Announcement PDF CORPORATE DIRECTORY Directors GP Hunt Non-Executive Chairman PJ Bird Managing Director and Chief Executive Officer MD Gill Non-Executive Director Company Secretary SG Turner Registered office 12 Anderson Street West Ballarat Victoria 3350 Postal address PO Box 28 Ballarat Victoria 3353 Website www.akoraresources.com Share Registry MUFG Corporate Markets (AU) Limited Liberty Place, Level 41 161 Castlereagh Street Sydney New South Wales Australia Telephone 1300 554 474 Auditor Hall Chadwick WA Audit Pty Ltd 283 Rokeby Road Subiaco WA Australia Solicitors CBW Partners Level 1 159 Dorcas Street South Melbourne Victoria CONTENTS Page 1 Directors’ report 2 Auditor’s independence declaration 5 Condensed consolidated statement of profit or loss and other comprehensive income 6 Condensed consolidated statement of financial position 7 Condensed consolidated statement of changes in equity 8 Condensed consolidated statement of cash flows 9 Notes to the financial statements 10 Directors’ declaration 21 Independent auditor’s review report 22 DIRECTORS’ REPORT Page 2 The Directors present their report, together with the financial statements of AKORA Resources Limited (ACN 139 847 555) (hereafter referred to as the “Company”), for the half-year ended 30 June 2026. Principal Activities The principal activities of the Company during the half-year were exploration for iron ore in Madagascar. The Company holds 100% equity in two Malagasy entities: Iron Ore Corporation of Madagascar sarl (IOCM) and Universal Exploration Madagascar sarl (UEM). IOCM holds the Bekisopa iron ore tenements and UEM holds the Tratramarina iron ore tenements. In addition, the Company has earned a 100% equity interest in the commodities discovered at the Ambodilafa tenements pursuant to the Jubilee/AKORA Ambodilafa Farm-in Agreement. The Company focused on advancing the Bekisopa iron ore tenements during the first half of the financial year. Operating Results, Review of Operations for the Half Year and Significant Changes in State of Affairs The net loss after tax is $1,214,414 for the half-year ended 30 June 2026 (the net loss after tax for the previous half-year was $883,347). Activities during the first half of the financial year Mining Permit Granted for the Bekisopa Project A Mining Permit was granted for AKORA’s high-grade Bekisopa Direct Shipping Iron Ore (DSO) Project (Stage One). This Mining Permit also covers any future project based on the significant Stage Two inferred magnetite resource. The grant of the Mining Permit is subject to the satisfaction of customary regulatory requirements by the Company. This includes compliance with all regulatory provisions governed by the Mining Code. The mining permit is valid for twenty-five (25) years, providing long-term tenure and covers an area of approximately 25 km2. A Pre-Feasibility Study (PFS) was released in March 2025. This PFS outlined a simple, high-grade Stage One direct shipping iron ore start-up project, with low capital intensity and strong operating margins. The PFS delivered compelling, robust economics including: • Initial life of mine: 6 years • Low upfront capital: US$61 million • Strong project value: NPV10 of US$147 million • Exceptional returns: IRR of 86% • Low operating costs: C1 cash cost of US$42/t • Total revenue: US$789 million • Pre-Tax cash flows: US$310 million • Rapid capital payback: 1.8 years The grant of this Mining Permit (PE 10430) forms a pivotal, value-creating, derisking milestone for the project and enables AKORA to substantially advance the progress of the high-grade Bekisopa iron ore project from exploration to project development and mining. This event is expected to: • Accelerate interest and engagement with strategic partners and potential joint venture participants, • Provide the regulatory certainty required to materially advance financing discussions, • Commence detailed planning for a Feasibility Study and secondary permits, paving the way for commercial activities at the site, and • Support continued positive engagement with local communities and stakeholders, and commence discussions for local procurement, which will strengthen the Company’s social licence to operate. Acceleration of Strategic Financing and Partnering Initiatives Upon the granting of the Mining Permit, there was considerable interest shown by potential strategic partners. The Board recognised the need for an experienced and sophisticated advisory partner to fast track this process and engaged Grant Samuel Corporate Finance (Grant Samuel). Grant Samuel has an established track record advising on some of the most significant transactions in Australia and across international resource sectors. The engagement focuses primarily on securing strategic investors, evaluating project level financing structures and supporting AKORA’s capital markets strategy. DIRECTORS’ REPORT Page 3 Capital Raising A Capital Raising was announced in May 2026 for up to $3.3 million (before costs) through a: o Placement of fully paid ordinary shares to raise approximately $1.6 million; and o 1 for 9 pro-rata non-renounceable entitlement offer of fully paid ordinary shares to eligible shareholders to raise a further approximately $1.7 million. Funds raised under the Capital Raising were to be used by the Company for the following: (a) essential permitting and other mine development activities as required under the newly granted mining permit (as announced 4 March 2026); (b) progressing project financing and strategic partner discussions to achieve an optimal outcome, formally initiated by financial advisor Grant Samuel; (c) continued community engagement initiatives; and (d) general working capital requirements. The Placement raised $1,590,800 and 19,885,000 shares were issued in May 2026. The Entitlement Offer closed raising $186,816 and 2,335,196 shares were issued in June 2026. The shortfall of the Entitlement Offer was placed to two new sophisticated investors, raising $1,535,967 and 19,199,220 shares were issued in July 2026. There was also a Placement raising $164,033 and 2,050,780 shares were issued in July 2026. Proposed work for second half of the 2026 financial year AKORA is advancing the Strategic Financing and Partnering initiatives, along with certain community support initiatives, and studies relating to logistics (road and port). Events After Balance Date On 1 July 2026, AKORA placed the Entitlement Offer shortfall of $1,535,967 and 19,199,220 shares were issued. There was also a Placement raising $164,033 and 2,050,780 shares were issued in July 2026. Environmental Issues The Company's projects are subject to the laws and regulations regarding environmental matters in Madagascar. Many of the activities and operations of the Company cannot be carried out without prior approval from and compliance with all relevant authorities. The Company conducts its activities in an environmentally responsible manner and in accordance with all applicable laws. However, the company could be subject to liability due to risks inherent to its activities, such as accidental spills, leakages or other unforeseen circumstances. Information on Directors The following persons were the directors in office as at the date of this report: GP Hunt (Non-executive Chairman), appointed 1 February 2024 PJ Bird (Managing Director & Chief Executive Officer) appointed 15 May 2025 MD Gill (Non-executive Director), appointed 2 August 2023 Proceedings on Behalf of Company The Company has no outstanding or pending litigation whether brought by the Company or brought against the Company by a third party. Non-Audit Services There were no non-audit services provided by the Company’s external auditor. Auditor’s Independence Declaration A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 5. DIRECTORS’ REPORT Page 4 This report of the directors is signed in accordance with a resolution of the Board of Directors. GP Hunt Chairman Dated this 11th day of September 2026 To the Board of Directors AUDITOR’S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS ACT 2001 As lead audit director for the review of the financial statements of Akora Resources Limited for the half year ended 30 June 2026, I declare that to the best of my knowledge and belief, there have been no contraventions of: • the auditor independence requirements of the Corporations Act 2001 in relation to the review; and • any applicable code of professional conduct in relation to the review. Yours Faithfully, HALL CHADWICK WA AUDIT PTY LTD MARK DELAURENTIS CA Director Dated this 11th day of September 2026 Perth, Western Australia Page 5 CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS & OTHER COMPREHENSIVE INCOME Page 6 Half-Year Note 30 June 30 June 2026 2025 $ $ Total revenue and other income 4,617 3,442 Expenditure Administration costs (191,992) (160,235) Contractors and consultants (237,678) (178,398) Employee costs (271,402) (224,325) Investor relations (6,582) (87,466) Provisions (16,950) 13,315 Secretarial costs (128,300) (74,600) Share based payments 8 (305,891) (159,480) Travel (59,086) (14,211) Other (1,150) (1,389) Total expenditure (1,219,031) (886,789) Profit/(loss) before tax for the half-year (1,214,414) (883,347) Income tax (expense)/benefit - - Net profit/(loss) after tax for the half-year (1,214,414) (883,347) Items that have been or may be subsequently reclassified to profit or loss Translation reserve 61,204 29,792 Other movement - - 61,204 29,792 Total comprehensive income/(loss) for the half-year (1,153,210) (853,555) Loss per share Basic earnings per share/cents 3 (0.677) (0.671) Diluted earnings per share/cents (0.677) (0.671) The accompanying notes form part of these financial statements CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION Page 7 Note 30 June 31 December 2026 2025 $ $ Assets Current assets Cash and cash equivalents 5 2,282,047 1,102,607 Receivables 184,600 116,884 Other 2,386 2,271 Total current assets 2,469,033 1,221,762 Non-current assets Exploration and evaluation 6 17,896,558 14,518,984 Total non-current assets 17,896,558 14,518,984 Total assets 20,365,591 15,740,746 Liabilities Current liabilities Payables 11 3,126,216 167,502 Other Current Liability 12 850,000 - Provisions 46,774 29,824 Total current liabilities 4,022,990 197,326 Total liabilities 4,022,990 197,326 Net assets 16,342,601 15,543,420 Equity Contributed equity 7 41,642,525 39,912,650 Reserves (351,391) (291,508) Accumulated losses (24,948,533) (24,077,722) Total equity 16,342,601 15,543,420 The accompanying notes form part of these financial statements CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Page 8 Note 7 Note 8 Share Translation Share-based Other Accumulated Equity Capital Reserve Payments Reserves Losses $ $ $ $ $ $ As at 31 December 2024 35,714,424 (691,883) 581,415 26,710 (22,088,350) 13,542,316 Transactions with owners in their capacity as owners of the Company Share issues 1,252,306 - - - - 1,252,306 Equity raising costs (60,616) - - - - (60,616) Share-based payments - - 253,421 - - 253,421 Cancellation of share-based payments - - (144,941) - 4,818 (140,123) 1,191,690 - 108,480 - 4,818 1,304,988 Net loss for the period - - - - (883,347) (883,347) Other comprehensive income - 29,792 - - - 29,792 Total comprehensive income - 29,792 - - (883,347) (853,555) As at 30 June 2025 36,906,114 (662,091) 689,895 26,710 (22,966,879) 13,993,749 As at 31 December 2025 39,912,650 (741,936) 423,718 26,710 (24,077,722) 15,543,420 Transactions with owners in their capacity as owners of the Company Share issues 1,862,616 - - - - 1,862,616 Share-based payments - - 305,891 - - 305,891 Converted performance rights - - (83,375) - - (83,375) Cancellation of share-based payments - - (343,603) - 343,603 - Equity raising costs (132,741) - - - - (132,741) 1,729,875 - (121,087) - 343,603 1,952,391 Net loss for the period - - - - (1,214,414) (1,214,414) Other comprehensive income - 61,204 - - - 61,204 Total comprehensive income - 61,204 - - (1,214,414) (1,153,210) As at 30 June 2026 41,642,525 (680,732) 302,631 26,710 (24,948,533) 16,342,601 The accompanying notes form part of these financial statements CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Page 9 The accompanying notes form part of these financial statements Half-Year Note 30 June 30 June 2026 2025 $ $ Cash flows from/(used) in operating activities Payments to employees and suppliers (803,536) (808,828) Interest received 4,617 3,442 Net cash flows from/(used) in operating activities (798,919) (805,386) Cash flows from/(used) in investing activities Exploration and evaluation expenditure (516,516) (670,093) Property plant and equipment - - Net cash flows from/(used) in investing activities (516,516) (670,093) Cash flows from financing activities Share placement and entitlement offer 1,777,616 1,178,000 Application monies received in advance of share issue 850,000 - Cash outlays for share placement (132,741) (60,616) Net cash flows from/(used) in financing activities 2,494,875 1,117,384 Net cash flows 1,179,440 (358,095) Cash and cash equivalents as at the start of the financial period 1,102,607 660,599 Exchange fluctuation - 29,791 Cash and cash equivalents as at the end of the financial period 5 2,282,047 332,295 NOTES TO THE FINANCIAL STATEMENTS Page 10 Note 1 Corporate information The Financial Statements of AKORA Resources Limited (hereafter referred to as the “parent entity”) and its controlled entities comprising Malagasy Holdings (Tratramarina) Pty Ltd and its controlled entity Universal Exploration Madagascar sarl and Malagasy Holdings (Bekisopa) Pty Ltd and its controlled entity Iron Ore Corporation of Madagascar sarl for the half-year ended 30 June 2026. The Financial Statements were authorised for issue in accordance with a resolution of the Board of Directors on 11 September 2026. The parent entity is as at the date of this Half Year Report a listed public entity limited by shares and incorporated in Australia. The principal activities of the parent entity are exploration for ferrous metals. Note 2(a) Basis of preparation and accounting policies Preparation The condensed financial statements have been prepared on a historical cost basis. Cost is based on the fair value of the consideration given in exchange for assets. The Group is domiciled in Australia and all amounts are presented in Australian dollars, unless otherwise noted. The financial statements have been prepared on a going concern basis. The accounting policies and methods of computation adopted in the preparation of the half-year financial report are consistent with those adopted and disclosed in the Company’s 2025 annual financial report for the financial year ended 31 December 2025, except for the Standards and Interpretations described below. These accounting policies are consistent with Australian Accounting Standards and with International Financial Reporting Standards. Statement of compliance The half-year financial statements are general purpose financial statements prepared in accordance with the requirements of the Corporations Act 2001, applicable accounting standards including AASB 134 ‘Interim Financial Reporting’, Accounting Interpretations and other authoritative pronouncements of the Australian Accounting Standards Board (‘AASB’). Compliance with AASB 134 ensures compliance with IAS 34 ‘Interim Financial Reporting’. The interim financial report was issued on 11 September 2026 by the directors of the Company. The half-year report does not include full disclosures of the type normally included in an annual financial report. Therefore, it cannot be expected to provide as full an understanding of the financial performance, financial position and cash flows of the Company as in the full financial report. It is recommended that this half-year financial report be read in conjunction with the annual financial report for the year ended 31 December 2025 and any public announcements made by AKORA Resources Limited during the half-year. Going concern The Group recorded a net loss of $1,214,414 (2025: net loss of $883,347) and incurred cash outflows from operating and investing activities of $1,315,435 for the half-year ended 30 June 2026 (2025: $1,475,479). As at 30 June 2026, the Group had a working capital deficiency of $1,553,957 (31 December 2025: working capital surplus $1,024,436). On 1 July 2026, the Company placed the shortfall of the recent Entitlement Offer of $1,535,967 and 19,199,220 shares were issued. There was also a Placement raising $164,033 and 2,050,780 shares were issued on 1 July 2026. NOTES TO THE FINANCIAL STATEMENTS Page 11 Going concern continued During the period, the Company was granted a Mining Licence for the Bekisopa Project. One of the requirements for finalisation and issuance of the Licence is the payment of the Mining Fund for Social and Community Investments (FMISC). The FMISC amount is MGA7,544,100,060 (AUD$2,572,538) as at 30 June 2026. This amount is in Current Liabilities – Payables at 30 June 2026. The Company has been offered finance of MGA9,000,000,000 by AFG Bank Madagascar and is currently finalising loan documents. Negotiations with potential Strategic Partners are entering an advanced stage with several current potential Partners. The Group is continuing a Feasibility Study. In addition, the Group will incur corporate costs associated with its on-going obligations as a listed entity on the ASX and its contractual obligations to executives. As at 30 June 2026, the Group does not have sufficient funds to implement its proposed plans and extinguish obligations as and when required for the next 12 months. The Directors are confident that the Group will be able to secure sufficient funds or reduce or defer expenditure to ensure that the Group can meet essential operational and expenditure commitments for at least the next twelve months. These factors indicate a material uncertainty exists that may cast doubt on the entity’s ability to continue as a going concern and that it may be unable to realise its assets and discharge its liabilities in the normal course of business. As a result, the Group may be required to relinquish title to certain tenements, significantly curtail further expenditures and may have to realise its assets and extinguish its liabilities other than in the ordinary course of business and at amounts different from those stated in the financial report. Critical accounting estimates The preparation of the financial report requires the use of certain critical accounting estimates. It also requires management to exercise judgement in the process of applying the group’s accounting policies. The areas involving a higher degree of judgement or complexity or areas where assumptions and estimates are significant to the financial report are disclosed in this Note 2(a). Note 2(b) Principles of consolidation The consolidated financial statements comprise the financial statements of AKORA Resources Limited and its controlled entities as at and for the period ended 30 June each year (the Group). Controlled entities are those entities over which the Group has the power to govern the financial and operating policies to obtain benefits from their activities. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether a group controls another entity. The financial statements of the controlled entities are prepared for the same reporting period as the parent entity, using consistent accounting policies, in preparing and consolidated financial statements, all inter-parent entity balances, transactions, unrealised gains and losses resulting from the intra-group transactions have been eliminated in full. Controlled entities are fully consolidated from the date on which control is obtained by the Group and cease to be consolidated from the date on which control is transferred out of the Group. Investments in controlled entities by AKORA Resources Limited are accounted for at cost in the separate financial statements of the parent entity less any impairment charges. NOTES TO THE FINANCIAL STATEMENTS Page 12 The acquisition of controlled entities is accounted for using the acquisition method of accounting. The acquisition method of accounting involves recognising at acquisition date, separately from goodwill, the identifiable assets acquired, the liabilities assumed and any non-controlling interest in the entity acquired. The identifiable assets acquired, and the liabilities assumed are measured at their acquisition date fair values. The difference between the identifiable assets acquired less the liabilities assumed and the fair value of the consideration is goodwill or discount on acquisition. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For purposes of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquired entity are assigned to those units. Where goodwill forms part of a cash-generating unit and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in this circumstance is measured based on the relative values of the operation disposed of and the portion of the cash-generating unit retained. Note 3 Loss per share for the half-year 30 Jun 30 Jun 2026 2025 $ $ Loss from continuing operations for the half-year (1,214,414) (883,347) Weighted average number of ordinary shares outstanding during the half-year used in calculation of basic EPS 179,526,852 131,753,640 Basic and diluted loss per share (cents per share) (0.677) (0.671) Note 4 Segment reporting The Group operates solely in the mining exploration industry. The Group determines operating segments by reference to internal reports that are reviewed and used by the executive management team, being the chief operating decision makers (CODMs) in assessing performance and determining the allocation of resources. Two operating segments have been identified – Australia and Madagascar. NOTES TO THE FINANCIAL STATEMENTS Page 13 For the half-year ended 30 June 2025 Australia Madagascar Total $ $ $ Segment revenue 3,442 - 3,442 Segment result (882,498) (849) (883,347) Amounts not included in segment results but reviewed by the boards: Expenses not directly allocable to identifiable segments Other - Loss after income tax (883,347) As at 30 June 2025 Segment assets 398,168 13,892,031 14,290,199 Segment liabilities 293,359 3,091 296,450 Segment asset increases for the period: Capital expenditure - 670,093 670,093 Impairment of exploration assets - - - - 670,093 670,093 For the half-year ended 30 June 2026 Australia Madagascar Total $ $ $ Segment revenue 4,617 - 4,617 Segment result (1,213,497) (917) (1,214,414) Amounts not included in segment results but reviewed by the boards: Expenses not directly allocable to identifiable segments Other - Loss after income tax (1,214,414) As at 30 June 2026 Segment assets 2,466,647 17,898,944 20,365,591 Segment liabilities 1,193,594 2,829,396 4,022,990 Segment asset increases for the period: Capital expenditure (including exchange fluctuation) - 3,377,574 3,377,574 Impairment of exploration assets - - - - 3,377,574 3,377,574 NOTES TO THE FINANCIAL STATEMENTS Page 14 Note 5 Cash and cash equivalents 30 June 31 December 2026 2025 $ $ Cash at bank 2,282,047 1,102,607 Note 6 Exploration and evaluation 30 June 31 December 2026 2025 $ $ At start of period 14,518,984 13,219,184 Additions 3,293,599 1,359,514 Exchange fluctuation 83,975 (59,714) At end of period 17,896,558 14,518,984 The carrying value of exploration and evaluation expenditure at balance date is represented by the following projects: Ambodilafa 1,496,739 1,470,200 Bekisopa 15,643,795 12,353,457 Tratramarina 756,024 695,327 17,896,558 14,518,984 Ambodilafa Farm-in Agreement On 22 August 2012, the Company entered into a Farm-in Agreement with Jubilee Platinum plc which entitled the Company to earn a 90% interest in commodities other than platinum group elements, London Metal exchange traded metals and chrome. Under the Farm-in Agreement, the Company will earn its interest in the commodities in three stages: - Stage 1 US$1.0 million expenditure 51% - Stage 2 US$1.0 million expenditure 81% (cumulative) Stage 3 US$1.0 million expenditure 90% (cumulative) The Company is required to give notice to Jubilee each time it has expended US$1.0 million under the Farm-in Agreement. Jubilee has 30 days from the date of notice to inform the Company whether it wishes to take the unearned interest available to it through jointly funding all future work programmes. If Jubilee does not elect to take the unearned interest, the Company has automatic rights to move the next stage and earn additional interest in the commodities. Under the Farm-in Agreement the Company will have sole and exclusive rights to explore the Ambodilafa tenements in each stage. Where the Company has earned a 90% interest in the commodities and Jubilee does not elect to take up the unearned interest, the Company has a right to buy-out the unearned interest for $1.5 million through either shares or cash or a royalty or a combination of these methods. NOTES TO THE FINANCIAL STATEMENTS Page 15 As at 30 June 2026, the Company had earned a 90% equity interest in the Ambodilafa tenements. The Company has advised Jubilee that it would elect to buy-out the residual interest by way of a royalty; however, as at the date of this report the Company and Jubilee have not formalised this arrangement. In October 2017, the Ministry of Mines lifted the moratorium on the renewal, transfer, and transformation of existing tenements; however, the progress in addressing the backlog has been slow. Malagasy counsel for the Company has concluded that the renewal and transformation applications submitted to the BCMM for permits held by the Company and confirmed that in each case the application was made in a form, which was acceptable to the BCMM and is deemed to hold beneficial title to these tenements. Accordingly, Malagasy counsel see no evidence, which would suggest that the Ministry of Mines would withhold its approval in respect of the renewal of the permits concerned and at this point in time the company has access to these tenements. All administration fees levied on the tenements held by the Group’s Malagasy entities have been paid or accrued up to and including 30 June 2026. The value of the Group’s exploration and evaluation expenditure is dependent on the ability of the Company to obtain further funding to enable it to: · continue exploration in the areas of interest; · meet tenement renewal payments to continue to satisfy rights to tenure; and · the recoupment of costs through successful development and exploitation of the areas of interest, or alternatively by their sale. During the period, the Company was granted a Mining Licence for the Bekisopa Project. One of the requirements for finalization and issuance of the Licence is the payment of the Mining Fund for Social and Community Investments (FMISC). The FMISC amount is MGA7,544,100,060 (AUD$2,572,538) as at 30 June 2026. The Company has been offered finance of MGA9,000,000,000 by AFG Bank Madagascar and is currently finalising loan documents. NOTES TO THE FINANCIAL STATEMENTS Page 16 Note 7 Contributed equity Number $ As at 31 December 2024 125,102,761 35,714,424 Issue of shares Share placements 11,780,000 1,178,000 Other movements 511,873 74,306 Equity raising costs - (60,616) As At 30 June 2025 137,394,634 36,906,114 As at 31 December 2025 173,424,745 39,912,650 Share Placement 19,885,000 1,590,800 Entitlement Offers 2,335,196 186,816 Shares from Performance Right Conversion 500,000 85,000 Equity raising costs - (132,741) As At 30 June 2026 196,144,941 41,642,525 Ordinary shares Ordinary shares have the rights to receive dividends as declared and, in the event of winding up, participate in the proceeds from the sale of all surplus assets in proportion to the number of, and amounts paid up on, the shares held. Each fully paid ordinary share carries one vote. Ordinary shares issued to shareholders since incorporation have had no par value. Note 8 Share-based payments Performance rights On 5 June 2024, after approval at the Annual General Meeting of the Company on 30 May 2024, the following performance rights were issued to Directors: - G Hunt – 500,000 vesting upon a continuous period as a Director of 24 months from 1 February 2024. These converted in February 2026. On 5 June 2026, after approval at the Annual General Meeting of the Company on 29 May 2026, the following performance rights were issued to Directors, Employees, Consultants and Contractors: - P Bird – 4,500,000 vesting per conditions as set out in AGM Notice. - P Bird – 2,297,904 vesting per conditions as set out in AGM Notice. - P Bird – 4,800,000 vesting per conditions as set out in AGM Notice. - G Hunt – 3,200,000 vesting per conditions as set out in AGM Notice. - M Gill – 2,000,000 vesting per conditions as set out in AGM Notice. - Employees, Consultants and Contractors - 12,000,000 vesting per conditions as set out in AGM Notice. NOTES TO THE FINANCIAL STATEMENTS Page 17 These new performance rights will vest only if the following conditions are satisfied: - Gate condition – a Financial Transaction is delivered by 30 June 2027. - Eligibility condition – the holder remains in continuing employment or engagement. - Vesting quantum – subject to satisfying the above conditions, the proportion of the performan