Ann: Half Year Accounts, page-6

MLX 2.0.... Mgmt also been buying on mkt in the last week.

QualityAsset, Strong Resource Base – The Heemskirk project features a

significantresource of 77,872t @ 1.04% tin, making it the third-highest grade

undevelopedtin deposit globally. Importantly, 48% of this resource is classified

asIndicated (97% of the total resource made up of the favourable mineral

cassiterite),with the potential for further enhancement following upcoming drilling

programs.

FurtherUpside to Come –A Pre-Feasibility Study is scheduled for completion in

2HCY25,which will optimise what has already been defined within the recently

releasedScoping Study. Additional drilling and metallurgical updates will enhance

resourceestimates and processing methods. One clear opportunity is the use of

ore sorting, which has proven to bequite successful for Metals X Ltd’s

(MLX.ASX) Renison Operations (there issignificant upside if SRZ can

replicate an MLX study completed in2021 that showed a 37.4% mass

rejection and associated cost savingsof ~$500/t tin produced).

Well-Funded– With arecent successful capital raise of A$10m (total of $12.3m

cash asof 4 th September), SRZ is well-funded to advance its exploration and

metallurgicalprograms. This capital infusion will support efforts to extend

mineralisationand continue critical development work.

ExperiencedBoard & Management – Throughout 2024, SRZ has made

changesto the board and management to help deliver the development of the

HeemskirkProject. This has included Simon Taylor moving from Non-Executive

Chairmanto MD and CEO, appointing Mark Connelly as Non-Executive Chair and

bringingon Andrew Doe to help lead the PFS.

WorldClass Location – The project will be powered entirely by renewable

energy(hydro), bolstering its ESG credentials