• 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 are well advanced, with early contractor engagement underway

Sunshine Metals Limited (ASX:SHN) is pleased to announce a scoping study for an initial open pit and underground operation at Liontown, 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 (73% Indicated, 27% Inferred), based on a multi-staged open pit and underground operation. The robust financials at $6,500oz Au and $100oz Ag include gross revenue of ~$458M and net operating cashflow (after all capital) of ~$162.7M. The study also highlights modest capital requirements, with a maximum cash drawdown of ~$4.6M, and an all-in sustaining cost ('AISC') of $2,741/oz Au. Mining and environmental approvals are well advanced, with early contractor engagement underway to support a potential commencement in late 2026. The study and current resource will be updated in April 2026 to incorporate results from the recent exceptional grade control drilling program.

The study outlines an initial production target of ~75,227oz of gold and ~653,967oz of silver, with an all-in sustaining cost of $2,741/oz Au. This is based on a gold price of $6,500/oz and a 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.