FRA: 1VU

Introduction

Benz Mining Corp. is a Canadian-listed, Australian-focused gold exploration company whose investment story has changed dramatically following the acquisition and rapid advancement of the Glenburgh Gold Project in Western Australia. The company also owns the high-grade Eastmain Gold Project in Quebec and the Mt Egerton Gold Project in Western Australia, giving Benz exposure to three separate gold opportunities across two Tier 1 mining jurisdictions.

The flagship asset is now Glenburgh. Benz has outlined a maiden Exploration Target of 485–540 million tonnes grading 0.6–0.7 g/t gold for 10.1–12.0 million ounces of contained gold. Importantly, this includes a much more attractive higher-grade component of 110–125Mt at 1.7–1.8 g/t gold for 6.1–7.3Moz, surrounded by a lower-grade mineralised halo containing another 4.0–4.6Moz. Approximately 80 percent of the overall Exploration Target is described as drill-defined, assay-supported and wireframed, with the remaining approximately 20 percent based on conceptual geological projections.

That number immediately makes Benz interesting, but it must be interpreted correctly. The 10.1–12.0Moz Exploration Target is not yet a Mineral Resource. Benz intends to continue aggressive infill, extensional and down-plunge drilling and convert a substantial portion of the target into a maiden Glenburgh Mineral Resource during 2027. The latest August 2026 drilling release specifically says the baseline drilling program is being completed ahead of the targeted H1 2027 maiden resource.

The geological story continues to strengthen. At Icon, Benz has recently reported intercepts including 41m at 14.5 g/t Au, 75m at 2.3 g/t Au, 39m at 3.6 g/t Au including 8m at 15.6 g/t, and 62m at 2.5 g/t Au within 102m at 1.7 g/t Au. Previous drilling returned 25m at 16.53 g/t, 95m at 4.3 g/t and 47m at 5.1 g/t, with Benz now interpreting these results as part of repeatable northeast-plunging high-grade fold-hinge systems.

Financially, Benz is also much stronger than the typical junior explorer. The company completed an A$75M institutional financing in February 2026, and at April 30, 2026 it held C$81.25M in cash and cash equivalents with working capital of approximately C$75.64M. That provides substantial funding for an aggressive drilling campaign without requiring an immediate equity raise.

The biggest question is therefore no longer simply whether Glenburgh contains gold. The question is how much of the conceptual 10.1–12.0Moz system can be converted into a compliant Mineral Resource, how much of that resource ultimately becomes economic mine inventory, and how much of that future success is already reflected in Benz’s valuation.

Projects / Location / MRE / Grades

Project 1: Glenburgh Gold Project, Western Australia

Flagship District-Scale Gold Discovery

Glenburgh is Benz Mining’s flagship project and the main reason the stock has been re-rated. It is located in the Gascoyne region of Western Australia on the northern margin of the Yilgarn Craton. The company describes the project as a district-scale belt with approximately 80 km of strike potential. Benz owns 100 percent of the project.

The development position is better than a typical greenfield discovery. The main Glenburgh area sits on a granted mining lease, with an access road, clearing permit and water licence already in place. Benz has also highlighted its Native Title arrangements and existing approvals. This does not mean a future mine can automatically enter production, but it materially reduces some of the tenure and early permitting uncertainty that normally surrounds a new discovery.

Historical Glenburgh Mineral Resource

Before Benz’s recent discovery work, Glenburgh contained a historical JORC estimate of:

Resource Category	Tonnes	Grade	Contained Gold
Indicated	13.5Mt	1.0 g/t Au	430.7koz
Inferred	2.8Mt	0.9 g/t Au	79.4koz
Total	16.3Mt	~1.0 g/t Au	510.1koz

For Canadian NI 43-101 purposes, Benz has previously cautioned that this should be treated as a historical estimate rather than a current Mineral Resource, because a Qualified Person had not completed sufficient work to classify it as current under NI 43-101. That historical 510koz number is now becoming less important to the investment thesis because Benz’s new drilling indicates a mineralised system potentially many times larger than the old resource envelope.

Glenburgh Exploration Target

The June 2026 project-wide Exploration Target is:

Component	Tonnage Range	Grade Range	Contained Gold
Higher-grade core	110–125Mt	1.7–1.8 g/t Au	6.1–7.3Moz
Mineralised halo	375–415Mt	0.33–0.35 g/t Au	4.0–4.6Moz
Total Exploration Target	485–540Mt	0.6–0.7 g/t Au	10.1–12.0Moz

Approximately 80 percent of the Exploration Target is based on drill-constrained mineralised wireframes, while approximately 20 percent comes from conceptual geological projections beyond current drilling. The target was constructed using data from approximately 1,100 drillholes representing roughly 200,000 metres of drilling by Benz and previous explorers.

This is the key distinction in the entire Benz thesis:

10.1–12.0Moz is not yet 10.1–12.0Moz of Mineral Resources.

However, it is also not simply a regional conceptual guess. A large proportion is already supported by drilling and geological wireframes, which is why the 2026–2027 infill program is so important.

Glenburgh Grade Feel

The overall target grade of 0.6–0.7 g/t may initially look relatively low, but that number combines two different styles of mineralisation.

The real attraction is the 6.1–7.3Moz conceptual higher-grade core at 1.7–1.8 g/t Au. For a potentially large-scale open-pit and underground system in Western Australia, that grade is very attractive if continuity, metallurgy, strip ratio and mining geometry ultimately support economic extraction.

The lower-grade 0.33–0.35 g/t halo should not automatically be valued as mineable ore. Future economic studies will need to determine how much can economically be captured inside future pit designs and processing schedules. Benz itself specifically cautions that the complete lower-grade halo is not an optimised mining inventory.

Metallurgy

Early metallurgy is encouraging.

Initial testing at Icon has demonstrated that the mineralisation appears to be free milling, with high gold recoveries. Benz reported recovery of up to approximately 93.3 percent from tested lower-grade halo material, while core mineralisation testing has produced recovery around the mid-90-percent range.

This is potentially important because a huge geological system is only valuable if the gold can ultimately be recovered economically.

The metallurgical work is still early. There is no final processing flowsheet, operating cost, plant design, grind-size optimisation, reagent model or full variability program yet. However, the early results reduce one significant technical risk.

Project 2: Mt Egerton Gold Project, Western Australia

Ultra-High-Grade Satellite Optionality

Mt Egerton is Benz’s second Western Australian project. It is located approximately 220 km northwest of Meekatharra and covers roughly 180 km² across granted mining leases and associated exploration licences.

The project includes the historic Hibernian mining area, where the company references an initial open-pit resource of approximately:

0.28Mt at 3.1 g/t Au for approximately 27koz gold.

The existing resource is small and is not presently a major part of Benz’s valuation. The attraction is the extremely high-grade exploration potential.

In March 2026, Benz announced the new Kilkenny discovery beneath the historic Hibernian area, highlighted by:

7m at 223 g/t Au from 270m, within a broader approximately 11m at 144 g/t Au intersection.

Historic Hibernian drilling also contains exceptional grades, including intersections such as 9m at 107.2 g/t Au and 4m at 91.9 g/t Au.

Project 3: Eastmain Gold Project, Quebec

Existing High-Grade Resource Optionality

Eastmain is located in Quebec’s Upper Eastmain Greenstone Belt. Benz completed the acquisition of the remaining 25 percent interest in October 2025, giving the company a 100 percent interest in Eastmain and the associated Ruby Hill properties.

Eastmain is particularly important because, unlike Glenburgh’s Exploration Target, Eastmain already hosts a current high-grade Mineral Resource.

The current resource contains approximately:

Resource Category	Tonnes	Grade	Contained Gold
Indicated	~1.3Mt	9.0 g/t Au	384koz
Inferred	~3.8Mt	5.1 g/t Au	621koz
Total	~5.1Mt	6.1 g/t Au	1.005Moz

A resource grading 6.1 g/t gold is genuinely high grade.

Eastmain was also historically mined. Earlier mining in the 1990s extracted approximately 118,000 tonnes at more than 10 g/t gold, demonstrating that high-grade mineralisation has previously been mined from the system.

Share Structure / Ownership / Insiders

Capital Structure

As of the July 29, 2026 MD&A, Benz reported:

Capital Structure Metric	Value
Common shares outstanding	338,895,063
Stock options	725,000
Performance Share Units issued	7,755,000
Total shares + potential shares disclosed	347,375,063
Cash at April 30, 2026	C$81.25M
Working capital	C$75.64M

The remaining options had a weighted-average exercise price of approximately C$0.39.

The company subsequently disclosed that another 3.6M PSUs for directors were proposed subject to shareholder approval at an August 2026 meeting. Those pending director PSUs were not included in the July 29 total of 347.375M shares and potential shares.

If ultimately approved, vested and settled entirely in shares, they represent another approximately 1 percent potential dilution beyond the currently disclosed potential share count.

Current Market Capitalisation

At a TSXV price of approximately C$3.90 on August, 2026, using the 338.895M basic shares produces an approximate basic market capitalisation of:

338.895M × C$3.90 = approximately C$1.32B.

Using the currently disclosed 347.375M shares plus potential shares gives an approximate diluted-equivalent equity value of:

347.375M × C$3.90 = approximately C$1.35B.

The C$3.90 quote should be treated as a point-in-time market snapshot because Benz is actively traded and the price can change materially.

Cash Position

This is one of Benz’s strongest features.

At April, 2026:

Cash and cash equivalents: C$81.25M
Working capital: C$75.64M

The balance sheet showed only modest financial liabilities relative to the cash position.

The strength came primarily from a transformational A$75M financing completed in February 2026, in which Benz issued 32.33M CDIs at A$2.32 each. The financing was supported by large offshore institutional investors and existing institutional shareholders.

This means Benz is currently in a relatively rare position for a junior explorer: it can drill aggressively without needing to continuously finance the company every few months.

Ownership / Insiders

Ramelius Resources

Ramelius Resources became Benz’s largest strategic shareholder after acquiring Spartan Resources.

As of November 2025, Ramelius controlled 38,028,750 Benz shares, representing 13.14 percent of Benz at the share count then outstanding.

Assuming Ramelius has not sold those shares, the same 38.03M shares would represent approximately 11.2 percent of Benz’s current 338.895M basic shares following subsequent dilution. This is a meaningful strategic ownership position.

Director Ownership

The most recent comprehensive director holdings disclosure before the major 2026 share-count increase showed:

Director	Reported Shares
Evan Cranston	6,420,000
Mathew O’Hara	1,598,736
Peter Williams	1,239,500
Nick Tintor	430,200
Total of these disclosed holdings	9,688,436

Those holdings represent approximately 2.9 percent of the current basic share count, before accounting for subsequent purchases, disposals or equity awards.

Nick Jolly was originally appointed as Spartan’s nominated director and subsequently became the Ramelius nominee following Ramelius’s acquisition of Spartan.

People / Management

Mark Lynch-Staunton

Chief Executive Officer

Mark Lynch-Staunton is one of the strongest parts of the Benz story.

He previously worked with Barrick Gold and has mine-development experience, including responsibility relating to feasibility and recommissioning of the multi-million-ounce Bulyanhulu Gold Mine. Benz highlights his combination of technical, project-management and mine-building experience.

Ben McCormack

Consultant Geologist

Ben McCormack specialises in structural geology and high-grade metamorphic gneiss systems.

Most importantly, he was part of the team associated with the early success and growth of the Tropicana Gold Project and has played a significant role in Benz’s reinterpretation of Glenburgh’s folded geology.

Evan Cranston

Executive Chairman

Evan Cranston is a former corporate lawyer with more than 15 years of mining-sector experience and is principal of Konkera Corporate.

His transaction history includes involvement with transactions relating to Bellevue Gold, New Century’s Century Mine acquisition, Boss Energy’s Honeymoon Uranium Project and other Australian resource companies.

Peter Williams

Non-Executive Director

Peter Williams has an extensive exploration and discovery background.

He previously served as Manager of Geoscience Technology at WMC before becoming a founding member of Independence Group, now IGO. His career has involved multiple major discoveries and project-generation successes, including involvement with gold projects such as Wahgnion and Fekola, as well as early investment in Bellevue Gold.

Nick Tintor

Non-Executive Director

Nick Tintor is a geologist with more than 30 years of professional experience in the Canadian mining industry and more than 20 years in junior mining management, including project generation, financing and corporate execution.

Nick Jolly

Non-Executive Director

Nick Jolly has approximately 20 years of mining-industry experience as a geologist in technical and leadership positions.

Before Spartan, he spent approximately five years in operations-focused management positions with Northern Star Resources. He later worked with Spartan Resources and was involved during the transformation of its Dalgaranga gold story. He is now the Ramelius-nominated director on the Benz board.

Mathew O’Hara

Non-Executive Director

Mathew O’Hara is a Chartered Accountant with extensive experience across capital markets, debt and equity financing, corporate governance, financial accounting and public-resource companies.

Risks / Catalysts / Timeline

Key Risks

Key Risk	Why It Matters
Exploration Target Conversion Risk	The 10.1–12.0Moz figure is conceptual and is not a Mineral Resource. The single most important risk is how much actually converts into compliant resources.
Geological / Structural Risk	Glenburgh is structurally complex. High-grade fold-hinge zones can materially affect grade and contained ounces, making drilling density and geological interpretation critical.
Grade Continuity Risk	Spectacular drill intersections can attract attention, but a mine depends on continuous economic volumes rather than isolated high-grade intercepts.
Economic Study Risk	Glenburgh currently has no PEA, PFS or DFS establishing economic mineability.
Mining Geometry / Strip Ratio Risk	The lower-grade halo could be valuable inside future pit shells, but it could also include large volumes that are uneconomic to process.
Metallurgical Risk	Early recoveries are encouraging, but full variability testing and a final processing flowsheet remain outstanding.
Capital Cost Risk	No current mine capex exists. A large-scale operation could require very significant development capital.
Operating Cost Risk	There is no current AISC or mine operating-cost estimate.
Dilution Risk	Current cash is strong, but development of a major project would likely require future debt, equity, strategic investment or some combination.
PSU Dilution	7.755M PSUs were already included among potential shares, with another 3.6M director PSUs proposed subject to approval.
Valuation Risk	At around C$3.90, Benz already carries a market value above C$1B and trades near the upper end of its recent range. Significant future exploration success is already expected.
Development / Permitting Risk	Glenburgh has a strong existing tenure and approvals position, but construction of a major mine would still require additional technical, environmental and development approvals.
No Production / Cash Flow	Benz remains an exploration-stage company with no operating mine revenue and expects positive operating cash flow to remain years away.
Commodity Price Risk	Future Glenburgh economics will depend heavily on gold prices, especially the economic treatment of the broad lower-grade halo.
Project Concentration Risk	Glenburgh increasingly dominates Benz’s market valuation. A major geological or technical disappointment there would materially affect the investment thesis.

The company’s own filings confirm that Benz has no mining-production history and expects that achieving positive operating cash flow may still take several years.

Catalysts

Timeline	Key Milestone
2026	Continued high-density resource-definition drilling at Icon
2026	Continued baseline 50m × 25m drilling across Icon, Hurricane and Thunderbolt
2026	Further high-grade hinge-zone drill results
2026	Extensional and down-plunge drilling outside currently defined mineralisation
2026	Further metallurgical testwork
2026	Ongoing geological remodelling and density work
2026	Continued tungsten assays and assessment of by-product potential
2026	Follow-up drilling at Mt Egerton / Kilkenny
H1 2027	Targeted maiden Glenburgh Mineral Resource Estimate
2027	Potential further resource growth beyond the first MRE
Post-MRE	Potential commencement of formal economic studies if resource scale and quality justify development
Medium Term	Possible integration of open-pit and underground development concepts
Longer Term	Potential district-scale development decision

The H1 2027 maiden-resource objective is specifically referenced in Benz’s latest August drilling update.

Expected Timeline to Full Production

This section requires more caution than for a company that already has a PEA or PFS.

Benz has not announced a formal Glenburgh production date.

The following is therefore a reasonable analytical development pathway rather than company guidance.

Year / Period	Focus	What It Means
2026	Resource-definition year	Aggressive drilling, metallurgy, geological modelling and pre-development technical work.
H1 2027	Maiden Glenburgh MRE	First major test of how much of the 10.1–12.0Moz Exploration Target can be converted into compliant resources.
H2 2027–2028	Potential economic-study stage	If the maiden MRE is sufficiently large and robust, Benz could move toward a Scoping Study / PEA-type economic assessment. This is an analytical estimate, not formal guidance.
2028–2029	Potential PFS / DFS stage	More detailed engineering, metallurgy, geotechnical work, mine design, environmental work and reserve conversion could follow.
2029–2030+	Potential financing / approvals / construction decision	A development decision would require economic studies, permits, engineering and financing.
2030–2032+	Possible earliest production window	Only possible if resource conversion, economics, permitting, financing and construction all progress successfully. This is not company guidance.

Valuation

Important Valuation Note

Benz cannot yet be valued properly using the same FCF model that can be applied to a company with a PEA, PFS or operating mine.

There is currently:

No Glenburgh mine plan.
No Mineral Reserve.
No production schedule.
No disclosed initial capex.
No AISC.
No mine operating cost.
No final processing flowsheet.
No strip ratio.
No economic cut-off grade.
No NPV.
No project-level free cash flow.

Therefore, producing an FCF valuation today would create false precision.

The more useful valuation method at this stage is to ask:

How much future Mineral Resource conversion is the current valuation already discounting?

Current Market Valuation Snapshot

Using approximately:

C$3.90/share
338.895M basic shares
347.375M shares plus currently disclosed potential shares
C$81.25M cash

gives approximately:

Metric	Approximate Value
Basic equity market cap	C$1.32B
Diluted-equivalent equity value	C$1.35B
Diluted-equivalent equity value less cash	~C$1.27B

The share and cash figures come from Benz’s July 29 MD&A; the market price is a point-in-time August snapshot.

This is already a substantial valuation for a company without a maiden current Glenburgh Mineral Resource.

Resource-Conversion Valuation Sensitivity

For an additional screening exercise, we can combine a hypothetical future Glenburgh MRE with Eastmain’s existing approximately 1.005Moz and apply increasingly strong resource-ounce assumptions.

This is not a NAV and not a price target based on a mine model.

Scenario	Assumed Glenburgh MRE	Approx. Corporate Gold Inventory*	Illustrative Value / oz	Resource Value	+ Cash	Approx. Value / 347.38M Shares
Conservative	2.0Moz	~3.0Moz	C$200/oz	~C$601M	C$81M	~C$1.96/share
Base	4.0Moz	~5.0Moz	C$250/oz	~C$1.25B	C$81M	~C$3.84/share
Aggressive	6.0Moz	~7.0Moz	C$300/oz	~C$2.10B	C$81M	~C$6.28/share

*Primarily hypothetical Glenburgh MRE + Eastmain’s approximately 1.005Moz; small Mt Egerton ounces are not material to this table.

The selected C$/oz multiples are deliberately illustrative assumptions rather than a statement that the market must value the resources at those figures.

Summary & Quick Scorecard

Category	Benz Mining Assessment	Overall
Company Overview	Stock ticker: TSXV BZ / ASX BNZ. Main metal: Gold. Phase: Advanced explorer / resource-definition stage. Countries: Australia and Canada.	—
1. Management	Previous successful project / mine-development experience: Yes. Exploration-to-development experience: Yes. Major mining company experience: Yes – Barrick / WMC / Northern Star backgrounds represented. Capital markets experience: Yes.	Strong
2. Projects	High grades: Yes, especially higher-grade Glenburgh core, Eastmain and Mt Egerton. MRE: Not yet on a strict current-resource basis. Optionality: Yes.	Good
3. Cost Structure	Low AISC: Unknown. Capex/Existing Infra: Unknown. Early metallurgy: Positive. Existing mining lease / permitting position: Positive.	Unknown
4. Share Structure Discipline	Basic shares: 338.90M. Current disclosed potential shares: 347.38M	Weak
5. Insider / Ownership	Direct board ownership based on last comprehensive disclosure: roughly 3%. Ramelius strategic holding: approximately 11% on current share count if unchanged.	Good
6. Location	Tier 1, Western Australia + Quebec. Both are high-quality global mining jurisdictions.	Strong

RT Rating, Commentary

Benz Mining Corporation is not on our watchlist.

We would rate Benz Mining approximately 3 out of 5 stars.

The geology itself is closer to a 5-star story. Many reason that would cause Benz such low stars is the gap between geological potential and demonstrated economic value.

The market is already assigning Benz a valuation above C$1 billion despite Glenburgh not yet having a current maiden Mineral Resource under the new geological model, never mind a PEA, PFS, Mineral Reserve or feasibility study. That changes the risk-reward.

If Benz can convert something approaching 4–6Moz or more into a credible first resource, with a meaningful proportion maintaining strong grades, the current valuation could be justified and the project could still have substantial upside because the complete Exploration Target and district remain larger.

If Benz eventually establishes something approaching the conceptual 6.1–7.3Moz higher-grade core, plus additional lower-grade economic ounces, Glenburgh could become a genuinely major Australian gold development project. But if resource conversion falls materially short, grades become less continuous as drilling tightens, or future economics show that a large proportion of the low-grade halo cannot be economically processed, then today’s valuation leaves less room for disappointment.

That is why Benz is a high-quality but now high-expectation exploration story. They are just too early for such valuation. Too many to be prove. Then, insider aligned shares and ownership is just too little skin in the game.

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