Announcement PDF ASX ANNOUNCEMENT Unit 10, 85-87 Forrest Street Cottesloe WA 6011 ABN: 38 652 438 385 Phone: +61 8 6255 8625 norfolkmetals.com.au ASX:NFL 30 January 2026 QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDED 31 DECEMBER 2025 Norfolk Metals Limited (ASX:NFL) (Norfolk or the Company) is pleased to report on its activities during the 3- month period ended 31 December 2025. Highlights of Quarter Ending 31 December 2025 (as well as milestones post quarter end) - Maiden Drill Campaign Phase #1 RC completed at the Carmen Copper Project with all assays received (See release 11th December 2025 and 14th January 2026) HIGHER GRADE DRILLING INTERCEPTS: o CCRC-25-030 - 53m (30.9m TW) @ 1.1% Cu from 62m; incl. 4m @ 1.3% Cu from 64m, and 13m @ 1.9% Cu from 85m; and 13m @ 1.6% Cu from 100m o CCRC-25-033 - 32m (19.9m TW) @ 1.3% Cu from 97m; incl. 9m @ 2.2% Cu from 99m, 4m @ 1.8% Cu from 113m; 2m @ 1.9% Cu from 119m; and 3m @ 2.1% Cu from 125m o CCRC-25-034 - 26m (21.9m TW) @ 0.8% Cu from 37m; incl. 6m @ 1.3% Cu from 39m; and 4m @ 2.2% Cu from 52m o CCRC-25-020 - 22m (19.2 TW) @ 0.5% Cu from 0m; incl. 6m @ 1.0% Cu from 12m o CCRC-25-035 - 18m (15.6m TW) @ 0.5% Cu from 40m; incl. 5m @ 0.9% Cu from 52m o CCRC-25-036 - 12m (10.3m TW) @ 0.8% Cu from 79m; incl. 3m @ 1.3% Cu from 79m o CCRC-25-027 - 17m (13.7 TW) @ 0.9% Cu from 14m; incl. 3m @ 1.4% Cu from 16m and 5m @ 1.5% Cu from 24m - Norfolk closed a successful capital raise of $2,100,000 via the Company’s capacity under ASX listing rules 7.1 and 7.1A (which includes $100,000 in director participation subject to shareholder approval) including sophisticated resource investors who approached the Company as a cornerstone. - Strong capital position at December 31st 2025 of A$2.14m in cash (with additional $2.0m in funds secured subsequently via placement see release 16th January 2026) - Mr. David Fowler appointed to Norfolk Board of Directors (see release 3rd October 2025) - Approximately 1,000m of historical DDH core displaying mineralisation has been quarter-cut and submitted for assay analysis with results expected in the coming weeks. This mineralised core will assist in the Company’s ability to evaluate results alongside historical assays with the potential to model and report a JORC compliant resource in the future. The Project hosts a foreign copper oxide mineral resource estimate of 5.6Mt at 0.6% Cu reported in accordance with Canadian National Instrument 43-101 (Carmen NI 43-101 MRE).1 2 # True width(s) (TW) have been calculated using method as outlined in“Orientation of data in relation to geological structure”in JORC Table 1 at rear of announcement. 1 Independent Technical Report prepared by SRK Consulting Chile S.A. (SRK) for International PBX Ventures Ltd. (IPBX) published 25 January 2007 (Carmen NI 43-101 MRE). 2 This is a foreign estimate not reported in accordance with the JORC Code. The supporting information required by Listing Rule 5.12 was first disclosed to ASX on 31 March 2025 and has not materially changed. The Carmen NI 43-101 mineral resource estimate is a foreign estimate and is not reported in accordance with the JORC Code. A Competent Person has not yet undertaken work to classify the foreign estimate as a Mineral Resource in accordance with the JORC Code. It is uncertain whether further evaluation will result in the estimate being able to be reported as a Mineral Resource under the JORC Code. It is uncertain that following evaluation and further exploration work that the foreign estimates will be able to be reported as Mineral Resources in accordance with the provisions of the JORC Code. 2 ASX ANNOUNCEMENT Unit 10, 85-87 Forrest Street Cottesloe WA 6011 ABN: 38 652 438 385 Phone: +61 8 6255 8625 norfolkmetals.com.au Phase #1 drilling complete at the Carmen Copper Project Subsequent to the reporting period Norfolk Metals Ltd (Norfolk or the Company) reported the assay results from the final six RC holes of the Maiden Drill Campaign totalling 945m which completes Phase #1 of the 2025 Maiden Drill Campaign with 37 RC holes drilled totalling 3,401m with no personal safety, process safety or environmental incidents incurred. The RC drilling Phase #1 concentrated on the Carmen Main target area, which hosts a foreign copper oxide mineral resource estimate of 5.6Mt at 0.6% Cu reported in accordance with the Canadian National Instrument 43-101 (the Carmen NI 43-101 MRE (See Annexure A and release 31st March 2025)). The RC Phase of drilling focused on targets along strike of the Carmen-Tabaco Thrust Fault (Carmen Tabaco Thrust or CT Thrust or CTTF) system and confirmation of known mineralisation within the historical resource area, with some twinning of important historical drill holes. Image 1: Carmen Cu Project Carmen CCRC -25-033 sulphide intersection 99-100m 3.4% Cu Fine-grained Dacitic rock (hypabyssal) porphyritic texture, fine quartz in fine groundmass. 3 ASX ANNOUNCEMENT Unit 10, 85-87 Forrest Street Cottesloe WA 6011 ABN: 38 652 438 385 Phone: +61 8 6255 8625 norfolkmetals.com.au Figure 1: Carmen Cu Project Carmen Main Maiden Drill Campaign RC Phase #1 4 ASX ANNOUNCEMENT Unit 10, 85-87 Forrest Street Cottesloe WA 6011 ABN: 38 652 438 385 Phone: +61 8 6255 8625 norfolkmetals.com.au Maiden Drill Campaign Results Phase #1 of the Maiden Drilling Campaign has been completed consisting of 37 RC holes drilled totalling 3,401m. The results of the higher grade intersections from the drill program have been summarised below (Table 1). Refer to Table 4 for further details of the results of Phase #1 drilling. Table 1: Carmen Main Higher Grade Intercepts Overall, the RC drilling results validated the historical Cu Oxide and Cu Sulphide intersections used in the Carmen NI 43-101 MRE and confirmed the higher grades contained within the sulphide mineralisation. Drilling along the downdip margins of the CT Thrust has confirmed the continuity of the Cu oxide ore data used in the historic Carmen NI 43-101 MRE, and indicates mineralisation remains open at depth, outlining the potential to identify resources in the sulphide section of the ore body. The company remains focused on the long term goal of increasing the tonnage of Cu Oxide as well as the inclusion of a significant Cu Sulphide ore component in a JORC compliant Mineral Resource Estimate (MRE). The results of the last six holes of the RC drilling program have shown the following: Carmen Main Results 1. Testing down dip extent of the mineralisation within the Copper Oxide Zone (COZ) and CT Thrust at depth. Drill holes CCRC-25-035 and CCRC-25-036 successfully tested/confirmed (Table 2) the down dip extensions of the COZ located within western extent of the Carmen NI 43-101 MRE (Figure 1). The significant mineralisation observed in both holes suggest that the western side (down dip) remains open and with further drilling and verification, could potentially add significant oxide/sulphide resources additional to the Carmen NI 43-101 MRE (Figure 2). Table 2: Results comparison of twin CCRC/IPBX holes Both holes were extended to test the CT Thrust which is believed to be the conduit or main feeder for the copper mineralisation within the Carmen Main zone. Both holes intersected the CT Thrust targets but the zones did not contain any anomalous copper mineralisation. This suggests that these fault structures and other secondary NNW, N/S, and NNE striking faults are potentially part of a complex system; and that intersections between faults structurally control the mineralisation that is propagating along the CT Thrust. The possible outcome is a shoot direction plunging steeply along the line of intersection between the CT Thrust and other cross-cutting faults. Section Line NFL Drill Hole Intersection IPBX Hole Intersection 10,150NE CCRC-25-035 19m @ 0.5% Cu TAB-08A 21.5m @0.4% Cu 10,350NE CCRC-25-036 12m @ 0.77% Cu TAB-067 12m @ 0.79% Cu 5 ASX ANNOUNCEMENT Unit 10, 85-87 Forrest Street Cottesloe WA 6011 ABN: 38 652 438 385 Phone: +61 8 6255 8625 norfolkmetals.com.au Figure 2: Carmen Main Section 10350mNE – Open at Depth 2. Deeper RC holes on section 10,000mNE (Figure 2) further confirmed Cu sulphide potential at depth and northern oxide extension Drill hole CCRC-25-033 was drilled vertically as partial infill and to confirm the mineralisation between holes TAB 01A (Historical Drill Hole) and CCRC-25-030 (Maiden Drill Campaign RC hole). The hole intersected strong mineralisation (Image 1), and the assays confirmed the high grade Cu sulphide mineralisation observed from the immediate surrounding holes (Figure 3). Significant intercepts of Cu Oxide and Cu Sulphide mineralisation were observed starting from 32m depth and below. The deeper RC drilling on the 10,000mNE section confirmed the potential of the Cu sulphide mineralisation that remains open at depth and will be a prime target for the Phase #2 diamond drilling program. Drill hole CCRC-25-034 was drilled approximately 50m to the north of hole CCRC-25-033 (Figure 4). The drill hole intersected the Cu oxide/sulphide transition zone within the meta-sediments from 79m and is open at depth. The metasediment and andesite contact was intersected at 102m (CTTF). The hole was then extended past 200m to test the Tabaco Fault, but no further copper mineralisation was intersected. The drilling suggests that the mineralisation is open to the west and that there may be a shoot controlling the mineralisation that is plunging steeply in the NNW direction. This will be tested during the next phase of Diamond Drilling. 6 ASX ANNOUNCEMENT Unit 10, 85-87 Forrest Street Cottesloe WA 6011 ABN: 38 652 438 385 Phone: +61 8 6255 8625 norfolkmetals.com.au Figure 3: Carmen Main Section 10,000mNE Figure 4: Carmen Main Section 10,050mNE – open at depth 7 ASX ANNOUNCEMENT Unit 10, 85-87 Forrest Street Cottesloe WA 6011 ABN: 38 652 438 385 Phone: +61 8 6255 8625 norfolkmetals.com.au Board Appointment Mr. David Fowler was appointed to the Norfolk board of directors as a Non-Executive Director (see release 3rd October 2025). Mr Fowler is a director of Transcendence Mining Pty Ltd (“Transcendence”), the option vendors and project operators of the Carmen Copper Project. Mr Fowler brings 35 years of financial & mining industry experience with a decade of operational experience in Chile; also speaking fluent Spanish. In Mr Fowler’s role as the CFO at Merdeka Copper Gold, Mr Fowler has been instrumental in funding the growth of the group from a single asset gold project into a multi-commodity business with an enterprise value of US$9 Billion in 2024. He has led debt & equity funding processes to raise more than US$400m in equity and US$4B in debt funding during this time. Mr Fowler has worked in numerous other executive roles including CEO of Orosur Mining, a South American focused gold company producing 100,000 ounces of gold per annum and Finders Resources Limited that operated the 20,000-tonne per annum Wetar copper heap leach project. $2.1m Capital Raise Completed Subsequent to the quarter end the Company completed a capital raise with support from sophisticated resource investors as cornerstones, existing shareholders and directors to raise $2,100,000 (before costs) through a placement of up to a total of 21,000,000 fully paid ordinary shares at an issue price of $0.10 each (Placement Shares), together with one free attaching unquoted option for every Placement Share subscribed for (Placement Options) (the Placement) (director commitments subject to shareholder approval). The Placement Shares will represent approximately 25% of the Company’s existing shares on issue. The issue price represented a 4.76% discount to the last traded price of $0.105 on 13 January 2026, and a 3.85% discount to the 15-day volume weighted average price (VWAP) of $0.104. The Placement Shares (excluding the Director Placement Shares referred to below) were issued under the Company’s available placement capacity under Listing Rule 7.1 (11,919,886 Shares) and Listing Rule 7.1A (8,080,114 Shares). The Placement Options will have an exercise price of $0.15 each and will expire 3 years from the date of issue (subject to shareholder approval). The Board has committed to subscribe for 1,000,000 Placement Shares ($100,000) (Director Placement Shares) and 1,000,000 free attaching Options on the same terms as other participants in the Placement (together, the Director Placement Securities). This amount forms part of the total $2,100,000 (before costs) to be raised under the Placement. Proceeds of the Placement will be used for exploration work to finalise planning and commence Phase #2 of the Maiden Drilling Campaign, and general working capital. Overview – Carmen Copper Project historical work The Carmen Copper Project is in the Huasco Province, Atacama Region in Chile (Figure 5). The Project encompasses twenty-two contiguous exploration and exploitation licenses totalling 46.6km2 . The Project hosts multiple mineralised targets over an extensive 15km plus strike length (over two regional belts) with intensive copper mineralisation from surface. Only 16km to the northeast of the CCP is the Nueva Unión joint venture between Teck and Newmont. Nueva Unión is currently developing the multi-billion-dollar Relincho and Fortuna (previously called El Morro) porphyry deposits (Figure 5). 8 ASX ANNOUNCEMENT Unit 10, 85-87 Forrest Street Cottesloe WA 6011 ABN: 38 652 438 385 Phone: +61 8 6255 8625 norfolkmetals.com.au The Carmen Copper Project contains 149 historical holes of reverse circulation (RC) and diamond drilling (DD) totalling 10,513.35 metres. From the late 1800’s to 1960’s there was small scale high-grade artisanal copper mining in the area. Between 1962 and 1964, Minera Metalmine Ltda. (MML) drilled 56 shallow percussion holes for 1,680 metres to evaluate leachable copper resources for open pit mining. In 2002, Minera IPBX Chile Limitada (MIPBX) of International PBX Ventures Limited (IPBX) explored the Project. Work by IPBX initially included 29 km of ground magnetics and 30 km of induced polarization (IP), defining a NE striking, elongated chargeability anomaly 100 - 300 metres wide and 2,400 metres long in the area drilled by MML. In mid-2003, IPBX drilled 25 RC and DD holes, to investigate the IP chargeability anomaly over Carmen, with two holes also into Tabaco for 3,685.95m. Most Carmen holes intersected some copper bearing sulphides, and several returned promising Cu grades in oxides. In early 2004, mapping and additional soil sampling by IPBX confirmed the extent of the copper oxide zone over the chargeability anomaly and delineated further Cu + Au anomalies to the west and stratigraphically up section. In 2006, IPBX completed 67 DD holes for 4,650.2 metres, and infilled ~600 metres of strike at Carmen at ~ 50m spacing, with step out holes over a further 400 metres of strike, plus a few scout holes on the northern hanging wall of the Carmen-Tabaco thrust fault and at the Tabaco project area. At Carmen, thick sulphide zones were confirmed in several holes, but not all holes testing areas of known oxide confirmed the historic work that had returned results previously. In January 2007, SRK delivered the Carmen NI 43-101 MRE (See announcement 31st March 2025) Figure 5: Carmen Cu Project Location (See Annexure A regarding resources noted on Figure 5) 9 ASX ANNOUNCEMENT Unit 10, 85-87 Forrest Street Cottesloe WA 6011 ABN: 38 652 438 385 Phone: +61 8 6255 8625 norfolkmetals.com.au Existing project developments in the reporting period Both the Orroroo Uranium Project and the Roger River Project remain as assets of the Company since Norfolk’s listing in March 2022, with future exploration and reporting obligations addressed; however, the focus was limited during the quarter due to drilling execution at the Carmen Copper Project. Norfolk has previously announced the intention to consider further geophysics for target generation at the Orroroo Uranium Project (Figure 6). The Company continues to work with Orroroo stakeholders via the Company’s local correspondent to build a data base of existing water wells that have the potential to be accessed with a geophysical probe (gamma) without interrupting or damaging the water infrastructure services the wells provide. The Orroroo Uranium Project comprises three granted exploration licenses, EL6552, EL6814 and EL6948, which together cover 723km2, located approximately 274km northwest of the capital city of Adelaide, South Australia, within the Walloway Basin, which is an elongate Tertiary Basin approximately 50km long and up to 15km wide. It consists of Tertiary and Quaternary sediments unconformably underlain by Adelaidian basement. Figure 6: Orroroo Uranium Project The Roger River Project comprises of the granted exploration license EL20/2020, which covers 26km2 , located 410km northwest of the capital city of Hobart, Tasmania. The Project is prospective for gold and copper as indicated by the intense silicification, argillisation and diatreme breccias in close proximity to the Roger River Fault along with carbonate-rich host rocks. Revised expenditure commitments were previously established for Tasmanian permits EL20/2020, and proposals were prepared for future drilling upon receipt of all required approvals. Planning for future drill testing of priority targets continues with the resubmission of a previously approved drilling plan to Mineral Resources Tasmania (MRT) in December 2025. 10 ASX ANNOUNCEMENT Unit 10, 85-87 Forrest Street Cottesloe WA 6011 ABN: 38 652 438 385 Phone: +61 8 6255 8625 norfolkmetals.com.au Figure 5: Roger River Project Financials The cash flows relating to the December 2025 quarter included a total of $1,584k in exploration and evaluation spend on the Carmen Copper, Roger River and Orroroo projects and $199k in staff, corporate and admin costs managing the corporate requirements of the Company. No expenditure was incurred on mining production or development activities during the quarter. The Company had a closing cash balance of $2.14 million. Payments of approximately $94,000 were made to related parties of the Company, as shown in the attached Appendix 5B. These payments relate to current fees and consulting fees paid to directors.. 11 ASX ANNOUNCEMENT Unit 10, 85-87 Forrest Street Cottesloe WA 6011 ABN: 38 652 438 385 Phone: +61 8 6255 8625 norfolkmetals.com.au Tenement Status The Company confirms that all of its tenements remain in good standing. Tenement ID Holder/Applicant Interest at start of quarter (%) Interest at end of quarter (%) EL20/2020 Roger River Resources Pty Ltd 100% 100% EL17/2021 Roger River Resources Pty Ltd 100% 0% EL6552 Black Lake Pty Ltd 100% 100% EL6814 Black Lake Pty Ltd 100% 100% EL6948 Black Lake Pty Ltd 100% 100% END This announcement has been authorised for release to the ASX by the Board of Directors of Norfolk Metals Ltd About Norfolk Metals The Carmen Copper Project (CCP) is located in the Huasco Province, Atacama Region in Chile. The Project encompasses twenty-two contiguous exploration and exploitation licenses totalling 46.6km2 . There are multiple mineralised targets over an extensive strike length with intensive copper mineralisation from surface. Only 16km to the northeast of the CCP is the Nueva Unión joint venture between Teck and Newmont. Nueva Unión is currently developing the multi-billion-dollar Relincho and Fortuna (previously called El Morro) deposits. Whilst the CCP currently presents as a copper oxide project with highly soluble copper oxide mineralisation from surface; it also hosts significant sulphide potential as demonstrated in historical drill intercepts that warrant further investigation and follow-up drilling programs. Norfolk is aiming to establish the Carmen Copper Project as a low-cost, high- margin, value-accretive copper heap leaching operation producing copper cathode at the mine gate. The Orroroo Uranium Project comprises three granted exploration licenses, EL6552, EL6814 and EL6948, which together cover 723km2 , located approximately 274km northwest of the capital city of Adelaide, South Australia within the Walloway Basin, which is an elongate Tertiary Basin approximately 50km long and up to 15km wide. It consists of Tertiary and Quaternary sediments unconformably underlain by Adelaidean basement. The Roger River Project is comprised of one granted exploration license EL20/2020 which covers 26km2 , located 410km northwest of the capital city of Hobart, Tasmania. The Project is prospective for gold and copper as indicated by the intense silicification, argillisation and diatreme breccias in close proximity to the Roger River Fault along with carbonate-rich host rocks. For further information, please visit www.norfolkmetals.com.au Forward Looking Statements This announcement includes “forward looking statements” within the meaning of securities laws of applicable jurisdictions. Forward looking statements can be identified by the use of forward looking terminology, including, without limitation, the terms “believes”, “estimates”, “anticipates”, “expects”, “predicts”, “intends”, “plans”, “goals”,“targets”,“aims”,“outlook”,“guidance”,“forecasts”,“may”,“will”,“would”,“could”or“should”or, in each case, their negative or other variations or comparable terminology. These forward looking statements include all matters that are not historical facts. By their nature, forward looking statements involve known and unknown risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future and may be beyond the Company’s ability to control or predict which may cause the actual results or performance of the Company to be materially different from the results or performance expressed or implied by such forward-looking statements. Forward looking statements are based on assumptions and are not 12 ASX ANNOUNCEMENT Unit 10, 85-87 Forrest Street Cottesloe WA 6011 ABN: 38 652 438 385 Phone: +61 8 6255 8625 norfolkmetals.com.au guarantees or predictions of future performance. No representation is made that any of these statements or projections will come to pass or that any forecast result will be achieved, nor as to their accuracy, completeness or correctness. Similarly, no representation is given that the assumptions upon which forward looking statements may be based are reasonable. Forward looking statements speak only as at the date of this release and the Company and its affiliates, related bodies corporate (as that term is defined in the Corporations Act) and its directors, employees, officers, representatives, agents, partners, consultants and advisers disclaim any obligations or undertakings to release any update of, or revisions to, any forward-looking statements in this announcement. Disclaimers No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this release. To the maximum extent permitted by law, none of the Company, its related bodies corporate, shareholders or respective directors, officers, employees, agents or advisors, nor any other person accepts any liability, including, without limitation, any liability arising out of fault or negligence for any loss arising from the use of information contained in this release. The Company will not update or keep current the information contained in this release or to correct any inaccuracy or omission which may become apparent, or to furnish any person with any further information. Any opinions express in this release are subject to change without further notice. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this release. To the maximum extent permitted by law, none of the Company, its related bodies corporate, shareholders or respective directors, officers, employees, agents or advisors, nor any other person accepts any liability, including, without limitation, any liability arising out of fault or negligence for any loss arising from the use of information contained in this release. This release does not constitute an invitation, offer or recommendation to apply for or purchase securities and does not contain any application form for securities. This release does not constitute an advertisement for an offer or proposed offer of securities. Neither this release nor anything contained in it shall form the basis of any contract or commitment, and it is not intended to induce or solicit any person to engage in, or refrain from engaging in, any transaction. Streamline Competent Person’s Statement This report contains information extracted from previous ASX releases, which are referenced in the report. The Company is not aware of any new information or data that materially affects the information included in the original market announcements. The Company confirms that the form and content in which the Competent Person’s findings are presented have not been materially modified from the original market announcements. The information in this announcement that relates to previously reported exploration results is extracted from the Company’s ASX announcements dated 31 March 2025, 12 May 2025, 30 October 2025, 11 December 2025 and 14 January 2026 (Original Announcements). The Company confirms that it is not aware of any new information or data that materially affects the information contained in the Original Announcements. 13 ASX ANNOUNCEMENT Unit 10, 85-87 Forrest Street Cottesloe WA 6011 ABN: 38 652 438 385 Phone: +61 8 6255 8625 norfolkmetals.com.au Annexure A – NI 43-101 - Mineral Resources and Reserves Compliance Statements (information required by ASX Listing Rule 5.13) The Mineral Resource Estimate at the Carmen Copper Project is a foreign estimate prepared in accordance with Canadian National Instrument 43-101 and is not reported in accordance with the JORC Code 2012. A competent person has not done sufficient work to classify the foreign estimate as a mineral resource in accordance with the JORC Code 2012, and it is uncertain whether further evaluation and exploration will result in an estimate reportable under the JORC Code 2012. The Company initially announced the foreign estimate for the Carmen Copper Project on 31 March 2025 in accordance with ASX Listing Rule 5.12. The Company confirms that the supporting information included in the announcement of 31 March 2025 continues to apply and has not materially changed. The information in this section relates solely to the foreign estimate previously disclosed under ASX Listing Rule 5.12 and does not constitute new exploration results. Norfolk confirms that it is not in possession of any new information or data relating to the foreign estimate that materially impacts the reliability of the estimates or Norfolk’s ability to verify the foreign estimates as mineral estimates in accordance with Appendix 5A (JORC Code). It is the Company’s intention to validate the results of the foreign estimate through re-logging of historical drill holes and completion of the proposed maiden drilling program. The results of the maiden drill program (including twinning of historical holes) will determine the next phase of drilling to facilitate the course towards the Company’s aim to construct a 2012 JORC Resource estimate. In addition, it is also the intent of the Company to use the rejects (remaining samples not sent for analysis) from the RC drilling to conduct additional metallurgical studies to confirm the leaching results of the previous study and possibly determine a more suitable/economic leaching strategy. Table: Carmen NI 43-101 MRE Cautionary Statement - Carmen NI 43-101 MRE In accordance with ASX Listing Rule 5.12.9, the Company provides the following cautionary statement regarding the Carmen NI 43-101 MRE shown in the Table: • The Carmen NI 43-101 MRE is a foreign estimate and is not reported in accordance with the JORC Code; • A competent person has not done sufficient work to classify the foreign estimate as a mineral resources in accordance with the JORC Code; and • It is uncertain that following evaluation and/or further exploration work that the foreign estimate will be able to be reported as mineral resources in accordance with the JORC Code. Tonnage (kilotonnes) Copper grade (%) Contained Metal Tonnage (kilotonnes) Copper grade (%) Contained Metal Tonnage (kilotonnes) Copper grade (%) Contained Metal Measured - - - - - - Indicated 1,827.80 0.59 1078.40 1,742.60 0.7 1219.82 3,570.40 0.64 2298.22 Total Measured and Indicated 1,827.80 0.59 1078.40 1,742.60 0.7 1219.82 3,570.40 0.64 2,298.22 Inferred 836.1 0.59 493.30 1,191.90 0.49 584.03 2,028.00 0.53 1077.33 Total Resources 2,663.90 0.59 1,571.70 2,934.50 0.61 1803.85 5,598.40 0.60 3,375.55 Resource Classification Note: reported at a cut-off grade of 0.2% Cu, not capped Oxide Zone Secondary Enrichment Total Resource (Oxide+Secondary) 14 ASX ANNOUNCEMENT Unit 10, 85-87 Forrest Street Cottesloe WA 6011 ABN: 38 652 438 385 Phone: +61 8 6255 8625 norfolkmetals.com.au Within the Carmen Tabaco Belt, the Carmen NI 43-101 MRE has been defined over 600m of strike, to a depth of 30m in the Carmen Oxide Zone (COZ). The Carmen NI 43-101 MRE excludes historic higher-grade drilling and covers no more than 20% of the COZ. The COZ presents as potentially continuous between drill holes and sections along structural and lithology-controlled zones, which are mainly sub-parallel to the Tabaco Thrust. Fortuna (NI 43-101) Category Gold Copper Tonnes (Millions) Gold grade (g/t) Contained Metal (Mozs) Copper grade (%) Contained Metal (Mlbs) Proved 321.81 0.56 5.82 0.55 3876.59 Probable 277.24 0.35 3.10 0.43 2626.36 Total Reserves 599.05 0.46 8.92 0.49 6502.95 Measured 19.79 0.53 0.34 0.51 223.33 Indicated 72.56 0.38 0.88 0.39 630.00 Inferred 678.07 0.30 6.45 0.35 5,190.00 Total Resource