Announcement PDF Page 1 (PREVIOUSLY DY6 METALS LTD) ABN 91 663 592 318 ANNUAL REPORT FOR THE PERIOD ENDED 30 JUNE 2026 Page 2 CONTENTS Directors’ Report.................................................................................................................................3 Auditor’s Independence Declaration ................................................................................................21 Financial Report…………………………………………………………………………………………………………………………...22 Consolidated Entity Disclosure Statement ……………………………………………………………………………………56 Directors’ Declaration .......................................................................................................................57 Independent Audit Report ................................................................................................................58 Shareholder Information...................................................................................................................61 Schedule of Tenements.....................................................................................................................65 CORPORATE DIRECTORY Executive Chairman Mr Daniel Smith Non-Executive Directors Dr Nannan He Mr Myles Campion Mr John Kay Chief Executive Officer Mr Clifford Fitzhenry Company Secretary Mr John Kay Stock Exchange Australian Securities Exchange – TSK Registered Office Ground Floor 8 St Georges Terrace Perth WA 6000 Telephone: (08) 9486 4036 Email: info@tuskerminerals.com Website: www.tuskerminerals.com Postal Address: PO Box 5638 St Georges Terrace Perth WA 6831 Share Registry Computershare Investor Services Level 17 221 St Georges Terrace Perth WA 6000 Auditors Moore Australia Audit (WA) Level 15 2 The Esplanade Perth WA 6000 Solicitors HWLE Lawyers Level 20 240 St Georges Terrace Perth WA 6000 DIRECTORS’ REPORT Page 3 Your directors present their report together with the financial statements of the Group consisting of Tusker Minerals Ltd (“TSK” or “the Company”) and its controlled entities for the year ending 30 June 2026, the notes to the financial statements and the auditor’s report thereon. DIRECTORS The following persons were Directors of Tusker Minerals Ltd during the financial year and up to the date of this report unless otherwise stated: Mr Daniel Smith – Executive Chairman Mr John Kay – Non-Executive Director Dr Nannan He – Non-Executive Director Mr Myles Campion – Non-Executive Director MANAGEMENT Mr Clifford Fitzhenry – Chief Executive Officer (appointed 14 July 2025) Mr John Kay – Company Secretary PRINCIPAL ACTIVITIES The Company’s strategy is centered on unlocking shareholder value through the discovery and development of world-class mineral deposits in Cameroon and Malawi. Our exploration portfolio targets minerals critical to global growth sectors such as defence, aerospace, electric vehicles, and renewable energy sectors – markets forecast to experience long-term demand growth. RESULTS AND DIVIDENDS For the year ended 30 June 2026, the Group recorded a net loss of $609,877 (2025: net loss $1,887,749), reflecting a period of significant investment in project acquisition and exploration. There were no dividends paid or recommended during the financial year ended 30 June 2026 (2025: nil), and capital was strategically allocated to advance projects expected to deliver shareholder value in the medium to long term. STRATEGY The Board’s strategy is to concentrate capital on large-scale natural rutile and HMS systems that can, with systematic work, support a development case, while recycling non-core Malawi rare-earth and base-metal exposure into that effort. DIRECTORS’ REPORT Page 4 REVIEW OF OPERATIONS Cameroon Central Rutile Project The Central Rutile Project comprises a district-scale package of exploration permits and permit applications in central Cameroon, covering in the order of 5,900km² of kyanite-bearing mica-schist terrain. The geological model is residual, saprolite-hosted rutile liberated by in-situ weathering of bedrock - the same deposit style as Sovereign Metals’ Kasiya project in Malawi - with a secondary alluvial component. Reconnaissance auger, channel and grab sampling results announced during 2025 confirmed high-grade, near- surface rutile over a long strike between the Nsimbo and Alamba areas, including: • 3.5m @ 0.78% rutile (5.29% HM) from surface, including 1m @ 2.1% rutile from 1 m (GRMGB0007); • 5.8m @ 0.47% rutile (6.98% HM) from surface, including 1m @ 1.57% rutile from surface (GRMGB0005); • 2.25m @ 0.60% rutile (8.7% HM), including 0.95m @ 0.96% rutile from surface (GRMAU0004). XRD work on those programs confirmed rutile as the dominant titanium mineral, with low ilmenite and no leucoxene reported in the announced results. During the year the Company expanded the Central footprint, including the acquisition of the Yaoundé West project announced on 15 September 2025, adjoining existing Central ground and covering a former rutile mining site. Field work in the 2026 year included hand-auger drilling along the historically mapped BRGM high-grade rutile corridor (Bounde and Nganda) and systematic soil sampling at Yaoundé West. An in-country HMS sample- processing facility and laboratory in Yaoundé was commissioned and is used to process soil and auger samples from these programs. Douala Rutile Project The Douala Basin project comprises granted exploration permits and applications totalling approximately 2,580km² in the coastal sedimentary basin of western Cameroon, within about 50 km of the deep-water port of Douala. The target is classic palaeo-placer / aeolian heavy mineral sands hosting rutile, zircon, ilmenite and monazite. The Diwong licence application (formerly Eramet’s Missole project) was historically tested by sonic and auger drilling that confirmed rutile and zircon in thick sand sequences. Work during the year advanced the first modern assessment of the basin. Subsequent to balance date the Company announced a JORC (2012) Exploration Target for the Diwong South deposit (which lies within the Diwong licence application) of 2.1–2.6 billion tonnes at 2.1–2.3% THM, with indicative grades of 0.3–0.35% rutile and 0.06–0.07% zircon (ASX announcement dated 17 July 2026). The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource, and it is uncertain if further exploration will result in the estimation of a Mineral Resource. Reconnaissance drilling used in that work, as reported in that announcement, included near-surface intercepts of 3.2m @ 0.76% rutile and 0.08% zircon from surface and 4.2m @ 0.53% rutile and 0.08% zircon from surface. The current Exploration Target covers only a portion of the broader Douala package. DIRECTORS’ REPORT Page 5 Malawi Tundulu (REE, Phosphate and Gallium) Tundulu (EL 0731/24) is a carbonatite-hosted rare earth, phosphate and gallium system in southern Malawi. During the year the Company reported historical drilling and gallium potential, carried out further mapping and sampling, and commissioned preliminary metallurgical test work on selected bulk samples. On 17 April 2026 the Company announced binding agreements to divest a 100% interest in the Tundulu project to AuKing Mining Limited for total consideration of up to A$5.55 million, comprising staged cash and AuKing equity. The transaction was structured to provide non-dilutive funding and an ongoing equity exposure to Tundulu through AKN, while allowing Tusker to redirect capital to its rutile and HMS portfolio. Mzimba Mzimba comprises three granted licences in northern Malawi. During the year the Company completed the first modern, systematic field program designed to test residual rutile potential across the package, comprising soil sampling and pit-channel sampling, as announced on 1 June 2026 and 22 June 2026. Laboratory processing of that program was underway at year-end. Machinga, Karonga, Ngala Hill and Salambidwe A soil and rock-chip program was completed at Machinga during the first half of the year and reported on 19 December 2025. The program comprised 116 samples (77 rock chips and 39 soils) on a 400 m by 200 m grid over a 2.7km radiometric anomaly about 3km southeast of earlier drilling. Results included gallium up to 75.28g/t Ga2O3 with associated TREO and niobium values. No drilling was undertaken at Machinga during the year. No field work was undertaken at Karonga, Ngala Hill, or Salambidwe during the year. DIRECTORS’ REPORT Page 6 CORPORATE Material corporate events during the year included the change of name from DY6 Metals Ltd to Tusker Minerals Ltd, the appointment of Mr Clifford Fitzhenry as Chief Executive Officer on 14 July 2025, in-country leadership appointments in Cameroon and Malawi, and the Cameroon acquisitions and licence applications described above. OUTLOOK In the 2027 financial year the Group intends to progress systematic exploration and laboratory work on the Cameroon Central and Douala projects, complete the announced Malawi divestments, and maintain a disciplined cost base. SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS Significant changes in the state of affairs of the Group during the financial year were as follows: • the change of the Company’s name from DY6 Metals Ltd to Tusker Minerals Ltd on 1 December 2025; • the appointment of Mr Clifford Fitzhenry as Chief Executive Officer on 14 July 2025; • the acquisition of the Weaver project in Cameroon, including the issue of 2,000,000 consideration shares on 17 July 2025; • the issue of 14,600,000 shares at $0.30 per share under a placement on 23 July 2025, raising $4,380,000 before costs, and the issue of a further 816,667 shares to Directors on the same terms on 17 September 2025; • the acquisition of the Yaoundé West project in Cameroon, including the issue of 5,000,000 consideration shares on 30 December 2025; and • the entry into binding agreements on 17 April 2026 to divest the Tundulu project to AuKing Mining Limited. Other than the above, there were no significant changes in the state of affairs of the Group during the financial year. MATTERS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR On 17 July 2026, the Company announced a JORC (2012) Exploration Target for the Diwong South deposit at the Douala Basin project of 2.1–2.6 billion tonnes at 2.1–2.3% THM, including indicative grades of 0.3–0.35% rutile and 0.06–0.07% zircon. The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource, and it is uncertain if further exploration will result in the estimation of a Mineral Resource. On 18 August 2026, the Company announced that it had executed a binding Share Sale Agreement under which AuKing will acquire 100% of Green Exploration Limited (Malawi) for up to approximately A$4.85 million in staged cash, AKN shares and performance shares. CORPORATE GOVERNANCE The Company’s Corporate Governance Statement is available on its website www.tuskerminerals.com LIKELY DEVELOPMENTS AND EXPECTED RESULTS Likely future developments in the operations of the Group and the expected results of those operations in subsequent financial years are consistent with those reported for the current period. DIRECTORS’ REPORT Page 7 MATERIAL BUSINESS RISK The Group seeks to identify material risks on an ongoing basis and to manage those risks effectively. The matters set out below are not an exhaustive list of risks that may affect the Group, nor are they in order of significance. The nature, likelihood and impact of risks can change and actual outcomes may differ from those described. The Board aims to manage this risks through planning, governance and control measure appropriate to the Group's stage of development. Certain risks remain highly unpredictable and the extent to which the Board can effectively manage them is limited. Exploration and evaluation risk The Company’s tenements remain at an early stage of exploration. Mineral exploration and development are inherently high risk activities. There is no assurance that work on the existing tenements or on any tenements acquired in the future will result in the discovery of an economically viable mineral deposit. Even where a deposit appears prospective, there is no guarantee that it can be developed or mined on commercially acceptable terms. Exploration programmes may be disrupted by geological conditions, seasonal weather, unforeseen operational or technical difficulties, industrial or environmental incidents, changes in regulation and other factors beyond the Company’s control. The Company manages this risk by engaging competent personnel and reputable consultants with the relevant skills, applying rigorous technical analysis and planning and scheduling field work to take account of seasonal conditions. Future capital requirements Continued evaluation and any future development of the Company’s mineral properties will require substantial additional funding. If sufficient capital cannot be raised when required, the Company may need to delay or indefinitely defer further work and in some circumstances may lose or dilute its interest in on or more properties. There can be no assurance that additional equity, debt or other funding will be available on acceptable terms or at all. The terms of any future financing may be dilutive or otherwise unfavourable to existing shareholders. Sovereign risk The Company’s operations in Malawi and Cameroon are subject to various levels of political, economic and other risks and uncertainties. The Malawi and Cameroon are a developing country and economy which does not have an established mining industry. There can be no assurances that future political developments in those country will not directly impact the Company’s operations. Commodity price and foreign exchange risks Prices for rutile, graphite and other commodities are volatile and is affected by numerous factors beyond the control of the Company. Any future production, if any, from the Company’s mineral properties would depend on commodity prices being sufficient to support an economic operation. Current and planned development activities are predominantly denominated in South African Rand and Central African Franc and the Company’s ability to fund these activities may be adversely affected if the Australian dollar continues to fall against the South African Rand and Central African Franc. The Company does not presently hedge commodity prices or foreign exchange exposures. This policy is reviewed as the nature and scale of operations change. DIRECTORS’ REPORT Page 8 Reliance on key personnel The Company’s progress depends in part on its ability to attract, retain key personnel. Competition for suitable qualified people can be intense and the Company may not always be able to recruit or retain personnel on terms with its existing remuneration framework. The loss of key individuals, or an inability to secure additional capability as the business grows could disrupt programmes and have a material adverse effect on the Group. The company seeks to mitigate this risk through market competitive remuneration and incentive arrangements. Economic General economic conditions, introduction of tax reform, new legislation, movements in interest rates, inflation and currency exchange rates may have an adverse effect on the Company’s exploration, development and production activities as well as on its ability to fund those activities. ENVIRONMENTAL REGULATIONS The Company is required to carry out its activities in accordance with the Mining Laws and regulations in the areas in which it undertakes its exploration activities. The Company is not aware of any matter which requires disclosure with respect to any significant environmental regulation in respect of its operating activities. COMPETENT PERSON STATEMENT The information contained in this report that relates to geological information, exploration results and the Exploration Target is based on information compiled by Mr Clifford Fitzhenry, a Competent Person who is a Registered Professional Natural Scientist with the Council for Natural Scientific Professionals (SACNASP). Mr Fitzhenry is the Company’s Chief Executive Officer and a full-time employee of the Company. Mr Fitzhenry holds shares and performance rights in the Company, and is a director of Gondwana Capital Pty Ltd, a vendor to the Company that holds performance rights. Mr Fitzhenry and has sufficient experience which is relevant to the style of mineralization 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 ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Fitzhenry consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. The information in this report that relates to Exploration Results and the Exploration Target is extracted from the Company’s ASX announcements dated 2 September 2025, 19 December 2025, 1 June 2026, 22 June 2026 and 17 July 2026 (released under the Company’s former name, DY6 Metals Ltd, where applicable), which are available to view at www.asx.com.au and on the Company’s website at www.tuskerminerals.com. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of the Exploration Target, that all material assumptions and technical parameters underpinning the Exploration Target 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 announcements. DIRECTORS’ REPORT Page 9 INFORMATION ON DIRECTORS Mr Daniel Smith - Executive Chairman Qualifications - BA, GradDipACG, FCIS, FGIA, RG146 Experience Mr Smith is a chartered governance professional with over 17 years’ primary and secondary capital markets expertise. He is a director and co-founder of Minerva Corporate, a boutique corporate services and advisory firm. He has advised on and been involved in over a dozen IPOs/RTOs on the ASX and AIM. Interest in Shares and Options - 12,326,215 ordinary shares 17,242,050 options (ex $0.08, ex $0.15, ex $0.25) 4,250,000 performance rights (various milestones) Current directorships Europa Metals Ltd (AIM:EUZ), QX Resources Ltd (ASX:QXR), Nelson Resources Ltd (ASX:NES) Former directorships held in past three years - Alien Metals Ltd (AIM:UFO), Artemis Resources Ltd (ASX:ARV), Lachlan Star Ltd (ASX:LSA), Oceana Lithium Ltd (ASX:OCN), White Cliff Minerals Ltd (ASX:WCN), Rapid Critical Minerals Ltd (ASX:RCM) Mr John Kay - Non-Executive Director and Company Secretary Qualifications - LLB, RG156 Experience Mr Kay is admitted to practice as a lawyer in Western Australia and England & Wales. He is an experienced corporate lawyer and corporate adviser with over 17 years’ experience in equity capital markets, M&A and resources gained through both private practice and inhouse roles in Australia and the UK. He has previously held a number of non-executive and company secretarial roles for ASX listed mining and energy companies and has advised on over a dozen IPOs/RTOs on the ASX. Interest in Shares and Options - 4,171,667 ordinary shares 4,538,452 options (ex $0.08, ex $0.15, ex $0.25) 750,000 performance rights (various milestones) Current directorships - Nil Former directorships held in past three years - Paterson Resources Limited (ASX:PSL) DIRECTORS’ REPORT Page 10 INFORMATION ON DIRECTORS Dr Nannan He - Non-Executive Director Qualifications - PhD Geochemistry Experience Dr He has over 10 years’ experience in geosciences, chemical material trading, exploration and resources investment. Via her investment vehicle, Woodsouth Asset Management, she has been actively examining exploration and resource projects worldwide and has built strong networks, particularly in the Southeast Asian market. Interest in Shares and Options - 1,592,223 ordinary shares 4,838,956 options (ex $0.08, ex $0.15 and ex $0.25) 500,000 performance rights (various milestones) Current directorships Nil Former directorships held in past three years - Nil Mr Myles Campion - Non-Executive Director Qualifications - BSc Geology (Hons), MSc Minex Experience Mr Campion has over 30 years’ experience in the natural resources sector, including exploration geology, resource analysis, fund management, equities research and project and debt financing. He started his career as an exploration and mining geologist in Australia covering base metals and gold, that included being the Project Geologist at LionOre responsible for the exploration, discovery and BFS completion of the Emily Ann Nickel Sulphide Mine. Mr Campion’s financial experience ranges from Australian and UK equities research through to project and debt financing in London and Fund Manager for the OEIC Australian Natural Resources Fund for 5 years in Perth. Interest in Shares and Options - 1,915,000 ordinary shares 3,185,237 options (ex $0.08 and ex $0.25) 500,000 performance rights (various milestones) Current directorships Europa Metals Ltd (AIM:EUZ); Altoro Metals Limited (ASX:ARO) Former directorships held in past three years - Katoro Gold PLC (LON:KAT) DIRECTORS’ REPORT Page 11 Mr Clifford Fitzhenry - Chief Executive Officer (appointed 14 July 2025) Mr Fitzhenry is a seasoned exploration geologist with a solid track record spanning over 20 years of critical minerals and precious metals exploration throughout Africa and the Middle East. He has held senior management positions, successfully leading teams across all aspects of exploration, development and feasibility studies. Mr. Fitzhenry holds MSc and BSc Honours (cum laude) degrees from the University of KwaZulu Natal (South Africa) and is a Registered Professional Natural Scientist in South Africa. DIRECTORS’ MEETINGS The number of Directors’ meetings and number of meetings attended by each of the Directors of the Company during the financial period (and the number each Director was entitled to attend): Directors’ Meetings Number eligible to attend Number attended Daniel Smith 6 6 John Kay 6 6 Nannan He 6 6 Myles Campion 6 6 Given the size of the company, there are no separate committees of Directors. REMUNERATION REPORT (Audited) The information in this remuneration report has been audited as required by s.308 (3C) of the Corporations Act 2001. (a) Principles used to determine the nature and amount of remuneration The objective of the Group’s executive reward framework is to ensure reward for performance is competitive and appropriate for the results delivered. As there is no remuneration committee the role is assumed by the full Board of Directors. The Board ensures that director and executive reward satisfies the following key criteria for good reward governance practices: • competitiveness and reasonableness; • acceptability to shareholders; • transparency; and • capital management. The Group has structured an executive remuneration framework that is market competitive and complementary to the reward strategy of the organisation. Alignment to shareholders’ interests: • has economic profit as a core component of plan design; • focuses on sustained growth in share price and delivering constant return on assets as well as focusing the executive on key non-financial drivers of value; • attracts and retains high calibre executives; • rewards capability and experience; • reflects competitive reward for contribution to shareholder growth; • provides a clear structure for earning rewards; and • provides recognition for contribution. DIRECTORS’ REPORT Page 12 REMUNERATION REPORT (Audited) (continued) (a) Principles used to determine the nature and amount of remuneration (continued) Relationship between remuneration and Group performance During the past year and since listing on 1 July 2023 the Group has generated losses as it is still involved in mineral exploration, not in production. Given that the remuneration is commercially reasonable / appropriate / benchmarked, the link between remuneration, Group performance and shareholder wealth generation is tenuous, particularly in the exploration stage of a minerals company. Since listing the Group has recorded losses as it carries out exploration activities on its tenements, and no dividend has been paid. Share prices are subject to the influence of international metal prices and market sentiment toward the sector, and increases or decreases may occur quite independent of executive performance or remuneration. Share prices, largely unrelated to profit and loss, have descended to $0.05 since listing. Directors’ fees Non-Executive Directors’ fees are determined within the Non-Executive Directors’ fee pool limit, which is periodically recommended for approval by shareholders. The pool currently stands at $300,000 per annum for Non-Executive Directors was adopted in the Company’s Constitution dated 27 January 2023. Retirement allowances for Directors The Company provides no retirement allowances for Non-Executive Directors. Executive pay The executive pay and reward framework has four components: • base pay and benefits; • short-term incentives; • long-term incentives through Directors options and/or performance rights (refer Note 19); and • other remuneration such as superannuation. The combination of these comprises the executive’s total remuneration. Base pay Structured as a total employment cost package which may be delivered as a mix of cash and prescribed non- financial benefits at the executive’s discretion. Executives are offered a competitive base pay that comprises the fixed component of pay and rewards. Base pay for senior executives is reviewed annually by the Board to ensure the executive’s pay is competitive with the market. An executive’s pay is also reviewed on promotion. There are no guaranteed base pay increases fixed in any senior executives’ contracts. Benefits Executives receive no benefits outside of the base pay, options and superannuation disclosed in this report. Retirement benefits Other than statutory superannuation contributions, no retirement benefits are provided for executives except statutory entitlements. DIRECTORS’ REPORT Page 13 REMUNERATION REPORT (Audited) (continued) (a) Principles used to determine the nature and amount of remuneration (continued) Short-term incentives Key management personnel are entitled to short term incentives (STI’s) based on performance that is agreed by the board from time to time. Performance Conditions Performance conditions are attached to the performance rights issued to directors as remuneration. (b) Details of remuneration Details of the nature and amount of each element of the emoluments of each of the key management personnel of the Group are set out in the following tables: Key management personnel and other executives of the Group Short-term employee benefits Post-employment benefits Share-based payments Cash salary and fees Termination benefits Super- annuation pensions Retirement benefits Options Performance Rights Total Performance Based % 30 June 2026 $ $ $ $ $ $ $ % Executive Directors Daniel Smith 100,000 - - - - 403,282 503,282 80.13 Total Executive Directors 100,000 - - - - 403,282 503,282 Non-Executive Directors John Kay1 48,333 - - - - 50,348 98,681 51.02 Nannan He 43,155 - 5,179 - - 50,348 98,682 51.02 Myles Campion 48,333 - - - - 50,348 98,681 51.02 Total Non- Executive Directors 139,821 - 5,179 - - 151,044 296,044 Other Key Management Clifford Fitzhenry2 261,667 - - - - 555,651 817,318 67.98 261,667 - - - - 555,651 817,318 Total key management personnel compensation 501,488 - 5,179 - - 1,109,977 1,616,644 1 Mr J Kay, a Non-Executive Director, also provides company secretarial services to the Group. 2 Mr C Fitzhenry was appointed as Chief Executive Officer on 14 July 2025. DIRECTORS’ REPORT Page 14 REMUNERATION REPORT (Audited) (continued) (b) Details of remuneration Key management personnel and other executives of the Group Short-term employee benefits Post-employment benefits Share-based payments Cash salary and fees Termination benefits Super- annuation pensions Retirement benefits Options Performance Rights Total Performance Based % 30 June 2025 $ $ $ $ $ $ $ % Executive Directors Daniel Smith 54,083 - - - - 298,259 352,342 84.65 Total Executive Directors 54,083 - - - - 298,259 352,242 Non-Executive Directors John Kay1 47,000 - - - - 59,652 106,652 55.93 Nannan He 42,151 - 4,848 - - 59,652 106,652 55.93 Myles Campion 47,000 - - - - 59,652 106,652 55.93 Total Non- Executive Directors 136,152 - 4,848 - - 178,956 319,956 Other Key Management Lloyd Kaiser2 18,823 79,500 10,303 - - (14,392)2 94,234 (15.27) 18,823 79,500 10,303 - - (14,392) 94,234 Total key management personnel compensation 209,058 79,500 15,151 - - 462,823 766,532 1 Mr J Kay, a Non-Executive Director, also provides company secretarial services to the Group. 2 Mr L Kaiser resigned on 10 July 2024. The credit expense refers to the lapse of his performance rights and resulting true-up adjustment for the period ended following his resignation in July 2024. (c) Service agreements Remuneration and other terms of employment for key management personnel are formalised in service agreements or letters of appointment. The key terms are set out below. Mr Clifford Fitzhenry – Chief Executive Officer: commenced 14 July 2025; no fixed term; base remuneration of $270,000 per annum inclusive of superannuation; three months’ notice by either party; termination payment of three months salary; eligible for 4,500,000 performance rights issued under the Employee Securities Incentive Plan (refer section (d)). Mr Daniel Smith – Executive Chairman: fee o