Announcement PDF BUXTON RESOURCES LIMITED ABN 86 125 049 550 ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2025 FINANCIAL REPORT JUNE 2025 1 Contents Corporate information 3 Directors report 4 Review and results of operations 6 Auditor's independence declaration 26 Consolidated statement of profit and loss & other comprehensive income 29 Consolidated statement of financial position 30 Consolidated statement of changes in equity 31 Consolidated statement of cashflows 32 Noted to the consolidated financial statements 33 Consolidated entity disclosure statement 62 Director’s declaration 63 Independent auditor’s report to the members of Buxton Resources Limited 64 Shareholder Information 65 Schedule of interests in mining tenements 67 FINANCIAL REPORT JUNE 2025 2 CORPORATE INFORMATION Buxton Resources Limited ABN: 86 125 049 550 Directors Gervaise Heddle Stuart Fogarty Jared Jacob Chief Executive Officer Martin Moloney Company Secretary Sam Wright Registered office and principal place of business 15 Robinson Avenue Belmont WA 6104 PO Box 661 Nedlands WA 6909 Ph: 08 9380 6063 Fax: 08 9467 6111 Web: www.buxtonresources.com.au Auditors In.Corp Audit & Assurance Pty Ltd Suite 11, Lincoln House Level 1, Lincoln Building 4 Ventnor Avenue West Perth WA 6005 Share Register Computershare Investor Services Pty Limited Level 2, 45 St Georges Terrace Perth WA 6000 Home Exchange Australian Securities Exchange Level 40 Central Park 152-158 St Georges Terrace Perth WA 6000 ASX Code: BUX & BUXO FINANCIAL REPORT JUNE 2025 3 DIRECTORS’ REPORT Your directors are pleased to present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the “consolidated entity” or “group”) consisting of Buxton Resources Limited (referred to hereafter as the “Company’ or “parent entity”) and the entities it controlled at the end of, or during, the year ended 30 June 2025. DIRECTORS The names of the directors who held office during the year and until the date of this report are: Gervaise Heddle (appointed 17 March 2025) Jared Jacob (appointed 22 November 2024) Stuart Fogarty Sam Wright (appointed 22 November 2024, resigned 17 March 2025) Seamus Cornelius (resigned 22 November 2024) Anthony Maslin (resigned 22 November 2024) Directors were in office for the entire period unless stated otherwise. CHIEF EXECUTIVE OFFICER Martin Moloney COMPANY SECRETARY Sam Wright INFORMATION ON DIRECTORS & OFFICERS OF THE COMPANY Mr Gervaise Heddle - Non-Executive Chair, appointed 17 March 2025 Qualifications: BA, CFA Mr Heddle is the former Chief Executive Officer of Greatland Gold plc (May 2016 – March 2021). Gervaise led Greatland through the acquisition and discovery of the Havieron gold/copper deposit in Western Australia and was instrumental in establishing a joint venture with Newcrest Mining Limited for development of the deposit. During his tenure as CEO, the Greatland share price rose by over 10,000% (over 100 times). Previously, Gervaise was a Division Director at Macquarie Funds Group , Fund Manager and Director at Merrill Lynch Investment Managers in the Princeton and London offices. Gervaise graduated with First Class Honours in Economics and a Degree in Arts (Jurisprudence) from the University of Adelaide, Australia. Gervaise is a CFA charter holder. During the past 3 years Gervaise has not served as a director of any other listed company. Mr Jared Jacob - Non-Executive Director, appointed 22 November 2024 Qualifications: B.Com (Accounting & commercial law), Grad. Dip, CA Mr. Jacob has 20 years of corporate development experience and served as Vice President Corporate Development at Maaden (2025) and Head of Business Development at IGO Limited 2023 – 2025. Previously he was Head of Mergers & Acquisitions at OZ Minerals (from 2016 until BHP acquired OZ Minerals in 2023). Prior to 2016, Jared held various in-house strategy and M&A, principal investments and corporate advisory roles at UGL Limited, Deutsche Bank, Barclays Capital, Credit-Suisse and PricewaterhouseCoopers both domestically and internationally. FINANCIAL REPORT JUNE 2025 4 DIRECTORS’ REPORT Jared is a member of Chartered Accountants Australia & New Zealand, a Fellow of the Governors Leadership Foundation in South Australia and his qualifications include a B.Com (Accounting & Commercial Law) from the University of Sydney and a Grad. Dip., CA. During the past 3 years Jared has not served as a director of any other listed company. Mr Stuart Fogarty - Non-Executive Director Qualifications: B.Sc (Geology) (Hons) Mr Fogarty has over 20 years of exploration experience with BHP Billiton and Western Mining Corporation. Stuart was BHP's Senior Exploration Manager for North and South America and currently serves as the Managing Director of Duketon Mining. Mr Fogarty has a very strong background in nickel exploration, having commenced his career at Kambalda Nickel Operations in 1994. He has had senior roles with BHP including Senior Geoscientist for nickel exploration in the Leinster and Mt Keith region, Project Manager WA Nickel Brownfields and Regional Manager Australia/Asia where he was responsible for $100 million per annum exploration budget. Mr Fogarty is currently Managing Director of Duketon Mining Limited (since 21 October 2013). More recently, Mr Fogarty was a Non-executive Director of Windward Resources during the successful takeover of the company by Independence Group. Mr Seamus Cornelius - Non-Executive Chair resigned 22 November 2024 Qualifications: B.Juris, LLB, LLM Mr Cornelius brings to the Board 22 years of corporate experience in both legal and commercial negotiations. Mr Cornelius lived and worked as a corporate lawyer in China for 17 years. He was based in Shanghai and Beijing between 1993 and 2010. From 2000 to 2010 he was an international partner with one of Australia’s leading law firms and specialised in dealing with cross border investments, particularly in energy and resources. Mr Cornelius has for many years advised large international companies on their investments in China and in recent years has advised Chinese state-owned entities on their investments in natural resource projects outside of China including in Australia. Mr Cornelius is also currently the Non-Executive Chairman of Duketon Mining Limited (since 8 February 2013), E25 Limited (since 30 June 2011) and Danakali Limited (since 15 July 2014). Mr Anthony Maslin - Non-Executive Director resigned 22 November 2024 Qualifications: B.Bus (Finance and Enterprise) Mr Maslin brings to the Board over 20 years of corporate experience in both management and promotion, along with an extensive understanding of financial markets. In his 6 years as a stockbroker at Hartley Poynton Stockbrokers in Perth, Mr Maslin was instrumental in the capital raisings and promotion of several resource development companies. In the subsequent 7 years in his role as founding Managing Director of Solar Energy Systems Ltd (Now Solco Ltd (ASX Code: SOO)) he had significant experience in capital raisings and management of both people and projects. Mr Maslin has also worked as a corporate promotion consultant to a number of listed companies. Mr Maslin is the founder and Non-Executive Director of Wide-Open Agriculture Limited (since 23 March 2015) During the past 3 years Mr Maslin has not served as a director of any other listed company. FINANCIAL REPORT JUNE 2025 5 DIRECTORS’ REPORT Mr Sam Wright - Company Secretary, Non-Executive Director appointed 22 November 2024, resigned 17 March 2025 Qualifications: Afin DipAcc ACIS MAICD Mr Wright is a seasoned corporate advisor with over 20 years of experience in corporate governance, corporate finance, and the administration of ASX-listed companies. He is a member of the Australian Institute of Company Directors, the Financial Services Institute of Australasia, and the Governance Institute of Australia. Mr Wright is the Managing Director of Western Australian-based corporate advisory firm, Straight Lines Consultancy, specialising in the provision of corporate services to public companies. Throughout his career, Sam has held director and company secretary roles across Australia, North America, and the United Kingdom. He has deep expertise in public company operations, including ASX and ASIC compliance, corporate governance, statutory financial reporting, IPOs, M&A transactions, and stakeholder engagement with both retail and institutional investors. Mr Wright is currently a director of ASX-listed companies Great Dirt Resources Ltd, Reach Resources Ltd, and Structural Monitoring Systems Plc. He also serves as Company Secretary for Resolute Mining Ltd, a company dual listed on the ASX and London Stock Exchange, and BWE Drilling Ltd, dual listed on the ASX and Börse Frankfurt. Mr Martin Moloney – Chief Executive Officer Qualifications: BSc (Geol) Mr Moloney was promoted to the role of Chief Executive Officer after 4 years with the company in the roles of Chief Geologist and Head of Resources. Prior to joining Buxton Mr Moloney held a number of senior Geologist roles with exploration companies including, but not limited to, Squadron Resources Pty Ltd, Iluka Resources Limited, Dalradian Gold Limited and Thundelarra Exploration Limited. Mr Moloney graduated with a Bachelor of Applied Science with honours in Geology (B.A.Sc.). He is a member of the Australian Institute of Geoscientists (AIG) and the Society of Exploration Geologists (SEG). Interests in the shares and options of the Company and related bodies corporate As at the date of this report, the interests of the directors in the shares and options of Buxton Resources Limited were: Options over Ordinary Ordinary shares Shares Unlisted Gervaise Heddle 8,000,000 10,000,000 Jared Jacob 800,000 1,000,000 Stuart Fogarty 1,092,763 3,000,000 PRINCIPAL ACTIVITIES The principal activities of the consolidated entity during the year were the acquisition of mining tenements, and the exploration and evaluation of these tenements with the objective of identifying economic mineral deposits. DIVIDENDS No dividends were paid or declared during the year. No recommendation for payment of dividends has been made. FINANCIAL REPORT JUNE 2025 6 REVIEW OF OPERATIONS DIRECTORS’ REPORT Key operational activities during the year (“FY25”) initially focused on advancing the Graphite Bull Project where significant progress included a 345% increase in the Mineral Resource Estimate (MRE), announced in February 2025. The updated resource now stands at 20.7 million tonnes (Mt) @ 10.8% Total Graphitic Carbon (TGC), which includes a maiden Indicated Resource of 7.6 Mt @ 11.6% TGC. A strategic review in March 2025 (see ASX 18th Mar 2025) resulted in Buxton re-focusing its efforts on 100% owned projects that have the potential to drive outstanding discovery returns for shareholders (typically those projects with the potential to host large copper/gold systems). The first two projects to be targeted as part of this new focus were the Centurion and Madman Projects Graphite Bull Project (BUX 100%) The Graphite Bull Project (Exploration License E09/1985) is located 280 km east of Carnarvon in the Murchison Region of Western Australia. Significant progress was made at the project in FY25. The most notable achievement was the 345% increase in the Mineral Resource Estimate (MRE), announced in February 2025 (see ASX 17th Feb 2025). The updated resource now stands at 20.7 Mt @ 10.8% TGC, which includes a maiden Indicated Resource of 7.6 Mt @ 11.6% TGC. This increase was based on drilling programs conducted in 2023 and 2024, which returned shallow, high-grade intersections, including: • • • 124 m @ 16.6% TGC from 44 m 56 m @ 14.4% TGC from 8 m 50 m @ 24.9% TGC from 38 m See ASX 19th Apr 2023, ASX 24th Oct 2024 & ASX 12th Dec 2024. Additionally, the company continued metallurgical test work with a major anode manufacturer to confirm the suitability of Graphite Bull ore and flake for lithium-ion battery anodes and for the products to meet customer requirements (see ASX 1st April 2025). The successful conclusion of this work (reported in FY26) is a key step toward commercialization and has drawn interest from potential strategic partners. Centurion Project (BUX 100%) The Centurion Project, located on Exploration License E80/5579, is approximately 180 km southsouthwest of Balgo, Western Australia, on unclaimed crown land. It is accessible via shire roads and several seismic lines from the 1960s-1980s. This license covers a prominent dipolar magnetic anomaly exceeding 1,500 nanoteslas in amplitude and 3,500 m by 5,000 m in extent. Data from a 2017 Falcon airborne gravity gradiometer survey revealed a similarly dipolar gravity high in a slightly offset position to the magnetic feature. Such relationships are characteristic of Iron Oxide Copper Gold (IOCG) deposits, including Olympic Dam and Prominent Hill. Results from Magnetic Vector Inversion of open-file magnetic data indicate that FINANCIAL REPORT JUNE 2025 7 REVIEW OF OPERATIONS DIRECTORS’ REPORT the target is remnantly magnetised and is approximately 700 meters below ground level. Buxton has entered into Heritage Protection and Access Agreements with Native Title holders. During FY25, Buxton secured key contracts for its maiden drilling program to test a compelling IOCG target. The target exhibits geophysical characteristics similar to world-class deposits like Olympic Dam. The drilling program, co-funded by the WA Government's Exploration Incentive Scheme, commenced in FY26. A Heritage Survey was undertaken in July 2024. Buxton announced that the maiden drilling program was awarded co-funded by the WA Government's Exploration Incentive Scheme (see ASX 21st May 2025). Earthworks for this program commenced in late FY25 (see ASX 16th June 2025) and the drilling program was completed by early FY26 (see ASX 11th August 2025). Madman Project (BUX 100%) Buxton’s Madman Project is located on unclaimed crown land approximately 370 km southeast of Newman within the Paterson Orogen. The project focuses on a “bullseye” magnetic feature similar to the Havieron Au-Cu deposit anomaly. During FY25, Buxton executed a Native Title agreement, received an EIS grant of up to A$180,000 to co-fund a maiden drill program (see ASX 1st May 2025), and commenced a Heritage Survey. West Kimberley Project (3 separate JVs with IGO - BUX 16% – 20%) The West Kimberley Project is targeting Nova-style magmatic Ni-Cu sulphide mineralisation in Proterozoic belts of the West Kimberley Region of Western Australia. Buxton have Farm In and JV agreements over three separate Project areas (Merlin Project, Quickshears Project and West Kimberley Regional Project) which fall within the overall West Kimberly Region. On the 4th October 2022, Buxton received shareholder approval for Buxton and IGO to amend the existing Merlin Project Joint Venture in the West Kimberley (then at IGO 51% and BUX 49% ownership level) allowing IGO to earn a further 29% interest to take IGO to 80% for a cash payment to Buxton of $1,000,000. During FY25, IGO reported that they had intersected massive sulphides in the maiden drillhole at the Dogleg prospect (16% BUX). A second hole intersected semi-massive sulphides. Assays received for the first Dogleg hole contained 13.85 m (true width 13.24 m) at 4.35% Ni, 0.34% Cu, 0.15% Co from 177.34 m, including: 5.86 m (true width 5.60 m) at 7.47% Ni, 0.31% Cu, 0.25% Co from 179.08 m. Buxton then announced assay results for the second hole 23WKDD004 returned 2.89 m (True Width 2.63 m) at 4.17% Ni, 0.83% Cu, 0.14% Co from 233.63 m (see ASX 1st Feb 2024). These extremely high tenor results were outside the initial ground moving loop EM plate / drill target. FINANCIAL REPORT JUNE 2025 8 REVIEW OF OPERATIONS DIRECTORS’ REPORT During FY25, IGO completed exploration drilling at the Dogleg Ni-Cu-Co Prospect. The program, which consisted of six diamond drill holes, did not identify significant additional high-grade mineralization (see ASX 14th Feb 2025). As a result, both Buxton and IGO determined that the prospect has been effectively tested, and no further exploration is recommended for this specific target. Buxton remain free carried until completion of a feasibility study. Fraser Range Project (BUX 100%) Exploration at the Fraser Range Project is targeting magmatic Ni-Cu sulphide mineralisation along strike from IGO’s operating Nova mining operation. IGO has indicated that it is their intention to withdraw from the JV with transfers expected in FY26. Blackhawk (formerly Narryer) Project (BUX 100%) During FY25, Buxton completed a drilling program at the Ranger prospect with NY001RC intersecting 60 m @ 4.34% TGC from 192 m, including 20 m @ 9.06% TGC from 231 m (see ASX 4th Oct 2024). Review of Buxton’s ground EM suggests graphite mineralisation extends substantially closer to surface at Ranger and review of Buxton’s AEM has outlined 19.1 km of strike prospective for similar mineralisation. These results highlight the discovery of the potentially significant new Blackhawk graphite province. Buxton also reported that high Fe grades had been returned from reconnaissance rock chip sampling at the Stonehut prospect (see ASX 15th Oct 2024). Copper Wolf Project (BUX 100% / IGO earning 70% on certain tenements) Buxton’s Copper Wolf Project consists of Lode Mining Claims and Mineral Exploration Permits in Yavapai County, Arizona. The Copper Wolf Project has multiple historical resource estimates available that confirm the presence of a large Laramide porphyry Cu-Mo system (see ASX 25 October 2021). Buxton’s subsurface (tenure) interests comprise a 100% interest over ~41.2 km2 contiguous with the ~11.0km2 JV with IGO Ltd for which Buxton presently holds a 49% interest. The tenure consists of Federal Lode Mining Claims issued by the Bureau of Land Management (BLM) and Arizona State Lands Department (ASLD) Mineral Exploration Permits. Porphyry Cu-Mo mineralisation at Copper Wolf is partially concealed by a post-mineral (Tertiary) sequence of volcanic and sedimentary rocks. The Project is located within one of the most prolifically endowed copper belts in the world, yet it has not seen any drilling since the early 1990s. Buxton’s 2022 airborne magnetic survey was the first geophysical work undertaken since the early 1960s. Historic exploration has consisted of relatively wide spaced drilling which focussed on significant supergene copper mineralisation. Buxton is targeting high grade, underground bulk mineable copper-molybdenum mineralisation. FINANCIAL REPORT JUNE 2025 9 REVIEW OF OPERATIONS DIRECTORS’ REPORT Copper Wolf JV On the 4th Oct 2022, Buxton satisfied all conditions precedent for Buxton and IGO to enter into an earn-in and joint venture agreement for the Copper Wolf Project (Arizona, USA) then held as 100% by Buxton. By that agreement (see ASX 22nd Aug 2022), IGO has an exclusive right to earn a 51% interest in the initial Copper Wolf Project tenements (SM1-SM54, CW01-CW44, 008-121028 and 0081213390, covering approximately 11.0 km2) by incurring and sole funding A$350,000 of exploration expenditure in a 24-month period ending 4th Oct 2024. Upon IGO incurring the A$350,000 earn-in expenditure, IGO elected to earn-in and form a 51% IGO / 49% BUX unincorporated joint venture (see ASX 14 October 2024). During the earn-in period, BUX was the project manager. IGO subsequently assumed management of the joint venture in FY25. IGO then elected to earn a further 19% joint venture interest, to take its joint venture interest to 70%, by sole funding exploration expenditure of A$5,000,000 over 3 years during the stage 2 earn-in (see ASX 2nd Apr 2025). For a 5-year period expiring 4th Oct 2027 Buxton are also committed to present all projects prospective for copper that it secures or generates in Arizona to IGO by way of a right of first refusal (ROFR) which is triggered when “Buxton is seeking funding, a buyer, and/or a business partner for the project”. Previously Buxton had undertaken airborne magnetic surveys (see ASX 3rd May 2022), then completed the first drilling campaign in the Project in over 30 years and reported assay results from CPW0001DD (see ASX 28th Aug 2023), and from CPW0002DD (see ASX 14th Dec 2023), including 405.38 m @ 0.35% Cu and 0.05% Mo. Independent expert review of Buxton’s drill core confirmed the presence of a large, mineralised porphyry Cu-Mo system, with hypogene Cu-Mo grades equalling or higher than those reported by previous explorers and recognition of multiple Cu-Mo mineralising vein events and associated potassic alteration over a vertical extent of >600 m. The scale and continuity of mineralisation provide evidence of a large multi-phase porphyry copper-molybdenum mineral system. During FY25, IGO continued desktop studies to support and target future exploration drilling activities. Copper Wolf – BUX 100% Buxton holds a 100% interest over ~41.2 km2 of BLM Lode Mining Claims and ASLD MEPs which are contiguous to the IGO JV. Additionally, on the 10th November 2023, Buxton entered into a “Copper Chief Lease and Option Agreement” with the private owner of 7 Lode Mining Claims (Copper Chief #1-5 & Copper Chief #18-19) covering approximately 58 hectares and a parcel of private property covering approximately 16 hectares which is wholly contained within the area of the Copper Chief Lode Mining Claims. This package of surface and subsurface rights is contiguous with existing BUX tenure. The agreement provides BUX the option to acquire 100% of the surface and subsurface rights at any time prior to 10th November 2028. Should BUX chose to exercise the option, BUX will grant FINANCIAL REPORT JUNE 2025 10 REVIEW OF OPERATIONS DIRECTORS’ REPORT the seller a five percent (5%) Net Smelter Returns Royalty, with rights to purchase up to 3.5% of that Royalty. Buxton has undertaken mapping, rock chip sampling and drone magnetic surveys at the Wolverine, Sun Devil and Aztecs prospects – see ASX Announcements: - 11th Jan 2024: Extension to Cu-Mo Porphyry System Discovered at Surface on 100% BUX Tenure at Wolverine Prospect 24th Jan 2024: Intense Porphyry Style Veining at Sun Devil on 100% BUX Ground, Tenure Expansion & Wolverine Drill Permitting 13th Feb 2024: Porphyry drill targets identified at Sun Devil and Aztecs prospects (BUX 100%) 11th Mar 2024: Highly Anomalous Rock Chip Assays at Sun Devil and Aztecs, Drone Magnetics Commenced at Wolverine Buxton has also received permits to drill and reported results from a drone magnetic survey which enhanced Cu-Mo porphyry prospectivity at the Wolverine Prospect (see ASX 1st May 2024). Buxton has not undertaken significant exploration during FY25 while commercial discussions regarding IGO’s right of first refusal (see above) have been ongoing. Shogun & Royale Projects (BUX 100%) The Shogun and Royale Projects form a contiguous package covering 2,617 km2 located in the Paterson Region of Western Australia. The Shogun Project is targeting magmatic Ni-Cu-Co-PGE sulphide deposits whereas the Royale Project targets hydrothermal Cu +/- Au – Mo deposits. During FY25, Buxton completed negotiations related to Native Title agreements which was allowed the first Royale EL to be granted (see ASX 28th April 2025). Lateron Project (BUX 100%) The Lateron Project Exploration License E80/5545 was granted during the prior year. The Lateron Project covers a series of magnetic anomalies which are prospective for Cu/Au. Lateron is located on unclaimed crown land approximately 10 km East of Billiluna and 150 km South of Halls Creek in Western Australia. Buxton’s petrological analysis on fragments of diamond drill core recovered from the site of AFMECO’s 1982 diamond drillhole S19 indicates the core fragments consist of “biotite hornblende quartz diorite, with coarse titanite and sericite / muscovite pyrite-magnetite-chalcopyrite overprint” – such rocks are typically associated with magmatic-hydrothermal Cu-Au mineralisation. Airborne magnetics indicates these intrusive rocks cover > 7 km2. During FY25, Buxton progressed negotiations related to Native Title agreements and completed planning for a ground gravity survey. FINANCIAL REPORT JUNE 2025 11 REVIEW OF OPERATIONS DIRECTORS’ REPORT Matrix Project (BUX earning 100%) During FY24, Buxton announced that it had entered into a binding Earn-In Agreement to acquire 100% of the Matrix Manganese Project located in Mohave County, Arizona (see ASX 14th May 2024). Manganese was first discovered in the region around 1880 with deposits at Artillery Peak occurring as two distinct types: stratiform and vein, and which are uniquely hosted in sandstone. In the 1980s, the US Bureau of Mines (USBoM) evaluated the feasibility of in-situ and heap leaching for Mn extraction. Of the 25 deposits examined, material from the Artillery Peak project presented the fastest and highest Mn recovery characteristics in column leaching. It was the only deposit selected for further evaluation targeting suitability for in-situ recovery (ISR) methods. This work was curtailed when the USBoM was abolished in 1996. Buxton is planning to undertake exploration programs targeting saturated deposits of highly soluble manganese hosted by porous sandstones, which will provide a basis for ISR mining method amenability. During FY25 Buxton completed a drone magnetic survey (see ASX 3rd July 2025) and undertook site visits to support permitting for the maiden drill program. FINANCIAL REVIEW The consolidated entity recorded a loss after tax for the year of $4,792,798 (2024: $4,125,104). At the reporting date the consolidated entity had cash and term deposit investments of $2,705,888 (2024: $2,886,845). During the year total exploration expenditure incurred by the consolidated entity amounted to $2,883,525 (2024 Restated: $3,725,836). In line with the consolidated entity’s accounting policies all exploration expenditure is written off as incurred. Other significant expenses for the year included salaries of $1,025,506 and share based payments of $839,810. Basic loss per share for the year was 2.08 cents (2024 Restated: 1.85 cents). ANNUAL GENERAL MEETING The Company held its Annual General Meeting on 22 November 2024 at 15 Robinson Avenue, Belmont Western Australia. All resolutions that were put to shareholders were passed by a poll. FINANCIAL REPORT JUNE 2025 12 DIRECTORS’ REPORT REVIEW OF OPERATIONS CORPORATE On 26 July 2024, following approval by shareholders at a general meeting held on 17 July 2024, the Company issued 4,332,329 shares under a Share Purchase Plan and top up from IGO Ltd at an issue price of $0.085 per share raising $368,248 before issue costs. The purpose of the raise was to fund exploration activity across a number of projects including Graphite Bull, Narryer and Centurion in Australia and Matrix Manganese in Arizona, USA. On the same date a total of 19,372,056 free attaching listed options were issued comprising 1,805,895 SPP options, 14,705,890 Placement options, 2,500,000 Advisor options and 360,271 IGO top up options. All options have an expiry date of 31 July 2026 and an exercise price of $0.16. During the year, under an agreement dated 12 August 2024 with Zanil Pty Ltd and Top Drill Pty Ltd the Company issued a total of 4,349,066 shares in lieu of 50% of earth moving costs. A further 338,462 shares were issued to consultants and suppliers in lieu of fees. Following approval by shareholders at the AGM held on 22 November 2024 261,393 shares were issued to Directors in lieu of fees. On 14 November 2024, the Company issued 8,985,089 shares under a Placement at an issue price of $0.065 per share raising $584,031 before issue costs. Funds raised will be used primarily to complete a Graphite Bull Mineral Resource upgrade and provide general working capital. Also, during the year the Company completed a $3.0m share placement in 2 tranches, on 14 April and 6 June at $0.025 per share. The placement was strongly supported by new investors and shareholders with participation from Directors and management. Funds will predominantly be used for ongoing project evaluations and drilling and exploration programmes at Centurion and Madman expected to commence in the first half of FY26. Argonaut Securities Pty Ltd acted as Lead Manager to the placement. At a meeting held on 30 May 2025, shareholders approved the issue of 10,000,000 options to Argonaut Securities Pty Ltd for Lead Manager services in the $3.0m placement outlined above. The options have an exercise price of $0.045 per option and an expiry date of 30 June 2027. Shareholders also approved the issue of 26,000,000 options to Directors and management under the Company’s Employee Incentive Plan. 50% of the options will be Tranche 1 options with an exercise price of $0.065 per option, an expiry date of 15 May 2030 and no vesting hurdles. 25% of the options will be Tranche 2 options with an exercise price of $0.085 per option, an expiry date of 15 May 2030 and a vesting hurdle requiring continuous service as a Director or officer until 15 May 2026. 25% of the options will be Tranche 3 options with an exercise price of $0.105 per option, an expiry date of 15 May 2030 and a vesting hurdle requiring continuous service until 15 May 2027. FINANCIAL REPORT JUNE 2025 13 DIRECTORS’ REPORT REVIEW OF OPERATIONS BOARD CHANGES On 20 November 2024, the Company announced the retirement of Seamus Cornelius and Anthony Maslin as Directors at the Annual General Meeting. The Company thanks both for their dedicated service and contribution during their tenure and wishes them well in their future endeavours. Substantial shareholder, IGO Ltd nominated Jared Jacob to be appointed as non-executive Director and shareholders approved his appointment at the AGM. On 17 March 2025 the Company announced the appointment of Gervaise Heddle as Non-Executive Chair of the Board. He replaced Sam Wright who remains as Company Secretary. RIS