Further Shallow High-Grade Results incld. 14m @ 12.38g/t Au

• Final assays received from 121-hole grade control drilling program at Liontown, supporting upcoming Resource upgrade
• First assays received for upgrading and extending the high-grade Au Panel Resource, 150m east of proposed open pit
• Revised Liontown Mining Study to commence in June 2026

Sunshine Metals has received final assays from its 121-hole (5,195m) grade control drilling program completed within the proposed Liontown open pit, supporting mine planning and the upcoming Liontown Resource update. Key results include 7m @ 5.87g/t Au from surface, 13m @ 3.59g/t Au from 26m, and 2m @ 13.98g/t Au & 476g/t Ag from 23m. The company also received first assays from a 30-hole (2,032m) Resource drilling program at the high-grade Liontown Au Panel, located 150-350m east of the open pit, with highlights of 14m @ 12.38g/t Au from 79m and 8m @ 5.14g/t Au from 72m. The Au Panel hosts an existing Resource of 247Kt @ 7.35g/t Au and 11g/t Ag and is planned to be part of the underground mine in the Liontown Mining Study. The updated Resource and additional metallurgical data from these programs will form the basis for a revised Liontown Mining Study, which is scheduled to commence in June 2026.

The company has a busy period ahead, with further Au Panel assays expected in May 2026, a revised Liontown Resource update due in the June 2026 quarter, and the commencement of a revised Liontown Mining Study in June 2026.