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 October 2026 QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDING 30 SEPTEMBER 2026 • Norfolk acquisition of the Ciclón Copper Project extended via SPA Extension agreement with Pampa Camarones SpA. • Ciclón is situated within the prolific Domeyko Cordillera hosting the giant copper deposits including Collahuasi, Chuquicamata, La Escondida and others. Ciclón is located in proximity to the substantial El Salvador copper mine (CODELCO) and Franke copper mine (Minera Las Cenizas). • Mineral Resource Estimate (JORC 2012) of 11.8Mt at 2.88% CuEq for the Ciclón Copper Project.1 • Ciclón offers outstanding exploration upside potential being central to an extensive district scale mineralised epithermal and related mineralised porphyry system. • Ciclón received an Environmental Qualification Resolution in December 2025, approving underground mining operations, processing plant and supporting infrastructure. • Transaction is conditional on (amongst other things) Norfolk raising a minimum of AUD $75 million under a public offer through the issue of ordinary fully paid shares (before costs) pursuant to a Prospectus to fund acquisition and exploration. • Transaction close and reinstatement subject to the Company satisfying ASX conditions of reinstatement. • During and subsequent to the Quarter, the following changes to the Board occurred: - Mr Anthony McClure was appointed as Executive Chair; - Mr Richard Pugh was appointed as Non-Executive Director; and - Mr Ben Phillips resigned as Executive Chair and Mr Patrick Hollywell resigned as Director of the Company. Introduction Norfolk Metals Limited (ASX:NFL) (Norfolk or the Company) is pleased to report on its activities during the quarter ended 30 September 2026 (Quarter). Ciclón Copper Project Transaction Update During the Quarter, the Company’s main focus has been to progress its proposed re-compliance transaction announcement on 11 June 2026, including the progression of items relating to the Share Purchase Agreement (SPA) for the acquisition of 100% of Eco Earth Elements SpA (EEE) and Don Gabriel SpA (DG), which together own or have an option to acquire 100% of the Ciclón Copper Project in Chile (Project). The total consideration under the SPA is USD $50 million, consisting of USD $45 million in cash (Cash Consideration) and USD $5 million in Norfolk Metals shares, subject to various conditions precedent. On 27 July 2026, in accordance with the SPA, Norfolk paid an extension fee of USD $250,000 to extend the date that the conditions precedent must be satisfied or waived by 2 months (End Date). The Company subsequently paid a further extension fee of USD $150,000 on 11 September 2026 and has agreed with Pampa Camarones to vary the SPA, including: 1 Refer to Table 1 to Table 3 at the end of this release for further details regarding the Ciclón Resource. Refer to Table Notes for full details regarding Resource CuEq calculations. 2 Unit 10, 85-87 Forrest Street Cottesloe WA 6011 ABN 38 652 438 385 ASX ANNOUNCEMENT Phone: +61 8 6255 8625 norfolkmetals.com.au • extending the End Date to 31 December 2026; and • reducing the condition precedent to obtain minimum binding investment commitments for the re- compliance capital raising (Capital Raising) to AUD $75 million (previously AUD $100 million). All extension fees paid to date are non-refundable and, if completion occurs, will be credited against the Cash Consideration. Completion of the transaction is expected to occur following the Capital Raising and re-listing process on the Australian Securities Exchange (ASX), which is intended to fund the resource expansion and future development of the Project among other things. The Company intends to lodge a prospectus in the coming weeks in connection with the proposed Capital Raising and re-compliance with Chapters 1 and 2 of the ASX Listing Rules. An updated indicative timetable will be included in the prospectus. As detailed in the Company’s announcement dated 11 June 2026, EEE and DG held certain options under Ciclón Option Agreement #1 and #2 (as defined in that announcement) to acquire mining concessions from Compañía Minera Fénix. Norfolk procured the payment of USD $1,286,439 and these options were exercised by EEE and DG on or about 11 September 2026 and the relevant concessions are to be transferred to EEE and DG, which Norfolk will acquire on completion of the SPA. Roger River EL20/2020 Expiration During the Quarter the Company advised that exploration licence EL20/2020 at the Roger River Project, Tasmania had expired. Board Changes During the Quarter and subsequent to the Quarter, the Company announced the following changes to its Board of Directors: • Mr Anthony McClure was appointed as Executive Chair; • Mr Richard Pughwas appointed as a Non-Executive Director; • Mr Ben Phillips resigned as Executive Chairman and as a Director of the Company; and • Mr Patrick Hollywell resigned as a Director of the Company. Following these changes, the Board comprises Mr McClure (Executive Chair), Mr Pugh and Mr Leonardo Pilapil (as Non-Executive Directors). Mr McClure and Mr Pugh will stand for election at the Company’s annual general meeting, to be held in November 2026. Mr Anthony McClure Mr McClure is a respected mining executive with over 35 years of technical, management and financial experience in the resources sector worldwide. He is a Non-Executive Director of Strickland Metals Limited (ASX:STK) and Gateway Mining Limited (ASX:GML), and is a past director of Silver Mines Limited, Bolnisi Gold NL, Nickel Mines Limited, Santana Minerals Limited and European Gas Limited. Mr McClure holds a Bachelor of Science (Geology) from Macquarie University. Mr Richard Pugh Mr Pugh is a geologist with over 18 years of industry experience. He is the Chief Executive Officer of Gateway Mining Limited (ASX:GML). Mr Pugh is a past Executive Technical Director and also served as a Non-Executive Director of Strickland Metals Limited (ASX:STK). He has previously been a Senior Consulting Geologist and Exploration Manager for several ASX-listed mineral exploration companies, including Auris Minerals Ltd. Mr Pugh holds a Bachelor’s degree in Exploration and Resource Geology from Cardiff University and is a member of the Australian Institute of Geoscientists. Joint Company Secretary The Company also advises that Mr Sleiman Majdoub has been appointed as Joint Company Secretary, effective today’s date, joining existing Company Secretary, Mr Arron Canicais. 3 Unit 10, 85-87 Forrest Street Cottesloe WA 6011 ABN 38 652 438 385 ASX ANNOUNCEMENT Phone: +61 8 6255 8625 norfolkmetals.com.au Mr Majdoub is a qualified solicitor with experience in the corporate and commercial sector including experience advising mining exploration companies. Mr Majdoub graduated with a Bachelor of Laws and a Bachelor of Commerce (Hons) from Macquarie University. He has significant experience in advising and assisting ASX listed companies with their reporting, company secretarial and compliance requirements along with in-house legal support. Financials The cash flows relating to the September 2026 Quarter included a total of $601,000 in exploration and evaluation spend on the Ciclón, Carmen Copper, Roger River and Orroroo projects and $164,000 in staff, corporate and admin costs, costs in relation to the Ciclón transaction and 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 $0.155 million. Payments of approximately $61,000 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. Subsequent to the Quarter, the Company entered into a loan agreement with Anthina Nominees Pty Ltd (Anthina), an entity controlled by Mr Anthony McClure (Anthina Loan Agreement), under which Anthina has provided the Company with an unsecured loan facility to assist with operational costs and working capital. The current amount drawn under the Anthina Loan Agreement is A$1,905,903. Interest accrues on the outstanding balance at 8% per annum and is capitalised monthly. The loan and accrued interest is repayable in cash on the earlier of completion of the Capital Raising or 15 October 2027. The Anthina Loan Agreement otherwise contains representations, undertakings and events of default (non- payment, breach and insolvency) that are standard for an agreement of this nature. Tenement Information (as required by Listing Rule 5.3.3) Tenement ID Holder/Applicant Interest at start of Quarter Interest at end of Quarter EL20/2020 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 by the Board of Norfolk Metals Ltd 4 Unit 10, 85-87 Forrest Street Cottesloe WA 6011 ABN 38 652 438 385 ASX ANNOUNCEMENT Phone: +61 8 6255 8625 norfolkmetals.com.au 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. For further information, please visit www.norfolkmetals.com.au Disclaimers This announcement has been prepared by Norfolk Metals Limited (ACN 652 438 385). The information contained in this release is for information purposes only. This release may not be reproduced, disseminated, quoted or referred to, in whole or in part, without the express consent of the Company. The information contained in this release is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. Please note that, in providing this release, the Company has not considered the objectives, financial position or needs of any particular recipient. The information contained in this release is not a substitute for detailed investigation or analysis of any particular issue and does not purport to be all of the information that a person would need to make an assessment of the Company or its assets. Current and potential investors should seek independent advice before making any investment decisions in regard to the Company or its activities. 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. Competent Person’s Statement The information in this announcement that relates to Mineral Resources and Exploration Results has been extracted from various Norfolk ASX announcements and are available to view on the Company’s website at www.norfolkmetals.com.au or through the ASX website at www.asx.com.au (using ticker code “NFL”). The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the Mineral Resource Estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. 5 Unit 10, 85-87 Forrest Street Cottesloe WA 6011 ABN 38 652 438 385 ASX ANNOUNCEMENT Phone: +61 8 6255 8625 norfolkmetals.com.au Ciclón Project Mineral Resource Estimate Table 1 Global Mineral Resource Estimate Ciclón Copper Project 2026 Category Tonnage CuEq Cu Zn Pb Ag Au ZnEq AgEq Mt % % % % ppm ppm % ppm Indicated 8.0 2.93 0.99 2.28 0.77 57 0.24 10.76 159 Inferred 3.8 2.80 0.82 2.04 0.89 61 0.18 10.09 150 Total 11.8 2.88 0.93 2.20 0.81 58 0.22 10.54 156 Table Notes: Rounding errors are apparent in the summation of total resources. Zone Classification Tonnage Cu Zn Pb Ag Au CuEq ZnEq AgEq Mt % % % ppm ppm % % ppm Table 2 Ciclón Prospect Mineral Resource Estimate Copper Mixed Indicated 1.6 1.17 0.65 0.58 91 0.40 4.04 11.54 170 Zinc Sulphide 5.1 0.57 3.16 0.96 46 0.21 2.40 9.59 141 Copper Mixed Inferred 0.9 0.70 0.44 0.59 107 0.45 3.92 11.19 164 Zinc Sulphide 1.4 0.11 4.11 1.63 40 0.08 2.09 8.37 123 Copper Mixed Total 2.5 1.01 0.57 0.58 97 0.42 4.00 11.41 168 Zinc Sulphide 6.6 0.47 3.37 1.10 44 0.18 2.33 9.32 137 Table 3 Exploradora Prospect Mineral Resource Estimate Copper Sulphide Indicated 1.3 2.39 0.86 0.27 57 0.16 3.61 14.32 217 Copper Sulphide Inferred 1.5 1.59 0.98 0.33 55 0.12 2.80 11.12 169 Copper Sulphide Total 2.8 1.97 0.92 0.31 56 0.14 3.18 12.65 192 Table Notes: • Rounding errors are apparent in the summation of total resources. • Ciclón Prospect Metal Equivalents Metal equivalents have been reported in respect of mineral resources for the Ciclón Prospect based on the following parameters: 6 Unit 10, 85-87 Forrest Street Cottesloe WA 6011 ABN 38 652 438 385 ASX ANNOUNCEMENT Phone: +61 8 6255 8625 norfolkmetals.com.au Copper Mixed Formula: CuEq(%) = Cu(%)+Zn(%)*0.35007+Pb(%)*0.19729+Ag(ppm)*0.02384+Au(ppm)*0.88391 ZnEq(%) = Cu(%)*2.857+Zn(%)+Pb(%)*0.564 +Ag(ppm)*0.068 +Au(ppm)*2.525 AgEq(ppm) = Cu(%)*41.943+Zn(%)*14.683+Pb(%)*8.275 +Ag(ppm) +Au(ppm) *37.074 Assumed commodity prices: Copper (Cu) US$12,000/t; Zinc (Zn) US$3,000/t; Lead (Pb) US$1,800/t, Silver (Ag) US$70/ozt; Gold (Au) US$3,000/ozt. Assumed Metallurgical Recoveries: Copper (Cu) 68.2%; Zinc (Zn) 95.5%; Lead (Pb) 89.7%; Silver (Ag) 86.7%; Gold (Au) 75%. Cut-off grade Ciclón Copper Mixed Zone CuEq% = 1.6% Zinc Sulphide Formula: CuEq(%) = Cu(%)+ Zn (%) *0.24974+Pb(%)*0.14074 +Ag(ppm)*0.01701+Au(ppm) *0.63057 ZnEq(%) = Cu(%)*4.004 + Zn (%)+ Pb(%)*0.564 +Ag(ppm)*0.068 + Au(ppm) *2.525 AgEq(ppm) = Cu(%)*58.794 + Zn (%) *14.683+Pb(%)*8.275+Ag(ppm)+Au(ppm) *37.074 Assumed commodity prices: Copper (Cu) US$12,000/t; Zinc (Zn) US$3,000/t; Lead (Pb) US$1,800/t, Silver (Ag) US$70/ozt; Gold (Au) US$3,000/ozt. Assumed Metallurgical Recoveries: Copper (Cu) 95.6%; Zinc (Zn) 95.5%; Lead (Pb) 89.7%; Silver (Ag) 86.7%; Gold (Au) 75%. Cut-off grade Ciclón Zinc Sulphide Zone ZnEq% = 4% • Exploradora Prospect: Metal Equivalents: Metal equivalents have been reported in respect of mineral resources for the Exploradora Prospect based on the following parameters: Cut-off grade Exploradora CuEq% = 0.8% Formula: CuEq(%) = Cu(%) + Zn (%) *0.25180 +Pb(%)*0.13489 +Ag(ppm)*0.01660 +Au(ppm) *0.61955 ZnEq(%) = Cu(%)*3.971 + Zn (%) +Pb(%)*0.536 +Ag(ppm)*0.066 +Au(ppm) *2.461 AgEq(ppm) =Cu(%)*60.256 + Zn (%) *15.172 +Pb(%)*8.128 +Ag(ppm) +Au(ppm) *37.332 Assumed commodity prices: Copper (Cu) US$12,000/t; Zinc (Zn) US$3,000/t; Lead (Pb) US$1,800/t, Silver (Ag) US$70/ozt; Gold (Au) US$3,000/ozt. Assumed metallurgical recoveries: Copper (Cu) 97.3%; Zinc (Zn) 98.0%; Lead (Pb) 87.50%; Silver (Ag) 86.1%; Gold (Au) 75%. The metallurgical recoveries used in the metal equivalent calculations are the average metallurgical recoveries determined through preliminary metallurgical test work undertaken at the Ciclón and Exploradora Prospects. A program of 7 rougher metallurgical tests has been completed at a conceptual engineering stage level (Ciclón = 4, Exploradora = 3). Sample pulp material (70% passing 2mm) was utilised for one test, with the remainder using crushed drill samples (85% passing 75 microns). It is the Company’s opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold. Please refer to the Company’s ASX announcement dated 19 June 2026 for full details regarding the Ciclón Project Mineral Resource Estimate. 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 Norfolk Metals Limited ABN Quarter ended (“current quarter”) 38 652 438 385 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 - - (a) exploration & evaluation (b) development - - (c) production - - (d) staff costs (49) (49) (e) administration and corporate costs (116) (116) 1.3 Dividends received (see note 3) - - 1.4 Interest received 1 1 1.5 Interest and other costs of finance paid - - 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 (164) (164) 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) tenements (1,815) (1,815) (c) property, plant and equipment - - (d) exploration & evaluation (601) (601) (e) investments - - (f) other non-current assets - - 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 2.2 Proceeds from the disposal of: - - (a) entities (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) - - 2.6 Net cash from / (used in) investing activities (2,416) (2,416) 3. Cash flows from financing activities 20 20 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 - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities - - 3.5 Proceeds from borrowings 1,906 1,906 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (provide details if material) – receipt/(payment) of insurance funding facility - - 3.10 Net cash from / (used in) financing activities 1,926 1,926 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 808 808 4.2 Net cash from / (used in) operating activities (item 1.9 above) (164) (164) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (2,416) (2,416) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 1,926 1,926 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 4.5 Effect of movement in exchange rates on cash held - - 4.6 Cash and cash equivalents at end of period 155 155 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 155 808 5.2 Call deposits - - 5.3 Bank overdrafts - - 5.4 Other (Corporate Credit Card) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 155 808 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 47 6.2 Aggregate amount of payments to related parties and their associates included in item 2 14 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. 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 1,906 1,906 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities 1,906 1,906 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. The Company has an unsecured term loan facility with Anthina Nominees Pty Ltd, an entity related to Anthony McClure. As at 30 September 2026, A$1,905,903 had been fully advanced. Interest accrues daily at 8% per annum and is capitalised monthly. Repayment is due on the earliest of: 10 Business Days after shares are issued under the prospectus offer; the Company having sufficient available capital to repay the loan; or 15 October 2027, subject to any extension agreed under the loan agreement. The loan agreement allows additional tranches for project costs, working capital and acquisition completion costs at the lender’s sole discretion. No maximum limit of additional funding is specified. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) (164) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (601) 8.3 Total relevant outgoings (item 8.1 + item 8.2) (765) 8.4 Cash and cash equivalents at quarter end (item 4.6) 155 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 155 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 0.20 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: Yes 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. 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: On 11 June 2026 the Company announced the transformative acquisition of the Ciclon Project and one of the conditions precedent is the completion of a public offer pursuant to a Prospectus to fund the acquisition, exploration of the Ciclon Project and the Company’s other operations. On 19 October 2026 the Company provided a transaction update noting that the minimum capital raising commitment to complete the Ciclon Project is $75 million. Subsequent to the quarter, the Company announced it had entered into a loan agreement with Anthina Nominees Pty Ltd (Anthina), an entity controlled by Mr Anthony McClure (Anthina Loan Agreement), under which Anthina has provided the Company with an unsecured loan facility to assist with operational costs and working capital. 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: Based on the answers to questions 8.8.1 and 8.8.2, yes. 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. 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: 30 October 2026 Authorised by: By the Board (Name of body or officer authorising release – see note 4) 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, the 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.