Operations

Exploration at the Dingo Range Gold Project has clearly demonstrated the potential of this largely underexplored area. In January 2026 the Company released the Project’s updated Mineral Resource estimate which consists of 40.9Mt @ 1.1g/t Au for 1.41Moz (at a 0.45g/t Au cut-off grade), and includes a higher grade resource totaling 24.2Mt @ 1.4g/t Au for 1.1Moz (at a 0.7g/t Au cut-off grade) confirming the Project to be Emerald’s first stand-alone mining and processing operation in Australia. Emerald is undertaking further development work in advance of an investment decision and commencement of development in 2025.

Dingo Range Gold Project

The Dingo Range Gold Project consists of 42 exploration licences (including two applications) and four mining licences covering the majority of the Dingo Range greenstone belt with 1,110km² of tenure which has the potential to host multiple standalone deposits or satellite deposits to supply additional ore to a central mill. The current Dingo Range Gold Project Resource extends over a11.4km strike length and includes the Boundary, Neptune, Stirling, Hurley’s Reward, Great Northern and Freeman’s Find gold deposits.

Historical exploration drilling before Emerald took ownership, focused on the Boundary-Bungarra trend and only tested to ~110m vertical depth (average). Drilling totalling 84,110m (80,835m RC and 3,275m diamond) had been completed since 2014 including 34,976m by various previous tenement holders (28,108m RC, 3,865m diamond, 432m AC and 2,571m RAB).

Since commencing resource definition and exploration drilling in July 2022, Emerald has completed 1,654 drill holes for a total of 193,065m. This comprises 1,113 RC drill holes (140,411m), 38 diamond drill holes (5,183m), 107 RC holes with diamond tails (13,415m RC and 16,779m diamond), and 396 shallow aircore collars (17,277m). Drilling results to date (current and historical) continue to demonstrate the continuity of mineralisation at depth and along strike.

Recent drill intercepts have been incorporated into the January 2026 Dingo Range Resource Estimate and include::

• 8m @ 1.30g/t Au from 432.2m including 29.23m @ 1.46g/t Au from 479.77m, 7m @ 5.54g/t Au from 433m and 3m @ 9.71g/t Au from 539m (RCDD23BDY064)2;
• 8m @ 15.69g/t Au from 51m (RC25BDY305)3;
• 21m @ 5.77g/t Au from 20m including 3m @ 33.59g/t Au from 22m (RC25BDY417)3;
• 16m @ 7.33g/t Au from 42m (RC25NPT243)3;
• 17m @ 6.77g/t Au from 83m including 7m @ 15.25g/t Au from 88m (RC25BDY389)3; and
• 6m @ 11.97g/t Au from 55m (RC25BDY296) (EOH)3.

Concurrent to the recent resource programs, the Project has regulatory approval for the Mining Proposal, Mine Closure Plan and Clearing Permit with the grant of the Project Works Approval expected in Q1 CY2026 ensuring that we remain focussed to commence full development activities at the Project in CY26.

Dingo Range Gold Project – Tenement Map with the prospect locations