Kwale

Heavy mineral sands operation in Kwale County, southern Kenya, held through subsidiary Base Titanium and acquired via the Base Resources transaction on October 2, 2024. Mining commenced in 2013 and concluded at end of December 2024 on depletion of remaining JORC ore reserves; processing concluded early January 2025 and all remaining product stockpiles were sold during Q1 2025 with the final HMS shipment in April 2025. Project is now in reclamation: South Dune completed in 2024; Central Dune, North Dune and Bumamani substantially completed in Q4 2025; tailings storage facility reclamation underway with over 250,000 eucalypts planted, expected to complete by 2027 with monitoring through 2038 when target average moisture content is expected to be attained. SML 23 mining lease has currently expired. As lower-grade ore is more costly to process, no gross profit on the 2025 HMS sales; SML 23 expired during reclamation.