Announcement PDF ABN 38 652 438 385 ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2025 ANNUAL REPORT for the year ended 30 June 2025 CORPORATE DIRECTORY................................................................................................................ 1 CHAIRMAN'S LETTER ..................................................................................................................... 2 DIRECTORS’ REPORT ..................................................................................................................... 3 AUDITOR’S INDEPENDENCE DECLARATION .................................................................................... 23 INDEPENDENT AUDITOR’S REPORT................................................................................................ 24 DIRECTORS’ DECLARATION ........................................................................................................... 29 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME ................ 30 CONSOLIDATED STATEMENT OF FINANCIAL POSITION ................................................................... 31 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY .................................................................... 32 CONSOLIDATED STATEMENT OF CASH FLOWS ............................................................................... 33 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ............................................................... 34 ADDITIONAL SECURITIES EXCHANGE INFORMATION ...................................................................... 55 CORPORATE DIRECTORY DIRECTORS AUDITORS Ben Phillips (Executive Chairman) Patrick Holywell (Non-Executive Director) Leonardo Pilapil (Technical Director) Hall Chadwick WA Audit Pty Ltd 283 Rokeby Road Subiaco WA 6008 COMPANY SECRETARY SHARE REGISTRY Arron Canicais Automic Share Registry Level 5, 191 St Georges Terrace Perth WA 6000 REGISTERED OFFICE Unit 10, 85-87 Forrest Street Cottesloe WA 6011 POSTAL ADDRESS PO BOX 156 Bull Creek WA 6149 PRINCIPAL PLACE OF BUSINESS Unit 10, 85-87 Forrest Street Cottesloe WA 6011 CONTACT INFORMATION Tel: + (08) 6255 8625 info@norfolkmetals.com.au 1300 288 664 (Local) +61 2 9698 5414 (International) www.automic.com.au BANKER Australia and New Zealand Banking Group Limited 464 Hay Street, Subiaco WA 6008 SECURITIES EXCHANGE LISTING Australian Securities Exchange (ASX) Level 40, Central Park 152-158 St George's Terrace Perth WA 6000 ASX CODE: NFL and NFLO NORFOLK METALS LIMITED | 2025 ANNUAL REPORT Page 1 CHAIRMAN’S LETTER Dear Shareholder, In 2025, Norfolk Metals (Norfolk) advanced the transformational opportunity presented through the earn-in on the Carmen Copper Project in Chile. The earn-in officially commenced in the final month of the reporting period, following a comprehensive due diligence process and multiple site visits. This groundwork enabled a rapid launch of the drilling campaign just two months later, in August 2025. Our partnership with Transcendence Mining, being the project option vendors and operations team, positions Norfolk to capitalise on the growing global demand for copper. The Carmen Copper Project will be strategically drilled with the strategy focussed on defining a JORC-compliant resource containing copper oxide resources of sufficient scale to support a low-cost, high-margin heap leaching operation, while simultaneously unlocking the substantial near surface sulphide potential beneath the oxide cap. To support this initiative, Norfolk has successfully raised A$4.5 million in equity. As we progress Carmen Copper, we continue to review and evaluate our assets in Tasmania and South Australia, focussing on maximising asset value through either further exploration or the contemplation of other opportunities to monetise value whilst ensuring a disciplined capital allocation across our portfolio. The Board remains firmly committed to enhancing shareholder value and looks forward to updating you on the continued progress of our projects. Yours sincerely, Ben Phillips NORFOLK METALS LIMITED | 2025 ANNUAL REPORT Page 2 DIRECTORS’ REPORT The directors of Norfolk Metals Limited (“Norfolk" or the “Company”) and its subsidiaries, (“the Group”) submit herewith the financial report of the Company for the year ended 30 June 2025. The Company was incorporated on 30 July 2021. In order to comply with the provisions of the Corporations Act 2001, the directors report as follows: DIRECTORS The names and particulars of the directors of the Company in office during the year and until the date of this report are as follows. Directors were in office for the entire year unless otherwise stated. Director Ben Phillips Patrick Holywell Leonardo Pilapil Position Executive Chairman (Appointed 30 July 2021) Non-Executive Director (Appointed 8 October 2021) Technical Director (Appointed 30 July 2021) The name of the secretary in office at any time during or since the end of the year is: Company Secretary Position Arron Canicais Company Secretary (Appointed 19 August 2021) OPERATING RESULTS The Group has incurred a net loss after tax for the year ended 30 June 2025 of $687,234 (2024: $645,949). DIRECTORS’ MEETINGS During the year to 30 June 2025, seven (7) meetings of directors were held. Attendances by each director during the year were as follows: Director Ben Phillips Patrick Holywell Leonardo Pilapil Directors’ Meetings Number Eligible to Attend Number Attended 7 7 7 7 7 7 Directors’ other formal business was conducted via circular resolution. INFORMATION ON DIRECTORS Information Directors at the date of this report as follows: Ben Phillips EXECUTIVE CHAIRMAN Mr. Phillips has over 15 years experience in commercial negotiations with a broad spectrum of industries including Oil and Gas, Resources, Medical technology, SaaS and Defence. Mr. Phillips advises departments ranging from R&D and exploration through to production, commercialisation and sales. Mr. Phillips previously held a NonExecutive Director position at Bronson Group BGR:ASX and subsequently Mandrake Resources (ASX:MAN). Mr. Phillips also sits as Non-Executive Chair at Mount Hope Mining Ltd (ASX:MHM) and Non-Executive Director at Many Peaks Minerals Ltd (ASX:MPK) NORFOLK METALS LIMITED | 2025 ANNUAL REPORT Page 3 DIRECTORS’ REPORT Interest in shares and options at the date of this report Directorships held in other listed entities (last 3 years) 2,275,000 Ordinary Shares 2,130,000 Unquoted Options 839,000 NFLO Quoted Options Many Peaks Minerals Limited (appointed 1 February 2024) Mount Hope Mining Limited (appointed 5 July 2024) Patrick Holywell NON-EXECUTIVE DIRECTOR Mr Holywell has over twenty years of experience in accounting, finance and corporate governance, including employment at Deloitte and Patersons (now Canaccord Genuity) as well as director, company secretary, advisory and CFO roles. He has held roles with various companies particularly in the resources, technology, financial and health sectors. Mr Holywell is a Chartered Accountant, Fellow of the Governance Institute of Australia and Graduate of the Australian Institute of Company Directors. Interest in shares and options at the date of this report Directorships held in other listed entities (last 3 years) 200,000 Ordinary Shares 930,000 Unquoted Options 333,333 NFLO Quoted Options Si6 Metals Limited (resigned 12 August 2022) Redcastle Resources Limited (resigned 31 July 2023) Coppermoly Ltd (resigned 16 December 2024) Leonardo Pilapil TECHNICAL DIRECTOR Mr Leo Pilapil has over 30 years’ experience as a Geoscientist and 3 years as a Financial Planner. As a geoscientist, he has held Director Positions for several junior companies in Australia, Africa and Turkey, mainly responsible for technical project evaluations, project acquisitions, project management and business development. Mr Pilapil was responsible for the discovery of the Harlequin Gold Deposit (1Moz) under salt lake conditions in Norseman WA Australia and has also been responsible for the mine extensions and discoveries of several ore deposits in Australia, Africa, Turkey and more recently in Laos PDR. He has developed an expertise in ‘Prospect to Mine’ process through his vast experience in exploration and mining. In the last 18 years, Mr Pilapil has been working as a Geological Consultant for various companies around the world including Aditya Birla (Australia), Alacer Gold Corporation (Turkey), African Uranium (Namibia, Africa) and NIKKI Lao (Laos PDR). In the past 7 years, combining his sound business knowledge, Mr Pilapil established drilling companies in Turkey and Laos PDR servicing several major exploration and mining companies to complement the acquisition of his own personal projects. Interest in shares and options at the date of this report 830,000 Unquoted Options 333,333 NFLO Quoted Options Directorships held in other listed entities (last 3 years) Nil Arron Canicais COMPANY SECRETARY Mr Canicais is the founder of Explorer Corporate Pty Ltd, which specialises in corporate advice and compliance administration to public companies. Mr Canicais has been involved in financial reporting and corporate compliance NORFOLK METALS LIMITED | 2025 ANNUAL REPORT Page 4 DIRECTORS’ REPORT for over 18 years. Mr Canicais is an associate member of the Institute of Chartered Accountants and Governance Institute of Australia. Mr Canicais is currently also Company Secretary and CFO for various ASX listed and unlisted entities. Remuneration Report (Audited) A. Details of remuneration Details of remuneration of the directors and key management personnel (as defined in AASB 124 Related Party Disclosures) of Norfolk Metals Limited are set out in the following table. The key management personnel of Norfolk Metals Limited are the directors as previously described earlier in the Directors’ Report, and other personnel as determined by the Board. The Company does not have any other employees who are required to have their remuneration disclosed in accordance with the Corporations Act 2001. The Board is responsible for determining and reviewing compensation arrangements for the Directors and Executive Officers. The Board assesses the appropriateness of the nature and amount of emoluments of such officers on a yearly basis by reference to relevant employment market conditions with the overall objective of ensuring maximum stakeholder benefit from the retention of a high-quality board and executive team. The expected outcome of this remuneration structure is to retain and motivate Directors and Executive Officers. As part of its Corporate Governance Policies and Procedures, the board has adopted a formal Remuneration Committee Charter and Remuneration Policy. The Board has elected not to establish a remuneration committee based on the size of the organisation and has instead agreed to meet as deemed necessary and allocate the appropriate time at its board meetings. Fees and payments to non‑executive directors reflect the demands which are made on, and the responsibilities of, the directors. Non‑executive directors’ fees and payments are reviewed annually by the Board. The Chair’s fees are determined independently to the fees of non‑executive directors based on comparative roles in the external market. Non‑executive directors do not receive performance-based pay. Additional Fees A Director may also be paid fees or other amounts as the Directors determine if a director performs special duties or otherwise performs services outside the scope of the ordinary duties of a director. A Director may also be reimbursed for out-of-pocket expenses incurred as a result of their directorship or any special duties. The table below shows the 2025 financial year figures for remuneration received by the Company’s key management personnel: Short Term 2025 Ben Phillips Patrick Holywell Leonardo Pilapil Salary & Fees $ Bonus $ 141,500 60,000 86,799 288,299 20,000 20,000 40,000 Share-based Payments Options or Other Super- Prescribe Performance benefits annuation d benefits right $ $ $ $ NORFOLK METALS LIMITED | 2025 ANNUAL REPORT Post-employment - - - - Total $ 161,500 80,000 86,799 328,299 Page 5 DIRECTORS’ REPORT The table below shows the 2024 financial year figures for remuneration received by the Company’s key management personnel: Short Term 2024 Ben Phillips Patrick Holywell Leonardo Pilapil B. (i) Salary & Fees $ Bonus $ 127,500 53,000 104,414 284,914 - - - - - Total $ 127,500 53,000 104,414 284,914 Directors’ equity holdings Fully paid ordinary shares of Norfolk Metals Limited: Balance at 1 July 2024 No. 2025 Directors Ben Phillips Patrick Holywell Leonardo Pilapil 2024 Directors Ben Phillips Patrick Holywell Leonardo Pilapil (ii) Share-based Payments Options or Other Super- Prescribe Performance benefits annuation d benefits right $ $ $ $ Post-employment Granted as remuneration No. 1,775,000 1,775,000 Balance at 1 July 2023 No. - Granted as remuneration No. 1,517,001 1,517,001 - Performance rights of Norfolk Metals Limited: Balance at 1 July 2024 No. 2025 Directors Ben Phillips Patrick Holywell Leonardo Pilapil Granted as remuneration No. 560,000 560,000 NORFOLK METALS LIMITED | 2025 ANNUAL REPORT - Net other change No. 500,000 200,000 700,000 Net other change No. 257,999 257,999 Net other change No. (560,000) (560,000) At date of resignation No. Balance at 30 June 2025 No. - 2,275,000 200,000 2,475,000 At date of resignation No. Balance at 30 June 2024 No. - 1,775,000 1,775,000 At date of resignation No. Balance at 30 June 2025 No. - - Page 6 DIRECTORS’ REPORT Balance at 1 July 2023 No. 2024 Directors Ben Phillips Patrick Holywell Leonardo Pilapil (iii) 560,000 560,000 2025 Directors Ben Phillips Patrick Holywell Leonardo Pilapil 2024 Directors Ben Phillips Patrick Holywell Leonardo Pilapil Granted as remunerati on No. 2,969,000 1,263,333 1,163,333 5,395,666 Balance at 1 July 2023 No. Net other change No. - Options of Norfolk Metals Limited: Balance at 1 July 2024 No. C. Granted as remunerati on No. - Net other change No. Granted as remunerati on No. 2,635,666 930,000 830,000 4,395,666 - Net other change No. 333,334 333,333 333,333 1,000,000 At date of resignation No. Balance at 30 June 2024 No. - 560,000 560,000 At date of resignation No. Balance at 30 June 2025 No. - 2,969,000 1,263,333 1,163,333 5,395,666 At date of resignation No. Balance at 30 June 2024 No. - 2,969,000 1,263,333 1,163,333 5,395,666 Loans to / from key management personnel There were no loans to or from key management personnel in the 2024 and 2025 financial years. D. Employment Contracts of Directors and Executives The Company will pay Mr Phillips a base salary of $180,000 per annum (exclusive of superannuation and GST). The executive service agreement continues on a rolling term until it is terminated in accordance with its terms. The Company or Mr Phillips may terminate the executive services Agreement at any time during the term by giving not less than 3 months’ notice. NORFOLK METALS LIMITED | 2025 ANNUAL REPORT Page 7 DIRECTORS’ REPORT E. Share-based payments Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the grant date. The fair value determined at the grant date of the share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of equity instruments that will eventually vest with a corresponding increase in equity. There were no share based payments made with KMP in 2024 and 2025 financial years. F. Other Related Party Transactions There were no other transactions with related parties in the 2024 and 2025 financial years. G. Results and Dividends Remuneration is not linked to past group performance but rather towards generating future shareholder wealth through share price performance. Norfolk Metals listed on 22 March 2022 at 20 cents per share and the share price as at 30 June 2025 was 13 cents (2024: 13 cents). The Company has recorded a loss each financial year to date as it carries out exploration activities on its tenements. No dividends have been paid. Net Profit/(loss) attributable to equity holders of the Company Dividends paid Change in share price 2025 2024 (687,234) (645,949) (0.0) cents (0.2) cents END OF REMUNERATION REPORT (AUDITED). NORFOLK METALS LIMITED | 2025 ANNUAL REPORT Page 8 DIRECTORS’ REPORT REVIEW OF OPERATIONS During the twelve months to 30 June 2025, Norfolk Metals Limited (Norfolk or the Company) advanced its project portfolio with a focus on the earn-in of the Carmen Copper Project (Carmen) in Chile and the continued work at the Company listing assets; the Orroroo Uranium Project (Orroroo) in South Australia and the Roger River Project (Roger River) in Tasmania. The Company executed a binding earn-in agreement to acquire a controlling interest in Carmen, progressed permitting to the grant of a Maiden Drill Program approval, and secured firm commitments for additional funding to support an expanded exploration program. Concurrently, Orroroo was progressed through technical reinterpretation of historical datasets and development of a revised targeting model, while Roger River was rationalised to a focused area to optimize potential future work programs and tenure obligations. The Company maintained a disciplined approach to corporate costs and governance throughout the period, supporting the Carmen transition to an active drilling phase at Carmen Copper in the second half of 2025. Since announcing the earn-in to the Carmen Copper Project the Company has raised a cumulative A$4,500,000 to support the drilling and continued exploration. CARMEN COPPER PROJECT (CHILE) On June 13th 2025 Norfolk Metals Ltd (Norfolk) commenced the earn in on the Carmen Copper Project (Project) in Chile. This earn in will see Norfolk earn up to 70% of the Project option via A$3m expenditure within 3 years with the option to go to 100% of the Project option via the issue of 8.075m shares to the Operational Team / Option Vendors; Transcendence Mining Pty Ltd (TM). TM is led by Jason Greive and David Fowler. Together, the board of NFL and the team at TM share the vision 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 Project 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 across two distinct belts. The Carmen Copper Project is situated on the western flank of the prospective Pre-Cordillera of Chile within the regionally extensive north-trending San Felix Fault and Fold System. This belt hosts numerous copper, gold and silver deposits in IOCG, Manto Cu, porphyry and epithermal systems, including Relincho and Fortuna (El Morro) (Figure 1) with proven and probable mineral reserves classified in accordance with NI 43-101 as set out in further detail in Annexure A. In January 2007, SRK delivered the Carmen NI 43-101 MRE for the Carmen oxide zone (COZ) which delivered a combined mineral resource estimate (Oxide and Secondary Enrichment; Indicated + Inferred) of 5.6Mt at 0.6% Cu, as shown in Table below. Table 1: Carmen NI 43-101 MRE NORFOLK METALS LIMITED | 2025 ANNUAL REPORT Page 9 DIRECTORS’ REPORT 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. Compliance Statements (information required by ASX Listing Rule 5.13 & 5.14) 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. Norfolk confirms that it is not in possession of any new information or data relating to the foreign estimate that materially impacts on the reliability of the estimates or the 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. Q3 2024 (September Quarter) Norfolk reviewed multiple domestic and international opportunities and elected to proceed with early-stage due diligence activities on the Carmen Copper Project in the Atacama Region, Chile (Figure 1). The initial engagement focused on technical validation of historical datasets, tenure status, and logistics planning for subsequent site work. Q4 2024 (December Quarter) Further site visits were conducted alongside Transcendence Mining Pty Ltd (Transcendence) personnel to confirm access, infrastructure and historical working areas. Preliminary legal and technical reviews were advanced to support a potential transaction structure aligned to Norfolk’s capital management framework and operating approach. NORFOLK METALS LIMITED | 2025 ANNUAL REPORT Page 10 DIRECTORS’ REPORT Figure 1: Carmen Cu Project Location Q1 2025 (March Quarter) Norfolk executed a binding earn-in agreement with Transcendence, providing the right to acquire 70% of Transcendentia Mining Pty Ltd by funding A$3 million of exploration expenditure over a three-year period, together with an option to acquire the remaining 30% on completion of the earn-in. Two detailed site visits and comprehensive due diligence were completed to support the transaction. Firm commitments of A$1.0 million were secured to fund initial on-ground programs. The Carmen Copper Project comprises 22 contiguous licences over 46.6 km², with multiple mineralised targets and a significant body of historical drilling (149 holes for 10,513 m) and geophysics (IP and magnetics). Historical column-scale heap leach test work that PBX commissioned from CIMM Lab indicated copper extractions of ~72–82% with moderate acid consumption (refer to ASX Announcement on 31 March 2025). Q2 2025 (June Quarter) All conditions precedent to the earn-in were satisfied and the Stage 1 period commenced. SERNAGEOMIN granted permission for the Maiden Drill Campaign, which is designed to test extensions of oxide mineralisation at Carmen Main, scout targets along the Carmen–Tabaco belt and select geophysical anomalies. The program comprises up to 50 holes from 40 sites for approximately 5,100 m of RC and diamond drilling (Figure 2). Norfolk secured an operations camp in Alto del Carmen to support the program and in July 2025, announced firm commitments for a A$3.5 million placement to accelerate exploration activities. NORFOLK METALS LIMITED | 2025 ANNUAL REPORT Page 11 DIRECTORS’ REPORT Figure 2: Carmen Main Exploration target area with historic 1962-64 and 2003-2008 drill holes and Maiden Drill Campaign planned drill holes. Figure 3: Carmen Copper Project tenure NORFOLK METALS LIMITED | 2025 ANNUAL REPORT Page 12 DIRECTORS’ REPORT ORROROO URANIUM PROJECT (SOUTH AUSTRALIA) 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. The Orroroo Uranium Project (Figure 4) saw the desktop review of historical datasets continuing to support the next phase of exploration work. This review focused on collating regional information and defining a framework for an updated targeting model across the 723 km² Walloway Basin tenure. Field visits were undertaken with technical consultants to assemble inputs for model-driven reviews. A structural reinterpretation of gravity data and a phreatic uranium flow model were developed, highlighting reduced sandy trough environments and generating new targets along the Walloway Creek and Rankin Road trends (Figure 5). Stakeholder engagement progressed to facilitate access to existing water wells for downhole gamma surveys without disrupting local infrastructure. Priority areas were refined based on the revised model and historical datasets. Further desktop review and prioritisation of targets was completed with the intention to deploy downhole geophysics survey ahead of future drilling approvals. Survey coverage expansion was scoped to improve geological interpretation and define follow-up drilling targets. Figure 4: Orroroo Uranium Project – Regional Location NORFOLK METALS LIMITED | 2025 ANNUAL REPORT Page 13 DIRECTORS’ REPORT Figure 5: Proposed targets WB_79_1 and WB_79_2 based on trough generation and uranium phreatic flow model ROGER RIVER PROJECT (TASMANIA) The Roger River Project comprises two granted exploration licenses, EL20/2020, and EL17/2021, which together cover 74km2, located 410km northwest of the capital city of Hobart, Tasmania. Throughout the year, Norfolk concentrated resources on forward work commitments and a rationalisation process to reduce holding costs while maintaining priority prospectivity areas. The Roger River Project (Figure 5) saw a Maiden Drilling Campaign completed in 2022 when the Company listed and approved drill targets remain untested. The rationalisation of permit EL17/2021 to a focused area adjoining EL20/2020 was completed this year; Mineral Resources Tasmania confirmed rehabilitation obligations on surrendered ground were assessed and cleared. Revised expenditure commitments were established for EL20/2020 and EL17/2021 and proposals were prepared for future drilling upon receipt of all required approvals. Planning for future drill testing of priority targets continues to progress; contingent on final approvals and access. NORFOLK METALS LIMITED | 2025 ANNUAL REPORT Page 14 DIRECTORS’ REPORT Figure 5: Roger River Project Environmental, Social & Governance and Safety Norfolk continued to review and update its Occupational Health & Safety (OHS) and Environmental, Social & Governance (ESG) frameworks throughout the period. The Company advanced data collection initiatives to support earlier ESG reporting and maintained active stakeholder engagement across jurisdictions. Operational planning incorporated environmental and community considerations to support responsible exploration activities. Although there has been no dedicated ESG report announced in this period, the Company expects to review the entire ESG strategy once the Maiden Drill Campaign is completed at the Carmen Copper Project. NORFOLK METALS LIMITED | 2025 ANNUAL REPORT Page 15 DIRECTORS’ REPORT Forward Outlook The Company will continue with its Maiden Drilling Program at the Carmen Copper Project to evaluate extensions of oxide mineralisation at Carmen Main and test regional targets along the Carmen–Tabaco belt. Geophysics-led refinement and access planning will continue at the Orroroo Uranium Project to prepare for subsequent drilling. Further reviews of the strategy for Roger River Project will continue. The Company remains focused on disciplined capital allocation and the timely execution of value-accretive exploration programs. Competent Persons Statement The information in this Annual Report that relates to exploration results, is based on, and fairly represents, information and supporting documentation prepared by Mr Leo Pilapil, a competent person who is a member of the Australasian Institute of Mining and Metallurgy. Mr Pilapil has a minimum of five years’ 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 Joint Ore Reserves Committee Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Pilapil is a related party of the Company, being the Technical Director, and holds securities in the Company. Mr Pilapil has consented to the inclusion in this Annual Report of the matters based on his informat