Keliber Lithium Project

79.82%-held hard-rock lithium project in Finland - the Group's first major greenfield project - comprising the Syvajarvi and Rapasaari open-pit mining areas, a concentrator and a lithium hydroxide refinery at Kokkola. Construction including cold commissioning approached full completion in 2025 with EUR299M of capital incurred, and the first mining blast at the Syvajarvi open pit took place in February 2026; a staged start-up approach was adopted to enhance optionality and reduce ramp-up risk amid evolving lithium market conditions, with completion of construction and commencement of mining in Q1 2026. Successful 2025 exploration added +40kt LCE to Mineral Resources. The project is funded partly through a dedicated debt facility which increased during 2025.