Ann: Notification regarding unquoted securities - PTR, page-2

Tranche 1 vesting conditions (1,000,000 securities):

- Based on the results of at least 40 drill holes, the Directors of the Company are sufficiently satisfied that a potentially economic discovery has been made at the Company¿s Muckanippie Project; and

- Continued service 2 years from 31 December 2024

Tranche 2 vesting conditions (1,000,000 securities):

- The Company reports a Mineral Resource estimate in accordance with the JORC Code, 2012 Edition of at least 100Mt tonnes of not less than 8% average Heavy Mineral Sands (HMS) in the Inferred Category at the Company¿s Muckanippie Project with Reasonable Prospects for Eventual Economic Extraction (RPEEE); and

- Continued service 2.5 years from 31 December 2024;

Continued below:

Continued from above:

Tranche 3 vesting conditions (1,000,000 securities):

- The Company reports a Mineral Resource estimate in accordance with the JORC Code, 2012 Edition of at least 100Mt tonnes of not less than 8% average HMS in the Indicated Category at the Company¿s Muckanippie Project with RPEEE;

and

- Continued service 3 years from 31 December 2024;