Announcement PDF Akora Ltd 30 June 2025 For theResources quarter ended ABN 90 139 847 555 ASX Code: AKO 1 Quarterly Report For the quarter ended 30 June 2025 www.akoravy.com AKORA is developing its Stage 1, high margin, low capital and operating cost, high-grade Direct Shipping Iron Ore (DSO) mine in Madagascar. Future development sees the potential development of a premium priced high grade iron concentrate to support the Green Steel (low carbon emissions) initiatives. Highlights • Bekisopa Iron Ore Project’s main exploration tenement PR10430 renewed by the Madagascan Mining Ministry. This renewal is the first tenement renewed under the updated Mining Code. • The Board appointed Mr Peter Bird as Managing Director and Chief Executive Officer (CEO), bringing extensive mining and capital markets experience to drive the next phase of growth. Post quarter • Bekisopa Project receives strong endorsement from local communities and government following a site visit from regional government office. • Government national infrastructure push to unlock the country’s economic potential including the Bekisopa iron ore project.. For the quarter ended 30 June 2025 2 Bekisopa Iron Ore Project Ownership 100% | Madagascar, Africa AKORA is advancing plans at Bekisopa to produce up to 2 million tonnes per annum (Mtpa) of a 60% Fe average grade direct shipping iron ore (DSO) for export to Blast Furnace-Basic Oxygen Furnace (BF-BOF) steelmakers. Bekisopa’s high-grade iron ore may also be upgraded to a +68% Fe concentrate at 75 microns for shipping to Direct Reduced Iron-Electric Arc Furnace (DRI-EAF) steelmakers to make greener steel without coal and considerably less carbon emissions. Completed by Wardell Armstrong International (now a part of the global SLR Consulting group), a PreFeasibility Study (PFS) released in March 2025 confirmed Bekisopa’s planned Stage One Direct Shipping Ore (DSO) operation could produce 2 million tonnes per annum (Mtpa) of blended grade lump and fines iron ore products at a 61.6% Fe average for blast furnace steelmakers1. The significant scale and particular mineralisation characteristics of Bekisopa’s iron ore resource presents the Company with a staged development program: 1. Stage 1: Produce ~61.6% Fe average grade direct shipping iron ore (DSO): Mine, crush and screen the at-surface ‘weathered zone’ iron ore to produce a LOM average blended grade of 61.6%Fe across the lump and fines product for shipping to Blast Furnace-Basic Oxygen Furnace (BF-BOF) steelmakers via a port at Toliara. A Fines product could be delivered at an average LOM grade of 61.4% Fe and a Lump product at an average LOM grade of 61.8% Fe. 2. Stage 2: Produce +67% Fe grade Direct Reduced iron concentrate: Using cash generated from the DSO start-up production, mining the underlying fresh mineralisation and adding grinding and magnetic separation circuits to upgrade ore to a +67% Fe low impurity concentrate at 75 microns for shipping to Direct Reduced Iron-Electric Arc Furnace (DRIEAF) steelmakers via a port of Toliara. The DRI-EAF process is used to manufacture greener steel with considerably less carbon emissions. The PFS for Stage 1 considers using contract mining and mobile processing equipment (crushing, screen, and with magnetic separation after Year 3), and conveying, contract truck hauling of the product, as well as operating barges and a floating crane at the existing Toliara port. Exploration tenement PR10430 renewed During the quarter, AKORA received formal documentation from the Bureau du Cadastre Minier de Madagascar (BCMM) confirming the renewal of its main exploration tenement, PR10430. This tenement was amongst the ‘first 100 tenements’ to be submitted following the Malagasy Government’s roll out of its new Mining Implementation Procedures in January 2025. This is a significant milestone for the country’s exploration and mining industry which has been well supported by the World Bank and positive government leadership. Renewals had been on hold awaiting the update of the Mining Code and supporting Mining Implementation Procedures. 1 Refer ASX release dated 31 March 2025 Bekisopa high-grade iron ore project PFS confirms a robust 2Mtpa DSO Operation with an 86% IRR. For the quarter ended 30 June 2025 Figure 1. AKORA has two tenements covering the Bekisopa Project, with the main PR10430 covering 25km2. The PFS shows that most of the exploration drilling and importantly the start-up mining areas are all contained within the main tenement PR10430. All AKORA tenements in Madagascar remain in good standing and are financially in good standing. Tenement PRE3757, located on the northern section of the Bekisopa Project area, is expected to be processed in the next batch of renewals. The Company’s other tenements will then be submitted for renewal with processing expected later this year. Bekisopa Project receives strong endorsement from local communities and governments. Bekisopa has been identified as a Government Project of Significance which has the support of the National Government2. The local communities at Tanamarina and Bekisopa are also supportive of the Company and its plans for an iron ore mining operation, viewing it as a significant opportunity for investment into the local communities and providing education, health, training and employment 2 Refer ASX release dated 8 October 2024 Mines Minister supports Bekisopa Project 3 For the quarter ended 30 June 2025 4 opportunities. People from these local villages have been given employment opportunities to date and have supported the company through the PFS process. AKORA is working with the Madagascan Government’s Mining Ministry to confirm the pathway to Final Investment Decision for the Bekisopa project and into operation and first shipment in the second half of 2027. Discussions have commenced with several key Ministries to develop an understanding of the Bekisopa Project requirements and agree engagement protocols for the development of the project. AKORA is working with the Mines Ministry and Madagascar Mining Cadastre Office (BCMM) to transform the existing Bekisopa tenements into ‘Exploitation / Mining Permits’ by the end of 2025, enabling construction planning to commence. Subsequent to the end of the quarter, AKORA announced that during the week of 14 July 2025, the Bekisopa Project site was visited by a team from the regional office of the Ministry of Mines. The visit was aimed to assess the proposed site, to meet with the local community members and evaluate their support for the development of the project. These engagements were led by the regional government with strong support from local community leadership, elders and stakeholders. General feedback was that AKORA had provided strong support to the local community over the previous four years of exploration and development work. A water well and water distribution through the local town has provided a significant improvement in the health and wellbeing of the community and specifically increased infant health. The provision of employment during exploration and development activities has been well regarded. Medical supplies and education equipment has been provided to the health clinic and schools. Following the visit by the regional office of the Ministry of Mines, local communities offered to issue a letter of support for the Bekisopa Project and requested the government accelerate the project’s development for the tangible benefit to the region for the current and future generations. AKORA will continue to work proactively with all stakeholders and continue to prioritise its host communities. Figure 2. Bekisopa’s host communities have offered to issue a letter of support for the Bekisopa Project and requested the government accelerate its development. For the quarter ended 30 June 2025 5 Additionally, the Malagasy Government is taking a proactive approach to national infrastructure development, including key initiatives that directly benefit Bekisopa including a recently completed city by-pass road which connects the Port of Toliara to the National Highway RN7; announcing funding for the upgrade of the RN7 National Highway, with works to commence in 2025; and issuing an expression of interest for a design of the upgrade of the Port of Toliara. These Government initiatives all go to supporting Bekisopa’s development of the Bekiopa Project as it is proposed to truck high-grade iron ore products on the RN7 National Highway to the port of Toliara. Figure 3. Toliara bypass road from National Highway RN7 to the Port of Toliara. For the quarter ended 30 June 2025 6 Satrokala Project Ownership 100% | Madagascar AKORA’s Satrokala Iron Ore Project has emerged as a significant prospect after a recent magnetic survey3 identified a major anomaly up to 10km long and 2km wide, making it some 66% larger than the Company’s more advanced Bekisopa Iron Ore Project. In 2024, a maiden drilling program targeting the magnetic anomaly was completed at Satrokala, which returned substantial intersections of low-grade iron mineralisation across all five holes of the sighter exploratory drilling program over 500m. No activities were completed at Satrokala during the quarter while the Company focused on delivering the PFS for its flagship Bekisopa Project. Figure 4. Satrokala drill plan and the associated ground magnetic survey results. 3 Refer ASX Release dated 20 March 2024 – Satrokala Magnetic Survey Results For the quarter ended 30 June 2025 7 Corporate Cash Position AKORA Resources Limited held cash reserves at the end of quarter of approximately $0.33 million. Markets and Outlook The iron ore price started the quarter at US$103/t and drifted to close at US$93/t at the end of the June 2025 reflecting the domestic oversupply of steel in China with a shift to foreign markets and ongoing trade tensions and demand weakness. Reports indicate that Chinese steel manufacturing capacity may reduce through 2025 to help the domestic oversupply4, this is likely to benefit medium term iron ore price with iron ore futures strengthening to be US$104/t in China. At the time of this Report, Iron Ore prices had recovered somewhat to be around US$98/t. The outlook for iron ore remains robust as AKORA continues to advance its flagship Bekisopa project. Shareholder Information As at 30 June 2025, the Company had 657 shareholders and 137,394,634 ordinary fully paid shares on issue with the top 20 shareholders holding 62.24% of the total issued capital. New Managing Director and Chief Executive Officer appointed AKORA announced on 15 May 2025 the appointment of Mr Peter Bird as Managing Director and Chief Executive Officer (CEO), effective from 16 May 2025. Mr Bird replaced Mr Paul Bibby who retired from full-time employment. Mr Bird is a geologist with broad mining industry executive experience. Prior to joining AKORA, Mr Bird was Executive General Manager at Rex Minerals where he played a key role in the successful acquisition of Rex Minerals by MACH Metals Australia Pty Ltd. His prior roles include Executive Chairman of Zenith Minerals Ltd, CEO of Asiamet Resources Limited, Non-Executive Chairman of Excelsior Gold Limited, and as joint founder and Managing Director of Heemskirk Consolidated Limited prior to its takeover by a private equity group. Mr Bird has extensive capital markets and investor relations experience having held senior Investor Relations roles with Newcrest Mining and Normandy Mining and as a Senior Analyst with Merrill Lynch Equities Australia. He is currently Non-Executive Chairman of ASX-listed base and precious metals explorer Cosmo Metals. He holds a Bachelor of Science (Honours), Geoscience Major, Botany & Economics and is a member of the AICD. ASX Additional Information ASX Listing Rule 5.3.1: Exploration and Evaluation Expenditure spend during the quarter was $183,658. Full details of exploration activity during the quarter are set out in this report. ASX Listing Rule 5.3.2: The Company confirms that there was no mine production and development activities during the quarter. ASX Listing Rule 5.3.5: Payment to related parties of the Company during the quarter was $96,216 in cash. A description of and explanation for payments to related parties and their associates per Section 6.1 of the Appendix 5B following this Quarterly Activities Report is set out in the table below: 4 Jefferies Equity Research 8 July 2025 – The counter intuitive consequences of Chinese Steel Production Cuts For the quarter ended 30 June 2025 8 Director Remuneration Current Quarter Managing Director fees 41,662 Non-Executive Director fees 35,000 Superannuation 19,554 Total 96,216 Board and Senior Management Graeme Hunt Peter Bird Paul Bibby Matthew Gill Shane Turner Jason Whittle Non-executive Chairman Managing Director & Chief Executive Officer (appointed 15 May 2025) Managing Director & Chief Executive Officer (retired 15 May 2025) Non-executive Director Chief Financial Officer & Company Secretary General Manager - Development ASX Announcements during the quarter The following material announcements were lodged on the ASX Market Announcements Platform during the quarter: Date Description 14 April 2025 Notice of Annual General Meeting/Proxy Form 22 April 2025 Malagasy Government Renews Main Bekisopa Iron Ore Tenement 29 April 2025 31 March 2025 Quarterly Activities & Cashflow Report 15 May 2025 AKORA Appoints Experienced MD & CEO to Lead Next Growth Phase These announcements are available for viewing on the Company’s website www.akoravy.com. Other details Head Office 12 Anderson Street West Ballarat Vic 3350 Phone: +61 438 871 995 Website: www.AKORAvy.com This announcement is authorised by the Board. For further information contact: Peter Bird Managing Director AKORA Resources + 61 (0) 438 871 995 peter.bird@AKORAvy.com Gareth Quinn Investor Relations Republic IR + 61 (0) 417 711 108 gareth@republicir.com.au For the quarter ended 30 June 2025 9 Competent Persons’ Statement The information in this statement that relates to Exploration Targets and Exploration Results is based on information compiled by Mr Jannie Leeuwner – BSc (Hons) Pr.Sci.Nat. MGSSA and is a full-time employee of Vato Consulting LLC. Mr. Leeuwner is a registered Professional Natural Scientist (Pr.Sci.Nat. - 400155/13) with the South African Council for Natural Scientific Professions (SACNASP). Mr. Leeuwner has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and the activity being undertaken to qualify as a Competent Person as defined in the Note for Mining Oil & Gas Companies, June 2009, of the London Stock Exchange and the 2012 Edition of the ‘Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code). Mr. Leeuwner consents to the inclusion of the information in this release in the form and context in which it appears. The information in this document that relates to the Mineral Resource estimate of the Bekisopa project is based on, and fairly represents information and supporting documentation compiled and reviewed by Mr. Richard Ellis, a full-time employee of Wardell Armstrong International and independent of Akora Resources. Mr. Ellis is a Chartered Geologist (CGeol) and Fellow of the Geological Society of London, and European Geologist (EurGeol) of the European Federation of Geologists, and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" ('JORC Code'). Mr. Ellis consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears. The information in this document that relates to the Ore Reserve estimate for the Bekisopa project, is based on and fairly represents information and supporting documentation compiled and reviewed by Mr. Colin Davies, a full-time employee of Wardell Armstrong International and independent of Akora Resources. Mr. Davies is a Chartered Mining Engineer (CEng), a Member of the Institute of Materials, Minerals and Mining UK (MIMMM), and Qualified for Minerals Reporting (QMR). Mr. Davies has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" ('JORC Code'). Mr. Davies consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears. For the quarter ended 30 June 2025 10 Tenement Interests As at 30 June 2025, the company had interests in the following tenements (as required by Listing Rule 5.3.3). There were no changes in the company’s interests in tenements during the quarter. Project Location Tenement Number Blocks Bekisopa PR Madagascar, Africa 10430 64 100% Bekisopa PR Madagascar, Africa 27211 128 100% Bekisopa PR Madagascar, Africa 35827 32 100% Bekisopa PRE Madagascar, Africa 3757 16 100% Samelahy PR Madagascar, Africa 6595 98 100% Samelahy PR Madagascar, Africa 13011 33 100% Samelahy PR Madagascar, Africa 21910 3 100% Tratramarina East PR Madagascar, Africa 16635 144 100% Tratramarina East PR Madagascar, Africa 16637 48 100% Tratramarina East PR Madagascar, Africa 17245 160 100% Tratramarina West PRE Madagascar, Africa 18379 16 100% Tratramarina West PRE Madagascar, Africa 18891 48 100% Current Interest For the quarter ended 30 June 2025 11 Mineral Resources and Ore Reserves Table 1. Bekisopa Mineral Resource Estimate (Inferred Resource) at 30 June 2025 Table 2. Bekisopa 2025 Ore Reserve Estimate Notes: 1. The effective date of the Ore Reserve estimate is 07 February 2025. 2. The Ore Reserves estimate is reported in accordance with the guidelines of the JORC Code (2012). 3. Variable cut-off grades have been applied to meet product requirements, of Enriched >60% Fe, Intermediate A 40-60% Fe, and Intermediate B 30-40% Fe. 4. The Ore Reserve estimate is based on optimisation parameters including a selling price of $110/t for 62% Fe concentrate, and takes into account Modifying Factors related to mine design, geotechnical parameters, mining and processing costs, processing recoveries, G&A, ESG and royalty costs. Mining dilution varies by domain between 1-3% based on diggability and rippability considerations. Mining recovery varies between 97-99% by domain. 5. Quantities are in dry metric tonnes as transported to the ROM. Figures have been rounded to an appropriate level of precision. Due to rounding some totals may not compute exactly as shown. For the quarter ended 30 June 2025 12 Table 3. Bekisopa MRE Direct Shipping Ore Zone Mineral Resource Estimate for the Bekisopa Project Free Digging and Rippable Mineral Resources, 7 February, 2025 Tonnes (Kt) Density (t/m3) Fe (%) SiO2 (%) Al2O3 (%) P (%) Indicated 5,724 3.39 60.3 6.1 3.6 0.10 Inferred 902 2.99 55.9 7.7 4.7 0.10 Indicated 1,231 2.38 40.5 23.1 8.2 0.10 Inferred 105 2.33 40.1 23.6 7.4 0.07 Indicated 260 2.54 34.3 29.3 4.9 0.15 Inferred 765 3.41 39.0 24.7 4.6 0.13 Indicated 560 3.19 54.9 11.1 6.1 0.06 Inferred 15 3.07 53.5 12.0 6.4 0.06 Indicated 605 2.65 38.7 23.7 7.4 0.11 Inferred 42 2.65 38.9 23.1 7.6 0.11 Indicated 59 2.75 31.2 2.7 4.2 0.18 Inferred 187 3.2 38.1 17.6 2.6 0.12 Indicated 349 3.11 58.5 7.5 5.46 0.09 Inferred 955 3.49 52.6 11.3 3.4 0.21 Classification Bekisopa South Enriched DSO Intermediate A Intermediate B Bekisopa Central Enriched DSO Intermediate A Intermediate B Bekisopa North Enriched DSO Intermediate A Indicated - - - - - - Inferred 111 2.52 39.3 23.2 5.9 0.13 Intermediate B Indicated Inferred - - - - - - 748 2.71 32.8 23.6 3.7 0.16 Tonnes (Kt) Density (t/m3) Fe (%) SiO2 (%) Al2O3 (%) P (%) Indicated 6,633 3.36 59.7 6.6 3.9 0.10 Inferred 1,872 3.22 54.2 9.6 4.0 0.16 Indicated 1,836 2.46 39.9 23.3 7.9 0.10 Inferred 258 2.46 39.5 23.3 6.8 0.10 Indicated 319 2.57 33.7 29.0 4.7 0.16 Inferred 1700 3.04 36.2 23.4 4.0 0.15 Bekisopa Total Classification Enriched DSO Intermediate A Intermediate B For the quarter ended 30 June 2025 13 Notes 1. Mineral Resources of the Enriched zones are reported within wireframe boundaries interpreted at nominal cut-off grades of 58% Fe for Bekisopa South and North and 50% Fe for Bekisopa Central. Mineral Resources of the Intermediate A zones are reported within wireframe boundaries interpreted at a nominal cut-off grade of 35% Fe. Mineral Resources of the Intermediate B zones are reported at a cut-off grade of 30% Fe. 2. Mineral Resources are limited by an optimised open pit shell based on appropriate technical and economic parameters. 3. Mineral Resources are not Ore Reserves until they have demonstrated economic viability based on a PreFeasibility Study or Feasibility Study. 4. Mineral Resources are reported inclusive of any Ore Reserves. 5. Mineral Resources have been classified in accordance with the guidelines of the JORC Code (2012) by Richard Ellis, an independent Competent Person as defined by JORC. 6. The Mineral Resource estimate has not been affected by any known environmental, permitting, legal, title, taxation, socio-political, marketing or any other relevant issues. 7. All figures are rounded to reflect the relative accuracy of the estimate, and apparent errors may occur due to rounding. For the quarter ended 30 June 2025 14 Company Profile Cleaner iron ore for greener steel AKORA Resources (ASX: AKO) is an Australian resources company focused on the development of four high-grade iron ore projects in Madagascar. The Company’s flagship Bekisopa Iron Ore Project has a 194.7 million tonne (Mt) Inferred JORC Resource (ASX Announcement 11 April 2022) with very low impurities able to produce a premium-priced +68% Fe concentrate. Direct Reduced Iron-Electric Arc Furnace technology which is used to make greener steel without coal and considerably less carbon emissions requires iron ore grades of at least 67%. (ASX Announcement – Bekisopa Scoping Study, 14 November 2023) To generate cash in the near-term, AKORA is advancing plans at Bekisopa for a Stage1, 2Mt per annum Mine with a six year life of mine, producing 61.6% Fe average grade lump and fine direct shipping ore (DSO) for shipping to Blast Furnace steelmakers. (ASX Announcement - Bekisopa Pre Feasibility Study, 31 March 2025) The Company confirms that it is not aware of any new information or data that materially affects the above and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. And further the Company confirms that all material assumptions underpinning the 2Mt per annum production target continue to apply and have not materially changed. For the quarter ended 30 June 2025 15 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity AKORA Resources Limited ABN Quarter ended (“current quarter”) 90 139 847 555 30 June 2025 Consolidated statement of cash flows Current quarter $A’000 1. Cash flows from operating activities 1.1 1.2 Receipts from customers Payments for (a) exploration & evaluation (b) development (c) production (d) staff costs (e) administration and corporate costs Dividends received (see note 3) Interest received Interest and other costs of finance paid Income taxes paid Government grants and tax incentives Other (Cash Boost from Commonwealth Government) Net cash from / (used in) operating activities 1.3 1.4 1.5 1.6 1.7 1.8 1.9 2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation (e) investments (f) other non-current assets Proceeds from the disposal of: (a) entities (b) tenements (c) property, plant and equipment (d) investments (e) other non-current assets Cash flows from loans to other entities Dividends received (see note 3) 2.2 2.3 2.4 Year to date (6-months) $A’000 - - (96) (240) (182) (592) 1 3 (335) (771) (184) (674) For the quarter ended 30 June 2025 Consolidated statement of cash flows 2.5 2.6 Other Net cash from / (used in) investing activities 3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) Proceeds from issue of convertible debt securities Proceeds from exercise of options Transaction costs related to issues of equity securities or convertible debt securities Proceeds from borrowings Repayment of borrowings Transaction costs related to loans and borrowings Dividends paid Other (provide details if material) Net cash from / (used in) financing activities 3.2 3.3 3.4 3.5 3.6 3.7 3.8 3.9 3.10 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period Net cash from / (used in) operating activities (item 1.9 above) Net cash from / (used in) investing activities (item 2.6 above) Net cash from / (used in) financing activities (item 3.10 above) Effect of movement in exchange rates on cash held Cash and cash equivalents at end of period 4.2 4.3 4.4 4.5 4.6 5. Reconciliation of cash and cash equivalents 16 Current quarter $A’000 Year to date (6-months) $A’000 (184) (674) 60 1,178 (52) 60 1,126 789 649 (335) (771) (184) (674) 60 1,126 330 330 Current quarter $A’000 Previous quarter $A’000 at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts 5.1 5.2 5.3 5.4 5.5 Bank balances Call deposits Bank overdrafts Other US dollar accounts Cash and cash equivalents at end of quarter (should equal item 4.6 above) 1 325 7 777 4 330 5 789 For the quarter ended 30 June 2025 6. 6.1 6.2 17 Payments to related parties of the entity and their associates Current quarter $A'000 Aggregate amount of payments to related parties and their associates included in item 1 Aggregate amount of payments to related parties and their associates included in item 2 96 - Note: Salaries and superannuation for directors. Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 Add notes as necessary for an understanding of the sources of finance available to the entity. 7.1 7.2 7.3 7.4 Loan facilities Credit standby arrangements Other (Convertible Notes) Total financing facilities 7.5 7.6 Unused financing facilities available at quarter end Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. 8. 8.1 8.2 8.3 8.4 8.5 8.6 8.7 Estimated cash available for future operating activities Net cash from / (used in) operating activities (item 1.9) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) Total relevant outgoings (item 8.1 + item 8.2) Cash and cash equivalents at quarter end (item 4.6) Unused finance facilities available at quarter end (item 7.5) Total available funding (item 8.4 + item 8.5) Estimated quarters of funding available (item 8.6 divided by item 8.3) $A’000 335 184 519 330 330 0.64 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A.” Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Yes For the quarter ended 30 June 2025 8.8.2 8.8.3 18 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Yes. It is proposed to undertake a Capital Raise. Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Yes. Funds to be received from Capital Raise. Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. Compliance statement 1 2 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. This statement gives a true and fair view of the matters disclosed. Date: 31 July 2025 Authorised by: Board of Directors (Name of body or officer authorising release – see note 4) Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional in