December 2025 Quarter delivers solid silver growth

The December 2025 quarter saw the Abra mine become one of Australia’s top 10 silver producers.

In only its second quarter as a privately owned entity, Abra has cemented itself in the top 10 Australian silver producers, with Endurance continuing to deliver record results as a silver focused mid-tier, multi asset producer.

Quarter highlights include:

• Record safety performance with TRIFR reducing to 4.8 from 7.1.
• Record ore mined of 370,324 tonnes at 32.0g/t Ag and 6.2% Pb.
• Ore tonnes processed of 347,587 tonnes, record head grades of 36.4g/t Ag and 7.5% Pb.
• Concentrate produced of 32,415 tonnes and concentrate grades of 242.8g/t Ag and 61.2% Pb, second only to Sept 2025 quarter.
• Metal in concentrate produced of 253koz of silver and 19,756 tonnes of lead, second only to Sept 2025 quarter.
• Silver production remains unhedged with sales at spot price. Abra is currently Australia’s sixth largest silver producer.

Said CEO Matthew Hine:

“In just six months we are on track to execute our strategy of building a silver focused, mid-tier, multi asset producer. Abra is now firmly entrenched as a top 10 Australian silver producer and Western Australia’s largest. We continue to maintain full upside to record silver prices while operating a business that will deliver throughout the cycle.

“The December quarter saw 347,587 tonnes of ore processed with record head grades of 36.4g/t silver and 7.5% lead. This was complemented by the release of the 2026 MRE which has been independently reviewed and endorsed by Entech.

“The 87,000m accelerated grade control and resource definition programme has increased inventory tonnage and grade profile, while upgrading a significant amount of material to higher confidence Measured and Indicated classifications. This provides a strong platform for a reserve and 2026 Life of Mine (LOM) release scheduled Q4 FY2026. Coupled with outstanding 12-month reconciliation, our considered and staged approach to improving the technical understanding of the orebody and its extraction is paying dividends.

“After a 4-year hiatus, regional exploration drilling progressed on the Jillawarra tenements, with initial assay results demonstrating the enormous potential of our satellite targets. Manganese Ridge delivered multiple economic intercepts close to surface and within trucking distance from the Abra Processing Plant. This is just one of seven highly prospective nearfield targets we plan on testing in 2026.

“Importantly the operation converted the result into record financial performance, delivering $19.5m EBITDA, and $8.5m net mine cashflow after capital investment of $5.8m

“The Board and Management with support from Taurus Funds Management, have commenced assessing strategic options to further develop the business. This includes exploring an Initial Public Offering (IPO) on the Australian Stock Exchange (ASX) in late 2026.”