Announcement PDF Half Year Financial Report MRG Metals Limited ABN: 83 148 938 532 For the half-year ended 31 December 2025 MRG Metals Limited Half Year Financial Report 31 December 2025 Page 2 Contents Corporate Directory 3 Chairman’s Letter 4 Director’s Report 5 Auditor’s Independence Declaration 17 Statement of Profit or Loss and Other Comprehensive Income 18 Statement of Financial Position 19 Statement of Changes in Equity 20 Statement of Cash Flows 21 Notes to the Financial Statements 22 Directors’ declaration 29 Independent Auditor’s Review Report 30 MRG Metals Limited Half Year Financial Report 31 December 2025 Page 3 Corporate Directory Directors & Secretary Andrew Van Der Zwan Non Executive Chairman Christopher Gregory Non Executive Director Shane Turner Non Executive Director and Company Secretary Principal place of business 12 Anderson Street West, Ballarat VIC 3350 Telephone: +61 3 5330 5800 Fax: +61 3 5330 5890 Email: info@mrgmetals.com.au www.mrgmetals.com.au Registered office 12 Anderson Street West, Ballarat VIC 3350 PO Box 237, Ballarat VIC 3353 Telephone: +61 3 5330 5800 Fax: +61 3 5330 5890 Corporate accountant and Registered ASIC Agent RSM Australia Pty Ltd 12 Anderson Street West, Ballarat VIC 3350 PO Box 685, Ballarat VIC 3353 Telephone: +61 3 5330 5800 Fax: +61 3 5330 5890 www.rsm.com.au Solicitors Moray & Agnew Level 6, 505 Little Collins Street, Melbourne VIC 3000 Telephone: +61 3 9600 0877 Fax: +61 3 9600 0894 www.moray.com.au Share Registry Automic Pty Ltd Level 5, 126 Phillip Street, Sydney NSW 2000 Telephone: 1300 288 664 Auditor William Buck Audit (Vic) Pty Ltd Level 20 181 William Street, Melbourne Vic 3000 Telephone (office): +61 3 9824 8555 Website: www.williambuck.com Stock Exchange Listing ASX Codes: MRQ and MRQOD MRG Metals Limited Half Year Financial Report 31 December 2025 Page 4 Chairman’s Letter MRG Metals is entering a transformative period — and the half year to 31 December 2025 marks the moment it began. We are evolving from single heavy mineral sands play into a diversified critical minerals company specialising in rare earths. We now have three quality assets advancing concurrently: 1. Garies Rare Earth Project (South Africa) – a high-grade, monazite-hosted system with simple metallurgy and a fast-track, low-capex development profile 2. Our fully funded Corridor Titanium Oxide Joint Venture, which carries a clear production pathway to 2027 without requiring MRG to deploy its own capital. 3. Adriano–Fotinho Rare Earth Project (Mozambique) – auger drilling and laboratory results confirming emerging district-scale rare earth potential Each project is building momentum. Garies, acquisition commenced in December 2025, delivers exceptional bulk sample grades of up to 4.85% TREO with a magnet rare earth composition of ~24% Nd+Pr and simple metallurgy. The project is highly advanced, sits 70 kilometres from the World's highest-grade rare earth mine (Steenkampskraal at 14.5% TREO) and the acquisition brings two outstanding industry executives in Jacob Deysel and Ian Egan on board to support the project. At Adriano–Fotinho, 37 from 37 auger holes returned visible heavy mineral concentrate and four alluvial REE zones have been confirmed. With every result, the case for a district-scale rare earth corridor gets stronger. Our Titanium Dioxide Joint Venture partner has provided a detailed production plan targeting early 2027 and will commence ground development ahead of the formal mining licence transfer. This brings the Company closer to generating cash flows that can be reinvested across our growing rare earth portfolio. The coming six months will be catalyst-rich, and I look forward to updating you as we deliver. On behalf of the Board, I thank you for your ongoing support as we move into this exciting next chapter. Andrew Van Der Zwan Non-Executive Chairman MRG Metals Limited MRG Metals Limited Half Year Financial Report 31 December 2025 Page 5 Director’s Report The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the ‘Group’) consisting of MRG Metals Limited (referred to hereafter as the 'company' or 'parent entity') and the entities it controlled at the end of, or during, the half-year ended 31 December 2025. Projects MRG Metals Limited (ASX: MRQ) (“MRG” or “the Company”) is pleased to release its half-year report for the period ended 31 December 2025, which represented a period of significant progress, as the Company continued to execute its strategy to build a diversified critical minerals portfolio. During the period, MRG advanced three core assets while also completing the acquisition of the high-grade Garies Rare Earth Project in South Africa subsequent to period end, which was agreed to in December 2025. A significant benefit of the Garies acquisition is the access it provides to experienced industry executives Jacob Deysel and Ian Egan, both of whom intend to participate in the recent capital raise, subject to shareholder approval, demonstrating alignment with MRG shareholders. The new addition strengthens MRG’s technical and operational capability as theCompany enters the calendar year with several near-term milestones approaching. Over the half-year, MRG transitioned from a single-project focus into a diversified Company, with three high-quality assets progressing concurrently across rare earths and heavy mineral sands. These assets included: 1. The Heavy Mineral Sands Joint Venture (Mozambique): A fully funded joint venture underpinned by a 2.39-billion-tonne JORC resource, with a clear and defined pathway to initial production targeted within the next 12–18 months. 2. Adriano–Fotinho Rare Earth Project (Mozambique): Ongoing exploration continues to deliver results consistent with a large, district-scale rare earth system, supporting the project’s potential scale and long-term significance. 3. Garies Rare Earth Project (South Africa) – A high-grade, monazite-hosted rare earth system featuringsimplemetallurgyand strongpotentialforalow-capital, accelerated development pathway. During Q1 FY26, MRG successfully completed a 3-for-10 Entitlement Offer of listed options (ASX: MRQOD), exercisable at $0.004 each and expiring in August 2027. MRG Metals Limited Half Year Financial Report 31 December 2025 Page 6 The offer raised a total of $817,956, providing additional working capital to advance rare earth and uranium exploration programs at Adriano, Fotinho and Olinga and to maintain corporate oversight of the Sinowin Joint Venture in Mozambique. All Directors participated in the Entitlement Offer in full contributing $48,259, demonstrating continued confidence in the Company’s long-term growth strategy and project pipeline. Additionally, during Q2 FY26, MRG also completed a successful capital raise of $0.73 million at $0.005 per share, reflecting growing support for the Company’s strategy from institutional and sophisticated investors. Also, MRG Directors and existing Sheerartar Directors intend to place another $130,000, subject to Shareholder approval. Resolutions for placements are included in a General Meeting of the Company on 19 March 2026. High-Grade Garies Rare Earth Project (South Africa) During the half-year (ASX Announcement23 December 2025), MRG announced the acquisition of Sheerartar Minerals Pty Ltd, securing ownership of the Garies Rare Earth Project in South Africa.TheacquisitionrepresentsasignificantexpansionofMRG’srareearthportfolio,adding a high-grade asset located in a well-established mining jurisdiction, with existing infrastructure, skilled labour availability and clear permitting pathways. On 19 January 2026, MRG announced that it has completed the acquisition. Garies is located approximately 70 kilometres from the Steenkampskraal Monazite Mine, one of the world’s highest-grade rare earth projects, and displays geological similarities to that rare earth system. Figure 1: Map showing Strategic location of the Garies’ Rare Earth Projects MRG Metals Limited Half Year Financial Report 31 December 2025 Page 7 Bulk sampling undertaken prior to the acquisition returned grades of up to 4.85% TREO, equatingtoapproximately8%monazite(withmonazitecontaining~60%TREO),placing Garies among the highest-grade rare earth projects globally on a reported basis. The rare earth composition is highly favourable, with indicative distributions of: • Nd + Pr comprising ~24.1% of TREO • Dy + Tb comprising ~1.4% of TREO • Heavy rare earth oxides representing ~9% of total REO, including scandium well above global averages • High-grade Gallium mineralisation Rare Earth Market Context & Potential Element Value: Early data for the Garies Project shows a strong presence of the below elements. Element Group Indicative Market Value Key Applications Praseodymium–Neodymium US$108,655/T Permanent magnets (EVs, wind, defence) Dysprosium US$188,550/T High-temperature & defence magnets Terbium US$821,310/T High-temperature permanent magnets (EVs, defence) Gallium US$230,730/T Semiconductors, power electronics All prices sourced from the Shanghai Metals Market in February 2026 Disclaimer: This is conceptual and illustrative only. It does not represent a valuation, forecast, production target or economic outcome for the Garies Project. No assumptions are made regarding Mineral Resources, Ore Reserves, recoveries, costs, revenues or profitability. Any future economic assessment would be subject to further drilling, metallurgical test work and formal studies in accordance with ASX Listing Rules and JORC (2012). The table features Indicative spot market references only. Prices volatile. No assumptions regarding recoveries, costs, production, or project outcomes. Mineralisation largely occurs in coarse-grained, near-surface bodies, supporting low-strip open-pit mining. Aeromagnetic modelling indicates plug-like mineralised bodies with vertical extensions at depth, suggesting strong tonnage potential and continuity. The system is also associated with high iron content (>60% Fe magnetite), presenting potential future co-product upside. A total of 23 exploration targets have been identified across the project area by airborne magnetic data, with only three targets partially drill tested to date, highlighting substantial exploration upside. MRG Metals Limited Half Year Financial Report 31 December 2025 Page 8 Technical evaluation of the Garies Rare Earth Project has been undertaken by Axiom Exploration, an independent geological consultancy. Axiom completed a comprehensive technical report in January 2024, which underpins the geological interpretation, exploration targeting, and development concepts presented for the project. Work completed to date includes independent technical assessment by Axiom Exploration Group Ltd (Canada), aeromagnetic surveys, a limited drilling programme, surface bulk sampling and laboratory analysis. Upcoming milestones include delivery of the updated Competent Person’s Report and completion of a small maiden JORC Resource in Q1 CY26, followed by submission of the Environmental Assessment and Mining Right application in Q3 CY26. Figure 2: Indicative timeline of the Garies Project. The project covers 275 km², including an existing 85 km² permit area with a 190 km² applied extension. It is well serviced by infrastructure and located approximately 344 km from the Saldanha Bay deep-water port. Development is planned in phases: 1. Resource Definition and Permitting: Maiden JORC-compliant resource from initial targets and conversion of Prospecting Rights to Mining Rights. 2. Pilot Scale Production: Deployment of modestly scaled pilot plant 3. Modular Scalable Expansion: Significant expansion and scalability in accordance with exploration delivery of future ore. The processing concept is based on a simple, modular, chemical-free flowsheet, including crushing, desliming, magnetic separation and gravity separation to produce a high-grade mixed REE concentrate. Chemical processing is deferred until a later REO conversion stage, supporting ESG aligned development. MRG Metals Limited Half Year Financial Report 31 December 2025 Page 9 On 15 January 2026, the MRG engaged consultants for the Garies Rare Earth Project in South Africa to progress the Environmental Assessment, Mine Works Programme and Mining Right application process. Preparation of the Environmental Assessment and Mining Right Application is well advanced, with submission expected in Q3 CY26. Completion and submission of this work represent a material de-risking milestone for the project as it advances toward permitting and development. Additionally, subsequent to the half year ended 31st December 2025, MRG reported that Mr Colin Rothnie, the project’s independent Competent Person, is in the final stages of preparing an updated Competent Person Report for Garies. The report will be supported by final metallurgical analysis from a limited drilling programme and surface bulk samples by Light Deep Earth Laboratory of South Africa. This work is directed toward supporting a small maiden JORC (2012) Resource Estimate, expected in Q1 CY26, forming the foundation for the next phase of technical and permitting activities. The acquisition is a scrip deal, with 75 million MRG shares issued on completion and a further 175 million shares issued upon Mining Licence grant. Further project performance share considerations will align with Garies passing key value creation milestones, such as delivering a $100M market cap. Finally, the acquisition company will retain world-class leaders who participated in the recent capital raise. Jacob Deysel - Sheerartar Director • Jacob Deysel is a highly experienced mining executive with over 25 years of global leadership across large-scale, multi-commodity operations in Africa, Australia, South America and Europe. He is currently Chief Executive Officer of Critica Limited (ASX: CRI). • Jacob has deep expertise across critical minerals, including rare earths, graphite and heavy mineral sands, with direct experience in projects containing monazite and REE feedstocks. He has a strong track record of scaling production, delivering capital- efficient developments, and leading projects through permitting, construction and steady-state operations. • Previously, Jacob served as Chief Executive Officer and Managing Director of Mineral Commodities Ltd (ASX: MRC), Operations Director at Kenmare Resources (LSE: KMR), andGeneralManager–MiningandPlanningatRioTinto’s Richards Bay Minerals. He has also held senior leadership roles at Newmont Corporation (NYSE: NEM) and was Vice President, South America at Uranium Energy Corp (NYSE: UEC). MRG Metals Limited Half Year Financial Report 31 December 2025 Page 10 • Jacob is a Mining Engineer with an MBA and has completed executive training at Wits University and London Business School. He is recognised for applying innovative, lean operating strategies that reduce capital intensity, improve margins and unlock long- term value. His experience across ASX, LSE andNYSE-listed companies brings strong capability in governance, stakeholder engagement and disciplined execution. Ian Egan - Sheerartar Minerals Executive Chairman • Ian Egan is a highly experienced mining executive with extensive expertise across mining operations, marketing, finance and project development, with a particular focus on African jurisdictions. He has held senior executive roles at BHP, including Group General Manager – BHP Titanium Minerals and General Manager – Non-Ferrous Metals, where he was responsible for large-scale international operations and marketing activities. • Ian has also served on the boards of a number of listed and unlisted resource companies, including Kenmare Resources, Golconda Gold, Ok Tedi Mining, and Orbital Corporation. His board experience spans project development, capital allocation, governance and stakeholder management across multiple commodities and jurisdictions. • Ian brings deep commercial and operational insight, particularly in mineral sands and titanium-related industries, and has a strong track record in guiding projects from development through to production. His experience across African mining environments and global markets provides valuable strategic and governance capability. Early Exploration Work Showed Adriano–Fotinho Rare Earth Corridor Has District-Scale Potential (Mozambique) MRG Metals reported strong exploration results from its 100%-owned Adriano Rare Earth Project and commenced exploration at the adjacent Fotinho licence (ASX Announcements 12 December 2025 and 17 December 2025), supporting a large, connected, district-scale rare earth corridor. Adriano results below. • At Adriano, auger drilling and sampling completed between October and December 2025 delivered consistently high-grade results from multiple alluvial targets. • A total of 37 auger holes and 126 samples were completed, with 100% of holes returning visible heavy mineral concentrate (HMC). • Laboratory analysis of 125 samples returned high to very high Total Heavy Mineral (THM) grades, including 83 samples grading above 4.0% THM and 26 samples grading above 6.0% THM. • Individual samplesreturnedgradesof upto9.56% THM over1.0 metre, whilefive auger holesrecorded weighted average grades exceeding6.0% THM, includinga peak result of 7.16% THM over 2.0 metres in hole AAG25011. MRG Metals Limited Half Year Financial Report 31 December 2025 Page 11 These results align with the October 2024 stream sediment testing, which returned 100% anomalous results across 42 samples, with 74% exceeding 1,000ppm TREO, a peak grade of 32,393ppm TREO, and a strong magnetic rare earth component of ~22%. The drilling confirmed four separate alluvial deposit areas; all aligned with historic high-grade TREO stream anomalies. Following receipt of the initial laboratory results, MRG completed a further nine auger holes at a fifth alluvial target located in the south-east of the Adriano licence. Drilling at this target returned strong visual HMC responses in multiple pan concentrates, reinforcing the scale of the alluvial system and further strengthening the interpretation of a broader mineralised catchment hosting monazite-rich gravel. In parallel, geological mapping across the Adriano licence identified and sampled multiple pegmatitebodiesalonga3-kilometretrend.Thesepegmatitesoccurwithinthesamedrainage system feeding the alluvial zones and are interpreted as potential primary rare earth source rocks shedding monazite-rich material into downstream gravels. Laboratory results from pegmatite samples, together with magnetic separation and subsequent mineralogical analysis to determine the composition of the Heavy Mineral Concentrate (HMC), are expected in early 2026. Pending these results, the next phase of systematic auger drilling, trenching and continued pegmatite mapping across both licences will be refined and progressed. During the half-year, exploration also commenced at the Fotinho licence (11000L) following completion of the administrative and community public participation process and receipt of approval to begin work. The Fotinho program is designed to test the continuity of mineralisation observed at Adriano, including whether themapped alluvial channels and pegmatite trend extends across both licences. Taken together, the auger drilling results, high-grade THM assays, pegmatite mapping and shared drainage patterns support MRG’s view that Adriano and Fotinho may form a single, connected mineralised system with both alluvial and hard-rock rare earth potential. This work underpins the Company’s interpretation of the Adriano–Fotinho area as a district- scale rare earth corridor, with further laboratory results expected to guide the next phase of exploration. Fully Funded 2 Billion Tonne Heavy Mineral Sands Project: Funds Continued to Be Deployed & Government Review Signals Licence Transfer (Mozambique) During the half-year (ASX Announcement 26 November 2025), MRG’s Joint Venture partner, Sinowin Lithium, continued to deploy funds from the first US$3 million tranche MRG Metals Limited Half Year Financial Report 31 December 2025 Page 12 of itsUS$6 million fundingcommitment to advancetheMozambiqueHeavy Mineral Sands Joint Venture. The proactive deployment of funds during the period ensured that key development activities progressed in parallel with regulatory approvals. Additionally, the Mozambican Government commenced a review of the Joint Venture Company’s financial accounts, a procedural step that typically precedes completion of the mining licence transfer process. This review provides a strong indication that the licence transfer process is progressing toward completion for Corridor Central (11142C) and Corridor South (11137C), alongside finalisation of the Environmental and Social Impact Assessment (ESIA). On 27 January 2026 theESIA was approvedforCorridor Central. Both Corridor Central and Corridor South hold granted mining licences, with Corridor Central granted in January 2025 and Corridor South granted in June 2025. The Joint Venture is working closely with Mozambique’s National Mining Institute (INAMI) to address final site-specific requirements at Corridor South, including the identification andexclusionof affectedareasandcommencementof compensationdiscussionswhere required. This process is expected to have minimal impact on initial mine development and early years of operation. The Joint Venture partner also formalised its initial production planning, with Sinowin setting a first-year Heavy Mineral Concentrate (HMC) production target of 130,000 to 160,000 tonnes per annum commencing March 2027 and a five-year ramp-up target of 800,000 tonnes per annum. Sinowin has also advised that port capacity requirements could increase to approximately 360,000 tonnes per annum as external rail and port infrastructure is developed. The Corridor Heavy Mineral Sands Project is supported by a combined 2.39 billion tonne JORC Mineral Resource, comprising 1,534 million tonnes at 5.5% THM at Corridor Central and 860 million tonnes at 4.9% THM at Corridor South. The project benefits from established regional infrastructure, including sealed road access, proximity to grid power, and the nearby Port of Chongoene, located approximately 20 kilometres from Corridor Central and nearing operational readiness. Current expenditure during the half-year focused on pre-construction readiness activities. MRG Metals Limited Half Year Financial Report 31 December 2025 Page 13 Work included procurement planning, completion of the Environmental and Social Impact Assessment, and resettlement planning, electrical infrastructure coordination with Electricidade de Moçambique (EDM) and ongoing in-country operational management. A key feature of the Joint Venture structure is that Sinowin, as operator, is responsible for all offtake arrangements. This approach removes the need for MRG to independently secure offtake agreements, avoids the requirement for a pilot plant, and leverages Sinowin’s established commercial networks to support multiple offtake pathways as production ramps up. MRG Metals Completed $0.73 Million Placement to Advance Rare Earth and Heavy Mineral Sands Portfolio During the half-year (ASX Announcement 23 December 2025), MRG completed a$0.73 million placement to sophisticated and professional investors, issuing 146 million fully paid ordinary shares at $0.005 per share, together with free attaching options. In addition, the Board of Directors of MRG and the Directors of Sheerartar Minerals Pty Ltd committed a further $130,000, subject to shareholder approval, demonstrating strong alignment with shareholders and confidence in the Company’s strategy. Funds raised during the placement are being applied toward completion of the Sheerartar Minerals acquisition, advancement of the Garies Rare Earth Project toward grantof aMiningLicence, continued exploration acrosstheAdriano–Fotinho. Rare Earth Corridor, support of the Mozambique Heavy Mineral Sands Joint Venture, and general working capital. Entering 2026, MRG Metals Limited is positioned to advance multiple assets in parallel across rare earths and heavy mineral sands, with several near-term technical and regulatory milestones expected to further define value across the portfolio. Collectively, the momentum building across MRG’s portfolio reflects a focused execution strategy, with2026 expected to deliver aseries of technical, permitting anddevelopment milestones. West Australian Lithium Projects were on Care and Maintenance during the period awaiting Native Heritage Clearance. MRG Metals Limited Half Year Financial Report 31 December 2025 Page 14 TENEMENTS: The Tenements held by the Company at 31 December 2025 are as follows: Project Tenement % Owned Held for Sale Note Norrliden K nr 1 10 Malanaset nr 100 10 Malanaset nr 101 10 Corridor Central 11142C 100 Held for Sale Mining Concession Corridor South 11137C 100 Held for Sale Mining Concession Corridor North 10779L 100 Held for Sale Linhuane 7423L 100 Held for Sale Marao 6842L 100 Held for Sale Adriano 11002L 100 Fotinho 11000L 100 Olinga 11005L 100 Lake Johnston E63/2394 100 Application Lake Johnston E63/2446 100 Application Forrestania E77/3164 100 Application The information in this report, as it relates to Mozambique Exploration Results is based on information compiled and/or reviewed by Mr JN Badenhorst, who is a member of the South African Council for Natural Scientific Professions (SACNASP) and the Geological Society of South Africa (GSSA). Mr Badenhorst is a contracted consultant of the Company and has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Badenhorst consents to the inclusion in this report of the matters based on the information in the form and context in which they appear. Forward Looking Statement All statements other than statements of historical fact included in this announcement including, without limitation, statements regarding future plans and objectives of MRG Metals Ltd (‘MRG’ or ‘Company’) are forward-looking statements. When used in this announcement, forward-looking statements can be identified by words such as ‘’anticipate”, “believe”, “could”, “estimate”, “expect”, “future”, “intend”, “may”, “opportunity”, “plan”, “potential”, “project”, “seek”, “will” and other similar words that involve risks and uncertainties. These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, as at the date of this announcement, are expected to take place. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, its Directors and management of MRG that could cause MRG’s actual results to differ materially from the results expressed or anticipated in these statements. The Company cannot and does not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this announcement will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements. MRG does not undertake to update or revise forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this announcement, except where required by applicable law and stock exchange listing requirements. MRG Metals Limited Half Year Financial Report 31 December 2025 Page 15 Director details The following persons were directors of MRG Metals Limited during the whole of the financial half-year and up to the date of this report, unless otherwise stated: • Mr Andrew Van Der Zwan • Mr Christopher Gregory • Mr Shane Turner Principal activities During the period, the principal activities of entities within the Group were exploration and development of Heavy Mineral Sands and Rare Earth Elements in Mozambique. Review of operations and financial results The operating result from continuing operations of the Group for the half year was a loss of $385,374 (31 December 2024 loss $309,976). The operating result from discontinued operations of the Group for the half year was a loss of $11,529 (31 December 2024 loss $310,602). Earnings per share from continuing operations during the half year were (0.01 cents) (31 December 2024 (0.01 cents)). Earnings per share from discontinued operations during the half year were (0.00 cents) (31 December 2024 (0.01 cents)). Significant changes in the state of affairs On 1 July 2025, it was announced that the Corridor South HMS Mining Licence was granted. On 18 July 2025, an Entitlement Offer to Shareholders was announced. This was a pro-rata non- renounceable 3 for 10 entitlement offer of options at $0.001 per option. During the period, the full Entitlement Offer of $817,956 was completed and resulted in the issuance of 817,955,241 MRQOD Options with an exercise price of $0.004 and an expiry date of 19 August 2027. On 23 December 2025, it was announced that the Group had entered into an agreement to acquire a 70% interest in the High-Grade, Magnet-Rich Garies Rare Earth Project in South Africa. An initial issue of 75 million ordinary shares is required once the acquisition is finalised, which are escrowed for 12 months. A Placement of $730,000 was also announced, with the main use of funds to be applied to advance the Garies Project to the grant of a mining licence. This resulted in the issue of 146 million s