HAWK RESOURCES LIMITED. - Annual Report 2025

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Hawk Resources Limited

(Formerly known as Alderan Resources Limited) ABN 55 165 079 201

Annual Report - 30 June 2025

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Contents 30 June 2025

Corporate directory	2
Review of operations	3
Directors' report	15
Auditor's independence declaration	27
Statement of profit or loss and other comprehensive income	28
Statement of financial position	29
Statement of changes in equity	30
Statement of cash flows	31
Notes to the financial statements	32
Consolidated entity disclosure statement	56
Directors' declaration	57
Independent auditor's report to the members of Hawk Resources Limited	58
Shareholder information	62

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Corporate directory 30 June 2025

Directors Mr Ernest Thomas Eadie - Non-Executive Chairman Mr Scott Caithness - Managing Director Mr Peter Williams - Non- Executive Director Company secretary Ms Nova Taylor Registered office Suite 1, Level 6, 350 Collins Street Melbourne VIC 3000 Ph: (03) 8630 3321 Principal place of business Suite 1, Level 6, 350 Collins Street Melbourne VIC 3000 Share register Automic Registry Services Level 5, 126 Phillip Street Sydney NSW 2000 Ph: 1300 288 664 Auditor RSM Australia Partners Level 32, Exchange Tower 2 The Esplanade Perth WA 6000 Stock exchange listing Hawk Resources Limited shares are listed on the Australian Securities Exchange (ASX code: HWK) and OCTID market (OCTID code: HAWRF) Website https://hawkresources.com.au/

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Review of operations 30 June 2025

REVIEW OF OPERATIONS

Hawk Resources Limited ( Hawk or the Company ) specialises in critical and precious metal exploration. Its principal activity is searching for copper and gold in the USA and lithium in Brazil. Its Cactus and Detroit projects are located close to infrastructure in Utah, USA and its lithium and rare earth element (REE) projects are in the states of Minas Gerais and Bahia, Brazil (see Figures 1 & 2).

Hawk’s exploration focus during the reporting period was on the Cactus copper-gold project in Utah, USA and the Minas Gerais lithium portfolio in Brazil. As part of its active programme to maintain high quality projects, the Company rationalised its project portfolio and took the following actions:

withdrew from a number of option agreements in the Detroit project area;
withdrew from the Horn Silver area option south of Cactus;
relinquished the White Mountain licences; and
relinquished a number of Lithium Exploration Licences in Brazil

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Figure 1 : Hawk Resources’ project locations in Utah, USA.

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Review of operations 30 June 2025

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Figure 2: Hawk Resources project locations in Minas Gerais and Bahia, Brazil.

CACTUS PROJECT

The Cactus copper-gold project lies 300km south-southwest of Salt Lake City in western Utah. The area was formerly part of Hawk’s larger Frisco project prior to the Company rationalising its tenement position by withdrawing from its option over the Horn Silver area in the south. Frisco was the subject of a farm in agreement with Kennecott Exploration Company ( KEX ), a subsidiary of Rio Tinto, which focused on the discovery of a large-scale long-life porphyry copper-gold-molybdenum deposit. In July 2023, the Company regained 100% ownership of the Frisco Project following termination of the option agreement with KEX[1] .

Hawk’s exploration over the Cactus project in the year ended 30 June 2025 focused on determining the potential for more mineralisation at the historically mined Cactus and Comet copper-gold deposits plus identifying targets which have potential for new high grade Cactus and the more gold rich Comet type deposits and intrusive sources of copper mineralisation. The historical mines in the Cactus district are tourmaline breccia hosted copper-gold deposits which were mined between 19001919. The reported mined grade at Cactus was 2.07% copper and 0.33g/t gold while Comet was more gold rich.

Hawk’s work during the year included:

extending the Cactus soil grid to close off pXRF copper anomalies identified in the 2024 soil sampling programme
lab verification of pXRF copper in soil anomalies
lab gold analysis of soil samples along 1.2km of the Cactus-Comet trend

1 Refer Hawk ASX announcement dated 5 July 2023.

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Review of operations 30 June 2025

completing geological mapping over the project area
processing and modelling magnetic and induced polarisation (IP) geophysical data
a trial electromagnetic (EM) geophysical survey
drilling three diamond drill holes at the New Years prospect.

The New Years prospect three-hole (319m) diamond drilling programme aimed at verifying copper mineralisation intersected in historical holes drilled in 1964 and 2002.[2] This programme successfully verified thick copper mineralisation intersected in the historical holes and confirmed that the host rock is tourmaline breccia, the same rock that hosts the neighbouring Cactus copper-gold deposit.

Hole NY2024-DDH1, designed to verify hole NYM-1 drilled in 2002 which intersected 10.7m @ 1.60% Cu and 4.6m @ 1.3% Cu within 42.7m @ 0.80% Cu from surface, was abandoned at a depth of 47m. The hole traversed fresh, unaltered and unmineralized Cactus Stock intrusive which did not correlate with the oxidized and mineralised rocks logged in NYM-1 hence it was concluded that the co-ordinates on the old drill log were not correct.

Hole NY2024-DDH2 aimed to verify hole NY-6 drilled in 1964 which intersected 13.7m @ 2.32% Cu within 19.8m @ 1.67% Cu from 22.9m downhole. The hole intersected 30.0m of copper oxide mineralisation grading 0.78% Cu from 10m down hole which includes separate zones of 8.0m grading 1.31% Cu and 4.0m grading 1.74% Cu (see Figure 3). The maximum copper grade over a 2m assay interval is 3.25% Cu. The hole was drilled to a depth of 121.3m and intersected tourmaline breccia through its entire length apart from a 10m zone of Cactus Stock granodiorite between 60-70m down hole.

The copper oxide mineralisation consists of malachite, azurite and cuprite which is visible in the core from 10m to a depth of 40m. Chalcopyrite and pyrite sulphide mineralisation is visible in the core at 71-73m and the 2m interval from 72m down hole grades 0.93% copper, 0.23 g/t gold and 47.8ppm silver (Ag). This interval suggests that New Years has potential to replicate the neighbouring Cactus copper-gold deposit with copper-gold rich sulphide mineralisation deeper in the breccia.

Hole NY2024-DDH3 aimed to verify historical hole NY-2 which intersected 10.7m @ 1.52% Cu within 27.4m @ 0.85% Cu from surface. The hole intersected 26m @ 1.31% Cu from surface which includes separate zones of 8m @ 2.82% Cu and 6.0m @ 1.50% Cu (see Figure 4). The maximum copper grade over a 2m assay interval is 4.56% Cu. The hole was collared approximately 25m east of NY2024-DDH2 and intersected azurite and malachite copper oxide mineralisation from surface to a depth of approximately 99m. The mineralisation is hosted in Cactus Stock granodiorite at the top of the hole and extends into tourmaline breccia for the majority of the intersection.

The copper occurs in narrow fractures and as disseminations in the tourmaline matrix. Visible pyrite and chalcopyrite sulphide mineralisation occur from around 37m downhole and extend to the end of the hole at 121.9m. Two narrow zones of anomalous copper and gold occur down the hole with a 2m zone from 56m grading 0.20% Cu, 0.26g/t Au and 23ppm Ag and a 10m zone from 72m grading 0.22% Cu. Gold grades are spotty down the hole with the highest assay 0.33g/t at a depth of 32-34m.

2 Refer Hawk Resources ASX announcements dated 29 July 2024, 29 August 2024, 19 September 2024, 30 September 2024, 7 October 2024 & 18 November 2024

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Review of operations 30 June 2025

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Figure 3: NY2024-DDH2 drill section. Figure 4: NY2024-DDH3 drill section.

The modelling of magnetic and induced polarization (IP) geophysics data over the Cactus area was aimed at characterising the Cactus deposit and identifying new targets. The magnetics indicate that Cactus deposit mineralisation correlates strongly with a magnetic low signature. Twelve similar magnetic anomalies with potential to be copper mineralised breccia deposits were identified. These anomalies occur in three zones, Northern, Copperopolis and Sigmoid, (see Figure 5) and detailed remodelling provided definitive drill targets.

The magnetics were also used to carry out a structural interpretation of the Cactus project. This work highlights that the Cactus and Comet deposits sit at the intersection of two structures which trend northwest and north-northwest. These are the two prevailing structural directions in the district with the earlier northwest 290[o] trend offset in places by the later north-northwest trend at approximately 345[o] . Two magnetic high circular features have also been identified in the project area which are possible later intrusive bodies within the Cactus Stock.

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Review of operations 30 June 2025

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Figure 5: Cactus district reduced to pole magnetics highlighting interpreted structures, magnetic low zones and anomalies plus possible intrusive stocks.

The modelling of IP data collected over the Cactus district in 2017 highlights that Cactus has an associated discrete resistivity low anomaly (see Figure 6). It also identified a number of additional chargeability and resistivity anomalies commonly associated with magnetic low anomalies, interpreted structures and anomalous copper in soils.

The 100 Ω m Cactus resistivity low anomaly is attributable to the sulphide mineralisation around the known Cactus deposit. The anomaly extends up to 400m northeast into an undrilled area and indicates potential for additional sulphide mineralisation lateral to the 3-D modelled Cactus deposit. There is a second deeper resistivity anomaly approximately 700m northeast of Cactus mine and a similar anomaly associated with the mineralised New Years prospect.

There is a prominent chargeability high anomaly 14 times background associated with an interpreted intrusive body immediately to the northwest of New Years. The chargeability suggests that the intrusive may be a sill with associated disseminated sulphide mineralisation. The New Years, New Years West, N-1 and N-2 magnetic and copper in soil anomalies all occur on the southern and western margins of this intrusive and N-1 has an associated chargeability high anomaly possibly caused by sulphides. Additional anomalies include a prominent resistivity low coincident with the CZ-1 magnetic anomaly in the Copperopolis zone and a chargeability high with the CZ-5/SZ-1 magnetic low and copper soil geochemistry anomaly which grades up to 0.1% Cu.

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Review of operations 30 June 2025

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Figure 6: Resistivity and chargeability sections along the northwest-southeast IP section line shown in Figure 5. Cactus, Comet and New Years all have associated resistivity low anomalies. Additional key features include a very prominent resistivity low anomaly associated with the CZ-1 magnetic anomaly and a high order 50mV chargeability high coincident with the intrusive stock interpreted from magnetics.

Detailed geological mapping over the Cactus project area indicates that the district wide Cactus Stock is a multi-phase intrusive consisting primarily of quartz monzonite but also with a range of later stage porphyries including grey, crowded and pink plus undifferentiated intrusives, tourmaline breccias and undifferentiated breccias. The mapping highlights that the area of brecciation at New Years extends to the west of the drilled tourmaline breccia outcrop for approximately 150m and that it dips steeply to the west towards the New Years West magnetic anomaly and a deeper induced polarization geophysical anomaly.

Portable XRF (pXRF) analyses carried out on soil samples significantly extended copper anomalies on the Cactus grid and lab assays highlighted potential for gold mineralisation (See Figure 7).[3] The samples were collected over northern and southeastern extensions to the sampling done over New Years in the first half of 2024. Assays range up to 0.1% copper against background grades of less than 60ppm and the anomalies are typically associated with magnetic and resistivity low anomalies, chargeability high anomalies and interpreted structures. As expected the pXRF analyses of the soils also confirmed and extended copper anomalies which are coincident with the known historical Cactus and Comet copper-gold mines.[4]

Key targets identified from the soil sampling in addition to the potential extension to the Cactus mine mineralisation include[5] :

Copperopolis has soil assays up to 0.1% copper associated with three spatially linked large scale chargeability anomalies. It lies at a structural intersection along a pronounced flex in a 110[o] structure. It also has an historical drill hole on the margin of the chargeability anomaly which intersected 30m grading 0.2% Cu.
Anomaly CZ-1 has anomalous soils grading up to 332ppm Cu associated with the most intense magnetic low in the district lying at a structural intersection. It also has two intense resistivity lows analogous to the Cactus mine resistivity anomalies

3 Refer Hawk Resources ASX announcements dated 8 July 2024 & 13 December 2024

4 Refer Hawk ASX announcements dated 8 July 2024, 13 December 2024, 9 January 2025, 9 April 2025 and 28 April 2025

5 Refer Hawk ASX announcement dated 19 September 2025

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Review of operations 30 June 2025

The N-1 anomaly has copper grades up to 875ppm and covers 400m north-south and 800m east-west. It lies along the same structure as the New Years prospect 800m to the east and has a magnetic low anomaly on its southern margin at a structural intersection. The area between N-1 and New Years is covered by landslip scree which likely masks any mineralisation in soils between the two targets. N-1 and New Years sit on the southern margin of an interpreted intrusive stock.
New Years West (NYW) has soils grading up to 0.3% Cu at New Years 150m to east. and is interpreted to dip to the west. Hawk drillholes at New Years intersected 26m @ 1.3% Cu and 30m @ 0.78% Cu and the tourmaline breccia host rock is interpreted to dip to the west. There is also a resistivity low analogous to the Cactus mine anomaly.

A number of additional targets identified from the soil sampling and geophysics occur on the Cactus grid however they are lower priority. Figure 7 shows anomaly outlines and Hawk’s proposed drill holes on a copper soil geochemistry base.

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N-2
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Figure 7: Hawk’s drilling targets on a base of copper soil geochemistry. The Cactus, Copperopolis and CZ-1 targets are the highest priority due to the large scale of the anomalies. The estimated background copper grade in soils is 60ppm and assays range up to 0.9% Cu at the Cactus mine.

A review of gold in historical drill holes and surface rock sampling at the Comet mine highlighted intersections of: Hole PCT04-1: 16.8m @ 1.15g/t gold from 1.5m downhole Hole PCT04-1A:

16.8m @ 1.15g/t gold from 1.5m downhole 25.9m @ 1.53g/t gold from surface

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Review of operations 30 June 2025

Hole PCT04-3: 18.3m @ 0.88g/t gold from surface

Rock sampling traverse: 32.0m @ 2.15g/t gold Rock sampling traverse: 16.7m@ 2.6g/t gold

To followup these historical results Hawk collected 142 soil samples in March, 2025 for laboratory gold and multi-element analysis aimed at:

Verifying and determining the extent of gold mineralisation associated with historical rock samples and drill holes at Comet Mine;
Determining the strike extent of gold mineralisation to the southeast of the Cactus and Comet deposits along an interpreted fault structure;
Assessing whether the gold has strong element associations which may be useful as potential pathfinders in further exploration in the Cactus project area;

The lab soil assays have identified a +1.1km long zone of anomalous gold with grades up to 1.24g/t against an average grade of 0.03g/t Au and background grade of 0.006g/t Au. The highest grade soil samples assaying 1.24g/t and 0.599g/t gold occur in the Cactus open pit on the most north-westerly sampled line. The Comet mine also has highly anomalous samples at both its western and eastern ends with samples grading 0.16g/t Au and 0.14g/t Au respectively.

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Figure 8: Cactus soil grid colour contoured lab gold assays showing highest gold grade samples in grams per tonne plus historical drill hole and rock sample traverse intersections. The maximum assay of 1.24g/t Au is at Cactus and samples at Comet grade up to 0.16g/t.

The multi-element lab assays for the soil samples also highlights that gold has very strong associations with silver (Ag), antimony (Sb) and arsenic (As) with correlation coefficients of 0.97, 0.97 and 0.96 respectively (a coefficient of 1.00 is a perfect correlation) and only a 0.50 correlation coefficient with copper. In addition the correlation between copper and Ag, Sb and As is relatively low at 0.36, 0.36 and 0.35 respectively This implies that it may be a separate mineralising event to the copper.

A review of Cactus soils pXRF, silver, antimony and arsenic assays to identify zones with potential for gold mineralisation has highlighted three anomalous arsenic zones.[6] Antimony and silver pXRF assays are viewed as unreliable due to low and highly variable grades close to the detection limit.

Hawk’s next steps at Cactus include:

Obtaining permits to drill from Utah’s Dept of Oil, Gas and Mining and drill site preparation (Q4, 2025);
Diamond drilling five high priority targets - Cactus, Copperopolis, CZ-1, NYW and N-1 (Q4, 2025);

6 Refer to Hawk Resources ASX announcement dated 2 July 2025

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Review of operations 30 June 2025

Follow up soil sample analysis to determine gold grades in arsenic anomalous zones on the Cactus grid (Q4, 2025)

BRAZIL LITHIUM

In Brazil, assays were received for stream sediment samples collected in the Carai and Itaipe project areas in Minas Gerais state.

The Carai stream sediment samples contain highly anomalous rare earth element and lithium grades over an area of approximately 10km[2] in the northern portion of the project area (see Figure 9)[7] Anomalous neodymium and praseodymium rare earth elements occur at the northern end of the licences. Neodymium grades range from 1.06ppm to 128.5ppm and average 29.7ppm for all samples. The background grade is less than 10ppm with the maximum grade more than ten times background and four times the average across the sample set. Praseodymium grades range from 0.36ppm to 38.9ppm and average 8.6ppm across all samples. The background level in the area is less than 5ppm. The correlation between neodymium and praseodymium is 0.99 and between neodymium and other rare earths such as samarium, terbium and dysprosium is 0.99, 0.96 and 0.97 respectively.

The grade of lithium in the Carai samples ranges from a low of 0.7ppm to a high of 68.7ppm with the average grade across all samples being 9.3ppm lithium. Background lithium grades are estimated to be approximately 5.0ppm. A very strong correlation exists between lithium and caesium, beryllium, niobium and rubidium with correlation coefficients of 0.95, 0.92, 0.89 and 0.94 respectively suggesting a favourable geological environment for lithium bearing pegmatites. The anomalous samples are concentrated in the northwestern portion of the project area where artisanal mining activity for beryl and green tourmaline was observed during the sampling programme.

At Itaipe stream sediment samples also contain highly anomalous rare earth element and lithium grades (see Figure 10).[8] The anomalous lithium occurs in the southwest and central portions of the project area while anomalous neodymium and praseodymium rare earth elements potentially outline a northeast-southwest zone running through the centre of the area.

Itaipe’s neodymium grades range from 2.8ppm to 72.1ppm and average 20.8ppm for all assayed samples. The background grade is less than 10ppm with the maximum grade more than seven times background and three times the average for the sample set. Praseodymium grades range from 0.87ppm to 22.8ppm and average 6.3ppm across all samples. The background level in the area is less than 5ppm. The correlation between neodymium and praseodymium is 1.00 and between neodymium and other rare earths such as samarium, terbium and dysprosium is 1.00, 0.96 and 0.92 respectively.

The grade of lithium in the Itaipe samples ranges from a low of 1.0ppm to a high of 87.5ppm with the average grade across all samples being 9.9ppm lithium. Background lithium grades are estimated to be approximately 5.0ppm. There are strong associations between lithium and caesium, beryllium, rubidium and niobium assays with correlation coefficients of 0.91, 0.78, 0.80 and 0.65 respectively again indicating a favourable geological environment for lithium bearing pegmatites. Strong associations also exist between lithium and magnesium, potassium and zinc which suggest that a mafic association also exists. The anomalous samples are concentrated in the southwestern and central portions of the project area with samples grading greater than 40ppm Li which are more than 8 times background for the area.

Hawk’s next steps in Minas Gerais will entail infill stream sampling and preliminary geological mapping to narrow down anomalous areas to prospect scale. Once a prospect has been delineated, the area can be soil sampled and geologically mapped in detail to define targets for drill testing. Areas without anomalous results will be relinquished.

At the Salitre lithium project in Bahia state, field inspections were carried out on the prospect as preparation for possible drill testing.

7 Refer Hawk Resources ASX announcement dated 3 July 2024

8 Refer Hawk Resources ASX announcement dated 23 July 2024

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Review of operations 30 June 2025

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Figure 8: Carai stream sediment sample lithium assays highlighting anomalous grades up to 68.7ppm Li in streams draining the northwestern portion of licence 831445/2023.

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Review of operations 30 June 2025

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Figure 9: Itaipe stream sediment sample lithium assays highlighting anomalous grades up to 87.5ppm Li in streams draining the southwestern portion of licence 831436/2023. Assays grading 43.6ppm Li and 41.3ppm Li, more than 8 times background, occur in licences 831437/2023 and 831439/2023.

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Review of operations 30 June 2025

CORPORATE ACTIVITIES

Following shareholder approval sought at the 2024 Annual General Meeting of Shareholders, held on Tuesday 19 November 2024 (AGM), the name of the Company changed from Alderan Resources Ltd to Hawk Resources Limited (ASX: HWK).

Consolidation of the Company’s issued capital on the basis that every ten (10) existing shares be consolidated into one (1) Share (with a corresponding consolidation of all other securities on issue), as approved at the AGM, was completed on 29 November 2024.

In May 2025 the Company’s ordinary shares began trading on the OTCID Market in the USA under the symbol HAWRF. There were no changes to the trading of the Company’s ordinary shares on its home exchange ASX, under the ticker HWK.

The OTCID listing allows US investors to trade Hawk’s ordinary shares in US dollars during US market hours. It also provides Hawk with a platform to forge strong partnerships in US capital markets through targeted research, data analysis, media and investor relations and a direct channel for US investors to obtain simplified access to the same information and disclosures as Australian investors.

CAPITAL RAISING

The Company completed a share placement to professional and sophisticated investors raising A$332,000 (before costs) through the issue of 166,000,000 new fully paid ordinary shares at an issue price of A$0.002 per share. Shares pursuant to the placement were issued on 20 August 2024.

The Company also conducted a non-renounceable pro-rata entitlement offer ( Rights Issue ) to raise $1,272,861 (before costs). The Company offered eligible shareholders the opportunity to subscribe for one (1) New Share for every two (2) fully paid ordinary shares held at the record date at an issue price of $0.002 per new share together with one (1) attaching option for every four (4) new shares applied for and issued under the Rights Issue with each option exercisable at $0.005 per option with an expiry date that is 2 years from the date of issue. New shares and options issued to shareholders who participated in the Rights Issue on 1 October 2024.

New shares and new options making up the balance of the shortfall were placed by the lead manager and issued on 16 October 2024.

Post consolidation of shares in November 2024 as mentioned above, the Company completed a further share placement to professional and sophisticated investors to raise A$2,000,000 (before costs) through the issue of 80,000,000 new fully paid ordinary shares at an issue price of A$0.025 per share. Participants in the Placement received one (1) free attaching AL8O quoted option for every two (2) new Shares issued.

47,000,000 Shares were issued on 12 December 2024 pursuant to tranche 1 of the Placement. Tranche 2 Placement Shares and attaching options were issued in March 2025 following receipt of shareholder approval at the EGM held on 14 February 2025.

COMPETENT PERSONS STATEMENT

The information in this report that relates to historical exploration results were reported by the Company in accordance with listing rule 5.7 on 23 July 2024, 29 July 2024, 29 August 2024 and 19 September 2024, 30 September 2024, 7 October 2024, 18 November 2024, 13 December 2024, 9 January 2025, 9 April 2025, 28 April 2025, 2 July 2025 and 19 September 2025. The Company confirms it is not aware of any new information or data that materially affects the information included in the previous announcements.

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Directors' report 30 June 2025

The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity') consisting of Hawk Resources Limited (referred to hereafter as the 'company' or 'parent entity') and the entities it controlled at the end of, or during, the year ended 30 June 2025.

Directors

The following persons were directors of Hawk Resources Limited during the whole of the financial year and up to the date of this report, unless otherwise stated:

Mr Ernest Thomas Eadie (Non-Executive Chairman) Mr Scott Caithness (Managing Director) Mr Peter Williams (Non-Executive Director

Principal activities

Hawk Resources Limited’s principal activity is mineral exploration for lithium in Brazil and copper and gold in the USA. Its lithium projects are located in the Lithium Valley district of Minas Gerais and the Salitre project in the Bahai state in Brazil and its Detroit and Frisco projects are located in Utah, USA.

Dividends

There were no dividends paid, recommended or declared during the current or previous financial year.

Review of operations

The loss for the consolidated entity after providing for income tax amounted to $2,733,877 (30 June 2024: $6,362,945).

Financial performance

During the year, loss before income taxes decreased to $2,733,877 (30 June 2024: $6,362,945). This was mainly due to the following:

Impairment of the carrying value of capitalised exploration and evaluation assets of $1,123,934 (2024: $4,752,452 impairment) relating to the consolidated entity's capitalised exploration activities.

Financial position

Net assets of the consolidated entity increased from $4,807,544 to $5,491,703.

Refer to the detailed review of operations preceding this report for further information on the consolidated entity’s activities.

Significant changes in the state of affairs

On 20 August 2024, the Group issued 166,000,000 new fully paid shares (pre-consolidation) at $0.002 per share via a placement to raise $0.332 million to sophisticated investors.

On 1 October 2024, the Group issued 298,387,630 new fully paid shares (pre-consolidation) at $0.002 per share via a rights issue to raise $0.597 million and 74,596,938 free attaching options per a 1 for every 4 new shares applied for.

On 16 October 2024, the Group issued 338,043,160 new fully paid shares (pre-consolidation) at $0.002 per share via a rights issue to raise $0.676 million and 84,510,790 free attaching options per a 1 for every 4 new shares applied for.

On 15 November 2024, as approved in the Annual General Meeting ('AGM') on 18 October 2024, the Group consolidated its shares on issue.

The consolidation involved a reduction for every ten (10) fully paid ordinary shares (Shares) on issue into one (1) fully paid ordinary share, with any resulting fractions of Shares rounded up to the next whole number of Shares. Both options (HWKO and HWKOA) on issue were also consolidated on a 10 to 1 basis as described with the fully paid shares, with any resulting fractions of options rounded up to the next whole number of options.

As at 15 November 2024, the Group had 190,929,449 fully paid shares on issue, 15,910,773 HWKO options on issue with an exercise price of $0.05 (5 cents) and 73,087,203 HWKOA options on issue with an exercise price of $0.16 (16 cents).

On 10 December 2024, following shareholder approval, the Company changed its name and ASX ticker from Alderan Resources Limited (ASX:AL8) to Hawk Resources Limited (ASX:HWK).

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Directors' report 30 June 2025

On 12 December 2024, the Group issued 47,000,000 new fully paid shares (post-consolidation) at $0.025 per share via a placement to raise $1.175 million.

On 14 March 2025, the Group issued 1,175,000 new fully paid shares (post-consolidation) at $0.025 per share and 587,500 HWKO listed options with an exercise price of $0.05 (5 cents) to the Chairman Thomas Ernest Eadie per resolution 4 of the Extraordinary General Meeting on 14 January 2025.

On 19 March 2025, the Group issued 31,825,000 new fully paid ordinary shares (post-consolidation) at $0.025 per share via a placement to raise $0.796 million and 51,912,500 HWKO listed options with an exercise price of $0.05 (5 cents).

On 21 May 2025, the Group announced that their ordinary shares had begun trading on the OCTID Market in the USA under the symbol HAWRF.

There were no other significant changes in the state of affairs of the consolidated entity during the financial year.

Matters subsequent to the end of the financial year

Subsequently to the end of the Financial Year, the Company relinquished several tenements relating to their Minas Gerais project in Brazil. An impairment has been taken up during the 2025 Financial Year to the amount of $1,123,934.

No other matter or circumstance has arisen since 30 June 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.

Likely developments and expected results of operations

The success of the consolidated entity will depend on the exploration activities proposed to be carried out on the current projects areas of interest.

The consolidated entity continues to review potential new opportunities, if the Directors are successful in acquiring new projects or entering into a joint venture, it is expected that part of the funding held by the consolidated entity may be directed to the purchase of that project and to the exploration and development plan for that project. It may be that additional cash will be required to fund any of these events should they eventuate. In that case the Directors will be required to review the funding options available to the consolidated entity.

Business risk management

The Company is committed to the effective management of risk to reduce uncertainty in the Company’s business outcomes and to protect and enhance shareholder value. There are various risks that could have a material impact on the achievement of the Company’s strategic objectives and future prospects.

Key risks and mitigation activities associated with the Company's objectives are set out below:

Exploration risk

The Company’s projects are at various stages of exploration, and potential investors should understand that mineral exploration is a high-risk undertaking. There can be no assurance that exploration of these projects, or any other tenements that may be acquired in the future, will result in the discovery of an economic mineral deposit.

The future exploration activities of the Company may be affected by a range of factors including geological conditions, limitations on activities due to seasonal weather patterns, unanticipated operational and technical difficulties, industrial and environmental accidents, local title processes, changing government regulations and many other factors beyond the control of the Company.

In addition, the tenements forming the projects of the Company may include various restrictions excluding, limiting or imposing conditions upon the ability of the Company to conduct exploration activities. While the Company will formulate its exploration plans to accommodate and work within such access restrictions, there is no guarantee that the Company will be able to satisfy such conditions on commercially viable terms, or at all.

The Company uses a number of exploration techniques in order to reduce the level of exploration risks and continues to explore new and innovative technologies through its day to day operations.

Regulatory risk

The Company’s mining and exploration activities are dependent upon the maintenance (including renewal) of the tenements

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Directors' report 30 June 2025

in which the Company has or acquires an interest. Maintenance of the Company’s tenements is dependent on, among other things, the Company’s ability to meet the licence conditions imposed by relevant authorities. Although the Company has no reason to think that the tenements in which it currently has an interest will not be renewed, there is no assurance that such renewals will be given as a matter of course and there is no assurance that new conditions will not be imposed by the relevant authority or whether the Company will be able to meet the conditions of renewal on commercially reasonable terms, if at all.

The Company works with local government and mining departments to ensure it meets the required level of reporting requirements and to reduce any potential for breach of regulatory requirements.

Future funding risk

The Company has no operating revenue and is unlikely to generate any operating revenue in the foreseeable future. Exploration and development costs and pursuit of its business plan will use funds from the Company's current cash reserves and the amount raised under the Equity Offer.

The development of one or more of its projects may require the Company to raise capital in excess of the funds proposed to be raised under the Equity Offer.

Any additional equity financing may be dilutive to Shareholders, may be undertaken at lower prices than the then market price (or Offer Price) or may involve restrictive covenants which limit the Company's operations and business strategy. Debt financing, if available, may involve restrictions on financing and operating activities.

Although the Directors believe that additional capital can be obtained, no assurances can be made that appropriate capital or funding, if and when needed, will be available on terms favourable to the Company or at all. If the Company is unable to obtain additional financing as needed, it may be required to reduce the scope of its activities and this could have a material adverse effect on the Company's activities and could affect the Company's ability to continue as a going concern. The Company’s funding requirements are reviewed on a regular basis in order to mitigate future funding risk.

Farm in and joint venture risk

The Company is party to joint venture arrangements with various projects. These joint venture arrangement and other farmin arrangements are subject to conditions and expenditure requirements for the Company to achieve certain ownership percentage ownership of the relevant projects. The farm-in arrangements also give rise to joint ventures.

There is a risk that the Company will not meet the requirements (including in respect of expenditure) under the farm-in arrangements or that, even if such requirements are met, a commercially viable resource will not be located on the project. In addition, any joint venture arrangement will be subject to risks typically associated with arrangements of that kind, including but not limited to that either party may seek to terminate or withdraw from the arrangement or fail to meet their obligations thereunder. There is also the potential for disputes in respect of the obligations of the parties to the joint venture, as outlined in Note 8 of this financial report.

Environmental regulation

The consolidated entity is subject to and is compliant with all aspects of environmental regulation of its exploration and mining activities. The directors are not aware of any environmental law that is not being complied with.

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Directors' report 30 June 2025

Information on directors

Name: Mr Ernest Thomas Eadie Title: Non-Executive Chairman Qualifications: Bachelor of Science (Hons) in Geology and Geophysics from the University of British Columbia, a Master of Science in Physics (Geophysics) from the University of Toronto and a Graduate Diploma in Applied Finance and Investment from the Security Institute of Australia. He is a past board member of the AusIMM. Experience and expertise: Mr Eadie is a well-credentialed mineral industry leader and explorer with broad

Experience and expertise: Mr Eadie is a well-credentialed mineral industry leader and explorer with broad experience in both the big end and small end of town. He was the founding Chairman of Syrah Resources, Copper Strike, Southern Cross Gold and Discovery Nickel as well as a founding Director of Royalco Resources and Alderan Resources. At Syrah, he was at the helm during acquisition, discovery and early feasibility work of the huge Balama graphite deposit in Mozambique which started production in early 2018. Copper Strike, where he was also Managing Director for 10 years, made several significant copper/gold and lead/zinc/silver discoveries in North Queensland, while Discovery Nickel (later to be renamed Discovery Metals), found and developed the Boseto copper deposit in Botswana. Prior to this, Mr. Eadie was Executive General Manager of Exploration and Technology at Pasminco Limited, at the time the largest zinc producer in the world. This came after technical and later management responsibilities at Cominco and Aberfoyle in the 1980’s. Other current directorships: Southern Cross Gold Ltd (ASX:SX2) and Pursuit Minerals Limited (ASX:PUR) Former directorships (last 3 years): Strandline Resources Ltd (ASX: STA) (Resigned 1 July 2022) Interests in shares: 3,828,046 Fully paid ordinary shares Interests in options: 450,000 Quoted Options exercisable at $0.16 on or before 9 September 2025. 808,588 Quoted Options exercisable at $0.05 on or before 1 October 2026.

Name: Mr Scott Caithness Title: Managing Director Qualifications: AUSIMM, AICD Experience and expertise: Mr Caithness has more than 35 years’ experience in mineral exploration at senior management, executive committee and board levels across Australia, Asia, Africa and the Pacific with roles in some of the world’s largest resources companies including global diversified miner Vedanta Resources and its subsidiary Hindustan Zinc Limited, where he led group exploration, and Rio Tinto, where he managed exploration programs across Australia, India, China, Papua New Guinea and the Philippines. Mr Caithness also co-founded and was Managing Director of Indian Pacific Resources, which listed on the ASX as Akora Resources (ASX: AKO) last year, and he was a Senior Trade Commissioner to Malaysia and Brunei for the Australian Trade Commission for three years. Other current directorships: None Former directorships (last 3 years): None Interests in shares: 4,719,758 Fully paid ordinary shares Interests in options: 1,608,967 Quoted Options exercisable at $0.16 on or before 9 September 2025. 393,314 Unquoted Options exercisable at $0.05 on or before 1 October 2026.

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Directors' report 30 June 2025

Name:	Mr Peter Williams
Title:	Non-Executive Director
Qualifications:	B Sc (Hons first class), M Sc, AUSIMM, AICD
Experience and expertise:	Mr Williams was formerly Chief Geophysicist and Manager of Geoscience Technology
	for WMC Resources. He was one of the founding members of Independence Group
	Limited and developed high powered 3 component 3D TEM applications that led to the
	discovery of over 75,000t of nickel at the Victor Long Nickel Mine in Kambalda. Peter
	has extensive experience in West Africa where he was the vendor of Gryphon Minerals’
	Banfora Gold Project, was involved in the project generation of Papillion’s Mali projects
	and was a founding director of Ampella Mining Ltd. Peter was a co-founder of the
	International Resource Sector Intelligence company, Intierra, and was a co-founder of
	the first dedicated hard rock mineral seismic company in the world, HiSeis.
Other current directorships:	None
Former directorships (last 3 years):	None
Interests in shares:	23,707,131 Fully paid ordinary shares
Interests in options:	4,255,209 Quoted Options exercisable at $0.16 on or before 9 September 2025.
	2,955,500 Quoted Options exercisable at $0.16 on or before 9 September 2025.
	5,000,000 Quoted Options exercisable at $0.16 on or before 9 September 2025.

'Other current directorships' quoted above are current directorships for listed entities only and excludes directorships of all other types of entities, unless otherwise stated.

'Former directorships (last 3 years)' quoted above are directorships held in the last 3 years for listed entities only and excludes directorships of all other types of entities, unless otherwise stated.

Company secretary Ms Nova Taylor

Ms Taylor is a professional Company Secretary with approximately 8 years’ experience working with listed companies in Company Secretary and Assistant Company Secretary roles. She previously worked for Computershare Investor Services Pty Limited in various roles for over 10 years. Nova has completed a Bachelor of Laws at Deakin University.

Meetings of directors

The number of meetings of the company's Board of Directors ('the Board') held during the year ended 30 June 2025, and the number of meetings attended by each director were:

	Full Board
	Attended	Held
Ernest Thomas Eadie	8		8
Scott Caithness	8		8
Peter Williams	6		8

Held: represents the number of meetings held during the time the director held office.

Remuneration report (audited)

The remuneration report details the key management personnel remuneration arrangements for the consolidated entity, in accordance with the requirements of the Corporations Act 2001 and its Regulations.

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including all directors.

The remuneration report is set out under the following main headings:

Principles used to determine the nature and amount of remuneration
Details of remuneration
Service agreements
Share-based compensation
Additional information
Additional disclosures relating to key management personnel

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Directors' report 30 June 2025

Principles used to determine the nature and amount of remuneration

The objective of the consolidated entity's executive reward framework is to ensure reward for performance is competitive and appropriate for the results delivered. The framework aligns executive reward with the achievement of strategic objectives and the creation of value for shareholders, and it is considered to conform to the market best practice for the delivery of reward. The Board of Directors ('the Board') ensures that executive reward satisfies the following key criteria for good reward governance practices:

competitiveness and reasonableness
acceptability to shareholders
performance linkage / alignment of executive compensation
transparency

The Board is responsible for determining and reviewing remuneration arrangements for its directors and executives. The performance of the company depends on the quality of its directors and executives. The remuneration philosophy is to attract, motivate and retain high performance and high quality personnel.

The Board has structured an executive remuneration framework that is market competitive and complementary to the reward strategy of the company.

The reward framework is designed to align executive reward to shareholders' interests. The Board have considered that it should seek to enhance shareholders' interests by:

having financial performance as a core component of plan design
focusing on sustained growth in shareholder wealth and growth in share price and delivering constant or increasing return on assets as well as focusing the executive on key non-financial drivers of value.

In accordance with best practice corporate governance, the structure of non-executive Director and executive Director remuneration is separate.

Non-executive directors remuneration

The Board seeks to set aggregate remuneration at a level that provides the Company with the ability to attract and retain Directors of the highest calibre, whilst incurring a cost that is acceptable to shareholders.

The ASX Listing Rules specify that the aggregate remuneration of Non-Executive Directors shall be determined from time to time by a general meeting. The Constitution states that the Company may pay to the Non-Executive Directors a maximum total amount of director's fees, determined by the Company in general meeting, or until so determined, as the Directors resolve. The Company intends to put to shareholders at the upcoming Annual General Meeting an aggregate remuneration amount to approve.

Maximum aggregate fees for the Non-Executive Directors are presently set at $250,000 per annum including superannuation. These fees cover main board activities only. Non-Executive Directors may receive additional remuneration for other services provided to the Company.

The Non-Executive salary remuneration became effective from the date of their appointment as Non-Executive Directors. There were also Company Options issued to Non-Executive Directors in line with Company policy to attract suitable candidates to the position.

Executive remuneration

The consolidated entity aims to reward executives based on their position and responsibility, with a level and mix of remuneration which has both fixed and variable components.

The executive remuneration and reward framework has two components:

base pay and non-monetary benefits
share-based payments

The combination of these comprises the executive's total remuneration.

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Directors' report 30 June 2025

Fixed Remuneration

Fixed remuneration consists of base salaries, as well as employer contributions to superannuation funds and other noncash benefits. Fixed remuneration is reviewed annually by the Board. The process consists of a review of company and individual performance, relevant comparative remuneration externally and internally and, where appropriate, external advice on policies and practices.

Performance Based Remuneration – Short Term Incentive

The Board has not implemented a system where Executives are entitled to annual cash bonuses. No bonuses were paid or are payable in relation to the financial year.

Performance Based Remuneration – Long Term Incentive Company Options

The Board has previously chosen to issue Options (where appropriate) to some executives and employees as a key component of the incentive portion of their remuneration, in order to attract and retain the services of the executives and to provide an incentive linked to the performance of the Company.

The Board may grant Options to executives and key consultants with exercise prices at and/or above market share price (at the time of agreement). As such, Incentive Options granted to executives will generally only be of benefit if the executives perform to the level whereby the value of the Company increases sufficiently to warrant exercising the Incentive Options granted. Other than service-based vesting conditions, there are no additional performance criteria on the Incentive Options granted to executives, as given the speculative nature of the Company’s activities and the small management team responsible for its running, it is considered the performance of the executives and the performance and value of the Company are closely related. The Company prohibits executives entering into arrangements to limit their exposure to Incentive Options granted as part of their remuneration package.

Long-Term Incentive Plan

The Company has implemented a Long-Term Incentive Plan. Under the Plan, the Company may grant options to subscribe for Shares or performance rights entitling the holder to be issued Shares on terms and conditions set by the Board at its discretion. The material terms of the Plan are as follows:

a) The purpose of the Plan is to:
i. assist in the reward, retention and motivation of eligible persons;
ii. to align the interests of eligible persons more closely with the interests of shareholders, by providing an opportunity; iii. for eligible persons receive an equity interest in the form of Awards; and
iv. to provide eligible persons with the opportunity to share in any future growth in value of Alderan Resources.
b) The following persons can participate in the Plan if the Board makes them an offer to do so: i. a director;
ii. a full-time or part-time employee;

iii. a contractor; or

iv. a casual employee of the Company or an associated body corporate and includes a person who may become an eligible person within (i) to (iv) above subject to accepting an offer of engagement for that role.
c) Plan Options and Plan Rights (collectively Awards) issued under the Plan are subject to the terms and conditions set out in the Rules, which include:
i. Vesting Conditions – which are time-based criteria, requirements or conditions (as specified in the offer and determined by the Board) which must be met prior to Awards vesting in a participant, which the Board may throughout the course of the period between the grant of an Award and its vesting, waive or accelerate as the Board considers reasonably appropriate;
ii. Performance Conditions – which are conditions relating to the performance of the Group and its related bodies corporate (and the manner in which those conditions will be tested) as specified in an offer and determined by the Board; and
iii. Exercise Conditions – which are criteria, requirements or conditions, as determined by the Board or under the Plan, which must be met notwithstanding the satisfaction of any Vesting Conditions and/or Performance Conditions) prior to a Participant being entitled to exercise vested Awards in accordance with clauses 8 and 9.
d) In accordance with ASIC Class Order 14/1000, the total Awards that may be issued under the Plan will not exceed 5% of the total number of Shares on issue. In calculating this limit, Awards issued to participants under the Plan other than in

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Directors' report 30 June 2025

reliance upon this Class Order are discounted.

e) The Board has the unfettered and absolute discretion to administer the Plan.
f) Awards issued under the Plan are not transferable and will not be quoted on the ASX.

The Rules otherwise contain terms and conditions considered standard for long-term incentive plan rules of this nature. There were no options issued under the Long-Term Incentive Plan during the year (2024: Nil). There were no shares issued under the Long-Term Incentive Plan during the year (2024: Nil).

Use of remuneration consultants

During the financial year ended 30 June 2025, the Company did not engage the services of an independent remuneration consultant to review its remuneration for Directors, KMP and other senior executives.

Voting and comments made at the company's 2024 Annual General Meeting ('AGM')

At the 2024 AGM, 99.76% of the votes received supported the adoption of the remuneration report. The company did not receive any specific feedback at the AGM regarding its remuneration practices.

Details of remuneration

Amounts of remuneration

Details of the remuneration of key management personnel of the consolidated entity are set out in the following tables.

The key management personnel of the consolidated entity consisted of the following directors of Hawk Resources Limited: ● Mr Ernest Thomas Eadie (Non-Executive Chairman)
Mr Scott Caithness (Managing Director)
Mr Peter Williams (Non-Executive Director)

30 June 2025 Non-Executive Directors: Ernest Thomas Eadie Peter Williams Executive Directors: Scott Caithness*	Short-term benefits Cash salary Cash Non- and fees bonus monetary $ $ $ 45,045 - - 45,045 - - 271,443 - - 361,533 - -	Short-term benefits Cash salary Cash Non- and fees bonus monetary $ $ $ 45,045 - - 45,045 - - 271,443 - - 361,533 - -	Short-term benefits Cash salary Cash Non- and fees bonus monetary $ $ $ 45,045 - - 45,045 - - 271,443 - - 361,533 - -	Post- employment benefits Super- annuation $ 5,180 5,180 28,750	Long-term benefits Long service leave $ - - -	Share- based payments Equity- settled $ - - -	Total $ 50,225 50,225 300,193
	361,533	-	-	39,110	-	-	400,643

Short-term benefits include annual leave provided for but not paid.

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Directors' report 30 June 2025

30 June 2024 Non-Executive Directors: Ernest Thomas Eadie Peter Williams Executive Directors: Scott Caithness	Short-term benefits Cash salary Cash Non- and fees bonus monetary $ $ $ 45,045 - - 45,045 - - 230,208 - - 320,298 - -	Short-term benefits Cash salary Cash Non- and fees bonus monetary $ $ $ 45,045 - - 45,045 - - 230,208 - - 320,298 - -	Short-term benefits Cash salary Cash Non- and fees bonus monetary $ $ $ 45,045 - - 45,045 - - 230,208 - - 320,298 - -	Post- employment benefits Super- annuation $ 4,955 4,955 25,323	Long-term benefits Long service leave $ - - -	Share- based payments Equity- settled $ 34,000 52,416 177,084	Total $ 84,000 102,416 432,615
	320,298	-	-	35,233	-	263,500	619,031

The proportion of remuneration linked to performance and the fixed proportion are as follows:

Fixed remuneration At risk - STI At risk - LTI Name 30 June 2025 30 June 2024 30 June 2025 30 June 2024 30 June 2025 30 June 2024

Non-Executive Directors:
Ernest Thomas Eadie	100%	60%	-	40%	-	-
Peter Williams	100%	49%	-	51%	-	-
Executive Directors:
Scott Caithness	100%	59%	-	41%	-	-

Service agreements

Remuneration and other terms of employment for key management personnel are formalised in service agreements. Details of these agreements are as follows:

Name: Mr Scott Caithness Title: Managing Director Agreement commenced: 6 April 2021 Term of agreement: This contract will continue from commencement date until terminated. Details: Mr Caithness is to be paid an annual salary of $250,000 plus superannuation. This salary is inclusive of director’s fees and is intended to cover all the services that he may perform for the Company. He is also entitled to receive all reasonable expenses incurred in the fulfilment of his duties.

Name: Mr Peter Williams Title: Non-Executive Director Agreement commenced: 6 April 2021 Term of agreement: Details:

The contract will continue from commencement date until terminated. Mr Williams will be paid an annual salary of $45,045 plus superannuation. This salary is inclusive of director’s fees and is intended to cover all the services that he may perform for the Company. He is also entitled to receive all reasonable expenses incurred in the fulfilment of his duties.

Name: Mr Ernest Thomas Eadie Title: Non-Executive Director and Chairman Agreement commenced: 1 September 2019 Term of agreement: The contract will continue from commencement date until terminated. Details: Mr Eadie will be paid an annual salary of $45,045 plus superannuation. This salary is inclusive of director’s fees and is intended to cover all the services that he may perform for the Company. He is also entitled to receive all reasonable expenses incurred in the fulfilment of his duties

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Directors' report 30 June 2025

Key management personnel have no entitlement to termination payments in the event of removal for misconduct.

Share-based compensation

Issue of shares

There were no shares issued to directors and other key management personnel as part of compensation during the year ended 30 June 2025 (2024: $403,000). As approved by shareholders at the company’s AGM on 08 November 2023, the following shares were issued to Directors in settlement of remuneration unpaid for past periods.

Name	Date	Shares	Issue price	$
Ernest Thomas Eadie	08 November 2023	4,000,000	$0.006	52,000
Scott Caithness	08 November 2023	20,833,333	$0.006	270,833
Peter Williams	08 November 2023	6,166,667	$0.006	80,167

Issue of options

There were no options over ordinary shares issued to directors and other key management personnel as part of compensation that were outstanding as at 30 June 2025 (2024: $46,500). As approved by shareholders at the company’s AGM on 08 November 2023, the following options were issued to Directors in settlement of remuneration unpaid for past periods:

	Number of					Fair value
	options		Vesting date and		Exercise	per option
Name	granted	Grant date	exercisable date	Expiry date	price	at grant date
Ernest Thomas Eadie	2,000,000	8 November 2023	8 November 2023	9 September 2025	$0.016	$6,000
Scott Caithness	10,416,666	8 November 2023	8 November 2023	9 September 2025	$0.016	$31,250
Peter Williams	3,083,334	8 November 2023	8 November 2023	9 September 2025	$0.016	$9,250

Options granted carry no dividend or voting rights.

Additional information

The earnings of the consolidated entity for the five years to 30 June 2025 are summarised below:

	2025	2024	2023	2022	2021
	$	$	$	$	$
Loss after income tax attributable to
shareholders ($)	(2,733,877)	(6,362,945)	(2,440,914)	(10,522,684)	(2,049,435)

The factors that are considered to affect total shareholders return ('TSR') are summarised below:

	2025	2024	2023	2022	2021
Share price at financial year end ($) *	0.015*	0.027	0.058	0.098	0.373
Movement in share price for the year ($) *	(0.012)	(0.031)	(0.04)	(0.275)	(1.005)
Basic loss per share (cents per share) *	(2.08)	(6.87)	(4.27)	(26.29)	(7.27)

These are presented on a post consolidated basis (10 to 1 basis) including comparatives.

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Directors' report 30 June 2025

Additional disclosures relating to key management personnel

Shareholding

The number of shares in the company held during the financial year by each director and other members of key management personnel of the consolidated entity, including their personally related parties, is set out below:

Ordinary shares Ernest Thomas Eadie Scott Caitness Peter Williams	Balance at the start of the year 17,686,964 31,465,047 23,707,131	Additions (pre- consolidation) 8,843,482 15,732,524 11,853,566	Consolidation on a 10 to 1 basis (23,877,400) (42,477,813) (32,004,626)	Additions (post- consolidation) 1,175,000 - -	Balance at the end of the year 3,828,046 4,719,758 3,556,071
	72,859,142	36,429,572	(98,359,839)	1,175,000	12,103,875

Option holding

The number of options over ordinary shares in the company held during the financial year by each director and other members of key management personnel of the consolidated entity, including their personally related parties, is set out below:

Options over ordinary shares Ernest Thomas Eadie Scott Caithness Peter Williams	Balance at the start of the year 4,500,000 16,089,666 12,210,709	Additions (pre- consolidation) 2,210,872 3,933,131 2,963,393	Consolidation on a 10 to 1 basis (6,039,784) (18,020,516) (13,656,691)	Additions (post- consolidation) 587,500 - -	Balance at the end of the year 1,258,588 2,002,281 1,517,411
	32,800,375	9,107,396	(37,716,991)	587,500	4,778,280

Loans to key management personnel and their related parties

There were no loans to Key Management Personnel at any time during the financial year (2024: Nil).

Other transactions with key management personnel and their related parties

There were no transactions with key management personnel and their related parties.

Peter Williams receives his Non-Executive Director fees through an associated entity, Earth Exploration Pty Ltd.

There were no other transactions with key management personnel and their related parties.

This concludes the remuneration report, which has been audited.

Shares under option

Unissued ordinary shares of Hawk Resources Limited under option at the date of this report are as follows:

Exercise Grant date Expiry date price Unquoted Options None - Quoted Options 19 March 2025 1 October 2026 $0.050	Number under option - 70,910,802
	70,910,802

No Options were exercised during the period.

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Directors' report 30 June 2025

Shares issued on the exercise of options

There were no ordinary shares of Hawk Resources Limited issued on the exercise of options during the year ended 30 June 2025 and up to the date of this report.

Indemnity and insurance of officers

The consolidated entity has agreed to indemnify all the directors of the consolidated entity for any liabilities to another person (other than the consolidated entity or related body corporate) that may arise from their position as directors of the consolidated entity, except where the liability arises out of conduct involving a lack of good faith.

During the financial year, the consolidated entity paid a premium in respect of a contract to insure the directors and executives of the consolidated entity against a liability to the extent permitted by the Corporations Act 2001 . The contract of insurance prohibits disclosure of the nature of the liability and the amount of the premium.

Indemnity and insurance of auditor

The consolidated entity has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor of the consolidated entity or any related entity against a liability incurred by the auditor.

During the financial year, the consolidated entity has not paid a premium in respect of a contract to insure the auditor of the consolidated entity or any related entity.

Proceedings on behalf of the company

No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the company, or to intervene in any proceedings to which the company is a party for the purpose of taking responsibility on behalf of the company for all or part of those proceedings.

Non-audit services

There were no non-audit services provided during the financial year by the auditor.

Officers of the company who are former partners of RSM Australia Partners

There are no officers of the company who are former partners of RSM Australia Partners.

Auditor's independence declaration

A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this directors' report.

Auditor

RSM Australia Partners continues in office in accordance with section 327 of the Corporations Act 2001 .

This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the Corporations Act 2001 .

On behalf of the directors

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_________Mr Ernest Thomas Eadie Chairman

30 September 2025

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RSM Australia Partners

Level 32 Exchange Tower, 2 The Esplanade Perth WA 6000 GPO Box R1253 Perth WA 6844

T +61 (0) 8 9261 9100

www.rsm.com.au

AUDITOR’S INDEPENDENCE DECLARATION

As lead auditor for the audit of the financial report of Hawk Resources Limited for the year ended 30 June 2025, I declare that, to the best of my knowledge and belief, there have been no contraventions of:

(i) the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
(ii) any applicable code of professional conduct in relation to the audit.

==> picture [89 x 48] intentionally omitted <==

RSM AUSTRALIA

==> picture [125 x 53] intentionally omitted <==

Perth, WA Dated: 30 September 2025

MATTHEW BEEVERS Partner

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RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction. RSM Australia Partners ABN 36 965 185 036 Liability limited by a scheme approved under Professional Standards Legislation

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Statement of profit or loss and other comprehensive income For the year ended 30 June 2025

Note Revenue Interest income Expenses Impairment of capitalised exploration and evaluation expenditure 10 Consulting and administrative expenses 5 Depreciation and amortisation expense Employee benefits expense Exploration and evaluation expenditure Finance costs Share based payments expense Loss before income tax expense Income tax expense 6 Loss after income tax expense for the year attributable to the owners of Hawk Resources Limited Other comprehensive income Items that may be reclassified subsequently to profit or loss Exchange differences on translation of foreign operations Other comprehensive income for the year, net of tax Total comprehensive loss for the year attributable to the owners of Hawk Resources Limited Basic loss per share 26 Diluted loss per share 26	Consolidated 30 June 2025 30 June 2024 $ $ 13,008 9,934 (1,123,934) (4,752,452) (835,241) (659,839) (17,606) (23,525) (521,972) (502,123) (246,290) (170,593) (1,842) (847) - (263,500) (2,733,877) (6,362,945) - - (2,733,877) (6,362,945) 48,071 32,978 48,071 32,978 (2,685,806) (6,329,967) Cents Cents (2.08) (6.87) (2.08) (6.87)	Consolidated 30 June 2025 30 June 2024 $ $ 13,008 9,934 (1,123,934) (4,752,452) (835,241) (659,839) (17,606) (23,525) (521,972) (502,123) (246,290) (170,593) (1,842) (847) - (263,500) (2,733,877) (6,362,945) - - (2,733,877) (6,362,945) 48,071 32,978 48,071 32,978 (2,685,806) (6,329,967) Cents Cents (2.08) (6.87) (2.08) (6.87)
	(2,733,877) -	(6,362,945) -
	(2,733,877) 48,071	(6,362,945) 32,978
	48,071	32,978
	(2,685,806)	(6,329,967)
	Cents (2.08) (2.08)	Cents (6.87) (6.87)

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

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Statement of financial position As at 30 June 2025

Note Assets Current assets Cash and cash equivalents 7 Trade and other receivables 8 Total current assets Non-current assets Plant and equipment 9 Exploration and evaluation expenditure 10 Total non-current assets Total assets Liabilities Current liabilities Trade and other payables 11 Provisions Total current liabilities Total liabilities Net assets Equity Issued capital 12 Reserves 13 Accumulated losses 14 Total equity	Consolidated 30 June 2025 30 June 2024 $ $ 949,652 119,404 106,391 117,811 1,056,043 237,215 60,952 77,501 4,582,725 4,728,124 4,643,677 4,805,625 5,699,720 5,042,840 140,462 189,184 67,555 46,112 208,017 235,296 208,017 235,296 5,491,703 4,807,544 34,593,010 31,313,295 8,941,550 9,075,229 (38,042,857) (35,580,980) 5,491,703 4,807,544	Consolidated 30 June 2025 30 June 2024 $ $ 949,652 119,404 106,391 117,811 1,056,043 237,215 60,952 77,501 4,582,725 4,728,124 4,643,677 4,805,625 5,699,720 5,042,840 140,462 189,184 67,555 46,112 208,017 235,296 208,017 235,296 5,491,703 4,807,544 34,593,010 31,313,295 8,941,550 9,075,229 (38,042,857) (35,580,980) 5,491,703 4,807,544
	1,056,043	237,215
	60,952 4,582,725	77,501 4,728,124
	4,643,677	4,805,625
	5,699,720	5,042,840
	140,462 67,555	189,184 46,112
	208,017	235,296
	208,017	235,296
	5,491,703	4,807,544
	34,593,010 8,941,550 (38,042,857)	31,313,295 9,075,229 (35,580,980)
	5,491,703	4,807,544

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

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Statement of changes in equity For the year ended 30 June 2025

Issued capital $ 28,100,642 - -	Option reserve $ 7,883,069 - -	Performance rights reserves $ 101,420 - -	Foreign currency reserve $ 973,762 - 32,978	Accumulated losses $ (29,498,035) (6,362,945) -	Total equity $ 7,560,858 (6,362,945) 32,978
- 1,609,653 1,200,000 403,000 -	- 117,500 200,000 46,500 (280,000)	- - - - -	32,978 - - - -	(6,362,945) - - - 280,000	(6,329,967) 1,727,153 1,400,000 449,500 -
31,313,295	7,967,069	101,420	1,006,740	(35,580,980)	4,807,544
Issued capital $ 31,313,295 - -	Option reserve $ 7,967,069 - -	Performance rights reserves $ 101,420 - -	Foreign currency reserve $ 1,006,740 - 48,071	Accumulated losses $ (35,580,980) (2,733,877) -	Total equity $ 4,807,544 (2,733,877) 48,071
- 3,369,965 (90,250) -	- - 90,250 (272,000)	- - - -	48,071 - - -	(2,733,877) - - 272,000	(2,685,806) 3,369,965 - -
34,593,010	7,785,319	101,420	1,054,811	(38,042,857)	5,491,703

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

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Statement of cash flows For the year ended 30 June 2025

Note Cash flows from operating activities Payments to suppliers and employees Payments for exploration and evaluation expenditures Interest received Interest paid Net cash used in operating activities 25 Cash flows from investing activities Payments for exploration and evaluation Proceeds to acquire subsidiary Net cash used in investing activities Cash flows from financing activities Proceeds from issue of shares (net of capital raising costs) Other - premium funding repayments Net cash from 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 7	Consolidated 30 June 2025 30 June 2024 $ $ (1,198,898) (1,023,227) (218,830) (459,000) 13,604 9,934 (1,823) (847) (1,405,947) (1,473,140) (1,100,052) (279,232) - (110,000) (1,100,052) (389,232) 3,369,965 1,727,154 - 16,933 3,369,965 1,744,087 863,966 (118,285) 119,404 235,300 (33,718) 2,389 949,652 119,404	Consolidated 30 June 2025 30 June 2024 $ $ (1,198,898) (1,023,227) (218,830) (459,000) 13,604 9,934 (1,823) (847) (1,405,947) (1,473,140) (1,100,052) (279,232) - (110,000) (1,100,052) (389,232) 3,369,965 1,727,154 - 16,933 3,369,965 1,744,087 863,966 (118,285) 119,404 235,300 (33,718) 2,389 949,652 119,404
	(1,405,947)	(1,473,140)
	(1,100,052) -	(279,232) (110,000)
	(1,100,052)	(389,232)
	3,369,965 -	1,727,154 16,933
	3,369,965	1,744,087
	863,966 119,404 (33,718)	(118,285) 235,300 2,389
	949,652	119,404

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

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Notes to the financial statements 30 June 2025

Note 1. General information

The financial statements cover Hawk Resources Limited as a consolidated entity consisting of Hawk Resources Limited and the entities it controlled at the end of, or during, the year. The financial statements are presented in Australian dollars, which is Hawk Resources Limited's functional and presentation currency.

Hawk Resources Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is:

Suite 1, Level 6, 350 Collins Street Melbourne VIC 3000 Ph: (03) 8630 3321

A description of the nature of the consolidated entity's operations and its principal activities are included in the directors' report, which is not part of the financial statements.

The financial statements were authorised for issue, in accordance with a resolution of directors, on 30 September 2025. The directors have the power to amend and reissue the financial statements.

Note 2. Material accounting policy information

The accounting policies that are material to the consolidated entity are set out below. The accounting policies adopted are consistent with those of the previous financial year, unless otherwise stated.

New or amended Accounting Standards and Interpretations adopted

The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period.

Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.

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.

As disclosed in the financial statements, the Group incurred a net loss of $2,733,877 and had net cash outflow from operating and investing activities of $1,405,947 and $1,100,052, respectively for the year ended 30 June 2025. The ability of the Group to continue as a going concern is primarily dependent on securing additional funding though the issue of additional equity securities.

These factors indicate a material uncertainty which may cast significant doubt as to whether the Group will continue as a going concern and therefore whether it will realise its assets and extinguish its liabilities in the normal course of business and at the amounts stated in the financial report.

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 believe that future funding will be available to meet the Group’s objectives and debts as and when they fall due, including through engaging with parties interested in joint venture arrangements and/or raising additional capital through equity placements to existing or new investors; and
The Group has the capacity, if necessary, to reduce its operating cost structure in order to reduce its working capital requirements as and when required with a successful capital raising anticipated in the short term.

Accordingly, the Directors believe that the consolidated entity will be able to continue as a going concern and that it is appropriate to adopt the going concern basis in the preparation of the financial report.

The financial report does not include any adjustments relating to the amounts or classification of recorded assets or liabilities that might be necessary if the consolidated entity does not continue as a going concern.

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Notes to the financial statements 30 June 2025

Note 2. Material accounting policy information (continued)

Basis of preparation

The financial report is a general-purpose financial report that has been prepared in accordance with Australian Accounting Standards, Australian Accounting Interpretations, other authoritative pronouncements of the Australian Accounting Standards Board (AASB) and the Corporations Act 2001. The Group is a for-profit entity for financial reporting purposes under Australian Accounting Standards. Australian Accounting Standards set out accounting policies that the AASB has concluded would result in a financial report containing relevant and reliable information about transactions, events and conditions. Compliance with Australian Accounting Standards ensures that the financial statements and notes also comply with International Financial Reporting Standards (IFRS). Except for cash flow information, the financial statements have been prepared on an accruals basis. Material accounting policies adopted in preparation of this financial report are presented below and have been consistently applied unless otherwise stated.

Historical cost convention

The financial statements have been prepared under the historical cost convention, except for, where applicable, the revaluation of financial assets and liabilities at fair value through profit or loss, financial assets at fair value through other comprehensive income, investment properties, certain classes of property, plant and equipment and derivative financial instruments.

Critical accounting estimates

The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the consolidated entity's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 3.

Parent entity information

In accordance with the Corporations Act 2001, these financial statements present the results of the consolidated entity only. Supplementary information about the parent entity is disclosed in note 22.

Principles of consolidation

The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Hawk Resources Limited ('company' or 'parent entity') as at 30 June 2025 and the results of all subsidiaries for the year then ended. Hawk Resources Limited and its subsidiaries together are referred to in these financial statements as the 'consolidated entity'.

Subsidiaries are all those entities over which the consolidated entity has control. The consolidated entity controls an entity when the consolidated entity is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the consolidated entity. They are de-consolidated from the date that control ceases.

Intercompany transactions, balances and unrealised gains on transactions between entities in the consolidated entity are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the consolidated entity.

The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest, without the loss of control, is accounted for as an equity transaction, where the difference between the consideration transferred and the book value of the share of the non-controlling interest acquired is recognised directly in equity attributable to the parent.

Where the consolidated entity loses control over a subsidiary, it derecognises the assets including goodwill, liabilities and noncontrolling interest in the subsidiary together with any cumulative translation differences recognised in equity. The consolidated entity recognises the fair value of the consideration received and the fair value of any investment retained together with any gain or loss in profit or loss.

Operating segments

Operating segments are presented using the 'management approach', where the information presented is on the same basis as the internal reports provided to the Chief Operating Decision Makers ('CODM'). The CODM is responsible for the allocation of resources to operating segments and assessing their performance.

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Notes to the financial statements 30 June 2025

Note 2. Material accounting policy information (continued)

Foreign currency translation

The financial statements are presented in Australian dollars, which is Hawk Resources Limited's functional and presentation currency.

Foreign currency transactions

Foreign currency transactions are translated into Australian dollars using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at financial year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Foreign operations

The assets and liabilities of foreign operations are translated into Australian dollars using the exchange rates at the reporting date. The revenues and expenses of foreign operations are translated into Australian dollars using the average exchange rates, which approximate the rates at the dates of the transactions, for the period. All resulting foreign exchange differences are recognised in other comprehensive income through the foreign currency reserve in equity.

The foreign currency reserve is recognised in profit or loss when the foreign operation or net investment is disposed of.

Income tax

The income tax expense or benefit for the period is the tax payable on that period's taxable income based on the applicable income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities attributable to temporary differences, unused tax losses and the adjustment recognised for prior periods, where applicable.

Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be applied when the assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively enacted, except for:

When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and that, at the time of the transaction, affects neither the accounting nor taxable profits; or
When the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures, and the timing of the reversal can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future.

Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.

The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date. Deferred tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for the carrying amount to be recovered. Previously unrecognised deferred tax assets are recognised to the extent that it is probable that there are future taxable profits available to recover the asset.

Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable authority on either the same taxable entity or different taxable entities which intend to settle simultaneously.

Current and non-current classification

Assets and liabilities are presented in the statement of financial position based on current and non-current classification.

An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in the consolidated entity's normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12 months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current.

A liability is classified as current when: it is either expected to be settled in the consolidated entity's normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no right at the end of the reporting period to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as non-current.

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Notes to the financial statements 30 June 2025

Note 2. Material accounting policy information (continued)

Deferred tax assets and liabilities are always classified as non-current.

Cash and cash equivalents

Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

Trade and other receivables

Other receivables are recognised at amortised cost, less any allowance for expected credit losses.

Investments and other financial assets

Investments and other financial assets are initially measured at fair value. Transaction costs are included as part of the initial measurement, except for financial assets at fair value through profit or loss. Such assets are subsequently measured at either amortised cost or fair value depending on their classification. Classification is determined based on both the business model within which such assets are held and the contractual cash flow characteristics of the financial asset unless an accounting mismatch is being avoided.

Financial assets are derecognised when the rights to receive cash flows have expired or have been transferred and the consolidated entity has transferred substantially all the risks and rewards of ownership. When there is no reasonable expectation of recovering part or all of a financial asset, its carrying value is written off.

Financial assets at amortised cost

A financial asset is measured at amortised cost only if both of the following conditions are met: (i) it is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and (ii) the contractual terms of the financial asset represent contractual cash flows that are solely payments of principal and interest.

Impairment of financial assets

The consolidated entity recognises a loss allowance for expected credit losses on financial assets which are either measured at amortised cost or fair value through other comprehensive income. The measurement of the loss allowance depends upon the consolidated entity's assessment at the end of each reporting period as to whether the financial instrument's credit risk has increased significantly since initial recognition, based on reasonable and supportable information that is available, without undue cost or effort to obtain.

Where there has not been a significant increase in exposure to credit risk since initial recognition, a 12-month expected credit loss allowance is estimated. This represents a portion of the asset's lifetime expected credit losses that is attributable to a default event that is possible within the next 12 months. Where a financial asset has become credit impaired or where it is determined that credit risk has increased significantly, the loss allowance is based on the asset's lifetime expected credit losses. The amount of expected credit loss recognised is measured on the basis of the probability weighted present value of anticipated cash shortfalls over the life of the instrument discounted at the original effective interest rate.

For financial assets mandatorily measured at fair value through other comprehensive income, the loss allowance is recognised in other comprehensive income with a corresponding expense through profit or loss. In all other cases, the loss allowance reduces the asset's carrying value with a corresponding expense through profit or loss.

Plant and equipment

Plant and equipment have been stated at historical cost less accumulated depreciation and impairment. Historical cost includes expenditure that is directly attributable to the acquisition of the items.

Depreciation is calculated on a diminishing value basis to write off the net cost of each item of plant and equipment over their expected useful lives as follows:

Office equipment 3-5 years
Motor vehicles 7 years
Exploration equipment 3-5 years

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Notes to the financial statements 30 June 2025

Note 2. Material accounting policy information (continued)

The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each reporting date. An item of plant and equipment is derecognised upon disposal or when there is no future economic benefit to the consolidated entity. Gains and losses between the carrying amount and the disposal proceeds are taken to profit or loss. Any revaluation surplus reserve relating to the item disposed of is transferred directly to retained profits.

Exploration and evaluation assets

Exploration and evaluation expenditure in relation to separate areas of interest for which rights of tenure are current is carried forward as an asset in the statement of financial position where it is expected that the expenditure will be recovered through the successful development and exploitation of an area of interest, or by its sale; or exploration activities are continuing in an area and activities have not reached a stage which permits a reasonable estimate of the existence or otherwise of economically recoverable reserves. Where a project or an area of interest has been abandoned, the expenditure incurred thereon is written off in the year in which the decision is made.

Impairment of non-financial assets

Non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount.

Recoverable amount is the higher of an asset's fair value less costs of disposal and value-in-use. The value-in-use is the present value of the estimated future cash flows relating to the asset using a pre-tax discount rate specific to the asset or cash-generating unit to which the asset belongs. Assets that do not have independent cash flows are grouped together to form a cash-generating unit.

Trade and other payables

These amounts represent liabilities for goods and services provided to the consolidated entity prior to the end of the financial year and which are unpaid. Due to their short-term nature they are measured at amortised cost and are not discounted. The amounts are unsecured and are usually paid within 30 days of recognition.

Employee benefits

Short-term employee benefits

Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave expected to be settled wholly within 12 months of the reporting date are measured at the amounts expected to be paid when the liabilities are settled.

Share-based payments

Equity-settled and cash-settled share-based compensation benefits are provided to employees.

Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in exchange for the rendering of services. Cash-settled transactions are awards of cash for the exchange of services, where the amount of cash is determined by reference to the share price.

The cost of equity-settled transactions are measured at fair value on grant date. Fair value is independently determined using either the Trinomial or Black-Scholes option pricing model that takes into account the exercise price, the term of the option, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option, together with non-vesting conditions that do not determine whether the consolidated entity receives the services that entitle the employees to receive payment. No account is taken of any other vesting conditions.

The cost of equity-settled transactions are recognised as an expense with a corresponding increase in equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous periods.

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Notes to the financial statements 30 June 2025

Note 2. Material accounting policy information (continued)

The cost of cash-settled transactions is initially, and at each reporting date until vested, determined by applying either the Trinomial or Black-Scholes option pricing model, taking into consideration the terms and conditions on which the award was granted. The cumulative charge to profit or loss until settlement of the liability is calculated as follows:

during the vesting period, the liability at each reporting date is the fair value of the award at that date multiplied by the expired portion of the vesting period.
from the end of the vesting period until settlement of the award, the liability is the full fair value of the liability at the reporting date.

All changes in the liability are recognised in profit or loss. The ultimate cost of cash-settled transactions is the cash paid to settle the liability.

Market conditions are taken into consideration in determining fair value. Therefore any awards subject to market conditions are considered to vest irrespective of whether or not that market condition has been met, provided all other conditions are satisfied.

If equity-settled awards are modified, as a minimum an expense is recognised as if the modification has not been made. An additional expense is recognised, over the remaining vesting period, for any modification that increases the total fair value of the share-based compensation benefit as at the date of modification.

If the non-vesting condition is within the control of the consolidated entity or employee, the failure to satisfy the condition is treated as a cancellation. If the condition is not within the control of the consolidated entity or employee and is not satisfied during the vesting period, any remaining expense for the award is recognised over the remaining vesting period, unless the award is forfeited.

If equity-settled awards are cancelled, it is treated as if it has vested on the date of cancellation, and any remaining expense is recognised immediately. If a new replacement award is substituted for the cancelled award, the cancelled and new award is treated as if they were a modification.

Fair value measurement

When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure purposes, the fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; and assumes that the transaction will take place either: in the principal market; or in the absence of a principal market, in the most advantageous market.

Fair value is measured using the assumptions that market participants would use when pricing the asset or liability, assuming they act in their economic best interests. For non-financial assets, the fair value measurement is based on its highest and best use. Valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, are used, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.

Issued capital

Ordinary shares are classified as equity.

Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Earnings per share

Basic earnings per share

Basic earnings per share is calculated by dividing the profit attributable to the owners of Hawk Resources Limited, excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the financial year.

Diluted earnings per share

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares.

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Notes to the financial statements 30 June 2025

Note 2. Material accounting policy information (continued)

Goods and Services Tax ('GST') and other similar taxes

Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable from the tax authority. In this case it is recognised as part of the cost of the acquisition of the asset or as part of the expense.

Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the tax authority is included in other receivables or other payables in the statement of financial position.

Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to the tax authority, are presented as operating cash flows.

Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the tax authority.

New Accounting Standards and Interpretations not yet mandatory or early adopted

Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory, have not been early adopted by the consolidated entity for the annual reporting period ended 30 June 2025. The consolidated entity has not yet assessed the impact of these new or amended Accounting Standards and Interpretations.

Note 3. Critical accounting judgements, estimates and assumptions

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are discussed below.

Share-based payment transactions

The consolidated entity measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. The fair value is determined by using either the Binomial or BlackScholes model taking into account the terms and conditions upon which the instruments were granted. The accounting estimates and assumptions relating to equity-settled share-based payments would have no impact on the carrying amounts of assets and liabilities within the next annual reporting period but may impact profit or loss and equity.

Capitalised Exploration and Evaluation Expenditure

Exploration and evaluation costs have been capitalised on the basis that activities in the area have not yet reached a stage that permits reasonable assessment of the existence of economically recoverable reserves. Key judgements are applied in considering costs to be capitalised which includes determining expenditures directly related to these activities and allocating overheads between those that are expensed and capitalised. In addition, costs are only capitalised that are expected to be recovered either through successful development or sale of the relevant mining interest. Factors that could impact the future commercial production at the mine include the level of reserves and resources, future technology changes, which could impact the cost of mining, future legal changes and changes in commodity prices. To the extent that capitalised costs are determined not to be recoverable in the future, they will be written off in the period in which this determination is made.

Note 4. Operating segments

AASB 8 requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the Directors in order to allocate resources to the segment and to assess its performance.

Information regarding these segments is presented below. The accounting policies of the reportable segments are the same as the Group’s accounting policies. The following tables are an analysis of the Group’s revenue and results by reportable segment provided to the Directors for the years ended 30 June 2025 and 30 June 2024.

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Notes to the financial statements 30 June 2025

Note 4. Operating segments (continued)

Operating segment information

United States of America $ -	Brazil $ 67	Australia $ 12,941	Total $ 13,008
-	67	12,941	13,008
- (316,938)	(248,134) (161,102)	(875,800) (1,131,903)	(1,123,934) (1,609,943)
(316,938)	(409,236)	(2,007,703)	(2,733,877) -
3,898,486	194,188	1,607,046
			(2,733,877)
			5,699,720
-	-	634,200	5,699,720
			634,200
-	13,598	194,419	208,017
United States of America $ -	Brazil $ 104	Australia $ 9,830	208,017
			Total $ 9,934
-	104	9,830	9,934
(4,752,452) (1,317,354)	- (250,453)	- (42,686)	(4,752,452) (1,610,493)
(6,069,806)	(250,453)	(42,686)	(6,362,945) -
3,023,752	331,829	1,687,259
			(6,362,945)
			5,042,840
-	-	1,510,000	5,042,840
			1,510,000
12,680	55,251	167,365	235,296
			235,296

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Notes to the financial statements 30 June 2025

Note 5. Consulting and administrative expenses

Accountancy fees ASX fees Rent Administration and consultancy fees Insurance Legal fees Promotion and investor relations Travel expenses Note 6. Income tax expense Numerical reconciliation between tax-benefit and pre-tax net loss Loss before income tax expense Tax at the statutory tax rate of 25% Impairment of Exploration and Evaluation Other Deductible Expenses Unrecognised deferred tax asset attributable to tax losses and temporary differences Income tax expense Tax losses for which no deferred tax asset has been recognised Losses available for offset against future taxable income Potential tax benefit @ 25%	Consolidated 30 June 2025 30 June 2024 $ $ 188,467 153,500 76,139 26,296 4,139 1,680 320,935 257,078 24,688 24,774 128,281 92,061 79,558 49,008 13,034 55,442 835,241 659,839	Consolidated 30 June 2025 30 June 2024 $ $ 188,467 153,500 76,139 26,296 4,139 1,680 320,935 257,078 24,688 24,774 128,281 92,061 79,558 49,008 13,034 55,442 835,241 659,839
	835,241	659,839
	Consolidated 30 June 2025 30 June 2024 $ $ (2,733,877) (6,362,945) (683,469) (1,590,736) 280,984 1,185,615 7,909 (126,634) 394,576 531,755 - -
	(683,469) 280,984 7,909 394,576	(1,590,736) 1,185,615 (126,634) 531,755
	-	-
	Consolidated 30 June 2025 30 June 2024 $ $ (10,285,509) (8,707,203) (2,571,377) (2,176,801)
	(2,571,377)	(2,176,801)

The benefit of deferred tax assets not brought to account will only be brought to account if:

future assessable income is derived of a nature and of an amount sufficient to enable the benefit to be realised;
the conditions for deductibility imposed by tax legislation continue to be complied with; and
no changes in tax legislation adversely affect the Company in realising the benefit.

Note 7. Current assets - cash and cash equivalents

Cash in bank and on hand	Consolidated 30 June 2025 30 June 2024 $ $ 949,652 119,404

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Notes to the financial statements 30 June 2025

Note 8. Current assets - trade and other receivables

Bonds GST receivable Prepayment Security deposit Sundry debtors	Consolidated 30 June 2025 30 June 2024 $ $ 60,403 59,728 16,918 24,505 18,692 18,548 10,000 10,596 378 4,434 106,391 117,811	Consolidated 30 June 2025 30 June 2024 $ $ 60,403 59,728 16,918 24,505 18,692 18,548 10,000 10,596 378 4,434 106,391 117,811
	106,391	117,811

Note 9. Non-current assets - plant and equipment

Plant and Equipment - cost Less: Accumulated depreciation	Consolidated 30 June 2025 30 June 2024 $ $ 525,313 519,496 (464,361) (441,995) 60,952 77,501	Consolidated 30 June 2025 30 June 2024 $ $ 525,313 519,496 (464,361) (441,995) 60,952 77,501
	60,952	77,501

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 July 2023 Exchange differences Depreciation expense Balance at 30 June 2024 Exchange differences Depreciation expense Balance at 30 June 2025	Office Equipment $ 2,302 5 (1,129)	Exploration Equipment $ 98,401 318 (22,396)	Total $ 100,703 323 (23,525)
	1,178 16 (277)	76,323 1,041 (17,329)	77,501 1,057 (17,606)
	917	60,035	60,952

Note 10. Non-current assets - exploration and evaluation

Exploration and evaluation	Consolidated 30 June 2025 30 June 2024 $ $ 4,582,725 4,728,124

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Notes to the financial statements 30 June 2025

Note 10. Non-current assets - exploration and evaluation (continued)

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 July 2023 Acquisitions (i) Expenditure during the year Expenditure expensed to the statement of profit and loss Exchange differences Impairment of assets (ii) Balance at 30 June 2024 Expenditure during the year Expenditure expensed to the statement of profit and loss Exchange differences Impairment of assets (ii) Balance at 30 June 2025	Exploration and evaluation expenditure $ 7,588,233 1,510,000 606,607 (279,838) 55,574 (4,752,452)	Total $ 7,588,233 1,510,000 606,607 (279,838) 55,574 (4,752,452)
	4,728,124 1,166,905 (220,913) 32,543 (1,123,934)	4,728,124 1,166,905 (220,913) 32,543 (1,123,934)
	4,582,725	4,582,725

(i) Acquisition of Parabolic Lithium Pty Ltd - In November 2023, the Company purchased a 100% interest in Parabolic Lithium Pty Ltd consisting of twenty-four tenements. The Project is located in Minas Gerais, Brazil.

The consideration for the acquisition of the project as follows:

Payment: $100,000 paid in cash;
Share Issue: 150,000,000 shares in the Company;
Options Issue: 100,000,000 options in the Company.

The following components of the consideration have been capitalised as Exploration and evaluation costs in the financial statements:

Cash Payment


Cash Payment Fair value of 150,000,000 shares in Alderan Resources Ltd Fair value of 100,000,000 options in Alderan Resources Ltd Total cost capitalised	110,000 1,200,000 200,000
	1,510,000

Total cost capitalised

(ii) During the financial year ended 30 June 2025, the Company impaired an amount of $1,123,934 (2024: $4,752,452) of exploration and evaluation expenditure. This related to historical exploration and evaluation expenditure incurred on areas where the Company is no longer pursuing active exploration activities.

Note 11. Current liabilities - trade and other payables

Trade payables Accruals and other payables	Consolidated 30 June 2025 30 June 2024 $ $ 99,346 80,519 41,116 108,665 140,462 189,184	Consolidated 30 June 2025 30 June 2024 $ $ 99,346 80,519 41,116 108,665 140,462 189,184
	140,462	189,184

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Notes to the financial statements 30 June 2025

Note 11. Current liabilities - trade and other payables (continued)

Refer to note 16 for further information on financial instruments.

Note 12. Equity - issued capital

30 June 2025 Shares Ordinary shares - fully paid 270,929,449 Movements in ordinary share capital Details Date Balance 1 July 2023 Issue of placement shares (i) 13 November 2023 Issue of shares for project acquisition (ii) 13 November 2023 Issue of shares to Lead Manager (iii) 13 November 2023 Issue of shares to Directors on conversion of Director Fees (iv) 13 November 2023 Less: share issue costs Balance 30 June 2024 Issue of placement shares (v) 20 August 2024 Issue of placement shares (vi) 1 October 2024 Issue of shares to Lead Manager (vii) 16 October 2024 Consolidation/split on a 10:1 basis 15 November 2024 Issue of shares to Directors on conversion of Director Fees (viii) 12 December 2024 Issue of placement shares (ix) 14 March 2025 Issue of placement shares (x) 19 March 2025 Less: share issue costs (xi) Balance 30 June 2025	30 June 2025 Shares 270,929,449	Consolidated 30 June 2024 30 June 2025 Shares $ 1,106,861,306 34,593,010	Consolidated 30 June 2024 30 June 2025 Shares $ 1,106,861,306 34,593,010	Consolidated 30 June 2024 30 June 2025 Shares $ 1,106,861,306 34,593,010
			Shares Issue price 616,694,644 291,666,662 $0.006 150,000,000 $0.006 17,500,000 $0.006 31,000,000 $0.006 - $0.000 1,106,861,306 166,000,000 $0.002 298,387,630 $0.002 338,043,160 $0.002 (1,718,362,647) $0.000 47,000,000 $0.025 1,175,000 $0.025 31,825,000 $0.025 - $0.000 270,929,449
				31,313,295 332,000 596,775 676,086 - 1,175,000 29,375 795,625 (325,146)
				34,593,010

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Notes to the financial statements 30 June 2025

Note 12. Equity - issued capital (continued)

(i) 291,666,662 fully paid ordinary shares issued under a Placement to professional and sophisticated investors on 13 November 2023, following shareholder approval, at an issue price of $0.006 per share.
(ii) 150,000,000 fully paid ordinary shares issued in consideration for the acquisition of Parabolic Lithium Pty Ltd on 13 November 2023. Refer to note 9 for more detail.
(iii) 17,500,000 fully paid ordinary shares issued to Lead Manager in consideration for services provided on 13 November 2023.
(iv) 31,000,000 fully paid ordinary shares issued to Directors upon conversion of director’s fees to equity, following shareholder approval, on 13 November 2023.
(v) 166,000,000 fully paid ordinary shares issued under a Placement to professional and sophisticated investors on 20 August 2024, at an issue price of $0.002 per share.
(vi) 298,387,630 fully paid ordinary shares issued under a Placement to professional and sophisticated investors on 1 October 2024, at an issue price of $0.002 per share.
(vii) 338,043,160 fully paid ordinary shares issued under a Placement to professional and sophisticated investors on 16 October 2024, at an issue price of $0.002 per share.
(viii) 47,000,000 fully paid ordinary shares issued under a Placement to professional and sophisticated investors on 12 December 2024, at an issue price of $0.025 per share.
(ix) 1,175,000 fully paid ordinary shares issued under a Placement to professional and sophisticated investors, to which Director Ernest Thomas Eadie subscribed to, on 14 March 2025, following shareholder approval, at an issue price of $0.025 per share.
(x) 31,825,000 fully paid ordinary shares issued under a Placement to professional and sophisticated investors on 19 March 2025, following shareholder approval, at an issue price of $0.025 per share.

Includes $90,250 of share-based payments (refer to Note 27)

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.

Share buy-back

There is no current on-market share buy-back.

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.

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 not actively pursuing additional investments in the short term as it continues to integrate and grow its existing businesses in order to maximise synergies.

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.

The capital risk management policy remains unchanged from the 2024 Annual Report.

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Notes to the financial statements 30 June 2025

Note 13. Equity - reserves

Foreign currency reserve Performance rights reserve Options reserve *Option Reserve* Balance 1 July 2023 Expiry of Unquoted Options without exercise (i) Issue of Quoted Options under Placement (ii) Issue of Upfront Consideration Quoted Options for Acquisition (iii) Issue of Quoted Options to Lead Manager (iv) Issue of Quoted Options to Directors on conversion of Director Fees (v) Expiry of Unquoted Options without exercise (vi) Balance as at 30 June 2024 Issue of Quoted Options without exercise (vii) Expiry of Unquoted Options without exercise (viii) Consolidation/split on a 10:1 basis Issue of Quoted Options to Lead Manager (ix) Issue of Quoted Options under Placement (x) Issue of Quoted Options under Placement (xi) Issue of Quoted Options to Lead Manager (xii) Balance as at 30 June 2025	Consolidated 30 June 2025 30 June 2024 $ $ 1,054,811 1,006,740 101,420 101,420 7,785,319 7,967,069 8,941,550 9,075,229	Consolidated 30 June 2025 30 June 2024 $ $ 1,054,811 1,006,740 101,420 101,420 7,785,319 7,967,069 8,941,550 9,075,229
	8,941,550	9,075,229
	Number 447,788,694 (7,000,000) 145,833,331 100,000,000 58,750,000 15,500,000 (10,000,000)	$ 7,883,069 - - 200,000 117,500 46,500 (280,000)
	750,872,025	7,967,069
	159,107,728 (20,000,000) (800,981,696) 2,500,000 587,500 39,412,500 12,500,000	- (272,000) - 31,500 - - 58,750
	143,998,057	7,785,319

(i) On 3 August 2023, a total of 7,000,000 unquoted options (with various exercise prices) expired without being exercised. (ii) 145,833,331 free attaching quoted options issued under a Placement to professional and sophisticated investors on 13 November 2023, following shareholder approval, exercisable at $0.016 on or before 9 September 2025.
(iii) 100,000,000 quoted options issued in consideration for the acquisition of Parabolic Lithium Pty Ltd on 13 November 2023, exercisable at $0.016 on or before 9 September 2025.
(iv) 58,750,000 quoted options issued to Lead Manager in consideration for services provided on 13 November 2023, exercisable at $0.016 on or before 9 September 2025.
(v) 15,500,000 quoted options issued to Directors upon conversion of director’s fees to equity, following shareholder approval, on 13 November 2023, exercisable at $0.016 on or before 9 September 2025.
(vi) On 27 May 2024, a total of 10,000,000 unquoted options (with various exercise prices) expired without being exercised. (vii) 159,107,728 free attaching quoted options issued under a Placement to professional and sophisticated investors on 28 October 2024, exercisable at $0.005 on or before 1 October 2026.
(viii) On 10 October 2024, a total of 20,000,000 unquoted options (with various exercise prices) expired without being exercised.
(ix) 2,500,000 quoted options issued to Lead Manager in consideration for services provided on 12 December 2024, exercisable at $0.02 on or before 1 October 2026.
(x) 587,500 free attaching quoted options issued under a Placement to professional and sophisticated investors, to which Director Ernest Thomas Eadie subscribed to on 14 March 2025, exercisable at $0.05 on or before 1 October 2026.

39,412,500 free attaching quoted options issued under a Placement to professional and sophisticated investors on 19 March 2025, exercisable at $0.05 on or before 1 October 2026.

12,500,000 quoted options issued to Lead Manager in consideration for services provided on 19 March 2025, exercisable at $0.05 on or before 1 October 2026.

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Notes to the financial statements 30 June 2025

Note 13. Equity - reserves (continued)

*Performance Rights Reserve* Balance 1 July 2023 Balance as at 30 June 2024 Balance as at 30 June 2025	Number -	$ 101,420
	-	101,420
	-	101,420

Note 14. Equity - accumulated losses

Accumulated losses at the beginning of the financial year Transfer of expired options Loss after income tax expense for the year Accumulated losses at the end of the financial year	Consolidated 30 June 2025 30 June 2024 $ $ (35,580,980) (29,498,035) 272,000 280,000 (2,733,877) (6,362,945) (38,042,857) (35,580,980)	Consolidated 30 June 2025 30 June 2024 $ $ (35,580,980) (29,498,035) 272,000 280,000 (2,733,877) (6,362,945) (38,042,857) (35,580,980)
	(2,733,877)	(6,362,945)
	(38,042,857)	(35,580,980)

Note 15. Equity - dividends

There were no dividends paid, recommended or declared during the current or previous financial year.

Note 16. Financial instruments

Financial risk management objectives

The consolidated entity's activities expose it to a variety of financial risks: market risk (including foreign currency risk, price risk and interest rate risk), credit risk and liquidity risk. The consolidated entity's overall risk management program focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the financial performance of the consolidated entity. The consolidated entity uses derivative financial instruments such as forward foreign exchange contracts to hedge certain risk exposures. Derivatives are exclusively used for hedging purposes, i.e. not as trading or other speculative instruments. The consolidated entity uses different methods to measure different types of risk to which it is exposed. These methods include sensitivity analysis in the case of interest rate, foreign exchange and other price risks, ageing analysis for credit risk and beta analysis in respect of investment portfolios to determine market risk.

Risk management is carried out by senior finance executives ('finance') under policies approved by the Board of Directors ('the Board'). These policies include identification and analysis of the risk exposure of the consolidated entity and appropriate procedures, controls and risk limits. Finance identifies, evaluates and hedges financial risks within the consolidated entity's operating units. Finance reports to the Board on a monthly basis.

*Categories of financial instruments* Financial assets Cash on hand and in bank Trade and other receivables Financial liabilities Trade and other payables	Consolidated 30 June 2025 30 June 2024 $ $ 949,652 119,404 106,391 117,811 1,056,043 237,215 140,462 189,184	Consolidated 30 June 2025 30 June 2024 $ $ 949,652 119,404 106,391 117,811 1,056,043 237,215 140,462 189,184
	1,056,043	237,215
	140,462	189,184

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Notes to the financial statements 30 June 2025

Note 16. Financial instruments (continued)

a) Capital risk management

The Company manages its capital to ensure that it will be able to continue as a going concern while maximising the return to stakeholders through the optimisation of the debt and equity balance. The Company’s overall strategy remains unchanged from prior years. The capital structure of the Company consists of debt, cash and cash equivalents and equity, comprising issued capital, reserves and retained earnings (accumulated losses). Operating cash flows are used to maintain and expand operations, as well as to make routine expenditures such as tax, dividends and general administrative outgoings.

Gearing levels are reviewed by the Board on a regular basis in line with its target gearing ratio, the cost of capital and the risks associated with each class of capital.

b) Foreign Exchange Risk

The carrying amount of the consolidated entity's foreign currency denominated financial assets and financial liabilities at the reporting date were as follows:

Consolidated US dollars Brazilian real	Assets 30 June 2025 30 June 2024 $ $ 8,284 64,950 14,475 5,060 22,759 70,010	Assets 30 June 2025 30 June 2024 $ $ 8,284 64,950 14,475 5,060 22,759 70,010	Liabilities 30 June 2025 30 June 2024 $ $ - 73,351 13,598 55,251 13,598 128,602	Liabilities 30 June 2025 30 June 2024 $ $ - 73,351 13,598 55,251 13,598 128,602
	22,759	70,010	13,598	128,602

Foreign currency sensitivity analysis

The sensitivity analysis below details the Company’s sensitivity to an increase/decrease in the Australian Dollar against the United States Dollar and the Brazilian Real. The sensitivity analysis includes only outstanding foreign currency denominated monetary items. A 100-basis point is the sensitivity rate used when reporting foreign currency risk internally to management and represents management’s assessment of the possible change in foreign exchange rates.

The Company had net liabilities denominated in foreign currencies of $9,161 (assets of $22,759 less liabilities of $nil) as at 30 June 2025 (2024: net liabilities $58,501 (assets of $70,010 less liabilities of $128,602). If foreign exchange rates had been 100 basis points higher or lower and all other variables held constant, the Company’s loss will increase/decrease by $92 (2024: $585); and net assets will increase/decrease by $92 (2024: $585).

The Company’s sensitivity to foreign exchange rates has not changed significantly from prior year.

c) Interest rate risk

The Company's exposure to the risk of changes in market interest rates relates primarily to the bank deposits with floating interest rate. These financial assets with variable rates expose the Company to cash flow interest rate risk. All other financial assets and liabilities, in the form of receivables and payables are non-interest bearing.

At the reporting date, the interest rate profile of the Company's interest-bearing financial instruments was:

Interest-bearing financial instruments Bank balances Net exposure to cash flow interest rate risk	30 June 2025 Balance $ 949,652	30 June 2024 Balance $ 119,404
	949,652	119,404

The Company currently does not engage in any hedging or derivative transactions to manage interest rate risk.

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Notes to the financial statements 30 June 2025

Note 16. Financial instruments (continued)

Interest rate sensitivity

A sensitivity of 0.1% (10 basis points) has been selected as this is considered reasonable given the current level of both short term and long-term interest rates. A 1% (100 basis points) movement in interest rates at the reporting date would have increased (decreased) equity and profit and loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency rates, remain constant. The analysis is performed on the same basis for 2024.

	Basis points increase	Basis points increase	Basis points decrease	Basis points decrease
		Effect on		Effect on
	Basis points	profit before	Basis points	profit before
Consolidated - 30 June 2025	change	tax	change	tax
Bank balances	100	9,496	100	(9,496)
	Basis points increase		Basis points decrease
		Effect on		Effect on
	Basis points	profit before	Basis points	profit before
Consolidated - 30 June 2024	change	tax	change	tax
Bank balances	100	1,194	100	(1,194)

d) Credit risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. The Company has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral where appropriate, as a means of mitigating the risk of financial loss from defaults.

The Company only transacts with entities that are rated the equivalent of investment grade and above. This information is supplied by independent rating agencies where available and, if not available, the Company uses publicly available financial information and its own trading record to rate its major customers.

The Company does not have any significant credit risk exposure to any single counterparty or any Company of counterparties having similar characteristics.

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. This arises principally from cash and cash equivalents and trade and other receivables.

There are no significant concentrations of credit risk within the Company. The carrying amount of the Company's financial assets represents the maximum credit risk exposure, as represented below:

Cash on hand and in bank Trade and other receivables Total	Consolidated 30 June 2025 30 June 2024 $ $ 949,652 119,404 106,391 117,811 1,056,043 237,215	Consolidated 30 June 2025 30 June 2024 $ $ 949,652 119,404 106,391 117,811 1,056,043 237,215
	1,056,043	237,215

Trade and other receivables are comprised primarily of sundry receivables and GST refunds due. Where possible the Company trades only with recognised, creditworthy third parties.

With respect to credit risk arising from cash and cash equivalents, the Company's exposure to credit risk arises from default of the counter party, with a maximum exposure equal to the carrying amount of these instruments

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Notes to the financial statements 30 June 2025

Note 16. Financial instruments (continued)

e) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Board's approach to managing liquidity is to ensure, as far as possible, that the Company will always have sufficient liquidity to meet its liabilities when due by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. The contractual maturities of financial liabilities, including estimated interest payments, are provided below. There are no netting arrangements in respect of financial liabilities.

Remaining contractual maturities

The following tables detail the consolidated entity's remaining contractual maturity for its financial instrument liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the financial liabilities are required to be paid. The tables include both interest and principal cash flows disclosed as remaining contractual maturities and therefore these totals may differ from their carrying amount in the statement of financial position.

1 year or less $ 140,462	Between 1 and 2 years $ -	Between 2 and 5 years $ -	Over 5 years $ -	Remaining contractual maturities $ 140,462
140,462	-	-	-	140,462
1 year or less $ 189,184	Between 1 and 2 years $ -	Between 2 and 5 years $ -	Over 5 years $ -	Remaining contractual maturities $ 189,184
189,184	-	-	-	189,184

f) Fair values

The net fair value of financial assets and financial liabilities approximates their carrying value. The methods for estimating fair value are outlined in the relevant notes to the financial statements.

Note 17. Key management personnel disclosures

Directors

The following persons were directors of Hawk Resources Limited during the financial year:

Mr Ernest Thomas Eadie Non-Executive Chairman Mr Scott Caithness Managing Director Mr Peter Williams Non-Executive Director

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Notes to the financial statements 30 June 2025

Note 17. Key management personnel disclosures (continued)

Compensation

The aggregate compensation made to directors and other members of key management personnel of the consolidated entity is set out below:

Short-term employee benefits Post-employment benefits Share-based payments (i)	Consolidated 30 June 2025 30 June 2024 $ $ 361,533 320,298 39,110 35,233 - 263,500 400,643 619,031	Consolidated 30 June 2025 30 June 2024 $ $ 361,533 320,298 39,110 35,233 - 263,500 400,643 619,031
	400,643	619,031

(i) As approved by shareholders at the company’s AGM on 08 November 2023, the following shares and options were issued to Directors in settlement of remuneration unpaid for past periods.

Name of the Directors Scott Caithness Tom Eadie Peter Williams Total	No. of Ordinary Shares 20,833,333 4,000,000 6,166,667	No of Options ($) 10,416,666 2,000,000 3,083,334	FV of shares & options ($) 302,083 58,000 89,417	Payable settled ($) (125,000) (24,000) (37,000)	Additional benefit ($) 177,083 34,000 52,417
	31,000,000	15,500,000	449,500	(186,000)	263,500

As approved by shareholders at the company’s AGM on 08 November 2023, the following quoted options					were issued to
Directors as part of their remuneration.
Name of Directors Scott Caithness Tom Eadie Peter Williams Total				No. of Options 10,416,666 2,000,000 3,083,334	Fair value of the options ($) 31,250 6,000 9,250
				15,500,000	46,500

Note 18. Remuneration of auditors

During the financial year the following fees were paid or payable for services provided by RSM Australia Partners, the auditor of the company:

Audit services - RSM Australia Partners Audit or review of the financial statements	Consolidated 30 June 2025 30 June 2024 $ $ 53,941 43,205

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Notes to the financial statements 30 June 2025

Note 19. Contingent liabilities

On 11 February 2021, the Group announced it had completed several strategic land deals whereby the Group had executed Option Agreements. If the Group decides to exercise the various Option Agreements, additional liabilities will be incurred, as follows:

Option Agreement with Drum Mountain Mineral Properties LLC (DMMP):

55% interest for $3 million in exploration expenditure over 3 years;
Upon Volantis (100% owned Hawk subsidiary) completing expenditures to earn 55%, DMMP will have a one-time option to contribute at 45%. If the option is not exercised, Volantis may earn 70%;
70% interest for an additional $2 million over 5 years; and
1% Net Smelter Royalty (NSR) if a party’s interest is reduced to less than 10%.

Parabolic Lithium Pty Ltd Acquisition *

The following components of the contingent deferred consideration of Parabolic Lithium Pty Ltd are disclosed as contingent liabilities:

Deferred Consideration (Milestone 1): where the Company achieves six rock chips with greater than 1.0% Li20 in separate spodumene bearing pegmatites at the Project, Alderan agrees to issue the number of Alderan Shares the greater of:

(i) 50,000,000 Alderan Shares (at a deemed issue price of $0.006 per Alderan Share); and

(ii) that number of Alderan Shares with an aggregate value equal to $750,000 based on a deemed issue price equal to the greater of:

the 5-day volume weighted average price (VWAP) of Alderan Shares prior to the date of achievement of Milestone 1; and $0.006.

Deferred Consideration (Milestone 2): where the Company achieves a drill intercept of over 10m minimum 1.0% Li2O at the Project, Alderan agrees to issue the number of Alderan Shares the greater of:
(i) 75,000,000 Alderan Shares (at a deemed issue price of $0.006 per Purchaser Share); and

(ii) that number of Alderan Shares with an aggregate value equal to $1,000,000 based on a deemed issue price equal to the greater of: the 5-day VWAP of Alderan Shares prior to the date of achievement of Milestone 2; and $0.006.

Deferred Consideration (Milestone 3): where the Company achieves a JORC compliant Mineral Resource (indicated) minimum 10Mt at 1.0% Li2O at the Project, Alderan agrees to issue the number of Alderan Shares the greater of:

(i) 150,000,000 Alderan Shares (at a deemed issue price of $0.006 per Alderan Share); and

(ii) that number of Alderan Shares with an aggregate value equal to $2,500,000 based on a deemed issue price equal to the greater of: the 5-day VWAP prior to the date of achievement of Milestone 3; and $0.006.

The Parabolic Lithium Pty Ltd acquisition took place while Hawk Resources was known as Alderan Resources. Hawk has since changed names to Hawk Resources and has undergone a 10:1 consolidation of equity instruments during the year ended 30 June 2025.

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Notes to the financial statements 30 June 2025

Note 20. Commitments

Exploration expenditure and annual lease/claim payments Committed at the reporting date but not recognised as liabilities: Within one year One to five years More than five years	Consolidated 30 June 2025 30 June 2024 $ $ 152,672 150,966 610,687 603,865 305,344 452,899 1,068,703 1,207,730	Consolidated 30 June 2025 30 June 2024 $ $ 152,672 150,966 610,687 603,865 305,344 452,899 1,068,703 1,207,730
	1,068,703	1,207,730

Where the commitments are due in US Dollars, the Company has used the spot rate on 30 June 2025 as a conversion for the commitments into Australian Dollars.

In order to maintain current rights of tenure to exploration tenements, the Company is required to outlay rentals and to meet the minimum expenditure requirements by the Mineral Resources Authority. Minimum expenditure commitments may be subject to renegotiation and with approval may otherwise be avoided by sale, farm out or relinquishment. These obligations are not provided for in the financial statements.

The 30 June 2024 comparison table has been restated to ensure comparability with the 30 June 2025 commitments. There are no changes to the financial results only to the commitments note.

Note 21. Related party transactions

Parent entity

Hawk Resources Limited is the parent entity.

Subsidiaries

Interests in subsidiaries are set out in note 23.

Key management personnel

Disclosures relating to key management personnel are set out in note 17 and the remuneration report included in the directors' report.

Transactions with related parties

There were no transactions with related parties during the current and previous financial year.

Receivable from and payable to related parties

There were no trade receivables from or trade payables to related parties at the current and previous reporting date.

Loans to/from related parties

There were no loans to or from related parties at the current and previous reporting date.

Note 22. Parent entity information

Set out below is the supplementary information about the parent entity.

Statement of profit or loss and other comprehensive income

Loss after income tax Total comprehensive income	Parent 30 June 2025 30 June 2024 $ $ (3,499,797) (6,352,945) (3,499,797) (6,352,945)	Parent 30 June 2025 30 June 2024 $ $ (3,499,797) (6,352,945) (3,499,797) (6,352,945)
	(3,499,797)	(6,352,945)

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Notes to the financial statements 30 June 2025

Note 22. Parent entity information (continued)

Statement of financial position

Current assets Non-current assets Total Assets Current liabilities Total Liabilities Issued Capital Reserves Accumulated Losses Total Equity	972,846 634,200	167,259 1,510,000
	1,607,046	1,677,259
	(194,420)	(167,365)
	(194,420)	(167,365)
	34,593,010 7,886,739 (41,067,123)	31,313,295 8,036,030 (37,839,326)
	1,412,626	1,509,999

Guarantees entered into by the parent entity in relation to the debts of its subsidiaries

The parent entity had no guarantees in relation to the debts of its subsidiaries as at 30 June 2025 and 30 June 2024.

Contingent liabilities

The parent entity had no contingent liabilities as at 30 June 2025 and 30 June 2024.

Capital commitments - Property, plant and equipment

The parent entity had no capital commitments for property, plant and equipment as at 30 June 2025 and 30 June 2024.

Material accounting policy information

The accounting policies of the parent entity are consistent with those of the consolidated entity, as disclosed in note 2, except for the following:

Investments in subsidiaries are accounted for at cost, less any impairment, in the parent entity.
Investments in associates are accounted for at cost, less any impairment, in the parent entity.
Dividends received from subsidiaries are recognised as other income by the parent entity and its receipt may be an indicator of an impairment of the investment.

Note 23. Interests in subsidiaries

The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in accordance with the accounting policy described in note 2:

		Ownership	interest
	Principal place of business /	30 June 2025 30 June 2024
Name	Country of incorporation	%	%
Volantis Resources Corp, Inc.	USA	100.00%	100.00%
Valyrian Resources Corp.	USA	100.00%	100.00%
Alderan US Holdings, Inc	USA	100.00%	100.00%
Star Range US Holdings, Inc	USA	100.00%	100.00%
Star Range Resources Pty Ltd	AUS	100.00%	100.00%
Parabolic Lithium Pty Ltd	AUS	100.00%	100.00%
Alderan Mineraco LTDA	Brazil	100.00%	100.00%

Note 24. Events after the reporting period

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Notes to the financial statements 30 June 2025

Note 25. Reconciliation of loss after income tax to net cash used in operating activities

Loss after income tax expense for the year Adjustments for: Impairment of capitalised exploration and evaluation expenditure Share-based payments Foreign exchange differences Depreciation Change in operating assets and liabilities: Trade and other receivables Provisions Trade and other payables Net cash used in operating activities	Consolidated 30 June 2025 30 June 2024 $ $ (2,733,877) (6,362,945) 1,123,934 4,752,452 - 263,500 - 2,389 17,606 23,525 12,095 (8,949) 21,443 15,307 152,852 (158,419) (1,405,947) (1,473,140)	Consolidated 30 June 2025 30 June 2024 $ $ (2,733,877) (6,362,945) 1,123,934 4,752,452 - 263,500 - 2,389 17,606 23,525 12,095 (8,949) 21,443 15,307 152,852 (158,419) (1,405,947) (1,473,140)
	(1,405,947)	(1,473,140)

Non-cash financing and investing activities

The Company granted nil shares (2024: 150,000,000 shares) and nil options (2024: 100,000,000 options) for asset acquisition as detailed in Note 10. The shares and options brought to account during the year ended 30 June 2024 were deemed to be granted on 13 November 2023, being the date when the shareholder approved the asset acquisition.

Note 26. Loss per share

Loss after income tax attributable to the owners of Hawk Resources Limited Weighted average number of ordinary shares used in calculating basic loss per share Weighted average number of ordinary shares used in calculating diluted loss per share Basic loss per share Diluted loss per share	Consolidated 30 June 2025 30 June 2024 $ $ (2,733,877) (6,362,945)	Consolidated 30 June 2025 30 June 2024 $ $ (2,733,877) (6,362,945)
	Number 131,704,641	Number 92,606,213
	131,704,641	92,606,213
	Cents (2.08) (2.08)	Cents (6.87) (6.87)

Options on issue are not considered dilutive to the earnings per share as the Company is in a loss-making position. Consequently, the dilutive earnings per share is equivalent to the basic earnings per share.

These are presented on a post consolidated basis (10 to 1 basis) including comparatives.

Note 27. Share-based payments

From time to time, the Company provides Unquoted Options to officers, employees, consultants and other key advisors as part of remuneration and incentive arrangements. The number of options granted, and the terms of the options granted are determined by the Board. Shareholder approval is sought where required. During the past two years, the following equitysettled share-based payments have been recognised:

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Notes to the financial statements 30 June 2025

Note 27. Share-based payments (continued)

Profit or Loss Expense arising from share-settled & options-settled share-based payment transactions (refer to note 17) Net share-based payment expense recognised in the profit or loss Equity Share issue costs arising from options-settled share-based payment transactions (refer to note 12) (a) Net share-based payment recognised as share issue costs	30 June 2025 $ -	30 June 2024 $ (263,500)
	-	(263,500)
	(90,250)	(117,500)
	(90,250)	(117,500)

(a) Options issued for services

During the year, the following options were issued for services provided:

							Recognised
	Number	Grant Date	Expiry	Exercise Price $	Fair value at grant date $	Vesting date	as share issue cost at 30 June 2025
							$
Lead Manager Options	2,500,000	19 Nov 2024	1 Oct 2026	0.05	31,500	19 Nov 2024	31,500
Lead Manager Options	12,500,000	19 Mar 2025	1 Oct 2026	0.05	58,750	19 Mar 2025	58,750

The Group has	measured the fair	value of the	options issued	during the year	by using the Trinomial	by using the Trinomial	model with the	following
inputs:
				Share
	Grant Date	Expiry	Vesting date	price at grant date	Exercise Price $	Expected volatility	Dividend yield	Interest Rate
				$
Lead Manager Options	19 Nov 2024	1 Oct 2026	19 Nov 2024	0.035	0.05	100%	0%	0%
Lead Manager Options	19 Mar 2025	1 Oct 2026	19 Mar 2025	0.021	0.05	100%	0%	0%

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Consolidated entity disclosure statement As at 30 June 2025

The directors present their report on the Group consisting of Hawk Resources Limited and the entities it controlled at the end of, or during, the year ended 30 June 2025.

			Ownership
		Place formed /	interest
Entity name	Entity type	Country of incorporation	%	Tax residency
Hawk Resources Limited	Body Corporate	Australia(i)	N/A	Australia
Volantis Resources Corp, Inc.	Body Corporate	United States	100.00%	United States
Valyrian Resources Corp.	Body Corporate	United States	100.00%	United States
Alderan US Holdings, Inc	Body Corporate	United States	100.00%	United States
Star Range US Holdings, Inc	Body Corporate	United States	100.00%	United States
Star Range Resources Pty
Ltd	Body Corporate	Australia(i)	100.00%	Australia
Parabolic Lithium Pty Ltd	Body Corporate	Australia(i)	100.00%	Australia
Alderan Mineraco LTDA	Body Corporate	Brazil	100.00%	Australia

(i) Hawk Resources Limited (the ‘parent entity') and its wholly-owned Australian subsidiaries have formed an income tax consolidated group under the tax consolidation regime.

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Directors' declaration 30 June 2025

In the directors' opinion:

the attached financial statements and notes comply with the Corporations Act 2001, the Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements;
the attached financial statements and notes comply with International Financial Reporting Standards as issued by the International Accounting Standards Board as described in note 2 to the financial statements;
the attached financial statements and notes give a true and fair view of the consolidated entity's financial position as at 30 June 2025 and of its performance for the financial year ended on that date;
there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable; and
the information disclosed in the attached consolidated entity disclosure statement is true and correct.

The directors have been given the declarations required by section 295A of the Corporations Act 2001.

Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the Corporations Act 2001.

On behalf of the directors

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_________Mr Ernest Thomas Eadie Chairman

30 September 2025

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RSM Australia Partners

Level 32 Exchange Tower, 2 The Esplanade Perth WA 6000 GPO Box R1253 Perth WA 6844

T +61 (0) 8 9261 9100

www.rsm.com.au

INDEPENDENT AUDITOR’S REPORT

To the Members of Hawk Resources Limited

REPORT ON THE AUDIT OF THE FINANCIAL REPORT

Opinion

We have audited the financial report of Hawk Resources Limited (the Company) and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 2025, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information, the consolidated entity disclosure statement and the directors' declaration. In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001 , including:

(i) Giving a true and fair view of the Group's financial position as at 30 June 2025 and of its financial performance for the year then ended; and
(ii) Complying with Australian Accounting Standards and the Corporations Regulations 2001 .

Basis for Opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board's APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

We confirm that the independence declaration required by the Corporations Act 2001 , which has been given to the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor's report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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Material Uncertainty related to Going Concern

We draw attention to Note 2 in the financial report, which indicates that the Group incurred a loss of $2,733,877 and had net cash outflows from operating and investing activities of $1,405,947 and $1,100,052, respectively for the year ended 30 June 2025. As stated in Note 2, these events or conditions, along with other matters as set forth in Note 2, indicate that a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial report of the current period. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

In addition to the matter described in the Material uncertainty related to going concern section of our report, we have determined the matters described below to be the key audit matters to be communicated in our report.

Key Audit Matter

How our audit addressed this matter

Capitalised Exploration and Evaluation Expenditure
Refer to Note 10 in the financial statements

The
Group
has
capitalised
exploration
and
evaluation expenditure with a carrying value of
$4,582,725 as at 30 June 2025.
We considered this to be a key audit matter due to
the significant management judgments involved in
assessing the carrying value of the asset including:
•
Determination of whether the expenditure can be
associated
with
finding
specific
mineral
resources, and the basis on which that
expenditure is allocated to an area of interest;
•
Determination of whether exploration activities
have progressed to the stage at which the
existence of an economically recoverable
mineral reserve may be assessed; and
•
Assessing whether any indicators of impairment
are present, and if so, judgments applied to
determine and quantify any impairment loss.

Our audit procedures included:
•
Assessing the Group’s accounting policy for
compliance with Australian Accounting Standards;
•
For a sample of mining claims held by the Group,
agreeing this right of tenure to supporting
documentation;
•
Assessing
and
evaluating
management’s
assessment of whether indicators of impairment
existed as at 30 June 2025;
•
Where indicators of impairment were identified,
evaluating management’s assessment of the
recoverable amount of capitalised exploration and
evaluation expenditure and testing the accuracy of
the impairment charge that was recorded during the
year;
•
Where indicators of impairment were not identified,
assessing
management’s
determination
that
exploration and evaluation activities have not yet
reached a stage where the existence or otherwise
of economically recoverable reserves may be
reasonably determined;
•
Enquiring with management and reading budgets
and other supporting documentation as evidence
that active and significant operations in, or relation
to, the area of interest will be continued in the future;
and
•
Assessing
the
disclosures
in
the
financial
statements.

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Other Information

The directors are responsible for the other information. The other information comprises the information included in the Group's annual report for the year ended 30 June 2025 but does not include the financial report and the auditor's report thereon.

Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Directors for the Financial Report

The directors of the Company are responsible for the preparation of:

a) the financial report (other than the consolidated entity disclosure statement) that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 ; and
b) the consolidated entity disclosure statement that is true and correct in accordance with the Corporations Act 2001 , and

for such internal control as the directors determine is necessary to enable the preparation of:

I. the financial report (other than the consolidated entity disclosure statement) that gives a true and fair view and is free from material misstatement, whether due to fraud or error; and
II. the consolidated entity disclosure statement that is true and correct and is free of misstatement, whether due to fraud or error.

In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.

Auditor's Responsibilities for the Audit of the Financial Report

Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.

A further description of our responsibilities for the audit of the financial report is located at the Auditing and Assurance Standards Board website at: https://www.auasb.gov.au/admin/file/content102/c3/ar2_2020.pdf. This description forms part of our auditor's report.

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REPORT ON THE REMUNERATION REPORT

Opinion on the Remuneration Report

We have audited the Remuneration Report included within the directors' report for the year ended 30 June 2025.

In our opinion, the Remuneration Report of Hawk Resources Limited, for the year ended 30 June 2025, complies with section 300A of the Corporations Act 2001 .

Responsibilities

The directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001 . Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards.

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RSM AUSTRALIA

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Perth, WA Dated: 30 September 2025

MATTHEW BEEVERS Partner

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Hawk Resources Limited (Formerly known as Alderan Resources Limited) Shareholder information 30 June 2025

The shareholder information set out below was applicable as at 17 September 2025.

Distribution of equitable securities

Analysis of number of equitable security holders by size of holding:

1 to 1,000 1,001 to 5,000 5,001 to 10,000 10,001 to 100,000 100,001 and over Holding less than a marketable parcel	Ordinary shares % of total Number shares of holders issued 332 0.06 289 0.28 138 0.41 308 4.35 173 94.90 1,240 100.00 899 1.62	Ordinary shares % of total Number shares of holders issued 332 0.06 289 0.28 138 0.41 308 4.35 173 94.90 1,240 100.00 899 1.62
	1,240	100.00
	899	1.62

Equity security holders

Twenty largest quoted equity security holders

The names of the twenty largest security holders of quoted equity securities are listed below:

Danny Segman and Associates Citicorp Nominees Pty Ltd Deck Chair Holdings Pty Ltd Mr Gavin Jeremy Dunhill Jonathan Rosham Holdrey Pty Ltd (Don Mathieson Family A/C) Kembla No 20 Pty Ltd (CAA AC) Tolga Kumova and Associates Niv Dagan and Associates ITA Nominees Pty Ltd Mr Faris Cassim A&N Mcintosh Holdings Pty Ltd (Tiger Investment A/C) Bond Street Custodians Limited (Falcon - D84460 A/) Macsnr Pty Ltd (DSM A/C) Mr Mark Gerard Hennessy & Ms Susan Marie Geraghty (Hennessy Geraghty Super A/C) Instant Expert Pty Ltd and Associates Mr Bertrand Lalanne Kendali Pty Ltd Wilhenlu Pty Ltd Mathieson Downs Pty Ltd	Ordinary shares % of total shares Number held issued 40,236,035 14.85 15,721,253 5.80 14,219,015 5.25 10,000,000 3.69 9,719,015 3.59 9,200,000 3.40 8,275,000 3.05 6,828,378 2.52 5,568,750 2.06 5,500,000 2.03 5,000,000 1.85 4,900,000 1.81 4,719,758 1.74 4,250,000 1.57 4,112,985 1.52 4,009,805 1.48 4,002,089 1.48 4,000,000 1.48 4,000,000 1.48 4,000,000 1.48 168,262,083 62.13	Ordinary shares % of total shares Number held issued 40,236,035 14.85 15,721,253 5.80 14,219,015 5.25 10,000,000 3.69 9,719,015 3.59 9,200,000 3.40 8,275,000 3.05 6,828,378 2.52 5,568,750 2.06 5,500,000 2.03 5,000,000 1.85 4,900,000 1.81 4,719,758 1.74 4,250,000 1.57 4,112,985 1.52 4,009,805 1.48 4,002,089 1.48 4,000,000 1.48 4,000,000 1.48 4,000,000 1.48 168,262,083 62.13
	168,262,083	62.13

Hawk Resources Limited (Formerly known as Alderan Resources Limited) Shareholder information 30 June 2025

Deck Chair Holdings Pty Ltd Jonathan Rosham ITA Nominees Pty Ltd J P Morgan Nominees Australia Pty Limited Kembla No 20 Pty Ltd (CAA A/C) Merrill Lynch (Australia) Nominees Pty Limited Citicorp Nominees Pty Limited Mr Faris Cassim HSBC Custody Nominees (Australia) Limited Wilhenlu Pty Ltd Kendali Pty Ltd Mathieson Downs Pty Ltd A&N Mcintosh Holdings Pty Ltd (Tiger Investment A/C) Macsnr Pty Ltd (DSM A/C) Mr David Mcglashan Holdrey Pty Ltd (Don Mathieson Family A/C) Macrest Pty Ltd (Mac Super A/C) Danny Segman and Associates Olivers Hill Pty Ltd (Donohue Family A/C) Kolley Pty Ltd (Lucas Family A/C)	Options over ordinary shares % of total options Number held issued 8,743,750 12.33 7,618,750 10.74 4,463,579 6.29 4,000,000 5.64 4,000,000 5.64 4,000,000 5.64 3,192,207 4.50 2,250,000 3.17 2,029,739 2.86 2,000,000 2.82 2,000,000 2.82 2,000,000 2.82 1,950,000 2.75 1,500,000 2.12 1,250,000 1.76 1,250,000 1.76 1,250,000 1.76 1,239,253 1.75 1,000,000 1.41 812,500 1.15 56,549,778 79.73	Options over ordinary shares % of total options Number held issued 8,743,750 12.33 7,618,750 10.74 4,463,579 6.29 4,000,000 5.64 4,000,000 5.64 4,000,000 5.64 3,192,207 4.50 2,250,000 3.17 2,029,739 2.86 2,000,000 2.82 2,000,000 2.82 2,000,000 2.82 1,950,000 2.75 1,500,000 2.12 1,250,000 1.76 1,250,000 1.76 1,250,000 1.76 1,239,253 1.75 1,000,000 1.41 812,500 1.15 56,549,778 79.73
	56,549,778	79.73

Unquoted equity securities

There are no unquoted equity securities.

Substantial holders

Substantial holders in the company are set out below:

	Ordinary	shares
		% of total
		shares
	Number held	issued
Danny Segman and Associates	40,864,004	15.08
Deck Chair Holdings Pty Ltd	14,219,015	5.25

Voting rights

The voting rights attached to ordinary shares are set out below:

Ordinary shares

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.

There are no other classes of equity securities.

AI assistant

HAWK RESOURCES LIMITED. — Annual Report 2025

65081_rns_2025-09-29_f546e5eb-7ffe-406c-9203-8d965fb06dfc.pdf