Announcement PDF ASX: VTM Victory Metals Limited ACN 124 279 750 Suite 1, 295 Rokeby Road, Subiaco Western Australia 6008 Email: admin@victorymetalsaustralia.com www.victorymetalsaustralia.com Page 1 of 30 48x Rare Earth Upgrade to 5.9% TREO Victory Metals Limited (ASX:VTM) ("Victory" or "the Company") is pleased to announce outstanding first-pass sighter flotation test-work results from its 100% owned North Stanmore regolith-hosted Heavy Rare Earth Element Project in Western Australia. These exceptional results have delivered a remarkable 48x upgrade in Total Rare Earth Oxide (TREO) concentration from the raw ore, confirming the potential for a simple, low-cost physical beneficiation circuit. By pioneering a new method of extraction for these rare earths that separates them from the rest of the ore mass early in the process, Victory Metals is establishing a significantly faster and less costly path to market. Importantly, the tests successfully concentrated a representative 1,251 ppm TREO head grade, in the vicinity to Victory’s high grade shallow zone, to a peak concentrate grade of 5.9 wt.% TREO, while achieving rapid flotation kinetics and preserving the deposit’s premium 38% HREO/TREO ratio. HIGHLIGHTS • First pass sighter flotation on representative composite successfully upgraded a TREO to a peak concentrate grade of 5.9% TREO (59,467 ppm). • These outstanding results demonstrate that VTM hydrometallurgical plant will be in the vicinity of ~5tph, a fraction of the size of initial engineering designs. • Rougher flotation achieved 81.5% TREO recovery. Subsequent cleaner flotation, conducted on a high-grade rougher concentrate captured in the first 7 minutes of a bulk rougher float, achieved an 83.6% stage recovery. • The simple, conventional flotation circuit achieved these results without the need for front-end desliming, preserving valuable fines. • Critical HREO ratio 38% HREO/TREO delivering premium Dy, Tb, Y basket value matching the in-situ ore ratios. • Quantitative Automated Mineralogical Analysis (TIMA) confirms >99% of Yttrium (proxy for HREE) is hosted in discrete, well-liberated secondary phosphates (rhabdophane and churchite), which are highly responsive to standard froth flotation. • The ability to physically reject >95% of the ore mass upstream provides optionality to substantially reduce the plant sizing and CAPEX in the upcoming Pre-Feasibility Study (target release Q2 2026) ASX ANNOUNCEMENT 03 MARCH 2026 Page 2 of 30 Victory Metals Chief Executive Officer and Executive Director Brendan Clark commented: “These flotation results are a genuine game changer for North Stanmore and for Western heavy rare earth supply. By proving the rare earths are hosted in simple, floatable world class secondary phosphate minerals (rhabdophane and churchite), we have unlocked a low-cost physical beneficiation step that most clay-hosted and hard rock rare earth projects simply have not achieved. This is transformative, as we can now reject ~95% of the ore mass upstream. This gives Victory the opportunity to reach the market, faster and with greater heavy rare earth element diversity through this valuable concentrate. We are incorporating these results directly into the PFS. This will provide even more optionality, including a low CAPEX & OPEX flotation circuit and with the ability to sell one of the highest-grade, reported heavy rare earth concentrates to downstream partners.” Flotation Results & Circuit Dynamics First-pass initial flotation test-work was conducted on representative composites sourced from 47 sample metres across 10 different drillholes within the Indicated Resource. To evaluate the upgrade potential, two distinct sighter tests were conducted: 1. Standard Bench Rougher: A whole-of-ore rougher flotation test demonstrated strong baseline recoveries, achieving 81.5% TREO recovery directly from the 1,218 ppm TREO head feed. Rougher Flotation Mass TREO Yield to con (%) Feed (ppm) Con (ppm) Recovery (%) 41.7 1251 2443 81.5 2. Cleaner Flotation on Fast-Floating Fraction: To test the maximum upgrade potential, cleaner flotation was performed on a high-grade rougher concentrate mass-pull taken from the first 7 minutes of a separate bulk rougher run. This demonstrated the exceptional, rapid kinetics of the secondary phosphates. This cleaner stage produced a combined concentrate grade of 5.3% TREO (peak grade 5.9 wt. % TREO) with an 83.6% stage recovery. Cleaner Flotation Mass TREO Yield to con (%) Feed (ppm) Con (ppm) Recovery (%) 11 7196 54745 83.6 Reagent regimes utilized commercially available, low-cost collectors, entirely avoiding the need for expensive or complex specialty chemicals. Page 3 of 30 The North Stanmore Advantage The exceptional flotation response is directly driven by North Stanmore’s unique mineralogy. The deposit occurs in a ~40-45 million-year-old weathering crust above an alkaline intrusion. Intense chemical weathering, aided by organic acids, facilitated the breakdown of primary, refractory rare earth minerals (like monazite and xenotime) into secondary, hydrated phosphates. Recent TIMA studies, conducted on higher-grade metallurgical sample from within the ore body to ensure accurate analytical resolution, confirm that the rare earths are not locked in refractory primary minerals, but are predominantly hosted in highly liberated, discrete secondary phosphates (rhabdophane and churchite). Page 4 of 30 Figure 1. Proposed flotation circuit Secondary REE Phosphates vs. Primary REE Phosphates Comparison Processing Churchite and Rhabdophane represents a significant shift in metallurgical strategy compared to traditional monazite or xenotime processing. Churchite and rhabdophane are secondary (hydrated) phosphates, and are thermodynamically metastable and physically softer than their anhydrous primary counterparts. Their rare earth chemistry Ce/Ce*<1, indicates that they formed by oxidation during weathering. Feature Secondary REE Phosphates (Rhabdophane and Churchite) Primary REE Phosphates (Monazite, Xenotime) Mineral Type Hydrated (contains H2O in lattice) Anhydrous (stable crystal) Cracking Complexity Low: Can be dissolved by acids at atmospheric pressure in agitated tanks. Extreme: Requires "cracking" via high-temperature caustic or acid bake. Temperature Requirement Ambient to low heat (<100 degrees C) High heat (200 degrees C to 400 degrees C) Reagent Intensity Low (lower concentration HCl or H2SO4) High (concentrated NaOH or H2SO4) Radioactivity Management Low: Thorium/Uranium levels are generally lower in secondary profiles. While natural upgrading during flotation results in slightly elevated signatures in the concentrate (~2 Bq/g), this remains highly manageable and exceptionally low compared to primary hard-rock deposits. High: Monazite specifically is a major host for Thorium (Th) and Xenotime is a major host for Uranium (U) resulting in concentrates that are well above 10Bq/g, resulting in Class 7 radio- active designation for purposes of shipping Physical Hardness No grinding required, Secondary rare earth phosphates are liberated and disseminated. Very Hard (intensive milling required to liberate and reduce to size suitable for mineral processing) Solubility Non-refractory Refractory Page 5 of 30 Next Steps • Flotation optimization using MRE grade ore • Bulk flotation to produce concentrate • Hydrometallurgy investigation using flotation concentrate • Upgraded JORC resource • Completion of Pre Feasability Study utilising these inputs This announcement has been authorised by the Board of Victory Metals Limited. For further information please contact: Brendan Clark Jim Carden CEO and Executive Director Investor and Media Relations admin@victorymetalsaustralia.com jimc@bastionagency.com Victory Metals Limited Victory is dedicated to the exploration and development of its flagship North Stanmore Heavy Rare Earth Elements (HREE), Scandium, Hafnium and Gallium Project located in the Cue Region of Western Australia. The Company is committed to advancing this world-class project to unlock its significant potential. In August 2025, Victory Metals announced a robust Mineral Resource Estimate (MRE) for North Stanmore, totalling 320.6 million tonnes, with the majority of the resource, classified in the indicated category. This positions the North Stanmore Project as Australia's largest indicated clay heavy rare earth resource, underscoring its pivotal role as a future supplier of critical materials for the future. North Stanmore Mineral Resource Estimate Table 1: North Stanmore August 2025 MRE (≥330ppm TREO + Sc2O3 cut-off grade) CLASSIFICATION MRE TONNES (t) TREOSc (ppm) TREO (ppm) HREO (ppm) LREO (ppm) HREO/TREO (%) Sc2O3 (ppm) Ga2O3 (ppm) INDICATED 176,522,000 532 505 190 316 39 26 26 INFERRED 144,118,000 484 463 166 297 37 21 25 TOTAL 320,640,000 510 486 179 307 38 24 26 Numbers are rounded to reflect they are an estimate. Numbers may not sum due to rounding. Page 6 of 30 Forward-looking statements This announcement contains “forward-looking statements”. All statements other than those of historical facts included in this announcement are forward looking statements. Where a company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, metals price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, as well as political and operational risks and governmental regulation and judicial outcomes. Neither company undertakes any obligation to release publicly any revisions to any “forward-looking” statement. Competent Person Statement - Professor Ken Collerson Statements contained in this report relating to exploration results, metallurgy results, scientific evaluation, and potential, are based on information compiled and evaluated by Emeritus Professor Ken Collerson. Professor Collerson (PhD) Principal of KDC Geo Consulting and Director of Victory Metals Limited, and a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM No. 100125), is a geochemist/geologist with sufficient relevant experience in relation to rare earth element and critical metal mineralisation being reported on, to qualify as a Competent Person as defined in the Australian Code for Reporting of Identified Mineral resources and Ore reserves (JORC Code 2012). Professor Collerson consents to the use of this information in this report in the form and context in which it appears. No New Information – Mineral Resources Information in this report relates to Mineral Resource Estimates and exploration results for the North Stanmore Project and is available to view on www.asx.com.au. Victory Metals Limited 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 estimates in the announcement continue to apply and have not materially changed. Page 7 of 30 APPENDIX 1: 2012 JORC CODE - TABLE 1 Section 1: Sampling Techniques and Data Criteria JORC Code explanation Commentary Sampling techniques • Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as downhole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to • The North Stanmore drilling that contributed to the July 2025 MRE is shown as follows - • (AC) Air core drillholes were drilled vertically and spaced 100m apart along 200m - 400m spaced drill lines. • (AC) drilling samples were collected as 1-m samples from the rig cyclone. Each sample was placed into large green drill bags (900mmx600mm) for temporary storage onsite. • Each sample was then split using a 3-tier (87.5% - 12.5%) splitter and the split sample was placed into calico sample bags for transport to Perth. • Sample weights and recoveries were recorded on site and weighed 1.5 - 2.5 kg depending on the sample recovery from the drill hole. The mean bulk sample weight was 8.45kg. • A commercial transport company was used to transport the bags to the Victory warehouse in Perth. • A handheld pXRF analyzer (Olympus Vanta) was used to determine anomalous REO (Rare earth element) geochemistry (La, Ce, Pr, Nd and Y) from the 1-m sample piles. pXRF reading times were 45 secs over 3 cycles for multielement and REO assays. These results are not considered dependable without calibration using chemical analysis from an accredited laboratory. However, their integrity was checked using Certified REO -bearing geochemical standards. • The handheld pXRF is used as a guide to the relative presence or absence of certain elements, including REOs vectors (La, Ce, Pr, Nd and Y) to help direct the sampling program. Anomalous 1m samples were then transported to the assay lab for analysis by Victory personnel. REO anomalism thresholds are determined by VTM technical lead based on historical data analysis. Currently the anomaly threshold is plus 30ppm Yttrium. Page 8 of 30 Criteria JORC Code explanation Commentary produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information • Victory attended North Stanmore to collect the green sample bag which was transported by Victory to Victory’s secure warehouse in Perth. • Measures taken to ensure sample representivity included regular cleaning of the rig between drill holes using compressed air and weighing the bulk sample to ensure reasonable sample return against an expected target weight. • RC drill samples were collected as 1-m samples from the rig cyclone and placed on top of black plastic, that was laid on the natural ground surface to prevent contamination, in separate piles and in orderly rows. A hand-held trowel was used to collect 4-m composite samples from the 1-m piles. Compositing did not account for lithology changes. These composite samples weighed between 2 and 3 kg. Drilling techniques • Drill type (e.g. core, reverse circulation, open- hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc.). • (AC) drilling uses a three bladed steel or tungsten drill bit to penetrate the weathered layer of loose soil and rock fragments. The drill rods are hollow and have an inner tube with an outer barrel (similar to RC drilling). • (AC) drilling uses small compressors (750 cfm/250 psi) to drill holes into the weathered layer of loose soil and fragments of rock. • (RC) Drilling used a 5½” face sampling hammer with 1,350cfm/500 psi onboard compressor, which was occasionally supplemented with an additional booster (2,100cfm/1,000 psi). • After drilling is complete, an injection of compressed air is unleashed into the space between the inner tube and the drill rods inside wall, which flushes the cuttings up and out of the drill hole through the rod’s inner tube, resulting in less chance of cross-contamination. • (AC) Drilling was conducted by Seismic Drilling Pty Ltd and Orlando Drilling Pty Ltd, and the RC drilling was performed by Orlando Drilling Pty Ltd. • The drill rigs were inspected daily by VTM personnel for safety and rig hygiene Drill sample recovery • Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists • The majority of samples were dry, where excessive water flows were encountered during drilling the sample recovery was variable. • Representative percussion drillhole samples were collected as 1-metre intervals, with corresponding chips placed into chip trays and kept for reference at VTM’s facilities. • Measures taken to ensure sample representivity and recovery included regular cleaning of the rig between drill holes using compressed air and weighing the bulk sample to ensure reasonable sample return against an expected target weight. Page 9 of 30 Criteria JORC Code explanation Commentary between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. Logging • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • All percussion samples in the chip trays were lithologically logged using standard industry logging software on a notebook computer. • All (AC) samples have been logged for lithology, alteration, quartz veins, colour, fabrics. • All (AC) samples have been analysed by a handheld pXRF. • All samples were subjected to a NIR spectrometer for the identification of minerals and the variations in mineral chemistry to detect alteration assemblages and regolith profiles. • All geological information noted above has been reviewed by a competent person as recognised by JORC. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography. • Logging is qualitative in nature. • (AC) samples have been photographed. • The total length and percentage of the relevant intersections logged. • 90% of the sample intervals were logged. Subsamplin g techniques and sample preparation • If core, whether cut or sawn and whether quarter, half or all core taken. • Diamond drilling was PQ core. • Half core samples were taken, with the exception of when twin samples were collected and then the samples were quarter core. • If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry. • Air core and RC sampling was undertaken on 1m intervals using a Meztke Static Cone splitter. • Samples from the cyclone were placed into green drill bags and were laid out in orderly rows on the ground. • Using a hand-held trowel, 1m samples were collected from the one-metre drill bags after splitting of the sample. • These samples were placed into calico bags and weighed between 1.5 and 2.5 kgs. • For all sample types, the nature, quality and appropriateness of the sample • Samples were assayed by ALS Laboratories in Perth, a NATA Accredited Testing Laboratory. The assay methods used include: o ME-4ACD81: Four acid digestion followed by ICP-AES measurement Page 10 of 30 Criteria JORC Code explanation Commentary preparation technique. o ME-MS81: Lithium borate fusion followed by acid dissolution and ICPMS measurement o ME-ICP06: Fusion decomposition followed by ICP-OES measurement • REOs were all analysed by ME-MS81 (four acid digestion followed by ICPMS measurement) with results returned in their elemental form. Elements were then converted to oxides using the appropriate stoichiometric conversion factors. • Base metals are assayed by ME-ICP06: Fusion decomposition. • Non-ferrous metals are assayed by ME-4ACD81: Four acid digestion. • Quality control procedures adopted for all subsampling stages to maximise representivity of samples. • Using a riffle splitter, 1m composite samples were collected from the individual sample bags. • Quality control of the assaying comprised the collection of a bulk repeat sample every hole, along with the regular insertion of industry (OREAS) standards (certified reference material) every 20 samples and blanks (beach sand) every 50 samples. The repeat sample was collected by passing the bulk reject obtained from the first split stage through the riffle splitter once more. The repeat sample is not a duplicate. • Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second- half sampling. • Fourteen twin samples of quarter core (diamond PQ) were compared to the original sample for each REO element and results were found to be acceptable to the CP. • Whether sample sizes are appropriate to the grain size of the material being sampled. • Composite samples weighed between 1 and 2 Kg’s. • Sample sizes are considered appropriate to the grain size of the material being sampled. Quality of assay data and laboratory tests • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • All samples were analysed in the field using a handheld Olympus Vanta XRF unit to identify geochemical thresholds. These results are not considered dependable without calibration using chemical analysis. They were used as a guide to the relative presence or absence of certain elements, including REOs to help guide the drill program and selection of samples to be submitted for analytical analysis. • All pXRF anomalous samples were sent to ALS Wangara in Perth for analysis. Over time the mineralised sample criteria has evolved from an initial sampling threshold value of La+Ce+Nd+Pr+Y > 200ppm (for the RSC MRE), to Ce>30ppm (for the post RSC to July 2024 MRE), and most recently Y>30ppm (POST July 2024 to July 2025 MRE). • Samples were submitted for sample preparation and geochemical analysis by ALS in Wangara, Perth, a NATA accredited laboratory. All samples were crushed and pulverized to generate a pulp aliquot sample with 95% of the Page 11 of 30 Criteria JORC Code explanation Commentary aliquot sample passing 75µ (ALS methods CRU-31, PUL-31). Aliquots were analysed using the following methods: o Lithium borate fusion prior to acid dissolution and ICPMS (ALS method ME-MS81, a total assay technique) for Ba, Ce, Cr, Cs, Dy, Er, Eu, Ga, Gd, Hf, Ho, La, Lu, Nb, Nd, Pr, Rb, Sc, Sm, Sn, Sr, Ta, Tb, Th, Ti, Tm, U, V, W, Y, Yb, and Zr. o Lithium borate fusion prior to acid dissolution and ICPOES (ALS method ME-ICP06, a total assay technique) for Al2O3, BaO, CaO, Cr2O3, Fe2O3, K2O, MgO, MnO, Na2O, P2O5, SiO2, SrO, TiO2, and Total. o 4-acid digest and read by ICP-AES (ALS method ME- 4ACD81, a partial assay technique) for Ag, As, Cd, Co, Cu, Li, Mo, Ni, Pb, Sc, Tl, and Zn (base metals). o Thermogravimetric analysis to determine loss on ignition (LOI) content. • The sample preparation and analysis are considered appropriate for the analytes. • As a result of the pXRF analysis leading the selection criteria for assaying by a laboratory, only 16,620 metres of drilling of the total 45,340 drill metres (or 37% of total metres) has been assayed. • For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • At Victory’s Perth facility spot checks were completed on selected samples using a handheld Olympus Vanta XRF unit. The pXRF device was used to determine anomalous REO geochemistry (La, Ce, Nd, Pr and Y) from the 1-m sample piles. • pXRF reading times were 45 secs over 3 beams for multielement and REO assays. These results are not considered dependable without calibration using chemical analysis from an accredited laboratory. However, their analytical accuracy was checked using REO -bearing geochemical standards. • The pXRF results were not used for estimation. • Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. • Sample weights were measured for 174 of the AC drillholes, and recovery was measured for 7 of the diamond drillholes. Sample recovery for the diamond drillholes recovery was 100 %. Based on the information available, sample recovery is acceptable for the diamond holes. • Assay analytical precision was established by laboratory repeats and was deemed acceptable to the Competent Person. • The overall performance of standards was deemed to be acceptable, see Error! Reference source not found.. o It was noted that La, Pr, Ce and Eu in the CRM OREAS464 have expected values above the detection limits of the lab method ME_MS81. o It was noted that Co and Ni in the CRMs OREAS461 and OREAS464 are over reported against the expected values using the lab method ME_4ACD81. Page 12 of 30 Criteria JORC Code explanation Commentary o It was noted that Cu and Sc in the CRM OREAS464 are under reported against the expected values using the lab method ME_4ACD81. • The overall performance of the blanks was deemed to be acceptable. • Field diamond duplicate data points taken from the same drillholes is available only for 14 samples from diamond drill core. The mean grade of the original sample was generally reproduced by the duplicate for the various analytes and is acceptable to the Competent Person. • In April 2024, 37 samples were submitted to an umpire laboratory, Intertek Genalysis in Perth. The results were compared to the original assay results from ALS laboratories for the key analytes of interest to the project. There was no observable bias between the original assays completed by ALS and the checks completed by Intertek Genalysis Perth. • There are only 14 duplicates collected over the entire project drilling campaign. MEC recommends that future drilling campaigns will require an increase in duplicate samples to be collected to demonstrate the lack of sample bias in the rig- mounted splitter. Verification of sampling and assaying • The verification of significant intersections by either independent or alternative company personnel. • Victory’s representative Prof Kenneth Collerson (PhD, FAusIMM) undertook verification of significant intersections. • The use of twinned holes. • Eleven percussion (air core and RC) drillholes have been twinned with diamond drilling (DD001 to DD011). Samples were submitted to the laboratory for analysis only where the initial screening by handheld pXRF satisfied the anomalous value threshold as set by company policy, whereas the diamond drilling was sampled and assayed along the entire length of the drillhole. • QQ plots were prepared between the percussion and diamond assays paired at 5m, with good correlation between the two drillhole types. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • ALS laboratories routinely re-assayed anomalous assays as part of their normal QAQC procedures • Discuss any adjustment to assay data. • REO assay results were adjusted to convert elemental values to the oxide equivalent for REOs. The oxide stoichiometric conversion factors used are provided below: Page 13 of 30 Criteria JORC Code explanation Commentary Location of data points • Accuracy and quality of surveys used to locate drillholes (collar and downhole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • 51% of the drillholes were surveyed by RTK/DGPS. The remaining holes were surveyed by handheld GPS with a horizontal accuracy of +/- 5 m. Elevation values (Z) were assigned from the topography surface where no DGPS data was available. • There were no downhole surveys completed. Drillholes were both vertical (92%) and inclined (8%). The majority of drill intervals (99%) were less than a drill hole depth of 100m. Downhole survey was completed for the diamond drillholes. • Specification of the grid system used. • All coordinates are in GDA94 Zone 50. • Quality and adequacy of topographic control. • A LiDAR based DEM has been produced for the project. Data spacing and distribution • Data spacing for reporting of Exploration Results. • The drillhole spacing at North Stanmore ranges from 50 x 50m to 250 x 100m. • Whether the data spacing, and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Given the nature of the exploration programs, the spacing of the exploration drilling is appropriate for understanding the exploration potential and the identification of structural controls on the mineralisation. In areas of closer spaced drilling the spacing demonstrates grade and geological continuity sufficient to support Indicated Mineral Resources. Where drillhole spacing increases, grade and geological continuity can be implied and has been classified as an Inferred Mineral Resource. Areas where the drillhole spacing is such that grade and geological continuity cannot be implied, have been excluded from the Mineral Resource. • The applied Mineral Resource classification is commensurate with the grade continuity demonstrated. Page 14 of 30 Criteria JORC Code explanation Commentary • Whether sample compositing has been applied. • Percussion samples were collected as 1.0 m samples. Core was collected at a nominal 1.0 m samples. Air core samples were collected as 1.0 m and 4.0 m samples. Orientation of data in r