Announcement PDF ASX Announcement 12 March 2026 New High-Grade Residual Rutile Discovery at Mzimba in Northern Malawi Highlights • High-Grade titanium mineralisation identified across Tusker’s Mzimba licences in northern Malawi from initial reconnaissance sampling. • Peak assay of 1.88% TiO2 returned from soil and rock-chip samples. • 47% of soil samples returned >1% TiO₂, demonstrating strong near-surface titanium enrichment. • XRD analysis confirms titanium mineralisation occurs primarily as rutile (the most valuable natural TiO₂ mineral), with minor anatase present and no ilmenite detected. • Results derived from early-stage reconnaissance sampling covering only ~50 km², representing just ~7% of the 710km² licence package. • Geological setting comparable to major Malawian rutile deposits including Sovereign Metals’ Kasiya Project. • Large exploration upside with systematic follow-up programs planned across the broader licence area. • The results highlight the potential for Mzimba to host a significant residual rutile system. • Engage with this announcement at the Tusker Minerals Investor Hub. Tusker Minerals Ltd (ASX: TSK, ‘Tusker’ or ‘Company’) is pleased to announce the identification of high-grade titanium mineralisation hosted predominantly by rutile across its Mzimba exploration licences in northern Malawi. The results come from a review of the Company’s initial reconnaissance soil and rock chip sampling program, supported by XRF geochemical analysis and XRD mineralogical testing, and represent an important early validation of the project’s prospectivity. Chief Executive Officer, Cliff Fitzhenry, commented: “We are very encouraged by these early-stage results from the Mzimba Project. Initial reconnaissance sampling has returned strong TiO₂ values across a relatively small portion of the licence area, with nearly half of the soil samples exceeding 1% TiO₂ and peak assays reaching 1.88%. Importantly, XRD mineralogical analysis confirms that the titanium is hosted predominantly in rutile and, to a lesser extent, anatase, with no ilmenite identified in the analysed samples. The project area is underlain by rutile-bearing high-grade metamorphic rocks of the Irumide Belt, similar to those that host major residual rutile systems elsewhere in Malawi. With more than 700 km² of largely unexplored tenure, we see significant potential to expand these results as we advance follow-up sampling and auger drilling programs. Alongside exploration progress at our Central Rutile Project in Cameroon, Mzimba forms part of Tusker’s growing portfolio of highly prospective rutile exploration assets in Africa.” As global titanium demand accelerates in green technologies and high-performance industries, these assets strengthen our portfolio and offer substantial long-term value for shareholders. These early results provide strong encouragement for further exploration, and we look forward to systematically evaluating the scale potential of the Mzimba Project.” Table 1: >1% Titanium assay results Sample ID Sample Type Easting Northing %TiO2 MZB0021 Rock chip 563571 8678469 1.88 MZB0013 Soil 554377 8677166 1.7 MZB0041 Rock chip 547261 8652839 1.51 MZB0038 Soil 547209 8654835 1.42 MZB0037 Soil 553312 8656854 1.15 MZB0046 Soil 554576 8656659 1.13 MZB0009 Soil 562391 8685194 1.1 MZB0027 Rock chip 547017 8660783 1.08 MZB0031 Soil 547238 8658638 1.07 Initial reconnaissance sampling returned encouraging titanium results, with 27% (11/41) of soil and rock-chip samples assaying above 1% TiO2 (increasing to 47%, 8/17, when considering only the soil samples). XRD mineralogical analysis on nine samples confirmed the titanium is hosted predominately in rutile, the highest-value naturally occurring titanium dioxide mineral, with minor anatase also present - both forms of high-purity TiO2. Importantly, no ilmenite was detected in the analysed samples, indicating that the titanium mineralisation is largely composed of high-purity TiO₂ minerals dominated by rutile and anatase. While assays measure total chemical TiO₂ and XRD analysis identifies the titanium-bearing mineral phases present - the combination of results highlight the strong prospectivity of the Mzimba project and its geological similarities to world-class residual rutile systems such as the Kasiya deposit. With only 7% of the 710 km² licenses explored, follow-up programs will aim to define resources and assess recovery. Figure 1: XRF rutile % values of reconnaissance soil and rock-chip samples. Figure 2: Exposure of the weathering profile showing the contact between ferruginous pedolith and underlying mottled clay. Figure 3: Planned follow up soil sampling program. The Mzimba licences are situated within a highly prospective geological setting for rutile mineralisation, underlain by mica schists and paragneiss of the Irumide Belt. These high-grade metamorphic rocks are favourable source rocks for rutile and are comparable to the metamorphic protoliths that host the Kasiya deposit 200km to the south. This favourable regional geological framework enhances the prospectivity of the Mzimba licences for large-scale, near-surface residual rutile mineralisation. Rutile is the highest- value naturally occurring form of titanium dioxide and is a critical mineral used in pigments, aerospace alloys, welding electrodes, and increasingly in advanced lightweight composites and emerging renewable technologies. The initial 50 km² survey area represents only a small portion of the total licence area, leaving significant exploration upside across the broader project. Tusker plans to immediately mobilise its Malawian exploration team to commence an expanded follow-up programme aimed at rapidly advancing the project. The next phase of work will include: • Additional wide-spaced and infill soil sampling to expand and refine the geochemical footprint • Auger drilling to test the depth, distribution and continuity of rutile mineralisation • Review and interpretation of available geophysical datasets (including magnetic and radiometric surveys) to refine priority target areas • Preliminary metallurgical testwork to assess rutile liberation and recovery characteristics These programs will progressively evaluate the remaining licence area, with the objective of defining priority drill targets and advancing the project toward maiden resource definition over the coming exploration cycles. The encouraging results from the Mzimba licences complement ongoing exploration at the Company’s flagship Central Rutile Project in Cameroon, where auger drilling programmes are currently underway to test multiple priority targets for rutile mineralisation. Together, these projects form an emerging pipeline of prospective rutile exploration assets, positioning Tusker Minerals to potentially participate in future supply of natural rutile as global availability tightens amid rising demand from pigments, aerospace alloys, and emerging decarbonisation technologies. About the Mzimba Project The Mzimba Project is located in the Mzimba District of northern Malawi, approximately 200 km north of the capital Lilongwe. The project covers a total area of approximately 710.5 km² across three exploration licences: Mzimba West, Mzimba Central and Mzimba South. Geologically, the project lies within the Mesoproterozoic Irumide Belt, which extends from eastern Zambia into northern and central Malawi. The belt comprises high-grade metamorphic basement rocks including orthogneiss, paragneiss, schist and granulite, intruded by granitic bodies and locally associated with pegmatite swarms that have historically been mined for gemstones such as beryl. Of particular relevance to rutile prospectivity, these high-grade metamorphic rocks commonly contain rutile as an accessory mineral formed during metamorphism. Prolonged tropical weathering across the region has resulted in the development of deep saprolite profiles, within which resistant heavy minerals such as rutile may become residually enriched through the weathering of rutile-bearing paragneiss and related lithologies. Despite this favourable geological setting, limited modern exploration targeting titanium or rutile mineralisation has been undertaken within the licence areas. -ENDS- This announcement has been authorised by the Board of Tusker Minerals. More information Mr Daniel Smith Mr Cliff Fitzhenry Jessica Fertig Executive Chairman Chief Executive Officer Media and Investor Relations dan@tuskerminerals.com cliff@tuskerminerals.com jessica@taumedia.com.au About Tusker Minerals Tusker Minerals is an African-focused explorer advancing a world-class portfolio of critical mineral assets across Cameroon & Malawi. Tusker’ projects include the Central Rutile Project and Douala Basin HMS Project in Cameroon and the Tundulu Project, Machinga HREE Project, and Salambidwe Project in Malawi. Competent Person Statement The information contained in this announcement that relates to geological information and exploration results at the Central Rutile Project, 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 CEO 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 announcement of the matters based on his information in the form and context in which it appears. Forward-Looking Statements This announcement may include forward-looking statements and opinions. Forward-looking statements, opinions and estimates are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of Tusker Minerals. Past performance is not necessarily a guide to future performance and no representation or warranty is made as to the likelihood of achievement or reasonableness of any forward-looking statements, opinions or estimates. Actual values, results or events may be materially different to those expressed or implied in this announcement. Given these uncertainties, readers are cautioned not to place reliance on forward-looking statements, opinions or estimates. Any forward-looking statements, opinions or estimates in this announcement speak only at the date of issue of this announcement. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Tusker Minerals does not undertake any obligation to update or revise any information or any of the forward- looking statements, opinions or estimates in this announcement or any changes in events, conditions or circumstances on which any such disclosures are based. Table 2: Titanium assay results on soil & rock chip sampling, Mzimba Sample ID Sample Type Easting Northing %TiO2 MZB0007 Rock chip 556520 8685189 0.92 MZB0008 Soil 560376 8685186 1.06 MZB0009 Soil 562391 8685194 1.1 MZB0010 Rock chip 561089 8685094 0.01 MZB0011 Rock chip 561017 8685296 0.07 MZB0012 Rock chip 560217 8679246 0.02 MZB0013 Soil 554377 8677166 1.7 MZB0014 Rock chip 557281 8680350 0.52 MZB0015 Rock chip 556544 8677150 0.59 MZB0016 Soil 556670 8677121 0.68 MZB0017 Soil 556617 8677120 0.36 MZB0019 Soil 558352 8677266 1.02 MZB0020 Rock chip 560427 8677046 0.02 Sample ID Sample Type Easting Northing %TiO2 MZB0021 Rock chip 563571 8678469 1.88 MZB0022 Soil 563637 8678472 0.69 MZB0023 Soil 556397 8675204 0.87 MZB0024 Rock chip 558476 8675344 0.33 MZB0025 Rock chip 560371 8675186 0.01 MZB0026 Rock chip 547196 8664862 0.39 MZB0027 Rock chip 547017 8660783 1.08 MZB0028 Rock chip 549283 8662961 0.01 MZB0029 soil 549230 8660894 0.88 MZB0030 Rock chip 550008 8660891 0.83 MZB0031 Soil 547238 8658638 1.07 MZB0032 Rock chip 551219 8658651 0.57 MZB0033 Rock chip 553460 8658211 0.39 MZB0034 Soil 549201 8656816 0.8 MZB0035 Rock chip 548080 8656078 0.58 MZB0036 Rock chip 552229 8655733 0.57 MZB0037 Soil 553312 8656854 1.15 MZB0038 Soil 547209 8654835 1.42 MZB0040 Rock chip 547925 8654747 0.85 MZB0041 Rock chip 547261 8652839 1.51 MZB0042 Rock chip 558409 8660704 0.67 MZB0043 Rock chip 554398 8658936 0.26 MZB0044 Soil 558546 8658675 0.36 MZB0045 Soil 560202 8658931 0.35 MZB0046 Soil 554576 8656659 1.13 MZB0047 Rock chip 558570 8656662 0.08 MZB0048 Soil 560572 8656659 0.4 MZB0049 Rock chip 560430 8656644 0.01 Table 3: XRD analysis of select soil samples, Mzimba Sample Quartz % Kaolinite % Rutile % Muscovite % Hematite % Gibbsite % Phlogopite % Anatase % Dolomite % Microcline % MZB0008 17.6 74.3 0.6 3.5 0.7 0.6 0.1 0.7 0.3 1.5 MZB0009 30.6 43.3 1.7 9.5 1.5 1.2 1 0.8 2 8.3 MZB0013 11.9 77.4 0.7 4.2 0.5 1.7 0.3 0.7 0.4 2.3 MZB0019 17.3 69.8 1.7 5.1 0 0 0.4 0.9 0.4 4.4 MZB0023 42.1 50.4 1.2 0.8 0.2 0.1 0.1 0.6 0.1 4.4 MZB0029 37.9 53.3 1.7 0.5 0 1.9 0.1 0.4 0.1 4.1 MZB0034 70 25.6 0.8 0.2 0.3 0.8 0 0.3 0.2 1.8 MZB0037 21.1 68.5 1.5 1.5 0.6 2.6 0.1 1.5 0.7 1.9 MZB0038 35.5 59.1 0.9 1.3 0 0.4 0.1 1.3 0.2 1.3 JORC Code, 2012 Edition – Table 1 report template Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.) Criteria JORC Code explanation Commentary Sampling techniques Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole 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 (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to 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 (eg submarine nodules) may warrant disclosure of detailed information. • The sampling technique used to obtain the soil samples and rock chip samples from outcrops manually is in line with industry standards and standard exploration practices. • Reconnaissance random rock chip and soil samples were collected intermittently from throughout the licences as part of an initial reconnaissance sampling program. • Sampling analysis was completed by Scientific Services laboratory in South Africa. Drilling techniques Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg 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). • No drilling is being reported 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 • No drilling is being reported Criteria JORC Code explanation Commentary nature of the samples. Whether a relationship exists 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. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. The total length and percentage of the relevant intersections logged. • Qualitative geological logging of rock chips and soil samples was completed in the field. • Photographs of the individual rock chip samples were taken before crushing. Sub- sampling techniques and sample preparation If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. 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. Whether sample sizes are appropriate to the grain size of the material being sampled. • No sub-sampling has been undertaken. • The sample size is considered appropriate for the material 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. 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. • XRF analytical method conducted at SGS laboratory was used to analyze the samples for element identification and composition and the method is considered total. • XRD analytical method conducted at XRD Analytical & Consulting laboratory to identify and quantify the mineral phases of the samples. This method is also considered total. Criteria JORC Code explanation Commentary Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. • Standard / CRM AMIS0450 and a Blank CRM AMIS0908 were used for QAQC Verification of sampling and assaying The verification of significant intersections by either independent or alternative company personnel. The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Discuss any adjustment to assay data. • No drilling being reported, therefore no verification of sampling intersections required. • No assay adjustment has occurred. Location of data points Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used. Quality and adequacy of topographic control. • Albeit not to be used in Mineral resource Estimation, all rock chip sample locations determined by handheld GPS using WGS 84 datum in Zone 36S. • Location method is considered adequate for this stage of reconnaissance work Data spacing and distribution Data spacing for reporting of Exploration Results. 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. Whether sample compositing has been applied. • Sampling conducted was on a reconnaissance level and therefore data points widely spaced as regional sampling. Orientation of data in relation to geological structure Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. • Sampling was of a reconnaissance nature only and was designed to achieve unbiased sampling. • No drilling being reported in this announcement. Sample security The measures taken to ensure sample security. • Samples were bagged in the field and delivered to Tusker’s Sample Storage and Preparation Facility and Malawi Geological Survey Criteria JORC Code explanation Commentary Department by Tusker Minerals staff. Chain of Custody was used in this process and this was signed by everyone that received the samples. Audits or reviews The results of any audits or reviews of sampling techniques and data. • It is considered by the Company that industry best practice methods have been employed at all stages of the exploration. Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.) Criteria JORC Code explanation Commentary Mineral tenement and land tenure status • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. • The Mzimba project consists of three exploration licences: Mzimba West (EL0784), Mzimba Central (EL0732) and Mzimba South (EL0783), which are all held 100% by Green Exploration Ltd, a wholly owned Malawian subsidiary of Tusker Minerals Ltd. • Most of the tenement areas are within farmland or forestry areas. • No known impediments to jeopardize operating in the licence areas Exploration done by other parties • Acknowledgment and appraisal of exploration by other parties. • The tenement areas have been prospected and intermittently mined by artisanal miners. Geology • Deposit type, geological setting and style of mineralisation. • The project area occurs within orthogneisses, schist and granulite units in the Mesoproterozoic Irumide orogenic belt that extends from around Lundazi in eastern Zambia into Malawi. This geological terrain is considered comparable to the Lilongwe Plain Criteria JORC Code explanation Commentary weathered gneiss that hosts the rutile and graphite mineralisation at Kasiya, 200km to the south of Mzimba. • The style of mineralisation is best described as a residual placer or eluvial heavy mineral deposit, where tropical weathering led to significant volume loss and concurrent concentration of heavy minerals within the top 5-15m. Drill hole Information • A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. • Locations of all samples are included in the figures and tables included in this announcement. • No drilling is being reported in this announcement. Data aggregation methods • In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated. • No aggregation methods are being used. • No metal equivalents reported. Criteria JORC Code explanation Commentary Relationship between mineralisati on widths and intercept lengths • These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’). • N/A. No drilling is reported in this announcement and therefore no mineralisation widths have been reported. Diagrams • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. • Location maps of projects are within the release with relevant exploration contained. Balanced reporting • Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. • The reporting of exploration results is considered balanced by the competent person as all results including high and low grades are reported. The locations of samples are included in this release. Other substantive exploration data • Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. • No other substantive data is available at this stage to report. Further work • The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. • Further surface sampling, mapping and drilling of potential targets. Refer body of the announcement for future work programs.