Earnings release
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ASX:LRV | info@larvottoresources.com | www.larvottoresources.com | Page 1 of 23 D 31 October 2025 Larvotto Resources Limited – ASX Announcement September 2025 Quarterly Report Highlights Operational • Final Investment Decision (FID) approved for the development of the Hillgrove Antimony -Gold Project, following the completion of the US$105M Senior Secured Bond and A$7 0M equit y raising, fully funding construction and commissioning of the plant • Engineering, Procurement and Construction Management ( EPCM) contract executed with Interquip Construction Pty Ltd (trading as MIQM) for the delivery of the processing plant upgrade, covering design, procurement and construction management of the expanded ~0.525M tpa throughput processing facility • 4 drill rigs continuing onsite, with high-grade results at Eleanora- Garibaldi, Golden Gate and drilling continuing at Metz and Freehold • Key intercepts reported include: - ELG225 28.1m @ 5.68 g/t AuEq from 186m - ELG228 18.4m @ 6.26 g/t AuEq from 86.6m - GGL010 5.8m @ 4.91 g/t AuEq from 166.6m - GGL013 8.5m @ 4.03 g/t AuEq from 196m • Post-quarter, key drilling intercepts reported include: - ELG233 30m @ 3.29 g/t AuEq from 104m, including 4.1m @ 8.42 g/t AuEq from 116m - ELG233 5.4m @ 11.99g/t AuEq from 151.6m including 4.0m @ 15.89 g/t AuEq from 153m - BLK101 15m @ 5.24g/t AuEq from 42m, including 4.2m @ 14.46g/t AuEq from 49m - BLK102 14.8m @ 3.48g/t AuEq from 95m • Results will be incorporated into an updated Resource and Reserve planned for Eleanora- Garibaldi and Metz Mining Centre • IP resistivity survey identified strong new anomalies at Freehold and Kiarra • Larvotto’s broader exploration strategy is to expand the Hillgrove resource base and identify new zones of high-grade antimony-gold mineralisation with IP surveys and positive drilling results Corporate • US$105M Senior Secured Bond Issue was completed, supported by large Australian and International funds. Currently undrawn. • A$60M equity raising (two-tranche placement) and A$10M Share Purchase Plan completed • ~A$0.4M tax refund to be received for the year end 31 December 2024 • Well-funded with cash position A$62.1M
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ASX:LRV | info@larvottoresources.com | www.larvottoresources.com | Page 2 of 23 Larvotto Resources Limited – ASX Announcement Larvotto Resources Limited ( ASX: LRV, ‘ Larvotto’ or ‘the Company’) is pleased to provide its Quarterly Report for the three-month period ended 30 September 2025. During the quarter, the board of Larvotto approved the Final Investment Decision to develop the Hillgrove Antimony -Gold Project, plant upgrade works commenced, and drilling provided further high-grade results. Hillgrove Antimony and Gold Project, NSW Larvotto’s Hillgrove Project covers 254km2, comprising four exploration leases and 48 granted mining leases for 1.7M Resources at 7.4g/t AuEq 1, placing Hillgrove in the world top 10 global antimony deposits and is Australia’s largest antimony deposit, as well as containing high-grade gold. The field also contains largely untested tungsten mineralisation that has previously been mined with the antimony and gold but never extracted in the process plant. The Hillgrove mineral field is strategically located adjacent to existing road infrastructure and within proximity to the urban centres of Armidale (23km), Tamworth (145km) and Coffs Harbour (170km). The area has been an active mining centre for over 100 y ears (Figure 1). Historically, the Hillgrove field has produced over 750,000oz of gold and 40,000t of antimony. There are currently multiple high- grade drill targets outside of the current Mineral Resources which Larvotto has identified for further near-term drilling. Figure 1 Hillgrove Project Location Map 1 See ASX: LRV Announcement dated 5 August 2024 – Hillgrove Gold-Antimony Project Pre-Feasibility Study
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ASX:LRV | info@larvottoresources.com | www.larvottoresources.com | Page 3 of 23 Larvotto Resources Limited – ASX Announcement Final Investment Decision During the quarter, the board approved the Final Investment Decision (FID) for Larvotto to develop its Hillgrove Antimony -Gold Project in New South Wales 2. The decision follow ed the successful completion of a US$105M senior secured bond issue and a A$7 0M equity raising, fully funding the approximately ~A$140M capital cost for the project’s construction and commissioning. The FID marks the culmination of significant progress since Larvotto acquired the Hillgrove Project in December 2023 and follows the completion of a Definitive Feasibility Study 3 confirming Hillgrove as a technically robust, high-margin critical minerals project. The development will see Hillgrove emerge as the next major source of antimony production outside China, with production to commence in 2026. The approved capital expenditure for the development of the Hillgrove Project is $140 M with pre- production capital works including: • Site works to refurbish and upgrade site infrastructure (roads, earthworks, drainage, incoming transformer and buildings) • Process plant up-grade and construction works • Underground mining at Metz (refurbishment of mine infrastructure, portal support, reinstallation of ground support and commencement of ore production) • Equipment purchases (light and service vehicles, metallurgical laboratory) • Owner’s site costs (construction project management, cost control, operations readiness projects, CITB levy, property purchases and biodiversity offsets) . The open pit and underground mining equipment fleets are proposed to be provided under contract/hire agreements. The approval of the FID led to the commencement of the processing plant upgrade and execution of the MACA-Interquip-Mintrex (MIQM) 4 contract. Plant Upgrade EPCM Contract Executed During the quarter, the Company announced MIQM had been awarded the Engineering, Procurement and Construction Management (EPCM) role for the processing plant upgrade. The agreement covers MIQM to oversee the detailed design, procurement and construction management to deliver a ~0.525 Mtpa plant upgrade, which includes an ultra-fine grinding circuit and a filtered (dry) tailings circuit, alongside refurbishment of key plant areas. Early works focused on the critical areas of Secondary Crushing and Tailings Filtration, as well as earthworks, stripping of unwanted and obsolete plant items and preparing for installation of infrastructure. The upgrade works include the installation of new crushing and regrind circuits, flotation cells, upgraded concentrate handling facilities, and the implementation of a state-of-the-art filtered tailings facility that will allow environmental rehabilitation in conjunction with production, alongside refurbishment of key existing infrastructure. The MIQM site team are anticipated to progressively ramp-up during the remainder 2025, peaking at a maximum of 60 people during Q1 2026. Post-quarter, the Company advised that the EPCM contract had been formally executed with MIQM for the upgrade and refurbishment of the processing plant. 2 See ASX: LRV Announcement Project dated July 31 2025 - Approves Development of Hillgrove Antimony/Gold 3 See ASX: LRV Announcement dated 6 May 2025 Hillgrove Antimony-Gold Project Delivers Compelling Definitive Feasibility Study 4 See ASX: LRV Announcement dated 7 October 2025 – EPCM Contract Executed for Processing Plant Upgrade
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ASX:LRV | info@larvottoresources.com | www.larvottoresources.com | Page 4 of 23 Larvotto Resources Limited – ASX Announcement Hillgrove Project Drilling During the quarter, Larvotto continued its extensive drilling program across Eleanora- Garibaldi, Golden Gate, Metz and Freehold areas. The ongoing high-grade results and growing resource confidence mark a significant step toward de- risking the development and extending mine life at Hillgrove. Eleanora-Garibaldi Drilling The Eleanora-Garibaldi drilling program, which began in October 2024, is now concluded, with drilling at Garibaldi and Golden Gate (Figure 2) focused on infilling and extending previously identified mineralisation. Multiple new intercepts at Eleanora have confirmed the continuity of high-grade zones5 (Figure 3). Figure 2 Eleanora-Garibaldi and Golden Gate diamond drill hole location plan. Drill hole cross-section locations are shown as dashed lines, A-A’ and B-B’ During the quarter, the Company reported s tandout assays including 28.1m @ 5.68 g/t AuEq from 186m (ELG225), and 18.4m @ 6.26 g/t AuEq from 86.6m (ELG228), underlining the strong tenor of mineralisation and widths to match. Importantly, continuity of parallel footwall zones are consistently 5 See: ASX: LRV Announcement dated 4 September 2025 - High-grade Intercepts at Eleanora and Golden Gate Larvotto drilling Historic drilling Modelled Eleanora-Garibaldi LEGEND 250 Metres GDA2020, UTM Zone 56 6,617,000mN 6,616,500mN 394,500mE Modelled Golden Gate Cross section trace Golden Gate Open Open
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ASX:LRV | info@larvottoresources.com | www.larvottoresources.com | Page 5 of 23 Larvotto Resources Limited – ASX Announcement being identified, with the latest being a 2m intersection grading 23.61g/t Au from ELG228, demonstrating the potential of other high-grade shoots that remain underexplored. Figure 3 Section view through Eleanora interpreted mineralisation, looking to the north-northwest
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ASX:LRV | info@larvottoresources.com | www.larvottoresources.com | Page 6 of 23 Larvotto Resources Limited – ASX Announcement Post quarter results6 at Eleanora included 30m @ 3.29 g/t AuEq from 104m, including 4.1m @ 8.42 g/t AuEq from 116m; and 5.4m @ 11.99g/t AuEq from 151.6m including 4.0m @ 15.89 g/t AuEq from 153m. The Eleanora- Garibaldi drilling program, which began in October 2024, is now concluded, with ~11,200m of diamond drilling successfully carried out. An updated Mineral Resource Estimate and Mineral Reserve will be calculated in the near future. Once all results of the recently -completed Eleanora-Garibaldi drill program have been included in an updated Mineral Resource model, it is anticipated that further rounds of drilling will follow. Figure 4 Eleanora-Garibaldi diamond drill hole location plan In Figure 4 , recent drill holes are displayed as thick black traces, previous Larvotto and historic drill holes are displayed as thin grey traces. The modelled mineralisation sliced to 1800mRL is shown as a red line in order to show the intercept points of drill holes. Note, hole names are labelled along the projection of the drill trace of holes for better clarity. The relative position of the cross-section is shown as dashed traces in plan view (A-A’). The most recent drilling has occurred within very close proximity to mine infrastructure, where drill locations are still available during mill construction and associated infrastructure works. The drilling clearly indicates the potential of Hillgrove to produce excellent gold and antimony grades below and along strik e from historic mining, but also immediately adjacent to 6 See ASX: LRV Announcement dated 9 October 2025 – Continued High-Grade Drilling Results at Eleanora-Garibaldi
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ASX:LRV | info@larvottoresources.com | www.larvottoresources.com | Page 7 of 23 Larvotto Resources Limited – ASX Announcement areas historically mined for very high- grade ore. Significant drill intercepts are summarised in Table 1. A drill hole cross-section for recent drill results are shown in Figure 5. Table 1 Recent drill hole assays greater than 20 gram*metres (g/t AuEq*m) Hole ID From (m) To (m) Interval (m) Au (ppm) Sb (%) AuEq (g/t) Gram*metre (g/t AuEq*m) ELG222 144 152 8 3.31 0.38 5.29 42 ELG224 219 234.6 15.6 4.81 0.16 5.28 82 ELG225 167.2 170.5 3.3 11.14 0.12 11.49 38 ELG225 186 214.1 28.1 4.47 0.42 5.68 160 ELG228 86.6 105 18.4 3.57 0.93 6.26 115 ELG228 117 119 2 23.61 0.01 23.64 47 GGL010 166.6 172.4 5.8 2.45 0.85 4.91 28 GGL011 47 53.8 6.8 1.25 0.69 3.25 22 GGL013 196 204.5 8.5 3.69 0.12 4.03 34 ELG229 100 116.1 16.1 2.98 0.19 3.52 57 incl. 106.5 114 7.5 5.65 0.38 6.74 51 ELG230 41 51 10 3.77 0.03 3.85 39 incl. 45.5 50 4.5 7.67 0.04 7.77 35 ELG230 54 61.4 7.4 3.43 0.03 3.53 26 ELG232 187 197.4 10.4 1.93 0.18 2.46 26 ELG233 104 134 30 2.67 0.21 3.29 99 incl. 116 120.1 4.1 5.86 0.88 8.42 35 ELG233 151.6 157 5.4 11.23 0.26 11.99 65 incl. 153 157 4 14.87 0.35 15.89 64 ELG234 220 229 9 4.28 1.04 7.28 66 Incl. 220 225.6 5.6 6.54 1.66 11.35 64 Note: True widths are on average 70% of the reported interval width
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ASX:LRV | info@larvottoresources.com | www.larvottoresources.com | Page 8 of 23 Larvotto Resources Limited – ASX Announcement Figure 5 Eleanora-Garibaldi Cross-section A-A
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ASX:LRV | info@larvottoresources.com | www.larvottoresources.com | Page 9 of 23 Larvotto Resources Limited – ASX Announcement The Garibaldi deposit has a calculated Mineral Resource of 2,708 kt @ 6.6 g/t AuEq for 396 koz gold, and 19 kt antimony7. Table 2 Garibaldi Mineral Resource Estimate Area Classification Tonnes (kt) Grade Au Eq. (g/t) Contained Metal Au (g/t) Sb (%) koz Au kt Sb Garibaldi Measured - - - - - - Indicated 1,503 4.9 0.9 7.5 237 13 Measured & Indicated 1,503 4.9 0.9 7.5 237 13 Inferred 1,205 4.1 0.5 5.5 159 6 Total 2,708 4.5 0.7 6.6 396 19 Tonnages and grades are rounded. Discrepancies in totals may exist due to rounding. Au equivalent (Au Eq.) grade reported using metal selling prices, recoveries and other assumptions (6 May 2025) Mineral Resource cut off and Source: The underground extractable sulphide mineral resources are reported to a cut off 2.3g/t Au Eq with additional reasonable pros pects of economic extraction constraints (6 May 2025) The open pit extractable sulphide mineral resources are reported to a cut off 0.65g/t Au Eq with additional reasonable prospects of economic extraction constraints. Includes minor surface stockpiles (6 May 2025) The open pit extractable sulphide/oxide/transitional mineral resources are reported to a cut off 0.65g/t Au Eq with additional reasonable prospects of economic extraction constraints (6 May 2025) Gold Equivalent Calculation All Gold equivalent values are calculated with the following equations: AuEq (g/t) = Au (g/t) + (Sb(%) x (Sb ($/t) x Sb (rec%))) / ((Au ($/oz)/31.1035) x Au (rec%) )) AuEq (g/t) = Au (g/t) + (Sb(%)×2.281) Using the following assumptions: • Au Price = US$2,200 /oz (currently US$3,300) • Sb Price = US$15,000 /t (currently US$57,000) • US$ : A$ = 0.67 (currently 0.64) • Au recovery = 83.6% (based on conservative historic recovery from Hillgrove) • Sb recovery = 89.6% (based on conservative historic recovery from Hillgrove) It is the Company’s opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold Golden Gate Drilling The Golden Gate P rospect, located southwest of Eleanora , is a near -mine corridor target situated southwest of Eleanora. Golden Gate was historically mined intermittently from the mid-1880’s through to the mid- 1940’s. The main areas worked were Golden Gate North Reef, Golden Gate Mid Reef (Golden Gate Lode) and Golden Gate South Reef. Results confirmed the presence of high- grade gold-antimony mineralisation across multiple lodes , with key intercepts including 5.8m @ 4.91 g/t AuEq from 166.6m (GGL010), 6.8m @ 3.25 g/t AuEq from 47m (GGL011) and 8.5m @ 4.03 g/t AuEq from 196m (GGL013) (Table 3). These results build on the previously reported 4m @ 19.62 g/t AuEq intercept from GGL009, demonstrating strong continuity of mineralisation across the Golden Gate corridor8. (Figure 6). 7 See ASX: LRV Announcement dated 6 May 2025, Hillgrove Antimony-Gold Project Delivers Compelling DFS 8 See ASX: LRV Announcement dated 4 September 2025 - High-grade Intercepts at Eleanora and Golden Gate
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ASX:LRV | info@larvottoresources.com | www.larvottoresources.com | Page 10 of 23 Larvotto Resources Limited – ASX Announcement Figure 6 Section view through Golden Gate interpreted mineralisation, looking to the north-northwest Note: The section view is 60m wide. Significant intercepts of greater than or equal to 5 gram*metres highlighted.
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ASX:LRV | info@larvottoresources.com | www.larvottoresources.com | Page 11 of 23 Larvotto Resources Limited – ASX Announcement Table 3 Significant Drill Hole Intercepts greater than or equal to 5 gram*metres (g/t AuEq*m) Hole ID From (m) To (m) Interval (m) Au (ppm) Sb (%) AuEq (g/t) Gram*metre (g/t AuEq*m) ELG222 125 127.9 2.9 2.07 0.90 4.66 14 ELG222 144 152 8 3.31 0.68 5.29 42 ELG224 219 234.6 15.6 4.81 0.16 5.28 82 ELG225 167.2 170.5 3.3 11.14 0.12 11.49 38 ELG225 173.05 180 6.95 2.43 0.11 2.75 19 ELG225 186 214.1 28.1 4.47 0.42 5.68 160 ELG226 28 32 4 2.29 0.03 2.38 10 ELG227 141 144 3 2.57 <0.00 2.58 8 ELG227 196 200 4 2.90 0.13 3.27 13 ELG228 86.6 105 18.4 3.57 0.93 6.26 115 ELG228 117 119 2 23.61 0.01 23.64 47 GGL010 166.6 172.4 5.8 2.45 0.85 4.91 28 GGL011 47 53.8 6.8 1.25 0.69 3.25 22 GGL012 15 16 1 1.88 1.03 4.85 5 GGL013 49 52 3 0.53 0.79 2.81 8 GGL013 68 70.3 2.3 3.59 0.03 3.69 8 GGL013 196 204.5 8.5 3.69 0.12 4.03 34 GGL013 207.5 208 0.5 2.72 2.40 9.68 5 GGL014 28 32 4 1.30 0.08 1.54 6 GGL015 15 18 3 1.98 0.64 3.84 12 GGL015 44 49 5 2.16 0.57 3.82 19 GGL015 165 166 1 9.35 0.01 9.38 9 GGL015 230.9 232 1.1 5.45 2.75 13.41 15 GGL015 286.2 289.2 3 3.28 0.79 5.58 17 Note: Reported intervals are downhole lengths; true widths are not known at this stage. True widths are on average 72% of the reported interval width.
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ASX:LRV | info@larvottoresources.com | www.larvottoresources.com | Page 12 of 23 Larvotto Resources Limited – ASX Announcement Metz Drilling The Metz Mining Centre is a structurally controlled, vein- hosted gold- antimony rich mineralised system that has been extensively explored and exploited. The Metz Mining Centre includes the Blacklode, Sunlight, and Syndicate systems, along with smaller splays, including Coxes Lode. Blacklode is an approximately one kilometre long, predominantly E -W, subvertical shear structure. Drilling is targeting this and the cross-linking ductile interaction where the mineralisation approaches the NW-SE-striking extensional shears of the Syndicate and Coxes Lode systems. Exploration is also designed to test extensions beneath historical workings, with step-outs planned along the west-north- west and north-west strike extensions of the Blacklode and Syndicate mineralised structures (Figure 7) Figure 7 Blacklode diamond drill hole location plan with named mineral systems
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ASX:LRV | info@larvottoresources.com | www.larvottoresources.com | Page 13 of 23 Larvotto Resources Limited – ASX Announcement Post-quarter, results were reported from the Blacklode Prospect, returning wide, consistent zones of gold and antimony mineralisation9 (Table 4) Reported drill intercepts included 15m @ 5.24 g/t AuEq from 42m, (including 4.2m @ 14.46 g/t AuEq from 49m) in BLK101, and 14.8m @ 3.48 g/t AuEq from 95 m in BLK102, highlight the potential for significant upside in this shallow, underexplored zone of mineralisation proximal to existing infrastructure and accessible from underground workings. Table 4 Recent drill hole assays greater than 20 gram*metres (g/t AuEq*m) Hole ID From (m) To (m) Interval (m) Au (ppm) Sb (%) AuEq (g/t) Gram*metre (g/t AuEq*m) BLK101 6.5 8 1.5 2.28 3.33 15.97 24 BLK101 42 57 15 2.76 0.60 5.24 79 Incl. 49 53.2 4.2 6.97 1.82 14.46 61 BLK102 54.65 56.55 1.9 7.55 3.17 20.62 39 BLK102 95 109.8 14.8 2.00 0.36 3.48 51 BLK103 63.6 72.7 9.1 3.14 0.50 5.19 47 Incl. 63.6 67.6 4 4.04 0.89 7.72 31 BLK104 48.6 60.3 11.7 2.27 0.11 2.74 32 Incl. 55.25 60.3 5.05 4.20 0.23 5.15 26 BLK104 119.2 127.8 8.6 0.57 0.62 3.15 27 Incl. 119.2 120 0.8 1.99 6.64 29.32 23 BLK104 141 150.8 9.8 1.85 0.30 3.10 30 Note: True widths are on average 53% of the reported interval width Drilling is ongoing and additional drill holes have been planned to further test and define the extent of this highly prospective zone of mineralisation and other underexplored parts of the Metz system. IP Geophysics and Resistivity Surveys During the quarter, Fender Geophysics was engaged to complete a Gradient -Array Induced Polarisation (IP) and Resistivity survey over the Freehold and Kiarra Prospects. Based on these findings, Larvotto plans to drill test the new geophysical anomalies and expand its IP and resistivity coverage across additional priority targets. Further work will include 3D dipole-dipole IP modelling to assess mineralisation depth and continuity. Freehold Prospect The Freehold project is located 1.2 kilometres east of the Hillgrove mine site, and was historically mined by New England Antimony Mines between 1974 and 2002, producing significant antimony and gold from a 330m-deep, eight-level underground operation. The survey targeted potential extensions of the mineralised Sb- Au structures in the Freehold area, which have been only partially mined historically, and used 20m potential electrode separation with readings taken at 20m intervals along six lines spaced 50m apart, each extending 650m and covering a total area of 16.5 Ha (165,000m²). 9 See ASX: LRV Announcement dated 21 October 2025 – Drilling Success at Blacklode
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ASX:LRV | info@larvottoresources.com | www.larvottoresources.com | Page 14 of 23 Larvotto Resources Limited – ASX Announcement Results at the Freehold Prospect confirm a strong correlation with historic Freehold mineralisation and identified several untested anomalies, including a significant target 350 metres east of the known workings10. These results suggest potential extensions to existing antimony-gold structures and have defined clear follow-up drill targets (Figure 8). Figure 8 Colour-amplitude resistivity image (20m spaced electrodes). Drilling has commenced to test these anomalies, with the survey reaffirming IP/Resistivity as a valuable, low-cost tool for identifying mineralised structures across Hillgrove. Kiarra Prospect The Kiarra Prospect lies approximately 4.2 kilometres north-northeast of the Hillgrove mine site and 1.2 kilometres east of the Clarks Gully resource area. It was historically mined by small-scale surface trenches targeting gold but due to the abundance of antimony encountered that hindered gold extraction, the Kiarra Prospect was not considered a priority target at the time. The Gradient-Array IP and Resistivity survey covered a 64 -hectare area using 25 lines spaced 50 metres apart and recorded 1,305 electrode readings over 13.5 line kilometres , and identified strong resistivity highs that correlate closely with historic gold- antimony workings, interpreted as potential 10 See ASX: LRV Announcement dated 16 September 2025 - IP Survey Completed at Freehold 200 metres GDA2020, UTM Zone 56 ? Freehold GAIP Rx20m Resistivity N High Low Resistivity LEGEND Historic open shaft Existing underground workings Historic workings Untested anomaly with surface workings Interpreted fault Interpreted fault, from field observations Large untested anomaly parallel to known mineralisation ?
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ASX:LRV | info@larvottoresources.com | www.larvottoresources.com | Page 15 of 23 Larvotto Resources Limited – ASX Announcement lode extensions11 (Figure 9). It revealed structural similarities to the Metz Mining Centre, which hosts the majority of the current Hillgrove Mineral Resource and where mining activities will commence shortly. Figure 9 Resistivity over the Kiarra Prospect showing association with structure and historic surface workings 11 See ASX: LRV Announcement dated 30 September 2025 - IP Identifies New Anomalies at Kiarra Prospect
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ASX:LRV | info@larvottoresources.com | www.larvottoresources.com | Page 16 of 23 Larvotto Resources Limited – ASX Announcement At the nearby Kiarra West Prospect, historic drilling returned significant gold- antimony intercepts including 3m at 4.92 g/t AuEq from 15m (including 1m at 8.33 g/t AuEq) and 7m at 3.75g/t AuEq from 40m (including 1m at 17.82 g/t AuEq). These intercepts confirm the potential for near -surface, high- grade mineralisation along extensions of the Hillgrove structural corridor. The results suggest a strong association between resistivity highs and mapped historic workings, interpreted as indicative of silicification and mineralised lodes. At the nearby Kiarra West Prospect, historic drilling returned significant gold-antimony intercepts including 3m at 4.92 g/t AuEq from 15m (including 1m at 8.33 g/t AuEq) and 7 m at 3.75 g/t AuEq from 40 metres (including 1m at 17.82 g/t AuEq). These intercepts confirm the potential for near -surface, high- grade mineralisation along extensions of the Hillgrove structural corridor. The survey also indicates continued linear resistivity highs to the northwest of the mapped surface workings, and in a west -northwest direction towards the historic percussion drill holes at the Kiarra West Prospect. These orientations are analogous to what is seen in other parts of the Hillgrove project, particularly at the Metz Mining Centre. Community Activity The Hillgrove Hub, open each weekday , is a dedicated community engagement and information centre located in Armidale established to strengthen relationships with the communities of Armidale, Hillgrove, and the broader New England region. It serves as a central point for community interaction, local employment opportunities, and access to project updates as the Hillgrove Antimony-Gold Project advances. The Hub reinforces Larvotto’s commitment to regional development through job creation, support for local businesses, and ongoing community initiatives. Larvotto held community meetings at the Hillgrove Community Hall on 21 July and 23 September to discuss the development and mining outlook for the Project. Future Activity Larvotto has finished the September 2025 quarter with a strong balance sheet with $62.1M in the bank. Funds will be used as follows in the upcoming December quarter: • Plant upgrade at Hillgrove, expected to be completed by mid-2026 • Recruitment and build out of operational readiness teams , in preparation for commencement of production in 2026 • Ongoing exploration program at Hillgrove – with four drill rigs completing infill and expansionary drilling from surface and underground Corporate Completion of US$105M Senior Secured Bond Completion of Senior Secured Bond 12 Issue raising a total of US$105 million (“Bond Issue”). The Bond Issue was supported by a combination of large Australian and International funds, including those focused on natural resources and the renewable energy sectors. The net proceeds of the Bond Issue, together with existing cash and other equity proceeds, will be used for the restart of the Hillgrove Antimony and Gold Project . These funds currently remain undrawn. 12 See ASX: LRV Announcement dated July 21 2025 - Successful Completion of US$105m Senior Secured Bond
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ASX:LRV | info@larvottoresources.com | www.larvottoresources.com | Page 17 of 23 Larvotto Resources Limited – ASX Announcement Clarksons Securities AS acted as the sole manager for the Bond issuance. Completion of AU$60M Equity Raise and $10M SPP Completion of two-tranche AU$60M placement of new shares at $0.68 per new share, supported by Australian and international investors13. The Company issued 88.2M New Shares, comprising: • Tranche comprised 61.6 million shares to raise approximately A$41.9M utilising the Company’s available placement capacity under ASX Listing Rule 7.1 • Tranche 2 comprised 26.6 million shares to raise approximately A$18.1M, subject to shareholder approval at an Extraordinary General Meeting held on 12 September 2025 Aitken Mount Capital Partners and Blue Ocean Equities acted as Joint Lead Managers (JLMs) to the Placement. Larvotto completed an A$10M share purchase plan (SPP) 14 with a 20 % pro -rata scale back on subscriptions. The Company issued 14,705,628 New Shares at an issue price of $0.68 per share. Eligible Shareholders had the opportunity to apply (without incurring brokerage fees) for up to $30,000 worth of new Shares. Funds from the Equity Raise and SPP to be used for pre -production capital works, mill expansion preparation, team recruitment and ongoing exploration activity. R & D Tax Incentive Rebate of $0.4M The Company announced it will receive a $388,662 refund from the Australian Government for the year ended 31 December 2024 15. The rebate recognises the Company’s ongoing metallurgical research program at the Hillgrove Antimony-Gold. Presentations Larvotto participated at the Diggers and Dealers Mining Forum, held in Kalgoorlie in August 2025 . Additionally, Managing Director Ron Heeks and Chair Mark Tomlinson attended the Noosa Mining Conference in July 2025. EGM The Company held an Extraordinary General Meeting of members on 12 September 202516, with all resolutions passed. Resolution 3, the Retention and Reward Program, was operationally significant to formally establish a structured, equity-based incentive plan aimed at retaining and motivating key personnel during the critical build -up to first production at Hillgrove in 2026. Specifically, the resolution authorised the staged issue of an additional 25M Performance Rights to eligible employees (excluding directors) over a two-year vesting period. These rights are tied to defined performance and retention hurdles such as delivery of project milestones, safety, cost management, and operational readiness. Summary of Financials for the Quarter As reported in the Appendix 5B, the cash balance was $62.1M at 30 September 2025 (compared to $26.6M at the completion of the previous quarter), representing an increase of $35.5M for the quarter. The Company’s cash flow movements for the quarter are summarised below: 13 See ASX: LRV Announcement dated July 25 2025 - $60 million Equity Raising Successfully Completed 14See ASX: LRV Announcement dated 28 July 2025 - Share Purchase Plan Letter and Offer Booklet 15See ASX: LRV Announcement dated 15 September 2025 - Larvotto to receive $0.4m R & D Tax Incentive Rebate 16See ASX: LRV Announcement dated 13 August - Letter from the Chair/Notice of General Meeting/Proxy Form
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ASX:LRV | info@larvottoresources.com | www.larvottoresources.com | Page 18 of 23 Larvotto Resources Limited – ASX Announcement • Net cash used in operational activities - $2.4M • Net cash used in investing activities - $17.2M • Net cash from financing activities - $55.0M Payments to related parties of the Company and their associates of $0.144M as disclosed in Section 6 of the Appendix 5B relate to salaries (including superannuation) and consulting fees paid to directors excluding any reimbursements for expenses incurred on behalf of the Company. Tenement Interests In accordance with Listing Rule 5.3.3, the Company provides the following information in relation to its mining tenements held on 30 September 2025. Project/Location Tenement Id Name Expiry Date Area Highlands, Queensland EPM 14281 Yamamilla 6-Jul-2028 28.86 km2 EPM 16197 Blockade 2-Nov-2026 19.23 km2 EPM 17638 Phillips Hill 11-Jun-2028 54.53 km2 EPM 17947 Blockade East Extension 26-Sep-2026 16.03 km2 EPM 18492 Mt Remarkable Extension 11-Jun-2028 131.65 km2 EPM 19733 Mt Remarkable Consolidated 26-Jun-2026 320.92 km2 EPM 29323 Pending 28.86 km2 Mt Isa, Queensland EPM 26510 Clone1 25-Apr-2028 55.19 km2 EPM 26538 Clone2 22-Apr-2028 68.14 km2 EPM 26798 Barkly1 10-Apr-2029 48.81 km2 EPM 27023 Bass 13-May-2029 91.1 km2 EPM 28406 25-Aug-2028 48.5 km2 Eyre, Western Australia E 63/1827 11-Oct-2027 147 km2 E 63/1929 28-Jul-2029 47.6 km2 E 63/1974 Renewal pending 5.55 km2 E 63/1976 Renewal pending 33.33 km2
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ASX:LRV | info@larvottoresources.com | www.larvottoresources.com | Page 19 of 23 Larvotto Resources Limited – ASX Announcement Project/Location Tenement Id Name Expiry Date Area E 63/2008 26-Oct-2025 125 km2 E 63/1995 Pending 216.5 km2 E 63/2213 Pending 96.9 km2 E 63/2283 Pending 96.9 km2 E 63/2284 Pending 216.5 km2 Hillgrove, New South Wales EL 3326 Hillgrove Mines Pty Ltd 23-Aug-2026 8 Units EL 5973 Hillgrove Mines Pty Ltd 19-Aug-2025 29 Units EL 5997 Hillgrove Mines Pty Ltd 27-Sep-2025 13 Units EL 6419 Hillgrove Mines Pty Ltd Renewal pending 44 Units GL 3959 Hillgrove Mines Pty Ltd 08-Feb-2043 5.01 ha GL 3980 Hillgrove Mines Pty Ltd 29-Mar-2041 1.619 ha GL 5845 Hillgrove Mines Pty Ltd 16-Feb-2030 4.047 ha ML 205 Hillgrove Mines Pty Ltd 21-Mar-2042 2.302 ha ML 219 Hillgrove Mines Pty Ltd 16-Jun-2042 167.6 ha ML 231 Hillgrove Mines Pty Ltd 21-Jul-2042 5.26 ha ML 391 Hillgrove Mines Pty Ltd 16-Feb-2043 24.64 ha ML 392 Hillgrove Mines Pty Ltd 16-Feb-2043 4046m2 ML 592 Hillgrove Mines Pty Ltd 03-May-2042 3.53 ha ML 600 Hillgrove Mines Pty Ltd 10-May-2042 200 ha ML 649 Hillgrove Mines Pty Ltd 04-Oct-2042 19.05 ha ML 655 Hillgrove Mines Pty Ltd 04-Oct-2042 7.4 ha ML 714 Hillgrove Mines Pty Ltd 21-Mar-2043 56 ha ML 749 Hillgrove Mines Pty Ltd 04-Jul-2042 32.05 ha ML 772 Hillgrove Mines Pty Ltd 05-Sep-2042 1.617 ha
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ASX:LRV | info@larvottoresources.com | www.larvottoresources.com | Page 20 of 23 Larvotto Resources Limited – ASX Announcement Project/Location Tenement Id Name Expiry Date Area ML 810 Hillgrove Mines Pty Ltd 05-Mar-2043 30.06 ha ML 945 Hillgrove Mines Pty Ltd 08-Jul-2042 18.53 ha ML 961 Hillgrove Mines Pty Ltd 09-Dec-2042 67.12 ha ML 972 Hillgrove Mines Pty Ltd 06-Jan-2043 153.5 ha ML 1020 Hillgrove Mines Pty Ltd 11-Feb-2041 12.1 ha ML 1026 Hillgrove Mines Pty Ltd 08-Dec-2042 97.94 ha ML 1100 Hillgrove Mines Pty Ltd 09-Nov-2042 186m2 ML 1101 Hillgrove Mines Pty Ltd 09-Nov-2042 118.04 ha ML 1332 Hillgrove Mines Pty Ltd 11-Feb-2041 24.56 ha ML 1440 Hillgrove Mines Pty Ltd Renewal pending 52.6 ha ML 1441 Hillgrove Mines Pty Ltd Renewal pending 64.12 ha ML 1442 Hillgrove Mines Pty Ltd Renewal pending 256 Ha ML 1598 Hillgrove Mines Pty Ltd Renewal pending 6700m2 ML 1599 Hillgrove Mines Pty Ltd Renewal pending 2225m2 ML 1600 Hillgrove Mines Pty Ltd Renewal pending 1.423 ha ML 1601 Hillgrove Mines Pty Ltd Renewal pending 5.641 ha ML 1602 Hillgrove Mines Pty Ltd Renewal pending 8612m2 ML 1603 Hillgrove Mines Pty Ltd Renewal pending 3262m2 ML 1604 Hillgrove Mines Pty Ltd Renewal pending 1.972 ha ML 5643 Hillgrove Mines Pty Ltd 14-Nov-2042 1.91 ha ML 6282 Hillgrove Mines Pty Ltd 12-Mar-2042 3.149 ha MPL 146 Hillgrove Mines Pty Ltd 09-Aug-2042 8098m2 MPL 220 Hillgrove Mines Pty Ltd 07-Dec-2042 2.661 ha MPL 745 Hillgrove Mines Pty Ltd 11-Feb-2040 5159m2 MPL 919 Hillgrove Mines Pty Ltd 11-Feb-2041 1.11 ha
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ASX:LRV | info@larvottoresources.com | www.larvottoresources.com | Page 21 of 23 Larvotto Resources Limited – ASX Announcement Project/Location Tenement Id Name Expiry Date Area MPL 1427 Hillgrove Mines Pty Ltd Renewal pending 2.19 ha PLL 350 Hillgrove Mines Pty Ltd Renewal pending 1.07 ha PLL 416 Hillgrove Mines Pty Ltd 20-Dec-2042 4022m2 PLL 661 Hillgrove Mines Pty Ltd 27-Jul-2042 15.96 ha PLL 804 Hillgrove Mines Pty Ltd 22-Jul-2032 7714m2 PLL 1252 Hillgrove Mines Pty Ltd Renewal pending 8.2099 ha PLL 3827 Hillgrove Mines Pty Ltd 21-Aug-2041 1.95 ha Competent Persons Statement Exploration results The information in this announcement that relates to exploration results has been compiled by Mr Phillip Fox, who is a Member of the Australian Institute Geoscientists and who is Group Exploration Manager of Larvotto Resources Limited. Mr Fox has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking, 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’. Mr. Fox consents to the inclusion in the release of the matters based on his information in the form and context in which it appears. The Company is not aware of any new information or data that materially affects the information included in this Announcement. All material assumptions and technical parameters underpinning the exploration results in the Announcements referred to continue to apply and have not materially changed. Mineral Resources The information in this announcement relates to estimation and reporting of the Eleanora and Garibaldi Mineral Resource, in accordance with the JORC 2012 Code, and is based on and fairly represents, information and supporting documentation compiled by Mr Peter Carolan who is a Member of the Australasian Institute of Mining and Metallurgy. Peter Carolan is a contractor engaged by Larvotto Resources Limited. Mr Carolan has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking, 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’. Mr Carolan consents to the inclusion in the report of the matters based on the information in the form and context in which it appears. The information in this report that relates to database compilation, geological interpretation and mineralisation wireframing, project parameters and costs and overall
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ASX:LRV | info@larvottoresources.com | www.larvottoresources.com | Page 22 of 23 Larvotto Resources Limited – ASX Announcement supervision and direction of the Eleanora and Garibaldi estimation is based on and fairly represents, information and supporting documentation compiled under the overall supervision and direction of Mr Carolan. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original report and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. 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 report. Reporting Confirmation • ASX: LRV Announcement dated 21 October 2025 – Drilling Success at Blacklode • ASX: LRV Announcement dated 9 October 2025 – Continued High-Grade Drilling Results at Eleanora-Garibaldi • ASX: LRV Announcement dated 7 October 2025 – EPCM Contract Executed for Processing Plant Upgrade • ASX: LRV Announcement dated 30 September 2025 - IP Identifies New Anomalies at Kiarra Prospect • ASX: LRV Announcement dated 18 September 2025 - Commencement of Plant Upgrade • ASX: LRV Announcement dated 16 September 2025 - IP Survey Completed at Freehold • ASX: LRV Announcement dated 15 September 2025 - Larvotto to receive $0.4m R & D Tax Incentive Rebate • ASX: LRV Announcement dated 4 September 2025 - High-grade Intercepts at Eleanora and Golden Gate • ASX: LRV Announcement Project dated July 31 2025 - Approves Development of Hillgrove Antimony/Gold • ASX: LRV Announcement dated 28 July 2025 - Share Purchase Plan Letter and Offer Booklet • ASX: LRV Announcement dated July 25 2025 - $60 million Equity Raising Successfully Completed • ASX: LRV Announcement dated July 21 2025 - Successful Completion of US$105m Senior Secured Bond
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ASX:LRV | info@larvottoresources.com | www.larvottoresources.com | Page 23 of 23 Larvotto Resources Limited – ASX Announcement About Larvotto Larvotto Resources Limited (ASX:LRV) is actively advancing its portfolio of in- demand minerals projects including the Hillgrove Gold-Antimony Project in NSW, the large Mt Isa copper, gold, and cobalt project adjacent to Mt Isa townsite in Queensland, the Eyre multi -metals and lithium project located 30km east of Norseman in Western Australia. Larvotto’s board has a mix of experienced explorers, corporate financiers, ESG specialist and corporate culture to progress its projects. Visit www.larvottoresources.com for further information. Forward Looking Statements Any forward-looking information contained in this news release is made as of the date of this news release. Except as required under applicable securities legislation, Larvotto does not intend, and does not assume any obligation, to update this forward- looking information. Any forward- looking information contained in this news release is based on numerous assumptions and is subject to all of the risks and uncertainties inherent in the Company’s business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking information. Readers are cautioned not to place undue reliance on forward looking information due to the inherent uncertainty thereof. This announcement has been authorised for release by the Board of Directors. For further information, please contact: Ron Heeks Ben Creagh Managing Director Media and investor enquiries +61 (8) 6373 0112 +61 (0) 417 464 233 info@larvottoresources.com benc@nwrcommunications.com.au DIRECTORS Mr Mark Tomlinson Mr Ron Heeks Ms Rachelle Domansky Non-Executive Chair Managing Director Non-Executive Director PROJECTS Hillgrove Au, Sb Mt Isa Au, Cu, Co Eyre Ni, Au, PGE, Li Hillgrove, NSW Mt Isa, QLD Norseman, WA
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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 Larvotto Resources Limited ABN Quarter ended (“current quarter”) 16 645 596 238 30 September 2025 Consolidated statement of cash flows Current quarter $A’000 Year to date (9) months) $A’000 1. Cash flows from operating activities - - 1.1 Receipts from customers 1.2 Payments for (631) (6,475) (a) exploration & evaluation (b) development - - (c) production - - (d) staff costs (972) (3,558) (e) administration and corporate costs (1,277) (2,491) 1.3 Dividends received (see note 3) - - 1.4 Interest received 467 1,221 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) 12 32 1.9 Net cash from / (used in) operating activities (2,401) (11,271) 2. Cash flows from investing activities - 2.1 Payments to acquire or for: (a) entities (b) tenements - - (c) property, plant and equipment (7,624) (14,200) (d) exploration & evaluation (3,119) (5,094) (e) investments - - (f) other non-current assets - (8)
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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. 2.2 Proceeds from the disposal of: - - (a) entities (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (prepaid loan interest, escrowed funds in accordance with US bond agreement) (6,426) (6,426) 2.6 Net cash from / (used in) investing activities (17,169) (25,728) 3. Cash flows from financing activities 69,746 86,087 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 26 582 3.4 Transaction costs related to issues of equity securities or convertible debt securities (3,009) (3,833) 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings (6,700) (6,700) 3.7 Transaction costs related to loans and borrowings (4,969) (4,969) 3.8 Dividends paid - - 3.9 Other (provide details if material)1 - - 3.10 Net cash from / (used in) financing activities 55,095 71,167 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 26,577 27,972 4.2 Net cash from / (used in) operating activities (item 1.9 above) (2,401) (11,271) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (17,169) (25,728) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 55,095 71,167
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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. 4.5 Effect of movement in exchange rates on cash held 6 (31) 4.6 Cash and cash equivalents at end of period 62,108 62,108 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 62,108 26,577 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) 62,108 26,577 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 This amount includes Directors’ fees and superannuation. 144 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 159,043 - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities 159,043 - 7.5 Unused financing facilities available at quarter end 159,043 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. USD Nordic Bond Finalisation date: 1/8/2025 Amount: US$105 million Interest rate: Fixed rate of 12% per annum Security: Assets of the Hillgrove Mine Maturity: 4 years 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) (2,401) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (3,119) 8.3 Total relevant outgoings (item 8.1 + item 8.2) (5,521) 8.4 Cash and cash equivalents at quarter end (item 4.6) 62,108 8.5 Unused finance facilities available at quarter end (item 7.5) 159,043 8.6 Total available funding (item 8.4 + item 8.5) 221,150 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 40.1 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? 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? N/A
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? 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. 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 of Directors. (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.