Lily & Barbrook Gold Mining Complex

Portfolio/

A cornerstone producing asset in South Africa’s Barberton Goldfield — ~4.3 Moz SAMREC/JORC resource at 3.07 g/t with 50 km of existing underground development, a fully-equipped Central Metallurgical Complex, immediate tailings cash flow potential, and a defined three-phase restart strategy.

~4.3 Moz

Resource (SAMREC/JORC)

3.07 g/t

Grade

50 km

Underground Development

Restart

Stage

Why Lily & Barbrook

~4.3 Moz gold (SAMREC/JORC compliant @ 3.07 g/t) with potential upside to ~6 Moz at lower cut-off
Central Metallurgical Complex (CMC) at Barbrook — dual processing streams with ~USD 50M replacement value
50 km of existing underground development provides rapid access to high-grade zones (4.6 g/t)
Historical production of 210,000 oz since 2000 — proven orebody and metallurgical performance
Section 11 Ministerial consent received — updated environmental and mining approvals in place
Strong government, union and community support for reopening with significant local employment impact
Operating margin >USD 3,000/oz (AISC ~USD 1,530/oz vs. current gold price >USD 5,000/oz)

Barberton Greenstone Belt

The Lily and Barbrook mines are located within the Barberton Greenstone Belt in South Africa — one of the world’s oldest and most productive gold mining districts with over a century of continuous production history. The orebodies are hosted within structurally controlled, high-grade greenstone gold systems characteristic of the Barberton district.

The acquisition is structured through Macquarie Metals Pty Ltd., which controls 100% of Vantage Goldfields, the historical owner and operator of the complex. Gold Strategy’s initial 49% acquisition provides governance rights, board control and the appointment of the CFO and technical lead.

Production Roadmap 2026–2028+

A phased and risk-controlled approach that prioritizes early cash flow from tailings while restarting underground production in sequence.

Tailings Processing

Contracted tailings operations, multiple streams, low technical risk. ~USD 90M cumulative net cash flow projected.

Barbrook Underground

Leverages 50 km of existing development. Ramp from 15,000 → 50,000+ oz/yr. High-grade 4.6 g/t zones.

Lily Underground

Fixed-price decline contract. 35,000 oz/yr planned, potential 50,000+ oz/yr. Lily historically produced 210,000 oz.

Infrastructure In Place

Central Metallurgical Complex

CMC at Barbrook — dual processing streams for Lily and Barbrook ore. Complete plant infrastructure: offices, power, water, workshops, stores, assay lab. ~USD 50M replacement value.

Underground Development

50 km of existing underground development at Barbrook. Rapid access to high-grade production zones with minimal capital required for restart.

Regulatory & Approvals

Section 11 Ministerial consent received. Mining, FX and regulatory approvals in place. Updated environmental approvals. Strong government and union support.

Key Contractors

SRK Consulting (Lily decline design) · BARA Consulting (decline plan & scheduling) · VTN Mining Contractors (decline sinking, equipment on standby) · Stephanutti Stocks (tailings) · DRA / Consulmet (process engineering).

49% → 100% Ownership Pathway

Acquire 49% of Macquarie Metals Pty Ltd.
~USD 40M to settle all secured creditors via Business Rescue
~USD 15M to escrow for restart capex, tailings & working capital
Governance rights, board control, CFO & technical lead appointed by GST
Section 11 Ministerial consent in place

Exercise at sole discretion of Gold Strategy
Valuation by internationally recognized independent mining firm
Seller cap: USD 60M (paid in shares)
Excess valuation above cap accrues to GST shareholders
Security automatically extends to 100% upon full acquisition

BEE groups in discussion to provide additional ~USD 25M+ financing aligned to their equity participation.