| Schedule of Options |
(a) Options | | | June 30,
2026 | | | June 30,
2025 | | | Opening options — number | | | 2,500,000 | | | | 3,000,000 | | | Options exercised — number | | | (1,622,127 | ) | | | (500,000 | ) | | Closing options outstanding and exercisable — number | | | 877,873 | | | | 2,500,000 | | | Opening weighted average exercise price — A$ | | | 0.3167 | | | | 0.3167 | | | Exercised options weighted average exercise price — A$ | | | 0.3001 | | | | 0.3167 | | | Closing weighted average exercise price — A$ | | | 0.3472 | | | | 0.3167 | |
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| Schedule of Performance Rights |
(b) Performance rights (exercise price $nil) | | | June 30,
2026
Number | | | June 30,
2025
Number | | | Outstanding at July 1 | | | 28,750,000 | | | | 25,000,000 | | | Granted — Class F (approved November 27, 2025; issued January 20, 2026) | | | 7,000,000 | | | | -- | | | Granted — Class E (approved November 7, 2024) | | | -- | | | | 3,750,000 | | | Converted to ordinary shares — Class A | | | (10,000,000 | ) | | | -- | | | Forfeited — Class E | | | (500,000 | ) | | | -- | | | Outstanding at June 30 | | | 25,250,000 | | | | 28,750,000 | |
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| Schedule of Acquisition Consideration |
The recognition of acquisition consideration is described in note 12. | Class | | Grant date / fair
value per right | | Vesting condition and expiry | | Number
June 30,
2026 | | | Number
June 30,
2025 | | | Expense
June 30,
2026
A$ | | | A | | Apr 5, 2023 / $0.20 | | Announcement of a JORC-compliant Indicated Resource of 3Mt THM; hurdle achieved July 10, 2025 | | | -- | | | | 10,000,000 | | | | -- | | | B | | Apr 5, 2023 / $0.20 | | Announcement of a pre-feasibility study recommending proceeding; expiry June 30, 2027 | | | 5,000,000 | | | | 5,000,000 | | | | 58,947 | | | C | | Apr 5, 2023 / $0.20 | | Announcement of the completion of a feasibility study recommending proceeding; expiry June 30, 2027 | | | 5,000,000 | | | | 5,000,000 | | | | 58,947 | | | D | | Apr 5, 2023 / $0.20 | | Announcement of a decision to mine; expiry June 30, 2028 | | | 5,000,000 | | | | 5,000,000 | | | | 47,675 | | | E | | Nov 7, 2024 / $0.83 | | Approval and issue of a mining licence for the Chilwa Critical Minerals Project; expiry November 30, 2028 | | | 3,250,000 | | | | 3,750,000 | | | | 577,683 | | | F | | Nov 27, 2025 / $0.935 | | Announcement of a JORC (2012) TREO Mineral Resource by November 30, 2027 — 3,500,000 rights on an Indicated Resource of at least 35Mt at 1% TREO and 3,500,000 rights at 60Mt at 2% TREO; rights expire November 30, 2030 | | | 7,000,000 | | | | -- | | | | 2,107,421 | | | Total | | | | | | | 25,250,000 | | | | 28,750,000 | | | | 2,850,673 | |
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