Exceptional Metallurgical Results Further Strengthen Development Outlook for Labyrinth Gold Project in Canada

• Outstanding recovery achieved through Gravity/Flotation flowsheet, returning a low mass pull, high value 96g/t Au concentrate at 97.3% recovery
• Mineralogical studies confirm the production of a pyrite dominant concentrate containing negligible deleterious elements
• Regrinding the flotation concentrate prior to cyanidation returns an overall 95.2% Au recovery to doré at low cyanide and lime consumption rates
• The results demonstrate a clear, efficient processing pathway for the high-grade Labyrinth project
• Further metallurgical and process design upside likely through float and grind size optimisation

The results will help underpin optimisation studies across the Labyrinth Project, initial plant design costings and assessment of any third-party ore sales, toll treatment or concentrate sales.

Labyrinth Chief Executive Matt Nixon said: “These are excellent metallurgical results demonstrating that we can deliver 95.2 per cent gold recoveries using a conventional gravity and flotation circuit.

“This will be extremely beneficial for our optimisation studies, which are already underpinned by a

Resource grade of 5g/t and access to the existing underground mine infrastructure”.

Details of Testwork

The project commenced in August 2022 with the submission of diamond core crushed residue composites to Base Metallurgical Laboratories Ltd (“BaseLabs”) in British Columbia, Canada. The metallurgical program was derived and managed by JT Metallurgical Services (“JTs”) in Perth. The aims of the program were to define the key mineralogical characteristics of the likely mill feed to a future plant, undertake systematic tests reflective of likely flowsheets being gravity/cyanidation and gravity/flotation/cyanidation and conduct comprehensive assays and mineralogical analysis on the flotation concentrate and process streams for flowsheet optimisation and marketing purposes.

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