Announcement PDF Annual Report FY26 I MRG Metals Limited | ABN: 83 148 938 532 | Year ended 30 June 2026 1 Annual Report FY26 MRG Metals Limited ABN: 83 148 938 532 For the Year ended 30 June 2026 Annual Report FY26 I MRG Metals Limited | ABN: 83 148 938 532 | Year ended 30 June 2026 2 Contents Chaiman’s Letter………………………………………………………..3 Review of Operations………………………………………………….4 Directors’ Report……………………………………………………….14 Financial Statements….……………………………………………..27 Notes to the Financial Statements………………………………. 32 Auditor’s Report………………………………………………………..54 ASX Additional Information………….……………………………..58 Corporate Governance Statement………………………………..62 Annual Report FY26 I MRG Metals Limited | ABN: 83 148 938 532 | Year ended 30 June 2026 3 Chairman’s Letter Dear Shareholders, FY26 was a defining year for MRG Metals. We acquired the Garies Rare Earth Project, a world class, ultra-high grade magnet rare earth project in South Africa’s Northern Cape and took it from acquisition to a lodged mining application inside six months. At the same time, we advanced both Mozambican assets, growing the Adriano-Fotinho corridor into a potential district-scale rare earth system and moving the fully funded titanium dioxide joint venture closer to production at almost no cost to MRG. Drilling at Garies returned a peak intersection of 6.6 metres at 4.49% TREO, against a global benchmark where most high-grade rare earth deposits grade between 1% and 2% TREO. Metallurgical testwork returned approximately 72% monazite recovery to a concentrate grading about 60% REO using conventional processing, with a defined pathway beyond 80%. The basket carries both the light magnet rare earths neodymium and praseodymium and the heavy rare earths terbium and dysprosium, which are among the most valuable rare earths. Together they make up approximately 26% of total rare earth oxide, with heavy rare earths accounting for approximately 9%. Independent review identified 23 rare earth targets across the tenement and only two have been drilled, leaving more than 99% of the project untested. After the end of the year we reported significant gallium in the same rock as the rare earths, averaging 290 ppm gallium oxide across 85 drill samples. In Mozambique, assay results from 135 auger holes confirmed high grade heavy mineral and monazite mineralisation at surface across the combined 396 square kilometre Adriano-Fotinho corridor. Grid auger drilling since 30 June 2026 has defined an initial mineralised footprint of 1.6 square kilometres ahead of a maiden Mineral Resource Estimate. Our titanium dioxide joint venture with Sinowin Lithium advanced towards targetted production at almost no cost to the Company. Sinowin submitted the full Environmental and Social Impact Assessment for Corridor Central during the year and committed to fund drilling at two further licences. A Placement since 30 June 2026 and a Share Purchase Plan currently open will enable the Company to run diamond drilling at DrillTarg to expand the deposit along strike and down dip and establish the scale of the Resource. Lodgement of the Mining Right Application has drawn interest from potential strategic partners with the capability to develop Garies further and we are in discussions with those groups on funding a pilot plant. On behalf of the Board, I thank shareholders for their continued support through a year of substantial change. Andrew Van Der Zwan Non-Executive Chairman MRG Metals Limited Annual Report FY26 I MRG Metals Limited | ABN: 83 148 938 532 | Year ended 30 June 2026 4 Review of Operations Annual Report FY26 I MRG Metals Limited | ABN: 83 148 938 532 | Year ended 30 June 2026 5 Review of Operations Overview The financial year marked a transformational period for MRG Metals as it advanced the fully funded two billion tonne Corridor Sands Heavy Mineral Sands (HMS) Project in Mozambique toward development, acquired the Garies high-grade Rare Earths Project in South Africa and explored the Adriano-Fotinho Rare Earths Projects and the Olinga Uranium Project in Mozambique. MRG Metals Limited (ASX: MRQ) is a critical minerals explorer with four projects across South Africa and Mozambique. During the year ended 30 June 2026 the Company reweighted its portfolio toward rare earths. • Garies Rare Earth Project, South Africa, a 70% owned monazite-hosted rare earth system in the Northern Cape Province. • Adriano-Fotinho Rare Earth Corridor, Mozambique, two adjoining 100% owned licences covering a combined 396.42 square kilometres. • Titanium Dioxide Joint Venture, Mozambique, held through a joint venture with Sinowin Lithium. • Olinga Uranium and Rare Earth Project, Mozambique, a 100% owned early-stage exploration licence covering 16,535 hectares. Garies Rare Earth Project, South Africa Acquisition On 23 December 2025 the Company announced the acquisition of Sheerartar Minerals Pty Ltd, which holds the Garies Rare Earth Project. Completion was announced on 19 January 2026. Consideration was satisfied in scrip, with 75 million MRG shares issued on completion and a further 175 million shares to be issued on the grant of a mining licence. Additional performance shares are linked to project value milestones. The acquisition brought mining executives Jacob Deysel and Ian Egan into the Garies project team. Both subscribed to the Company’s capital raisings during the year. Project description The Garies Project is a 70% owned tenement covering approximately 275 square kilometres in the Northern Cape Province of South Africa, within the Bushmanland Sub-Province. Mineralisation is monazite-hosted and carried mainly in coarse-grained magnetite veins within silicified granite gneiss. Mineralisation outcrops at surface and is amenable to shallow open-pit mining. The project lies approximately 70 kilometres north west of the Steenkampskraal deposit and in the same district as the Zandkopsdrift Rare Earth Project. It is accessible by sealed road and sits approximately 400 kilometres from the deep-water port of Saldanha Bay. Annual Report FY26 I MRG Metals Limited | ABN: 83 148 938 532 | Year ended 30 June 2026 6 Drilling A 61-hole reverse circulation program for 2,482 metres was completed across the DrillTarg and Ryshoek prospects and reported on 17 March 2026. Nineteen holes at DrillTarg intersected mineralised magnetite veins. • 6.6 metres at 4.49% TREO in hole D25RC037. • 5.45 metres at 3.39% TREO in hole D25RC030. • 6.0 metres at 3.35% TREO in hole D25RC023. • 5.8 metres at 3.34% TREO in hole D25RC028. • 4.75 metres at 3.01% TREO in hole D25RC045. Mineralisation was intersected from 2 metres to 41.75 metres depth and remains open along strike and at depth. The results are consistent with surface bulk sampling that returned grades up to 4.85% TREO. Most high-grade rare earth deposits worldwide grade between 1% and 2% TREO. Metallurgy Metallurgical testwork on an approximately 350 kilogram composite of high-grade DrillTarg mineralisation was completed by Light Deep Earth Laboratories in Pretoria and reported on 2 April 2026. • Initial monazite recovery of approximately 72%, with a defined pathway toward recoveries above 80%. • Monazite concentrate grading approximately 51% monazite. • Recovered monazite grading approximately 60% rare earth oxides. • Magnet rare earths neodymium, praseodymium, terbium and dysprosium comprising approximately 26% of TREO. • Heavy rare earths contributing a further approximately 9% of TREO. • A flowsheet using conventional crushing, milling, magnetic separation, gravity concentration and flotation. • An iron-rich magnetic stream identified as a potential secondary product. Independent technical review An updated independent technical review by Axiom Exploration Group Ltd of Canada was reported on 10 June 2026. Axiom identified 23 rare earth exploration targets across the granted Prospecting Right area, of which two have been drilled. Three targets were assessed in more detail, being DrillTarg, the Karkuip Corridor and the Ryshoek Vein Complex. The review identified potential shallow plug-like bodies and deeper blow-out structures beneath the known veins. Those interpreted features are conceptual and require testing by geophysical survey and drilling. A potential iron co-product opportunity was also identified. Annual Report FY26 I MRG Metals Limited | ABN: 83 148 938 532 | Year ended 30 June 2026 7 Permitting On 12 June 2026 the Company lodged a Mining Right Conversion Application under Section 22 of the Mineral and Petroleum Resources Development Act 2002 with the South African Department of Mineral and Petroleum Resources. The application is for an initial 10-year term and was supported by the metallurgical testwork and an economic assessment prepared to departmental requirements. The proposed initial operation is a proof-of-concept and development platform rather than a fixed-scale development case. The processing design is modular to allow future throughput expansion. Gallium On 2 July 2026 the Company reported significant gallium associated with the rare earth mineralisation at Garies. Eighty-five magnetite vein drill samples averaged 290 ppm gallium oxide with a maximum of 450 ppm. A bulk sample assayed 347 ppm gallium oxide, and two rare- earth-rich concentrates returned 880 ppm and 573 ppm. QEMScan and electron microscope mapping showed the gallium is hosted in free pyrite grains, with pyrite comprising approximately 5% of the vein and containing approximately 0.4% gallium. Further testwork will assess concentration of the gallium-bearing pyrite. Next steps • Progress the Mining Right conversion application with the Department of Mineral and Petroleum Resources. • Complete a proof-of-concept Mineral Resource estimate for DrillTarg. • Expand the DrillTarg mineralised footprint through an orientation study followed by diamond drilling along strike and down dip. • Complete a stream sediment program and an airborne magnetic and radiometric survey to prioritise the remaining 22 targets. • Advance metallurgical testwork focused on recovery optimisation and potential gallium recovery. Secure a strategic partner with the capability to fund a pilot plant and further develop the project. Adriano-Fotinho Rare Earth Corridor, Mozambique The Adriano (11002L) and Fotinho (11000L) licences cover a contiguous 396.42 square kilometre drainage catchment in northern Mozambique, underlain by mineralised basement rocks of the Namarroi Group within the Mozambique Metamorphic Province. The two licences share a connected drainage system including the Mucombee and Mecombeze rivers. Historic stream sediment sampling returned anomalous rare earths across all 42 samples, with 74% above 1,000 ppm TREO, a peak of 32,393 ppm TREO and a magnetic rare earth component of approximately 22%. Annual Report FY26 I MRG Metals Limited | ABN: 83 148 938 532 | Year ended 30 June 2026 8 Adriano auger drilling Auger drilling conducted between October and December 2025 tested five alluvial target areas. Results were reported on 4 March 2026 and 10 April 2026. • Across the first 37 holes, a weighted average grade of 4.50% THM over an average 2.84 metres, with no cut-off applied. • Five of those 37 holes returned weighted average grades above 6% THM. • Best result of 7.16% THM over 2.0 metres, with individual samples to 9.56% THM over 1.0 metre. • At the fifth target, five of nine holes graded above 3% THM over the full drilled depth. • Best hole at the fifth target of 4.56% THM over 3.95 metres, with a peak one metre sample of 6.14% THM. Mineralisation occurs at surface across all five target areas, supporting a potential low-cost, low-strip development pathway. Adriano mineralogy Final SGS mineralogy on a composite heavy mineral concentrate drawn from four Adriano targets was reported on 13 May 2026. • Total valuable heavy minerals of 32.2% of the heavy mineral concentrate. • Ilmenite 24.4%, rutile 2.3%, monazite 1.9%, zircon 1.9% and leucoxene 1.8%. • Composite grade of 1.46% total rare earth oxide. • 3,264 ppm praseodymium oxide plus neodymium oxide. • 103 ppm terbium oxide plus dysprosium oxide. Fotinho auger drilling A 53-hole hand auger program at Fotinho was completed and reported on 1 June 2026, targeting alluvial deposits along the Mucombee and Mecombeze rivers. Average hole depth was approximately 1.6 metres to a maximum of 4.3 metres. First assay results from 32 holes were reported on 11 June 2026. • Fifteen of 32 holes graded above 3% THM over the full drilled depth. • Best intersection of 9.49% THM over 1.0 metre in hole FHA25015. • 5.84% THM over 2.0 metres in hole FHA25008. • 5.22% THM over 4.3 metres in hole FHA25002. • Weighted average grade of 3.23% THM. Annual Report FY26 I MRG Metals Limited | ABN: 83 148 938 532 | Year ended 30 June 2026 9 The results extended the alluvial target footprint across both licences. Post balance date Further Fotinho assays from 57 auger holes were reported on 1 July 2026, with 26 holes grading above 3% THM over the full drilled depth and a best intersection of 7.69% THM over 1.0 metre. An exploration pit grade and mineralogy study at Adriano Target Area 2 was reported on 8 July 2026. A 200 metre by 200 metre grid auger program commenced around Target Area 2 resulting in 1.6 square kilometre mineralised footprint, reported on 15 September 2026. Next steps • Complete grid auger drilling step out across the remaining targets on both licences. • Assay and report the pit channel samples. • Complete scanning electron microscopy on the Fotinho and Adriano concentrates. • Advance toward a maiden Mineral Resource Estimate subject to the outcome of the step- out program. Titanium Dioxide Joint Venture, Mozambique Structure MRG’s titanium dioxide interests in Mozambique are held through a binding joint venture with Sinowin Lithium (HK) Co., Ltd and Sinowin Lithium Cobalt (Shenzhen) Ltd, entered into on 12 June 2024. The joint venture entity is Sofala Mining and Exploration LDA. • Sinowin holds 70% and MRG 30% of the joint venture at inception. • MRG is free-carried for all capital and operating expenditure through to 440,000 tonnes of annual concentrate production. • MRG retains 30% through mine start-up at 110,000 tonnes of annual concentrate production. • At Stage 1, being 110,000 tonnes of annual concentrate production, Corridor North is added to the joint venture. • At Stage 2, being 220,000 tonnes of annual concentrate production, MRG reduces to 25% and Linhuane is added to the joint venture. • At Stage 3, being 440,000 tonnes of annual concentrate production, MRG reduces to a floor of 20% and Marao is added to the joint venture. • Sinowin is responsible for all offtake arrangements. Mineral Resources The joint venture is anchored by the adjacent Corridor Central and Corridor South licences. Annual Report FY26 I MRG Metals Limited | ABN: 83 148 938 532 | Year ended 30 June 2026 10 • Corridor Central (11142C) hosts the Koko Massava deposit with a Global Indicated and Inferred JORC Mineral Resource of 1,534 Mt at 5.5% THM at a 4% cut-off grade, including a high-grade zone of 103 Mt at 6.6% THM at a 5.5% cut-off grade. • Corridor South (11137C) hosts the Nhacutse and Poiombo deposits with a Global Indicated and Inferred JORC Mineral Resource of 860 Mt at 4.9% THM at a 4% cut-off grade, including a high-grade zone of 257 Mt at 6.0% THM at a 5% cut-off grade. • The combined Global Indicated and Inferred JORC Mineral Resource across the two licences exceeds 2 billion tonnes. • A combined Exploration Target range of 170 Mt to 1,130 Mt applies across the two licences, reported at a cut-off grade of 3% to 5% THM. All Mineral Resource estimates were prepared by IHC Mining. The Exploration Target areas lie predominantly within town and village boundaries, and the Mineral Resource estimates were confined to areas outside those boundaries. Permitting The Mining Right for Corridor Central (11142) was approved on 7 January 2025. The Mining Right for Corridor South (11137) remains under review by Mozambique’s Instituto Nacional de Minas, as advised to ASX on 22 May 2026. The transfer of the mining tenements from MRG into the joint venture company remains in progress. Activity during the year On 24 April 2026 the Company reported that Sinowin had completed and submitted the full Environmental and Social Impact Assessment for the Corridor Central concession. • The 242-page study was prepared by MOZSHAQ Consultoria e Serviços and funded entirely by Sinowin. • The study was classified Category A+, the highest environmental classification under Mozambican law. • The concession covers 17,881 hectares and is granted for 25 years with a 25-year extension option. • The next regulatory step is the Resettlement Action Plan. The Environmental and Social Impact Assessment had been submitted and classified at the date of this report. It had not been approved. On 1 May 2026 and 6 May 2026 the Company reported that Sinowin had committed to fund drilling at the Corridor North (10779L) and Marao (6842L) licences to support additional mining licence applications. Marao work builds on an earlier 100-hole infill auger program at the Magonde target that confirmed geological continuity across 1,350 metres, returned grades up to 4.57% THM and a valuable heavy mineral content of 48.16% of THM. On 24 June 2026 the Company reported that Non-Executive Director Chris Gregory met the Director General of Mozambique’s Instituto Nacional de Minas, Dr Olavo Alberto Deniasse, in Maputo together with the board of Sinowin Lithium. The Government expressed support for the Annual Report FY26 I MRG Metals Limited | ABN: 83 148 938 532 | Year ended 30 June 2026 11 project and recognised approximately US$6 million invested to date. The transfer of mining tenements into the joint venture company was described as being in its final stages. The joint venture partner is targeting first production in 2027. Olinga Uranium and Rare Earth Project, Mozambique The Olinga Exploration Licence (11005L) covers 16,535 hectares approximately 270 kilometres north-east of Beira. The licence spans high-grade metamorphic gneiss and granitic intrusives of the Mozambique Metamorphic Province together with adjacent sedimentary sequences of the Mozambique Basin. Field exploration commenced in April 2026 following completion of provincial, local and on-site community engagement, and was reported on 17 April 2026. The program comprises stream sediment sampling, alluvial sampling, geological mapping and outcrop sampling designed to test elevated uranium and thorium anomalies identified from regional airborne geophysical surveys. Olinga returns a higher uranium-to-thorium ratio than the neighbouring Adriano and Fotinho licences. The first-pass program was substantially complete at the end of the year with assays pending. Corporate Capital raisings during the year • A 3-for-10 entitlement offer of listed options (ASX: MRQOD) exercisable at $0.004 and expiring August 2027 raised $817,956 in total, with $500,646 raised at close in August 2025 and the $317,309 shortfall placed on 25 September 2025. • All Directors participated in the entitlement offer in full, contributing $48,259. • A placement to sophisticated and professional investors announced on 23 December 2025 raised $730,000 through the issue of 146 million fully paid ordinary shares at $0.005 with free attaching options. • Directors of MRG and of Sheerartar Minerals Pty Ltd subscribed a further $130,000 following approval at the General Meeting held on 19 March 2026, taking up 26 million shares at $0.005 with 26 million free attaching options exercisable at $0.004 and expiring August 2027. Proceeds from issues of equity securities during the year totalled $1,742,565 before transaction costs of $107,421. Cash position Cash and cash equivalents at 30 June 2026 were $255,000, compared with $194,000 at 30 June 2025. Net cash used in operating activities for the year was $771,024. Payments for exploration and evaluation classified as investing activities were $803,097. Subsequent to the end of the year the Company received $725,000 from a placement announced on 18 August 2026. A Share Purchase Plan to raise up to a further $750,000 was launched on the same date. Annual Report FY26 I MRG Metals Limited | ABN: 83 148 938 532 | Year ended 30 June 2026 12 Board and management The Board comprised Andrew Van Der Zwan as Non-Executive Chairman, Christopher Gregory as Non-Executive Director, and Shane Turner as Non-Executive Director and Company Secretary throughout the year. Subsequent to the end of the year Michael Rose was appointed as a Non-Executive Director. Shane Turner resigned from the Board on the same date and continues as Chief Financial Officer and Company Secretary. Tenements The Tenements held by the Group at reporting date are as follows: Project Tenement % Owned Note Norrliden K nr 1 10 Malanaset nr 100 10 Malanaset nr 101 10 Corridor Central 11142C 100 Mining Licence Corridor South 11137C 100 Mining Licence Corridor North 10779L 100 Linhuane 7423L 100 Application Marão 6842L 100 Olinga 11005L 100 Fotinho 11000L 100 Adriano 11002L 100 Garies 10284MR 70 Mining Application Garies 13948PR 70 Lake Johnston E63/2394 100 Lake Johnston E63/2446 100 Forrestania E77/3164 100 Application Annual Report FY26 I MRG Metals Limited | ABN: 83 148 938 532 | Year ended 30 June 2026 13 Directors’ Report Annual Report FY26 I MRG Metals Limited | ABN: 83 148 938 532 | Year ended 30 June 2026 14 Directors’ Report The Directors of MRG Metals Ltd present their report together with the financial statements of the consolidated entity, being MRG Metals Ltd (‘MRG’ or ‘the Company’) and its controlled entities, MRG Metals (Australia) Pty Ltd, MRG Metals (Exploration) Pty Ltd, Lake Hope Lithium Pty Ltd, Sofala Resources Pty Ltd, Sofala Mining & Exploration Lda, Sofala Mining & Exploration I Lda, Sofala Mining & Exploration II Lda, Sofala Mining & Exploration III Lda, Sofala Mining & Exploration IV Lda, Sofala Mining & Exploration V Lda, Sofala Mining & Exploration VI Lda, Sofala Mining & Exploration VII Lda, Sofala Mining & Exploration VIII Lda, Sofala Mining & Exploration IX Lda, Sofala Mining & Exploration X Lda, Sheerartar Minerals Pty Ltd and Tundratype (Pty) Ltd (‘the Group’) for the year ended 30 June 2026 and the Independent Auditor’s Report thereon. Director details The following persons were directors of MRG Metals Ltd during or since the end of the financial year. Mr Andrew Van Der Zwan • BE Chemical Engineering (hons) Independent Non Executive Director since 07/01/2013 • Chairman since 08/10/2013 • Director since 14/02/2011 • Associated with MRQ soon after incorporation (2011) as a Non-Executive Director; Chairman since 2013. Andrew holds both domestic and international exposure in commercial and engineering, with over 35 years of experience. Currently a Non- Executive Director of Argo Exploration Ltd (ASX: AXT) since March 2013. Held various senior positions across the US, Australia, Africa and Europe within the worldwide operations of Exxon Mobil for 17 years (1986–2003). Served as a Non-Executive Director of GulfX Ltd for four years. Served as a Non-Executive Director of Titan Energy for two years. Was General Manager of Fuels and Marketing at United Petroleum in 2011 and became CEO of United Petroleum in 2013. Other current directorships: • Argo Exploration Ltd (ASX: AXT) since 19/03/2013 Previous directorships (last 3 years): • None Interests in shares and options: • 64,156,679 shares • 26,220,004 options • 22,500,000 performance rights Mr Shane Turner • CA, Bachelor of Business • Independent Non-Executive Director, Chief Financial Officer • Director since incorporation 24/01/2011, resigned 31/08/2026 • Shane is a Chartered Accountant and has over 40 years financial and accounting experience. He has been employed with KPMG, a large regional public accounting practice, operated his own public accounting practice and now is employed with RSM Annual Report FY26 I MRG Metals Limited | ABN: 83 148 938 532 | Year ended 30 June 2026 15 Australia. He has been Company Secretary and CFO of Akora Resources Ltd (ASX: AKO) since December 2023. Other current directorships: • None Previous directorships (last 3 years): • None Interests in shares and options: • 33,982,509 shares • 11,594,753 options • 22,500,000 performance rights Mr Christopher Gregory • BSc Geology, MAusIMM, MAIG, FSEG, MAICD • Independent Non-Executive Director • Director since 12/08/2013 • Chris has extensive global minerals industry experience over 45 years, at both technical and executive levels. Career foundation of 22 years in the Asia-Pacific region with Rio Tinto. Past Vice President – Operational Geology at Mandalay Resources (TSX: MND). Founding Partner and Director of Sasak Minerals, vended into SensOre (Private). Other current directorships: • None Previous directorships (last 3 years): • American Tungsten & Antimony Limited (ASX: AT4) 28 July 2025 to 15 June 2026 Interests in shares and options: • 80,813,986 shares • 28,444,201 options • 022,500,000 performance rights Mr Michael Rose • BSc Engineering (Mining), MBA University of Witwatersrand, MAusIMM • Independent Non-Executive Director • Director since 01/09/2026 • Michael has extensive global minerals industry experience over 34 years, at both technical and executive levels across multiple commodities and global jurisdictions, spanning all stages of the project development lifecycle. Chief Operating Officer of Kimberley Mineral Sands and Director of Thunderbird Operations, delivering first ore ahead of schedule and proving the full supply chain to design capacity within 12 months. Chief Operating Officer of Eramet's Grande Côte mineral sands operation in Senegal, where he supported a review that extended the mine plan by eight years. Seven years in senior operating roles at BHP, including Registered Mine Manager at the 80Mtpa Yandi iron ore operation and Production Manager at the GEMCO manganese operation. Annual Report FY26 I MRG Metals Limited | ABN: 83 148 938 532 | Year ended 30 June 2026 16 Other current directorships: • None Previous directorships (last 3 years): • None Interests in shares and options: • None Company secretary Shane Turner is a Chartered Accountant and the Group Chief Financial Officer. Shane has held senior positions with a number of professional accounting firms and has a degree in Business. He has been the Company Secretary of MRG since incorporation on 24 January 2011. Shane has also held the role of Company Secretary at Akora Resources Ltd (ASX: AKO) since December 2023. Principal activities During the period, the principal activities of entities within the Group were exploration and development of heavy mineral sands, rare earths and uranium within Mozambique, exploration and development of rare earths within South Africa and Lithium in Western Australia. There was one significant change in the nature of these activities during the period with the acquisition of the rare earths project in South Africa. Review of operations and financial results The operating result of the Group for the year ended was a loss of $796,560 (2025 loss of $939,011). Refer detailed Review of Operations that precedes this report. Earnings per share from continuing operations (0.027) cents (2025 (0.027) cents). Earnings per share from discontinued operations (0.001) cents (2025 (0.008) cents). Further information on the detailed operations of the Group during the year is included in the Review of Operations Report. Significant changes in the state of affairs During the year, the Group continued its Joint Venture to progress its Mozambique Heavy Mineral Sands (HMS) Projects to production, with the Joint Venture taking over management and funding of HMS Projects. The Group carried out exploration on its Mozambique Rare Earth Elements Adriano and Fotinho Projects. The Group carried out exploration on its Mozambique Uranium and Rare Earth Elements Olinga Project. The West Australian Lithium Projects were on care and maintenance while Heritage Agreements were finalised. The Group acquired the high-grade South African Rare Earth Elements Garies Project and lodged a Mining Right Conversion Application and carried out metallurgy. During the year, the Group raised $1,742,565 before costs. Annual Report FY26 I MRG Metals Limited | ABN: 83 148 938 532 | Year ended 30 June 2026 17 Dividends There were no dividends declared or paid during the financial period. Events arising since the end of the reporting period Placement of $725k and Share Purchase Plan Offer of $750k to Fund Exploration Developments: Post financial year, in August 2026 MRG announced it had completed a Placement of $725,000 and issued 362,750,000 shares at $0.002. Also, a Share Purchase Plan (SPP) was announced to eligible shareholders to raise up to $750,000 at $0.002 per share. The SPP offer closes on 1 October 2026. Board Changes: Subsequent to the end of the year Michael Rose was appointed as a Non- Executive Director. Shane Turner resigned from the Board on the same date and continues as Chief Financial Officer and Company Secretary. Likely developments • Progress Corridor HMS projects to Production with JV Partner. • Explore on recently acquired Garies Rare Earths Project including Airborne Radiometrics/Magnetics, Diamond Drilling, Outcrop Sampling and Maiden JORC MRE. • Obtain a Mining Licence for the Garies Rare Earths Project. • Obtain assays for step out Auger Drilling at Adriano-Fotinho Rare Earths Projects. • Explore on Olinga Uranium Project. • Explore on West Australian Lithium tenements. • Pursue a sale of Norrliden. Business riskmanagement The Company is committed to the effective management of risk to reduce uncertainty in the Company’s business outcomes and to protect and enhance shareholder value. There are various risksthatcouldhaveamaterialimpactontheachievement of the Company’s strategic objectives and future prospects.