Tusker Minerals Corporate Presentation
Released
Released
Announcement PDF
ASX Announcement
9 February 2026
Tusker Minerals Corporate Presentation
Mining Indaba | 121 Mining Investment Cape Town 2026
Tusker Minerals Ltd (ASX: TSK, ‘Tusker’ or ‘Company’) advises that senior Board and
management representatives will attend key investor and industry events in Cape Town in February
2026.
Chief Executive Officer Mr Cliff Fitzhenry and Executive Chairman Mr Dan Smith will attend Mining
Indaba 2026 (9–12 February 2026), where they will meet with investors, industry participants and
stakeholders to discuss the Company’s 2026 strategy and operational progress in Cameroon and
Malawi. Both will also attend 121 Mining Investment Cape Town, holding targeted meetings with
institutional and professional investors.
An updated Investor Presentation is attached to this announcement.
Engage with this announcement at the Tusker Minerals Investor Hub.
-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 , Machinga , and Salambidwe REE Projects in Malawi.
Tusker Minerals Ltd
Level 8, 99 St Georges Terrace
Perth WA 6000 Australia Tuskerminerals.com
COMPANY PRESENTATION
FEBRUARY 2026
ASX:TSK
AFRICAN-BASED
CRITICAL MINERALS
Unlocking the Minerals
for Global Change
INVESTMENT SNAPSHOT − TARGETING TIER-1 RUTILE IN CAMEROON
2
Promising location with key infrastructure (rail, ports, power) and neighbouring discoveries
Flagship Central Rutile Project provides district scale (~8,800km2) in Cameroon
100% owned projects with no royalties
Three highly prospective REE projects in Malawi with a focus on heavy rare earth elements
Strong board & management with significant African experience
Fully funded for high-impact exploration throughout FY26
Tusker Minerals | Company Presentation | February 2026
AFRICAN BASED PORTFOLIO OF CRITICAL MINERAL ASSETS
Malawi
Cameroon
• Rutile: Highest-purity titanium; critical for aerospace, defence, and
pigments. Global supply is declining, increasing the value of new
discoveries.
• Graphite: Essential for battery technologies with strong forecast demand
growth.
• Rare Earth Elements (REEs): Vital for EVs, wind turbines, and advanced
defence/electronics; accelerating demand and constrained Western supply
drive high strategic importance.
Cameroon Rutile Projects
Central Rutile Project:
• Size: approximately 8,780 km²
Douala Basin Heavy Mineral Sands
(HMS):
• Size: 2,580 km²
• Located within 50 km of the deep-
water port of Douala
Commodities: Rutile, HMS, Graphite
Malawi REE Projects
Three highly prospective
REE projects:
• Tundulu (light REEs,
gallium, and rock phosphate)
• Machinga (HREEs and
niobium)
• Salambidwe (REEs and
niobium)
Tusker Minerals | Company Presentation | February 2026 3
SIGNIFICANT AFRICAN EXPERIENCE ACROSS BOARD AND
MANAGEMENT
4
Mr Corne Coetser
Senior Geologist
Dr Nannan He
Non-Executive Director
Over 7 years as exploration geologist throughout
Africa.
GIS and exploration management expertise.
Experience in the establishment and oversee of in-
country/in-house laboratories.
Over 12 years’ experience in geosciences, chemical
material trading, exploration and resources investment.
Dr He holds a PhD in Geochemistry from Curtin
University, a MS in Geochemistry from Hokkaido
University, and a BS in Mineral Resource Exploration
from Jilin University.
Tusker Minerals | Company Presentation | February 2026
Mr John Kay
Non-Executive Director
Experienced corporate lawyer and corporate
adviser. Over 18 years’ experience in equity
capital markets, M&A and resources gained
through both private practice and inhouse roles in
Australia and the UK.
Mr Cliff Fitzhenry
Chief Executive Officer
Mr Dan Smith
Executive Chairman
MSc and BSc Honours (cum laude) degrees from the
University of KwaZulu Natal (South Africa) and +20
years mineral exploration experience throughout Africa.
Registered Professional Natural Scientist in South
Africa.
Previously the Senior Geologist for Sovereign Metals
Limited (ASX. SVM).
BA, Fellow of the Governance Institute of Australia.
Over 17 years’ capital markets expertise.
Director and co-founder of Minerva Corporate, a
boutique corporate services and advisory firm.
Non-executive director for several companies on
AIM/ASX operating in the resources sector.
Mr Troth Saindi
Exploration Manager, Africa
Mr Myles Campion
Non-Executive Director
Mr Saindi holds a Master of Science degree in
Economic Geology from the University of
Witwatersrand and a Bachelor of Science honours
degree in Geology from University of Johannesburg.
He has 17 years’ experience in the mineral resource
sector spanning from exploration geology, through to
development and production.
Over 30 years’ experience in the natural resources
sector, including exploration geology, resource
analysis, fund management, equities research and
project and debt financing.
Significant financial experience in Australia
and the UK.
M.Sc. in Minerals Exploration from the Royal School of
Mines in London and B.Sc. Honors in Geology from
University of Wales College Cardiff.
WELL FUNDED AND SUPPORTIVE SHAREHOLDER BASE
5
1(2/2/26)
2(2/2/26)
3(31/12/25)
Capital
Structure
Shareholders Share Price
106.7M2
Shares on Issue
$0.1101
ASX Share Price
$10.6M
Undiluted Market
Cap
$2.2M3
Cash
37.6M
Performance
Rights
57.3M
Options on Issue
($0.08 - $0.60)
0.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35
0.40
Apr 25 May 25 Jun 25 Jul 25 Aug 25 Sep 25 Oct 25 Nov 25 Dec 25 Jan 26 Feb 26
Tusker Minerals | Company Presentation | February 2026
7%
20%
14.7%
41.7%
Strategic Cornerstone
Investor (Zhenshi Group)
Board & Management
Project vendors
Others
RUTILE: GLOBAL SUPPLY AND FUTURE DEMAND
6
Source: Crux Investor Research -
https://www.cruxinvestor.com/posts/chinas-output-cuts-tighten-rutile-
supply-adds-pressure-to-tio2-prices
Source: TZMI
300
400
500
600
700
2020
2022
2025E
2030E
0
2
4
6
8
10
12
2015
2016
2107
2018
2019
2020
2021
2022
2023
2024f
2025f
2026f
2027f
2028f
2029f
2030f
2031f
2023f
2033f
700
800
900
1000
1100
1200
1300
1400
1500
1600
2015
2020
2025
2030f
Rutile Pricing
(US$/t)
Titanium demand increasing
(Titanium feedstock demand)
(TiO2 units (Mt))
Source: TZMI
Global Rutile Supply Decreasing
('000 tonnes)
Tusker Minerals | Company Presentation | February 2026
8.0Mt 0.5Mt
High None
STRONG INDUSTRIAL DEMAND FOR NATURAL RUTILE
7
0
10
20
30
40
50
60
70
80
Production
Cost
Energy
Intensity
Environmental
Impact
Supply
Security
Natural Rutile (Kasiya) Synthetic Rutile
30−60% >95%
US$240/t US$1,519/t
Ilmenite
Common/low purity (FeTiO3)
Rutile
Rare/high purity (TiO2)
TiO2
Grade
Current
Price
Processing
Processing
Requirement
Source: Crux Investor Research - https://www.cruxinvestor.com/posts/chinas-output-
cuts-tighten-rutile-supply-adds-pressure-to-tio2-prices
Sources: TZMI, Sovereign Metals, Iluka Resources (Quarterly review to 30 September 2025)
Natural vs Synthetic Rutile Economics and ESG Profile
Performance Score (0−100)
(Lower Cost/Impact = Higher Score)
Tusker Minerals | Company Presentation | February 2026
GRAPHITE: BATTERY TECHNOLOGY DRIVING GRAPHITE DEMAND
Tusker Minerals | Company Presentation | February 2026 8
Forecasted Global Graphite Market for all Applications,
Growth at a CAGR of 6.5%
2024 2030
US$ 26.27B
US$ 38.53B
Flake Graphite Demand by Application, mt
68%
43%
23% 14%
32%
57%
77% 86%
2020 2024 2029 2034
Ex-China, Battery Grade, -100 Mesh Supply and Demand for
Anode Materials, mt
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Anode Material Demand
Supply
Industrial
Battery
* RoW including Brazil, Canada, Europe and Asia (ex−China)
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Flake Graphite Market Balance, mt, US$/t
Source: Benchmark Mineral Intelligence 2024
GRAPHITE: BATTERY TECHNOLOGY DRIVING GRAPHITE DEMAND
2023 Global Graphite Supply Chain Flows
Tusker Minerals | Company Presentation | February 2026 9
* Flows and stocks shown in mining and preprocessing are the net exports of natural flake graphite and synthetic graphite, denoted with an SG at the end of the region or country’s name.
Source: V. Putsche, M. Mann, J. Pattany, National Renewable Energy Laboratory Analysis, 2024.
Mining, Recycling
& Pre-processing*
Refining
Anodes, Metals &
Other Manufacturing
Battery
Manufacturing
Electric Vehicle
Manufacturing
Electric Vehicle
Use
Natural & Synthetic
Graphite
Spherical Coated
Graphite
Lithium-Ion Battery
Anodes
Electric Vehicle
Lithium-Ion Batteries
Electric
Vehicles
CAMEROON – POLITICALLY STABLE, UNDEREXPLORED MINING
OPPORTUNITY
Tusker Minerals | Company Presentation | February 2026 10
Cameroon: A Favourable and Emerging Mining Jurisdiction
Politically stable, mining-friendly jurisdiction
Modern Mining law with clear state participation
New Mining Code which strengthens clarity on licensing, fiscal terms, and state participation
State participation via 10% free-carried interest in operating mining companies
Familiar legal environment for internation investors - Commonwealth/OHADA commercial
framework
Proven pathway to permits + government alignment
Permitting precedent – Canyon Resources mining convention agreement and subsequent
mining licence grant for the Minim-Martap bauxite project
National industrialisation agenda (Vision 2035 / NDS 2020–2030) explicitly targets value-
add and infrastructure—aligns with bulk commodities
Logistics advantage: rail-to-port export corridors already exist
Refurbished and operating rail system links project to port supporting bulk freight
Cost & ESG edge: renewable-heavy grid + expanding capacity
Cameroon’s grid is hydropower-dominant (74% hydro generation in 2022 – World Bank)
Major new capacity coming online ie Nachtigal – 420mw close to the Central rutile Project)
CENTRAL RUTILE PROJECT: WORLD CLASS POTENTIAL
All the key ingredients to become a world-class rutile and graphite deposit. The project is comparable to Sovereign
Metals’ Tier 1 Kasiya deposit in Malawi, the world’s largest primary rutile deposit.
District Scale: 21 exploration permits under valid applications covering
~8,782 km².
Favourable Geology:
• Rutile: The project area is predominantly underlain by kyanite-bearing mica
schist and garnet paragneiss bedrock, which is the source rock for the rutile.
• Graphite: Mainly concentrated in mottled and saprolite zones, increasing
with depth as oxidation decreases, preserving more material in lower
horizons.
• Deep Weathering Profile: Deep, intense weathering has concentrated and
upgraded the rutile into a high-grade layer of saprolite, which is easier to
mine.
Historical Evidence: Historical production from the area (1935-1955) recorded
15,000 tons of high-purity rutile (>95%).
Promising Neighbours: The project borders Lion Rock Mineral’s Minta
Rutile Project, where initial sampling has shown high-value mineral
assemblages with valuable heavy minerals (VHM) up to 93% of total heavy
minerals (THM) and with the dominant VHM’s being rutile (up to 69.8%),
monazite (up to 35.6%) and zircon (up to 21.5%). Figure: Tusker Minerals’ flagship Central Rutile Project in green, along with the Douala Basin
HMS project in blue.
Update map to show 100% owned
ground and Yaounde West.
Tusker Minerals | Company Presentation | February 2026 11
CENTRAL RUTILE PROJECT: DUAL-COMMODITY EMERGING
Significant Mineralisation Confirmed
• Dual-commodity advantage emerging with confirmed
graphite mineralisation, along with REE potential
• Soil samples collected across the Central Rutile
Project, delivering the first project-wide geochemical
framework to pinpoint higher-grade rutile zones for
targeted drilling.
• All soil samples now undergoing in house p-XRF
analysis at Tusker’s newly established laboratory in
Yaoundé, significantly reducing assay costs and
turnaround times.
• Hand-auger drilling progressing progressing across the
Bounde and Nganda licences, targeting the historically
mapped 70 × 15 km BRGM high-grade rutile corridor.
12
Figure: Map of the Central Rutile Project showing the completed soil sampling to date.
1. Refer ASX Announcement dated 15 December 2025
Tusker Minerals | Company Presentation | February 2026
CENTRAL RUTILE PROJECT
District Scale Potential Confirmed
• Samples comprised channel samples of road-cutting exposures and very
shallow auger holes
• District scale of rutile mineralisation – 41km distance
between mineralised samples
• 24-hole, 237.9m reconnaissance drilling campaign completed (9.9m average
hole depth)
• Holes displayed same weathering profile as Kasiya, with visual HM in panned
samples
• Graphite below ferruginous zone
13
Figure: Weathering profile at the
Bounde licence showing a classic
residual “Kasiya-type” profile
Tusker Minerals | Company Presentation | February 2026
CENTRAL RUTILE PROJECT
Seeing the right ‘ingredients’
Figure: Image depicting disseminated flake
graphite with metallic grey lustre and streaks,
hosted in a ferruginous clay matrix within the
mottled zone (ALAAU001, 9-10m), observed
during desliming.
Figure : Fine-grained heavy mineral (HM) and rutile grains (~1 mm) recovered from a panned concentrate of auger
hole GRMAU0004 (not assayed). For assay results from this hole, refer to ASX announcement: 2 September 2025 -
High-grade saprolite-hosted rutile confirmed at Central Rutile Project (0.95 m @ 11.52% HM, including 0.96% rutile)
Tusker Minerals | Company Presentation | February 2026 14
DOUALA BASIN HMS PROJECT
The Douala Basin HMS Project consists of 3 granted exploration permits
and 3 exploration permits under valid applications covering 2,580km²
across the Douala Basin of Western Cameroon.
The tenements are all located within 50km of the deep-water port
city of Douala.
Geologically the Douala Basin is a coastal sedimentary basin consisting
of a package of mainly marine sedimentary formations.
The Diwong licence was previously known as the Missole Project which
was held by the French multinational Eramet.
Historical sonic drilling at Douala by Eramet delivered significant
intercepts from the Diwong licence, including¹:
• 10m @ 5.0% THM from surface (DIB_S00024)
• 12m @ 4.7% THM from surface (DIB_S00018)
• 7.7m @ 4.0% THM from surface (DIB_S00022)
• 18m @ 3.7% THM from surface, ending in mineralisation
(DIB_S00010)
15
1. Refer ASX Announcement dated 24 April 2025
Tusker Minerals | Company Presentation | February 2026
Tusker Minerals’ Douala Basin Project
comprises 6 licence blocks proximal to the
port city of Douala along Cameroon’s coast
RUTILE PEERS
Sovereign Metals Fortuna Metals Lion Rock Minerals Tusker Minerals
Market Cap $491m $28m $75m $11m
Country Malawi Malawi Cameroon Cameroon
Ownership 100% 100% 80% 100%
Landholding Size ~786km2 658km2 8,800km2 ~11,000km2
Stage of Development DFS – pre-development Exploration Exploration Exploration
Bedrock Geology High-grade mica-schist High-grade mica-schist High-grade mica-schist High-grade mica-schist
Style of Mineralisation Saprolite-hosted, residual
rutile
Saprolite-hosted, residual
rutile
Saprolite-hosted, residual
rutile
Saprolite-hosted, residual
rutile
Resource Grade/Size 1.8Bt @ 1% rutile N/A N/A N/A
Notable Residual
Intercepts
N/A • 10m @ 1.66% rutile
• 10m @ 1.62% rutile
• 10m @ 1.32% rutile
• 9m @ 1.30% rutile
• 10m @ 1.17% rutile
• 4.0m @ 1.3% rutile
• 3.9m @1.2% rutile
• 5.0m @ 1.0% rutile
• 6.8m at 0.9% rutile
• 11m @ 0.49% rutile, incl
1m@ 0.88% rutile
• 11m @ 0.47% rutile, incl
3m @ 0.54% rutile
• 5m @ 0.51% rutile, incl
1m @ 0.78% rutile
• 9m @ 0.42% rutile, incl
3m @ 0.52% rutile
16
Market caps - as at 4 February 2026
Resources / grades:
• Sovereign Metals - https://api.investi.com.au/api/announcements/svm/0adbc07d-8dd.pdf
• Fortuna - https://wcsecure.weblink.com.au/pdf/FUN/03037306.pdf
• Lion Rock - https://clients3.weblink.com.au/pdf/LRM/03051381.pdf
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03015391-6A1293757&v=undefined
Tusker Minerals | Company Presentation | February 2026
CAMEROON – NEXT STEPS
Tusker Minerals is funded to undertake an aggressive exploration programme across the Company’s Central Rutile
and Douala Basin projects. Over the next 6 months, the key objectives are to:
Tusker Minerals | Company Presentation | February 2026 17
Commencement of
maiden auger drilling at
the Douala Basin HMS
project
Systematic soil
sampling to define
higher-grade zones at
the Yaounde West
Licences
Deep auger drilling
to follow up on high-
grade zones
Commissioning of
Tusker’s
in-country HMS
laboratory
MALAWIAN PROJECTS – REES, GALLIUM & PHOSPHATE
18
Tusker Minerals has three highly
prospective rare earth element (REE)
projects in Malawi:
Tundulu: carbonatite hosting light
REEs, gallium and rock phosphate
Machinga: alkaline intrusive
complex enriched in heavy REEs
and niobium
Salambidwe: circular syenite
intrusive enriched in REEs and
niobium
Tusker Minerals | Company Presentation | February 2026
MALAWIAN PROJECTS – REES, GALLIUM & PHOSPHATE
Tundulu REE & Gallium Project − Significant Undeveloped REE Carbonatite Complex
• Tundulu formed of multiple ring structures around a central vent Nathace Hill where major drilling uncovered a large
REE, P2O5 hosted mineralised system
• In addition to high-grade rare earths and phosphate, a review of historical drill results at Tundulu has identified the
presence of high-grade gallium (Ga) mineralisation from surface
• Notable significant drill intersections:
• 101m @ 1.02% TREO, 3.6% P2O5 from surface (TU030)
• 74m @ 1.55% TREO, 93.26g/t Ga2O3, 4.4% P2O5 from 72m (TU043), including 14m at 202.79g/t Ga2O3 from 89m
(TU043), and the highest grade in all assays intersected within this interval at 310.46 g/t Ga2O3, 5.68% TREO from 97m
to 98m
• Quality historical data and impressive results with significant exploration upside to expand
Machinga HREE & Nb Project − Alkaline Intrusive Complex
• HREE enrichment, exhibiting high grade Nb
• Significant assay results include:
• 13m @ 0.65% TREO, 0.25% Nb from surface; incl. 1m @ 1.06% TREO, 0.37% Nb from 7m, and 1m @ 1.28%
TREO, 0.42% Nb from 9m (MR019)
• 7m @ 1.42% TREO with 0.49% Nb from 65m (MR011)
• 15.1m @ 1.01% TREO, 0.36% Nb from 23.9m incl. 4m @ 1.75% TREO, 0.63% Nb from 33m drilled downdip
(MDD007)
• Rock Chips confirm significant mineralised footprint along strike
19
Figures: (Top) Carbonatite outcrop at Tundulu Hill,
representing sample Tundu 1 1.8026% TREO, Refer
to ASX Announcement: 27 May 2024, Exceptional
Historical Drill Results @ Tundulu. (Bottom) Nathace
Hill, Malawi
Tusker Minerals | Company Presentation | February 2026
KEY MILESTONES: FUTURE FACING CRITICAL MINERAL SUPPLY
20
January February March April May
Project-wide soil sampling
Auger drilling at Central Project
Desktop target generation Douala
Basin HMS Project
Auger drilling at Douala Basin HMS
Project
Lab commissioning
In-country lab operational
Auger results
Tusker Minerals | Company Presentation | February 2026
Tusker Minerals Ltd
Level 8, 99 St Georges Terrace
Perth WA 6000 Australia Tuskerminerals.com
Mr Dan Smith
Executive Chairman
dan@tuskerminerals.com
CONTACT DETAILS
Mr Clifford Fitzhenry
Chief Executive Officer
cliff@tuskerminerals.com
ADVANCING SOCIAL INITIATIVES
22
Tusker Minerals understands the
importance of community engagement
across our projects
Engagement with key stakeholders from local
communities through to Government is ongoing
All engagements are in strong standing with
significant support for our projects and activities
The Company will advance social initiatives as we
develop these projects further
Tusker Minerals | Company Presentation | February 2026
DISCLAIMER
The material in this presentation has been prepared by Tusker Minerals (“Company”). This presentation may not be reproduced, redistributed or passed on,
directly or indirectly, to any other person, or published, in whole or in part, for any purpose without prior written approval of the Company. This presentation and
the material contained in it is for information purposes only. This presentation is not an offer or invitation for subscription or purchase of, or a recommendation in
relation to, securities in the Company and neither this presentation nor anything contained in it shall form the basis of any contract or commitment. This
presentation may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in such jurisdiction. Recipients should inform
themselves of the restrictions that apply in their jurisdiction. Failure to do so may result in a violation of rules in such a jurisdiction. This presentation is not
financial product or investment advice. It does not consider the investment objectives, financial situation and particular needs of any investor. Before making an
investment in the Company, an investor or prospective investor should consider whether such an investment is appropriate to their particular investment needs,
objectives and financial circumstances, seek legal and taxation advice as appropriate and consult a financial adviser if necessary.
This presentation may contain forward-looking statements. Forward-looking statements include those containing such words as “anticipate”, “estimates”,
“forecasts”, “should”, “could”, “may”, “ideal”, “intends”, “will”, “expects”, “plans” or similar expressions. Such forward-looking statements are not guarantees of
future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the
Company, its directors and management that could cause the Company’s actual results to differ materially from the results expressed or anticipated in these
statements. The Company cannot and does not give any assurance that the results, performance or achievements expressed or implied by the forward-looking
statements contained in this announcement will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements. The
Company does not undertake to update or revise forward looking statements, or to publish prospective financial information in the future regardless of whether
new information, future events or any other factors affect the information contained in this presentation, except where required by applicable law. It is believed
that the expectations reflected in these statements are reasonable, but they may be affected by a range of variables and changes in underlying assumptions
which could cause actual results or trends to differ materially. The Company does not make any representation or warranty as to the accuracy of such statements
or assumptions.
This presentation has been prepared by the Company based on information currently available to it. 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 presentation. To the maximum extent
permitted by law, none of the Company or its subsidiaries or affiliates or the directors, employees, agents, representatives or advisers of any such party, nor any
other person accepts any liability for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it, including without
limitation, any liability arising from fault or negligence on the part of the Company or its subsidiaries or affiliates or the directors, employees, agents,
representatives or advisers of any such party.
Competent Person Statement - Cameroon
The information contained in this announcement that relates to geological information and exploration results at the Central Rutile and Douala Basin Projects, 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.
The exploration results contained in this presentation were first announced by the Company on 11 June 2025, 23 June 2025, 11 August 2025, and 3 September
2025. The Company confirms that it is not aware of any new information or data that materially affects the information included in these announcements.
Competent Persons’ Statement − Malawi
The information in this presentation that relates to exploration results, mineral resources or ore reserves at the Malawian projects is based on information
compiled by Mr Allan Younger, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Younger is a consultant of the Company. Mr Younger
has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity that he is undertaking to
qualify as a Competent Person as defined in the 2012 edition of the `Australian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves’
(the JORC Code). Mr Younger consents to the inclusion of this information in the form and context in which it appears in this report. Mr Younger holds shares in
the Company.
The exploration results contained in this presentation were first reported by the Company in its prospectus dated 3 April 2023 and announced to ASX on 27 June
2023, 6 July 2023, 12 September 2023, 3 October 2023, 10 October 2023, 26 October 2023, 4 December 2023, 11 December 2023, 15 December 2023, 29
December 2023, 3 January 2024, and 29 April 2025. The results were reported in accordance with the 2012 edition of the “Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves”. The Company confirms that it is not aware of any new information or data that materially affects the
information included in the Prospectus or these subsequent announcements.
With respect to the Tundulu Project, Mr Younger has not yet visited the site or conducted an in-depth due diligence of the data presented in this announcement.
Mr Younger confirms the information in this market announcement is an accurate representation of the available data for the exploration areas mentioned
herein, but that further investigation is ongoing. The Information in this report that relates to Exploration Results for the Tundulu Project is extracted from the
Company’s announcement titled: “Additional historical drilling results confirms Tundulu REE potential”, dated 27 May 2024 and announcement dated 29 April
2025. The Company confirms that it is not aware of any new information or data that materially affects the information included in the above original market
announcement.
Cautionary Statement − Tundulu Project
Information is this release is considered as historical by nature, and while all care has been taken to review previous reports and available literature, ground
testing and confirmation work is yet to be completed by the Company. The historical laboratory analysis was conducted on a range of drill core by reputable
laboratories in South Africa. However, there is no guarantee that these results are representative of the Tundulu deposit until further sampling, drilling, assaying
and processing test work is conducted by the Company. The Company confirms that it is not aware of any new information or data that materially affects the
information included in this release.
Drilling results (Exploration Results) presented in this release have not been reported previously by the former owners and operators of the Tundulu project.
As a result, the reported Exploration Results:
Have not been reported in accordance with the JORC Code 2012 and may not conform with the JORC Code 2012.
A Competent Person has not done sufficient work to disclose the Exploration Results in accordance with the JORC Code 2012.
It is possible that following further evaluation and/or exploration work that the confidence in the prior reported Exploration Results may be reduced when
reported under the JORC Code 2012.
Nothing has come to the attention of the Company that causes it to question the accuracy or reliability of the former owner’s Exploration Results; but
The Company has not independently validated the former owner’s Exploration Results and therefore is not to be regarded as reporting, adopting or
endorsing those results.
Tusker Minerals | Company Presentation | February 2026 23
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