Announcement PDF 29 January 2026 Level 8, 216 St Georges Terrace, Perth, Western Australia 6000 T: +61 (08) 9481 0389 E: info@exultantmining.com.au ACN 684 147 484 CAPITAL STRUCTURE Shares on Issue: 37.2M Current Shar Price: 21.0c Market Cap: A$7.8M Cash: A$4.3M Enterprise Value: A$3.5M Options (3yr, 30c)6M DIRECTORS Brett Grosvenor Executive Chairman Lincoln Ho Non-Executive Director Alan Armstrong Non-Executive Director PROJECTS Black Hammer New South Wales Peak View New South Wales Deep Dykes Western Australia www.exultantmining.com.au QUARTERLY REPORT TO DECEMBER 2025 HIGHLIGHTS • ASX listing on 11 December 2025 • Oversubscribed IPO completed, raising $5.0m at $0.20 per share • Strong cash position of $4.3m at quarter end • Reconnaissance fieldwork commenced across the Peak View and Black Hammer Projects, including geological mapping, prospect validation and rock chip sampling • Black Hammer Project: 76 samples collected from Two Mile Creek, Porters Retreat, AC Prospect, Watsons Prospect and Hughes Copper Prospect • Peak View Project: 16 rock chip samples collected from Big Badja Silver Mine, Undoo Creek and the Peak View prospect • High-grade gold results of up to 5.42 g/t Au returned from rock chip samples collected at the Undoo Creek prospect • Exceptional silver-lead results of up to 256 g/t Ag and 4.82% Pb returned from rock chip samples collected at the historic Big Badja Silver Mine • Peak View prospectivity confirmed with anomalous polymetallic rock chip results including up to 3,950 ppm Pb, 1,165 ppm Zn, 1,610 ppm Cu, 0.173 g/t Au and 2.57 g/t Ag • Multiple Land Access Agreements (LAAs) secured across priority areas at the Peak View Project • Exploration Licence Application ELA6915 granted as EL9826 (“Tuglow”), expanding the Black Hammer Project footprint Commenting on the December Quarter, Exultant's Executive Chairman, Brett Grosvenor, said: “The highlight of the December Quarter was Exultant’s successful ASX listing, which was a significant milestone and recognition of the hard work and commitment of everyone involved in bringing the Company to market. During the listing period, we commenced work on the Peak View and Black Hammer Projects with community and landholder engagement, whilst continuing to progress our geological understanding of the assets. Our goal is to unlock value for our shareholders through the application of modern exploration techniques on tier one assets with compelling historical results. We are looking forward to further developing these assets in 2026 and commence drilling at the end of the 1st quarter 2026." www.exultantmining.com.au Level 8, 216 St Georges Terrace, Perth, Western Australia 6000 T: +61 (08) 9481 0389 E: info@exultantmining.com.au ACN 684 147 484 EXECUTIVE REPORT During the quarter, Exultant Mining Limited executed an intensive early-stage exploration and project consolidation program across its two flagship New South Wales projects, Peak View and Black Hammer, establishing a strong technical and operational foundation for upcoming exploration. At the Peak View Project, work focused on validating historical high-grade silver, gold and base metal occurrences and preparing the project for systematic exploration. A reconnaissance field program successfully confirmed key lithological contacts, extended the known prospective volcanic package beyond historical mapping, and verified the locations of the Big Badja Silver Mine, Undoo Creek and the Peak View prospect. Sixteen rock chip samples were collected across these prospects and submitted for multi-element ICP-MS (ME-MS61) and fire assay gold (Au-AA23) laboratory analysis. In parallel, the Company completed a comprehensive compilation, digitisation and spatial validation of all historical geological, geochemical and drilling datasets, providing a robust platform for modern interpretation and target generation. Multiple land access agreements were executed enabling planned surface geochemistry to commence. At the Black Hammer Project, the Company initiated its first field activities following acquisition, with reconnaissance mapping, prospect validation and extensive rock chip sampling completed across a broad range of targets. A total of 76 samples were collected from multiple prospects, including Porters Retreat, AC Prospect (Fig. 1), Watsons Prospect and the Hughes Copper Prospect. Fieldwork confirmed extensive hydrothermal alteration, intrusive centres and vein systems consistent with fertile copper–gold mineralisation within the highly prospective Macquarie Arc. The quarter was further highlighted by the granting of EL9826 ("Tuglow"), which expanded the project area and consolidated tenure over the historic Tuglow Copper Mines, where exceptionally high historical copper and precious metal grades have been reported. Progress was also made toward securing land access over these key historic workings. Across both projects, the quarter materially advanced Exultant’s exploration pipeline, with modern datasets now in place, assays pending, access secured and clearly defined pathways toward systematic exploration and drilling in 2026. www.exultantmining.com.au Level 8, 216 St Georges Terrace, Perth, Western Australia 6000 T: +61 (08) 9481 0389 E: info@exultantmining.com.au ACN 684 147 484 Figure 1. Stockwork quartz veining at the AC Prospect. Sample 9332-103 collected EXPLORATION ACTIVITIES Peak View Project During the quarter, Exultant Mining Limited made significant progress advancing the Peak View Project 30km northeast of Cooma in New South Wales, with activities focused on validating historical exploration results, establishing a geological model and preparing the project for systematic follow-up exploration. A reconnaissance field program was completed across the project area to ground-truth historical data, confirm geological interpretations and assess known prospects. Field mapping successfully verified the location of key lithological boundaries, including the prospective contact between coarse- and fine-grained rhyolitic volcanic units within a broader sedimentary sequence. Importantly, this volcanic package was traced approximately 450m north-northwest beyond previously mapped extents, expanding the interpreted prospective package. Historical workings at the Big Badja Silver Mine, Undoo Creek, and the Peak View Prospect (Fig. 2) were independently located and validated using handheld GPS. www.exultantmining.com.au Level 8, 216 St Georges Terrace, Perth, Western Australia 6000 T: +61 (08) 9481 0389 E: info@exultantmining.com.au ACN 684 147 484 As part of the reconnaissance program, a total of 16 rock chip samples were collected from priority prospects, including eight samples from the Big Badja Silver Mine, two from Undoo Creek and six from the Peak View prospect. The Peak View prospect is the most advanced of all the prospects and comprises a polymetallic (Cu–Pb–Zn–Ag–Au) sulphide system hosted within a narrow Silurian volcanic package of the Yalmy Group, where mineralisation occurs at or near the contact between two felsic volcanic units and comprises disseminated to massive base-metal sulphides. Historical drilling by WMC, Denehurst and Ironbark returned several high-grade but generally narrow intercepts1, including: • PVD003: 2.1 m @ 1.79% Cu, 5.89% Pb, 11.83% Zn & 105 g/t Ag from 32.2 m • PVD007: 2.7 m @ 3.0% Cu, 1.41% Pb, 3.88% Zn & 52 g/t Ag from 91.0 m • PV02: 1.5 m @ 0.40% Cu, 3.25% Pb, 5.10% Zn & 188 g/t Ag from 164.1 m • PVI008: 0.8 m @ 1.21% Cu, 11.60% Pb, 22.0% Zn, 0.50 g/t Au & 119 g/t Ag from 152.6 m Large sections of the prospective volcanic horizon remain untested, highlighting the potential for strike and depth extensions. Notably, the extensions to the high-grade system have never been assessed using modern surface geochemistry or geophysics. Rock chip samples from all prospects were submitted for multi-element ICP-MS analysis (ME- MS61) and fire assay for gold (Au-AA23) and returned encouraging gold and silver grades, confirming the presence of high-grade mineralisation within known and emerging prospects. Results included values of up to 5.42 g/t Au (sample 8931-009, Fig. 3) from the Undoo Creek prospect and 256 g/t Ag & 4.82% Pb (sample 8931-006) from the historic Big Badja Silver Mine2, supporting historical exploration data and validating current geological interpretations. The results demonstrate the prospectivity of the mineralised systems at Peak View and provide strong justification for planned follow-up mapping, surface geochemistry, geophysical surveys and drill targeting. In parallel with field activities, the Company completed a comprehensive compilation, digitisation and spatial validation of all available historical datasets, including drilling, assay results, geological mapping, geochemistry, geophysics and historical mining records. All legacy data were converted into modern GDA2020 coordinates, ensuring spatial accuracy and providing a robust technical foundation for future geological modelling and target generation. Material progress was also made on land access, with multiple Land Access Agreements (LAAs) executed across key areas of the project. These agreements secure access to the Peak View prospect as well as the Big Badja Silver Mine and Undoo Creek prospects, significantly reducing execution risk and enabling efficient implementation of planned exploration programs. Collectively, the work completed during the quarter has substantially de-risked the Peak View Project, positioning it for systematic soil geochemistry, ground geophysics and drill testing which is targeted for Q2 2026. www.exultantmining.com.au Level 8, 216 St Georges Terrace, Perth, Western Australia 6000 T: +61 (08) 9481 0389 E: info@exultantmining.com.au ACN 684 147 484 Figure 2. Peak View Project – Regional geology showing key prospect locations www.exultantmining.com.au Level 8, 216 St Georges Terrace, Perth, Western Australia 6000 T: +61 (08) 9481 0389 E: info@exultantmining.com.au ACN 684 147 484 Figure 3. Rock chip sample 8931-009: Quartz-pyrite veining from the Undoo Creek prospect - 5.42g/t Au Black Hammer Project During the quarter, field activities commenced at the Black Hammer Project 30km south of Oberon in New South Wales, marking the first phase of systematic exploration across this highly prospective asset within the Macquarie Arc. Work focused on initial reconnaissance, validation of historical prospects, land access progression and consolidation of tenure to support future exploration. A reconnaissance field program was undertaken across the project area, incorporating geological mapping, prospect validation and rock chip sampling. A total of 76 rock chip samples were collected from multiple priority prospects, including Porters Retreat, AC Prospect, Watsons Prospect and the Hughes Copper Prospect (Fig. 4). Sampling targeted outcropping mineralised and altered zones associated with intrusive centres, vein systems and hydrothermal alteration within volcanic and volcaniclastic sequences. All samples were submitted for comprehensive multi-element and gold analysis, with encouraging gold and polymetallic results were returned from several prospects, including 0.103 g/t Au from www.exultantmining.com.au Level 8, 216 St Georges Terrace, Perth, Western Australia 6000 T: +61 (08) 9481 0389 E: info@exultantmining.com.au ACN 684 147 484 stockwork quartz veining at the AC Prospect (sample 9332-098), and 0.322 g/t Au, 7.36 g/t Ag and 4,570 ppm Pb (sample 9826-002)2 from the Hughes Copper prospect, confirming the presence of gold and base metal mineralisation associated with quartz veining and historic workings. The Black Hammer rock chip dataset will be integrated with geological mapping, historical datasets and planned geophysical surveys to refine geological interpretations and prioritise targets for follow-up exploration across the project area. At Porters Retreat, reconnaissance mapping confirmed the presence of silica-chlorite altered monzonite and diorite/monzodiorite intrusions exhibiting strong oxidation after sulphides and textures that are consistent with a multiphase intrusive system. At the AC Prospect, fieldwork confirmed and extended a north-northeast trending quartz-vein system associated with a historical gold-in-stream anomaly, with mapping extending the vein swarm approximately 900m along strike, where it remains open. The Watsons Prospect was confirmed as a large, untested hydrothermal system characterised by widespread silica–chlorite– albite–pyrite alteration and sulphide-bearing quartz veining, with coincident historical Cu-Zn soil anomalism extending over several kilometres. A key milestone during the quarter was the granting of Exploration Licence EL9826 ("Tuglow"), which expanded the Black Hammer Project footprint and consolidated tenure around the historic Tuglow Copper Mines. These workings reported exceptionally high historical copper and precious metal grades of up to 14% Cu, 26.4 g/t Au, 283 g/t Ag, 23.02% Pb and 13.1% Zn3 however, despite these results, the workings have not been subject to modern exploration. Progress was also made toward securing land access over this area, with verbal commitments received and formal agreements expected in the near term. Overall, the quarter established a strong technical and operational foundation at Black Hammer, with reconnaissance activities confirming multiple high-quality targets and setting the stage for planned geochemical sampling, geophysical surveys, air core drilling and targeted follow-up drilling commencing in 2026. www.exultantmining.com.au Level 8, 216 St Georges Terrace, Perth, Western Australia 6000 T: +61 (08) 9481 0389 E: info@exultantmining.com.au ACN 684 147 484 Figure 4. EL9332 & EL9826 (previously ELA6915) comprising the Black Hammer Project overlain on Lachlan Orogen geology NEXT STEPS Exultant is advancing on-ground exploration activities at the Peak View and Black Hammer Projects, with the following activities planned in the coming months: • Mapping and rock chip sampling of the auriferous vein system at the Undoo Creek prospect, Peak View Project • Collection of 351 soil samples at the Peak View prospect for ME-MS61 and Au-TL43 analysis • Dipole–dipole induced polarisation (IP) and ground gravity surveys planned at the Peak View prospect • Targeted drilling of anomalies generated from geochemical and geophysical surveys at the Peak View prospect, scheduled for late Q1 2026 • Continued land access negotiations for key prospects at both the Black Hammer and Peak View Projects • Rock chip sampling and ground-based geophysical surveys at key prospects within the Black Hammer Project, subject to execution of land access agreements www.exultantmining.com.au Level 8, 216 St Georges Terrace, Perth, Western Australia 6000 T: +61 (08) 9481 0389 E: info@exultantmining.com.au ACN 684 147 484 CORPORATE Capital Structure and Related Party Payments The Company’s Quarterly Cashflow Report (Appendix 5B) follows this activities report. The Company’s consolidated cash at hand was $4.3M at 31 December 2025 with no debt. The total amount paid for exploration expenditure, as per item 1.2(a), 2.1 (b) and 2.1(d) of the Appendix 5B was $194k. The total amount paid to related parties of Exultant Mining and their associates, as per item 6.1 of the Appendix 5B was $17k in director and consulting fees. The total amount paid to related parties of Exultant Mining and their associates, as per item 6.2 of the Appendix 5B, was $Nil for director and consulting fees. The current capital structure is as follows: Ordinary shares: 37,200,001 Options: 7,000,000 Use of Funds In line with obligations under ASX Listing Rule 5.3.4, the Company provides the following information with respect to its Use of Funds Statement set out in its Prospectus dated 23 October 2025 and its actual expenditure since ASX admission on 11 December 2025: Expenditure Item Forecast (2 years) $'000 Actual (3 months) $'000 Variance $'000 Explanation Exploration at the Peak View Project 1,050 61 (989) Only 3 months’ worth of expenditure. Exploration at the Black Hammer Project 1,180 31 (1,149) Only 3 months’ worth of expenditure. Exploration at the Deep Dykes Project 930 4 (926) Only 3 months’ worth of expenditure. Cash payments under the acquisition agreements 210 98 (112) Lower than anticipated. Expenses of the offer 582 483 (99) Total of $499k for 6 months; variance relates to timing of payments and accounting method for classification of capital raising costs. Corporate and administration costs 823 294 (529) Only 3 months’ worth of expenditure. Working capital 225 - (225) Only 3 months’ worth of expenditure. Total 5,000 971 (4,029) www.exultantmining.com.au Level 8, 216 St Georges Terrace, Perth, Western Australia 6000 T: +61 (08) 9481 0389 E: info@exultantmining.com.au ACN 684 147 484 Tenement Schedule TENEMENT PROJECT LOCATION OWNERSHIP CHANGE IN QUARTER EL9332 Porters Retreat Oberon, NSW 100% EL9826 Tuglow Oberon, NSW 100% Granted EL9411 Peak View Cooma, NSW 100% EL8931 Big Badja Cooma, NSW 100% E29/1154 Deep Dykes Leonora, WA 100% E29/1155 Deep Dykes Leonora, WA 100% E29/1156 Deep Dykes Leonora, WA 100% Table 1 - Summary of Exultant Mining Tenement Holdings ASX Announcements This Quarterly Activities Report contains information reported in accordance with JORC 2012 in the following announcements: 23 October 2025 - Prospectus 16 Dec 2025 - 10X Commences Exploration with Key Land Access Granted 18 Dec 2025 - Black Hammer Exploration Activities Commenced 21 Jan 2026 - Exceptional Results Up to 5.42g/t Au & 256g/t Ag Peak View This announcement has been approved for release by the Chairman of the Board of Directors of the Company. For further information on Exultant Mining Limited please contact: Brett Grosvenor Exultant Mining Limited Executive Chairman Info@exultantmining.com.au Ph: +61 (08) 9481 0389 1 - See ASX announcement "10X Commences Exploration with Key Land Access Granted" 2 - See ASX announcement "Exceptional Results Up to 5.42g/t Au & 256g/t Ag Peak View" 3 - Carne, J. E., 1908. The Copper-Mining Industry and the Distribution of Copper Ores in New South Wales www.exultantmining.com.au Level 8, 216 St Georges Terrace, Perth, Western Australia 6000 T: +61 (08) 9481 0389 E: info@exultantmining.com.au ACN 684 147 484 Disclaimer Some of the statements appearing in this announcement may be in the nature of forward-looking statements. You should be aware that such statements are only predictions and are subject to inherent risks and uncertainties. Those risks and uncertainties include factors and risks specific to the industries in which Exultant operates and proposes to operate as well as general economic conditions, prevailing exchange rates and interest rates and conditions in the financial markets, among other things. Actual events or results may differ materially from the events or results expressed or implied in any forward- looking statement. No forward-looking statement is a guarantee or representation as to future performance or any other future matters, which will be influenced by a number of factors and subject to various uncertainties and contingencies, many of which will be outside Exultant’s control. Exultant does not undertake any obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after today’s date or to reflect the occurrence of unanticipated events. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions or conclusions contained in this announcement. To the maximum extent permitted by law, none of Exultant, its Directors, employees, advisors or agents, nor any other person, accepts any liability for any loss arising from the use of the information contained in this announcement. You are cautioned not to place undue reliance on any forward-looking statement. The forward-looking statements in this announcement reflect views held only as of the date of this announcement. This announcement is not an offer, invitation or recommendation to subscribe for or purchase securities by Exultant. Nor does this announcement constitute investment or financial product advice (nor tax, accounting or legal advice) and is not intended to be used for the basis of making an investment decision. Investors should obtain their own advice before making any investment decision. Competent Person Statement The information in this announcement that relates to Exploration Results is based on, and fairly represents, information compiled and reviewed by Sebastian Hind. Mr Hind is a senior geologist for Exultant Mining Limited and a Member of the Australasian Institute of Mining and Metallurgy (Membership number 3116971). Mr Hind has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Mr Hind consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears. Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity Exultant Mining Limited ABN Quarter ended (“current quarter”) 42 684 147 484 31 December 2025 Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 1. Cash flows from operating activities - - 1.1 Receipts from customers 1.2 Payments for (104) (130) (a) exploration & evaluation (b) development - - (c) production - - (d) staff costs (14) (21) (e) administration and corporate costs (280) (313) 1.3 Dividends received (see note 3) - - 1.4 Interest received - - 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other (provide details if material) - - 1.9 Net cash from / (used in) operating activities (398) (464) 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) tenements (90) (90) (c) property, plant and equipment - - (d) exploration & evaluation - - (e) investments - - (f) other non-current assets - - Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 2.2 Proceeds from the disposal of: - - (a) entities (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) - - 2.6 Net cash from / (used in) investing activities (90) (90) 3. Cash flows from financing activities 5,000 5,320 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities (483) (499) 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (provide details if material) - - 3.10 Net cash from / (used in) financing activities 4,517 4,821 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 273 35 4.2 Net cash from / (used in) operating activities (item 1.9 above) (398) (464) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (90) (90) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 4,517 4,821 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 4.5 Effect of movement in exchange rates on cash held - - 4.6 Cash and cash equivalents at end of period 4,302 4,302 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 4,292 273 5.2 Call deposits 10 - 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 4,302 273 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 17 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) (398) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - 8.3 Total relevant outgoings (item 8.1 + item 8.2) (398) 8.4 Cash and cash equivalents at quarter end (item 4.6) 4,302 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 4,302 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 10.8 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: N/A 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: N/A Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: N/A Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 29 January 2026 Authorised by: The Board (Name of body or officer authorising release – see note 4) Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of