Announcement PDF ASX:ARO ASX Announcement 30 October 2026 ABN 16 003 254 395 info@altorometals.com PO Box 7059 Cloisters Square PO Perth Western Australia 6850 2026 ANNUAL REPORT For the year ended 30 June 2026 Altoro Metals Limited (ASX: ARO) ("Altoro" or the "Company") attaches its Annual Report for the year ended 30 June 2026. The Annual Report is available on the Company's website at www.altorometals.com and is being sent to those shareholders who have elected to receive a copy. The Company's 2026 Annual General Meeting will be held on Monday 23 November 2026. This announcement has been authorised for release by the Board of Altoro Metals Limited. ENDS For further information, please contact: Altoro Metals Limited Tony Wehby Chairman info@altorometals.com Media & Investor enquiries Jane Morgan Director jm@janemorganmanagement.com.au CORPORATE DIRECTORY Directors Mr Anthony Wehby Non-Executive Chairman Mr Vaughan (‘Tom’) Kent Executive Director Dr Frank Bierlein Non-Executive Director Mr Myles Campion Non-Executive Director Company secretary Mr Mark Pitts Registered office Level 5/191 St Georges Terrace Perth, Western Australia Australia P: +61 8 9316 9100 E: info@altorometals.com W: www.altorometals.com Share register Automic Level 5/191 St Georges Terrace Perth, Western Australia 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 Altoro Metals Limited’s shares are listed on the Australian Securities Exchange (ASX: ARO) ALTORO METALS LIMITED | ANNUAL REPORT 2026 2 CONTENTS I N T R O D U C T I O N Chairman’s Letter 5 The Year at a Glance 6 O P E R A T I O N S Review of Operations 8 Annual Mineral Resource Statement 17 Competent Persons Statements 18 F I N A N C I A L R E P O R T Directors’ Report 21 Auditor’s Independence Declaration 34 Consolidated Statement of Profit or Loss and Other Comprehensive Income 35 Consolidated Statement of Financial Position 36 Consolidated Statement of Cash Flows 37 Consolidated Statement of Changes in Equity 38 Notes to the Consolidated Financial Statements 39 Consolidated Entity Disclosure Statement 62 Directors’ Declaration 63 Independent Auditor’s Report 64 S H A R E H O L D E R I N F O R M A T I O N Schedule of Tenements 69 Summary of Joint Ventures and Governance Framework 71 ASX Additional Information 72 ALTORO METALS LIMITED | ANNUAL REPORT 2026 3 INTRODUCTION OPERATIONS FINANCIAL REPORT SHAREHOLDER INFORMATION CHAIRMAN’S LETTER Dear Shareholders, Over the past year, Altoro has made important progress in re- establishing its platform for growth. We have successfully raised approximately $7 million in new capital, refreshed the Board and, importantly, undertaken a substantive drilling campaign in Cantabria, allowing us to advance our understanding of the potential of our Spanish zinc assets. These achievements strengthen the foundations from which to pursue the next stage of the Company’s development. Notwithstanding this progress, we recognise and share shareholders’ disappointment that the Company’s share price and market capitalisation have not yet reflected the work undertaken or the potential of our assets. The Board remains focused on translating operational progress into tangible value for shareholders, while recognising the challenges that small resource companies can face in attracting investment when their asset base is concentrated in a single commodity or jurisdiction. Corporate matters During the year Non-Executive Director Mr Nicholas Farr-Jones and Managing Director Mr Stewart Dickson stepped down from the Board. On behalf of the Board I thank them both for their contribution, and in Stewart’s case for his many years leading the Company through the acquisition and development of the Spanish projects. Mr Tom Kent joined the Board in February 2026 and moved into an executive role in March 2026, and Mr Myles Campion joined as a Non-Executive Director in August 2026, bringing to the role more than 35 years of experience in the resources sector and a long involvement with the European zinc industry. The Company completed two placements during the year, raising $2.07 million in August and September 2025 and $5.0 million across two tranches in May and July 2026. I thank our shareholders, both long-standing and new, for that support. Conclusion Looking ahead, we see opportunities both to continue advancing our Spanish assets towards commercialisation and to strengthen the Company’s longer-term growth prospects. We are working to assess opportunities that may complement our existing portfolio, build scale and create additional value for shareholders. The Board will continue its focus in Spain and will also be considering other opportunities for growth during the coming year. Operationally, our priorities include surface drilling along the Novales trend, a Mineral Resource update, lodgement of the next set of permit applications with the Cantabrian authorities and following up the results of the maiden drilling campaign at Guajaraz. On behalf of the Board, I thank our management, technical team and consultants in Spain and Australia for their work during the year. Yours sincerely, Anthony Wehby Non-Executive Chairman ALTORO METALS LIMITED | ANNUAL REPORT 2026 5 INTRODUCTION OPERATIONS FINANCIAL REPORT SHAREHOLDER INFORMATION THE YEAR AT A GLANCE For the year ended 30 June 2026 A year in which Novales-Udías secured key permitting approvals and its Re-Start Study, two large historical datasets were added, and Variscan became Altoro. 3.4Mt Mineral Resource at 7.6% Zn and 0.9% Pb, Novales-Udías (ASX announcement 9 December 2024) 20.76% Zn Highest-grade intercept drilled by the Company to date: 6.43m @ 20.76% Zn, 2.77% Pb in UDDT024, Udías (ASX announcement 11 November 2025) 52,034m Historical surface drilling from 146 holes acquired over the Hipólita, Esperanza and Ana Isabel licences (ASX announcement 16 September 2025) 2 Key permitting approvals: the Restoration Plan (September 2025) and the Anteproyecto (December 2025) over the San José and Udías mining licences $7.07m Raised before costs across two placements: $2.07m in August and September 2025 and $5.0m in May and July 2026 111km² Granted tenure over the 12 kilometre Novales-Udías mineralised trend in Cantabria SAN JOSÉ MINE RE-START STUDY Completed in March 2026, the Study sets out a staged, low capital starter operation using around 1.6 kilometres of existing underground development at San José, drawing on about half of the current Mineral Resource. The outcomes of the Study, and the cautionary statement that goes with them, are set out on page 9. SINCE THE END OF THE YEAR Guajaraz Maiden diamond drilling programme commenced, the first modern drilling at the Project (ASX announcement 10 July 2026) 21.10% Zn Channel sampling at Emilia returned multiple high-grade intervals, including 2.65m @ 21.10% Zn (ASX announcement 11 August 2026) ARO Variscan Mines Limited became Altoro Metals Limited on 22 July 2026, trading as ASX:ARO from 23 July 2026 ALTORO METALS LIMITED | ANNUAL REPORT 2026 6 INTRODUCTION OPERATIONS FINANCIAL REPORT SHAREHOLDER INFORMATION REVIEW OF OPERATIONS For the year ended 30 June 2026 HIGHLIGHTS  Government of Cantabria approval of the Restoration Plan (September 2025) and the Preliminary Mining Plan (Anteproyecto) (December 2025) over the San José and Udías mining licences, permitting pre-works, underground development and trial mining ahead of a restart.  San José Mine Re-Start Study completed in March 2026, outlining a staged starter operation with an 11 year initial mine life (refer to the cautionary statement below).  Highest-grade intercept drilled by the Company to date at the Udías Mine, 6.43m @ 20.76% Zn and 2.77% Pb in UDDT024, outside the current Mineral Resource.  Two historical datasets integrated, being 146 surface drillholes for 52,034m over the Hipólita, Esperanza and Ana Isabel licences and 109 drillholes for 6,720m at the Emilia and Margarita mines.  Mineral Resource Estimate unchanged at 3.4Mt @ 7.6% Zn and 0.9% Pb.  $2.07 million placement completed in August and September 2025 and a $5.0 million two-tranche placement completed in May and July 2026.  Board and executive leadership renewed, and the Company renamed Altoro Metals Limited (ASX:ARO) in July 2026.  Since year end, maiden diamond drilling commenced at Guajaraz and channel sampling at Emilia returned multiple high- grade zinc intervals. Overview Altoro Metals Limited (ASX:ARO) (formerly Variscan Mines Limited) (Altoro or the Company) is focused on the exploration and development of zinc and polymetallic projects in Spain. Its flagship is the Novales-Udías Zinc Project in Cantabria, centred on the former producing San José and Udías underground mines, and it also holds the Guajaraz Zn-Pb-Ag-Cu Project in the province of Toledo. During the year the Company secured the key approvals for pre-works and trial mining at San José, completed the San José Mine Re-Start Study, continued underground drilling at Udías and added two large historical datasets that extend its understanding of the district well beyond the current Mineral Resource. The Board and executive leadership were renewed, two placements were completed and, shortly after year end, the Company changed its name to Altoro Metals Limited and commenced maiden drilling at Guajaraz. As outlined on page 25, the proposed earn-in over the Midlands and Waterford zinc projects in Ireland did not proceed, and the Company has since concentrated its efforts on its Spanish zinc and polymetallic projects at Novales-Udías and Guajaraz. Novales-Udías Zinc Project The Novales-Udías Project is an advanced zinc-lead project in the Basque-Cantabrian Basin, approximately 30 kilometres south-west of Santander in northern Spain. It comprises approximately 111 square kilometres of granted tenements over a 12 kilometre mineralised trend that hosts a number of historical zinc-lead mines, including San José, Udías, Emilia and Buenahora, and is within trucking distance (approximately 180 kilometres) of the San Juan de Nieva zinc smelter operated by Asturiana de Zinc, a subsidiary of Glencore. The Mineral Resource Estimate for the Project is 3.4 million tonnes at 7.6% Zn and 0.9% Pb (refer ASX Announcement dated 9 December 2024) and was unchanged during the year. ALTORO METALS LIMITED | ANNUAL REPORT 2026 8 INTRODUCTION OPERATIONS FINANCIAL REPORT SHAREHOLDER INFORMATION REVIEW OF OPERATIONS For the year ended 30 June 2026 Figure 1: Location of the Novales-Udías Zinc Project Permitting and approvals In September 2025 the Government of Cantabria formally approved the Restoration Plan over the San José and Udías mining licences, and an extensive surface drilling campaign of 69 drillholes for approximately 13,800 metres was permitted (refer ASX Announcement dated 3 September 2025). In December 2025 the Government of Cantabria approved the Preliminary Mining Plan (Anteproyecto) over the same licences (refer ASX Announcement dated 17 December 2025). The Anteproyecto defines the general characteristics of the proposed operation and provides a framework for the early operational activities needed for a restart, including adaptation of the existing underground infrastructure, mine access, haulage, electrical installation and drainage. Together with the mining licences, the Restoration Plan and the annual Plan de Labores, it allows the Company to undertake pre-works, underground development, trial mining and small-scale exploitation while the remaining permitting processes run in parallel. Licence / permit Status Notes Mining licences Approved Valid to 2035, with the ability to extend for a further 30 years Restoration Plan Approved September 2025 Plan de Labores Approved Work plan submitted annually Anteproyecto Approved Preliminary Mining Plan, December 2025 Table 1: Permitting status of the San José and Udías mining licences Further permits are required to support a final investment decision. Since year end the Company has appointed an additional senior mining engineer to support its Technical Director and is targeting submission of the Mine and Plant Project and Restoration Plan to the Cantabrian authorities by the end of calendar 2026 (refer ASX Announcement dated 24 September 2026). San José Mine Re-Start Study The Company released the San José Mine Re-Start Study (the Study) in March 2026 (refer ASX Announcement dated 25 March 2026). The Study was prepared by Piran Mining to scoping study level (±35% accuracy) and sets out a staged, low capital starter operation that makes use of approximately 1.6 kilometres of existing underground development at San José. It draws on approximately half of the current Mineral Resource and does not include the adjacent Udías Mine, which the Company sees as the main avenue for scaling the operation up over time. The key base case outcomes are summarised below. Study outcome (base case) Result Initial mine life 11 years ALTORO METALS LIMITED | ANNUAL REPORT 2026 9 INTRODUCTION OPERATIONS FINANCIAL REPORT SHAREHOLDER INFORMATION REVIEW OF OPERATIONS For the year ended 30 June 2026 Study outcome (base case) Result Ore mined Approximately 1.6Mt at approximately 6.0% Zn and 0.8% Pb Processing Modular 175ktpa plant on the existing site Metallurgical recoveries 88% Zn, 80% Pb Pre-production capital Approximately €19 million (A$33 million) Pre-production period Approximately 2.5 years Total cash cost Approximately €63/t (A$110/t) Post-tax free cash flow Approximately €53 million (A$93 million) Post-tax NPV (5% discount rate) Approximately €38 million (A$67 million) Post-tax IRR 45% Payback period Approximately 3.8 years Price and exchange rate assumptions Zn US$2,932/t, Pb US$1,940/t, €1.00 = A$1.75 Table 2: Key outcomes of the San José Mine Re-Start Study (refer ASX Announcement dated 25 March 2026) Following the Study the Company turned its attention to funding, early works planning and the permitting pathway required to support a final investment decision, prioritising non-dilutive options such as debt, royalty, streaming and offtake, and appointed Square Resources as its marketing manager. Since year end the Company has noted that bringing the Udías, Emilia and Margarita workings into the mine plan offers additional upside to the Study, and that a site visit by Non-Executive Director Mr Myles Campion identified efficiencies that could streamline it (refer ASX Announcement dated 24 September 2026). Cautionary statement The Study is a scoping study prepared in accordance with the JORC Code (2012). It is a preliminary technical and economic assessment of the potential viability of a restart of the San José Mine. It is based on low-level technical and economic assessments that are not sufficient to support the estimation of Ore Reserves or to provide assurance of an economic development case at this stage, or to provide certainty that the conclusions of the Study will be realised. Approximately 35% of the production target over the life of mine is drawn from Inferred Mineral Resources, with 28% from Measured and 37% from Indicated Mineral Resources. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised. The Study assumes pre-production funding of approximately €19 million (A$33 million). There is no certainty that the Company will be able to raise that amount when needed, and funding may only be available on terms that dilute or otherwise affect the value of the Company’s existing shares. The Company considers that it has reasonable grounds for the production target and forecast financial information set out in the Study, as explained in the announcement of 25 March 2026. Investors should not make any investment decisions based solely on the results of the Study. Exploration Udías Mine underground drilling Underground diamond drilling at the Udías Mine returned the highest-grade intercept drilled by the Company to date (refer ASX Announcement dated 11 November 2025). Results included:  UDDT024: 6.43m @ 20.76% Zn, 2.77% Pb  UDDT024: 4.65m @ 13.52% Zn, 0.61% Pb  UDDT030: 7.40m @ 11.22% Zn, 0.03% Pb  UDDT022: 7.65m @ 8.59% Zn, 1.77% Pb  UDDT030: 7.00m @ 7.83% Zn, 0.03% Pb The intercepts correlate well with high-grade historical face sampling and confirm that mineralisation continues along structural trends and into previously undrilled areas, approximately 80 metres from surface. All of the drilling completed at Udías during the year lies outside the current Mineral Resource Estimate. Drilling recommenced in January 2026 (refer ALTORO METALS LIMITED | ANNUAL REPORT 2026 10 INTRODUCTION OPERATIONS FINANCIAL REPORT SHAREHOLDER INFORMATION REVIEW OF OPERATIONS For the year ended 30 June 2026 ASX Announcement dated 21 January 2026), moving systematically along the existing mine development towards the Mineral Resource in the north-east of the Udías Mine and the San José Mine beyond it. Figure 2: Plan view of the southern part of the Udías Mine showing underground diamond drillholes, mine development and historical face samples (refer ASX Announcement dated 11 November 2025) Earlier in the year a high-resolution 3D laser survey of the Udías Mine mapped the historical workings in more detail than was previously possible. It identified previously unrecorded extensions of underground development and has improved the Company’s ability to target mineralisation beyond the current Mineral Resource (refer ASX Announcement dated 29 September 2025). Historical surface drilling on the new licences In September 2025 the Company acquired and integrated 146 historical surface drillhole records totalling 52,034 metres over the recently granted Hipólita, Esperanza and Ana Isabel licences, all outside the current Mineral Resource footprint (refer ASX Announcement dated 16 September 2025). Intersections included:  S-10: 24.0m @ 12.3% Zn, 0.4% Pb from 254m  S-457: 20.9m @ 14.0% Zn, 0.8% Pb from 370m  S-414: 17.6m @ 14.7% Zn, 0.7% Pb from 382m  S-17: 9.5m @ 24.7% Zn, 1.2% Pb from 365m  S-6: 2.7m @ 36.3% Zn, 2.2% Pb from 271m  S-21: 15.0m @ 6.4% Zn, 0.0% Pb and 6.0m @ 9.6% Zn, 0.0% Pb from 108m The acquisition took the Project drilling database to 1,221 drillholes for 138,570 metres. ALTORO METALS LIMITED | ANNUAL REPORT 2026 11 INTRODUCTION OPERATIONS FINANCIAL REPORT SHAREHOLDER INFORMATION REVIEW OF OPERATIONS For the year ended 30 June 2026 Figure 3: Historical drilling results on the Company’s Cantabrian licences (refer ASX Announcement dated 16 September 2025) Emilia and Margarita In May 2026 the Company completed a review and integration of a further historical database covering the Emilia and Margarita mines, approximately 2.3 kilometres north-east of San José, comprising 109 drillholes for approximately 6,720 metres together with underground sampling, geological mapping and mine development records (refer ASX Announcement dated 11 May 2026). Historical drilling beneath the Emilia Mine returned 0.85 metres at 23.47% Zn, 1.50 metres at 14.22% Zn and 2.00 metres at 11.29% Zn, and historical underground channel sampling returned 2.85 metres at 33.50% Zn and 3.85 metres at 24.50% Zn and 11.76% Pb. The database is being incorporated into the Company’s three-dimensional geological model to support future targeting. ALTORO METALS LIMITED | ANNUAL REPORT 2026 12 INTRODUCTION OPERATIONS FINANCIAL REPORT SHAREHOLDER INFORMATION REVIEW OF OPERATIONS For the year ended 30 June 2026 Figure 4: Plan view of historical underground drilling and face sampling results from the upper levels of the Emilia Mine (refer ASX Announcement dated 11 May 2026) Figure 5: Simplified geological cross-section showing the continuity between the San José Mine and the Margarita and Emilia mines to the north-east Since year end, systematic channel sampling at Emilia returned multiple high-grade zinc intervals, including 2.65m @ 21.10% Zn (E-1), 2.60m @ 18.55% Zn (E-2B), 1.40m @ 16.00% Zn (E-6A), 1.70m @ 15.40% Zn and 3.24% Pb (E-7A), 2.70m @ 14.05% Zn (E-11) and 2.90m @ 13.30% Zn and 0.84% Pb (E-3) (refer ASX Announcement dated 11 August 2026). In September 2026 the Company reported that underground drilling at Emilia had intersected a structurally controlled zinc system, with assays from the first nine holes pending. Landowner access agreements are in place for an initial 20 surface ALTORO METALS LIMITED | ANNUAL REPORT 2026 13 INTRODUCTION OPERATIONS FINANCIAL REPORT SHAREHOLDER INFORMATION REVIEW OF OPERATIONS For the year ended 30 June 2026 drillholes from 15 pads, the first phase of which will test the corridor between the central Novales workings and Emilia. The Company intends that its next Mineral Resource Estimate will bring the San José, Udías, Emilia and Margarita workings together as a single Novales Project, and is targeting that update for the first quarter of calendar 2027 (refer ASX Announcement dated 24 September 2026). Members of the Company’s team preparing for drilling at Emilia Government and community engagement In June 2026 the Board and senior management visited the Project with the Company’s technical consultants and met the President of Cantabria, Ms María José Sáenz de Buruaga, the Regional Minister for Industry, Employment, Innovation and Trade, and the Mayors of Novales and Udías. Guajaraz Project The Guajaraz Zn-Pb-Ag-Cu Project is wholly owned and lies within the historic La Unión Mining District in the province of Toledo, central Spain. The investigation permit (P.I. Guajaraz No. 4.203) covers approximately 1,530 hectares. During the year the Company completed geological interpretation and drill planning, drawing on historical mining records, geological mapping and an 8.5 line-kilometre Deep Ground Penetrating Radar survey to define targets alongside and beneath the historical workings, which extend to approximately 280 metres depth. Subsequent to year end the Company commenced its maiden diamond drilling programme of approximately 1,400 metres, the first modern drilling at the Project (refer ASX Announcement dated 10 July 2026). Drilling was completed on 15 October 2026. Core logging is under way, after which samples will be submitted for assay. ALTORO METALS LIMITED | ANNUAL REPORT 2026 14 INTRODUCTION OPERATIONS FINANCIAL REPORT SHAREHOLDER INFORMATION REVIEW OF OPERATIONS For the year ended 30 June 2026 Figure 6: Location of the 2026 diamond drillholes at the Guajaraz Project Australian interests Altoro retains a 49% interest in the Callabonna Project (EL 6318) in South Australia, with Red Metal Limited holding the remaining 51% as manager. In March 2026 Red Metal entered into an earn-in agreement with Chalice Mining Limited over Red Metal’s interest, under which Chalice has a minimum commitment to drilling into the underlying basement rocks within the first twelve months (refer ASX Announcement dated 18 March 2026). Altoro’s interest and its rights under the existing agreement are unchanged. The Company’s other Australian interests are a 39.2% interest in the Hillston Project (EL 6363) in New South Wales and royalty interests, details of which are set out in the Schedule of Tenements. No exploration expenditure was capitalised in respect of the Australian interests during the year. Corporate Capital raising In August and September 2025 the Company issued 413,000,000 shares at $0.005 per share under the placement announced on 5 August 2025, raising $2,065,000 before costs. Following shareholder approval, a further 51,301,372 shares were issued on 29 September 2025 in full satisfaction of a $250,000 shareholder loan and $6,507 of accrued interest. Placement participants received one free-attaching option for every two shares, exercisable at $0.008 on or before 29 September 2028. In January 2026 the Company entered into a binding term sheet for an unsecured $1,000,000 convertible loan note facility (refer ASX Announcement dated 30 January 2026). The facility was not drawn and was cancelled on 19 May 2026. In May 2026 the Company announced a $5.0 million placement at $0.004 per share (refer ASX Announcement dated 11 May 2026). Tranche 1 of 174,064,708 shares raised $696,259 and was completed on 19 May 2026. Tranche 2 of 1,075,935,292 shares, raising $4,303,741, was approved by shareholders on 10 July 2026 and completed on 16 July 2026, when 416,666,666 lead manager options were also issued. In September 2026 the Company lodged a cleansing prospectus and applied for quotation of its options exercisable at $0.008 on or before 29 September 2028, which are now quoted on ASX under the code AROAH. ALTORO METALS LIMITED | ANNUAL REPORT 2026 15 INTRODUCTION OPERATIONS FINANCIAL REPORT SHAREHOLDER INFORMATION REVIEW OF OPERATIONS For the year ended 30 June 2026 Change of name On 22 July 2026 the Company changed its name from Variscan Mines Limited to Altoro Metals Limited, and its ASX code changed from VAR to ARO on 23 July 2026. Board and management Mr Nicholas Farr-Jones resigned as a Non-Executive Director on 6 February 2026, and Mr Vaughan (‘Tom’) Kent was appointed a Non-Executive Director on the same date. Mr Stewart Dickson resigned as Managing Director on 30 March 2026, and on the same date Mr Kent moved to an executive role. Mr Myles Campion was appointed a Non-Executive Director on 6 August 2026. Investment On 14 August 2026 the Company made an investment of $255,000 in Fidelity Minerals Corp., an exploration company listed on the TSX Venture Exchange (TSX-V: FMN). Financial position The Group recorded a loss after income tax of $1,452,095 for the year (2025: $920,387). Cash at 30 June 2026 was $411,730 (2025: $451,939), before the $4,303,741 received from tranche 2 of the placement in July 2026. The Group capitalised $1,530,178 of exploration and evaluation expenditure during the year, and deferred exploration and evaluation expenditure at 30 June 2026 was $12,179,767 (2025: $10,672,695). Looking ahead The Company’s priorities for the coming year are:  surface drilling along the Novales trend, starting with the corridor between the central Novales workings and Emilia;  reporting the outstanding assays from Emilia, Udías and Guajaraz;  an updated Mineral Resource Estimate bringing San José, Udías, Emilia and Margarita together as a single Novales Project;  submission of the Mine and Plant Project and Restoration Plan to the Cantabrian authorities; and  progressing a funding pathway for the restart of the San José Mine. ALTORO METALS LIMITED | ANNUAL REPORT 2026 16 INTRODUCTION OPERATIONS FINANCIAL REPORT SHAREHOLDER INFORMATION ANNUAL MINERAL RESOURCE STATEMENT As at 30 June 2026 Annual Review The Company has reviewed its Mineral Resources as at 30 June 2026 and has compiled this Mineral Resource Statement in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code), Chapter 5 of the ASX Listing Rules and ASX Guidance Note 31. The Company has no Ore Reserves. San José Mine – Novales-Udías Project The San José Mine is within the Company’s Novales-Udías Project near the town of Novales in Cantabria, Spain. The Project is centred on the former producing San José and Udías underground zinc-lead mines, with a large surrounding area of exploration opportunities along the Novales trend, including a number of satellite underground and surface workings. The San José deposit and the adjacent north-eastern part of the Udías deposit were both mined for zinc during the 20th century. The current Mineral Resource Estimate was prepared with the assistance of Asturmine and reported on 9 December 2024, replacing the estimate first reported on 28 November 2023. Mineral Resources As at 30 June 2026, total JORC (2012) Measured, Indicated and Inferred Mineral Resources were as follows: Deposit Classification Tonnes (000’s) Zn (%) Pb (%) Zn + Pb (%) Zn (000’s t) Pb (000’s t) Zn + Pb (000’s t) San José Measured 480 9.18 1.80 10.98 44 9 53 Indicated 642 8.69 1.50 10.19 56 10 65 Measured & Indicated 1,122 8.90 1.63 10.53 100 18 118 Inferred 615 8.15 1.03 9.18 50 6 56 Sub-total 1,737 8.63 1.42 10.05 150 25 175 San José (NE) Inferred 932 5.72 0.20 5.92 53 2 55 Udías (NE)* Inferred 710 7.60 0.47 8.07 54 3 57 Total Measured 480 9.18 1.80 10.98 44 9 53 Indicated 642 8.69 1.50 10.19 56 10 65 Measured & Indicated 1,122 8.90 1.63 10.53 100 18 118 Inferred 2,256 6.97 0.51 7.48 157 12 169 Total 3,379 7.61 0.88 8.49 257 30 287 San José Mine – Novales-Udías Project – Mineral Resource as at 30 June 2026 (refer ASX Announcement dated 9 December 2024) * No 3D underground mine model is available for the Udías NE deposit and, as a result, all resources in this area have been classified as Inferred and their actual value may be lower than reported. Mineral Resources are reported above a 2% Zn+Pb cut-off. Differences may exist due to rounding. Review of material changes There has been no change to the Mineral Resource Estimate since 30 June 2025. Exploration during the year, including the underground drilling at Udías and the historical datasets added for the Hipólita, Esperanza, Ana Isabel, Emilia and Margarita areas, was outside the current Mineral Resource and has not been incorporated into it. The Company intends to incorporate that information in its next Mineral Resource update. Tonnes (000’s) Zn (%) Pb (%) Zn + Pb (%) Measured 480 9.18 1.80 10.98 Indicated 642 8.69 1.50 10.19 Inferred 2,256 6.97 0.51 7.48 Total at 30 June 2026 3,379 7.61 0.88 8.49 Total at 30 June 2025 3,379 7.61 0.88 8.49 Change - - - - Comparison of total Mineral Resources at 30 June 2026 and 30 June 2025 ALTORO METALS LIMITED | ANNUAL REPORT 2026 17 INTRODUCTION OPERATIONS FINANCIAL REPORT SHAREHOLDER INFORMATION ANNUAL MINERAL RESOURCE STATEMENT As at 30 June 2026