During the year, the Company had an increase in contributed equity of $11,068,945, after fees, for the placements in September 2024 and April 2025, and the Share Purchase Plan in October 2024. Additionally, contribution from options exercised during the period was $1,015,169. Cash flow The Company’s net cash outflow from operating activities increased to $2,963,341 (2024: $1,414,394), while the net cash outflow from investing activities decreased to $8,011,121 (2024: $14,454,559), for a total operating and investing cash outflow of $10,974,462 (2024: $15,868,953). The increase in operating cash outflow reflects the reduction in expenditure which was capitalised to “exploration and evaluation” due to the reduction in exploration activity during the year, which is represented by the decrease in investing cash outflow. Events occurring after reporting date There were no matters or circumstances which occurred subsequent to year end that significantly affected, or may significantly affect, the operations of the Group, the results of those operations or the state of affairs of the Group or economic entity in subsequent financial periods. Significant changes in the state of affairs Other than those matters discussed in this report, no significant changes in the state of affairs of the Group occurred during the financial period. Likely developments and expected results The Group will continue exploration and development activities. The Group assesses commercial opportunities for corporate growth, including the acquisition of interests in projects, as they arise. Due to the unpredictable nature of these opportunities, developments could occur at short notice. Environmental regulation The Group is subject to the environmental laws and regulations imposed under the Environmental Codes in the jurisdictions in which it operates. The Group is currently engaged in exploration activities which are governed by conditions or recommendations imposed through the granting of a licence or permit to explore. Compliance with these laws and regulations is regarded as a minimum standard for the Group to achieve. There were no known breaches of any environmental laws or regulations during the year. Information on Directors The Directors of the Company at any time during or since the end of the financial year were: Mr Malcolm Norris MSc, MAppFin, FAusIMM Non-executive Chair: Appointed 16 September 2024 Executive Director – Exploration: ceased 15 September 2024 Special responsibilities Member of the Audit and Financial Risk Committee Experience and expertise Mr Norris is a senior mining industry professional with extensive experience in business management, mineral exploration, development of new business opportunities and asset transactions. His roles have covered a wide range of commodities, geographic locations and management of global portfolios of projects in both large and small organisations. Mr Norris holds an MSc in Geology and a Masters in Applied Finance. He has more than 35 years of industry experience including 23 years with WMC Resources, followed by executive roles with Intrepid Mines and SolGold. Other directorships of listed companies in the past three years Magmatic Resources Limited (appointed 16 October 2024) Nordic Resources Limited (appointed 1 June 2025) 25 Sunstone Metals Limited Annual Report 2025
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