Announcement PDF ASX:ARO ASX Announcement 31 July 2026 ABN 16 003 254 395 QUARTERLY ACTIVITIES REPORT For the Period Ended 30 June 2026 Building momentum across Spain as Altoro enters its next phase of exploration and growth HIGHLIGHTS • Continued advancing the Novales-Udías Zinc Project, integrating an extensive historical exploration database comprising 109 drillholes (6,720m) and progressing underground exploration, technical studies and permitting activities to support future resource growth and mine restart planning.1 • Historical drilling and underground sampling confirmed the presence of exceptionally high- grade zinc mineralisation at Novales-Udías, including intercepts of up to 0.85m @ 23.47% Zn and underground channel samples of up to 2.85m @ 33.50% Zn and 3.85m @ 24.50% Zn with 11.76% Pb, providing further confidence in the Project's exploration potential.2 • Completed geological interpretation and drill planning for the Company's maiden 1,430m diamond drilling programme at the Guajaraz Zn-Pb-Ag-Cu Project, targeting extensions to historically mined polymetallic mineralisation within the La Unión Mining District. • Successfully completed the first tranche of a $5 million Placement, raising approximately $0.69 million before costs to accelerate exploration across the Company's Spanish project portfolio. 34 • Board and Senior management conducted a high level site visit meeting with regional government representatives, senior staff and consultants. • Subsequent to the end of the quarter announced: • completion of the second tranche of the $5 million capital raising; • commencement of a maiden drill programme at the Guajaraz Project, establishing a second active exploration programme alongside Novales-Udías.5 • receipt of shareholder approval to rebrand to Altoro Metals Limited (ASX:ARO), reflecting the Company's evolution into a focused Spanish zinc and polymetallic explorer.6 Altoro Metals Limited (ASX:ARO) ("Altoro" or the "Company"), formerly Variscan Mines Limited (ASX:VAR), is pleased to present its Quarterly Activities Report for the period ended 30 June 2026. During the June Quarter, the Company continued to advance exploration across its Spanish zinc and polymetallic portfolio while strengthening its financial position through the successful completion of the first tranche of its $5 million Placement. Operational activities were focused on the flagship Novales-Udías Zinc Project, where the Company completed the review and integration of an extensive historical exploration database comprising 109 drillholes (6,720 metres) together with underground sampling and geological information, 1 ASX Announcement, Historic Surface Drilling Results on the Novales Zinc Trend, 11 May 2026. 2 ASX Announcement, Drill Program Advancing at the Novales Project, 3 June 2026. 3 ASX Announcement, Placement of $5M to Fund Drilling at Spanish Zinc Project, 11 May 2026. 4 ASX Announcement, Completion of First Tranche of $5million Placement, 19 May 2026. 5 ASX Announcement, Maiden Drill Programme at Guajaraz Zinc Project, 10 July 2026. 6 ASX Announcement, Change of Name to Altoro Metals Limited, 22 July 2026. ASX Announcement 31 July 2026 significantly enhancing its understanding of the district and supporting future drill targeting and resource growth. Exploration, permitting and technical studies also continued in support of the proposed restart of the historic San José Mine. At the Guajaraz Zn-Pb-Ag-Cu Project, detailed geological interpretation and drill planning were completed ahead of the Company's maiden diamond drilling programme, establishing a second high- priority exploration opportunity within the historic La Unión Mining District. Following Quarter end, the Company completed its A$5 million capital raising, commenced maiden drilling at Guajaraz and changed its name to Altoro Metals Limited, positioning the Company for an active second half of calendar year 2026. Tony Wehby, Chairman, commented: "The June quarter established a strong foundation for Altoro's next phase of growth. We strengthened our balance sheet, advanced exploration across our Spanish project portfolio and positioned the Company for an active period of drilling and news flow. "The review of more than 100 historic drillholes and underground sampling at Novales-Udías further reinforced the quality of the Project and will underpin future exploration programmes, while planning for our maiden drilling campaign at Guajaraz was completed during the quarter. "Since quarter end, we have completed the $5 million capital raising, transitioned to Altoro Metals Limited and commenced maiden drilling at Guajaraz. Together, these milestones represent an exciting new chapter as we continue advancing a portfolio of high-quality zinc and polymetallic projects in Spain." OPERATIONS REVIEW Novales-Udías Zinc Project During the June 2026 quarter, Altoro continued advancing exploration activities at its flagship Novales- Udías Zinc Project, located within the Basque-Cantabrian Basin in northern Spain. The Project comprises approximately 111km² of granted exploration licences covering a 12-kilometre mineralised trend that hosts numerous historical zinc-lead mines, including the San José, Emilia, Udías and Buenahora deposits. Figure 1: Project location of Novales-Udías Zinc Project ASX Announcement 31 July 2026 A key focus during the Quarter was the completion of a comprehensive review and integration of an extensive historical exploration database at the Emilia and Margarita mines, situated within the Novales-Udias Project. (ASX announcement 11 May 2026) The database comprised 109 drillholes for approximately 6,720 metres, together with historical underground sampling, geological mapping and mine development records. The work substantially improves the Company's understanding of the geological controls on mineralisation and provides a robust framework for future exploration targeting, resource growth and ongoing mine restart studies. Figure 2. Plan view of historical underground drilling and face sampling results from the upper levels of the Emilia mine. The review confirmed widespread high-grade zinc mineralisation across several historical mining centres within the Novales-Udías district, reinforcing the Project's potential as a significant brownfields zinc development opportunity. The Company reported that historical drilling intersected multiple zones of high-grade zinc mineralisation beneath the historic Emilia Mine, with results including 0.85 metres at 23.47% Zn, 1.50 metres at 14.22% Zn and 2.00 metres at 11.29% Zn. While historical in nature, these results validate the presence of high-grade mineralisation within the district and provide important geological vectors for future drilling programmes. ASX Announcement 31 July 2026 Importantly, the historical drilling database forms part of a much larger body of geological information that is now being incorporated into the Company's three-dimensional geological model to assist in defining future exploration targets Historical underground channel sampling also demonstrated exceptionally high-grade zinc mineralisation across the Project. Figure 3: Simplified geological cross-section showing connectivity and continuity between the San Jose mine and the Margarita and Emilia mines to the northeast. These historical results demonstrate the exceptional tenor of mineralisation associated with the Novales-Udías district and provide further confidence in the exploration potential of the Project. The Company notes that these results are historical in nature and are being used to support geological interpretation and exploration targeting. Image 1: Members of the Variscan team preparing for drilling at Emilia In parallel with the historical data review, the Company continued advancing a range of technical and development activities across the Novales-Udías Project. ASX Announcement 31 July 2026 Key activities completed during the quarter included: ● ongoing underground geological mapping and structural interpretation; ● channel sampling to improve understanding of mineralised structures; ● planning for underground drilling programmes; ● continued infrastructure inspections and rehabilitation planning; ● technical studies supporting the proposed restart of the historic San José Mine; and ● ongoing permitting and environmental workstreams. These activities continue to de-risk the Project while providing the technical foundation required to support future exploration programmes and potential mine redevelopment. Guajaraz Project Subsequent to 30 June 2026, the Company continued to build momentum across its Spanish exploration portfolio, completing several significant corporate and operational milestones. On 10 July 2026, Altoro announced the imminent commencement of its maiden diamond drilling programme at the 100%-owned Guajaraz Zn-Pb-Ag-Cu Project in the historic La Unión Mining District, Spain. The programme comprises five diamond drillholes for approximately 1,430 metres and is designed to test extensions to historically mined polymetallic mineralisation beneath the David, Stewart and May mine areas, together with additional high-priority structural targets identified through geological interpretation, historical mining data and Deep Ground Penetrating Radar (DGPR) surveys. Figure 3. Proposed 2026 Diamond drill holes at the Guajaraz Zn-Pb-Ag-Cu Project. ASX Announcement 31 July 2026 The commencement of drilling represents the first modern drill programme undertaken by the Company at Guajaraz and marks an important milestone in evaluating the Project's potential to host significant zinc-polymetallic mineralisation. High Level Site Visit During June, to advance the San José mine restart and secure local alignment, Altoro hosted a high- level site visit for Board members and senior management at the Novales-Udías project. The delegation also held strategic meetings with the President of Cantabria, Ms. María José Sainz de Buruaga, the Regional Minister for Industry, Employment, Innovation and Trade, and meetings were also held with the Mayors of Novales and Udías. Additionally, various expert technical consultants involved in the Mine Re-start Study attended meetings with the management group, reinforcing the Company's commitment to expediting the mine reopening plan and demonstrating the positive local economic impact of revitalising the region's historic zinc mining sector. CORPORATE Completion of $5 Million Placement Following the receipt of shareholder approval at a general meeting held on 10 July 2026, the Company completed the second tranche of its previously announced Placement, raising the remaining funds under the $5 million capital raising. The successful completion of the Placement provides Altoro with a strong financial platform to execute its planned exploration and development activities across its Spanish project portfolio. Company Rebrand to Altoro Metals Limited On 22 July 2026, the Company officially changed its name from Variscan Mines Limited to Altoro Metals Limited, with the Company's ASX ticker changing from VAR to ARO. The rebrand reflects the Company's evolution into a focused explorer and developer of zinc and polymetallic assets in Spain and aligns its corporate identity with its long-term growth strategy. Termination of BMEx Term Sheet Subsequent to quarter end, the Company confirmed that it had received written notice terminating the previously announced Term Sheet between the Company, MDF Global Limited, Zinc GroupCo Pty Ltd and BMEx Pty Ltd. The Company has no ongoing rights or obligations in respect of the proposed transaction. Summary of Expenditure on Exploration Activities For the Quarter, the Group spent $368,000 on exploration activities, substantively all of which related to the Group’s Spanish zinc projects. These exploration activities related to: • Underground drilling; • Geological modelling; • Technical consulting fees; • Tenement administration, reporting and management; and • Directly-attributable corporate overheads and administration costs. ASX Announcement 31 July 2026 In accordance with ASX Listing Rule 5.3.2, the Company advises that no Mining Development or Production activities were conducted during the quarter. Deferred Settlement Shares In accordance with the acquisition agreements, the Company must issue additional shares upon the satisfaction of certain exploration milestones. These milestones are for the definition, in accordance with JORC 2012, of an Inferred Mineral Resource (or greater) of: • Milestone 1: 4 million tonnes at 7% Zn • Milestone 2: 8 million tonnes at 7% Zn Upon satisfaction of each of these milestones, the Company must issue 27,500,000 ordinary shares to the vendors of Slipstream Spain Pty Ltd and Slipstream Spain 2 Pty Ltd, and 2,426,471 shares to Hispanibal S.L. as the vendor of the “Hispanibal Option”, for a total of 59,852,941 Ordinary Shares if both milestones are met. Pursuant to the Hispanibal Option being settled, a deferred cash payment of €200,000 is payable upon the publication of a JORC compliant mineral resource. This is expected to be payable upon achievement of Milestone 1 as set out above. As at the date of this report neither of these milestones have been reached. Other During the quarter, the Company made payments to related parties of $96,000 represented by remuneration paid to Directors. This Quarterly Activities Report has been authorised for release by the Board of Altoro Metals Limited. For further information, please contact: Altoro Metals Limited Tony Wehby Chairman info@variscan.com.au Media & Investor enquiries Jane Morgan Director jm@janemorganmanagement.com.au About Altoro Metals Limited Altoro Metals Limited is an ASX-listed exploration company focused on advancing a portfolio of zinc and polymetallic projects in Spain. The Company’s flagship Novales-Udías Project in Cantabria encompasses the former-producing San José underground mine and a broader mineralised district with substantial exploration potential. Altoro is also advancing the Guajaraz Zn-Pb-Ag-Cu Project in central Spain, where a maiden diamond drilling programme is planned to test priority targets within a historically mined but underexplored polymetallic system. With a strengthened balance sheet and active exploration programmes across both projects, Altoro is focused on defining and expanding high- quality base and critical metals opportunities in established European mining jurisdictions. ASX Announcement 31 July 2026 Mineral Resource Estimate for Novales-Udias Project JORC Mineral Resource Estimate for San Jose mine and north-eastern Udías by deposit and classification reported above at 2% Zn+Pb cut-off (ASX announcement 9 December 2024) Competent Person Statement The information in this document that relates to exploration results is based on and fairly represents information and supporting documentation compiled and reviewed by Dr. Mike Mlynarczyk, Principal of Redstone Exploration Services, a geological consultancy acting as an external consultant for Altoro Metals Limited. Dr. Mlynarczyk is a Professional Geologist (PGeo) of the Institute of Geologists of Ireland, and European Geologist (EurGeol) of the European Federation of Geologists, as well as Fellow of the Society of Economic Geologists (SEG). With over 14 years of full-time exploration experience in MVT-style zinc-lead systems in several of the world’s leading MVT provinces, Dr. Mlynarczyk 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 December 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (‘JORC Code’). Dr. Mlynarczyk consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears. Where reference is made to previous releases of exploration results and mineral resource estimates in this announcement, the Company confirms that it is not aware of any new information or data that materially affects the information included in those announcements and all material assumptions and technical parameters underpinning the exploration results and mineral resource estimates included in those announcements continue to apply and have not materially changed. Where information in this document relates to previous exploration results that was prepared pre-2012 JORC code. It is the opinion of Altoro that the exploration data is reliable. Although some of the data is incomplete, nothing has come to the attention of Altoro that causes it to question the accuracy or reliability of the historic exploration. Forward Looking Statements Forward-looking statements are only predictions and are not guaranteed. They are subject to known and unknown risks, uncertainties and assumptions, some of which are outside the control of the Company. Past performance is not necessarily a guide to future performance and no representation or warranty is made as to the likelihood of achievement or reasonableness of any forward-looking statements or other forecast. The occurrence of events in the future are subject to risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to differ from those referred to in this announcement. Given these uncertainties, recipients are cautioned not to place reliance on forward looking statements. Any forward-looking statements in this announcement speak only at the date of issue of this announcement. Subject to any continuing obligations under applicable law and the ASX Listing Rules, the Company, its directors, officers, employees and agents do not give any assurance or guarantee that the occurrence of the events referred to in this announcement will occur as contemplated. ASX Announcement 31 July 2026 LISTING OF TENEMENTS HELD AT 30 JUNE 2026 Tenement Tenement No. Interest Joint Venture Details SPAIN Cantabria Buenahora Fraction 1 Buenahora Fraction 2 San José La Torra Tres Amigos Torpeza Andrea Andrea-demasía a Es Dudosa Cargadoiro Tres amigos-demasía a Flor del pueblo Torpeza-demasía a Torpeza-3ª demasía a Torpeza-2ª demasía a Flor del pueblo-demasía a Dudosa-demasía a Andrea-3ª demasía a Andrea-2ª demasía a Cargadoiro-demasía a Ampliación a Matilde Aumentada Campitos Campitos-demasía a Carmenchu Amelita Eloísa Ampliación a Matilde-demasía a Cargadoiro 2 Amelita-demasía a Carmenchu-demasía a Eloísa-demasía a Carmenchu-2ª demasía a 6º Aumento a porvenir Ampliación a Matilde-demasía a Campitos-segunda demasía a Cargadoiro 2- demasía a Carmenchu-tercera demasía a 6º Aumento a porvenir-demasía a Torpeza-tercera demasía a Esperanza Estela IP 16.662-01 IP 16.662-02 EC 94 EC 512 EC 1565 EC 2557 EC5220 EC5374 EC8049 EC8165 EC11589 EC11594 EC12942 EC12952 EC13079 EC13080 EC13154 EC13170 EC13175 EC13176 EC13260 EC13641 EC14238 EC14554 EC14640 EC14945 EC14949 EC14947 EC14948 EC14954 EC14979 EC14980 EC14981 EC14982 EC15672 EC13641-10 EC14554-20 EC14954-10 EC14980-30 EC15672-10 EC2557-30 IP 16674 IP 16672 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% ASX Announcement 31 July 2026 Tenement Tenement No. Interest Joint Venture Details Elena Candela Valeria Hipolita (Reocin) Ana Isabel Toledo Guajaraz IP 16673 IP 16676 IP 16675 IP 16680 IP 16679 IP 4.203 100% 100% 100% 100% 100% 100% NEW SOUTH WALES Willyama EL 8075 0% Note 1 Hillston EL 6363 39.2% Perilya can earn 80%, Eaglehawk 9.8% Native Dog EL 8236 0% Note 1 Woodlawn South ELs 7257 and 7469 0% Royalty interest only SOUTH AUSTRALIA Junction Dam EL 5682 0% Marmota acquired 100% ownership. See Note 2 Callabonna EL 5360 49% Red Metal 51%, can earn 70% - Note 3 EL = Exploration License IP = Investigation Permit (Spain) EC = Exploration Concession (Spain) Note 1: Under an agreement with Silver City Minerals Limited, Broken Hill Operations and Eaglehawk Geological Consulting Pty Ltd Variscan has converted its interest in parts of these tenements to a NSR (Net Smelter Return). Note 2: Marmota has earned 100% of the uranium rights only in EL 5682. Variscan has a 0.5% net profits royalty on production from a uranium mine. Note 3: Chalice Mines Limited is currently earning into Red Metal’s interest in the Callabonna project. Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity Altoro Metals Limited (formerly Variscan Mines Limited) ABN Quarter ended (“current quarter”) 16 003 254 395 30 June 2026 Consolidated statement of cash flows Current quarter $A’000 Year to date (12 months) $A’000 1. Cash flows from operating activities - - 1.1 Receipts from customers 1.2 Payments for (19) (131) (a) exploration & evaluation (b) development - - (c) production - - (d) staff costs (55) (257) (e) administration and corporate costs (including one-off legal and other associated costs) (185) (643) 1.3 Dividends received (see note 3) - - 1.4 Interest received - - 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other (provide details if material) - - 1.9 Net cash from / (used in) operating activities (259) (1,031) 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) tenements - - (c) property, plant and equipment - - (d) exploration & evaluation (349) (1,658) (e) investments - - (f) other non-current assets - - Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (12 months) $A’000 2.2 Proceeds from the disposal of: - - (a) entities (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) - - 2.6 Net cash from / (used in) investing activities (349) (1,658) 3. Cash flows from financing activities 696 2,696 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - 6 3.4 Transaction costs related to issues of equity securities or convertible debt securities (51) (200) 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other – Share funds received in advance (Tranche 2 director subscriptions) 150 150 3.10 Net cash from / (used in) financing activities 795 2,652 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 225 452 4.2 Net cash from / (used in) operating activities (item 1.9 above) (259) (1,031) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (349) (1,658) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 795 2,652 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (12 months) $A’000 4.5 Effect of movement in exchange rates on cash held (1) (4) 4.6 Cash and cash equivalents at end of period 411 411 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 411 225 5.2 Call deposits - - 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 411 225 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 55 6.2 Aggregate amount of payments to related parties and their associates included in item 2 41 Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) (259) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (349) 8.3 Total relevant outgoings (item 8.1 + item 8.2) (608) 8.4 Cash and cash equivalents at quarter end (item 4.6) 411 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 411 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 0.68 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: Yes. The Company expects its net operating cash outflows to continue at broadly similar levels in the near term as it advances its exploration programs in Spain. The level of outflows will vary with the timing and scope of planned exploration and corporate activity. 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: Yes. During the quarter the Company completed the first tranche of a capital raising and received funds in advance in respect of the second tranche. Subsequent to quarter end, on 16 July 2026, the Company completed the second tranche of its $5.0 million capital raising and is now well funded to meet its planned operations. 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: Yes. Following completion of the second tranche of the $5.0 million capital raising on 16 July 2026, the Company is well funded to continue its operations and to meet its business objectives. On that basis the Board is confident that the Company will be able to continue its operations and meet its stated business objectives. Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: .............31 July 2026...................................................................... Authorised by: .....................The Board.............................................................. (Name of body or officer authorising release – see note 4) Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market