Earnings release
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KEY HIGHLIGHTS ➢ Strong safety performance, with 445,607 safe manhours worked and zero Lost Time Injuries (LTI) recorded during the quarter. ➢ The Al Wash -hi Majaza Copper Mine and Concentrator continued to outperform above nameplate capacity during the quarter achieving: o Mine (ROM) production 333,647 tonnes o Concentrate Production of 11,028 WMT ➢ Airborne geophysical survey was completed in early July 2026 over Exploration Concession 22B in Oman12. ➢ AHRL achieved record quarterly concentrate sales, dispatching fifteen copper concentrate parcels (Parcels 51 to 65) during the quarter, totalling approximately 15,199 WMT of copper concentrate containing approximately 2,952 MT of copper and 1,247 oz of gold34. ➢ Entitlement Offer oversubscribed with applications for approximately $4.95 million against offer of $3.84 million5. ➢ Claimants lodged an appeal with Court of Appeal hearing scheduled for November 20266. ➢ FY26 Annual Report released 30 September 2026 7, demonstrating a clear profitability inflection with consolidated total revenue of A$135.3M, and net profit of A$19.67M. 1 20260609 - ASX - “Airborne Geophysical Survey Commencement Concession 22B Oman” 2 20261013 - ASX - “Block 22B Concession Exploration and Prospect Generation” 3 20261001 - ASX - “65th Copper Concentrate Shipment Dispatched from Sohar Port” 4 20260826 - ASX - “57th, 58th, 59th and 60th Copper Concentrate Shipments” 5 20260818 - ASX - “Results of Entitlement Offer” 6 20260703 - ASX - “Update on Proceedings Relating to Al Wash-hi Majaza Project” 7 20260930 - ASX - “Annual Report”, “Corporate Governance Statement” and “Appendix 4G” For the period ending 30 September 2026 ASX Code: AUQ DIRECTORS AND EXECUTIVES Peter Lee Executive Chair Atmavireshwar Sthapak Managing Director Vikas Jain Non-Executive Director Sanjeev Kumar Non-Executive Director Devaki Khimji Non-Executive Director Farrokh J Masani Alternate Director for Devaki Khimji Dinesh Aggarwal Chief Financial Officer Catherine Grant-Edwards Melissa Chapman Joint Company Secretaries Registered Office Level 1, 2A / 300 Fitzgerald Street North Perth WA 6006 PO Box 624 North Perth WA 6906 Tel: +61 8 6166 9107 Email: info@alararesources.com Web: www.alararesources.com
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ALARA RESOURCES LIMITED | Quarterly Activities Report — September 2026 Quarter 2 OMAN OPERATIONS UPDATE Regular operations continued at the Al Wash -hi Majaza Copper Mine and Concentrator during the quarter with copper concentrate production averaging above nameplate capacity throughout the reporting period. In congruence, mining and processing operations demonstrated strong performance across safety, quality, and environmental monitoring, reflecting disciplined operational controls and adherence to established standards. Geo-political tensions in the region continued to pose shipping challenges during the quarter, with ongoing logistical uncertainty, a shortage of containers, and ongoing disruption to port connections. While production, storage capacity and dispatch readiness remained stable, these external constraints caused shipment delays that marginally extended the timing of concentrate revenue inflows during the quarter. Congestion at Sohar Port during August delayed vessel loading. Parcels 57 to 60 were dispatched on 25 August, with Parcel 60 comprising six containers held at port following an isolated handling incident4. AHRL dispatched fifteen parcels in total during the quarter (Parcels 51 to 65), with the 65 th parcel dispatched 30 September, just prior to quarter end. Exploration activities across concession 22B were stepped up during the quarter, with the completion, on 4 July 2026, of a concession -wide HeliTEM airborne electromagnetic and magnetic survey over the 1,448 km² Block 22B concession1. Flown by Xcalibur Smart Mapping at a nominal 250 m line spacing, the survey acquired approximately 6,132 line -kilometres of data, slightly below the planned ~6,400 line -kilometres owing to exclusion zones around populated areas and seasonal temperature c onstraints. Subsequent to quarter end, on 13 October 2026, the Company reported that remote sensing, geological mapping and rock-chip sampling across Block 22B had identified 12 copper-gold prospect areas, with processing and inversion of the HeliTEM data ongoing and the interpretation report expected in FY27 Q22. The Primary Court of Ibra, Sultanate of Oman, delivered its judgment in the Administrative Case, dismissing all substantive claims brought by the Claimants against AHRL and the Government authorities 8. Since then, the Claimants have lodged an Appeal6 with the Court of Appeal challenging the first instance judgment. A hearing for the Appeal is scheduled for early November 2026. Figure 1 – A bird's eye view of Wash-hi Majaza accommodation village 8 20260610 - ASX - “Proceedings Related to Al Wash-hi Majaza Project Dismissed”
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ALARA RESOURCES LIMITED | Quarterly Activities Report — September 2026 Quarter 3 AL WASH-HI MAJAZA INTEGRATED COPPER OPERATION (AHRL) (Al Hadeetha Resources LLC (AHRL): Alara – 51%; Al Hadeetha Investment Services LLC – 30%; Al Tasnim Infrastructure LLC – 19%) A. OPERATIONS UPDATE Mining Operational Highlights Summary of Key Metrics Table 1 and the charts below provide a mine production summary. Table 1 – Mine production summary, Q1 FY27 Metric Value Ore Excavated 0.33 Million Tonnes (MT) Waste Excavated 2.12 Million Tonnes (MT) Strip Ratio 6.35 Copper Grade (Cu%) 0.88% Figure 2 – Mine Production Q1 FY2027
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ALARA RESOURCES LIMITED | Quarterly Activities Report — September 2026 Quarter 4 Figure 3 – Al Wash-hi Mine Strip Ratio Performance Q1 FY27 Figure 4 – Mine and Concentrator Performance Against Nameplate Progress Updates and Key Highlights Mining Progress Mining operations met Q1 FY27 production targets, advancing to the 355 mRL level and achieved improved ore exposure through planned lateral development on the southern side of the pit. Bench conditions and geological visibility at this horizon supported on going validation of geotechnical domains and slope -design parameters consistent with current Ore Reserve classifications. For near -term FY27, mining will continue with lateral expansion across the central and southeastern pit sectors, targeting ore extraction to the 335 mRL level. This will deliver further operational improvements alongside those achieved during the quarter, particularly in ore exposure, bench stability, and water
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ALARA RESOURCES LIMITED | Quarterly Activities Report — September 2026 Quarter 5 management, thereby providing a strong basis for incorporating updated geotechnical and hydrogeological datasets into pit optimisation, phase sequencing, and ongoing Life-of-Mine planning. These updates reinforce modifying-factor assessments and support continued compliance with JORC reporting requirements. Recent snapshots of Al Wash-hi open pit progression, surface operations follow in Figures 5, 6, 7 and 8. Figure 5 – Bird's eye view of the Al Wash-hi Majaza Mine, 30 September 2026
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ALARA RESOURCES LIMITED | Quarterly Activities Report — September 2026 Quarter 6 Figure 6 – Pit Position, 30 September 2026
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ALARA RESOURCES LIMITED | Quarterly Activities Report — September 2026 Quarter 7 Figure 7 – Satellite view of the integrated Al Wash-hi Majaza facility, 30 September 2026 (courtesy Apple Maps)
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ALARA RESOURCES LIMITED | Quarterly Activities Report — September 2026 Quarter 8 Figure 8 – Ore stock at Al Wash-hi Majaza facility, 30 September 2026 Technical Optimisation Implemented Optimised bench-height configuration and ore -handling practices implemented in earlier periods continued to deliver strong operational outcomes during the quarter. Ore mining in 5 metre benches has sustained improvements in selectivity, reducing dilution and ore loss, while waste mining in 10 metre benches has continued to provide high operational efficiency. Collectively, these practices are tangibly enhancing the quality and consistency of ore supplied to the processing plant. These activities remain central to the long -term mine development strategy, supporting improved ore exposure, maintaining pit stability, and ensuring efficient access to future mining blocks. Stockpile Management Enhanced ore stockpiling protocols remain in effect, providing improved control over stockpile geometry, material segregation, and reclaim sequencing to ensure consistent feed quality to the processing circuit. Dedicated low-grade stockpiles have been fully established and are now operating as planned, enabling more precise ore -type management and significantly increased blending flexibility and grade control. These measures collectively support stable mill throughput, reduced feed variability, and contribute to more reliable metallurgical performance. Geotechnical and Hydrogeological Studies Final geotechnical and hydrogeological technical reports were received from SRK Consultants during the quarter. The outputs of these studies have been incorporated into pit optimisation and mine -design parameters, providing robust support for Reserve classifications. Processing Plant Operational Highlights During the quarter ending 30 September 2026, mill feed reached 285,141 tonnes against a target of 249,000 tonnes, achieving 114% of quarterly target, while concentrate production totalled 11,028 WMT. Both mill feed and concentrate production averages met the business plan of the company under many challenging circumstances, reflecting the team’s ongoing efforts, operational resilience, and strong plant performance.
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ALARA RESOURCES LIMITED | Quarterly Activities Report — September 2026 Quarter 9 AHRL Sales Performance Summary During the quarter ending 30 September 2026, AHRL dispatched fifteen copper concentrate parcels (Parcels 51 to 65) from Sohar Port, comprising approximately 15,199 WMT of copper concentrate containing approximately 2,952 MT of copper. This followed AHRL de livering 30 copper concentrate shipments during FY26. Shipments announced during the quarter are summarised in Table 2 below. Table 2 – Copper concentrate shipments dispatched, Q1 FY27 Parcel(s) Dispatch date Concentrate (WMT) Contained Cu (MT) 519 30 June 2026* 1,060 205 5210 3 July 2026 1,067 209 5310 3 July 2026 1,056 202 5411 5 July 2026 1,057 197 5512 19 July 2026 1,058 192 5613 24 July 2026 1,058 211 57 to 604 25 August 2026 3,303 673 6114 26 August 2026 1,063 216 6215 6 September 2026 1,060 207 6316 10 September 2026 1,059 202 6417 16 September 2026 1,305 243 653 30 September 2026 1,053 196 Total3 15,199 2,952 All figures approximate. Quarter total as reported in the 1 October 2026 ASX release; individual parcels may not sum due to rounding. *Due to documentation timing, Parcel 51 is included in Q1 FY27 sales. During the quarter ending 30 Sep 2026, the Wash -hi Majaza mine recorded its strongest quarterly sales performance since the commencement of commercial operations. Copper sold, at approximately 2,952 MT, was 42% above the previous quarterly record of 2,077 MT set in the June 2026 quarter 3. Gold contained in concentrate across the fifteen parcels totalled approximately 1,247 ounces. The record copper sales reflected improved plant performance, favourable ore characteristics, and higher production throughput. Overall, FY27 Q1 demonstrated AHRL’s growing operational resilience, with record sales volumes achieved despite an exceptionally challenging logistics environment. The Company remains focused on safely maximising production, ensuring uninterrupted delivery of concentrate shipments to offtake parties, and mitigating the impact of ongoing regional shipping disruptions. 9 20260701 - ASX - “Asset Delivers 51 Copper Concentrate Shipments for FY26” 10 20260706 - ASX - “52nd and 53rd Copper Concentrate Shipments” 11 20260707 - ASX - “54th Copper Concentrate Shipment Dispatched from Sohar Port” 12 20260720 - ASX - “55th Copper Concentrate Shipment Dispatched from Sohar Port” 13 20260727 - ASX - “56th Copper Concentrate Shipment Dispatched from Sohar Port” 14 20260828 - ASX - “61st Copper Concentrate Shipment Dispatched from Sohar Port” 15 20260908 - ASX - “62nd Copper Concentrate Shipment Dispatched from Sohar Port” 16 20260911 - ASX - “63rd Copper Concentrate Shipment Dispatched from Sohar Port” 17 20260917 - ASX - “64th Copper Concentrate Shipment Dispatched from Sohar Port”
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ALARA RESOURCES LIMITED | Quarterly Activities Report — September 2026 Quarter 10 A graphical summary of sales performance for the quarter, and since commencement follows in Figures 9, 10 and 11. Figure 9 – FY27 Q1 Shipping Parcels by Month Figure 10 – Shipping Parcels 51 to 65
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ALARA RESOURCES LIMITED | Quarterly Activities Report — September 2026 Quarter 11 Figure 11 – AHRL Historical Sales Data
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ALARA RESOURCES LIMITED | Quarterly Activities Report — September 2026 Quarter 12 HEALTH, SAFETY AND ENVIRONMENT (HSE) PERFORMANCE During the reporting quarter, the site demonstrated a strong commitment to maintaining high standards of Health, Safety, and Environmental (HSE) performance. A total of 445,607 safe manhours were achieved with zero Lost Time Injuries (LTI) recorded during the reporting period. The proactive safety reporting culture remained strong, with 88 near misses and 569 unsafe acts and unsafe conditions reported during the quarter. These reports provided opportunities to identify potential hazards, implement corrective actions, and prevent incidents. A total of 492.6 hours of HSE training were conducted during the quarter, covering various safety topics and competency requirements. Figure 12 – Safe Man-Hours Worked Figure 13 – Unsafe Act - Unsafe Condition Reported Figure 14 – Near Miss Reporting Figure 15 – Trainings Conducted As part of the seasonal risk management programme, focused heat stress awareness and prevention training was conducted during the heat -stress period. Additional training campaigns were conducted on working at height and hand safety, with the objective of s trengthening employee awareness and reducing exposure to common workplace hazards.
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ALARA RESOURCES LIMITED | Quarterly Activities Report — September 2026 Quarter 13 Utility Consumption Figure 16 – Water Consumption Figure 17 – Diesel Consumption
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ALARA RESOURCES LIMITED | Quarterly Activities Report — September 2026 Quarter 14 Figure 18 – Power Consumption To assess and strengthen the site's emergency preparedness and response capabilities, emergency mock drills were conducted during the reporting period. A chemical spill response mock drill was conducted to assess the workforce's preparedness in responding to a potential chemical spill, including emergency communication, area isolation, use of appropriate PPE, spill containment, and response procedures. A medical emergency rescue drill was conducted to assess the preparedness and response capabilities of employees and the emergency response team in managing a simulated medical emergency at the mine. The drill evaluated the effectiveness of emergency commu nication, casualty rescue and retrieval, first-aid response, medical assistance, and coordination with the ambulance and medical support team. The exercise also helped identify areas for improvement and strengthen the site’s overall emergency preparedness and response arrangements An Annual Health Assessment Campaign was conducted during the reporting period to monitor employee health and fitness for work. Employees working in high-noise areas underwent annual medical assessments, including audiometric testing, as part of the site's occupational health surveillance and hearing conservation programme. This initiative supports early identification of potential hearing-related issues and reinforces the importance of appropriate noise-control and hearing-protection measures.
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ALARA RESOURCES LIMITED | Quarterly Activities Report — September 2026 Quarter 15 Figure 19 – Annual Health Assessment Environmental monitoring was conducted regularly throughout the reporting period to verify compliance with applicable regulatory requirements and the company’s internal environmental standards. Noise monitoring carried out across operational areas confirme d that recorded noise levels remained within the applicable occupational exposure limits. Figure 20 – Source Noise Monitoring Figure 21 – Boundary Noise Monitoring
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ALARA RESOURCES LIMITED | Quarterly Activities Report — September 2026 Quarter 16 Figure 22 – Ambient Air Quality Monitoring Results As part of the site's environmental sustainability initiatives, a plantation drive was conducted across the mine and plant areas to increase green coverage and promote a more sustainable working environment. Figure 23 – Tree plantation around mine
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ALARA RESOURCES LIMITED | Quarterly Activities Report — September 2026 Quarter 17 AL WASH-HI MAJAZA PROJECT – LEGAL PROCEEDINGS Legal proceedings brought by a group of residents challenging AHRL’s permits, approvals and licences in the Al-Kharis area of Wilayat Al-Mudhaibi (announced 31 December 202518) were dismissed on their merits, with costs awarded against the plaintiffs 8. On 3 July 2026, the Company announced that the Claimants had appealed to the Court of Appeal against the first instance judgment of the Administrative Circuit of the Ibra Primary Court6. AHRL is named as first respondent, alongside four Government authorities. An appeals hearing is scheduled for November 2026. AHRL holds all licences and permits required for its crusher, quarry and landfill operations and, with its legal advisers, intends to strongly defend the appeal. The Al Wash-hi Project continues to operate under its existing approvals. The Company cannot predict the outcome or timing of the appeal and will provide further updates as required under the ASX Listing Rules. 18 20251231 - ASX - “Proceeding in Oman Related to Al Wash-hi Majaza Project”
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ALARA RESOURCES LIMITED | Quarterly Activities Report — September 2026 Quarter 18 B. EXPLORATION UPDATE - CONCESSION 22B SUMMARY Exploration activities during the quarter focused on advancing both brownfield and greenfield opportunities across Alara’s extensive Oman concession portfolio. The following details exploration activities in Concession 22B, encompassing the earlier exploration licences, namely Wash-hi and Mullaq. At the Al Wash -hi Majaza Copper Mine, follow -up drilling was undertaken to test the northwestern strike extension and down-dip continuity of mineralisation, following results from the Phase 1 and Phase 2 drilling programmes. No new drilling assay results a re reported in this report. Any material Exploration Results as available will be reported separately in accordance with the JORC Code (2012) and ASX Listing Rules once results have been received and validated. Brownfield exploration activities also included completion of the orientation geophysical survey programme over the Al Wash-hi deposit, comprising gravity, Induced Polarisation (IP) and Electrical Resistivity Tomography (ERT) surveys. Gravity data processing and interpretation have been completed, while interpretation of the IP and ERT datasets is currently underway. The results will be integrated with existing geological and drilling information to optimise future exploration targeting within the concession. Across the Mullaq Prospect and Mineral Exploration Concession Block 22B (Block 22B), geological mapping and rock-chip sampling programmes were completed over several priority Prospect areas identified through remote sensing studies2. These programmes improved the geological understanding of prospective areas and identified hydrothermal alteration, structurally controlled veining and visible copper -bearing minerals at surface (principally malachite staining) across multiple Prospects. Assessment of their geochemical and geological significance remains ongoing. Cautionary statement – visual observations: References in this report to copper -bearing minerals (including malachite), sulphides, gossans and alteration are qualitative field observations made during geological mapping and rock-chip sampling. Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. Rock-chip samples are selective by nature and may not be representative of the present mineralisation. Laboratory assay results are pending. In parallel, interpretation of the concession -wide HeliTEM airborne electromagnetic and magnetic survey, completed in July 2026 over the Block 22B Concession is progressing following completion of data acquisition, processing and inversion modelling. The s urvey provides the first modern airborne geophysical dataset covering the entire concession and is intended to support regional target generation and prioritisation. Interpretation is currently underway, with final results expected in FY27 Q2. AL WASH-HI MAJAZA COPPER MINE (Alara – 51%: Al Hadeetha Investment Services LLC – 30%; Al Tasnim Infrastructure LLC – 19%) Al Wash-hi Majaza Mine - Mineral Resource and Ore Reserve Subsequent to the end of the quarter, on 5 October 2026, SRK Mining Services (India) Private Limited (SRK) issued its audited statement following an independent external review and audit of the Mineral Resource and Ore Reserve (MROR) estimates for the Al W ash-hi Majaza Mine, held by Al Hadeetha Resources LLC (AHRL), Alara’s 51%-owned joint venture company. As this work falls outside the reporting period, updated MROR estimates are not included in this report. Refer to the Company’s separate ASX announcement19. 19 20261014 - ASX - “Annual Mineral Resources and Ore Reserves Statement”
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ALARA RESOURCES LIMITED | Quarterly Activities Report — September 2026 Quarter 19 Brownfield Exploration - Al Wash-hi Majaza Copper-Gold Mine Following the Phase 1 and Phase 2 drilling programmes, drilling continued to evaluate the continuity of mineralisation along the northwestern strike extension and at depth, where mineralisation interpreted from current drilling remains open, subject to further drilling and geological interpretation. Extension drilling from Phase-2, completed during the reporting period, included a total of 680.5 metres of diamond drilling across three drill holes. Two drill holes have been completed, while drilling in the third hole remains ongoing. Post-drilling activities, including detailed geological and structural logging, core processing, sampling, and interpretation, have been completed for the finished drill holes. Assay results are currently undergoing laboratory analysis. These results relat e to routine brownfield extensional drilling adjacent to the mine, outside the reasonable prospects for eventual economic extraction (RPEEE) pit shell that constrains the current Mineral Resource, and are not expected to materially affect the existing Mineral Resource and Ore Reserve estimates. Any material Exploration Results will be reported separately in accordance with the JORC Code (2012) and ASX Listing Rules. The drilling and interpretation work completed to date has improved the geological understanding of the Al Wash-hi deposit. Interpretation of the results, and their significance will be assessed once received. The drilling programme is intended to improve geological understanding and to provide information to support future Mineral Resource evaluation activities. Results from the programme will contribute to ongoing technical evaluations, development studies and ultimately life of mine extension for the Al Wash-hi Majaza Copper asset. Figure 24 – Diamond Drill Holes completed in Phase 1, Phase 2 and Q1 FY27
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ALARA RESOURCES LIMITED | Quarterly Activities Report — September 2026 Quarter 20 Orientation Geophysical Surveys – Al Wash-hi Majaza Deposit To support the evaluation and ranking of exploration Prospects within the Al Wash -hi concession, Alara completed an orientation geophysical survey programme over the known Al Wash -hi Majaza deposit, comprising ground gravity, Induced Polarisation (IP), and Electrical Resistivity Tomography (ERT) surveys. The programme was designed to assess the effectiveness of these techniques in detecting known mineralisation and to support their application across prospective areas within the concession, as illustrated in Figure 25. Figure 25 – Orientation geophysical surveys - Gravity & ERT Interpretation of the gravity survey data has been completed and identified density variations associated with the mineralised corridor and surrounding host rocks. The results indicate that gravity data can provide useful geological context and complement other exploration datasets; however, its effectiveness as a standalone tool for direct targeting of mineralisation appears limited. Field acquisition for the IP and ERT surveys has also been completed, with data processing and interpretation currently underway. The results are expected to provide additional insights into the chargeability and resistivity characteristics of sulphide min eralisation and associated alteration zones, which will assist in refining exploration models and prioritising future drill targets. The outcomes of the orientation survey programme will be integrated with existing geological, geochemical, and drilling datasets to optimise exploration strategies and support target generation across Alara's brownfield and greenfield exploration portfolio.
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ALARA RESOURCES LIMITED | Quarterly Activities Report — September 2026 Quarter 21 MULLAQ COPPER-GOLD PROJECT (Alara – 51%: Al Hadeetha Investment Services LLC – 30%; Al Tasnim Infrastructure LLC – 19%) During the quarter, Alara advanced exploration activities at the Mullaq Prospect, a priority greenfield Prospect located within Block 22B. Detailed geological mapping at Mullaq was completed at a 1:1,000 scale, delineating lithological contacts, alteration zones, mineralised occurrences, structural features and historical workings across the prospect area. The prospect is predominantly underlain by Layered Gabbro (CLG) with subordinate ultramafic and harzburgitic units. Contacts between gabbro and ultramafic rocks are commonly associated with faulting, shearing, fracturing, serpentinisation and veining, indicating favourable pathways for hydrothermal fluid flow and mineralisation. Visible copper -bearing minerals were observed at surface at a number of locations across the prospect, principally as malachite within gossans and copper -stained fracture zones, together with oxidised rock units and hydrothermal veins. Sulphide indications, together with extensive gossanous and iron -rich alteration zones, are considered consistent with a hydrothermal copper system; this interpretation requiring further confirmation via geochemical analysis and drilling. Hydrothermal alteration is well developed and includes potassic, chloritic, epidote, silicic, carbonate and serpentine alteration assemblages. Quartz-feldspar, quartz-carbonate and carbonate veining is abundant and commonly associated with alteration and copper mineralisation. The prospect is characterised by significant structural complexity, including faulting, shearing, brecciation and fracture-controlled veining. Mineralisation and alteration are closely associated with these structural corridors, particularly along gabbro-ultramafic contacts. Historical slag occurrences and ancient workings were also identified, providing evidence of past copper extraction activities. The work forms part of Alara's ongoing staged exploration strategy to assess the prospectivity of the Mullaq area, which is located within the broader geological environment of the Samail Ophiolite sequence in Oman. Geological and geochemical datasets gene rated during the quarter are being integrated with historical exploration information to further support target generation and evaluation. Exploration Significance Mullaq exhibits several geological characteristics considered consistent with a hydrothermal copper system, including surface copper mineral occurrences, extensive gossan development, hydrothermal alteration, abundant veining and favourable structural sett ings. The programme has identified geological features that warrant further investigation and follow-up exploration within the prospect area, including the association of surface copper occurrences with major structural corridors and evidence of historical mining activity. Laboratory assay results are pending.
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ALARA RESOURCES LIMITED | Quarterly Activities Report — September 2026 Quarter 22 AL AJAL COPPER-GOLD PROJECT (Al Hadeetha Resources LLC (AHRL): Alara – 51%; Al Hadeetha Investment Services LLC – 30%; Al Tasnim Infrastructure LLC – 19%) A. Exploration Update 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 Figure 26. During the reporting period, no exploration activities occurred; however, positive engagement with the Ministry of Energy and Minerals for the renewal of the Al Ajal Exploration Licence (EL) remains ongoing. Figure 26 – Al Ajal Exploration and Mining Licence Application Area Historical exploration campaigns undertaken by Alara previously confirmed the presence of copper mineralisation within the licence area. A Mining Licence (ML) application has been submitted based on these results and remains under review by the relevant authorities, with updates to be provided when available.
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ALARA RESOURCES LIMITED | Quarterly Activities Report — September 2026 Quarter 23 AL HADEETHA MINING LLC (AHML) – BLOCK 22B (Al Hadeetha Mining LLC (AHML): Alara - 27.5%; Al Hadeetha Investment Services LLC - 27.5%; Al Tasnim Mining LLC - 27.5% and South West Pinnacle Exploration Ltd - 17.5%) Alara Resources Limited (ASX: AUQ), through its joint venture entity Al Hadeetha Mining LLC, continued exploration activities at Mineral Exploration Concession Block 22B (Block 22B) in the Sultanate of Oman during the quarter, targeting copper, gold, chromite and platinum group elements (PGE). Block 22B is a consolidated concession comprising multiple historical exploration, prospecting and mining licences located within the Samail Ophiolite approximately 160 kilometres southeast of Muscat. The concession h osts widespread occurrences of historical copper slag, particularly within its southwestern and northeastern sectors, indicating past mining activity and supporting the region’s mineral prospectivity. The Block 22B concession encompasses upper oceanic crust, lower oceanic crust and mantle sequence lithologies, each prospective for distinct styles of mineralisation. Upper crustal lithologies, including sheeted dyke complexes and mafic volcanics of the Lasail and Alley formations, considered prospective for VMS-style copper-gold mineralisation. Lower crustal gabbroic units host minor known copper occurrences, while mantle sequence lithologies, including harzburgite and dunite, are prospective for chromite and associated nickel, cobalt and PGE mineralisation. During the quarter, a concession -wide remote sensing study was completed using Sentinel -2 multispectral imagery, ALOS PALSAR DEM and high -resolution satellite data. The study included alteration mapping, structural interpretation, lithological discrimination, gossan detection and prospectivity analysis, resulting in the identification of 12 exploration Prospect areas for follow-up investigation. Field follow-up activities comprised geological traversing, detailed geological mapping and rock-chip sampling across five priority Prospect areas. Mapping identified widespread hydrothermal alteration, structurally controlled veining with surface copper mineral indicators, and favourable geological settings within the Samail Ophiolite sequence. Key observations included malachite staining, gossanous zones, sulphide occurrences, quartz-carbonate veining, hydrothermal brecciation, iron oxide enrichment and e xtensive chlorite-epidote- carbonate-silica alteration. Mineralisation and alteration were commonly associated with regional-scale fault, shear and fracture systems. On 13 October 2026, subsequent to the reporting period, Alara released an update pertaining to Block 22B exploration and prospect generation2. Key Outcomes The integrated remote sensing, geological and geophysical programmes improved the geological understanding of Block 22B and refined exploration targeting across the concession. Five priority prospect zones were delineated, and field verification identified widespread hydrothermal alteration and surface copper mineral indicators. These features are considered, on a conceptual basis, to be consistent with Cyprus- type VMS and structurally controlled copper mineralisation models; further work, including geochem ical analysis and drilling, is required to assess their significance. The completed airborne geophysical survey provides an additional dataset to support anomaly generation, Prospect ranking and future drill target definition. Upcoming work will focus on completing the interpretation of airborne magnetic and electromagnetic datasets, integrating geological, geochemical, geophysical and remote sensing information, undertaking targeted surface geochemical sampling, and advancing the highest-ranked anomalies through detailed follow- up exploration and Prospect definition.
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ALARA RESOURCES LIMITED | Quarterly Activities Report — September 2026 Quarter 24 Figure 27 – Block 22B identified Prospects based on geological mapping, field observations & remote sensing study Geological Traversing – Sheeted dyke and Pillow basalt Geological traversing and rock-chip sampling were completed in the north-western sector of the concession, covering sheeted dyke complex, basalt, micro -gabbro, gabbro and locally developed volcanic -sedimentary units. Field investigations identified extensi ve hydrothermal alteration and oxidation, particularly within basaltic rocks characterised by chloritic alteration, hydrothermal brecciation, quartz -carbonate veining and pervasive hematite-limonite staining. Alteration assemblages comprising chlorite, epidote, carbonate, silica, iron oxides and local clay development are widespread and are commonly associated with fracture networks, shear zones and lithological contacts. Structural mapping indicates that alteration and mineralisation are controlled by NW-SE to WNW-ESE trending structures, which host quartz-carbonate vein systems and iron oxide-rich alteration corridors. Exploration Significance The mapping and sampling programme improved the geological understanding of the Prospect area and identified hydrothermal alteration and structurally controlled veining within favourable host rocks. Assessment of associated geochemical results and geologic al significance remains ongoing. The collected geological and geochemical data will be integrated with ongoing exploration datasets to support Prospect evaluation and guide future exploration activities within the concession.
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ALARA RESOURCES LIMITED | Quarterly Activities Report — September 2026 Quarter 25 Figure 28 – Geological traversing and ground truthing north-western sector of the concession Geological Mapping – Prospect 22B-T10 Geological mapping and rock-chip sampling were completed over 22B-T10, a Prospect area identified through remote sensing interpretation. The area is predominantly underlain by sheeted dyke complex, basalt, dolerite, micro gabbro and gabbro units of the Sam ail Ophiolite sequence. Field mapping confirmed the presence of widespread fracturing, shearing, brecciation and hydrothermal alteration affecting both volcanic and intrusive lithologies. Hydrothermal alteration comprising epidote, chlorite, carbonate, silica, clay and iron oxide assemblages is developed throughout the Prospect area and is commonly associated with fractures, shear zones, dyke margins and vein systems. Mineralisation indicators, including malachite staining, oxidised sulphides, sulphide traces and iron oxide -rich structures, were observed at several locations and are generally associated with quartz-carbonate veining and alteration corridors. Structural mapping indicates that alteration and mineralisation are primarily controlled by NE-SW to WNW-ESE trending fault and shear systems. Exploration Significance The mapping programme enhanced the geological understanding of 22B -T10 and identified hydrothermal alteration and structurally controlled veining, together with visible copper-bearing minerals at surface, within the Prospect area. The results will be integ rated with geochemical and geophysical datasets to support ongoing Prospect evaluation and prioritisation.
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ALARA RESOURCES LIMITED | Quarterly Activities Report — September 2026 Quarter 26 Figure 29 – Geological mapping of Prospect 22B-T10 Ground truthing & geological traversing – 22B-T09 Geological mapping and rock -chip sampling were completed over 22B -T09, where the geology is dominated by sheeted dyke complex with subordinate felsic intrusive and gabbroic units. Field mapping identified extensive fracturing, shearing, brecciation and hyd rothermal alteration, highlighting the importance of structural controls within the Prospect area.
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ALARA RESOURCES LIMITED | Quarterly Activities Report — September 2026 Quarter 27 Hydrothermal alteration comprises chlorite, epidote, silica, iron oxides and local kaolinisation, together with quartz-feldspar veining developed along shear zones, faults and fracture networks. Mineralisation indicators, including malachite staining, sulp hide occurrences and iron oxide -rich shear zones, were observed and are typically associated with altered and structurally disrupted basaltic dykes. Structural mapping confirmed that mineralisation and alteration are primarily controlled by fault- and shear-related hydrothermal corridors. Exploration Significance The mapping programme enhanced the geological understanding of 22B -T09 and identified hydrothermal alteration and structurally controlled veining, together with visible copper-bearing minerals at surface, within the prospect area. The results will be integ rated with geochemical and geophysical datasets to support ongoing Prospect evaluation and prioritisation. Figure 30 – Geological traversing and ground truthing - Prospect 22B-T09 Geological Mapping – 22B-T08 Geological mapping and rock-chip sampling were completed over 22B-T08, which is predominantly underlain by sheeted dyke complex, basalt, basaltic dykes, micro -gabbro/dolerite and gabbro units of the Samail Ophiolite sequence. Field mapping identified exten sive fracturing, shearing, veining and hydrothermal alteration, particularly along dyke contacts and structurally controlled zones. Hydrothermal alteration is widespread and comprises epidote, chlorite, carbonate, silica, iron oxide, local potassic and clay alteration assemblages. Mineralisation indicators, including malachite -bearing veins, oxidised zones, sulphide occurrences, quartz-carbonate veining and iron oxide-rich structures, were observed at several locations and are commonly associated with fracture zones, shear corridors and altered basaltic units. Structural mapping indicates that alteration and mineralisation are primarily controlled by NW -SE to WNW-ESE trending fault and shear systems.
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ALARA RESOURCES LIMITED | Quarterly Activities Report — September 2026 Quarter 28 Exploration Significance The mapping programme improved the geological understanding of 22B -T08 and identified hydrothermal alteration and structurally controlled veining, together with visible copper-bearing minerals at surface, across the Prospect area. Rock -chip samples collect ed during the programme have been submitted for laboratory analysis, with results pending. Figure 31 – Geological map of Prospect 22B-T08 Geological Mapping – 22B-T11 Subsequent to previous update20, geological mapping and rock-chip sampling were also completed over 22B- T11, a hydrothermally altered basalt Prospect identified through remote sensing studies. The area is predominantly underlain by basalt and sheeted dyke complex units, with subordinate micro-gabbro, gabbro and local mudstone horizons. Field mapping identified widespread fracturing, shearing, brecciation and hydrothermal alteration, reflecting significant structural and hydrothermal overprinting across the Prospect area. Hydrothermal alteration comprises epidote, chlorite, carbonate, silica, iron oxide and local clay alteration assemblages, commonly developed along fractures, shear zones, brecciated intervals and vein systems. Mineralisation indicators, including oxidised zones, iron oxide -rich veins, hydrothermal breccias, sulphide - bearing veins, quartz -carbonate veining and local gossan development, were observed at several locations. Structural mapping indicates that alteration and mineralisation are primarily controlled by NW-SE to WNW- ESE trending fault and shear systems. Exploration Significance The mapping programme improved the geological understanding of 22B -T11 and identified hydrothermal 20 202610134 - ASX - “Block 22B Concession Exploration and Prospect Generation"
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ALARA RESOURCES LIMITED | Quarterly Activities Report — September 2026 Quarter 29 alteration and structurally controlled veining, together with visible copper-bearing minerals at surface, within the Prospect area. Rock -chip samples collected during the programme have been submitted for laboratory analysis, with results pending. Figure 32 – Geological map of Prospect 22B-T11
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ALARA RESOURCES LIMITED | Quarterly Activities Report — September 2026 Quarter 30 HeliTEM Airborne Geophysical Survey – Block 22B Concession In early July 2026, during the September 2026 quarter, Alara completed the HeliTEM airborne electromagnetic and magnetic survey across the entire Block 22B concession. The survey, undertaken by Xcalibur Smart Mapping, collected approximately 6,132 line -kilometres of airborne geophysical data, providing comprehensive coverage across the 1,448 km² concession area. Despite minor reductions in planned line coverage due to exclusion zones around populated areas and operational constraints, the survey successfully delivered high-quality regional geophysical datasets suitable for target generation and exploration planning. The survey was designed to identify conductive and magnetic anomalies potentially associated with volcanogenic massive sulphide (VMS) and other copper -bearing mineralisation systems, providing the first modern airborne geophysical dataset covering the entire concession. The programme represents a significant component of Alara’s systematic exploration strategy and provides a foundation for evaluating mineral prospectivity across the broader licence area. Data processing and inversion modelling have now been completed, and the interpretation phase is currently underway. The interpreted results will be integrated with geological mapping, geochemical data, remote sensing studies and recent field exploration p rogrammes to refine the geological framework and prioritise exploration Prospects across the concession. Final processed results and interpretation are expected to be completed in FY27 Q2. Figure 33 – HeliTEM Airborne Magnetic Survey in Action The airborne geophysical dataset is expected to play a key role in supporting future Prospect ranking and exploration planning. Priority anomalies identified through the interpretation process will be assessed through follow-up geological, geochemical and ground geophysical programmes to support the progression of the highest-priority targets for further evaluation.
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ALARA RESOURCES LIMITED | Quarterly Activities Report — September 2026 Quarter 31 Figure 34 – Block 22B Flight Path Coverage for HeliTEM survey Block 22B (AHRL, AHML) Mineral Tenement Summary Block Name Licence Owner Alara JV Interest EL Area EL Grant EL Expiry EL Status ML Area ML Status Al Wash-hi Majaza Al Hadeetha Resources LLC 51% 39 km² Jan-08 2 Mar 2028 Active (Part of 22B) 3 km² Active Mullaq Al Hadeetha Resources LLC 51% 41 km² Oct-09 2 Mar 2028 Active (Part of 22B) 1 km² Pending Al Ajal Al Hadeetha Resources LLC 51% 25 km² Jan-08 – Pending 1.5 km² Pending Block 22B Al Hadeetha Mining LLC 27.5% 1,448 km² Mar-25 2 Mar 2028 Active – –
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ALARA RESOURCES LIMITED | Quarterly Activities Report — September 2026 Quarter 32 AWTAD COPPER-GOLD PROJECT (JV) (Awtad Copper LLC (ACL): Alara 10%; Power Metal with earn-in right of up to 12.5%; Local shareholders 90%, subject to dilution) The Block 8 exploration licence in Oman (the Project), covering a contiguous area of 497 km² approximately 130 km west of Muscat, is held through a joint venture between Alara Resources Limited and Awtad Copper LLC, with Alara holding a 10% interest, and i s subject to a farm -in agreement signed on 25 October 2024 allowing Power Metal Resources plc the rights to earn a 12.5% stake. The Block 8 exploration licence includes part of the Samail Ophiolite, a geological setting prospective for copper-dominant (Cyprus-type) volcanogenic massive sulphide (VMS) mineralisation. Please refer to previous quarter reports21 for exploration activities conducted in Block 8. Figure 35 – Location of Block 8 exploration licence Exploration Update Exploration activities remained paused during the quarter in line with travel limitations affecting the Power Metal Resources team amid ongoing geopolitical conditions in the region. Mineral Tenement Status Block Name Licence Owner Alara JV Interest EL Area EL Grant EL Expiry EL Status ML Within EL Block 8 Awtad Copper LLC 10% 497 km² Nov 2009 May 2027 Active22 NA 21 20251031, 20260129, 20260430 and 20260731 - ASX - “Quarterly Activities/Appendix 5B Cash Flow Report” (FY26 Q1 to Q4 quarterly reports) 22 Block 8 EL Expired in May 2026. Official letter received confirming renewal approval and permitted exploration activities.
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ALARA RESOURCES LIMITED | Quarterly Activities Report — September 2026 Quarter 33 DARIS COPPER-GOLD PROJECT (Daris Resources LLC (DRL): Alara – 50%; Al Tamman Trading And Establishment LLC – 50%) A. Block 7 Update The Daris Project comprises two high -grade copper deposits within a 587 km² exploration licence (Block 7), which also includes two mining licence applications covering a total area of 4.5 km². Located approximately 150 km west of Muscat and accessible via sealed bitumen road, the Daris Copper -Gold Project is consistent with Alara’s strategic hub-and-spoke development model. Under this model, economically mineable ore from Daris may be processed at the Al Wash-hi Majaza copper concentrator plant. B. Daris East Update The Daris East Mining Licence application is still pending at the time of this announcement. The Daris East mineral resource, consisting of measured + indicated categories equal to 240,024t @ 2.37%Cu23, has been subject to an objection from the Ministry of Housing owing to its proximity to land recently allocated to local communities. Negotiations with the Ministry of Housing on an earlier submitted proposal are ongoing. Following advice from the Environment Authority that consent agreements be secured with local community members who have been allocated land plots and those who have constructed residential structures in proximity to the applied Mining Licence area, proactive engagement and ongoing consultation with the local community continued during the quarter. C. Daris 3A5 Mining Licence Update The Ministry of Energy and Minerals awarded a Mining Licence over the Daris 3A5 prospect, announced 5 August 2025 24. Daris 3A5 forms part of the Daris Copper -Gold Project and represents a significant step in advancing the Company’s development pipeline in Oman. Further exploration and development work will commence following grant of Daris East Mining Licence. Mineral Tenement Status Block Name Licence Owner Alara JV Interest EL Area EL Grant EL Expiry EL Status ML Area ML Application ML Status Block 7 Al Tamman Trading and Establishment LLC25 50% (earn in up to 70%) 587 km² Nov 2009 Feb 2016 Pending 0.65 km² (Daris 3A5) Resubmitted 2024 Awarded 3.2 km² (Daris East) Resubmitted 2024 Pending 23 Resource categories: Measured 129,155t @ 2.48%Cu and Indicated 110,870t @ 2.24%Cu (at cut-off grade of 0.5%Cu). The information in the JORC Resource tables was initially prepared and first disclosed under the JORC Code 2004 (refer 20130201 - ASX - “December 2012 Quarterly Report”). The Mineral Resource Estimate has not been updated since complying with JORC Code 2012 on the basis that the information has not materially changed since it was last reported. 24 20250805 - ASX - “New Mining Licence Awarded” 25 The exploration licence, mining licence and mining licence application underlying the Daris project are registered to Al Tamman Trading and Establishment LLC, the Company's joint venture partner for the Daris project. The joint venture company is still awaiting transfer of these licences.
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ALARA RESOURCES LIMITED | Quarterly Activities Report — September 2026 Quarter 34 ALARA RESOURCES LLC (ARL) (Alara Resources LLC (ARL): Alara – 35%; Al Tasnim Infrastructure LLC – 30%; South West Pinnacle Exploration Ltd – 35%) Alara Resources LLC (ARL) is a prominent mining services provider in Oman, delivering contract drilling, mining and geological services that support the continued advancement of the country’s nascent mining sector. The Company is currently engaged to provi de contract mining services to the Al Wash -hi Majaza operation, operated by Al Hadeetha Resources LLC (AHRL). With four diamond core drill rigs, ARL’s drilling division delivered strong operational and commercial progress in the quarter: • Phase 2 exploration drilling at the Al Wash-hi Majaza mine site, included 6,810 metres completed at the end of the June quarter, with drilling held pending gravity survey information to inform further planning • Exploration drilling totalling 5,422 metres across 45 drill holes was completed for multiple external clients, including Minerals Development Oman (MDO) • ARL received a 9,000m contract from MDO during the quarter, with mobilisation for the project commencing in May 2026 • ARL continues to pursue exploration consultancy services in relation to new concession blocks in Oman as well as the broader GCC26 • ARL has expanded its fleet with the purchase of two additional multi -purpose reverse circulation (RC) rigs, which are expected to be delivered by the end of FY27 Q2 • ARL has successfully completed both stages of its ISO audit, with certification expected to be received late FY27 Q2. Figure 36 – Drill site set in progress at MDO site 26 Gulf Cooperation Council includes six members comprising: Saudi Arabia, UAE, Qatar, Kuwait, Bahrain, Oman
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ALARA RESOURCES LIMITED | Quarterly Activities Report — September 2026 Quarter 35 EXPENDITURE SUMMARIES Mining Tenements During the quarter, the consolidated entity incurred an expenditure of $32.180 Million (brownfield) on mining production and development activities and while AHML (27.5%, equity accounted) incurred $1.137 million (100% basis) on greenfield exploration at Block 22B. Project Expenditure – Q1 FY27 Brownfield (AHRL) FY27 Q1 (A$) Greenfield FY27 Q1 (A$) Sub-Contractor Payments 10,524,509 Block 22B Project (AHML) 1,137,366 Maintenance & Materials 19,492,919 Block 7 (Daris 3A5, Daris East) – Amortisation Cost of Intangible Assets 2,161,929 Block 8 (Awtad Project) – Exploration & Evaluation – Total 1,137,366 Total 32,179,357 During the quarter ended 30 September 2026, there were no tenements acquired or disposed of and no new farm-in or farm-out agreements were entered into. Related Party Payments Directors’ Remuneration During the quarter, the consolidated entity made payments totalling A$224,174 to related parties, as disclosed in item 6.1 of the Company’s Appendix 5B, for Directors’ remuneration. No other payment was made to any related party or the associate of a related party. Rights Issue On 8 July 2026, the Company announced a partially underwritten non-renounceable Entitlement Offer of three (3) New Shares for every twenty (20) Shares held by Eligible Shareholders, with Prospectus27, at an issue price of $0.032 per New Share, to raise up to approximately $3.84 million (before costs) (Entitlement Offer) 28. Subsequently, a general meeting held 7 August 2026, approved the partial underwriting arrangements with ATI29, and directors participation. Due to the strong rights issue uptake, the Entitlement Offer closed early on 13 August 202630. In finalisation of the entitlement offer, the Company announced that applications had been received for approximately 154,694,273 New Shares including 42,013,482 Shortfall Shares 5. Whilst the Entitlement Offer was pleasingly oversubscribed, a total of 120,462,448 New Shares were issued under the Offers, with no underwriting requirement, raising approximately $3.85 million (before costs). As part of Alara's ongoing funding requirements, funds raised under the Rights Issue are intended to be applied primarily toward ongoing exploration costs for the Block 22B, Block 8 and Daris exploration projects, together with general working capital and administrative expenses and the expenses of the Rights Issue. 27 20260708 - ASX - “Prospectus” 28 20260708 - ASX - “Entitlement Offer to Raise Up To $3.84 Million” 29 20260807 - ASX - “Results of General Meeting” 30 20260810 - ASX - “Entitlement Offer Closing Date Reminder”
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ALARA RESOURCES LIMITED | Quarterly Activities Report — September 2026 Quarter 36 Security Movements During the quarter, the Company issued 120,462,448 fully paid ordinary shares under the Entitlement Offer, for which Applications for Quotation of Securities were lodged on 20, 21 and 28 August 2026 31. Following completion of the Entitlement Offer, the Company had 923,549,989 fully paid ordinary shares on issue. Changes of Director’s Interest Notices were lodged for Mr Vikas Jain, Mr Atmavireshwar Sthapak, Ms Devaki Khimji and Mr Farrokh J Masani follo wing their participation in the Entitlement Offer 32, and a change in substantial holding notice was received on 17 September 202633. ASX Price and Volume Query On 9 September 2026, the Company responded to an ASX price and volume query, confirming that it was not aware of any undisclosed information concerning increased positive trading in its securities34. Annual Report On 30 September 2026, the Company lodged its 2026 Annual Report for the year ended 30 June 2026, together with its Corporate Governance Statement and Appendix 4G7. A$ FY26 FY25 Revenue 134,435,351 55,122,260 Other income 910,383 193,285 Share of profit of associates 613,840 321,403 Foreign exchange losses (25,020) (319,191) Production expenses (73,295,078) (26,467,724) Employee benefit expenses (9,052,696) (7,848,433) Occupancy costs (219,986) (100,401) Finance expenses (7,436,850) (7,140,199) Corporate expenses (662,851) (172,845) Administration expenses (4,903,649) (3,423,027) Depreciation expense (23,097,250) (25,395,882) Doubtful Debts reversal / (provision) 3,628,694 (3,796,374) PROFIT/(LOSS) BEFORE INCOME TAX 20,894,888 (19,027,128) Income tax expense (1,229,021) – PROFIT/(LOSS) FOR THE YEAR 19,665,867 (19,027,128) 31 20260820, 20260821 and 20260828 - ASX - “Application for quotation of securities - AUQ” 32 20260824, 20260827, 20260831 and 20260917 - ASX - “Change of Director’s Interest Notice” (A Sthapak, V Jain, D Khimji, F Masani) 33 20260917 - ASX - “Change in substantial holding” 34 20260909 - ASX - “Response to ASX Price and Volume Query”
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ALARA RESOURCES LIMITED | Quarterly Activities Report — September 2026 Quarter 37 OUTLOOK - NEXT QUARTER (FY27 Q2) • Apply Entitlement Offer proceeds towards exploration at the Block 22B, Block 8 and Daris projects, together with general working capital and corporate costs28. • Deliver continued nameplate production alongside successful execution of a scheduled processing plant shutdown for necessary maintenance. • Progressively support the Ministry of Energy and Minerals in the application for renewal of the Al Ajal Exploration Licence (EL) (AHRL). • Continue negotiations with the Ministry of Energy and Minerals in the application for renewal of the Block 7 Exploration Licence and Daris East Mining Licence (AHRL). • Continue to strongly defend the Claimants’ appeal, with the first Court of Appeal hearing scheduled for November 20266. • Continue routine copper concentrate shipments via Sohar Port. • Ongoing data processing for the concession 22B HeliTEM airborne geophysical surveys data with inversion modelling and interpretation to generate priority targets ongoing (AHML). • Further advancement on Mineral Resource and Ore Reserves in line with Al Wash -hi Mine life extension COMPETENT PERSON STATEMENT The information in this report that relates to Exploration Results is based on information compiled by Mr Manish Tomar, MSc, MAusIMM (CP -Geo) who is a Member and Chartered Professional (Geology) of The Australasian Institute of Mining and Metallurgy (AusIMM). Mr Manish Tomar, is a full-time employee of Al Hadeetha Resources LLC, a 51%-owned joint venture company of Alara Resources Limited, and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, as well as to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012). Mr Tomar consents to the inclusion in this report of the matters based on his information in the form and context in which they appear. The information in this report that relates to Exploration Results covers diamond drilling activities, geological mapping, surface rock-chip sampling and geophysical surveys (ground gravity, IP and ERT, and HeliTEM airborne electromagnetic and magnetic) undertaken at the Al Wash -hi Majaza Mine area, the Mullaq Prospect and Block 22B, Sultanate of Oman. No new assay results are reported in this report. This report does not contain Mineral Resource or Ore Reserve estimates; updated estimates for the Al Wash- hi Majaza Mine have been subsequently reported in a separate ASX announcement 19 with the relevant Competent Person statements and JORC Table 1. Historical exploration information referenced in this report has been compiled from previous operator reports and publicly available sources. The Company has not independently verified all historical data and therefore cannot confirm that the information h as been reported in accordance with the JORC Code (2012). Historical information should not be relied upon as an indication of future Exploration Results or Mineral Resources. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements, and that the form and context in which the Competent Person’s findings are presented have not be en materially modified from the original market announcements.
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ALARA RESOURCES LIMITED | Quarterly Activities Report — September 2026 Quarter 38 Statements in this report regarding exploration prospects, planned geophysical surveys, drill testing programmes and the potential for additional mineralisation are forward-looking and conceptual in nature, and are subject to risks and uncertainties. In re spect of the greenfield prospects within Block 22B (including Mullaq), there has been insufficient exploration to estimate a Mineral Resource, and it is uncertain whether further exploration will result in the estimation of a Mineral Resource. DISCLAIMER All statements, other than statements of historical fact, which address activities, events or developments that Alara believes, expects or anticipates will or may occur in the future, are forward-looking statements. Such statements are not a guarantee of future performance and involve unknown risks and uncertainties, as well as other factors which are beyond the control of Alara. Actual results and developments may differ materially from those expressed or implied by the forward-looking statements in connection with this report depending upon a variety of factors. Nothing in this announcement should be construed as either an offer to sell or a solicitation of an offer to buy or sell securities. APPROVAL This announcement is authorised for release by the Board of Alara Resources Limited.
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ALARA RESOURCES LIMITED | Quarterly Activities Report — September 2026 Quarter 39 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 2026 Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 1. Cash flows from operating activities 60,042 60,042 1.1 Receipts from customers 1.2 Payments for - - (a) exploration & evaluation (b) development - - (c) production (27,270) (27,270) (d) staff costs (2,211) (2,211) (e) administration and corporate costs (3,039) (3,039) 1.3 Dividends received (see note 3) - - 1.4 Interest received 230 230 1.5 Interest and other costs of finance paid (1,810) (1,810) 1.6 Income taxes paid (1,201) (1,201) 1.7 Government grants and tax incentives - - 1.8 Other (provide details if material) - - 1.9 Net cash from / (used in) operating activities 24,741 24,741 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) tenements - - (c) property, plant and equipment (900) (900) (d) exploration & evaluation - - (e) investments - - (f) other non-current assets (3,495) (3,495) 2.2 Proceeds from the disposal of: - - (a) entities (b) tenements - -
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ALARA RESOURCES LIMITED | Quarterly Activities Report — September 2026 Quarter 40 (c) property, plant and equipment 58 58 (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 (4,337) (4,337) 3. Cash flows from financing activities 3,855 3,855 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 (265) (265) 3.5 Proceeds from borrowings 4,865 4,865 3.6 Repayment of borrowings (13,684) (13,684) 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other - - 3.10 Net cash from / (used in) financing activities (5,229) (5,229) Note: The Company raised AUD 3.85 million through a Rights Issue in August 2026. On 8 July 2026, the Company announced a partially underwritten non-renounceable Entitlement Offer of three (3) New Shares for every twenty (20) shares held by Eligible Shareholders at an issue price of $0.032 per New Share to raise up to approximately $3.84 million (before costs). On 18 August 2026, the Company announced the results of the Entitlement Offer, having received valid applications for approximately 154,694,273 New Shares (approximately $4.95 million). In closing the rights issue, a total of 120,462,448 new shares were issued, bringing Alara's total shares outstanding to 923,549,989. Directors considered a cash flow forecast for the 12 months from the date of this report which indicates that the parent entity will have a shortfall of cash required to meet its commitments of approximately AUD 2.8 million over that period. To enable the Consolidated Entity to meet future expenditure plans, it is anticipated Alara will be required to raise funds of approximately AUD 6 Million through the issue of equity through a Share Placement in FY27. In the above table, Point 1.2(a) Exploration and evaluation cash outflows are NIL, however it may be noted that via Al Hadeetha Mining LLC (AHML), Alara incurred an expenditure of ~$A1.137 Million during the quarter. Since AHML is an associate, this is not consolidated and accordingly not reflected in the Appendix 5B. 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 27,365 27,365 4.2 Net cash from / (used in) operating activities (item 1.9 above) 24,741 24,741 4.3 Net cash from / (used in) investing activities (item 2.6 above) (4,337) (4,337) 4.4 Net cash from / (used in) financing activities (item 3.10 above) (5,229) (5,229) 4.5 Effect of movement in exchange rates on cash held (258) (258)
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ALARA RESOURCES LIMITED | Quarterly Activities Report — September 2026 Quarter 41 4.6 Cash and cash equivalents at end of period 42,282 42,282 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 42,278 27,363 5.2 Call deposits - - 5.3 Bank overdrafts - - 5.4 Other (Petty Cash) 4 2 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 42,282 27,365 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 1 224 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$224,174 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 1,092 1,092 Loan facilities – Sohar International Bank 137,727 108,925 Loan facilities – Trafigura PTE Ltd 3,443 3,443 Advance – Al Hadeetha Investments LLC 156 156 Advance – Al Tasnim Infrastructure LLC 155 155 7.2 Credit standby arrangements - 7.3 Other (please specify) - 7.4 Total financing facilities 142,573 113,771 7.5 Unused financing facilities available at quarter end 28,802 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.
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ALARA RESOURCES LIMITED | Quarterly Activities Report — September 2026 Quarter 42 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 36.989 million (AUD 137.727 million, as at 30 September 2026) (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 AHRL’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 Trafigura 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 entit y” of Alara. Under AAS, Alara and its control led 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 avai lable 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 affe ct 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. 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) 24,741 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) 24,741 8.4 Cash and cash equivalents at quarter end (item 4.6) 42,282 8.5 Unused finance facilities available at quarter end (item 7.5) 28,802 8.6 Total available funding (item 8.4 + item 8.5) 71,084 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) N/A Note: if the entity has reported positive relevant outgoings (i.e. 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: N/A 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: N/A 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: N/A 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.
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ALARA RESOURCES LIMITED | Quarterly Activities Report — September 2026 Quarter 43 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: 27 October 2026 Authorised by: ......................The Board........................................... (Name of body or officer authorising release – see note 4) 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 w ishes 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 vie w 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.