Announcement PDF EXULTANT MINING LIMITED ACN 684 147 484 HALF YEAR REPORT For the Period Ended 31 December 2025 CONTENTS Exultant Mining Limited CORPORATE DIRECTORY 1 DIRECTORS’ REPORT 2 AUDITOR’S INDEPENDENCE DECLARATION 9 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 10 STATEMENT OF FINANCIAL POSITION 11 STATEMENT OF CHANGES IN EQUITY 12 STATEMENT OF CASH FLOWS 13 NOTES TO THE FINANCIAL STATEMENTS 14 DIRECTORS’ DECLARATION 21 INDEPENDENT AUDITOR’S REPORT 22 CORPORATE DIRECTORY Exultant Mining Limited 1 DIRECTORS Brett Grosvenor Executive Chairman Lincoln Ho Non-Executive Director Alan Armstrong Non-Executive Director SECRETARY Amanda Wilton-Heald REGISTERED & BUSINESS OFFICE Level 8, London House, 216 St Georges Terrace Perth WA 6000 Telephone: +61 8 9481 0389 Facsimile: +61 8 9463 6103 WEBSITE & EMAIL www.exultantmining.com info@exultantmining.com AUDITORS Hall Chadwick WA Audit Pty Ltd 283 Rokeby Road Subiaco WA 6008 BANKER National Australia Bank 1232 Hay Street West Perth WA 6005 LEGAL ADVISORS Steinepreis Paganin Level 14, QV1, 250 St Georges Terrace Perth WA 6000 SHARE REGISTRY Xcend Pty Ltd Level 2, 477 Pitt Street Sydney NSW 2000 Telephone: +61 (2) 8591 8509 DIRECTORS’ REPORT Exultant Mining Limited 2 Your Directors submit the financial report of the Consolidated Entity for the period ended 31 December 2025. OPERATIONS Exultant Mining Limited (Exultant or Consolidated Entity) (formerly Exultant Mining Pty Ltd) was incorporated in Western Australia on 31 January 2025 as a proprietary company limited by shares. The Consolidated Entity was formed for the purpose of acquiring, exploring and developing mineral resource projects in Australia and overseas. Since incorporation, the Consolidated Entity has:  undertaken pre-listing activities, including raising seed capital;  identified the Black Hammer Project (comprising exploration licence EL9332), the Peak View Project (comprising exploration licences EL8931 and EL9411) and the Deep Dykes Project (comprising of exploration licenses E29/1155, E29/1156 and E29/1154) (together, the Projects) pursuant to three acquisition agreements (the Acquisition Agreements) as well as applied for additional tenements (being Tuglow ELA6915 (part of Black Hammer) and Mt Hope E30/590 (part of Deep Dykes)) as detailed below;  listed on the ASX. The tenements comprising the Black Hammer Project and the Peak View Project are located in New South Wales and are considered prospective for copper, zinc, silver, gold and nickel. The tenements comprising the Deep Dykes Project are located in Western Australia and are considered prospective for gold and lithium. Completion of settlement under each of the Acquisition Agreements occurred during the period. Black Hammer Project The Black Hammer Project is comprised of one exploration licence of 60 units (174 km2) located approximately 130kms west of Sydney. The licence straddles the top of the Great Dividing Range with elevations between 1,000m and 1,350m. The area is used for grazing and pine plantation forestry. During the period, 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 (Figure 1). 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 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. DIRECTORS’ REPORT continued Exultant Mining Limited 3 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. Figure 1. EL9332 & EL9826 (previously ELA6915) comprising the Black Hammer Project overlain on Lachlan Orogen geology DIRECTORS’ REPORT continued Exultant Mining Limited 4 Peak View Project The Peak View Project is comprised of two exploration licenses EL9411 (32 units) and EL8931 (10 units) located approximately 32kms north-east of Cooma in New South Wales. The project has a comprehensive historic database including extensive soil geochemistry and drilling. During the period, 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 (Figure 2) were independently located and validated using handheld GPS. 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, Figure 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. DIRECTORS’ REPORT continued Exultant Mining Limited 5 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. Figure 2. Peak View Project – Regional geology showing key prospect locations DIRECTORS’ REPORT continued Exultant Mining Limited 6 Figure 3. Rock chip sample 8931-009: Quartz-pyrite veining from the Undoo Creek prospect - 5.42g/t Au Deep Dykes Project The Deep Dykes Project is comprised of three exploration licences E29/1155, E29/1156, E29/1154 located ~100kms north west of Menzies in Western Australia. The area is considered highly prospective for gold and lithium with several discoveries having been made in the region. ENVIRONMENTAL REGULATION The Consolidated Entity is subject to significant environmental and monitoring requirements in respect of its natural resources exploration activities. Appropriate management and procedures have been put into place and the Directors are not aware of any significant breaches of these requirements during the period. The Consolidated Entity’s principal activities are exploration for gold and metals. PRINCIPAL ACTIVITIES The principal activity of the entity during the financial period was acquiring a portfolio of exploration properties in New South Wales and Western Australia through the intention of an initial public offer prospectus. DIRECTORS’ REPORT continued Exultant Mining Limited 7 CORPORATE  On 2 July 2025 o Brett Grosvenor was appointed as Executive Chair of the Company o Lincoln Ho was appointed as Non-Executive Director of the Company  On 3 July 2025 the Company changed from Exultant Mining Pty Ltd to Exultant Mining Limited  On 5 September 2025 the Company issued 3,200,000 seed shares at a price of $0.10 for a total consideration of $320,000  On 8 December 2025 the Consolidated Entity: o issued 25,000,000 IPO shares at a price of $0.20 for a total consideration of $5,000,000 o issued 4,000,000 vendor shares at a deemed issue price of $0.20 for a total deemed consideration of $800,000 o issued 1,500,000 unlisted options with an exercise price of $0.30 each expiring 9 December 2028 to Directors o issued 1,500,000 unlisted options with an exercise price of $0.30 each expiring 9 December 2028 to vendors o issued 4,000,000 unlisted options with an exercise price of $0.30 each expiring 9 December 2028 to brokers o acquired 100% of the issued capital of: ▪ Peak View Exploration Pty Ltd ▪ Deep Dykes Pty Ltd (which includes Core Minerals Pty Ltd and the Deep Dykes project) o acquired the Black Hammer project DIRECTORS The names of Directors who held office during or since the end of the period: Name Title Brett Grosvenor Non-Independent Executive Chairman (appointed 2 July 2025) Lincoln Ho Independent Non-Executive Director (appointed 2 July 2025) Alan Armstrong Independent Non-Executive Director COMPANY SECRETARY Name Title Amanda Wilton-Heald Company Secretary REVIEW OF RESULTS The loss after tax for the period ended 31 December 2025 was $632,335 (31 December 2024: $Nil loss). The earnings of the Consolidated Entity since incorporation are summarised below: 31 December 2025 $ 30 June 2025 $ Revenue - - EBITDA (632,335) (76,261) EBIT (632,335) (76,261) Profit / (loss) after income tax (632,335) (76,261) DIRECTORS’ REPORT continued Exultant Mining Limited 8 The factors that are considered to affect total shareholders return are summarised below: 31 December 2025 $ 30 June 2025 $ Share price at financial period end 0.185 N/A DIVIDENDS No dividends were paid or declared during the period ended 31 December 2025 (31 December 2024: Nil). EVENTS SUBSEQUENT TO REPORTING DATE There are no matters or circumstances that have arisen since the end of the period which will significantly affect, or may significantly affect, the state of affairs or operations of the reporting entity in future financial periods other than the following:  On 3 February 2026 the Consolidated Entity: o granted 1,000,000 unlisted performance rights with vesting conditions expiring 3 February 2029 under the Company’s ESIP  On 11 February 2026 the Consolidated Entity: o issued 200,000 shares for a deemed issue price of $0.20 each, escrowed for 12 months for marketing services AUDITOR’S DECLARATION OF INDEPENDENCE The auditor’s independence declaration for the period ended 31 December 2025 has been received and is included within the financial statements. This report is made in accordance with a resolution of Directors, pursuant to section 306(3) of the Corporation Act 2001. Signed in accordance on behalf of the Directors. ____________________ Brett Grosvenor Executive Chairman 10 March 2026 To the Board of Directors AUDITOR’S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS ACT 2001 As lead audit director for the review of the financial statements of Exultant Mining Limited for the half year ended 31 December 2025, I declare that to the best of my knowledge and belief, there have been no contraventions of:  the auditor independence requirements of the Corporations Act 2001 in relation to the review; and  any applicable code of professional conduct in relation to the review. Yours Faithfully, HALL CHADWICK WA AUDIT PTY LTD MICHAEL HILLGROVE FCA Director Dated this 10th day of March 2026 Perth, Western Australia STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 DECEMBER 2025 Exultant Mining Limited 10 Note Consolidated Entity 31 December 2025 $ Other Income - Accounting fees (15,006) Compliance fees (132,282) Consultancy fees (440) Directors’ and employees’ remuneration (55,867) Exploration expenditure 5 (148,419) Insurance expense (1,861) IT expenses (18,570) Legal fees (52,926) Marketing expenses (4,547) Other expenses (30,303) Share based payments expense 8 (166,800) Travel expenses (5,314) Profit/(loss) before tax (632,335) Income tax benefit/(expense) - Net profit/(loss)for the period from operations (632,335) Other comprehensive income - Total comprehensive profit/(loss)for the period (632,335) Basic profit/(loss) per share (cents) (5.85)c The accompanying notes form part of these financial statements. STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025 Exultant Mining Limited 11 Note Consolidated Entity 31 December 2025 $ Company 30 June 2025 $ ASSETS Current Assets Cash and cash equivalents 3 4,291,999 34,580 Trade and other receivables 4 61,967 3,851 Other assets 33,176 - Total Current Assets 4,387,142 38,431 Non-Current Assets Exploration and evaluation expenditure 5 1,055,984 - Total Non-Current Assets 1,055,984 - Total Assets 5,443,126 38,431 LIABILITIES Current Liabilities Trade and other payables 6 141,524 34,051 Provisions 5,144 - Total Current Liabilities 146,668 34,051 Non-Current Liabilities - - Total Non-Current Liabilities - - Total Liabilities 146,668 34,051 Net Assets 5,296,458 4,380 EQUITY Contributed equity 7 5,226,654 80,641 Reserves 8 778,400 - Accumulated losses (708,596) (76,261) Total Equity 5,296,458 4,380 The accompanying notes form part of these financial statements. STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 DECEMER 2025 Exultant Mining Limited 12 Consolidated Entity Note Contributed Equity $ Share Based Payments Reserve $ Accumulated Losses $ Total $ Balance at 1 July 2025 80,641 - (76,261) 4,380 Equity issues 7 6,120,000 - - 6,120,000 Equity issue costs 7 (973,987) - - (973,987) Net share-based payments 8 - 778,400 - 778,400 Loss for the period - - (632,335) (632,335) Other comprehensive income - - - - Total comprehensive loss for the period - - (632,335) (632,335) Balance at 31 December 2025 5,226,654 778,400 (708,596) 5,296,458 The accompanying notes form part of these financial statements. STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 DECEMBER 2025 Exultant Mining Limited 13 Note Consolidated Entity 31 December 2025 $ Cash flows from operating activities Payments to suppliers and employees (348,840) Payment for exploration and evaluation assets (215,000) Net cash (used in) operating activities (563,840) Cash flows from investing activities - Net cash (used in) investing activities - Cash flows from financing activities Proceeds from equity issues 5,320,000 Payment of equity issue costs (498,741) Net cash provided from/(used in) financing activities 4,821,259 Net increase / (decrease) in cash held 4,257,419 Cash and cash equivalents at beginning of the period 34,580 Cash and cash equivalents at period end 3 4,291,999 The accompanying notes form part of these financial statements. NOTES TO THE FINANCIAL STATEMENTS FOR THE PREIOD ENDED 31 DECEMBER 2025 Exultant Mining Limited 14 1. Corporate information This half year report covers Exultant Mining Limited (the “Consolidated Entity”) (formerly Exultant Mining Pty Ltd), a company incorporated in Australia on 31 January 2025 for the period ended 31 December 2025,. The presentation currency of the Consolidated Entity is Australian Dollars ($). A description of the Consolidated Entity’s operations is included in the review and results of operations in the Directors’ Report. The Directors’ Report is not part of the financial statements. The Consolidated Entity is a for- profit entity and limited by shares incorporated in Australia. The financial statements were authorised for issue on 10 March 2026 by the Directors of the Consolidated Entity. The Directors have the power to amend and reissue the financial statements. The principal accounting policies adopted in the preparation of the financial statements are set out below. 2. Material accounting policies a. Statement of compliance The general purpose financial statements of the Consolidated Entity have been prepared in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standards, including AASB 134: Interim Financial Reporting and other authoritative pronouncements of the Australian Accounting Standards Board. b. Basis of preparation of the half year report These interim consolidated financial statements are general purpose financial statements prepared in accordance with the requirements of the Corporations Act 2001, applicable accounting standards including AASB 134 ‘Interim Financial Reporting’, Accounting Interpretations and other authoritative pronouncements of the Australian Accounting Standards Board (‘AASB’). Compliance with AASB 134 ensures compliance with IAS 34 ‘Interim Financial Reporting’. This condensed interim financial report does not include full disclosures of the type normally included in an annual financial report. Therefore, it cannot be expected to provide as full an understanding of the financial performance, financial position and cash flows of the Group as in the full financial report. The interim report has been prepared on a historical cost basis, except for the revaluation of certain financial instruments to fair value. Cost is based on the fair value of the consideration given in exchange for assets. The Company is domiciled in Australia and all amounts are presented in Australian dollars, unless otherwise noted. It is recommended that this financial report be read in conjunction with the annual financial report of Exultant Mining Limited as at 30 June 2025 and any public announcements made by the Consolidated Entity during the half-year in accordance with continuous disclosure requirements arising under the Corporations Act 2001 and the ASX Listing Rules. The half-year financial statements have been prepared in accordance with the accounting policies adopted in the Consolidated Entity’s last annual financial statements for the year ended 30 June 2025. b. Going concern The financial statements have been prepared on the going concern basis, which contemplates continuity of normal business activities and the realisation of assets and settlement of liabilities in the ordinary course of business. The Company incurred a loss for the period of $632,335 (31 December 2024: No comparative) and net cash outflows from operating activities of $563,840 (31 December 2024: No comparative). As at 31 December 2025, the Company had a working capital of $4,240,474 (30 June 2025: $4,380) with a cash balance of $4,291,999 (30 June 2025: $34,580). The ability of the Company to continue as a going concern is principally dependent upon the ability of the Company to secure funds by raising capital from investors and managing cash flow in line with available funds. Following the recent IPO, the Directors have considered the Group’s business outlook and cash flow forecasts for a period of at least 12 months from the date of approval of this half year financial report. NOTES TO THE FINANCIAL STATEMENTS continued FOR THE PERIOD ENDED 31 DECEMBER 2025 Exultant Mining Limited 15 3. Material accounting policies (continued) Based on this assessment, the Directors are satisfied that the Group will have sufficient funds to meet its obligations as and when they fall due for at least 12 months from the date of approval of this report. Accordingly, the financial report has been prepared on a going concern basis. d. Comparatives When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial period, noting there is no comparative figures for 31 December 2024 given the incorporation date of the Company. e. Accounting Standards that are mandatorily effective for the current reporting period The Consolidated Entity has adopted all of the new and revised Standards and Interpretations issued by the Australian Accounting Standards Board (AASB) that are relevant to its operations and effective for an accounting period that begins on or after 1 July 2025. The Directors have determined that there is no material impact of the new and revised Standards and Interpretations on the Consolidated Entity and, therefore, no material change is necessary to Consolidated Entity accounting policies. f. Standards and Interpretations in issue not yet adopted At the date of authorisation of the financial statements, the Consolidated Entity has not applied the new and revised Australian Accounting Standards, Interpretations and amendments that have been issued but are not yet effective. Based on a preliminary review of the standards and amendments, the Directors do not anticipate a material change to the Consolidated Entity’s accounting policies, however further analysis will be performed when the relevant standards are effective. NOTES TO THE FINANCIAL STATEMENTS continued FOR THE PERIOD ENDED 31 DECEMBER 2025 Exultant Mining Limited 16 Consolidated Entity 31 December 2025 $ Company 30 June 2025 3. Cash and cash equivalents Cash at bank 4,291,998 34,579 Petty cash 1 1 4,291,999 34,580 4. Trade and other receivables Sales tax receivable 61,967 3,851 61,967 3,851 5. Exploration and evaluation expenditure Balance at beginning of period - - Acquisition costs incurred: Black Hammer1 323,706 - Acquisition costs incurred: Peak View Exploration2 347,696 - Acquisition costs incurred: Deep Dykes3 384,582 Exploration costs incurred 148,419 - Exploration costs expensed (148,419) - Balance at end of period 1,055,984 - 6. Trade and other payables Accrued expenses 20,106 21,469 Trade creditors 113,676 12,582 Employee payables 7,742 - 141,524 34,051 1 Comprising shares valued at $200,000, options valued at $83,400 and expenditure reimbursement of $40,306. 2 Comprising shares valued at $300,000, options valued at $27,800 and expenditure reimbursement of $19,896. 3 Comprising shares valued at $300,000, options valued at $55,600 and exploration expenditure reimbursement of $28,982. NOTES TO THE FINANCIAL STATEMENTS continued FOR THE PERIOD ENDED 31 DECEMBER 2025 Exultant Mining Limited 17 Consolidated Entity 31 December 2025 Company 30 June 2025 No. $ No. $ 7. Contributed equity Balance at beginning of period 5,000,001 80,641 - - Share issue: 31-Jan-25 - - 1 1 Share issue: 04-Mar-25 - - 5,000,000 100,000 Share issue: 05-Sep-25 3,200,000 320,000 - - Share issue: 08-Dec-25 29,000,000 5,800,000 - - Equity issue costs - (973,987) - (19,360) Balance at end of period 37,200,001 5,226,654 5,000,001 80,641 Consolidated Entity 31 December 2025 $ Company 30 June 2025 $ 8. Reserves Share based payments reserve Balance at beginning of period - - Share based payments: recognised in equity issue costs4 444,800 - Share based payments: recognised in share based payments expense4 166,800 - Share based payments: recognised in Exploration and evaluation expenditure acquisition costs incurred4 166,800 - Balance at end of period 778,400 - Total reserves 778,400 - 4 Variables used to calculate the option valuations are as follows: Inputs Director Incentive Options [FY25/26] Broker Public Offer Options [FY25/26] Vendor Options [FY25/26] Number of options 1,500,000 4,000,000 1,500,000 Exercise price $0.30 $0.30 $0.30 Expiry date 09-Dec-28 09-Dec-28 09-Dec-28 Grant date 08-Dec-25 08-Dec-25 08-Dec-25 Issue date 08-Dec-25 08-Dec-25 08-Dec-25 Share price at grant date $Nil $Nil $Nil Risk free interest rate 3.84% 3.84% 3.84% Volatility 100% 100% 100% Option value $0.1112 $0.1112 $0.1112 Total option value $166,800 $444,800 $166,800 NOTES TO THE FINANCIAL STATEMENTS continued FOR THE PERIOD ENDED 31 DECEMBER 2025 Exultant Mining Limited 18 9. Events after the end of the reporting period There are no matters or circumstances that have arisen since the end of the period which will significantly affect, or may significantly affect, the state of affairs or operations of the reporting entity in future financial periods other than the following:  On 3 February 2026 the Consolidated Entity: o granted 1,000,000 unlisted performance rights with vesting conditions expiring 3 February 2029 under the Company’s ESIP  On 11 February 2026 the Consolidated Entity: o issued 200,000 shares for a deemed issue price of $0.20 each, escrowed for 12 months for marketing services Consolidated Entity 31 December 2025 $ Company 30 June 2025 $ 10. Commitments and contingencies a. Commitments relating to operating expenditures Not longer than 1 year 376,215 - More than 1 year but not longer than 5 years 688,658 - More than 5 years 56,671 - 1,121,544 - b. Contingent assets In the opinion of the Directors, there are no contingent assets as at 31 December 2025. c. Contingent liabilities In the opinion of the Directors, there are no contingent liabilities as at 31 December 2025. NOTES TO THE FINANCIAL STATEMENTS continued FOR THE PERIOD ENDED 31 DECEMBER 2025 Exultant Mining Limited 19 11. Related party transactions There were no related party transactions, other than the following: Director / KMP Period Fixed STI LTI Total Proportion of Remuneration Salary and fees $ Other fees $ Termination Payment $ Superannuation $ Incentive Payments $ Fair value of Share Options (equity settled) $ $ Fixed % STI % LTI % Non-Executive Directors Lincoln Ho 31 December 2025 2,313 - - - - 41,700 44,013 5% - 95% Alan Armstrong 31 December 2025 2,185 - - - - 41,700 43,885 5% - 95% Total Non-Executive Directors 31 December 2025 4,498 - - - 83,400 87,898 5% - 95% Executive Directors Brett Grosvenor 31 December 2025 35,484 - - - - 83,400 118,884 30% - 70% Total Executive Direct