Alicanto Minerals Ltd · ASX:AQI
Alicanto Minerals — Merger or Acquisition (December 2025)
27 slides from Alicanto Minerals's merger presentation, Dec 17, 2025
Slide 1: Mt Henry Gold Project: A Transformational Acquisition
Mt Henry Gold Project A Transformational Acquisition Already ~900,000oz of gold resources and completely OPEN Shallow, wide and constant mineralisation with high-grade gold District scale prospectivity Only limited exploration in last 25 years Located in the heart of a prolific Western Aus
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Alicanto Minerals Limited (“Alicanto” or the “Company”) and is authorised by the Board of Directors of Alicanto. General Information & Disclaimer This presentation has been prepared for the purposes of providing information to the recipient regarding
Slide 3: Mt Henry Gold Project - A Major Gold System
Mt Henry Gold Project - A Major Gold System Unmined, broad and shallow gold mineralisation; OPEN in every Direction • 4x Walk-Up Drill Areas; Mt Henry, Mt Henry Deposit Selene Deposit North Scotia Target 16km Regional Gold Trend Selene, North Scotia & 16km Regional 2,000m Strike Length 1,000m Strike
Slide 4: Proven Team with History of Creating Significant Shareholder Wealth
Proven Team with History of Creating Significant Shareholder Wealth Ray Shorrocks Jeff Sansom Russell Curtin Duncan Grieve Didier Murcia Steve Parsons Michael Naylor Interim Executive Chief Executive Major Shareholder and Major Shareholder and Non-Executive Director Non-Executive Director Non-Execut
Slide 5: Mt Henry Gold Project - A Transformational Acquisition
Mt Henry Gold Project - A Transformational Acquisition Overview The Opportunity • Acquisition of a significant gold project, situated in Western Australia • ~900,000oz high-confidence shallow gold resource • Exceptional infrastructure and granted Mining and Prospecting Licences • Rapid and immediate
Slide 6: World Class Gold District
Golden Valley Kanowna Belle Gold Valley Group World Class Gold District Northern Star Resources Ltd 0.2 Moz Kundana East 5.4 Moz Evolution Mining Ltd 2.75 Moz The BEST place to explore and develop a new gold mine in the world Mungarl Evolution Mining Ltd Kalgoorlie-Boulder Mt Monger 7.2 Moz Vault Mi
Slide 7: Exceptional Infrastructure
Exceptional Infrastructure Mt Henry Gold Project • Access by sealed Esperance-Kalgoorlie Highway 22km south of Norseman • Regional mining centre of Kalgoorlie only 210km to the north, with access to airport and workforce Mt Henry • Grid power Selene North Scotia • Ready to go with 67km2 of granted m
Slide 8: Significant Leverage to Gold Price Growth Over Last Years
Significant Leverage to Gold Price Growth Over Last 25 Years Underinvestment in drilling despite 0.9Moz gold resource 26,000 6,000 Drill metres completed vs gold price • Limited exploration and resource growth work completed 5,000 since late 1990s (Kinross Mining) - some exploration 21,000 Open Pit
Slide 9: Scratching the Surface on a Major Gold Trend
Scratching the Surface on a Major Gold Trend Long section looking East 16km of significant gold mineralisation BIF trend Mt Henry Selene North Scotia North 5.0m @ 7.7 g/t gold Resource Resource Resource 12m @ 6.1 g/t gold 2.0m @ 46.3 g/t gold 4.0m @ 14.8 g/t gold 13m @ 0.9 g/t gold 12m @ 4.3 g/t gol
Slide 10: Mt Henry Gold Deposit - Immediate Resource Growth
Mt Henry Gold Deposit - Immediate Resource Growth Limited shallow mining to maximum depth of ONLY 90m Long section looking East section North Cross 1,000m Max Drilled 150m 39m @ 5.2 g/t gold Depth 24m @ 1.3 g/t gold 53m @ 1.4 g/t gold 32m @ 1.2 g/t gold Legend 44m @ 1.3 g/t gold 49m @ 1.6 g/t gold D
Slide 11: Selene Gold Deposit - Immediate Resource Growth
Selene Gold Deposit - Immediate Resource Growth Long section looking East No previous mining 500m section Cross North Max drill 37m @ 1.1 g/t gold 130m Depth Legend Drill Composites >0.5 g/t Au 59m @ 1.2 g/t gold >1.0 g/t Au 41m @ 1.6 g/t gold >3.0 g/t Au 48m @ 1.9 g/t gold MRE outline 63.5m @ 1.5 g
Slide 12: North Scotia - Immediate Resource Growth
North Scotia - Immediate Resource Growth Long section looking East No previous mining 200m section Cross Max 22m @ 0.5 g/t gold Drill 90m 7m @ 22.2 g/t gold 14m @ 5.7 g/t gold Legend Depth Drill Composites >0.5 g/t Au >1.0 g/t Au 6m @ 5.5 g/t gold >3.0 g/t Au MRE outline West Cross section looking N
Slide 13: Dusting off the 1990s in Western Australia
Dusting off the 1990s in Western Australia Resource Growth Market Company Asset Since Acquisition Capitalisation Mt Henry Bellevue Mine 3.1Moz $2.3B Kinross Gold last substantial regional Bullabulling 2.2Moz $786m exploration in late 1990s. Alicanto to commence MAJOR drill program for Youanmi 1.0Moz
Slide 14: Multi-Rig Drill Program to Commence
Multi-Rig Drill Program to Commence 50,000m exploration program enables significant velocity of news flow 2026 Q1 Q2 Q3 Q4 Mt Henry Project Acquisition Growth drilling main Areas 16km trend exploration drilling Geology Review and Targeting Database review Resource Updates Resource growth through the
Slide 15: Summary
Summary A New Western Australia Gold Explorer and Developer Premier Location Quality Resources Growth World Class Gold District With Granted Existing Large, Shallow Gold Resource In 16km Gold Corridor With Immediate Growth & Mining Leases The Goldfields of WA Resource Extensions • West Australian Ar
Slide 16: Appendix 1 – Equity Raising Overview
Appendix 1 – Equity Raising Overview
Slide 17: Equity Raising Overview
Equity Raising Overview • Two-tranche institutional placement to raise A$28 million (before costs) ("Placement" or "Offer") • The Placement will comprise the issue of approximately 509.1 million new fully paid ordinary shares ("New Shares"): o Tranche 1 to raise approximately A$12.8 million utilisin
Slide 18: Sources and Uses
Sources and Uses Sources A$M Existing Cash (30 November 2025) 4.3 Placement Proceeds 28.0 Total Sources 32.3 Uses A$M Cash Consideration for Acquisition 15.0 Resource & Exploration Drilling, Geophysics and other exploration 12.0 expenditure and related costs at Alicanto’s projects Working Capital an
Slide 19: Pro-Forma Capital Structure
Pro-Forma Capital Structure Units Current Pro-Forma No. of Ordinary Shares1,4,5 M 928.3 1,794.5 Market Capitalisation at Offer Price1 A$M 51.1 98.8 Cash and Equivalents1,2,3 A$M 4.3 17.3 Debt2 A$M 0.0 0.0 Net Cash2 A$M 4.3 17.3 Enterprise Value1,2,3,4 A$M 46.8 81.5 1. Assumes A$28 million raised (no
Slide 20: Indicative Equity Raising Timetable
Indicative Equity Raising Timetable Item Date Trading halt Pre-market Tuesday, 16 December 2025 Announcement of acquisition and capital raising Wednesday, 17 December 2025 Settlement of Tranche 1 Placement Tuesday, 23 December 2025 Quotation of New Shares issued under Tranche 1 Wednesday, 24 Decembe
Slide 21: Appendix 2 – Transaction Details
Appendix 2 – Transaction Details
Slide 22: Mt Henry Gold Project – Acquisition Terms
Mt Henry Gold Project – Acquisition Terms • $15 million in cash • 357.1 million shares (approximately 19.9% post equity raise of AQI) • $5 million (in cash or shares at AQI election) after 20,000m of drilling at the Mount Henry Project1 • $10 million (in cash or shares at AQI election) after the ann
Slide 23: Appendix 3 – Other
Appendix 3 – Other
Slide 24: Alicanto Corporate Summary
Alicanto Corporate Summary CAPITAL STRUCTURE CURRENT ASX Listed Shares on issue 928.3M Exceptional share register with well known Share price A$0.065 institutional Investors and mining executives Market Capitalisation ~A$60.4M Performance Rights 269.65M No Debt SHAREHOLDER SUMMARY Australian & Globa
Slide 25: Current Mineral Resource Estimate
Current Mineral Resource Estimate Measured Indicated Inferred TOTAL Tonnes Grade Gold Tonnes Grade Gold Tonnes Grade Gold Tonnes Grade Gold (kt) (g/t Au) (koz Au) (kt) (g/t Au) (koz Au) (kt) (g/t Au) (koz Au) (kt) (g/t Au) (koz Au) 11,907 1.2 444 10,172 1.2 378 2,424 1.2 94 24,501 1.2 915 1. Mineral
Slide 26: Sources
Sources Company (Project) Project Resource Indicated Resources Inferred Resources Total Resources Status date Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained (Mt) Au (g/t) Au (koz) (Mt) Au (g/t) Au (koz) (Mt) Au (g/t) Au (koz) Bellevue Gold Exploration 1 Aug 2018 0 0 0 1.9 8.2 5
Slide 27: Registered Office
(ASX:AQI) REGISTERED Level 2, 8 Richardson Street OFFICE West Perth WA 6005 PHONE +61 (0) 8 6279 9425 EMAIL info@alicantominerals.com.au WEBSITE www.alicantominerals.com.au
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