Announcement PDF Annual Report FY25 MRG Metals Limited ABN: 83 148 938 532 For the Year ended 30 June 2025 Annual Report FY25 I MRG Metals Limited | ABN: 83 148 938 532 | Year ended 30 June 2025 1 Contents Chaiman’s Letter………………………………………………………..3 Review of Operations…………………………………………………. 6 Directors’ Report……………………………………………………….13 Financial Statements….……………………………………………..26 Notes to the Financial Statements………………………………. 30 Auditor’s Report………………………………………………………..51 ASX Additional Information………….……………………………..56 Corporate Governance Statement………………………………..59 Annual Report FY25 I MRG Metals Limited | ABN: 83 148 938 532 | Year ended 30 June 2025 2 Chairman’s Letter Dear Shareholders, FY25 has been a defining year for MRG Metals. We are proud of the substantial progress achieved across our portfolio, particularly in advancing the World-class, two billion tonne Corridor Sands Joint Venture (JV) in Mozambique. During the year, we materially advanced the Corridor Sands JV with our partner, Sinowin Lithium. Securing both the Corridor Central and Corridor South mining licences was a major derisking milestone, providing the regulatory foundation for development. These licences underpin a JORC resource in excess of two billion tonnes, positioning MRG as one of the most significant heavy mineral sands developers in the region. Sinowin has already invested more than US$1 million into pre-production activities, and the first US$3 million tranche of their US$6 million commitment will be deposited once the Mozambican Government finalises the transfer of the licences into the JV entity, Terriland. Importantly, the JV structure ensures Sinowin funds 100% of development and operating costs up to 440,000 tonnes per annum (tpa) of production, with MRG free-carried at 30% equity in Stage One, reducing to a floor of 20% in later stages. A binding US$50 million drag-along clause further underpins the strategic value of our equity position. Our pathway is now clear: initial production of 110,000tpa of heavy mineral concentrate within 12–18 months, scaling up to 220,000tpa and then 440,000tpa. Offtake agreements are fully managed by Sinowin, ensuring sales channels are in place and de-risking a key component of project delivery. Beyond licences and funding, important groundwork has been laid. A US$500,000 Environmental and Social Impact Study is underway; Mozambique’s state utility EDM has indicated they would invest US$820,000 for electrical infrastructure to enable year one production and Sinowin has assumed full operational control on the ground. Once final government approvals are received, the JV is well-positioned to move rapidly into construction and production. Parallel to progress at Corridor Sands, MRG advanced its highly prospective rare earth element portfolio. At Adriano, our maiden exploration program delivered outstanding results, with every sample returning anomalous rare earths, 74% exceeding 1,000 parts per million TREO, and a peak of 3.24%. Notably, magnetic rare earths such as neodymium, praseodymium, dysprosium, and terbium accounted for ~22% of the total, commodities critical to electric vehicles and wind energy. Adjacent to Adriano, the Fotinho licence creates the foundation of a district-scale rare earth corridor. Exploration will commence in October 2025, building on Adriano’s early success and targeting both hard rock and alluvial mineralisation. Together, these assets represent a second growth engine for MRG, well aligned with global demand, which is forecast to triple by 2035. Adding further depth to our portfolio, the Olinga Project was granted during the year, providing exposure to both uranium and rare earth elements. Early work programs including stream sediment sampling, auger drilling, and mineralogy are underway. Olinga diversifies our footprint into uranium, a commodity experiencing renewed global demand as nuclear power re-emerges Annual Report FY25 I MRG Metals Limited | ABN: 83 148 938 532 | Year ended 30 June 2025 3 as a key part of the clean energy transition. Adriano, Fotinho, and Olinga together establish MRG as a critical minerals and energy-transition company, not just a HMS developer. Our ability to achieve these milestones has also depended on the continued support of our Shareholders. Over the past 12 months, we successfully executed minimal capital raisings, as required to provide critical working capital to advance both the JV and our exploration portfolio. This funding has been instrumental to our progress, and I extend sincere thanks to Shareholders for their confidence and commitment. The foundations laid this year provide a strong platform for the future. With a fully funded path to production, strategic partnerships, and an increasingly diversified critical minerals portfolio, we are confident in our ability to deliver sustainable shareholder value. 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 Annual Report FY25 I MRG Metals Limited | ABN: 83 148 938 532 | Year ended 30 June 2025 4 Review of Operations Annual Report FY25 I MRG Metals Limited | ABN: 83 148 938 532 | Year ended 30 June 2025 5 Review of Operations Mozambique Joint Venture – Fully Funded 2 Billion Tonne Heavy Mineral Sands 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. Production is targeted in the next 12 to 18 months. The Joint Venture (JV) with Sinowin Lithium (HK) Co., Ltd and Sinowin Lithium Cobalt Ltd (collectively “Sinowin”) was formally established, with the JV company Terriland now operational and majority-funded by our partner. Sinowin brings a strong history of identifying high-growth resource projects and converting them into significant shareholder value, having advanced and exited major ventures in other jurisdictions, including a recent successful exit in Canada valued at approximately US$86.5 million, before committing capital to Mozambique. Key regulatory approvals were secured during the year. In January 2025, the Corridor Central Mining Licence (11142C) was granted by Mozambique’s National Mining Institute (INAMI) and signed by the Minister of Mineral Resources and Energy. This licence covers the Koko Massava deposit, which hosts a JORC Mineral Resource Estimate of 1.53 billion tonnes at 5.1% total heavy minerals (THM), including a high-grade zone of 103 Mt at 6.6% THM. In June 2025, the Corridor South Mining Licence (11137C) was approved, which includes the Nhacutse and Poiombo deposits, collectively containing 860 Mt at 4.9% THM with 257 Mt at 6.0% THM in high-grade material. The JV is awaiting only the final approval from the Mozambique Government on the transfer of these licenses into the JV entity. Administrative restructuring within INAMI has temporarily delayed the formal transfer of Corridor Central and South licences into the JV entity. This is expected to be resolved before the end of 2025. Although the first US$3 million tranche has not yet been formally deposited, a large share of these funds has already been applied to advance pre-production activities, with Sinowin having contributed an estimated US$1 million so far. Once the formal transfer of ownership has been approved, the first US$3 million tranche will be deposited into the JV’s bank account. Importantly, Sinowin has committed to fund 100% of capital and operating costs through to a production rate of 440,000 tonnes per annum. Joint Venture Structure The JV is structured such that Sinowin holds 70% and MRG 30% at inception, with MRG free carried until steady-state operations. The staged development pathway is clearly defined: • Phase One will target production of 110,000 tonnes per annum of heavy mineral concentrate within 12–18 months, with mine planning, environmental and social impact assessments, and procurement already advanced. Annual Report FY25 I MRG Metals Limited | ABN: 83 148 938 532 | Year ended 30 June 2025 6 • • Phase Two will expand production to 220,000 tpa, underpinned by the integration of Linhuane’s high-grade mineralisation, where drilling has confirmed intercepts up to 17.9% THM. Phase Three will lift output to 440,000 tpa, incorporating the Marao licence, at which point MRG’s interest adjusts to 20% but remains free carried. In addition, the Linhuane Licence (7423L) was granted in May 2025. This asset is regarded as a potential company-maker given: • The Linhuane project contains continuous, near-surface zones of HMS and is within proximity of Corridor Sands. • Exceptionally high Total Heavy Mineral grades, ranging from 5% to 25%. • THM at shallow depths (up to 10.5m), with standout drill results such as 10.5m @ 15.6% THM and 10m @ 17.9% HM. • Such grades are well above industry averages and have the potential to substantial value to the JV. During FY25, MRG completed a 100-hole infill auger drilling program at the Magonde target within the Marao licence. Results: • Laboratory assay results confirming standout mineralisation: 24MUHA048 returned 4.0% THM to 13.5m depth; 24MUHA070 returned 3.4% THM to 13.5m depth. • Individual sample grades as high as 4.57% THM. • Average THM assay grades were 8% higher than visually estimated values. • Valuable Heavy Mineral (VHM) content confirmed at 48.16%, including rutile, zircon, and ilmenite. • Geological continuity confirmed across 100-hole program totalling 1,350m. • Potential to support a future JORC-compliant resource. These results validate Marao inclusion as a future JV asset, scheduled to be transferred into the JV once Stage 3 production is underway. Offtakes are De-Risked A key strength of MRG’s Joint Venture structure with Sinowin Lithium is the complete de-risking of the offtake strategy — often a major barrier for early-stage resource projects in frontier markets. Unlike most junior-led developments, where offtake must be secured before funding or construction, the MRG-Sinowin JV structure delegates all offtake responsibilities to Sinowin. Advantages: • • • • • Removes the need for MRG to source offtake partners or negotiate long-term contracts independently. Eliminates the requirement for a pilot plant, avoiding up to US$10 million in CAPEX and associated delays. Streamlines project delivery by avoiding complex sampling and testwork logistics. Leverages Sinowin’s established commercial network in China to secure multiple offtake options and downstream engagement. Sinowin has advised the Chongoene rail and industrial wharf consortium that JV production targets are increasing to 360,000 tonnes in Year 1, with a five-year goal of 800,000 tonnes per annum Annual Report FY25 I MRG Metals Limited | ABN: 83 148 938 532 | Year ended 30 June 2025 7 With current market prices for concentrate exceeding US$300 per tonne the Company has strong near-term revenue visibility. Project Delivery Sinowin Lithium has taken control of JV field operations in early 2025 and is now driving the development roadmap. Key activities include: • • • • • Funding all costs associated with licensing, permitting, exploration, management and early works. EDM (Mozambique’s state utility) has confirmed electricity supply for Year 1 production with ~US$820,000 in JV capex committed for substation and line connection. Expansion planning is underway to meet the staged ramp-up. EIAS Study (contracted at >US$500k) expected to complete in 2025, after minor delays due to post-election disruption. Progressing pre-construction engineering works and procurement to meet the 12–18 month production timeline, supported by in-country staff and approvals from key government bodies. In parallel, Sinowin is progressing pre-construction engineering works and procurement to meet the 12–18 month production timeline, supported by in country staff and approvals from key government bodies. Environmental Impact Assessment Study (EIAS) EIAS with contract value in excess of USD$500,000 (refer ASX Announcement 8 November 2024): • • Progresses after 6-8 week delay associated with social unrest. Planned completion moved to mid Q3, 2025. Electrical supply • • • • The JV has requested power supply from Electricidade de Moçambique, E.P. (EDM), a state-owned energy company of Mozambique. EDM has confirmed capacity for year 1, with transmission line and substation connection costs of circa USD$0.82 million. Supply in years 2 and 3 will be at higher levels with a planned plant expansion to require substation work, with Capex commitments from EDM/JV approaching USD$2 Million. The confirmation of year 1 supply is a significant benefit as the JV will be able to evaluate the best approach for plant expansion, while knowing Stage 1 plant requirements can be met by local supply. With licences secured, funding commitments in place, and Sinowin managing the pathway to production, the Joint Venture is firmly positioned to transition from development to revenue generation within the next 12–18 months. Developing Highly Prospective Rare Earths and Uranium Assets In parallel with advancing the Heavy Mineral Sands joint venture, MRG Metals has built significant momentum across its pipeline of rare earth element (REE) and uranium assets in Mozambique. These licences are supported by exceptional results from Adriano, which highlight its strong potential as a rare earth deposit. In addition, Fotinho lies directly adjacent to Adriano, together forming a large drainage catchment with proven rare earth element and thorium prospectivity. Annual Report FY25 I MRG Metals Limited | ABN: 83 148 938 532 | Year ended 30 June 2025 8 Mozambique Exploration Portfolio • • • • Adriano Project (Licence 11002L): The Company’s maiden program delivered outstanding results, with 100% of stream sediment samples anomalous in rare earths and 74% assaying above 1,000 ppm TREO. Peak assays reached 32,393 ppm TREO (3.24%), with magnetic rare earths (Nd, Pr, Dy, Tb) comprising ~22% of the assemblage, underscoring the project’s high-value profile. Mobilisation for follow-up exploration, including auger drilling, soil sampling, and mineralogical testwork, is scheduled for late September 2025. Fotinho Project (Licence 11000L): Granted in late 2024, Fotinho sits directly adjacent to Adriano, creating a district-scale REE corridor with combined potential for both hard-rock and alluvial mineralisation. Exploration will commence in October 2025 and is expected to validate the catchment-wide REE potential. Forming a large drainage catchment: Fotinho sits directly alongside Adriano, with exploration commencing mid-October and targeting the definition of a strong, districtscale REE corridor Olinga Project (Licence 11005L): Olinga’s Uranium potential is based on elevated uranium/thorium ratios observed in geophysical surveys. Together, Adriano, Fotinho and Olinga establish a highly prospective exploration hub in Mozambique outside the HMS joint venture, providing a diversified portfolio. Zimbabwe – Shawa Carbonatite Complex Exploration at the Shawa Carbonatite Complex has confirmed multi-commodity potential. Laboratory assays returned phosphate grades up to 17.24% P₂O₅ and rare earth concentrations exceeding 2,500 ppm TREO. A 50 kg bulk sample is undergoing metallurgical testwork targeting a concentrate grade of ~30% P₂O₅, while vermiculite and additional REE mineralisation provide further upside. Trenching and reverse circulation drilling are planned to test continuity of grade and tonnage in the coming phases. Strategic Value Taken together, MRG’s REE and uranium portfolio positions the Company at the forefront of future-facing commodities. While the HMS joint venture is expected to deliver near-term cash flow, the exploration portfolio provides exposure to sectors with structural long-term demand growth. This dual strategy ensures shareholders benefit from both imminent production and participation in the accelerating global shift toward critical minerals. Events After Balance Date • Capital Raise: Post financial year, in July 2025 MRG announced a 3 for 10 entitlement offer of options to eligible shareholders to raise up to $817,956. The offer closed in August 2025 raising $500,646 and the Company issued 500,646,241 new MRQOD Options. The Company placed the shortfall of $317,309 on 25 September 2025. Annual Report FY25 I MRG Metals Limited | ABN: 83 148 938 532 | Year ended 30 June 2025 9 • • Adriano and Fotinho Exploration: Mobilisation of exploration teams is scheduled for September to October 2025, with initial assay results expected in the March 2026 quarter. Mozambique Government Restructure: Administrative restructuring within INAMI has temporarily delayed the formal transfer of Corridor Central and South licences into the JV entity. This is expected to be resolved during the second half of 2025. Licences & Drilling Activities in FY25 • • • • • • • • Corridor Central 11142C – HMS Mining Licence, granted January 2025. Corridor South 11137C – HMS Mining Licence, granted June 2025. Linhuane 7423L – HMS Exploration Licence, granted May 2025. Adriano 11002L – REE Exploration Licence, granted November 2023. Fotinho 11000L – REE Exploration Licence, granted October 2024. Marao 6842L – HMS Exploration Licence (granted previously, ongoing work). Corridor North 10779L – HMS Exploration Licence (active drilling). Olinga 11005L – Uranium Exploration Licence (early-stage exploration). Drilling & Field Activities • • • • Marao (Magonde target): 100-hole infill auger drilling program completed (March 2025). Corridor North: 130-hole auger program underway (commenced post March 2025). Adriano: 42 stream sediment samples – all anomalous, peak 3.24% TREO. Zimbabwe (Shawa): 550 soil and rock samples analysed; bulk metallurgical testwork ongoing. Planned FY26 Developments • • • • Achievement of first production (110,000 tpa) from Corridor Central and South. Expansion of operations to 220,000 tpa with Linhuane, followed by 440,000 tpa with Marao. Continued advancement of the Adriano – Fotinho corridor as a potential district scale REE discovery. Progression of the Shawa phosphate REE project in Zimbabwe through metallurgical test work and potential drilling. Corporate $0.8m Raised from Placement to Fund Exploration Developments MRG completed a capital raising in July 2024 comprising a Placement of 177,777,776 fully paid ordinary shares at $0.0045, with 1 for 1 free attaching MRQO options, raising $0.8 million. Lead Manager for the Placement was Peak Asset Management, who received a fee of 6% of monies raised and 10,000,000 MRQO Options. Annual Report FY25 I MRG Metals Limited | ABN: 83 148 938 532 | Year ended 30 June 2025 10 Tenements The Tenements held by the Group at reporting date are as follows: Project Norrliden Malanaset Malanaset Corridor Central Corridor South Corridor North Linhuane Marão Olinga Fotinho Adriano Lake Johnston Lake Johnston Forrestania Tenement K nr 1 nr 100 nr 101 11142C 11137C 10779L 7423L 6842L 11005L 11000L 11002L E63/2394 E63/2446 E77/3164 % Owned 10 10 10 100 100 100 100 100 100 100 100 100 100 100 Note Mining Licence Mining Licence Application Application Application Annual Report FY25 I MRG Metals Limited | ABN: 83 148 938 532 | Year ended 30 June 2025 11 Directors’ Report 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 and Sofala Mining & Exploration X Lda (‘the Group’) for the year ended 30 June 2024 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 x BE Chemical Engineering (hons) Independent Non Executive Director since 07/01/2013 x Chairman since 08/10/2013 x Director since 14/02/2011 x Andrew has over 30 years engineering and commercial experience, both local and international. He was a Non Executive Director of Gulfx Ltd for 11 years and was employed in various senior positions within the worldwide operations of Exxon Mobil for 17 years. Other current directorships: x Argo Exploration Ltd (ASX: AXT) since 19/03/2013 Previous directorships (last 3 years): x None Interests in shares and options: x 54,156,679 shares x 14,166,667 options Mr Shane Turner x CA, Bachelor of Business x Independent Non-Executive Director x Director since incorporation 24/01/2011 x Shane is a Chartered Accountant and has over 30 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 Australia. He has been Company Secretary and CFO of Akora Resources Ltd (ASX: AKO) since December 2023. Other current directorships: x None Previous directorships (last 3 years): x None Interests in shares and options: x 31,982,509 shares x 6,666,667 options Annual Report FY25 I MRG Metals Limited | ABN: 83 148 938 532 | Year ended 30 June 2025 13 Mr Christopher Gregory x BSc Geology, MAusIMM, MAIG, FSEG, MAICD x Independent Non-Executive Director x Director since 12/08/2013 x Chris has extensive global minerals industry experience over 38 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: x Trigg Minerals Limited (ASX: TMG) since 28 July 2025 Previous directorships (last 3 years): x None Interests in shares and options: x 74,813,986 shares x 9,166,667 options 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. Shane has held the role of Company Secretary at Akora Resources Ltd (ASX: AKO) since December 2023. He has been the Company Secretary of MRG since incorporation on 24 January 2011. 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 at a Carbonatite Complex in Zimbabwe and Lithium in Western Australia. There have been no significant changes in the nature of these activities during the period. Review of operations and financial results The operating result of the Group for the year ended was a loss of $939,011 (2024 loss $847,054). Refer detailed Review of Operations that precedes this report. Earnings per share from continuing operations (0.03) cents (2024 (0.04) cents). Earnings per share from discontinued operations (0.01) cents (2024 (0.00) 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 Project. The Group continued due diligence exploration on a Zimbabwe Carbonatite Project. The West Australian Lithium Projects were on care and maintenance. Annual Report FY25 I MRG Metals Limited | ABN: 83 148 938 532 | Year ended 30 June 2025 14 During the year, the Group raised $898,000 before costs. Dividends There were no dividends declared or paid during the financial period. Events arising since the end of the reporting period Entitlement Offer of $0.8m to Fund Exploration Developments: Post financial year, in July 2025 MRG announced a 3 for 10 entitlement offer of options to eligible shareholders to raise up to $817,956. The offer closed in August 2025 raising $500,646 and the Company issued 500,646,241 new MRQOD Options. Subsequently, on 25 September 2025, the Company placed the shortfall of $317,309 and issued 317,309,000 MRQOD Options. Likely developments • • • • • Progress Corridor HMS projects to Production with JV Partner. Explore on recently granted Linhuane HMS Project. Explore on Mozambique Rare Earth Elements and Uranium Projects. Explore on West Australian Lithium tenements. Progress exploration due diligence on Zimbabwe Carbonatite Project to decide if MRG will enter into a Joint Venture to own and further explore and develop. Pursue a sale of Norrliden. • Business risk management 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 risks that could have a material impact on the achievement of the Company’s strategic objectives and future prospects. Key risks and mitigation activities associated with the Company's objectives are set out below: 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 risks that could have a material impact on the achievement of the Company’s strategic objectives and future prospects. Exploration and development risk The Company’s projects are at various stages of exploration and development, and potential investors should understand that mineral exploration is a high-risk undertaking. There can be no assurance that exploration of these projects, or any other tenements that may be acquired in the future, will result in the discovery of an economic mineral deposit. The future exploration activities of the Company may be affected by a range of factors including geological conditions, limitations on activities due to seasonal weather patterns, unanticipated operational and technical difficulties, industrial and environmental accidents, local title processes, changing government regulations and many other factors beyond the control of the Company. Annual Report FY25 I MRG Metals Limited | ABN: 83 148 938 532 | Year ended 30 June 2025 15 In addition, the tenements forming the projects of the Company may include various restrictions excluding, limiting or imposing conditions upon the ability of the Company to conduct exploration activities. While the Company will formulate its exploration plans to accommodate and work within such access restrictions, there is no guarantee that the Company will be able to satisfy such conditions on commercially viable terms, or at all. The Company uses a number of exploration techniques in order to reduce the level of exploration risks and continues to explore new and innovative technologies through its day to day operations. Regulatory risk The Company’s mining and exploration activities are dependent upon the maintenance (including renewal) of the tenements in which the Company has or acquires an interest. Maintenance of the Company’s tenements is dependent on, among other things, the Company’s ability to meet the licence conditions imposed by relevant authorities. Although the Company has no reason to think that the tenements in which it currently has an interest will not be renewed, there is no assurance that such renewals will be given as a matter of course and there is no assurance that new conditions will not be imposed by the relevant authority or whether the Company will be able to meet the conditions of renewal on commercially reasonable terms, if at all. The Company works with local government and mining departments to ensure it meets the required level of reporting requirements and to reduce any potential for breach of regulatory requirements Future funding risk The Company has no operating revenue and is unlikely to generate any operating revenue in the foreseeable future. Exploration and development costs and pursuit of its business plan will use funds from the Company's current cash reserves and the amounts raised under future Equity Offers. Any additional equity financing may be dilutive to Shareholders, may be undertaken at lower prices than the then market price (or Offer Price) or may involve restrictive covenants which limit the Company's operations and business strategy. Debt financing, if available, may involve restrictions on financing and operating activities. Although the Directors believe that additional capital can be obtained, no assurances can be made that appropriate capital or funding, if and when needed, will be available on terms favourable to the Company or at all. If the Company is unable to obtain additional financing as needed, it may be required to reduce the scope of its activities and this could have a material adverse effect on the Company's activities and could affect the Company's ability to continue as a going concern. The Company’s funding requirements are reviewed on a regular basis in order to mitigate future funding risk. Farm in and joint venture risk The Company has commenced a joint venture on its Mozambique Corridor Sands projects during the year. This joint venture arrangement is subject to conditions and expenditure requirements to achieve certain ownership percentage ownership of the relevant projects. Annual Report FY25 I MRG Metals Limited | ABN: