Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-2

Following renewal of ML 05/2012/1D (now expected to be received during the September 2025 Quarter) andthe subsequent approval of the operational mining scheme, construction activities will commence with civil andstructural earthworks, paving the way for the above-surface construction of the Jugan Pilot Plant. Tenders forthe construction phase will be let and drilling at Jugan should be completed during June 2025 Quarter. Oncecompleted the assay results of all infill, geotechnical and metallurgical drilling will be released together with anassessment as to whether those results will warrant any revision of the MRE provided in the March 2025Quarter.