SKOURIES (GREECE)

Commercial terms for concentrate off-take have been agreed to with contract execution expected in the coming weeks. Concentrate off-take agreements will cover approximately 80% of the copper concentrate for a 2 to 3 year term depending on the agreement and with the market for clean copper concentrate tight we expect to achieve significantly better economic terms than those assumed in the 2022 feasibility study assumptions.

In Q1 2025, the capital cost estimate was revised to $1.06 billion and the project remains fully funded. The Commercial Loan Facility and the RRF Facility totalling €680.4 million ($798.9 million) are fully drawn.

• As we report Skouries capital costs in US dollars, the persistent strength of the Euro through the end of 2025 has led to an unfavorable foreign exchange impact, estimated to be approximately $43 million (through to commercial production). The impact to our cash balances has been materially mitigated through foreign exchange gains of approximately $20 million on Euro cash holdings through the end of 2025.

Project capital totalled approximately $137 million² in Q4 2025 and approximately $475 million² for 2025, slightly higher than the revised guidance range of $440 to $470 million as we continued to accelerate work across several non-critical path areas while proactively advancing site-wide de-risking initiatives. At December 31, 2025, cumulative project capital invested towards phase 2 of construction totalled $980 million².

In Q1 2025, an additional $154 million was allocated for accelerated operational capital to complete additional pre-commercial underground and open-pit mining and accelerate the purchase of higher capacity mobile mining equipment (originally expected to be purchased post commercial production as part of the contract mining fleet).

Accelerated operational capital costs are expected to increase through to commercial production by approximately $24 million to support:

• Further accelerated underground development: Development rates are exceeding plan with multiple headings opened. We expect to continue accelerating development rates through 2026 to de-risk underground production and facilitate a faster ramp up of the underground in 2027. This will also allow us to increase the number of test stopes planned for 2026 from two to four, resulting in an addition of approximately 145,800 tons in 2026.
• Increase stope widths from 15 metres to 20 metres, resulting in an addition of approximately 24,300 tons per stope thereby increasing productivity and lowering costs.

Accelerated operational capital was approximately $35 million² in Q4 2025 and approximately $86 million² for 2025, in line with the guidance range of $80 to $100 million. As of December 30, 2025, cumulative accelerated operational capital totalled approximately $93 million².

² These figures are preliminary in nature.

As at December 31, 2025, overall project progress was 90% when including the first phase of construction and 78% complete for phase 2 of construction.

Primary Crusher

Progress continues on the construction of the crusher building structure with the concrete now complete. The primary crusher is mechanically complete and set in position, with work continuing on finalizing the electrical installations.  Conveyors from the primary crusher through the coarse ore stockpile to the process plant have been installed and belt installations commenced in January 2026.

The stockpile dome foundation is complete, and assembly of the dome structure is progressing. Two of the three reclaim feeders and associated chute work have been installed, with pre-assembly underway on the remaining reclaim feeder. Installation of the prefabricated electrical distribution room is scheduled for late January 2026.

Process Plant

Work in the process plant remains focused on mechanical installations, piping, cable tray and cabling in preparation for first ore. High and medium voltage electrical distribution from multiple substations within the process plant network are advancing, and the control building structure is complete with electrical work underway across all areas.

The lime plant, flotation blowers and compressors buildings are mechanically complete. The prefabricated electrical distribution room for the compressors has been installed, with cable and terminations progressing.  Reagent areas are advancing well through various stages of mechanical, piping and electrical installations.

Thickeners

Two of the three tailings thickeners required for initial start-up are mechanically complete, with electrical cabling and instrumentation installation underway. The third tailings thickener is not required for start-up and is progressing in line with its planned start-up following first concentrate production.

Water testing has been completed, and piping installations have advanced as the pipe rack installations are completed. Work is advancing on the associated infrastructure, including the pumphouse building piping and electrical work and tank installations in the flocculant building. Electrical installations in the thickeners’ secondary substation building are in progress, with cable and terminations planned for late January 2026.

Filtered Tailings Plant

Work continues to progress on the filtered tailings plant, which remains on the critical path. The filtered tailings building structural steel installation is substantially complete, with cladding of the building planned to commence by the end of January 2026.

Mechanical work advanced with all six filter presses and associated swivel doors, feeders and conveyors completed.  Pipe and cable tray installation progressed as planned. The compressor building steel structure is complete, and all six compressors and air receivers are mechanically complete.

The filter plant tank farm construction has progressed with three tanks complete and the remaining two tanks assembled and water-tested, with internal coating work now underway. The clarifier water tank construction has progressed to plan.

The prefabricated electrical distribution room has been installed, with cable tray and electrical installation advancing.

Work continues on tailings handling infrastructure including a horizontal and downslope stacking conveyor system. This area brings some added complexity, but the team is actively managing it.

Powerline

The powerline, main and secondary substations are advancing to support start-up in Q1 2026. Designs have been approved by the relevant authorities and procurement activities are substantially complete.  While these milestones reflect strong advancement, the schedule has been modestly compressed due to resource availability.

Pre-commissioning of the concentrate filter presses has been completed, along with all water testing in the flotation cells and tanks. Pre-commissioning of the pebble crusher is complete, including first fills and completion of construction punch lists. The pebble crusher area has been energized, and hot commissioning of the conveying and process control systems has been completed.  Pre-commissioning of the fire, utility, and process water systems has started.  Piping and cable installations continued to ramp up during the quarter, with a focus on flotation, grinding, tails filtration, and primary crushing.  Commissioning of these areas is expected to commence as sub systems are completed by the construction team.

Integrated Extractive Waste Management Facility

Construction of the Karatzas Lakkos (KL) embankment progressed steadily, with continued advancement of underdrain installation, commencement of the engineered fill raise of the dam, and preparatory works for the next phase of cut-off trench construction.

Work is underway to prepare a dedicated area for the initial placement of tailings, which is expected to simplify the ramp-up process.

Construction of the low-grade ore (LGO) stockpile embankment continued, with the lower section advancing beyond the milestone elevation of 340 RL.

Enhancements were made to the construction of the Water Management System, notably the completion of the coffer dam and the implementation of a piling program to ensure the structural integrity of the KT2 diversion channel. The Water Management System performed well during recent rainfall events, protecting construction activities within the KL and LGO areas and ensuring that both contact and non-contact water diversion systems operated as planned.

The intermediate water treatment plant (IWTP) mechanical installations are well underway, while water treatment plant (WTP) foundation works commenced as planned.

Open Pit Mining

The open pit mine successfully continued to ramp up during Q4 2025 with four crews operating ahead of plan in building ore stockpiles for the process plant start-up. At the end of Q4 2025, there was approximately 1.2 million tonnes of open pit and underground ore on stockpiles³, containing approximately 47.3 thousand ounces of gold and 12.5 million pounds of copper. Grade control drilling covering 95% of the Phase 1 open pit has been completed and confirmed the first three years of production.

Underground Development

Underground access development rates continued to accelerate. A total of 1,155 metres of underground development was completed in Q4 2025. During 2025, underground development totalled 3,092 metres, which was approximately 900 metres more development than budgeted during the year.

The test stope program delivered high quality results during the quarter. The first of two test stopes was completely mined out and the second test stope mining will be completed in February.  Each test stope mined to date is expected to provide approximately 72kt of ore, with dimensions of 60 metres in height and an area of 30 by 15 metres. Ore fragmentation has exceeded expectations, and stope cavity monitoring and extraction has met our expectations. This success has increased our confidence in the planned trial of four larger test stopes in 2026, each designed at approximately 97kt per stope with dimensions of 60 metres in height and an area of 30 by 20 metres per stope.

Semi-autonomous ore loading and open stope drilling, with operators on surface (no operator on the equipment), was successfully used during the mining of these two test stopes. This technology enables a single operator to control several pieces of equipment simultaneously, increasing safety, drill accuracy and productivity, reducing idle time between shifts and during blast clearance, and decreasing associated costs.

Processing

Additional testing of tailings filter cloths is underway for the infill drilling program and from bulk samples from the open pit ore already mined and stockpiled. An initial inventory strategy has been established to ensure operational resilience and continuity of supply of filter cloths. This strategy includes maintaining six complete cloth sets sourced from three different vendors.

Engineering and technical optimization efforts continued for the start-up tailings placement area, and operational readiness activities for tailings stacking.

Workforce

As at December 31, 2025, there were approximately 2,350 personnel working on site, including 415 Skouries employees of which 397 were Skouries operational personnel.