Summary of the Ying 2026 Technical Report

• Estimated Measured and Indicated Mineral Resources of 42.18 million tonnes (inclusive of Mineral Reserves) grading 146 grams per tonne ("g/t") Ag, 0.17 g/t Au, 2.24% Pb, and 0.67% Zn, containing 198 Moz Ag, 231 koz Au, 944 kt Pb, and 284 kt Zn.
  • In comparison with the 2024 Technical Report, Measured and Indicated Resource tonnes have increased by 90%, and contained metal has increased by 37% for Ag, 62% for Au, 39% for Pb and 48% for Zn.
• Estimated Proven and Probable Mineral Reserves of 19 million tonnes grading 174 g/t Ag, 0.17 g/t Au, 2.47% Pb, 0.80% Zn, and 0.04% Cu, containing 106 Moz Ag, 107 koz Au, 472 kt Pb, 150 kt Zn, and 6.7 kt Cu.
  • In comparison with the 2024 Technical Report there has been a 45% increase in total Proven Mineral Reserve tonnes and a 55% increase in total Probable Mineral Reserve tonnes. Total contained metal has increased for silver, gold, lead, and zinc by 20% for Ag, 52% for Au, 16% for Pb, and 22% for Zn.
• In comparison with the 2024 Technical Report, Inferred Resource tonnes have increased by 54%, and contained metal has decreased by 1% for Ag, 10% for Au, and 4% for Pb, while Zn has increased by 40%.
• Annual ore production in the LOM plan is projected to rise from the projected full-year FY2026 level of about 1.2 Mt to: 1.3 Mt in FY2027; 1.5Mt in FY2028; and over 1.6 Mt in FY2029, with that level being maintained through to FY2031. From FY2032, production will decline gradually until the projected end of the mine life in 2042.
• Using the LOM production profile based on the 31 December 2025 Mineral Reserves, with long-term[2] metal prices of $28/oz Ag, $2,800/oz Au, $0.90/lb Pb, $1.20/lb Zn, and $4.40/lb Cu, and a 5% discount rate, pre-tax and post-tax NPVs of $1,275M and $1,030M, respectively, are projected[3] (other assumptions are outlined below).