Sunshine Metals Limited · ASX:SHN
Sunshine Metals — Townsville Industry Breakfast February 2026
19 slides from Sunshine Metals's conference presentation, February 2026
Slide 1: Ready to Shine
Townsville Industry Breakfast February 2026 Ready to Shine Advancing our Liontown and Sybil Projects in North Queensland Damien Keys Managing Director ASX:SHN shnmetals.com.au
Slide 2: Cautionary statement
Cautionary statement This presentation includes forward-looking statements. When used in this document, the words such as "could", "plan", "estimate", "expect", The information in this report that relates to Exploration Results is based on, and fairly represents, information compiled by Mr Matt Pric
Slide 3: Corporate Overview
Corporate Overview ASX:SHN High-grade Au drill results 30m @ 6.67g/t Au 4.5m @ 17.65g/t Au & 396g/t Ag, Liontown Sybil Corporate Information 4.4m @ 57.51g/t Au Shares on Issue 2,577M Sybil Options and Performance Rights 271M 10m @ 31.91g/t Au Liontown Market Cap (24 Feb 2026) @ $0.0411 $105.7M Towns
Slide 4: Sunshine Metals: Advancing gold-silver-copper in North Queensland
Sunshine Metals: Advancing gold-silver-copper in North Queensland Queensland projects. Big system potential. ASX SHN | 4
Slide 5: Big strides: Explorer to Developer 2026
Big strides Explorer to Developer 2026 Liontown Initial Gold Mining Study • Mining 8% of Resource, generating ~$163M net cashflow • Cu-Zn-Ag study on remaining 92% of the Resource planned in 2026 • Liontown mine planned start-up late 2026 Sybil Gold Project Extension • Emerging epithermal gold field
Slide 6: Liontown Mining Study
Liontown Mining Study Robust gold economics, Base Metal study in 2026 ASX:SHN shnmetals.com.au
Slide 7: Liontown Mining Study ~$163M Operating Net Cashflow
Liontown Mining Study ~$163M Operating Net Cashflow Gold Price $/oz Operating Net (@ $6,500/oz Au, $100/oz Ag) Cashflow ($M) $5,500 $102.7 $5,700 $114.5 • ONLY ~8% of Ravenswood Consolidated VMS Au-Ag-Cu-Zn-Pb $5,500 $126.7 Resource in proposed mining scenario. $6,100 $138.7 • Base Metal mining stud
Slide 8: Liontown Gold Mining Study: Staged pit and underground
Liontown Gold Mining Study Staged pit and underground Queensland projects. Big system potential. ASX SHN | 8
Slide 9: Gold Mining Study: ~8% of Liontown Resource tonnes
Liontown Gold Mining Study ~8% of Liontown Resource tonnes Liontown Resource Queensland projects. Big system potential. ASX SHN | 9
Slide 10: Liontown Mining Study Upside Gold - Silver
Liontown Mining Study Upside Gold - Silver Record high-grade intersections from open pit grade control drilling (not incorporated in the current Mining Study): • 30m @ 6.68g/t Au & 528g/t Ag from 17m • 8m @ 7.31g/t Au & 1,321g/t Ag from 10m • 24m @ 7.08g/t Au & 305g/t Ag from 14m • 20m @ 5.62g/t Au
Slide 11: Dome Silver Upside
Liontown Dome Silver Upside Queensland projects. Big system potential. ASX SHN | 11
Slide 12: Base Metals: Capacity for Long Term Production
Liontown Base Metals Capacity for Long Term Production – Mining Study 2026 Liontown Gold Mining Study 749Kt @ 3.0g/t Au & 25.7g/t Ag Liontown Au-Cu-Zn-Ag Resource 6.3Mt @ 3.6g/t AuEq (10.0% ZnEq) Proposed gold mine to provide access to the broader base metal resource. Base metal Mining Study to comm
Slide 13: Sybil Epithermal Gold
Sybil Epithermal Gold High-grade, scale potential ASX:SHN shnmetals.com.au
Slide 14: Sybil Epithermal Overview
Sybil Epithermal Overview • Acquired in June 2025 • Aligned with our shallow, high- grade gold strategy within the Ravenswood Consolidated Project. • Shares similarities with Pajingo Gold Mine (~4Moz gold mined) • Previously explored under JV from 1986 to 1996 • Excellent baseline datasets and highl
Slide 15: Sybil Epithermal: Early-stage, Excellent Results
Sybil Epithermal Early-stage, Excellent Results October 2025 Record high-grade intersections: • 4.4m @ 57.51g/t Au • 4.5m @ 17.23g/t Au • 5.2m @ 9.01g/t Au • 2.8m @ 15.15g/t Au • 3.8m @ 6.12g/t Au • 14 holes drilled, with high-grade gold in 12 of 14 holes. • First drilling at Francis Creek in ~18 ye
Slide 16: Sybil Epithermal 4Moz Au Pajingo Analogue
Sybil Epithermal 4Moz Au Pajingo Analogue • Prospective “boiling zone” thickens to the east & southeast • Other high-priority targets Quartz Ridge • 68m @ 0.38g/t Au from 36m, FSR070 • 22m @ 0.55g/t Au from 0m, FSR035 Francis Creek East • 28.1g/t Au rock chip result, undrilled Figure modified from A
Slide 17: 2026 Exploration & Development Plan
2026 Exploration & Development Plan Next 3 Months Liontown – Advancing Toward Development March • Eastern extension grade control drilling • Gold panel RC and diamond drilling April-May • Ongoing gold panel drilling • Update shallow gold resource to incorporate 121-hole GC program Sybil – Expanding
Slide 18: Unit 26, 31-45 Eyre St, North Ward, QLD, 4810 admin@shnmetals.com.au LinkedIn www.linkedin.com/company/70551686
Unit 26, 31-45 Eyre St, North Ward, QLD, 4810 LinkedIn www.linkedin.com/company/70551686 +61 8 6245 9828 Facebook Sunshine Metals Ltd admin@shnmetals.com.au Twitter #SunshineGold20 www.shnmetals.com.au ASX SHN
Slide 19: References
References For the latest resource update at the Liontown deposit, please refer to: For the most recent previous releases outlining SHN drill assay results please refer to: • ASX: SHN, 26th November 2025, Significant Upgrade in Liontown Shallow Gold Resource • ASX: SHN, 13th October 2025, Record Hig
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