Alkane Resources — Capital/Financing Update 2026

Feb 22, 2026

ASX ANNOUNCEMENT 23 February 2026

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Key Condition Satisfied: ROFR Not Exercised for Proposed Nagambie and Alkane Joint Venture (ANJV)

Nagambie Resources Limited (ASX: NAG) ( Nagambie or the Company ) refers to ASX announcements dated 30 January 2026 titled Proposed Alkane and Nagambie Joint Venture (ANJV) and 9 February 2026 titled Update: Proposed Alkane and Nagambie Joint Venture (ANJV) regarding the proposed joint venture with Mandalay Resources Costerfield Operations Pty Ltd, a 100% subsidiary of Alkane Resources Ltd ( Alkane ) ( ANJV ).

As previously disclosed, one condition of the proposed ANJV is the waiver or lapse of the Right of First Refusal ( ROFR ) held by Southern Cross Gold Consolidated Ltd ( SX2 ) under the 2020 Share Subscription Agreement between Nagambie and Mawson Resources Ltd.

Nagambie advises that on 21 February 2026, SX2 notified Nagambie that it will not exercise its ROFR in respect of the proposed transaction with Alkane. Accordingly, the ROFR condition to the proposed ANJV has now been satisfied.

The Company will continue to work with Alkane toward satisfaction of any remaining conditions precedent and will provide further updates to the market as appropriate.

This announcement has been authorised by the directors of Nagambie Resources Limited

Nagambie Resources limited 533 Zanelli Road Nagambie Vic 3608 Australia ASX : NAG www.nagambieresources.com.au T : +61 (03) 5794 1750 E : info@nagambieresources.com.au 799165v1

Non-Executive Chairman Kevin Perrin Executive Director Mike Trumbull Non-Executive Directors David Morgan

CEO James Earle For Enquiries: James Earle (CEO): james@nagambieresources.com.au 1 Andrew Todd ATodd@jpequity.com.au