Mulga Rock Project

100%-owned Mulga Rock Project in Western Australia, comprising the Mulga Rock East deposits (Ambassador and Princess) and Mulga Rock West deposits (Emperor and Shogun). The polymetallic lignite-hosted deposit carries uranium plus by-product nickel, cobalt, copper, zinc and rare-earth elements (Nd, Pr, Dy, Tb). A revised DFS is underway (commence early FY2026, complete early FY2027) following 2024-25 resin mini-pilot metallurgical testwork: beneficiation rejection 64% with overall uranium recovery 85% (92% on concentrate), Ni 50%, Co 50%, Cu 77%, Zn 89%, REE-value elements 50%. Recovery improvement lifted MRP East LOM U3O8 from 56.7 Mlb to 71.2 Mlb. Indicative steady-state physicals target 3.5 Mlb pa U3O8 from 2.8 Mtpa ROM ore (~1 Mtpa leach feed) at 662 ppm head grade. Project ORE Total 22.7 Mt @ 845 ppm U3O8 (42.3 Mlb).