ESR GM: Questions Shareholders Deserve Answered

My Questions, please feel free to add your's!

1/ Why are the performance rights tied to a minimum 30% CaCO₃ limestone purity, when your sampling results suggest grades consistently above 90%, and when 30% would likely be considered uneconomic and unusable by REM?

2/Why are the performance rights not contingent on the successful delivery of the 500Mt JORC-compliant limestone resource by 30 September 2025, as stipulated in the REM Master Agreement?

3/Can you confirm how many meters of the planned 13,000m drilling program at Ira Miri have actually been completed to date?

4/Why has there only been 1.5 holes reported to the ASX from the current drilling program, despite months passing since the campaign commenced?

5/ Why was there no second or back-to-back drilling crew organized to cover the mandatory 10-day break, especially considering the urgent timeline of this program?

6/Can you explain why the performance rights are issued in four separate stages — each requiring only partial milestones — rather than requiring the achievement of all four major milestones before any shares are issued?

7/ Do you acknowledge theirIs a risk that ESR could meet a minimal JORC resource (say, 500Mt at 30.1%) years after REM exits the agreement, and still Management will be issuing millions of shares, despite failing to commercialize the project?

8/ Why has there been no clear update on the port infrastructure since the 21 May announcement, despite it being a key requirement for monetizing the limestone resource?

9/ Will ESR commit to more regular and transparent drilling and permitting updates between now and the September 30 JORC deadline, in line with ASX continuous disclosure obligations?