Earnings release
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ASX: YAR HIGHLIGHTS • Inaugural drilling campaign commenced at the Rolleston South Coal Project, marking a key milestone in advancing the project toward resource upgrade and future development studies • Early drilling results validated the existing geological model, confirming thick, laterally continuous coal seams across multiple horizons and reduced geological risk • Four drillholes completed for 1,287.9 metres, with no structural faulting intersected, supporting confidence in seam continuity and resource scale • Coal quality testwork commenced, with initial indications pointing to clean, high-yield coal and potential semi-soft metallurgical characteristics, subject to ongoing analysis • Results expected to support assessment of an upgrade of part of the 190.1 Mt JORC Inferred Resource to Indicated status • Further drilling results, coal quality data and updated geological interpretations to be reported progressively throughout Q1 2026 Yari Minerals Limited (ASX: YAR) (“Yari”, “YAR” or “the Company”) is pleased to report its quarterly activities for the period ending 31 December 2025. REVIEW OF OPERATIONS During the December 2025 quarter, Yari Minerals advanced its flagship Rolleston South Coal Project through the commencement and execution of its inaugural drilling campaign, advancing geological confidence and supporting the next stage of technical evaluation. The Rolleston South Coal Project is located in Queensland’s Bowen Basin, one of the world’s most established coal provinces, and benefits from proximity to operating mines, established rail infrastructure and export pathways. The project currently hosts a JORC (2012) Inferred Mineral Resource of 190.1 Mt, with the drilling program designed to confirm coal quality, validate seam continuity and support assessment of an upgrade to Indicated status. Yari Quarterly Activities Report December 2025 ASX Announcement PERIOD ENDING 31 December 2025 For personal use only
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2 Figure 1: Rolleston South Coal Project relative to peers Inaugural Drilling Campaign The inaugural drilling program commenced during the quarter, following receipt of all required regulatory and landholder approvals and completion of site preparation activities. The campaign was designed as a combination of reverse circulation (RC) and diamond drilling, targeting priority areas within the existing resource footprint to test seam thickness, continuity and coal quality. Figure 2: Drilling rig on site at the Rolleston South Coal Project For personal use only
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3 During the quarter, four drillholes were completed for a total of 1,287.9 metres, providing a strong initial dataset for geological interpretation and coal quality assessment. Drilling intersected multiple target coal seams, including the key A, B and D seams within the Bandanna Formation. Importantly, drilling progressed in line with expectations for an inaugural program, with no material technical issues encountered. Temporary access limitations caused by wet ground conditions were managed safely and effectively, with remaining drillholes rescheduled for completion once site conditions allow. Geological Results and Seam Continuity Results from the completed drillholes confirmed the presence of thick, laterally continuous coal seams, broadly consistent with — and in some cases exceeding — the existing geological model. Figure 3: Major seam intersections in RSC014 and RSC015c Seam thicknesses of up to approximately 3 metres were intersected in multiple holes, with strong correlation observed between drillholes. No structural faulting was intersected in the completed holes, materially reducing geological risk and supporting confidence in seam continuity across the project area. Downhole geophysical logging and geological logging were completed on drilled intervals, allowing refinement of seam picks and correlation with historical data. Early interpretation indicates that seam depths and thicknesses are consistent across the drilled area, supporting the robustness of the existing resource model. Coal Quality Testwork Core from completed drillholes was dispatched for comprehensive laboratory coal quality analysis. Testwork underway includes proximate analysis, washability testing, yield determination, petrography and crucible swell number (CSN) testing. For personal use only
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4 Figure 4: Major seam intersections in RSC014 and RSC015C Early indicative results from initial testwork demonstrate clean, high-yield coal, with low ash characteristics observed in preliminary washability testing. These early outcomes suggest potential for a semi-soft metallurgical coal product, rather than a purely thermal coal outcome, subject to completion of the full analytical program. Coal quality testing is ongoing, with additional results expected to further define product characteristics and variability across seams. The Company considers coal quality confirmation a key value driver for the project, given the pricing and demand dynamics associated with metallurgical coal products. Resource Upgrade Potential The drilling program was specifically designed to support assessment of an upgrade of part of the existing 190.1 Mt JORC Inferred Resource to Indicated status. The combination of confirmed seam continuity, improved geological confidence and forthcoming coal quality data is expected to underpin this assessment. Geological interpretation is continuing in parallel with laboratory analysis, with new drilling data being incorporated into the existing geological and structural models. The Company expects that completion of the remaining drillholes, combined with final coal quality results, will provide a sufficient dataset to assess an upgrade to Indicated status in targeted areas. Infrastructure and Strategic Context The Rolleston South Coal Project is strategically positioned within the Bowen Basin, approximately 20 km from operating coal mines and within haulage distance of the Blackwater rail system and Gladstone export infrastructure. The project benefits from sealed road access, nearby power infrastructure and a skilled regional workforce. The combination of scale, infrastructure access and emerging coal quality characteristics positions Rolleston South as a project with potential development pathways, subject to further technical and economic evaluation. For personal use only
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5 Forward Work Program Wet ground conditions temporarily restricted access to remaining drill pads late in the quarter. The Company is considering the timing of completing the final drillholes , which will be subject to site accessibility and relevant market announcement. Results from ongoing coal quality testing, updated geological interpretations and additional drilling data are expected to be reported progressively through out Q1 2026, with the Company focused on advancing the project toward its next technical and value-inflection milestones. FINANCIAL UPDATE Exploration Expenditure Exploration expenditure incurred during the quarter was $0.772 million. There were no substantive mining or development activities during the quarter. Quarterly Cash Position Yari held $1.275 million in cash as at 31 December 2025. Payments to related parties During the quarter, payments totalling $0.145 million were made to directors for salaries, fees and superannuation. This announcement was approved for release by the Board of Yari Minerals Limited For further information please contact About Ya r i Metals Yari Minerals Limited (ASX: YAR) is the 100% owner of the Rolleston South Coal Project, located 20km south of Rolleston, Queensland. The Rolleston South Coal Project is in the Bowen Basin and contains a JORC (2012) Inferred Mineral Resource of 190.1 MT of high-quality thermal coal, with potential for upgrade to semi -soft coking coal and significant exploration upside. Rolleston South is well serviced by high quality infrastructure, with the state highway transiting the project location and within 40km to the to the Blackwater Rail system, which provides for access to high quality rail and port infrastructure for export. Yari also owns 100% interest in the Pilbara Projects, which comprise of 5 granted exploration licenced located in the Pilbara, Western Australia. Forward Looking Statements This report contains forward looking statements and forward-looking information, which are based on assumptions and judgments of management regarding future events and results. Such forward-looking statements and forward- looking information involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forw ard-looking statements. Such factors include, COMPANY Courtney Taylor E. ctaylor@yarimetals.com.au INVESTOR RELATIONS Melissa Tempra E. melissa@nwrcommunications.com.au For personal use only
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6 among others, the actual market prices of coal, zinc and lead, the actual results of current exploration, the availability of debt and equity financing, the volatility in global financial markets, the actual results of future mining, processing and development activities, receipt of regulatory approvals as and when required and changes in project parameters as plans continue to be evaluated. Except as required by law or regulation (including the ASX Listing Rules), the Company undertakes no obligation to provide any additional or updated information whether because of new information, future events, or results or otherwise. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward-looking statements. Competent Person Statement The information in this report that relates to exploration results, data collection and geological interpretation is based on information compiled by Mr Mark Biggs. Mr Biggs is the Principal Geologist for ROM Resources and is a Member of the Australasian Institute of Mining and Metallurgy (#107188). Mr Biggs is a director of ROM Resources, a company which is a shareholder of Yari Minerals Limited. ROM Resources provides ad-hoc geological consultancy services to Yari Minerals Limited. Mr Biggs has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that is being undertaken to qualify as Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves’ (JORC Code). Mr Biggs consents to the inclusion in this announcement of the matters based on their information in the form and context in which it appears. The information in this report that relates to Coal Resources is based on and fairly represents information and supporting documentation prepared by Mr Mark Biggs, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy (#107188). Mr Biggs is the Principal Geologist for ROM Resources, which is a consultant to Yari. Mr Biggs has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken 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” . They have also been carried out in accordance with the principles and guidelines of the “Australian Guidelines for the Estimation and Classification of Coal Resources 2014 Edition” , prepared by the Guidelines Review Committee on behalf of the Coalfields Geology Council of New South Wales and the Queensland Resources Council. Mr Biggs has approved the Statement as a whole and consents to its inclusion in this report in the form and context in which it appears. For personal use only
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Appendix 1: Tenement Schedule The schedule of tenements and concessions held by the Company on 31 December 2025 are detailed in Table 1 below. There were no changes to the tenements during the quarter. Table 1 –Tenement schedule Lease Project Name Type Lease Status Expiry Date Q4 2025 YAR Equity Q3 2025 YAR Equity Queensland, Australia – Coal Projects EPC-2318 Rolleston South Wild Horse Swamp Exploration Granted 22/07/2029 100% 100% EPC-2327 Rolleston South Christmas Creek Exploration Granted 29/01/2026 100% 100% Western Australia – Lithium Projects EL45/5972 Figtree Figtree Exploration Granted 10/03/2028 100% 100% EL45/5973 South Wodgina South Wodgina Exploration Granted 03/07/2027 100% 100% EL45/5974 South Wodgina South Wodgina Exploration Granted 03/07/2027 100% 100% EL45/5986 Ant Hill Ant Hill Exploration Granted 26/05/2027 100% 100% EL45/5987 Camel Creek Camel Creek Exploration Granted 26/05/2027 100% 100% For personal use only
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8 Appendix 2: Rolleston South Mineral Resource EPC Formation Seam Depth Range (m) Modelled area within mask (Ha) Modelled Thickness (m) Gross Insitu Coal (Mt)1 Raw Ash (%adb) Raw Volatile Matter (%adb) Raw Calorific Value (Kcal/kg) Raw Crucible Swell Number 2318 Bandanna A 135-550 370 1.00 5.2 10.8 28.8 6,270 0.5 2318 As above B 145-550 606 1.46 12.2 12.8 27.8 6,201 1.5 2318 As above D 185-550 606 1.87 15.9 12.5 27.6 6,055 0.5 2327 As above A 70-550 2,135 1.05 32.5 10.6 29.1 6,310 0.5 2327 As above B 75-550 2,392 1.99 66.1 9.1 30.7 6,041 0.5 2327 As above D 89-550 2,260 1.84 58.2 15.2 26.9 5,608 0.0 Totals 190.1 Refer to the ASX announcement dated 28 August 2025 for full details of the Mineral Resource at Rolleston South. For personal use only