ATOMIC EAGLE LTD — Interim / Quarterly Report 2025

Jul 30, 2025

June 2025 Quarterly

Activities Report

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31 July 2025

Tombador Iron Limited

KEY EVENTS

Suite 4.01, Level 4 66 Kings Park Road West Perth WA 6005

ABN: 20 108 958 274 ASX: TI1

Tombador Iron Limited (ASX:TI1) is an Australian company listed in October 2020.

• Cash holdings of AUD$9.549m as at 30 June 2025.

• Activities related to the previously announced proposed

transaction to acquire the Colomi Iron Project in Brazil and to

other potential suitable investment opportunities.

Tombador commenced production of highgrade hematite iron ore from a simple open cut mining operation during Q2 CY2021. The Project was sold in December 2023.

Executive Director Stephen Quantrill

Non-Executive Directors David Chapman - Chair Anna Neuling Keith Liddell

Tombador Iron Limited’s quarterly report for June 2025 summarises the relevant activities undertaken for this period. The Company is currently in voluntary suspension as it has sold its main undertaking, the Tombador Iron Project in Brazil.

During the quarter, the Company received royalty income of AUD$Nil from iron ore sales of direct ship ores under the sale agreement for the Tombador Iron project. On 1 July 2025, the Company received US$45.4k in net royalty payments related to the June 2025 quarter.

As reported in the September 2024 quarterly report, the Company announced on 18 October 2024 on the ASX, that it had entered into a binding agreement to purchase 100% of the issued capital of Colomi Iron Mineração S.A. which holds the Colomi Iron project. The purchase decision followed a thorough assessment and evaluation process, as previously reported.

Company Secretary Abby Macnish Niven

The announcement can be found on the ASX website.

Contact us

www.tombadoriron.com info@tombadoriron.com +61 8 6382 1805

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ACTIVITIES RELATED TO PROPOSED TRANSACTION

The major focus in the June 2025 Quarter was the progression of activities related to the purchase of the Colomi Iron project. In parallel, the Company also continued the identification and evaluation of other suitable investment opportunities.

As previously announced, the Company agreed an extension to the transaction agreement with Colomi Singapore Pte Ltd to 17 August 2025 as the Company continues to work with the ASX, major shareholders and capital advisors in order to proceed with the re-compliance capital raise as soon as possible.

The Colomi Iron Ore project is located in north-east Brazil and contains a world-scale magnetite Mineral Resource with the potential to produce a high-quality Blast Furnace (BF) and Direct Reduction Iron (DRI) grade concentrate.

Preliminary planning for project scoping and prefeasibility studies continued throughout the June quarter, laying the groundwork for a rapid and efficient commencement of the study phase work program upon its formal initiation.

Advanced discussions with potential fund managers, brokers, strategic investors and related parties continued throughout the reporting period.

KEY FINANCIALS

Cash flows

The Company paid AUD$1,057k of net cash in relation to operating activities, in addition to a $299k effect of movement in exchange rates on cash held, resulting in a net decrease in cash of AUD$1,356k in the quarter.

Operating activities in the June 2025 quarter, as shown in the Company’s Appendix 5B, included AUD$608k of income taxes paid in relation to withholding tax on prior dividends, and $51k in interest earned from cash deposits.

Focus during the quarter was on continuing discussions with potential fund managers, brokers, strategic investors and related parties, and activities in relation to the management of the ongoing tidy up and closing out of prior Brazilian operating activities. The corporate costs of AUD$308k in the quarter included AUD$44k of legal and due diligence costs, AUD$73k of technical and corporate consulting costs, $44k of accounting and tax services costs and AUD$148k of office and other administrative costs, including $76k of insurance payments.

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info@tombadoriron.com | www.tombadoriron.com | +61 8 6382 1805
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During the June 2025 quarter, the Company received net royalty income of AUD$Nil from iron ore sales of direct ship ores under the sale agreement for the Tombador Iron project. However, on 1 July 2025, the Company received US$45.4k in net royalty payments related to the June 2025 quarter. The Company notes that the future royalties may be affected by market factors in Brazil. In order to support that the Company continues to receive a royalty stream, it has agreed to reduce the sales royalty payments for the period from 1 June 2025 to 31 December 2025 by 50%, and to 90 day payment terms, due to more challenging mining economic conditions, and lower volumes of mining and sales at the Tombador mine.

The company also incurred AUD$191k in Board and staffing costs during the quarter. This figure was slightly higher than the March 2025 quarter payments due to the timing of payments.

Cash decreased by AUD$1,356k in the quarter and at the end of the quarter, the Company had approximately AUD$9,549k in cash. The Company holds no bank loans.

Payments to related parties and associates

In accordance with ASX Listing Rule 5.3.5, AUD$196k was paid to related parties or their associates during the quarter, as shown in section 6 of the Company’s Cashflow Report (Appendix 5B) for the quarter ended 30 June 2025. The payments include Director payments of $120k, consulting fees of $64k, and $12k for office rent.

Authorised for release by the Board.

Contact:

Abby Macnish Niven CFO & Company Secretary

ENDS.

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info@tombadoriron.com | www.tombadoriron.com | +61 8 6382 1805
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Rule 5.5

Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Name of entity Tombador Iron Limited ABN Quarter ended (“current quarter”) 20 108 958 274 30 June 2025

Consolidated statement of cash flows	Current quarter $A’000	Year to date (6 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other (Royalty Income) 1.9 Net cash from / (used in) operating activities	- - - - (191) (308) 51 (608) -	- - - - (377) (460) 116 (608) 350
	(1,057)	(979)
2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation (e) investments (f) other non-current assets	- - - - - -	- - - - - -

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (6 months) $A’000
2.2 Proceeds from the disposal of: (a) entities (b) tenements (c) property, plant and equipment (d) investments (e) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other 2.6 Net cash from / (used in) investing activities	- - - - - - - -	- - - - - - - -
	-	-
3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities or convertible debt securities 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (equipment lease financing costs) 3.10 Net cash from / (used in) financing activities	- - - - - - - - -	- - - - - - - - -
	-	-

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	10,905 (1,057) - - (299)	10,825 (979) - - (297)
	9,549	9,549
5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter $A’000	Previous quarter $A’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)	9,549 - - -	10,905 - - -
	9,549	10,905
6. Payments to related parties of the entity and their associates		Current quarter $A'000
6.1 Aggregate amount of payments to related parties and their associates included in item 1 196 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.		196
		-

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

7. 7.1 7.2 7.3 7.4 7.5 7.6	Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 Loan facilities - - Credit standby arrangements - - Other (please specify) - - Total financing facilities - - Unused financing facilities available at quarter end - Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
		-	-
		-	-
		-	-
		-	-

8.	Estimated cash available for future operating activities	$A’000
8.1 8.2 8.3 8.4 8.5 8.6 8.7 8.8	Net cash from / (used in) operating activities (item 1.9) (1,057) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - Total relevant outgoings (item 8.1 + item 8.2) (1,057) Cash and cash equivalents at quarter end (item 4.6) 9,549 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 9,549 Estimated quarters of funding available (item 8.6 divided by item 8.3) 9.0 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?	(1,057) - (1,057) 9,549 -
		9,549
	Answer: Not applicable.
	8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
	Answer: Not applicable.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: Not applicable. Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Date: 31 July 2025

Authorised by: The Board of Tombador Iron Limited

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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