Earnings release
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Page 1 Quarterly Activities Report for quarter ended 30 June 2025 Cauldron Energy Limited | ACN 102 912 783 | ASX: CXU I www.cauldronenergy.com.au Unit A16, Level 3, 435 Roberts Road, Subiaco, WA, 6000 PO Box 1024, West Leederville WA 6007 HIGHLIGHTS o Planning is nearing finalisation for a 90 -hole, 9,000m air-core drill program to take place in October/November 2025. The program aims to test extensions to the Manyingee South deposit, with the major focus to be drilling to the east and south-east into newly acquired tenement E08/3204 to confirm the continuity of high-grade uranium mineralisation upstream. o The Company also intends on undertaking further passive seismic this August to guide the upcoming drilling, with passive seismic proven to be very reliable for delineating the boundaries and depth of the palaeochannels in the region. o The total (all inclusive) cost of the drilling program including the passive seismic survey is circa $800,000 and will be managed within that budget so as to prevent cost overrun. The program is fully -funded and will be met from existing cash reserves (which at 30 June 2025 were $2.396m). reported as part of the previous quarterly report: Maiden Mineral Resource Estimate of 11.1Mlbs eU3O8 at Manyingee South o In April 2025, CXU reported a Maiden Inferred Mineral Resource Estimate (MRE) at the Manyingee South deposit (JORC Code, 2012 Edition ), of 15.5Mt @ 325 ppm eU3O8 for 11.1 Mlbs using a cut-off grade of 100 ppm eU3O8. o Manyingee South adds to Cauldron’s total Mineral Resources at Yanrey which now comprise 42.0 Mlbs of uranium oxide (eU3O8). o Also in April 2025, Cauldron acquired six tenements in the immediate vicinity of its Yanrey tenement holding; significantly increasing its footprint at Yanrey. o One of the six tenements acquired abuts the southern boundary of Cauldron’s E08/1489, which is host to Cauldron’s Manyingee South Deposit . Cauldron’s technical team has interpreted that the Manyingee South mineralised palaeochannel extends into E08/3204, possibly for several kilometres. o The discovery of a significant new uranium resource at Manyingee South during Cauldron’s first exploration drilling campaign since 2015 clearly demonstrates the outstanding potential of the Yanrey Project. Cauldron has identified over twenty (20) high priority targets within its tenement holding, each with the potential to host additional palaeochannel-hosted uranium mineralisation. o Cauldron’s tenement holdings at Yanrey cover approximately 80km of this palaeo-coastline, encompassing multiple prospective palaeochannel systems draining fertile uranium-bearing granitoid uplands to the east.
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Page 2 Corporate o As at 30 June 2025 , Cauldron had $ 2.396m cash at bank (31 March 2024: $0.666m). o During the quarter, Caudron completed an entitlement offer, raising $1.949m before costs. The entitlement offer was fully underwritten by Pale Investments Pty Ltd, Cauldron’s major shareholder; no fees were paid to Parle Investments. o During the quarter, 5m Listed 1.5c Options were converted into fully paid ordinary shares (with Cauldron receiving $75k) and 5m Unlisted Options having an expiry of 31 May 2025 lapsed. o As at 30 June 2025, Caudron had ~309 million Options on issue, which if exercised would result in the receipt of $5.38M. o Presently spot uranium is trading at around ~US$71lb ( Source: Trading Economics) and the exchange rate is ~0.6 5 AUD:US, giving an equivalent price of ~A$110/lb o Uranium price outlook remains favourable: “Uranium prices surged in June, with spot prices rising 9.99% to $78.56/lb, their best monthly performance of 2025 and pushing year -to-date gains to 7.36%. June’s strong move higher was a continuation of the recovery that began in April and continued into M ay. With term prices steady at $80/lb and producers continuing to signal supply and contracting discipline, this improvement in the spot price, in our view, better reflects the costs of future production and the structural supply deficit.” Source: Sprott Uranium Report: Uranium’s Mid-Year Momentum | Sprott (10 July 2025) ABOUT THE YANREY URANIUM PROJECT Cauldron’s 100% owned Yanrey Uranium Project is located ~100kms south of Onslow and covers an area of ~1, 349.2km2 (Figure 1) incorpating over 80kms of ancient, Cretaceous-age coastline prospective for sedimentary-hosted uranium deposits. Cauldron’s Yanrey Uranium Project is located within a highly prospective, mineral-rich region that is host to multiple prospective palaeochannel systems sourced by uranium-bearing granitoid uplands to the east and stretching from the Carley Bore Uranium Deposit in the south to the Spinifex Well Uranium prospect in the north. The Yanrey project area hosts Cauldron’s Bennet Well Uranium Deposit which contains 30.9 Mlb of uranium-oxide (38.9Mt at 360ppm eU3O8 (at 150ppm cut-off), (Appendix A) and Cauldron’s Manyingee South Deposit which contains 11.1 Mlb of uranium oxide (15.5Mt @ 325 ppm eU3O8 (at 100 ppm cut-off), refer Appendix B. The area also hosts Paladin’s Manyingee Deposit (containing 25.9Mlbs eU3O8) and Carley Bore Deposit ( 15.6Mlbs) – ASX: PDN “FY2024 Annual Report” ; demonstrating the abundance of uranium mineralisation and enormous potential of the Yanrey Uranium Province.
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Page 3 Cauldron Energy Ltd ( Cauldron or the Company) is pleased to present its Quarterly Activities Report for the period ended 30 June 2025. EXPLORATION ACTIVITES: AUSTRALIA Cauldron’s primary focus is its Yanrey Project (Yanrey) in Western Australia. Yanrey is prospective for large sedimentary -hosted uranium deposits, is host to the Bennet Well Uranium Deposit (Bennet Well) and the Manyingee South Uranium Deposit (Manyingee South) and remains largely untested with Cauldron having over twenty (20) high priority untested targets. In addition, Cauldron has 100% ownership of several river sand leases located at the mouths of the Gascoyne (Carnarvon), Ashburton (Onslow) and Fitzroy (Derby) rivers in Western Australia, collectively covering an area of about 286 km2. Cauldron remains vigilant to new project opportunities that fit the Company’s investment strategy, which complement the Company’s project portfolio, are value accretive and have the potential to provide significant returns to shareholders. PROJECT INFORMATION YANREY PROJECT The Yanrey Project, in northwest Western Australia, comprises a mostly contiguous group of 16 granted exploration tenements (Figure 1) and three exploration licences under application. It is regionally prospective for large sedimentary-hosted uranium deposit systems that are considered to be amenable to mining by the In Situ Recovery (ISR) technique. The uranium mineralisation typically occurs in unconsolidated sands (less than 100m depth) in onshore Cretaceous sedimentary units of the North Carnarvon Basin. With over 80 kms of ancient, Cretaceous-age sedimentary coastline prospective for sedimentary- hosted uranium deposits covered by Cauldron tenements, the Yanrey Project is ideally located within a highly prospective, mineral -rich region containing multiple uranium deposits including the neighbouring Manyingee Deposit (owned by Paladin Energy Ltd). The Yanrey project area hosts the Bennet Well Uranium deposit containing 30.9 Mlb of uranium- oxide (38.9Mt at 360ppm eU3O8 (at 150ppm cut-off), refer ASX announcement of 17 December 2015 and Appendix A) and the Manyingee South Uranium deposit containing 11.1 Mlb of uranium oxide (15.5Mt @ 325 ppm eU3O8 (at 100 ppm cut-off), refer ASX announcement of 3 April 2024 and Appendix B). Cauldron’s Mineral Resources at Yanrey now total 42.0 Mlbs of uranium oxide in the Manyingee South and Bennet Well deposits and confirms that the Yanrey Uranium Province, and Cauldron’s Yanrey Project, is a globally significant uranium region. Laboratory based testwork has demonstrated that Bennet Well is amenable to mining by conventional In-Situ Recovery (ISR) methods and a Scoping Study was completed in 2023 (ASX 13 December 2023). Much of the Yanrey Project area remains ineffectively tested or untested, with 22 high priority exploration targets identified for drilling (ASX 24 January 2024). Manyingee South lies approximately 4.5 kilometres south of Paladin’s Manyingee Deposit, containing an estimated 25.9Mlbs of uranium-oxide (13.8Mt at 850ppm eU3O8 at 250ppm cut-off – ASX: PDN “FY2024 Annual Report”).
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Page 4 Figure 1. Location of the Yanrey Uranium Project showing Cauldron’s tenement holdings, including tenements acquired post quarter end in green During the quarter, Cauldron acquired six tenements covering an area of 177.3km 2 lying in the immediate vicinity of the Company’s existing Yanrey tenements including the upstream tenement adjoining Cauldron’s Manyingee South tenement.
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Page 5 Figure 2. Location of Cauldron’s Yanrey Project tenements showing newly acquired tenements in blue.
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Page 6 Details of the tenements acquired are as follows: Tenement ID Status Size (blocks) Size (km2) Comments E08/3036 Granted 2 6.3 Small tenement located upstream in the Manyingee South palaeochannel. E08/3068 Granted 28 88.8 Tenement covers the majority of the central Peepingee Embayment (Koodarie Palaeochannel). Extensive outcrops of prospective Cretaceous sediments within tenement. E08/3201 Granted 2 6.3 Small tenement located upstream in the headwaters of the Koodarie palaeochannel. Large outcrop of Yarraloola Conglomerate within the tenement. E08/3204 Granted 17 53.7 Highly prospective tenement containing known palaeochannel sediments. Adjoining and immediately upstream of Manyingee South Uranium Deposit. E08/3686 Application 5 15.8 Upstream extension of Manyingee Palaeochannel, ~2.5km upstream from Manyingee Uranium Deposit. E08/3688 Application 2 6.3 Small tenement covering downstream end of Peepingee Creek. Potential to host upstream continuation of Manyingee Palaeochannel. Cauldron’s technical team has interpreted that the Manyingee South Deposit mineralis ed palaeochannel extends into E08/3204, possibly for several kilometres. Figures 3 and 4 below show the mineralisation defined and interpreted palaeochannels at Manyingee South. Figure 3. Manyingee South Uranium Deposit highlighting local geology and interpreted palaeochannel margins. Figure 4. Manyingee South Uranium Prospect – Grade-Thickness (ppm.m) map. OPEN
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Page 7 Manyingee South Uranium Deposit In February 2025, Cauldron commissioned AMC Consultants Pty Ltd (AMC) to prepare a Mineral Resource Estimate (MRE) for the Manyingee South uranium deposit (‘Deposit’ or “the Deposit”). The Deposit MRE is supported by 78 aircore drill holes (6,576m) completed in 2024, and 5 rotary mud drill holes (437.5m) completed in 2015. 55 drillholes were used for the MRE interpolation and modelling, as not all holes intersected mineralisation. The Deposit was sampled using gamma -ray logging results of AC drillholes. Drilling was at variable spacings – from a nominal 200 m by 200 m to 100 m by 50 m spacing. Geological modelling was completed by AMC. The interpretation resulted in wireframes for 6 main mineralised lenses using a nominal cut -off grade of 100 ppm eU3O8. Interpreted granite basement and lithological logging were used to control the modelling of the palaeochannel - hosted mineralised lenses. A block model constrained by the interpreted mineralised lenses was constructed with a parent cell size of 50 mE by 50 mN by 0.5 mRL with standard sub -celling using up to 5 divisions in east and west directions and up to 10 times in vertical direction to maintain the volume resolution of the mineralised lenses. Drillhole intervals with uranium equivalent grades were composited to entire thickness of mineralised intersections, and these were used to interpolate thickness weighted eU3O8 grades into the block model using inverse distance weighted (IDW) interpolation techniques with the power of 2 after statistical analysis. Block grades were validated both visually and statistically. An average dry bulk density value of 1.74 t/m 3 was applied to all cells in the block model, and it is assumed to be appropriate for the style of mineralisation. All modelling was completed using MicroMine software. The Mineral Resource Estimate determined is summarised in Table 1 below. Table 1 Manyingee South Uranium Deposit Inferred Mineral Resource Estimate Deposit Class Tonnes (Mt) eU3O8 Grade (ppm) eU3O8 (Mlb) Manyingee South Inferred 15.5 325 11.1 TOTAL 15.5 325 11.1 Notes: • Mineral Resource has been classified in accordance with the guidelines of the JORC Code. All blocks were classified as Inferred. • The Mineral Resource report assumes an ISL mining method with the marginal cut-off of 100 ppm eU3O8. • The Bennet Well Radioactive Equilibrium Factor (REF) of 1.07 was applied to the eU3O8 grades. • Average dry bulk density value of 1.74 t/m3 was assigned to all cells in the block model, and it is assumed to be appropriate for the style of mineralization. • Tonnage is reported on a dry basis. • Rows and columns may not add up due to rounding.
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Page 8 Bennet Well Uranium Deposit The Bennet Well Uranium Deposit is situated where a Cretaceous fluvial palaeochannel system enters an estuarine delta environment. Coastal plain and terrestrial sediments of the Nanutarra Formation hosting the mineralisation are unconformably overlain by glauconitic marine sandstones (Birdrong Sandstone) and capped by a thick blanket of impermeable marine clays (Muderong Shale). The historic resource at Bennet Well largely covers the estuarine delta complex and is about 3.5km long and 3.5km wide at its base. Several larger ‘main’ branches of the distributary channels, dominated by coarse fluvial sandstones, incise through the delt a system. Oxidised uranium-bearing groundwaters preferentially follow these buried channels. Figure 5. Bennet Well Uranium Deposit and spatial distribution of U3O8 domains.
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Page 9 The Bennet Well palaeochannel follows the prevailing underlying structural trends evident in the regional geology with the channel running SSE -NNW and ranging from 500m to >1,000m wide. A smaller (narrower) tributary paleochannel, referred to historically as the ‘Bennet Well South Channel’ , enters the mineralised estuarine delta system on the western side of the resource. Mineralisation is hosted by coastal plain and terrestrial sediments of the Nanutarra Formation comprising woody organic matter and carbonaceous sands, silts, and mudstones. Historical exploration and resource definition drilling typically encountered mineralisation around 90-110m depth at the redox interface between reduced carbonaceous mudstones which overlie fluvial sandstones. These sandstones are variably reduced and a pr onounced redox boundary is developed along the channel margins. Mineralisation within the main palaeochannel ranges from 100m to 600m wide (average 350m wide) and continues a 7km further upstream to the SSE. The Bennet Well Uranium Deposit is Western Australia’s fifth largest uranium deposit, which comprises four spatially separate mineralised zones; namely Bennet Well East, Bennet Well Central, Bennet Well South and Bennet Well Channel. A Mineral Resource (JORC 2012) for the Bennet Well deposit was completed by Ravensgate Mining Industry Consultants (Ravensgate) in 2015 (refer Appendix A). Table 2 Bennet Well Uranium Deposit Mineral Resource Estimate Deposit Class Tonnes (Mt) eU3O8 Grade (ppm) eU3O8 (Mlb) Bennet Well Inferred 16.93 336 12.5 Bennet Well Indicated 21.94 375 18.1 TOTAL 38.87 360 30.9 Note: table shows rounded numbers so therefore units may not convert nor sum exactly URANIUM PRICE INFORMATION The sentiment for uranium remains positive. The search for a reliable source of base load electricity, which is not weather dependent, such as wind and solar, and not a source of carbon pollution, continues to drive interest in nuclear with n uclear power (fuelled by uranium) seen by many countries as the only practical way of delivering on their net zero obligations. Overall significant concern continues to exist about a structural deficit in supply in the uranium market, giving rise to an expected continuation of a strong uranium price driven by a broad range of factors. According to the World Nuclear Association, there are presently 439 nuclear power reactors presently in operation across 32 countries, generating 9% of global electricity production, and 69 nuclear reactors under construction across 15 countries. China has the highest number of units under construction with 32, followed by Russia with 7 and India with 6, leading the global nuclear renaissance. Uranium does not trade on an open market like other commodities. Buyers and sellers negotiate contracts privately. Prices are published by independent market consultants.
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Page 10 According to Trading Economics, the Uranium spot price has traded in a band between US$ 65lb and US$80lb for the most part of the quarter ended 30 June 2025 and is currently trading at circa US$71.25lb (Source: Trading Economics). Figure 6. Uranium Spot Price Graph (Source: Trading Economics) Uranium industry recent news: Sprott Physical Uranium Trust closes US$200m raise in preparation for major uranium push Sprott Physical Uranium Trust has completed a US $200 million bought-deal to finance additional physical uranium purchases — U₃O₈ and UF₆ — expanding the Trust’s holdings. The Sprott Physical Uranium Trust, launched in July 2021 through Sprott Asset Management LP’s acquisition of Uranium Participation Corp., has become a dominant “whale” in the uranium market and is now the world’s largest physical uranium fund with over 66 million pounds of U₃O₈ valued at approximately US $4.6 billion. Source: Sprott Physical Uranium Trust closes $200 million bought -deal in preparation for major uranium push - The Oregon Group - Critical Minerals and Energy Intelligence (June 2025) Global Uranium Outlook Forecasts Growth in Uranium Demand The "Global Uranium Mining to 2030" provides a comprehensive coverage on the global Uranium industry. It provides historical and forecast data on uranium production by country, production by company, reserves by country and world uranium prices. Estimated to have increased by 12.4% in 2024, global uranium production is projected to grow by 2.6% to 62.2kt in 2025. Growing global concerns about climate change and the need for low- carbon energy sources have led to renewed interest in nuclear power.
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Page 11 Although positive, growth in 2025 is relatively moderate because of suspensions and production halts at major mines such as Kazakhstan's Inkai deposit. Nonetheless, Kazakhstan continues to be the world's largest uranium producer, accounting for 38.1% of the global supply in 2024. Source: Global Uranium Industry 2025-2030: Forecasts, Key Producers (June 2025) WA SANDS PROJECT Cauldron has a 100% ownership interest in several river sand tenements over substantial portions of three of the largest river systems crossing the coast in central to northern Western Australia, covering the mouths of the Fitzroy River at Derby, the Ashburton River at Onslow and the Gascoyne River at Carnarvon, with each prospective for sand suitable for the construction and reclamation industries. The Fitzroy, Ashburton River and Gascoyne rivers drain huge area s of granitic rocks from their respective headwaters all the way to the project areas, at the mouths of the rivers. During the quarter, the Company’s Exploration Manager undertook a site visit to further assess the sand and heavy metals prospectivity of the Company’s sand tenements. The Company has received several expressions of interest to acquire the Company’s sand tenements, which are subject to confidentiality, none of which have yet progressed to a stage warranting disclosure. The Company will continue to explore ways in which to maximise the potential of the project, including bulk sand export. MELROSE PROJECT During the quarter, Cauldron relinquished its last remaining Melrose Project tenement (E70/160) due the outlook for nickel and in order to rationalise its tenement holdings and costs. EXPLORATION COSTS (ALL PROJECTS) FOR THE QUARTER In accordance with the requirements of ASX Listing Rule 5.3.1 the Company advises that during the Quarter ended 3 0 June 2025, the Company expended $ 226k on exploration related items (including exploration team salaries). The major cost areas were exploration team salaries ($56k), assay: $17k, consultants: $78k; tenement rents and rates: $35k, geological software: $21k and miscellaneous items: $19k. CHANGES IN OWNERSHIP INTERESTS OF MINERAL TENEMENTS In accordance with the requirements of ASX Listing Rule 5.3.3 the Company confirms that it has acquired the beneficial interest in six tenements (from Wyloo Metals) and disposed of its Yuinmery and Melrose tenements in order to rationalise its tenement holdings. Refer SCHEDULE OF MINERAL TENEMENTS refer Appendix C. RELATED PARTY PAYMENT INFORMATION In accordance with the requirements of ASX Listing Rule 5.3.5 the Company advises that during the quarter ended 3 0 June 2025 the Company paid a total of $ 70k to directors and their related entities in respect of directors’ fees ($15k) and consulting fees ($55k).
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Page 12 ENTITELEMENT OFFER During the quarter, Cauldron completed an Entitlement Offer, issuing 324,756,398 new Shares at 0.6c each, which raised $1.948m before costs. The Entitlement Offer was fully underwritten by Parle Investments Pty Ltd (Parle Investments), Cauldron’s major shareholder; no fees were paid to Parle Investments The support from Parle Investments was very much appreciated and ensured that the Offer was well supported, with a scale-back totalling $640,826. SUBSTANTIAL SHAREHOLDERS As at 30 June 2025, the following parties are substantial holders: SECURITIES ON ISSUE AND UNDER OPTION As at 30 June 2025, Cauldron had the following securities on issue: If all of the 308,720,707 Options currently on issue were to be converted, it would realise for the Company $5.380 million: URANIUM MINING BAN IN WA Uranium mining in Western Australia is currently the subject of a ban, introduced by Labor when it came to government in WA in 2017. Cauldron has been prosecuting the arguments in support of a lifting of the uranium ban. Cauldron is strongly of the view that uranium can be mined safely and efficiently, as it has been in South Australia and Northern Territory for many years, and that uranium mining would generate a large number of jobs and royalty revenue for WA. Holder Name Holding Balance % IC PARLE INVESTMENTS PTY LTD 486,908,855 27.18% MR DERONG QIU 195,030,462 10.89% Security Code Security Name Total Holders Total Holdings CXU FULLY PAID ORDINARY SHARES 2,400 1,791,161,007 CXUO LISTED OPTIONS @ $0.015 EXP 30/12/2025 520 263,720,707 CXUPR1 PERFORMANCE RIGHTS T1 EXP 01/12/2028 3 16,500,000 CXUPR2 PERFORMANCE RIGHTS T2 EXP 01/12/2028 3 16,500,000 CXUPR4 PERFORMANCE RIGHTS T4 EXP 01/12/2028 3 16,500,000 CXUPR5 PERFORMANCE RIGHTS T5 EXP 01/12/2028 3 16,500,000 CXUUOPT4 UNL OPTIONS @ $0.02 EXP 30/11/2025 1 15,000,000 CXUUOPT5 UNL OPTIONS @ $0.025 EXP 30/11/2026 1 15,000,000 CXUUOPT8 UNL OPTIONS @ $0.05 EXP 15/02/2027 1 15,000,000 2,935 2,165,881,714TOTAL Security Code Security Name Total Holdings Exercise Price Value CX UO LISTED OPTIONS @ $0.015 EX P 30/12/2025 263,720,707 0.015$ 3,955,811$ CX UUOPT4 UNL OPTIONS @ $0.02 EX P 30/11/2025 15,000,000 0.020$ 300,000$ CX UUOPT5 UNL OPTIONS @ $0.025 EX P 30/11/2026 15,000,000 0.025$ 375,000$ CX UUOPT8 UNL OPTIONS @ $0.05 EX P 15/02/2027 15,000,000 0.050$ 750,000$ 308,720,707 5,380,811$ TOTAL
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Page 13 AUTHORISATION FOR RELEASE This report has been authorised for release by Chief Executive Officer Jonathan Fisher. End For further information, visit www.cauldronenergy.com.au or contact: Jonathan Fisher Chief Executive Officer Cauldron Energy Limited M: +61 407 981 867 jonathan.fisher@cauldronenergy.com.au Michael Fry Director and Company Secretary Cauldron Energy Limited M: +61 417 996 454 michael.fry@cauldronenergy.com.au Follow us on X Follow us on LinkedIn About Cauldron Cauldron Energy Limited is an ASX-listed uranium-focussed company, 100% owner of the Yanrey Uranium Project, covering an area of ~1,270km 2, located approximately 100 kms south of Onslow and within a highly prospective, mineral-rich region containing multiple uranium deposit. The Yanrey Project covers a prospective northeast -southwest trending Cretaceous -age coastal plain developed along the western margin of the Pilbara block. This prospective trend extends for at least 140km in length, of which Cauldron holds ~80km under granted tenement.
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Page 14 Competent Person Statements Mineral Resource Estimate – Bennet Well Deposit The information in this report that relates to Mineral Resources for the Bennet Well Deposit is extracted from a report released to the Australian Securities Exchange (ASX) on 17 December 2015 titled “Substantial Increase in Tonnes and Grade Confirms Bennet Well as Globally Significant ISR Project” and available to view at www.cauldronenergy.com.au and for which Competent Persons’ consents were obtained. Each Competent Person’s consent remains in place for subsequent releases by the Company of the same information in the same form and context, until the consent is withdrawn or replaced by a subsequent report and accompanying consent. The Company confirms that is not aware of any new information or data that materially affects the information included in the original ASX announcement released on 17 December 2015 and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the original ASX announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original ASX announcement. Mineral Resource Estimate – Manyingee South Deposit The information in this report that relates to Mineral Resources for the Bennet Well Deposit is extracted from a report released to the Australian Securities Exchange (ASX) on 3 April 2025 titled “ Maiden MRE of 11.1Mlbs eU 3O8 at Manyingee South Adds to Cauldron’s Inventory at Yanrey ” and available to view at www.cauldronenergy.com.au and for which Competent Persons’ consents were obtained. Each Competent Person’s consent remains in place for subsequent releases by the Company of the same information in the same form and context, until the consent is withdrawn or replaced by a subs equent report and accompanying consent. The Company confirms that is not aware of any new information or data that materially affects the information included in the original ASX announcement released on 3 April 2025 and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the original ASX announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original ASX announcement. Disclaimer This market update has been prepared by Cauldron Energy Limited (“Company”). The material contained in this market update is for information purposes only. This market update is not an offer or invitation for subscription or purchase of, or a recommendation in relation to, securities in the Company and neither this market update nor anything contained in it shall form the basis of any contract or commitment. This market update may contain forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning Cauldron Energy Limited ’s business plans, intentions, opportunities, expectations, capabilities, and other statements that are not historical facts. Forward - looking statements include those containing such words as could -plan-target-estimate-forecast- anticipate-indicate-expect-intend-may-potential-should or similar expressions. Such forward -looking statements are not g uarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, and which could cause actual results to differ from those expressed in this market update. Because actual results might differ materially to the information in this market update, the Company does not make, and this report should not be relied upon as, any representation or warranty as to the accuracy, or reasonableness, of the underlying assumptions and uncertainties. Investors are cautioned to view all forward-looking statements with caution and to not place undue reliance on such statements.
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Page 15 APPENDIX A Bennet Well Mineral Resource A Mineral Resource (JORC 2012) for the mineralisation at Bennet Well was completed by Ravensgate Mining Industry Consultants (Ravensgate) in 2015 and is based on information compiled by Mr Jess Oram, Executive Director of Cauldron Energy and Mr Stephen Hyl and, who was a Principal Consultant of Ravensgate. Mr Oram is a Member of the Australasian Institute of Geoscientists and Mr Hyland is a Fellow of the Australasian Institute of Mining and Metallurgy. The mineralisation at Bennet Well is a shallow accumulation of uranium hosted in unconsolidated sands close to surface (less than 100 m downhole depth) in Cretaceous sedimentary units of the Ashburton Embayment. The Mineral Resource (JORC 2012) estimate is: • Inferred Resource: 16.932 Mt at 335 ppm eU3O8 for total contained uranium-oxide of 12.5Mlb (5,697 t) at 150 ppm cut-off. • Indicated Resource: 21.9 39 Mt at 375 ppm eU 3O8 for total contained uranium -oxide of 18.1Mlb (8,253 t) at 150 ppm cut-off. • total combined Mineral Resource: 38. 871 Mt at 360 ppm eU 3O8, for total contained uranium -oxide of 30.9 Mlb (13,990 t) at 150 ppm cut-off. Table 2: Mineral Resource (JORC 2012) at various cut-off Deposit Cut-off (ppm eU3O8) Deposit Mass (t) Deposit Grade (ppm eU3O8) Mass U3O8 (kg) Mass U3O8 (lbs) Bennet Well_Total 125 39,207,000 355 13,920,000 30,700,000 Bennet Well_Total 150 38,871,000 360 13,990,000 30,900,000 Bennet Well_Total 175 36,205,000 375 13,580,000 29,900,000 Bennet Well_Total 200 34,205,000 385 13,170,000 29,000,000 Bennet Well_Total 250 26,484,000 430 11,390,000 25,100,000 Bennet Well_Total 300 19,310,000 490 9,460,000 20,900,000 Bennet Well_Total 400 10,157,000 620 6,300,000 13,900,000 Bennet Well_Total 500 6,494,000 715 4,640,000 10,200,000 Bennet Well_Total 800 1,206,000 1175 1,420,000 3,100,000 Deposit Cut-off (ppm U3O8) Deposit Mass (t) Deposit Grade (ppm U3O8) Mass U3O8 (kg) Mass U3O8 (lbs) BenWell_Indicated 125 22,028,000 375 8,260,000 18,200,000 BenWell_Indicated 150 21,939,000 375 8,230,000 18,100,000 BenWell_Indicated 175 21,732,000 380 8,260,000 18,200,000 BenWell_Indicated 200 20,916,000 385 8,050,000 17,800,000 BenWell_Indicated 250 17,404,000 415 7,220,000 15,900,000 BenWell_Indicated 300 13,044,000 465 6,070,000 13,400,000 BenWell_Indicated 400 7,421,000 560 4,160,000 9,200,000 BenWell_Indicated 500 4,496,000 635 2,850,000 6,300,000 BenWell_Indicated 800 353,000 910 320,000 700,000 Deposit Cut-off (ppm U3O8) Deposit Mass (t) Deposit Grade (ppm U3O8) Mass U3O8 (kg) Mass U3O8 (lbs) BenWell_Inferred 125 17,179,000 335 5,750,000 12,700,000 BenWell_Inferred 150 16,932,000 335 5,670,000 12,500,000 BenWell_Inferred 175 14,474,000 365 5,280,000 11,600,000 BenWell_Inferred 200 13,288,000 380 5,050,000 11,100,000 BenWell_Inferred 250 9,080,000 455 4,130,000 9,100,000 BenWell_Inferred 300 6,266,000 535 3,350,000 7,400,000 BenWell_Inferred 400 2,736,000 780 2,130,000 4,700,000 BenWell_Inferred 500 1,998,000 900 1,800,000 4,000,000 BenWell_Inferred 800 853,000 1285 1,100,000 2,400,000 Note: table shows rounded numbers therefore units may not convert nor sum exactly
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Page 16 Appendix B: Manyingee South Mineral Resource Estimate A Mineral Resource Estimate (JORC 2012) for the mineralisation at Manyingee South was completed by Mr Dmitry Pertel, Principal Geologist of AMC Consultants Pty Ltd (AMC). Mr Pertel completed the Mineral Resource Estimate. The Quality Assurance and Quality Control (QAQC) analysis was completed by Mr John Higgins, a full -time employee of Cauldron, assisted by Mr Robert Annett, a consulting geologist engaged by Cauldron. The conversion of downhole gamma grades to estimated eU3O8 grades was undertaken by Mr David Wilson, Principal Geoscientist with 3D Exploration. Mr Pertel assumes Competent Person status for the reported Mineral Resources, Mr Higgins and Mr Annett assume Competent Person status for the QAQC analysis, and Mr Wilson assumes Competent Person for the reported eU3O8 grades. A site visit was completed by Mr Annett. Each of Mr Pertel, Higgins, Annett and Wilson are a Member of the Australasian Institute of GeoScientists and have the necessary qualifications and relevant experience in the style of mineralisation at Manyingee South to qualify as Competent Persons under the JORC Code. Table 3: Manyingee South Inferred Mineral Resource Estimate as of 10 February 2025 Deposit Class Tonnes (Mt) eU3O8 Grade (ppm) eU3O8 (Mlb) Manyingee South Inferred 15.5 325 11.1 TOTAL 15.5 325 11.1 Notes: • Mineral Resource has been classified in accordance with the guidelines of the JORC Code. All blocks were classified as Inferred. • The Mineral Resource report assumes an ISL mining method with the marginal cut-off of 100 ppm eU3O8. • The Bennet Well REF of 1.07 was applied to the eU3O8 grades. • Average dry bulk density value of 1.74 t/m3 were assigned to all cells in the block model, and it assumed to be appropriate for the style of mineralization. • Tonnage is reported on dry basis. • Rows and columns may not add up due to rounding. The Table below sets out grade-tonnage information with cut-off grades between 0 and 800 ppm eU3O8 which is considered useful for sensitivity analysis. The Mineral Resource classification applies to the 100ppm cut-off grade. Table: Grade-Tonnage Table: (Manyingee South Inferred Mineral Resource) Deposit eU3O8 Cutoff Tonnes eU3O8 (ppm) (Mt) Grade (ppm) (Mlb) 0 15.48 324 11.07 100 15.47 325 11.07 125 15.42 325 11.06 150 14.92 331 10.90 175 14.19 340 10.64 Manyingee South 200 13.12 352 10.19 250 9.71 396 8.48 300 7.09 443 6.92 400 4.40 500 4.84 500 1.50 622 2.05 800 0.07 1,056 0.16 Manyingee South Total 15.47 325 11.07
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Page 17 APPENDIX C Schedule of Tenements Mining tenements held at 3 0 June 2025, including tenements acquired and disposed of during the quarter: Tenement Project Tenement Holder Acquired interest during the quarter Disposed interest during the quarter Interest at end of quarter E70/6160 Melrose Cauldron Energy - 100% - E08/1489 Yanrey Cauldron Energy - - 100% E08/1490 - - 100% E08/1493 - - 100% E08/1501 - - 100% E08/2017 - - 100% E08/2081 - - 100% E08/2205 - - 100% E08/2385 - - 100% E08/2386 - - 100% E08/2387 - - 100% E08/2774 - - 100% E08/3088 - - 100% E08/3036* 100% 100% E08/3068* 100% 100% E08/3201* 100% 100% E08/3204* 100% 100% E08/3686* 100% 100% E08/3688* 100% 100% E08/36111 - - 100% E08/37911 - - 100% E08/2328 Onslow Cauldron Energy - - 100% E08/2329 Cauldron Energy - - 100% E08/2642 Cauldron Energy - - 100% L08/71 Cauldron Energy - - 100% M08/487 Quarry Park* - - 100%* E09/27151 Carnarvon Cauldron Energy - - 100% M09/96 Cauldron Energy - - 100% M09/1801 Onslow Resources* - - 100%* E04/25481 Derby Rand Mining - - 100%* E57/14281 Yuinmery Cauldron Energy - 100% - E57/14291 Cauldron Energy - 100% - * Cauldron Energy beneficial interest 1 Tenement application; not yet granted
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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 Cauldron Energy Limited ABN Quarter ended (“current quarter”) 22 102 912 783 30 June 2025 Consolidated statement of cash flows Current quarter $A’000 Year to date (12 months) $A’000 1. Cash flows from operating activities - - 1.1 Receipts from customers 1.2 Payments for (226) (4,274) (a) exploration & evaluation (b) development - - (c) production - - (d) staff costs (138) (695) (e) administration and corporate costs (171) (603) 1.3 Dividends received (see note 3) - 1.4 Interest received 3 30 1.5 Interest and other costs of finance paid - 1.6 Income taxes paid - 1.7 Government grants and tax incentives - 1.8 Other (provide details if material) - GST (net) - Legal recovery 9 250 6 250 1.9 Net cash from / (used in) operating activities (219) (5,286) 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 (75) (75) (e) investments (f) other non-current assets
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (12 months) $A’000 2.2 Proceeds from the disposal of: (a) entities (b) tenements - 100 (c) property, plant and equipment (d) investments (e) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities (75) 25 3. Cash flows from financing activities 1,949 5,973 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 75 75 3.4 Transaction costs related to issues of equity securities or convertible debt securities - (331) 3.5 Proceeds from borrowings - 150 3.6 Repayment of borrowings - (150) 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (provide details if material) - - 3.10 Net cash from / (used in) financing activities 2,024 5,717 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 666 1,940 4.2 Net cash from / (used in) operating activities (item 1.9 above) (219) (5,286) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (75) 25 4.4 Net cash from / (used in) financing activities (item 3.10 above) 2,024 5,717
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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 (12 months) $A’000 4.5 Effect of movement in exchange rates on cash held - - 4.6 Cash and cash equivalents at end of period - - 2,396 2,396 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 2,396 666 5.2 Call deposits - - 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 2,396 666 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 70 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.
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities 7.2 Credit standby arrangements 7.3 Other (please specify) 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) 219 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) 219 8.4 Cash and cash equivalents at quarter end (item 4.6) 2,396 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 2,396 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 11.3 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: 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: 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: 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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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. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. MICHAEL FRY, DIRECTOR and COMPANY SECRETARY Authorised by: ................................................................................... (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, t he 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. 2 This statement gives a true and fair view of the matters disclosed. 3 1 JULY 2025 Date: ...................................................................................