• 14% increase in contained gold ounces to 108Koz
• 76% Indicated and 24% Inferred Resource
• 22% increase in tonnes, 16% increase in grade, 41% increase in contained gold ounces in Shallow Gold zone

Sunshine Metals Limited (ASX:SHN, 'Sunshine') has increased the shallow, high grade gold Resource at its Liontown prospect by 14% to 108Koz as the Company targets first production at its Ravenswood Consolidated Project in North Queensland in 2026. The Liontown Au Study, due for completion in January 2026, will also consider the extraction of up to 803Koz Ag. The Resource upgrade has provided an uplift in shallow gold ounces at no expense to grade, following successful infill drilling in May 2025 that contained shallow, thick high-grade gold. The drilling has also resulted in better definition of historic workings, showing that the gold miners between 1905-1911 left plenty behind. The next phase of drilling has commenced to further improve Resource confidence and bring much of the Shallow Au Resource to Measured status. This improved confidence will serve the ongoing discussions with potential toll treatment partners. The mining studies are progressing well and on track for delivery in January 2026, keeping Sunshine on track to becoming a gold producer in 2026.

The Liontown Gold Study will now consider 790Kt @ 4.3g/t Au for 108Koz Au & 31.6g/t Ag for 803Koz Ag.

Sunshine Metals remains on track to becoming a gold producer in 2026 as the Liontown Gold Mining Study and environmental permitting progress on schedule.