Earnings release
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Level 3, 88 William Street, +61(8) 9463 2463 info@austinmetals.com.au Perth WA 6000 | PO Box 2570 Perth WA 6001 +61(8) 9463 2499 www.austinmetals.com.au 31 October 2025 AYT QUARTERLY ACTIVITIES REPORT Austin Metals Limited (ASX: AYT, “ Austin Metals”, “the Company”) is pleased to provide the following summary of its activities for the three (3) months ending 3 0 September 2025 (Period) and events subsequent. Broken Hill Project During the quarter Austin announced it had entered into a binding agreement with Kingfisher Mining Ltd (ASX: KFM) for the sale of its Broken Hill tenement package in New South Wales 1. Total consideration for the transaction is $400,000, comprising: • $200,000 in cash; and • $200,000 in fully paid ordinary shares in Kingfisher, at an issue price equal to the 5 -day volume weighted average price of the Shares calculated over the 5 trading days prior to the execution date. This strategic divestment enables Austin to streamline its portfolio and focus its resources o n advancing its core Western Australian gold assets. The Company will retain exposure to potential future upside through its equity interest in Kingfisher. The transaction is expected to be completed in the near term, subject to the satisfaction of customary closing conditions. Consideration will be received upon settlement of the transaction which is expected to occur in the December 2025 quarter. Austin Project During the quarter Austin Metals a nnounced the assay results from drilling conducted in July 2025 at its Mt Sandy prospect. The drilling returned multiple significant shallow gold intercepts highlighting potential for a substantial gold system, including2: • 5.0m @ 4.4 g/t Au from 64.0m o including 1.0m @ 10.7 g/t Au from 66.0m in 25MSRC09 • 4.0m @ 4.4 g/t Au from 36.0m o including 2.0m @ 6.0 g/t Au from 38.0m in 25MSRC12 • 3.0m @ 3.1 g/t Au from 29.0m o including 1.0m @ 8.3 g/t Au from 29.0m in 25MSRC10 • These results follow on from recent high grade drilling results at Mt Sandy, including3: o 2.0m @ 3.7g/t Au from 26.0m o 2.0m @ 2.9g/t Au from 52.0m 1 Refer ASX release dated 25 July 2025 - Divestment of Broken Hill Assets 2 Refer ASX release dated 3 September 2025 - Multiple High Grade Gold Hits Show Large Scale At Austin 3 Refer ASX release dated 24 June 2025 - Widespread Gold Mineralisation Intersected in Drilling For personal use only
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Level 3, 88 William Street, +61(8) 9463 2463 info@austinmetals.com.au Perth WA 6000 | PO Box 2570 Perth WA 6001 +61(8) 9463 2499 www.austinmetals.com.au The results extend the strike of drill -defined mineralisation at Mt Sandy to approximately 1km, with mineralisation remaining open in all directions. Previously completed soil geochemistry indicates a significant circa 5km in strike and up to 2km in width anomaly along to the northeast of Mt Sandy yet to be properly tested by drilling (Figure 2). Next Steps at the Austin Project Further exploration at the Austin Gold Project over coming months will comprise: • Further RC drilling to extend the high- grade gold zones at Mt Sandy and test new mineralisation trends. • Systematic exploration, including ground geophysics and geochemical surveys, to generate additional drill targets across the project • Evaluation of the previously reported targets located on the western tenement boundary, along strike of recent positive drilling at Caprice Resources’ Island Project. Figure 1: Plan view map of the Mt Sandy Prospect, showing key drill collar locations, significant intercepts and mineralisation trend. For personal use only
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Level 3, 88 William Street, +61(8) 9463 2463 info@austinmetals.com.au Perth WA 6000 | PO Box 2570 Perth WA 6001 +61(8) 9463 2499 www.austinmetals.com.au Figure 2: Cross-section of Mt Sandy illustrating the high-grade mineralisation zone. For personal use only
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Level 3, 88 William Street, +61(8) 9463 2463 info@austinmetals.com.au Perth WA 6000 | PO Box 2570 Perth WA 6001 +61(8) 9463 2499 www.austinmetals.com.au Ashburton Project The Company conducted its maiden RC drilling program at the Ashburton Project in April 2025. The program defined a laterally extensive Cu -AU system over 900m along strike open in all directions, results included4: • 10.0m @ 0.6 g/t Au, 0.3% Cu from 6.0m in 25ABRC15 • 2.0m @ 2.1g/t Au, 1.2% Cu from 10.0m and 2.0m @ 2.3 g/t Au from 37.0m in 25ABRC14. • 2.0m @ 2.7 g/t Au from 6.0m in 25ABRC17. • 2.0m @ 1.9g/t Au, 2.1% Cu in 25ABRC18. Mineralised zones (1–10m thick) display intense alteration, transition in from magnetite–pyrrhotite assemblages at depth to hematite–silica–chlorite alteration near surface. The presence of felsic porphyritic dykes and hydrothermal breccias suggests a potential magmatic–hydrothermal fluid source. Next Steps at the Ashburton Project • Continue target generation works. • Assess epithermal potential of mapped hydrothermal breccias. Figure 3: Ashburton Cu-Au Project Tenements and Regional Geology. 4 Refer ASX release dated 24 June 2025 - Widespread Gold Mineralisation Intersected in Drilling For personal use only
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Level 3, 88 William Street, +61(8) 9463 2463 info@austinmetals.com.au Perth WA 6000 | PO Box 2570 Perth WA 6001 +61(8) 9463 2499 www.austinmetals.com.au Corporate In accordance with ASX Listing Rule 5.3 the Company advises of the following: • It has spent $ 454,000 on exploration and evaluation activities during the quarter. There was no mining development or production activities conducted during the quarter. • Expenditure predominantly related to: o Desktop review, analysis and reporting o Technical consulting fees including consultant geologists o Drilling and assay costs o Tenement administration, management and reporting o Corporate, Accounting and Legal expenses • During the Quarter, the Company made payments to related parties of $ 106,000 comprising remuneration paid to Directors and reimbursement of exploration and evaluation costs paid to Gardner Mining Pty Ltd an associated entity of Non-executive Director Darren White. Current Capital Structure Quoted Securities Fully paid ordinary shares 1,584,191,349 Unquoted Securities Options @ $0.012 expiring 31/12/2026 154,158,363 Options @ $0.012 expiring 20/01/2028 20,000,000 Options @ $0.10 expiring 27/06/2027 130,000,000 Options @ $0.10 expiring 27/06/2028 20,000,000 Performance Rights 400,000,000 Interests in Tenement as of 30 June 2025 Project Tenement Tenement Holder Grant Date Expiry Date Blocks Area (sq km) Tindery EL 8579 Austin Metals Limited 26/05/2017 26/05/2029 47 141 Wellington EL 8971 Austin Metals Limited 23/04/2020 23/04/2026 71 213 Broken Hill EL 7300 Austin Metals Limited 23/02/2009 23/02/2026 18 54 EL 8075 Austin Metals Limited 15/04/2013 15/04/2025 40 120 EL 8077 Austin Metals Limited 15/04/2013 15/04/2025 23 69 EL 8078 Austin Metals Limited 15/04/2013 15/04/2025 36 108 EL 8236 Austin Metals Limited 11/02/2014 11/02/2026 4 12 EL 8495 Austin Metals Limited 22/12/2016 22/12/2026 5 15 EL 8685 Austin Metals Limited 23/01/2018 23/01/2030 2 6 EL 8862 Austin Metals Limited 17/06/2019 17/06/2025 8 24 EL 8863 Austin Metals Limited 17/06/2019 17/06/2025 29 87 Austin E58/510 Gardner Tenements Pty Ltd* 31/05/2018 30/05/2028 26 78 Austin E58/543 Gardner Tenements Pty Ltd* 1/07/2019 30/06/2029 3 9 Austin E21/201 Gardner Tenements Pty Ltd* 13/08/2019 12/08/2029 31 93 Austin M21/154 Gardner Tenements Pty Ltd* 20/01/2010 19/01/2031 - 4.88 Ashburton Copper- Gold Project E08/2997 Gardner Mining Pty Ltd 22/08/2019 21/08/2029 4 12 E08/3104 Gardner Mining Pty Ltd 11/03/2020 10/03/2025 16 48 E08/3120 Gardner Mining Pty Ltd 15/10/2021 14/10/2026 9 27 E08/3121 Gardner Mining Pty Ltd 15/10/2021 14/10/2026 79 237 E08/3222 Gardner Mining Pty Ltd 17/11/2021 16/11/2026 13 39 E08/3273 Gardner Mining Pty Ltd 18/11/2021 17/11/2026 39 117 For personal use only
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Level 3, 88 William Street, +61(8) 9463 2463 info@austinmetals.com.au Perth WA 6000 | PO Box 2570 Perth WA 6001 +61(8) 9463 2499 www.austinmetals.com.au E08/2938 John Harvey Firth 5/07/2018 4/07/2028 2 6 E08/2994 John Harvey Firth 18/10/2019 17/10/2029 20 60 P08/0699 John Harvey Firth 19/07/2018 18/07/2026 - 1.38 *Austin Project JVA Joint Operations Percentage interest Austin Metals Farm In and Joint Operation Agreement EL 7300 85% EL 8075 75% Austin Metals Broken Hill Project Sale Agreement – Variscan Mines Limited ELs 8236 and 8075 75% Agreement relating to EL 8078 (Yalcowinna – formerly Ziggys EL 6036 and Euriowie 7319) with Eaglehawk Geological Consulting Pty Ltd EL 8078 (Eaglehawk has an 8% interest in this EL) 92% Broken Hill Base Metals Project with Impact Minerals Limited* EL 7390 0% Austin Metals JO with CBH EL 8495 75% EL 8236 75% EL 8075 75% EL 8862 75% EL 8863 75% Joint Ventures Joint Venture with Gardner Mining Pty Ltd (Gardner Tenements Pty Ltd) 80% Tenements acquired and/or disposed of during the Quarter No tenements were acquired or disposed during the Quarter. This announcement has been authorised for release by the Board of Directors of Austin Metals Limited. Contact details Ph: +61 (8) 9463 2463 Email: austinmetals@nexiaperth.com.au About Austin Metals Austin Metals Limited (AYT) is a Gold and precious metals explorer focused on the prolific mining districts of Western Australia. AYT’s flagship Austin Gold Project is located in the highly prospective Murchison greenstone province of Western Australia adjacent to the Cue Gold Project owned by Musgrave Minerals Limited (ASX:MGV), which includes the high grade Break of Day Deposit and Starlight discovery. Austin also neighbours the Caprice Resources Limited (ASX:CRS) flagship Island Gold Project. CAUTION REGARDING FORWARD LOOKING INFORMATION This document contains forward looking statements concerning Austin Metals Limited. Forward- looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward -looking statements as a result of a variety of risks, uncertainties and other factors. Forward -looking statements are inherently subject to business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company’s actual results to differ materially from those expressed or implied in any forward-looking information provided by the Company, or on behalf of, the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, exploration, development and operating risks, competition, production risks, regulatory restrictions, including environmental regulation and liability and potential title disputes. Forward looking statements in this document are based on Austin Metal’s beliefs, opinions and estimates of Austin Metals as of the dates the forward -looking statements are For personal use only
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Level 3, 88 William Street, +61(8) 9463 2463 info@austinmetals.com.au Perth WA 6000 | PO Box 2570 Perth WA 6001 +61(8) 9463 2499 www.austinmetals.com.au made, and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future development. COMPETENT PERSONS STATEMENT There is information in this announcement relating to exploration results which were previously announced on the ASX before 31 October 2025. The Company confirms that it is not aware of any further new information or data that materially affects the information included in the original market announcements by Austin Metals Limited referenced in this report. To the extent disclosed above, the Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements. For personal use only
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Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity Austin Metals Limited ABN Quarter ended (“current quarter”) 68 130 933 309 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 - - 1.1 Receipts from customers 1.2 Payments for (7) (7) (a) exploration & evaluation (b) development - - (c) production - - (d) staff costs (24) (24) (e) administration and corporate costs (27) (27) 1.3 Dividends received (see note 3) - - 1.4 Interest received 3 3 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other - - 1.9 Net cash from / (used in) operating activities (55) (55) 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) tenements - - (c) property, plant and equipment - - (d) exploration & evaluation (454) (454) (e) investments - - 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) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 (f) other non-current assets - - 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 - - 2.5 Other (provide details if material) - - 2.6 Net cash from / (used in) investing activities (454) (454) 3. Cash flows from financing activities - - 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities - - 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other - - 3.10 Net cash from / (used in) financing activities - - 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 1,058 1,058 4.2 Net cash from / (used in) operating activities (item 1.9 above) (55) (55) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (454) (454) 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) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 4.4 Net cash from / (used in) financing activities (item 3.10 above) - - 4.5 Effect of movement in exchange rates on cash held - - 4.6 Cash and cash equivalents at end of period 549 549 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 549 1,058 5.2 Call deposits - - 5.3 Bank overdrafts - - 5.4 Other ((High Interest Account) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 549 1,058 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 25 6.2 Aggregate amount of payments to related parties and their associates included in item 2 106 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. 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) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. Please note, the Company has tenement security bonds of $175k 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) (55) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (454) 8.3 Total relevant outgoings (item 8.1 + item 8.2) (509) 8.4 Cash and cash equivalents at quarter end (item 4.6) 549 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 549 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 1.08 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer Yes, given the Company is an exploration company and not generating any revenue, it is expected that it will continue to have negative operating cash flows for the time being. 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) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. 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: The Board monitors the funding requirements of the Company on an ongoing basis. The Company has been able demonstrate a record of securing funds when required, however at this point has not entered into any formal agreement to rais e funds. In addition the Company will receive $200,000 AUD and 4,000,000 ASX:KFM fully paid ordinary shares upon settlement of the Broken Hill Project divestment, which is expected to occur in the 2025 December quarter. 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: The Company will be able to continue normal business operations. The Company has the ability to reduce certain discretionary expenditure to reserve cash, including until such time as it finalises any future capital raising options. Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 31 October 2025 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 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