Sunshine Metals Limited · ASX:SHN
Sunshine Metals — Investor Presentation (April 2026)
38 slides from Sunshine Metals's investor presentation, Apr 30, 2026
Slide 1: Ready to Shine: Mt Moss Acquisition & Growth Plan
Ready to Shine Mt Moss Acquisition & Growth Plan Damien Keys Managing Director ASX:SHN Not for release to US wire services or distribution in the United States 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", The zinc equivalent calculation is as follows: Zn Eq = Zn grade% * Zn recovery + (Cu grade % * Cu recovery % * (Cu price $/t/ "estimate", "expect", "intend", "ma
Slide 3: Cautionary statement (continued)
Cautionary statement (continued) The information in this report that relates to Mineral Resources at Waterloo and Orient is based on information compiled and JORC Code reviewed by Mr Stuart Hutchin, who is Member of the Australian Institute of Geoscientists (AIG) and is a Principal Geologist employe
Slide 4: Corporate Overview
Corporate Overview ASX:SHN High-grade Au drill results 30m @ 6.67g/t Au Corporate Information 4.5m @ 17.65g/t Au & 396g/t Ag, Liontown Sybil Shares on Issue (before Offer) 2,577M 4.4m @ 57.51g/t Au Sybil Options 260M 10m @ 31.91g/t Au Market Cap (27 Apr 2026) @ $0.033 A$85M Liontown Sybil acquisitio
Slide 5: The Board
The Board Damien Keys Alec Pismiris Managing Director Chair A geologist with 25 years experience in mining Experienced director and company secretary with over 30 and exploration. Has led teams to exploration years’ experience in the securities, finance and mining success with Gold Fields Australia,
Slide 6: Sunshine Metals Gold-Copper-Silver in North Queensland
Sunshine Metals Gold-Copper-Silver in North Queensland Sybil/Mt Moss Au-Ag-Cu-Zn Queensland projects. Big system potential. ASX SHN | 6
Slide 7: Assets, Acquisition, Outlook
Assets Acquisition Outlook - Liontown – gold & base metals - Mt Moss – process plant - Gold & Metals – production + - Sybil – gold discovery resource growth • Resources – 929koz AuEq • Mt Moss – A$18M acquisition 1. Gold – extend mine life • Ownership – 100% • Liontown – gold extensions (e.g. Gap Zo
Slide 8: Production Outlook
Production Outlook PREVIOUS: Gold Mining via Toll Treating • Toll Treating – 75koz gold over 4 years (8% of Resource) • Owner operator – April 2026 gold study incorporating new mill • Outlook for base metals – study on remaining 92% Resource 2026 NEW: Plant acquisition provides low-cost route to pro
Slide 9: Mt Moss Acquisition Key Terms
Mt Moss Acquisition Key Terms Consideration • A$8M upfront & A$10m deferred cash consideration1 • A$7/t royalty on magnetite produced. Front-end of gold processing plant • ~300ktpa crushing & grinding circuit, last operated in 2022. • Tailings capacity for ~18 months. Space to lift. • Leaching, reag
Slide 10: Mt Moss Acquisition: Mt Moss Site Overview
Mt Moss Acquisition Mt Moss Site Overview Queensland projects. Big system potential. ASX SHN | 10
Slide 11: Mt Moss Mill: Grinding circuit in excellent condition
Mt Moss Mill Grinding circuit in excellent condition Queensland projects. Big system potential. ASX SHN | 11
Slide 12: Mt Moss Mill: Plan and costings – low restart capex
Mt Moss Mill Plan and costings – low restart capex • Detech Engineering (Townsville) – engineering assessment complete • Targeting first production in June 2027 • Debt funding discussions advancing Application A$M Leaching/adsorption tanks and infrastructure 7.5 Grinding 6.9 Gold Room 6.4 Reagent st
Slide 13: Liontown Mining Study
Liontown Mining Study Robust Au economics, Base Metal study in 2026 ASX:SHN shnmetals.com.au Queensland projects. Big system potential. ASX SHN | 13
Slide 14: Liontown Mining Study Toll Treating Scenario
Liontown Mining Study Toll Treating Scenario A strong base case likely to improve with own mill Operating Net Gold Price $/oz Cashflow ($M) • 3 Stage open pit and underground mine. $5,500 $102.7 • Mining Scenario ONLY ~8% of Ravenswood Consolidated Resource. $5,700 $114.5 • Base Metal mining study t
Slide 15: Liontown 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 | 15
Slide 16: Liontown Mining Study Upside Gold-Silver
Liontown Mining Study Upside Gold-Silver 121-hole infill program recently completed High-grade intersections – not in current Mining Study: • 30m @ 6.68g/t Au & 528g/t Ag from 17m • 24m @ 7.08g/t Au & 305g/t Ag from 14m • 23m @ 4.19g/t Au & 113g/t Ag from 7m • 20m @ 5.62g/t Au & 310g/t Ag from 8m •
Slide 17: Liontown Gold Extensional Targets: Gap Zone
Liontown Gold Extensional Targets Gap Zone Echeloned gold zones with extensional targets east of current pit and underground design. Drilling planned 2026. 18.0m @ 3.51g/t Au, 0.60% Cu Including 7.7m @ 6.43g/t Au, 0.87% Cu from 229.0m, 24LTDD011 z�≥Œ ‡ �∙ šדí Á€Æ†∙ Œ Æ� - Á∙ š†Æš G†ı � õÁ∙ �� š†ˉ«
Slide 18: Sybil Epithermal Gold
Sybil Epithermal Gold High-grade, scale potential ASX:SHN shnmetals.com.au Queensland projects. Big system potential. ASX SHN | 18
Slide 19: Francis Creek Project - Sybil Epithermal Au-Ag
Francis Creek Project - Sybil Epithermal Au-Ag Utilise Mt Moss Camp & Coreshed Queensland projects. Big system potential. ASX SHN | 19
Slide 20: Sybil Epithermal: Excellent results
Sybil Epithermal Excellent results High-grade intersections: • 5.2m @ 9.01g/t Au • 4.5m @ 17.23g/t Au • 4.4m @ 57.51g/t Au • 3.8m @ 6.12g/t Au • 2.8m @ 15.15g/t Au • 14 holes drilled, high-grade Au in 12 of 14. • First drilling at Francis Creek in ~18 yrs. • Contiguous tenure with Mt Moss, 25km from
Slide 21: Sybil Epithermal: 4Moz Au Pajingo analogue
Sybil Epithermal 4Moz Au Pajingo analogue • Prospective “boiling zone” thickens to E & SE • Further drilling in April ‘26 • 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, undrilled Figure modi
Slide 22: Next Phase Growth: Base Metals
Next Phase Growth Base Metals +6Mt at Liontown Mt Moss exploration upside ASX:SHN shnmetals.com.au Queensland projects. Big system potential. ASX SHN | 22
Slide 23: Liontown Base Metals
Liontown Base Metals Capacity to be long term producer – updated 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 operation provides access to Base Metal Resource. • Base Metal Mining Stud
Slide 24: Mt Moss Base Metals: Exploration History and Geology
Mt Moss Base Metals Exploration History and Geology History • Extensive exploration history since 1941 focussed initially on tin, copper, zinc and silver. • Larger explorers including Noranda, Mt Isa Mines and Jervois Mining explored for gold and base metals in from 1987-2004. • Magnetite became the
Slide 25: Mt Moss Mine Area: Room for the addition of concentrator
Mt Moss Mine Area Room for the addition of concentrator Queensland projects. Big system potential. ASX SHN | 25
Slide 26: Mt Moss Copper-Zinc-(Magnetite) Potential
Mt Moss Mine Area Mt Moss Copper-Zinc-(Magnetite) Potential Queensland projects. Big system potential. ASX SHN | 26
Slide 27: 2026 Exploration & Development Plan
2026 Exploration & Development Plan Upcoming work Liontown – Advancing Toward Development May - June • Gold panel drilling results • Update shallow gold resource to incorporate 121-hole GC program • Update of Liontown Gold Mining Study Sybil – Expanding the Epithermal System April - May • Drill pad
Slide 28: Corporate Overview: Capital Structure, Sources and Uses
Corporate Overview Capital Structure, Sources and Uses ASX:SHN shnmetals.com.au Queensland projects. Big system potential. ASX SHN | 28
Slide 29: Equity Raising Overview: A$22M Capital Raising
Equity Raising Overview A$22M CAPITAL RAISING • A$22M capital raising (Offer) comprising an A$19M two-tranche placement (Placement) and up to A$3M share purchase plan (SPP)1 • The A$19M Placement will be completed in two-tranches: • A$16.9m under the Company’s ASX Listing Rules 7.1 & 7.1A; and Offer
Slide 30: Indicative Timetable
Indicative Timetable1 SPP Record Date 29 April 2026 Offer Announcement 30 April 2026 Placement Settlement Date 7 May 2026 Placement Allotment Date 8 May 2026 SPP Closing Date 22 May 2026 SPP shares issued On or before 29 May 2026 1. Timetable is indicative only and may be subject to change at the so
Slide 31: Contact details
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 32: 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
Slide 33: Key Risks
Key Risks Set out in this section are the potential risks associated with SHN, the Offer, the industry in which SHN operates and an investment in SHN shares. It is not an exhaustive list of every risk faced by SHN now or in the future. Global economic Changes in global economic conditions (including
Slide 34: Key Risks Continued
Key Risks Continued Legal proceedings may arise from time to time in the course of the Company’s business. The Company may be involved in disputes with other parties in the future which may result in litigation. Any such claim or Litigation risk dispute, if proven, may impact adversely on the Compan
Slide 35: 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 36: 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 37: 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 38: 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