The Manaila–Carlibaba Polymetallic Project in northern Romania comprises the Manaila Polymetallic Mine, currently on care and maintenance, together with the adjacent Carlibaba extension project. The combined asset hosts a JORC (2012) compliant Mineral Resource of 3.6 million tonnes in the Measured and Indicated categories, grading 0.93% copper, 0.29% lead, 0.63% zinc, 0.23 g/t gold and 24.9 g/t silver. In addition, Inferred Mineral Resources total 1.0 million tonnes grading 1.10% copper, 0.40% lead, 0.84% zinc, 0.24 g/t gold and 29.2 g/t silver. These resources confirm the project’s strong polymetallic profile, with payable copper supported by meaningful precious and base metal by-products.

The strategic opportunity at Manaila–Carlibaba lies in the potential to integrate the two areas into a larger, centralised mining and processing operation. Preliminary studies undertaken by the Company indicate the potential for a new open pit operation to extract mineral resources to a depth of approximately 125 metres below surface, while simultaneously developing a smaller, higher-grade underground mine beneath the open pit envelope. This staged approach offers flexibility in mine sequencing, the ability to access near-surface mineralisation early in the mine life, and the potential to enhance overall project economics through combined open pit and underground extraction.