Announcement PDF ASX Announcement | 16 March 2026 Variscan Mines Limited (ASX:VAR) FINANCIAL REPORT – HALF-YEAR ENDED 31 DECEMBER 2025 Variscan Mines Limited (“Variscan” or the “Company”) encloses its half-year financial report for the period ended 31 December 2025. This announcement has been approved for release by Mr Mark Pitts, Company Secretary, Variscan Mines Limited. For further information, please contact: Variscan Mines Limited (ASX:VAR) Stewart Dickson Managing Director & CEO E: stewart.dickson@variscan.com.au T: +44 (0) 7799 694195 Media & Investor Enquiries Jane Morgan Management Chloe Hayes / Jane Morgan E: chloe@janemorganmanagement.com.au / jm@janemorganmanagement.com.au P: +61 (0) 458 619 317 / +61 (0) 405 555 618 About Variscan Mines Limited (ASX:VAR) Variscan Mines Limited (ASX:VAR) is a growth oriented, natural resources company focused on the acquisition, exploration and development of high-quality strategic mineral projects. The Company has compiled a portfolio of high- impact base-metal interests in Spain and Australia. Its primary focus is the development of its advanced zinc projects in Spain. To learn more, please visit: www.variscan.com.au For more information Follow us on LinkedIn Follow us on X Visit our investor website: www.variscan.com.au Interim Financial Report for the half-year ended 31 December 2025 Contents Corporate Information 3 Directors’ Report 4 Auditor’s Independence Declaration 6 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income 7 Condensed Consolidated Statement of Financial Position 8 Condensed Consolidated Statement of Changes in Equity 9 Condensed Consolidated Statement of Cash Flows 10 Notes to the Condensed Interim Financial Statements 11 Directors’ Declaration 23 Independent Auditor’s Review Report 24 Corporate Information Variscan Mines Limited Page 3 Directors Mr Anthony Wehby Non-executive Chairman Mr Stewart Dickson Managing Director & CEO Dr Frank Bierlein Non-executive Director Mr Vaughan (Tom) Kent Non-executive Director Company Secretary Mr Mark Pitts Registered Office Level 5/191 St Georges Terrace Perth WA 6000 Australia P: +61 8 9316 9100 E: info@variscan.com.au Share Registry Automic Level 5/191 St Georges Terrace Perth WA 6000 Australia P: 1300 288 664 Auditors HLB Mann Judd Level 4, 130 Stirling Street Perth WA 6000 Australia +61 8 9227 7500 Securities Exchange Listing Variscan Mines Limited’s shares are listed on the Australian Securities Exchange (ASX: VAR) Competent Persons Statements Where Company refers to exploration results, historical data and mineral resource estimates previously advised to the ASX it confirms that it is not aware of any new information or data that materially affects the information included in previous announcements and all material assumptions and technical parameters disclosed in those announcements continue to apply and have not materially changed. Directors’ Report Variscan Mines Limited Page 4 Your Directors of Variscan Mines Limited (the “Company”) submit the Interim Financial Report of the Group, being the Company and its controlled entities (“Variscan” or the “Group”), for the half year ended 31 December 2025. In order to comply with the provisions of the Corporations Act 2001, the Directors report as follows: Directors The names of Directors who held office during or since the end of the interim period and until the date of this report are noted below. Directors were in office for the entire period unless otherwise stated. Mr Anthony Wehby Non-executive Chairman Mr Stewart Dickson Managing Director & CEO Mr Vaughan (Tom) Kent Non-executive Director (appointed 6 February 2026) Dr Frank Bierlein Non-executive Director Mr Nicholas (Nick) Farr-Jones Non-executive Director (resigned 6 February 2026) Review of operations Financial Summary The Group incurred a net loss of $653,827 for the half year ended 31 December 2025 (31 December 2024: $541,061). As at 31 December 2025, the Group had cash and cash equivalents of $635,389 (30 June 2025: $451,939) and net assets of $12,438,967 (30 June 2025: $10,877,843). Operational review Variscan Mines Limited (ASX:VAR) made significant progress during the half-year ended 31 December 2025 as it advanced its Explorer- Producer strategy, focused on progressing the restart of the San Jose Mine while continuing underground exploration and technical work at the Udías Mine within the Novales-Udías Zinc Project in northern Spain. During the half-year, the Company achieved key regulatory and technical milestones that materially de-risk the pathway to recommencing operations and support expansion of the broader district-scale opportunity. In particular, the period included formal approval of the Restoration Plan over the San Jose and Udías mining licences, the completion of a high-resolution 3D laser survey of the Udías underground workings, the acquisition of a substantial historic drill database covering newly granted licences in the broader district, and (in the December 2025 quarter) receipt of government approval of the Preliminary Mining Plan (Anteproyecto) for the San Jose Mine. Variscan also completed a strongly supported capital raise to fund near-term technical and development activities. Novales-Udías Zinc Project, Spain Permitting and approvals – San Jose and Udías Mining Licences In the September 2025 quarter, Variscan reported formal approval of the Restoration Plan covering the San Jose and Udías mining licences. The approved Restoration Plan covers both the historical San Jose Mine and the Udías workings, creating a unified regulatory framework to advance preparatory development activities. In addition, the scope of the Restoration Plan was expanded to include an extensive surface drilling campaign over the mining licence areas, with 69 diamond drillholes for approximately 13,800 metres approved. In the December 2025 quarter, Variscan achieved a further major permitting milestone with the Government of Cantabria approving the Preliminary Mining Plan (Anteproyecto) for the San Jose Mine. This approval enables pre-works, underground development and trial mining ahead of a proposed mine restart and represents a further de-risking step toward recommencing production at San Jose. The approval provides a framework for early operational activities, including work associated with existing underground infrastructure, mine access, transportation, electrical installation, drainage and underground safety systems. Together with the previously approved mining licences, Restoration Plan and annual Plan de Labores, the Anteproyecto provides approval to proceed with underground trial mining and small-scale exploitation, while additional permitting processes continue in parallel. Udías Mine – underground drilling and technical work During the half-year, Variscan continued underground diamond drilling at the Udías Mine and progressed key technical workstreams that support both near-term development planning and ongoing exploration targeting. Directors’ Report Variscan Mines Limited Page 5 The Company completed a detailed 3D laser survey of the Udías Mine to improve the understanding of historical underground development and to support drill targeting. This work materially improved the Company’s ability to model and target mineralisation in three dimensions and to refine drilling plans. In the December 2025 quarter, the Company reported high-grade underground drilling results at the Udías Mine, including the highest-grade zinc intercept drilled by the Company to date (as reported in the period’s ASX releases). Drilling at Udías confirmed continuation of zinc mineralisation along structural trends and in previously undrilled areas, with drilling completed outside the current Mineral Resource Estimate, supporting the potential for further resource growth. Intervals correlated well with exceptionally high-grade historic face sampling results. District-scale growth – historic drill database and drilling permits During the September 2025 quarter, Variscan significantly expanded its geological database through the acquisition of 146 historic surface drillholes totalling 52,034 metres across newly granted licences (including Hipolita, Esperanza and Ana Isabel). The historic drill data includes multiple high-grade zinc and lead intercepts and is expected to assist in accelerating district-scale exploration planning and evaluation. In addition, with the approval of the Restoration Plan and associated permitting progress, Variscan secured approval for a substantial surface drilling program over the mining licence areas (69 drillholes for ~13,800 metres). The Company advised that this campaign is designed to step out from the existing Mineral Resource Estimate around San Jose and extend on-trend toward additional mineralised zones. Mine Re-Start Study Across the half-year, Variscan progressed workstreams feeding into its Mine Re-Start Study for the San Jose Mine, including metallurgical and geotechnical inputs. The Company expects to publish this report within the March 2026 quarter. Significant events after balance date On 21 January 2026 the Company announced that it had processed the conversion of 772,306 unquoted options (exercisable at $0.008 on or before 29 September 2028) into ordinary shares of the Company upon receipt of a valid exercise notice. On 30 January 2026 the Company announced that it had entered into a binding term sheet for a $1 million Convertible Loan Note Facility with a small syndicate of professional and sophisticated investors. As at the date of this report, this facility remains undrawn. As part of the agreement, the Company issued 15 million unquoted options (exercisable at $0.008 on or before 28 September 2028) to the lead financial advisor of the facility (or its nominees). On 6 February 2026 the Company announced the appointment of Vaughan (Tom) Kent as a non-executive director, and the resignation of Nicholas Farr-Jones from the Board. On 3 March 2026 the Group announced that the proposed Earn-In and Joint Venture Agreement (“Definitive Agreement”) with MDF Global Limited (“MDF”), Zinc GroupCo Pty Ltd (“ZincCo”) (together, the “Vendors”) and BMex Pty Ltd (“BMex”) had not been executed within the prescribed timeframe. The Group had sought and obtained shareholder approval to execute the Definitive Agreement at its 2025 Annual General Meeting, and the terms of the approval required the execution to occur within 3 months of the date of the meeting. Certain of the conditions precedent, were not satisfied within the prescribed timeframe and therefore the Definitive Agreement was not executed. The Group intends seeking to negotiate a revised date by which the conditions precedent to execution of the Definitive Agreement must be satisfied with the Vendors and BMex. Other than the above, there has been no additional matter or circumstance that has arisen after balance date that has 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 periods. Auditor Independence Declaration Section 307C of the Corporations Act 2001 requires our auditors, HLB Mann Judd, to provide the Directors of the Company with an Independence Declaration in relation to the review of the half-year report. This Independence Declaration is set out on page 6 and forms part of this Directors’ Report for the half year ended 31 December 2025. Signed in accordance with a resolution of the Directors. Stewart Dickson Managing Director Dated this 16th day of March 2026 Page 6 AUDITOR’S INDEPENDENCE DECLARATION As lead auditor for the review of the consolidated financial report of Variscan Mines Limited for the half-year ended 31 December 2025, I declare that to the best of my knowledge and belief, there have been no contraventions of: a) the auditor independence requirements of the Corporations Act 2001 in relation to the review; and b) any applicable code of professional conduct in relation to the review. Perth, Western Australia 16 March 2026 D B Healy Partner Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income For the half-year ended 31 December 2025 Variscan Mines Limited Page 7 Notes Consolidated Six months to 31 December 2025 Six months to 31 December 2024 $ $ Continuing operations Interest income 1,360 4,885 Total income 1,360 4,885 Compliance expenses (67,263) (87,493) Professional services expenses (162,068) (196,731) Finance expenses (15) (111) Occupancy expenses (512) - Directors’ expenses (128,064) (193,017) Exploration and evaluation expenditure expensed as incurred (201,180) - Loss on settlement of financial liability 6 (67,500) - Travel and accommodation expenses - (18,782) Other expenses (30,769) (30,612) Total expenses (657,371) (526,746) Realised (loss)/gain on foreign exchange 714 (16,476) Unrealised (loss)/gain on foreign exchange 1,470 (2,724) Total foreign exchange (loss)/gain 2,184 (19,200) Loss before income tax (653,827) (541,061) Income tax expense - - Loss for the period after income tax (653,827) (541,061) Other comprehensive income, net of income tax Items that may be reclassified subsequently to profit or loss Exchange differences on translation of foreign operations (21,149) 24,970 Other comprehensive income / (loss) for the period, net of tax (21,149) 24,970 Total comprehensive loss for the period (674,976) (516,091) Loss per share Basic and diluted loss per share (cents per share) 3 (0.06) (0.10) The accompanying notes form part of these financial statements Condensed Consolidated Statement of Financial Position As at 31 December 2025 Variscan Mines Limited Page 8 Notes Consolidated 31 December 2025 30 June 2025 $ $ Assets Current assets Cash and cash equivalents 635,389 451,939 Trade and other receivables 251,773 179,985 Total current assets 887,162 631,924 Non-current assets Property, plant and equipment 86,834 91,026 Deferred exploration and evaluation expenditure 4 11,599,372 10,672,695 Other non-current assets 100,018 74,025 Total non-current assets 11,786,224 10,837,746 Total assets 12,673,386 11,469,670 Liabilities Current liabilities Trade and other payables 234,419 341,827 Financial liabilities 8 - 250,000 Total current liabilities 234,419 591,827 Total liabilities 234,419 591,827 Net assets 12,438,967 10,877,843 Equity Issued capital 5 39,839,072 37,974,222 Reserves 6 1,012,137 662,036 Accumulated losses (28,412,242) (27,758,415) Total equity 12,438,967 10,877,843 The accompanying notes form part of these financial statements Condensed Consolidated Statement of Changes in Equity For the half-year ended 31 December 2024 Variscan Mines Limited Page 9 Consolidated Issued capital Share-based payment reserve Foreign currency translation reserve Accumulated losses Total 1 July 2024 36,066,871 207,300 94,959 (27,045,328) 9,323,802 Loss for the period - - - (541,061) (541,061) Other comprehensive income for the period, net of income tax - - 24,970 - 24,970 Total comprehensive income/(loss) for the period - - 24,970 (541,061) (516,091) Issue of shares for cash 2,367,335 - - - 2,367,335 Issue of shares to Directors under loan agreements 132,000 - - - 132,000 Issue of shares in lieu of fees 163,000 - - - 163,000 Issue of options as share issue costs (520,300) 520,300 - - - Lapse of options - (207,300) - 207,300 - Share issue costs paid (190,740) - - - (190,740) 31 December 2024 38,018,166 520,300 119,929 (27,379,089) 11,279,306 1 July 2025 37,974,222 546,598 115,438 (27,758,415) 10,877,843 Loss for the period - - - (653,827) (653,827) Other comprehensive loss for the period, net of income tax - - (21,149) - (21,149) Total comprehensive income/(loss) for the period - - (21,149) (653,827) (674,976) Issue of shares for cash 2,315,000 - - - 2,315,000 Loss on settlement of financial liability with equity - 67,500 - - 67,500 Issue of options as share issue costs (303,750) 303,750 - - - Share issue costs paid (146,400) - - - (146,400) 31 December 2025 39,839,072 917,848 94,289 (28,412,242) 12,438,967 The accompanying notes form part of these financial statements Condensed Consolidated Statement of Cash Flows For the half-year ended 31 December 2025 Variscan Mines Limited Page 10 Notes Consolidated Six months to 31 December 2025 Six months to 31 December 2024 $ $ Cash flows from operating activities Payments to suppliers and employees (514,156) (509,727) Interest received 1,360 4,885 Finance costs (15) (111) Exploration and evaluation expenditure (201,180) - Net cash outflow from operating activities (713,991) (504,953) Cash flows from investing activities Exploration and evaluation expenditure (1,020,972) (797,273) Purchase of property, plant and equipment (5,907) (7,178) Net cash outflow from investing activities (1,026,879) (804,451) Cash flows from financing activities Proceeds from issue of shares – placement and entitlement offer 5 2,065,000 2,367,335 Proceeds from issue of shares – loan agreements 5 - 32,000 Share issue costs paid (146,400) (190,740) Net cash inflow from financing activities 1,918,600 2,208,595 Net increase in cash and cash equivalents 177,730 899,191 Cash and cash equivalents at the beginning of the period 451,939 250,260 Effect of foreign exchange rate fluctuations on cash held 5,720 2,464 Cash and cash equivalents at the end of the period 635,389 1,151,915 The accompanying notes form part of these financial statements Notes to the Condensed Interim Financial Statements For the half-year ended 31 December 2025 Note 1: Basis of Preparation Variscan Mines Limited Page 11 These condensed interim financial statements are general purpose financial statements, which have been prepared in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standards including AASB 134 Interim Financial Reporting, Accounting Interpretations and other authoritative pronouncements of the Australian Accounting Standards Board. The financial statements comprise the consolidated condensed interim financial statements for the Group. For the purposes of preparing the consolidated financial statements, the Group is a for-profit entity. The interim financial statements do not include full disclosures of the type normally included in the annual financial report. Therefore, it cannot be expected to provide as full an understanding of the financial performance, financial position and cash flows of the Group as the annual financial report. It is recommended these interim financial statements be read in conjunction with the annual financial report for the year ended 30 June 2025 and any public announcements made by Variscan Mines Limited and its subsidiaries during the half year in accordance with continuous disclosure requirements arising under the Corporations Act 2001 and the ASX Listing Rules. The accounting policies and methods of computation adopted are consistent with those of the previous financial year and corresponding half year. These accounting policies are consistent with Australian Accounting Standards and with International Financial Reporting Standards. The financial statements have been prepared on a historical cost basis, except for financial assets carried at fair value. Historical cost is based on the fair values of the consideration given in exchange for assets, goods and services. The company is domiciled in Australia and all amounts are presented in Australian dollars, unless otherwise noted. For the purpose of preparing the interim financial statements, the half year has been treated as a discrete reporting period. (a) Statement of compliance The financial report was authorised for issue on 16 March 2026. The interim financial statements comply with Australian Accounting Standards, which include Australian equivalents to International Financial Reporting Standards (AIFRS). Compliance with AIFRS ensures that the financial report, comprising the interim financial statements and notes thereto, complies with International Financial Reporting Standards (IFRS). New Standards and Interpretations applicable for the half year ended 31 December 2025 In the period ended 31 December 2025, the Directors have reviewed all of the new and revised Standards and Interpretations issued by the AASB that are relevant to the Group and effective for the current reporting period. As a result of this review, the Directors have determined that there is no material impact of the new and revised Standards and Interpretations on the Group and, therefore, no material change is necessary to Group accounting policies. Standards and Interpretations in issue not yet adopted The Directors have also reviewed all of the new and revised Standards and Interpretations on issue not yet adopted for the period ended 31 December 2025. As a result of this review the Directors have determined that there is no material impact of the Standards and Interpretations in issue not yet adopted on the Group and, therefore, no change is necessary to Group accounting policies. (b) Going concern The financial report has been prepared on the going concern basis, which contemplates continuity of normal business activities and the realisation of assets and settlements of liabilities in the ordinary course of business. For the half-year ended 31 December 2025, the Group recorded a net loss after tax of $653,827 (2024: $541,061), and net cash outflows from operating and investment activities of $1,740,870 (2024: $1,309,404). At 31 December 2025, the Group had $635,389 in cash and cash equivalents (30 June 2025: $451,939) and net working capital of $652,743 (30 June 2025: $40,097). Notwithstanding the above, and whilst not immediately required, the Group will need to raise further funds to meet its planned exploration and development expenditure and corporate overheads. The Group’s ability to raise additional funds will be impacted by the success of exploration activities and market conditions. The Directors have reviewed the Group’s overall financial position and are of the opinion that the use of the going concern basis of accounting is appropriate as they believe the Group will have sufficient funds available for at least 12 months to achieve its objectives, noting that it will need to raise further funding or reduce or delay expenditures. Should these planned activities to raise or conserve capital not be successful, there exists a material uncertainty that may cast significant doubt upon the Group’s ability to continue as a going concern and, therefore, to realise its assets and extinguish its liabilities in the normal course of business and at the amounts stated in the financial report. Notes to the Condensed Interim Financial Statements For the half-year ended 31 December 2025 Note 2: Segment Reporting Variscan Mines Limited Page 12 AASB 8 Operating Segments requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the Chief Operating Decision Maker in order to allocate resources to the segment and to assess its performance. The Group’s operating segments have been determined with reference to the monthly management accounts used by the Chief Operating Decision maker to make decisions regarding the Group’s operations and allocation of working capital. Due to the size and nature of the Group, the Board as a whole has been determined as the Chief Operating Decision Maker. Based on the quantitative thresholds included in AASB 8, there are currently two geographical segments, being Australia and Spain, which are considered for management purposes to form part of the single reportable segment of mineral exploration. Segment information The following tables present revenue and profit information and certain asset and liability information regarding geographical segments: As at Australia Spain Total $ $ $ Segment assets 31 December 2025 613,205 12,060,181 12,673,386 30 June 2025 419,148 11,050,522 11,469,670 Segment liabilities 31 December 2025 (155,799) (78,620) (234,419) 30 June 2025 (515,076) (76,751) (591,827) Non-current asset additions 31 December 2025 - 1,000,833 1,000,833 30 June 2025 - 1,028,973 1,028,973 For the half year ended Australia Spain Total $ $ $ Segment income 31 December 2025 1,360 0 1,360 31 December 2024 (7,479) 12,364 4,885 Segment loss before income tax expense 31 December 2025 (652,685) (1,142) (653,827) 31 December 2024 (551,249) 10,188 (541,061) Notes to the Condensed Interim Financial Statements For the half-year ended 31 December 2025 Note 3: Loss Per Share Variscan Mines Limited Page 13 Basic and diluted loss per share Consolidated Six months to 31 December 2025 Six months to 31 December 2024 Basic and Diluted loss per share (cents per share) (0.06) (0.10) Gain/(Loss) The Gain or (Loss) used in the calculation of basic and diluted gain/(loss) per share is as follows: Consolidated Six months to 31 December 2025 Six months to 31 December 2024 $ $ Loss used in the calculation of basic loss per share (653,827) (541,061) Weighted average number of ordinary shares The weighted average number of ordinary shares used in the calculation of basic and diluted loss per share is as follows: Consolidated Six months to 31 December 2025 Six months to 31 December 2024 Number Number Weighted average number of ordinary shares for the purpose of basic loss per share 1,049,972,784 526,279,813 There is no impact of potential ordinary shares as they are not considered to be dilutive - - Weighted average number of ordinary shares for the purpose of diluted loss per share 1,049,972,784 526,279,813 Notes to the Condensed Interim Financial Statements For the half-year ended 31 December 2025 Note 4: Deferred Exploration and Evaluation Expenditure Variscan Mines Limited Page 14 Carrying value Consolidated 31 December 2025 30 June 2025 $ $ Exploration and evaluation costs 11,599,372 10,672,695 Reconciliation Consolidated Six months to 31 December 2025 Year to 30 June 2025 $ $ Opening balance 10,672,695 9,331,873 Expenditure incurred 986,711 973,165 Depreciation capitalised 8,215 16,646 Impact of foreign currency exchange differences (68,249) 351,011 Closing balance 11,599,372 10,672,695 The recoupment of costs carried forward in relation to areas of interest in the exploration and evaluation phases is dependent on the successful development and commercial exploitation or sale of the respective areas. Notes to the Condensed Interim Financial Statements For the half-year ended 31 December 2025 Note 5: Issued Capital Variscan Mines Limited Page 15 Contributed Equity 31 December 2025 30 June 2025 $ $ Share capital 1,247,159,078 ordinary shares fully paid (30 June 2025: 782,857,708) 39,839,072 37,974,222 Movement in ordinary shares on issue Six months to 31 December 2025 Year to 30 June 2025 Number $ Number $ Balance at beginning of period 782,857,706 37,974,222 379,000,368 36,066,871 Shares issued for cash 413,000,000 2,065,000 359,333,527 2,367,335 Shares issued subject to loan agreements with Directors - - 21,238,097 132,000 Shares issued as offset of amounts owed to shareholder (a) 51,301,372 250,000 - - Shares issued in lieu of directors fees (b) - - 23,285,714 163,000 Options issued as share issue costs (c) - (303,750) - (520,300) Other share issue costs - (146,400) - (234,684) Balance at end of period 1,247,159,078 39,839,072 782,857,706 37,974,222 On 17 September 2025, shareholders approved the issue of 51,301,372 shares and 25,650,685 options (exercisable at $0.008 on or before 29 September 2028) to settle a shareholder loan of $250,000, resulting in a loss on settlement of $67,500 for the fair value of the options received by the shareholder (refer Note 6). Shares issued in lieu of directors fees were valued by reference to the Company’s shares as quoted on the ASX for the month to which the liability related. The Company issued options to Lead Managers and Underwriters of offers made during the current and previous financial periods. These options, which have been valued using the Black-Scholes Option Pricing Model, have been recognised as share issue costs during the period. Refer Note 6 for details. Notes to the Condensed Interim Financial Statements For the half-year ended 31 December 2025 Note 6: Reserves and Share-based Payments Variscan Mines Limited Page 16 Reserves 31 December 2025 30 June 2025 $ $ Share based payment reserve 917,848 546,598 Foreign currency translation reserve 94,289 115,438 Total Reserves 1,012,137 662,036 Movement in share-based payment reserve Six months to 31 December 2025 Year to 30 June 2025 Number $ Number $ Balance at beginning of period 195,285,794 546,598 65,888,890 207,300 Issue of options as free-attaching to placement 206,499,994 - 105,833,352 - Issue of options in lieu of share issue costs 112,500,000 303,750 78,833,394 520,300 Issue of options to Directors as free-attaching to placement - - 10,619,048 26,298 Issue of options to Shareholder as free-attaching to shares issued under loan agreement (a) 25,650,685 67,500 Lapse of options - - (65,888,890) (207,300) Balance at end of period 539,936,473 917,848 195,285,794 546,598 On 17 September 2025, shareholders approved the issue of 51,301,372 shares and 25,650,685 options (exercisable at $0.008 on or before 29 September 2028) to settle a shareholder loan of $250,000, resulting in a loss on settlement of $67,500 for the fair value of the options received by the shareholder. The following share-based payment arrangements were in place during the period: Unlisted options Number Grant date Expiry date Exercise price Fair value at grant date Vesting terms Current Status $ $ Lead manager & underwriter options – FY25 78,833,394 18 Dec 2024 30 Nov 2026 $0.015 $0.0066 Immediately Vested / Exercisable Director free-attaching options – FY25 10,519,048 17 Dec 2024 30 Nov 2026 $0.01 $0.0025 Immediately Vested / Exercisable Lead manager options – FY26 & Loan agreement attaching options 1