AUSTRAL RESOURCES AUSTRALIA LTD — Annual Report 2025

Feb 26, 2026

Austral Resources Australia Ltd

Appendix 4E Preliminary final report

1. Company Details

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Name of entity: Austral Resources Australia Ltd ABN: 50 142 485 470 Reporting period: For the year ended 31 December 2025 Previous period: For the year ended 31 December 2024

1. Results for announcement to the market

2. Results for announcement to the market
				$'000
Revenues from continuing operations	up	100%	to	3,529
Revenues from discontinued ordinary activities	down	19%	to	66,131
Loss from continuing operations for the year after tax attributable to
the owners of Austral Resources Australia Ltd, from a loss of $0.741 million	down	729%	to	(6,140)
Profit from discontinued operations for the year after tax attributable
to the owners of Austral Resources Australia Ltd, from a loss of $21.879 million
million	up	182%	to	18,014
Profit for the year attributable to the owners of Austral Resources Australia Ltd,
from a loss of $22.620 million	up	152%	to	11,874

3. Review of operations

The profit attributable to the owners of Austral Resources Australia Ltd for the consolidated entity after providing for income tax amounts to $11,874,000 (31 December 2024: Loss of $22,620,000).

Highlights

Austral Resources Australia Ltd has achieved the following for the year ended 31 December 2025:

• Copper cathode sales from continuing operations zero tonnes (2024: zero tonnes);

• Copper cathode sales from discontinued operations of 8,224 tonnes (2024: 6,341 tonnes) at an average sale price of US$9,830 per tonne (2024: $8,160 per tonne);

• Revenue from continuing operations $3,529,000 (2024: $0);

• Revenue from discontinued operations $66,131,000 (2024: $82,087,000);

• Net operating cash outflows of $17,882,000 (2024: inflows of $9,415,000);

• Cash and cash equivalents of $19,304,000 (2024: $79,000)

• Dividends

No dividends have been paid, recommended, or declared during the current financial year (2024: Nil).

1. Net tangible assets

5. Net tangible assets
	Reporting	Previous
	Period	Period
	$	$
Net tangible assets per ordinary security	0.05	(0.05)

6. Control gained over entities

On 25 October 2025, Austral completed the acquisition of Copper Resources Australia Pty Ltd through a Deed of Company Arrangement, obtaining full ownership of the Rocklands Copper Mine and processing facility. The acquisition has been consolidated into the Group’s financial results from this date.

1. Details of associates and joint venture entities

No change during the period

1. Audit qualification or review

The Preliminary Financial Report is based on statutory financial statements that are in the process of being audited. The independent audit report is unlikely to contain a modified opinion.

9. Attachments

Attached is the Preliminary Financial Report of Austral Resources Australia Ltd for the year ended 31 December 2025.

10. Signed

Signed: _____ Date: 27 February 2026

David Newling Non-Executive Chairman Brisbane

Austral Resources Australia Ltd

ABN 50 142 485 470

Preliminary Financial Report 31 December 2025

Austral Resources Australia Ltd Statement of profit or loss and other comprehensive income For the year ended 31 December 2025

Note Revenue Management Fees Other income 1 Expenses Administration expenses Rocklands care and maintenance 3 Depreciation and amortisation expense Finance expense 2 Share based payments Other operating expenses Net foreign exchange loss (Loss) before income tax expense from continuing operations Income tax expense Profit / (loss) after income tax expense from discontinued operations 19 Profit / (loss) after income tax expense for the year Other comprehensive income Other comprehensive income for the year, net of tax Total comprehensive profit / (loss) for the year Earnings per share from continuing operations Basic (loss) / profit per share Diluted (loss) / profit per share Earnings per share from discontinued operations Basic (loss) / profit per share Diluted (loss) / profit per share Earnings per share for profit attributable to the owners of Austral Resources Australia Ltd Basic (loss) / profit per share Diluted (loss) / profit per share	Consolidated 2025 2024 $'000 $'000 3,529 - 2,263 8,695 (1,671) (2,671) (2,560) - (1,683) (1,288) (864) (1,629) 396 325 (5,909) (4,739) 359 566 (6,140) (741) - - 18,014 (21,879) 11,874 (22,620) - - 11,874 (22,620) $ $** (0.01) (0.00) (0.01) (0.00) 0.03 (0.04) 0.03 (0.04) 0.02 (0.04) 0.02 (0.04)
	2,263 (1,671) (2,560) (1,683) (864) 396 (5,909) 359
	(6,140) -
	18,014 11,874 -
	11,874
	$ (0.01) (0.01) 0.03 0.03 0.02 0.02

** The figures of the year-ended 31 December 2024 have been restated. For comparative purposes the operations of Athill project are now presented as discontinued operations (please refer to note 19).

The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes

4

Austral Resources Australia Ltd Statement of financial position As at 31 December 2025

Note Assets Current assets Cash and cash equivalents 4 Trade and other receivables 5 Prepayments Inventories 6 Other assets Total current assets Non-current assets Financial assets 7 Property, plant and equipment 8 Right-of-Use Assets Exploration and mining assets 9 Total non-current assets Total assets Liabilities Current liabilities Trade and other payables 10 Borrowings 11 Employee benefits Lease Liabilities Total current liabilities Non-current liabilities Provisions 13 Borrowings 12 Employee benefits Lease Liabilities Total non-current liabilities Total liabilities Net assets / (liabilities) Equity Issued capital 14 Reserves 15 Accumulated losses 16 Total equity	Consolidated 2025 2024 $'000 $'000 19,304 79 6,767 1,479 1,236 682 2,181 50,664 578 1,416 30,066 54,320 50,784 37,211 32,108 52,730 67 2,706 1,975 1,668 84,934 94,315 115,000 148,635 2,479 57,474 10,160 81,396 1,336 856 68 1,710 14,043 141,436 52,094 36,913 12,492 - 60 - - 1,504 64,646 38,417 78,689 179,853 36,311 (31,218) 128,200 71,546 320 1,923 (92,209) (104,687) 36,311 (31,218)
	30,066
	50,784 32,108 67 1,975
	84,934
	115,000
	2,479 10,160 1,336 68
	14,043
	52,094 12,492 60 -
	64,646
	78,689
	36,311
	128,200 320 (92,209)
	36,311

The above statement of financial position should be read in conjunction with the accompanying notes

5

Austral Resources Australia Ltd Statement of changes in equity For the year ended 31 December 2025

Consolidated Balance at 1 January 2024 Loss after income tax expense for the year Other comprehensive income for the year, net of tax Total comprehensive loss for the year Transactions with owners in their capacity as owners: Share-based payments Balance at 31 December 2024 Consolidated Balance at 1 January 2025 Profit after income tax expense for the year Other comprehensive income for the year, net of tax Total comprehensive profit for the year Transactions with owners in their capacity as owners: Contributions of equity, net of transaction costs Exercise of rights Share-based payments Balance at 31 December 2025	Issued capital $'000 71,546 - -	Reserves $'000 2,249 - -	Accumulated losses $'000 (82,067) (22,620) -	Total equity $'000 (8,272) (22,620) - (22,620) (326) (31,218) Total equity $'000 (31,218) 11,874 - 11,874 56,054 - (396) 36,311
	- -	- (326)	(22,620) -
	71,546	1,923	(104,687)
	Issued capital $'000 71,546 - -	Reserves $'000 1,923 - -	Accumulated losses $'000 (104,687) 11,874 -
	- 56,054 600 -	- - (600) (1,003)	11,874 - - 604
	128,200	320	(92,209)

The above statement of changes in equity should be read in conjunction with the accompanying notes

6

Austral Resources Australia Ltd Statement of cash flows For the year ended 31 December 2025

Note Cash flows from operating activities Receipts from customers (inclusive of GST) Payments to suppliers and employees (inclusive of GST) Interest and other costs of finance paid Interest received Other revenue Net cash (used in) / from operating activities Cash flows from investing activities Payment for entities Payments for property, plant and equipment Payments for exploration Payments for mining assets Disposal of APA Proceeds from security deposits Net cash used in investing activities Cash flows from financing activities Proceeds from issue of shares Proceeds from borrowings Share issue transaction costs Repayment of borrowings Repayment of lease liabilities Net cash from / (used in) financing activities Net increase / (decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the financial year Effects of exchange rate changes on cash and cash equivalents Cash and cash equivalents at the end of the financial year 4 Statement of cash flows includes cash flows from discontinued operations.	Note Cash flows from operating activities Receipts from customers (inclusive of GST) Payments to suppliers and employees (inclusive of GST) Interest and other costs of finance paid Interest received Other revenue Net cash (used in) / from operating activities Cash flows from investing activities Payment for entities Payments for property, plant and equipment Payments for exploration Payments for mining assets Disposal of APA Proceeds from security deposits Net cash used in investing activities Cash flows from financing activities Proceeds from issue of shares Proceeds from borrowings Share issue transaction costs Repayment of borrowings Repayment of lease liabilities Net cash from / (used in) financing activities Net increase / (decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the financial year Effects of exchange rate changes on cash and cash equivalents Cash and cash equivalents at the end of the financial year 4 Statement of cash flows includes cash flows from discontinued operations.
	(22,797) (699) 2,003 3,611
	(17,882)
	(17,919) (1,171) (363) - (116) 3
	(19,566)
	40,000 22,704 (2,758) (2,032) (1,235)
	56,679
	19,229 79 (4)
	19,304

The above statement of cash flows should be read in conjunction with the accompanying notes

7

Austral Resources Australia Ltd Notes to the financial statements 31 December 2025

Basis of preparation

These preliminary financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') and the Corporations Act 2001, as appropriate for for-profit oriented entities. These financial statements also comply with International Financial Reporting Standards as issued by the International Accounting Standards Board ('IASB').

Going Concern

The financial statements have been prepared on the going concern basis, which contemplates continuity of normal business activities and the realisation of assets and discharge of liabilities in the normal course of business.

During the year ended 31 December 2025, the consolidated entity incurred a loss from continuing operations of $6.1 million and had net operating and investing cash outflows amounting to $17.9 million and $19.6 million, respectively (this includes cash outflows from discontinued operations).

The Directors believe that there are reasonable grounds to believe that the consolidated entity will be able to continue as a going concern, after consideration of the following factors:

• The Directors have reviewed the cash forecast, for the forthcoming 12 months which indicates the consolidated entity will continue to generate significant net cash inflows from its operating activities;

• As disclosed in note 20, on 16 January 2026 the consolidated entity announced the acquisition of the Lady Loretta mining leases and associated EPMs. This acquisition substantially increases the copper pipeline and in addition, the consolidated entity receives US$40 million in cash on completion of the transaction, of which approximated US$30.4 million is unrestricted cash.

• On 19 February, the consolidated entity announced binding commitments have been received for a A$65 million capital raise. The raise is split into 2 Tranches. Tranche 1 is for $38.2 million and was completed on 26 February 2026. Tranche 2 is $26.8 million and is subject to shareholder approval. On completion the Placement will be applied to fund acceleration in copper production and production capability at both Rocklands and Mt Kelly including infrastructure, equipment, drilling, care and maintenance, and working capital.

Discontinued operations

A discontinued operation is a component of the consolidated entity that has been disposed of or is classified as held for sale and that represents a separate major line of business or geographical area of operations or is part of a single co-ordinated plan to dispose of such a line of business or area of operations. The results of discontinued operations are presented separately on the face of the statement of profit or loss and other comprehensive income.

On 20 June 2024, Austral entered into a Framework Agreement with Glencore, Secover and Thiess, subject to conditions precedent, to facilitate the discharge of all secured debt. Subsequently, on 2 September 2025, the Anthill Production Agreement was executed with Glencore and Secover, which formalised the repayment of secured debt from proceeds generated by the Anthill Project.

Under the terms of the Anthill Production Agreement, all proceeds from the Anthill Project are contractually committed to the repayment of secured debt, and operational control of the project was transferred to the secured debt holders. As a result, the Anthill Project is no longer considered part of the Group’s ongoing business activities.

From the date of execution of the Anthill Production Agreement, the Group ceased to have substantive decision-making authority and the ability to direct the relevant activities of the Anthill Project. Accordingly, the Anthill Project met the criteria to be classified as a discontinued operation in accordance with AASB 5 Non-current Assets Held for Sale and Discontinued Operations .

The results of the discontinued operation for the current year reflect the period up to 2 September 2025, while comparative information for 2024 has been presented for the full calendar year. For the period 3 September 2025 to 31 December 2025 the discontinued operation is not recorded in these financial results.

8

Austral Resources Australia Ltd Notes to the financial statements 31 December 2025

Note 1. Other income

Insurance recoveries Interest income Other income	Consolidated 2025 2024 $'000 $'000 156 4,527 1,742 1,837 365 2,331	Consolidated 2025 2024 $'000 $'000 156 4,527 1,742 1,837 365 2,331
	2,263	8,695

Note 2. Finance Expenses

Interest on interest bearing loans Interest on leases Unwinding of discount on rehabilitation liability	Consolidated 2025 2024 $'000 $'000 497 - 1 6 366 1,623	Consolidated 2025 2024 $'000 $'000 497 - 1 6 366 1,623
	864	1,629

Note 3. Care and Maintenance Expenses

Care and maintenance costs represent expenses incurred to maintain non-operating mining assets in a safe and compliant condition. During the period, these costs related to the Rocklands Copper Project. Care and maintenance costs are expensed as incurred and included in operating expenses.

Employee benefits expense Consultants and contractor costs Licenses, leases and environmental fees Insurance Other	Consolidated 2025 2024 $'000 $'000 778 - 231 - 542 - 516 - 493 -	Consolidated 2025 2024 $'000 $'000 778 - 231 - 542 - 516 - 493 -
	2,560	-

Note 4. Current assets - cash and cash equivalents

Cash on hand Cash at bank	Consolidated 2025 2024 $'000 $'000 1 1 19,303 78	Consolidated 2025 2024 $'000 $'000 1 1 19,303 78
	19,304	79

9

Austral Resources Australia Ltd Notes to the financial statements 31 December 2025

Note 5. Current assets - trade and other receivables

Trade receivables Less: Allowance for credit losses GST receivable	Consolidated 2025 2024 $'000 $'000 6,029 644 (295) - 1,033 835	Consolidated 2025 2024 $'000 $'000 6,029 644 (295) - 1,033 835
	6,767	1,479

Note 6. Current assets - inventories

Spare parts and consumables Copper in process Copper cathode	Consolidated 2025 2024 $'000 $'000 2,181 1,842 - 47,716 - 1,106	Consolidated 2025 2024 $'000 $'000 2,181 1,842 - 47,716 - 1,106
	2,181	50,664

• See Note 19 for further details on the discontinued operations

Note 7. Non-current assets - financial assets

Term deposits as security for bank guarantees (i) Security deposits for Queensland Mines Department (ii)	Consolidated 2025 2024 $'000 $'000	Consolidated 2025 2024 $'000 $'000
	49,113 1,671	37,104 107
	50,784	37,211

• (i) Security deposits held with ANZ and NAB as security for the issuance of a bank guarantee to satisfy the financial assurance requirements with the Queensland Government’s Department of Environment and Science for Environmental Authorities EPML00753513 and EPML00887913.

(ii) Security deposits held with Queensland Treasury as security to satisfy the financial assurance requirements with the Queensland Government’s Department of Environment and Science for Environmental Authority EPML00887913.

10

Austral Resources Australia Ltd Notes to the financial statements 31 December 2025

Note 8. Non-current assets - property, plant and equipment

Land and buildings – at cost Less: Accumulated depreciation Plant and equipment - at cost Less: Accumulated depreciation Office Equipment, furniture and fittings - at cost Less: Accumulated depreciation Capital works in progress - at cost Mine development and Rehabilitation – at cost Less: Accumulated amortisation Stripping activity asset – at cost Less: Accumulated amortisation	Consolidated 2025 2024 $'000 $'000 6,984 6,984 (6,984) (6,984)	Consolidated 2025 2024 $'000 $'000 6,984 6,984 (6,984) (6,984)
	-	-
	69,164 (37,385)	40,691 (35,878)
	31,779	4,813
	2,121 (1,841)	2,024 (1,715)
	278	309
	49	250
	28,503 (28,503)	274,711 (271,276)
	-	3,434
	- -	84,612 (40,691)
	-	43,921
	32,108	52,730

• See Note 19 for further details on the discontinued operations

Note 9. Non-current assets - exploration and evaluation

Exploration and evaluation - at cost Less: Impairment	Consolidated 2025 2024 $'000 $'000 1,975 1,668 - -	Consolidated 2025 2024 $'000 $'000 1,975 1,668 - -
	1,975	1,668

Reconciliations

Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:

Consolidated Balance at 1 January 2024 Additions Balance at 31 December 2024 Impairment due to permit relinquishment Additions Balance at 31 December 2025	Exploration and evaluation $'000 685 983
	1,668 (56) 363
	1,975

11

Austral Resources Australia Ltd Notes to the financial statements 31 December 2025

Note 9. Non-current assets - exploration and evaluation (continued)

The recoverability of the carrying amounts of the exploration and evaluation assets is dependent on successful development and commercial exploitation, or alternatively, sale of the respective areas of interest.

Note 10. Current liabilities - trade and other payables

Trade payables and accruals Interest payable	Consolidated 2025 2024 $'000 $'000 2,479 54,089 - 3,385	Consolidated 2025 2024 $'000 $'000 2,479 54,089 - 3,385
	2,479	57,474

Due to the short-term nature, the current trade and other payables have a carrying value which approximates their fair value.

Note 11. Current liabilities - borrowings

Glencore Rocklands Facility Wingate Facility (Assigned to Glencore Australia Holdings Pty Limited) Glencore Prepayment Facility (Anthill) Secover Facility (2022) Secover Facility (2024)	Consolidated 2025 2024 $'000 $'000 10,160 - - 31,063 - 20,920 - 13,980 - 15,433	Consolidated 2025 2024 $'000 $'000 10,160 - - 31,063 - 20,920 - 13,980 - 15,433
	10,160	81,396

Glencore Rocklands Facility

On 8 October 2025, the company entered into a facility agreement with Glencore Australia Holdings Pty Ltd to fund the purchase of the Rocklands Operations in Cloncurry. The facility is interest bearing with an interest rate of the applicable Term SOFR rate plus 9% margin payable monthly in arrears for a period of 24 months from the date of initial drawdown. An initial drawdown of USD $15 million was made on the 27 October 2025. Principal repayments commence 6 months after the draw down date. At 31 December 2025, the facility was fully drawn down.

Wingate Facility (Assigned to Glencore Australia Holdings Pty Limited)

On 9 August 2021, the company entered into a facility agreement with Win Finance No. 359 Pty Ltd, primarily to fund its working capital and to restructure the company through the listing process. An initial drawdown of $20 million was made on 13 August 2021 and the remaining $10 million was drawn following the company successfully listing on the ASX in November 2021.

Following the retirement of the Receivers and Managers appointed by Win Finance, Glencore acquired the facility and assumed the role of senior secured creditor. On 2 September 2025, this facility was sold as part of the Anthill Production Arrangement, refer to note 19 – Discontinued Operations.

Glencore prepayment facility

On 3 February 2022, the company entered into a facility agreement with Glencore International AG for USD $15 million, primarily to accelerate its exploration program and fund working capital. The facility is interest bearing with an interest rate of LIBOR plus a margin of 8.5% per annum, payable monthly in arrears and for a period of 24 months from the date of initial drawdown. An initial drawdown of USD $15 million was made on 17 March 2022.

12

Austral Resources Australia Ltd Notes to the financial statements 31 December 2025

Note 11. Current liabilities – borrowings (continued)

On 2 September 2025, this facility was sold as part of the Anthill Production Arrangement, refer to note 19 – Discontinued Operations.

Secover Facility (2022)

On 22 December 2022, the company entered into a facility agreement with Secover Pty Ltd for $11 million, to fund working capital. The facility is interest bearing with an interest rate of 15% per annum, payable monthly in arrears and for a period of 12 months from the initial date of drawdown. An initial drawdown of $11 million was made on 23 December 2022.

On 2 September 2025, this facility was sold as part of the Anthill Production Arrangement, refer to note 19 – Discontinued Operations.

Secover Facility (2024)

On 28 June 2024, the company entered into a facility agreement with Secover Pty Ltd for $11.7 million, to fund the repayment of the Thiess secured payable. The facility is not interest bearing and payable within 12 months of the facility agreement date. During the second half of 2024, the company requested additional funding from Secover Pty Ltd of circa $4,900,000 to fund working capital. This amount will be added to the June 2024 facility agreement with Secover Pty Ltd. The facility is not interest bearing, in line with the June 2024 facility.

On 2 September 2025, this facility was sold as part of the Anthill Production Arrangement, refer to note 19 – Discontinued Operations.

Note 12. Non-current liabilities – borrowings

Glencore Rocklands Facility (refer to note 10)	Consolidated 2025 2024 $'000 $'000 12,492 -

Note 13. Non-current liabilities - provisions

Mine rehabilitation and closure	Consolidated 2025 2024 $'000 $'000 52,094 36,913

Environmental

The rehabilitation provision represents the present value of rehabilitation costs relating to mine sites, which are expected to be incurred over the life of the estimated life of mine, which is when the producing mine properties are expected to cease operations. Assumptions based on the current economic environment have been made, which management believes are a reasonable basis upon which to estimate the future liability. These estimates are reviewed regularly to take into account any material changes to the assumptions. However, actual rehabilitation costs will ultimately depend upon future market prices for the necessary rehabilitation works required that will reflect market conditions at the relevant time.

Bank guarantees have been provided to the Queensland Department of Environment, Tourism, Science and Innovation (DETSI) as financial assurance in respect of the Group’s rehabilitation obligations. These guarantees are supported by term deposits held by the consolidated entity (refer note 7).

13

Austral Resources Australia Ltd Notes to the financial statements 31 December 2025

Note 13. Non-current liabilities - provisions (continued)

Movements in provisions

Movements in each class of provision during the current financial year, other than employee benefits, are set out below:

Consolidated - 2025 Carrying amount at the start of the year Additional provision recognised (Rocklands acquisition) Reduction due to reassessment of liability and increase in discount rate Amounts transferred to current Unwinding of discount Carrying amount at the end of the year	Rehabilitation $'000 36,913 15,237 (788) - 732 52,094

Note 14. Equity - issued capital

2025 Shares Ordinary shares - fully paid 1,698,808,647 Movements in ordinary share capital Details Date Balance 1 January 2024 Cost of share issue Balance 31 December 2024 Exercise of performance rights 30 June 2025 Exercise of performance rights 30 June 2025 Exercise of performance rights 30 June 2025 Issue of shares - Capital Raise 24 October 2025 Issue of Shares - Thiess 29 October 2025 Issue of shares - DFIL 24 October 2025 Cost of share issue 24 October 2025 Balance 31 December 2025	2025 Shares 1,698,808,647	Consolidated 2024 2025 Shares $'000 527,165,826 128,200		2024 $'000 71,546 $'000 71,546 - 71,546 58 88 454 40,000 10,000 8,437 (2,383) 128,200
		Shares Issue price 527,165,826 - 527,165,826 289,493 0.20 400,837 0.22 2,752,491 0.17 800,000,000 0.05 200,000,000 0.05 168,200,000 0.05 - 1,698,808,647

Ordinary shares

Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the company in proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the company does not have a limited amount of authorised capital.

On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote.

Capital risk management

The consolidated entity's objectives when managing capital is to safeguard its ability to continue as a going concern, so that it can provide returns for shareholders and benefits for other stakeholders and to maintain an optimum capital structure to reduce the cost of capital.

Capital is regarded as total equity, as recognised in the statement of financial position, plus net debt. Net debt is calculated as total borrowings less cash and cash equivalents.

14

Austral Resources Australia Ltd Notes to the financial statements 31 December 2025

Note 14. Equity - issued capital (continued)

In order to maintain or adjust the capital structure, the consolidated entity may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.

The consolidated entity would look to raise capital when an opportunity to invest in a business or company was seen as value adding relative to the current company's share price at the time of the investment.

The consolidated entity is subject to certain financing arrangements covenants and meeting these is given priority in all capital risk management decisions. There have been no events of default on the financing arrangements during the financial year.

Note 15. Equity - reserves

Share-based payments reserve	Consolidated 2025 2024 $'000 $'000 320 1,923

Share-based payments reserve

The reserve is used to recognise the value of equity benefits provided to employees and directors as part of their remuneration, and other parties as part of their compensation for services.

Movements in reserves

Movements in each class of reserve during the current and previous financial year are set out below:

Consolidated Balance at 1 January 2024 Share-based payments expensed during the year Performance rights exercised during the year Balance at 31 December 2024 Share-based payments exercised during the year Share-based payments forfeited during the year Balance at 31 December 2025 Note 16. Equity - accumulated losses Accumulated losses at the beginning of the financial year Profit / loss after income tax expense for the year Lapse of options Accumulated losses at the end of the financial year	Share-based payments reserve $'000 2,249 (326) - 1,923 (600) (1,003) 320 Consolidated 2025 2024 $'000 $'000 (104,687) (82,067) 11,874 (22,620) 604 -	Share-based payments reserve $'000 2,249 (326) -
		1,923 (600) (1,003)
		320
	(92,209)	(104,687)

15

Austral Resources Australia Ltd Notes to the financial statements 31 December 2025

Note 17. Contingent Liabilities

The Anthill Production Agreement (APA), signed on 2 September 2025, directs that proceeds generated during the term of the agreement are applied to the repayment of the outstanding debt associated with the project. If the proceeds generated under the APA are insufficient to fully repay the outstanding debt, the APA partners have the right to access up to $13.0 million of proceeds from the Group’s remine program to satisfy the remaining balance. The obligation to contribute remine program proceeds is contingent on the level of earnings generated under the APA and will only arise if those earnings are insufficient to fully repay the debt.

At the reporting date, the Group has not recognised a liability in respect of this matter, as management currently expects that proceeds from the Anthill Project will be sufficient to repay the outstanding debt. However, the obligation remains contingent on future events that are not wholly within the control of the Group, and the amount and timing of any potential outflow of economic benefits cannot be reliably measured. The Group will continue to monitor the performance of the APA and reassess this position as further information becomes available.

Note 18. Interests in subsidiaries

The consolidated financial statements incorporate the assets, liabilities and results of the following wholly-owned subsidiaries:

		Ownership	interest
	Principal place of business /	2025	2024
Name	Country of incorporation	%	%
Austral Resources Operations Pty Ltd	Australia	100%	100%
Austral Resources Exploration Pty Ltd	Australia	100%	100%
Copper Resources Australia Pty Ltd	Australia	100%	0%

16

Austral Resources Australia Ltd Notes to the financial statements 31 December 2025

Note 19. Discontinued operations

Description

On 20 June 2024, Austral entered into a Framework Agreement with Glencore, Secover and Thiess, subject to conditions precedent, to facilitate the discharge of all secured debt. Subsequently, on 2 September 2025, the Anthill Production Agreement was executed with Glencore and Secover, which formalised the repayment of secured debt from proceeds generated by the Anthill Project.

Under the terms of the Anthill Production Agreement, all proceeds from the Anthill Project are contractually committed to the repayment of secured debt, and operational control of the project was transferred to the secured debt holders. As a result, the Anthill Project is no longer considered part of the Group’s ongoing business activities.

From the date of execution of the Anthill Production Agreement, the Group ceased to have substantive decision-making authority and the ability to direct the relevant activities of the Anthill Project. Accordingly, the Anthill Project met the criteria to be classified as a discontinued operation in accordance with AASB 5 Non-current Assets Held for Sale and Discontinued Operations.

The results of the discontinued operation for the current year reflect the period up to 2 September 2025, while comparative information for 2024 has been presented for the full calendar year. For the period 3 September 2025 to 31 December 2025 the discontinued operation is not recorded in these financial results.

Financial performance information

Sale of goods from discontinued operations Cost of goods sold from discontinued operations Changes in inventories of finished goods and work in progress Employee benefits expense Contractor’s, materials and consumables Depreciation and amortisation of mining and stripping assets Sales expense Interest on interest bearing loans Net foreign exchange loss or gain Trade payables forgiveness at settlement Other income Total expenses Loss before income tax expense from discontinued operations Profit on disposal before income tax Income tax expense Profit after income tax expense from discontinued operations	Consolidated 2025 2024 $'000 $'000 66,131 82,087 31,558 11,647 (6,304) (8,147) (64,976) (75,164) (41,266) (17,021) (3,023) (3,599) (6,878) (11,285) 1,219 (2,454) 12,223 - 752 2,057 (76,695) (103,966) (10,564) (21,879) 28,578 - - - 18,014 (21,879)
	31,558 (6,304) (64,976) (41,266) (3,023) (6,878) 1,219 12,223 752
	(76,695)
	(10,564) 28,578 -
	18,014

17

Austral Resources Australia Ltd Notes to the financial statements 31 December 2025

Note 19. Discontinued Operations (continued)

Balance Sheet on Disposal of Anthill Project

Current assets Cash and cash equivalents Trade and other receivables Prepayments Inventories Non-current assets Property, plant and equipment Right-of-Use Assets Current liabilities Trade and other payables Lease Liabilities Borrowings Net liabilities Details of the disposal Total sale consideration Carrying amount of net liabilities disposed Disposal costs Profit on disposal before income tax Profit on disposal after income tax	2025 $'000 116 1,104 1,368 80,570
	83,158 6,716 1,727
	8,443 28,631 2,105 89,444
	120,180
	28,578
	2025 $'000 - 28,578 - 28,578
	28,578

Details of the disposal

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Austral Resources Australia Ltd Shareholder information 31 December 2025

Note 20. Events after the reporting period

On 16 January 2026, Austral announced the acquisition of the Lady Loretta mining leases and associated EPMs and site infrastructure. The acquisition unlocks substantial copper mineralisation and a pathway to supporting Mt Kelly’s copper production pipeline. On completion of the transaction, Austral receives US$40 million (A$59.9 million) in cash, with approximately US$9.6 million (A$14.4 million) to be deducted from the payment to cash-back the current estimated rehabilitation bond for the Lady Loretta mine, increasing unrestricted cash of Austral by approximately US$30.4 million (A$45.5 million).

On 19 February 2026, Austral announced binding commitments have been received for a A$65 million capital raise. The capital raise has been cornerstoned by the QIC Critical Minerals and Battery Technology Fund which has committed to $15 million. The raise is split into 2 Tranches. Tranche 1 is for $38.2 million and was completed on 26 February 2026. Tranche 2 is $26.8 million and is subject to shareholder approval. On completion the Placement will be applied to fund acceleration in copper production and production capability at both Rocklands and Mt Kelly including infrastructure, equipment, drilling, care and maintenance, and working capital.

No other matter or circumstance has arisen since 31 December 2025 that has significantly affected, or may significantly affect the consolidated entity’s operations, the results of those operations, or the consolidated entity’s state of affairs in future financial years.

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