Aureka Names Zane Smith as COO to Propel Comstock Gold and Silver Project into Production

Zane Smith's Expertise in Mining Operations and Stawell Gold Corridor Geology

Zane Smith's career is deeply rooted in Victoria's gold mining sector. Starting at Stawell Gold Mine, he advanced through operational and technical roles, later gaining experience across underground mines in Tasmania, Queensland, and the Northern Territory. His early work at Stawell, especially during the discovery of economic mineralisation east of the Magdala basalt, aligns closely with Aureka's recent discoveries. In 2025, Aureka identified mineralisation on both sides of the Irvine basalt, where Smith's practical knowledge of resource interpretation and mine design is highly relevant. He also contributed to the 2019 restart of Stawell Gold Mine under new ownership, managing engineering, operational readiness, and technical execution during a pivotal transition.

Smith's expertise spans mine design, operational planning, production execution, and performance improvement across both small-scale and larger mining operations. His experience at Stawell under Crocodile Gold involved lean operational environments requiring disciplined resource allocation to maintain profitability. This background equips him to lead Aureka's efforts to convert exploration success at Comstock into commercially viable mining operations. He has managed multidisciplinary teams including engineers, geotechnical experts, surveyors, underground crews, and contractors, providing the operational foundation needed to advance projects toward production decisions.

Proven Victorian Regulatory Approvals and Infrastructure Project Delivery Skills

In his recent role as Project Manager – Major Infrastructure at GWM Water, Smith demonstrated proficiency in navigating Victoria's regulatory landscape. He led delivery of over $200 million in capital infrastructure across regional Victoria, managing extensive pipeline networks, major assets, and large-scale civil works spanning more than 5,000 square kilometres. This role involved ongoing engagement with state and local regulators, government agencies, and community stakeholders, including traditional owner groups—critical experience for securing mining development approvals in Victoria. Smith's ability to execute complex infrastructure projects within regulatory frameworks directly supports Aureka's approval requirements for both Comstock and Irvine projects, which involve coordination with multiple regulatory and stakeholder groups.

The appointment highlights Smith's strong familiarity with Victoria's environmental, water, heritage, and community engagement regulations. His extensive infrastructure delivery background and knowledge of governance and approval timelines position him to efficiently manage regulatory compliance—a key risk area as Aureka advances from exploration to development.

Local Property Ownership and Community Engagement Strengthen Stakeholder Relations

Smith owns property near the Irvine Gold Project and has cultivated strong relationships with key stakeholders including landowners, regulators, and community groups. This local presence is strategically important, as community acceptance and stakeholder engagement significantly impact project timelines, permitting, and operational efficiency. His dual role as a regional resident and Aureka executive aligns company interests with local community priorities, enhancing stakeholder confidence. The announcement underscores this local connection as a strategic advantage amid increasing emphasis on community trust and collaboration in mining development.

Managing Director James Gurry remarked that Smith's appointment comes at "the appropriate time to appoint a COO with the requisite engineering, project delivery, Victorian regulatory approvals and operational mine experience," adding it will "drive our projects to the next stage including initial development and production." This reflects Aureka's view that operational expertise, regulatory knowledge, and community relationships are now as vital as exploration capabilities. Smith's established local relationships provide a foundation for addressing property access, water rights, and social licence challenges during the transition to development.

Driving Production Delivery at Comstock Amid Capital Discipline

Smith's primary focus is to guide the brownfield Comstock Gold and Silver Project in Victoria into safe, profitable first production within Aureka's existing capital constraints. The brownfield status indicates prior mining activity, potentially lowering development risk but requiring management of legacy issues. His remuneration is closely tied to achieving production milestones, aligning his incentives with shareholder interests in generating cash flow. Emphasizing development "within Aureka's available capital resources" demonstrates management's commitment to capital discipline and practical development plans rather than speculative funding scenarios.

Smith will also oversee Aureka's toll milling partnership with Core Prospecting at the Wedderburn Gold Processing Facility. This arrangement offers a capital-efficient alternative to building standalone milling infrastructure, reducing complexity during production ramp-up. His experience in designing mineable ore shapes and efficient stope layouts supports optimizing ore output to match processing capacity, facilitating smooth operational coordination.

Advancing Early-Stage Studies at Irvine Gold Project with 1 Million Ounce Growth Goal

Beyond Comstock, Smith is responsible for early-stage development studies at the Irvine Gold Project, Aureka's flagship exploration asset in the Stawell Gold Corridor. Since listing, Aureka's exploration team has achieved significant milestones including the high-grade Tenacity zone discovery at Irvine and a Maiden JORC Resource at Comstock. The company has increased overall JORC mineralisation by 50% to 455 kilogrammes, reflecting strong exploration productivity. Smith's appointment signals a shift from exploration to development-focused assessments at Irvine, including mine design, processing options, and capital requirement evaluations needed for feasibility studies.

The company continues targeting mineralisation growth toward a 1 million ounce milestone, a scale that supports standalone mining operations and attracts investment. Smith's expertise in translating resource geometry into practical mining plans is crucial as Irvine advances. His geological knowledge of Stawell-style basalt structures and associated mineralisation informs development feasibility. Separating Irvine's early-stage studies from Comstock's production delivery recognizes their differing timelines and operational demands.

Experience in 2019 Stawell Gold Mine Restart and Operational Readiness

Smith played a vital role in the 2019 restart of Stawell Gold Mine after ownership change, contributing to engineering, operational readiness, and technical execution. This experience is directly applicable to advancing Aureka's projects through critical transition phases. Restarting a mine involves infrastructure certification, equipment testing, workforce mobilisation, and procedural establishment—areas where Smith has demonstrated strong leadership. His ability to manage multidisciplinary teams through operational transitions provides a blueprint for Comstock's progression to production.

The 2019 Stawell restart is especially relevant given Comstock's brownfield status. Reactivating existing infrastructure, verifying safety systems, and re-establishing operational routines pose unique challenges compared to greenfield developments. Smith's hands-on experience equips him to address engineering, safety compliance, and production readiness requirements essential for transitioning Comstock into safe, compliant operations.

Maintaining Exploration Momentum While Enhancing Operational Focus

Aureka confirms its exploration team will remain focused and incentivised to drive mineralisation growth toward the 1 million ounce target. The company distinguishes production leadership under Smith from exploration efforts, recognizing differing timelines and success metrics. Exploration prioritizes discovery and resource definition, while operations emphasize safety, cost control, and production targets. Smith's appointment complements rather than diminishes exploration, establishing dedicated operational leadership to advance development and production while exploration continues generating value.

The announcement highlights exploration achievements including the Tenacity zone discovery and Maiden JORC Resource at Comstock, with 50% mineralisation growth to 455 kilogrammes. This track record supports confidence in ongoing resource expansion. Smith's operational skills augment exploration capabilities, creating a balanced structure where discovery and development proceed in parallel.

Capital Structure and Incentive Alignment for COO Role

Smith's incentives are strongly aligned with delivering Comstock into safe, profitable production within available capital and advancing initial Irvine studies. This alignment ensures management compensation reflects shareholder priorities for cash flow generation and capital discipline. The focus on achievable development within current financial capacity mitigates execution risk compared to plans reliant on additional funding or equity raises.

The incentive design underscores investor preferences for milestone achievement and operational cost control in development-stage mining companies. By linking Smith's rewards to these outcomes, Aureka enhances accountability and signals confidence in production feasibility. This contrasts with exploration team incentives centered on discovery and resource growth, optimizing decision-making across business phases.

Strategic Shift from Exploration to Production-Focused Operations

Appointing a dedicated COO marks Aureka's strategic transition from exploration-led activities toward production-oriented operations. Management assesses exploration milestones—including the Tenacity zone, Comstock Maiden Resource, and 50% mineralisation growth—as sufficient foundation for development investment and operational structuring. Smith's role institutionalizes focus on converting exploration success into producing assets.

This transition impacts investor positioning and value drivers. Exploration-stage companies attract investors seeking discovery leverage, while production-stage firms appeal to those valuing cash flow visibility and operational risk management. By establishing operational leadership, Aureka signals readiness to advance production phases and evolve its shareholder value proposition. Although specific production timelines and capital plans for Comstock are not disclosed, Smith's appointment indicates these assessments are underway and will be communicated as studies progress.