Announcement PDF A. 32 Harrogate Street, West Leederville Perth WA 6007 T. +61 (08) 9429 8806 E. admin@lightningminerals.com.au lightningminerals.com.au ASX ANNOUNCEMENT 30 September 2026 1 Annual Report to Shareholders Lightning Minerals Ltd provides the attached updated Annual Report to Shareholders which includes an update to the top 20 shareholders and substantial shareholders percentage holdings disclosed in the Shareholders Information section in the final pages of the Report. This announcement has been authorised for release by the Company Secretary. ~ Ends ~ For more information, please visit: lightningminerals.com.au Enquiries in relation to the announcement, please contact: admin@lightningminerals.com.au 1 2 3 CONTENTS FY2026 AT A GLANCE ...............................................................................................4 STRATEGY EXECUTION..........................................................................................5 FY2026 HIGHLIGHTS & KEY ANNOUNCEMENTS.........................................................6 MANAGING DIRECTOR’S REVIEW..........................................................................9 STRATEGY AND VALUE CREATION ........................................................................... 11 OUR STRATEGY.................................................................................................... 11 OUR STRATEGY.................................................................................................... 12 CORE VALUES...................................................................................................... 12 PORTFOLIO HIERARCHY AND CAPITAL ALLOCATION ........................................ 13 STAGED PORTFOLIO DEPLOYMENT ................................................................... 13 PORTFOLIO OVERVIEW ....................................................................................... 15 PORTFOLIO SUMMARY........................................................................................ 16 NORTHERN QUEENSLAND.................................................................................. 16 MT TURNER.......................................................................................................... 17 MT TURNER - AN EVOLVING EXPLORATION MODEL .......................................... 18 GEOLOGICAL INTERPRETATION ......................................................................... 20 WARBY TUNGSTEN.............................................................................................. 23 WESTERN AUSTRALIAN GOLD PORTFOLIO ........................................................ 27 MAILMAN HILL GOLD PROJECT .......................................................................... 27 DUNDAS PROJECTS ............................................................................................ 28 MT BARTLE PROJECT........................................................................................... 28 LACHLAN FOLD BELT PORTFOLIO ...................................................................... 28 BOREE CREEK, BURDETT, MANILDRA AND CORRYONG..................................... 29 INTERNATIONAL PORTFOLIO DIVESTMENTS...................................................... 31 SUBSEQUENT EVENTS......................................................................................... 31 CAPITAL MANAGEMENT AND CORPORATE ACTIVITY ........................................ 33 PEOPLE, GOVERNANCE AND OPERATING MODEL ............................................ 33 HEALTH, SAFETY, ENVIRONMENT AND STAKEHOLDERS .................................... 35 APPENDIX 1 - SCHEDULE OF TENEMENTS AS AT 30 JUNE 2026 ........................ 36 FY2026 ASX ANNOUNCEMENT REGISTER .......................................................... 42 FY2026 ASX ANNOUNCEMENT REGISTER – CONTINUED................................... 43 PRIMARY SOURCE REGISTER ............................................................................... 44 DIRECTORS’ REPORT.............................................................................................. 46 4 FY2026 AT A GLANCE MEASURE FY2026 POSITION Flagship project Mt Turner Gold + Copper Project, North Queensland Second priority Warby Tungsten Project, North Queensland Phase 1 Mt Turner drilling Nine-hole inaugural diamond drilling program completed Reported Mt Turner result 4.0m at 11.57g/t Au, 5.25% Zn and 27.1g/t Ag from 77m (refer 21 October 2025 announcement) Capital raised A$2.50m placement completed across December 2025/March 2026; A$1.85m raising completed June 2026 Closing cash A$1.188m at 30 June 2026 (unaudited Appendix 5B figure) Safety No lost-time injuries or significant environmental incidents reported year Strategic direction Australian gold, copper and tungsten focus; progressive exit from non- core lithium interests Figure 1 - Lightning Minerals Australian project portfolio. 5 STRATEGY EXECUTION The Company’s April 2026 Strategic Reset established a clear roadmap focused on maximising shareholder value through disciplined exploration and capital allocation. Lightning Minerals substantially progressed every key strategic initiative announced to the market. NO. STRATEGIC PRIORITY CONTENT 1 Focus Capital on Australian Flagship Assets Significant investment was directed toward Mt Turner and Warby, with multiple exploration programs undertaken across both projects. This included drilling, geochemistry, geological mapping and technical studies designed to accelerate project advancement. 2 Progress Mt Turner Toward Resource Definition Work completed represents another important step toward defining the Company’s maiden Mineral Resource. Activities completed include: • Phase 2 drilling • Extensive soil geochemistry • Independent petrology • Geological interpretation • Target prioritisation These programs collectively strengthen confidence in the Company’s exploration model and provide an increasingly robust framework for future resource definition. 3 Unlock Value from Warby Warby continued to exceed expectations during the year. Encouraging tungsten assay results confirmed extensive surface mineralisation across multiple prospects while Phase 2 exploration commenced immediately following interpretation of the initial datasets. The Company believes Warby has the potential to become a significant Australian tungsten exploration project. 4 Simplify Portfolio The Company progressed divestment and monetisation pathways for non-core international lithium assets. This initiative remains consistent with management’s objective of concentrating capital allocation toward projects capable of delivering the highest shareholder returns. 5 Maintain Capital Discipline Throughout the year the Company maintained disciplined expenditure while ensuring exploration programs remained focused on activities capable of generating material technical outcomes. Capital continues to be allocated according to strategic priorities established under the April Strategic Reset. 6 FY2026 HIGHLIGHTS & KEY ANNOUNCEMENTS PERIOD / DATE CATEGORY HIGHLIGHT / ANNOUNCEMENT DETAIL Jul–Aug 2025 Success Highlight Mt Turner Mobilised Drilling preparations, field access and shareholder approval secured. Sep 2025 Success Highlight Australian Portfolio Expanded Lotus Minerals acquisition completed, adding Mt Turner and broader Australian projects. Oct–Nov 2025 Success Highlight Phase 1 Drilling Delivered Nine-hole program completed, with high-grade gold and base-metal intersections reported. Dec 2025 Success Highlight Growth Strategy Released Mt Turner growth strategy released, and A$2.50m placement progressed. Jan–Mar 2026 Success Highlight Leadership & Targeting Advanced Technical review and Phase 2 targeting advanced; Troy Brice appointed CEO. Apr 2026 Success Highlight Strategic Reset Established Mt Turner confirmed as flagship, with Australian exploration prioritised. May– Jun 2026 Success Highlight Exploration Momentum Accelerated Mt Turner programs advanced, Warby tungsten results progressed and A$1.85m raised. 16 Apr 2026 Key Announcement Strategic Reset Strategic Reset announced to the market. Apr–Jun 2026 Key Announcement Mt Turner Exploration Updates Series of exploration updates relating to the Mt Turner project. May 2026 Key Announcement UNSW Petrology Results Petrology results announced following analysis by UNSW. Jun 2026 Key Announcement Drummer Fault Soil Sampling Program Update relating to the Drummer Fault soil sampling program. Jun 2026 Key Announcement Commencement of Mt Turner Geochemical Program Commencement of the Mt Turner geochemical exploration program. Jun 2026 Key Announcement Warby Tungsten Assay Results Tungsten assay results announced for the Warby project. Jun 2026 Key Announcement Commencement of Warby Phase 2 Exploration Phase 2 exploration activities commenced at Warby. Jun 2026 Key Announcement Successful Completion of Western Zone Soil Program Western Zone soil program successfully completed. Jun 2026 Key Announcement A$1.85 Million Capital Raising A$1.85 million capital raising announced. 7 Figure 2. Photograph Mt Turner QLD, Landscape PERIOD / DATE CATEGORY HIGHLIGHT / ANNOUNCEMENT DETAIL Jun 2026 Key Announcement Managing Director Appointment Managing Director appointment announced. Various Key Announcement Appendix 2A, Cleansing Notices and Other Statutory Announcements Routine statutory and securities-related market announcements. 8 Dear Shareholders, The 2026 financial year was a year of significant transition for Lightning Minerals. The Company expanded its Australian exploration footprint through the acquisition of Lotus Minerals, completed its inaugural drilling campaign at Mt Turner, strengthened its technical understanding of the project and, in April 2026, reset its strategy around a disciplined Australian gold, copper and tungsten focus. Mt Turner emerged as the Company’s principal value-creation opportunity. Phase 1 drilling confirmed high-grade gold and base-metal mineralisation within a broader district-scale geological setting, while subsequent geochemical and petrological programs helped refine the Company’s exploration model. Warby also gained strategic importance following encouraging tungsten sampling results and the identification of a broader exploration opportunity in northern Queensland. The Board also oversaw a transition in leadership. Troy Brice joined the Company as Chief Executive Officer in March 2026 and was appointed Managing Director in June 2026. His appointment aligned executive leadership with the Company’s revised strategy and strengthened accountability for delivery. The Board thanks former Managing Director Alex Biggs and other departing Directors for their contributions during the year. Capital management remained central to the Company’s approach. Lightning completed equity raisings during the year to fund its Australian exploration programs and maintain working capital. The Board recognises the support of existing and new shareholders and remains focused on deploying capital into activities that can most directly improve the technical quality and value of the portfolio. Looking ahead, Lightning is focused on systematic exploration at Mt Turner, advancing Warby and simplifying its non-core asset portfolio.The Board believes this strategy provides a clearer investment proposition and a stronger foundation for disciplined, sustainable growth. On behalf of the Board, I thank our shareholders, employees, contractors, landholders, and local stakeholders for their support. Mr. David Vilensky Non-Executive Chairman 30 September 2026 9 MANAGING DIRECTOR’S REVIEW FY2026 marked Lightning Minerals shift from portfolio accumulation to focused execution. The Strategic Reset established a clear operating priority: direct capital and technical effort to the Australian projects with the strongest potential to create shareholder value. At Mt Turner, the work completed during the year provided important evidence for a large and evolving gold-copper system. The inaugural nine-hole program confirmed high-grade epithermal gold and base-metal mineralisation and tested the Mt Turner porphyry setting. Follow-up soil sampling, rock-chip sampling, geological interpretation and independent petrology strengthened our model and provided a more disciplined basis for Phase 2 drilling and longer-term resource definition. Warby rapidly developed into a credible second priority exploration project. High-grade tungsten assay results and field observations supported broader follow-up work, while its proximity to Mt Turner creates potential operating and technical synergies across our northern Queensland portfolio. We also acted to simplify the business. During the final quarter, the Company initiated a structured approach to monetising or divesting Canadian and Brazilian lithium assets, allowing management attention and future exploration capital to be directed toward Australia. Completion of specific transactions after year end is reported separately as a subsequent event. Execution must be underpinned by safety, environmental responsibility, and capital discipline. We commenced implementation of a more structured HSE management system, strengthened exploration governance, and used competitive procurement and contract reviews to improve value for money. Our near-term objectives are to advance Mt Turner toward its first Mineral Resource Estimate, define the scale and priority targets at Warby, maintain an active but disciplined WA gold portfolio and continue strengthening investor understanding of the Company’s strategy. Mr. Troy Brice Managing Director 30 September 2026 10 01 STRATEGY AND VALUE CREATION 11 STRATEGY AND VALUE CREATION A focused Australian gold, copper and tungsten portfolio supported by disciplined capital allocation and technology-enabled exploration. Figure 3. Discover. Define. Develop. Deliver. OUR STRATEGY Lightning Minerals is an ASX-listed explorer focused on Australian gold, copper and tungsten opportunities. Its strategy combines technical quality, disciplined capital allocation and responsible exploration to progress targets toward resource definition and create enduring shareholder value. Figure 4. Pathway Toward Resource Definition 12 OUR STRATEGY – STRATEGIC PRIORITIES Figure 5. FY2026 Strategic Priorities CORE VALUES Figure 6. FY2026 Core Vales 13 PORTFOLIO HIERARCHY AND CAPITAL ALLOCATION The 2026 Strategic Reset established a tiered portfolio model. Classification does not guarantee continued funding: investment is progressively stage-gated and depends on technical evidence, strategic alignment, capital efficiency and funding capacity. TIER ROLE PORTFOLIO POSITION Tier 1 Corporate flagship Mt Turner - principal growth asset and primary focus of capital, technical activity and management attention. Tier 2 Strategic growth platform Warby - second value-creation platform focused on the scale and continuity of the tungsten system. Tier 3 Portfolio pipeline Western Australian gold - earlier-stage discovery opportunities, AI validation and portfolio renewal. Tier 4 Manage / partner / divest Lower-priority or non-core assets, including projects assessed for joint venture, farm-out, sale or rationalisation. Lightning intends to use artificial intelligence and digital tools to improve data integration, prospectivity modelling, target ranking, and exploration decisions. The approach is staged and evidence-based: technology-generated outputs remain subject to geological interpretation, field validation, and established technical governance. STAGED PORTFOLIO DEPLOYMENT Initial deployment is planned across selected Western Australian projects, where datasets can be digitised and benchmarked before workflows are expanded to Mt Turner and Warby. The intended benefits include improved data accessibility, target quality, decision speed, drill design, and capital efficiency. These are strategic objectives, not assured outcomes. 14 02 REVIEW OF PORTFOLIO & AUSTRALIAN OPERATIONS 15 PORTFOLIO OVERVIEW The Company’s flagship asset is the wholly owned Mt Turner Gold Project in northern Queensland, which hosts a large-scale gold system extending over approximately 14km of strike along the prospective Drummer Fault. Mt Turner is the primary focus of exploration, with ongoing drilling aimed at progressing the project toward resource definition and development. Lightning Minerals also holds a pipeline of gold and copper projects across Australia, including assets in the Lachlan Fold Belt in New South Wales and the Eastern Goldfields of Western Australia, providing additional exploration upside and growth opportunities. [Figure 7] Figure 7. Lightning Minerals Australian project portfolio 16 PORTFOLIO SUMMARY Lightning completed the acquisition of Lotus Minerals during September 2025 after receiving shareholder approval in August 2025. The acquisition provided ownership of Mt Turner and a broader Australian exploration portfolio. PROJECT / PORTFOLIO COMMODITY FY2026 STATUS STRATEGIC ROLE Mt Turner, Queensland Gold + copper Phase 1 drilling completed; geochemistry, petrology and Phase 2 preparation advanced. Flagship Priority 1 Warby, Queensland Tungsten Rock-chip assays and Phase 2 field program initiated Priority 2 WA Gold portfolio Gold Portfolio review, and target generation Priority 3 Lachlan Fold Belt, NSW / Victoria Gold + copper Acquired with Lotus; review prospectivity Priority 3 INTERNATIONAL PROJECTS (NON-CORE) DIVESTMENTS Brazil lithium portfolio Lithium Divested (post 30June26) Non-core/ exit Canadian lithium portfolio Lithium Divested (post 30June26) Non-core / exit NORTHERN QUEENSLAND Mt Turner and Warby underpin our northern Queensland exploration potential, with proximity to established mining centres, infrastructure and recognised gold and tungsten districts. The map below [Figure 8] provides regional context. KEY ASX ANNOUNCEMENTS 16 April 2026 Strategic Plan and Portfolio Simplification 19 May 2026 Significant Tungsten Potential Identified at the Warby Project in North Queensland 22 May 2026 Supplementary Information – Warby Project Tungsten Announcement 4 June 2026 High-Grade Tungsten Assays Confirm Extensive Mineralisation 17 13 July 2026 Lightning Accelerates Warby Tungsten Exploration Following High-Grade Assay Results 21 July 2026 Lightning Completes Phase 2 Exploration at Warby Tungsten Ahead of Drill Target Selection 24 August 2026 High-Grade Rock Chip Results from Phase 2 Strengthen Warby’s Regional Tungsten Potential Figure 8. Regional location of Mt Turner and Warby relative to northern Queensland mineral projects. MT TURNER The Mt Turner Project is located approximately 15 kilometres northwest of Georgetown in North Queensland and is held through granted Exploration Permits EPM 27170 and EPM 27525. The project hosts the Drummer Fault corridor and the broader Mt Turner Copper Molybdenum porphyry system, with historical workings and multiple gold, silver, copper and base-metal targets [Figure 9]. 18 Mt Turner is the Company’s Flagship exploration investment and the foundation of its resource-growth strategy. MT TURNER - AN EVOLVING EXPLORATION MODEL Work completed during FY2026 supported an exploration model in which gold mineralisation is associated with intrusive centres, structural intersections and tensional settings along the approximately 14-kilometre Drummer Fault corridor, with further copper- gold potential associated with the Mt Turner porphyry system. In addition, soil sampling and geological mapping were used to extend surface geochemical coverage, assess structural corridors, and generate targets for ranking alongside drilling, geophysics, and historical exploration information. Figure 9. Mt Turner Project showing Aeromagnetic and simple Geological features 19 KEY TECHNICAL THEMES • Gold mineralisation related to rhyolite and dacite intrusive centres within structural tensional zones along the Drummer Fault and Cobar Line structures. • Rhyolitic mill-matrix breccias and multiple tabular rhyolite dykes at Pit 5, supporting depth potential. • Evidence for multi-phase and overprinting mineralisation events. • High-level intrusives localised at structural and lithological boundaries. • Potential for additional concealed mineralisation centres east of Aurora Creek, as interpreted from aeromagnetic data beneath shallow cover. Figure 10. Isometric view of Mt Turner Project demonstrating Drummer Fault and 2025 drilling areas DRUMMER FAULT PHASE 1 DRILLING As announced, during the period the Company completed a nine-hole inaugural diamond Phase 1 drilling program that totaled 1,113m across priority targets at Mt Turner. [Figure 10] All holes intersected mineralisation with eight of the nine holes intersecting significant mineralisation. The campaign returned significant gold and base-metal intersections. A reported result included 4.0 meters at 11.57g/t gold, 5.25% zinc and 27.1g/t silver from 77 meters in hole 25L1MP3DD001 at Pit 3. Multiple gold intersections including: • 20.4m @ 2.4g/t Au (from 63m) incl 1.9m @ 10.5g/t Au1 • Incl. 1.8m @ 10.6g/t Au and 27.1g/t Ag from 77m Multiple zinc and silver intersections including: • 17.2m @ 6.2% Zn, 1.4% Pb and 10.3g/t Ag from 32m • Incl. 5.0m @ 11.6% Zn, 0.5% Pb and 12.4g/t Ag from 43.8m Additional results were reported from the Drummer Fault and porphyry target areas. 20 [ASX Announcements dated 21 October, 10 November and 17 November 2025] DRUMMER FAULT PHASE 2 DRILLING Following Phase1 drilling and soil and rock chip sampling a review of the planned Phase 2 drilling campaign was undertaken. Due to Key Management changes and a new Strategy, Phase 2 drilling was delayed until Q3 and was then affected by Drilling contractor supply shortages during the busy exploration season. SOIL GEOCHEMISTRY PROGRAMS AND SAMPLING Soil and rock-chip programs were completed and integrated to extend geochemical coverage and refine targeting. In June 2026 the Company completed the Drummer Fault and Western Zone soil programs. The new data has been integrated and technical interpretation completed in preparation for drill targeting. Drummer Fault [ASX Announcement 19 June 2026, Drummer Fault Soil Sampling Delivers Multiple Phase 2 Drill Targets at Mt Turner Project] A total of 492 soil samples were collected on systematic north-south traverses across the Drummer Fault which identified five distinct anomalous zones distributed across the eastern, central and western portions of the Drummer Fault corridor Western Zone [ASX Announcement 2 Sep 26, Further Compelling Gold Targets Emerge in the Western Zone of Mt Turner Project] In July 2026 a total of 551 soil samples were collected on nominal 200m-spaced lines at 20m sample intervals. Two new gold targets were defined within the 5km-long Western Zone at Lightning’s flagship Mt Turner Gold Project, materially advancing a previously conceptual structural corridor. [Refer to Figure 13. Rock chip sampling at Mt Turner, June 2026 program] GEOLOGICAL INTERPRETATION Work completed during FY2026 supported our exploration model in which epithermal gold mineralisation is associated with intrusive centres, structural intersections and tensional settings along the 14-kilometre Drummer Fault corridor, and copper-gold potential associated with the Mt Turner Copper/ Molybdenum porphyry system. [Refer to Figures 13 and 14] Interpretation to date indicates a potential district scale porphyry related intrusive system, with multiple discreet targets [Figure 11] below simplifies the system characteristics include: • Potential to host multiple Porphyry derived targets from a Back Arc system. • Resembles global peers both on scale and multi commodity potential, e.g. Dexing Copper mine in China, Bingham Canyon (USA) and others. • At Mt Turner, Hole NS4 intersected stockwork porphyry mineralisation at 280m depth, which confirms the exploration model. [Figure 12] 21 Figure 11. Illustration of Mt Turner interpreted Copper/Porphyry with Gold targets Figure 12. Hole NS4 intersected stockwork porphyry mineralisation at 280m depth, which confirms the exploration model. 22 Figure 13. Photo of Mt Turner Soil and rock chip sampling during the June 2026 programs 23 Figure 14. Current geological interpretation: a district-scale intrusive-related hydrothermal gold system influenced by regional structures and alteration phases. WARBY TUNGSTEN The Warby Project (EPM 28262) is located in northern Queensland near the Scardon tenement and within the broader operating region of Mt Turner. During FY2026, Warby emerged as the Company’s second exploration priority following field mapping and rock- chip sampling that identified widespread tungsten mineralisation and generated immediate follow-up targets: FY2026 WORK COMPLETED • Phase 1 geological mapping and rock-chip sampling across priority areas. • Assay results released in June 2026 confirming high-grade tungsten samples; refer to the 4 June 2026 ASX announcement for complete results and Competent Person statement. • Interpretation of structural and geological controls and prioritisation of areas for follow-up soil sampling and mapping. • Commencement of Phase 2 field activities before year end, with completion and later results treated as subsequent events. [Refer to Figures 15, 16, 17, 18] 24 Figure 15. Warby and Scardon project location and regional context. 25 Figure 16. Warby Tungsten Project (EPM 28262) LiDAR Image with interpreted key structural and geochemical features. 26 Figure 17. Warby Project with key Geological Features Figure 18 Warby Exploration Model 27 WESTERN AUSTRALIAN GOLD PORTFOLIO Lightning’s Western Australian exploration tenements form its Tier 3 pipeline. They provide exposure to established gold provinces without competing with the near-term capital requirements of Mt Turner and Warby. Exploration expenditure was minimized during the period, whilst prospectivity and geological reviews were undertaken along with tenure reporting and compliance. [ASX Announcement 16 April 26, Strategic Plan and Portfolio Simplification] STRATEGIC APPROACH 1. Review and rank projects by geological prospectivity, and strategic alignment. 2. Review historical datasets and AI-assisted workflows to prioritise. 3. Advance only those opportunities that meet defined technical decision gates. 4. Consider joint venture, farm-out, divestment or, surrender to maximise corporate value. MAILMAN HILL GOLD PROJECT Mailman Hill (E37/1408) is the Company’s priority Western Australian gold opportunity. The project is located in the Eastern Goldfields and is adjacent to Cavalier Resources’ Crawford Gold Project. This position provides a clear exploration rationale: assess whether mineralised structures or supergene gold associated with the adjacent system may continue into Lightning’s tenure. [Figure 19] FY2026 POSITION • Desktop review, historical data assessment and program planning continued whilst capital was prioritised toward Queensland. • Aircore and/or reverse-circulation drilling concepts were considered to test interpreted extensions of adjacent gold mineralisation. • The extension of term for E37/1408 was approved after year end to 11 May 2031. Figure 19. Western Australian portfolio context including Mailman Hill and Mt Bartle. 28 DUNDAS PROJECTS The Dundas North and Dundas South projects are located within a well-established Western Australian exploration region. During FY2026, work was limited to tenement management, desktop interpretation, and a review of regional prospectivity. No material field activity was undertaken, consistent with the Company’s capital-allocation hierarchy. TENURE AND TECHNICAL STATUS • Extensions of term were lodged for the Dundas South tenements. • Regional geological interpretation and existing data review continued to assess gold and alternative mineral prospectivity. • The portfolio remained available for selective exploration, technology-assisted target generation, partnership or divestment. • Dundas South E63/2028 received an extension of term after year end to 13 May 2031; • Dundas North E63/2028 and E63/1993 exemptions from expenditure for the 2026 tenement year were received. MT BARTLE PROJECT The Mt Bartle tenement applications remained subject to the grant process and completion of regulatory and heritage requirements. Desktop geological assessment continued, but material field activity is not expected until tenure; access and strategic ranking support further investment. LACHLAN FOLD BELT PORTFOLIO The Lotus Minerals acquisition added the Boree Creek, Burdett and Manildra projects in New South Wales and Corryong in Victoria. The portfolio lies within the broader Lachlan Fold Belt, one of Australia’s most important copper-gold provinces. Lightning’s NSW projects occupy a regional position between the Northparkes and Cadia Valley mining districts, providing exposure to porphyry-style systems while the Company focuses near- term capital on Queensland. [Figure 20] PORTFOLIO ROLE The Lachlan projects provide medium-term optionality. The FY2026 work program principally comprises compilation and interpretation of historical information, target ranking and assessment of low-cost follow-up work. Material expenditure is subject to the same technical and capital decision gates applied across the portfolio. [ASX Announcement 16 April 26, Strategic Plan and Portfolio Simplification] 29 Figure 20 Lachlan Fold regional project context. BOREE CREEK, BURDETT, MANILDRA AND CORRYONG BOREE CREEK - COPPER-GOLD PORPHYRY OPPORTUNITY Boree Creek is the most advanced Lachlan Fold Belt project in the portfolio. Historical exploration identified porphyry-style mineralisation, including a reported historical intersection of 48 metres at 0.35% copper and 0.31g/t gold from 96 metres in RC94DH06. The result must be presented with the original historical-results qualifications, location context and Competent Person review before final publication. Mineralisa