HBJ (SKO)

The South Kalgoorlie Operations (SKO) are located in Kalgoorlie, Western Australia within the prolific Eastern Goldfields Superterrane.

Gold mineralisation is associated with greenstones with volcano-sedimentary rocks in multiple orogenic lode gold style deposits, controlled by NNW-trending shear zones; and, minor paleoplacer deposits. The main mineralised orebody Hampton-Boulder-Jubilee (HBJ) remains open down plunge with limited effective deep drilling undertaken to date on the narrow, subvertical higher grade lodes. With a track record of consistent resource conversion, Northern Star continues to assess potential extensions to the system, including to the north (Mutooroo) and the south (South Jubilee) of current workings, and new shoots such as Mutooroo West.

The Company’s royalty covers the long-term producing underground HBJ gold mine, owned and operated by Northern Star Resources since 2018. The mine is a primary ore source for Northern Star’s regional Kalgoorlie Operations, providing ore to both the Kanowna Belle and KCGM mills.

Elemental Altus’ royalty also covers Hercules, a very promising prospect discovered in 2023 approximately 20km west of the HBJ deposit, in the historical Penfolds gold mining camp, and has shown mineralization down to almost 500m below surface in an area that was mostly subject to shallow exploration in the past.

*Discovery Bonus of A$1 million payable for each new ore body on the royalty tenement package with production and / or Reserves greater than 250koz of gold.

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Sources

• Northern Star Resources “2024 Annual Report”, dated August 22, 2024
• Northern Star Resources “Annual Mineral Resource And Ore Reserve Statement”, dated May 2, 2024
• For more information on Mercedes, please visit https://www.nsrltd.com/