Quarterly Activities Report

• Ekati operations impacted by financial challenges
• Secured C$115m loan from CEEFC, undertook financial restructuring
• Progressing Sable open pit mining and Fox wash plant project

Burgundy Diamond Mines Limited (ASX: BDM) provided its quarterly activities report for the period ended 31 December 2025 (Q4-2025). The company's Ekati operations continued to face challenges, with significant declines in waste and ore tonnes mined, tonnes processed, and carats recovered and sold compared to the previous quarter. The market for Misery goods also continued to deteriorate due to the global diamond market downturn. During the quarter, the company successfully secured a C$115m loan from the Canada Enterprise Emergency Funding Corporation (CEEFC) and undertook a significant financial and balance sheet restructuring. Preparatory work began to re-enter the Sable open pit to mine the remaining ore, and progress continued on the Fox wash plant project to process the historic low-grade Fox ore stockpile. These initiatives are aimed at supplementing the Misery diamond assortment with higher-value products from Sable and Fox. The company also provided an update on the suspension of trading in its shares due to a breach of ASX Listing Rule 10.1, which it is working to remedy. The company's financial position as of 31 December 2025 showed a consolidated net debt position of US$96.2m, with cash of US$26.6m and diamond inventories valued at US$13.7m.