Maritana Minerals Limited · ASX:MRT
Maritana Minerals — Horizon Minerals — Investor Presentation (February 2026)
47 slides from Maritana Minerals's investor presentation, Feb 17, 2026
Slide 1: Australia's Next Standalone Gold Producer in the Heart of WA Goldfields
For personal use only Australia's Next Standalone Gold Producer in the Heart of WA Goldfields Not for release to US wire services or distribution in the United States 17 February 2026
Slide 2: Important disclaimers
Important disclaimers Nature of Document be restricted by law. If you come into possession of this presentation, you should observe such restrictions. Any non- This Presentation is provided on the basis that neither the Company nor its respective officers, shareholders, related compliance with these
Slide 3: Important disclaimers – Forward Looking and Cautionary Statement
Important disclaimers Forward Looking and Cautionary Statement As noted above, some statements in this Presentation regarding estimates or future events are forward looking statements. They include indications of, and guidance on, future earnings, cash flow, costs and financial performance. Forward
Slide 4: Investment proposition
Investment proposition Projects An attractively priced West Australian gold Regional Landholding developer with near-term growth +1,300km² Carnarvon Mineral Resource Estimate1 1.9Moz 34.3Mt @ 1.7g/t Au For personal use only Positive Studies support development of a gold 20.2Moz Ag 104kt Zn operation
Slide 5: Positive Black Swan Study Results and Equity Raising
Positive Black Swan Study Results and Equity Raising Fully funded to refurbish Black Swan Processing Hub and commence mining and gold production For personal use only Positive Black Swan study results – a low capital intensity pathway to +100kozpa • Pre-production capital – A$160.5M & ~A$1,500/oz ca
Slide 6: Equity Raising
For personal use only Equity Raising Fully fund the path to standalone gold production 6
Slide 7: Equity Raising Overview
Equity Raising Overview $175M two tranche placement and share purchase plan to fully fund path to standalone gold production • A$175 million two tranche placement (Placement), with the ability to accept oversubscriptions comprising: For personal use only • A$55 million under the Company’s placement
Slide 8: Equity Raising – Sources and Uses of Funds
Equity Raising – Sources and Uses of Funds Funding will enable the refurbishment of Black Swan and commencement of mining and gold production • Black Swan Processing Hub refurbishment and Sources of Funds A$M For personal use only gold conversion including Existing cash (unaudited 31 Dec 25) 37.5 •
Slide 9: Equity Raising Timetable
Equity Raising Timetable SPP Record Date 16 February 2026 For personal use only Offer Announcement 17 February 2026 Trading halt lifted and announcement of 19 February 2026 completion of Institutional Placement Tranche One Placement Settlement Date 24 February 2026 Tranche One Placement Allotment Da
Slide 10: Company Overview
For personal use only Company Overview A$175M two tranche placement and share purchase plan to fully fund the path to standalone gold production 10
Slide 11: 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 (Pre Offer) Units Current Volume Price $2.00 10 Million Share price A$/sh 1.235(1) 8 $1.50 Ordinary shares M 205.5(1) 6 Options and performance rights M
Slide 12: Horizon Minerals – Board and Management
Horizon Minerals – Board and Management Key experience in operations and value delivery For personal use only Ashok Parekh Grant Haywood Rob Waugh Warren Hallam Non-Executive Chair Managing Director Non-Executive Director Non-Executive Director Brendan Shalders Isabel Macchia Stephen Guy Adrianna Sk
Slide 13: Project portfolio
Project portfolio Strategically constructed gold portfolio centered around major geological structures • Large 1,309km2 land package in an attractive For personal use only geological setting centred around Kalgoorlie / Coolgardie • 1.9Moz Group Mineral Resource1 (34.3Mt @ 1.7g/t Au) – ~50% contained
Slide 14: Our Strategy
Our Strategy An attractively priced West Australian gold developer with near-term growth For personal use only Now Next 12 months 2027 onwards Black Swan refurbishment and gold Production readiness and de processing conversion First Black Swan gold production Production risking Mining commencement
Slide 15: Study Outcomes
For personal use only Study Outcomes Black Swan Processing Hub Studies present positive results and warrant project advancement 15
Slide 16: Studies Summary
Studies Summary Baseline outcomes expected to be enhanced as further drilling and mining studies are completed Low capex and capital intensity Approximate 102koz p.a. production profile For personal use only • Existing infrastructure replacement value +A$200M • Total 545koz produced under current mi
Slide 17: Robust economic outcomes
Robust economic outcomes Strong cash generation and financial returns Study Price Spot Price A$5,500/oz A$7,000/oz For personal use only 1,000 958 200 Total Revenue Total Revenue 800 828 160 $3,009M1 $3,827M 572 EBITDA EBITDA 600 120 Gold Produced (koz) Closing Cash ($M) $1,264M1 $2,054M 383 400 80
Slide 18: Production ramp-up
Production ramp-up PRODUCTION Cash flow and future baseload open pit feed • Mining profile de-risked by the current operation established at the baseload Boorara deposit For personal use only • Early mine plan underpinned by high confidence Mineral Resources and Ore Reserves • Estimated C1 cost A$2,
Slide 19: Black Swan Processing Hub
Black Swan Processing Hub1 Facilitates hub and spoke operating model • Strategic location ~50km northeast of Kalgoorlie For personal use only • Comminution circuit suitable for gold processing after refurbishment and addition of a carbon in leach (CIL) circuit • Study fully utilises existing 2.2Mtpa
Slide 20: Black Swan Processing Hub – flotation circuit and planned changes
Black Swan Processing Hub 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 20
Slide 21: Hub and Spoke mining strategy
Hub and Spoke mining strategy Strategically constructed gold portfolio centered around major geological structures For personal use only TOTAL Ore Tonnes Source Grade (g/t) recovered 1 (kt) Ounces (koz Au) Burbanks Open Pit 2,751 1.57 128.8 Boorara Open Pit2 2,734 1.18 96 Golden Ridge Open Pits 1,26
Slide 22: Key Milestones and Timing
Key Milestones and Timing Pathway to gold production from Black Swan Processing Hub CY 2026 CY 2027 Area Work Streams and Deliverables Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 For personal use only Lake Johnston and Phillips Find Corporate Cash Equity Raise - A$175M + SPP Burbanks MRE Update Development & Growth Res
Slide 23: Project Upside
For personal use only Project Upside A 1.9Moz Mineral Resource1 with processing infrastructure and growth Refer ASX Announcement “Gold Mineral Resources Update” dated 13 February 2026 23
Slide 24: Strong pipeline to support Black Swan Processing Hub
Strong pipeline to support Black Swan Processing Hub Horizon’s 34Mt 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 Kalpin
Slide 25: Burbanks high-grade underground mine
Burbanks high-grade underground mine GROWTH High-grade ore source not included in the current Black Swan studies & LOM • Located on a granted Mining Lease 9km south of Coolgardie, WA For personal use only • Historic underground mining produced 324koz @ 22.7g/t Au • Large 465.5koz open pit and high-g
Slide 26: 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 For personal use only gold • Target areas adjacent to the Mt Monger
Slide 27: Platform for regional consolidation
Platform for regional consolidation GROWTH Several deposits of gold deposits in region are without a clear processing solution • Non-producer access to third party gold processing in the Goldfields is becoming For personal use only increasingly difficult • Conversion of a 2.2Mtpa processing facility
Slide 28: An Emerging Standalone Gold Producer
An Emerging Standalone Gold Producer For personal use only Clear and deliverable Combination of 1.9Moz of business plan to become Mineral Resource1 and to a new WA gold miner processing infrastructure Ramp up of production Studies demonstrate a aligned with strong gold robust initial five year price
Slide 29: Standout combination of value and growth
Standout combination of value and growth Attractive valuation relative to ASX-listed gold development peers Australian gold project developers For personal use only Enterprise Value / MRE ounce1 $259 $253 $200 $195 $193 $191 $143 $129 $108 $102 $91 $73 $53 $20 MM8 AAR GG8 MI6 AUC MAU AZY HRZ MAT STN
Slide 30: 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 30
Slide 31: Appendices
For personal use only Appendices 31
Slide 32: Nimbus silver-zinc deposit
Nimbus silver-zinc deposit GROWTH A high-grade silver-zinc VHMS deposit on the edge of Kalgoorlie • Mineral Resource1 containing 20.2Moz silver For personal use only and 104kt zinc • High-grade lode containing 6.4Moz silver (774g/t Ag) and 33kt zinc (12.8% Zn) • Potential to extend mineralisation al
Slide 33: Study team
Study team Independent expertise engaged across all key study areas DISCIPLINE AREA INDEPENDENT EXPERT For personal use only Mining /Technical PFS & Scoping Studies Mining Plus Mine scheduling LARM consulting Process Plant Process Simulation Orway Mineral Consultants Studies & Design GR Engineering
Slide 34: Mineral Resource Estimate
Mineral Resource1 Estimate Gold projects Project Measured Indicated Inferred Total kt Au (g/t) koz kt Au (g/t) . koz kt Au (g/t) koz kt Au (g/t) koz For personal use only Baden Powell 596 1.20 23 596 1.20 23 Boorara 753 1.21 29 6,485 1.28 266 2,549 1.26 103 9,787 1.27 398 Burbanks OP 1,430 2.02 93 3
Slide 35: Ore Reserve Estimate
Ore Reserve1 Estimate Gold projects For personal use only HORIZON MINERALS GOLD ORE RESERVE SUMMARY Cutoff Proven Probable Total Project Au ppm kt Au g/t Ounces kt Au g/t Ounces kt Au g/t Ounces Boorara 0.5 450 1.1 15,915 1680 1.21 65,357 2130 1.19 81,272 Cannon UG 1 135 4.1 17,700 135 4.1 17,700 Pe
Slide 36: Mineral Resource Estimate – Nimbus silver-zinc project
Mineral Resource1 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 37: Peers Comparison – Reference Table
Peers Comparison – Reference Table ASX-listed Gold Developers Contained Grade Measured Indicated Inferred Stage of Development / Enterprise Company ASX Share Price Shares (M) Market Cap Net Cash EV / Cont. Au Reference Au (Moz) (g/t) (Mt) (Mt) (Mt) Study Completed Value Medallion Metals MM8 1.10 3.3
Slide 38: Key Risks
Key Risks Set out in this section are the potential risks associated with HRZ, the Offer, the industry in which HRZ operates and an investment in HRZ shares. It is not an exhaustive list of every risk faced by HRZ now or in the future. Global economic Changes in global economic conditions (including
Slide 39: Key Risks Continued
Key Risks Continued Mineral resource and ore reserve estimates are a subjective process based on drilling results, past experience with mining properties and modifying factors, knowledge, industry practice and many other factors. Estimates which are valid when made may change substantially when new
Slide 40: Key Risks Continued
Key Risks Continued From time to time, the Company evaluates opportunities for acquisition and divestment of assets and participates in discussions with third parties on a confidential basis. Neither the opportunities nor the negotiations Acquisition and will be disclosed publicly until such time as
Slide 41: International Offer Restrictions
International Offer Restrictions This document does not constitute an offer of new ordinary shares (“New Shares”) of the Company in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares may not be offered or sold, in any
Slide 42: International Offer Restrictions Continued
International Offer Restrictions Continued The New Shares may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange or on any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering or marketing material relati
Slide 43: International Offer Restrictions Continued
International Offer Restrictions Continued This document constitutes an offering of New Shares only in the Provinces of British Columbia, Ontario and Quebec (the “Provinces”), only to persons to whom New Shares may be lawfully distributed in the Provinces, and only by persons permitted to sell such
Slide 44: Underwriting Agreement Summary
Underwriting Agreement Summary The Company has entered into an Underwriting Agreement with Petra Capital Pty Ltd (ACN 110 952 782) (Underwriter) appointing the Underwriter as sole lead manager, sole bookrunner and sole underwriter of the Placement subject to the terms and conditions of the Underwrit
Slide 45: Underwriting Agreement Summary Continued
Underwriting Agreement Summary Continued • (representations and information) any warranty, representation or material statement, or any information supplied, by the Company is or becomes false, misleading or incorrect when made or regarded as made; • (quotation not approved) quotation of the Tranche
Slide 46: Underwriting Agreement Summary Continued
Underwriting Agreement Summary Continued • (disruption in financial markets) – a general moratorium on commercial banking activities is declared, or a material disruption in commercial banking or security settlement or clearance services occurs in Australia, the United States of America, the United
Slide 47: Mineral Resource & Ore Reserve disclosure
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
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