PFS confirms Tallebung as a high-margin, low-cost critical metals project, with a 3Mtpa open-cut operation producing annually on average 2,040t tin, 31,700mtu tungsten trioxide and 315koz silver over an initial 7.3-year mine life.

Strong project economics at base-case commodity prices deliver a 69% pre-tax IRR, A$438 million pre-tax NPV8, A$115+ million annual EBITDA, and capital payback in less than 17 months, highlighting Tallebung's robust profitability.

Current mine life is based on only 66% of the Mineral Resource Estimate, with significant potential to extend operations through conversion of existing Inferred Resources to Measured and Indicated categories. Resource upgrade and extension drilling is already underway.

Project returns increase substantially at current spot prices, generating a 130% pre-tax IRR, ~A$1.0 billion NPV8, A$221+ million annual EBITDA, and capital payback in under 9 months, driven by strong exposure to tin, tungsten and silver markets.

Tallebung remains well positioned for development, supported by a low pre-production capital cost of A$138.8 million, ongoing financing and offtake discussions, A$17.6 million cash on hand, and a development timeline targeting approvals in late 2027 and first production in mid-2028.