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2025 annual report

Operational review · Company-provided

Australia regional operating review

A detailed view of the two company-reported Australian operations and the ownership adjustment disclosed for Tropicana.

Review context

What the supplied report states

The supplied report assigns 25% of group output to Australia and lists Sunrise Dam and Tropicana.

The two displayed figures total 480,000 ounces on a 100% basis where stated. Tropicana is shown at 255,000 ounces on a 100% basis with a 70% interest; applying that percentage gives 178,500 ounces as an arithmetic illustration, not a separately published attributable figure.

Stated regional share

25%

Share of group output, company-provided

Listed operations

2

Operations named in the supplied report

Displayed output

480,000 oz

Before the stated Tropicana ownership adjustment

Detailed record

Figures, basis and reporting limits

Australia

Sunrise Dam

225,000 oz

The report summary provides a production figure but does not state ownership, operator status, cost or whether the amount is attributable.

Australia · 70% interest stated

Tropicana

255,000 oz

The figure is explicitly presented on a 100% basis. A 70% mathematical share equals 178,500 ounces, subject to confirmation of the report's intended attribution method.

Interpretation

Ownership basis matters

A gross mine figure measures the operation as a whole. An attributable figure reflects the reporting company's economic interest. Mixing those bases can overstate or understate a portfolio total.

The regional share cannot be fully tested until Sunrise Dam's ownership basis and the treatment of both operations in the 1.82 Moz group headline are confirmed.

Disclosure status

Records required for independent reliance

These supporting items are not contained in the published summary. The figures remain company-provided until the relevant records are supplied.

  • Sunrise Dam ownership and reporting basisPending
  • Tropicana ownership documentationPending
  • Attributable production reconciliationPending
  • Site Resources, Reserves, costs and mine livesPending

This review explains the figures supplied by Mugodhi Mining and Securities Ltd. It is not an audit, technical report, investment recommendation or independent verification.