ARIKA RESOURCES LIMITED — M&A Activity 2026

Jun 5, 2026

ASX: ARI

ARIKA RESOURCES

ASX RELEASE: 4 June 2026

ARIKA COMPLETES ACQUISITION OF 100% OF YUNDAMINDRA AND KOOKYNIE GOLD PROJECTS, WA

Completion of transaction with Nex Metals delivers Arika a 100%-owned Eastern Goldfields portfolio comprising two highly prospective projects in the heart of WA's premier gold district

KEY HIGHLIGHTS

• Arika completes the acquisition of 100% interest in the Yundamindra and Kookynie Gold Projects in the Leonora-Laverton region of WA from Nex Metals Exploration Limited (ASX: NME).
• The consideration for the acquisition comprised net $500,000 in cash and the issue of a total of 70.8 million Arika shares, with:
• 58.8 million subject to voluntary escrow restrictions, with a maximum 25% released every 3 months over a 12-month period; and
• 12 million escrowed for 5 years, which would cease earlier if milestone conditions met.
• Arika and its wholly owned subsidiary KYM Mining Pty Ltd, now owns 100% interest in both the Yundamindra and Kookynie Projects, consolidating full ownership of its flagship Eastern Goldfields portfolio.
• Full ownership provides Arika with complete operational and strategic flexibility across both projects.
• Consolidation significantly enhances the Company's ability to rapidly advance exploration and development opportunities.
• Yundamindra and Kookynie host multiple advanced gold targets, extensive historical workings and significant exploration upside in one of Australia's premier gold regions.
• Both projects comprise granted Mining Leases located close to infrastructure and operating processing facilities.
• Arika is currently gearing up for its next phase of drilling at Yundamindra and Kookynie, scheduled to commence in June.

Further to its ASX announcement of 2 February 2026, Arika Resources Limited (ASX: ARI) ("Arika" or "Company") is pleased to advise that it has completed the acquisition of the remaining 20% interest in the Yundamindra and Kookynie Gold Projects in Western Australia, securing 100% ownership of its flagship gold assets in the highly endowed Leonora-Laverton region.

The completion of the transaction represents a major strategic milestone for the Company, consolidating full ownership of two highly prospective gold projects within one of Australia's premier gold provinces and providing Arika with complete flexibility to accelerate exploration, resource growth and future development opportunities.

The transaction has been completed following satisfaction of all outstanding conditions including ASX waivers, shareholder approvals, execution of formal conditions and the termination of all prior joint venture agreements relating to the two projects.

ABN: 92 086 839 992

www.arika.com.au

Phone: 08 6500 0202

enquiries@arika.com.au

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In satisfaction of the consideration payable under the terms of the agreement (refer ASX announcement of 2 February 2026 and approved by shareholders on 15 May 2026), Arika has:

• Made a net cash payment to Nex Metals of A$0.5 million;
• Completed the issue of 58,823,529 fully paid ordinary shares in Arika (Consideration Shares), subject to voluntary escrow restrictions, with 25% released every 3 months over a 12-month period; and
• Issued 12,000,000 Deferred Consideration Shares, escrowed for 5-years, which would cease earlier if defined JORC-compliant resource milestones achieved.

Please refer to accompanying Appendix 2As lodged with ASX today for further details.

Management Comment

Arika's Managing Director, Justin Barton, said: "The completion of this transaction marks a transformational milestone for Arika and firmly establishes a 100%-owned gold portfolio in one of Western Australia's most sought-after gold districts.

"Full ownership of Yundamindra and Kookynie gives us complete control over exploration and development activities across these highly prospective projects and positions the Company to rapidly unlock value through aggressive exploration and resource growth.

"The exceptional drilling results generated over the past 12 months continue to highlight the outstanding potential of both projects, with significant upside remaining at depth and along strike across multiple target areas.

"With active drilling programs underway and a strong pipeline of exploration news flow ahead, we believe Arika is exceptionally well positioned for a strong period of growth and value creation."

Next Steps

With the acquisition now complete, Arika intends to accelerate exploration activities across both projects, including:

• Ongoing expansional and resource definition drilling programs.
• EIS co-funded diamond drill testing of depth extensions to the historical high grade Cosmopolitan and Diamantina gold deposits.
• Systematic target generation and prioritisation activities
• Geological mapping and geochemical soil sampling programs
• Advancement towards maiden Mineral Resource Estimates
• Assessment of additional brownfield and regional exploration opportunities

Further updates from ongoing drilling and exploration programs are expected over the coming months.

Yundamindra and Kookynie Gold Projects

Yundamindra Gold Project

The Yundamindra Gold Project is located approximately 65 km south-east of Leonora and within trucking distance of multiple established processing facilities in the Eastern Goldfields of Western Australia. The project lies on the western margin of the Laverton Greenstone Belt, one of Australia's most productive gold regions, which hosts major gold deposits including Sunrise Dam and Wallaby with combined production exceeding 15 million ounces of gold.

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Historically, Yundamindra delivered high-grade production prior to 1970 of ~45,000 ounces at ~19.3 g/t Au, predominantly from near-surface workings. The project comprises multiple granted mining and exploration leases with a number of brownfield and greenfield targets that remain under-explored at depth.

Gold mineralisation at Yundamindra is structurally controlled and occurs along the margins of a regional scale batholith and within a corridor of prospective shear zones. Historical drilling was largely limited to shallow depths (<80 m) and has identified numerous encouraging intercepts, including high-grade results such as 8 m @ 56.36 g/t Au at Pennyweight Point and 10 m @ 9.99 g/t Au at Landed at Last.

Recent modern exploration by Arika has confirmed historical mineralisation and significantly expanded the understanding of the system through targeted drilling and geophysical surveys. Ongoing programs have identified multiple high-priority targets, extended known mineralisation, and delivered strong assay results across key prospects such as Pennyweight Point and Landed at Last.

Figure 1: Yundamindra Gold Project showing key target areas and prospects over regional and local TMI.

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Kookynie Gold Project

Arika's Kookynie Gold Project is located approximately 150km north of the town of Kalgoorlie and ~ 60km south-southeast of Leonora. Despite a history of significant high-grade gold production, the area remains under-explored and presents compelling exploration upside.

The project secures the eastern strike extension of the geological sequences and structures hosting Genesis Minerals Ulysses Gold Operations and includes the historical mining centres of Diamantina-Cosmopolitan-Cumberland (known as the "DCC trend"), as well as the McTavish, Leipold, Champion and Altona deposits. The historical Cosmopolitan Gold mine produced 331,000 ounces of gold between discovery in 1895 to 1922 at an average grade of 15 g/t Au. The historical Altona Gold Mine reportedly produced 89,000 ounces of gold between 1900 and 1965 at an average grade of 30 g/t Au.

These key prospects all have shallow mineralisation, are all located on granted Mining Leases and are all situated in close proximity to a number of gold processing mills easily accessible by road, providing a unique opportunity for the Company to unlock significant near-term value.

Like Yundamindra, the Kookynie Gold Project has significant gold endowment but has seen minimal modern exploration over the now ~150km² of tenure.

Figure 2: Arika's Kookynie Gold Project, including the recently acquired 100% tenure from Iris (Exploration Licence E29/1152 – located ~35km west of Kookynie - not shown on map).

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Figure 3: Regional Location Plan showing proximity of Projects to Major Deposits, Mines and Processing Facilities.

This announcement is approved by the Board of Arika Resources Limited.

ENQUIRIES

Investors

Justin Barton

Managing Director

Arika Resources Ltd

+61 8 6500 0202

enquiries@arika.com.au

Media

Nicholas Read

Managing Director

Read Corporate

+61 8 9388 1474

info@readcorporate.com.au

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Competent Person Statement

The information that relates to Exploration Results is based upon information compiled by Mr Steve Vallance, who is a full-time employee of Arika Resources Ltd. Mr Vallance is a Member of The Australian Institute of Geoscientists (AIG). Mr Vallance has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (the JORC Code 2012). Mr Vallance consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Cautionary Statement

The historical Production details for the Yundamindra project, Cosmopolitan mine and Altona mine are referenced from publicly available data sources. The source and date of the production data reported has been referenced in the body of this announcement where production data has been reported. The historical production data have not been reported in accordance with the JORC Code 2012. A Competent Person has not done sufficient work to disclose the historical production data in accordance with the JORC Code 2012. It is possible that following further evaluation and/or exploration work that the confidence in the prior reported production data may be reduced when reported under the JORC Code 2012. Nothing has come to the attention of the Company that causes it to question the accuracy or reliability of the historical production data, and an assessment of the additional exploration or evaluation work that is required to report the data in accordance with JORC Code 2012 will be undertaken as part of the Company's development plan.

Forward-Looking Statements

This announcement may contain certain "forward-looking statements" which may not have been based solely on historical facts but rather may be based on the Company's current expectations about future events and results. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have reasonable basis. However, forward-looking statements:

(a) are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies.

(b) involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward-looking statements. Such risks include, without limitation, resource risk, metals price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, as well as political and operational risks in the countries and states in which the Company operates or supplies or sells product to, and governmental regulation and judicial outcomes; and

(c) may include, among other things, statements regarding estimates and assumptions in respect of prices, costs, results and capital expenditure, and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions.

The words "believe", "expect", "anticipate", "indicate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "may", "will", "schedule" and similar expressions identify forward-looking statements.

All forward-looking statements contained in this presentation are qualified by the foregoing cautionary statements. Recipients are cautioned that forward-looking statements are not guarantees of future performance and accordingly recipients are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein.

The Company disclaims any intent or obligation to publicly update any forward-looking statements, whether as a result of new information, future events or results or otherwise.

No New Information

To the extent that this announcement contains references to prior exploration results which have been cross referenced to previous market announcements made by the Company, unless explicitly stated, no new information is contained. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed.

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About Arika Resources Limited

We are focused on delivering value to shareholders through the discovery and development of high-quality Kookynie and Yundamindra Gold Projects, in Western Australia.

Arika Resources Limited is continuing to build on the potential large-scale gold footprints at the Yundamindra and Kookynie Gold Projects by expanding on known mineralisation and targeting new discoveries through a pipeline of high priority brownfield and greenfield targets.

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