Slide 1: Webinar Presentation: Comstock - Pathway to Production
ASX ANNOUNCEMENT 19 AUGUST 2026 19 August 2026 ASX Market Release Webinar Presentation: Comstock - Pathway to Production Aureka Limited (the Company or Aureka) provides the following Presentation which will be delivered to Shareholder’s at the webinar today, Wednesday 19 August 2026 at 12.00pm AEST.
Slide 2: Tolling Partnership: Comstock's Path to Production
For personal use only Tolling Partnership: Comstock’s Path to Production ASX:AKA August 2026 aureka.com.au
Slide 3: Forward Looking Statement
Forward This presentation has been prepared by Aureka Limited (Aureka or the Company). It contains general information about the Company’s activities current as at the date of the presentation. The information is provided in summary form and does not purport to be complete. This presentation is not
Slide 4: Exploration Target
Exploration Exploration Target On 18 June 2026, Aureka Limited ASX:AKA announced the increase to their maiden gold Exploration Target at its flagship 100%-owned Irvine Gold Project in Victoria, Australia. Notably, the Exploration Target upgrade was constrained to the current drill footprint at the Re
Slide 5: Path to production: Million-ounce potential + mill partnership
Path to production: Million-ounce potential + mill partnership Advanced Stage Gold Projects • Existing discoveries and substantial projects • Projects are proximate to operating mines • Long term approach (e.g. permanent land access) • Toll milling partnership locked in For personal use only >450koz
Slide 6: Agenda: St Arnaud Comstock Gold & Silver Project
Agenda: St Arnaud Comstock Gold & Silver Project Pathway to Production Introduction to Chief Operating Offi cer – Zane Smith Mine and major government strategic infrastructure project management, with extensive Victorian approvals experience Incentivised to deliver production. For personal use only Co
Slide 7: Comstock – Walkers – identified as potential starter pit
Comstock – Walkers – identified as potential starter pit Concept Study: Input from Measured Group Pty Ltd and Minserve Pty Ltd, Core Prospecting Pty Ltd For personal use only The existing Walkers Pit, - along existing road - pit ramp access - last used for production in 1990s Modest upfront capital:
Slide 8: Comstock – Walkers – identified as potential starter pit
Comstock – Walkers – identified as potential starter pit For personal use only ASX Release 1-July-2026: Comstock study update: Walkers Pit Selected / Licencing Submitted ASX Release: 10-August-2026: Comstock drilling visible gold. Star indicates location of observed visible gold. ASX:A K A aureka.com
Slide 9: Comstock – Licence Application
Comstock – Licence Application Objective at Comstock is to deliver a fast to market low capital start-up operation. Applied for a small mining licence, known as a Prospecting Licence (PL). For personal use only Small footprint: <5 hectares Limited life (up to 7 years) Off site processing. Advertising
Slide 10: Comstock outside St Arnaud, Walkers pit infill drilling
Com st ock ou t si de St A r n a u d, W a l k er s pi t i n fi l l dr i l l i n g For personal use only ASX:AKA aureka.com.au | 9
Slide 11: Comstock Gold & Silver Project - Fast track approval process
Comstock Gold & Silver Project - Fast track approval process For personal use only Small footprint Key Advantages: Previously mined site Offsite processing (5 hectares) Limited life (up to 7 years) ASX:A K A aureka.com.au | 10
Slide 12: Wedderburn Milling Facility: Economic Distances for Trucking of Ore
WEDDERBURN MILLING FACILITY: ECONOMIC DISTANCES FOR TRUCKING OF ORE For personal use only The Wedderburn milling facility, located at the historic Hit and Miss mine site, has been acti ve since the 1960s. 45km to Comstock 135km to Irvine Gold Project Compares to ~90km to Fiddlers Creek (mine site th
Slide 13: Wedderburn Mill
Wedderburn Mill Mill Fully Permitted and Ramping Up • 3 years from fi rst production, For personal use only • Tolling fees are to be charged on a cost-plus basis., • Shared objective of increasing utilization for benefi t of both parties • Ability to sponsor and fund mill expansions and improvements.
Slide 14: Comstock infill drilling program – visible gold encountered
Comstock infill drilling program – visible gold encountered For personal use only ASX Release 10 August 2026 - Comstock – multiple visible gold | intersections in Walkers ZONE ASX:A K A aureka.com.au 13
Slide 15: Stawell Corridor – Irvine Gold Project
Stawell Corridor – Irvine Gold Project Inferred Irvine (+94koz Au) Cut-Off Prospet Southern Trend Gold (g/t) Tonnes Gold Grade (g/t) Gold Ounces Resolution OP* >0.5 1,775,000 2.16 123,000 Added* Adventure OP >0.6 680,000 1.85 40,300 Total Irvine Open Pit* Various 2,455,000 2.07 163,300 398koz Au Reso
Slide 16: Irvine Project: 398k ounces of JORC Inferred gold
I r v i n e Pr oj ect : 398k ou n ces of J OR C I n f er r ed gol d For personal use only A S X R e l e a s e : 1 8 A u g u s t 2026 : I r v i n e G e o l o g i s t R e a f f i r m s T a r g e t s ASX:AKA aureka.com.au | 15
Slide 17: Stawell Corridor – 94koz Added to Irvine MRE
Stawell Corridor – 94koz Added to Irvine MRE Resolution MRE: • 11 domains. • Based on reinterpretation of geological & structural model & persistent additional 2025 DD For personal use only • Ongoing drilling programs continue to drill test targets aiming to grow Moz potential Refer: ASX Release 18
Slide 18: Irvine Gold Project – Exploration Strategy Corridor
Irvine Gold Project – Exploration Strategy Corridor Updated Interpretation improves underlying structural architecture understanding – Reaffirms targeting potential • Geophysical data reviewed my renowned geophysicist Dr Barry Murphy - led discovery of 5.5 Moz Au Bankan Gold Project, Guinea. • NW tr
Slide 19: Complementary assets: how they work together
Complementary assets: how they work together A complementary set of gold projects that work together: Comstock Gold & Silver start up: low capex opportunistic (brownfield site, high gold price, available mill) Wedderburn Milling partnership: offsite processing with spare capacity, binding agreemen
Slide 20: Positioned for Growth
Positioned for Growth Size of Prize is Huge Neighbourhood of 5.3Moz Stawell Gold Mine Substantial JORC Resource plus Exploration Targets Right rocks and fertile system First production licience application and milling partnership in place For personal use only What to expect from Aureka: O
Slide 21: Thank you! Get The Latest Aureka News
Get The Latest Thank you! Aureka News For personal use only +61 3 9692 7222 aureka.com.au Sign Up ASX:A K A
Slide 22: Capital Structure is Set Up for Success
Landowner at Project sites: Own or control 197 Capital Structure is Set Up for Success hectares (486 acres) CA PI TA L STR UCTUR E BOARD OF DIRECTORS Graeme Hunt Non-Executive Chairman $0.95 Share Price 159m Shares in Issue James Gurry Managing Director Richard Taylor Non-Executive Director ~$16m $2
Slide 23: Global – 455koz JORC Resource across projects
Global – 455koz JORC Resource across 2 projects Inferred Cut-Off Prospect Gold (g/t) Tonnes Gold Grade (g/t) Gold Ounces For personal use only Resolution Open Pit* >0.5 1,775,000 2.16 123,000 Adventure Open Pit >0.6 680,000 1.85 40,300 Total Irvine (Stawell) Open Pit* Various 2,455,000 2.07 163,300 R
Slide 24: Board & Key Management… Incentivised to Deliver
Board & Key Management… Incentivised to Deliver For personal use only • BHP / Lihir Gold / • Credit Suisse / • Head of Public Affairs • Southern Cross Gold Newcrest Deutsche Bank Newmont Asia Pacific (SX2) / recipient of Broadspectrum / • Mineral Deposits / Tasmania’s • Red Hawk Iron Ore PanAust / MMG
Slide 25: Irvine Gold Project – Exploration Strategy Corridor
Irvine Gold Project – Exploration Strategy Corridor Numerous Under-explored ETs • 85-197koz Advanced ET • 181-348koz Conceptual ET • 50m line spaced UAV Magnetic survey assisting with definition of subsurface geological features & underlying structural architecture • Updated MRE combined with favour