Ann: Corporate Presentation, page-4

Mkt Cap A$53M
NPV8 = A$698M
IRR = 51.8%
NPV shows what the potential value will be once Sorby Hills is in production based on spot prices as at 21/7/25.

Sorby Hills Project Potential Share Price Catalysts

H2 2025

• Complete competitive contract tender to relocate, reconstruct and refurbish the DeGrussa Processing Plant at Sorby Hills.

• Secure additional non-dilutive debt finance to support funding of the Sorby Hills Project.

• Finalise regulatory approvals required to commence construction at Sorby Hills.

• Commencement of early site works.

• Final Investment Decision at Sorby Hills.

• Mine life extensional drilling, subject to drilling approvals being received during August.