Earnings release
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ASX:AEE AIM:AURA Aura Energy Limited Level 2, 28 Cantonment Street Fremantle, WA, 6160 Developing metals and minerals for a cleaner energy future ASX RELEASE 30 January 2026 Activities Report for December Quarter 2025 Aura Energy Limited (ASX: AEE, AIM: AURA) (“ Aura” or the “ Company”) is pleased to provide its activities report for the quarter ended 31 December 2025. Aura continues to advance the development of its flagship Tiris Uranium Project ( “Tiris”) in Mauritania, West Africa, while progressing licensing initiatives for the Häggån Polymetallic Project (“Häggån”) in Sweden. Highlights Post-balance date developments: • On 1 January 2026, the Swedish Government overturned the country’s ban on uranium mining and uranium was reclassified as a concession mineral under the Minerals Act. • Aura established a valuation of C$50 million (A$55 million) for its Häggån project, through an investment of C$10 million by strategic investors for a 20% interest. • The Company announced that it is in the process of completing a capital raising via a placement. During the quarter (October to December 2025): • Aura was granted an exploration permit for a new 1,000-hectare tenement adjacent to its existing Häggån tenement - Gräsmyråsen nr 1 tenement. • Tiris Basic Engineering study progress continued, with engineering underway to ensure the optimal flowsheet is adopted. • Tiris Basic Engineering study due to begin in Q2 2026 and followed by Final Investment Decision (“FID”) in Q3 2026. • Significant progress made with multiple potential strategic investors. • Debt funding discussions with the U.S. International Development Finance Corporation (“DFC”) continue to advance. DFC is now also authorised to make equity investments. Uranium Market On 29 January 2026, the TradeTech uranium price was US$101.50/lb with futures quotes for 2026 delivery in the US $101-104/lb range. At the end of December 2025, the spot price of uranium (as reported in the TradeTech Exchange Value) was US$83.25 per lb, up US$6.95 or 9 per cent on the previous month’s closing price of US$76.30 per lb. Over the December quarter, as also reported in the TradeTech Exchange Value, the spot uranium price rose from a low of US$71.50 in July to US$83.25 per lb, a gain of 16 per cent. In light of their heavy forecast power needs for data centres and AI infrastructure, US technology companies continue to partner with nuclear energy companies. This highlights the benefits of nuclear power as a rare source of large scale, low emission, reliable base load power. Examples include Google’s 25-year power offtake agreement with NextEra, Microsoft’s 20-year power purchase agreement with Constellation, and Meta’s offtake agreements with Vistra. Meta also announced a partnership with Oklo to help advance its reactor technology and develop a new nuclear energy campus.
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Aura Energy Limited | ASX:AEE | 2 Active buyers in the market were not only utilities requiring fuel for their own reactors, but also traders, producers, and funds such as Sprott and Yellowcake seeking to acquire inventory in anticipation of rising prices. Market participants are acutely aware of the forecast deficits in the supply of mined uranium in coming years. In the U.S. u ranium was officially added back to the Critical Minerals List by the U.S. Geological Survey on 14 November 2025. This followed the signing of a partnership in October between the U.S. Government and Westinghouse Electric’s owners to build at least US$80 billion worth of nuclear reactors and at a time whe n growth in artificial intelligence data centres has driven an increase in U.S. power demand for the first time in two decades, straining part of the grid. The recent legislative changes in Sweden and the proposed generous financial framework to support new nuclear reactor construction reflects how mid -sized European economies are positioning nuclear as a core part of their clean-energy future. Tiris Uranium Project (Mauritania) Aura continues to advance its Tiris Uranium Project, with the objective s of achieving FID in Q3 2026. Shortly thereafter, formal conditions precedent will be finalised enabling construction of the project to commence. As discussed during the Chairman’s Address – 2025 Annual General Meeting (“AGM”) on 25 November 2025, the Basic Engineering study was placed on hold pending the completion of test work to identify the optimal processing approach following dissolution of uranium in the leach plant. In particular, the test work is focused on the separation of the uranium-bearing pregnant leach solution from the solid, clay-rich residues generated by the plant (dewatering). The Company and its main offtake partner, a leading US nuclear utility, acknowledge that the condition precedent, which required FID by 31 December 2025, was not fulfilled. The parties are nevertheless mindful of the strategic value of the contract to each party and are working collaboratively to enable the contract to remain effective. Engineering and Development Activities Aura currently anticipates the Basic Engineering study will be completed in Q2 2026. Potential strategic investors and financiers are aware of the revised test work program outlined above and continue to see the development of Tiris as potentially marking the emergence of a new, strategically important African uranium province to rival Niger and Namibia. The key aspect of the test work that needs to be completed relates to the dewatering of the slurry once it has been leached and before the uranium is harvested in the i on exchange plan. Four options are being investigated with detailed test work underway: o Centrifuge; o Counter Current Decantation (“CCD”); o The use of polymers to agglomerate fine and coarse particles facilitating; and o Resin in Pulp. • Ongoing Flowsheet Test work: The flow sheet consists of five key stages Activity Status Commentary Beneficiation including screening and thickening Screening – testing completed Thickening – Phase 1 complete. Additional variability testing to be completed in Q1 2026. Screening tests achieved design specifications. Thickening densities achieved using flocculants. Variability in results undergoing additional testing.
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Aura Energy Limited | ASX:AEE | 3 Activity Status Commentary Filtration (dewatering of slurry) both before and after the leaching process Current test work program Optimisation of this process and the associated productivity and cost management continues to be refined. See detail above. Leach No outstanding test work No material change from FEED study assumptions Ion exchange No outstanding test work No material change from FEED study assumptions Calcination No outstanding test work No material change from FEED study assumptions Packaging No outstanding test work No material change from FEED study assumptions Funding and Investment Partners As Aura moves closer to FID , the Company is seek ing to progress funding arrangements that reflect three principles: 1. They must offer fair value for shareholders 2. The financing terms should reflect the long life of the resource 3. They should represent the lowest available cost of capital Aura is following a structured and disciplined financing process that ensures the Company will enter project development from a position of stability and confidence and continues to engage with potential strategic partners around the world. U.S. International Development Finance Corporation (“DFC”) • DFC’s new Chief Executive Officer (Ben Black) was confirmed by the U.S. Senate with bipartisan support in October 2025. • In December 2025, DFC received a six-year reauthorization with expanded authorities, which included an investment cap increase by over 300% to US$205 billion and the authority to make substantial minority equity investments (up to 40% ownership). Häggån Polymetallic Project (“Häggån Project”) Post-quarter end, a valuation of C$50 million (A$55 million) was established for the Häggån project as MMCAP International Inc., SPC and other strategic investors agreed to provide funding of C$10 million for a 19.7% interest in the Häggån Project. Aura has entered into a binding agreement to transfer 100% of the Häggån project to SIU Metals Corp (“SIU Metals”)., an unlisted Canadian public company, in consideration for acquiring shares in SIU Metals. The agreement will result in SIU Metals being the 100% owner of the Häggån project. Aura will retain 78.7% ownership of SIU Metals, the strategic investors will own 19.7% after contributing C$10 million via a private placement, and other investors will own 0.6%. SIU Metals’ existing shareholders will retain 1%. SIU Metals intends to seek a stock market listing on the TSX Venture Exchange in connection with the transaction by June 2026. Aura will rename SIU Metals and appoint new officers and directors on clos ure of the transaction, which is expected in June 2026. Funds committed by the strategic investors will be used for the advancement of the Häggån project, including permitting and resource expansion through continued exploration including on surrounding tenements.
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Aura Energy Limited | ASX:AEE | 4 On 5 November 2025, the Parliament of Sweden voted to overturn the uranium mining ban effective 1 January 2026. Uranium has now been reclassified as a concessional mineral under the Minerals Act allowing exploration and extraction permits under existing mining laws and signals the rebirth of Sweden’s nuclear industry. Sweden has 27% of Europe’s known uranium within its bedrock1 and already extracts uranium as a waste product when mining for other metals. The government is also proposing to amend the Nuclear Activities Act so that uranium mining would not be considered a nuclear facility, which currently entails a municipal veto. It is anticipated that amendments to the Act will be put before Parliament around the end of Q1 2026, and new legislation enacted in July 2026. With the uranium mining ban lifted at the start of the year, Aura’s subsidiary Vanadis Battery Metals (“Vanadis”) notified the Swedish Mines Inspectorate that it will seek to have the Häggån exploitation licence application amended to include uranium exploitation within its existing tenure. On 24 November Sweden’s Mining Inspectorate “Bergsstaten” granted Vanadis an exploration permit for the Gräsmyråsen nr 1 tenement in Jamtland with validity to 20 November 2028. The Gräsmyråsen tenement covers 1012.12 hectares, lies to the west of, and adjacent to, Va nadis’ existing Häggån nr 1 tenement . The new exploration permit will supplement the Company’s existing assets and adds coordination benefits, making exploration work more efficient and cost effective in this high potential area. Häggån is a substantial polymetallic deposit, hosting uranium, vanadium, nickel, molybdenum, zinc, and sulfate of potash — all essential to the energy transition sector. Vanadium is also classified by the European Union as a critical raw material under the Economic Union’s Critical Raw Materials Act. Corporate During the quarter, Andrew Grove resigned as Managing Director and CEO . Executive Chair Phil Mitchell assumed accountability for day -to-day operational management ensuring continuity, specifically regarding critical current workflows including funding discussions with the U.S. International Development Finance Corporation and potential strategic partners. A process has commenced to appoint a Lead Independent Director from amongst the Non-Executive Directors for the period that Mr Mitchell acts in the role of Executive Chairman. 1 Geological Survey of Sweden (SGU)
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Aura Energy Limited | ASX:AEE | 5 My Bryan Dixon advised the Company that he would not stand for re- election at the AGM in November and resigned as a Non-Executive Director and Chair of the Audit and Risk Committee effective at the conclusion of the AGM. Ross Kennedy resigned as Company Secretary and Mindy Ku was appointed to the role on 22 December 2025. Ms Ku has over 20 years’ experience in governance, compliance reporting, board reporting and company secretarial services in Australia and other jurisdictions. Financial Summary As at 31 December 2025, Aura held A$4.2 million in cash. Key Cash Flows • Exploration and evaluation (Tiris development activities, engineering, EPCM, test-work): A$1.6 million. • Administration and corporate: A$2.1 million. • Staff costs: A$1.0 million. • Payments to related parties and associates: A$0.7 million (refer Item 6, Appendix 5B). Forecast net operating and exploration expenditure for the March quarter is A$4.3 million. The Company announced that it is in the process of completing a capital raising to fund its operations. Planned Activities – March Quarter 2026 Tiris Uranium Project • Continue to progress funding options, due diligence with the DFC and potential strategic partners. • Complete current filtration test work, progress project derisking, and update the process flowsheet. • Continue review of Basic Engineering estimates and evaluate engineering contract options. • Progress detailed execution planning and detailed planning of early works. • Conduct dewatering variability testing, geometallurgy and baseline environmental monitoring. Häggån Project • Continue support for Exploitation Concession permit process. • Progress financing for the transaction, and listing of new entity on TSX Venture Exchange ASX Announcements – December Quarter 2025 Following is a list of all market sensitive announcements lodged by the Company during the Quarter: Resignation of Managing Director 20 Oct 2025 Quarterly Activities report for September quarter 2025 22 Oct 2025 Swedish Parliament votes to overturn uranium mining ban 6 Nov 2025 Aura Energy granted new exploration tenement in Sweden 25 Nov 2025 Chairman’s Address to AGM 25 Nov 2025 These announcements are available for viewing on the Company’s website, www.auraenergy.com.au. Aura confirms that it is not aware of any new information or data that materially affects the information, or key assumptions, included in any of these original ASX announcements.
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Aura Energy Limited | ASX:AEE | 6 Tenement summary The Company holds the following interest in mining tenements, farm-in and farm-out agreements at the end of the quarter: Tenement No. Name Grant Date Expiry km2 Holder Equity Mauritania1 2491C4 Ain Sder 8/02/2019 8/02/2049 207 Tiris Ressources SA 85% 2492C4 Oued El Foule 8/02/2019 8/02/2049 190 Tiris Ressources SA 85% 2490C4 Oum Ferkik 19/05/2017 Pending approval of application for Exploitation License 60 Tiris Ressources SA 100% 2365B4 Oued El Foule Sud 04/12/2023 04/12/2026 166 Aura Energy Limited 100% 2457B2 Hadeibet Belaa 08/12/2023 08/12/2026 30 Tiris International Mining Co. 100% 2458B2 Touerig Taet 08/12/2023 08/12/2026 100 Tiris International Mining Co. 100% Sweden 2007-243 Häggån nr 1 28/08/2007 Pending approval of application for exploitation permit 18 Vanadis Battery Metals AB 100% 2016:9 Möckelåsen nr 1 21/01/2016 21/01/2028 18 Vanadis Battery Metals AB 100% 2016:7 Skallböle nr 1 20/01/2016 20/01/2028 8 Vanadis Battery Metals AB 100% 2025:111 Gräsmyråsen nr 1 20/11/2025 20/11/2028 10 Vanadis Battery Metals AB 100% Table 1 – Tenement summary Note: 1. Refer also commentary regarding Mauritanian tenement tenure in the Company’s 30 June 2025 Annual Report released to ASX on 16 October 2025 In addition, Aura has a farm -in agreement with Nomads Mining Company sarl, Mauritania, through the Aura subsidiary Archean Greenstone Gold Limited which has earned a 70% interest in Nomads 100% -owned gold exploration permit at Tasiast South in Mauritania (refer to ASX announcement dated 11 June 2019 titled “Aura completes farm -in and joint venture agreement”). As announced in the Company’s 30 June 2025 Annual Report, the Company has fully impaired its expenditure on these gold assets. As notified in the 2025 Annual Financial Statements, o n 28 August 2025, some of Nomads Mining SARL (“Nomads”) shareholders filed a petition to the Commercial Court of Nouakchott seeking to cancel the farm-in agreement and claim damages. The Company is actively defending the matter and based on current legal advice, the likelihood of an outflow of economic resources is consider ed remote. It is noted that the petition was filed after the Company submitted an application for the registration of the transfer of 70% of Nomad’s shares to the Company and that in December 2025, the Commercial Court of Nouakchott ruled in favour of the Company and ordered the registration of ownership interest of the Company in the official Register of Commerce. Philip Mitchell is registered as the sole “gerant” of Nomads. The Company will seek to enforce its position and the court orders. The Company did not conduct exploration activities during the quarter. As outlined above a new tenement was granted in Sweden.
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Aura Energy Limited | ASX:AEE | 7 Outlook Both the Tiris Uranium Project and the Häggån Polymetallic Project have outstanding fundamentals, are located in supportive jurisdictions and are underpinned by favourable market conditions. Aura’s near-term goal remains unchanged: to deliver the Tiris Uranium Project into production safely, responsibly, and in a way that enhances value for all stakeholders, including host communities, partners and shareholders. Over the longer term the Company will participate in the rebirth of Sweden’s nuclear industry and unlock the value of the Häggån asset. ENDS Authorisation for release This announcement is authorised for release by the Board of Aura Energy Limited. This Announcement contains inside information for the purposes of the UK version of the market abuse regulation (EU No. 596/2014) as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR"). For further information, please contact: Philip Mitchell Executive Chair Aura Energy Limited pmitchell@auraee.com +44 7552272155 SP Angel Corporate Finance LLP Nominated Adviser David Hignell Adam Cowl & Devik Mehta +44 203 470 0470 Tamesis Partners LLP Broker Charlie Bendon Richard Greenfield +44 203 882 2868 Australian investors and media GRACosway Bill Frith Bill.Frith@omc.com +61 405 144 807 About Aura Energy (ASX: AEE, AIM: AURA) Aura Energy Limited (ASX:AEE, AIM:AURA) is an Australian-based company focused on the development of uranium and battery metals to support a cleaner energy future. Aura is committed to creating value for host nations, local communities, and shareholders through responsible and sustainable resource development. Aura is advancing two key projects: Tiris Uranium Project, Mauritania – A fully permitted, near-term development asset with a potential long mine life. Aura plans to transition from a uranium explorer to a uranium producer to capitalise on the rapidly growing demand for nuclear power as the world shifts towards a decarbonis ed energy sector Häggån Polymetallic Project, Sweden – A globally significant deposit containing vanadium, sulphate of potash and uranium with potential long-term value
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Aura Energy Limited | ASX:AEE | 8 Disclaimer Regarding Forward-Looking Statements This ASX announcement (Announcement) contains various forward -looking statements. All statements other than statements of historical fact are forward -looking statements. Forward-looking statements are inherently subject to uncertainties in that they may be affected by a variety of known and unknown risks, variables and factors which could cause actual values or results, performance or achievements to differ materially from the expectations described in such forward -looking statements. The Company does not g ive any assurance or guarantee that the anticipated results, performance or achievements expressed or implied in those forward - looking statements will be achieved. Future funding plans are not commitments and depend on market conditions, approvals and counterparties; there is no assurance finance will be obtained on acceptable terms. Notes to project descriptions The Company notes that the material assumptions underpinning the Tiris Uranium Production Targets, Ore Reserves and the associated financial information derived from the Tiris production target as outlined in the Aura Energy ASX Release dated 29 March 2023 “Enhanced Definitive Feasibility Study’, ASX Release dated 28 Feb 2024 “FEED study confirms excellent economics for the Tiris Uranium Project”, ASX Release dated 16 April 2024 “Offtake restructure delivers significant value”, ASX Release dated 11 Sept 202 4 “Updated Production Target Improves Economics at Tiris Uranium Project” and ASX Release dated 13 Dec 2024 “Tiris Uranium Project Alternative Production Targets” are subject to the matters disclosed in the ASX Release dated 25 November 2025 “Chair Address – Annual General Meeting 2025”. Process descriptions and cost, NPV, IRR and pay-back estimates may be impacted by the ongoing review of basic engineering work expected to be completed in Q2 2026. The Tiris Uranium Project Mineral Resources were released ASX Release dated 12 June 2024 “Aura increases Tiris Mineral Resources by 55% to 91.3 Mlbs U3O8” and Ore Reserves released ASX Release dated 16 Dec 2024 “Substantial increase in Tiris Uranium Project Ore Reserves”. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcement and that all material assumptions and technical parameters underpinning the estim ates in the relevant market announcements continue to apply and have not materially changed, with the exception of process flow sheet matters currently being addressed as outlined in the ASX Release dated 25 November 2025 “Chair Address – Annual General Meeting 2025”. The Häggån Project Resource Estimate was prepared by a Competent Person in accordance with the JORC Code (2004 Edition) (see ASX Release dated 22 August 2012 “Outstanding Häggån uranium resource expands to 800 million pounds” and ASX Release dated 10 Octob er 2019 “Häggån Battery Metal Project Resource Upgrade Estimate Successfully Completed”). The uranium Mineral Resource is currently in the process of being converted to a resource estimate in accordance with the JORC Code (2012 Edition) and to incorporate uranium assay information from exploration drilling subsequent to ASX Release: 22 Aug 2012 - Outstanding Häggån Uranium Resource Expands to 800 Million Pounds. No reinterpretation or estimation has been completed during the conversion process so far. A full summary of the Resource methodology and validation, which is currently being independently reviewed and validated by the Competent Person, will be included in the relevant JORC tables attached to the future announcement of the JORC 2012 compliant resource. The Company confirms that the material assumptions underpinning the Häggån Project Production Targets and the associated financial information derived from the Häggån production target as outlined in the Aura Energy ASX Announcement dated 5 Sept 2023 “Scop ing Study Confirms Scale and Optionality of Häggån” continue to apply and have not materially changed. In respect to Resource statements, there is a low level of geological confidence associated with inferred mineral resources and there is no certainty that further exploration work will result in the determination of indicated measured resource or that the production target will be realised.
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Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity Aura Energy Limited ABN Quarter ended (“current quarter”) 62 115 927 681 31 December 2025 Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 1. Cash flows from operating activities - - 1.1 Receipts from customers 1.2 Payments for - - (a) exploration & evaluation (b) development - - (c) production - - (d) staff costs (1,024) (1,587) (e) administration and corporate costs (2,060) (2,915) 1.3 Dividends received (see note 3) - - 1.4 Interest received 64 140 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other - - 1.9 Net cash from / (used in) operating activities (3,020) (4,363) 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) tenements - - (c) property, plant and equipment - (6) (d) exploration & evaluation (1,610) (4,204) (e) investments - - (f) other non-current assets - -
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 2.2 Proceeds from the disposal of: - - (a) entities (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) - - 2.6 Net cash from / (used in) investing activities (1,610) (4,204) 3. Cash flows from financing activities - - 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - 1,197 3.4 Transaction costs related to issues of equity securities or convertible debt securities - (7) 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (payments of Lease Liabilities) (46) (102) 3.10 Net cash from / (used in) financing activities (46) 1,087 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 8,888 11,741 4.2 Net cash from / (used in) operating activities (item 1.9 above) (3,020) (4,363) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (1,610) (4,204) 4.4 Net cash from / (used in) financing activities (item 3.10 above) (46) 1,087
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 4.5 Effect of movement in exchange rates on cash held (16) (66) 4.6 Cash and cash equivalents at end of period 4,196 4,196 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 1,696 2,388 5.2 Call deposits 2,500 6,500 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 4,196 8,888 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 723 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. Item 6.1 – Payments for director fees to non-executive and executive directors in the normal course of business at commercial rates, including statutory superannuation and income tax paid on their behalf, and excluding reimbursements of out-of-pocket expenses. The payment during the quarter includes: • A one-off termination payment of $0.5 million made to the former Managing Director, Andrew Grove following their resignation during the quarter. The payment was made in accordance with the Mr Grove’s employment agreement and comprised of his notice, accrued leave entitlements and statutory superannuation. Mr Grove ceased to be an officer during the quarter, and no further payments are payable; and • $16,766 paid to Liesl Kemp under an arm’s length, casual employment contract for investor relations support services. Liesl is a related party of previous Managing Director, Andrew Grove.
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) (3,020) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (1,610) 8.3 Total relevant outgoings (item 8.1 + item 8.2) (4,630) 8.4 Cash and cash equivalents at quarter end (item 4.6) 4,196 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 4,196 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 0.91 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: Yes. The Company announced that it is in the process of completing a capital raising. 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: Yes, the Company is confident that it will be successful in raising further capital as and when required to continue its development activities. On 23 January 2026, the Company announced that the MMCAP and certain other strategic investors (together the ‘Strategic Investors’) will provide funding of C$10 million for a 19.7% interest in the Company’s polymetallic Häggån project located in Sweden, establishing its value at C$50 million. The proceeds will be used to advance the Häggån project, including permitting, and resource expansion through continued exploration including on surrounding tenements.
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: Yes, for the reasons noted above. Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 30 January 2026 Authorised by: Phil Mitchell on behalf of the Board Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.