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20-F false true 2026-06-30 --06-30 2026 false false 001-43454 Chilwa Minerals Limited C3 Level 28 140 St George’s Terrace Perth 6000 AU Cadell Buss Level 28 140 St George’s Terrace Perth 6000 AU +61 8 6189 4924 cbuss@chilwaminerals.com.au Ordinary Shares, as represented by American Depositary Shares CHWM NASDAQ 98006092 No No No Yes Non-accelerated Filer true false false false false true Our approach to cybersecurity focuses on managing risks across our technology systems, governance processes, and workforce. Cybersecurity considerations form part of our broader operational risk management activities. We have not yet established a formal cybersecurity risk management framework, and our processes are evolving as our operations grow. We do not have dedicated cybersecurity personnel and do not engage any third party to conduct continuous cybersecurity monitoring. We engage Technology Tree Pty Ltd, an external managed IT services provider, to provide IT support and to administer our Microsoft 365 environment, including user access, security settings and the processing of access requests by third-party applications. Our Corporate Services Manager coordinates day-to-day IT matters with our IT services provider, and our Chief Financial Officer oversees the management of cybersecurity risks as part of his responsibilities for financial reporting and internal controls, relying on the expertise of our IT services provider. The material weaknesses in our internal control over financial reporting described in Item 15 include weaknesses in our information technology general controls over system changes, access management and segregation of duties, and their remediation forms part of our management of cybersecurity risks. Our Board of Directors entrusts its Audit Committee with overseeing our cybersecurity risk management, including ensuring that management has established processes to evaluate and manage cybersecurity risks. In fiscal year 2026, we did not identify any cybersecurity threats that have materially impacted or are likely to materially impact our business strategy, operational results, or financial condition. However, despite these measures, we cannot entirely eliminate cybersecurity risks or guarantee that no undetected incidents have occurred. Our approach to cybersecurity focuses on managing risks across our technology systems, governance processes, and workforce. Cybersecurity considerations form part of our broader operational risk management activities. Our Corporate Services Manager coordinates day-to-day IT matters with our IT services provider, and our Chief Financial Officer oversees the management of cybersecurity risks as part of his responsibilities for financial reporting and internal controls, relying on the expertise of our IT services provider. Our Board of Directors entrusts its Audit Committee with overseeing our cybersecurity risk management, including ensuring that management has established processes to evaluate and manage cybersecurity risks. Our Board of Directors entrusts its Audit Committee with overseeing our cybersecurity risk management, including ensuring that management has established processes to evaluate and manage cybersecurity risks. In fiscal year 2026, we did not identify any cybersecurity threats that have materially impacted or are likely to materially impact our business strategy, operational results, or financial condition. However, despite these measures, we cannot entirely eliminate cybersecurity risks or guarantee that no undetected incidents have occurred. false However, despite these measures, we cannot entirely eliminate cybersecurity risks or guarantee that no undetected incidents have occurred. 22566 Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated statements of financial position of Chilwa Minerals Limited and its subsidiaries (the ‘Company’) as of June 30, 2026 and 2025, the related consolidated statements of profit or loss and other comprehensive income, changes in equity and cash flows for each of the three years in the period ended June 30, 2026, and the related notes (collectively referred to as the ‘consolidated financial statements’). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at June 30, 2026 and 2025, and the results of its operations and its cash flows for each of the three years in the period ended June 30, 2026, in conformity with International Financial Reporting Standards (‘IFRS’) as issued by the International Accounting Standards Board. Substantial doubt about the Company’s ability to continue as a Going Concern The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As described in Note 1(c) to the consolidated financial statements, the Company has suffered recurring losses from operations and has recurring net cash outflows from operating and investing activities that raise substantial doubt about its ability to continue as a going concern. Management’s evaluation of the events and conditions and management’s plans regarding these matters are also described in Note 1(c). The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Our opinion is not modified with respect to this matter. Basis for opinion These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (‘PCAOB’) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion. /s/ BDO Audit Pty Ltd We have served as the Company’s auditor since 2025. Brisbane, Australia October 26, 2026 BDO Audit Pty Ltd Brisbane, Australia

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1. General information and material accounting policies Chilwa Minerals Limited is a for-profit company limited by shares, incorporated and domiciled in Australia. Its ordinary shares are listed on the Australian Securities Exchange (ASX: CHW). The Company completed its US initial public offering on October 2, 2026, and its American Depositary Shares have traded on the Nasdaq Capital Market since October 1, 2026. Its registered office and principal place of business is Level 28, 140 St George’s Terrace, Perth, Western Australia 6000. The principal activity of the Group during the year was mineral exploration and evaluation at the Chilwa Critical Minerals Project in southern Malawi; the Group has not commenced production and derives no revenue from mining operations. The material accounting policy information adopted in the preparation of these consolidated financial statements is set out below. These policies have been consistently applied to all years presented, unless otherwise stated. The financial statements are for the consolidated entity consisting of Chilwa Minerals Limited (the Company) and its subsidiaries (together, the Group). (a) Basis of preparation These consolidated financial statements have been prepared in accordance with International Financial Reporting Accounting Standards as issued by the International Accounting Standards Board (IASB). The financial statements have been prepared on the historical cost basis, except where stated. Amounts are expressed in Australian dollars, unless otherwise stated, and have been rounded to the nearest dollar. New and amended standards adopted by the Group No new or amended IFRS standards or interpretations that became effective for the year ended June 30, 2026 had a material effect on the Group’s financial statements. New standards and interpretations not yet adopted IFRS 18 Presentation and Disclosure in Financial Statements is effective for annual reporting periods beginning on or after January 1, 2027 and will apply to the Group from the year ending June 30, 2028. IFRS 18 replaces IAS 1 Presentation of Financial Statements and introduces new requirements for the presentation of the statement of profit or loss, including defined categories and required subtotals, disclosure of management-defined performance measures, and enhanced requirements for the aggregation and disaggregation of information. IFRS 18 will not change the recognition or measurement of any item in the Group’s financial statements and will therefore have no effect on the Group’s reported loss, net assets or cash flows. Management is assessing the presentation and disclosure impacts; from its preliminary assessment, the principal effects are expected to be the classification of the Group’s income and expenses (including interest income and foreign exchange differences) into the new operating, investing and financing categories, and the associated changes to the face of the statement of profit or loss and other comprehensive income and to the notes. The Group does not intend to adopt the standard early. No other standard on issue but not yet effective is expected to have a material impact. (b) Basis of consolidation The consolidated financial statements comprise the financial statements of Chilwa Minerals Limited and the entities it controls. Control exists when the Group is exposed to, or has rights to, variable returns from its involvement with an entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is obtained and de-consolidated from the date control ceases. All intercompany balances, transactions and unrealised gains and losses arising within the Group are eliminated in full on consolidation. (c) Going concern The consolidated financial statements have been prepared on the going concern basis, which contemplates the continuity of normal business activity and the realisation of assets and the settlement of liabilities in the ordinary course of business. At June 30, 2026 the Group had cash on hand of A$1,072,093 (June 30, 2025: A$687,022) and net current liabilities of A$976,874 (June 30, 2025: A$2,011,061). The Group incurred a loss before income tax for the year ended June 30, 2026 of A$6,881,603 (2025: A$3,363,095) and had a net cash outflow from operating and investing activities of A$11,631,563 (2025: A$10,428,273). The Group has no operating revenue. The Company completed its initial public offering (IPO) in the United States on October 2, 2026; its American Depositary Shares (ADSs) have been listed on the Nasdaq Capital Market since October 1, 2026. On October 5, 2026 the Company received US$3,143,118 from the IPO, being the gross proceeds of US$3,500,920 less the underwriting discount and the balance of the underwriter’s expenses, and on October 16, 2026 (New York time) the underwriter purchased a further 56,834 ADSs under its over-allotment option for US$317,702 (US$292,286 after the underwriting discount). The letter of financial support provided by Luso Global Mining B.V. on September 30, 2026 ended on completion of the IPO, with no amount drawn. The directors have prepared a monthly cash flow forecast to October 31, 2027, updated for the completion of the IPO, which indicates that the Group’s cash will fund its budgeted operations in the short term; however, additional capital will be required for the Group to continue with its strategic objectives of advancing exploration of the Chilwa Project in Malawi. No binding commitments for this funding had been received at the date of this report. Under the underwriting agreement for the IPO, the Company may not issue shares before April 2, 2027 without the underwriter’s prior written consent, other than in limited circumstances. The Group’s dependence on securing this additional funding gives rise to a material uncertainty related to going concern that may cast significant doubt on the Group’s ability to continue as a going concern. The directors are of the opinion that there are reasonable grounds to believe that the Group will be able to continue as a going concern for the following reasons: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt;"><tbody><tr style="vertical-align: top;"><td style="width: 0.25in;"></td> <td style="width: 0.25in;">●</td> <td>the Group has completed its IPO and listing on the Nasdaq Capital Market which, together with its ASX listing, gives it access to equity capital in Australia and the United States;</td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt;"><tbody><tr style="vertical-align: top;"><td style="width: 0.25in;"></td> <td style="width: 0.25in;">●</td> <td>the Group has a history of successful capital raising, having raised A$12,608,015 before costs during the year ended June 30, 2026 and approximately US$3.8 million before costs in October 2026;</td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt;"><tbody><tr style="vertical-align: top;"><td style="width: 0.25in;"></td> <td style="width: 0.25in;">●</td> <td>The Company has had positive discussions with the underwriter regarding consent to further capital raising. Written consent has however not yet been received; and</td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt;"><tbody><tr style="vertical-align: top;"><td style="width: 0.25in;"></td> <td style="width: 0.25in;">●</td> <td>the Group has the ability to adjust its expenditure and operational plans, including by deferring discretionary exploration and corporate expenditure, and will only commit to expenditure when appropriate funding is in place.</td> </tr></tbody></table> Should the Group be unable to continue as a going concern, it may be required to realise its assets and extinguish its liabilities other than in the normal course of business and at amounts different to those stated in the consolidated financial statements. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might be necessary should the Group not continue as a going concern and meet its debts as and when they fall due. (d) Foreign currency translation The functional and presentation currency of the Company is Australian dollars. The functional currency of the Malawian subsidiaries is the United States dollar, reflecting the currency in which their costs are predominantly priced and settled and in which the parent funds their activities. On consolidation, the results of foreign operations are translated to Australian dollars at average rates for the period and their financial position at closing rates; share capital and pre-acquisition reserves are translated at historical rates. Exchange differences arising on translation are recognised in other comprehensive income and accumulated in the foreign currency translation reserve. Exchange differences arising on a monetary item that forms part of the Group’s net investment in a foreign operation are recognised in other comprehensive income in the consolidated financial statements and accumulated in the foreign currency translation reserve; they are reclassified from equity to profit or loss on disposal of the net investment. Other foreign currency transactions are translated at the rates prevailing at the transaction dates; monetary items are retranslated at closing rates, with exchange differences recognised in profit or loss. The Group has assessed the application of IAS 29 Financial Reporting in Hyperinflationary Economies to its Malawian subsidiaries. Their functional currency is the United States dollar, being the currency that most faithfully represents the economic effects of their underlying transactions, and the US dollar is not the currency of a hyperinflationary economy. Hyperinflation accounting therefore does not apply to the Group’s Malawian operations, notwithstanding that cumulative inflation in Malawi exceeds the indicator in that standard; this assessment will be revisited if the underlying facts and circumstances change. (e) Revenue and other income Interest income is recognised on an accruals basis using the effective interest method. Laboratory and other income is recognised when the Group satisfies its performance obligations and control of the service has transferred to the customer. (f) Property, plant and equipment Items of property, plant and equipment are measured at cost. After initial recognition, plant and equipment is carried at cost less accumulated depreciation and accumulated impairment losses. Depreciation is recognised on a straight-line basis over the estimated useful life of each asset. Depreciation is charged from the date the asset is brought into use, and useful lives and residual values are reviewed at each reporting date. Property, plant and equipment is assessed for impairment at each reporting date. An asset is impaired when its carrying amount exceeds its recoverable amount, being the higher of fair value less costs of disposal and value in use. Any gain or loss on disposal of an item of plant and equipment is recognised in profit or loss. (g) Exploration and evaluation expenditure Exploration and evaluation expenditure encompasses expenditures incurred by the Group in connection with the exploration for and evaluation of mineral resources before the technical feasibility and commercial viability of extracting a mineral resource are demonstrable. For each area of interest, expenditure incurred in the acquisition of rights to explore is capitalised and recognised as an exploration and evaluation asset. Exploration and evaluation costs are carried forward where right of tenure of the area of interest is current and they are expected to be recouped through sale or successful development and exploitation of the area of interest, or where exploration and evaluation activities in the area of interest have not yet reached a stage that permits reasonable assessment of the existence of economically recoverable reserves. Exploration and evaluation expenditure is measured at cost at its recognition, and those exploration and evaluation assets acquired in an asset acquisition are recognised at the cost of acquisition and accumulated separately by area of interest. No amortisation is recognised while operations are in the exploration and evaluation phase. Exploration and evaluation assets are assessed for impairment at the end of each reporting period, and whenever facts and circumstances suggest that the carrying amount of an asset may exceed its recoverable amount. The exploration and evaluation asset shall no longer be classified as such when the technical feasibility and commercial viability of extracting a mineral resource are demonstrable or where mineral reserves have been identified. Before reclassification into the mine development asset, exploration and evaluation assets shall be assessed for impairment, and any impairment loss recognised within profit or loss. (h) Leases At inception of a contract the Group assesses whether the contract is, or contains, a lease. A right-of-use asset and a corresponding lease liability are recognised at the commencement date, except for short-term leases (12 months or less) and leases of low-value assets, the payments on which are expensed on a straight-line basis. The lease liability is measured at the present value of the outstanding lease payments, discounted using the interest rate implicit in the lease or, where that rate cannot be readily determined, the Group’s incremental borrowing rate; it is subsequently measured at amortised cost using the effective interest method. The right-of-use asset is measured at cost and depreciated on a straight-line basis over the shorter of the lease term and the useful life of the underlying asset — for the Group’s storage facility, over the ten-year lease term. (i) Employee benefits Liabilities for wages, salaries and annual leave expected to be settled wholly within 12 months of the reporting date are measured at the amounts expected to be paid. Liabilities for long service leave that are not expected to be settled wholly within 12 months are measured at the present value of expected future payments, having regard to expected future wage levels, experience of employee departures and periods of service. Contributions to defined contribution superannuation and pension plans are expensed as incurred. (j) Share-based payments Equity-settled share-based payments are provided to officers, employees, consultants and other advisors. These share-based payments are measured at the fair value of the equity instrument at the grant date. The fair value of options is determined using the Black-Scholes option pricing model. The Group’s performance rights carry non-market vesting conditions only (note 18). Equity-settled awards with non-market-based conditions are valued at the grant date using a fair-value measurement that excludes the impact of those conditions, with vesting outcomes assessed separately through expected-vesting estimates. The fair value is expensed on a straight-line basis over the vesting period, based on the Group’s estimate of equity instruments that will eventually vest. At each reporting date, the Group revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognised in profit or loss over the remaining vesting period, with a corresponding adjustment to the share-based payments reserve. (k) Financial instruments Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument. The Group’s financial assets comprise cash and cash equivalents, the restricted term deposit and receivables other than statutory amounts, all measured at amortised cost. Trade payables, accruals, other payables (other than statutory amounts) and borrowings are measured at amortised cost using the effective interest method. Lease liabilities are measured in accordance with IFRS 16 (note 14). Goods and services tax and other statutory receivables and payables do not arise from contracts and are not financial instruments; they are excluded from the disclosures in note 2. A loss allowance for expected credit losses is recognised on financial assets measured at amortised cost in accordance with IFRS 9. (l) Income tax The current income tax for the period is defined as the amount of income taxes payable (recoverable) in respect of the taxable profit (tax loss) for the current accounting period. It also incorporates adjustments to changes in deferred tax assets and liabilities attributable to temporary differences between the tax bases of assets and liabilities and their carrying amounts in the financial statements, and to unused tax losses. Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to apply when the assets are recovered, or liabilities are settled. No deferred tax asset or liability is recognised in relation to these temporary differences if they arose on goodwill or in a transaction, other than a business combination, that at the time of the transaction did not affect either accounting profit or taxable profit or loss. Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses. The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax assets to be utilised. Deferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off current tax assets against tax liabilities, and the deferred tax liabilities relate to the same taxable entity and the same taxation authority. (m) Goods and services tax (GST) and value added tax (VAT) Revenues, expenses and assets are recognised net of GST and VAT, except where the tax is not recoverable from the taxation authority, in which case it is recognised as part of the cost of acquisition or as part of the expense. Receivables and payables are stated inclusive of GST and VAT. The net amount recoverable from, or payable to, the taxation authority is included as a statutory receivable or payable. (n) Contributed equity Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are recognised as a deduction from equity, net of any related income tax benefit. Costs directly attributable to an equity transaction that has not been completed at the reporting date are deferred and recognised as an asset until the transaction completes, at which time they are deducted from equity; they are expensed if the transaction is no longer expected to proceed (notes 9 and 16). (o) Critical accounting judgements, estimates and assumptions The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts. The key critical accounting judgement is the recoverability of capitalised exploration and evaluation expenditure. The future recoverability of capitalised exploration and evaluation expenditure is dependent on a number of factors, including whether the Group decides to exploit the related licence area itself or, if not, whether it successfully recovers the related exploration and evaluation asset through sale. Factors that could impact the future recoverability include the level of reserves and resources, future technological changes, costs of drilling and production, production rates, future legal changes (including changes to environmental restoration obligations) and changes to commodity prices. The carrying value of the Group’s projects was reviewed, and no impairment indicators were identified during the 2026 and 2025 financial years in relation to the Group’s tenements.

(a) Basis of preparation These consolidated financial statements have been prepared in accordance with International Financial Reporting Accounting Standards as issued by the International Accounting Standards Board (IASB). The financial statements have been prepared on the historical cost basis, except where stated. Amounts are expressed in Australian dollars, unless otherwise stated, and have been rounded to the nearest dollar. New and amended standards adopted by the Group No new or amended IFRS standards or interpretations that became effective for the year ended June 30, 2026 had a material effect on the Group’s financial statements. New standards and interpretations not yet adopted IFRS 18 Presentation and Disclosure in Financial Statements is effective for annual reporting periods beginning on or after January 1, 2027 and will apply to the Group from the year ending June 30, 2028. IFRS 18 replaces IAS 1 Presentation of Financial Statements and introduces new requirements for the presentation of the statement of profit or loss, including defined categories and required subtotals, disclosure of management-defined performance measures, and enhanced requirements for the aggregation and disaggregation of information. IFRS 18 will not change the recognition or measurement of any item in the Group’s financial statements and will therefore have no effect on the Group’s reported loss, net assets or cash flows. Management is assessing the presentation and disclosure impacts; from its preliminary assessment, the principal effects are expected to be the classification of the Group’s income and expenses (including interest income and foreign exchange differences) into the new operating, investing and financing categories, and the associated changes to the face of the statement of profit or loss and other comprehensive income and to the notes. The Group does not intend to adopt the standard early. No other standard on issue but not yet effective is expected to have a material impact. (b) Basis of consolidation The consolidated financial statements comprise the financial statements of Chilwa Minerals Limited and the entities it controls. Control exists when the Group is exposed to, or has rights to, variable returns from its involvement with an entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is obtained and de-consolidated from the date control ceases. All intercompany balances, transactions and unrealised gains and losses arising within the Group are eliminated in full on consolidation. (c) Going concern The consolidated financial statements have been prepared on the going concern basis, which contemplates the continuity of normal business activity and the realisation of assets and the settlement of liabilities in the ordinary course of business. At June 30, 2026 the Group had cash on hand of A$1,072,093 (June 30, 2025: A$687,022) and net current liabilities of A$976,874 (June 30, 2025: A$2,011,061). The Group incurred a loss before income tax for the year ended June 30, 2026 of A$6,881,603 (2025: A$3,363,095) and had a net cash outflow from operating and investing activities of A$11,631,563 (2025: A$10,428,273). The Group has no operating revenue. The Company completed its initial public offering (IPO) in the United States on October 2, 2026; its American Depositary Shares (ADSs) have been listed on the Nasdaq Capital Market since October 1, 2026. On October 5, 2026 the Company received US$3,143,118 from the IPO, being the gross proceeds of US$3,500,920 less the underwriting discount and the balance of the underwriter’s expenses, and on October 16, 2026 (New York time) the underwriter purchased a further 56,834 ADSs under its over-allotment option for US$317,702 (US$292,286 after the underwriting discount). The letter of financial support provided by Luso Global Mining B.V. on September 30, 2026 ended on completion of the IPO, with no amount drawn. The directors have prepared a monthly cash flow forecast to October 31, 2027, updated for the completion of the IPO, which indicates that the Group’s cash will fund its budgeted operations in the short term; however, additional capital will be required for the Group to continue with its strategic objectives of advancing exploration of the Chilwa Project in Malawi. No binding commitments for this funding had been received at the date of this report. Under the underwriting agreement for the IPO, the Company may not issue shares before April 2, 2027 without the underwriter’s prior written consent, other than in limited circumstances. The Group’s dependence on securing this additional funding gives rise to a material uncertainty related to going concern that may cast significant doubt on the Group’s ability to continue as a going concern. The directors are of the opinion that there are reasonable grounds to believe that the Group will be able to continue as a going concern for the following reasons: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt;"><tbody><tr style="vertical-align: top;"><td style="width: 0.25in;"></td> <td style="width: 0.25in;">●</td> <td>the Group has completed its IPO and listing on the Nasdaq Capital Market which, together with its ASX listing, gives it access to equity capital in Australia and the United States;</td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt;"><tbody><tr style="vertical-align: top;"><td style="width: 0.25in;"></td> <td style="width: 0.25in;">●</td> <td>the Group has a history of successful capital raising, having raised A$12,608,015 before costs during the year ended June 30, 2026 and approximately US$3.8 million before costs in October 2026;</td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt;"><tbody><tr style="vertical-align: top;"><td style="width: 0.25in;"></td> <td style="width: 0.25in;">●</td> <td>The Company has had positive discussions with the underwriter regarding consent to further capital raising. Written consent has however not yet been received; and</td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt;"><tbody><tr style="vertical-align: top;"><td style="width: 0.25in;"></td> <td style="width: 0.25in;">●</td> <td>the Group has the ability to adjust its expenditure and operational plans, including by deferring discretionary exploration and corporate expenditure, and will only commit to expenditure when appropriate funding is in place.</td> </tr></tbody></table> Should the Group be unable to continue as a going concern, it may be required to realise its assets and extinguish its liabilities other than in the normal course of business and at amounts different to those stated in the consolidated financial statements. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might be necessary should the Group not continue as a going concern and meet its debts as and when they fall due.

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(d) Foreign currency translation The functional and presentation currency of the Company is Australian dollars. The functional currency of the Malawian subsidiaries is the United States dollar, reflecting the currency in which their costs are predominantly priced and settled and in which the parent funds their activities. On consolidation, the results of foreign operations are translated to Australian dollars at average rates for the period and their financial position at closing rates; share capital and pre-acquisition reserves are translated at historical rates. Exchange differences arising on translation are recognised in other comprehensive income and accumulated in the foreign currency translation reserve. Exchange differences arising on a monetary item that forms part of the Group’s net investment in a foreign operation are recognised in other comprehensive income in the consolidated financial statements and accumulated in the foreign currency translation reserve; they are reclassified from equity to profit or loss on disposal of the net investment. Other foreign currency transactions are translated at the rates prevailing at the transaction dates; monetary items are retranslated at closing rates, with exchange differences recognised in profit or loss. The Group has assessed the application of IAS 29 Financial Reporting in Hyperinflationary Economies to its Malawian subsidiaries. Their functional currency is the United States dollar, being the currency that most faithfully represents the economic effects of their underlying transactions, and the US dollar is not the currency of a hyperinflationary economy. Hyperinflation accounting therefore does not apply to the Group’s Malawian operations, notwithstanding that cumulative inflation in Malawi exceeds the indicator in that standard; this assessment will be revisited if the underlying facts and circumstances change.

(e) Revenue and other income Interest income is recognised on an accruals basis using the effective interest method. Laboratory and other income is recognised when the Group satisfies its performance obligations and control of the service has transferred to the customer.

(f) Property, plant and equipment Items of property, plant and equipment are measured at cost. After initial recognition, plant and equipment is carried at cost less accumulated depreciation and accumulated impairment losses. Depreciation is recognised on a straight-line basis over the estimated useful life of each asset. Depreciation is charged from the date the asset is brought into use, and useful lives and residual values are reviewed at each reporting date. Property, plant and equipment is assessed for impairment at each reporting date. An asset is impaired when its carrying amount exceeds its recoverable amount, being the higher of fair value less costs of disposal and value in use. Any gain or loss on disposal of an item of plant and equipment is recognised in profit or loss.

(g) Exploration and evaluation expenditure Exploration and evaluation expenditure encompasses expenditures incurred by the Group in connection with the exploration for and evaluation of mineral resources before the technical feasibility and commercial viability of extracting a mineral resource are demonstrable. For each area of interest, expenditure incurred in the acquisition of rights to explore is capitalised and recognised as an exploration and evaluation asset. Exploration and evaluation costs are carried forward where right of tenure of the area of interest is current and they are expected to be recouped through sale or successful development and exploitation of the area of interest, or where exploration and evaluation activities in the area of interest have not yet reached a stage that permits reasonable assessment of the existence of economically recoverable reserves. Exploration and evaluation expenditure is measured at cost at its recognition, and those exploration and evaluation assets acquired in an asset acquisition are recognised at the cost of acquisition and accumulated separately by area of interest. No amortisation is recognised while operations are in the exploration and evaluation phase. Exploration and evaluation assets are assessed for impairment at the end of each reporting period, and whenever facts and circumstances suggest that the carrying amount of an asset may exceed its recoverable amount. The exploration and evaluation asset shall no longer be classified as such when the technical feasibility and commercial viability of extracting a mineral resource are demonstrable or where mineral reserves have been identified. Before reclassification into the mine development asset, exploration and evaluation assets shall be assessed for impairment, and any impairment loss recognised within profit or loss.

(h) Leases At inception of a contract the Group assesses whether the contract is, or contains, a lease. A right-of-use asset and a corresponding lease liability are recognised at the commencement date, except for short-term leases (12 months or less) and leases of low-value assets, the payments on which are expensed on a straight-line basis. The lease liability is measured at the present value of the outstanding lease payments, discounted using the interest rate implicit in the lease or, where that rate cannot be readily determined, the Group’s incremental borrowing rate; it is subsequently measured at amortised cost using the effective interest method. The right-of-use asset is measured at cost and depreciated on a straight-line basis over the shorter of the lease term and the useful life of the underlying asset — for the Group’s storage facility, over the ten-year lease term.

(i) Employee benefits Liabilities for wages, salaries and annual leave expected to be settled wholly within 12 months of the reporting date are measured at the amounts expected to be paid. Liabilities for long service leave that are not expected to be settled wholly within 12 months are measured at the present value of expected future payments, having regard to expected future wage levels, experience of employee departures and periods of service. Contributions to defined contribution superannuation and pension plans are expensed as incurred.

(j) Share-based payments Equity-settled share-based payments are provided to officers, employees, consultants and other advisors. These share-based payments are measured at the fair value of the equity instrument at the grant date. The fair value of options is determined using the Black-Scholes option pricing model. The Group’s performance rights carry non-market vesting conditions only (note 18). Equity-settled awards with non-market-based conditions are valued at the grant date using a fair-value measurement that excludes the impact of those conditions, with vesting outcomes assessed separately through expected-vesting estimates. The fair value is expensed on a straight-line basis over the vesting period, based on the Group’s estimate of equity instruments that will eventually vest. At each reporting date, the Group revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognised in profit or loss over the remaining vesting period, with a corresponding adjustment to the share-based payments reserve.

(k) Financial instruments Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument. The Group’s financial assets comprise cash and cash equivalents, the restricted term deposit and receivables other than statutory amounts, all measured at amortised cost. Trade payables, accruals, other payables (other than statutory amounts) and borrowings are measured at amortised cost using the effective interest method. Lease liabilities are measured in accordance with IFRS 16 (note 14). Goods and services tax and other statutory receivables and payables do not arise from contracts and are not financial instruments; they are excluded from the disclosures in note 2. A loss allowance for expected credit losses is recognised on financial assets measured at amortised cost in accordance with IFRS 9.

(l) Income tax The current income tax for the period is defined as the amount of income taxes payable (recoverable) in respect of the taxable profit (tax loss) for the current accounting period. It also incorporates adjustments to changes in deferred tax assets and liabilities attributable to temporary differences between the tax bases of assets and liabilities and their carrying amounts in the financial statements, and to unused tax losses. Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to apply when the assets are recovered, or liabilities are settled. No deferred tax asset or liability is recognised in relation to these temporary differences if they arose on goodwill or in a transaction, other than a business combination, that at the time of the transaction did not affect either accounting profit or taxable profit or loss. Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses. The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax assets to be utilised. Deferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off current tax assets against tax liabilities, and the deferred tax liabilities relate to the same taxable entity and the same taxation authority.

(m) Goods and services tax (GST) and value added tax (VAT) Revenues, expenses and assets are recognised net of GST and VAT, except where the tax is not recoverable from the taxation authority, in which case it is recognised as part of the cost of acquisition or as part of the expense. Receivables and payables are stated inclusive of GST and VAT. The net amount recoverable from, or payable to, the taxation authority is included as a statutory receivable or payable.

(n) Contributed equity Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are recognised as a deduction from equity, net of any related income tax benefit. Costs directly attributable to an equity transaction that has not been completed at the reporting date are deferred and recognised as an asset until the transaction completes, at which time they are deducted from equity; they are expensed if the transaction is no longer expected to proceed (notes 9 and 16).

(o) Critical accounting judgements, estimates and assumptions The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts. The key critical accounting judgement is the recoverability of capitalised exploration and evaluation expenditure. The future recoverability of capitalised exploration and evaluation expenditure is dependent on a number of factors, including whether the Group decides to exploit the related licence area itself or, if not, whether it successfully recovers the related exploration and evaluation asset through sale. Factors that could impact the future recoverability include the level of reserves and resources, future technological changes, costs of drilling and production, production rates, future legal changes (including changes to environmental restoration obligations) and changes to commodity prices. The carrying value of the Group’s projects was reviewed, and no impairment indicators were identified during the 2026 and 2025 financial years in relation to the Group’s tenements.

2. Financial risk management The Group’s activities expose it to market risk (foreign exchange and interest-rate risk), liquidity risk and credit risk. Risk management is carried out by management under the oversight of the Board. The Group’s principal financial instruments are cash and cash equivalents, the restricted term deposit, receivables other than statutory amounts, trade payables and accruals, and lease liabilities. The Group has no commodity-price exposure arising from financial instruments. Cash, the restricted term deposit, other financial receivables and trade payables are measured at amortised cost. Lease liabilities are measured in accordance with IFRS 16 (note 14). The carrying amounts of short-term financial assets and trade payables approximate their fair values. (a) Financial instruments by category and currency Statutory receivables and payables (goods and services tax, value added tax and employment taxes) are not financial instruments and are excluded from the table below (note 1(k)). <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%;"> <tbody><tr style="vertical-align: bottom;"><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;">June 30, 2026</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">AUD A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">MWK A$ equivalent</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">USD/EUR A$ equivalent</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">Total A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="font-style: italic;">Financial assets at amortised cost</td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 52%; text-align: left;">Cash and cash equivalents</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">1,014,587</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">28,208</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">29,298</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">1,072,093</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Other financial assets — restricted term deposit</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">30,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">--</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">--</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">30,000</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt;">Other receivables</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">8,905</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">--</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">--</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">8,905</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt;">Total financial assets</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">1,053,492</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">28,208</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">29,298</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">1,110,998</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="font-style: italic; text-align: left;">Financial liabilities</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Trade and other payables</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,088,435</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">995,518</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">359,998</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,443,951</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt;">Lease liabilities</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">--</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">65,652</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">--</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">65,652</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt;">Total financial liabilities</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">1,088,435</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">1,061,170</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">359,998</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">2,509,603</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%;"> <tbody><tr style="vertical-align: bottom;"><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;">June 30, 2025</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">AUD A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">MWK A$ equivalent</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">USD/EUR A$ equivalent</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">Total A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="font-style: italic;">Financial assets at amortised cost</td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 52%; text-align: left;">Cash and cash equivalents</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">663,588</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">11,236</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">12,198</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">687,022</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Other receivables</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">29,105</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">--</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">--</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">29,105</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt;">Total financial assets</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">692,693</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">11,236</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">12,198</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">716,127</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="font-style: italic; text-align: left;">Financial liabilities</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Trade and other payables</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,029,566</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,299,442</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">388,801</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,717,809</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Lease liabilities</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">--</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">65,652</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">--</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">65,652</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt;">Total financial liabilities</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">1,029,566</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">1,365,094</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">388,801</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">2,783,461</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> (b) Foreign-exchange sensitivity The functional currency of the Malawian operations is the US dollar (note 1(d)). A reasonably possible 10% depreciation of the Malawian kwacha against the US dollar at the reporting date would decrease the loss by the amount shown below through the remeasurement of kwacha-denominated monetary items (a 10% appreciation would have the equal and opposite effect); where intragroup funding forms part of the Group’s net investment in those operations, the related exchange differences are recognised in the foreign currency translation reserve on consolidation. A reasonably possible 10% strengthening of the Australian dollar against the US dollar would decrease equity by the amount shown through the translation of the net investment in those operations (a 10% weakening would have the equal and opposite effect): <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%;"> <tbody><tr style="vertical-align: bottom;"><td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">Effect on loss A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">Effect on equity A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left;">Kwacha-denominated monetary items (remeasurement)</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">95,593</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">--</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left;">Net investment in Malawian operations (translation)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">--</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(102,202</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left;">All foreign-currency monetary items in (a) — net liability of $1,363,662 (2025: $1,730,461); 10% strengthening of the Australian dollar</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">136,366</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">--</td> <td style="text-align: left;"> </td> </tr></tbody></table> For comparability with the prior year’s disclosure, the table also shows the effect of a reasonably possible 10% strengthening of the Australian dollar against all of the foreign currencies in which the Group’s monetary items in (a) are held, taken together: on the net foreign-currency liability of $1,363,662 at June 30, 2026 (2025: $1,730,461) the loss would decrease by approximately $136,366 (2025: $173,046), with a 10% weakening having the equal and opposite effect. (c) Interest-rate sensitivity The Group holds cash of $1,072,093 subject to variable interest rates. The Group policy is to monitor the interest rate yield curve out to 120 days to ensure a balance is maintained between the liquidity of cash assets and the interest rate return. The proportional mix of floating interest rates and fixed rates to a maximum of six months fluctuate during the years depending on current working capital requirements. A movement of ±100 basis points would change the annual result by approximately $10,721 (2025: $6,870). The $30,000 term deposit bears a fixed rate for its term and is therefore excluded from this sensitivity. The lease liability is at a fixed implicit rate and the Group had no borrowings at either reporting date; accordingly there is no other material interest-rate sensitivity. (d) Liquidity risk — contractual maturities of financial liabilities Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group manages liquidity risk by continuously monitoring forecast and actual cash flows and ensuring sufficient cash is available to meet the current and future commitments of the Group. Due to the nature of the Group’s activities, being mineral exploration, the Group does not have ready access to credit facilities, with the primary source of funding being equity raisings. The Board of Directors constantly monitor the state of equity markets in conjunction with the Group’s current and future funding requirements, with a view to initiating appropriate capital raisings as required. The financial liabilities of the Group comprise trade and other payables and the lease liability disclosed in the consolidated statement of financial position. Trade and other payables are non-interest bearing and due within 12 months of the reporting date; the lease liability is described in note 14. The following are the contractual undiscounted cash flows of financial liabilities. Amounts may differ from the carrying amounts and their classification in the statement of financial position. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="font-weight: bold; font-style: normal; text-align: left; border-bottom: Black 1.5pt solid;">June 30, 2026</td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">Less than 1 year A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">1 to 5 years A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">More than 5 years A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">Total A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 52%; font-weight: normal; font-style: normal; text-align: left;">Trade and other payables</td> <td style="width: 1%; font-weight: normal; font-style: normal;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 9%; font-weight: normal; font-style: normal; text-align: right;">2,443,951</td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 9%; font-weight: normal; font-style: normal; text-align: right;"> --</td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 9%; font-weight: normal; font-style: normal; text-align: right;"> --</td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 9%; font-weight: normal; font-style: normal; text-align: right;">2,443,951</td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt;">Lease liabilities</td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">65,652</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">--</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">--</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">65,652</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="font-weight: bold; vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; padding-bottom: 4pt;">Total</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">2,509,603</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">--</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">--</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">2,509,603</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="font-weight: bold; font-style: normal; text-align: left; border-bottom: Black 1.5pt solid;">June 30, 2025</td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">Less than 1 year A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">1 to 5 years A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">More than 5 years A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">Total A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 52%; font-weight: normal; font-style: normal; text-align: left;">Trade and other payables</td> <td style="width: 1%; font-weight: normal; font-style: normal;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 9%; font-weight: normal; font-style: normal; text-align: right;">2,717,809</td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 9%; font-weight: normal; font-style: normal; text-align: right;"> --</td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 9%; font-weight: normal; font-style: normal; text-align: right;"> --</td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 9%; font-weight: normal; font-style: normal; text-align: right;">2,717,809</td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt;">Lease liabilities</td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">65,652</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">--</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">--</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">65,652</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="font-weight: bold; vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; padding-bottom: 4pt;">Total</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">2,783,461</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">--</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">--</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">2,783,461</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> The lease liability of $65,652 is presented in full within amounts due in less than one year because the lessor may demand the outstanding rentals at any time and the Group has no right at the reporting date to defer settlement for at least twelve months (note 14). Trade and other payables in the tables above exclude statutory amounts, which are not financial instruments; the amounts due within one year include drilling-services accruals of $1,008,796 recognised in the Malawian subsidiary (note 21). (e) Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. This arises principally from cash and cash equivalents and receivables. The Group’s maximum exposure to credit risk is the carrying amount of cash and cash equivalents ($1,072,093), the restricted term deposit ($30,000) and other receivables ($8,905) — $1,110,998 in total (2025: $716,127). Cash is held with reputable Australian and Malawian banks; the Australian institutions are rated A or better. Concentration risk is managed through use of placement of funds across multiple institutions, with the material balances with the most reputable and creditworthy. Other receivables comprise an amount recoverable from the Mota-Engil group, a related party. Management has assessed that no loss allowance is required. Statutory receivables (goods and services tax and value added tax refunds) are recoverable from taxation authorities and are not financial instruments. As the Group does not presently have any significant trade receivables, lending, significant stock levels or any other credit risk, a formal credit risk management policy is not maintained. Credit risk is managed by senior management and the board. It is the Group’s policy that no trading in derivatives for speculative purposes may be undertaken. (f) Capital management The Group defines capital as its total equity of $25,983,040 (2025: $17,711,627) together with cash and cash equivalents; it has no borrowings and is not subject to any externally imposed capital requirements. The Board’s objectives in managing capital are to safeguard the Group’s ability to continue as a going concern, to maintain the tenure of its exploration licences and to fund its exploration programmes so as to build value for shareholders. Because the Group is an exploration entity without operating revenue, capital is managed by matching planned exploration and corporate expenditure to available cash and to funding the Board considers can be raised — principally by the issue of equity and having no debt facilities. Management monitors capital by reference to forecast cash flow, the level of committed and discretionary expenditure and the Group’s working-capital position, and adjusts the pace of discretionary exploration expenditure where required. The related-party financial support, the status of the US initial public offering and the Group’s further funding requirements are described in note 1(c). There were no changes in the Group’s approach to capital management during the year.

Statutory receivables and payables (goods and services tax, value added tax and employment taxes) are not financial instruments and are excluded from the table below (note 1(k)). <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%;"> <tbody><tr style="vertical-align: bottom;"><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;">June 30, 2026</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">AUD A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">MWK A$ equivalent</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">USD/EUR A$ equivalent</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">Total A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="font-style: italic;">Financial assets at amortised cost</td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 52%; text-align: left;">Cash and cash equivalents</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">1,014,587</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">28,208</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">29,298</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">1,072,093</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Other financial assets — restricted term deposit</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">30,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">--</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">--</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">30,000</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt;">Other receivables</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">8,905</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">--</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">--</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">8,905</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt;">Total financial assets</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">1,053,492</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">28,208</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">29,298</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">1,110,998</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="font-style: italic; text-align: left;">Financial liabilities</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Trade and other payables</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,088,435</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">995,518</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">359,998</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,443,951</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt;">Lease liabilities</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">--</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">65,652</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">--</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">65,652</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt;">Total financial liabilities</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">1,088,435</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">1,061,170</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">359,998</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">2,509,603</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%;"> <tbody><tr style="vertical-align: bottom;"><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;">June 30, 2025</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">AUD A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">MWK A$ equivalent</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">USD/EUR A$ equivalent</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">Total A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="font-style: italic;">Financial assets at amortised cost</td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 52%; text-align: left;">Cash and cash equivalents</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">663,588</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">11,236</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">12,198</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">687,022</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Other receivables</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">29,105</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">--</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">--</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">29,105</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt;">Total financial assets</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">692,693</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">11,236</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">12,198</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">716,127</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="font-style: italic; text-align: left;">Financial liabilities</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Trade and other payables</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,029,566</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,299,442</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">388,801</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,717,809</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Lease liabilities</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">--</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">65,652</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">--</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">65,652</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt;">Total financial liabilities</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">1,029,566</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">1,365,094</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">388,801</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">2,783,461</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table>

1014587

28208

29298

1072093

30000

8905

1053492

28208

29298

1110998

1088435

995518

359998

2443951

65652

1088435

1061170

359998

2509603

663588

11236

12198

687022

29105

692693

11236

12198

716127

1029566

1299442

388801

2717809

65652

1029566

1365094

388801

2783461

0.10 0.10 A reasonably possible 10% strengthening of the Australian dollar against the US dollar would decrease equity by the amount shown through the translation of the net investment in those operations (a 10% weakening would have the equal and opposite effect): <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%;"> <tbody><tr style="vertical-align: bottom;"><td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">Effect on loss A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">Effect on equity A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left;">Kwacha-denominated monetary items (remeasurement)</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">95,593</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">--</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left;">Net investment in Malawian operations (translation)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">--</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(102,202</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left;">All foreign-currency monetary items in (a) — net liability of $1,363,662 (2025: $1,730,461); 10% strengthening of the Australian dollar</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">136,366</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">--</td> <td style="text-align: left;"> </td> </tr></tbody></table> 0.10 0.10

95593

-102202

1363662

1730461

0.10

136366

0.10

1363662

1730461

136366

173046

0.10

1072093

P120D

10721

6870

30000

The following are the contractual undiscounted cash flows of financial liabilities. Amounts may differ from the carrying amounts and their classification in the statement of financial position. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="font-weight: bold; font-style: normal; text-align: left; border-bottom: Black 1.5pt solid;">June 30, 2026</td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">Less than 1 year A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">1 to 5 years A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">More than 5 years A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">Total A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 52%; font-weight: normal; font-style: normal; text-align: left;">Trade and other payables</td> <td style="width: 1%; font-weight: normal; font-style: normal;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 9%; font-weight: normal; font-style: normal; text-align: right;">2,443,951</td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 9%; font-weight: normal; font-style: normal; text-align: right;"> --</td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 9%; font-weight: normal; font-style: normal; text-align: right;"> --</td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 9%; font-weight: normal; font-style: normal; text-align: right;">2,443,951</td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt;">Lease liabilities</td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">65,652</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">--</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">--</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">65,652</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="font-weight: bold; vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; padding-bottom: 4pt;">Total</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">2,509,603</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">--</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">--</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">2,509,603</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="font-weight: bold; font-style: normal; text-align: left; border-bottom: Black 1.5pt solid;">June 30, 2025</td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">Less than 1 year A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">1 to 5 years A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">More than 5 years A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">Total A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 52%; font-weight: normal; font-style: normal; text-align: left;">Trade and other payables</td> <td style="width: 1%; font-weight: normal; font-style: normal;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 9%; font-weight: normal; font-style: normal; text-align: right;">2,717,809</td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 9%; font-weight: normal; font-style: normal; text-align: right;"> --</td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 9%; font-weight: normal; font-style: normal; text-align: right;"> --</td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 9%; font-weight: normal; font-style: normal; text-align: right;">2,717,809</td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt;">Lease liabilities</td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">65,652</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">--</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">--</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">65,652</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="font-weight: bold; vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; padding-bottom: 4pt;">Total</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">2,783,461</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">--</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">--</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">2,783,461</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table>

2443951

65652

2509603

2717809

65652

2783461

65652

1008796

1072093

30000

8905

1110998

716127

25983040

17711627

one

11181

329637

84916

128893

26644401

19637772

11346611

26974038

19722688

11475504

74183

125991

202811

11181 85364 125991 202811

The loss before income tax includes the following expenses by nature: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="font-style: normal; text-align: center;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">June 30, 2026 A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">June 30, 2025 A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">June 30, 2024 A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 64%; font-weight: normal; font-style: normal; text-align: left;">Employee benefits expense</td> <td style="width: 1%; font-weight: normal; font-style: normal;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 9%; font-weight: normal; font-style: normal; text-align: right;">1,297,676</td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 9%; font-weight: normal; font-style: normal; text-align: right;">915,366</td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 9%; font-weight: normal; font-style: normal; text-align: right;">755,300</td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: normal; font-style: normal; text-align: left;">Share-based payments expense</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">2,850,673</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">948,505</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">389,741</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: normal; font-style: normal; text-align: left;">Depreciation and amortisation</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">131,411</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">94,983</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">28,419</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: normal; font-style: normal; text-align: left;">Exploration expenditure expensed</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">151,370</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">--</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">--</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: normal; font-style: normal; text-align: left;">Compliance and regulatory costs</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">1,568,832</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">533,782</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">435,116</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: normal; font-style: normal; text-align: left;">Consulting expenses</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">306,741</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">500,844</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">89,777</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: normal; font-style: normal; text-align: left;">Administration expenses</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">381,981</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">400,434</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">313,509</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: normal; font-style: normal; text-align: left;">Other expenses</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">189,049</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">--</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">--</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt;">Net foreign exchange loss</td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">89,234</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">95,172</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">5,558</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; font-style: normal; text-align: left; padding-bottom: 4pt;">Total expenses</td> <td style="font-weight: bold; font-style: normal; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; font-style: normal; text-align: right;">6,966,967</td> <td style="padding-bottom: 4pt; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; font-style: normal; text-align: right;">3,489,086</td> <td style="padding-bottom: 4pt; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="font-style: normal; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-style: normal; text-align: right;">2,017,420</td> <td style="padding-bottom: 4pt; font-style: normal; text-align: left;"> </td> </tr></tbody></table>

1297676

915366

755300

2850673

948505

389741

131411

94983

28419

151370 1568832 533782 435116 306741 500844 89777

381981

400434

313509

-189049

89234

95172

5558

6966967

3489086

2017420

726388

6. Income tax (a) Income tax expense <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%;"> <tbody><tr style="vertical-align: bottom;"><td style="padding-bottom: 1.5pt; text-align: center;"> </td> <td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold;"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">June 30, 2026 A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center;"> </td> <td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold;"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">June 30, 2025 A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center;"> </td> <td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold;"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">June 30, 2024 A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 64%; text-align: left;">Current tax</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">--</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">--</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">--</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Deferred tax</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">--</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">--</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">--</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left;">Income tax expense</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; text-align: right;">--</td> <td style="font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; text-align: right;">--</td> <td style="font-weight: bold; text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">--</td> <td style="text-align: left;"> </td> </tr></tbody></table> (b) Numerical reconciliation of income tax expense to prima facie tax on the loss <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%;"> <tbody><tr style="vertical-align: bottom;"><td style="padding-bottom: 1.5pt; text-align: center;"> </td> <td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold;"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">June 30, 2026 A$</td> <td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold;"> </td> <td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold;"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">June 30, 2025 A$</td> <td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold;"> </td> <td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold;"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">June 30, 2024 A$</td> <td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 64%; text-align: left;">Loss before income tax</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">(6,881,603</td> <td style="width: 1%; text-align: left;">)</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">(3,363,095</td> <td style="width: 1%; text-align: left;">)</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">(1,814,609</td> <td style="width: 1%; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Prima facie tax benefit at the Australian tax rate of 30%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(2,064,481</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(1,008,929</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(544,383</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="font-style: italic; text-align: left;">Tax effect of amounts which are not deductible in calculating taxable income:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Share-based payments</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">855,202</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">284,552</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">116,922</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Other non-deductible items</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">--</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">96,429</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">112,601</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Movement in unrecognised temporary differences</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">59,418</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6,275</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(23,167</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Tax losses for which no deferred tax asset has been recognised</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,149,861</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">621,673</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">338,027</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left;">Income tax expense</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; text-align: right;">--</td> <td style="font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; text-align: right;">--</td> <td style="font-weight: bold; text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">--</td> <td style="text-align: left;"> </td> </tr></tbody></table> (c) Unrecognised deferred tax assets and liabilities The following deferred tax balances have not been recognised, in each case measured at the tax rates expected to apply when the asset is realised or the liability settled: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="font-style: normal; text-align: center;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">June 30, 2026 A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">June 30, 2025 A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal;"> </td> </tr><tr style="vertical-align: bottom;"><td style="font-weight: normal; font-style: italic; text-align: left;">Deferred tax assets (30%)</td> <td style="font-weight: normal; font-style: normal;"> </td> <td colspan="2" style="font-weight: normal; font-style: normal; text-align: right;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td colspan="2" style="font-weight: normal; font-style: normal; text-align: right;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; font-weight: normal; font-style: normal; text-align: left;">Carry-forward Australian revenue tax losses</td> <td style="width: 1%; font-weight: normal; font-style: normal;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 9%; font-weight: normal; font-style: normal; text-align: right;">2,311,138</td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 9%; font-weight: normal; font-style: normal; text-align: right;">1,161,277</td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: normal; font-style: normal; text-align: left;">Section 40-880 capital allowance (blackhole) expenditure</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">--</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">73,355</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt;">Deductible temporary differences</td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">26,941</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">31,052</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; font-style: normal; text-align: left; padding-bottom: 4pt;">Total deferred tax assets</td> <td style="font-weight: bold; font-style: normal; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; font-style: normal; text-align: right;">2,338,079</td> <td style="padding-bottom: 4pt; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; font-style: normal; text-align: right;">1,265,684</td> <td style="padding-bottom: 4pt; font-weight: bold; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="font-weight: normal; font-style: italic; text-align: left;">Deferred tax liabilities (30%)</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt;">Unrealised foreign exchange gains</td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">--</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">19,208</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; font-style: normal; text-align: left; padding-bottom: 1.5pt;">Net unrecognised deferred tax assets</td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: right;">2,338,079</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: right;">1,246,476</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; font-style: normal; text-align: left; padding-bottom: 1.5pt;">Malawian carry-forward tax losses — tax effect at 30%, not included above</td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: right;">2,470,000</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: right;">n/q</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal; text-align: left;"> </td> </tr></tbody></table> The gross Australian revenue tax losses to which the above deferred tax assets relate were $7,703,793 at June 30, 2026 (2025: $3,870,924). Australian carry-forward tax losses do not expire, but their recoupment is subject to the loss recoupment tests. The Group’s Malawian subsidiaries have additional carry-forward tax losses of approximately MWK 9.86 billion (A$8.2 million at the closing rate) at June 30, 2026, the tax effect of which at the Malawian corporate income tax rate of 30% is approximately A$2,470,000; that amount is shown as a memorandum line in the table above and no deferred tax asset has been recognised in respect of it. Under the Taxation Act (Malawi) an assessed loss may generally be carried forward for six years; a loss derived from mining operations may be carried forward without that limitation. Whether the Malawian losses of the Group’s exploration subsidiaries qualify for the mining concession, and the periods for which they may be carried forward, are subject to confirmation on lodgement of the Malawian returns. The amounts in this note are management’s estimates prepared from the Group’s tax computations and are subject to confirmation on lodgement of the Company’s income tax return for the year, including the amount and timing of deductions available under section 40-880 of the Income Tax Assessment Act 1997 on the costs of raising equity, which are claimed over five years. Deferred tax assets have not been recognised because it is not probable that future taxable profits will be available against which they can be utilised. The recoupment of the available Australian tax losses is contingent on: (i) the Group deriving future assessable income of a nature and amount sufficient to enable the benefit of the deductions to be realised; (ii) the Group continuing to comply with the conditions for deductibility imposed by Australian tax legislation; and (iii) there being no changes in tax legislation that adversely affect the Group from realising the benefit.

(a) Income tax expense <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%;"> <tbody><tr style="vertical-align: bottom;"><td style="padding-bottom: 1.5pt; text-align: center;"> </td> <td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold;"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">June 30, 2026 A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center;"> </td> <td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold;"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">June 30, 2025 A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center;"> </td> <td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold;"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">June 30, 2024 A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 64%; text-align: left;">Current tax</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">--</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">--</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">--</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Deferred tax</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">--</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">--</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">--</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left;">Income tax expense</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; text-align: right;">--</td> <td style="font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; text-align: right;">--</td> <td style="font-weight: bold; text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">--</td> <td style="text-align: left;"> </td> </tr></tbody></table> (b) Numerical reconciliation of income tax expense to prima facie tax on the loss <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%;"> <tbody><tr style="vertical-align: bottom;"><td style="padding-bottom: 1.5pt; text-align: center;"> </td> <td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold;"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">June 30, 2026 A$</td> <td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold;"> </td> <td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold;"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">June 30, 2025 A$</td> <td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold;"> </td> <td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold;"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">June 30, 2024 A$</td> <td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 64%; text-align: left;">Loss before income tax</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">(6,881,603</td> <td style="width: 1%; text-align: left;">)</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">(3,363,095</td> <td style="width: 1%; text-align: left;">)</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">(1,814,609</td> <td style="width: 1%; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Prima facie tax benefit at the Australian tax rate of 30%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(2,064,481</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(1,008,929</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(544,383</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="font-style: italic; text-align: left;">Tax effect of amounts which are not deductible in calculating taxable income:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Share-based payments</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">855,202</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">284,552</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">116,922</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Other non-deductible items</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">--</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">96,429</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">112,601</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Movement in unrecognised temporary differences</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">59,418</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6,275</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(23,167</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Tax losses for which no deferred tax asset has been recognised</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,149,861</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">621,673</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">338,027</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left;">Income tax expense</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; text-align: right;">--</td> <td style="font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; text-align: right;">--</td> <td style="font-weight: bold; text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">--</td> <td style="text-align: left;"> </td> </tr></tbody></table>

-6881603

-3363095

-1814609

0.30

-2064481

-1008929

-544383

855202 284552 116922

96429

112601

59418 6275 -23167

1149861

621673

338027

2311138

1161277

73355 26941 31052 2338079 1265684 19208 2338079 1246476

0.30

2470000

7703793

3870924

9860000000

8200000

0.30

2470000

1072093

687022

1072093

687022

30000

-6881603

-3363095

131411

94983

2850673

948505

89234

95172

112907 -90601

143008

236164

27487

29655

-3526883

-2049217

8905

29105

21768

77584

6994

64085

263337

236564

506895

64085

369965

679832

369965

679832

876860

743917

0.30 236564

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="font-style: normal; text-align: center;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">Plant and equipment A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">Computer equipment A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">Total A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal;"> </td> </tr><tr style="vertical-align: bottom;"><td style="font-weight: normal; font-style: italic;">At June 30, 2026</td> <td style="font-weight: normal; font-style: normal;"> </td> <td colspan="2" style="font-weight: normal; font-style: normal; text-align: right;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td colspan="2" style="font-weight: normal; font-style: normal; text-align: right;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td colspan="2" style="font-weight: normal; font-style: normal; text-align: right;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 64%; font-weight: normal; font-style: normal; text-indent: -0.125in; padding-left: 0.125in;">Cost</td> <td style="width: 1%; font-weight: normal; font-style: normal;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 9%; font-weight: normal; font-style: normal; text-align: right;">645,936</td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 9%; font-weight: normal; font-style: normal; text-align: right;">80,391</td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 9%; font-weight: normal; font-style: normal; text-align: right;">726,327</td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in;">Accumulated depreciation</td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">(199,942</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;">)</td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">(37,126</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;">)</td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">(237,068</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Net carrying amount</td> <td style="font-weight: bold; font-style: normal;"> </td> <td style="font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="font-weight: bold; font-style: normal; text-align: right;">445,994</td> <td style="font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="font-weight: bold; font-style: normal;"> </td> <td style="font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="font-weight: bold; font-style: normal; text-align: right;">43,265</td> <td style="font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="font-weight: bold; font-style: normal;"> </td> <td style="font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="font-weight: bold; font-style: normal; text-align: right;">489,259</td> <td style="font-weight: bold; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="font-weight: normal; font-style: italic; text-indent: -0.125in; padding-left: 0.125in;">Year ended June 30, 2026</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Opening net carrying amount</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">351,751</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">24,716</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">376,467</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: normal; font-style: normal; text-indent: -0.125in; padding-left: 0.125in;">Additions</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">206,323</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">36,824</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">243,147</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Depreciation charge</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">(103,919</td> <td style="font-weight: normal; font-style: normal; text-align: left;">)</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">(17,819</td> <td style="font-weight: normal; font-style: normal; text-align: left;">)</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">(121,738</td> <td style="font-weight: normal; font-style: normal; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in;">Exchange differences on translation of foreign operations</td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">(8,161</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;">)</td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">(456</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;">)</td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">(8,617</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Closing net carrying amount</td> <td style="font-weight: bold; font-style: normal;"> </td> <td style="font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="font-weight: bold; font-style: normal; text-align: right;">445,994</td> <td style="font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="font-weight: bold; font-style: normal;"> </td> <td style="font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="font-weight: bold; font-style: normal; text-align: right;">43,265</td> <td style="font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="font-weight: bold; font-style: normal;"> </td> <td style="font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="font-weight: bold; font-style: normal; text-align: right;">489,259</td> <td style="font-weight: bold; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="font-weight: normal; font-style: italic; text-indent: -0.125in; padding-left: 0.125in;">At June 30, 2025</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: normal; font-style: normal; text-indent: -0.125in; padding-left: 0.125in;">Cost</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">449,585</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">44,234</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">493,819</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in;">Accumulated depreciation</td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">(97,834</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;">)</td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">(19,518</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;">)</td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">(117,352</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Net carrying amount</td> <td style="font-weight: bold; font-style: normal;"> </td> <td style="font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="font-weight: bold; font-style: normal; text-align: right;">351,751</td> <td style="font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="font-weight: bold; font-style: normal;"> </td> <td style="font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="font-weight: bold; font-style: normal; text-align: right;">24,716</td> <td style="font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="font-weight: bold; font-style: normal;"> </td> <td style="font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="font-weight: bold; font-style: normal; text-align: right;">376,467</td> <td style="font-weight: bold; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="font-weight: normal; font-style: italic; text-indent: -0.125in; padding-left: 0.125in;">Year ended June 30, 2025</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Opening net carrying amount</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">59,490</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">7,866</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">67,356</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: normal; font-style: normal; text-indent: -0.125in; padding-left: 0.125in;">Additions</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">369,055</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">28,740</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">397,795</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Depreciation charge</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">(76,644</td> <td style="font-weight: normal; font-style: normal; text-align: left;">)</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">(11,890</td> <td style="font-weight: normal; font-style: normal; text-align: left;">)</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">(88,534</td> <td style="font-weight: normal; font-style: normal; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in;">Exchange differences on translation of foreign operations</td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">(150</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;">)</td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">--</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">(150</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; font-style: normal; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in;">Closing net carrying amount</td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: right;">351,751</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: right;">24,716</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: right;">376,467</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal; text-align: left;"> </td> </tr></tbody></table>

645936

80391

726327

-199942

-37126

-237068

445994

43265

489259

351751

24716

376467

206323

36824

243147

103919

17819

121738

-8161

-456

-8617

445994

43265

489259

449585

44234

493819

-97834

-19518

-117352

351751

24716

376467

59490

7866

67356

369055

28740

397795

76644

11890

88534

-150

351751

24716

376467

77384 77384 19346 9673

58038

67711

74160

7738

6449

1935

58038

67711

18598678

11333988

7428098 7264690

26026776

18598678

13. Trade and other payables <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="font-style: normal; text-align: center;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">June 30, 2026 A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">June 30, 2025 A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; font-weight: normal; font-style: normal; text-align: left;">Trade payables</td> <td style="width: 1%; font-weight: normal; font-style: normal;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 9%; font-weight: normal; font-style: normal; text-align: right;">394,282</td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 9%; font-weight: normal; font-style: normal; text-align: right;">480,847</td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt;">Accrued expenses</td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">2,048,042</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">2,236,962</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; font-style: normal; padding-bottom: 4pt;">Total</td> <td style="font-weight: bold; font-style: normal; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; font-style: normal; text-align: right;">2,442,324</td> <td style="padding-bottom: 4pt; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; font-style: normal; text-align: right;">2,717,809</td> <td style="padding-bottom: 4pt; font-weight: bold; font-style: normal; text-align: left;"> </td> </tr></tbody></table> Trade and other payables are unsecured, non-interest-bearing and normally settled within 30 to 60 days; their carrying amount approximates fair value.

394282

480847

2048042

2236962

2442324

2717809

P30D P60D

65652

71052

1800

-7200

65652

69654

56291

14124

83778

56291

16. Contributed equity (a) Share capital <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%;"> <tbody><tr style="vertical-align: bottom;"><td style="padding-bottom: 1.5pt; text-align: center;"> </td> <td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold;"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">June 30, 2026 Number</td> <td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold;"> </td> <td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold;"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">June 30, 2026 A$</td> <td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold;"> </td> <td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold;"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">June 30, 2025 Number</td> <td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold;"> </td> <td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold;"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">June 30, 2025 A$</td> <td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 52%; text-align: left;">Ordinary shares, fully paid</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">98,006,092</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">33,547,250</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">75,765,468</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">18,986,249</td> <td style="width: 1%; text-align: left;"> </td> </tr></tbody></table> (b) Movements in ordinary share capital <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="font-style: normal; text-align: center;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">Date</td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">Issue price A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">Number of shares</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 52%; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in;">Balance at July 1, 2025</td> <td style="width: 1%; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="width: 11%; font-style: normal; text-align: center; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; padding-bottom: 1.5pt; font-style: normal; text-align: left;"> </td> <td style="width: 9%; padding-bottom: 1.5pt; font-style: normal; text-align: right;"> </td> <td style="width: 1%; padding-bottom: 1.5pt; font-style: normal; text-align: left;"> </td> <td style="width: 1%; font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="width: 9%; border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: right;">75,765,468</td> <td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="width: 1%; font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="width: 9%; border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: right;">18,986,249</td> <td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Conversion of Class A performance rights</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: center;">Jul 30 & Nov 7, 2025</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">--</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">10,000,000</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">2,000,000</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Placement — tranches at $1.05 (August 2025 raising)</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: center;">Aug–Oct 2025</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">1.05</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">3,930,637</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">4,127,168</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Placement — tranches 1a and 1b at $1.20 (October 2025 raising)</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: center;">Oct–Nov 2025</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">1.20</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">4,979,333</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">5,975,200</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Placement — tranche 2 at $1.20 (approved at the general meeting of January 7, 2026)</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: center;">Jan 19, 2026</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">1.20</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">1,708,527</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">2,050,231</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Options exercised at $0.25, $0.30 and $0.40</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: center;">Aug 2025 – May 2026</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">0.25–0.40</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">1,622,127</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">486,840</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Transfer from the share-based payments reserve on exercise of options</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: center;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">--</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">--</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">170,850</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in;">Share issue transaction costs</td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="font-weight: normal; font-style: normal; text-align: center; padding-bottom: 1.5pt;"> </td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: right;">--</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">--</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">(249,288</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in;">Balance at June 30, 2026</td> <td style="font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="font-style: normal; text-align: center; padding-bottom: 1.5pt;"> </td> <td style="font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt; font-style: normal; text-align: left;"> </td> <td style="padding-bottom: 1.5pt; font-style: normal; text-align: right;"> </td> <td style="padding-bottom: 1.5pt; font-style: normal; text-align: left;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: right;">98,006,092</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: right;">33,547,250</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; font-style: normal; text-indent: -0.125in; padding-left: 0.125in;">Balance at July 1, 2024</td> <td style="font-style: normal;"> </td> <td style="font-style: normal; text-align: center;"> </td> <td style="font-style: normal;"> </td> <td style="font-style: normal; text-align: left;"> </td> <td style="font-style: normal; text-align: right;"> </td> <td style="font-style: normal; text-align: left;"> </td> <td style="font-weight: bold; font-style: normal;"> </td> <td style="font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="font-weight: bold; font-style: normal; text-align: right;">67,200,001</td> <td style="font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="font-weight: bold; font-style: normal;"> </td> <td style="font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="font-weight: bold; font-style: normal; text-align: right;">11,863,857</td> <td style="font-weight: bold; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Options exercised at $0.25, $0.30 and $0.40</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: center;">Jul 29, 2024</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">0.25–0.40</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">500,000</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">158,334</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Transfer from the share-based payments reserve on exercise of options</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: center;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">--</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">--</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">51,517</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Placement — tranche 1 at $0.86</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: center;">Oct 22, 2024</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">0.86</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">5,426,616</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">4,666,878</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Placement — tranche 2 at $0.86</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: center;">Jan 7, 2025</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">0.86</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">2,638,851</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">2,269,399</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in;">Share issue transaction costs</td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="font-weight: normal; font-style: normal; text-align: center; padding-bottom: 1.5pt;"> </td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: right;">--</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">--</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">(23,736</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in;">Balance at June 30, 2025</td> <td style="font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="font-style: normal; text-align: center; padding-bottom: 1.5pt;"> </td> <td style="font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt; font-style: normal; text-align: left;"> </td> <td style="padding-bottom: 1.5pt; font-style: normal; text-align: right;"> </td> <td style="padding-bottom: 1.5pt; font-style: normal; text-align: left;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: right;">75,765,468</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: right;">18,986,249</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal; text-align: left;"> </td> </tr></tbody></table> Amounts recorded differ marginally from the number of shares multiplied by the issue price because of rounding on individual applications. Of the $486,840 consideration received on the exercise of options during the year ended June 30, 2026, $31,424 had been received before July 1, 2025 and was carried forward as application monies; the balance of $455,416 was received during the year and is presented within financing activities in the statement of cash flows. (c) Share issue transaction costs Transaction costs of $249,288 (2025: $23,736) directly attributable to the completed equity issues have been deducted from contributed equity (note 1(n)). (d) Rights attaching to ordinary shares Ordinary shares entitle the holder to participate in dividends and in the proceeds on winding up of the Company in proportion to the number of, and amounts paid on, the shares held. On a show of hands every holder present in person or by proxy has one vote, and on a poll every holder has one vote for each fully paid ordinary share held. Ordinary shares have no par value and the Company does not have a limited amount of authorised capital. Shares on issue at June 30, 2026 comprised 84,756,092 quoted ordinary shares and 13,250,000 ordinary shares subject to voluntary escrow, which were released from escrow on July 5, 2026 (note 25). Escrowed shares rank equally with quoted ordinary shares in all respects other than transferability during the escrow period.

98006092

33547250

75765468

18986249 (b) Movements in ordinary share capital <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="font-style: normal; text-align: center;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">Date</td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">Issue price A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">Number of shares</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 52%; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in;">Balance at July 1, 2025</td> <td style="width: 1%; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="width: 11%; font-style: normal; text-align: center; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; padding-bottom: 1.5pt; font-style: normal; text-align: left;"> </td> <td style="width: 9%; padding-bottom: 1.5pt; font-style: normal; text-align: right;"> </td> <td style="width: 1%; padding-bottom: 1.5pt; font-style: normal; text-align: left;"> </td> <td style="width: 1%; font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="width: 9%; border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: right;">75,765,468</td> <td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="width: 1%; font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="width: 9%; border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: right;">18,986,249</td> <td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Conversion of Class A performance rights</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: center;">Jul 30 & Nov 7, 2025</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">--</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">10,000,000</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">2,000,000</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Placement — tranches at $1.05 (August 2025 raising)</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: center;">Aug–Oct 2025</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">1.05</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">3,930,637</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">4,127,168</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Placement — tranches 1a and 1b at $1.20 (October 2025 raising)</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: center;">Oct–Nov 2025</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">1.20</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">4,979,333</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">5,975,200</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Placement — tranche 2 at $1.20 (approved at the general meeting of January 7, 2026)</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: center;">Jan 19, 2026</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">1.20</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">1,708,527</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">2,050,231</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Options exercised at $0.25, $0.30 and $0.40</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: center;">Aug 2025 – May 2026</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">0.25–0.40</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">1,622,127</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">486,840</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Transfer from the share-based payments reserve on exercise of options</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: center;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">--</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">--</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">170,850</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in;">Share issue transaction costs</td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="font-weight: normal; font-style: normal; text-align: center; padding-bottom: 1.5pt;"> </td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: right;">--</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">--</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">(249,288</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in;">Balance at June 30, 2026</td> <td style="font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="font-style: normal; text-align: center; padding-bottom: 1.5pt;"> </td> <td style="font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt; font-style: normal; text-align: left;"> </td> <td style="padding-bottom: 1.5pt; font-style: normal; text-align: right;"> </td> <td style="padding-bottom: 1.5pt; font-style: normal; text-align: left;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: right;">98,006,092</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: right;">33,547,250</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; font-style: normal; text-indent: -0.125in; padding-left: 0.125in;">Balance at July 1, 2024</td> <td style="font-style: normal;"> </td> <td style="font-style: normal; text-align: center;"> </td> <td style="font-style: normal;"> </td> <td style="font-style: normal; text-align: left;"> </td> <td style="font-style: normal; text-align: right;"> </td> <td style="font-style: normal; text-align: left;"> </td> <td style="font-weight: bold; font-style: normal;"> </td> <td style="font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="font-weight: bold; font-style: normal; text-align: right;">67,200,001</td> <td style="font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="font-weight: bold; font-style: normal;"> </td> <td style="font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="font-weight: bold; font-style: normal; text-align: right;">11,863,857</td> <td style="font-weight: bold; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Options exercised at $0.25, $0.30 and $0.40</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: center;">Jul 29, 2024</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">0.25–0.40</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">500,000</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">158,334</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Transfer from the share-based payments reserve on exercise of options</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: center;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">--</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">--</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">51,517</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Placement — tranche 1 at $0.86</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: center;">Oct 22, 2024</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">0.86</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">5,426,616</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">4,666,878</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: normal; font-style: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Placement — tranche 2 at $0.86</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: center;">Jan 7, 2025</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">0.86</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">2,638,851</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">2,269,399</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in;">Share issue transaction costs</td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="font-weight: normal; font-style: normal; text-align: center; padding-bottom: 1.5pt;"> </td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: right;">--</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">--</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">(23,736</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in;">Balance at June 30, 2025</td> <td style="font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="font-style: normal; text-align: center; padding-bottom: 1.5pt;"> </td> <td style="font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt; font-style: normal; text-align: left;"> </td> <td style="padding-bottom: 1.5pt; font-style: normal; text-align: right;"> </td> <td style="padding-bottom: 1.5pt; font-style: normal; text-align: left;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: right;">75,765,468</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: right;">18,986,249</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal; text-align: left;"> </td> </tr></tbody></table>

75765468

18986249 Jul 30 & Nov 7, 2025 10000000

2000000

Aug–Oct 2025

1.05

3930637 4127168 Oct–Nov 2025

1.2

4979333 5975200 Jan 19, 2026

1.2

1708527 2050231

0.3

Aug 2025 – May 2026

0.25

0.4

1622127

486840

170850

-249288

98006092

33547250

67200001

11863857

0.3

Jul 29, 2024

0.25

0.4

500000

158334

51517 Oct 22, 2024

0.86

5426616 4666878 Jan 7, 2025

0.86

2638851 2269399

-23736

75765468

18986249

486840

31424

455416

-249288

-23736

84756092 13250000

6120982

5441159

-161399

-73591

5959583

5367568

18. Share-based payments The Group operates equity-settled share-based payment arrangements comprising unlisted options and performance rights issued to directors, employees and eligible contractors. Awards for employee and director services are measured at grant-date fair value and recognised over the vesting period as an expense, or as part of the cost of an asset where the recognition criteria are met, with a corresponding increase in the share-based payments reserve (note 17). Instruments issued as acquisition consideration are included in the cost of the assets acquired (note 12); instruments issued for equity transaction services are accounted for as equity transaction costs. The share-based payments expense recognised in profit or loss for the year was $2,850,673 (2025: $948,505; 2024: $389,741). (a) Options <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">June 30, 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">June 30, 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left; padding-bottom: 1.5pt;">Opening options — number</td> <td style="width: 1%; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">2,500,000</td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left;"> </td> <td style="width: 1%; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">3,000,000</td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Options exercised — number</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(1,622,127</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(500,000</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt;">Closing options outstanding and exercisable — number</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">877,873</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,500,000</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-bottom: 1.5pt;">Opening weighted average exercise price — A$</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.3167</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.3167</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="padding-bottom: 1.5pt;">Exercised options weighted average exercise price — A$</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.3001</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.3167</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-bottom: 1.5pt;">Closing weighted average exercise price — A$</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.3472</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.3167</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr></tbody></table> The options outstanding at June 30, 2026 comprise 83,225 options exercisable at $0.25, 338,387 at $0.30 and 456,261 at $0.40, all expiring June 30, 2027 (2025: 833,333, 833,333 and 833,334 respectively). The weighted average remaining contractual life of the options at June 30, 2026 was 1.0 year (2025: 2.0 years). On exercise during the year, $170,850 was transferred from the share-based payments reserve to contributed equity. The options (granted April 5, 2023, valued at July 1, 2023) were measured at grant date under the Black-Scholes model — spot price $0.20, exercise prices $0.25, $0.30 and $0.40, volatility 80%, risk-free rate 3.97%, expected life 4.0 years and nil dividends — giving fair values of $0.1125, $0.1046 and $0.0920 per option, which were recognised as capital-raising costs in the year ended June 30, 2024. No options were granted, forfeited or expired in 2026 or 2025. (b) Performance rights (exercise price $nil) <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="font-style: normal; text-align: center;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">June 30, 2026 Number</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">June 30, 2025 Number</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; font-weight: normal; font-style: normal;">Outstanding at July 1</td> <td style="width: 1%; font-weight: normal; font-style: normal;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 9%; font-weight: normal; font-style: normal; text-align: right;">28,750,000</td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 9%; font-weight: normal; font-style: normal; text-align: right;">25,000,000</td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: normal; font-style: normal;">Granted — Class F (approved November 27, 2025; issued January 20, 2026)</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">7,000,000</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">--</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: normal; font-style: normal; text-align: left;">Granted — Class E (approved November 7, 2024)</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">--</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">3,750,000</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: normal; font-style: normal; text-align: left;">Converted to ordinary shares — Class A</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">(10,000,000</td> <td style="font-weight: normal; font-style: normal; text-align: left;">)</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">--</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt;">Forfeited — Class E</td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">(500,000</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;">)</td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">--</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;">Outstanding at June 30</td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: right;">25,250,000</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: right;">28,750,000</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal; text-align: left;"> </td> </tr></tbody></table> Performance rights on issue by class, and the terms and conditions of each class, are set out below. All vesting conditions are non-market performance conditions; accordingly no option-pricing or Monte-Carlo adjustment is required and each grant is measured at the Company’s share price at its grant date. For performance rights issued in exchange for services, grant-date fair value is recognised over the vesting period based on the number of instruments assessed as probable of vesting. The recognition of acquisition consideration is described in note 12. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%;"> <tbody><tr style="vertical-align: bottom;"><td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; font-style: normal; text-align: left;">Class</td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">Grant date / fair value per right</td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">Vesting condition and expiry</td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">Number June 30, 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">Number June 30, 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">Expense June 30, 2026 A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="vertical-align: top; width: 15%; font-weight: normal; font-style: normal; text-align: left;">A</td> <td style="width: 1%; font-weight: normal; font-style: normal;"> </td> <td style="width: 11%; font-weight: normal; font-style: normal; text-align: center;">Apr 5, 2023 / $0.20</td> <td style="width: 1%; font-weight: normal; font-style: normal;"> </td> <td style="width: 36%; font-weight: normal; font-style: normal; text-align: left;">Announcement of a JORC-compliant Indicated Resource of 3Mt THM; hurdle achieved July 10, 2025</td> <td style="width: 1%; font-weight: normal; font-style: normal;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 9%; font-weight: normal; font-style: normal; text-align: right;">--</td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 9%; font-weight: normal; font-style: normal; text-align: right;">10,000,000</td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 9%; font-weight: normal; font-style: normal; text-align: right;">--</td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="vertical-align: top; font-weight: normal; font-style: normal; text-align: left;">B</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: center;">Apr 5, 2023 / $0.20</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;">Announcement of a pre-feasibility study recommending proceeding; expiry June 30, 2027</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">5,000,000</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">5,000,000</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">58,947</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="vertical-align: top; font-weight: normal; font-style: normal; text-align: left;">C</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: center;">Apr 5, 2023 / $0.20</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;">Announcement of the completion of a feasibility study recommending proceeding; expiry June 30, 2027</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">5,000,000</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">5,000,000</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">58,947</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="vertical-align: top; font-weight: normal; font-style: normal; text-align: left;">D</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: center;">Apr 5, 2023 / $0.20</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;">Announcement of a decision to mine; expiry June 30, 2028</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">5,000,000</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">5,000,000</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">47,675</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="vertical-align: top; font-weight: normal; font-style: normal; text-align: left;">E</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: center;">Nov 7, 2024 / $0.83</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;">Approval and issue of a mining licence for the Chilwa Critical Minerals Project; expiry November 30, 2028</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">3,250,000</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">3,750,000</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">577,683</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="vertical-align: top; font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt;">F</td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="font-weight: normal; font-style: normal; text-align: center; padding-bottom: 1.5pt;">Nov 27, 2025 / $0.935</td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt;">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</td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">7,000,000</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">--</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">2,107,421</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="vertical-align: top; font-weight: bold; font-style: normal; text-align: left; padding-bottom: 4pt;">Total</td> <td style="font-style: normal; padding-bottom: 4pt;"> </td> <td style="font-style: normal; text-align: center; padding-bottom: 4pt;"> </td> <td style="font-style: normal; padding-bottom: 4pt;"> </td> <td style="font-style: normal; padding-bottom: 4pt;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; font-style: normal; text-align: right;">25,250,000</td> <td style="padding-bottom: 4pt; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; font-style: normal; text-align: right;">28,750,000</td> <td style="padding-bottom: 4pt; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; font-style: normal; text-align: right;">2,850,673</td> <td style="padding-bottom: 4pt; font-weight: bold; font-style: normal; text-align: left;"> </td> </tr></tbody></table> Class A: the resource hurdle was achieved on July 10, 2025. The grant-date fair value of $2,000,000 had been fully recognised by June 30, 2025, so the conversion of the 10,000,000 Class A rights during the year (on July 30, 2025 and November 7, 2025) is recorded solely as a transfer of $2,000,000 from the share-based payments reserve to contributed equity. Class E: Mr D Wilkins ceased to be a director on October 20, 2025 and all 500,000 of his Class E rights — being the whole of his grant and 13.3% of the Class E rights then on issue — lapsed on April 24, 2026. This is a forfeiture — a revision of the number of instruments expected to vest — not a cancellation, so no acceleration of expense arises; the cumulative expense of $123,075 previously recognised on those rights was reversed through profit or loss during the year, and the Class E expense shown above is net of that reversal. Class F: the 7,000,000 Class F rights (ASX code CHWAI) were approved by shareholders on November 27, 2025 and issued on January 20, 2026 at a fair value of $0.935 per right, being the closing price of the Company’s shares on the date of shareholder approval. The 18,750,000 performance rights issued to Luso Global Mining B.V. as part consideration for the acquisition of the Chilwa Critical Minerals Project were capitalised to exploration and evaluation assets on acquisition and carry no expense in either year; the Class B, C and D expense shown above arises on the rights held by the Managing Director and by three other participants who are not key management personnel. Of the total expense for the year, $2,802,779 relates to key management personnel (note 22) and $47,894 to three other participants, none of whom is a member of the key management personnel. The options were exercised on ten dates between August 2025 and May 2026; the weighted average share price at those dates was $1.03 (2025: $0.57, all 500,000 options having been exercised on July 29, 2024). The vesting periods over which the grant-date fair values are recognised are: Class A, April 5, 2023 to June 30, 2025; Classes B and C, April 5, 2023 to June 30, 2027; Class D, April 5, 2023 to June 30, 2028; Class E, October 9, 2024 (the date of the notice of the meeting at which the grant was approved) to November 30, 2028; and Class F, October 28, 2025 (the corresponding date for that grant) to November 30, 2027, being the date by which the Class F performance hurdle must be achieved. Rights that vest remain exercisable to the expiry dates set out in the table above. The Group has assessed each non-market vesting condition as probable of being satisfied and has accordingly recognised the expense on 100% of the instruments on issue. That assessment is made by the Board at each reporting date by reference to the Group’s exploration results and its study and permitting programme; at June 30, 2026 a scoping study was in progress and the pre-feasibility study on which the Class B rights vest had not been commissioned. If a class ceased to be assessed as probable of vesting, the cumulative expense recognised on that class would be reversed in the period of the reassessment.

2850673

948505

389741

2500000

3000000

1622127

500000

877873

2500000

0.3167

0.3001

0.3167

0.3472

0.3167

83225

0.25

338387

0.3

456261

0.4

833333

833334

P1Y

P2Y

170850

0.2

0.25

0.3

0.4

0.80

0.0397

0.1125

0.1046

0.092

28750000

25000000

7000000

3750000

10000000

500000

25250000

28750000

The recognition of acquisition consideration is described in note 12.<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%;"> <tbody><tr style="vertical-align: bottom;"><td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; font-style: normal; text-align: left;">Class</td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">Grant date / fair value per right</td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">Vesting condition and expiry</td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">Number June 30, 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">Number June 30, 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">Expense June 30, 2026 A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="vertical-align: top; width: 15%; font-weight: normal; font-style: normal; text-align: left;">A</td> <td style="width: 1%; font-weight: normal; font-style: normal;"> </td> <td style="width: 11%; font-weight: normal; font-style: normal; text-align: center;">Apr 5, 2023 / $0.20</td> <td style="width: 1%; font-weight: normal; font-style: normal;"> </td> <td style="width: 36%; font-weight: normal; font-style: normal; text-align: left;">Announcement of a JORC-compliant Indicated Resource of 3Mt THM; hurdle achieved July 10, 2025</td> <td style="width: 1%; font-weight: normal; font-style: normal;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 9%; font-weight: normal; font-style: normal; text-align: right;">--</td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 9%; font-weight: normal; font-style: normal; text-align: right;">10,000,000</td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 9%; font-weight: normal; font-style: normal; text-align: right;">--</td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="vertical-align: top; font-weight: normal; font-style: normal; text-align: left;">B</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: center;">Apr 5, 2023 / $0.20</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;">Announcement of a pre-feasibility study recommending proceeding; expiry June 30, 2027</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">5,000,000</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">5,000,000</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">58,947</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="vertical-align: top; font-weight: normal; font-style: normal; text-align: left;">C</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: center;">Apr 5, 2023 / $0.20</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;">Announcement of the completion of a feasibility study recommending proceeding; expiry June 30, 2027</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">5,000,000</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">5,000,000</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">58,947</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="vertical-align: top; font-weight: normal; font-style: normal; text-align: left;">D</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: center;">Apr 5, 2023 / $0.20</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;">Announcement of a decision to mine; expiry June 30, 2028</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">5,000,000</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">5,000,000</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">47,675</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="vertical-align: top; font-weight: normal; font-style: normal; text-align: left;">E</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: center;">Nov 7, 2024 / $0.83</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;">Approval and issue of a mining licence for the Chilwa Critical Minerals Project; expiry November 30, 2028</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">3,250,000</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">3,750,000</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">577,683</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="vertical-align: top; font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt;">F</td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="font-weight: normal; font-style: normal; text-align: center; padding-bottom: 1.5pt;">Nov 27, 2025 / $0.935</td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt;">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</td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">7,000,000</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">--</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">2,107,421</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="vertical-align: top; font-weight: bold; font-style: normal; text-align: left; padding-bottom: 4pt;">Total</td> <td style="font-style: normal; padding-bottom: 4pt;"> </td> <td style="font-style: normal; text-align: center; padding-bottom: 4pt;"> </td> <td style="font-style: normal; padding-bottom: 4pt;"> </td> <td style="font-style: normal; padding-bottom: 4pt;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; font-style: normal; text-align: right;">25,250,000</td> <td style="padding-bottom: 4pt; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; font-style: normal; text-align: right;">28,750,000</td> <td style="padding-bottom: 4pt; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; font-style: normal; text-align: right;">2,850,673</td> <td style="padding-bottom: 4pt; font-weight: bold; font-style: normal; text-align: left;"> </td> </tr></tbody></table>

Apr 5, 2023

0.2

Announcement of a JORC-compliant Indicated Resource of 3Mt THM; hurdle achieved July 10, 2025

10000000

Apr 5, 2023

0.2

Announcement of a pre-feasibility study recommending proceeding; expiry June 30, 2027

5000000

58947

Apr 5, 2023

0.2

Announcement of the completion of a feasibility study recommending proceeding; expiry June 30, 2027

5000000

58947

Apr 5, 2023

0.2

Announcement of a decision to mine; expiry June 30, 2028

5000000

47675

Nov 7, 2024

0.83

Approval and issue of a mining licence for the Chilwa Critical Minerals Project; expiry November 30, 2028

3250000

3750000

577683

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

7000000

2107421

25250000

28750000

2850673

2000000

10000000

2000000

500000

0.133 123075

7000000

0.935

18750000

2802779

47894

1.03

0.57

500000

The 2026 and 2025 amounts are not provided for in the financial statements and are contingent on the Group electing to retain each licence: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="font-style: normal; text-align: center;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">June 30, 2026 A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">June 30, 2025 A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; font-weight: normal; font-style: normal; text-align: left;">Within one year</td> <td style="width: 1%; font-weight: normal; font-style: normal;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 9%; font-weight: normal; font-style: normal; text-align: right;">227,874</td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 9%; font-weight: normal; font-style: normal; text-align: right;">189,848</td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: normal; font-style: normal; text-align: left;">Later than one year but not later than five years</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">684,644</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">--</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt;">Later than five years</td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">--</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">--</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: normal; font-style: normal; padding-bottom: 4pt;">Total</td> <td style="font-weight: normal; font-style: normal; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: normal; font-style: normal; text-align: right;">912,518</td> <td style="padding-bottom: 4pt; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: normal; font-style: normal; text-align: right;">189,848</td> <td style="padding-bottom: 4pt; font-weight: normal; font-style: normal; text-align: left;"> </td> </tr></tbody></table>

227874

189848

684644

912518

189848

142410

40000

429373

27810

12222

148220

43304

0.3118

4515788

2888004

2405321

82204

967429

1859338

7200

1500000 1800000 1500000 230232 20000 20000 30000

22. Key management personnel compensation <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="font-style: normal; text-align: center;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">June 30, 2026 A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">June 30, 2025 A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1.5pt solid;">June 30, 2024 A$</td> <td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 64%; font-weight: normal; font-style: normal; text-align: left;">Short-term employee benefits</td> <td style="width: 1%; font-weight: normal; font-style: normal;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 9%; font-weight: normal; font-style: normal; text-align: right;">725,996</td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 9%; font-weight: normal; font-style: normal; text-align: right;">650,000</td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal;"> </td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="width: 9%; font-weight: normal; font-style: normal; text-align: right;">738,138</td> <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: normal; font-style: normal; text-align: left;">Post-employment benefits</td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">54,022</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">40,250</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal;"> </td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; text-align: right;">40,988</td> <td style="font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt;">Share-based payments</td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">2,802,779</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">827,625</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right;">379,482</td> <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; font-style: normal; padding-bottom: 4pt;">Total</td> <td style="font-weight: bold; font-style: normal; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; font-style: normal; text-align: right;">3,582,797</td> <td style="padding-bottom: 4pt; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="font-weight: bold; font-style: normal; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; font-style: normal; text-align: right;">1,517,875</td> <td style="padding-bottom: 4pt; font-weight: bold; font-style: normal; text-align: left;"> </td> <td style="font-style: normal; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-style: normal; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-style: normal; text-align: right;">1,158,608</td> <td style="padding-bottom: 4pt; font-style: normal; text-align: left;"> </td> </tr></tbody></table>

725996

650000

738138

54022

40250

40988

2802779

827625

379482

3582797

1517875

1158608

-6881603

-3363095

-1814609

91682591

72591494

67038799

-0.0751

-0.0463

-0.0271

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%;"> <tbody><tr style="vertical-align: bottom;"><td style="border-bottom: Black 1.5pt solid; white-space: nowrap; padding-bottom: 1.5pt; text-align: center;"> Entity</td> <td style="white-space: nowrap; padding-bottom: 1.5pt; text-align: center; font-weight: bold;"> </td> <td style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: center; font-weight: bold;">Principal place of business</td> <td style="white-space: nowrap; padding-bottom: 1.5pt; text-align: center; font-weight: bold;"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center;">Ownership June 30, 2026</td> <td style="white-space: nowrap; padding-bottom: 1.5pt; text-align: center; font-weight: bold;"> </td> <td style="white-space: nowrap; padding-bottom: 1.5pt; text-align: center; font-weight: bold;"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center;">Ownership June 30, 2025</td> <td style="white-space: nowrap; padding-bottom: 1.5pt; text-align: center; font-weight: bold;"> </td> <td style="white-space: nowrap; padding-bottom: 1.5pt; text-align: center; font-weight: bold;"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center;">Ownership June 30, 2024</td> <td style="white-space: nowrap; padding-bottom: 1.5pt; text-align: center; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 52%; text-align: left;">Chilwa Minerals Africa Limited</td> <td style="width: 1%;"> </td> <td style="text-align: center; width: 11%;">Malawi</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">100</td> <td style="width: 1%; text-align: left;">%</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">100</td> <td style="width: 1%; text-align: left;">%</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">100</td> <td style="width: 1%; text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Mota-Engil Investments (Malawi) Limited</td> <td> </td> <td style="text-align: center;">Malawi</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">100</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">100</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">100</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Phalombe Minerals Limited</td> <td> </td> <td style="text-align: center;">Malawi</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">100</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">n/a</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">n/a</td> <td style="text-align: left;"> </td> </tr></tbody></table>

Malawi

13250000 10

625000

5.6

3500000

92000

920

3143118

3500920

257802 100000 125000 25000

6250000

717000

625000

92000

5.6

31250

1500000

98250

48251

0.25

49999

0.4

32062

471696

56834

568340

5.59

317702 292286 2841 35166