• Initial production target of ~75Koz @ 2.96 g/t Au, and 654Koz Ag @ 25.73g/t Ag
• Robust financials include gross revenue of ~$458M and net operating cashflow of ~$162.7M
• Mining and environmental approvals well advanced, with potential commencement in late 2026

Sunshine Metals Ltd has announced a scoping-level mining study for the Liontown gold-silver deposit, part of the Ravenswood Consolidated Project in North Queensland. The study outlines an initial production target of ~75Koz @ 2.96 g/t Au, and 654Koz Ag @ 25.73g/t Ag, based on a multi-staged open pit and underground operation. The study demonstrates robust financials, including gross revenue of ~$458M and net operating cashflow of ~$162.7M. The study does not incorporate recent high-grade drilling results, which are expected to enhance the project economics following a Mineral Resource update in April 2026. Mining and environmental approvals are well advanced, with early contractor engagement underway to support a potential commencement in late 2026. The company is advancing discussions with third-party partners regarding funding, development, haulage and processing options to accelerate the pathway to first production.

The Mining Study outlines an initial production target of ~75Koz Au and 654Koz Ag, generating estimated Net Operating Cashflow of ~$162.7M based on a gold price of $6,500/oz and silver price of $100/oz.

Sunshine is advancing discussions with third-party partners regarding funding, development, haulage and processing options to accelerate the pathway to first production, targeted for late 2026, while preserving capital and maintaining focus on resource growth across the broader Liontown system.