Maritana Minerals Limited · ASX:MRT
Maritana Minerals — Horizon Minerals — Shareholder Meeting (November 2025)
28 slides from Maritana Minerals's shareholder meeting presentation, Nov 28, 2025
Slide 1: Annual General Meeting 2025
For personal use only Annual General Meeting 2025 28 November 2025
Slide 2: Important disclaimers
Important disclaimers Nature of Document estimated results, and may cause the Company’s actual performance and financial results in future periods to This Presentation is provided on the basis that neither the Company nor its respective officers, shareholders, materially differ from any projections
Slide 3: Investment proposition
Investment proposition Projects An attractively priced West Australian gold Regional Landholding developer with near-term growth +1,300km² Carnarvon Mineral Resource* Estimate 1.8Moz 29.62Mt @ 1.85g/t Au For personal use only Currently producing gold and cash flow 20.2Moz Ag 104kt Zn through a combi
Slide 4: Horizon Minerals – at a glance
Horizon Minerals – at a glance An attractively priced West Australian gold developer with near-term growth For personal use only Capital structure Units Current Volume Price $0.10 100 Million Share price $/sh 0.073(1) $0.08 80 Ordinary shares M 2,994.7(2) Options and performance rights M 40.2 $0.06
Slide 5: 2025 Year in Review
2025 Year in Review Significant achievements across the business in a transformational year For personal use only Aug 2024 Aug 2024 Jan 2025 Feb 2025 To date To date Boorara – mining Phillips Find – Boorara – first Phillips Find – 15,401oz Phillips Find – Operations commenced mining gold poured firs
Slide 6: Our strategy
Our strategy An attractively priced West Australian gold developer with near-term growth For personal use only Now Next 12 months Late 2026 onwards Generate cash flow using third Complete Black Swan refurbishment Commence gold production at Production party plant and infrastructure for and conversio
Slide 7: Standout combination of value and growth
Standout combination of value and growth Attractive valuation relative to ASX-listed gold development peers For personal use only $521 Australian gold project developers market capitalisation / MRE ounce1 $324 $299 $295 $235 $226 $225 $194 $183 $169 $139 $138 $136 $117 $113 $61 MEK MI6 MM8 WA8 GG8 B
Slide 8: Portfolio overview
For personal use only Portfolio overview A 1.8Moz Mineral Resource* with processing infrastructure and growth * See Table on page 25.
Slide 9: Project portfolio
Project portfolio Strategically constructed gold exploration portfolio centered around major geological structures • Large 1,309km2 land package in an attractive For personal use only geological setting centred around Kalgoorlie / Coolgardie • Current 1.8Moz Group Mineral Resource* (29.98Mt @ 1.85g/
Slide 10: Boorara Gold Project
Boorara Gold Project PRODUCTION Cash flow and future baseload open pit feed Production For personal use only • Located 15km east of Kalgoorlie, next to the Super Pit • Producing gold under a Binding Ore Sale Agreement (OSA) with the Paddington mill since late 2024 • Treatment to date of 543.7kt for
Slide 11: Phillips Find
Phillips Find PRODUCTION Generating cash flow from local toll milling • Located 45km north-northwest of Coolgardie For personal use only • Multiple moderate grade open pit deposits with a combined Mineral Resource* of 0.59kt @ 2.36g/t Au for 45.2koz • Low financial risk Joint Venture (JV) with contr
Slide 12: Black Swan processing plant
Black Swan processing plant PROCESSING Strategically located concentrator ~40km north of Kalgoorlie • Comminution circuit suitable for gold processing after For personal use only refurbishment and addition of a carbon in leach (CIL) circuit • Highly capital efficient plan by leveraging existing infr
Slide 13: Black Swan process facility
Black Swan process facility PROCESSING Existing flotation circuit and planned changes to facilitate gold production GOLD CONVERSION For personal use only Carbon in leach Elution Gold room Au Crush Grind Flotation Ag/Zn + Ni Concentrates REFURBISHMENT FUTURE REFURBISHMENT OPTION 13
Slide 14: Burbanks project
Burbanks project GROWTH High-grade cornerstone asset with 30,000m of infill and extensional drilling well underway • Located on a granted Mining Lease 9km south of Coolgardie For personal use only • Historic underground mining produced 324koz @ 22.7g/t Au • Large 465.5koz open pit and high-grade und
Slide 15: Black Swan exploration potential
Black Swan exploration potential GROWTH Untested gold anomalies emerging adjacent to the process plant infrastructure • Previous exploration largely targeting nickel sulphide mineralisation – only 5% of drill assays have tested for gold For personal use only • Target areas adjacent to the Mt Monger
Slide 16: Nimbus silver-zinc deposit
Nimbus silver-zinc deposit GROWTH A high-grade silver-zinc VHMS deposit on the edge of Kalgoorlie • Mineral Resource* containing 20.2Moz silver and 104kt zinc For personal use only • High-grade lode containing 6.4Moz silver (774g/t Ag) and 33kt zinc (12.8% Zn) • Potential to extend mineralisation al
Slide 17: Strong pipeline to support Black Swan
Strong pipeline to support Black Swan Horizon’s 30Mt of existing gold Resources with ~50,000m of drilling budgeted in FY25/261 For personal use only Black Swan Ni Nimbus Zn/Ag Coote Cannon Greater Boorara Crake Burbanks Phillips Find Wilson’s Teal Penny’s Find Boorara Rose Hill Kalpini ~300koz ~700k
Slide 18: Platform for regional consolidation
Platform for regional consolidation GROWTH >Several deposits of gold resources in region are without a clear processing solution • Opportunities for non-producers to access third party gold processing infrastructure in the WA For personal use only Goldfields is becoming increasingly difficult • Conv
Slide 19: Lake Johnston process plant
Lake Johnston process plant Sale of non-core strategic infrastructure for $35M • Located 185km southwest of Kalgoorlie For personal use only • 1.5Mtpa nickel concentrator and associated infrastructure amenable to processing lithium or conversion for gold processing • Accommodation camp with 200-pers
Slide 20: Operational timeline
Operational timeline Indicative timeline of upcoming cash flow and pathway to gold from Black Swan For personal use only CY 2025 CY 2026 CY 2027 Target key workstreams Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Boorara gold production Phillips Find gold production Additional toll treatment/ore sales Black Swan convers
Slide 21: An Emerging Standalone Gold Producer
An Emerging Standalone Gold Producer For personal use only Cash flow generation Combination of 1.8Moz of from gold produced at Mineral Resource* and Boorara and Phillips Find processing infrastructure Ramp up of production Pre-Feasibility Study and aligned with record gold exploration to establish a
Slide 22: Contact Us
For personal use only Contact Us Grant Haywood Managing Director and CEO +61 (08) 9386 9534 admin@horizonminerals.com.au horizonminerals.com.au PO Box 1064 West Perth WA 6872
Slide 23: Appendices
For personal use only Appendices
Slide 24: Peers Comparison – Reference Table
Peers Comparison – Reference Table ASX-listed Gold Developers For personal use only Contained Au Resource Measured Indicated Inferred Stage of Development / Market Cap Market Cap / Company ASX Share Price Shares (M) Reference (Moz) Grade (g/t) (Mt) (Mt) (Mt) Study Completed ($M) Cont. Au Meeka Metal
Slide 25: Mineral Resource Estimate
Mineral Resource* Estimate Gold projects Cutoff Measured Indicated Inferred Total For personal use only Project Au g/t Mt Au g/t Oz Mt Au g/t Oz Mt Au g/t Oz Mt Au g/t Oz Boorara OP 0.5 0.75 1.21 29,200 6.48 1.28 266,000 2.55 1.26 103,000 9.79 1.27 398,200 Burbanks OP 0.5 - - - 1.43 2.02 92,800 3.43
Slide 26: Ore Reserve Estimate
Ore Reserve* Estimate Gold projects Cannon Ore Reserve Tonnes For personal use only Category Au (g/t) Gold Metal (koz) (kt) Proven Reserve – – – Probable Reserve 135.0 4.1 17.7 Total Reserve 135.0 4.1 17.7 Boorara Ore Reserve Tonnes Location Reserve Category Au (g/t) Gold Metal (kOz) (kt) Proved 382
Slide 27: Mineral Resource Estimate – Nimbus silver-zinc project
Mineral Resource* Estimate Nimbus silver-zinc project Nimbus All Lodes (bottom cuts 12 g/t Ag, 0.5% Zn, 0.3g/t Au) For personal use only Category Mt Ag (g/t) Au (g/t) Zn (%) Ag (Moz) Au (kt) Zn (kt) Measured Resource 3.62 102 0.09 1.2 11.9 10 45 Indicated Resource 3.18 48 0.21 1.0 4.9 21 30 Inferred
Slide 28: Mineral Resource & Ore Reserve disclosure Confirmations
Mineral Resource & Ore Reserve disclosure Confirmations Horizon’s Gold Mineral Resources Non-gold Mineral Resources The information in this report that relates to Horizon’s Mineral Resources estimates is extracted The information is this Presentation that relates to Horizon’s exploration results and
Horizon Minerals — Shareholder Meeting (November 2025) on 6ix