DALAROO METALS LTD — Capital/Financing Update 2026

Feb 3, 2026

ASX ANNOUNCEMENT :

Bongouanoa Gold Project Advances Toward Drill-Ready Status as Field Mapping and Targeting Programs Commence, Côte d’Ivoire

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Dalaroo Metals Limited (ASX: DAL ) ("Dalaroo" or the "Company") is pleased to provide an operational update on exploration activities at its Bongouanoa Gold Project (“Bongouanoa”)in southeast Côte d’Ivoire, where the Company’s in-country geological team has commenced systematic field mapping, stakeholder engagement and integrated drill targeting studies.

These activities mark an important step in advancing Bongouanoa toward drill-ready status and are consistent with Dalaroo’s disciplined, technically driven approach to advancing a portfolio of gold and critical minerals assets across multiple jurisdictions.

HIGHLIGHTS:

• In-country geological team mobilised and actively working across the Bongouanoa Project

• Detailed geological and structural field mapping underway along priority shear corridors

• Early and proactive stakeholder and community engagement progressing positively

• Integrated desktop compilation and reinterpretation of historical datasets underway

• Drill targeting studies advancing ahead of planned aircore and diamond drilling

• Bongouanoa represents a near-term, drill-ready opportunity within Dalaroo’s West African portfolio, leveraging historical high-grade results and modern, systematic targeting ahead of upcoming drilling programs

• Historical drilling confirms both broad zones of mineralisation and discrete high-grade gold intercepts, with mineralisation remains open along strike and at depth across several prospects , with only limited drilling completed to date. High-priority targets for systematic follow-up drilling included:

• 17m @ 6.79g/t Au (including 3m @ 34.29g/t Au )

• 2m @ 60.47g/t Au

• 18m @ 1.28g/t Au

• 4m @ 9.24g/t Au

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OPERATIONAL UPDATE

The Company has commenced field reconnaissance and initiate stakeholder/community engagement at Bongouanoa whilst the exploration permit application progresses through the regulatory process after the recent country elections. Dalaroo has continued to actively progress technical work programs designed to refine geological interpretations, validate historical datasets and prioritise high-confidence drill targets. Together, these programs are focused on ensuring the Project is prepared for efficient execution of inaugural drilling programs once approvals are in place.

Bongouanoa is one of several exciting gold prospects being advanced by Dalaroo as it builds a scalable exploration footprint in West Africa. With an highly experienced in-country geological team and established operational presence, the Company is well positioned to advance exploration efficiently and responsibly.

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Figure 1. Location map of the Bongouanoa Gold Project, southeast Côte d’Ivoire and other Dalaroo projects currently in review.

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STAKEHOLDER AND COMMUNITY ENGAGEMENT

In parallel with technical work, Dalaroo has initiated early engagement with local communities, landholders and relevant government authorities. The Company considers proactive engagement fundamental to responsible exploration, safe operations and long-term project development.

Initial meetings have been constructive and supportive, establishing a strong platform for continued collaboration as exploration activities progress.

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Figure 2 . Local stakeholder consultation in advance of planned exploration activities at the Bongouanoa Gold Project, Côte d’Ivoire.

OPERATIONAL FIELD MAPPING AND DRILL SITE GROUND TRUTHING

Detailed geological and structural mapping is currently underway across priority areas of the Bongouanoa Project. Work is focused on refining lithological interpretations, mapping major shear zones and secondary structural splays, and identifying alteration, veining and artisanal workings that may influence the distribution and continuity of gold mineralisation.

Field observations are being integrated with historical geochemical and drilling datasets to validate previously identified anomalies and prioritise areas for follow-up drilling.

In parallel, the geological team has commenced drill site reconnaissance and ground truthing activities, including:

• Verification of historical drill collar locations

• Assessment of access, terrain suitability and logistics

• Preliminary environmental and community considerations

• Optimisation and selection of proposed drill pad locations

These activities are designed to ensure that planned drilling programs are accurately targeted, safely executed and operationally efficient.

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Figure 3 . In-country geological team undertaking field mapping and structural interpretation to refine drill targets at the Bongouanoa Gold Project, Côte d’Ivoire.

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DESKTOP STUDIES AND DRILL PLANNING

Dalaroo’s technical team is undertaking an integrated desktop review incorporating historical drilling data, soil and stream sediment geochemistry, artisanal workings and regional structural datasets. These studies are focused on:

• Ranking and prioritisation of drill targets

• Refinement of structural controls on gold mineralisation

• Optimisation of drill hole orientation, spacing and depth

• Efficient design of upcoming aircore and diamond drilling programs

This systematic and integrated approach is intended to support a rapid transition from target definition to drill execution.

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Figure 4 . Dalaroo technical team compiling historical datasets and refining drill targets at the Bongouanoa Gold Project.

OVERVIEW

GEOLOGICAL SETTING

The Bongouanoa Project comprises an approximately 400km² exploration permit application located within the highly prospective Sefwi–Comé Basin within the Birimian Greenstone Belt of southeast Côte d’Ivoire. The region is recognised for hosting multiple multi-million-ounce orogenic gold deposits across West Africa.

The Project area encompasses two major regional-district scale structures—the interpreted north-east Sefwi–Comé Shear Zone and the north-west district secondary structural splays N’Guessan Shear Zone—which are considered key controls on gold mineralisation.

Local geology comprises strongly deformed Birimian metasediments and metavolcanics intruded by dioritic and granitic bodies. Gold mineralisation is interpreted to be structurally controlled, associated with shear zones, secondary splays and quartz veining. Numerous secondary structures remain untested by modern drilling.

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Artisanal mining activity across the permit provides further evidence of near-surface gold mineralisation and highlights priority areas for systematic drill testing.

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Figure 5. Regional geological setting showing the Bongouanoa Project within the Sefwi–Comé Birimian Greenstone Belt.

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Figure 6. Project-scale geological and structural interpretation highlighting major shear zones and priority target areas.

PREVIOUS WORK

SUMMARY OF HISTORIC GEOCHEMICAL SAMPLING

Historical stream sediment and soil sampling programs have defined extensive and coherent gold anomalism across the southern portion of the Project. Stream sediment sampling returned results of up to 189ppb Au , while grid-based soil sampling delineated contiguous gold anomalism greater than 50ppb Au over an area approximately 16km by 10km in extent.

Peak soil values reached up to 95g/t Au , with rock chip sampling returning high-grade assays of up to 70.68g/t Au and 68.55g/t Au , confirming the presence of primary bedrock-hosted gold mineralisation.

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Figure 7 . Summary of historical Rock sample locations and peak gold results with underlying >50ppb gold in soil anomalism.

SUMMARY OF RECONNAISSANCE DRILLING

Reconnaissance aircore drilling (94 holes) confirmed primary gold mineralisation beneath surface geochemical anomalies, including:

• 4m @ 9.24g/t Au from 24m

• 4m @ 2.08g/t Au from 36m

• 4m @ 1.23g/t Au from 36m

Subsequent diamond drilling totalling 3,949 metres intersected multiple broad and high-grade zones, confirming the presence of structurally controlled mineralisation that remains open along strike and at depth.

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Figure 8. Location of historical aircore and diamond drilling with selected significant gold intercepts.

Targeted diamond drilling successfully confirmed the presence of structurally controlled gold mineralisation across multiple prospects and demonstrated both broad zones of moderate-grade mineralisation and discrete high-grade shoots.

Several holes returned significant intercepts (refer to ASX:DAL announcement 10 June 2025) , including:

• BODD00021 17m @ 6.79g/t Au from 113m incl; 3m 34.29g/t Au from 123m

• BODD00016 18m @ 1.28g/t Au from 70m and 30m @ 0.61g/t Au from 33m

• BODD00017 9m @ 1.71g/t Au from 39m and 4m @ 1.55g/t Au from 57m

• BODD00010A 2m @ 60.47g/t AU from 39m

• BODD00001 4m @ 2.63g/t Au from 23m and 1m @ 12.51g/t Au from 90m

• BODD00022 5m @ 1.48g/t Au from 80m

• BODD00002 4m @ 1.60g/t Au from 48m

• BODD00020 2m @ 2.29 g/t Au from 70m

These results confirm the presence of both broad mineralised envelopes and high-grade zones within the project area, consistent with structurally controlled orogenic gold systems typical of the Birimian terrane.

Importantly, mineralisation remains open along strike and at depth across several prospects, with only limited drilling completed to date. The Company considers these zones to represent immediate, high-priority targets for systematic follow-up drilling (Figures 9 & 10).

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Figure 9 . Cross-section of gold mineralisation in the Bongouanoa Project.

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Figure 10 .Cross-section of gold mineralisation in the Bongouanoa Project.

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NEXT STEPS

While the process of granting the mining licence is underway, the Company is actively advancing its exploration programs on the Bongouanoa Project. Dalaroo's management team brings valuable West African operating experience, supported by its strong in-country technical team. The team remains committed to unlocking the full potential of the project, ensuring rigorous fieldwork and geoscientific assessment continue without delay. This proactive approach aims to maintain project momentum and build confidence amongst stakeholders as regulatory milestones are pursued.

Initial exploration activities will include:

• Systematic field mapping and drill site verification

• Finalisation of integrated drill targeting studies

• Mobilisation planning for aircore and diamond drilling programs, subject to regulatory approvals

• Aggressive drill testing of priority targets

• Additional geochemical soil sampling across the northern permit area

• Detailed mapping and trenching across defined gold-in-soil anomalies.

• Regional drilling programs testing new targets areas.

The objective of this work program is to delineate and define an initial JORC compliant Mineral Resource that can potentially lead to future mine development and gold production.

MANAGEMENT COMMENTARY

John Morgan, CEO of Dalaroo, commented:

“Having our team active on the ground in Cote d’Ivoire readying themselves to hit the ground Bongouanoa is an important milestone for the Company and clearly demonstrates our focus on execution. The combination of extensive gold anomalism, favourable structural setting and encouraging historical drilling results provides a strong technical foundation for disciplined follow-up exploration.

Consistent with our technical approach across all our projects, such as our Blue Lagoon Project in Greenland, we are applying rigorous data integration, systematic fieldwork and targeted drilling to advance Bongouanoa efficiently toward value-defining exploration outcomes. We believe Bongouanoa has the potential to deliver meaningful results and generate material shareholder value as we move toward drilling.”

REFERENCES:

1ASX Dalaroo Metals Announcement 10th June 2025, Dalaroo to Acquire Advanced Gold Project in Cote d'Ivoire.

This announcement has been authorised for release to the ASX by the Company's Board of Directors.

ENDS

For more Information:

Please visit our website for more information: www.dalaroometals.com.au

John Morgan,

T: +61 410 774 319

• E: jmorgan@dalaroometals.com.au

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ABOUT DALAROO METALS

Dalaroo Metals Limited is an ASX-listed exploration company focused on the discovery and development of highquality gold and critical minerals projects across Australia and international jurisdictions.

The Company’s portfolio includes the Blue Lagoon Project in southern Greenland , prospective for rare earth elements (REE), zirconium and niobium, a growing suite of gold exploration assets in Côte d’Ivoire located within the highly endowed Birimian Greenstone Belt of West Africa, and the Lyons River Project and Namban Project in Western Australia.

Dalaroo’s strategy is to systematically advance its projects through modern exploration techniques, resource definition and strategic partnerships, with a strong focus on value creation for shareholders. The Company is committed to responsible exploration, strong corporate governance and building long-term stakeholder relationships in the regions in which it operates.

COMPETENT PERSON STATEMENT

The information in this report that relates to exploration results is based on information compiled by John Morgan, a Member of the Australasian Institute of Mining and Metallurgy (AusIMM) and the CEO of Dalaroo Metals Ltd. Mr Morgan has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity undertaken 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 (JORC Code). Mr Morgan consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.

HISTORICAL EXPLORATION RESULTS - PREVIOUSLY REPORTED

The historical exploration results referred to in this announcement were previously reported by Dalaroo metals on the 10[th] of June 2025 with Caption “DALAROO TO ACQUIRE ADVANCED GOLD PROJECT IN COTE D’IVOIRE, WEST AFRICA”. The Company has not independently verified these historical results and has not undertaken sufficient work to confirm their accuracy or reliability. However, Dalaroo considers the historical exploration results to be reliable for the purpose of exploration targeting. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original announcement.

FORWARD-LOOKING STATEMENTS

This announcement contains forward-looking statements which are based on current expectations, assumptions, estimates and projections. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied. These risks include, but are not limited to, exploration success, geological interpretation, commodity price fluctuations, regulatory approvals, permitting timelines, operational risks and market conditions.

Any statements regarding potential mineralisation, exploration targets, grades, scale or development concepts are conceptual in nature and based on early-stage surface sampling only. These statements do not constitute, and should not be construed as, a Mineral Resource or Ore Reserve estimate as defined under the JORC Code. References to peer projects, market pricing, strategic significance or potential future development pathways are provided for contextual purposes only and should not be interpreted as a forecast of future performance or valuation. Commodity pricing information is indicative only, subject to market volatility and should not be relied upon as a projection of future prices. Investors are cautioned not to place undue reliance on forward-looking statements. Dalaroo Metals Limited undertakes no obligation to update or revise any forward-looking statements, except as required by law.

The Company confirms it is not aware of any new information or data that materially affects the information included in this announcement.

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