Earnings release
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Key Highlights ➢ Two Tailings Filter Presses (TFPs) installed and commissioned at Al Wash-hi Majaza mine ➢ Major production boost recorded in copper concentrate production from 7837 WMT in the previous quarter (Apr- June 2025) to 8603 WMT in the current quarter (July-Sep 2025) ➢ Daris 3A5 mining license awarded ➢ Drilling commenced at the Al Mansur Prospect in Block 8 ➢ Five copper-gold concentrate shipments dispatched in the quarter, containing a total of 1515.5 MT copper metal and 11.89 kg gold ➢ New Chairman appointed Images: Latest visuals of the Al Wash-hi Majaza Mine For the period ending 30 September 2025 John Shingleton Non-Executive Chairman Atmavireshwar Sthapak Managing Director Vikas Jain Non-Executive Director Sanjeev Kumar Non-Executive Director Devaki Khimji Non-Executive Director Dinesh Aggarwal Company Secretary and Chief Financial Officer DIRECTORS AND EXECUTIVES ASX Code: AUQ Farrokh J Masani Alternate Director for Devaki Khimji Alara Resources Limited ABN: 27 122 892 719 Level 1, 147 Colin Street West Perth Western Australia 6005 Tel +61 8 9240 4211 Email info@alararesources.com Web www.alararesources.com For personal use only
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2 ASX Code | AUQ Oman Projects Update During the quarter ending September 2025, Alara achieved several key milestones marking continued growth and operational progress across its portfolio. A major highlight was the installation and commissioning of new tailings filter presses at the Al Wash-hi Majaza copper processing plant, significantly enhancing plant efficiency and boosting copper- gold concentrate production. The quarter also saw the grant of the Daris 3A5 mining license, further strengthening Alara’s resource base in Oman. Exploration mom entum accelerated with the commencement of drilling at the promising Al Mansur prospect within Block 8. In addition, the Company welcomed a new Chair man to its Board, reinforcing its leadership structure as it advances into the next phase of expansion. Collectively, these achievements underscore a productive and strategically important quarter for Alara, positioning the Company for sustained operational and exploration success. Al Wash-hi Majaza Copper Gold Project (Alara – 51%: Al Hadeetha Investment Services LLC – 30%; Al Tasnim Infrastructure LLC – 19%) A. Operations Update Tailings Filter Press Commissioning Update The interim tailings filter presses procured from China were successfully commissioned earlier this month and have been running without interruption since. Following the commissioning, the plant has seen a 77% increase in the average daily production of copper concentrate (WMT) during August 2025, as shown below: Period Average Daily Production April 2025 – July 2025 (WMT) 78.56 August 2025 (WMT) 139.05 % Change +77% Prior to the commissioning of the new TFPs, Al Hadeetha Resources LLC (AHRL) had achieved some improvements in plant performance from an earlier stage when operational efficiency was only around 50%. Over the past 6 months AHRL’s operations team made substantial adjustments and modifications to the original TFP, increasing plant availability to approximately 65% Image: New tailings filter press building & tailings tank Image: New tailings filter presses For personal use only
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3 ASX Code | AUQ Image: Tailings cake being discharged from new filter press Image: Tailings cake stockpile at press building Copper Concentrate Production: Five shipments containing 1515.5 MT of copper metal and 11.89 kg of gold were dispatched in the quarter. Cumulatively by the end of September 2025 a total of 25 shipments were sold to the offtaker with 5478 MT of copper metal and 99.54 kg of gold. The Figure below provide shipment details. Figure 1: Copper Concentrate Dispatch Summary Notes: WMT: Wet Metric Tonne ; DMT: Dry Metric Tonne ; CMT: Copper Metric Tonne For personal use only
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4 ASX Code | AUQ Image: Stuffing Operations at Al Wash-hi Majaza Plant Heath, Safety and Environmental Performance The HSE performance for the quarter has remained within established targets and regulatory thresholds. The absence of Lost Time Injuries ( LTIs), strong training compliance, timely incident reporting, and positive environmental monitoring results highlight a robust and proactive HSE culture. Continuous improvement efforts will be maintained to further strengthen safety practices and environmental stewardship. A total of 352,009 safe man-hours were recorded during the quarter without LTI, 781.9 hours of HSE-related training was delivered to employees and contractors covering various HSE topic. 97 near misses were reported during the reporting period which were investigated, with corrective and preventive actions implemented. A total of 738 unsafe acts and conditions were identified and addressed. Noise levels were monitored across operational areas, measured values remained within occupational exposure limits as defined by relevant regulatory standards. Air quality observations were consistently within acceptable threshold limit. For personal use only
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5 ASX Code | AUQ Figure 2: Safe Man Hours Worked Figure 3: Unsafe Acts & Unsafe Conditions Reported Figure 4: Trainings Hours Figure 5: Near Miss Reporting Noise Levels Monitoring Figure 6: Boundary Noise Monitoring Jul-25 Aug-25 Sep-25 46070 43862 45661 58812 58643 59685 11460 11460 16356 Safe Man Hours Plant Mines Catering & Housekeeping 0 50 100 150 200 Jul-25 Aug-25 Sep-25 137 134 197 78 61 131 Unsafe Acts & Unsafe Conditions Unsafe Practices Plant Unsafe Practices Mines 0 100 200 300 Jul-25 Aug-25 Sep-25 13 48.4 105.5 196 192 227 Training Hours Training Hours Plant Training Hours Mines 14 5 2415 16 23 0 20 40 60 Jul-25 Aug-25 Sep-25 Near Miss Reporting Near Miss Plant Near Miss Mines For personal use only
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6 ASX Code | AUQ Figure 8A & 8B: Ambient Air Quality Monitoring Result Resource Consumption Figure 9: Diesel Consumption 50,704.4 50,704.4 67,091.3 337,657.2 337,657.2 367,337.4 48,604.0 48,604.0 39,569.8 Jul-25 Aug-25 Sep-25 Diesel Consumption - Ltr Plant Mine Camp Figure 7: Source Noise Monitoring For personal use only
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7 ASX Code | AUQ Figure 10: Water Consumption B. Exploration Update Brownfield Exploration Update The progress made in previous quarters marked a significant milestone with the successful completion of the planned drilling program at Al Wash-hi Majaza. All core samples collected during this phase have been dispatched for laboratory analysis, and the complete analytical results are expected by the end of November 2025. Once received, these analytical results will be integrated into the geological database to refine orebody correlations, update the resource models, and support more accurate mineral resourc e and reserve estimations and classifications. This data is anticipated to enhance confidence in the current orebody and may potentially lead to an increase in the declared mineral resources. In addition to drilling, brownfield activities have expanded to include geological mapping in and around the Al Wash - Figure 11: Power Consumption at Processing Plant For personal use only
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8 ASX Code | AUQ hi Majaza mine area. This initiative aims to better understand the litho -structural controls and mineralization setup, particularly in zones previously identified through low magnetic anomalies. A team of geologists is actively engaged in detailed mapping to delineate ge ological features and identify target areas for geochemical sampling. These efforts are focused on locating zones with potential economic mineralization, which could support future drilling campaigns. Looking ahead, Phase -2 of the drilling program is now in planning. This phase will comprise approximately 10,000 meters of diamond core drilling and will target the southeastern and northwestern strike extensions of the current orebody. It will serve both as infill drilling and as a test of down -dip continuity. Additionally, drill holes are planned in the western part of the orebody to investigate potential mineralization zones indicated by low magnetic anomalies from previous geophysical surveys. This phas e is expected to provide further clarity on the orebody’s geometry and continuity, supporting future resource upgrades. (The remainder of this page is intentionally left blank) For personal use only
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9 ASX Code | AUQ Figure 12: Geological Map showing the Orebody, UPL and drilling completed in FY25 along with historical drilling For personal use only
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10 ASX Code | AUQ Greenfield Exploration Update – Q2 Planning In parallel with brownfield exploration, greenfield exploration activities are also scheduled to commence in December 2025. These initiatives will focus on early-stage reconnaissance and geochemical investigations across new target areas within the license. The program will begin with orientation surveys, followed by progressive stream sediment sampling to identify geochemical anomalies. Additionally, Mobile Metal Ion (MMI) geochemical techniques will be employed to detect subtle signatures of sulfide mineralization, which may indicate the presence of concealed mineralized zones. Figure 13: Geological Map overlain with potential Reduced To Pole (RTP) magnetic regional exploration targets in Al Wash-hi Majaza green field block For personal use only
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11 ASX Code | AUQ Mullaq Copper-Gold Project (Alara – 51%: Al Hadeetha Investment Services LLC – 30%; Al Tasnim Infrastructure LLC – 19%) A. Exploration Update Strategic Exploration Program – Mullaq Copper-Gold Project Al Hadeetha Resources LLC (AHRL) has developed a comprehensive exploration strategy for the Mullaq Copper -Gold Project, a promising greenfield prospect covering approximately 41 km² within the Block 22B Concession area. Situated in the rugged terrain of the Oman Mountains, about 160 km southeast of Muscat, the Mullaq area lies within the geologically significant Samail Ophiolite complex, known for its copper-bearing layered gabbro formations. Over the next two years, AHRL plans to execute a phased exploration program designed to systematically evaluate the mineral potential of the license area. The initial phase will focus on remote sensing and GIS-based analysis to delineate broad target zones . This will be followed by a combination of airborne and ground geophysical surveys, detailed geological mapping, and geochemical sampling to refine and prioritize exploration targets. Upon identification and validation of prospective zones, the program will advance to initial test diamond drilling. Depending on the results from this phase, a more extensive drilling campaign will be launched to further assess the continuity and grade of mineralization. This structured, data -driven approach reflects AHRL’s commitment to unlocking the mineral potential of the Mullaq license through disciplined and technically sound exploration practices. (The remainder of this page is intentionally left blank) For personal use only
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12 ASX Code | AUQ Figure 14: Regional Geological Map of Mullaq exploration block showing potential RTP magnetic regional exploration targets in Mullaq green field block demarcated boundary For personal use only
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13 ASX Code | AUQ Al Ajal Copper-Gold Project (Alara – 51%: Al Hadeetha Investment Services LLC – 30%; Al Tasnim Infrastructure LLC – 19%) The Al Ajal Prospect is located near the village of Al Ajal in the Taww area, approximately 20 km south of Barka, which lies along the northern coast of the Sultanate of Oman and is about 65 km west of Muscat (refer to Figure 15 below). Figure 15: Location of Al Ajal Exploration and Mining License application Al Hadeetha Mining LLC (AHML) – Block 22B (Al Hadeetha Mining LLC: Alara - 27.5%; Al Hadeetha Investment Services LLC - 27.5%; Al Tasnim Infrastructure LLC - 27.5% and South West Pinnacle Exploration Ltd - 17.5%) A. Exploration Update Al Hadeetha Mining LLC (AHML) has initiated key operational groundwork to support its exploration program, including the recruitment of junior and mid-level geologists, the engagement of experienced consultants and technical advisors, and collaboration with remote sensing and geophysical service providers. The initial phase of the program is focused on comprehensive desktop studies, which integrate historical geological data, previous exploration results, and regional mineralization patterns to delineate hi gh-priority target zones. These studies are being further enhanced through remote sensing and GIS -based analyses aimed at identifying structural controls and surface anomalies associated with mineralization. For personal use only
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14 ASX Code | AUQ A notable advancement has been made in the remote sensing component, with AHML receiving the first draft of the inception report. This report includes processed satellite imagery, mineral indicators, and interpreted zones of interest. The technical team is currently reviewing this data, and a detailed fieldwork program is set to commence shortly for ground-truthing. This field validation will support the modeling of satellite imagery, improve interpretation accuracy, and potentially reveal previously unknown mineralized zones. Subsequent phases of the exploration program will include high -resolution airborne and ground geophysical surveys, systematic geological mapping, and targeted geochemical sampling to refine and prioritize drill targets. Follow -up drilling campaigns will be conducted to validate subsurface mineral potential and delineate prospective resources. AHML’s exploration strategy is designed to leverage advanced technologies and in -country geological expertise, ensuring a data-driven, efficient, and environmentally responsible approach. This initiative aligns with Alara’s broader strategic growth agenda and reflects its commitment to sustainable development, local capacity building, and long - term economic contribution to the Sultanate of Oman. Figure 16: Geological Map of Block 22B showing existing ELS and PLS boundaries along with ancient old working indicated by Copper Slag occurrence For personal use only
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15 ASX Code | AUQ Mineral Tenements License Name License Owner Alara JV Interest Area Grant Date Status Mining Area Status Al Wash-hi – Majaza Al Hadeetha Resources LLC 51% 39 km2 Jan-08 Active 3 km2 Active, EL included in 22B Mullaq Al Hadeetha Resources LLC 51% 41 km2 Oct-09 Active 1 km2 EL included in 22B Al Ajal Al Hadeetha Resources LLC 51% 25 km2 Jan-08 Pending 1.5km2 Pending Block 22B Al Hadeetha Mining LLC 27.5% 1448 km2 Mar-25 Active - - Awtad Copper-Gold Project (Awtad Copper LLC: Alara 10% with an earn-in right up to 57.5%+; Power Metal with earn-in right of up to 12.5%; Local shareholders 90%, subject to dilution) The Block 8 exploration license in Oman (see Figure 17, below – Block 8 or the Project) is held by a joint venture between Alara and Awtad Copper LLC (Awtad Copper) and is the subject of an agreement for Aim -listed Power Metal Resources plc (Power Metal) to earn a 12.5% stake in the Project. Power Metal’s exp loration work, undertaken by its Power Arabia technical team, commenced in October 2024 following the signing of a farm-in agreement on 25 October 2024 (Farm-in Agreement) entitling it to earn the above stake. Alara holds 10% interest in JV. Figure 17: Location of Block 8 License Area in Oman A. Exploration Update For personal use only
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16 ASX Code | AUQ Maiden reconnaissance diamond core drilling program commenced in the quarter, with an initial 9 drill holes planned to test targets generated through Power Arabia’s exploration work. In-fill and extension gravimetry geophysics ("Gravity") survey was also completed over Al Mansur Prospect which was identified by Alara exploration campaign previously. The Al Mansur Prospect was originally identified by Alara who conducted chip sampling over areas of surface copper mineralisation. Power Arabia confirmed the prospectivity through trench sampling and geological and structural mapping work. The Gravity survey was designed to delineate the predicted location of possible mineralisation buried under transported overburden along strike from the outcropping copper mineralisation located at surface on the southern boundary of the Al Mansur prospect. Updated Gravity survey defined two strong anomalies over Al Mansur Prospect: • AM1: The highest gravimetric anomaly peaking at 0.56 milligal (“mGal”) of contrast with a north south orientation that may be associated with possible massive sulphide mineralisation (the "AM1 Target"); and • AM2: The second joint highest gravimetric anomaly with a similar peak of 0.56 mGal of contrast and a north south orientation that may be associated with possible massive sulphide mineralisation or may constitute an extension of AM1. AM2 is open on strike to the northeast. AM1 and AM2 combined provide close to 700 meters (“m”) of highly anomalous target strike length at Al Mansur. Figure 18 below shows the gravity Anomalies. Figure 18: Residual Ground Gravimetric Anomalies over the infill and Extension Survey Area AM 2 AM 1 For personal use only
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17 ASX Code | AUQ Al Mansur Maiden Drilling Program Further to the positive results of the ground Gravity in-fill and extension program, the surface copper mineralisation in the trenches and rock chips directly on the southern limit of the AM1 anomaly, Power Arabia planned a maiden reconnaissance diamond co re drill program on the Al Mansur target as a key next phase of exploration and mineralisation definition1. The drilling commenced in mid-September 2025. The drilling is planned to test mineralisation and provide an initial indication of potential width, grade and strike related to the identified anomalies. The planned program comprises an initial 9 holes for a total of 750 m of HQ core diameter diamond drilling arranged on three broadly NW -SE orientated fence lines (see Figure 19 and Table 1) over the AM1 anomaly (6 holes) and AM2 anomaly (3 holes). The drill holes are arranged on a heel to toe basis along each fence line, with three holes per line planned to ensure complete drill testing of each of the two targeted anomalies. The heel to toe concept will also ensure the entire cross section of the anomaly is fully tested should the dip of the target body not be as predicted; this method should also negate the possibility of ‘missing’ any mineralisation present below that fence line. All necessary environmental and local permits have been granted to support this program. Planned Maiden Drilling program, Al Mansur Prospect, Block 8, Oman, September 2025 Hole_ID Easting Northing Elevation Az Dip Planned Depth (m) AM25DD001 554341 2598840 202 120 -55 90 AM25DD002 554406 2598809 201 120 -55 100 AM25DD003 554462 2598783 200 120 -55 70 AM25DD004 554371 2599075 195 120 -55 80 AM25DD005 554440 2599046 194 120 -55 100 AM25DD006 554499 2599020 193 120 -55 70 AM25DD007 554751 2600005 192 120 -55 80 AM25DD008 554814 2599972 191 120 -55 90 AM25DD009 554880 2599938 193 120 -55 70 Total 750 1 Please refer to ASX announcement dated 9 September 2025 “Block 8 Exploration Update” For personal use only
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18 ASX Code | AUQ Figure 19: Location of Planned Maiden Drill Holes on the Al Mansur Prospect The results of drilling shall be reported in the next quarter. Important Disclaimer Regarding Future Prospects at Block 8 The information in this announcement constitutes Exploration Results, as defined in the JORC Code. Exploration Results are uncertain by their nature. Nothing in this announcement should be taken to mean or imply that potentially economic copper or other mineralisation has been discovered. Competent Person Statement The information contained in this announcement concerning exploration results is based on, and fairly represents, information and supporting documentation prepared under the direction of Mr Nick O'Reilly (MSc, DIC, MIMMM QMR, MAusIMM, FGS), who is a qualified geologist, member of Member of the Australasian Institute of Mining and Metallurgy and acts as the Competent Person for this report under the JORC Code. Mr O'Reilly is a Principal consultant working for Mining Analyst Consulting Ltd, which has been retained by Power Metal Resources PLC to provide technical support. Mr O’Reilly is not employed by or a consultant to Alara Resources Limited and Alara has no other relationship with him. Mr O’Reilly consents to the inclusion of matters in this report based on his documentation in the form and context in which it appears above. For personal use only
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19 ASX Code | AUQ Mineral Tenement Status Block Name License Owner Alara JV Interest Exploration License Mining License Within EL Area Grant Date Expiry Date Status Area Date of Application Status Block 8 Awtad Copper LLC 10% (earn into 57.5%) 497 km2 Nov 2009 May 2026 Active NA NA Daris Copper-Gold Project (Alara – 50%: Al Tamman Trading And Establishment LLC – 50% of Daris Resources LLC (DRL)) A. Block 7 Update The Daris Project comprises two high-grade copper deposits within a 587 km² exploration license (Block 7), which also includes two mining license applications covering a total area of 4.5 km². Located approximately 150 km west of Muscat and accessible via a high-quality bitumen road, the Daris Copper-Gold Project aligns well with Alara’s preferred “hub and spoke” development model. Under this model, any economically mineable ore from Daris is intended to be processed at the Al Wash-hi Majaza copper concentration plant. B. Daris East Update The Daris East Mining License application, covering an area with measured, indicated, and inferred copper resources2, faced opposition from the Ministry of Housing due to its proximity to recently allotted land to local communities. Negotiations with Ministry of Housing on a proposal submitted earlier continued during the quarter. C. Daris 3A5 Mining Licenses Update Ministry of Energy and Minerals awarded a Mining License over the Daris 3A5 prospect in the quarter. Daris 3A5 forms a part of the Daris Copper-Gold Project. This achievement marked a major strategic milestone for Alara, strengthening its leadership position in Oman’s rapidly evolving mining sector. The Daris Copper -Gold Project (Alara 50% interest, with the right to increase to 70%) is located approximately 150km west of Muscat and covers an expansive area of ~587km² (Block 7) under a mineral exploration license. The 3A5 mining license was awarded over a portion of Block 7 with an area of 0.65 km² . Block 7, including the 3A5 mining license, is operated by Daris Resources LLC, a joint venture company in which Alara holds management and commercial rights. A map of the mining license granted within the larger Block 7 is in Figure 20, below. 2 Please refer to Alara’s March 2013 Quarterly Report for further details. For personal use only
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20 ASX Code | AUQ Figure 20: Map Showing Block 7 Exploration License and Two Daris ML Areas Project Background In 2013 Alara submitted mining license applications for two highly prospective copper -gold zones in Block 7 – Daris East and Daris 3A5, after extensive exploration activities conducted between 2010 and 2012, including: • 1,200-line kms of helicopter-borne electromagnetic (VTEM) surveys, • 163-line kms of ground magnetic surveys, and • 20-line kms of ground IP and EM surveys Alara completed 10 diamond drill holes to test and verify the historical mineralisation reported at Daris 3A5. Exploration Success at Daris 3A5 During 2010-2012, drilling carried out by Alara at the Daris 3A5 prospect confirmed the presence of high-grade copper- gold mineralisation. Significant intersections are presented in the table below3. 3 Please refer to ASX announcement dated 5 August 2025 For personal use only
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21 ASX Code | AUQ Daris 3A-5 Significant drilling intersections4 Mineralised Zone - Significant Intersections – Daris 3a5 Mining License Significant Mineralization Mineralized Zone Drill Hole Intersections From (m) To (m) Length (m) Cu (%) Au (g/t) Ag (g/t) D3DC001 Primary 15 37.65 22.65 1.61 3.39 50.68 Inclusion 30 37.65 7.65 4.69 3.71 77.95 D3DC002 Primary 28.4 46.25 17.85 3.85 2.61 22.51 Inclusion 34.35 46.25 11.9 5.74 2.06 24.07 Primary 50.6 59 8.4 4.45 1.36 20.34 Inclusion 50.6 54.05 3.45 10.28 3.10 46.79 D3DC003 Primary 41 71.75 30.75 4.69 1.56 16.75 Inclusion 51.5 68.7 17.2 8.05 2.67 28.95 D3DC008 Primary 23 35.8 12.8 0.74 6.62 31.11 Inclusion 33.5 35.8 2.3 3.92 5.20 106.37 D3DC009 Primary 21 31 10 0.07 3.34 5.41 Inclusion 23 25 2 0.06 7.13 23.67 Primary 36 39 3 0.85 0.01 1.23 D3DC010 Primary 57 67 10 5.62 1.16 17.82 Inclusion 59.35 65.7 6.35 8.58 1.78 27.48 Next Steps Towards Development of Daris 3A5 prospect With the Daris 3A5 mining license secured, Alara will now: • conduct geophysical surveys to plan drill hole locations; • carry out diamond core drilling to define mineralisation boundaries, and, if warranted by further exploration results; • issue a mineral resource estimate under the JORC Code; • conduct metallurgical test work to characterize metal recoveries; • define a mineral reserve under the JORC Code; • complete mining studies; • progress detailed mine planning activities; and • advance discussions for toll treatment arrangements with existing copper concentrators in Oman. Alara Resources LLC (ARL) (Alara – 35%: Al Tasnim Infrastructure LLC – 30% ; South West Pinnacle Exploration Ltd – 35%) ARL is a prominent service provider in Oman, delivering contract mining and drilling solutions to support the country’s expanding mining industry. The company is currently providing contract mining services to the Al Wash-hi Majaza Project, operated by AHRL. ARL’s drilling division operates two diamond core drill rigs and has successfully completed 12 drilling contracts to date. The division is currently undertaking drilling operations for both AHRL and Minerals Development Oman (MDO) 4 The results are based on drilling conducted by Alara in 2010-12. Please refer to ASX announcements of 6 October 2010, 16 March 2011 and Alara’s 2012 Annual Report. For personal use only
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22 ASX Code | AUQ at their respective project sites. In anticipation of heightened activity across Oman’s exploration and mining sectors, ARL has procured two additional drill rigs, which arrived in the country during the quarter. Expenditure Summaries Mining Tenements During the quarter, the consolidated entity incurred expenditure of $13.27 million on mining production and development activities including mining exploration. Related Party Payments Directors’ Remuneration During the quarter, the consolidated entity made payments totaling $156,855 to related parties, as disclosed in item 6.1 in the Company’s Appendix 5B, towards Directors’ remuneration. No other payment was made to any related party or the associate of a related party. Appointment of New Chairman Mr. Stephen Gethin stepped down as Chairman of the Company for personal reasons, effective 1 September 2025. Mr. Gethin has made significant contributions to the Company since joining in 2018, serving in a range of capacities, most recently as Non-Executive Chairman, appointed in 2020. The Board extends its appreciation to Mr. Gethin for his leadership and commitment during his tenure. Mr. John Shingleton joined the Board, bringing with him over 27 years of experience as a commercial lawyer in both New Zealand and, more recently, Australia. Mr Shingleton has extensive governance experience, having chaired several substantial privately held companies, a New Zealand secondary school board, multiple charitable organizations, and a mid-sized New Zealand law firm. Expected Developments – Quarter Ending December 2025 • Continue to pursue the grant for the Daris East Mining license. • Continued production of copper-gold concentrate at the Al Wash-hi Majaza processing plant. • Interim drilling results of the Al Wash-hi Majaza mining license expansion and infill drilling program expected to be announced. • Analysis of drill core samples to update the Mineral Resource Estimate of the Al Wash-hi Majaza copper-gold deposit • Alara JV AHML to continue exploration of the Block 22B concession. • Power Metal to progress exploration of the Block-8 exploration license. • Preparation for a rights issue to fund the Company’s proportional share of AHRL expenses and for general working capital requirements. Appendix 5B – Mining Exploration Entity Quarterly Report For personal use only
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Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) 23 + 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 ALARA RESOURCES LIMITED ABN Quarter ended (“current quarter”) 27 122 892 719 30 September 2025 Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 1. Cash flows from operating activities 13,918 13,918 1.1 Receipts from customers 1.2 Payments for - - (a) exploration & evaluation (b) development (2,837) (2,837) (c) production (10,436) (10,436) (d) staff costs (1,649) (1,649) (e) administration and corporate costs (908) (908) 1.3 Dividends received (see note 3) - - 1.4 Interest received 47 47 1.5 Interest and other costs of finance paid (2,478) (2,478) 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other (provide details if material) - - 1.9 Net cash from / (used in) operating activities (4,343) (4,343) 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) tenements - - (c) property, plant and equipment (409) (409) (d) exploration & evaluation - - (e) investments - - (f) other non-current assets - - For personal use only
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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) 24 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 2.2 Proceeds from the disposal of: - - (a) entities (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) - - 2.6 Net cash from / (used in) investing activities (409) (409) 3. Cash flows from financing activities 3,400 3,400 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities (313) (313) 3.5 Proceeds from borrowings 1,904 1,904 3.6 Repayment of borrowings (4,782) (4,782) 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Funds introduced by Minority Shareholders - - 3.10 Net cash from / (used in) financing activities 209 209 Note: During the quarter, the Company completed a private placement raising approximately A$ 3.4 million (before costs) through the issue of 85,000,000 fully paid ordinary shares at A$ 0.04 per share. Gross proceeds are disclosed in item 3.1 and related capital-raising costs in item 3.4. The funds have been applied towards repayment of a portion of Alara’s outstanding finance facility with Trafigura Pte Ltd, comprising principal and interest. The placement will also cover A$856,618 (US$556,463) for interest payments due through to 30 June 2026, withholding tax on interest payments under the Trafigura Loan, and associated bank fees. 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 12,430 12,430 4.2 Net cash from / (used in) operating activities (item 1.9 above) (4,343) (4,343) For personal use only
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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) 25 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 4.3 Net cash from / (used in) investing activities (item 2.6 above) (409) (409) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 209 209 4.5 Effect of movement in exchange rates on cash held (100) (100) 4.6 Cash and cash equivalents at end of period 7,787 7,787 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 7,784 7,784 5.2 Call deposits - - 5.3 Bank overdrafts - - 5.4 Other (Petty Cash) 3 3 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 7,787 7,787 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 1 157 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. 1) The amount in 6.1 is comprised of Directors’ salaries, fees and entitlements of A$156,855 For personal use only
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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) 26 + 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– Al Hadeetha Investments LLC 1,067 1,067 Loan facilities – Sohar International Bank 101,925 91,496 Loan facilities – Trafigura PTE Ltd 3,949 3,949 Advance – Al Hadeetha Investments LLC 311 311 Advance – Al Tasnim Infrastructure LLC 311 311 7.2 Credit standby arrangements - 7.3 Other (please specify) - 7.4 Total financing facilities 107,564 97,135 7.5 Unused financing facilities available at quarter end 10,429 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. 7.1 The Company’s 51% owned joint-venture vehicle Al Hadeetha Resources LLC (AHRL) has a loan agreement with Sohar International Bank for OMR 25.98 million (AUD 101.92 million, as at 30 September 2025) (Sohar Loan). The profit rate for the Sohar Loan is 6.5% per annum for amounts drawn in OMR and 5.15% per annum for amounts drawn in USD, in both cases the rate being variable. The Sohar Loan has a term of 9 years and 9 months, including a moratorium period of 2 years and 9 months in which only Interest is payable, which has been paid on a monthly basis. The Sohar Loan is secured by a mortgage over AHR L’s assets including processing plant, land and buildings. 7.2 In July 2023 the Company entered a loan agreement with Trafigura Pte Ltd for finance of USD 3.45 million (AUD 5.07 million, at a USD:AUD exchange rate of 1.48 at around the time of drawdown) (Trafigura Loan ). The interest rate payable under the Trafigura Loan is 3 -month term SOFR (variable) plus a margin of 5.15% per annum. The Trafigura Loan has a maturity date of 30 June 2029 and a moratorium on principal payments until 30 September 2025. Pursuant to an agreement to amend the agreement for the Trafig ura Loan, on or around 15 July 2023 prepaid repayments of principal which would otherwise have been due up to and including 31 May 2026. 7.3 Under the Australian Accounting Standards ( AAS) the accounts of AHRL are consolidated with the accounts of its parent entity Alara, as a result of the fact that Alara has a majority shareholding interest (51%) in AHRL. Under AAS, AHRL is a “controlled entity” of Alara. Under AAS, Alara and its controlled entities prepare their accounts as if they all comprised a single entity ( Consolidated Entity). Cash inflows disclosed in this Appendix are almost exclusively comprised of cash inflows into AHRL. AHRL cash inflows are not available for use by Alara (as a separate entity) for its own purposes. Alara has a reasonable expectation that AHRL will pay it a dividend from its future anticipated profits. Various factors affect the likely timing of a future dividend from AHRL to Alara, including AHRL’s obligation under the relevant loan agreement to appl y free cash to pay down the Sohar Loan. Alara (as an individual entity within the Consolidated Entity) incurs and will continue to incur various expenses including corporate overheads, a requirement to contribute its proportionate share of any interim cash shortfall in AHRL and its share of funding required for current, planned and likely exploration by various joint ventures in which it has a participating interest, including Omani mineral concessions Blocks 7, 8 and 22B. For personal use only
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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) 27 + See chapter 19 of the ASX Listing Rules for defined terms. It is anticipated that Alara will need to conduct one or more capital raisings in future to enable it to meet its stand- alone cash requirements before dividends from AHRL commence and reach a level sufficient to sustain Alara’s operations. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) (4,353) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - 8.3 Total relevant outgoings (item 8.1 + item 8.2) (4,353) 8.4 Cash and cash equivalents at quarter end (item 4.6) 7,787 8.5 Unused finance facilities available at quarter end (item 7.5) 10,429 8.6 Total available funding (item 8.4 + item 8.5) 18,216 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 4.19 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: NA 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: NA 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: NA 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. For personal use only
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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) 28 + See chapter 19 of the ASX Listing Rules for defined terms. 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: 31st October 2025 Authorised by the Board: ................................................................... Atmavireshwar Sthapak, Managing Director 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. For personal use only