Earnings release
Page 1
Sunrise Energy Metals Limited (ACN 127 457 916) L6, 10 Queen St, Melbourne VIC 3000 T +61 3 9797 6777 info@sunriseem.com | sunriseem.com ASX Announcement ASX Announcement 23 October 2026 Quarterly Activities Report Highlights: • Syerston Scandium Project workstreams continued to advance during the quarter to support targeted commercial production in 2028: o The GR Engineering Services Front End Engineering Design (FEED) Study was completed. The first phase of engineering and procurement commenced and continued to progress with key components such as the Project Execution Plan and Contract and Procurement Strategy completed o Procurement activities advanced, with the remaining long -lead item packages either awarded or recommended for purchase o The Project received acceptance into the NSW royalty deferral program for critical minerals • The U.S. Office of Strategic Capital (OSC) conditionally commit ted up to US$400 million under a proposed 25 -year debt facility for development of the Syerston Scandium Project • The Company entered into a Scheme Implementation Deed where Sunrise shares will be listed on the Nasdaq Stock Market and CHESS Depositary Interests (CDIs) will be listed on the ASX – a condition of the OSC funding o The Scheme remains subject to a number of conditions, including approval by Sunrise shareholders, approval of the Federal Court of Australia, Foreign Investment Review Board (FIRB) approval, the effectiveness of Holdco’s registration statement with the U.S. Securities and Exchange Commission, and Nasdaq and ASX listing approvals • Continued engagement with U.S. scandium users indicated a growing interest in the Syerston Project as a strategic supplier of primary scandium, in response to a tightening of supply • Exploration activities included the commencement of a maiden diamond drilling program of approximately 6,000 metres in the Cloncurry district of northwest Queensland
Page 2
Sunrise Energy Metals Limited Page 2 of 11 MELBOURNE, Australia – Sunrise Energy Metals Limited (Sunrise or Company) (ASX:SRL and OTC:SREMF) Chairman Robert Friedland, and Chief Executive Officer, Sam Riggall, are pleased to provide an update on the Company’s activities for the quarter ended 3 0 September 2026. The Company had no lost time injuries (LTIs) or reportable environmental incidents at the Syerston Scandium Project (“Syerston” or the “Project”) during the quarter. Early Work Activities During the quarter, Sunrise continued to advance the key workstreams required to support a Final Investment Decision (FID) for the Syerston Scandium Project, including permitting and approvals, Front End Engineering Design (FEED), water infrastructure, detailed engineering, procurement and mine development planning. The FEED program continued to progress across the processing plant, infrastructure, ion exchange (IX) circuit and refinery. Key activities included advancement of mechanical, piping, structural and civil design, long -lead equipment packages, bulk earthworks and supporting design criteria. Independent expert reviews of the plant FEED and refinery feasibility work were also completed, with recommendations being incorporated into the next phase of engineering and optimisation. Procurement activities advanced during the quarter, with a number of long -lead equipment packages progressing through tender evaluation and recommendation for purchase. Engineering and procurement activities for the Project’s water pipeline also advanced materially, with Stage 2 design completed, Issued for Construction drawings prepared and procurement initiated for key items including pipe, pumps and valves. A significant permitting milestone was achieved with the execution of the Crown Lands licence for the site water pipeline. Modification 8 was also submitted to the NSW Department of Planning, Housing and Infrastructure (DPHI), while work continued on the remaining Environmental Management Plans and other pre-construction approval requirements. Early works for the water pipeline commenced during the quarter, including preparations for construction and commissioning of the first borefield. Detailed design work also progressed for the tailings storage facility and evaporation pond. OCCUPATIONAL HEALTH AND SAFETY & ENVIRONMENTAL PERFORMANCE SYERSTON SCANDIUM PROJECT
Page 3
Sunrise Energy Metals Limited Page 3 of 11 Project planning continued to advance, including further development of the Project Execution Plan (PEP), contracting and procurement strategy, execution schedule and Project Risk Register. Sunrise continues to target a Final Investment Decision (FID) by the end of 2026 and commercial production in 2028. U.S. Department of War’s Office of Strategic Capital conditional commitment for US$400m loan U.S. Department of War’s Office of Strategic Capital (the “OSC”) has confirmed a conditional commitment of up to US$400 million (~A$570 million) in long-term debt financing to support the development of the Project. The conditional commitment has the potential to significantly reduce development and funding risk for the Project and is aligned with the increasing importance of securing scandium for defence, advanced manufacturing, artificial intelligence infrastructure and wireless spectrum technologies. The conditional financing commitment remains subject to, among other things, detailed financial, legal, technical and environmental due diligence, negotiation and execution of definitive financing documents, satisfaction of conditions precedent and receipt of customary approvals (including any required regulatory approvals). Updated Syerston Project Capital Cost As part of the Company’s engagement with the OSC, the Project’s scope was significantly revised and broadened to cover not only the development of the mine and refinery in New South Wales but also: • Construction of scandium metal refining capacity in the United States, as well as associated modifications to the refinery to produce a range of chemical -grade scandium compounds; • Preserving options to accelerate expansion of the Project by bringing some expansion capital forward into the initial development for utilities and civil infrastructure; and • Bringing the cost of power generation for the mine and refinery into Project capital expenditure, rather than off -balance sheet financing via third parties, to deliver greater control over permitting timelines for power connection. Procurement activities for the initial build have also been scoped to prioritise, where practicable, Western materials, equipment and reagent supply. As a result, key contracts priced early in 2025 have been re -tendered as the Project advances towards a FID, with higher construction, equipment and capital costs reflected in the updated estimate, together with a materially increased contingency allowance.
Page 4
Sunrise Energy Metals Limited Page 4 of 11 Based on this revised scope - which now includes a greenfield metallisation plant, a refinery capable of producing a broader range of compounds convertible into other scandium products and increased investment in water and power infrastructure to support future expansion options – a revised capital estimate of approximately A$450-475 million (US$315- 333 million) was presented to the OSC as the basis for delivering a comprehensive scandium supply chain solution, supported by the proposed OSC debt facility. The Company continues to progress discussions with a range of offtake end-users of both chemical grade scandium oxide and scandium metal, with the aim of securing firm supply arrangements for the Project. Downstream market development Sunrise continues to advance its strategy to transition from a pure strategic metals producer to an active participant in the downstream technologies and advanced materials applications that support long-term global scandium market growth. The Project is one of the largest and highest-grade scandium resources globally and is being developed to supply scandium oxide (Sc ₂O₃) and downstream scandium products into advanced-materials markets. Current scandium consumption is primarily concentrated in solid oxide fuel cells, with emerging demand in aluminium -scandium alloys for aerospace, defence and additive manufacturing applications. Until market conditions improve, activities at the Sunrise Battery Materials Complex , a project focussed on the production of battery -grade nickel and cobalt sulphates, remain focussed on minimising holding costs and preserving project optionality. Queensland (QLD) Clonagh Trend Farm-In and Joint Venture (Sunrise earning up to a 75% interest) A maiden diamond drilling program of approximately 6,000 drill metres has commenced at the Maureen-Lola and Dianne prospects in the Cloncurry district of northwest Queensland, with the first hole collared late in the quarter. Four holes are planned at Maureen-Lola to SCANDIUM MARKETING AND OFFTAKE DISCUSSIONS SUNRISE BATTERY MATERIALS COMPLEX EXPLORATION ACTIVITIES
Page 5
Sunrise Energy Metals Limited Page 5 of 11 test coincident electromagnetic, gravity, magnetic and geochemical anomalies concealed beneath more than 180 metres of highly conductive cover. Six holes totalling 3,500 drill metres at Dianne will test a large conductive shear system with approximately 4 km of strike, associated with Danny’s Fault, where historical drilling intersected hydrothermal copper mineralisation of up to 1,200 ppm over more than a kilometre of strike. Every hole will be cased on completion for downhole electromagnetic (DHEM) surveying, extending the effective search radius of each hole well beyond the intersected interval. Assay and downhole geophysical results will be reported as they become available. Figure 1: Clonagh Trend JV Tenements subject to a current maiden diamond drilling program, Cloncurry, QLD
Page 6
Sunrise Energy Metals Limited Page 6 of 11 New South Wales (NSW) Other than general maintenance and statutory holding requirements, t here were no exploration activities across the Company’s exploration tenements in NSW. During the quarter, Sunrise elected to relinquish non -core Exploration Licences in NSW (refer to Table 1 and Table 2). Sunrise intention to redomicile to the United States and progress Nasdaq listing The Company has entered into a Scheme Implementation Deed with Sunrise Energy Metals Inc. (“Holdco”), a newly incorporated Delaware Corporation, to give effect to a proposed redomiciliation of the parent company of the Sunrise Group from Australia to the United States and the listing of Holdco shares on Nasdaq (the “Proposed Transaction”). The Proposed Transaction is to be implemented by way of a members’ scheme of arrangement (“Scheme”) under the Corporations Act 2001, under which Holdco will acquire all of the ordinary shares in Sunrise and become the new parent company of the Sunrise Group. The redomiciliation and U.S. listing pathway constitutes a key condition of the OSC’s US$400 million conditional funding commitment , as announced by Sunrise on 10 August 2026. The terms of the OSC commitment are non-binding and remain subject to negotiation and execution of definitive documentation, the OSC’s completion of due diligence and the satisfaction of other conditions precedent set forth in the commitment letter. For each Sunrise share held, Sunrise shareholders will receive one Holdco CHESS Depository Interest (“ CDI”) to be listed on the ASX, or may instead elect to receive one Holdco share to be listed on Nasdaq. Implementation of the Scheme remains subject to a number of conditions, including approval by Sunrise shareholders, approval of the Federal Court of Australia, FIRB approval, the effectiveness of Holdco’s registration statement with the U.S. Securities and Exchange Commission, and Nasdaq and ASX listing approvals. A Scheme Booklet will be prepared and provided to Sunrise shareholders in due course. The Scheme Booklet will contain detailed information relating to the Scheme, including the advantages and disadvantages of the Scheme, the Independent Expert's Report, de tails of the Scheme Meeting, the election process for shareholders who wish to receive Holdco shares rather than Holdco CDIs, a summary of the tax implications of the Scheme and information on U.S. securities law matters. CORPORATE
Page 7
Sunrise Energy Metals Limited Page 7 of 11 Further detail can be found in the Company’s ASX announcement of 2 October 2026. Sunrise Energy Metals Accepted into the New South Wales Critical Minerals Royalty Deferral Scheme The Syerston Project was formally accepted into the New South Wales (NSW) Critical Minerals Royalty Deferral Scheme. The deferral scheme allows eligible companies to defer the payment of mining royalties for up to five years and was established as the cornerstone of the NSW Critical Minerals and High-Tech Metals Strategy, recognising the growing strategic importance of critical minerals, such as scandium, to the future of key technology and industrial markets. Appointment of Chief Financial Officer During the quarter , Mr John Mullumby was appointed Chief Financial Officer (CFO). Mr Mullumby is a highly experienced finance and commercial executive with more than 25 years’ experience across the resources sector, professional services and corporate advisory. He most recently served as CFO of Gold Road Resources Limited until the completion of its acquisition by Gold Fields Limited. Prior to joining Gold Road Resources, Mr Mullumby spent more than seven years with Newcrest Mining Limited in a range of senior commercial and operational leadership roles, both in its Melbourne Head Office and at the long life Lihir Gold Mine in Papua New Guinea. Prior to Newcrest, he worked for international industrial and critical minerals producer, Nyrstar, in the United States and Switzerland, where he held senior development and finance roles. Sunrise strengthens management team to deliver the Syerston Scandium Project The Company continues to strengthen its project development and commercial team as the Company continues to build the organisational capability to advance the globally significant Syerston Scandium Project in New South Wales. Key appointments made during the last 12 months include: • Geoffrey Newcombe – Project Director, Syerston: Mr Newcombe brings more than 25 years of mining and project development experience across gold, copper and nickel operations. His experience spans major project studies, project implementation, strategic and operational planning, regulatory engagement, permitting, engineering design, cost estimation and execution planning; • David Petitjean – Vice President, Sales & Marketing: Mr Petitjean brings more than 20 years of international commercial experience across lithium, rare earths, scandium, gallium and other battery and critical minerals. He has extensive experience developi ng market -entry strategies, negotiating long -term offtake arrangements, securing government-backed investment and developing partnerships across automotive, defence, semiconductor and battery supply chains;
Page 8
Sunrise Energy Metals Limited Page 8 of 11 • Timothy Langan – Vice President Scandium Product Development and Principal Metallurgist, Scandium Alloys: Dr Langan is a highly experienced metallurgist with extensive expertise in the development and commercialisation of advanced material technologies. Wh ile he has worked part -time with Sunrise in an advisory capacity since 2017, his role has now been expanded and formalised to include responsibility for advancing applications for scandium containing aluminium alloys and supporting development of the future market for scandium produced from Syerston; and • Miha Zakotnik – Chief Technology Officer, Metallization: Dr Zakotnik brings more than two decades of experience in rare earth permanent magnet technologies, with particular expertise in NdFeB sintered magnets, magnet recycling, manufacturing process develo pment and the integration of recycled materials into commercial magnet production. Inclusion in the ASX S&P 200 Index Sunrise Energy Metals was included in the S&P/ASX 200 Index, prior to open of trade on 21 September, following the Index’s September quarterly rebalance. The inclusion reflects the significant growth in Sunrise’s market capitalisation and trading liquidity over the past year and is expected to further increase the Company’s visibility and accessibility to institutional investors and index-linked investment funds. Financial Position at the end of the quarter As at 30 September 2026, cash on hand was $148.1 million. Material cash inflows during the quarter comprised ~$48.2 million from capital raisings and the exercise of unlisted options. Payments to related parties and their associates during the quarter, as outlined in Section 6 of the accompanying Appendix 5B to this quarter’s activities report, were $0.4 million. These payments were for salaries, superannuation, advisory and consultancy fees paid to directors and/or director related entities.
Page 9
Sunrise Energy Metals Limited Page 9 of 11 Sunrise Energy Metals – Interests in Mineral Tenements Table 1: Tenements Held at End of Quarter Licence Number Project Name Location Equity Interest Start Quarter Equity Interest End Quarter EL8961 Minore NSW 100% 100% EL9031 Minore NSW 100% 100% EL8520 Hylea NSW 100% 100% EL8641 Hylea NSW 100% 100% EL8801 Hylea NSW 100% 0% EL9211 Nyngan NSW 100% 0% EL4573 Sunrise NSW 100% 100% EL8928 Ezy Lime NSW 100% 100% EL8833 Boona Gap NSW 100% 100% EL8882 Gleninga NSW 100% 0% EL8883 Boona South NSW 100% 0% EL9259 Sunrise North NSW 100% 100% EL9317 Burra Creek NSW 100% 100% EL9598 Gleninga NSW 100% 0% EL9627 Hunters NSW 100% 0% ML1770 Syerston NSW 100% 100% ML1769 Westella NSW 100% 100% EL9927 Little River NSW 0% 100%
Page 10
Sunrise Energy Metals Limited Page 10 of 11 Table 2: Tenements Acquired or Disposed During the Quarter Licence Number Project Name Location Equity Interest Start Quarter Equity Interest End Quarter Type of Change EL8801 Hylea NSW 100% 0% Cancellation lodged (pending) EL9211 Nyngan NSW 100% 0% Cancellation lodged (pending) EL8882 Gleninga NSW 100% 0% Relinquished at renewal EL8883 Boona South NSW 100% 0% Relinquished at renewal EL9598 Gleninga NSW 100% 0% Cancellation lodged (pending) EL9627 Hunters NSW 100% 0%1 Cancellation lodged (pending) EL9927 Little River NSW 0% 100% Granted This announcement is authorised for release to the market by the Board of Directors of Sunrise Energy Metals Limited. For more information, please contact: Corporate Investors John Mullumby (CFO) Craig Sainsbury (Automic Group) +61 3 9797 6777 craig.sainsbury@automicgroup.com.au About Sunrise Energy Metals Limited (ASX:SRL: OTCQX:SREMF) – Sunrise Energy Metals Limited (SEM) is developing the Syerston Scandium Project, near Fifield in central -west New South Wales (NSW), with the aim of delivering the world’s first source of mineable, high -grade scandium. Sunrise also owns the Sunrise Nickel-Cobalt Project, one of the largest and most cobalt-rich nickel laterite deposits in the world. About the Syerston Scandium Project – The Syerston Scandium Project, located near Fifield in central-west NSW, hosts one of the world’s largest and highest-grade scandium deposits. A feasibility study for the Project was completed in August 2016, supported by extensive piloting, metallurgical test work and engineering. The Company released an updated Project Feasibility Study in March 2026. 1 Application for cancellation was lodged on 14 October 2026 and is currently pending final administrative processing by NSW Mining, Exploration and Geoscience (MEG). The Company has ceased all expenditure commitments.
Page 11
Sunrise Energy Metals Limited Page 11 of 11 Previously Reported Information The information in this announcement that references previously reported exploration results is extracted from the Company’s ASX market announcements released on the date noted in the body of the text where that reference appears. The previous market annou ncements are available to view on the Company’s website or on the ASX website ( www.asx.com.au). The Company confirms that is not aware of any new information or data that materially affects the information included in the original announcements. The Company confirms that the form and context in which the Competent Person’s findings are presented h ave not been materially modified from the original market announcements. Forward Looking Statements Disclaimer Certain statements in this announcement may constitute “forward -looking statements or “forward -looking information” within the meaning of applicable securities laws. Such statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements of the Company or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words s uch as “may”, “would”, “could”, “will”, “intend”, “expect”, “believe”, “plan”, “anticipate”, “estimate”, “scheduled”, “forecast”, “predict” and other similar terminology, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. These statements reflect the Company’s current expectations regarding future events, performance and results, and speak only as of the date of this report. Readers are cautioned not to place undue reliance on forward-looking information or statements. Although the forward-looking statements contained in this announcement are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this report and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward -looking statements contained herein to reflect events or circumstances occurring after the date of this announcement. For more information about Sunrise Energy Metals, please visit the Company’s website www.sunriseem.com.
Page 12
Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity SUNRISE ENERGY METALS LIMITED ABN Quarter ended (“current quarter”) 34 127 457 916 30 SEPTEMBER 2026 Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 1. Cash flows from operating activities - - 1.1 Receipts from customers 1.2 Payments for (2,942) (2,942) (a) exploration & evaluation (b) development - - (c) production - - (d) staff costs (1,608) (1,608) (e) administration and corporate costs (7,859) (7,859) (f) research and development (414) (414) (g) Syerston/ Sunrise Projects expenditure (3,817) (3,817) 1.3 Dividends received (see note 3) - - 1.4 Interest received 1,585 1,585 1.5 Interest and other costs of finance paid (11) (11) 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other (provide details if material) - - 1.9 Net cash from / (used in) operating activities (15,066) (15,066) 2. Cash flows from investing activities 2.1 Rental Income 67 67 2.2 Payments to acquire or for: (a) entities - - (b) tenements - - (c) property, plant and equipment (430) (430) (d) exploration & evaluation - -
Page 13
Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 (e) investments - - (f) other non-current assets - - 2.3 Proceeds from the disposal of: - - (a) entities (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.4 Cash flows from loans to other entities - - 2.5 Dividends received (see note 3) - - 2.6 Other (provide details if material) - - 2.7 Net cash from / (used in) investing activities (363) (363) 3. Cash flows from financing activities - - 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options 48,183 48,183 3.4 Transaction costs related to issues of equity securities or convertible debt securities - - 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings/payment of principal for rental leases (56) (56) 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (provide details if material): (a) Cash backing of security bonds (79) (79) 3.10 Net cash from / (used in) financing activities 48,048 48,048 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 115,439 115,439 4.2 Net cash from / (used in) operating activities (item 1.9 above) (15,066) (15,066)
Page 14
Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 4.3 Net cash from / (used in) investing activities (item 2.7 above) (363) (363) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 48,048 48,048 4.5 Effect of movement in exchange rates on cash held 1 1 4.6 Cash and cash equivalents at end of period 148,059 148,059 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 57 57 5.2 Call deposits 48,002 48,002 5.3 Bank overdrafts - - 5.4 Other (provide details): Term Deposit 100,000 100,000 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 148,059 148,059 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 359 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.
Page 15
Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) (15,066) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - 8.3 Total relevant outgoings (item 8.1 + item 8.2) (15,066) 8.4 Cash and cash equivalents at quarter end (item 4.6) 148,059 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 148,059 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 9.8 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: N/A 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: N/A 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: N/A Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.
Page 16
Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 23 October 2026 This announcement is authorised for release to the market by the Board of Directors of Sunrise Energy Metals Limited. Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter , how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, t he definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.