Announcement • Jul 28
Aureka Limited Announces Appointment of Zane Smith as Chief Operating Officer, Effective August 17, 2026 Aureka Limited had announced the appointment of Zane Smith as Chief Operating Officer of the Company, commencing from August 17, 2026. Zane Smith brought extensive leadership experience in mine operations, Victorian approvals and project delivery. Zane Smith brought mine start-up leadership experience in Victoria, with operational experience across the Northern Territory, Tasmania and Queensland, including extensive knowledge of the Stawell Gold Corridor. Zane Smith was highly proficient in Victorian approvals regime having led major infrastructure project delivery across wide areas of regional Victoria. Zane Smith was a property owner and local stakeholder in region of Aureka’s tenements. Zane Smith would lead and be responsible for the delivery of the Comstock Gold & Silver Project into first production, early-stage studies on the Irvine Gold Project and be the point of contact for Aureka’s toll milling partnership with Core Prospecting for the Wedderburn Gold Processing Facility. Zane Smith had extensive mine technical and operational experience across Victoria, Tasmania, Queensland and Northern Territory. Zane Smith was highly proficient in the crucial Victorian approval’s regime including delivery of $200M+ of infrastructure programs across regional Victoria requiring all level of regulatory approvals. Zane Smith started his mining career at the Stawell Gold Mine, building his way up to operational and technical oversight roles, that took him from Stawell to multiple underground mining operations across Australia. Zane Smith was a property owner in the region proximate to the Irvine Gold Project and enjoyed multiple strong existing relationships with Aureka key stakeholders including fellow landowners, regulatory stakeholders and other community groups. Zane Smith held various positions focused on safe, compliant and profitable production. Zane Smith had worked closely with geology teams to design optimal mining operations, creating a practical and commercially sound development pathway for production. Zane Smith’s experience covered mine design, operational planning, production execution and performance improvement initiatives. Zane Smith had led multidisciplinary technical teams of engineers, geotechnical personnel and surveyors and had also overseen underground mining operations, production crews and contractors. At Stawell Gold Mines under Crocodile Gold, Zane Smith operated within a lean focused workforce where disciplined execution and maximising value were essential to sustaining monthly profitability. Zane Smith also worked at the Stawell Gold Mine during the discovery of economic mineralisation on the east side of the Magdala basalt, adding significant life to the Stawell operation and bears direct relevance to Aureka’s discovery of mineralisation in 2025 on both sides of the Irvine basalt. In his career, Zane Smith had exhibited proficiency connecting geology, mine design and commercial outcomes including working effectively with geology teams to translate resource interpretation into practical, mineable shapes, efficient stopes and ore drives. Zane Smith also played a key role in the restart and re-establishment of mining operations at Stawell Gold Mine in 2019 under its then new ownership, contributing across engineering, operational readiness and technical execution. As Project Manager – Major Infrastructure at GWM Water, Zane Smith most recently led delivery of more than $200M in capital infrastructure programs across regional Victoria, including 2,000+ km of pipeline networks, major assets and large-scale civil works across more than 5,000 km² of operational terrain. Zane Smith led engagement with regulators, government agencies and community stakeholders including traditional owner groups. New Risk • Jul 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$6.8m free cash flow). Revenue is less than US$1m (AU$8.6k revenue, or US$6.0k). Market cap is less than US$10m (AU$13.6m market cap, or US$9.38m). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (25% increase in shares outstanding). New Risk • May 18
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$13.4m (US$9.62m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$6.8m free cash flow). Shareholders have been substantially diluted in the past year (54% increase in shares outstanding). Revenue is less than US$1m (AU$8.6k revenue, or US$6.2k). Market cap is less than US$10m (AU$13.4m market cap, or US$9.62m). 
