Announcement PDF MRG Metals Limited ABN: 83 148 938 532 / ASX Code: MRQ Phone: +61 3 5330 5800 / Fax: +61 3 5330 5890 12 Anderson Street West, Ballarat VIC 3350 / PO Box 237 Ballarat VIC 3353 www.mrgmetals.com.au / info@mrgmetals.com.au ASX Announcement 7th October 2026 Garies Rare Earth Mining Right Application Accepted Highlights • The South African Department of Mineral and Petroleum Resources (DMPR) has accepted the Mining Right application for the Garies Rare Earth Project, together with the associated application for Environmental Authorisation. • Acceptance starts the formal evaluation period, with the Minister or delegate to decide on the application within 300 days. • Garies has the potential to be one of the highest-grade rare earth projects in the world, with surface bulk sampling returning up to 4.85% TREO and light and heavy magnet rare earths making up approximately 26% of TREO (ASX Announcement 17 March 2026). • Acceptance of the Mining Right application is a critical step towards securing a strategic partner for the high-grade Garies Rare Earth Project. • The Garies exploration programme, including diamond drilling at DrillTarg and a helicopter radiometric and magnetic survey, continues in parallel with the evaluation. MRG Metals Limited (ASX: MRQ) ("MRG" or "the Company") advises that it has received a letter from the DMPR confirming acceptance of the application for a Mining Right over the Garies Rare Earth Project in the Northern Cape Province, lodged on 12 June 2026 (ASX Announcement 12 June 2026). The DMPR has also accepted the associated application for Environmental Authorisation under the National Environmental Management Act, 1998 (Act 107 of 1998). The accepted application covers rare earths and associated minerals. Acceptance does not authorise MRG to commence mining. It means the DMPR will now process and evaluate the application, after which the Minister or delegate will decide whether to grant the Mining Right within 300 days of acceptance. The application seeks an initial 10- year term (ASX Announcement 12 June 2026). The DMPR's evaluation will run alongside MRG's work programme at Garies, which is focused on resource definition and on delivering a maiden JORC (2012) Mineral Resource Estimate (MRE) at DrillTarg, supporting plans for initial mine development. MRG Metals Limited ABN: 83 148 938 532 / ASX Code: MRQ Phone: +61 3 5330 5800 / Fax: +61 3 5330 5890 12 Anderson Street West, Ballarat VIC 3350 / PO Box 237 Ballarat VIC 3353 www.mrgmetals.com.au / info@mrgmetals.com.au ASX Announcement 7th October 2026 Garies Work Programme Garies hosts high-grade monazite-hosted rare earth mineralisation. Monazite concentrate is highly sought after, has an established market and is produced using simple, low-capital-cost physical processing (ASX Announcement 2 April 2026). Surface bulk sampling at Garies has returned up to 4.85% TREO, with the light magnet rare earths neodymium and praseodymium and the heavy magnet rare earths terbium and dysprosium together making up approximately 26% of TREO (ASX Announcement 17 March 2026). The programme comprises: • Helicopter and ground radiometric and magnetic surveys over DrillTarg to refine drill hole locations. • Diamond drilling at DrillTarg, which will be the first diamond core drilled at Garies. • A maiden JORC (2012) Mineral Resource Estimate for DrillTarg. • Extension of the helicopter radiometric and magnetic survey to cover 110 km² surrounding DrillTarg, to identify new drill targets. • Stream sediment sampling to rank the remaining rare earth targets identified by Axiom Exploration Group for follow-up drilling (ASX Announcement 10 June 2026). Evaluation process Together with the approvals already in progress (ASX Announcement 12 June 2026), the acceptance letter sets out the following work to be completed during the evaluation period: • Public consultation with landowners, lawful occupiers and other interested and affected parties under the National Environmental Management Act. • Completion of the Environmental Impact Assessment supporting the Environmental Authorisation application. • Lodgement of Water Use Licence with the Department of Water and Sanitation. • Lodgement of Certificate of Registration with the National Nuclear Regulator. • Submission of Black Economic Empowerment (BEE) ownership documentation to the DMPR by 22 November 2026, consistent with the 30% minimum BEE shareholding that applies to all new mining rights in South Africa. MRG Metals Limited ABN: 83 148 938 532 / ASX Code: MRQ Phone: +61 3 5330 5800 / Fax: +61 3 5330 5890 12 Anderson Street West, Ballarat VIC 3350 / PO Box 237 Ballarat VIC 3353 www.mrgmetals.com.au / info@mrgmetals.com.au ASX Announcement 7th October 2026 • DMPR evaluation of the application, including the Mine Works Programme and Social and Labour Plan, followed by a decision by the Minister or delegate within 300 days of acceptance. MRG's Chairman, Andrew Van Der Zwan, said: "Acceptance of the Mining Right application lodged on 12 June 2026 is a major step forward in unlocking what could be one of the world's highest-grade rare earth projects. It moves Garies into the formal evaluation stage, with a decision from the Minister or delegate due within 300 days.” “Over that period, our priorities are to complete a maiden JORC Mineral Resource at DrillTarg and to meet the conditions set out in the acceptance letter. The airborne survey and stream sediment programme are designed to identify further drill targets beyond DrillTarg, which is one of 23 rare earth targets identified across the Garies tenement." This announcement has been authorised by MRG’s Board of Directors. For more Information please contact: MRG Metals Investor Relations Andrew Van Der Zwan Angus Kennelly Chairman Massive Intelligence M: +61 (0) 400 982 987 E: angus@massiveintelligence.com.au E: andrew@mrgmetals.com.au