Announcement PDF Fulcrum Lithium Ltd and its controlled entities ABN: 23 665 528 307 Interim Financial Statements For the Half Year Ended 31 December 2025 Fulcrum Lithium Ltd and its controlled entities ABN: 23 665 528 307 Contents For the Half Year Ended 31 December 2025 Page Directors' Report 1 Lead Auditor’s Independence Declaration 12 Condensed Consolidated Interim Financial Statements Condensed Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income 13 Condensed Consolidated Interim Statement of Financial Position 14 Condensed Consolidated Interim Statement of Changes in Equity 15 Condensed Consolidated Interim Statement of Cash Flows 16 Notes to the Condensed Consolidated Interim Financial Statements 17 Directors' Declaration 22 Independent Auditor’s Review Report 23 Corporate Directory 25 FULCRUM LITHIUM LTD and its controlled entities Directors' Report 1 The Directors present their report together with the condensed consolidated interim financial statements of the Group, comprising Fulcrum Lithium Ltd (Fulcrum or the Company) and its controlled entities, for the half year ended 31 December 2025. DIRECTORS The names of each person who has been a Director of the Company during the half year and to the date of this report are: Mr Norman A. Seckold Executive Chairman - Appointed 6 February 2023 Mr Seckold graduated with a Bachelor of Economics degree from the University of Sydney in 1970. He has spent more than 40 years in the full time management of natural resource companies, both in Australia and overseas. Mr Seckold has been the Chairman of a number of publicly listed companies including Moruya Gold Mines (1983) N.L., Pangea Resources Limited, Timberline Minerals, Inc. Perseverance Corporation Limited, Valdora Minerals N.L., Viking Gold Corporation, Mogul Mining N.L., Santana Minerals Ltd and Bolnisi Gold N.L. Mr Seckold is currently Chairman of ASX Listed Alpha HPA Limited, Nickel Industries Limited, Sky Metals Limited and Minerals Exploration Limited. Mr Peter J. Nightingale Executive Director, Chief Financial Officer and Company Secretary - Appointed 6 February 2023 Mr Nightingale graduated with a Bachelor of Economics degree from the University of Sydney and is a member of Chartered Accountants Australia and New Zealand. He has worked as a chartered accountant in both Australia and the USA. As a director or company secretary, Mr Nightingale has, for more than 35 years, been responsible for the financial control, administration, secretarial and in-house legal functions of a number of private and public listed companies in Australia and the USA including Alpha HPA Limited, Bolnisi Gold N.L. and Nickel Industries Limited. Mr Nightingale is currently a director of ASX listed European Resources Limited and Minerals Exploration Limited. Mr Foster V. Wilson Non-Executive Director - Appointed 6 February 2023 Mr Wilson has over 40 years of experience, with a focus on lithium claystone and brine exploration projects, in roles ranging from reserve drilling and estimation, feasibility studies, mine permitting and development. He has worked in various capacities for Placer Dome Inc., Echo Bay Mines Ltd., American Bonanza Gold Corp. and various junior exploration companies. Mr. Wilson served as President of TSX-V listed Mesa Uranium Corporation from 2005 to 2020. Mr. Wilson was a director of CSE listed Alpha Lithium Corporation from 2016 to 2023. Mr Wilson currently serves as a director of TSX-V listed Atomic Minerals Corporation and CSE listed Global Uranium Corporation. Mr Anthony Sgro Non-Executive Director - Appointed 6 February 2023 Mr Sgro is a Chemical Engineer, graduating from University of Sydney. His studies included a thesis on Minerals Chlorination, which focused on the application of chlorination techniques to the extractive metallurgy of various minerals including titanium, nickel, chromium and tungsten ores. He also completed a Graduate Diploma in Marketing from Macquarie University School of Business. In a career spanning 45 years, Mr Sgro was involved in the technical and commercial aspects of supply of specialised equipment to the major process industries including oil and gas, petrochemical, chemical and mining industries, including equipment specification, material selection, commercial and technical aspects of large tenders, contract negotiation and contract management. Mr Sgro is currently a non-executive director of ASX listed Alpha HPA Limited. FULCRUM LITHIUM LTD and its controlled entities Directors' Report 2 REVIEW OF OPERATIONS The Company owns a 100% interest in the Alkali Flats lithium project comprising 802 lode claims (approximately 66km2 ) located within Esmeralda County on Federal public lands owned and administered by the United States government and the Dry Canyon lithium project comprising 201 lode claims (approximately 17km2 ) located within Lander County on Federal public lands owned and administered by the United States government. Fulcrum’s projects are proximate to, or on trend with, significant lithium projects at various stages of exploration and development in a geologic setting with demonstrated success and a mining friendly jurisdiction. The Alkali Flats 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. The Dry Canyon project is situated approximately 75km south of Battle Mountain, a major mining services centre in Nevada. All of the Company’s lode claims are unpatented and include rights to all locatable subsurface minerals and, under current law, ownership of an unpatented lode claim is maintained by the owner paying an annual mining claim maintenance fee of US$200 per claim each year by 1 September. LOCATION OF FULCRUM’S NEVADA LITHIUM PROJECTS Key achievements during the half year ended 31 December 2025 include: • Claim staking operations at both Alkali Flats and Dry Canyon to secure land tenure at both projects. • Completion of a geophysical survey at Alkali Flats. • An initial metallurgical program for the Alkali Flats project. • Integration of the geological and geochemical assay data from the drilling programs, all resulting in a significant discovery at Alkali Flats. • Completion of a geological sampling program at the Dry Canyon project. FULCRUM LITHIUM LTD and its controlled entities Directors' Report 3 ALKALI FLATS PROJECT The Alkali Flats project is targeting the Siebert Formation or equivalent claystones which host in excess of 60 million tonnes of reported lithium carbonate equivalent resources at several deposits in nearby third-party projects. During the half year, and as part of the annual lode claim renewal process by 1 September, the Alkali Flats project lode claims package was assessed based on the geologic knowledge gained from the Phase 1 and Phase 2 reverse circulation (RC) drilling and other field activities over the prior year. As a result of this assessment, the Alkali Flats project was reshaped with a focus on the highly prospective areas discovered in the southwest of the basin. As a result, some lode claims were not renewed and others added to the Alkali Flats project lode claims portfolio for the 2025/2026 USA Bureau of Land Management (BLM) lease maintenance year. THE RESHAPED ALKALI FLATS PROJECT Alkali Flats Phase 2 Discovery After the Alkali Flats Phase 2 drilling program that was completed in the previous half year reporting period, the geological and geochemical assay data was integrated and interpreted to declare a significant discovery of lithium mineralised claystones with highlights including: o Lithium mineralised claystones >300ppm lithium (Li) intercepted in all 8 holes that penetrated the Siebert Formation with thicknesses up to 112m. o Assay results include:  10.7m at 904ppm Li in AF2-4.  6.1m at 938ppm Li in AF2-10. o A large areal extent of mineralisation of at least 9km2 . o Mineralisation remained open in all directions. As discussed below, subsequent to the completion of the Phase 2 drilling program, data from a Controlled-Source Audio- Frequency Magnetotelluric (CSAMT) geophysical survey increased the areal extent of known mineralisation to 42km2 . FULCRUM LITHIUM LTD and its controlled entities Directors' Report 4 ALKALI FLATS PHASE 2 DRILL HOLE LOCATIONS CROSS SECTION (A-A’) FROM ALKALI FLATS PHASE 2 DRILLING SHOWING INTERCEPTED LITHOLOGIES AND LITHIUM CONCENTRATION (4X VERTICAL EXAGGERATION) FULCRUM LITHIUM LTD and its controlled entities Directors' Report 5 Geophysical Survey In October 2025, Fulcrum completed a 25km CSAMT geophysical survey to map potential extensions of lithium claystones intersected in the Phase 2 drilling. 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. ALKALI FLATS CSAMT SURVEY LOCATION The survey provided high quality data during field operations and following final processing audits has been calibrated to the Phase 2 drilling results and interpreted by the geological team. The survey data is valuable for structural and lithological interpretation and has been used to assist the planning of optimal drill hole locations in the upcoming Phase 3 drilling campaign. The 25km of 2D survey lines were designed in an EW parallel grid to tie into the existing Phase 2 drill holes for geological calibration and to map the basin architecture to guide the 3D geological and resource models. The 2D sections were interpreted by the Fulcrum geological team and 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. FULCRUM LITHIUM LTD and its controlled entities Directors' Report 6 Mineralisation at the AF2-2 drill hole location remains open at depth and is currently known to be 112m thick. At this location, the CSAMT data detected a potential significant lithium claystone interval over 300m thick. Importantly, structural dips and upthrown fault blocks are interpreted to bring thick mineralised clays much closer to the surface, to less than 25m. The CSAMT low resistivity response from the horizons where lithium bearing clays have been intersected in the Phase 2 drilling can be mapped and extrapolated over an area of approximately 42km2 , a significant areal increase compared with the 9km2 area proven by the Phase 2 drilling results. The mapped extensions and structural information from the CSAMT survey assisted in the planning of the Phase 3 drilling program and will assist in future geological and resource modelling. ALKALI FLATS CSAMT 2D INVERSION RESULTS CSAMT 2D INVERSION DATA WITH BASIC INTERPRETATION (LINES L100 AND L300) FULCRUM LITHIUM LTD and its controlled entities Directors' Report 7 GEOPHYSICALLY DEFINED LITHIUM CLAYSTONE TARGET Metallurgy Program The Alkali Flats Phase 2 RC drilling program resulted in the discovery of significant lithium mineralised claystones (>300ppm Li) intercepted in all holes that penetrated the Siebert Formation. 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 a laboratory scale program that included a head analysis of mineralogy, lithium grade, particle size screening and 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. Positive lithium extraction results were achieved at low temperatures and short leach times: • Up to 91% Li recovery after a 4-hour sulfuric acid leach at 60o C. • Up to 72% Li recovery at ambient temperature. FULCRUM LITHIUM LTD and its controlled entities Directors' Report 8 4 HOUR SULFURIC ACID LEACH RESULTS WITH VARYING ACID STRENGTHS 4 HOUR SULFURIC ACID LEACH RESULTS WITH VARYING TEMPERATURES KCA also completed a mineralogical analysis using Quantitative X-Ray Diffraction (QXRD) to understand the mineral composition of the lithium claystones as well as the clay-types present. Results from this analysis describe the Alkali Flats claystones as a mixture of illite and smectite clays containing calcite, K-feldspar and plagioclase fractions, similar to other lithium clay deposits of the Siebert Formation in the local Esmeralda County area, including the Tonopah Flats project where successful beneficiation techniques have been shown to significantly upgrade initial lithium grades by approximately 2.85x to over 2,000ppm Li. Following on from the positive lithium extraction results achieved in the Company’s initial scoping metallurgical program conducted on composited Phase 2 drill cutting samples, further work has been initiated on these samples to investigate the potential for the lithium claystone ore grades to be enriched by simple gravitational techniques such as hydrocyclone separation and testing to investigate the performance of a roasting and water leach method, as well as simulating simple ambient temperature leaching methods, such as heap leaching and vat leaching. Early testing of samples will give indications of the feasibility of low-cost extraction methods as well as provide important input for the detailed metallurgical program to be designed with drill core from the impending Phase 3 program. FULCRUM LITHIUM LTD and its controlled entities Directors' Report 9 Phase 3 Drill Program Subsequent to the end of the reporting period, the Alkali Flats Phase 3 drill program permit has been received from the BLM, approving over 30 holes of RC and diamond core hole drilling with drilling having commenced in January 2026. ALKALI FLATS PHASE 3 DRILL PROGRAM PROPOSED LOCATIONS The Phase 3 drilling program is the next step in the appraisal of the Alkali Flats project following the successful significant discovery from Phase 2 drilling, geophysical surveying and initial metallurgy work completed in 2025. The drilling program, when completed, will represent a 5-fold increase in the amount of drilling over the deposit, will reduce the hole spacing from a currently wide spacing averaging 2000m down to 600m in the core of the project and increase the data density. Supported by the results from the CSAMT geophysical survey, known lithium mineralisation is open in all directions, the Phase 3 drill program will test mineralisation extensions laterally and at depth. The Alkali Flats Phase 3 drilling program will provide 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. FULCRUM LITHIUM LTD and its controlled entities Directors' Report 10 DRY CANYON PROJECT During the half year, Fulcrum staked the Dry Canyon project, being 201 unpatented load claims (approximately 17km2 ) on Federal public lands in Lander County, Nevada, USA. The Dry Canyon project emerged from Fulcrum’s state-wide new business geological screening process completed earlier in 2025. To support the desktop geological targeting, Fulcrum geologists conducted a geological sampling program which confirmed the presence of high grade lithium claystones and supportive geology at the project. A total of 62 samples were collected for assaying, with 31 samples returning assay results above 300ppm Li and 6 samples above 1,000ppm Li with a high of 1,219ppm Li. Basin geology includes the presence of an abundance of volcanic source rocks with two major calderas flanking the project as well as a closed sedimentary and hydrologic basin, tuffaceous lacustrine sediments and basin and range extensional tectonic subsidence. An exploration program, including a drilling program will be run in parallel with Fulcrum’s Alkali Flats discovery appraisal program. DRY CANYON CLAIMS AND SURFACE SAMPLING LITHIUM ASSAY RESULTS OTHER Fairway and Summit Based on the results from drilling, geological sampling and mapping program in the previous reporting period, the Company believes the Fairway and Summit projects have been tested for prospectivity and a decision was reached not to renew the Fairway and Summit projects’ lode claims. FULCRUM LITHIUM LTD and its controlled entities Directors' Report 11 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 Exploration Targets in this announcement continue to apply and have not materially changed. Governance Arrangements The Company’s management and Board of Directors include individuals with many years’ work experience in the mineral exploration and mining industry who monitor all exploration programs and oversee the preparation of reports on behalf of the Company by independent consultants. The exploration data is produced by or under the direct supervision of qualified geoscientists. In the case of drill hole data half core samples are preserved for future studies and quality assurance and quality control. The Company uses only accredited laboratories for analysis of samples and records the information in electronic databases that are automatically backed up for storage and retrieval purposes. Competent Person’s Statement The information in this Report that relates to Exploration Results is based on information compiled by Mr Bill R. Fleshman of Global Geological Services, LLC, a geologist who is a Fellow and Chartered Professional of the Australasian Institute of Mining and Metallurgy and (FAusIMM CP Geology #107342). Mr Fleshman is an independent consultant and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Fleshman consents to the inclusion in this Report of the matters based on the information in the form and context in which it appears. CORPORATE The Company granted 4,000,000 performance rights to the Chief Operating Officer of the Company. 2,000,000 performance rights will vest on 31 December 2026 and the remining 2,000,000 performance rights will vest on 31 December 2027. Upon vesting the performance rights will automatically be exercised, subject to the Company’s Security Trading Policy and applicable laws and regulations. The performance rights will lapse: • if the Board determines that any applicable Vesting Conditions cannot be satisfied; • if employment is terminated; • on the occurrence of a Change of Control; or • the Performance Rights are liable of fraud, dishonesty, serious misconduct or gross negligence. The performance rights will convert on a 1 for 1 basis into ordinary shares for nil consideration, subject to the satisfaction of the vesting conditions being achieved. SUBSEQUENT EVENTS There have been no matters or circumstances have arisen since the end of the half year which significantly affected or may significantly affect the operations of the Group, the results of those operations, or the state of affairs of the Group in future financial years. LEAD AUDITOR’S INDEPENDENCE DECLARATION The lead auditor’s independence declaration is set out on page 12 and forms part of the Directors' Report for the half year ended 31 December 2025. This report has been signed in accordance with a resolution of the directors and is dated 10 March 2026: Signed at Sydney this 10th day of March 2026 Norman A. Seckold Peter J. Nightingale 12 KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation. Liability limited by a scheme approved under Professional Standards Legislation. LeadAuditor’sIndependenceDeclarationunder Section307CoftheCorporationsAct2001 To the Directors of Fulcrum Lithium Ltd I declare that, to the best of my knowledge and belief, in relation to the review of Fulcrum Lithium Ltd for the half-year ended 31 December 2025 there have been: i. no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the review; and ii. no contraventions of any applicable code of professional conduct in relation to the review. KPM_INI_01 PAR_SIG_01 PAR_NAM_01 PAR_POS_01 PAR_DAT_01 PAR_CIT_01 KPMG Adam Twemlow Partner Brisbane 10 March 2026 FULCRUM LITHIUM LTD and its controlled entities CONDENSED CONSOLIDATED INTERIM STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE HALF YEAR ENDED 31 DECEMBER 2025 13 Notes 31 December 2025 31 December 2024 $ $ Continuing operations Administration costs (581,916) (527,477) Share based payment expense 8 (18,871) - Consultants’ fees - (253,481) Other expenses from ordinary activities (44,798) (24,365) Operating loss before financing income (645,585) (805,323) Interest income 95,954 16,151 Net financing income 95,954 16,151 Loss before income tax expense (549,631) (789,172) Income tax expense - - Loss for the period (549,631) (789,172) Other comprehensive income Exchange differences on translation of foreign operations (81,778) 287,938 Total comprehensive loss for the period (631,409) (501,234) Basic and diluted loss per share (cents) (0.41) (0.84) The above Condensed Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes. FULCRUM LITHIUM LTD and its controlled entities CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025 14 Notes 31 December 2025 30 June 2025 $ $ Current assets Cash and cash equivalents 4,055,764 5,963,838 Other assets 3 19,883 20,155 Total current assets 4,075,647 5,983,993 Non-current assets Other financial assets 3 52,209 52,761 Term Deposit 200,000 200,000 Exploration and evaluation expenditure 4 5,044,349 4,009,077 Total non-current assets 5,296,558 4,261,838 Total assets 9,372,205 10,245,831 Current liabilities Trade and other payables 5 134,971 407,858 Employee entitlements 25,022 13,223 Total current liabilities 159,993 421,081 Total liabilities 159,993 421,081 Net assets 9,212,212 9,824,750 Equity Issued capital 6 13,034,918 13,034,918 Reserves 7 (8,620) 54,287 Accumulated losses (3,814,086) (3,264,455) Total equity 9,212,212 9,824,750 The above Condensed Consolidated Interim Statement of Financial Position should be read in conjunction with the accompanying notes. FULCRUM LITHIUM LTD and its controlled entities CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY FOR THE HALF YEAR ENDED 31 DECEMBER 2025 15 Notes Issued Capital Accumulated Losses Performance Rights Reserve Foreign Currency Translation Reserves Total $ $ $ $ $ Balance as at 1 July 2024 3,872,103 (1,042,660) - (9,121) 2,820,322 Total comprehensive income for the period Loss for the period - (789,172) - - (789,172) Other comprehensive gain - - - 287,938 287,938 Total comprehensive gain / (loss) for the period - (789,172) - 287,938 (501,234) Transactions with owners, recorded directly in equity Contribution by and distribution to owners Ordinary shares issued 9,700,000 - - - 9,700,000 Transaction costs on shares issued (837,185) - - - (837,185) Share base payment - - 253,481 - 253,481 Balance as at 31 December 2024 12,734,918 (1,831,832) 253,481 278,817 11,435,384 Notes Issued Capital Accumulated Losses Performance Rights Reserve Foreign Currency Translation Reserves Total $ $ $ $ $ Balance as at 1 July 2025 13,034,918 (3,264,455) - 54,287 9,824,750 Total comprehensive income for the period Loss for the period - (549,631) - - (549,631) Other comprehensive loss - - - (81,778) (81,778) Total comprehensive loss for the period - (549,631) - (81,778) (631,409) Transactions with owners, recorded directly in equity Contribution by and distribution to owners Ordinary shares issued - - - - - Share base payment - - 18,871 - 18,871 Balance as at 31 December 2025 6,7 13,034,918 (3,814,086) 18,871 (27,491) 9,212,212 The above Condensed Consolidated Interim Statement of Changes in Equity should be read in conjunction with the accompanying notes. FULCRUM LITHIUM LTD and its controlled entities CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS FOR THE HALF YEAR ENDED 31 DECEMBER 2025 16 The above Condensed Consolidated Interim Statement of Cash Flows should be read in conjunction with the accompanying notes. Notes 31 December 2025 31 December 2024 $ $ Cash flows from operating activities Cash payments in the course of operations (652,942) (430,456) Interest received 95,954 16,151 Net cash used in operating activities (556,988) (414,305) Cash flows from investing activities Payments for exploration and development expenditure (1,351,086) (942,465) Payments for plant and equipment - (3,256) Net cash used in investing activities (1,351,086) (945,721) Cash flows from financing activities Proceeds from share issues - 9,700,000 Transaction costs on shares issued - (640,200) Proceed from borrowings - 1,000,000 Repayment of borrowings - (1,000,000) Net cash from financing activities - 9,059,800 Net (decrease)/increase in cash held (1,908,074) 7,699,774 Cash and cash equivalents at the beginning of the half year 5,963,838 55,785 Cash and cash equivalents at the end of the half year 4,055,764 7,755,559 FULCRUM LITHIUM LTD and its controlled entities NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 31 DECEMBER 2025 17 1 Reporting Entity Fulcrum Lithium Ltd (the Company) is a for-profit company limited by shares, incorporated and domiciled in Australia. The condensed consolidated interim financial statements of the Company as at and for the half year ended 31 December 2025 comprises the Company and its subsidiaries (together referred to as the Group). The consolidated annual financial statements of the Company as at and for the year ended 30 June 2025 are available upon request from the Company’s registered office at Level 2, 66 Hunter Street, Sydney, NSW, 2000 or at www.fulcrumlithium.com. This condensed consolidated interim financial report was approved by the Board of Directors on 10 March 2026. 2 Basis of Preparation (a) Statement of compliance The condensed consolidated interim financial statements are general purpose financial statements which has been prepared in accordance with Australian Accounting Standards (AASBs) adopted by the Australian Accounting Standards Board (AASB) and the Corporations Act 2001. The financial statements of the Group comply with International Financial Reporting Standards (IFRS) and interpretations adopted by the International Accounting Standards Board (IASB). Selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in financial position and performance of the Group since the last consolidated financial statements as at and for the year ended 30 June 2025. The condensed consolidated interim financial statements do not include all the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group as at and for the year ended 30 June 2025. (b) Use of estimates and judgements The preparation of the condensed consolidated interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may differ from these estimates. The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the period ended 30 June 2025: • Going concern - Note 2(c) • Exploration and evaluation assets - Note 4 • Share-based payments – Note 8 (c) Going concern The consolidated interim financial statements have been prepared on a going concern basis which contemplates the continuation of normal business operations and the realisation of assets and settlement of liabilities in the normal course of business. The Group has recorded a loss before tax for the half-year ended 31 December 2025 of $549,631 (31 December 2024: loss of $789,172) and used net cash in operating activities of $556,988 and investing exploration activities of $1,351,086. The Group had cash and cash equivalents of $4,055,764 as at 31 December 2025 (30 June 2025: $5,963,838), term deposit of $200,000 as at 31 December 2025 (30 June 2025: $200,000), and net assets of $9,212,212 as at 31 December 2025 (30 June 2025: $9,824,750). The Group’s main activity is minerals exploration, and as such it does not generate significant operating cash inflows. It relies on raising capital to have access to sufficient cash to continue its exploration activities. The Directors have prepared cash flow forecasts that support the ability of the Group to continue as a going concern for the period of at least 12 months from the date of