncertainty regarding groundwater flow direction. CSA has

commissioned GHD and Golder to conduct independent hydrogeological investigations of the CML5 property.

Both studies reported the occurrence of aquifers within adjacent geological features from 12m to 75m below

the surface. Groundwater resources were described as being generally acidic to neutral, brackish to saline

and characterised by high iron and sulphate concentrations unsuitable for use (without intensive processing)

outside of industrial and some agricultural purposes.

Underlying fault sequences occurring in the proximity of the STSF pose a potential pathway for fluid

migration over time. Contemporary seepage has been minimal and confined to the southeast corner of the

STSF. Geochemical work indicates that historic tailings deposited in the STSF were potentially acid-forming

(PAF) with elevated concentrations of leachable metals (Cu, Pb, Zn, Cd) and sulphate which may be a source

of contamination. Contemporary tailings deposition is generally found to be non-acid forming (NAF) with

lower potential to leach metals.

17.8Social Considerations, Plans, Negotiations and Agreements

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Technical Report Summary of the CSA  Copper Mine, New South Wales, Australia

17.8.1Native Title

CSA is located within an area where native title has been determined to exist in favour of the Ngemba

Ngiyampaa, Wangaaypuwan and Wayilwan People. The determination is relevant to parts of the mining and

exploration tenure associated with CSA, including CML 5 and EL 5693.

Native title compliance considerations will be managed through ongoing engagement with relevant

government agencies and native title representatives. These matters are expected to be addressed through

the applicable statutory processes and, where required, agreements or consents to support continued mining

and exploration activities.

17.8.2Community

There is strong community support for the CSA operation and CMPL has a positive working relationship with

CSC. This is not unexpected given that CSA is the largest employer in the Cobar region, with over 500

employees and contractors.

CMPL is involved with a number of community projects including:

•assistance with the establishment of regular air services between Sydney and Cobar

•regular donations to local community initiatives

•scholarships to students entering their final year of university.

Overall, there is strong local and state government support for the continuation of mining within the Cobar

region.

17.9Cultural Heritage

17.9.1Aboriginal Heritage

Aboriginal people lived within the Cobar region over a long period of time and this would have resulted in the

deposition of a variety of evidence of past occupation. In general terms, the region was suitable for

Aboriginal occupation at a low density.

Aboriginal cultural heritage is managed through CMPL’s Environmental Management Standard EMS 08

Heritage and Cultural Awareness, which includes protection measures specified in the following plans:

•Exploration Environmental Management Plan (PLN-016)

•Cultural Heritage and Archaeological Assessment of CML5 – Consultant Report (PLN-032).

A Cultural Heritage Survey conducted by external consultants in 2007 (CEC 2007) did not identify any

significant Aboriginal heritage at CSA.

Notwithstanding, CMPL is committed to maintaining good relationships with the traditional owners of the

land (the Ngiyampaa people). Staff undertaking surface exploration activities are provided with information

to allow them to recognise Aboriginal heritage sites or artefacts. All locations where surface disturbance or

exploration activities are planned e.g., proposed drill sites, roads and tracks, are checked prior to any

disturbance activity for potential Aboriginal heritage sites. In accordance with CMPL’s Site Disturbance

Permit-Pre-disturbance Baseline Study and Permit requirements, all disturbance permits include the

condition that if any items of cultural heritage significance are found, all work must stop immediately and

DECCW consulted to determine if an investigation is required.

CMPL employees and contractors are instructed to notify the presence of sites of potential importance so

that they may be further examined, and appropriate actions taken as a result of any findings. Sites are then

documented and identified, with the appropriate department notified for confirmation of status and

management advice.

Any Aboriginal archaeological finds, artefacts or information concerning Aboriginal sites that are passed on to

CMPL are appropriately handled and reported to the NSW OEH within reasonable time of being aware of the

location or discovery. No Aboriginal place, object or relic is to be disturbed or damaged without consent or

authorisation.

The Due Diligence Code of Practice for the Protection of the Aboriginal Objects (DECCW 2010) is utilised by

CSA in the assessment of new projects and in all exploration activities undertaken on the mining and

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exploration leases. The code outlines a ‘Due Diligence’ process to ensure there is no unintended harm to

Aboriginal artefacts.

No items of aboriginal cultural heritage occur within the CSA mining disturbance zone.

17.9.2European Heritage

European mining history dates back to the 1870s when copper was discovered in Cobar. By 1872 a shaft had

been sunk at CSA and copper was being extracted.

Heritage items within CML5 are managed according to the relevant legislation and guidelines, namely the

National Parks and Wildlife Act 1974, the Heritage Act 1977 and the Environmental Planning and Assessment

Act 1979. Any heritage assessment required is also conducted in accordance with the Cobar Local

Environmental Plan 2012 (LEP) (CSC 2012).

The identified European heritage sites of interest on CML 5 include:

•Mining Quarters – the site of a miners’ quarters erected in the 1960’s; the site once contained five

houses and one swimming pool; these were removed after mine closure in 1998

•“Eloura” – located 1.5km from CSA site; this area shows remnants of old rock gardens and buildings

•CSA Power House – contains five HSF8 Mirrlees diesel engines, manufactured in 1951 by Mirrlees,

Bickerton and Day in Stockport, England.

17.10Mine Rehabilitation and Closure Costs

It is a statutory requirement in New South Wales for operating mines to implement rehabilitation

management plans. Both the plans, the Rehabilitation Objectives and the Forward Program are legally

binding on the approved holder. The rehabilitation plan and the closure objectives and post-closure land uses

outlined in the plan are linked to a rehabilitation cost estimate. The rehabilitation cost estimate is used as the

basis for the financial assurance which holders are required to lodge with the government.

A rehabilitation cost estimate for CSA mine was updated in 2023 and formally approved by the NSW

Resources Regulator on 9 October 2023, at an estimate of A$47M. In BDA’s opinion, given recent changes in

government policy and requirements, this estimate is likely a minimum figure for the closure and

rehabilitation costs. HMY reviews and updates rehabilitation/closure estimates annually for inclusion in

economic assessments, a review of the current provision is currently underway as part of integration

activities.

Rehabilitation activities at CSA Mine are conducted in accordance with the following documents:

•Rehabilitation Management Plan

•CSA Mine South Tailings Storage Facility – Closure Plan

The rehabilitation objectives for the primary domains of CSA are summarised and presented in Table 17-1

Table 17-1 Primary Domains Rehabilitation Objectives

Domain	Rehabilitation Objective
Infrastructure Area	Mining infrastructure within the mining lease area will be removed if no longer required as part of the approved final land use, and the affected lands rehabilitated. Some infrastructure may be retained on site as tourist attractions and for heritage uses, such as the headframe and decline, following further community consultation and any required development approvals.
Water Management Area	The drainage pattern of the final landform will be designed to integrate with the surrounding catchments and will be revegetated to achieve long term stability and erosion control and to harmonise with more general rehabilitation and revegetation strategies. All Water Management Areas are planned to be retained on site until at least 3 – 5 years post mine closure to collect any sediment that may run off the disturbed areas of the mine prior to achieving a successful revegetation cover. Once the closure criteria for runoff water quality have been met, these facilities may be removed if required.

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Domain	Rehabilitation Objective
Tailings Storage Facility	Rehabilitated TSFs will be integrated into the final landscape and revegetated to meet the following objectives: tidy and safe with public safety risks reduced to acceptable levels stable and resistant to erosion meets agreed criteria for land or water contamination suitable for the agreed post-mining land use.
Rock Emplacement	Areas of rock emplacement at STSF will be rehabilitated and integrated into the final landscape and revegetation strategy.
Topsoil Stockpile	Areas of topsoil stockpiles will be rehabilitated and integrated into the final landscape and revegetation strategy.
Exploration Site	All exploration sites will be rehabilitated to a stable and permanent form so that: there is no adverse environmental effect outside the disturbed area and that the land is properly drained and protected from soil erosion the state of the land is compatible with the surrounding land and land use requirements that if landforms, soils, hydrology and native vegetation have been removed or damaged, the original species must be re-established with close reference to the analogue sites; if the original vegetation was not native, any re- established vegetation must be appropriate to the area and at an acceptable density the land does not pose a threat to public safety.

17.10.1STSF Closure

The operation of the STSF is undertaken in accordance with the STSF Operating Manual (2015), and its

rehabilitation will be as per the STSF Closure Plan update (2022). Documentation is updated as required and

governed by operational strategy.

Periodic analysis of the tailings is undertaken to confirm the geochemical characteristics of this material.

Rehabilitation trials for capping design will be implemented during the MOP and throughout the life of the

mine.

The primary objectives of the closure strategy for the TSF are to control rainfall runoff and limit seepage from

the facility, with the following outcomes:

•a progressive reduction in the phreatic surface within the TSF

•construction of a drainage system enabling incident rainfall to shed from the landform with limited

consequential erosion

•establishment of a functional ecosystem with the potential to support a self -sustaining vegetative

cover on the outer slopes.

17.10.2 Rehabilitation Monitoring

Successful rehabilitation of a mine site is conceptually described in terms of logical steps or phases which can

be made applicable to each of the similar land management units or domains within the mine site.

Since its inception, the CSA monitoring programme has adopted this process of comparing rehabilitation

areas against reference analogue sites and has adapted the methodology with the various revisions of the

NSW Department of Trade & Investment regulatory guidelines.

CSA aims to create stable rehabilitated landforms in areas disturbed by mining. The final landforms would be

constructed to be stable in the long-term and integrate with the surrounding landscape. The new landforms

will be revegetated with selected species of native and/or endemic vegetation that are both suitable to the

physiographic and hydrological features of each landform.

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As the current proposed long-term land use is a Native Ecosystem with light intensity rangeland grazing, local

grazing areas situated on the lower slopes which contain a sparse to moderate cover of endemic trees and

shrubs are used as part of the analogue monitoring site as a reference point for rehabilitation targets of the

current rehabilitation areas.

17.11Qualified Person’s Opinion on the Permits, Approvals, Tenements and ESG Aspects

The QP considers that CMPL has comprehensive permits, approvals, tenements and environmental

management plans and systems in place. CMPL advises that all permits and approvals are in place and that its

tenements are in good standing to maintain current operations. The QP is not aware of any material legal,

title, permitting, environmental or social issues that would reasonably be expected to materially affect the

current Mineral Reserve Estimate.

18Capital and Operating Costs

Section 229.601(b)(96)(iii)(B)(18) (i-ii)

This section contains forward-looking information related to capital and operating cost estimates for the

Project.

The material factors that could cause actual results to differ materially from the conclusions, estimates,

designs, forecasts or projections in the forward-looking information include any significant differences from

one or more of the material factors or assumptions that are set forth in this section including prevailing

economic conditions projected labour and equipment productivity levels and that contingency is sufficient to

account for changes in material factors or assumptions.

All capital and operating costs have been estimated in Australian dollars (A$) as this is the currency most

costs are incurred in.

18.1Capital Costs

Capital cost estimates were assembled based on developed FY27 budget that is the basis of the Reserve

Estimate. All capital costs are expressed in Q1 2026 Australian dollars.

The principal capital works for CSA for which capital costs have been estimated generally comprise:

•underground mining capital works including upgrading of the substation, maintenance of fixed and

mobile plant, exploration and resource drilling and replacement of major equipment

•general sustaining capital for the concentrator

•capitalised underground development

•rehabilitation of project facilities at the end of the mine life.

The forecast costs for capital works over the initial three years capturing the required ventilation upgrades in

detail as well as the LOM Capital cost estimate is summarised in Table 18-1

Table 18-1 CSA Capital Cost Summary

CSA Mine
		Total
Sustaining | excl. def. strip. / cap. dev.	AUD$M	-365
Expansionary	AUD$M	-94
Mine Development (capitalised development + other)	AUD$M	-673
Total Capital	AUD$M	-1132

The major Capital components HMY have committed to over the next three operational years to unlock asset

value are as follows:

•Mine Development (significant increases in capital development metres to repair schedule) AUD75M

•QTSSU Uppers AUD 17.1M

•Fixed Cooling Plant AUD28M

•CVP Development and Booster Fans AUD65M

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•Equipment rebuilds and purchases AUD10M, majority or replacements occur in FY28 and FY29

•Sewerage Treatment plant AUD3M

•Northern TSF Design 3.5M

The capital costs were estimated by HMY as part of studies into the necessity for, and the feasibility of, the

upgrade works and as part of the CMPL LOM planning. LOM planning is used for decision making in order to

direct study efforts only.

Capitalised Maintenance Costs for mobile and fixed plant have been estimated from historical maintenance

costs.

The estimates of Geological Drilling costs have been determined from the meters of drilling planned for each

year, applied to historical costs per meter.

Sustaining Costs, which are included in the cost model as part of the Mining Capital total include costs for

underground and above ground services to support the mining operation. The major components of

sustaining costs comprise the costs for:

•mining projects including underground paste fill reticulation, a diamond drilling workshop, subsidence

area fencing, and refuge chambers

•pumps and pipework for underground water supply and removal

•electrical equipment required for underground infrastructure.

The estimates of these Other Costs were determined by HMY on the basis of quotations from prospective

suppliers and contractors and the experience and expertise of HMY management.

The Major Equipment capital costs are the costs for replacing equipment which has reached the end of its

useful operating life. The numbers of each type of equipment have been taken from the mining equipment

schedules described in Section 13. Unit costs for equipment items have been determined from historical

costs and current budget prices from equipment suppliers.

Capitalised Development costs have been estimated by HMY based on historical costs and performance.

The HMY Rehabilitation Costs include the costs of rehabilitating the TSFs and, as noted in Section 17.10 of

this report, are based on the estimate of costs determined in a rehabilitation closure review conducted in

2023 which was based on the costs and capping requirements as per the NSW Resource Regulator –

Rehabilitation Cost Estimate Spreadsheet.

18.1.1Maintenance of Fixed and Mobile plant

The Fixed and Mobile Plant Maintenance capital programme is being carried out in accordance with the

maintenance plans for the mining and processing facilities. The status of the maintenance is reported to be

satisfactory as described in Section 13.

18.1.2Geological Drilling

Geological Drilling for resource definition is being carried out by CMPL in accordance with the CSA geological

work plan and budget. An extensive deep drilling campaign is being undertaken from surface to target the

ore body extensions that are currently open at depth. 21,200m of drilling is planned by three surface rigs to

execute this programme with the intention of unlocking further Resource potential.

18.1.3Replacement of Major Equipment

Major Equipment Replacement is being carried out as equipment items reach the end of their useful life. The

load-and-haul fleet is currently reaching the end of its useful life. Costs associated with the future

replacement of the LHD and haul truck fleet are allocated to both capital and operating costs with a

replacement strategy consisting of both the purchase of new machines and the continuation of the current

Sandvik leasing arrangement.

18.1.4Process Sustaining Capital

The concentrator grinding circuit upgrade commenced in 2020 and was complete in 2023.

Process sustaining capital includes incremental replacement of processing equipment and supporting

infrastructure commensurate with ongoing maintenance of the plant. Process plant capital also includes

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replacement and upgrade works for equipment such as ore bins, flotation circuit modifications, concentrate

train container replacement, process plant general structural repairs, rail line maintenance, surface services

upgrades and general site maintenance and upgrades.

18.1.5Tailings Storage Facility

Capital cost estimates for the STSF raises and the two new facility options were prepared by WSP Golder as

part of the Life of Asset Tailings Storage Assessment and have been retained as the base estimate for this

Technical Report Summary. The capital cost for the preferred Option B scenario included in the Mineral

Reserve estimate is ~$104M as reported in Section 15.5.8

18.1.6Capitalised Underground Development

The capitalised underground development is proceeding as part of overall underground development in

accordance with the mine plan as described in Section 13 – Mining Methods.

18.1.6.1Rehabilitation of Project Facilities

No action has been taken in relation to the rehabilitation of project facilities apart from on-going

rehabilitation of waste dumps and TSF facilities which form part of normal operations. Rehabilitation of

mining, processing and infrastructure facilities will be undertaken at the end of the mine life.

18.2 Operating Costs

Table 18-2 provides a site operating cost summary showing forecast operating cost estimates proposed by

HMY for LOM Schedule. The mining unit costs are presented as mining cost per total material mined, with

Processing costs, G&A and Total operating costs presented as cost per tonne milled.

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Table 18-2 Mining, Processing and G&A Operating Cost Summary

CSA Mine		FY27 LOM PLAN
		2027	2028	2029	2030	2031	2032	2033	2034	2035	2036	2037	2038	2039	2040	2041	Total
Total Direct Costs	AUD$M	-304	-292	-341	-343	-320	-314	-317	-318	-315	-316	-312	-311	-303	-219	-96	-4422
Mining Costs	AUD$M	-187	-178	-222	-224	-199	-196	-199	-200	-196	-198	-194	-193	-189	-136	-59	-2771
Processing Costs	AUD$M	-54	-53	-56	-56	-58	-55	-56	-56	-56	-55	-55	-55	-54	-39	-18	-776
General Administration	AUD$M	-62	-62	-63	-63	-63	-63	-63	-63	-63	-63	-63	-62	-61	-44	-19	-874
Total Direct Costs (Net Mine Development)	AUD$M	-245	-241	-264	-268	-263	-280	-290	-304	-299	-297	-299	-297	-296	-219	-95	-3956
Indirect Costs (Royalties, Freight, tax other than income)	AUD$M	-33	-38	-44	-22	-47	-45	-45	-48	-48	-48	-48	-45	-43	-37	-18	-610
Unit Costs
Mining cost /t mined	AUD/t	150	121	124	131	119	122	123	126	112	100	104	116	114	112	105	118
Processing cost / t milled	AUD/t	64	57	49	50	50	47	43	42	43	37	38	38	39	35	35	44
G&A cost / t milled	AUD/t	74	67	55	56	54	54	49	47	48	42	43	43	43	39	37	49
Total operating costs / t milled	AUD/t	289	260	233	238	228	239	225	230	230	200	206	207	212	194	182	224

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The HMY forecast operating costs are estimated using CMPL actual costs as the underlying basis. The split

between capitalised development and underground mining cost is calculated during the mine planning

process and based on the function of the underground development being established, with its respective

allocation to mining operations or capital infrastructure. HMY typically forecasts total site costs for mining,

processing, G&A and capitalised development combined (reported in A$) to determine the appropriate cost

estimates.

CSA has a relatively high proportion of fixed costs; any performance improvement will lead to reduced unit

operating costs. Mining is responsible for around 49% of site operating costs. Of the site mining costs, 44%

relates to labour and contractor costs. The mine operating costs are split by cost category and displayed in

Figure 18-1.

Figure 18-1 Mine Operating Cost Split by Category

Mine operating costs in Australia have seen substantial increases over the last few years due to labour

shortages and material and logistic cost increases. Skilled labour shortages remain acute at all mine sites,

pushing up costs and impacting productivity.

The HMY ore mining rate is forecast to increase from 2028 onwards to around 1.5Mtpa, with the unit ore

mining cost decreasing from around AUD$132/t ore (first three years) to around AUD$115/t ore, averaging

AUD$118/t over the LOM. Higher unit costs are seen at the start of the LOM schedule in line with the

reduced production rate that is constrained by the ventilation circuit. Capital is budgeted to rectify the

ventilation constraint returning the LOM to a lower more stable unit rate for the remainder of the LOM.

The HMY estimate assumes similar Processing and G&A unit costs compared with existing actuals, averaging

approximately AUD$44/t milled and AUD$49/t milled respectively. Overall, the unit costs appear achievable

provided the planned efficiencies are implemented and the mine and mill production forecasts can be

achieved.

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18.2.1Realisation Costs and Offsite Costs

Realisation and offsite costs comprise rail freight to Newcastle Port, concentrate storage at Newcastle, ship

loading costs, sea freight, Treatment Charges and Refining Charges (“TCs and RCs”). Contracts are in place

with Aurizon for train freight and Wemco and Port of Newcastle for wharfage and shipping management.

18.2.2Treatment and Refining Charges

HMY continues to work with offtake partners to remain in line with industry best practice and benchmark

costing. For the reserve estimation and financial model, a LOM TC/RC of USD$0.023/lb Copper RC and $USD

23/dmt Copper TC has been assumed based on management’s assessment of possible forward benchmark

terms.

18.2.3Basis of Estimate

Capital and operating costs were developed based on historical cost performance and first principles

calculations based on current commodity costs, labour rates and equipment costs. The costs are provided for

each major cost centre including mining, processing, G&A, off site costs, major capital works and fleet

replacement and closure costs.

18.3Qualified Person’s Opinion on the Adequacy of Capital and Operating Costs

The QP is satisfied that the capital and operating cost estimates used in this TRS are appropriate for an

established operating mine with a long production history and extensive actual cost records. The estimates

are based on recent operating performance, approved budgets, life-of-mine planning assumptions,

contractor quotations and historical expenditure records. The QP considers the level of detail and accuracy of

the capital and operating cost estimates to be sufficient to support the Mineral Reserve estimate and

associated economic analysis presented in this TRS.

19Economic Analysis

Section 229.601(b)(96)(iii)(B)(19) (i-iv)

19.1Forward-looking Information Caution

This section contains forward-looking information related to economic analysis for the Project. The material

factors that could cause actual results to differ materially from the conclusions, estimates, designs, forecasts

or projections in the forward-looking information include any significant differences from one or more of the

material factors or assumptions that are set forth in this sub-section including estimated capital and

operating costs, project schedule and approvals timing, availability of funding, projected commodities

markets and prices.

All costs, prices, and monetary values are in Q1 2026 Australian Dollars (AUD$).

19.2Principal Assumptions

19.2.1Production:

The schedule for CSA with a 15-year mine life entails approximately:

•17.7Mt of ore

•5.7Mt of waste

•23.4Mt of total material mined.

19.2.2Commodity Pricing

The commodity prices considered for the economic analysis to support the Reserve are as shown below in

Table 19-1.

Table 19-1 Copper Price Scenarios

Copper Scenarios	FY27	FY28	FY29	FY30	FY31	FY32 onward
Copper Base = Reserve	4.64	4.8	4.86	4.74	4.74	4.5

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Copper High	5.43	5.16	5.59	5.54	5.52	5.15
Copper Low	3.85	4.44	4.13	3.94	3.96	3.85

•Copper pricing is based on the Company’s internal market-guidance on near and long-term price

estimate. The "Copper Base" pricing has been used for the economic analysis for the basis of the

Reserve.

•Silver Price - US$38.90/oz - the Company’s internal market-guidance on long-term price estimate

•A$/US$ Exchange Rate - 0.68 - Company’s internal market-guidance on long-term exchange estimate

19.2.3Discount Rate

A discount rate of 7% was used in this economic analysis, being Harmony's approved "Medium" risk +

weighted average cost of capital for its Australian operations. This is considered reasonable, for CSA,

considering it is an operating mine with a long history, cash-flow producing and has a thorough

understanding of the costs and risks associated with the operation.

19.2.4Exchange Rate

Costs are predominantly incurred in A$ with any cost in US$ converted to A$ at a flat rate of 0.68. The

discounted cashflow basis is on an A$ basis.

19.2.5Taxation and Depreciation

The economic analysis is prepared on an unlevered, 100% equity basis in real Q1 2026 Australian dollars. The

Post-Tax Mine Cash Flow shown in Table 19-2 is derived from the Pre-Tax Mine Cash Flow by deducting

Australian corporate income tax, calculated in accordance with the Australian Income Tax Assessment Act

1997 at the company tax rate of 30%.

Taxable income in each year of the life of mine is determined as gross revenue less deductible operating

costs (mining, processing, general and administration), royalties (the New South Wales State ad valorem

royalty and the private Glencore net smelter royalty), and tax depreciation of qualifying capital expenditure.

Capital expenditure is depreciated for tax purposes using the diminishing value (declining balance) method

over the life of mine. Income tax is applied to the resulting taxable income in each year (nil where taxable

income is negative), with available tax losses carried forward and offset against taxable income in subsequent

years. Depreciation is a non-cash item and is deducted only for the purpose of calculating taxable income; it

is not deducted in arriving at the cash flow itself.

19.3Results of Economic Analysis

As shown in Table 19-2, the following parameters were estimated:

•Net Revenue: sales revenue less TCRC costs of AUD$8.13 billion (B), includes copper and silver sales

(NB Silver is currently subject to a streaming arrangement whereby it generates a neutral net value to

HMY (deductions shown in Owners costs) – as such silver is not included as a reportable Reserve of

the asset)

•Total Direct Costs net of mine development is estimated to be AUD$3.96 billion (B)

•Capital Expenditures: the total capital expenditure, including capitalised development, is AUD$1,132M

•Tax calculation based on diminishing value over the life of the mine

•Net Present Value: After tax NPV is AUD$704M at a discount rate of 7.0%.

•IRR and Payback Period: Not reported. The CSA Mine is an existing operating mine and the economic

analysis commences with positive cash flow. As there is no initial negative cash flow requiring

recovery, IRR and payback period cannot be calculated

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Table 19-2 Economic Analysis of CSA Reserve LOM

CSA Mine		FY27 LOM PLAN
		2027	2028	2029	2030	2031	2032	2033	2034	2035	2036	2037	2038	2039	2040	2041	Total
Total Material Mined	kt	1247	1466	1790	1718	1675	1609	1612	1589	1755	1980	1861	1671	1661	1215	558	23408
Ore Mined	kt	848	926	1133	1129	1155	1171	1285	1322	1302	1483	1454	1440	1395	1131	518	17691
Waste Mined	kt	399	540	658	589	520	439	327	267	453	497	407	231	265	84	40	5716
Total Development Metres	m	4051	7060	7032	5917	5761	5956	4496	4144	3633	5480	4542	2399	1985	868	824	64148
Capital	m	2942	4352	4154	3293	3146	2118	1481	734	566	930	516	392	140	0	50	24815
Operating	m	1037	2104	2483	2241	2261	3448	2651	3015	2193	3040	2289	1440	1079	451	578	30311
Rehab	m	72	604	395	383	354	390	364	394	874	1510	1737	566	766	417	196	9023
Total Material Milled	kt	848	926	1133	1129	1155	1171	1285	1322	1302	1483	1454	1440	1395	1131	518	17691
Feed Grade Cu	%	3.65	3.53	3.4	3.46	3.64	3.56	3.28	3.33	3.48	3.03	3.02	2.92	2.91	2.96	2.97	3.26
Feed Grade Ag	g/t	15.5	14.7	13.5	12.8	15.4	15	12.7	11.9	12.1	9.5	10.3	10.3	10.8	11.4	12.2	12.3
Contained Copper Tonnes	kt	31	32.7	38.5	39	42	41.7	42.1	44	45.3	45	44	42.1	40.6	33.5	15.4	576.9
Recovery Cu	%	0.977	0.975	0.977	0.975	0.975	0.975	0.975	0.975	0.975	0.975	0.975	0.975	0.975	0.975	0.975	0.975
Recovery Ag	%	0.869	0.868	0.869	0.868	0.868	0.868	0.868	0.868	0.868	0.868	0.868	0.868	0.868	0.868	0.868	0.868
Concentrate Produced	kdmt	115	131	154	149	161	159	161	168	173	172	168	161	155	128	59	2216
Cu Produced	kt	30	32	38	38	41	41	41	43	44	44	43	41	40	33	15	562
Ag Produced	koz	367	380	429	405	497	490	456	437	438	394	417	413	420	359	176	6079
Net Revenue	AUD$M	429	491	566	575	618	585	582	619	620	617	615	582	544	471	220	8135
Total Direct Costs	AUD$M	-304	-292	-341	-343	-320	-314	-317	-318	-315	-316	-312	-311	-303	-219	-96	-4422
Mining Costs	AUD$M	-187	-178	-222	-224	-199	-196	-199	-200	-196	-198	-194	-193	-189	-136	-59	-2771
Processing Costs	AUD$M	-54	-53	-56	-56	-58	-55	-56	-56	-56	-55	-55	-55	-54	-39	-18	-776

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Technical Report Summary of the CSA  Copper Mine, New

South Wales, Australia

CSA Mine		FY27 LOM PLAN
		2027	2028	2029	2030	2031	2032	2033	2034	2035	2036	2037	2038	2039	2040	2041	Total
General Administration	AUD$M	-62	-62	-63	-63	-63	-63	-63	-63	-63	-63	-63	-62	-61	-44	-19	-874
Total Direct Costs (Net Mine Development)	AUD$M	-245	-241	-264	-268	-263	-280	-290	-304	-299	-297	-299	-297	-296	-219	-95	-3956
Indirect Costs (Royalties, Freight, tax other than income)	AUD$M	-33	-38	-44	-22	-47	-45	-45	-48	-48	-48	-48	-45	-43	-37	-18	-610
Total Capital	AUD$M	-176	-161	-137	-107	-69	-71	-57	-64	-61	-54	-50	-30	-25	-40	-29	-1132
Mine Cashflow	AUD$M	-25	51	121	178	240	189	190	203	211	218	219	209	181	174	78	2437
Owners costs (inc Streams)	AUD$M	-41	-48	-58	-58	-60	-52	-48	-52	-53	-50	-48	-48	-44	-37	-19	-716
Undiscounted Mine Cashflow	AUD$M	-66	3	63	119	179	137	142	151	159	168	171	161	137	138	59	1720
Undiscounted Post Tax Mine Cashflow	AUD$M	-70	-17	38	92	143	112	118	121	126	134	136	133	115	111	32	1324
Total C1 Cost	AUD$M	-243	-241	-273	-278	-267	-290	-300	-314	-309	-311	-314	-309	-308	-231	-99	-4085
C1	$/lb	3.7	3.4	3.3	3.3	3	3.2	3.3	3.3	3.2	3.2	3.3	3.4	3.5	3.2	3	3.3
Total Cash Cost	AUD$M	-379	-401	-443	-384	-360	-381	-379	-402	-394	-387	-386	-360	-353	-288	-136	-5432
Total Cash Cost	$/lb	5.8	5.7	5.3	4.6	4	4.2	4.2	4.2	4	4	4.1	4	4	4	4.1	4.4
NPV (7%) After Tax	AUD$M	704

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19.4Sensitivity Analysis

A sensitivity assessment on the Reserve was completed on the Mineral Reserve schedule by flexing the

contributing modifying factors impacting the economics, by independently varying the copper price,

operating cost, and recovery. The results of the sensitivity analysis are presented in Table 19-3.

Table 19-3 Value Sensitivity Analysis

Case		NPV
HMY Base (Reserve)	AUD$M	704
Base + 10%	AUD$M	1014
Base - 10%	AUD$M	393
HMY Low CU	AUD$M	253
HMY High CU	AUD$M	1155
Opex +10%	AUD$M	569
Opex +20%	AUD$M	435
Recovery -5%	AUD$M	595

The project NPV is most sensitive to copper price, followed by a 20% rise in operating costs and least

sensitive to recovery.

19.5Qualified Person’s Opinion on the Economic Analysis

Given the long operating history of the CSA Mine and the extensive actual operating, capital, and

development cost data available, the QP considers the cost estimates used in the economic analysis to be

sufficiently detailed and reliable to support the Mineral Reserve estimate. The QP is of the opinion that the

economic analysis demonstrates the economic viability of the Mineral Reserves reported for CSA.

20Adjacent Properties

Section 229.601(b)(96)(iii)(B)(20) (i-iv)

CSA is wholly contained within CML5, which is surrounded by a network of Exploration Licences also wholly

owned by CMPL. For all practical purposes, CSA has no adjacent properties that are likely to have any

influence on its operations. In the broader region, other resource companies hold exploration tenements;

most are considered to be at an early stage of evaluation.

21Other Relevant Data and Information

21 Other Relevant Data and Information

Section 229.601(b)(96)(iii)(B)(21)

The QP considers that all relevant data and information is contained within the body of this Technical Report

Summary.

22Interpretation and Conclusions

Section 229.601(b)(96)(iii)(B)(22)

22.1Conclusions 

The CSA Copper Mine is an established, high-grade underground copper operation located approximately

11km northwest of Cobar, New South Wales, and has been in continuous operation since 1965. The

operation was acquired by HMY on 24 October 2025 and is operated through its wholly-owned subsidiary

CMPL. This TRS has been prepared in accordance with the requirements S-K 1300 and Item 601(b)(96) of

Regulation S-K, and supports the Mineral Resource and Mineral Reserve estimates for the CSA Copper Mine

with an effective date of 30 June 2026. 

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Based on the data, analyses and modifying factors discussed throughout this Report, the QP concludes that

the CSA Copper Mine is a technically viable, economically robust and appropriately governed underground

mining operation, and that the Mineral Reserve estimate declared in Section 12 is supported by feasibility-

study-level engineering and economic analysis. 

22.1.1Mineral Resource 

The Mineral Resource estimate has been prepared in accordance with the definitions of Item 1300 of

Regulation S-K. The estimate is based on approximately 2,932 diamond drill holes and more than 71,000

samples, with resource definition drilling completed at 20 m north-south by 37.5 m vertical spacing in QTSN

and 20 m north-south by 20 m vertical spacing in the other four systems (QTSC, QTSS, Eastern and Western).

The Mineral Resource, exclusive of Mineral Reserves and reported on a 100% ownership basis at a 1.5% Cu

cut-off, is summarised in Table 22-1. 

Table 22-1 CSA Mineral Resource, exclusive of Mineral Reserves, effective 30 June 2026

	Metal >>	Copper		Silver
	tonnes	grade	metal	grade	metal
	kt	%	kt	g/t	koz
Measured Mineral Resource	1,343	7.65	102.691	23.96	1,000.558
Indicated Mineral Resource	1,479	4.90	72.490	13.91	639.696
Total Meas & Ind Resource	2,822	6.21	175.181	18.69	1,640.254
Inferred Mineral Resource	6,173	3.76	231.942	24.83	4,767.050

Approximately 73% of the Mineral Resource tonnage and 78% of the contained copper metal lies within the

QTSN and QTSC systems, which are the current dominant sources of production. Resource price assumptions

used in the estimation were US$11,900/t Cu and US$38.9/oz Ag, with metallurgical recovery assumptions of

97.5% Cu and 86.7% Ag.

22.1.2Mineral Reserve 

The Mineral Reserve estimate is the economically mineable portion of the Measured and Indicated Mineral

Resource and has been derived using detailed stope designs, modifying factors calibrated against ten years of

reconciliation history, and a Discounted Cash Flow ("DCF") economic evaluation using company market-

guidance long-term real commodity price forecasts. The Mineral Reserve declared as at 30 June 2026 is

summarised in Table 22-2.

Table 22-2 CSA Mineral Reserve, effective 30 June 2026

Total Reserve – CSA
	Copper
	Tonnes	Cu	Cont. Cu
	[Mt]	[%]	[kt]
Total Mineral Reserve	17.691	3.26	576.868
Proved Mineral Reserve	12.531	3.27	410.303
Probable Mineral Reserve	5.161	3.23	166.565

The Mineral Reserve estimate is based on a copper price of US$9,900/t (US$4.50/lb), a silver price of

US$38.90/oz, an A$/US$ exchange rate of 0.68, a stope cut-off grade of 2.26% Cu (FY26–FY28) reducing to

1.93% Cu thereafter, and a development cut-off grade of 1.0% Cu. Modifying factors, including dilution and

mining recovery, are based on stope-type-specific historical reconciliation performance and are considered

by the QP to be appropriately conservative. The Reserve supports an estimated Life-of-Mine ("LOM") of

approximately 15 years. 

22.1.3Economic Analysis and Viability 

The economic analysis, presented in Section 19, demonstrates that the Mineral Reserve is economically

viable. The base case after-tax NPV, discounted at 7% and expressed in Q1 2026 real Australian dollars, is

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estimated at A$704 million. The DCF is most sensitive to copper price, followed by operating costs and

metallurgical recovery. The DCF is based on site budget-level cost and revenue estimates derived from an

established operating mine with a long production history. Given the extensive operating, capital and

development cost data available, the QP considers the cost and revenue estimates to be sufficiently detailed

and reliable to support the Mineral Reserve declaration.

22.1.4Technical Foundations 

The QP concludes that the technical foundations of the Reserve are sound and consistent with SK-1300

requirements: 

•Geological confidence – the CSA orebody is well understood after more than 50 years of continuous

operation, with 6,800 drill holes totalling approximately 1,000km of core defining the deposit. 

•Reconciliation performance – over the ten-year period to December 2025, annual stope production

reconciliations averaged 101% for tonnes, 102% for grade and 103% for contained copper metal,

providing strong empirical support for the block model and mining factors. 

•Metallurgical performance – copper recovery has averaged approximately 98% since 2018, with

concentrate grades of 26–27% Cu and payable silver credits of ~80 g/t; there are no deleterious

elements that attract penalties. 

•Geotechnical management – the FY26 Ground or Strata Failure PHMP (CSA-PHMP-1004 Revision 9,

February 2026) captures the updated dual stress regimes, the 2025 rock property test results, the

2025 Cavroc LOA FLAC model, and the FY26 chevron centre-out extraction sequence, providing a

comprehensive engineered basis for continued mining at depth. 

•Backfill and TSF – the Stage 10 STSF raise is under construction and, together with the

recommissioning of the North Tailings Storage Facility ("NTSF") under Scenario B, provides tailings

storage capacity for the full Reserve LOM; the paste fill plant supports approximately 45–50% of the

current tailings production as cemented paste backfill. 

•Infrastructure – the Capital Ventilation Project ("CVP", A$65M) is expected to increase lower-mine

airflow from approximately 381 m³/s to 713 m³/s and is scheduled for progressive commissioning

through FY29. 

•Regulatory and legal standing – CML5 and MPL1093/1094 expire in 2028–2029 and renewal

applications are in progress; the QP is not aware of any material legal, permitting, environmental or

title issue that would reasonably be expected to materially affect the Mineral Reserve declaration.

22.1.5Overall Conclusion 

The QP concludes that the CSA Copper Mine, on the basis of the technical work presented in this Report, has

the geological, engineering, environmental, permitting, community and financial characteristics required to

support the Mineral Reserve declared as at 30 June 2026. The Reserve LOM is expected to deliver

approximately 577 kt of contained copper from a total ore tonnage of 17.7 Mt processed at an average feed

grade of 3.26% Cu over approximately 15 years. 

22.2Significant Risks and Uncertainties 

This section discusses the significant risks and uncertainties that may reasonably be expected to affect the

reliability or confidence in the Mineral Reserve estimate, in accordance with Item 601(b)(96)(iii)(B)(22) of

Regulation S-K. Risks have been assessed qualitatively in terms of likelihood and consequence to the Mineral

Reserve declaration and mine plan over the Reserve LOM. Residual risks after implementation of the controls

documented in this Report are presented in Table 22-3. 

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22.2.1Risk Register 

Table 22-3 CSA Copper Mine – Significant Risks and Uncertainties (residual, post-mitigation)

#	Risk	Discipline	Residual Rating	Principal Mitigations
1	Copper price falls materially below the US$9,900/t Reserve price	Economic	High	Company long-term price estimate; high-margin operation with an average stope cut-off of 1.93– 2.26% Cu against Reserve grade of 3.26% Cu; NPV remains positive under a 10% Cu price reduction sensitivity.
2	Reserve replacement below historical rate due to unsuccessful deep exploration	Resource / Geology	Medium	Titeline 21.5km deep-surface drilling campaign in progress targeting QTSN down-plunge; underground infill drilling averaging 27,700 m/year over the past two years; 15-year Reserve LOM.
3	Increasing geotechnical stress and ground control complexity with depth (below 8500 mRL)	Geotechnical	Medium	Dual stress regimes formally adopted (2024 SMTI + 2025 Cavroc calibration); sublevel spacing revised to 35 m below 8500 mRL; top-down centre-out chevron sequence; yielding ground support; FY26 PHMP; seismic sensor upgrade (7→13) in late 2025.
4	Ventilation constraints limit ore production during CVP implementation	Infrastructure	Medium	CVP (A$65M) programmed for progressive commissioning to FY29; airflow to lower mine to increase from 381 m³/s to 713 m³/s; interim ventilation upgrades staged to protect the mine plan; battery-electric fleet trial reduces heat and diesel emissions at source.
5	Tailings storage capacity constrained by NTSF approval / bond transfer timeline	Environmental / TSF	Medium	Stage 10 STSF provides capacity to Sep 2031; Stage 11 permitted-in-principle as contingency; NTSF Scenario B is the base-case LOM solution; WTSF greenfield alternative retained; Dam Safety Review scheduled for 2026.
6	Concentration of Reserve in QTSN (~67% of Reserve Cu metal)	Mining	Medium	Contingent Resource in QTSC, Eastern, Western and QTSSU; paste reticulation extended to QTSC and Eastern; QTSSU production commencing in 2026; WebGen remote firing enables narrow-lens Western mining.
7	Operating cost inflation exceeds forecast (labour, energy, consumables)	Economic	Medium	~50 years of operating cost history; A$118/t mining and A$44/t milling forecasts benchmarked against Cobar labour market; 44% of mining cost is labour/ contractor; FIFO/DIDO flexibility; battery-electric fleet reduces diesel/power exposure.
8	Metallurgical recovery declines with depth or feed variability	Processing	Low	98% average Cu recovery since 2018; onsite geometallurgical modelling and Flotation Plant Survey program; consistent mineralogy; upgraded SAG mills provide 91–97% grinding utilisation.
9	Renewal of CML5 and MPL1093/1094 (expiring 2028–2029) not granted	Legal / Permitting	Low	Renewal applications underway well in advance of expiry; long compliance history; strong community support; no material legal, permitting or Native Title impediments identified.
10	Water supply constrained (drought / Cobar Water Board capacity limits)	Environmental	Low	Cobar Water Board pipeline supports up to 1.4 Mtpa; on-site borefield (1.3 ML/day); 2026 contingency water line installed to Endeavor Mine; 1,356 MLpa of high-security water entitlements.
11	Paste fill reticulation single-point-of-failure at the surface delivery borehole	Backfill	Low	Enhanced borehole monitoring and maintenance program; consideration of duplicate delivery line; paste plant runs on demand; 45–50% of tailings currently used as backfill.

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#	Risk	Discipline	Residual Rating	Principal Mitigations
12	Seismic hazard increases beyond current low level as mine deepens	Geotechnical	Low	IMS microseismic system upgrade (13 sensors) in late 2025; ductile rock mass dissipates energy without brittle release; TARP-004 (2025) with 1.2 ML review trigger; formal ground support dynamic capacity review in place.
13	QTSSU surface subsidence or blast vibration impacts Pork Pie Dam	Geotechnical / TSF	Low	GTM24-13 RS2 modelling predicts <5 mm surface subsidence; surface vibration monitoring programme in place; survey prism monitoring at Pork Pie Dam; monitoring to continue until residual risk assessed as negligible.
14	Coarse ore bins (1960s vintage) fail before staged remediation is complete	Processing	Low	Staged remediation programme capitalised and underway; bins currently operated at partial fill; mill throughput currently constrained by underground production, not by ore bin capacity.
15	Skilled labour shortages at remote site (Cobar)	Operational	Low	~500 FTE workforce; 150 rooms under contract at local village; senior FIFO/DIDO arrangements; critical maintenance vacancies filled by technical service providers.

22.2.2Discussion of Key Risks 

Copper price is the single most material sensitivity in the DCF and, in the QP's opinion, represents the highest

residual risk to the Mineral Reserve declaration. However, the CSA cut-off grade (1.93–2.26% Cu) is

substantially lower than the average Reserve feed grade (3.26% Cu), and the operation retains a positive

after-tax NPV under a Cu price reduction of 10%. The Company long-term real price estimate of US$9,900/t

adopted for the 2026 Reserve is considered by the QP to be a reasonable and defensible view of future

prices. 

Increasing geotechnical stress with depth is a real but well-managed technical challenge. The formal adoption

of dual stress regimes (Upper and Lower), calibrated against underground damage observations and the 2024

seismic moment tensor inversion, together with the transition to a 35 m sublevel spacing and a chevron

centre-out extraction sequence below 8500 mRL, has aligned the mine plan with the observed rock mass

behaviour. The FY26 PHMP (Rev 9) is compliant with the NSW Work Health and Safety (Mines and Petroleum

Sites) Regulation 2022 and integrates the 2025 Cavroc LOA FLAC numerical model. 

Tailings storage over the Reserve LOM requires the recommissioning of the NTSF (Scenario B, base case). This

is a modifying factor of material importance under Item 1300 of Regulation S-K. The NTSF concept has been

supported by independent geotechnical and deposition modelling by WSP, MineBridge/TSFRPL and PSM, and

the tenure reinstatement and bond transfer with NSW Government are being progressed under a defined

workstream. Stage 11 of the STSF and the greenfield WTSF are retained as credible contingency pathways.

The QP considers that tailings storage risk to the Reserve is appropriately managed. 

The concentration of the Reserve in QTSN is intrinsic to the geology of the CSA deposit and has been the case

throughout the mine's operating history. The current Mineral Reserve draws contingent ore sources from

QTSC, Eastern and Western, and the 2026 start-up of the QTSSU introduces a new production area at shallow

depth. The QP considers that the diversity of ore sources within the current Mineral Reserve is adequate. 

22.3Opportunities 

In addition to the risks discussed above, the QP has identified a number of opportunities that could enhance

the value or extend the LOM of the CSA Copper Mine beyond the Reserve currently declared. These

opportunities are not included in the Mineral Reserve estimate and their realisation is not required to

support the Reserve declaration; they are, however, considered credible and worthy of note under S-K 1300. 

22.3.1 Deep Resource Extensions 

The mineralised systems at CSA remain open at depth. The deepest QTSN mineralised intercept is currently

at approximately 8,050 mRL (~2,200 m below surface), and the LOA drilling programme continues to intersect

chalcopyrite mineralisation below the current Reserve horizon. The 21.5km Titeline surface diamond drilling

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campaign is specifically targeting deep continuity of the QTSN and QTSC lodes and provides the principal

upside pathway. The QP notes that Harmony's operating experience at depths in excess of 3,000 m in its

South African assets provides direct organisational capability for deeper CSA extensions. 

22.3.2 Near-Mine Exploration 

Extensive geochemically and geophysically anomalous ground surrounds the current mining footprint.

Prospects including Kendi, Pink Panther, Spotted Leopard, Tailings Dam, Stoney Tank, Falcon, Ringneck,

Cherry and Midnight have been drill-tested with encouraging intersections, and the 2020 airborne magnetics

and radiometrics survey together with the 2021–2022 FLEM survey have identified additional targets. In

addition, CMPL has recently consolidated 100% ownership of the AuriCula tenements (Shuttleton and Mt

Hope), which contain historically productive copper prospects along the John Owen Fault trend. 

22.3.3 Toll Treatment of Neighbouring Zinc Ores 

CSA has excess processing plant capacity above underground mining rates (design 1.4 Mtpa mill throughput

vs 1.1–1.3 Mtpa Reserve mining rate). A toll treating opportunity exists with the neighbouring Endeavor mine

to process zinc ores, and this option remains under commercial consideration. It is not included in the FY26

LOM or Reserve estimate. 

22.3.4 Battery-Electric Underground Fleet 

A trial of battery-electric LHD and truck units is underway at CSA and is reported to demonstrate good

productivity over 6–7 hour operating windows. Full-scale adoption of battery-electric fleet would materially

reduce diesel emissions, cooling load and ventilation demand at depth, and represents both an

environmental and economic opportunity to be assessed. 

23Recommendations

Section 229.601(b)(96)(iii)(B)(23)

The QP considers that the ongoing technical, economic and regulatory integrity of the CSA Mineral Resource

and Mineral Reserve estimates is supported by the established work programmes, governance processes and

capital plans described in this Report. These activities address the principal risks and opportunities associated

with resource definition, mine planning, geotechnical management, processing infrastructure, tailings

storage, environmental management, permitting and corporate governance.

The work programmes described in this Report form part of CSA's normal operating, sustaining capital,

exploration and life-of-mine planning activities and have already been incorporated into Harmony's approved

operating and capital planning framework. The QP is not recommending any additional studies, work

programmes or expenditures beyond those already contemplated and incorporated within the operation's

existing business plans and budgets. Accordingly, no separate recommendation costs, phased work

programmes or associated decision points are presented in this section.

24References

Section 229.601(b)(96)(iii)(B)(24)

The following references comprise the principal reports, studies, technical memoranda, databases, plans,

regulatory approvals and external publications specifically cited in this Technical Report Summary.

•United States Securities and Exchange Commission (SEC), 2020. Modernization of Property Disclosures

for Mining Registrants, Subpart 1300 of Regulation S-K (17 CFR Part 229) and Item 601(b)(96)

Technical Report Summary.

•Metals Acquisition Limited, 2024. Technical Report Summary - CSA Copper Mine, New South Wales,

Australia. Effective Date 31 December 2023. Filed as Exhibit 96.1 to Form F-4/A with the U.S. Securities

and Exchange Commission.

•Cobar Management Pty Limited. AcQuire Geological Database. Site-managed geological, geotechnical,

assay, density and QA/QC database supporting Mineral Resource estimation and Mineral Reserve

conversion.

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•Cobar Management Pty Limited / Harmony Gold Mining Company Limited, 2019-2025. CSA Stope

Reconciliation Register. Rolling reconciliation of mined tonnes and grade against Resource and

Reserve estimates.

•Australian Laboratory Services (ALS), Orange NSW. Analytical and Metallurgical Testing Services. ISO/

IEC 17025 and ISO 9001 accredited laboratory.

•Cube Consulting Pty Ltd, 2020-2023. Independent QA/QC Reviews of CSA Sampling, Assaying and

Database Practices.

•HMY / Cobar Management Pty Limited, February 2026. CSA-PHMP-1004 Principal Hazard

Management Plan for Ground or Strata Failure and Subsidence, Revision 9.

•Cavroc Consulting Pty Ltd, 2025. CSA Life-of-Asset FLAC Numerical Model. Geotechnical numerical

modelling study and stress model calibration.

•Lee, M., 2024. CSA Mine In-Situ Stress Regime - Holistic Review.

•Villaescusa, E., 2023. Independent Review of Ground Control and Principal Hazard Management Plan,

CSA Mine.

•Outotec Pty Ltd, 2021. CSA Mine Paste Backfill Exposure Stability Analysis.

•WSP Golder, December 2022. CSA Life of Asset Tailings Storage Assessment.

•WSP. Southern Tailings Storage Facility Engineer of Record Reports, including annual surveillance

inspections, quarterly performance reviews and Stage 10 design documentation.

•WSP. CSA North Tailings Storage Facility Recommissioning and Closure Design Report.

•Coffey Geotechnics Pty Ltd, 2019. Dam Safety Review - Southern Tailings Storage Facility.

•PSM, June 2023. CSA Mine North Tailings Storage Facility Inspection Report.

•MineBridge Pty Ltd / TSFRPL, December 2023. CSA Life-of-Mine Tailings Deposition Modelling Study.

•NSW Environment Protection Authority. Environmental Protection Licence EPL1864.

•NSW Resources Regulator. CSA Rehabilitation Management Plan.

•NSW Resources Regulator. CSA Rehabilitation Objectives Statement.

•Cobar Management Pty Limited. Environmental Management System (EMS), Environmental

Management Plans (EMPs) and Annual Environmental Reporting Records.

•JKTech Pty Ltd, 2020. Mine Future Ores Program - Comminution and Processing Assessment.

•Wills, B.A. and Napier-Munn, T.J., 2016. Wills' Mineral Processing Technology: An Introduction to the

Practical Aspects of Ore Treatment and Mineral Recovery, 8th Edition, Elsevier.

•Harmony Gold Mining Company Limited / Cobar Management Pty Limited, 2025-2026. Capital

Ventilation Project (CVP) Design Package and Ventilation Modelling Studies.

•Cobar Management Pty Limited. Life-of-Mine Mine Planning and Reserve Scheduling Files (Deswik®)

supporting the June 2026 Mineral Reserve estimate.

•Cobar Management Pty Limited. Copper Concentrate Offtake Agreement.

•Cobar Management Pty Limited. Copper Streaming Agreement.

•Cobar Management Pty Limited. Silver Streaming Agreement. 

25Reliance on Information Provided by the Registrant

Section 229.601(b)(96)(iii)(B)(25)

In preparing this TRS, the QP relied upon information, analyses and technical work prepared by appropriately

qualified subject matter experts in the disciplines of geology, mine planning, geotechnical engineering,

hydrogeology, tailings management, metallurgy, environmental management, infrastructure and finance.

These specialist contributions included information relating to mining rights, surface rights, contractual

agreements, historical operating expenditures, community relations and other matters.

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The QP reviewed and accepted the work of these specialists and considers it reasonable and suitable for use

in this TRS. Responsibility for the scientific and technical disclosure contained herein remains with the QP.