North Queensland Asset Demerger

In June 2026, Broken Hill Gold entered into a binding strategic agreement to demerge its North Queensland exploration assets, Alice River and St George, into Manda Resources Ltd, a newly-formed entity that is backed by its major shareholder, Emerald Resources NL (ASX: EMR).

This transformational transaction is designed to unlock the inherent value of our North Queensland portfolio while allowing Broken Hill Gold to accelerate its transition into a dedicated gold producer focused on our White Dam operations in South Australia.

Key Highlights:

• Asset Consolidation: Broken Hill Gold’s Alice River Gold Project and St George Gold-Antimony Project will be spun out into Manda Resources. Concurrently, Manda will acquire unlisted Territory Minerals Ltd, securing ownership of the Tregoora, Northcote, Atric, and Reedy Gold Projects.
• Multi-Million-Ounce Potential: The combined Manda Resources portfolio establishes a premier multi-million-ounce gold exploration hub with a global JORC mineral resource of 1.33Moz of gold across a tenement package exceeding 1,700km².
• Tier-1 Backing & Leadership: Manda Resources is backed by its major shareholder, mid-tier gold producer Emerald Resources NL (ASX: EMR). Manda will be driven by a proven management team, bringing premier funding and top-tier leadership to accelerate exploration in the region.
• Direct Shareholder Benefits: Subject to shareholder approval, eligible Broken Hill Gold shareholders will receive a direct stake in the new vehicle via an in-specie distribution. Shareholders will receive 1 Manda share for every 6.76 Broken Hill Gold shares held on the record date, at no additional cost.
• Targeted ASX Listing: Manda intends to seek an official listing on the ASX via an Initial Public Offering (IPO) in late 2026, targeting a minimum raise of $21 million. Emerald Resources intends to cornerstone the raise, and Broken Hill Gold shareholders will be offered a priority allocation.

By transferring these highly prospective North Queensland projects to a dedicated team with demonstrable success in mine development, Broken Hill Gold immediately unlocks value for its shareholders. The streamlining of our portfolio ensures Broken Hill Gold is exceptionally well-positioned to direct our full attention toward core production and development objectives at the White Dam gold mine in South Australia, capitalising on the current high gold price environment.