Annual report
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SULTAN RESOURCES LTD ABN 35 623 652 522 Annual Report for the Year Ended 30 June 2026
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Annual Report | 30 June 202 6 2 | Page Contents Corporate Directory 3 Directors' Report 4 Auditor’s Independence Declaration 28 Consolidated Statement of Profit or Loss and Other Comprehensive Income 29 Consolidated Statement of Financial Position 30 Consolidated Statement of Changes in Equity 31 Consolidated Statement of Cash Flows 32 Notes to the Consolidated Financial Statements 33 Consolidated Entity Disclosure Statement 56 Directors' Declaration 57 Independent Auditor’s Report 58 Corporate Governance Statement 62 ASX Additional Information 63
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Annual Report | 30 June 202 6 3 | Page Corporate Directory Board of Directors Lincoln Liu Non-Executive Chairman Nic Maurice Matich Non-Executive Director Mark Mitchell Non-Executive Director Secretary Mauro Piccini (Appointed 15 May 2026) Hannah Cabatit (Resigned 15 May 2026) Registered Office Suite 1 38 Colin Street West Perth WA 6005 Telephone: 08 6559 1792 Website: www.sultanresources.com.au Securities Exchange Listing Listed on the Australian Securities Exchange (ASX Code: SLZ) Listed on the US OTCID Markets (Code: SLZRF) Auditors RSM Australia Level 32, Exchange Tower 2 The Esplanade Perth WA 6000 Solicitors Steinepreis Paganin Level 14 - QV1 250 St Georges Terrace, Perth WA 6000 Bankers Westpac Banking Corporation Level 13, 109 St Georges Terrace Perth WA 6000 Share Registry Automic Share Registry Level 5, 191 St Georges Terrace Pert WA 6000 Telephone: 1300 288 664
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Annual Report | 30 June 202 6 4 | Page Directors’ Report The Directors of Sultan Resources Limited (“SLZ” or “the Company”) present their report, together with the financial statements on the consolidated entity consisting of Sultan Resources Limited and its controlled entities (“the Group”) for the year ended 30 June 2026. DIRECTORS The names and particulars of the Company’s directors in office during the financial year and at the date of this report are as follows. The Directors held office for this entire year unless otherwise stated. Lincoln Liu |Non-Executive Chairman Mr Liu has acted in various roles as advisor to several mining companies in their growth phase and across a range of commodities. He has worked in the Australian Equities market for 15 years. His experience includes trading, equities research and investment banking having completed numerous Capital Raising, M&A, IPO and Private Equity deals. He is the founder of a Sydney based Corporate advisory firm servicing growth companies in the mining and technology sectors. He holds a Bachelor’s degree from Western Sydney University, a Master of Commerce (Finance) from the University of New South Wales and a Master of Business Administration from the University of Sydney. During the past three years, Mr Liu held the following directorships in other ASX listed companies: • Managing Director of Red Mountain Mining Ltd (current); • Non-Executive Director of Pinnacle Minerals Ltd (resigned 14 December 2025) • Chairman of West Cobar Metals Ltd (current) Jeremy King | Non-Executive Director (Resigned 17 September 2026) Mr King is a corporate lawyer and adviser with over 20 years’ experience in domestic and international legal, financial and corporate matters. Mr King is a director of a boutique corporate advisory and compliance business where he specializes in corporate and strategic advice and managing legal issues associated with clients. He spent several years in London where he worked with Allen and Overy LLP and Debevoise & Plimpton LLP and has extensive experience, particularly in relation to cross border private equity, leveraged buy-out acquisitions and acting for banks, financial institutions and corporate issuers in respect of various debt and equity capital raisings. He regularly advises ASX listed companies on corporate and commercial matters. During the past three years, Mr King held the following directorships in other ASX listed companies: • Non-Executive Chairman of ECS Botanics Holdings Ltd (current); • Non-Executive Director of Smart Parking Limited (current); • Non-Executive Chairman of Redcastle Resources Limited (resigned 31 March 2025); • Non-Executive Director of Burgundy Diamond Mines Limited (current); • Non-executive Director of Haranga Resources Limited (appointed 11 July 2025 ); and • Executive Corporate Director of C29 Metals Limited (resigned 15 March 2024) Mark Mitchell |Non-Executive Director Mr Mitchell has been a geologist for over 35 years in exploration in rare metals, lithium and base metals in Australia and international jurisdictions. He has significant experience ranging from targeting through to resource evaluation and has been success ful in the discovery of several mineral deposits in Australia. He has acted in the capacity of company liaison representative on various research projects with AMIRA, CET, GRC as well as a brief period on the CME Exploration committee. He has geological me mbership with the Geological Society of Australia and Australian Institute of Geoscientists and is a Registered Professional Geoscientist.
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Annual Report | 30 June 202 6 5 | Page Directors’ Report During the past three years, Mr Mitchell held the following directorships in other ASX listed companies: • Non-Executive Director of Aldoro Resources Limited (resigned 31st August 2024) Nic Maurice Matich|Non-Executive Director (Appointed 17 September 2026) Mr Matich is a mechanical engineer and finance professional with over 18 years’ experience in the resources sector. His wide industry experience includes the provision of engineering, risk consulting and insurance services to numerous tier 1 mining companies with operations in lithium, iron ore, mineral sands, gold and rare earths. Mr Matich holds a Bachelor of Engineering (Mech) with Honours, Bachelor of Science (Phys/IT), Graduate Diploma in Applied Finance and is a graduate of the Australian Institute of Company Directors. During the past three years, Mr. Matich held the following directorships in other ASX listed companies : • Non-Executive Director of Adavale Resources Ltd (appointed 31 July 2024) • Non-Executive Director of Temas Resources Corp (appointed 27 January 2026) • Managing Director of Pinnacle Minerals Ltd (appointed 20 October 2022, resigned 19 September 2024) • Executive Director of Heavy Minerals Ltd (appointed 10 February 2021, resigned 13 September 2022) COMPANY SECRETARY | Mauro Piccini (Appointed 15 May 2026, resigned 17 September 2026) Mr Piccini spent 9 years at the ASX and possesses core competencies in publicly listed and unlisted company secretarial, administration and governance disciplines. Mr Piccini is a Chartered Accountant (CA) and a member of the Governance Institute of Australia (GIA). Mr Piccini started his career in the Perth office of Ernst and Young (EY) where he spent several years in their assurance division. Ms Hannah Cabatit resigned as Company Secretary on 15 May 2026. COMPANY SECRETARY | Daniel Coletta (Appointed 17 September 2026) Mr Coletta is an experienced Chartered Secretary appointed as Company Secretary to several ASX listed and unlisted public companies. Mr Coletta specialises in providing secretarial, governance, finance and corporate advisory services and is a Member of the Governance Institute of Australia and Chartered Accountants Australia and New Zealand. INTERESTS IN SHARES AND OPTIONS OF THE COMPANY AND RELATED BODIES CORPORATE The following table sets out each current Director’s relevant interest in shares, options to acquire shares of the Company or a related body corporate as at the date of this report. Director Ordinary Shares Unlisted Options Listed Options Lincoln Liu 16,941,7211 - - Jeremy King 2 - - - Mark Mitchell - - - Maurice Matich - - - Total 16,941,721 - - 1Mr Lincoln Liu’s shares are held by Wynton Capital Pty Ltd, a company of which Mr Liu is a director and shareholder. 2 Not applicable as Mr Jeremy King is no longer a Director.
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Annual Report | 30 June 202 6 6 | Page Directors’ Report PRINCIPAL ACTIVITIES The principal activities of the Company during the financial year were mineral exploration in Australia. REVIEW AND RESULTS OF OPERATIONS During the year the Company undertook a project review assessing the existing resource potential and commitments of the portfolio aligning the limits of funding capability and current market conditions. Sultan’s projects are located on the Lachlan Fold Belt in New South Wales, Australia, During the year, the Company relinquished the Thaduna (Northeast Yilgarn, WA) and Kondinin-Lake Grace (Yilgarn, WA) projects. NSW PROJECTS LACHLAN FOLD BELT PROJECT, NSW (EL8734, EL8735, EL9070) Sultan’s three Lachlan Fold Belt (LFB) tenements (EL8735, EL9070 and EL8734) cover 165 km2, including parts of the northern portion of the Late Ordovician to Early Silurian Molong and Rockley-Gulgong Volcanic Belts of the Macquarie Arc, which is broadly recognised as Australia’s premier porphyry Au -Cu province and host to Alkane Resources’ recent major Boda-Kaiser discovery (323Mt @ 0.26g/t Au and 0.15% Cu ASX: ALK 10 July 2024) and Newmont’s world-class Cadia East Au-Cu mine further to the south. As announced on 8 July 2025, the Company conducted a review of the existing datasets over the LFB tenements, identifying several Gold and Copper geochemical soil anomalies and anomalous rock chip samples. Associated geophysical evidence suggests significant potential for porphyry Au -Cu mineralisation. The Company identified the Ringaroo, Gowans Green and Razorback-Wattle Ridge Au-Cu targets located on tenement EL8735; and the Tucklan Au -Ag-Cu target located on tenement EL8734 for further exploration (Figure 1). The Company is undertaking an external geophysical review of magnetic, radiometric and Induced Polarisation (IP) survey data. The aim of the review is to identify the sources of the gold and copper geochemical rock and soil anomalies and recommend a strategy going forward.
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Annual Report | 30 June 202 6 7 | Page Directors’ Report Figure 1: SLZ’s LFB tenements and priority target areas relative to the mapped exposures of the Macquarie Arc, gold and copper mineral occurrences from the Geological Survey of NSW database and the Boda -Kaiser porphyry Au-Cu deposit. RINGAROO AU -CU The Ringaroo porphyry Au -Cu target lies within the Molong Volcanic Belt at the northern end of EL8735, immediately south of Impact Minerals’ Aspley porphyry prospect. Key features of Ringaroo are summarised in Figure 2 and include: • A 1km x 0.4km >3.1ppb Au-in-soil anomaly, which is spatially associated with the Ringaroo magnetic high, interpreted to represent a magnetite-bearing (oxidised) volcanic and intrusive complex. • The anomaly is open to the NW, SE and NE, towards Impact Minerals (ASX:IPT) Apsley porphyry Au - Cu prospect. Impact reports high -grade copper rock chip results of up to 7.73% Cu immediately adjacent to Sultan’s northern tenement boundary (ASX: IPT 14 January 2020 and 23 April 2020). • The Au in soil anomaly also overlies a 900m x 300m IP chargeability anomaly (>9 mV/V and up to 30 mV/V) overlying a 1000 m wide resistivity anomaly (ASX: SLZ 10 November 2020). • A smaller >3.1ppb Au -in-soil anomaly lies on the NE end of another magnetic high and is open along strike to the SW.
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Annual Report | 30 June 202 6 8 | Page Directors’ Report Subject to positive outcomes from the geophysical review, Sultan’s proposed work program for Ringaroo will focus on extending the soil sampling coverage to close off the soil anomalies, and additional IP lines over areas highlighted by the soil data to test for additional conductors and generate potential porphyry targets for drill testing. Figure 2: Total magnetic intensity (TMI) image over Ringaroo showing soil sample coverage and gold results, IP lines (black) and the IP chargeability anomaly, and Impact Minerals rock chip results from the Apsley porphyry prospect (ASX: IPT 14/01/2020 & 23/04/2020) immediately north of EL8735 (ASX: SLZ 9 July 2020). GOWAN GREEN AND RAZORBACK -WATTLE RIDGE AU -CU The Gowan Green and Razorback- Wattle Ridge porphyry Au -Cu targets are hosted within the Molong Volcanic Belt and are located in the southwest corner of EL8735. The two targets lie at either end of a 6km (N-S) by 1km (E-W) soil survey undertaken in 2020 over the Big Hill porphyry prospect (ASX: SLZ 2 June 2020), overlying a NE-trending magnetic ridge, considered to represent a portion of the Molong Volcanic Belt.
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Annual Report | 30 June 202 6 9 | Page Directors’ Report Figure 3: Total magnetic intensity (TMI) image over the Big Hill area, showing (left) gold -in-soil results, with anomalous >3.1ppb Au values contoured; and (right) rock chip copper values relative to the anomalous soils, the location of the historical workings at Gowan Green, and the locations of the Gowan Green and Razorback-Wattle Ridge targets. The central portion of the soil anomaly corresponds to the Big Hill target. Note that due to the narrow focus of the soil survey, most of the anomalous zones remain at least partially open to the east. The magnetic high corresponding to the Molong Volcanic Belt is clearly visible (ASX: SLZ 30 September 2020). Key features of the Gowan Green Au-Cu porphyry target are summarised in Figure 4 and include: • Multiple gold-in-soil anomalies, with associated Cu and pathfinder elements (ASX: SLZ 2 June 2020), associated with a magnetic high, correlating with mapped volcanic and intrusive rocks of the Molong Volcanic Belt. The anomalies are mostly open to the NE, due to limited soil sample coverage. • The soil anomalies are proximal to and appear to border multiple discrete IP chargeability anomalies. • Samples of oxidized mullock collected from historic Cu -Au workings (Table 1 and Figure 5) contain up to 24.6 g/t Au, 26.1% Cu and 65.5g/t Ag, supporting the presence of a base and precious metal rich mineralising system. • Lithogeochemical studies of multi-element whole rock data confirm that the Gowan Green rocks are calc-alkaline basalts, with a volcanic arc tectonic signature consistent with being part of the Molong Volcanic Belt of the Macquarie Arc, recognised as Australia’s premier po rphyry Au -Cu province. • Outcropping silica-limonite skarns and chlorite-altered mafic volcanics have been mapped in the area, supporting the presence of a large-scale hydrothermal system.
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Annual Report | 30 June 202 6 10 | Page Directors’ Report Figure 4: Total magnetic intensity (TMI) image over Gowan Green, showing Au -in-soil results and IP chargeability anomalies. Copper and gold values for mullock samples collected from the historical copper workings are also shown. Further analytical results for these samples are provided in Table 1 (Refer ASX: SLZ 20 May 2020). Table 1: Assay results for mullock samples collected from Gowan Green (ASX: SLZ 20 May 2020). SampleID MGA_East MGA_North Au g/t Ag g/t As ppm Bi ppm Cu % In ppm Mo ppm Na % Ni ppm Pb ppm S % Se ppm Te ppm SPR020 684568 6369967 24.6 65.5 938 91.4 26.10 4.88 4.19 0.03 3630 584 0.07 116 171.5 SPR021 684569 6369967 2.69 20.0 203 17.35 7.55 0.619 1.06 1.92 3740 177 0.03 14 16.7 SPR022 684568 6369968 0.513 7.7 174 2.23 4.49 0.177 0.56 1.66 2320 28 0.01 2 4.08 SPR023 684568 6369969 0.353 11.7 93 1.85 5.96 0.141 0.7 2.96 2730 69 0.14 2 3.05 SPR024 684567 6369967 0.939 21.6 95 3.46 5.71 0.252 0.57 3.41 2670 82 0.06 6 6.01 SPR025 684567 6369966 0.038 7.9 105 1.51 10.10 0.06 0.7 2.04 5130 32 0.12 1 0.65 SPR026 684569 6369968 1.16 24.8 654 2.77 12.55 0.447 0.61 1.7 4650 125 0.04 5 8.03
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Annual Report | 30 June 202 6 11 | Page Directors’ Report Figure 5: Mullock sample of malachite veined gossan with limonitic boxwork after sulfide (Sample SPR020) (ASX: SLZ 20 May 2020). Subject to a positive outcome from the geophysical review, Sultan may progress the Gowan Green target in a similar manner to Ringaroo. This may include expanding the soil- geochemical survey to the north and east to close off existing anomalies and integrat ing those results with the geophysical interpretation to identify potential porphyry-style drill targets. Key features of the Razorback-Wattle Ridge Au-Cu porphyry target are summarised in Figure 6 and include: • Surface mapping of propylitic alteration, pyrite and chalcopyrite mineralisation, a ~1km long skarn breccia, diorite and monzodiorite mapped at surface, providing confidence that all the required components of a porphyry Au-Cu system are present. • Anomalous Au, Cu and pathfinder elements in soil sampling, although the sampling once again failed to cover the full width of the target and is open to the east, and multiple Au - and Cu - mineralised outcrop and float samples, collected across the length of the target (Table 2). • A large underlying IP chargeability anomaly which has not been drill tested. Previous drilling focused on the skarn breccia, which shows evidence of copper and gold mineralisation (Figure 7). • Although the results of previous drilling into the skarn were disappointing, the holes reported sericite alteration, elevated Au-Cu-Ag-Mo-W values, zones of quartz carbonate veining, and hydrothermal breccias with infill disseminated pyrite and minor chalcopyrite and bornite blebs (ASX: SLZ 15 March 2022). These results are consistent with proximity to porphyry-style mineralisation. • Drill results also suggest that alteration intensity and Cu and Au grades increase with depth, towards an interpreted source that is broadly coincident with the untested IP anomaly, shown as a porphyry target on Figure 6.
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Annual Report | 30 June 202 6 12 | Page Directors’ Report Figure 6: Total magnetic intensity (TMI) image over Razorback -Wattle Ridge, showing mapped surface lithology and alteration, IP chargeability wireframe (10 mV/V), 3.1ppb Au in soils (again open to the east) and previous drilling, which focused on the mappe d surface skarn breccia. The dashed yellow line shows an interpreted porphyry target based on the IP, magnetics and previous drilling results, with the skarn breccia located along its eastern margin. (Refer to ASX: SLZ 3 February 2022 and ASX: SLZ 15 March 2022). Table 2: Assay results for outcrop and float rock chip samples from the Razorback-Wattle Ridge prospect. (Refer to ASX: SLZ 30 September 2020 and 20 May 2020). SampleID Sample_Type MGA_East MGA_North Au g/t Ag g/t As Bi ppm Cu % In ppm Mo ppm Na % Ni ppm Pb ppm S % Se ppm Te ppm SPR003 Outcrop 684291 6366977 0.004 0.00 4 0.04 0.006 0.043 0.86 2.86 15 5 0.005 0.5 0.025 SPR004 Float 684312 6366942 0.007 2.90 45 0.15 1.300 0.073 1.13 0.95 3 34 0.01 0.5 0.025 SPR005 Float 684313 6366943 0.001 3.80 67 0.15 2.400 0.061 0.99 0.09 3 43 0.005 0.5 0.025 SPR006 Float 684296 6366983 0.002 0.50 13 0.05 0.170 0.046 0.71 5.35 16 8 0.01 0.5 0.025 SPR014 Float 684288 6366977 0.003 7.00 168 0.03 2.210 0.044 1.51 0.22 10 23 0.01 0.5 0.025 SPR015 Float 684289 6366978 0.002 9.20 207 0.03 2.500 0.042 1.65 0.12 8 21 0.02 0.5 0.025 SPR037 Outcrop 685005 6366247 1.120 0.17 115.5 0.22 0.130 3.59 2.1 0.07 SPR038 Outcrop 685006 6366247 1.690 0.16 67.5 0.35 0.100 9.43 2 0.04 SPR039 Outcrop 685008 6366248 1.140 0.24 50.4 0.27 0.140 8.95 1.8 0.15 SPR040 Outcrop 685009 6366249 2.250 0.28 77.2 0.25 0.070 4.83 1.9 0.15 SPR051 Outcrop 684922 6365610 0.582 0.10 253 0.18 0.090 2.09 2 0.85 SPR058 Outcrop 684976 6365850 0.586 0.24 100.5 0.24 0.506 2.6 3.3 0.3 SPR059 Outcrop 684976 6365852 0.382 0.27 81.2 0.34 0.548 3.69 3.3 0.29 SPR062 Outcrop 684971 6365887 0.418 0.14 29.2 0.11 0.500 0.89 1.4 0.25 SPR066 Outcrop 685015 6366085 0.040 0.28 139.9 0.1 0.779 1.02 1.7 0.69 SPR067 Outcrop 685008 6366096 0.480 0.11 159 0.15 0.195 0.49 2.3 1.32 SPR068 Outcrop 685005 6366101 0.980 1.25 93 0.25 2.650 10.12 2.9 1.81 SPR070 Outcrop 685008 6366096 0.565 0.10 130.5 0.12 0.242 0.53 1.9 1.27 SPR078 Outcrop 685008 6366096 0.558 1.00 43.6 0.24 2.240 1.16 2.7 1.18 SPR079 Outcrop 685005 6366101 0.620 1.13 41.8 0.22 2.420 1.1 2.5 1.38 SPR080 Outcrop 685005 6366101 0.640 0.83 95.7 0.25 2.000 1.12 2.8 1.17 SPR081 Outcrop 685005 6366101 0.990 0.86 105 0.29 2.090 1.47 2.7 0.98
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Annual Report | 30 June 202 6 13 | Page Directors’ Report Figure 7: Samples of mineralised chalcopyrite - and malachite -bearing skarn breccia from Razorback -Wattle Ridge. Both samples were collected close to the collar location of RZD001. The sample locations are provided in Table 2. Subject to successful outcomes of the geophysical review, further exploration at the Razorback -Wattle Ridge target, may include expanding the soil grid at to fully cover the existing IP anomaly. In addition, surface mapping and rock chip sampling may be undertaken in order to better understand the distribution of intrusive rocks, alteration and mineralisation to select the best possible locations for drill testing of the porphyry Au-Cu target. TUCKLAN PROJECT Located in the Rockley-Gulgong Volcanic Belts of the Macquarie Arc and the Mudgee Fault corridor that has undergone limited exploration. Past exploration included the identification of the Tucklan open ended silver anomaly where the drilling a chargeability IP anomaly with coincident surface gold -in-soil and gold bearing rock chip hit a broad zone of silver mineralisation, TRC001 88m@4.1g/t Ag from 200m. Four other targets have been identified in the licence for investigation, Figure 8. These five areas are currently under review.
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Annual Report | 30 June 202 6 14 | Page Directors’ Report Figure 8: The five target areas at Tucklan currently under review. LFB Forward Work Program Proceeds from the previous capital raising are intended to support early -stage exploration across Sultan’s targets in the Lachlan Fold Belt. This includes fieldwork, geophysics, and preparatory activities aimed at refining drill targets. Subject to funding and operational conditions, the Company may commence groundwork during the current quarter and will update the market as this work progresses . NEW OPPORTUNITIES The Company continues to review acquisition or joint venture opportunities which are complementary to Sultan’s existing asset base and which have the potential to enhance shareholder value. The Board is focused on ensuring any new project will deliver significant upside to all shareholders but there can be no guarantee that any transaction will meet such requirements and be concluded. On 17 September 2025, Sultan announced that it had entered into a sale agreement with Aldoro Resources Limited (ASX:ARN) to acquire three projects in Namibia and Western Australia. Completion of the transaction was conditional on shareholders of the Company approving the issue of the consideration shares. Sultan shareholders did not approve the issue of the consideration shares at the 2025 Annual General Meeting and, as a result, the conditions were not satisfied and the acquisition did not complete. After completing a strategic review of the Company’s tenement package, it was decided to relinquish the Thaduna and Lake Grace project areas.
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Annual Report | 30 June 202 6 15 | Page Directors’ Report Competent Persons Statement The information in this report that relates to Exploration Targets and Exploration Results is based on historical and recent exploration information compiled by Mr Mark Mitchell, who is a Competent Person and a Member of the Australian Institute of Geoscientists and a Director of Sultan Resources Limited. Mr Mitchell has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for the reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Mitchell consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Disclaimer In relying on the above mentioned ASX announcement and pursuant to ASX Listing Rule 5.23.2, the Company confirms that it is not aware of any new information or data that materially affects the information included in the above - mentioned announcement. CORPORATE During the year, the Company successful completed its pro -rata non-renounceable entitlement offer as announced to ASX on 25 July 2025. The Company received valid applications for 29,613,653 new fully paid ordinary shares, raising a total of $148,069 (before costs) and successfully placed all of the Shortfall shares available under the Shortfall Offer and issued 201,856,257 shares to raise a total of $1,009,282 before costs. The Company completed a further placement of $1.1m before costs through the issue of 122,222,222 Placement shares at an issue price of $0.009(“Placement”). Additionally, participants of the Placement were issued one (1) free-attaching SLZO option (exercisable at $0.03 and expiring 12 March 2027) for every two (2) new Placement shares subscribed and issued. Placement securities were issued in two tranches, with 73,380,679 Tranche 1 Placement Shares issued without shareholder approval. Tranche 2 comprised of 48,841,543 Placement Shares, 61,111,111 free attaching SLZO placement options and 30,000,000 SLZO options issued to the lead manager of the Placement. All Tranche 2 securities were issued following shareholder approval at the Company’s 2025 Annual General Meeting. Director Mr. Liu was granted 25,000,000 performance rights, with various expiry dates and market based vesting conditions, following shareholder approval at the Company’s 2025 Annual General Meeting. During the year, the Company was admitted to the OTCID Market, where its shares trade under the symbol SLZRF. The OTCID listing strengthens the Company's presence in the North American investment community by facilitating access for U.S. retail and institutional investors. In addition, the listing enhances the Company's profile among peers in the precious and critical metals exploration sectors and creates further opportunities to engage with investors, industry participants, and potential strategic partner s. Financial Performance The financial results of the consolidated entity for the year ended 30 June 202 6 and 30 June 2025 are: 30-June-26 30-June-25 $ $ Cash and cash equivalents 1,038,114 81,751 Net assets 5,275,198 4,425,498 Revenue and other income 15,853 30,757 Net loss after tax (1,481,006) (5,469,391) DIVIDENDS No dividend is recommended in respect of the current financial year (202 5: nil).
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Annual Report | 30 June 202 6 16 | Page Directors’ Report REVIEW OF MATERIAL BUSINESS RISKS There are specific risks associated with the activities of the Group and general risks which are largely beyond the control of the Group and the Directors. The risks identified below, or other risk factors, may have a material impact on the future financia l performance of the Group and the market price of the Company’s shares. The Board reviews the risks of the Group and the action plans to address these risks on a regular basis. a) Operating Risks The operations of the Company may be affected by various factors, including failure to locate or identify mineral deposits, failure to achieve predicted grades in exploration and mining, operational and technical difficulties encountered in mining. In addition, difficulties in commissioning and operating plant and equipment include mechanical failure or plant breakdown, unanticipated metallurgical problems which may affect extraction costs, adverse weather conditions, industrial and environmental accidents, health incidents including pandemic diseases like COVID -19 (coronavirus), industrial disputes and unexpected shortages or increases in the costs of consumables, spare parts, plant and equipment. b) Environmental Risks The operations and proposed activities of the Company are subject to the environmental laws and regulations. As with most exploration projects and mining operations, the Company’s activities are expected to have an impact on the environment, particularly if mine development proceeds. It is the Company’s intention to conduct its activities to the highest standard of environmental obligation, including compliance with all environmental laws. c) Economic General economic conditions, movements in interest and inflation rates 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. d) Market conditions Share market conditions may affect the value of the Company’s quoted securities regardless of the Company’s operating performance. Share market conditions are affected by many factors such as: i) general economic outlook; ii) introduction of tax reform or other new legislation; iii) interest rates and inflation rates; iv) changes in investor sentiment toward particular market sectors; v) the demand for, and supply of, capital; and vi) terrorism or other hostilities. The market price of securities can fall as well as rise and may be subject to varied and unpredictable influences on the market for equities in general and resource exploration stocks in particular. Neither the Company nor the Directors warrant the future performance of the Company or any return on an investment in the Company. e) Additional requirements for capital The Company must have sufficient capital to fund its exploration activities, along with other working capital requirements. At the reporting date it has cash and cash equivalents of approximately $ 1,038,000. Any additional equity financing will dilute shareholdings, and additional debt financing, if available, may involve restrictions on financing and operating activities. If the Company is unable to obtain additional financing as needed, it may be required to reduce the scope of its operations and scale back its development programmes as the case may be. There is no guarantee that the Company will be able to secure any additional funding or be able to secure funding on terms favourable to the Company.
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Annual Report | 30 June 202 6 17 | Page Directors’ Report f) Speculative investment Potential investors should consider that the investment in the Company is speculative and should consult their professional advisers before deciding whether to invest. The above list of risk factors ought not to be taken as exhaustive of the risks faced by the Company or by investors in the Company. The above factors, and others not specifically referred to above, may in the future materially affect the financial performance of the Company and the value of the Company’s shares. SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS There have been no significant changes in the state of affairs during the financial year other than those included in this Directors’ Report. MATTERS SUBSEQUENT TO THE REPORTING PERIOD On 17 September 2026, the Company announced changes to its Board and Company Secretary. Mr Maurice (Nic) Matich was appointed as Non- Executive Director and Mr Jeremy King resigned as Director. Mr Daniel Coletta was appointed Company Secretary and Mr Mauro Piccini resigned as Company Secretary. Subsequent to year end, the Company lodged an exploration licence application (EPL11820) covering 171.2km² within Namibia's Central Damara Orogen. The Kaalkop Project is located approximately 5km south of Kalkfeld, within an established gold province that is also attracting increasing exploration interest for copper and other metals. On 23 September 2026, the Company announced it had received firm commitments to raise $1,316,000 (before costs) through the issue of 146,222,222 fully paid ordinary shares (Placement Shares) at an issue price of $0.009 per share. Placement participants will also receive, for every two Placement Shares subscribed for and issued: • one free-attaching listed option (ASX: SLZO), exercisable at $0.03 and expiring 12 March 2027 (Listed Placement Options); and • one free- attaching unlisted option, exercisable at $0.03 and expiring 12 March 2030 (Unlisted Placement Options). The issue of the attaching options is subject to shareholder approval at the Company's Annual General Meeting, scheduled for mid-November 2026. Other than the matters disclosed above, no matter or circumstance that has arisen since the end of the financial year that has significantly affected, or may significantly affect, the operations of the Group, the results of those operations, or the state of affairs of the Group. LIKELY DEVELOPMENTS AND EXPECTED RESULTS Future Exploration The Group’s main exploration efforts will be focussed on continuing to develop value from exploration across its tenements.
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Annual Report | 30 June 202 6 18 | Page Directors’ Report DIRECTORS’ MEETINGS The number of Directors’ meetings held during the financial year and the number of meetings attended by each Director during the time the Director held office were: Director Number Eligible to Attend Number Attended Lincoln Liu 3 3 Jeremy King 3 3 Mark Mitchell 3 3 In addition to the scheduled Board meetings, Directors regularly communicate by telephone, email or other electronic means, and where necessary, circular resolutions are executed to effect decisions. Due to the size and scale of the Group, there is no Remuneration and Nomination Committee or Audit Committee at present. Matters typically dealt with by these Committees are, for the time being, managed by the Board. For details of the function of the Board, refer to the Corporate Governance S tatement. REMUNERATION REPORT (AUDITED) This remuneration report for the year ended 30 June 2026 outlines the remuneration arrangements of the Group in accordance with the requirements of the Corporations Act 2001 (“the Act”) and its regulations. This information has been audited as required by section 308(3C) of the Act. The remuneration report details the remuneration arrangements for Key Management Personnel (“KMP”) who are defined as those persons having authority and responsibility for planning, directing and controlling the major activities of the Group , directly or indirectly, including any Director (whether executive or otherwise) of the Company. a) Key Management Personnel Disclosed in this Report Key Management Personnel of the Group during or since the end of the financial period were: Lincoln Liu Non-Executive Chairman Jeremy King Non-Executive Director Mark Mitchell Non-Executive Director There have been no other changes after reporting date and up to the date that the financial report was authorised for issue. The Remuneration Report is set out under the following main headings: A Remuneration Philosophy B Remuneration Governance, Structure and Approvals C Remuneration and Performance D Details of Remuneration E Contractual Arrangements F Share-based Compensation G Equity Instruments Issued on Exercise of Remuneration Options H Voting and comments made at the Company’s 2025 Annual General Meeting I Loans with KMP J Other Transactions with KMP K Additional Information
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Annual Report | 30 June 202 6 19 | Page Directors’ Report A Remuneration Philosophy KMP have authority and responsibility for planning, directing and controlling the activities of the Group. KMP of the Group comprise of the Board of Directors, and at present there are no other persons employed by the Group in an executive capacity. The Group’s broad remuneration policy is to ensure the remuneration package properly reflects the person’s duties and responsibilities and that remuneration is competitive in attracting, retaining and motivating people of the highest quality. No remuneration consultants were employed during the financial year ended 30 June 202 6 and 30 June 2025. B Remuneration Governance, Structure and Approvals Remuneration of Directors is currently set by the Board of Directors. The Board has not established a separate Remuneration Committee at this point in the Group’s development, nor has the Board engaged the services of an external remuneration consultant. It is considered that the size of the Board along with the level of activity of the Group renders this impractical. The Board is primarily responsible for: • The over-arching executive remuneration framework; • Operation of the incentive plans which apply to executive directors and senior executives, including key performance indicators and performance hurdles; • Remuneration levels of executives; and • Non-Executive Director fees. Their objective is to ensure that remuneration policies and structures are fair and competitive and aligned with the long-term interests of the Group. Non-Executive Remuneration Structure The remuneration of Non -Executive Directors consists of Directors’ fees, payable in arrears. The total aggregate fixed sum per annum to be paid to Non-Executive Directors in accordance with the Company’s Constitution shall be no more than $500,000 and may be varied by ordinary resolution of the Shareholders in a General Meeting. Remuneration of Non-Executive Directors is based on fees approved by the Board of Directors and is set at levels to reflect market conditions and encourage the continued services of the Directors. In accordance with the Company’s Constitution, the Directors may at any time, subject to the Listing Rules, adopt any scheme or plan which they consider to be in the interests of the Group and which is designed to provide superannuation benefits for both present and future Non -Executive Directors, and they may from time to time vary this scheme or plan. The remuneration of Non-Executive Directors is detailed in Table 1 and their contractual arrangements are disclosed in “Section E – Contractual Agreements”. Remuneration may also include an invitation to participate in share -based incentive programmes in accordance with Group policy. The nature and amount of remuneration is collectively considered by the Board of Directors with reference to relevant employment conditions and fees commensurate to a c ompany of similar size and level of activity, with the overall objective of ensuring maximum stakeholder benefit from the retention of high performing Directors.
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Annual Report | 30 June 202 6 20 | Page Directors’ Report Executive Remuneration Structure The nature and amount of remuneration of executives are assessed on a periodic basis with the overall objective of ensuring maximum stakeholder benefit from the retention of high performance Directors. The main objectives sought when reviewing executive remuneration is that the Group has: • Coherent remuneration policies and practices to attract and retain Executives; • Executives who will create value for shareholders; • Competitive remuneration offered benchmarked against the external market; and • Fair and responsible rewards to Executives having regard to the performance of the Group , the performance of the Executives and the general pay environment. C Remuneration and Performance The following table shows the gross revenue, losses, earnings per share (“EPS”) of the Company as at 30 June 2026 and 30 June 2025. 30-Jun-26 30-Jun-25 Revenue and other income ($) 15,853 30,757 Net loss after tax ($) (1,481,006) (5,469,391) EPS (cents) (0.30) (2.49) Relationship between Remuneration and Group Performance Given the current phase of the Group’s development, the Board does not consider earnings during the current financial period when determining, and in relation to, the nature and amount of remuneration of KMP. The pay and reward framework for key management personnel may consist of the following areas: a) Fixed Remuneration – base salary b) Variable Short-Term Incentives c) Variable Long-Term Incentives The combination of these would comprise the key management personnel’s total remuneration. a) Fixed Remuneration – Base Salary The fixed remuneration for each senior executive is influenced by the nature and responsibilities of each role and knowledge, skills and experience required for each position. Fixed remuneration provides a base level of remuneration which is market competitive and comprises a base salary inclusive of statutory superannuation. It is structured as a total employment cost package. Key management personnel are offered a competitive base salary that comprises the fixed component of pay and rewards. External remuneration consultants may provide analysis and advice to ensure base pay is set to reflect the market for a comparable role. No external advice was taken this period. Base salary for key management personnel is reviewed annually to ensure the executives’ pay is competitive with the market. The pay of key management personnel is also reviewed on promotion. There is no guaranteed pay increase included in any key management personnel’s contract. b) Variable Remuneration – Short-Term Incentives (STI) Discretionary cash bonuses may be paid to KMP annually, subject to the requisite Board and shareholder approvals where applicable.
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Annual Report | 30 June 202 6 21 | Page Directors’ Report c) Variable Remuneration – Long-Term Incentives (LTI) Options are issued at the Board’s discretion. Unlisted options issued to Directors during the year are detailed in Table 5 below. Other than the options disclosed in section D of the Remuneration Report, there have been no other options issued to employees at the date of this financial report. D Details of Remuneration Details of the nature and amount of each major element of the remuneration of each KMP of the Group during the financial year are: Table 1 – Remuneration of KMP of the Group for the year ended 30 June 2026 is set out below: 30 June 2026 Short-term Employee Benefits Post- Employment Share-Based Payments Total Salary & fees Non- monetary benefits Other Superannuation $ $ $ $ $ $ Directors Lincoln Liu 60,000 - - 7,200 51,946 119,146 Jeremy King (i) 40,000 - - 4,800 - 44,800 Mark Mitchell 40,000 - - 4,846 - 44,846 Total 140,000 - - 16,846 51,946 208,792 (i) Resigned 17 September 2026 Table 2 – Remuneration of KMP of the Group for the year ended 30 June 2025 is set out below: 30 June 2025 Short-term Employee Benefits Post- Employment Share-Based Payments Total Salary & fees Non- monetary benefits Other Superannuation $ $ $ $ $ $ Directors Lincoln Liu 13,667 - - 1,572 - 15,239 Jeremy King (i) 55,444 - - 6,376 - 61,820 Mark Mitchell 9,111 - - 1,048 - 10,159 Steve Groves (ii) 30,877 - - 3,551 - 34,428 David Ian Lees (ii) 30,877 - - 3,551 - 34,428 Total 139,976 - - 16,098 - 156,074 (i) Resigned 17 September 2026 (ii) Resigned 9 April 2025 The following table shows the relative proportions of remuneration that are linked to performance and those that are fixed, based on the amounts disclosed as statutory remuneration expense in the tables above:
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Annual Report | 30 June 202 6 22 | Page Directors’ Report Table 3 – Relative proportion of fixed vs variable remuneration expense Fixed Remuneration At Risk – STI (%) At Risk – LTI (%) Name 2026 2025 2026 2025 2026 2025 Directors Lincoln Liu 56% 100% - - 44% - Jeremy King (i) 100% 100% - - - - Mark Mitchell 100% 100% - - - - Steve Groves (ii) - 100% - - - - David Ian Lees (ii) - 100% - - - - (i) Resigned 17 September 2026 (ii) Resigned 9 April 2025 Table 4 – Shareholdings of KMP (direct and indirect holdings) for the year ended 30 June 202 6 is set out below: 30 June 2026 Balance at 1/07/2025 Granted as Remuneration On Exercise of Options Net Change – Other Balance at 30/06/2026 Directors Lincoln Liu 16,941,721 - - - 16,941,721 Jeremy King (i) 2,777,525 - - - 2,777,525 Mark Mitchell - - - - - Total 19,719,246 - - - 19,719,246 (i) Resigned 17 September 2026 Table 5 – Unlisted Options of KMP (direct and indirect holdings) for the year ended 30 June 2026 is set out below: 30 June 2026 Balance at 1/07/2025 Granted as Remuneration On Exercise of Options Net Change – Other Balance at 30/06/2026 Directors Lincoln Liu - - - - - Jeremy King (i) 3,800,000 - - - 3,800,000 Mark Mitchell - - - - - Total 3,800,000 - - - 3,800,000 (i) Resigned 17 September 2026 Table 6 – Listed Options of KMP (direct and indirect holdings) for the year ended 30 June 202 6 is set out below: 30 June 2026 Balance at 1/07/2025 Granted as Remuneration On Exercise of Options Net Change – Other Balance at 30/06/2026 Directors Lincoln Liu - - - - - Jeremy King (i) 1,644,839 - - - 1,644,839 Mark Mitchell - - - - - Total 1,644,839 - - - 1,644,839 (i) Resigned 17 September 2026
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Annual Report | 30 June 202 6 23 | Page Directors’ Report Table 7 – Performance Rights of KMP (direct and indirect holdings) for the year ended 30 June 2026 is set out below: 30 June 2026 Balance at 1/07/2025 Granted as Remuneration Expired Net Change – Other Balance at 30/06/2026 Directors Lincoln Liu (i) - 25,000,000 - - 25,000,000 Jeremy King (ii) - - - - - Mark Mitchell - - - - - Total - 25,000,000 - - 25,000,000 (i) Mr. Liu was granted 25,000,000 performance rights expiring between 1 year and 2 years from the date of issue (5 December 2026) and include market based vesting conditions. (ii) Resigned 17 September 2026 E Contractual Arrangements Lincoln Liu – Non-Executive Chairman - Contract: Commenced on 9 April 2025. - Director’s Fee: $60,000 per annum plus statutory superannuation. - Term: See Note 1 below for details pertaining to re-appointment and termination. Jeremy King – Non-Executive Director (Resigned 17 September 2026) - Contract: Commenced on 9 April 2025. - Director’s Fee: $40,000 per annum plus statutory superannuation. - Term: See Note 1 below for details pertaining to re-appointment and termination. Mark Mitchell – Non-Executive Director - Contract: Commenced on 9 April 2025. - Director’s Fee: $40,000 per annum plus statutory superannuation. - Term: See Note 1 below for details pertaining to re-appointment and termination. Note 1: The term of each Director is open to the extent that they hold office subject to retirement by rotation, as per the Company’s Constitution, at each AGM and are eligible for re-election as a Director at the meeting. Appointment shall cease automatically in the event that the Director gives written notice to the Board, or the Director is not re-elected as a Director by the shareholders of the Company. There are no entitlements to termination or notice periods. F Share-based Compensation The Group rewards Directors for their performance and aligns their remuneration with the creation of shareholder wealth by issuing share options. Share -based compensation is at the discretion of the Board and no individual has a contractual right to receive any guaranteed benefits. Performance Rights As approved at the Annual General Meeting ( “AGM”) on 2 6 November 2025, the Company issued 25,000,000 performance rights to Mr Lincoln Liu to provide a performance linked incentive component. The fair value of performance rights, which have market conditions, have been determined using a Barrier 1 model with the key estimates as described in the table:
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Annual Report | 30 June 202 6 24 | Page Directors’ Report Class A Grant Date 26-11-2025 Expiry Date 05-12-2026 to 05-12-2027 Strike (Exercise) Price $0.00 Underlying Share Price (at date of issue) $0.009 Risk-free Rate (at date of issue) 3.8% Volatility 100% Number of Performance Rights Issued 25,000,000 Dividend Yield 0% Fair Value per Performance Right $0.0046 to $0.0054 Total Fair Value of Performance Rights $51,946 Performance conditions of the Director performance rights: Class Quantum Vesting Condition Performance period A 20,000,000 The Company achieving a 20 day volume weighted average price (VWAP) of at least $0.015 per Share (being the VWAP calculated over 20 consecutive trading days on which the Company’s share actually traded). Within 12 months from 5 December 2025 B 10,000,000 The Company achieving a 20 day volume weighted average price (VWAP) of at least $0.020 per Share (being the VWAP calculated over 20 consecutive trading days on which the Company’s share actually traded). Within 18 months from 5 December 2025 C 20,000,000 The Company achieving a 20 day volume weighted average price (VWAP) of at least $0.022 per Share (being the VWAP calculated over 20 consecutive trading days on which the Company’s share actually traded). Within 24 months from 5 December 2025 Shares Short and Long-term Incentives No short or long -term incentive-based shares were issued as remuneration to Directors during the current financial year. G Equity Instruments Issued on Exercise of Remuneration Options No remuneration options were exercised during the financial year (202 5: Nil). H Voting and comments made at the Company's 2025 Annual General Meeting (‘AGM’) At the 2025 AGM, 99.23% of the votes received supported the adoption of the remuneration report for the year ended 30 June 2025. The Company did not receive any specific feedback at the AGM regarding its remuneration practices. I Loans with KMP There were no loans during the year ended 30 June 2026 (2025: Nil).
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Annual Report | 30 June 202 6 25 | Page Directors’ Report J Other Transactions with KMP The following transactions occurred with related parties: Related Party Transactions 2026 2025 $ $ The following related party transactions were made during the year: Company secretarial and financial management services paid to: Mirador Corporate Pty Ltd (i) 129,150 125,475 Office rental fee paid to: Mirador Corporate Pty Ltd (i) - 33,000 Red Mountain Mining Ltd(ii) 52,548 - Consulting fee paid to: Bay Financial Pty Ltd 2,500 - Consulting fee paid to: Mark Mitchell (iii) 24,960 3,120 (i) An entity in which Jeremy King is a Director. As at 30 June 2026, there was $58,538 payable (2025: $65,063). (ii) An entity in which Lincoln Liu is a Director. (iii) Appointed 9 April 2025. As at 30 June 2026, there was $1,300 payable (2025: $12,231). All transactions were made on normal commercial terms and conditions and at market rates. There were no other transactions with KMP during the year ended 30 June 2026. K Additional Information The earnings of the Group for the five years to 30 June 2026 are summarised below: 2026 2025 2024 2023 2022 $ $ $ $ $ Other income 15,853 30,757 11,169 66,499 510 EBITDA (1,481,006) (5,469,391) (876,680) (1,758,018) (987,493) EBIT (1,481,006) (5,469,391) (876,680) (1,758,018) (987,493) Loss after income tax (1,481,006) (5,469,391) (876,680) (1,758,018) (986,983) The factors that are considered to affect total shareholders return (“TSR”) are summarised below: 2026 2025 2024 2023 2022 Share Price at financial year end ($) $0.008 $0.006 $0.008 $0.046 $0.094 Total dividends declared - - - - - EPS (cents per share) (0.30) (2.49) (0.54) (1.89) (1.31) End of Audited Remuneration Report.
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Annual Report | 30 June 202 6 26 | Page Directors’ Report INDEMNIFICATION AND INSURANCE OF OFFICERS AND AUDITORS The Company has indemnified the Directors and Executives of the Company for costs incurred, in their capacity as a Director or Executive, for which they may be held personally liable, except where there is a lack of good faith. During the financial year, the Company paid a premium in respect of a contract to insure the Directors and Executives of the Company against a liability to the extent permitted by the Corporations Act 2001. The contract of insurance prohibits disclosure of the nature of the liability and the amount of the premium. The Company has not, during or since the end of the financial period , indemnified or agreed to indemnify the auditor of the Company or any related entity against a liability incurred by the auditor. During the financial year , the Company has not paid a premium in respect of a contract to insure the auditor of the Company or any related entity. ENVIRONMENTAL REGULATIONS The Group is not currently subject to any specific environmental regulation. There have not been any known significant breaches of any environmental regulations during the year under review and up until the date of this report. PROCEEDINGS ON BEHALF OF THE COMPANY No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the Company, or to intervene in any proceedings to which the Company is a party, for the purposes of taking responsibility on beha lf of the Company for all or part of these proceedings. AUDITOR RSM Australia Partners continues in office in accordance with section 327 of the Corporations Act 2001. OFFICERS OF THE COMPANY WHO ARE FORMER PARTNERS OF RSM AUSTRALIA PARTNERS There are no officers of the Company who are former partners of RSM Australia Partners. AUDITOR’S INDEPENDENCE DECLARATION The lead auditor’s independence declaration as required under section 307C of the Corporations Act 2001 for the year ended 30 June 2026 has been received and included within these financial statements. SHARES UNDER OPTION At the date of this report there were the following unissued ordinary shares for which options were outstanding: • 17,200,000 unlisted options expiring 31 December 2027, exercisable at $0.11 per option. • 11,250,000 unlisted options expiring 30 June 2027, exercisable at $0.075 per option. • 134,042,117 listed options expiring 12 March 2027, exercisable at $0.03 per option.
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Annual Report | 30 June 202 6 27 | Page Directors’ Report SHARES UNDER PERFORMANCE RIGHTS At the date of this report there were the following performance rights remained on issue: •30,000,000 Class A performance rights exercisable at nil consideration, expiring on 5 December 2026. •15,000,000 Class B performance rights exercisable at nil consideration, expiring on 5 June 2027. •30,000,000 Class C performance rights exercisable at nil consideration, expiring on 5 December 2027. SHARES ISSUED ON THE EXERCISE OF OPTIONS AND PERFORMANCE RIGHTS There were no ordinary shares issued during the year ended 30 June 202 6 and up to the date of this report on the exercise of options and performance rights. ROUNDING AMOUNT The company is of a kind referred to in Corporations Instrument 2026/183, issued by the Australian Securities and Investments Commission, relating to 'rounding -off'. Amounts in this report have been rounded off in accordance with that Corporations Instrument to the nearest dollar. NON-AUDIT SERVICES Details of the amounts paid or payable to the auditor for non -audit services provided during the financial year by the auditor are outlined in Note 20 to the financial statements. The Directors are satisfied that the provision of non-audit services during the financial year, by the auditor (or by another person or firm on the auditor's behalf), is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001. The directors are of the opinion that the services as disclosed in N ote 20 to the financial statements do not compromise the external auditor's independence requirements of the Corporations Act 2001 for the following reasons: • all non-audit services have been reviewed and approved to ensure that they do not impact the integrity and objectivity of the auditor; and • none of the services undermine the general principles relating to auditor independence as set out in APES 110 Code of Ethics for Professional Accountants issued by the Accounting Professional and Ethical Standards Board, including reviewing or auditing the auditor's own work, acting in a management or decision -making capacity for the company, acting as advocate for the company or jointly sharing economic risks and rewards. This report is signed in accordance with a resolution of Board of Directors, pursuant to section 298(2)(a) of the Corporations Act 2001. Lincoln Liu Non-Executive Chairman 29 September 2026
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RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction. RSM Australia Partners ABN 36 965 185 036 Liability limited by a scheme approved under Professional Standards Legislation RSM Australia Partners Level 32 Exchange Tower, 2 The Esplanade Perth WA 6000 GPO Box R1253 Perth WA 6844 T +61 (0) 8 9261 9100 www.rsm.com.au AUDITOR’S INDEPENDENCE DECLARATION As lead auditor for the audit of the financial report of Sultan Resources Limited for the year ended 30 June 2026, I declare that, to the best of my knowledge and belief, there have been no contraventions of: (i) the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and (ii) any applicable code of professional conduct in relation to the audit. RSM AUSTRALIA Perth, WA AIK KONG TING Dated: 29 September 2026 Partner
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Annual Report | 30 June 202 6 29 | Page Consolidated Statement of Profit or Loss and Other Comprehensive Income For the Financial Year Ended 30 June 2026 Note 2026 2025 $ $ Revenue from continuing operations Other income 4 15,853 30,757 Expenses Administrative expenses 5(a) (366,259) (236,099) Compliance and regulatory expenses (80,813) (48,882) Consultancy and legal expenses 5(b) (164,251) (199,773) Employee benefits expense (160,845) (193,764) Finance costs (3,727) - Exploration expenses (123,749) (14,368) Impairment expenses - other (50,000) - Impairment expenses – exploration and evaluation assets 10 (278,686) (4,806,216) Share-based payment expense 15 (266,275) - Other expenses (2,254) (1,046) Loss from continuing operations before income tax (1,481,006) (5,469,391) Income tax expense 6 - - Loss from continuing operations after income tax (1,481,006) (5,469,391) Other comprehensive loss Other comprehensive loss for the year, net of income tax - - Other comprehensive loss for the year, net of tax - - Total comprehensive loss attributable to the members of Sultan Resources Limited (1,481,006) (5,469,391) Loss per share for the year attributable to the members of Sultan Resources Limited: Basic and Diluted loss per share (cents) 7 (0.30) (2.49) The Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the notes to the financial statements.
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Annual Report | 30 June 202 6 30 | Page Consolidated Statement of Financial Position As at 30 June 2026 Note 2026 2025 $ $ ASSETS Current assets Cash and cash equivalents 8 1,038,114 81,751 Trade and other receivables 9 45,912 47,447 Total current assets 1,084,026 129,198 Non-current assets Exploration and evaluation assets 10 4,436,887 4,685,824 Total non-current assets 4,436,887 4,685,824 Total assets 5,520,913 4,815,022 LIABILITIES Current liabilities Trade and other payables 11 243,315 357,801 Provisions 12 2,400 31,723 Total current liabilities 245,715 389,524 Total liabilities 245,715 389,524 Net assets 5,275,198 4,425,498 EQUITY Contributed equity 13 16,083,395 14,078,964 Reserves 14 2,532,104 2,205,829 Accumulated losses (13,340,301) (11,859,295) Total equity 5,275,198 4,425,498 The Consolidated Statement of Financial Position should be read in conjunction with the notes to the financial statements.
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Annual Report | 30 June 202 6 31 | Page Consolidated Statement of Changes in Equity For the Financial Year Ended 30 June 2026 Contributed equity Reserves Accumulated Losses Total $ $ $ $ At 1 July 2025 14,078,964 2,205,829 (11,859,295) 4,425,498 Loss for the year - - (1,481,006) (1,481,006) Total comprehensive loss for the year after tax - - (1,481,006) (1,481,006) Transactions with owners in their capacity as owners: Issue of share capital 2,257,352 - - 2,257,352 Share issue costs (252,921) 60,000 - (192,921) Share-based payments - 266,275 - 266,275 At 30 June 2026 16,083,395 2,532,104 (13,340,301) 5,275,198 Contributed equity Reserves Accumulated Losses Total $ $ $ $ At 1 July 2024 13,782,873 2,183,924 (6,389,904) 9,576,893 Loss for the year - - (5,469,391) (5,469,391) Total comprehensive loss for the year after tax - - (5,469,391) (5,469,391) Transactions with owners in their capacity as owners: Issue of share capital 338,834 - - 338,834 Share issue costs (42,743) 21,905 - (20,838) At 30 June 2025 14,078,964 2,205,829 (11,859,295) 4,425,498 The Consolidated Statement of Changes in Equity should be read in conjunction with the notes to the financial statements.
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Annual Report | 30 June 202 6 32 | Page Consolidated Statement of Cash Flows For the Financial Year Ended 30 June 2026 Note 2026 2025 $ $ Cash flows from operating activities Payments to suppliers and employees (934,611) (518,646) Payments for exploration and evaluation expenditure (173,749) (14,368) Interest received 6,729 3,584 Other income 9,124 27,173 Net cash used in operating activities 8 (a) (1,092,507) (502,257) Cash flows from investing activities Payments made for exploration and evaluation (29,749) (318,685) Net cash used in investing activities (29,749) (318,685) Cash flows from financing activities Proceeds from the issue of shares 2,257,352 338,834 Share issue costs (192,921) (20,838) Proceeds from borrowings 55,897 - Repayment of borrowings (37,982) - Interest paid (3,727) - Net cash from financing activities 2,078,619 317,996 Net increase/(decrease) in cash and cash equivalents 956,363 (502,946) Cash and cash equivalents at the beginning of the year 81,751 584,697 Cash and cash equivalents at the end of the year 8 1,038,114 81,751 The Consolidated Statement of Cash Flows should be read in conjunction with the notes to the financial statements.
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Annual Report | 30 June 202 6 33 | Page Notes to the Consolidated Financial Statements NOTE 1 MATERIAL ACCOUNTING POLICY INFORMATION (a) Reporting Entity Sultan Resources Limited (referred to as “Company” or “parent entity”) is a company domiciled in Australia. The address of the Company’s registered office and principal place of business is disclosed in the Corporate Directory of the Annual Report. The con solidated financial statements of the Company as at and for the year ended 30 June 2026 comprise the Company and its subsidiaries (together referred to as the “Consolidated Entity” or the “Group”). The financial statements are presented in Australian dollars, which is Sultan Resources Limited's functional and presentation currency. The financial statements were authorised for issue, in accordance with a resolution of directors, on 29 September 2026. The directors have the power to amend and reissue the financial statements. (b) Basis of Preparation Statement of compliance These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') and the Corporations Act 2001, as appropriate for for-profit oriented entities. These financial statements also comply with International Financial Reporting Standards as issued by the International Accounting Standards Board ('IASB'). Historical cost convention The financial statements have been prepared under the historical cost convention, except for, where applicable, the revaluation of financial assets and liabilities at fair value through profit or loss, financial assets at fair value through other comprehensive income, investment properties, certain classes of property, plant and equipment and derivative financial instruments. Going concern The financial statements have been prepared on the going concern basis, which contemplates continuity of normal business activities and the realisation of assets and discharge of liabilities in the normal course of business. As disclosed in the financial statements, the Group incurred a loss for the year of $1,481,006 and had net cash outflows from operating activities and investing activities of $1,092,507 and $29,749 respectively for the year ended 30 June 2026. These factors indicate a material uncertainty which may cast significant doubt as to whether the Group will continue as a going concern and therefore whether it will realise its assets and extinguish its liabilities in the normal course of business and at the amounts stated in the financial report. The Directors believe that there are reasonable grounds to believe that the Group will be able to continue as a going concern after consideration of the following factors: - The Group’s ability to issue additional share under the Corporations Act 2001 to raise further working capital; and - The Group has the ability to scale down its operations in order to curtail expenditure, so as to ensure that the cash available is sufficient to meet projected expenditure. Accordingly, the Directors believe that the Group will be able to continue as a going concern and that it is appropriate to adopt the going concern basis in the preparation of the financial report.
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Annual Report | 30 June 202 6 34 | Page Notes to the Consolidated Financial Statements NOTE 1 MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) The financial report does not include any adjustments relating to the amounts or classification of recorded assets or liabilities that might be necessary if the Group does not continue as a going concern. Parent entity information In accordance with the Corporations Act 2001, these financial statements present the results of the consolidated entity only. Supplementary information about the parent entity is disclosed in Note 22. New and revised Accounting Standards and Interpretations adopted by the Group The consolidated entity has adopted all of the new or amended Accounting Standards and interpretations issued by the Australian Accounting Standards Board (‘AASB”) that are mandatory for the current reporting period. Any new or amended Australian Accounting Standards or Interpretations that have recently been issued or amended but are not yet mandatory have not been early adopted . Significant Judgements and Estimates The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 2. (c) Comparatives Comparative balances for the Group are for the financial year ended 30 June 2025. (d) Principles of Consolidation Subsidiaries The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Sultan Resources Limited (‘Company’ or ‘parent entity’) as at 30 June 2026 and the results of all subsidiaries for the year then ended. Sultan Resources Limited and its subsidiaries together are referred to in this financial report as “the consolidated entity” or “the Group”. Subsidiaries are all entities (including special purpose entities) over which the consolidated entity has the power to govern the financial and operating policies, generally accompanying a shareholding of more than one -half of the voting rights. The existe nce and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the consolidated entity controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the consolidated entity. They are de-consolidated from the date that control ceases. Intercompany transactions, balances and unrealised gains on transactions between entities in the Group are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the consolidated entity. The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest, without the loss of control, is accounted for as an equity transaction, where the difference between the consideration transferred and the book value of the share of the non-controlling interest acquired is recognised directly in equity attributable to the parent.
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Annual Report | 30 June 202 6 35 | Page Notes to the Consolidated Financial Statements NOTE 1 MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of profit or loss and other comprehensive income, statement of changes in equity and statement of financial position respectively. Where the consolidated entity loses control over a subsidiary, it derecognises the assets including goodwill, liabilities and noncontrolling interest in the subsidiary together with any cumulative translation differences recognised in equity. The consolidated entity recognises the fair value of the consideration received and the fair value of any investment retained together with any gain or loss in profit or loss. (e) Impairment of non-financial assets Non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. Recoverable amount is the higher of an asset's fair value less costs of disposal and value -in-use. The value-in-use is the present value of the estimated future cash flows relating to the asset using a pre -tax discount rate specific to the asset or cash-generating unit to which the asset belongs. Assets that do not have independent cash flows are grouped together to form a cash-generating unit. (f) Current and Non-Current classification Assets and liabilities are presented in the consolidated statement of financial position based on current and non-current classification. An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in the consolidated entity’s normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12 mo nths after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current. A liability is classified as current when: it is either expected to be settled in the consolidated entity’s normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as non -current. Deferred tax assets and liabilities are always classified as non-current. (g) Dividends Dividends are recognised when declared during the financial year and no longer at the discretion of the Company. (h) New Accounting Standards and Interpretations not yet mandatory or early adopted Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory, have not been early adopted by the consolidated entity for the annual reporting period ended 30 June 2026. The consolidated entity's assessment of the impact of these new or amended Accounting Standards and Interpretations, most relevant to the consolidated entity, are set out below.
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Annual Report | 30 June 202 6 36 | Page Notes to the Consolidated Financial Statements (h) New Accounting Standards and Interpretations not yet mandatory or early adopted (continued) AASB 18 Presentation and Disclosure in Financial Statements This standard is applicable to annual reporting periods beginning on or after 1 January 2027 and early adoption is permitted. The standard replaces IAS 1 'Presentation of Financial Statements', with many of the original disclosure requirements retained and there will be no impact on the recognition and measurement of items in the financial statements. But the standard will affect presentation and disclosure in the financial statements, including introducing five categories in the statement of profit or loss and other comprehensive income: operating, investing, financing, income taxes and discontinued operations. The standard introduces two mandatory sub- totals in the statement: 'Operating profit' and 'Profit before financing and income taxes'. There are also new disclosure requirements for 'management-defined performance measures', such as earnings before interest, taxes, depreciation and amortisation ('EBITDA') or 'adjusted profit'. The standard provides enhanced guidance on grouping of information (aggregation and disaggregation), including whether to present this information in the primary financial statements or in the notes. The consolidated entity will adopt this standard from 1 July 2027 and it is expected that there will be a significant change to the layout of the statement of profit or loss and other comprehensive income. NOTE 2 CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements, estimates and assumptions in these financial statements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below. Exploration and evaluation expenditure Exploration and evaluation expenditure have been capitalised on the basis that activities in the area have not yet reached a stage that permits reasonable assessment of the existence of economically recoverable reserves. Key judgements are applied in considering costs to be capitalised which includes determining expenditures directly related to these activities and allocating overheads between those that are expensed and capitalised. Share-based payment transactions The consolidated entity measures the cost of equity-settled transactions with employees or suppliers by reference to the fair value of the equity instruments at the date at which they are granted. The fair value is determined by using either the Binomial or Hoadley ES02 model taking into account the terms and conditions upon which the instruments were granted. The accounting estimates and assumptions relating to equity -settled share -based payments would have no impact on the carrying amounts of assets and liabilities within the next annual reporting period but may impact profit or loss and equity. NOTE 3 SEGMENT INFORMATION Operating segments are presented using the ‘management approach’, where the information presented is on the same basis as the internal reports provided to the Chief Operating Decision Makers (‘CODM’). The CODM is responsible for the allocation of resources to operating segments and assessing their performance.
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Annual Report | 30 June 202 6 37 | Page Notes to the Consolidated Financial Statements On this basis, the Group’s reportable segments under AASB Operating Segments are the Group’s activities in Australia. Information regarding the Group’s reportable segments is presented below. Year ended 30 June 2026 Australia Other Total $ $ $ Other income 15,853 - 15,853 Exploration expenditure (123,749) - (123,749) Impairment expense (328,686) - (328,686) Share-based payments expense (266,275) - (266,275) Administration and other expense (778,149) - (778,149) Loss before income tax (1,481,006) - (1,481,006) Income tax expense - - - Loss after income tax (1,481,006) - (1,481,006) Total Segment Assets 5,520,913 - 5,520,913 Total Segment Liabilities 245,715 - 245,715 NOTE 3 SEGMENT INFORMATION (CONTINUED) Year ended 30 June 2025 Australia Other Total $ $ $ Other income 27,173 3,584 30,757 Exploration expenditure (14,368) - (14,368) Impairment expense (2,072,981) (2,733,235) (4,806,216) Administration and other expense - (679,564) (679,564) Loss before income tax (2,060,176) (3,409,215) (5,469,391) Income tax expense - - - Loss after income tax (2,060,176) (3,409,215) (5,469,391) Total Segment Assets 4,685,824 129,198 4,815,022 Total Segment Liabilities - 389,524 389,524 NOTE 4 REVENUE AND OTHER INCOME 2026 2025 $ $ Interest income 6,729 3,584 Other income 9,124 27,173 15,853 30,757 Accounting Policy Interest Interest income is recognised as interest accrues using the effective interest method. This is a method of calculating the amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest rate, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the net carrying amount of the financial asset.
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Annual Report | 30 June 202 6 38 | Page Notes to the Consolidated Financial Statements Other income Other income is recognised when it is received or when the right to receive payment is established. All revenue is stated net of the amount of goods and services tax. Tax effect of: Amounts not deductible in calculating taxable income 79,912 637,337 Changes in unrecognised temporary differences (1,224) 481,842 Tax losses and temporary differences not recognised 365,614 307,869 Income tax expense - - (c) Deferred tax assets not brought to account are: Accruals/ Provisions 10,050 15,681 Prepayment (7,208) (6,505) Exploration related expenditure (958,470) (825,737) Business blackhole expenditure 78,395 38,323 Capital tax losses 100,677 83,897 Revenue tax losses 3,938,849 2,987,262 Total deferred tax assets not brought to account 3,162,293 2,292,921 Potential deferred tax assets attributable to tax losses and other temporary differences have not been brought to account at 30 June 2026 because the directors do not believe it is appropriate to regard realisation of the deferred tax assets as probable at this point in time. NOTE 5 EXPENSES 2026 2025 $ $ (a) Administrative and corporate expenses Accounting, audit and company secretarial fees 192,737 182,529 Rent expenses 52,548 24,750 Marketing fees 52,223 3,070 Travel expenses 16,367 - General and administration expenses 52,384 25,750 366,259 236,099 (b) Consultancy and legal expenses Consulting fees 144,000 180,000 Legal fees 20,251 19,773 164,251 199,773 NOTE 6 INCOME TAX EXPENSE 2026 2025 $ $ (a) The components of income tax expense comprise: Current tax - - Deferred tax - - Income tax expense reported in the of profit or loss and other comprehensive income - - (b) The prima facie tax on loss from ordinary activities before income tax is reconciled to the income tax as follows: Loss before income tax expense (1,481,006) (5,469,391) Prima facie tax benefit on loss before income tax at 30% (2025: 25%) (444,302) (1,367,348)
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Annual Report | 30 June 202 6 39 | Page Notes to the Consolidated Financial Statements NOTE 6 INCOME TAX EXPENSE (CONTINUED) The benefit for tax losses will only be obtained if: (i) The Group derives future assessable income in Australia of a nature and of an amount sufficient to enable the benefit from the deductions for the losses to be realised; (ii) The Group continues to comply with the conditions for deductibility imposed by tax legislation in Australia; and (iii) There are no changes in tax legislation in Australia which will adversely affect the Group in realising the benefit from the deductions for the losses. At 30 June 2026, there is no recognised or unrecognised deferred income tax liability for taxes that would be payable on the unremitted earnings of certain of the Group’s subsidiary as the Group has no liability for additional taxation should such amounts be remitted. Accounting Policy The income tax expense or revenue for the period is the tax payable on the current period’s taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related de ferred income tax asset is realised or the deferred income tax liability is settled. Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses. Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and tax bases of investments in foreign operations where the Group is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offse t where the Group has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively. NOTE 7 LOSS PER SHARE Basic loss per share amounts is calculated by dividing net loss for the year attributable to ordinary equity holders of the Company by the weighted average number of ordinary shares outstanding during the year. Diluted loss per share amounts is calculated by dividing the net loss attributable to ordinary equity holders of the Company by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares.
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Annual Report | 30 June 202 6 40 | Page Notes to the Consolidated Financial Statements NOTE 7 LOSS PER SHARE (CONTINUED) 2026 2025 $ $ Net loss for the year (1,481,006) (5,469,391) Weighted average number of ordinary shares for basic and diluted loss 490,606,775 219,958,830 Options on issue are not considered dilutive to the earnings per share as the Company is in a loss - making position. Consequently, the dilutive earnings per share is equivalent to the basic earnings per share. Continuing operations - Basic and diluted loss per share (cents) (0.30) (2.49) Accounting Policy Basic earnings per share Basic earnings per share are calculated by dividing: • The profit or loss attributable to owners of the Company, excluding any costs of servicing equity other than ordinary shares. • By the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the year. Diluted earnings per share Diluted earnings per share adjust the figures used in the determination of basic earnings per share to take into account: • The after-income tax effect of interest and other financing costs associated with dilutive potential ordinary shares, and • The weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares. NOTE 8 CASH AND CASH EQUIVALENTS 2026 2025 $ $ Cash at bank and in hand 1,038,114 81,751 1,038,114 81,751 (a) Reconciliation of net loss after tax to net cash outflows from operations Loss for the financial year (1,481,006) (5,469,391) Adjustments for: Share-based payments 266,275 - Impairment expense 278,686 4,806,216 Changes in assets and liabilities Trade and other receivables 1,535 10,307 Trade and other payables (128,674) 141,669 Provisions (29,323) 8,942 Net cash used in operating activities (1,092,507) (502,257)
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Annual Report | 30 June 202 6 41 | Page Notes to the Consolidated Financial Statements NOTE 8 CASH AND CASH EQUIVALENTS (CONTINUED) (b) Non-cash investing and financing activities 2026 2025 $ $ Issue of 10,952,380 listed options to the Joint Lead Manager and Sub - Underwriter for the service provided in relation to th e Placement completed in November 2024 - 21,905 Issue of 30,000,000 listed options to the Lead Manager for the service provided in relation to the Placement completed in November 2025 60,000 - 60,000 21,905 Accounting Policy Cash on hand and in bank and short-term deposits are stated at nominal value. For the purpose of the statement of cash flows, cash includes cash on hand and in bank, and bank securities readily convertible to cash, net of outstanding bank overdrafts. NOTE 9 TRADE AND OTHER RECEIVABLES 2026 2025 $ $ GST receivable 21,884 21,427 Prepayments 24,028 26,020 45,912 47,447 Allowance for expected credit losses The Group did not recognise any loss in the profit or loss in respect of the expected credit losses for the year ended 30 June 2026 and 30 June 2025. Accounting Policy Goods and Services Tax (‘GST’) Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office. In these circumstances, the GST is recognised as part of the cost of acquisition of the asset of the assets or part of the expense. Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the taxation authority is included as a current asset or liability in the statement of financial position. Cash flows are presented in the statement of cash flows on a gross basis, except for the GST on investing and financial activities, which are disclosed as operating cash flows. Trade and Other Receivables Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less any allowance for expected credit losses. Trade receivables are generally due for settlement within 30 days. The Group has applied the simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance. To measure the expected credit losses, trade receivables have been grouped based on days overdue. Other receivables are recognised at amortised cost, less any allowance for expected credit losses.
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Annual Report | 30 June 202 6 42 | Page Notes to the Consolidated Financial Statements NOTE 10 EXPLORATION AND EVALUATION ASSETS 2026 2025 $ $ Carrying amount of exploration and evaluation assets 4,436,887 4,685,824 At the beginning of the year 4,685,824 9,173,660 Acquisition costs 5,740 - Exploration expenditure incurred during the year 24,009 355,595 Tenement refunds - (37,215) Impairment expense (278,686) (ii) (4,806,216) (i) At the end of the year 4,436,887 4,685,824 (i) Impairment expenses recognised in the previous year were for the Canadian Lithium projects for $2,550,549 and the Lake Grace Projects for $2,255,667. (ii) Impairment expenses recognised in the current year were for the Thaduna project - E52/3481. Accounting Policy Acquisition, exploration and evaluation costs associated with mining tenements are accumulated in respect of each identifiable area of interest. These costs are only carried forward to the extent that the Group’s rights of tenure to that area of interest are current and that the costs are expected to be recouped through the successful commercial development or sale of the area or where activities in the area have not yet reached a stage that permits reasonable assessment of the existence of economically recoverable reserves. Costs in relation to an abandoned area are written off in full against profit in the period in which the decision to abandon the area is made. Each area of interest is also reviewed annually, and acquisition costs written off to the extent that they will not be recoverable in the future. NOTE 11 TRADE AND OTHER PAYABLES 2026 2025 $ $ Trade payables 194,300 303,393 Accrued expenses 31,100 31,000 Other payables 17,915 23,408 243,315 357,801 (i) Trade payables are non-interest bearing and are normally settled on 30-day terms. Accounting Policy These amounts represent liabilities for goods and services provided to the consolidated entity prior to the end of the financial year and which are unpaid. Due to their short -term nature they are measured at amortised cost and are not discounted. The amounts are unsecured and are usually paid within 30 days of recognition. NOTE 12 PROVISIONS 2026 2025 $ $ Annual leave provision - 20,936 Superannuation liability 2,400 10,787 2,400 31,723
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Annual Report | 30 June 202 6 43 | Page Notes to the Consolidated Financial Statements NOTE 12 PROVISIONS (CONTINUED) Accounting Policy Employee Benefits Short-term employee benefits Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave expected to be settled within 12 months of the reporting date are recognised in current liabilities in respect of employees' services up to the reporti ng date and are measured at the amounts expected to be paid when the liabilities are settled. Other long-term employee benefits The liability for annual leave and long service leave not expected to be settled within 12 months of the reporting date are recognised in non-current liabilities, provided there is an unconditional right to defer settlement of the liability. The liability is measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the projected unit credit method. Consideration is given to the expected future wage and salary levels, expe rience of employee departures and periods of service. Expected future payments are discounted using market yields at the reporting date on national government bonds with terms to maturity and currency that match, as closely as possible, the estimated future cash outflows. Defined contribution superannuation expense Contributions to defined contribution plans are expensed in the period in which they are incurred. NOTE 13 CONTRIBUTED EQUITY (a) Issued and fully paid 2026 2025 No. $ No. $ Ordinary shares 585,162,042 16,083,395 231,469,910 14,078,964 Ordinary shares entitle the holder to participate in the dividends and the proceeds on winding up in proportion to the number of and amounts paid on the shares held. At shareholders meetings, each ordinary share is entitled to one vote when a poll is called, otherwise each shareholder has one vote on a show of hands. (b) Movement reconciliation Date Number Issue Price $ At 1 July 2024 197,586,489 13,782,873 Placement 01/11/2024 33,883,421 $0.010 338,834 Share issue costs - - (42,743) At 30 June 2025 231,469,910 14,078,964 At 1 July 2025 231,469,910 14,078,964 Non-renounceable rights 25/07/2025 29,613,653 $0.005 148,069 Non-renounceable rights (shortfall) 26/09/2025 201,856,257 $0.005 1,009,282 Placement 21/10/2025 73,380,679 $0.009 660,427 Placement 5/12/2025 48,841,543 $0.009 439,574 Share issue costs - - (252,921) At 30 June 2026 585,162,042 16,083,395 Accounting Policy Ordinary shares are classified as equity.
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Annual Report | 30 June 202 6 44 | Page Notes to the Consolidated Financial Statements NOTE 13 CONTRIBUTED EQUITY (CONTINUED) Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Incremental costs directly attributable to the issue of new shares or options for the acquisition of a business are not included in the cost of the acquisition as part of the purchase consideration. If the Company reacquires its own equity instruments, for example as a result of a share buy-back, those instruments are deducted from equity and the associated shares are cancelled. No gain or loss is recognised in the profit or loss and the consideration paid including any directly attributable incremental costs (net of income taxes) is recognised directly in equity. NOTE 14 RESERVES 2026 2025 $ $ Share-based payments reserve 2,532,104 2,205,829 Movement reconciliation Share-based payment reserve Balance at the beginning of the year 2,205,829 2,183,924 Equity settled share-based payment transactions (Note 15) 326,275 21,905 Balance at the end of the year 2,532,104 2,205,829 Share-based payment reserve The share-based payment reserve is used to record the value of share-based payments provided to outside parties, and share-based remuneration provided to employees and directors. (i) On 27 November 2025, the Company held its AGM and obtained shareholders’ approval to issue 75,000,000 performance rights to a Director and corporate advisor expiring between 1 year and 2 years from the date of issue (5 December 2025) and include market based vesting conditions . (ii) On 27 November 2025, the Company held its AGM and obtained shareholders’ approval to issue 30,000,000 listed options (SLZO) to Lead Manage r. The fair value of the listed options is by direct reference to the listed option price on grant date ($0.002). NOTE 15 SHARE-BASED PAYMENT EXPENSE 2026 2025 $ $ Performance rights issued to Director(i) 51,946 - Performance rights issued to Corporate Advisor(i) 214,329 1,905 Listed options issued to Lead Manager(ii) 60,000 20,000 326,275 21,905 Reconciliation: Recognised as share-based payment expenses in the Statement of Profit or Loss and Other Comprehensive Income 266,275 - Recognised as share issue costs in the Statement of Financial Position 60,000 21,905 326,275 21,905
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Annual Report | 30 June 202 6 45 | Page Notes to the Consolidated Financial Statements NOTE 15 SHARE-BASED PAYMENTS EXPENSE (CONTINUED) Listed Options Set out below is a summary of listed options: 2026 Balance at Expired/ Balance at Exercise the start of forfeited/ the end of Grant date Expiry date price the year Granted Exercised other the year Various 12-03-2027 $0.03 42,931,006 - - - 42,931,006 5-12-2025 12-03-2027 $0.03 - 91,111,111 - - 91,111,111 42,931,006 91,111,111 - - 134,042,117 Weighted average exercise price $0.03 The weighted average remaining contractual life of options outstanding at the end of the financial year was 0.70 years. All listed options vested immediately. The listed options issued during the year have been valued using underlying market price of the listed options (SLZO) on 5 December 2025, $0.002. Set out below is a summary of listed options granted as share-based payments in the prior year: 2025 Balance at Expired/ Balance at Exercise the start of forfeited/ the end of Grant date Expiry date price the year Granted Exercised other the year 12-03-2027 $0.03 31,978,626 - - - 31,978,626 21-11-2024 12-03-2027 $0.03 - 10,952,380 - - 10,952,380 31,978,626 10,952,380 - - 42,931,006 Weighted average exercise price $0.03 The weighted average remaining contractual life of options outstanding at the end of the financial year was 1.70 years. All listed options vested immediately.
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Annual Report | 30 June 202 6 46 | Page Notes to the Consolidated Financial Statements NOTE 15 SHARE-BASED PAYMENTS EXPENSE (CONTINUED) Unlisted Options Set out below is a summary of unlisted options: 2026 Balance at Expired/ Balance at Exercise the start of forfeited/ the end of Grant date Expiry date price the year Granted Exercised other the year 22-11-2022 31-12-2027 $0.11 17,200,000 - - - 17,200,000 09-05-2023 30-06-2027 $0.075 7,500,000 - - - 7,500,000 23-11-2023 30-06-2027 $0.075 1,250,000 - - - 1,250,000 28-02-2024 30-06-2027 $0.075 2,500,000 - - - 2,500,000 28,450,000 - - - 28,450,000 Weighted average exercise price $0.09 The weighted average remaining contractual life of options outstanding at the end of the financial year was 1.22 years. All unlisted options vested immediately. Set out below is a summary of unlisted options granted as share-based payments in the prior year: 2025 Balance at Expired/ Balance at Exercise the start of forfeited/ the end of Grant date Expiry date price the year Granted Exercised other the year 24-06-2020 07-08-2023 $0.24 6,000,000 - - (6,000,000) - 22-11-2022 31-12-2027 $0.11 17,200,000 - - - 17,200,000 09-05-2023 30-06-2027 $0.075 7,500,000 - - - 7,500,000 23-11-2023 30-06-2027 $0.075 - 1,250,000 - - 1,250,000 28-02-2024 30-06-2027 $0.075 - 2,500,000 - - 2,500,000 30,700,000 3,750,000 - (6,000,000) 28,450,000 Weighted average exercise price $0.09 The weighted average remaining contractual life of options outstanding at the end of the financial year 2025 was 2.13 years. All unlisted options vested immediately.
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Annual Report | 30 June 202 6 47 | Page Notes to the Consolidated Financial Statements NOTE 15 SHARE-BASED PAYMENTS EXPENSE (CONTINUED) Performance Rights Set out below is a summary of performance rights: 2026 Balance at Expired/ Balance at Exercise the start of forfeited/ the end of Grant date Expiry date price the year Granted Exercised other the year Various 05-12-2026 $0.00 - 30,000,000 - - 30,000,000 Various 05-06-2027 $0.00 - 15,000,000 - - 15,000,000 Various 05-12-2027 $0.00 - 30,000,000 - - 30,000,000 - 75,000,000 - - 75,000,000 The fair value of performance rights above, which have market -vesting conditions, have been determined using a Barrier 1 model with the key estimates as described in the table below. 30 June 2026 Corporate Advisor Director Grant Date 30-09-2025 26-11-2025 Expiry Date 05-12-2026 to 05-12-2027 05-12-2026 to 05-12-2027 Strike (Exercise) Price $0.00 $0.00 Underlying Share Price (at date of issue) $0.008 $0.009 Risk-free Rate (at date of issue) 3.49% 3.8% Volatility 100% 100% Number of Performance Rights Issued 50,000,000 25,000,000 Dividend Yield 0% 0% Fair Value per Performance Rights $0.0040 to $0.0047 $0.0046 to $0.0054 Total Fair Value of Performance Rights $214,329 $51,946 Performance conditions of the Director performance rights: Class Quantum Vesting Condition Performance period A 10,000,000 The Company achieving a 20 day volume weighted average price (VWAP) of at least $0.015 per Share (being the VWAP calculated over 20 consecutive trading days on which the Company’s share actually traded). Within 12 months from 5 December 2025 B 5,000,000 The Company achieving a 20 day volume weighted average price (VWAP) of at least $0.020 per Share (being the VWAP calculated over 20 consecutive trading days on which the Company’s share actually traded). Within 18 months from 5 December 2025 C 10,000,000 The Company achieving a 20 day volume weighted average price (VWAP) of at least $0.022 per Share (being the VWAP calculated over 20 consecutive trading days on which the Company’s share actually traded). Within 24 months from 5 December 2025
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Annual Report | 30 June 202 6 48 | Page Notes to the Consolidated Financial Statements NOTE 15 SHARE-BASED PAYMENTS EXPENSE (CONTINUED) Performance conditions of the Corporate Advisor performance rights: Class Quantum Vesting Condition Performance period A 20,000,000 The Company achieving a 20 day volume weighted average price (VWAP) of at least $0.015 per Share (being the VWAP calculated over 20 consecutive trading days on which the Company’s share actually traded). Within 12 months from 5 December 2025 B 10,000,000 The Company achieving a 20 day volume weighted average price (VWAP) of at least $0.020 per Share (being the VWAP calculated over 20 consecutive trading days on which the Company’s share actually traded). Within 18 months from 5 December 2025 C 20,000,000 The Company achieving a 20 day volume weighted average price (VWAP) of at least $0.022 per Share (being the VWAP calculated over 20 consecutive trading days on which the Company’s share actually traded). Within 24 months from 5 December 2025 Accounting Policy Equity-settled and cash-settled share-based compensation benefits are provided to employees. Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in exchange for the rendering of services. Cash -settled transactions are awards of cash for the exchange of services, where the amount of cash is determined by reference to the share price. The cost of equity -settled transactions are measured at fair value on grant date. Fair value is independently determined using Hoadley ESO2 valuation model that takes into account the exercise price, the term of the option, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option, together with non -vesting conditions that do not determine whether the consolidated entity receives the services that entitle the employees to receive payment. No account is taken of any other vesting conditions. The cost of equity-settled transactions are recognised as an expense with a corresponding increase in equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous periods. The cost of cash-settled transactions is initially, and at each reporting date until vested, determined by applying either the Binomial or Black-Scholes option pricing model, taking into consideration the terms and conditions on which the award was granted. The cumulative charge to profit or loss until settlement of the liability is calculated as follows: • during the vesting period, the liability at each reporting date is the fair value of the award at that date multiplied by the expired portion of the vesting period; and • from the end of the vesting period until settlement of the award, the liability is the full fair value of the liability at the reporting date. All changes in the liability are recognised in profit or loss. The ultimate cost of cash -settled transactions is the cash paid to settle the liability.
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Annual Report | 30 June 202 6 49 | Page Notes to the Consolidated Financial Statements NOTE 15 SHARE-BASED PAYMENTS EXPENSE (CONTINUED) Market conditions are taken into consideration in determining fair value. Therefore, any awards subject to market conditions are considered to vest irrespective of whether or not that market condition has been met, provided all other conditions are satisfied. If equity-settled awards are modified, as a minimum an expense is recognised as if the modification has not been made. An additional expense is recognised, over the remaining vesting period, for any modification that increases the total fair value of the share-based compensation benefit as at the date of modification. If the non -vesting condition is within the control of the consolidated entity or employee, the failure to satisfy th e condition is treated as a cancellation. If the condition is not within the control of the consolidated entity or employee and is not satisfied during the vesting period, any remaining expense for the award is recognised over the remaining vesting period, unless the award is forfeited. If equity-settled awards are cancelled, it is treated as if it has vested on the date of cancellation, and any remaining expense is recognised immediately. If a new replacement award is substituted for the cancelled award, the cancelled and new award is treated as if they were a modification. NOTE 16 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES The Group’s activities expose it to a variety of financial risks: market risk (including foreign exchange risk and interest rate risk), credit risk and liquidity risk. The Group’s overall risk management programme focuses on the unpredictability of the financial markets and seeks to minimise potential adverse effects on the financial performance of the Group. The Group uses different methods to measure and manage different types of risks to which it is exposed. These include monitoring levels of exposure to interest rate and foreign exchange risk and assessments of market forecasts for interest rate and foreign exchange prices. Ageing analysis and monitoring of specific credit allowances are undertaken to manage credit risk. Liquidity risk is monitored through the development of future cash flow forecasts. Risk management is carried out by Management and overseen by the Board of Directors with assistance from suitably qualified external advisors. The main risks arising for the Group are interest rate risk, credit risk and liquidity risk. The Board reviews and agrees policies for managing each of these risks and they are summarised below. The carrying values of the Group’s financial instruments are as follows: (i) Excludes prepayments as no cash or financial asset will be delivered. 2026 2025 $ $ Financial Assets Cash and cash equivalents 1,038,114 81,751 Trade and receivables (i) 21,884 21,427 1,059,998 103,178
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Annual Report | 30 June 202 6 50 | Page Notes to the Consolidated Financial Statements NOTE 16 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED) (a) Market risk (i) Foreign exchange risk The Group was not significantly exposed to foreign currency risk fluctuations. (ii) Interest rate risk The Group is exposed to interest rate risk, which is the risk that a financial instrument’s value will fluctuate as a result of changes in the market interest rates on interest bearing financial instruments. The Group’s exposure to this risk relates primarily to the Group’s cash and any cash on deposit. The Group does not use derivatives to mitigate these exposures. The Group manages its exposure to interest rate risk by holding certain amounts of cash in fixed and floating interest rate facilities. At the reporting date, the interest rate profile of the Group’s interest-bearing financial instruments was: 2026 2025 Weighted average interest rate (i) Balance Weighted average interest rate (i) Balance % $ % $ Cash and cash equivalents 1.20% 1,038,114 0.78% 81,751 (i) This interest rate represents the average interest rate for the year. Sensitivity Within the analysis, consideration is given to potential renewals of existing positions and the mix of fixed and variable interest rates. The following sensitivity analysis is based on the interest rate risk exposures in existence at the reporting date. Th e 1% increase and 1% decrease in rates is based on reasonably expected possible changes over a financial year/period, using the observed range of historical rates for the preceding two-year period. At 30 June 2026, if interest rates had moved, as illustrated in the table below, with all other variables held constant, post-tax losses and equity would have been affected as follows: Judgements of reasonably possible movements: Loss higher/(lower) 2026 2025 $ $ + 1.0% (100 basis points) 10,381 818 - 1.0% (100 basis points) (10,381) (818) (b) Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. The Group has a strict code of credit, including obtaining agency credit information, confirming references and setting appropriate credit limits. The Group obtains guarantees where appropriate to mitigate credit risk. The maximum exposure to credit risk at the reporting date to recognised financial assets is the carrying amount, net of any provisions for impairment of those assets, 2026 2025 $ $ Financial Liabilities Trade and other payables 243,315 357,801 Provision 2,400 31,723 245,715 389,524
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Annual Report | 30 June 202 6 51 | Page Notes to the Consolidated Financial Statements NOTE 16 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED) as disclosed in the financial position and notes to the financial statements. The Group does not hold any collateral. The Group’s policy is to trade only with recognised, creditworthy third parties. It is the Group’s policy that all customers who wish to trade on credit terms will be subject to credit verification procedures. In addition, receivable balances are monitored on an ongoing basis with the result that the Group’s exposure to bad debts is not significant. There are no significant concentrations of credit risk within the Group. (c) Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to its reputation. The Group manages liquidity risk by maintaining adequate cash reserves from funds raised in the market and by continuously monitoring forecast and actual cash flows. The Group does not have any external borrowings as at year end. The following are the contractual maturities of financial liabilities: 1 year or less 1-5 years > 5 years Total $ $ $ $ 2026 Trade and other payables 243,315 - - 243,315 Provision 2,400 - - 2,400 2025 Trade and other payables 357,801 - - 357,801 Provision 31,723 - - 31,723 (d) Capital risk management The Group’s objectives when managing capital are to: • Safeguard their ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders; and • Maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Company may adjust the number of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. Given the stage of the Group’s development there are no formal targets set for return on capital. The Group is not subject to externally imposed capital requirements. The net equity of the Group is equivalent to capital. Net capital is obtained through capital raisings on the Australian Securities Exchange (“ASX”). Accounting Policy When an asset or liability, financial or non -financial, is measured at fair value for recognition or disclosure purposes, the fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; and assumes that the transaction will take place either: in the principal market; or in the absence of a principal market, in the most advantageous market.
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Annual Report | 30 June 202 6 52 | Page Notes to the Consolidated Financial Statements NOTE 16 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED) Fair value is measured using the assumptions that market participants would use when pricing the asset or liability, assuming they act in their economic best interests. For non -financial assets, the fair value measurement is based on its highest and best use. Valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, are used, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. Assets and liabilities measured at fair value are classified into three levels, using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. Classifications are reviewed at each reporting date and transfers between levels are determined based on a reassessment of the lowest level of input that is significant to the fair value measurement. For recurring and non-recurring fair value measurements, external valuers may be used when internal expertise is either not available or when the valuation is deemed to be significant. External valuers are selected based on market knowledge and reputation. Where there is a significant change in fair value of an asset or liability from one period to another, an analysis is undertaken, which includes a verification of the major inputs applied in the latest valuation and a comparison, where applicable, with external sources of data. NOTE 17 RELATED PARTY DISCLOSURE (a) Key Management Personnel Compensation Details relating to key management personnel, including remuneration paid, are below. Information regarding individual Director’s compensation and equity instruments disclosures is provided in the Remuneration Report section of the Directors’ Report. (b) Transactions with related parties 2026 2025 $ $ Company secretarial & financial management services paid to: Mirador Corporate Pty Ltd(i) 129,150 125,475 Office rental fee paid to: Mirador Corporate Pty Ltd(i) - 33,000 Red Mountain Mining Ltd(ii) 52,548 - Consulting fee paid to: Bay Financial Pty Ltd 2,500 - Consulting fee paid to: Mark Mitchell 24,960 3,120 (i) An entity in which Jeremy King is a Director. (ii) An entity in which Lincoln Liu is a Director. All transactions were made on normal commercial terms and conditions and at market rates. 2026 2025 $ $ Short-term employee benefits 140,000 139,976 Post-employment benefits 16,846 16,098 Share-based payments 51,946 - 208,792 156,074
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Annual Report | 30 June 202 6 53 | Page Notes to the Consolidated Financial Statements NOTE 17 RELATED PARTY DISCLOSURE (CONTINUED) (c) Amounts receivable from and payable to related parties Amount payable to related parties for the year ended 30 June 2026 was $ 58,538 (2025: $65,063). (d) Loans to/from related parties There were no loans to or from related parties during the year ended 30 June 2026 (2024: Nil). There were no other transactions with related parties during the year ended 30 June 2026. NOTE 18 COMMITMENTS 2026 2025 $ $ Tenement Commitments Not longer than 1 year 124,000 109,000 More than 1 year but not longer than 5 years 496,000 436,000 More than 5 years - - 620,000 545,000 NOTE 19 CONTINGENT LIABILITIES Contingent liabilities There are no contingent liabilities at 30 June 2026 (2025: Nil). Contingent assets There are no contingent assets at 30 June 2026 (2025: Nil). NOTE 20 AUDITOR’S REMUNERATION 2026 2025 $ $ Amounts paid or payable for services provided by RSM Australia: Audit services – RSM Australia Partners Audit or review of the financial statements 45,600 36,150 Other services – RSM Australia Pty Ltd Preparation of the tax return 7,200 11,650 52,800 47,800
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Annual Report | 30 June 202 6 54 | Page Notes to the Consolidated Financial Statements NOTE 21 INVESTMENTS IN CONTROLLED ENTITIES Principal Activities Country of Incorporation Ownership interest 2026 2025 % % Colossus Metals Pty Ltd SLZ Mineral Resources (Pty) Ltd* Exploration Dormant Australia Namibia 100 100 100 - * Acquired on 17 April 2026 NOTE 22 PARENT ENTITY 2026 2025 $ $ Assets Current assets 1,082,539 129,198 Non-current assets 142,770 391,706 Total assets 1,225,309 520,904 Liabilities Current liabilities 245,715 389,524 Total liabilities 245,715 389,524 Equity Contributed equity 16,083,395 14,078,964 Reserves 2,532,104 2,205,829 Accumulated losses (17,635,904) (16,153,415) Total equity 979,595 131,378 Loss for the year (1,216,215) (5,469,036) Total comprehensive loss (1,216,215) (5,469,036) Contingent liabilities The parent entity had no contingent liabilities as at 30 June 2026 and 30 June 2025 , other than as disclosed in Note 19. Capital commitments - Property, plant and equipment The parent entity had no capital commitments for property, plant and equipment as at 30 June 2026 and 30 June 2025. Lease commitments The parent entity had no lease commitments as at 30 June 2026 and 30 June 2025.
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Annual Report | 30 June 202 6 55 | Page Notes to the Consolidated Financial Statements NOTE 22 PARENT ENTITY (CONTINUED) Significant accounting policies The accounting policies of the parent entity are consistent with those of the consolidated entity, as disclosed in Note 1, except for the following: ● Investments in subsidiaries are accounted for at cost, less any impairment, in the parent entity. Notes to the Consolidated Financial Statements NOTE 23 EVENTS AFTER THE REPORTING DATE On 17 September 2026, the Company announced changes to its Board and Company Secretary. Mr Maurice (Nic) Matich was appointed as Non- Executive Director and Mr Jeremy King resigned as Director. Mr Daniel Coletta was appointed Company Secretary and Mr Mauro Piccini resigned as Company Secretary. Subsequent to year end, the Company lodged an exploration licence application (EPL11820) covering 171.2km² within Namibia's Central Damara Orogen. The Kaalkop Project is located approximately 5km south of Kalkfeld , within an established gold province that is also attracting increasing exploration interest for copper and other metals. On 23 September 2026, the Company announced it had received firm commitments to raise $1,316,000 (before costs) through the issue of 146,222,222 fully paid ordinary shares (Placement Shares) at an issue price of $0.009 per share. Placement participants will also receive, for every two Placement Shares subscribed for and issued: • one free-attaching listed option (ASX: SLZO), exercisable at $0.03 and expiring 12 March 2027 (Listed Placement Options); and • one free- attaching unlisted option, exercisable at $0.03 and expiring 12 March 2030 (Unlisted Placement Options). The issue of the attaching options is subject to shareholder approval at the Company's Annual General Meeting, scheduled for mid-November 2026. Other than the matters disclosed above , there has been no matter or circumstance other than noted above that has arisen since the end of the financial year that has significantly affected, or may significantly affect, the operations of the Group, the results of those operations, or the state of affairs of the Group.
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Annual Report | 30 June 202 6 56 | Page Consolidated Entity Disclosure Statement As at 30 June 2026 Basis of preparation The consolidated entity disclosure statement has been prepared in accordance with subsection 295(3A)(a) of the Corporations Act 2001 (Cth). The entities listed in the statement are Sultan Resources Limited and all the entities it controls in accordance with AASB 10 Consolidated Financial Statements . The percentage of share capital disclosed for bodies corporate included in the statement represents the economic interest consolidated in the consolidated financial statements. In developing the disclosures in the statement, the Directors have relied on the advice provided by management. The Group’s consolidated entity disclosure statement at 30 June 2026 is set out below. Entity Name Entity Body Corporates Tax Type Place formed or incorporated Ownership interest Residency Sultan Resources Ltd Holding Company Australia - Australian Colossus Metals Pty Ltd Body Corporate Australia 100% Australian SLZ Mineral Resources (Pty) Ltd Body Corporate Namibia 100% Namibian
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Annual Report | 30 June 202 6 57 | Page Directors’ Declaration In the Directors’ opinion: a) The financial statements and accompanying notes are in accordance with the Corporations Act 2001, including: i) complying with Australian Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements; and ii) giving a true and fair view of the consolidated entity’s financial position as at 30 June 2026 and of its performance for the year ended on that date. b) The financial statements and notes comply with International Financial Reporting Standards as issued by the International Accounting Standards Board as described in N ote 1 to the financial statements. c) There are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable. d) The consolidated entity disclosure statement is true and correct. The Directors have been given the declarations required by section 295A of the Corporations Act 2001. This declaration is made in accordance with a resolution of the Board of Directors made pursuant to section 295(5)(a) of the Corporations Act 2001 and is signed for and on behalf of the Directors by: Lincoln Liu Non-Executive Chairman 29 September 2026
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RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction. RSM Australia Partners ABN 36 965 185 036 Liability limited by a scheme approved under Professional Standards Legislation RSM Australia Partners Level 32 Exchange Tower, 2 The Esplanade Perth WA 6000 GPO Box R1253 Perth WA 6844 T +61 (0) 8 9261 9100 www.rsm.com.au INDEPENDENT AUDITOR’S REPORT To the Members of Sultan Resources Limited REPORT ON THE AUDIT OF THE FINANCIAL REPORT Opinion We have audited the financial report of Sultan Resources Limited (the Company) and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 2026, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information, the consolidated entity disclosure statement and the directors' declaration. In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001, including: (i) giving a true and fair view of the Group's financial position as at 30 June 2026 and of its financial performance for the year then ended; and (ii) complying with Australian Accounting Standards and the Corporations Regulations 2001. Basis for Opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the APES 110 Code of Ethics for Professional Accountants (including Independence Standards) issued by the Accounting Professional & Ethical Standards Board Limited (the Code) that are relevant to our audit of the financial report of public interest entities in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor's report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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Material Uncertainty Related to Going Concern We draw attention to Note 1(b) , which indicates that the Group incurred a loss of $1,481,006 and had net cash outflows from operating and investing activities of $1,092,507 and $29,749 respectively for the year ended 30 June 2026. As stated in Note 1(b), these events or conditions, along with other matters as set forth in Note 1(b) , indicate that a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern. Our opinion is not modified in respect of this matter. Key Audit Matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial report of the current period. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. In addition to the matter described in the Material Uncertainty Related to Going Concern section, we have determined the matters described below to be the key audit matters to be communicated in our report. Key Audit Matter How our audit addressed this matter Exploration and Evaluation Assets Refer to Note 10 in the financial statements The Group has capitalised exploration and evaluation assets with a carrying value of $4,436,887 as at 30 June 2026. We considered this to be a key audit matter due to the significant management judgments involved in assessing the carrying value of the asset including: • Determination of whether the expenditure can be associated with finding specific mineral resources, and the basis on which that expenditure is allocated to an area of interest; • Determination of whether exploration activities have progressed to the stage at which the existence of an economically recoverable mineral reserve may be assessed; and • Assessing whether any indicators of impairment are present, and if so, judgments applied to determine and quantify any impairment loss. Our audit procedures included: • Obtaining management reconciliation of capitalised exploration and evaluation assets by area of interest and agreeing to general ledger; • Evaluating whether the right to tenure of each area of interest is current; • Testing, on a sample basis, additions of capitalised exploration and evaluation assets to supporting documentation and ensuring the amounts capitalised during the year are in compliance with the Group’s accounting policy and relate to the area of interest; • Assessing and evaluating management’s assessment of whether indicators of impairment existed at reporting date; • Assessing and evaluating management’s assessment of impairment loss recognised during the year; • Enquiring with management and reviewing budgets and other supporting documentation as evidence that active and significant operations in, or relation to, the area of interest will be continued in the future; • Assessing management’s determination that exploration and evaluation activities have not yet reached a stage where the existence or otherwise of economically recoverable reserves may be reasonably determined; and • Assessing the appropriateness of the related financial statements disclosure.
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Other Information The directors are responsible for the other information. The other information comprises the information included in the Group's annual report for the year ended 30 June 2026 but does not include the financial report and the auditor's report thereon. Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the Directors for the Financial Report The directors of the Company are responsible for the preparation of: a. the financial report (other than the consolidated entity disclosure statement) that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001; and b. the consolidated entity disclosure statement that is true and correct in accordance with the Corporations Act 2001, and for such internal control as the directors determine is necessary to enable the preparation of: i. the financial report (other than the consolidated entity disclosure statement) that gives a true and fair view and is free from material misstatement, whether due to fraud or error; and ii. the consolidated entity disclosure statement that is true and correct and is free of misstatement, whether due to fraud or error. In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so. Auditor's Responsibilities for the Audit of the Financial Report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report. A further description of our responsibilities for the audit of the financial report is located at the Auditing and Assurance Standards Board website at: https://www.auasb.gov.au/media/bwvjcgre/ar1_2024.pdf. This description forms part of our auditor's report.
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REPORT ON THE REMUNERATION REPORT Opinion on the Remuneration Report We have audited the Remuneration Report included in the directors' report for the year ended 30 June 2026. In our opinion, the Remuneration Report of Sultan Resources Limited, for the year ended 30 June 2026, complies with section 300A of the Corporations Act 2001. Responsibilities The directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards. RSM AUSTRALIA Perth, WA AIK KONG TING Dated: 29 September 2026 Partner
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Annual Report | 30 June 202 6 62 | Page Corporate Governance Statement The Board of Directors of Sultan Resources Limited is responsible for the corporate governance of the Company. The Board guides and monitors the business and affairs of the Company on behalf of the shareholders by whom they are elected and accountable. The Board continuously reviews its governance practices to ensure they remain consistent with the needs of the Company. Further information on the Company’s corporate governance policies and practices can be found on the Company’s website at https://www.sultanresources.com.au/corporate/corporate- governance/
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Annual Report | 30 June 202 6 63 | Page ASX Additional Information Additional information required by the Australian Securities Exchange and not shown elsewhere in this Annual Report is as follows. The information is current as of 4 September 2026. 1. Fully paid ordinary shares – ASX: SLZ • There is a total of 585,162,042 fully paid ordinary shares on issue which are listed on the ASX. • The number of holders of fully paid ordinary shares is 709. • Holders of fully paid ordinary shares are entitled to participate in dividends and the proceeds on winding up of the Company. • There are no preference shares on issue. 2. Distribution of fully paid ordinary shareholders is as follows: The number of shareholders, by size of holding, is: Range Total holders Units % of Issued Capital 1 - 1,000 41 2,680 0.00% 1,001 - 5,000 63 220,949 0.04% 5,001 - 10,000 75 615,517 0.11% 10,001 - 100,000 270 12,426,867 2.12% 100,001 and above 260 571,896,029 97.73% Total 709 585,162,042 100.00% 3. Holders of non-marketable parcels Holders of non-marketable parcels are deemed to be those whose shareholding is valued at less than $500. There are 386 shareholders who hold less than a marketable parcel of shares, which total 7,546,272 shares, amounting to 1.29% of issued capital. 4. Substantial shareholders of ordinary fully paid shares The names of substantial shareholders who have notified the Company in accordance with section 671B of the Corporations Act 2001 are: Holding Balance % of Issued Capital RIMOYNE PTY LTD 62,324,449 10.65% MALCORA PTY LTD <C & C CENIVIVA A/C> 45,000,000 7.69% 10 BOLIVIANOS PTY LTD 41,596,063 7.11% PAPILLON HOLDINGS PTY LTD <THE VML NO 1 A/C> 32,613,613 5.57%
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Annual Report | 30 June 202 6 64 | Page ASX Additional Information 5. Major Shareholders The Top 20 largest fully paid ordinary shareholders together held 63.63 % of the securities in this class and are listed below: Rank Shareholders Number Held Percentage 1 RIMOYNE PTY LTD 62,324,449 10.65% 2 MALCORA PTY LTD <C & C CENIVIVA A/C> 45,000,000 7.69% 3 10 BOLIVIANOS PTY LTD 41,596,063 7.11% 4 PAPILLON HOLDINGS PTY LTD <THE VML NO 1 A/C> 32,613,613 5.57% 5 SANGREAL INVESTMENTS PTY LTD 21,000,000 3.59% 6 WYNTON CAPITAL PTY LTD 16,941,721 2.90% 7 TELL CORPORATION PTY LTD 14,906,257 2.55% 8 BNP PARIBAS NOMINEES PTY LTD <IB AU NOMS RETAILCLIENT> 14,553,127 2.49% 9 SUPA WILLIAM PTY LTD <WHITEHEAD SUPER FUND A/C> 14,285,714 2.44% 10 BILPIN NOMINEES PTY LTD 13,000,000 2.22% 11 ST BARNABAS INVESTMENTS PTY LTD <THE MELVISTA FAMILY A/C> 12,000,000 2.05% 12 PACKER ROAD NOMINEES PTY LTD 11,111,111 1.90% 13 WHEAD PTY LTD <CJ HOLDINGS A/C> 10,630,378 1.82% 14 BMZ CAPITAL PTY LTD 10,000,000 1.71% 15 SANGREAL HOLDINGS PTY LTD <ROBERTO CRISAFIO SF A/C> 9,500,000 1.62% 16 ALISSA BELLA PTY LTD <C & A TASSONE S/F NO 2 A/C> 8,140,980 1.39% 17 OLI PRIVATE INVESTMENT PTY LTD 7,303,007 1.25% 18 CITICORP NOMINEES PTY LIMITED 7,064,223 1.21% 19 PAYZONE PTY LTD <ST BARNABAS SUPER A/C> 7,000,000 1.20% 19 MR DARREN FINNIN 7,000,000 1.20% 20 KALCON INVESTMENTS PTY LTD 6,358,457 1.09% Total: Top 20 holders of Ordinary Fully Paid Shares 372,329,100 63.63% Total: Ordinary Fully Paid Shares on issue 585,162,042 100.00% 6. Listed Options – ASX: SLZO • There is a total of 134,042,117 listed options exercisable at $0.03 on or before 12 March 2027. • The number of holders of listed options is 113. 7. Distribution of listed option holders is as follows: The number of SLZO listed option holders, by size of holding, is: Range Total holders Units % of Issued Capital 1 - 1,000 10 4,760 0.00% 1,001 - 5,000 17 40,189 0.03% 5,001 - 10,000 10 73,505 0.05% 10,001 - 100,000 39 1,760,979 1.31% 100,001 and above 37 132,162,684 98.60% Total 113 134,042,117 100.00%
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Annual Report | 30 June 202 6 65 | Page ASX Additional Information 8. Major Option Holders The Top 20 largest SLZO listed option holders together held 93.67% of the securities in this class and are listed below: Rank Shareholders Number Held Percentage 1 WHEAD PTY LTD <CJ HOLDINGS A/C> 22,965,554 17.13% 2 KALCON INVESTMENTS PTY LTD 21,892,142 16.33% 3 PAPILLON HOLDINGS PTY LTD <THE VML NO 1 A/C> 13,500,000 10.07% 4 WHEAD PTY LTD <CJ HOLDINGS A/C> 11,337,842 8.46% 5 RIMOYNE PTY LTD 7,523,810 5.61% 6 MR DARREN FINNIN 6,000,000 4.48% 7 MALCORA PTY LTD <C & C CENIVIVA A/C> 5,000,000 3.73% 8 MS ANGELA MARIA GIUSTI 3,000,000 2.24% 9 RIYA INVESTMENTS PTY LTD 2,900,000 2.16% 10 SANGREAL HOLDINGS PTY LTD <ROBERTO CRISAFIO SF A/C> 2,500,000 1.87% 10 JSJA HOLDINGS PTY LTD <THE CARLTON FAMILY A/C> 2,500,000 1.87% 10 MOSES ROCK INVESTMENTS PTY LTD <YOUNG FAMILY SF A/C> 2,500,000 1.87% 10 BMZ CAPITAL PTY LTD 2,500,000 1.87% 10 ST BARNABAS INVESTMENTS PTY LTD <THE MELVISTA FAMILY A/C> 2,500,000 1.87% 10 VERA FIDES HOLDINGS PTY LTD <VERA FIDES INVESTMENT A/C> 2,500,000 1.87% 11 PATH HOLDINGS PTY LTD 2,300,000 1.72% 12 PACKER ROAD NOMINEES PTY LTD 2,055,555 1.53% 13 STILL CAPITAL PTY LTD 2,000,000 1.49% 14 STILL CAPITAL PTY LTD 1,747,221 1.30% 15 PCTV PTY LTD <TAURUS A/C> 1,700,000 1.27% 16 BUSHWOOD NOMINEES PTY LTD 1,644,839 1.23% 17 MR RICHARD ALEXANDER LIPTON 1,444,445 1.08% 18 SUPA WILLIAM PTY LTD <WHITEHEAD SUPER FUND A/C> 1,250,000 0.93% 19 XCEL CAPITAL PTY LTD 1,190,475 0.89% 20 MR DAVID DOMINIC PEVCIC 1,111,111 0.83% Total: Top 20 SLZO Listed Option Holders 125,562,994 93.67% Total: SLZO Listed Options on issue 134,042,117 100.00% Options do not carry a right to vote. 9. Unquoted Securities Security Class Number of Securities Exercise Price Expiry Date Holders Options SLZOPT2 17,200,000 $0.11 31 December 2027 12 Options SLZOPT3 11,250,000 $0.075 30 June 2027 9 Performance Rights SLZPRA 30,000,000 Nil 5 December 2026 3 Performance Rights SLZPRB 15,000,000 Nil 5 June 2027 3 Performance Rights SLZPRC 30,000,000 NIl 5 December 2027 3
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Annual Report | 30 June 202 6 66 | Page ASX Additional Information 10. Distribution of unquoted equity securities: The number of unquoted equity security holders, by class and size of holding, is: SLZOPT2 SLZOPT3 Range Total holders Units % of Issued Capital Total holders Units % of Issued Capital 1 - 1,000 - - - - - - 1,001 - 5,000 - - - - - - 5,001 - 10,000 - - - - - - 10,001 - 100,000 1 40,000 0.23% - - - 100,001 and over 11 17,160,000 99.77% 9 11,250,000 100.00% Total 12 17,200,000 100.00% 9 11,250,000 100.00% SLZPRA SLZPRB SLZPRC Range Total holders Units % of Issued Capital Total holders Units % of Issued Capital Total holders Units % of Issued Capital 1 - 1,000 - - - - - - - - - 1,001 - 5,000 - - - - - - - - - 5,001 - 10,000 - - - - - - - - - 10,001 - 100,000 - - - - - - - - - 100,001 and over 3 30,000,000 100.00% 3 15,000,000 100.00% 3 30,000,000 100.00% Total 3 30,000,000 100.00% 3 15,000,000 100.00% 3 30,000,000 100.00% 11. Holders with greater than 20% of issued unquoted equity securities: Class Name Number of Securities % OF IC SLZOPT2 OLI PRIVATE INVESTMENT PTY LTD 3,546,929 20.62% SLZOPT3 MR CRAIG ROBERT HALL 2,500,000 22.22% SLZPRA KALCON INVESTMENTS PTY LTD 10,000,000 33.33% SLZPRA BAY FINANCIAL PTY LTD 10,000,000 33.33% SLZPRA PAPILLON HOLDINGS PTY LTD <THE VML NO 1 A/C> 10,000,000 33.33% SLZPRB KALCON INVESTMENTS PTY LTD 5,000,000 33.33% SLZPRB BAY FINANCIAL PTY LTD 5,000,000 33.33% SLZPRB PAPILLON HOLDINGS PTY LTD <THE VML NO 1 A/C> 5,000,000 33.33% SLZPRC KALCON INVESTMENTS PTY LTD 10,000,000 33.33% SLZPRC BAY FINANCIAL PTY LTD 10,000,000 33.33% SLZPRC PAPILLON HOLDINGS PTY LTD <THE VML NO 1 A/C> 10,000,000 33.33% 12. Restricted Securities There are no shares on issue that are subject to voluntary escrow restrictions or mandatory escrow restriction under ASX Listing Rules Chapter 9. 13. Share buy-backs There is currently no on -market buyback program for any of Sultan Resources Limited’s listed securities. 14. Voting rights of Shareholders All fully paid ordinary shareholders are entitled to vote at any meeting of the members of the Company. Each ordinary share is entitled to one vote when a poll is called. 15. Tax Status The Company is treated as a public company for taxation purposes.
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Annual Report | 30 June 202 6 67 | Page ASX Additional Information 16. Franking Credits The Company has no franking credits. 17. Securities Exchange Listing Quotation has been granted for all the ordinary shares of the Company on all Member Exchanges of the Australian Securities Exchange Limited under Security Code SLZ and on the US OTCID Markets (Code: SLZRF). 18. Registered Office Suite 1 38 Colin Street West Perth WA 6005 Telephone: 08 6559 1792 Website: www.sultanresources.com.au 19. Share Registry Automic Share Registry Level 5, 191 St Georges Terrace Perth WA 6000 Telephone: 1300 288 664
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Annual Report | 30 June 202 6 68 | Page ASX Additional Information SCHEDULE OF TENEMENTS HELD AT BALANCE SHEET DATE New South Wales Tenement Holder Status Area Application Date Grant Date Expiry Date Required Expenditure Lachlan Fold Belt Project EL 8734 Colossus Metals Pty Ltd 1 Live 16 Units N/A 16/04/2018 16/04/2030 $150,000 2 EL 8735 Colossus Metals Pty Ltd 1 Live 37 Units N/A 16/04/2018 16/04/2030 $250,000 2 EL 9070 Sultan Resources Ltd Live 4 Units N/A 02/03/2021 2/03/2027 $14,000 1. Colossus Metals Pty Ltd is a wholly owned subsidiary of Sultan Resources Ltd. 2. Total commitment for the period 16/4/2025-15/4/2030 (5-year period guide only).