REZ- QUARTERLY ACTIVITIES REPORT MARCH 2025

HIGHLIGHTS
East Menzies Gold Project, WA
 Successfully completed the first gold doré pour from the maiden vat leach trial at the
East Menzies Gold Project, with the resulting gold doré transported to the Perth Mint
for refining and sale.
 Trial confirms effectiveness of vat leaching as a gold recovery method and provides
confidence in the scalability of the operation.
 REZ submitted a second mining proposal to the WA Department of Mines, Industry
Regulation and Safety (DMIRS) for an expanded vat leach operation, including eight
additional vats and processing of up to 40,000 tonnes of material from Maranoa deposit.
 Timing of this pour aligns with record-high gold prices, enhancing REZ’s near-term
cash flow generation potential.
 The East Menzies project is well-positioned for growth, with a strong pipeline of highgrade
gold deposits and significant expansion opportunities.
Mount Mackenzie Project, Qld
 Completion of Mount Mackenzie Project sale to QMines Limited (ASX:QML) post
quarter-end, securing $1 million in cash proceeds and 33 million QML shares.
 $900,000 cash to be received, adding to the $100,000 deposit already paid.
 Strengthened REZ balance sheet to support expansion at East Menzies Gold Project.
 REZ retains exposure to Mount Mackenzie’s future development through strategic
shareholding in QMines.
 Divestment sharpens REZ’s strategic focus on Western Australia and gold production
growth.