Annual report
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ACN 156 269 993 Annual Report For the Year Ended 30 June 2026
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CORPORATE DIRECTORY Directors Simon Bird Richard Carlton Robert Rutherford Matthew Hine C ompany Secretary Ian Gebbie R egistered office Level 15 323 Castlereagh Street Sydney NSW 2000 Ph: +61 2 9281 1805 P rincipal Place of Business 15 Griffith Street Cloncurry QLD 4824 Ph: +61 2 9281 1805 S hare Register Automic Pty Ltd Level 5 191 St Georges Terrace Perth WA 6000 Ph: +61 2 9698 5414 Fax: +61 2 8583 3040 Au ditor BDO Audit Pty Ltd Level 9 Mia Yellagonga Tower 2 5 Spring Street Perth WA 6000 So licitors Steinepreis Paganin Level 14, QV1 Building 250 St Georges Terrace Perth WA 6000 B ankers Westpac Banking Corporation 671 George Street Sydney NSW 2000 Se curities Exchange Listing Maronan Metals Limited shares are listed on the Australian Securities Exchange (ASX code: MMA) W ebsite address www.maronanmetals.com.au
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ACN 156 269 993 Annual Report For the Year Ended 30 June 2026 Contents Page Chairman’s Letter to Shareholders 2 Managing Director’s Review of Operations 3 Competent Persons Statement 16 Directors' Report 17 Auditor’s Independence Declaration 28 Statement of Profit or Loss and other Comprehensive Income 31 Statement of Financial Position 32 Statement of Changes in Equity 33 Statement of Cash Flows 34 Notes to the Financial Statements 35 Consolidated Entity Disclosure Statement 47 Director’s Declaration 48 Independent Auditor's Report 49 Schedule of Tenements 53 Additional ASX Information 54
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2 | Page Dear Fellow Shareholders, The past year has provided a highly supportive backdrop for the metals underpinning our project. Silver has repeatedly set record highs on a persistent supply deficit and strong industrial demand, gold has traded at successive records amid continued central bank buying, and copper has remained well supported by electrification demand. This has materially improved project economics and reinforces our conviction in the long-term value of the Company as we progress through feasibility. Maronan Metals Limited (Maronan or the Company) has had a transformative year, achieving a number of significant milestones as we advance our 100% owned silver-lead and copper-gold project near Cloncurry in North-West Queensland through development. In September 2025 we released a positive Preliminary Economic Assessment (PEA) for the shallow Starter Zone, outlining a 10 -year, 5.4 million ounce per annum silver-equivalent operation with a four-year payback from only 22% of the global resource. Building on this, the team has since commenced a Pre -Feasibility Study (PFS) assessing higher -throughput development options across the broader MMA resource. In March 2026 the Mineral Development Licence 2028 (MDL) was granted, which was achieved in under twelve months and following finalisation of our Native Title agreements with the Mitakoodi and Mayi group. This MDL allows us to excavate a Boxcut and develop an underground Exploration Decline to 200 metres below surface into the starter zone. Maronan strengthened its balance sheet twice during the year with two equity raisings. In October 2025 we completed a $16 million institutional placement together with a Share Purchase Plan that raised a further $1.6 million, to fund feasibility and envir onmental studies, resource and geotechnical drilling, and early site works. This was followed in May 2026 by a A$22 million strategic investment from Canadian based Kinterra Capital, a leading minerals investor, which now holds 19.99% of the Company. Together, these raisings ensure our expanded drilling program and PFS are fully funded, with cash and short -term investments of $33.4 million at 30 June 2026. Kinterra's decision to commit A$22 million and take a near -20% strategic stake in the Company is, in my view, one of the most significant endorsements of our project to date. Kinterra is a specialist minerals investor with a disciplined approach to ca pital allocation, and its willingness to become a substantial shareholder speaks directly to the quality, scale and underlying value it sees in the Company’s resource. Having a partner of this calibre on our register not only strengthens our funding position but provides an additional layer of validation for the project's technical merit and development pathway as we move through PFS. The Board welcomes Kinterra to the register and looks forward to a constructive and long-term relationship as we advance the Project together. We were also pleased to welcome a significant number of new direct shareholders following completion of Red Metal Limited's i n- specie distribution in May 2026 of Maronan shares to eligible Red Metal shareholders. While the distribution did not alter the Company’s issued capital or operations, it has meaningfully broadened our direct shareholder base at an important time for the Company. Red Metal's Board and management have long been strong supporters of the Maronan Silver Project, and we are pleased to welcome its former shareholders as we enter what we expect to be an exciting period of growth. As previously announced, the Company’s Managing Director Richard Carlton will transition to a non -executive director effective 1 December 2026 to ensure a smooth transition for the new CEO. Richard has led Maronan since our 2022 listing, guided the Company through several key milestones, and I thank him and his team for their contributions during what has been a significant year of transformation for the Company and our project. I would also like to thank fellow Di rectors Rob Rutherford and Matthew Hine for their support during the year. Finally, thank you to our shareholders, including many new to our register this year, for your ongoing support and I look for ward to introducing our new Managing Director and reporting on more value creating progress in the coming year. Simon Bird Chairman 3 September 2026
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MANAGING DIRECTOR’S REVIEW OF OPERATIONS For the year ended 30 June 2026 3 | Page Review of Operations Background Maronan Metals Limited (ASX: MMA) (the ‘Company’) is an ASX -listed resources company, admitted to the Official List in 2022, focused on advancing its 100%-owned Maronan Project; a silver-lead and copper-gold deposit located in the Cloncurry region of the Carpentaria Province, Northwest Queensland (Figure 1). The Project hosts one of the largest undeveloped silver resources in Australia, together with a substantial associated copper-gold resource, and is held under Exploration Permit for Minerals EPM 13368 and Mineral Development Licence MDL 2028. The Company’s strategy is to progress Maronan through successive stages of resource growth, technical studies, metallurgical research and permitting toward a development decision, while maintaining a strong balance sheet to fund that pathway. Figure 1. Maronan Location Map. EPM 13368 and MDL 2028 is located 60km southeast of Cloncurry
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MANAGING DIRECTOR’S REVIEW OF OPERATIONS For the year ended 30 June 2026 4 | Page Mineral Resource Estimates The Mineral Resource Estimate (MRE) was updated on the Company’s Silver-Lead and Copper-Gold deposit (ASX: MMA 6 June 2025). Table 1: Mineral Resource Estimate Summary (JORC 2012) Silver-Lead Sulphide Resources Tonnes Grade Grade Contained Lead Contained Silver JORC 2012 Mt Lead Silver Tonnes Million Oz (at >3% Lead Cut-off) % g/t Starter Zone Indicated 5.3 5.2 116 275,000 19.6 Starter Zone Inferred 6.9 4.8 109 335,000 24.2 Starter Zone Indicated + Inferred 12.2 5.0 112 610,000 43.8 Outside Starter Zone Inferred 21.0 6.5 106 1,370,000 70.9 Global Indicated plus Inferred 33.1 6.0 108 1,970,000 114.5 Discrepancies in totals are due to rounding. ASX :MMA 06 June 2025 Updated Mineral Resource Silver-Lead Table 2: Summary of 2025 Silver-Lead Sulphide MRE for the shallow Starter Zone with lead cut-off grades >3% (JORC 2012) Starter Zone Inf+Ind Resources Tonnes Grade Grade Grade Grade Contained Lead Contained Silver Contained Gold Contained Zinc JORC 2012 Mt Lead Silver Gold Zinc Tonnes Million Oz Oz Tonnes (at >3% Lead Cut - off) % g/t g/t % Starter Zone Indicated + Inferred 12.2 5.0 112 0.1 0.14 610,000 43.8 39,000 17.7 ASX:MMA 06 June 2025 Updated Starter Zone Mineral Resource Silver-Lead Table 3: Summary of 2025 copper-gold mineral resource estimates of interpreted metallurgical ore types applying a >0.4% copper cut-off grade (JORC 2012) Mineralisation Types >0.4% Copper Cut-off Tonnes Grade Grade Grade Contained Contained Contained Mt Copper Gold Silver Copper Gold Silver % g/t g/t tonnes Oz Million Oz Leached Inf+Ind 1.1 0.79 0.71 9 9,000 26,000 0.3 Transitional Inf+Ind 2.3 0.63 0.45 7 14,000 33,000 0.5 Fresh Inf+Ind 28.6 0.87 0.64 7 248,000 591,000 6.6 Total 32.0 0.85 0.63 7 271,000 649,000 7.4 Inf+Ind = Inferred plus Indicated Mineral Resource Estimate. Discrepancies in totals are due to rounding. ASX:MMA 06 June 2025 Updated Mineral Resource Copper-Gold Table 4: Summary of 2024 Gold-Only MRE (reported according to JORC 2012) Gold-Only Tonnes Grade Contained >1g/t Gold Cut-off Mt Gold Gold JORC 2012 g/t Oz Inferred (Fresh) 1.8 1.24 72,000 ASX:MMA 12 March 2024 Mineral Resource Gold-Only
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MANAGING DIRECTOR’S REVIEW OF OPERATIONS For the year ended 30 June 2026 5 | Page Figure 2: Maronan Project: Silver Lead Resource Models coloured by resource classification (green = indicated, blue =inferred). The blocks are shown above the reported cut-off grade of >3% Lead. Long section view (left) including Outside the Starter Zone Silver-Lead zone, section view (top right) and plan view (bottom right) showing only the Starter Zone Silver-Lead mineralisation. (ASX: MMA 6 June 2025)
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MANAGING DIRECTOR’S REVIEW OF OPERATIONS For the year ended 30 June 2026 6 | Page Highlights for the year The Company has made substantial progress during the year ended 30 June 2026 in advancing the Maronan Project toward development. During the year, the Company achieved the following: • Delivered a maiden Preliminary Economic Assessment (PEA) for the Starter Zone (ASX: MMA, 23 September 2025); • Secured grant of the Mineral Development Licence (MDL 2028) (ASX: MMA, 3 March 2026); • Strengthened its balance sheet and broaden shareholder base through two capital raisings; a $16 million institutional placement (ASX: MMA, 8 October 2025) and a $22m strategic investment from Kinterra Critical Materials & Infrastructure Opportunities Fund II, LP (ASX: MMA, 20 May 2026); • Progressed a Pre-Feasibility Study (PFS) evaluating higher-throughput development scenarios; • Continued an expanded metallurgical sample recovery, resource -definition and infill drilling program. Completion of 10,049m metres of additional infill drilling into the near surface Shallow Starter Zone during the period which brings the total drilling since Maronan took ownership of the project to 37,128 metres; • Expanded leadership team appointing a CFO, Contracts & Compliance Manager and expanded number of staff at site; • Strengthened relationships with key stakeholders with whom formal agreements will be required as part of any permitting process, includes the Pastoral Landowner, Traditional Owners, Local and State Government; • Boxcut design optimisation completed, with geotechnical test work designed by MineGeoTech; • Commenced hydrological water modelling work for Mining Lease (ML) application and process water testwork; • Maronan’s profile has been raised through ASX-reported drilling results, written research, media articles, social media posts and presenting at multiple conferences; • Commenced engagement with Queensland Office of the Coordinator General (OCG) on potential Coordinated Project Status for the Mining Licence pathway; • Share price increased by over 100% from 30 June 2025 at $0.21 to $0.44 at end of 30 June 2026. Starter Zone Preliminary Economic Assessment The Company released the results of a Preliminary Economic Assessment (Scoping Study) for the Starter Zone (ASX: MMA, 23 September 2025), drawing on only 22% of the global Mineral Resource, with the remaining inventory excluded on account of its Inferred classification. The PEA considered two development pathway s; a standalone processing and regional toll treatment each incorporating an underground decline to enable bulk sampling of Starter Zone ore for metallurgical testwork and research and further resource drilling ahead of a Definitive Feasibility Study (DFS) and Final Investment Decision (FID). Both pathways returned strong project economics, with the toll-treatment alternative offering materially lower upfront capital requirements. Notably, the PEA's silver price assumptions were conservative relative to prices realised for much of the year. As part of the studies, the Company also executed a Memorandum of Understanding with Austral Resources covering a potential regional toll treatment option, which would reduce upfront capital requirements.
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MANAGING DIRECTOR’S REVIEW OF OPERATIONS For the year ended 30 June 2026 7 | Page Figure 3: Showing the Starter Zone Project area with respect to the Global Maronan Silver-Lead and Copper-Gold resources. (ASX: MMA 23 September 2025) The Starter Zone About 30% of the Total Tonnage 12.2Mt of 33.1Mt of Silver Lead Resource 7.0Mt of 32.0Mt of Copper Gold Resource
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MANAGING DIRECTOR’S REVIEW OF OPERATIONS For the year ended 30 June 2026 8 | Page Permitting - Mineral Development Licence A key milestone for the year was the grant of the Mineral Development Licence (MDL 2028) over the Maronan Silver Project (ASX : MMA, 3 March 2026). The MDL covers the Maronan deposit and proposed mine infrastructure within the Company ’s 100%-owned Exploration Permit for Minerals (EPM) 13368 and continues and extends the existing EPM tenure. The licence was granted less t han 12 months after the application was lodged in the first quarter of 2025, which the Company regards as evidence of the low permitting risk attaching to the Project. Grant of the MDL followed completion of all relevant statutory processes and approvals, including mining and environmental approvals and the finalisation of Native Title agreements. Approvals were obtained from the Department of Natural Resources a nd Mines, Manufacturing and Regional and Rural Development, together with Environmental Authority approval from the Department of Environment, Tourism, Science and Innovation. The MDL is a development -stage tenure which permits development -level studies and works but does not of itself authorise the commencement of mining operations. Consistent with its conditions, the licence authorises the Company to excavate a boxcut and construct an exploration decline to a depth of approximately 200 metres below surface. This infrastructure is intended to enable bulk sampling for metallurgical testwork and research of Starter Zone ore, on -site validation of the geological and geotechnical model, and accelerated resource-definition drilling from underground, in support of a future ore reserve estimation. Following grant, the Company ’s compliance activity focused on finalising the conditions attaching to the MDL and the associated Environmental Authority, and on reviewing tenders received for construction of the boxcut and exploration decline enabled by the licence. A Mining Lease, a f urther feasibility study and development financing remain outstanding steps ahead of any construction and production decision, and the MDL does not itself represent approval to mine. The Board considers the grant a material de -risking event for the Project, strengthening its regulatory position and giving the Company flexibility in sequencing subsequent development -readiness work while surface exploration and resource- growth drilling continue in parallel. Figure 4. Maronan EPM 13368 and MDL 2028
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MANAGING DIRECTOR’S REVIEW OF OPERATIONS For the year ended 30 June 2026 9 | Page Pre-Feasibility Study Our expert inhouse and consulting team continued to advance Pre-Feasibility Study (PFS) workstreams during the period. The PFS is targeting evaluation of higher -throughput mining scenarios than those considered in the Preliminary Economic Assessment (PEA) released in September 2025 (ASX: MMA, 23 September 2025) which was based on a near-surface 13Mt Starter Zone mining inventory producing approximately 5.4 Moz per annum of silver equivalent over a 10-year mine life. Ongoing PFS workstreams include: • Metallurgical testwork and flowsheet design; • Mine design scenario modelling across multiple throughput configurations; • PFS-level data collection from the ongoing infill drilling campaign; and • Engineering design studies for surface and underground infrastructure. An updated Mineral Resource Estimate, incorporating all new results from the infill drilling program, is targeted for the sec ond half of calendar 2026 and will underpin the PFS. Exploration and Resource Development The Company ran an expanded field drilling program throughout the year, adding a second drill rig (ASX: MMA, 5 May 2026) to increase resource-definition drilling capacity around the Starter Zone. The Starter Zone Preliminary Economic Assessment was based on a near-surface 13Mt mining inventory. The Company is now focused on converting further material into the Indicated Resource category, which may support assessment of increased project scale and mine life as part of the PreFeasibility Study (PFS). The 2025/ 2026 drilling program is designed to expand the Indicated Resource base by continuing to build resource inventory immediately beside the Starter Zone and advance technical and regulatory workstreams to complete a PFS and support future Mining Lease development decisions. The Company expects to update its MRE in the second half of calendar 2026. In December 2025, the Company completed a program of infill and geotechnical drilling specifically designed to support mine design activities, including data collection to inform the potential boxcut location and underground access planning (ASX: MMA, 22 December 2025). In May 2026, the final assay results from the 2025 infill campaign included an unexpected shallow high- grade copper-gold intercept of 6m at 2.51% copper and 1. 77g/t gold from 238 metres downhole within the Copper -Gold Zone of the Starter Zone, alongside continued high-grade silver-lead results consistent with the Company’s geological model (ASX: MMA, 15 May 2026).
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MANAGING DIRECTOR’S REVIEW OF OPERATIONS For the year ended 30 June 2026 10 | Page Summary of exploration assays results received during the period: Table 5. Summary of assay results from MRN25001, MRN25002W1, MRN25003 and MRN25004B using a lower cut-off grade of 1 weight percentage for lead, and 0.3 weight percentage for copper (ASX: 15 May 2026) Hole Number From (m) To (m) Down- hole Intercept (m) Estimated True Width (m) Lead (wt%) Silver (g/t) Zinc (wt%) Copper (wt%) Gold (g/t) Mineralised Horizons MRN25001 306 307 1 0.9 5.5 61 Western Horizon MRN25001 311 328 17 14.5 2.6 58 0.7 Western Horizon includes 314 318 4 3.4 2.9 64 2.7 Western Horizon 319 325 6 5.1 3.4 75 Western Horizon MRN25001 410 414.22 4.22 3.6 5.2 203 Eastern Horizon MRN25001 424 424.4 0.4 0.3 6.2 231 Eastern Horizon MRN25001 469.3 470.43 1.13 1.0 3.42 188 Eastern Horizon MRN25001 520.45 523 2.55 2.2 2.7 95 Eastern Horizon MRN25002W1 113.5 115 1.5 1.3 11 2.27 0.62 Copper Zone MRN25002W1 125 146.5 21.5 18.3 0.4 24 0.63 0.68 Copper Zone – core loss (134.4 – 135m, 141.5 – 141.7m & 143.3 – 144m – total 1.5m) includes 130 141.5 11.5 9.8 0.3 40 0.82 1.02 Copper Zone MRN25002W1 215.2 218.14 2.94 2.5 4.3 121 Eastern Horizon MRN25002W1 243.5 244.93 1.43 1.2 7.9 291 Eastern Horizon MRN25003 232 233 1 0.9 3 0.34 1.26 Copper Zone MRN25003 238 244 6 5.1 12 2.51 1.77 Copper Zone includes 238 239.1 1.1 0.9 33 9.40 2.18 Copper Zone and 242 244 2.0 1.7 14 2.00 3.20 Copper Zone MRN25003 250 259.73 9.73 8.3 0.1 4 0.78 0.53 Copper Zone Copper Zone Includes 250 255 5 4.3 0.16 6 1.27 0.96 Copper Zone MRN25003 326 329.7 3.7 3.1 3.0 67 0.1 Eastern Horizon MRN25003 351 352 1 0.9 10.95 482 0.28 Eastern Horizon MRN25003 359.3 360 0.7 0.6 5.2 184 0.16 Eastern Horizon MRN25003 395 396.23 1.23 1.0 2.2 76 0.25 Eastern Horizon MRN25003 429.45 429.7 0.25 0.2 5.0 150 Eastern Horizon MRN25004B 291 301 10 8.5 2 0.33 0.40 Copper Zone includes 296.74 301 4.26 3.6 3 0.54 0.72 Copper Zone MRN25004 303.89 307.7 3.81 3.2 3.5 31 0.25 Copper/West Horizon MRN25004 310.14 312 1.86 1.6 3.1 21 Eastern Horizon MRN25004B 314.52 315.63 1.11 0.9 6.4 108 Eastern Horizon MRN25004B 379.66 381.6 1.94 1.6 4.6 208 Eastern Horizon MRN25004B 385.14 386 0.86 0.7 1.6 58 Eastern Horizon MRN25004B 399 401.26 2.26 1.9 1.7 77 0.33 Eastern Horizon MRN25004B 404 406.92 2.92 2.5 4.5 192 0.17 Eastern Horizon MRN25004B 421.9 425 3.1 2.6 2.5 208 Eastern Horizon
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MANAGING DIRECTOR’S REVIEW OF OPERATIONS For the year ended 30 June 2026 11 | Page Table 6. Summary of exploration assay results from MRN26001, MRN26002, MRN26003, MRN26005, MRN26006 using a lower cut-off grade of 1 weight percentage for lead, and 0.3 weight percentage for copper. Full assay results are included in appendix 2 of this report. Results from (ASX: MMA 15 July 2026) – Post Reporting Period Hole Number From (m) To (m) Down- hole Intercept (m) Estimated True Width (m) Lead (wt%) Silver (g/t) Zinc (wt%) Copper (wt%) Gold (g/t) Mineralised Horizons MRN26001 189 190 1 0.9 1.2 Gold Only Domain MRN26001 257.23 258.8 1.57 1.3 5.0 72 Eastern Horizon MRN26001 260.24 262 1.76 1.5 1.06 Gold Only Domain MRN26001 275.76 284 8.24 7.0 0.74 Gold Only Domain MRN26001 294 300 6 5.1 1.24 Gold Only Domain MRN26002 221 222 1 0.9 1.16 Gold Only Domain MRN26002 254.1 257 2.9 2.5 4.2 39 Western Horizon MRN26002 260.4 261 0.6 0.5 5.0 30 Western Horizon MRN26002 273.7 277.75 4.05 3.4 10.2 123 Western Horizon MRN26002 283 283.56 0.56 0.5 8.5 84 Western Horizon MRN26002 299 304.5 5.5 4.7 6.6 97 Western Horizon Includes 299 301.6 2.6 2.2 13.0 141 Western Horizon MRN26002 345.7 353 7.3 6.2 11.0 89 Eastern Horizon Includes 345.7 350 4.3 3.7 15.8 118 Eastern Horizon MRN26002 358 359 1 0.9 3.2 72 Eastern Horizon MRN26002 365.2 367.6 2.4 2.0 2.8 48 Eastern Horizon MRN26002 378 378.7 0.7 0.6 5.0 99 Eastern Horizon MRN26002 382 382.65 0.65 0.6 3.7 73 Eastern Horizon MRN26003 144.5 145 0.5 0.4 7.2 76 0.7 Western Horizon MRN26003 183.3 184.55 1.25 1.1 5.6 61 Western Horizon MRN26003 215 215.84 0.84 0.7 5.6 36 0.7 Western Horizon MRN26003 251 265.2 14.2 12.1 3.5 40 Eastern Horizon includes 251 253.4 2.4 2.0 4.3 71 Eastern Horizon Includes 254.75 258 3.25 2.8 5.7 46 Eastern Horizon MRN26003 274 275.25 1.25 1.1 3.3 70 0.25 Eastern Horizon MRN26003 282.7 284.24 1.54 1.3 3.2 64 Eastern Horizon MRN26005 48 62 14 11.9 7.9 36 0.14 Western Horizon – Oxide, includes 0.2m coreloss. Not currently recoverable includes 52.5 56 3.5 3.0 11.8 119 0.39 Western Horizon – Oxide, includes 0.1m coreloss. Not currently recoverable MRN26005 65 71 6 5.1 0.3 16 0.31 0.67 Copper overprinting West Horizon (leached copper) Includes 70 71 1 0.9 1.71 Supergene gold MRN26005 77 78 1 0.9 5.0 4 Western Horizon – Oxide. Not currently recoverable MRN26005 94 95 1 0.9 4.5 4 Western Horizon – Oxide. Not currently recoverable MRN26006 88 89.1 1.1 0.9 3.4 2 Western Horizon – Oxide. Not currently recoverable MRN26006 94.5 100.48 5.98 5.1 7.9 4 Western Horizon – Oxide, 1.1m coreloss. Not currently recoverable
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MANAGING DIRECTOR’S REVIEW OF OPERATIONS For the year ended 30 June 2026 12 | Page Hole Number From (m) To (m) Down- hole Intercept (m) Estimated True Width (m) Lead (wt%) Silver (g/t) Zinc (wt%) Copper (wt%) Gold (g/t) Mineralised Horizons MRN26006 104.6 106 1.4 1.2 7.2 9 Western Horizon – Oxide, 0.4m coreloss occurs above intercept MRN26006 108 111 3 2.6 5.8 2 Western Horizon – Oxide, includes 0.4m coreloss. Not currently recoverable MRN26006 114 115 1 0.9 4.4 4 Western Horizon – Oxide. Not currently recoverable MRN26006 116.7 118 1.3 1.1 4.74 At base of western horizon. Supergene gold mineralisation Metallurgy The Company continued metallurgical research testwork programs with the work overseen by Optifroth Solutions and undertaken at Australian Assay Metallurgy Laboratory (AAML) in Gosford, NSW. During the period, six copper gold core samples were dispatched to AAML for laboratory scale flotation testwork. The testwork programme objectives included: • Assessing ore type recovery against standardised grinding and flotation conditions to identify and unique issues; • Testing ore types against processing flowsheets currently in operation within the Cloncurry and Mount Isa region; and • Assessing concentrate quality and identifying elements that may attract sales penalties. The results of the program demonstrated gold recoveries to concentrate of up to 88% achieved for the Primary Cu -Au ore types, compared with historical recoveries of approximately 50 to 70%. (ASX: MMA, 28 January 2026, Metallurgical Testwork Shows Stronger Gold Recoveries). Further research into improving the recovers and dealing with any problemsome metals and minerals continues. Copper recoveries to concentrate for the Primary ore were very strong, exceeding 96% in the cleaner flotation concentrates, w hile recoveries for the Transitional and Leached ore types were lower and more variable, as expected. These results further demonstrate that the Copper Gold ores from the Maronan deposit are highly amenable to conventional flotation techniques and are capable o f producing concentrate with low level penalty elements. Ongoing metallurgical testwork and research continues for all ore types to optimise processing regimes under both toll treatment and standalone processing plant scenarios. This work will inform the Definitive Feasibility Study, which has commenced.
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MANAGING DIRECTOR’S REVIEW OF OPERATIONS For the year ended 30 June 2026 13 | Page Figure 5: Flotation Testwork on Maronan Silver Lead samples being conducted at AMML Lab in Gosford (ASX: MMA 21 July 2026) Figure 6: Flotation Testwork on Maronan Copper- Gold samples being conducted at AMML Lab in Gosford (ASX: MMA 21 July 2026) Lead Floatation • Pb Rec > 90 % • Ag Rec > 90 % • Very High-Grade Concentrate o >70% Lead, > 1,500 g/t Silver Copper Floatation • Cu Rec > 90% • Au Rec 80 – 88 % Rec o Good quality concentrates o 23 – 27 % Cu o 10 – 15 g/t Au
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MANAGING DIRECTOR’S REVIEW OF OPERATIONS For the year ended 30 June 2026 14 | Page Stakeholder Engagement The Company maintained active engagement with the stakeholders involved in the Project throughout the year, building on relationships established in prior periods. This included continued engagement with the Native Title holders, the Mitakoodi and Mayi People, represented by their Registered Native Title Body Corporate, and with the private landholder of Maronan Station, to progress and finalise the agreements required to support the MDL and associated environmental approvals a process that was substantial ly completed ahead of the MDL grant (ASX: MMA, 3 March 2026). Following grant of the MDL, the Company continued to work with the landholder toward finalisation of an updated compensation agreement reflecting the Project's development activities. The Company also continued its engagement with Cloncurry Shire Council, McKinlay Shire Council and relevant Queensland Government departments on the Project's approvals pathway and its prospective contribution to the regional economy. The Board regards constructive relationships with Traditional Owners, the landholder, local government and the broader Cloncurry community as fundamental to maintaining the Company ’s social licence to operate as the Project advances toward development. During the period, the Company sponsored a number of events, including The Cloncurry Show and the Cloncurry Merry Muster. Promotional events Ongoing promotion to keep the market aware of the Company and abreast of developments across the past year included presenting at the: Date Presentation 23 Jul 2025 Noosa Mining Investor Conference 17 Sep 2025 Resources Rising Stars (RRS) Gold Coast 2025 "The Queensland Silver Development Story" 3 Feb 2026 Blue Ocean Equity’s Eastern Seaboard Base and Precious Metals Conference 2026 12 Feb 2026 Bell Potter Unearthed Conference Presentation 2026 18 Feb 2026 RIU Explorers Fremantle Conference Presentation 2026 3 Mar 2026 Melbourne Mining Club Presentation 7 May 2026 RIU Explorers Sydney Conference Presentation 2026 Newsworthy material including interviews were produced with online platform Stockhead and several articles were published and promoted on Maronan’s social media platforms LinkedIn and X which were facilitated by investor relations company Corporate Storytime. Corporate and Financial Capital Raisings The Company undertook two significant capital raisings during the year. Maronan completed a A$16 million institutional placem ent at A$0.35 per share (an 18.6% discount to the last close), issuing 45,714,286 new shares, together with a Share Purchase Plan offered to eligible shareholders to raise up to a further A$3 million (ASX: MMA, 8 October 2025). Bell Potter Securities Limited and Veritas Securities Limited acted as Joint Lead Managers. Proceeds were earmarked for feasibility and environmental studies, resource infill, geotechnical and exploration drilling, early site and development works, and general working capital. An application was subsequently made to the Takeovers Panel in relation to the placement, which was withdrawn (ASX: MMA, 10 November 2025). The Company secured a binding placement of approximately A$22 million (before costs) with Kinterra Critical Materials & Infrastructure Opportunities Fund II, LP, issuing approximately 62.8 million new shares at A$0.3508 per share and providing Kinterra with a 19.99% equity interest in the Company (ASX: MMA, 20 May 2026). The investment provides Kinterra with the right to nominate a non-executive director or board observer and to participate in project technical working groups and includes a six-month standstill arrangement in respect of changes in ownership and control. The Company regards the investment as a strategic partnership supporting its longer -term development objectives, with proceeds directed toward the expanded infi ll drilling program, further growth of the Indicated Resource, the Mining Licence application, and continued advancement of the PFS. Shareholder Register - Red Metal In-Specie Distribution In March 2026, Red Metal Limited (ASX: RDM), Maronan ’s foundation shareholder and, at the time, holder of approximately 35.2% of Maronan’s issued capital (88.5 million shares), announced a proposal to distribute the majority of its Maronan shareholding directly to Red Metal shareholders by way of an in- specie distribution (ASX: MMA, 31 March 2026). Red Metal shareholders approved the distribution at an Extraordinary General Meeting held on 8 May 2026, with entitlements determined by reference to a record date of 14 May 2026 on the basis of one Maronan share for every 5.25 Red Metal shares held.
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MANAGING DIRECTOR’S REVIEW OF OPERATIONS For the year ended 30 June 2026 15 | Page Completion of the distribution was announced on 22 May 2026 (ASX: MMA, 22 May 2026). Red Metal distributed approximately 73.1 million Maronan shares to eligible Red Metal shareholders, retaining approximately 15.4 million Maronan shares. The distribut ion involved no issue of new Maronan shares and had no effect on Maronan’ s issued capital, financial position or operations. Its completion has broadened Maronan’s shareholder register by giving former Red Metal shareholders direct holdings in the Company, which the Board expects to support improved trading liquidity in Maronan shares on the ASX. Annual General Meeting The Company’s 2025 Annual General Meeting was held in Sydney on 26 November 2025 (ASX: MMA, 20 October 2025). Governance and Internal Controls Resource estimates are completed in -house. The Company ensures all resource estimations are reviewed by recognised industry consultants. All drillhole data is stored in house within a commercially available purpose designed database management system and subjected to industry standard validation procedures. Quality control on resource drill programs has been undertaken to industry standards with implementation of appropriate drill ing type, survey data collection, assay standards, sample duplicates and repeat analyses. Strategic Outlook With the MDL granted, the Starter Zone PEA complete, and the balance sheet strengthened following the Kinterra investment, th e Company enters FY2027 well -funded to progress its expanded infill drilling program, advance the Pre- Feasibility Study toward an updated Mineral Resource Estimate targeted for the second half of 2027, and continue de- risking the pathway toward a Definitive Feasibility Study and development decision for the Maronan Project. Maronan confirms that it is not aware of any new information or data that materially affects the information included in this report and confirms that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. Richard Carlton Managing Director 3 September 2026
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COMPETENT PERSON’S STATEMENT For the year ended 30 June 2026 16 | Page The information in this report that relates to the reporting of Exploration Results, the 2025 Starter Zone - Silver-Lead Resource Estimate, the 2025 Copper -Gold Resource Estimate and the 2024 Gold -Only Resource Estimate is based on and fairly represents information and supporting documentation compiled by Mr Andrew Barker, who is a member of the Australian Institute of Geoscientists (AIG Membership ID: 6299). Mr Barker is a full -time employee of the Company and is the Exploration Manager. Mr Barker 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 fo r Reporting of Exploration Results, Mineral Resources and Ore Reserves” (the JORC Code). Mr Barker consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The information in this report that relates to 2015 Outside the Starter Zone – Silver-Lead is based on and fairly represents information and supporting documentation compiled by Mr Robert Rutherford, who is a member of the Australian Institute of Geoscientists (AIG). Mr Rutherford is the Non-Executive Technical Director of the Company. Mr Rutherford 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” (the JORC Code). Mr Rutherford consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Table 7. List of Tenements Schedule of Tenements Status EPM 13368 Expired, renewal in progress MDL 2028 Granted
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DIRECTORS’ REPORT For the year ended 30 June 2026 17 | Page The Directors present their report together with the financial statements of Maronan for the financial year ended 30 June 2026. Principal Activity The principal activity of the Company during the financial year ended 30 June 2026 was the exploration, evaluation and development of silver-lead, copper-gold and other mineral deposits with a view to becoming a miner in the short to medium term. No change in the principal activity occurred during this period. Review of Operations Maronan holds a 100% interest in the Maronan lead -silver copper-gold project (Maronan Project), an emerging large base metal deposit in the world class Carpentaria Province in Northwest Queensland. The Company’s drill program continues to target high- grade silver-lead and copper-gold intervals. More details on the progress of the drilling program are included in the Managing Director’s Review of Operations, on page 3 of this Annual Report. The loss after income tax for the full year ended 30 June 2026 was $9,252,339 (2025: $8,830,111). The Company’s activities are subject to numerous risks, mostly outside the Board’s and management’s control. These risks can be specific to the Company, generic to the mining industry and generic to the stock market as a whole. The key risks, expressed in summary form, affecting the Company and its future performance include but are not limited to: • geological, technical and operating risks posed to exploration, development and commercial exploitation success; • regulatory risks and ability to obtain and comply with all regulatory requirements on an ongoing and timely basis, including obtaining necessary future approvals for mine development; • security of tenure including licence renewal, ability to obtain landowner consents or approvals and native title issues; • change in commodity prices and market conditions; • environmental and occupational health and safety risks; • social licence to operate, including ability to secure ongoing acceptance and approval of any mining development by local community members and other stakeholders; • government policy changes; • retention of key staff; • governance risks including financial reporting and continuous disclosure obligations; • capital requirement and lack of future funding; and • risks associated with climate change This is not an exhaustive list of risks faced by the Company or an investment in it. There are other risks generic to the sto ck market and the world economy as a whole and other risks generic to the mining industry, all of which can impact on the Company. Capital Raisings In October 2025, $16 million equity was raised via a strongly supported placement followed by a successful share purchase pla n raising a further $1,568,000 that were issued on the same terms as the Placement. The Placement was conducted at an issue price of 35 cents per share, representing a 7.9% discount to the 10 -day VWAP, a 4.5% discount to the 15-day VWAP and an 18.6% discount to the last closing price on Friday, 3 October 2025. Under the Placement, the Company issued a total of 45,714,286 fully paid ordinary shares (New Shares), being 28,821,428 New Shares under ASX Listing Rule 7.1 and 16,892,858 New Shares under ASX Listing Rule 7.1A. Proceeds from this raise was used for to advance feasibility and environmental studies; undertake resource infill, geotechnic al and exploration drilling; commence early site and development works pending MDL approval; and provide general working capital. In May 2026, $22 million was raised via a Strategic Placement with Canadian Kinterra Critical Materials & Infrastructure Opportunities Fund II, LP (Kinterra Fund II), a fund managed by Kinterra Capital Corp. The Company has issued 62,822,481 new fully paid ordinary shares in the capital of the Company (Shares) to Kinterra at an issue price of 35.08 cents per share, raising approximately $22 million before costs, being approximately 19.99% of Maronan’s issued S hares post-issue making Kinterra a major strategic shareholder in the Company. The proceeds from the Strategic Placement strengthen Maronan’s balance sheet and will be applied towards the Company’s expanded 2026 drilling program, technical and regulatory workstreams related to its planned Preliminary Feasibility Study (PF S), corporate administrative costs and general working capital. With the Strategic Placement now complete, Maronan is well positioned to advance its expanded 2026 work program, focused on increasing its Indicated Resource base beyond the Starter Zone and progressing the technical, geotechnical, metallurgical and regulatory workstreams required to support the planned PFS.
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DIRECTORS’ REPORT For the year ended 30 June 2026 18 | Page Risk Management Framework The Company manages its business risks through processes intended to identify, assess and monitor strategic, operational, financial, environmental, legal, safety and reputational risks relevant to its activities. Risk management was materially strengthened during the year through the appointment of a dedicated Contracts and Compliance Manager, bringing focused oversight to contractual and regulatory risk across the business. This was complemented by the implementation of risk management software to systematically identify, assess and track risks, alongside the development and rollout of supporting policies and procedures. Together, these initiatives have enhanced the Company ’s risk governance framework and provide a stronger foundation as we progress the Maronan Project towards feasibility and development. The Board and senior management consider these risk matters as part of their ongoing oversight during the year, including whe n reviewing financial reporting and audit matters. The Board is satisfied that the Company ’s risk processes are appropriate for its size and stage of development and provide a sound basis for oversight of key risks. Environmental Regulations The Company is subject to significant environmental regulations under legislation of the Commonwealth of Australia and the St ate of Queensland. The Company aims to ensure that it complies with the identified regulatory requirements in each jurisdiction in which it operates. There have been no known material breaches of the environmental obligations of the Company’s contracts or licences. Dividends No dividends have been declared in respect of the financial year ended 30 June 2026 (2025: Nil). Events Subsequent to Reporting Date Other than the further high -grade assay results reported after year end and referred to in the Subsequent Events section of the Directors’ Report, the Directors are not aware of any matter or circumstance not otherwise dealt with in this Annual Report or in the financial statements that has significantly or may significantly affect the operations of the Company, the results of those o perations or the state of affairs of the Company in subsequent financial years. Significant Changes in State of Affairs Since listing on ASX, the Company has undertaken drilling programs at the Maronan Project together with various studies and other activities to advance a PEA of the Project with a view to turning this discovery into a mine. Proceedings on Behalf of the Company No person has applied to the Court for leave to bring proceedings on behalf of the Company or intervene in any proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company for all or any of those proceedings . The Company was not a party to any such proceedings during the year. Options and Performance Rights Over Ordinary Shares Details of Options issued over ordinary shares granted during the year are shown at Note 15 to these financial statements. The Company issued 1,450,000 Options to employees on 14 November 2025 under the Employee Incentive Securities Plan. All 1,450,000 of these Options vested immediately on issue. Each of these Options is exercisable into one fully paid ordinary Share. These Options are exercisable at $0.385 per Option and have an expiry date of 14 November 2028. The Company issued 6,000,000 Options on 28 November 2025 to the Directors following shareholder approval at the 2025 Annual General Meeting on 26 November 2025 under Listing Rule 10.11. All 6,000,000 of these Options vested immediately on issue. Eac h of these Options is exercisable into one fully paid ordinary Share. These Options are exercisable at $0.35 per option and have an expiry date of 28 November 2028. The Company issued 1,050,000 Performance Rights to employees on 14 November 2025 under the Employee Incentive Securities Plan, and 1,500,000 Performance Rights to the Managing Director, Mr Richard Carlton, on 28 November 2025 following shareholder approval at the 2025 Annual General Meeting on 26 November 2025. The Performance Rights were issued for nil consideration in three equal classes, which vest upon achievement of performance conditions relating to the financing and development of the Maronan Project, with expiry dates of 30 September 2026 (Class A), 31 December 2026 (Class B) and 30 June 2027 (Class C). The vesting conditions attaching to each class are set out in Note 15. Upon vesting, each Performance Right will, at the election of the holder, convert into one fully paid ordinary Share. No Performance Rights vested or lapsed during the year. At the date of this report there were 24,150,000 unissued ordinary Shares under Options and 2,550,000 unissued ordinary Share s under Performance Rights. Holders of Options and Performance Rights are not entitled, by virtue of holding those securities, to participate in any share issue of the Company. No ordinary Shares have been issued during or since the end of the financial year as a result of the exercise of Options or the vesting of Performance Rights.
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DIRECTORS’ REPORT For the year ended 30 June 2026 19 | Page Directors The names of the Directors, who held office from 1 July 2025 to date of this report, unless otherwise stated, are: Simon Bird – Independent Non-Executive Chairman BAcc Science (Hons), CA, FCPA, FAICD Simon Bird has over 40 years of international corporate experience, which include holding senior finance positions at Stockland Limited, GrainCorp Limited, Wizard Mortgage Corp and Xpansiv Limited. He was also formerly Chief Executive of an ASX -listed company developing a large tungsten deposit, Managing Director of an ASX -listed gold explorer, Chairman of an ASX -listed oil and gas company, Director of ASX -listed Advance Metals Limited and National Director of CPA Australia. Currently Chairman of Stepping Stone House a not-for-profit focused on homeless youth. • Appointed. 23 March 2021 • Other listed Board memberships. MGX Resources Limited • Previous listed Board memberships. Nil in the past 3 years Richard Carlton – Managing Director Dip Min Eng, FAusIMM, GAICD Richard Carlton is a senior executive with over 40 years of extensive mining operations management experience in Australia and internationally across a range of commodities. He has held the position of General Manager at Edna May in Western Australia (Evolution Mining), Stawell Gold Mines in Victoria (Mining Project Investors Pty Ltd), Waihi Gold Mine in New Zealand (Normandy Limited) and the Westonia and the Golden Crown Gold Mines in Western Australia (Australian Consolidated Minerals Ltd). Mr Carlton’s extensive base metals experience includes North Limited’s mines, the Rosebery underground zinc/copper/lead mine in Tasmania and Elura zinc/lead/silver mine in Cobar NSW. Mr Carlton was also a key member of a focused team securing funding and developing a new metallurgical process. • Appointed. 23 March 2021 • Other listed Board memberships. Nil • Previous listed Board memberships. Nil for the last three years Rob Rutherford – Non-Executive Director BSc (Geol), Masters Econ Geol, MAIG Rob Rutherford is a geologist with over 30 years Australian and international exploration experience and has been involved in generative, feasibility and management roles in the copper, gold and base metal exploration industry. He was formerly employed by Phelps Dodge Australasia Inc. for over 9 years where he was promoted to Australian Exploration Manager and internal expert on Iron-Oxide Copper- Gold hydrothermal systems and Sediment-Hosted copper deposits. Rob founded Red Metal Limited in 2003. • Appointed. 14 March 2012 • Other listed Board memberships. Red Metal Limited • Previous listed Board memberships. Nil for the last three years Matthew Hine – Independent Non-Executive Director Bachelor of Engineering (Mining) Matthew Hine is a mining engineer with over 20 years of technical and operational experience spanning underground and open pit operations across Australia, New Zealand and Europe. He has held senior leadership roles throughout his career including as Chief Operating Officer at Adriatic Metals, General Manager at OceanaGold and Manager Mining at Evolution Mining. He also has leadership roles with Glencore and CIMIC. • Appointed. 12 May 2025 • Other listed Board memberships. None • Previous listed Board memberships. Nil for the last three years
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DIRECTORS’ REPORT For the year ended 30 June 2026 20 | Page Executive Leadership Lindi Lochner – Chief Financial Officer BAcc, BAcc (Hons), MAppFin, CA, GAICD Lindi Lochner is a Chartered Accountant with over 20 years of finance experience spanning diverse industries and organisational structures. Her career encompasses global organisations, ASX-listed entities, private companies and not-for-profit bodies across sectors including mining, manufacturing, FMCG, childcare, sport and professional services. Lindi brings extensive expertise in financial governance, change management, project evaluation, and commercial analysis which will be instrumental in supporting Maronan through its next phase of development. Lindi currently serves as a Non-Executive Director and Chair of the Audit and Risk Committee of Tennis NSW. • Appointed. 23 February 2026 Ian Gebbie – Company Secretary Ian Gebbie is a qualified Chartered Accountant, experienced Company Secretary and corporate adviser with over 20 years’ experience supporting ASX-listed and private companies, with a strong focus on the mining and resources sector. He has worked extensively with exploration and development-stage companies, providing company secretarial and corporate advisory services across IPOs, capital raisings and project transactions. • Appointed. 16 October 2023 Directors’ Meetings The number of Directors’ meetings and meetings of committees of Directors of the Company held during the year ended 30 June 2026 and the numbers of meetings attended by each Director are as follows: Board Director Eligible to attend Attended Simon Bird 14 14 Richard Carlton 14 13 Robert Rutherford 13 * 12 Matthew Hine 14 14 As well as formal Directors’ meetings, Executive and Non-Executive Directors are in frequent communication by telephone and email. In addition to the formal meetings held, there are frequent informal meetings with many matters resolved via circular resolutions. * During the year the Board held a meeting which Robert Rutherford was not eligible to attend due to his conflict during the Red Metal in-specie prospectus period. Robert Rutherford is the CEO of Red Metal Limited (ASX: RDM) which owned ~36% of the Company prior to the in-specie distribution. The Board established a Remuneration & Nomination Committee on 4 June 2026; however, no meetings were held during the reporting period.
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DIRECTORS’ REPORT For the year ended 30 June 2026 21 | Page REMUNERATION REPORT (AUDITED) This report details the nature and amount of remuneration for each Key Management Personnel (KMP) during the Financial year ended 30 June 2026. The Key Management Personnel of the Company during this period comprised the Directors only. Remuneration Governance Role of the Board and Remuneration & Nomination Committee The Board is responsible for reviewing and approving the remuneration policy for KMP, having regard to the need to attract and retain suitably qualified and experienced directors and executives, and to align remuneration outcomes with the creation of shareholder value. The Board established a Remuneration & Nomination Committee on 4 June 2026, comprising two members, both who are independent Non-Executive Directors. The Committee's responsibilities are set out in its Charter, available on the Company’s website. Committee composition: • Matthew Hine, Independent Non-Executive (Chair) • Simon Bird, Independent Non-Executive Use of remuneration consultants During the year, the Company engaged consultants from “The People & Culture Link” to assist with benchmarking market related salaries for executive employees. The consultant is independent and recommendations were made free from undue influence by any KMP to whom it related. The fee paid was market related, and the consultant engaged directly with the Board rather than executive management on the benchmarking. Remuneration Policy The Board’s remuneration policy determines the nature and amount of remuneration for Board members of the Company. The policy, setting the terms and conditions for the Executive Director, was developed by the Board. A part of this policy, all executives’ remuneration will be based on factors such as length of service and experience. The Bo ard will review executive packages annually by reference to the Company’s performance, executive performance and comparable information from industry peers and other listed companies in similar industries. The objective of this policy is to secure and retain the services of suitable individuals capable of contributing to the Company’s strategic objectives. The Board’s policy is to remunerate Non-Executive Directors at market rates for comparable companies for time, commitment and responsibilities. The Board will review Non -Executive Director remuneration annually, based on market practice, duties and accountability. The current base fees were last reviewed in June 2026. Non -Executive Director fees are determined with an aggregate Directors’ fee pool limit. In accordance with the constitution, a shareholder’s resolution has been passed providing that a maximum tota l remuneration of $350,000 per annum may be paid to the Non-Executive Directors. The Board reviews and approves the remuneration policy to ensure the Company attracts and retains executives and Directors who will create value for shareholders.
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DIRECTORS’ REPORT For the year ended 30 June 2026 22 | Page REMUNERATION REPORT (AUDITED) (Cont.) Share-Based Compensation The Company operates an Employee Incentive Securities Plan ("Plan") to assist in attracting, retaining and motivating employees, to link reward to shareholder value creation and to align the interests of participants with those of shareholders. Securities able to be granted under the Plan include Plan Shares, Options, Performance Rights and other convertible securities (together, "securiti es"). The Plan is administered by the Board in accordance with the Plan rules and the ASX Listing Rules; from 4 June 2026 administration has been delegated to the Remuneration & Nomination Committee. To date, only Options and Performance Rights have been granted under the Plan. Eligible participants are employees and other persons determined by the Board to be eligible to participate. Grants are made by invitation at the discretion of the Board, and the invitation sets the terms of each grant, including the number and type of securities, any amount payable on grant, any exercise price, and any vesting or performance conditions. Where expressly permitted in the invitation, an eligible participant may, with Board approval, renounce the invitation in favour of a nominated party (for example, a spouse or family company). Securities granted under the Plan will not be quoted on ASX, although the Board reserves the right to apply for quotation of Options. Participants may not sell, transfer, encumber, hedge or otherwise deal with unexerci sed securities, other than with Board consent in special circumstances, and securities are forfeited on any purported dealing in breach of the Plan rules. A convertible security vests when the Board notifies the participant that any vesting conditions have been satisfied (or waives those conditions) and may be exercised from vesting until its expiry date. A security that has not vested is forfeited when the Board determines that its vesting conditions have not been met or cannot be met. Each Option entitles the holder, on exercise, to one fully paid ordinary share. Each Performance Right entitles the holder, on exercise following vesting, to one fully paid ordinary share for nil consideration. Shares issued or transferred under the Plan rank equally with the Company’s existing ordinary shares. If there is a bonus issue, holders of convertible securities are entitled on exercise to the additional shares they would have received had they exercised before the record date. Holders of convertible securities are not otherwise entitled to participate in new issues of shares prior to exercise, and on any reorganisation of the Company ’s issued capital the rights of participants will be changed to the extent necessary to comply with the Listing Rules. The Board may amend the Plan rules subject to Applicable Laws and may suspend or terminate the Plan at any time without prejudice to participants' accrued rights. Securities granted under the Plan during the year, together with the grants made to Directors with shareholder approval outside the Plan, are set out in the tables below and in Note 15. Directors' Interests The Directors' beneficial interests in Shares, Options and Performance Rights as at the date of this Report are shown in the following tables. Shares Director Interest Shares 1 July 2025 Acquired ¹ & ² In-specie distribution ³ Disposed 30 June 2026 Simon Bird Indirect 225,000 85,714 15,238 - 325,952 Total 225,000 85,714 15,238 - 325,952 Richard Carlton Indirect 225,000 85,714 - - 310,714 Total 225,000 85,714 - - 310,714 Robert Rutherford Direct 100,000 - 3,230,330 - 3,330,330 Total 100,000 - 3,230,330 - 3,330,330 Matthew Hine Indirect 215,000 225,714 - - 440,714 Total 215,000 225,714 - - 440,714 ¹ Simon Bird, Richard Carlton and Matthew Hine participated in the Share Purchase Plan to purchase additional Shares announced on 8 October 2025, which completed on 14 October 2025, which completed on 4 November 2025. 85,714 Shares were purchased by each of the directors or their respective related entities at a cost of $30,000 each. ² Matthew Hine bought 140,000 shares at market on 21 May 2026. ³ Simon Bird and Robert Rutherford received an in- specie distribution of shares from their pre- existing shareholding in Red Metal (ASX: RDM) on 19 May 2026.
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DIRECTORS’ REPORT For the year ended 30 June 2026 23 | Page REMUNERATION REPORT (AUDITED) (Cont.) Options Director Interest Options 1 July 2025 Acquired ¹ Disposed Vested and exercisable 30 June 2026 Simon Bird Direct 2,000,000 1,500,000 - 3,500,000 3,500,000 Total 2,000,000 1,500,000 - 3,500,000 3,500,000 Richard Carlton Indirect 4,000,000 1,500,000 - 5,500,000 5,500,000 Total 4,000,000 1,500,000 - 5,500,000 5,500,000 Robert Rutherford Direct 4,000,000 1,500,000 - 5,500,000 5,500,000 Total 4,000,000 1,500,000 - 5,500,000 5,500,000 Matthew Hine Direct - 1,500,000 - 1,500,000 1,500,000 Total - 1,500,000 - 1,500,000 1,500,000 ¹ The Company issued 6,000,000 Options on 2 6 November 2025 to the Directors (or their nominated entities) approved at the 26 November 2025 AGM under ASX Listing Rule 10.11. All 6,000,000 of these Options vested immediately on issue and are exercisabl e into fully paid ordinary shares. The Company has valued these Options using the Black -Scholes option pricing model and an amount of $1,026,000 has been recognised as an expense in the Statement of Profit or Loss and Other Comprehensive Income. Key inputs used in the calculation of this amount are as follows: Variable Director Options Number of options 6,000,000 Grant date 26 November 2025 Exercise price $0.35 Underlying share price $0.305 Risk Free Rate 3.88% Volatility 90.0% Option Life 3 years Expected dividends Nil Fair value per option 17.08 cents No other features of the option grant were factored into the calculation of the option value.
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DIRECTORS’ REPORT For the year ended 30 June 2026 24 | Page REMUNERATION REPORT (AUDITED) (Cont.) Performance Rights Director Interest Performance Rights 1 July 2025 Issued Lapsed Vested and exercisable 30 June 2026 Richard Carlton Direct - 1,500,000 - - 1,500,000 Total - 1,500,000 - - 1,500,000 The Company issued 1,500,000 Performance rights for Nil consideration on 2 6 November 2025 to Richard Carlton, the Managing Director (or nominated entity) as approved at the 26 November 2025 AGM. 3 classes of Performance Rights were issued: Class Number of Performance rights - Director Number of Performance rights - Employees Expiry Date A 500,000 350,000 30 September 2026 B 500,000 350,000 31 December 2026 C 500,000 350,000 30 June 2027 Total 1,500,000 1,050,000 The Performance Rights shall vest as follows: Class Vesting Conditions Expiry Date A The earlier of: Securing funding for and commencing the Starter Zone underground decline development at the Maronan Project; or Execution and completion of a strategic financing transaction satisfactory to the Board in respect of the Maronan Project for a value of greater than or equal to $40 million. 30 September 2026 B The earlier of: Reporting of a JORC-compliant maiden ore reserve (for a minimum 6 year mine life) at the Maronan Project; or Obtaining a Mining Lease at the Maronan Project 31 December 2026 C Delivery of a Board approved Definitive Feasibility Study for the Maronan Project which includes a NPV 8 exceeding the 2025 Starter Zone Preliminary Economic Assessment NPV8 at the Maronan Project. 30 June 2027 As at the 30 June 2026, management has assumed the probability of these performance hurdles of being achieved not probable, so no expense has been recognised for these Performance Rights in the Statement of Profit or Loss and Other Comprehensive Income. Upon vesting, each Performance Right may be exercised by the holder, for nil consideration, into one fully paid Ordinary Share.
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DIRECTORS’ REPORT For the year ended 30 June 2026 25 | Page REMUNERATION REPORT (AUDITED) (Cont.) Below is a table summarising key performance and shareholder wealth indicators for the Company for the year ended 30 June 2026 and the previous 4 financial years. Directors and Key Management Remuneration For the purposes of this reporting, it is deemed that only the Directors are the Key Management Personnel (defined as those w ho have the authority and responsibility for planning, directing and controlling the major activities of the Company) Details of the remuneration of the Key Management Personnel are set out in the following table. Short Term Long Term Post- Employment Total Performance based Role Base fee / salary Bonus Other ¹ Options & Performanc e Rights Super- annuation $ $ $ $ $ $ % 2026 Richard Carlton Managing Director 247,272 - - 256,500 27,360 531,132 0.00% Simon Bird NED / Chairman 80,357 - 137,000 256,500 9,643 483,500 0.00% Robert Rutherford NED 44,643 - 256,500 5,357 306,500 0.00% Matthew Hine NED 44,643 - 256,500 5,357 306,500 0.00% Total Remuneration 416,915 - 137,000 1,026,000 47,717 1,627,632 0.00% 2025 Richard Carlton Executive Director 291,480 30,000 - 532,367 33,520 887,367 0.00% Simon Bird NED / Chairman 80,718 - - 266,183 9,282 356,183 0.00% Robert Rutherford NED 44,843 - - 532,367 5,157 582,367 0.00% Matthew Hine NED 6,148 - - - 707 6,855 0.00% Total Remuneration 423,189 30,000 - 1,330,917 48,666 1,832,772 0.00% ¹ Additional consulting services provided by Simon Bird when Richard Carlton was on personal leave. Fair Value of the equity -based component of the Directors’ remuneration shown above is shown in this Remuneration Report on page 24. The fair value of options is determined using the Black-Scholes option pricing model. Period Loss after Tax EPS Share Price Year ending 30 June 2026 ($9,252,339) Cents (3.82) $0.44 Year ending 30 June 2025 ($8,830,111) Cents (4.39) $0.21 Year ending 30 June 2024 ($4,543,321) Cents (2.93) $0.24 Year ending 30 June 2023 ($9,234,157) Cents (6.16) $0.33 Year ending 30 June 2022 ($1,560,315) Cents (5.84) $0.33
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DIRECTORS’ REPORT For the year ended 30 June 2026 26 | Page REMUNERATION REPORT (AUDITED) (Cont.) Agreements with Directors Name: Richard Carlton Title: Managing Director Commencement Date: 23 March 2021 Term of Agreement: Term as Managing Director will cease on 1 December 2026. Details: Mr Carlton’s annual salary is $325,000, however for the year ended 30 June 2026 he was paid $274,632 inclusive of superannuation due to taking some unpaid personal leave for medical reasons. The Board may offer Mr Carlton performance -based remuneration including cash bonuses or equity -based incentives. On 28 November 2025 Mr Carlton was awarded 1.5 million Options over fully paid ordinary Shares exercisable at 35.0 cents and expiring on 28 November 2028. The Options fully vested upon issue. On 28 November 2025 Mr Carlton was awarded 1.5 million Performance Rights, subject to various vesting conditions noted above. Name: Simon Bird Title: Chairman Commencement Date: 23 March 2021 Term of Agreement: Ongoing Details: Mr Bird was paid an annual fee of $90,000 inclusive of superannuation entitlements for the year ended 30 June 2026. During period, while Mr Carlton was on medical leave, the Mr Bird, assume d responsibility for all corporate aspects of the Managing Director’s role, ensuring continuity of leadership and oversight of the Company’s strategic, financial and regulatory matters. Mr Bird charged consulting fees of $137,000 for these additional services through a related entity. These rates are market related and are deemed at arm’s length. On 28 November 2025 Mr Bird was awarded 1.5 million Options over fully paid ordinary shares exercisable at 35.0 cents and expiring on 28 November 2028. The Options fully vested upon issue. Name: Robert Rutherford Title: Non-Executive Director Commencement Date: 14 March 2012 Term of Agreement: Ongoing Details: Mr Rutherford was paid an annual fee of $50,000 inclusive of superannuation entitlements for the year ended 30 June 2026. On 28 November 2025 Mr Rutherford was awarded 1.5 million Options over fully paid ordinary Shares exercisable at 35.0 cents and expiring on 28 November 2028. The Options fully vested upon issue. Name: Matthew Hine Title: Non-Executive Director Commencement Date: 12 May 2025 Term of Agreement: Ongoing Details: Mr Hine is paid an annual fee of $50,000 inclusive of superannuation entitlements, from his date of commencement. Remuneration is subject to annual review by the Board. On 28 November 2025 Mr Hine was awarded 1.5 million Options over fully paid ordinary Shares exercisable at 35.0 cents and expiring on 28 November 2028. The Options fully vested upon issue. Remuneration is subject to annual review by the Board. Voting and comments made at the Company Annual General Meeting The Company received more than 90% of “Yes” votes on its remuneration report for the 2025 financial year. The Company did not receive any specific feedback at the AGM or throughout the year on its remuneration practices. This concludes the Remuneration Report, which has been audited.
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DIRECTORS’ REPORT For the year ended 30 June 2026 27 | Page Indemnity and insurance of officers The company has indemnified the directors and executives of the company for costs incurred, in their capacity as a director o r executive, for which they may be held personally liable, except where there is a lack of good faith. During the financial year, the company paid a premium in respect of a contract to insure the directors and executives of the company against a liability to the extent permitted by the Corporations Act 2001. The contract of insurance prohibits disclosure of the nature of the liability and the amount of the premium. Indemnity and insurance of auditor The company has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor of the com pany or any related entity against a liability incurred by the auditor. During the financial year, the company has not paid a premium in respect of a contract to insure the auditor of the company o r any related entity. Non-Audit Services There was no non-audit services during the year ended 30 June 2026. Officers of the Company who are former Audit Partners of BDO Audit Pty Ltd There are no officers of the Company who are former Partners of BDO Audit Pty Ltd. Auditor Independence Declaration The Auditor’s independence declaration as required under section 307C of the Corporations Act 2001 for the year ended 30 June 2026 has been received and a copy is reproduced on page 28. BDO Audit Pty Ltd continues in office in accordance with section 327 of the Corporations Act 2001. Environmental Legislation The Group’s operations are not significantly impacted by any environmental legislation under a law of the Commonwealth or of a State or Territory of Australia. Rounding of amounts The company is of a kind referred to in ASIC Legislative Instrument 2016/191, relating to the ‘rounding off’ of amounts in the directors’ report. Amounts in the directors’ report have been rounded off in accordance with the instrument to the nearest thousa nd dollars, or in certain cases, to the nearest dollar. Corporate Governance A copy of the Company’s Corporate Governance Statement can be found at: www.maronanmetals.com.au/about/corporate-governance This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the Corporations Act 2001. Signed on behalf of the directors Simon Bird Chairman 3 September 2026
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AUDITOR’S INDEPENDENT DECLARATION For the year ended 30 June 2026 28 | Page
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30 | Page ACN 156 269 993 Financial Report For the Year Ended 30 June 2026
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STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the year ended 30 June 2026 31 | Page Note 2026 2025 $ $ Income from ordinary activities Interest income 418,193 71,986 Other income 3 1,312,366 186,362 Total income from ordinary activities 1,730,559 258,348 Less: Expenses Corporate and administrative expense 1,960,922 982,245 Exploration expenditure expensed 7,727,124 6,057,073 Share based payments 15 1,291,350 2,043,832 Total expenses (10,979,396) (9,083,150) Loss from operating activities (9,248,837) (8,824,802) Finance costs 3,502 5,309 Loss before income tax (9,252,339) (8,830,111) Income tax expense 4 - - Loss from continuing operations after income tax (9,252,339) (8,830,111) Other comprehensive income for the year - - Total comprehensive loss for the year (9,252,339) (8,830,111) Loss per share Basic - cents per share 14 (3.82) (4.39) Diluted - cents per share 14 (3.82) (4.39) The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes.
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STATEMENT OF FINANCIAL POSITION For the year ended 30 June 2026 32 | Page Note 2026 2025 $ $ Current assets Cash and cash equivalents 5 18,305,060 3,033,460 Other financial assets 6 15,100,418 - Trade and other receivables 7 603,915 79,907 Prepayments 108,397 145,560 Total current assets 34,117,790 3,258,927 Non-current assets Tenement acquisition cost 8 5,691,713 5,691,713 Plant and equipment 9 228,008 32,088 Right of use assets 10 159,179 42,977 Deposits 30,988 28,488 Total non-current assets 6,109,888 5,795,266 Total assets 40,227,678 9,054,193 Current liabilities Trade and other payables 11 1,863,181 514,956 Lease liability 10 50,403 45,714 Provisions 87,983 127,241 Total current liabilities 2,001,567 687,911 Non-current liabilities Lease Liability 10 110,156 - Total non-current liabilities 110,156 - Total liabilities 2,111,723 687,911 Net assets 38,115,955 8,366,282 Equity Contributed equity 12 67,444,440 29,733,778 Reserves 13 3,395,150 4,333,142 Accumulated losses (32,723,635) (25,700,638) Total equity 38,115,955 8,366,282 The above statement of financial position should be read in conjunction with the accompanying notes.
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STATEMENT OF CHANGES IN EQUITY For the year ended 30 June 2026 33 | Page Note Issued capital Reserves Acc. losses Total $ $ $ $ 2025 Balance at 1 July 2024 29,743,803 2,289,310 (16,870,527) 15,162,586 Total comprehensive loss for the year - - (8,830,111) (8,830,111) Total 29,743,803 2,289,310 (25,700,638) 6,332,475 Transactions with owners in their capacity as owners Transaction costs on issue of ordinary shares 12 (10,025) - - (10,025) Issue of options 15 - 2,043,832 - 2,043,832 Balance at 30 June 2025 29,733,778 4,333,142 (25,700,638) 8,366,282 2026 Balance at 1 July 2025 29,733,778 4,333,142 (25,700,638) 8,366,282 Total comprehensive loss for the year - - (9,252,339) (9,252,339) Total 29,733,778 4,333,142 (34,952,977) (886,057) Transactions with owners in their capacity as owners Proceeds from issue of ordinary shares 39,606,126 - - 39,606,126 Transaction costs on issue of ordinary shares 12 (1,895,464) - - (1,895,464) Issue of options 15 - 1,291,350 - 1,291,350 Reallocation of lapsed options expenditure to retained earnings - (2,229,342) 2,229,342 - Balance at 30 June 2026 67,444,440 3,395,150 (32,723,635) 38,115,955 The above statement of changes in equity should be read in conjunction with the accompanying notes
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STATEMENT OF CASH FLOWS For the year ended 30 June 2026 34 | Page The above statement of cash flows should be read in conjunction with the accompanying notes. Note 2026 2025 $ $ Cash flows from operating activities Payments to suppliers and employees (1,917,973) (1,155,782) Payments for exploration (6,761,695) (6,135,186) Proceeds from R&D tax incentive rebate & other income 1,312,366 186,362 Proceeds from interest received 311,502 71,986 Net cash used in operating activities 5 (7,055,800) (7,032,620) Cash flows from investing activities Payment for investment in term deposits (15,100,418) - Payment for property, plant and exploration equipment (229,147) (15,395) Payment for finance leases (53,697) (54,600) Net cash used in investing activities (15,383,262) (69,995) Cash flows from financing activities Proceeds from share issue 12 39,606,126 1,795 Payments for capital raising costs (1,895,464) (11,820) Net cash provided by /(used in) financing activities 37,710,662 (10,025) Net increase / (decrease) in cash held 15,271,600 (7,112,640) Cash at beginning of the year 3,033,460 10,146,100 Cash at the end of the year 5 18,305,060 3,033,460
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NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2026 35 | Page 1. Reporting Entity The financial report is for the entity Maronan Metals Limited (referred herein also as the Company or Maronan) as an individual entity. Maronan is a company limited by shares incorporated and domiciled in Australia with its registered address at Level 15, 323 Castlereagh Street Sydney Australia. Maronan is listed on the ASX. The principal activity of the Company during the year was the exploration for and evaluation of its silver -lead and copper- gold mineral deposits. 2. Basis of Preparation Statement of compliance The financial statements are general purpose financial statements that have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board (‘AASB’) and the Corporations Act 2001, as appropriate for-profit oriented entities. The financial statements of the Company comply with International Financial Reporting Standards (‘IFRS’) as issued by the International Accounting Standards Board (‘IASB’). The financial statements were authorised for issue by a resolution of the Board dated 3 September 2026. Basis of measurement These financial statements have been prepared under the historical cost convention. Functional and presentation currency The financial report has been presented in Australian Dollars ($) which is the functional currency of the Company. Use of estimates and judgements The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company’s accounting policies. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. The Directors evaluate estimates and judgements incorporated into the financial report based on historical knowledge and best available current information. Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and within the Company. Information about critical judgements in applying the accounting policies that have the most significant effect on the amounts recognised in the financial statements is included in the following notes: Note 8 – Tenement Acquisition Costs Note 15 – Share Based Payments Going concern The Company has incurred a net loss after tax of $9,252,339 (2025: $8,830,111) for the full year and net cash outflows from operating activities of $7,055,800 (2025: $7,032,620). The Directors have prepared the Financial Statements on the Going Concern basis having prepared a cash flow forecast indicating that the Company’s current cash and short-term investment balance of $33,405,478 is sufficient for it to remain cash positive at least until September 2027. T he ability to continue as a going concern is enhanced by the ability of the Company to defer exploration and project development expenditure. Goods and services tax (GST) Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office. In these circumstances, the GST is recognised as part of the cost of acquisition of the asset or as part of the item of the expense. Receivables and payables in the statement of financial position are shown inclusive of GST. Cash flows are presented in the statement of cash flows inclusive of GST. Adoption of new and revised standards In the period ended 30 June 2026, the Directors have reviewed all of the new and revised Standards and Interpretations issued by the AASB that are relevant to the Company and effective for the current annual reporting period. It has been determined by the Directors that there is no impact, material or otherwise, of the new and revised Standards and Interpretations on the Company and, therefore, no change is necessary to Company accounting policies. The Directors have also reviewed all new Standards and Interpretations that have been issued but are not yet effective for the period ended 30 June 2026. As a result of this review the Directors have determined that there is no impact, material or otherwise, of the new and revised Standards and Interpretations on the Company. The following is a summary of the material accounting policies adopted by the Company in the preparation of the financial report. The accounting policies have been consistently applied, unless otherwise stated. Material Accounting Policies Material Accounting Policies have been included with the respective notes where applicable.
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NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2026 36 | Page 2026 2025 $ $ 4. Income Tax Expense The prima facie tax benefit on loss before income tax is reconciled to the income tax expense as follows (at 30% 2026, 25% 2025) 2,775,702 2,207,528 Add tax effect of: Non-allowable expenses (690,815) (510,958) Add/(deduct) temporary differences not brought to account: Deferred tax assets / liabilities and other differences / tax losses not recognised (2,084,887) (1,696,570) Income tax expense - - Opening Movement Closing $ $ $ Deferred income tax – 2026 Deferred tax assets have not been recognised in respect of the following items: Capital raising expenses 398,118 148,926 547,044 Provisions 30,877 2,746 33,623 Tax losses 4,935,981 2,124,267 7,060,248 Total deferred tax assets 5,364,976 2,275,939 7,640,915 Deferred tax liabilities have not been recognised in respect of the following items: Prepaid expenses (11,390) - (11,390) Total deferred tax liabilities (11,390) - (11,390) Net unrecognised deferred tax assets 5,353,586 2,275,939 7,629,525 The tax losses and deductible temporary differences do not expire under current tax legislation. Deferred tax liabilities have been offset against deferred tax assets and net deferred tax assets have not been recognised because it is not yet probable that future taxable profit will be available against which the Company can utilise these benefits. 2026 2025 $ $ 3. Loss before tax includes Australian Taxation Office (ATO) Research and Development tax incentive rebate 1,287,366 186,362 Auditors’ remuneration 60,350 43,000 Auditor’s remuneration consists out of audit services only. No other taxation or consulting services were provided during the period. Accounting Policy Research and development tax incentive income Research and Development Tax incentives are accounted for in line with AASB 120 Government Grants. R&D rebates are recognised upon receipt and reflected as other income.
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NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2026 37 | Page 4. Income Tax Expense (continued) Accounting Policy - Income tax The charge for current income tax expense is based on the profit for the year adjusted for any non-assessable or disallowed items. It is calculated using tax rates that have been enacted or are substantively enacted at the reporting date. Deferred tax is accounted for using the statement of financial position method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. No deferred income tax will be recognised from the initial recognition of an asset or liability where there is no effect on accounting or taxable profit or loss. Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or liability is settled. Deferred tax is credited in the statement of profit or loss and other comprehensive income except where it relates to items that may be credited directly to equity, in which case the deferred tax is adjusted directly against equity. Deferred income tax assets are recognised to the extent that it is probable that future tax profits will be available against which deductible temporary differences can be utilised. The number of benefits brought to account or which may be realised in the future is based on the assumption that no adverse change will occur in income taxation legislation and the anticipation that the Company will derive sufficient future assessable income to enable the benefit to be realised and comply with the conditions of deductibility imposed by the law. 2026 2025 $ $ 5. Cash and Cash Equivalents Cash at bank 18,305,060 3,033,460 Total cash and cash equivalents 18,305,060 3,033,460 Accounting Policy Cash and cash equivalents include cash on hand; deposits held at call with banks and other short term highly liquid investments with original maturities of three months or less. 2026 2025 $ $ Cash Flow Information Reconciliation of cash Cash at the end of the year as shown in the Statement of Cash Flows is reconciled to the related items in the Statement of Financial Position. Reconciliation of cash flow from operations with loss from ordinary activities after income tax Loss from ordinary activities after income tax (9,252,339) (8,830,111) Non-cash items Depreciation 30,727 37,700 Share based payments 1,291,350 2,043,832 Add: movements in working capital (Increase) / decrease in prepayments 37,163 (113,774) (Increase) / decrease in trade and other receivables (524,008) 62,007 Increase / (decrease) in trade and other payables 1,361,307 (232,274) Cash outflow from operations (7,055,800) (7,032,620)
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NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2026 38 | Page 2026 2025 $ $ 6. Other financial assets Term deposits 15,100,418 - Total other financial assets 15,100,418 - Other financial assets include deposits with banks with original maturities of over three months. Average interest rate earned over the period of these investments was 4.6%. 2026 2025 $ $ 7. Trade and Other Receivables GST recoverable 497,224 79,907 Accrued income (interest) 106,691 - Total trade and other receivables 603,915 79,907 Accounting Policy Other receivables are recognised at amortised cost, less any provision for impairment. Given the nature of the receivables, no provision of an expected credit loss has been taken. Interest income Interest revenue is recognised using the effective interest rate method taking into account rates applicable to the financial assets. 2026 2025 $ $ 8. Tenement Acquisition Cost Total tenement acquisition - EPM 13368 5,691,713 5,691,713 Accounting Policy - Tenement Acquisition Costs Acquisition costs of mining tenements are capitalised in respect of each identifiable area of interest. These costs are only carried forward to the extent that the Company’s rights of tenure to that area of interest are current and that the costs are expected to be recouped through the successful development of the area or where activities in the area have not yet reached a stage that permits reasonable assessment of the existence of economically recoverable reserves. Costs in relation to an abandoned area are written off in full against profit or loss in the year in which the decision to abandon the area is made. Each area of interest is also reviewed annually, and acquisition costs are written off to the extent that they will not be recoverable in the future. Exploration, evaluation and development costs of mining tenements are expensed as incurred. The ultimate recoupment of costs carried forward for tenement acquisition cost is dependent on the successful development and commercial exploitation or sale of respective areas. The Company reviews annually the carrying value of the tenement acquisition cost and will carry this as an asset if it considers the area of interest to be prospective. Should the particular area of interest no longer be considered prospective, then the Company will make a provision in the accounts for the carrying value of the project. The list of tenements the Company has an interest in is disclosed on page 53.
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NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2026 39 | Page 9. Plant and Equipment At Cost Leasehold Improvements Exploration Equipment Office Equipment Total Balance at 1 July 2024 - 107,502 54,905 162,407 Additions - 9,890 14,608 24,498 Disposals - Balance as at 30 June 2025 - 117,392 69,513 186,905 Balance at 1 July 2025 - 117,392 69,513 186,905 Additions 92,074 114,769 19,804 226,647 Disposals - - - - Balance as at 30 June 2026 92,074 232,161 89,317 413,552 Accumulated Depreciation Leasehold Improvements Exploration Equipment Office Equipment Total Balance at 1 July 2024 - (72,159) (35,068) (107,227) Additions - (34,781) (12,809) (47,590) Balance as at 30 June 2025 - (106,940) (47,877) (154,817) Balance at 1 July 2025 - (106,940) (47,877) (154,817) Additions (6,654) (11,021) (13,052) (30,727) Balance as at 30 June 2026 (6,654) (117,961) (60,929) (185,544) Carrying amount Balance as at 30 June 2025 - 10,452 21,636 32,088 Balance as at 30 June 2026 85,420 114,200 28,388 228,008 Movement in carrying amount Leasehold Improvements Exploration Equipment Office Equipment Total Balance at 1 July 2025 - 10,452 21,636 32,088 Additions 92,074 114,769 19,804 226,647 Depreciation (6,654) (11,021) (13,052) (30,727) Balance as at 30 June 2026 85,420 114,200 28,388 228,008 Accounting Policy Property, plant and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses. Depreciation Items of equipment have limited lives and are depreciated on a straight-line basis over their estimated useful lives. Depreciation rates and methods are reviewed annually for appropriateness. When changes are made, adjustments are reflected prospectively in current and future periods only. Depreciation is expensed to the statement of profit or loss and other comprehensive income. Exploration equipment is depreciated at 33% years and plant and equipment are depreciated between 20% and 33% per annum. De-recognition and disposal An item of equipment is derecognised upon disposal or when no further future economic benefits are expected from its use or disposal. Any gain or loss on de-recognition of the asset (calculated as the difference between net disposal proceeds and the carrying amount of the asset) is included in statement of profit or loss and other comprehensive income in the year the asset is de-recognised.
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NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2026 40 | Page 2026 2025 $ $ 10. Right of Use Assets Leased Premises At cost Balance at the beginning of the year 103,145 101,245 Lease term completed (103,145) (101,245) Additions 168,543 103,145 Balance at the end of the year 168,543 103,145 Accumulated depreciation Balance at the beginning of the year (60,168) (48,827) Lease term completed 103,145 48,827 Charge for the year (52,341) (60,168) Balance at the end of the year (9,364) (60,168) Total right of use asset 159,179 42,977 Future Lease Payments The Company has a lease over its premises in Cloncurry which was renewed during the year for a 3 -year period. No option for extension is included in the lease. The contractual cash flows of the Group’s lease liabilities at the reporting date are shown in the table below. The contractual amounts represent the future undiscounted amounts payable. 2026 2025 $ $ Minimum lease payments Within one year 60,060 45,714 Later than one year but less than five years 117,787 - 177,847 45,714 2026 2025 $ $ 11. Trade and other payables Trade payables 1,757,927 411,584 Accruals 105,254 103,372 Total trade and other payables 1,863,181 514,956 Accounting Policy Payables represent liabilities for goods and services provided to the Company prior to the end of the financial year which are unpaid. The amounts are unsecured and are generally settled between 7 days and 30 days terms.
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NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2026 41 | Page 12. Contributed Equity 2026 2025 No. No. Balance at the beginning of the year 201,252,826 201,246,843 Shares issued during the period 14 October 2025 - quoted unrestricted ordinary shares 45,714,286 - 4 November 2025 - quoted unrestricted ordinary shares 4,479,948 - 27 May 2026 - quoted unrestricted ordinary shares 62,822,481 - Conversion of options - 5,983 Balance at the end of the year 314,269,541 201,252,826 Ordinary Share Capital $ $ Balance at the beginning of the year 29,733,778 29,743,803 Shares issued during the period 14 October 2025 - 45,714,286 quoted unrestricted ordinary shares @ $0.35 16,000,000 - 4 November - 4,479,948 quoted unrestricted ordinary shares @ $0.35 1,568,000 - 27 May 2026 - 62,822,481 quoted unrestricted ordinary shares @ $0.3508 22,038,126 - Conversion of options - 1,795 Capital raising costs (1,895,464) (11,820) Balance at the end of the year 67,444,440 29,733,778 Accounting Policy Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in the equity as a deduction net of tax, from the proceeds. 2026 2025 $ $ 13. Reserves Share Based Payment Reserve Balance at the beginning of the year 4,333,142 2,289,310 Share based payments made during the period Options vested in the period 1,291,350 2,043,832 Options that lapsed during the period (2,229,342) - Balance at the end of the year 3,395,150 4,333,142
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NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2026 42 | Page 14. Loss Per Share No No Weighted Av. Ordinary share number 2025 Balance at the beginning of the year 201,246,843 201,246,843 Shares issued during the period Conversion of options 5,983 4,180 Balance at end of the year 201,252,826 201,251,023 No No Weighted Av. Ordinary share number 2026 Balance at the beginning of the year 201,252,826 201,252,826 Shares issued during the period 14 October 2025 - quoted unrestricted ordinary shares 45,714,286 32,438,356 4 November 2025 - quoted unrestricted ordinary shares 4,479,948 2,921,172 27 May 2026 - quoted unrestricted ordinary shares 62,822,481 5,851,957 Balance at end of the year 314,269,541 242,464,311 2026 2025 $ $ Total loss for the year (9,252,339) (8,830,111) Loss per share Basic - cents per share (3.82) (4.39) Diluted - cents per share (3.82) (4.39) 15. Share Based Payments Accounting Policy Share based payments The Company provides benefits to individuals (or their nominees) acting as and providing services similar to employees (including Directors) of the Company in the form of share-based payment transactions, whereby individuals render services in exchange for shares or rights over shares (“Equity Settled Transactions”). There is currently an Employee Incentive Securities Plan (“EISP”) in place, which provides benefits to employees and individuals providing services similar to those provided by an employee. The cost of this equity settled transactions with employees is measured by reference to the fair value at the date at which they are granted. The fair value is determined by using the Black Scholes formula, taking into account the terms and conditions upon which the instruments were granted. In valuing equity settled transactions, no account is taken of any performance conditions, other than conditions linked to the price of the shares of Maronan Metals Limited (“Market Conditions”). The cost of the equity settled transactions is recognised, together with a corresponding increase in equity, over the period in which the equity instruments vest, ending on the date on which the relevant employees become fully entitled to the award (“Vesting date”). The cumulative expense recognised for equity settled transactions at each reporting date until Vesting Date reflects (i) the extent to which the vesting period has expired and (ii) the number of awards that, in the opinion of the Directors of th e Company, will ultimately vest. This opinion is formed based on the best available information at balance date. No adjustment is made for the likelihood of the market performance conditions being met as the effect of these conditions is included in the determination of fair value at grant date. The statement of comprehensive income charge or credit for a period represents the movement in cumulative expense recognised at the beginning and end of the period. No expense is recognised for awards that do not vest, except for awards where vesting is conditional upon a market condition.
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NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2026 43 | Page 15. Share Based Payments (continued) Where the terms of an equity settled award are modified, as a minimum an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any increase in the value of the transaction as a result of the modification, as measured at the date of the modification. Where an equity settled award is cancelled, it is treated as if it had vested on the date of the cancellation, and any expense not yet recognised for the award is recognised immediately. However, if a new award is substituted for the cancelled award and designated as a replacement award on the date that it is granted, the cancelled and new award are treated as if they were a modification of the original award, as described in the previous paragraph. The cost of equity -settled transactions with non -employees is measured by reference to the fair value of goods and services received unless this cannot be measured reliably, in which case the cost is measured by reference to the fair value of the equity instruments granted. Movement in Share Options 30/06/2026 30/06/2025 Number of securities Weighted average exercise price Number of securities Weighted average exercise price Outstanding at the beginning of the year 17,900,000 - 67,331,585 Various Granted during the year 7,450,000 $0.36 16,287,214 $0.28 Exercised during the year - - (5,983) $0.30 Expired during the year (1,200,000) $0.43 (65,712,816) $0.30 Outstanding at the end of the year 24,150,000 17,900,000 Exercisable at the end of the year 24,150,000 17,900,000 Share Options Granted during the year: Employee Options The Company issued 1,450,000 Options on 14 November 2025 to staff. All 1,450,000 of these Options vested immediately on issue. All of these Options are exercisable into fully paid ordinary Shares. The Company has valued these Options using the Black -Scholes option pricing model and an amount of $265,350 has been recognised as an expense in the Statement of Profit or Loss and Other Comprehensive Income. Director Options The Company issued 6,000,000 Options on 28 November 2025 to the Directors. All 6,000,000 of these Options vested immediately on issue. All of these Options are exercisable into fully paid ordinary Shares. The Company has valued these Options using the Black-Scholes option pricing model and an amount of $1,026,000 has been recognised as an expense in the Statement of Profit or Loss and Other Comprehensive Income. Key inputs used in the calculation are as follows: Variable Employee Options Director Options Number 1,450,000 6,000,000 Grant date 14 November 2025 26 November 2025 Exercise price $0.385 $0.35 Underlying share price $0.33 $0.305 Risk Free Rate 3.88% 3.88% Volatility 90.0% 90.0% Option Life 3 years 3 years Expected dividends Nil Nil Fair value per option 18.33 cents 17.08 cents
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NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2026 44 | Page 15. Share Based Payments (continued) Performance rights The Company issued 1,050,000 Performance Rights for Nil consideration on 14 November 2025 to employees. The Company issued 1,500,000 Performance Rights for Nil consideration on 28 November 2025 to Richard Carlton, the Managing Director. 3 classes of Performance Rights were issued: Class Number of Performance Rights - Director Number of Performance Rights - Employees Expiry Date A 500,000 350,000 30 September 2026 B 500,000 350,000 31 December 2026 C 500,000 350,000 30 June 2027 The Performance Rights shall vest as follows: Class Vesting Conditions A The earlier of: securing funding for and commencing the Starter Zone underground decline development at the Maronan Project; or execution and completion of a strategic financing transaction satisfactory to the Board in respect of the Maronan Project for a value of greater than or equal to $40 million. B The earlier of: reporting of a JORC-compliant maiden ore reserve (for a minimum 6 year mine life) at the Maronan Project; or obtaining a Mining Lease at the Maronan Project C Delivery of a Board approved Definitive Feasibility Study for the Maronan Project which includes a NPV8 exceeding the 2025 Starter Zone Preliminary Economic Assessment NPV8 at the Maronan Project. As at the 30 June 2026, management has assumed the probability of these performance hurdles of being achieved is not probable, so no expense has been recognised for these Performance Rights in the Statement of Profit or Loss and Other Comprehensive Income. Upon vesting, each Performance Right may be exercised by the holder, for nil consideration, into one fully paid Ordinary Share.
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NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2026 45 | Page 16. Commitments and Contingencies The Company holds an exploration tenement (EPM 13368) (“Tenement”) in Queensland, Australia. In order to retain its current rights of tenure to the Tenement, the Company is required to comply with tenement obligations specified by the State Government, inc luding the completion of activities- based works programs which are assessed over the life of the Tenement. There are no set annual expenditure amounts. If Tenement obligations are not met it may result in the loss of the Tenement or a reduction in the Tenement area. The Company is presently on track to meet all of its Tenement obligations. 2026 2025 $ $ 17. Directors and Key Management Personnel Disclosures Key management personnel compensation Short term employee benefits 553,915 453,189 Post employment benefits 47,717 48,666 Share based payments 1,026,000 1,330,917 1,627,632 1,832,772 18. Related Party Disclosures Red Metal Limited Red Metal Limited was a significant shareholder in the Company holding approximately 36% prior to an in- specie distribution on 19 May 2026 which decreased their holding to 6.14%. Red Metal leases office space to Maronan and provides occasional consulting services to the Company. During the year a total of $69,590 (2025: $76,618) was paid to Red Metal for these services. At year end an amount of $21,518 was owed to Red Metal. Amounts are GST exclusive. Cresco Corporation Pty Ltd (Cresco) Simon Bird, Chairman of The Company through his company Cresco provided additional consulting services to the Company when Richard Carlton, Maronan’s Managing Director took personal medical leave for an extended period during the year. A total of $137,000 was invoiced to the Company during the period (2025: $nil) with $nil owing to Cresco at the end of the year. Amounts are GST exclusive. 19. Financial Risk Management The Company’s financial instruments consist mainly of deposits with banks, accounts receivable and payable. Exposure to currency risk, interest rate risk, commodity price risk, and liquidity risk arises in the normal course of the business. The Company’s overall financial risk management strategy is to seek to ensure that the Company is able to fund its business plans. The Company uses various measures dependent on the types of risk to which it is exposed. These methods include cash flow at risk analysis , in the case of interest rates. Financial risk management is carried out by the management under policies approved by the Directors. The Directors provide written principles for overall risk management. Credit risk Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss to the Company. The Company’s credit risk exposure is limited to cash and cash equivalents and other financial assets. Management have reduced this risk by depositing cash with financial institutions with a credit rating of AAA or higher. Interest rate risk The Company’s main interest rate risk arises from interest earnings on its surplus cash. The Company is exposed to interest rate risk to the extent its interest earnings may fluctuate. The impact of a 1% movement in the interest rate on the funds invested when all other variables are held constant is immaterial.
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NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2026 46 | Page 19. Financial Risk Management (continued) Liquidity risk Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding to meet ongoing operational requirements, exploration expenditure, and small to medium sized opportunistic projects and investments, by keeping surplus cash available. The Company’s objective is to safeguard its ability to continue as a going concern and to maintain a conservative capital structure so that management can focus on running its core business together with being an attractive company for shareholders and potential investors. The Company will consider the most appropriate use of debt and equity to maximise its returns while maintaining a low-risk capital structure. Fair values The Company has a number of financial instruments which are not measured at fair value in the Statement of Financial Position. The fair values are not materially different to their carrying amounts, since the interest receivable/payable is either close to current market rates or the instruments are short-term in nature. Current Floating Non-Interest Note Interest rate Interest rate Bearing Total $ $ $ Financial assets Cash and cash equivalents 5 4.17% 18,305,060 - 18,305,060 Other financial assets (term deposits) 6 5.18% 15,100,418 - 15,100,418 Trade and other receivables 7 0.00% 603,915 603,915 Financial liabilities Lease liability 7.00% - 160,559 160,559 Trade and other payables 11 0.00% - 1,863,181 1,863,181 Total Less than one year Greater than one year Maturity Details $ $ $ Financial liabilities Trade and other payables 11 1,863,181 1,863,181 - Usually, payable between 7 and 30 days. Leases 160,559 50,403 110,156 Amortisation schedule 20. Operating Segments The Company is organised into one operating segment, being the exploration of minerals in Australia. This operating segment is based on the internal reports that are reviewed and used by the Board of Directors (who are identified as the Chief Operating Decision Makers) in assessing performance and in determining the allocation of resources. 21. Subsequent Events The Directors are not aware of any matter or circumstance not otherwise dealt with in this Annual Report or in the financial statements that has significantly or may significantly affect the operations of the Company, the results of those operations or the state of affairs of the Company in subsequent financial years.
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CONSOLIDATED ENTITY DISCLOSURE STATEMENT For the year ended 30 June 2026 47 | Page Entity Name Entity Type Trustee, partner or participant in joint venture % of Share Capital Held Place of incorporation Australian Resident Foreign jurisdiction in which the entity is a resident for tax purposes Maronan Metals Limited Body Corporate N/A N/A Australia Yes N/A Maronan Metals Limited has no controlled entities and, therefore, is not required by the Australian Accounting Standards to prepare consolidated financial statements. As a result, section 295(3A)(a) of the Corporations Act 2001 does not apply to the entity.
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DIRECTOR’S DECLARATION For the year ended 30 June 2026 48 | Page In the Directors' opinion; • the attached financial statements and notes thereto comply with the Corporations Act 2001, the Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements; • the attached financial statements and notes thereto comply with International Financial Reporting Standards as issued by the International Accounting Standards Board as described in note 2 to the financial statements; • the attached financial statements and notes thereto give a true and fair view of the Company’s financial position as at 30 June 2026 and of its performance for the financial year ended on that date; and • There are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable. • The information disclosed in the attached consolidated entity disclosure statement is true and correct. The Directors have been given the declarations required by section 295A of the Corporations Act 2001. Signed in accordance with a resolution of directors made pursuant to section 295(5) (a) of the Corporations Act 2001. On behalf of the directors; Simon Bird Chairman Sydney, 3 September 2026
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INDEPENDENT AUDITOR’S REPORT For the year ended 30 June 2026 49 | Page
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INDEPENDENT AUDITOR’S REPORT For the year ended 30 June 2026 50 | Page
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INDEPENDENT AUDITOR’S REPORT For the year ended 30 June 2026 51 | Page
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INDEPENDENT AUDITOR’S REPORT For the year ended 30 June 2026 52 | Page
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SCHEDULE OF TENEMENTS As at 30 June 2026 53 | Page Tenements Title name Location Interest Mineral Grant date Expiry date Status EPM 13368 Maronan Northwest Queensland approximately 60km southeast of Cloncurry. 100% Lead-silver Copper-gold 26 June 2001 25 June 2026 Expired, renewal in progress MDL 2028 Maronan Northwest Queensland approximately 60km southeast of Cloncurry. 100% Lead-silver Copper-gold 27 February 2026 28 February 2031 Current
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54 | Page Additional information required by the Australian Securities Exchange Limited and not shown elsewhere in this report is as fo llows. The information is current as at 21 August 2026. Twenty Largest Shareholders The names of the twenty largest holders of quoted shares are: Number Shareholder Shares % 1 Isa Resources Pty Ltd 62,822,481 19.99% 2 Red Metal Limited 15,445,139 4.91% 3 Zero Nominees Pty Ltd 13,814,847 4.40% 4 BNP Paribas Nominees Pty Ltd <IB AU Noms Retail client> 13,136,629 4.18% 5 Perth Capital Pty Ltd 13,010,480 4.14% 6 Citicorp Nominees Pty Limited 7,896,972 2.51% 7 HSBC Custody Nominees (Australia) Limited 6,253,624 1.99% 8 Perth Capital Pty Ltd 3,952,380 1.26% 9 Huon Pine Pty Ltd <Huon Pine Investment A/C> 3,237,903 1.03% 10 BNP Paribas Noms Pty Ltd 2,980,472 0.95% 11 Mad Fish Management Pty Ltd 2,757,667 0.88% 12 Bluestar Management Pty Ltd 2,742,857 0.87% 13 Mr Robert Alexander Rutherford 2,742,473 0.87% 14 Glyde Street Nominees Pty Ltd J N Pitt Superannuation Fund 2,710,714 0.86% 15 Huon Pine Pty Ltd <Huon Pine Investment A/C> 2,250,000 0.72% 16 Perth Capital Pty Ltd 2,147,289 0.68% 17 Cavalletta Holdings Pty Ltd 1,614,285 0.51% 18 Newport Private Wealth P/L <Seneca Small Companies A/C> 1,472,900 0.47% 19 Radrob Pty Ltd 1,334,285 0.42% 20 Mr Robert Samuel Bartlett 1,300,000 0.41% 163,623,397 52.06% Distribution of Equity Securities Fully Paid Ordinary Shares Range Number of holders Number of shares % Total 1 - 1,000 522 275,537 0.09% 1,001- 5,000 1,322 3,528,845 1.12% 5,001 - 10,000 685 5,318,860 1.69% 10,001 - 100,000 1,532 52,318,997 16.65% 100,001 and over 341 252,827,302 80.45% Total 4,402 314,269,541 100.00% There were 427 shareholders holding a total of 184,083 shares, who held less than a marketable parcel of shares as at the clo sing market price on 21 August 2026. Options - $0.350 expiring 28 November 2028 Range Number of holders Number of options % Total 100,001 and over 4 6,000,000 100.00 Total 4 6,000,000 100.00 Beach House Resources Pty Ltd (an entity associated with Mr Robert Rutherford), Mr Simon Bird, Mr Matthew Hine and Kalby Pty Ltd (an entity associated with Mr Richard Carlton) each hold 1,500,000 (25%) of these options. These options were not issued under an employee incentive scheme. Options - $0.385 expiring 14 November 2028 Range Number of holders Number of options % Total 10,001 - 100,000 1 100,000 6.90 100,001 and over 3 1,350,000 93.10 Total 4 1,450,000 100.00 These securities were issued under an employee incentive scheme.
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55 | Page Distribution of Equity Securities (cont.) Options - $0.275 expiring 15 November 2027 Range Number of holders Number of options % Total 100,001 and over 3 10,000,000 100.00 Total 3 10,000,000 100.00 Mr Richard Carlton (indirectly, held by Kalby Pty Ltd) and Mr Robert Rutherford each own 4,000,000 (40%), and Mr Simon Bird owns 2,000,000 (20%) of these options. These options were not issued under an employee incentive scheme. Options - $0.30 expiring 12 August 2027 Range Number of holders Number of options % Total 100,001 and over 5 6,200,000 100.00 Total 5 6,200,000 100.00 These securities were issued under an employee incentive scheme. Options - $0.28 expiring 21 December 2026 Range Number of holders Number of options % Total 100,001 and over 1 500,000 100.00 Total 1 500,000 100.00 These securities were issued under an employee incentive scheme. Performance Rights Tranche A - expiring 30 September 2026 Range Number of holders Number of rights % Total 100,001 and over 3 850,000 100.00 Total 3 850,000 100.00 Kalby Pty Ltd (an entity associated with Mr Richard Carlton) holds 500,000 (58.82%) of these performance rights, which were not issued under an employee incentive scheme. The remaining 350,000 performance rights were issued under an employee incentive scheme. Performance Rights Tranche B - expiring 31 December 2026 Range Number of holders Number of rights % Total 100,001 and over 3 850,000 100.00 Total 3 850,000 100.00 Kalby Pty Ltd (an entity associated with Mr Richard Carlton) holds 500,000 (58.82%) of these performance rights, which were not issued under an employee incentive scheme. The remaining 350,000 performance rights were issued under an employee incentive scheme. Performance Rights Tranche C - expiring 30 June 2027 Range Number of holders Number of rights % Total 100,001 and over 3 850,000 100.00 Total 3 850,000 100.00 Kalby Pty Ltd (an entity associated with Mr Richard Carlton) holds 500,000 (58.82%) of these performance rights, which were not issued under an employee incentive scheme. The remaining 350,000 performance rights were issued under an employee incentive scheme.
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56 | Page Substantial Shareholders Substantial shareholders and the number of equity securities in which they have an interest, as shown in the Company’s Register of Substantial Shareholders and as disclosed in the substantial holder notices lodged with ASX on 28 May 2026 (Isa Resources Pty Ltd) and 29 May 2026 (Perth Capital Pty Ltd and associates), are: Shareholder Shares % Isa Resources Pty Ltd (Kinterra Group) 62,822,481 19.99% Perth Capital Pty Ltd And Associates (Grouped – See Below) 25,839,561 8.22% Perth Capital Pty Ltd & Associates holds its shares through the following entities: Entity Number of shares Perth Capital Pty Ltd 20,729,632 Glyde Street Nominees Pty Ltd J N Pitt Superannuation Fund 2,710,714 Wythenshawe Pty Ltd <Minjar A/C> 1,020,457 Mr Joshua Pitt 317,006 Mrs Pamela Joy Pitt 61,752 Glyde Street Nominees Pty Ltd <J Pitt Super Fund A/C> 1,000,000 Total Perth Capital Pty Ltd & Associates 25,839,561 Class of Shares and Voting Rights The voting rights attached to ordinary shares, as set out in the Company’s Constitution, are that every member in person or by proxy, attorney or representative, shall have one vote when a poll is called, otherwise each member present at a meeting has one vote on a show of hands. No voting rights are attached to any other class of equity security. On market buy-back There is no current on-market buy back. Restricted securities There are no restricted securities or securities subject to voluntary escrow on issue.