Announcement PDF (134 pages by email) 27 October 2026 The Manager Companies ASX Limited 20 Bridge Street SYDNEY NSW 2000 Dear Sir / Madam ANNUAL REPORT AND NOTICE OF AGM I attach the Company's Annual Report for the year ended 30 June 2026 and a copy of the Company's Notice of Annual General Meeting to be held on 27 November 2026. To transact any other business that may be brought forward in accordance with the Company's Constitution. By order of the Board Marcelo Mora Director pjn13039 Fulcrum Lithium Ltd and its controlled entities ABN: 23 665 528 307 ANNUAL REPORT 2026 Contents Review of Operations 01 Corporate Governance Statement 33 Directors’ Report 34 Lead Auditor’s Independence Declaration 50 Consolidated Statement of Profit or Loss and Other Comprehensive Income 51 Consolidated Statement of Financial Position 52 Consolidated Statement of Changes in Equity 53 Consolidated Statement of Cash Flows 54 Notes to the Consolidated Financial Statements 55 Consolidated Entity Disclosure Statement 78 Directors’ Declaration 79 Independent Auditor’s Report 80 Additional ASX Information 86 Corporate Directory 90 2026 Annual Report Fulcrum Lithium Ltd 1 Review of Operations The Directors present their report together with the consolidated financial statements of the Group, comprising Fulcrum Lithium Ltd (Fulcrum or the Company) and its controlled entities, for the year ended 30 June 2026. Review of Operations Fulcrum Lithium Ltd listed on the ASX on 22 November 2024, to explore a large lithium exploration lode claim holding area, in the heart of Nevada’s ‘lithium belt’ which hosts Albemarle Corporation’s (NYSE: ALB) Silver Peak lithium mine, the only lithium producing mine in the USA. The Company’s two lithium projects in Nevada, USA are: • the Alkali Flats lithium project comprising 802 lode claims (approximately 66 km2 ); • the Dry Canyon lithium project comprising 536 lode claims (approximately 45 km2 ); and The projects are targeting the Miocene aged lacustrine claystones, which host in excess of 100 million tonnes of reported lithium carbonate equivalent resources at several deposits in nearby third-party projects in Nevada. 2 Fulcrum Lithium Ltd 2026 Annual Report Review of Operations Figure 1. FULCRUM’S PROJECT LOCATIONS During the year ended 30 June 2026, the Company completed 1 drilling program (Phase 3) at the Alkali Flats project and 2 geophysical surveys. Metallurgical studies and geological and resource modelling were also completed leading to the maiden mineral resource estimate (MRE) which was subsequently announced on 4th August 2026. Alkali Flats Project The Company owns a 100% interest in the Alkali Flats lithium project comprising 802 lode claims (approximately 66km2 ) located within the Esmeralda County on Federal public lands owned and administered by the United States government. The project is situated approximately 15km south of the Tonopah Flats (American Battery Technology Company) and TLC (American Lithium Corporation) lithium projects and 10km east of the Silver Peak (Albemarle Corporation) lithium mine, the only operating lithium mine in the USA (Figure 2). 2026 Annual Report Fulcrum Lithium Ltd 3 Review of Operations Figure 2. FULCRUM’S ALKALI FLATS PROJECT LOCATION Alkali Flats Geophysical Survey As part of the appraisal program following the Alkali Flats Phase 2 drilling discovery of lithium mineralisation, Fulcrum completed a 25km Controlled-Source Audio-Frequency Magnetotelluric (CSAMT) geophysical survey which has provided a high-quality final dataset. The CSAMT survey was completed to map potential extensions of lithium claystones intersected in the Phase 2 drilling and to optimise the drill hole locations in the upcoming Phase 3 drilling campaign. CSAMT surveys are a commonly used geophysical technique for identifying the presence of highly electrically conductive rocks, such as claystones, by transmitting harmless electrical signals into the ground and recording the response at receiver stations, with high resolution at shallow depths. The 2D survey lines were designed in an EW parallel grid to tie into existing Phase 2 drill holes for data and geological calibration and to map the basin architecture to guide the 3D geological and resource models. The 25km CSAMT geophysical survey was conducted between 1 October 2025 to 17 October 2025 with high quality data reported during both field operations and final processing audits. The 2D inversion sections (Figure 4) were interpreted by the Fulcrum geological team. High confidence extensions of lithium mineralised claystones of the Seibert Formation were interpreted along with overburden gravel thickness, basement terranes as well as structural trends and extensional faults. At AF2-2 drill hole location (Figure 5), where mineralisation remains open at depth and currently 112m thick, the CSAMT data is detecting a potentially very thick lithium claystone interval over 300m thick and importantly, structural dips and upthrown fault blocks are interpreted to bring thick mineralised clays much closer to the surface, less than 25m. The mapped extensions and structural information were crucial for the planning of the Phase 3 drilling program and as input into the geological and resource models. 4 Fulcrum Lithium Ltd 2026 Annual Report Review of Operations Figure 3. ALKALI FLATS CSAMT SURVEY LOCATION Review of Operations Figure 4. ALKALI FLATS CSAMT 2D INVERSION RESULTS Review of Operations 2026 Annual Report Fulcrum Lithium Ltd 5 6 Fulcrum Lithium Ltd 2026 Annual Report Review of Operations Figure 5. CSAMT 2D INVERSION DATA WITH BASIC INTERPRETATION (LINES L100 AND L300) Figure 6. CSAMT SURVEY RECEIVER DEPLOYMENT AT THE ALKALI FLATS PROJECT 2026 Annual Report Fulcrum Lithium Ltd 7 Review of Operations Alkali Flats Phase 3 Drilling Program The Alkali Flats Phase 3 drill program commenced on 27th January 2026 and was completed by 29th March 2026. Completion of the Phase 3 drill program marked an important milestone in the appraisal of the Alkali Flats lithium project following the successful significant discovery following the success of Phase 2 drilling1 , geophysical surveying2 and initial metallurgy work4 completed to date. The Phase 3 drilling program comprises 39 holes (Figure 7) totalling 5,787m, representing a 5-fold increase in the amount of drilling over the deposit and reducing the hole spacing from a currently wide spacing averaging 2,000m down to 600m in the core of the project which significantly increases the data density, reduces uncertainty and increases confidence in modelling and resource estimations. The Alkali Flats Phase 3 drill program provided the increased drill hole density and crucial information to enable Fulcrum’s maiden Mineral Resource Estimate following integration of all the geological, geophysical and engineering data. Table 1 is a list of all Phase 3 drill holes completed and their coordinates using NAD 83 Zone 11 datum. Table 1. ALKALI FLATS PHASE 3 DRILL HOLE LOCATIONS AND DEPTH Drill Hole ID Easting Northing Elevation (M) Total Depth (M) AF3-E1 471980 4185032 1582 102 AF3-E2 474332 4183094 1655 102 AF3-E3 473872 4183470 1639 142 AF3-E4 473833 4182753 1656 87 AF3-E5 472953 4184241 1576 145 AF3-E6 473207 4182589 1673 47 AF3-E7 473307 4183270 1668 78 AF3-E8 472812 4183694 1634 47 AF3-E9 472476 4184628 1601 169 AF3-E10 471210 4184757 1591 125 AF3-E11 471624 4185733 1559 209 AF3-E12 472252 4185397 1571 261 AF3-E13 472696 4185158 1591 261 AF3-E14 473333 4184818 1603 197 AF3-E15 473529 4184337 1610 288 AF3-E16 473911 4184109 1628 136 AF3-E17 473915 4184553 1609 264 AF3-E18 474333 4183808 1633 183 AF3-E19 470750 4188796 1493 122 AF3-E20 470346 4187827 1502 148 AF3-E21 471253 4187052 1520 122 AF3-E22 471604 4187732 1510 148 AF3-E23 471657 4186273 1575 221 8 Fulcrum Lithium Ltd 2026 Annual Report Review of Operations Drill Hole ID Easting Northing Elevation (M) Total Depth (M) AF3-E24 471051 4186074 1739 122 AF3-E25 473535 4185404 1693 203 AF3-E26 473380 4186107 1741 244 AF3-W1 467736 4187642 1505 38 AF3-W2 466323 4187007 1476 73 AF3-W3 464844 4186776 1482 133 AF3-W4 463983 4187100 1472 111 AF3-W5 465813 4186047 1489 75 AF3-W6 464747 4185604 1479 139 AF3-W7 463536 4184808 1473 123 AF3-W8 464120 4183742 1475 183 AF3-C01 474329 4183099 1645 94 AF3-C02 472947 4184243 1603 140 AF3-C03 471629 4185732 1534 217 AF3-C04 464746 4185603 1499 152 AF3-C05 463982 4187106 1479 136 TOTAL 5,787 2026 Annual Report Fulcrum Lithium Ltd 9 Review of Operations Figure 7. ALKALI FLATS PHASE 3 DRILL PROGRAM 10 Fulcrum Lithium Ltd 2026 Annual Report Review of Operations The program was designed to infill drill the Phase 2 discovery as well as extend the discovery in open directions. Of the 39 holes, 34 intersected lithium mineralization greater than 300 ppm Li. The full table of significant lithium assay results can be found in Table 2. The thickest zones intersected are highlighted as: • AF3-E13: 147.9m @ 507ppm Li with internal values up to 1,145ppm Li • AF3-E14: 112.8m @ 546ppm Li with internal values up to 903ppm Li • AF3-E26: 103.7m @ 541ppm Li with internal values up to 965ppm Li • AF3-E15: 94.5m @ 563ppm Li with internal values up to 1,070ppm Li • AF3-W3: 91.5m @ 569ppm Li with internal values up to 1021ppm Li • AF3-E9: 86.9m @ 500ppm Li with internal values up to 933ppm Li • AF3-E5: 86.9m @ 587ppm Li with internal values up to 953ppm Li • AF3-E25: 80.8m @ 572ppm Li with internal values up to 1,063ppm Li Figure 8. RC DRILL RIG ONSITE AT ALKALI FLATS PHASE 3 PROGRAM 2026 Annual Report Fulcrum Lithium Ltd 11 Review of Operations Figure 9. CORE OF SEIBERT FORMATION CLAYSTONE (AF3-CO2, 330ft - 440ft) 12 Fulcrum Lithium Ltd 2026 Annual Report Review of Operations Table 2. PHASE 3 ASSAY RESULTS SHOWING ZONES ABOVE 300PPM Li Drill Hole ID From (m) To (m) Interval(m) Li (ppm) AF3-E1 35.1 79.3 44.2 530 AF3-E2 38.1 86.9 48.8 722 including 41.2 56.4 15.2 834 AF3-E3 82.3 128.0 45.7 713 including 93.0 102.1 9.1 898 AF3-E4 39.6 73.2 33.5 668 including 44.2 50.3 6.1 801 AF3-E5 44.2 131.1 86.9 587 including 80.8 93.0 12.2 802 AF3-E6 7.6 32.0 24.4 577 also 39.6 42.7 3.0 482 AF3-E7 44.2 61.0 16.8 546 AF3-E8 29.0 30.5 1.5 430 also 41.2 42.7 1.5 764 AF3-E9 64.0 150.9 86.9 500 including 114.3 117.4 3.0 845 AF3-E10 No mineralization >300 ppm Li AF3-E11 70.1 163.1 93.0 433 also 170.7 172.3 1.5 419 AF3-W1 No mineralization >300 ppm Li AF3-W3 25.9 117.4 91.5 569 including 38.1 41.2 3.0 833 AF3-W4 35.1 109.8 74.7 511 including 42.7 47.3 4.6 816 AF3-W5 7.6 35.1 27.4 520 also 56.4 59.5 3.0 521 AF3-W6 39.6 111.3 71.6 520 also 115.9 122.0 6.1 599 AF3-W7 No mineralization >300 ppm Li AF3-E12 122.0 138.7 16.7 378 also 143.3 257.6 114.3 461 AF3-E13 112.8 260.7 147.9 507 including 198.2 221.0 22.8 838 AF3-E14 64.0 176.8 112.8 546 including 109.8 129.6 19.8 809 AF3-E15 59.5 154.0 94.5 563 2026 Annual Report Fulcrum Lithium Ltd 13 Review of Operations Drill Hole ID From (m) To (m) Interval(m) Li (ppm) including 97.6 111.3 13.7 806 AF3-E16 35.1 106.7 71.6 602 including 54.9 68.6 13.7 802 AF3-E17 57.9 117.4 59.5 696 including 71.6 96.0 24.4 841 AF3-E18 99.1 173.8 74.7 695 including 115.9 140.2 24.3 862 AF3-E19 67.1 93.0 25.9 491 also 99.1 108.2 9.1 420 also 125.0 129.6 4.6 664 AF3-E20 13.7 19.8 6.1 397 AF3-E21 57.9 67.1 9.2 547 also 73.2 105.2 32.0 482 AF3-E22 No mineralization >300 ppm Li AF3-E23 108.2 150.9 42.7 387 also 157.0 167.7 10.7 413 also 172.3 184.5 12.2 433 also 210.4 221.0 10.6 312 AF3-E24 No mineralization >300 ppm Li AF3-E25 76.2 157.0 80.8 572 including 126.5 146.3 19.8 903 also 164.6 190.5 25.9 589 AF3-E26 96.0 199.7 103.7 541 including 166.2 190.5 24.3 829 also 207.3 231.7 24.4 437 AF3-C01 (Twin of AF3-E2) 39.0 85.1 46.1 712 including 42.9 54.8 11.9 827 AF3-C02 (Twin of AF3-E5) 46.0 134.7 88.7 563 including 76.2 96.3 20.1 805 AF3-C03 (Twin of AF3-E11) 71.8 94.0 22.2 386 also 97.6 156.3 58.7 432 AF3-C04 (Twin of AF3-W6) 33.2 119.2 86.0 461 AF3-C05 (Twin of AF3-W4) 25.6 108.7 83.1 464 AF3-W8 137.2 138.7 1.5 376 14 Fulcrum Lithium Ltd 2026 Annual Report Review of Operations Figure 10. ALKALI FLATS PHASE 3 DRILL PROGRAM ASSAY RESULTS 2026 Annual Report Fulcrum Lithium Ltd 15 Review of Operations Figure 11. ALKALI FLATS SCHEMATIC CROSS SECTION A-A’ The Phase 3 drilling data confirmed the large scale potential identified in Phase 2 discovery and geophysical survey data, and exceeded expectations in several respects. The thickness of the mineralised zone in the core of the discovery, the large lateral extent proven by step out holes and the highly correlatable and continuous nature of the mineralised zones over more than 8km in strike, with the deposit remaining open in 3 of the 4 directions, demonstrated the large-scale potential of the deposit. Phase 3 data was critical for incorporating into the geological model to demonstrate the full scale and high confidence estimation of the deposit with the maiden resource estimate. Alkali Flats Metallurgy Program Following the Alkali Flats Phase 2 RC drilling program lithium claystone discovery, zones of up to 30 metres were selected across 5 drill holes representing higher grade, lower grade zones and 2 control zones. Samples across each zone were composited to represent the average properties over the broader 30m zone. Samples were run through the analytical process by Kappes, Cassiday and Associates (KCA) in Reno, Nevada, in a workflow that included a head analysis of mineralogy and lithium grade, particle size screening, sulfuric acid leaching tests with varying acid strengths and temperature. Results from the head screening analysis demonstrate that in the higher-grade zones, 97%-100% of the lithium was contained in the <0.045mm particle size fraction and up to 42% of carbonate (calcite) was removed in the >0.045mm particle size fraction. Table 3. HEAD GRADE ANALYSIS LITHIUM GRADE ZONE 1 ZONE 2 ZONE 3 ZONE 4 ZONE 5 (CONTROL) ZONE 6 ZONE 7 (CONTROL) ZONE 8 Hole AF2-2 AF2-2 AF2-3 AF2-4 AF2-4 AF2-5 AF2-5 AF2-10 Depth From (m) 100 183 134 16 82 53 133 52 Depth To (m) 130 213 147 34 112 83 136 82 Lithium (mg/kg) 414 652 472 636 156 674 142 592 16 Fulcrum Lithium Ltd 2026 Annual Report Review of Operations Figure 12. 4 HOUR SULFURIC ACID LEACH RESULTS WITH VARYING ACID STRENGTHS Figure 13. 4 HOUR SULFURIC ACID LEACH RESULTS WITH VARYING TEMPERATURES 2026 Annual Report Fulcrum Lithium Ltd 17 Review of Operations Mineralogical analysis using Quantitative X-Ray Diffraction (QXRD) was completed to understand the mineral composition of the lithium claystones as well as the clay-types present. Results from this analysis describe the claystones as a mixture of illite and smectite clays containing calcite, K-feldspar and plagioclase fractions. This claystone composition is similar to other lithium clay deposits of the Siebert Formation in the local Esmeralda County area. Following the success of the first series of tests in the Company’s initial metallurgical further tests were conducted focused on beneficiation and leaching techniques. The further metallurgical test work conducted by KCA included hydrocyclone separation, alcohol screening and roast calcination followed by water leaching. These tests were designed to gain a further understanding of the leachability of the Alkali Flats lithium bearing claystones, to compare the performance of different clay zones within the project, to analogue other nearby claystone projects and to guide and accelerate a more detailed metallurgical program from drill core from the current Phase 3 drilling program. Alcohol Screening The clay samples were wet screened using isopropyl alcohol with a 0.020mm size screen to separate the solids by particle size. The undersized and oversized fractions were dried, weighed, and assayed to determine the degree of separation of lithium bound in clay particles, carbonates, which are a major acid consumer, and the reduction in mass. Hydrocyclone Separation A laboratory scale hydrocyclone (25mm diameter) was used to separate the 5% solid clay slurry by density. The underflow and overflow fractions were dried, weighed and assayed to determine the degree of separation of lithium bound in clay particles, carbonates which are a major acid consumer and the reduction in mass. Roast Calcination and Water Leach Clay samples were pulverized and pelletized with varying blend ratios of gypsum, limestone using water. The pellets were roasted at 1,000°C for 1 hour at atmospheric pressure. The pellets were water leached with agitation for 1 hour. The leachate and the tailings were assayed to determine the percentage of lithium that was extracted from the clay pellets. Mini-Column Tests Clay samples were pelletized and sulfuric acid cured. 1kg of pellets was placed in a 75mm diameter column under a diluted sulfuric acid drip for 7 days. The leachate and clay tailings were assayed to determine the percentage of lithium that was extracted from the clay pellets. Measurements of the leachate solution were taken every 24 hours to track the progress of clay material lithium extraction. 18 Fulcrum Lithium Ltd 2026 Annual Report Review of Operations Table 4. BENEFICIATION AND LEACHING TESTS RESULTS SUMMARY Alcohol Screening AF2-2 (Zone 2) AF2-5 (Zone 6) AF2-10 (Zone 8) Mass Reduction Not Run 12% 15% Carbonate Reduction Not Run 30% 10% Grade Increase Not Run 12% 11% Hydrocyclone Separation AF2-2 (Zone 2) AF2-5 (Zone 6) AF2-10 (Zone 8) Mass Reduction 26% 29% 41% Carbonate Reduction 53% 54% 41% Grade Increase 15% 13% 27% Roast Calcination and Water Leach AF2-2 (Zone 2) AF2-5 (Zone 6) AF2-10 (Zone 8) Lithium Extraction Not Run Not Run Roast Blend A Roast Blend B Roast Blend C 66% 59% and 57% 30% and 12% 7-Day Mini Column Leach AF2-2 (Zone 2) AF2-5 (Zone 6) AF2-10 (Zone 8) Lithium Extraction 95% 96% 93% Figure 14. 7 DAY MINI-COLUMN LEACH RESULTS 2026 Annual Report Fulcrum Lithium Ltd 19 Review of Operations Alkali Flats Maiden Mineral Resource Estimation Following the Alkali Flats Phase 3 appraisal drilling program completed in March 2026, the Company incorporated all drilling, assay and geophysical data into a 3D geological and resource model. Fulcrum announced the maiden Mineral Resource Estimate (MRE) subsequent to the reporting period, on 4th August, 2026. The company achieved the project’s major milestone with a large-scale lithium resource estimate delivered within 12 months from discovery. The total resource defined by the maiden MRE of 10.7 Mt of contained Lithium Carbonate Equivalent (LCE), represents a resource of globally significant scale and comparable in size to several advanced lithium claystone projects in Nevada, including American Battery Technology’s Tonopah Flats project (18.7 Mt LCE)5 and American Lithium Corp’s TLC project (10.0 Mt LCE)5 and currently is the 7th largest reported estimate of domestic lithium resources in the United States (Figure 19). The high degree of geological spatial continuity of the Alkali Flats lithium deposit, assessed from the 44 drill hole penetrations, combined with higher density drill spacing (approximately 600m) in the core of the deposit, have strongly supported a significant proportion of the resource estimate to have a higher confidence resource classification (Figure 15). The total measured and indicated resource of 4.3 Mt LCE represents 40% of the total resource. Accompanying the large resource estimate, opportunities for future drilling to upgrade the resource, focusing on the shallower, higher-grade domains of the resource which vector to the south-east of the deposit, provide clear targets for future growth of higher confidence and higher value resources. Following this project major milestone, work will continue to focus on identifying the lowest cost processing options through the multi-pathway metallurgical test work program that is already underway, building off the positive results from the initial metallurgical program which achieved lithium extractions up to 96%4 . Table 5. Alkali Flats Maiden Mineral Resource Estimate at 400ppm Li cut-off grade Resource Category Mass (Mt) Li (ppm) LCE (ppm) Contained Li (Mt) Contained LCE (Mt) Measured 715 604 3,212 0.43 2.30 Indicated 677 564 3,003 0.38 2.03 Measured + Indicated 1,392 585 3,114 0.81 4.33 Inferred 2,177 549 2,925 1.20 6.37 TOTAL 3,570 563 2,997 2.01 10.70 Lithium Carbonate Equivalent (LCE) = Li x 5.323 20 Fulcrum Lithium Ltd 2026 Annual Report Review of Operations Figure 15. Alkali Flats Resource Classification and Drill Hole Locations Review of Operations Figure 16. Alkali Flats 3D Geological Model (Oblique View Looking Southwest) Review of Operations 2026 Annual Report Fulcrum Lithium Ltd 21 Review of Operations Table 6. Mineral Resource Sensitivity to Lithium Cutoff Grade (Note: Reported Cut-off = 400ppm Li) Li Cutoff (ppm) Classification Tonnes (Bt) Li Grade (ppm) LCE Grade (ppm) Contained Li (Mt) Contained LCE (Mt) 300 Measured 0.973 538 2,862 0.523 2.78 Indicated 1.002 496 2,641 0.497 2.65 Inferred 3.191 487 2,590 1.553 8.27 Total 5.166 498 2,651 2.573 13.70 400 Measured 0.715 604 3,212 0.431 2.30 Indicated 0.677 564 3,003 0.382 2.03 Inferred 2.177 549 2,925 1.196 6.37 Total 3.568 563 2,997 2.009 10.70 500 Measured 0.531 659 3,508 0.350 1.86 Indicated 0.394 650 3,459 0.256 1.36 Inferred 1.406 607 3,233 0.854 4.55 Total 2.331 626 3,334 1.460 7.77 600 Measured 0.359 711 3,786 0.255 1.36 Indicated 0.250 709 3,774 0.177 0.94 Inferred 0.618 677 3,602 0.418 2.23 Total 1.227 693 3,691 0.850 4.53 700 Measured 0.171 778 4,143 0.133 0.71 Indicated 0.116 781 4,158 0.091 0.48 Inferred 0.177 768 4,086 0.136 0.72 Total 0.464 775 4,125 0.360 1.92 22 Fulcrum Lithium Ltd 2026 Annual Report 2026 Annual Report Fulcrum Lithium Ltd 23 Review of Operations Figure 17. Mineral Resource as a Function of Lithium Cut-Off Grade (Reported Cut-off = 400ppm) Fulcrum’s 100% owned Alkali Flats project large-scale lithium resource ranks highly in total resource size as both a US domestic lithium resource (ranking 7th), as well as a reported MRE by ASX listed lithium exploration companies (ranking 3rd) (Figure 18). Figure 18. ASX-Listed Lithium Exploration Company’s Reported Resource Estimates5 in Lithium Carbonate Equivalent (LCE) Review of Operations 24 Fulcrum Lithium Ltd 2026 Annual Report Review of Operations Figure 19. USA Domestic Lithium Project Reported Resource Estimates5 in Lithium Carbonate Equivalent (LCE) Alkali Flats Claims During the reporting period, Fulcrum has reshaped the Alkali Flats Project claims position to reflect drilling results and resource estimation work completed. In August 2025, 512 claims were renewed for the 2025/2026 BLM lease maintenance year. In October 2025, an additional 281 claims were staked and filed to increase the number of claims to 802. At the end of the reporting period, Alkali Flats consisted of 802 claims. After the reporting period, based on the Phase 3 drilling results and resource estimation work, the company has reshaped the claims of the Alkali Flats project to relinquish areas that did not contain resource potential around the margins of the claims boundary. After the reporting period, 657 claims were renewed for the 2026/2027 BLM lease maintenance year providing a significant saving in annual claim maintenance costs. 2026 Annual Report Fulcrum Lithium Ltd 25 Review of Operations Dry Canyon Project In November 2025, Fulcrum filed 201 unpatented load claims in Lander County, Nevada, on Federal public land. The claims were staked by the Company and, within 90 days of staking, filed with the USA Bureau of Land Management (BLM). The load claims (Figure 20) give Fulcrum the right to access and conduct mineral exploration and mining under the guidelines and rules set forth in General Mining Act of 1872, and include rights to all locatable surface minerals. Basin geology includes the presence of an abundance of volcanic source rocks with 2 major calderas flanking the project as well as a closed sedimentary and hydrologic basin, tuffaceous lacustrine sediments and basin and range extensional tectonic subsidence. Figure 20. DRY CANYON PROJECT LOCATION 26 Fulcrum Lithium Ltd 2026 Annual Report Review of Operations Dry Canyon Exploration Following a state-wide review of lithium claystone opportunities, Dry Canyon emerged as the highest potential target based on the geological features of basins that support high grade lithium potential. To support the desktop review, a surface sampling program with a total of 62 samples were collected for assaying in Fulcrum’s initial surface sampling program completed in November 2025, with 31 samples returning assay results above 300ppm Li and 6 samples above 1,000ppm Li, confirming this potential (Figure 21). In April 2026 a 13km CSAMT survey was completed, acquiring high quality 2D data providing key structural trends and potential lithology identification (Figure 23). CSAMT surveys are a commonly used geophysical technique for identifying the presence of highly electrically conductive rocks, such as claystones, by transmitting harmless electrical signals into the ground and recording the response at receiver stations. Data quality was assessed during the QC and processing of the data and was determined to be a high quality dataset. The 2D inversion sections were interpreted by the Fulcrum geological team. Extensions of the claystone unit containing the high-grade (up to 1,219ppm Li) lithium mineralised claystones sampled at surface are interpreted to extend beyond 500m at the thickest parts and more than 200m across the whole project area (Figure 25). Overburden thickness, basement depth as well as structural trends and extensional faults were able to be interpreted, with generally thin (<25m) overburden across the majority of the project area. These geophysical interpretations form the basis of the drilling targets being planned in the upcoming maiden drill program which will test and calibrate the geophysical responses and provide the first drilling of these targets in the basin. The interpretation of this geophysical data provides the first look at the structure of the basin and potential lithologies that can indicate the potential for deposit scale, trend vectors and optimal drilling targets. Subsequent to the encouraging results from the CSAMT survey, Fulcrum staked an additional 335 unpatented lode claims to expand the project to 536 lode claims (approximately 45km2 ), securing the high potential basin acreage on Federal public land (Figure 22). 2026 Annual Report Fulcrum Lithium Ltd 27 Review of Operations Figure 21. DRY CANYON CSAMT SURVEY WITH SURFACE SAMPLE LITHIUM ASSAYS 28 Fulcrum Lithium Ltd 2026 Annual Report Review of Operations Figure 22. DRY CANYON CLAIMS EXTENSION LOCATION 2026 Annual Report Fulcrum Lithium Ltd 29 Review of Operations Figure 23. DRY CANYON CSAMT SURVEY 2D INVERSION RESULTS 30 Fulcrum Lithium Ltd 2026 Annual Report Review of Operations Figure 24. CSAMT 2D INVERSION DATA WITH BASIC INTERPRETATION Dry Canyon Claims After the reporting period, In September 2026, 253 claims had been renewed for the 2026/2027 BLM lease maintenance year and an additional 283 claims were staked and in the process of being filed. 2026 Annual Report Fulcrum Lithium Ltd 31 Review of Operations References 1. ASX: FUL 24 September 2025, ‘Alkali Flats Project Update – Lithium Discovery’. 2. ASX: FUL 17 November 2025, ‘Geophysical Survey Results Expand Alkali Flats Lithium Claystone Target’ 3. ASX: FUL 25 May 2026, “Thickest and Highest Grade Lithium at Alkali Flats” 4. ASX: FUL 19 May 2026, “Alkali Flats Metallurgy Update” 5. Mineral Resource Estimate References a. ASX:JLL, Jindalee Lithium, McDermitt PFS, 19 November 2024 b. ASX:LKE, Lake Resources, Kachi Resource Update, 3 June 2025 c. ASX:EMH, European Metals Holdings, Cinovec DFS, 23 December 2025 d. ASX: AZL, Arizona Lithium, Prairie MRE, August 2023 e. ASX:PMT, Patriot Battery Metals, Shaakichiuwaanaan MRE, August 2024 f. ASX:VMS, Venari Minerals, Red Mountain MRE, February 2026 g. ASX:WC8, Wildcat Resources, Tabba Tabba MRE, November 2024 h. ASX:WR1, Winsome Resources, Adina MRE, May 2024 i. ASX:INF, Infinity Lithium, Annual Report 2025 j. ASX:ASN, Anson Resources, Paradox MRE Update, October 2023 k. ASX:PUR, Pursuit Minerals, Rio Sur Grande, 2026MRE Update l. ASX:GL1, Global Lithium Resources, Manna MRE, June 2024 m. ASX:A11, Atlantic Lithium, Ewoyaa MRE, July 2024 n. ASX:GT1, Green Technology Metals, Root ASX Report, June 2023 o. ASX:ELV, Elvera Lithium, Carolina Lithium DFS, January 2022 p. ASX:GW1, Greenwing Resources, San Jorge MRE, January 2025 q. NYSE:LAC, Lithium Americas, Thacker Pass MRE Update, January 2025 r. TSX:NVLH, Nevada Lithium, Bonnie Claire MRE Update, September 2024 s. NASDAQ:ABAT, American Battery Technology, Tonopah Flats PFS, September 2025 t. TSX:NILI, Surge Battery Metals, Nevada North MRE, June 2026 u. Pheonix Lithium, East, https://www.phoenixlithium.com/project v. ASX:CC9, Chariot Resources, Horizon MRE, December 2023 w. TSX:LI, American Lithium Corp, TLC MRE Upgrade, February 2025 x. TSX:NEV, Nevada Sunrise, Gemini MRE, March 2024 y. TSX:LCE, Century Lithium, Clayton Valley PFS, January 2026 z. ASX:NLP, Future Battery Metals, NLP MRE, April 2024 aa. TSX:NRM, Noram Lithium Corp, Zeus Technical Report, May 2024 bb. NYSE: SLI, Standard Lithium, Smackover Project DFS, September 2023 cc. Authium, Clayton Ridge 2020 MRE dd. TSX:SRJ, Spearmint Resources, McGee MRE, June 2022 ee. ASX:INR, Ioneer, Rhyolite Ridge SEC S-K 1300 Technical Report, April 2026 ff. NYSE:ALB, Albermarle Corporation, Kings Mountain/Silve Peak SEC Form 10-K FY2023 gg. AIM:BHL, Bradda Head Lithium, Basin MRE, July 2024 32 Fulcrum Lithium Ltd 2026 Annual Report Review of Operations No material changes The Company confirms it is not aware of any new information or data that materially affects the information included in this report and that all material assumptions and technical parameters underpinning the Exploration Results and Mineral Resource estimates,