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2025

ANNUAL REPORT

Year ending 30 June 2025 ASX: LM1 ACN 656 057 215

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Corporate Directory ................................................................................................................................................................ 3 Message from the Chairman ......................................................................................................................................... 4 Review of Operations ............................................................................................................................................................ 5 Directors’ Report ...................................................................................................................................................................... 15 Auditor's Independence Declaration ....................................................................................................................... 31 Consolidated Statement of Profit or Loss and Other Comprehensive Income ........................ 32 Consolidated Statement of Financial Position ................................................................................................. 33 Consolidated Statement of Changes in Equity ............................................................................................... 34 Consolidated Statement of Cash Flows ............................................................................................................... 35 Notes to the Consolidated Financial Statements .......................................................................................... 36 Consolidated Entity Disclosure Statement ........................................................................................................ 56 Directors’ Declaration ......................................................................................................................................................... 57 Independent Auditor’s Report to the Members of Leeuwin Metals Ltd .......................................... 58 ASX additional information ............................................................................................................................................ 63 Mineral Tenements ............................................................................................................................................................... 67

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Leeuwin Metals Ltd

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CORPORATE DIRECTORY

Directors

Christopher Piggott Executive Chairman

Simon Jackson

Non-Executive Director

Scott Williamson

Non-Executive Director

Company Secretary Nicholas Katris

Registered and Principal Office

Suite 2, 68 Hay Street SUBIACO WA 6008

Telephone: + 61 8 6556 6427 Email: [email protected] Website: www.leeuwinmetals.com

Australian Business Number

82 65 6 057 215

Stock Exchange Listing

Australian Securities Exchange (ASX) ASX Code: LM1

Legal Advisers

Allens

Level 11, Mia Belladonna Tower 2 5 Spring Street Perth WA 6000

Bankers

National Australia Bank 239 Murray Street Perth WA 6000

Auditor

William Buck Level 20, 181 William Street MELBOURNE VIC 3000

Share Registry

Automic Registry Services Level 5 191 St Georges Terrace PERTH WA 6000 Telephone: 1300 288 664 (within Australia) or +61 2 9698 5414 (overseas) Facsimile: +61 2 8583 3040

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Leeuwin Metals Ltd

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MESSAGE FROM THE CHAIRMAN

Dear Shareholders,

It is my pleasure to present the Annual Report for Leeuwin Metals Limited for the year ending 30 June 2025. The year has been transformational for the company. During the period the company has managed the difficult market conditions in the battery metals sector and re positioned the company into a high-quality gold asset in Western Australia, with the acquisition of the flagship Marda Gold Project announced in December 2024.

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Since the finalisation of the acquisition, the company completed a well supported capital raise in January and has completed multiple exploration programs with the company to drill at least 10,000m’s this calendar year across multiple targets. The project offers considerable exploration upside with several existing pits present within the project and over 500km2 of tenure. With the exceptional performance of the gold price over the last 12 months it has never been a better time to be exploring for and developing gold projects and Leeuwin is well positioned to benefit from this opportunity.

The work to date on the project by our team has delivered significant exploration results. Some of these include 16m @ 2.0 g/t Au from 134m in hole MGRC006 as well as 23m @ 1.29 g/t Au from 207m in hole MGRC0027. Further exploration has also identified new targets where multiple rock chip samples returned grades of +10g/t. The initial exploration success at Marda demonstrates the opportunity and upside for investors. For the remainder of 2025 the company will continue to advance exploration with the first drill program to commence at Evanston, a prospect in the north, where significant drilling has not occurred in 20 years.

This year has not been without its challenges. The Group reported a consolidated net loss, driven largely by the impairment of exploration and evaluation assets. However, we remain in a strong financial position with a cash balance of over $2 million, providing us with the liquidity to continue advancing our key projects.

Looking ahead, we are committed to unlocking the full potential of our existing projects. We remain focused on creating long-term value for our shareholders by executing our exploration programs efficiently and pursuing strategic growth initiatives.

On behalf of the Board, I would like to extend my gratitude to our dedicated team, partners, and shareholders for their ongoing support and commitment to Leeuwin Metals. Together, we will continue to work towards a successful and prosperous future.

Christipher Piggott

Executive Chairman Leeuwin Metals Ltd

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REVIEW OF OPERATIONS

Marda Gold Project (Western Australia)

The Marda Gold Project in Western Australia is the Company’s flagship gold asset and a cornerstone of its growth strategy. The Project was acquired by Leeuwin in March 2025 (see ASX announcement dated 20 December 2024).

The Marda tenure covers a series of banded iron formation (BIF)-hosted and shear-zone hosted gold systems, which remain open along strike and at depth. Historical production was limited and selectively mined, leaving behind multiple broad zones of gold mineralisation beneath and adjacent to existing pits.

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Figure 1 Marda Gold Project location.

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Asset Overview

The Marda Project is strategically located ~100 km north of Southern Cross, within the Youanmi Terrane of the Yilgarn Craton — a terrane well known for its structurally controlled, BIF- and shear-hosted gold deposits. The Project tenure covers ~510 km² across multiple mining leases and exploration licences, encompassing:

Marda North, Evanston , a 1.6 km trend of high-grade mineralisation mined historically with limited exploration at depth & Die Hardy a large BIF-hosted gold deposit open at depth.
Marda Central , a cluster of historic open pits and BIF-hosted gold lodes with proven continuity, including Python , a large-scale, structurally repeated zone with strong down-dip potential.
Marda South , BIF-hosted gold within the historic Golden Orb pit, mineralisation remains open at depth and along strike.
Marda West , BIF-hosted gold within the historic King Brown pit, mineralisation remains open at depth and along strike, as well as footwall and hanging wall zones under explored.
A pipeline of regional anomalies supported by geochemistry and geophysics, largely untouched by modern exploration.

The district is serviced by sealed roads, nearby grid power, established haulage routes, and existing camp facilities, providing an excellent platform for rapid development. The Project also sits within trucking distance of several operating gold processing facilities, giving flexibility for toll treatment in the near term while larger-scale standalone options are advanced.

Geological Setting

Marda is situated on the northern Youanmi greenstone belt, a classic Archean sequence of mafic to ultramafic volcanic rocks, interbedded with BIF units and intruded by dolerite sills. The region is cut by regional shear zones that acted as conduits for gold-bearing fluids.

Gold mineralisation occurs in several styles:

BIF-hosted mineralisation: stratabound, sulphide-rich zones with strong silicacarbonate alteration, continuous along strike.
Shear-hosted lodes: quartz-carbonate veins and breccias, locally carrying very high grades and visible gold.
Stacked lode systems: multiple mineralised horizons with thicknesses exceeding 20–60m, open at depth and along strike.

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This geological architecture is directly comparable to other high-performing gold belts in the Yilgarn, underpinning confidence in Marda’s district-scale discovery potential.

Exploration Opportunity

Marda is more than a single deposit, it is a goldfield-scale asset with multiple corridors of mineralisation that remain underexplored. Historical mining was shallow, typically less than 70m depth, leaving large, continuous lodes untested at depth. Modern drilling has confirmed the extensions of these systems and highlighted the potential for both bulktonnage BIF-hosted resources and high-grade shear-hosted shoots. Much of the tenure outside of the mine areas remains untested by modern geophysics and geochemistry, creating a pipeline of greenfield targets.

With multiple open mineralised lodes, significant surface anomalies, and infrastructure advantages, Marda offers the Company a clear pathway to:

Rapid Mineral Resource growth through infill and extensional drilling.
High-grade discoveries across underexplored corridors.
Future development optionality , including toll treating or a standalone operation.

Exploration Highlights

During the year, Leeuwin rapidly advanced exploration and project definition at Marda through a multi-pronged approach, combining drilling, 3D modelling, geochemistry, and field mapping. Work programs confirmed both the continuity of known mineralisation and the discovery of new high-grade trends, establishing a strong platform for the maiden Mineral Resource Estimate (MRE), scheduled for the December 2025 quarter.

Highlights include:

Acquisition of 100% of the Marda Gold Project from Ramelius Resources (completed March 2025).
Over 5,000m of RC drilling at Marda Central and Python, delivering broad, highgrade intercepts.
Review of historic drilling data and new 3D geological models , confirming largescale open mineralised systems.
Rock-chip assays up to 209 g/t Au , defining 11 new high-grade trends at Marda Central (subsequent to FY25).
Commencement of 5,000m RC drilling at Evanston, in September 2025, the first significant drilling on the project in over two decades (subsequent to FY25).

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Result Highlights at Marda

RC drilling at Marda Central

Leeuwin’s maiden RC program beneath existing pits returned multiple thick, shallow intercepts (see ASX announcement dated 14 May 2025 and 29 July 2025):

16 m @ 2.0 g/t Au from 134 m & 8 m @ 3.04 g/t Au from 215 m (MGRC0006)
22 m @ 1.25 g/t Au from 123 m, incl. 3 m @ 6.3 g/t Au from 123 m (MGRC0004)
21 m @ 1.09 g/t Au from 98 m & 9 m @ 2.46 g/t Au from 190 m (MGRC0005)
23 m @ 1.29 g/t Au from 207 m, incl. 10 m @ 2.3 g/t Au, plus 16 m @ 0.78 g/t Au from 244 m (MGRC0027)
9 m @ 1.15 g/t Au from 193 m (MGRC0023)
4 m @ 1.76 g/t Au from 249 m (MGRC0026)

These results confirmed extensions beneath the pit shells and highlighted high-grade shoots open along strike.

These intercepts extend mineralisation below the existing pits and demonstrate lateral and vertical continuity across a 200m x 200m zone. Importantly, results at Python confirm stacked lodes within banded iron formations (BIFs) with strong sulphide alteration, analogous to other large Yilgarn gold systems.

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Figure 2 Marda Central, Python Pit – cross section +/-10m thickness showing key intercepts from Leeuwin’s recent drill program. Historical drilling was previously reported in the Company’s ASX release dated 8 April 2025.

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Historic dataset review & 3D modelling

Following completion of the acquisition, Leeuwin re-evaluated the extensive historic dataset and completed new 3D models (see ASX announcement dated 7 May 2025). This work identified broad, higher-grade mineralisation remaining unmined:

Significant historical intercepts include:

48 m @ 1.95 g/t Au from 94 m (MRC346)
36 m @ 1.83 g/t Au from 92 m (ME009)
20 m @ 3.14 g/t Au from 75 m (DURC016)
46 m @ 2.20 g/t Au from 69 m (MRC232)
22 m @ 3.27 g/t Au from 98 m (PYRC040)

These results demonstrate both bulk-tonnage and high-grade shoot potential, including near-surface hits that underscoring the untapped potential of the Marda district.

Evanston priority corridor

A detailed review of the Evanston trend confirmed a 1.6 km corridor of shallow, highgrade mineralisation (see ASX announcement dated 7 May 2025). Historic drilling and rock-chip sampling demonstrated outstanding near-surface grades, including:

3.6 m @ 16.4 g/t Au from 1 m (EDM003)
13 m @ 4.38 g/t Au from 4 m (PRC015)
5.3 m @ 7.5 g/t Au from 9.7 m (EDM005)
8 m @ 3.32 g/t Au from 28 m (BPRC001)

This corridor remains virtually untested by modern exploration

Rock-chip checks of pit walls returned 28.6 g/t, 15.9 g/t, 8.88 g/t and 5.56 g/t Au , confirming the persistence of high-grade mineralisation at surface.

Evanston RC drilling

In September 2025., Leeuwin commenced a ~5,000 m RC program at Evanston (see ASX announcement dated 10 September 2025). This program represents the first significant drilling along the corridor in 20 years and is supported by a drill-for-equity arrangement with Raglan Drilling. Targets include shallow extensions of high-grade shoots beneath historic pits.

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Figure 3 High-grade extensions to the Evanston mine trend with assays up to 44.1 g/t Au. Mapping confirmed a 1.2 km southern strike extension with numerous historical workings (see ASX announcement dated 25 August 2025).

Surface geochemistry

Rock-chip sampling at Marda Central defined 11 high-grade structural trends in orientations previously untested by explorers. (see ASX announcement dated 25 August 2025). Best assays included:

209 g/t Au (MRRK00054)
62.4 g/t Au (MRRK00068)
49.2 g/t Au (MRRK00062)
40.6 g/t Au (MRRK00151)
24.7 g/t Au (MRRK00034)

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These results highlight an entirely new style of orogenic quartz vein mineralisation outside previously mined BIF-hosted pits. Follow-up mapping and systematic aircore drilling are planned for Q4 2025.

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Figure 4 High-grade rock chip samples at Marda Central showing exceptional assays up to 209 g/t Au. The north–north-west striking trends remain underexplored, with only limited shallow RAB drilling completed and little modern systematic exploration (see ASX announcement dated 25 August 2025).

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West Pilbara Iron Ore Project (Western Australia)

Overview

The West Pilbara Iron Ore Project lies within the Robe River Valley, adjacent to Rio Tinto’s Mesa A and Robe Mesa deposits. Leeuwin’s tenement hosts channel iron deposit (CID) mineralisation across a 1.7 km strike, within Tertiary palaeochannels infilled with hematite-goethite rich detritus.

Infrastructure advantages include proximity to major Pilbara haul roads and port facilities.

Strong first-pass results

Initial rock-chip sampling outlined >50% Fe along ~1.7 km of strike, with low impurities and strong calcined iron (CaFe) values — establishing a compelling Channel Iron Deposit (CID) target in a Tier-1 infrastructure corridor.

Footprint expanded

Follow-up sampling announced on 19 November 2024 increased the mineralised trend to ~2.4 km, with notable assays up to 54.66% Fe (e.g., 54.19%, 53.05%, 52.14%, 51.66%, 50.41% Fe) and proximity just ~13 km north of Rio Tinto’s Mesa A mine.

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Figure 5 West Pilbara Project and peer map showing proximity to significant CID resources* regionally .

Mineral Resources Ltd, ASX announcement, 22 September 2023 “Minerals Resources and Ore Reserves Update”
CZR Resources, ASX announcement, 10 October 2023, “Outstanding Financial Returns from Robe Mesa DFS”
Rio Tinto Iron Ore, Robe Valley; Proven and Probable Reserves, 31 December 2020.

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William Lake Nickel Project (Manitoba, Canada)

William Lake is located in the prolific Thompson Nickel Belt, a globally recognised nickel province that hosts multiple operating mines. The project is prospective for high-grade nickel sulphide mineralisation with associated copper and PGE credits, hosted within komatiitic ultramafics.

Exploration Status

No significant expenditure was incurred during year and holding costs are not material to Leeuwin. The Company continues to assess market conditions for nickel and PGEs in determining next steps for the project.

Cross Lake Lithium Project (Manitoba, Canada)

Cross Lake is prospective for LCT-type pegmatites within the Cross Lake greenstone belt. Historical drilling intersected spodumene-bearing pegmatites grading above 1% Li₂O, confirming the fertility of the system.

Exploration Status

No field activities were undertaken at Cross Lake during FY25. Holding costs are not material to Leeuwin, and the Company continues to monitor lithium market conditions in determining the timing of further work on the project.

Health & Safety

Leeuwin is committed to the health and safety of all our employees and contractors across all our projects in Australia and Canada.

Safety Management Systems and effective communication protocols among Leeuwin staff, contractors, and consultants are essential in ensuring that all personnel return home safely at the end of each job. We are pleased to report that there were no incidents during the period, and all contractors and employees remained injury-free and safe throughout their rosters.

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COMPLIANCE STATEMENTS AND DISCLAIMERS

Disclaimer

This report has been prepared by Leeuwin Metals Ltd based on information from its own and third-party sources and is not a disclosure document. No party other than the Company has authorised or caused the issue, lodgement, submission, despatch or provision of this report, or takes any responsibility for, or makes or purports to make any statements, representations or undertakings in this report. Except for any liability that cannot be excluded by law, the Company and its related bodies corporate, directors, employees, servants, advisers and agents disclaim and accept no responsibility or liability for any expenses, losses, damages or costs incurred by you relating in any way to this report including, without limitation, the information contained in or provided in connection with it, any errors or omissions from it however caused, lack of accuracy, completeness, currency or reliability or you or any other person placing any reliance on this report, its accuracy, completeness, currency or reliability. This report is not a prospectus, disclosure document or other offering document under Australian law or under any other law. It is provided for information purposes and is not an invitation nor offer of shares or recommendation for subscription, purchase or sale in any jurisdiction. This report does not purport to contain all the information that a prospective investor may require in connection with any potential investment in the Company. Each recipient must make its own independent assessment of the

Competent Person Statement

The information in this report that relates to exploration results is based on and fairly represents information compiled by Mr Christopher Piggott, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy and the Managing Director of the Company. Mr Piggott has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Piggott consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

No new information

This annual report contains references to prior Exploration Results, all of which have been cross-referenced to previous market announcements made by the Company. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements.

Forward Looking Statements

Various statements in this report constitute statements relating to intentions, future acts, and events. Such statements are generally classified as "forward looking statements" and involve known and unknown risks, uncertainties and other important factors that could cause those future acts, events, and circumstances to differ materially from what is presented or implicitly portrayed herein. The Company gives no assurances that the anticipated results, performance, or achievements expressed or implied in these forward-looking statements will be achieved.

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DIRECTORS’ REPORT

The directors present their report on the consolidated financial statements of Leeuwin Metals Ltd (Leeuwin or Company) and the entities it controlled (Group) at the end of, or during, the year ended 30 June 2025.

Information on directors

The names and details of the Group’s directors in office during the financial year and until the date of this report (unless otherwise stated) are as follows:

Name:	Simon Jackson
Title:	Non-Executive Director
Qualifications:	BCom FCA
Appointment date	1 June 2022
Length of service:	3 years 1 month
Experience and expertise:	Mr. Jackson is a Chartered Accountant with over 26 years’
	experience in management of resource companies,
	particularly in Africa. Mr. Jackson was a senior member of
	the management team of TSX listed Red Back Mining Inc., a
	company that financed, developed and operated two gold
	mines in West Africa culminating in a takeover by Kinross
	Gold Corp in 2010 for US$7.2b.

He was then founding President & CEO and later Chairman of TSXV listed Orca Gold Inc, a company which discovered the Block 14 gold project in Sudan. Orca was purchased by Perseus in 2022. Mr. Jackson is currently Non-executive Director of Sarama Resources, Predictive Discovery and Resolute Mining. In addition, Mr. Jackson has previously been a director of multiple ASX and TSX listed companies including Cardinal Resources Limited.

Other current listed directorships: Resolute Mining Limited (Appointed Oct 2021); Sarama Resources Limited (Appointed Mar 2011); and Predictive Discovery (Appointed Oct 2021).

Former listed directorships (last 3 None years):

Interests in shares: 2,088,435 Interests in options: 2,000,000 Interests in performance rights: 350,000

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Christopher Piggott

Name: Christopher Piggott Title: Executive Chairman Qualifications: BSc Geology, MAIG, BCom (Finance) Appointment date 14 December 2021 Length of service: 3 years 6 months Experience and expertise: Mr. Piggott is an experienced geologist with a proven track record of mineral discoveries and corporate growth with more than 15 years’ experience across both public and private resource sectors.

Mr Piggott is a geologist with experience across gold, base metals and iron ore. His most recent roles included Senior Geologist at ASX listed Bellevue Gold where he was a contributor to the discoveries Tribune, Viago and Deacon, he was part of the team that defined over 3 million ounces of gold.

He was also a part of the team that defined the NovaBollinger deposit 14.6mt @ 2.5% Ni, 0.9% Cu and 0.08% Co, this is now owned and operated by Independence Group. The project was a greenfield discovery in a new and remote geological terrain in Western Australia.

Chris has a well-rounded set of experience across the various life stages of a project, covering greenfield i fi i

Other current listed directorships: None Former listed directorships (last 3 None years):

Interests in shares: 9,250,000 Interests in options: 10,000,000 Interests in performance rights: 3,000,000

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Name:	Scott Williamson
Title:	Non-Executive Director
Qualifications:	BEng (Mining) BCom, MAusIMM
Appointment date	1 June 2022
Length of service:	3 years 1 month
Experience and expertise:	Mr. Williamson is an experienced mining engineer with a
	Bachelor of Commerce degree from the West Australian
	School of Mines and Curtin University, with more than 20
	years’ experience in technical and corporate roles in the
	mining and finance sectors.

Prior to this, Mr. Williamson served as Investor Relations Manager at Resolute Mining Limited, Resources Analyst at Hartleys Research, responsible for the analysis and valuation of mining equities and was also a Senior Analyst.

Other current listed directorships: Blackstone Minerals Limited (Appointed Nov 2017)

Corazon Mining Limited (Appointed 31 March 2025)

Other current listed directorships:	Blackston Corazon M
Former listed directorships (last 3	None
years):
Interests in shares:	1,704,082
Interests in options:	2,000,000
Interests in performance rights:	350,000

Company secretary

Nicholas Katris (B, Bus, CA) has held the role of Company Secretary since December 2021. Mr. Katris is a Chartered Accountant with over 15 years of experience in the resources sector, operating in Australia, Brazil, Canada, Europe and Africa.

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
Simon Jackson	5	5
Scott Williamson	5	5
Christopher Piggott	5	5

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

Given the size of the Board the Company has decided that there are no efficiencies to be gained from forming separate committees.

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Principal activities

The principal activity of the Group is to acquire, explore and develop mineral projects, in Australia and Canada.

Operating and Financial Review

The information reported in this operating and financial review should be read in conjunction with the review of operations on pages 5 to 13.

OPERATIONS

Marda Gold Project

In March 2025, the Company completed the acquisition of the Marda Gold Project from Ramelius Resources Limited (ASX:RMS). The 510 km² goldfield hosts multiple banded iron formation (BIF)and shear-hosted systems, with historic production leaving significant mineralisation unmined at shallow depths.

RC drilling programs in 2025 at Marda Central, returned strong gold intercepts, including thick zones of bulk-tonnage BIF-hosted mineralisation and high-grade shoots.
Rock-chip sampling delivered assays up to 209 g/t Au, defining 11 new high-grade trends.
A ~5,000 m RC program commenced at Evanston in September 2025, the first significant drilling in two decades.

West Pilbara Iron Ore Project

In Western Australia, Leeuwin advanced its West Pilbara Iron Ore Project, located adjacent to Rio Tinto’s Mesa A and Robe Mesa deposits. Sampling confirmed a Channel Iron Deposit (CID) system with assays exceeding 50% Fe along ~2.4 km of strike. Strong calcined iron values and low impurities, combined with proximity to Pilbara haul roads and port facilities, underscore the Project’s potential to provide a low-capex entry into iron ore production in a Tier-1 infrastructure corridor.

CORPORATE

Operating results

The Group’s consolidated net loss for the year ended 30 June 2025 after providing for income tax amounted to $1,122,238 (FY24: $6,117,406). A detailed review of the Group’s financial position and material business risks is provided within the Directors’ Report.

Review of financial position

As at 30 June 2025, the Group held net assets of $5,979,252 (FY24: $3,293,819), including cash and cash equivalents of $2,858,073 (FY24: $2,041,456)

At year end, the Group remained well financed to advance its exploration strategy.

The Directors’ view is that the Company and the Group are operating as a going concern.

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Capital Raising

In January 2025, the Company completed a two-tranche placement to institutional and sophisticated investors, raising A$3.25 million at A$0.098 per share. Tranche 1 comprised 15,839,585 shares issued under Listing Rules 7.1 and 7.1A to raise approximately A$1.55 million, and Tranche 2 comprised 17,323,680 shares to raise approximately A$1.7 million following shareholder approval in March 2025. Board and management committed approximately $250,000 to the raise.

Board changes

On 27 September 2024, Mr Simon Jackson transitioned from Executive Chairman to Non-Executive Director. On the same date, Mr Christopher Piggott was appointed Executive Chairman.

Looking Ahead

Leeuwin Metals is committed to continuing the exploration of its core Western Australian assets while actively seeking opportunities across to unlock further value for shareholders through exploration, acquisition, and potential divestment strategies.

Material Business Risks

The following describes the material business risks that could affect the Group, including any material exposure to economic, environmental and social sustainability risks, and how the Group seeks to manage them.

Future Capital Requirements and Market Risks

As an exploration entity, the Group is not generating net cash flow, meaning it is reliant on raising funds from investors or lenders in order to continue to fund its operations and to scale growth. The Group will require further funding in the future.

The Group is exposed to external market forces that impact on specific commodity prices and overarching market sentiment that may restrict the Group’s access to new flows of capital if the Group’s project pipeline is not ascribed value in the market at any given time. The Group manages this risk by ensuring a constant focus on the Group’s current financial position and forecast working capital requirements. Discretionary exploration activities are focused on commodities and in jurisdictions that will ensure access to higher levels of capital in times of broader market depression.

Any additional equity financing may be dilutive to Shareholders, may be undertaken at lower prices than the current market price or may involve restrictive covenants which limit the Group's operations and business strategy. Debt financing (while not currently a focus), if available, may involve restrictions on financing and operating activities.

Although the Group believes 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 Group or at all. If the Group is unable to obtain additional financing as needed, the Group may be required to reduce the scope of its activities, which could have a material adverse effect on the Group's activities and could affect the Group's ability to continue as a going concern.

Tenure, Access & Grant of Licences / Permits

The Group’s operations are subject to receiving and maintaining licences and permits from appropriate governmental authorities. There is no assurance that delays will not occur in connection with obtaining all necessary grants or renewals of licences / permits for the proposed operations, additional licences / permits for any possible future changes to operations, or additional permits associated with new legislation.

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Prior to any development on any of its properties, subsidiaries of the Group must receive licences / permits from appropriate governmental authorities. There is no certainty that the Group will hold all licences / permits necessary to develop or continue operating at any particular property.

Land Access Risk

Land access is critical for exploration and exploitation to succeed. It requires both access to the mineral rights and access to the surface rights.

Minerals rights may be negotiated and acquired. In all cases, the acquisition of prospective exploration and mining licences is a competitive business in which proprietary knowledge or information is critical, and the ability to negotiate satisfactory commercial arrangements with other parties is often essential. The Group may not be successful in acquiring or obtaining the necessary licences to conduct exploration or evaluation activities outside of the mineral tenements that it owns or seeks to acquire.

Access to land for exploration and evaluation purposes can be obtained by:

(i) private access and compensation agreement with the landowner;
(ii) purchase of surface rights; or
(iii) through judicial rulings.

However, access rights to licences can be affected by many factors, including:

(i) surface title land ownership negotiations, which are required before ground disturbing exploration activities can commence within the jurisdictions in which the Group operates;
(ii) permitting for exploration activities, which are required in order to undertake most exploration and exploitation activities within the jurisdictions in which the Group operates; and
(iii) natural occurrences, including inclement weather, volcanic eruptions, lahars and earthquakes.

All of these issues have the potential to delay, curtail and preclude the Group's operations. While the Group will have the potential to influence some of these access issues and retains staff to manage those instances where negotiations are required to gain access, it is not possible for the Group to predict the extent to which the above-mentioned risks and uncertainties may adversely impact the Group's operations.

First Nations

In relation to the Group’s Projects in Canada, there may be areas over which First Nations land claims exist at present or in the future. The impact of any such claim on the Group’s Canadian Projects cannot be foreseen with any degree of certainty and no assurance can be given that a broad recognition of First Nations rights in the areas in which the Canadian Projects are located would not have an adverse effect on the Group’s activities. Even in the absence of such recognition, the Group may at some point be required to negotiate with and seek the approval of holders of First Nations interests in order to facilitate exploration and development work on the Group’s mineral properties. It cannot be assured that the Group will be able to establish practical working relationships with the First Nations in the area which would allow it to ultimately develop the Group’s Canadian Projects.

Access to Sufficient Used and New Equipment

The Group is dependent on access to used and new mining equipment. In the event that the Group has difficulty in securing adequate supplies of mining equipment at appropriate prices, or if the quality of the equipment is not acceptable or suitable, its ability to perform or commence new projects may be adversely affected. This difficulty may have an adverse impact on the financial performance and financial position of the Group.

Data Management

The risk of retaining or managing the Group’s corporate data in a way that is inconsistent with the Group’s regulatory obligations. This is considered to be a growing risk as the Group and related data volumes grow

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and cyber-security threats become more sophisticated. Failure to properly manage the Group’s corporate data could result in significant financial and regulatory implications.

The Group has implemented a number of Group-wide controls to manage this risk, including the continuous review and updating of security controls on the Group’s network based on known security threats and the latest intelligence.

Regulatory Environment

The risk of failing to adapt and adhere to rapidly evolving regulatory environments in Australia and abroad. This can result in the increased complexity and cost of doing business and the risk of forfeiture of exploration and mining claims from the failure of complying with these complex regulatory environments. The Group’s exposure to this risk has now broadened with the recent extension of exploration activities into Canada where government and regulatory environments are less familiar.

In Australia, significant compliance risk may arise from emerging changes to regulatory frameworks, including the Work Health and Safety (Mines) Regulations 2022.

The Group’s risk management strategy is designed to monitor and limit the adverse consequences of existing and new regulations in a way that is efficient and minimizes compliance costs.

People Capability

The risk that the Group fails to attract and retain the talent and leadership required to execute the Group’s strategies and objectives, including the technical expertise to explore for and discover economic mineral deposits, and the corporate talent to achieve value for shareholders via corporate activities, including project acquisitions, project divestments and joint venture activities.

The intention of the Group’s remuneration framework is to ensure remuneration and reward structures are aligned with shareholders’ interests by being market competitive to attract and retain high calibre individuals, rewarding superior individual performance, recognising the contribution of each executive to the continued growth and success of the Group, and linking long-term incentives to shareholder value.

General Economic Climate

Factors such as inflation, currency fluctuations, interest rates, legislative changes, political decisions and industrial disruption have an impact on operating costs. The Group’s future income, asset values and share price can be affected by these factors.

Climate Change

There are a number of climate-related factors that may affect the Group's business. Climate change or prolonged periods of adverse weather and climatic conditions (including rising sea levels, floods, hail, drought, water scarcity, temperature extremes, frosts, earthquakes and pestilences) may have an adverse effect on the ability of the Group to access and utilise its tenements and therefore the Group's ability to carry out operations.

Changes in policy, technological innovation, and consumer or investor preferences could adversely impact the Group's business strategy, particularly in the event of a transition (which may occur in unpredictable ways) to a lower-carbon economy.

Environmental, Social and Governance

The Group is committed to protecting and respecting the environment and local communities within which it operates and looks forward to enhancing its positive impact in these areas.

As the Group advances its strategies, it will be sharing its ESG efforts and impact regularly, in line with its annual reporting cycle.

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Dividends

No dividends were paid or declared during the period.

Shares under option

Unissued ordinary shares of the Company under option at the date of this report are as follows:

Grant date	Expiry date	Exercise price	No. of options
12 May2022	12 May2028	$0.30	23,500,000
01 June 2022	01 June 2027	$0.50	2,500,000
29 March 2023	29 March 2026	$0.30	3,000,000
17 March 2025	21 March 2028	$0.1715	3,250,000
		Total	32,250,000

No person entitled to exercise the options had or has any right by virtue of the option to participate in any share issue of the Company or of any other body corporate.

Share options exercised

No unquoted share options vested or were exercised during the year ended 30 June 2025 and up until the date of this report.

Shares under performance rights

Unissued ordinary shares of the Company under Performance Rights at the date of this report are as follows:

Grant date	Expiry date	No. of performance rights
17 March 2025	12 May2028	3,700,000
25 March 2025	27 March 2030	3,000,000
		6,700,000

Shares issued on the exercise of performance rights

There were no ordinary shares of the Company issued on the exercise of performance rights during the year ended 30 June 2025 and up to the date of this report.

Matters subsequent to the end of the financial year

No matters or circumstance has arisen since 30 June 2025 that has significantly affected, or may significantly affect the Group's operations, the results of those operations, or the Group's state of affairs in future financial years.

Likely developments and expected results of operations

The Group is committed to:

exploration of the Group’s key assets in the in Western Australia
exploration of the Group’s assets in Manitoba, Canada; and
implementing a strategy to seek out further exploration, acquisition and joint venture opportunities.

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Environmental regulation

The Group is subject to environmental regulation in relation to its exploration activities. It aims to ensure that the highest standard of environmental care is achieved, and that it complies with all relevant environmental legislation. The Directors are not aware of any breaches during the period covered by this report.

Indemnity and insurance of officers

Leeuwin Metals Ltd has indemnified the Directors and executives of the Company for costs incurred, in their capacity as a director or executive, for which they may be held personally liable, except where there is a lack of good faith.

During the financial period, Leeuwin Metals Ltd paid a premium in respect of a contract to insure the Directors and executives of the Company 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 Company has not, during or since the end of the financial period, indemnified or agreed to indemnify the auditor of the Company or any related entity against a liability incurred by the auditor. During the financial period, the company has not paid a premium in respect of a contract to insure the auditor of the company or any related entity.

Significant changes in the state of affairs

Other than those items outlined in the Review of Operations, there were no other significant changes in the Group’s state of affairs.

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.

Corporate governance

The Directors of Leeuwin are responsible for the corporate governance of the Company and have applied ASX Corporate Governance Principles in a manner that is appropriate to the Company’s circumstances. The Company’s corporate governance statement is available on the Company’s website at https://www.leeuwinmetals.com/corporate-governance.

Non-audit services

There were no fees for non-audit services paid or payable to the external auditors of the Company, their related practices or non-related audit firms during the year ended 30 June 2025.

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REMUNERATION REPORT (audited)

Remuneration Report Overview

The remuneration report details the key management personnel remuneration arrangements for the Group, 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 key management personnel of the Group consisted of the following directors:

Non-Executive Directors
Simon Jackson1	Non-Executive Director
Scott Williamson	Non-Executive Director
Executive Director
Christopher Piggott1	Executive Chairman

1On 27 September 2024, Mr Simon Jackson transitioned from Executive Chairman to Non-Executive Director. On the same date, Mr Christopher Piggott was appointed Executive Chairman.

There have been no changes to key management personnel since the end of the reporting period.

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 disclosures relating to key management personnel

Principles used to determine the nature and amount of remuneration

The objective of the Group'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 has structured an executive remuneration framework that is market competitive and complementary to the reward strategy of the Group.

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:

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focusing on sustained growth in shareholder wealth, raising capital for current and additional projects and delivering constant or increasing return on assets as well as focusing the executive on key non-financial drivers of value
attracting and retaining high calibre executives

Additionally, the reward framework should seek to enhance executives' interests by:

rewarding capability and experience
reflecting competitive reward for contribution to growth in shareholder wealth
•
providing a clear structure for earning rewards

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

Non-executive directors’ remuneration

Fees and payments to non-executive Directors reflect the demands and responsibilities of their role. Non-executive Directors' fees and payments are reviewed annually.

ASX listing rules require the aggregate non-executive directors' remuneration be determined periodically by a general meeting. The maximum annual aggregate remuneration was set at $500,000 by the Board. Any variations in future periods will require shareholder approval.

	2025 Fees Per Director
Director Fees	Exclusive of Superannuation
	$ Per Annum
Non-Executive Directors	50,000

Non-Executive Directors are also entitled to be paid reasonable travelling, accommodation and other expenses incurred in performing their duties as directors.

All Non-Executive Directors enter into a service agreement with the Company in the form of a letter of appointment. The letter summaries the board policies and terms, including remuneration, relevant to the office of director.

Non-Executive Directors are not provided with retirement benefits other than statutory superannuation.

Executive remuneration

The Group 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 four components:

base pay and non-monetary benefits
short-term performance incentives
share-based payments
other remuneration such as superannuation and long service leave

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

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Fixed remuneration, consisting of base salary, superannuation and non-monetary benefits, are reviewed annually by the Board based on individual and business performance, the overall performance of the Group and comparable market remunerations.

Executives may receive their fixed remuneration in the form of cash or other fringe benefits (for example motor vehicle benefits) where it does not create any additional costs to the Group and provides additional value to the executive.

The long-term incentives ('LTI') include long service leave and share-based payments. Performance rights are awarded to executives to encourage sustained performance in the realisation of strategic outcomes and growth in shareholder value. Performance rights issued as remuneration are granted for no consideration and do not carry voting rights or dividend entitlements.

Remuneration Mix

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

	Fixed remuneration	Fixed remuneration	At risk - STI	At risk - STI	At risk - LTI	At risk - LTI
Directors:	2025	2024	2025	2024	2025	2024
Simon Jackson	97%	100%	-	-	3%	-
Scott Williamson	97%	100%	-	-	3%	-
Christopher Piggott	83%	100%	-	-	17%	-

Overview of Company Performance

The Board considers that the most effective way to increase shareholder wealth is through the successful exploration and development of the Company’s exploration projects. The Board considers that the director and employee options incentivise key management personnel to successfully explore the Company’s projects by providing rewards that are directly correlated to delivering value to shareholders through share price appreciation.

The factors that are considered relevant to affect total shareholder returns as required to be disclosed by the Corporations Act 2001 are summarised in the following table. The table excludes return on capital employed as a relevant measure given the exploration basis of activity and operations of the Company.

	2025	2024	2023
Net loss after tax	$1,122,238	$6,117,406	$922,397
Share price at 30 June	$0.12	$0.052	$0.40

The Company also notes that as an exploration and development company, operating revenue and profits are not KPIs in reviewing key management personnel STIs or LTIs. When establishing guidelines for any STIs, the Company looks to other measures such as enhancement of share price and capital raising opportunities (as relevant), achievement of exploration milestones, conducting operations in line with Company values and maximising value of the Company’s exploration projects.

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Use of remuneration consultants

The Board did not engage a remuneration consultant to make any recommendations in relation to its remuneration policies for any of the key management personnel for the Company during the period. However, the board did benchmark key management personnel and board remuneration against independently prepared remuneration reports during the period.

Voting and comments made at the Company’s 2024 Annual General Meeting

At the 26 November 2024 AGM, 99.95% of the valid votes received supported the adoption of the remuneration report for the year ended 30 June 2024. The Company did not receive any specific feedback at the AGM regarding its remuneration practices.

Statutory Remuneration Disclosures

Amounts of remuneration

Details of the remuneration of key management personnel of the Group are set out in the following tables:

	Short-term benefits Post- employment benefits Share- based payments1
	Cash salary and fees Cash bonus Leave movement Super- annuation Equity- settled Total
2025	$ $ $ $ $ $
Non-Executive Directors:
Simon Jackson	52,500 - - 6,038 2,002 60,540
Scott Williamson	50,000 - - 5,750 2,002 57,752
Executive Director:
Christopher Piggott	200,000 - 10,292 23,000 46,916 280,208
Total	302,500 - 10,292 34,788 50,920 398,500
2024
Non-Executive Directors:
Simon Jackson	60,000 - - 6,600 - 66,600
Scott Williamson	50,000 - - 5,500 - 55,500
Executive Director:
Christopher Piggott	200,000 - 17,096 22,000 - 239,096
Total	310,000 - 17,096 34,100 - 361,196

1) The share-based payments reflects the portion of the fair value of Performance Rights recognised as an

expense under AASB 2 during FY25 which will be amortised over the vesting periods of the respective class.

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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: Christopher Piggott Title: Managing Director Agreement commenced: 1 April 2023 Term of agreement: The employment agreement may be terminated by either Mr Piggott or the Company by providing three months' notice in writing. Details: Base fee: $200,000 (plus superannuation) Termination benefit Not less than 3 months’ base salary.

Loans to director related parties

There were no loans to Directors of the Company, including their personally related parties, as at 30 June 2025 (2024: None).

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.

Options

There were no options issued to directors and other key management personnel as part of compensation during the year ended 30 June 2025.

Performance rights

There were 3,700,000 performance rights issued to directors as part of compensation during the year ended 30 June 2025.

		No.	Fair value
			per Right Total Fair
Name Grant Date	Class	Granted Vesting Condition	($) Value($)
Christopher Piggott17-Mar-25 17-Mar-25 17-Mar-25 17-Mar-25 17-Mar-25 Total Simon Jackson 17-Mar-25 17-Mar-25 Total Scott Williamson 17-Mar-25 17-Mar-25 Total	A B C D E C D C D	450,000 200koz JORC Inferred Resource 450,000 400koz JORC Inferred Resource 450,000 Market cap ≥ $20m (5 day VWAP) 450,000 Market cap ≥ $30m (5 day VWAP) 1,200,000 24 months continuous service 3,000,000 175,000 Market cap ≥ $20m (5 day VWAP) 175,000 Market cap ≥ $30m (5 day VWAP) 350,000 175,000 Market cap ≥ $20m (5 day VWAP) 175,000 Market cap ≥ $30m (5 day VWAP) 350,000	0.105 47,250 0.105 47,250 0.102 45,900 0.098 44,100 0.105 126,000 310,500 0.102 17,850 0.098 17,150 35,000 0.102 17,850 0.098 17,150 35,000

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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 Group, including their personally related parties, is set out as follows:

	Balance at the	Additions
	start of the	during the	Disposals/	Balance at the
Directors	year	period	other	end of the year
Simon Jackson	1,833,333	255,102	-	2,088,435
Scott Williamson	1,500,000	204,082	-	1,704,082
Christopher Piggott	8,550,000	700,000	-	9,250,000
Total	11,883,333	1,159,184	-	13,042,517

Option holding

The number of options over ordinary shares in the Company held during the financial year by each director of the Group, including their personally related parties, is set out below:

	Balance at the
	start of the			Balance at the
Directors	year	Granted	Exercised	end of the year
Simon Jackson	2,000,000	-	-	2,000,000
Scott Williamson	2,000,000	-	-	2,000,000
Christopher Piggott	10,000,000	-	-	10,000,000
Total	14,000,000	-	-	14,000,000

Performance Rights

The number of performance rights over ordinary shares in the Company held during the financial year by each director of the Group, including their personally related parties, is set out below:

	Balance at the
	start of the			Balance at the
Directors	year	Granted	Exercised	end of the year
Simon Jackson	-	350,000	-	350,000
Scott Williamson	-	350,000	-	350,000
Christopher Piggott	-	3,000,000	-	3,000,000
Total	-	3,700,000	-	3,700,000

This concludes the remuneration report, which has been audited.

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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

William Buck Audit (VIC) Pty Limited continues in office in accordance with section 327 of the Corporations Act 2001 .

Signed in accordance with a resolution of the Board of Directors.

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Christopher Piggott Executive Chairman

26 September 2025

Perth

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AUDITOR'S INDEPENDENCE DECLARATION

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Lead Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001

To the directors of Leeuwin Metals Limited

As lead auditor for the audit of Leeuwin Metals 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 the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and
no contraventions of any applicable code of professional conduct in relation to the audit.

This declaration is in respect of Leeuwin Metals Limited and the entities it controlled during the year.

William Buck Audit (Vic) Pty Ltd ABN 59 116 151 136

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A. A. Finnis Director

Melbourne, 26 September 2025

Level 20, 181 William Street, Melbourne VIC 3000

+61 3 9824 8555

[email protected] williambuck.com.au

William Buck is an association of firms, each trading under the name of William Buck across Australia and New Zealand with affiliated offices worldwide. Liability limited by a scheme approved under Professional Standards Legislation.

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CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the year ended 30 June 2025

Notes	2025	2024
	$	$
Other income
Interest income	77,070	116,349
Government grants	-	450,501

Expenses
Accounting, audit and taxation services	(75,159)	(62,896)
Consultants and contractors	(287,835)	(95,772)
Corporate and administrative	(162,426)	(153,263)
Depreciation	(24,517)	(20,559)
Employee benefits	(390,981)	(418,533)
Exploration and evaluation expenditure	(67,170)	(174,428)
Impairment of exploration and evaluation asset	-	(5,668,928)
Foreign exchange gains	41	17,525
Listing and compliance	(49,011)	(70,628)
Office rental & outgoings	(23,193)	(31,710)
Share-based payments 5	(100,955)	59,104
Travel and accommodation	(18,102)	(64,168)
Loss before income tax expense	(1,122,238)	(6,117,406)
Income tax expense 6	-	-
Loss after income tax expense for the year	(1,122,238)	(6,117,406)

Other comprehensive(loss)/income for the
Items that may be reclassified to profit or loss
Foreign currencytranslation of foreign	17,499	(247,804)
Other comprehensive (loss)/income for the year, net of tax	17,499	(247,804)
Total comprehensive loss for the year	(1,104,739)	(6,365,210)

Loss per share attributable to owners of Leeuwin Metals Ltd:
Basic and diluted loss per share (cents per 7	(1.48)	(9.66)

The above should be read in conjunction with the accompanying notes.

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 30 June 2025

Notes	2025	2024
	$	$
Assets
Current assets
Cash and cash equivalents 8	2,858,073	2,041,456
Trade and other receivables	64,461	14,698
Security deposits	26,867	-
Other assets	30,719	31,147
Total current assets	2,980,120	2,087,301
Non-current assets
Exploration and evaluation assets 10	4,933,427	1,372,981
Property, plant, & equipment 11	155,570	96,416
Right-of-use asset	32,508	-
Total non-current assets	5,121,505	1,469,397
Total assets	8,101,625	3,556,698

Liabilities
Current liabilities
Trade and other payables 12	653,759	208,796
Lease liabilities	32,702	-
Provisions 13	62,165	54,083
Total current liabilities	748,626	262,879
Non-current liabilities
Provisions 13	1,605,845	-
Total Non-current liabilities	1,605,845	-
Total liabilities	2,354,471	262,879

Net assets	5,747,154	3,293,819

Equity
Issued capital 14	12,930,896	9,701,580
Reserves 15	767,745	421,488
Accumulated losses	(7,951,487)	(6,829,249)
Total equity	5,747,154	3,293,819

The above should be read in conjunction with the accompanying notes.

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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the year ended 30 June 2025

		Share Based	Foreign
	Issued	Payments	Currency	Accumulated	Total
	Capital	Reserves	Reserve	Losses	Equity
	$	$	$	$	$
Balance at 1 July 2023	9,701,580	1,004,720	103,676	(1,091,843)	9,718,133
Loss after income tax expense for the year	-	-	-	(6,117,406)	(6,117,406)
Other comprehensive income
Foreign currency translation	-	-	(247,804)	-	(247,804)
Total comprehensive loss for the year	-	-	(247,804)	(6,117,406)	(6,365,210)
Transactions with owners in their
capacity as owners:
Forfeiture of performance rights (note 15)	-	(553,415)	-	380,000	(173,415)
Share-based payments (note 5)	-	114,311	-	-	114,311
Balance at 30 June 2024	9,701,580	565,616	(144,128)	(6,829,249)	3,293,819

Balance at 1 July 2024	9,701,580	565,616	(144,128)	(6,829,249)	3,293,819
Loss after income tax expense for the	-	-	-	(1,122,238)	(1,122,238)
year
Other comprehensive income
Foreign currency translation	-	-	17,499	-	17,499
Total comprehensive loss for the year	-	-	17,499	(1,122,238)	(1,104,739)
Transactions with owners in their
capacity as owners:
Equity Issue (note 14)	3,250,000	-	-	-	3,250,000
Shares issued on acquisition of Marda	449,902	-	-	-	449,902
Gold project (note 10)
Issue of option to lead manager (note 15)	-	227,803	-	-	227,803
Share based payments (note 5)	-	100,955	-	-	100,955
Share issue expenses	(470,586)	-	-	-	(470,586)
Balance at 30 June 2025	12,930,896	894,374	(126,629)	(7,951,487)	5,747,154

The above should be read in conjunction with the accompanying notes.

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CONSOLIDATED STATEMENT OF CASH FLOWS

For the year ended 30 June 2025

Notes	2025 $	2024 $

Cash flows from operating activities
Interest received	75,599	122,835
Government grant	-	450,501
Payments for exploration and evaluation expensed	(60,357)	(177,727)
Payments to suppliers and employees (inclusive of GST)	(974,037)	(798,862)
Net cash used in operating activities 9	(958,795)	(403,253)

Cash flows from investing activities
Payment for exploration and evaluation	(1,133,292)	(3,527,430)
Payment of security deposits	(26,867)	-
Purchase of property plant and equipment	(76,654)	(68,828)
Net cash used in investing activities	(1,236,813)	(3,596,258)

Cash flows from financing activities
Proceeds from issue of shares	3,250,000	-
Capital raising costs for issue of shares	(242,783)	-
Net cash from financing activities	3,007,217	-

Net increase/(decrease) in cash and cash equivalents	811,609	(3,999,511)
Cash and cash equivalents at the beginning of the financial year	2,041,457	6,065,218
Effects of exchange rate changes on cash and cash equivalents	5,007	(24,251)
Cash and cash equivalents at the end of the financial year 8	2,858,073	2,041,456

The above should be read in conjunction with the accompanying notes.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Note 1. Corporate Information

The financial statements cover Leeuwin Metals Ltd (Company or Leeuwin), and the entities it controlled at the end of, or during, the year (together referred to as the Group). Leeuwin is a forprofit company limited by shares, incorporated and domiciled in Australia whose shares are publicly traded on the Australian Securities Exchange (ASX).

Note 2. Basis of Preparation

The accounting policies that are material to the Group are set out either in the respective notes or below. The accounting policies adopted are consistent with those of the previous financial year, unless otherwise stated.

Basis of preparation

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

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

The consolidated financial statements for the year ended 30 June 2025 were approved and authorised for issue by the Board of Directors on 26 September 2025. The Directors have the power to amend and reissue the financial statements.

Going concern

The directors believe it is appropriate to prepare the consolidated financial report on a going concern basis, which contemplates continuity of normal business activities and the realisation of assets and settlement of liabilities in the ordinary course of business.

As at 30 June 2025, the Group has incurred a net loss after tax of $1,122,238 (2024: $6,117,406) and had current assets of $2,980,120 (2024: $2,087,301), including cash and cash equivalents of $2,858,073 (2024: $2,041,456), and current liabilities of $748,626 (2024: $262,879). The Group incurred cash outflows from operations of $958,795 (2024: $403,253).

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.

Management has prepared cash flow forecasts for the next twelve months which contemplate future capital raisings or other transactions for the delivery of exploration projects as currently forecast. Based on these forecasts and funding requirements, the Directors anticipate the Group will be able to meet its commitments and pay its debts as and when they fall due, while meeting its objectives of exploring its projects as forecast.

The Group has a range of measures available to manage liquidity, including, if required, deferring or scaling back planned exploration programs and other discretionary expenditure, rationalising

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tenure, entering farm-out/joint venture arrangements or asset sales, and raising additional equity (placements, rights issues or option exercises), subject to market conditions and approvals as applicable. On this basis, the Directors are confident the Group will have sufficient working capital for at least twelve months from the date this financial report is approved, and the financial statements have been prepared on a going concern basis.

The financial statements do not include any adjustment relating to the recoverability or classification of recorded asset amounts or to the amounts or classification of liabilities that might be necessary should the Group not be able to continue as a going concern.

Functional and presentation currency

The consolidated financial statements are presented in Australian dollars (AUD), which is Leeuwin's functional and presentation currency rounded to the nearest dollar. The functional currency of the Group 's significant foreign operations is Canadian dollars (CAD).

Critical accounting estimates

The preparation of financial statements requires management to use estimates, exercise judgement and make assumptions. Application of different assumptions and estimates may have a significant impact on net assets and financial results of the Group. Estimates and assumptions are reviewed on an ongoing basis and are based on the latest available information at each reporting date. Actual results may differ from the estimates.

The areas involving a higher degree of judgement or complexity, or where assumptions and estimates are significant to the financial statements, are disclosed below:

Share-based payment transactions

The Group 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 Black- Scholes 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.

Recoverability of exploration and evaluation assets

The Group capitalises expenditure relating to exploration and evaluation where it is considered likely to be recoverable or where the activities have not reached a stage which permits a reasonable assessment of the existence of reserves. In response to the challenging market conditions in the battery metals sector that have impacted all junior exploration companies, the Group has made a judgment to impair the carrying value of its exploration and evaluation asset.

Note 3. Material accounting policy information

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New or amended Accounting Standards and Interpretations

The Group 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. The Group has not yet assessed the impact of these new or amended Accounting Standards and Interpretations.

Parent entity information

In accordance with the Corporations Act, these consolidated financial statements present the results of the Group only. Supplementary information about the parent entity is disclosed in note 20.

Principles of consolidation

The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Leeuwin Metals Ltd (‘Company’ or ‘Group’) as at 30 June 2025 and the results of all subsidiaries for the year then ended. Leeuwin Metals Ltd and its subsidiaries together are referred to in these financial statements as the ‘Group’.

Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has:

Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee)
Exposure, or rights, to variable returns from its involvement with the investee
The ability to use its power over the investee to affect its returns

Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:

The contractual arrangement(s) with the other vote holders of the investee
Rights arising from other contractual arrangements
The Group’s voting rights and potential voting rights

The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income, and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary.

Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the noncontrolling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group’s accounting policies. All intra-group assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.

Changes in the Group’s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.

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If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest, and other components of equity, while any resultant gain or loss is recognised in profit or loss. Any investment retained is recognised at fair value.

Foreign currency translation

Foreign currency transactions and balances

Foreign currency transactions are translated into Australian dollars (AUD) using the exchange rates prevailing at the dates of the transactions and foreign currency monetary items are translated at the year-end exchange rate. Non-monetary items measured at historical cost continue to be carried at the exchange rate at the date of the transaction and non-monetary items measured at fair value are reported at the exchange rate at the date when fair values were determined.

Exchange differences arising on the translation of monetary items are recognised in the profit or loss component of the statement of profit or loss and other comprehensive income, except where they are deferred in equity as a qualifying cash flow or net investment hedge.

Foreign operations

On consolidation, the assets and liabilities of foreign operations are translated into AUD using the exchange rates at the reporting date. The revenues and expenses of foreign operations are translated into AUD using the average exchange rates for the period, which approximate the rates at the dates of the transactions. Exchange differences arising on translation for consolidation are recognised in other comprehensive income. On disposal of a foreign operation, the component of other comprehensive income relating to that particular foreign operation is recognised in profit or loss.

Share-based payments

The Group operates equity-settled share-based remuneration plans for its employees. During the year, certain performance rights were issued with a cash-settlement alternative. As it is at the Board’s discretion to determine the settlement mechanism, the Company is not considered to have a present obligation to settle in cash and these transactions have been accounted for in accordance with the requirements applying to equity-settled share-based payment transactions. None of the Group’s share-based payments are accounted for as cash-settled share-based payments. The Group may also issue shares to acquire assets or as consideration for business combinations.

Goods and services are measured directly at the fair value of the goods or services received unless that fair value cannot be estimated reliably, in which case the value is determined indirectly by reference to the fair value of the equity instruments granted.

Where employees are rewarded using share- based payments, the fair values of employees’ services are determined indirectly by reference to the fair value of the equity instruments granted. This fair value is appraised at the grant date and recognised over the period of service during which the employees become unconditionally entitled to the performance rights.

Non-market based conditions

The fair value of the performance rights at grant date excludes the impact of any non-market vesting conditions (for example, profitability and sales growth targets). These non-market vesting conditions are included in assumptions about the number of performance rights that are expected to vest. At each statement of financial position date, the entity revises its estimate of the number of performance rights that are expected to vest. The share-based payment expense recognised each period considers the most recent estimate. The impact of the revision to original estimates, if any, is recognised in the statement of profit or loss and other comprehensive income with a corresponding adjustment to equity.

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Market based conditions

The estimated fair value of the performance rights was determined using a combination of analytical approaches, Black-Scholes Option Pricing methodology, binominal tree and Monte Carlo simulation where market conditions exist. The fair value estimation takes into account the exercise price, the effective life of the right, the impact of dilution, the share price at grant date, expected price volatility of the underlying share, the effect of additional market conditions, the expected dividend yield, estimated share conversion factor and the risk-free interest rate for the term of the right.

Upon exercise of options or performance rights, the proceeds received (if any) net of any directly attributable transaction costs are allocated to share capital, along with the attributable portion of the share based payment reserve.

Other income

Other income is recognised when it is received or when the right to receive payment is established.

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.

A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area of interest.

If the future recoverable amount exceeds the carrying amount, the impairment loss is reversed, but only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had been recognised.

Leases

The Group assesses whether a contract is or contains a lease, at inception of the contract. The entity recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the entity uses its incremental borrowing rate. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.

The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received, any initial direct costs and an estimate of any costs to dismantle and remove the asset at the end of the lease. They are subsequently measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. They are subject to impairment or adjusted for remeasurement.

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Note 4. Operating Segments

Certain members of the Executive Team (the chief operating decision makers) and the Board of Directors monitor the segment results regularly for the purpose of making decisions about resource allocation and performance assessment.

(a) Exploration

The Exploration segment includes the activities on all mineral exploration:

Exploration and evaluation of minerals in Canada
Exploration and evaluation of minerals in Western Australia

(b) Unallocated

Unallocated items comprise corporate which includes those expenditures supporting the business during the year, and items that cannot be directly attributed to each segment.

The segment information for the reportable segments for the period ended 30 June 2025 is as follows:

Australia Canada	Total
$ $	$
Period ended 30 June 2025
Segment results – Loss after income tax (186,444) (17,345)	(203,789)
Unallocated losses after income tax - -	(918,449)
Loss after income tax	(1,122,238)
As at 30 June 2025 - -	-
Segment assets 3,713,379 1,407,402	5,120,781
Unallocated assets	2,980,844
Total assets - -	8,101,625
Segment liabilities 2,062,267 14,044	2,076,311
Unallocated liabilities - -	278,160
Total liabilities	2,354,471

The segment information for the reportable segments for the period ended 30 June 2024 is as follows:

Australia Canada	Total
$ $	$
Period ended 30 June 2024
Segment results – Loss after income tax (143,319) (5,568,347)	(5,711,666)
Unallocated losses after income tax - -	(405,740)
Loss after income tax	(6,117,406)
As at 30 June 2024 - -	-
Segment assets 434,145 1,410,809	1,844,954
Unallocated assets	1,711,744
Total assets - -	3,556,698
Segment liabilities 32,173 99,252	131,425
Unallocated liabilities - -	131,454
Total liabilities	262,879

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Leeuwin Metals Ltd

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Note 5. Share-based payments expense

2025 Notes $ Performance rights expense 15 (100,955) Forfeiture of performance rights 15 - (100,955) Note 6. Income tax expense 2025 Numerical reconciliation of income tax expense and tax at the statutory rate $	2025 Notes $ Performance rights expense 15 (100,955) Forfeiture of performance rights 15 - (100,955) Note 6. Income tax expense 2025 Numerical reconciliation of income tax expense and tax at the statutory rate $	2025 Notes $ Performance rights expense 15 (100,955) Forfeiture of performance rights 15 - (100,955) Note 6. Income tax expense 2025 Numerical reconciliation of income tax expense and tax at the statutory rate $	2024
			$
	15 15	(100,955) -	(114,311) 173,415
		(100,955)	59,104
			2024 $ (6,117,406) (1,835,222) (17,731) 1,700,679 - 155,292 - (3,018) - 31,547 314,513 (108,633) 237,427
	2025
	$

Loss before income tax expense	(1,122,238)
Tax at the statutory tax rate of 30%	(336,671)

Tax effect amounts which are not deductible/(taxable) in calculating taxable income:
Share based payments	30,287
Exploration expenditure impaired	-
Non-assessable, non-exempt expenditure	11,309
Net deferred tax assets not brought to account	294,513
Other non-deductible expenditure	562
Difference of effective foreign income tax rates Income tax expense	- -

Unrecognised deferred tax assets and liabilities
Deferred tax assets have not been recognised in respect of the following: Deferred tax assets temporary differences Deferred tax assets losses Deferred tax liabilities Total deferred tax assets not recognised	168,395 1,815,427 (1,124,499) 859,323

Deferred tax assets have not been recognised in respect of tax losses because it is not probable that within the immediate future taxable profit will be available against which deductible temporary differences and tax losses can be utilised.

The estimated potential deferred tax asset at 30% not brought to account which is attributable to tax losses carried forward at 30 June 2025 is approximately $859,323 (2024: $237,427 at 30%).

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Note 7. Loss per share

Note 7. Loss per share
Net loss attributable to ordinary shareholders of Leeuwin used in calculating basic and diluted loss per share	2025	2024
	$	$
	(1,122,238)	(6,117,406)
Weighted average number of ordinary shares outstanding during
	75,846,080	63,358,339
the year used in calculation of basic and dilutive loss per share

Basic and diluted loss per share-in cents	(1.48)	(9.66)

The Company had 6,700,000 Performance Rights (2024: Nil) and 8,750,000 share options (2024: 5,500,000) outstanding at 30 June 2025. Options and Performance Rights on issue at reporting date could potentially dilute loss per share in the future. The effect in the current year would be to reduce the loss per share hence they are considered anti-dilutive and as such have been excluded in the calculation of loss per share of the Company for years ended 30 June 2025 and 2024.

Note 8. Cash and cash equivalents

Cash at bank	2025	2024
	$	$
	608,073	626,946
Term deposits (maturity period less than 3 months)	2,250,000	1,414,510
	2,858,073	2,041,456

Cash and cash equivalents include cash on hand, deposits held at call with banks, other shortterm highly liquid investments with original maturities of three months or less.

Note 9. Cash flow information

Reconciliation of loss after income tax to net cash from operating activities

	2025	2024
	$	$
Loss after income tax expense for the period	(1,122,238)	(6,117,406)
Depreciation and amortisation	24,517	20,559
Share-based payments expense	100,955	(59,104)
Impairment exploration	-	5,668,928
Net unrealised foreign exchange gain	-	(18,287)
Right of use	(5,224)	-
Change in operating assets and liabilities:
Increase in provisions	20,611	33,280
Decrease/(Increase) in other assets	469	(10,449)
Decrease/(Increase) in trade and other receivables	(49,670)	114,959
Increase/(decrease) in trade and other payables Net cash used in operating activities	71,785 (958,795)	(35,733)
		(403,253)

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Note 10. Exploration and evaluation assets

Carrying amount at the beginning of the year	2025	2024
	$	$
	1,372,981	4,305,026
Acquisition of Marda Gold Project(i)	2,055,747	-
Capitalised expenditure at cost	1,497,522	2,902,657
Foreign exchange translation movement	7,177	(165,774)
Impairment exploration and evaluation assets Carrying amount at the end of the year	- 4,933,427	(5,668,928)
		1,372,981

i) Acquisition of Marda Gold Project

On 20 December 2024, the Company entered into a binding share sale agreement with Ramelius Resources Limited (ASX: RMS) to acquire 100% of Marda Operations Pty Ltd, which holds the Marda Gold Project in Western Australia. The Company has determined that this transaction does not constitute a business under AASB 3 Business Combinations and has been accounted for as an asset acquisition.

Under the agreement, upfront consideration of $500,000 was satisfied through the issue of 4,284,780 fully paid ordinary shares on 24 March 2025. While the agreement provided for an issue price based on the 10-day VWAP of $0.117 per share, the shares were recognised at their fair value on the issue date of $0.105 per share totalling $449,902. In addition, $1,605,845 was recognised as a mine rehabilitation provision, resulting in a total carrying amount on acquisition of $2,055,747.

Deferred consideration remains contingent, being $500,000 payable in cash on the definition of a JORC-compliant gold resource of 500koz and a further $1,000,000 payable in cash on the definition of a JORC-compliant gold resource of 1Moz. Payment is required within 30 days of achievement of the relevant milestone. As at 30 June 2025, no amounts have been recognised in respect of these contingent payments.

Note 11. Property, plant and equipment

Assets at cost	2025	2024
	$	$
	197,072	118,280
Less: Accumulated depreciation	(41,502)	(21,864)
Net carrying value	155,570	96,416

Movement in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current year, is as follows:

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	Plant &		Motor
	Equipment	IT Equipment	vehicles	Total
	Field	$	$	$
Balance at 1 July 2023	-	-	-	-
Additions	-	1,815	66,052	67,867
Disposals	-	-	-	-
Effect of exchange rate	-	(34)	(2,222)	(2,256)
Depreciation expense	-	(761)	(19,798)	(20,559)
Balance at 30 June 2024	-	1,020	95,396	96,416
Additions	35,210	-	41,444	76,654
Disposals	-	-	-	-
Effect of exchange rate	-	15	1,584	1,599
Depreciation expense	(526)	(999)	(17,574)	(19,099)
Balance at 30 June 2025	34,684	36	120,850	155.570

Note 12. Trade and other payables

Note 12. Trade and other payables
Trade creditors	2025	2024
	$	$
	600,950	154,818
Other payables	52,809	53,978
	653,759	208,796

Refer to Note 16 for further information on financial instruments and risk management.

Note 13. Provisions

2025 $ Current	2024
	$

Provision for annual leave 62,165	54,083

Non-current
Mine Rehabilitation 1,605,845	-

The rehabilitation provision represents the present value of rehabilitation costs relating to the Marda Gold Project. Provision has been made in full for all disturbed areas at the reporting date based on current estimates of costs to rehabilitate such areas. The estimated cost of rehabilitation has been reviewed by an external consultant and includes the current cost of recontouring, topsoiling and revegetation, employing legislative requirements. The provision is recognised as a non-current liability with a corresponding asset included in Exploration and evaluation assets.

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Note 14. Issued capital

	2025	2024	2025	2025	2024
	Shares	Shares		$	$
Ordinary shares – fully paid	100,806,384	63,358,339	12,930,896		9,701,580
Movements in ordinary share capital
Details			Shares		$
Balance at 1 July 2023		63,358,339			9,701,580
No Movement duringthe financialyear
Balance at 30 Jun 2024		63,358,339			9,701,580
Equity issued			33,163,265		3,250,000
Shares issued on acquisition of Marda Gold Project (note 10)			4,284,780		449,902
Share issuance costs			-		(470,586)
Balance at 30 June 2025		100,806,384		12,930,896

Ordinary shares

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

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

Capital risk management

The Company's policy is to maintain a capital base to maintain investor, creditor, and market confidence and to sustain future development of the business. Capital consists of ordinary shares and retained earnings (or accumulated losses). The Board manages the capital of the Group to ensure that the Group can fund its operations and continue as a going concern. There are no externally imposed capital requirements.

Share buy-back

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

Note 15. Reserves

Note 15. Reserves
Foreign currency reserve	2025	2024
	$	$
	(126,629)	(144,128)
Share based payments reserves (options & performance rights)	894,374	565,616
	767,745	421,488

Foreign currency reserve

The reserve is used to recognise exchange differences arising from the translation of the financial statements of foreign operations to Australian dollars.

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Share-based payments reserve

The reserve is used to recognise share-based payment (options and performance rights) transactions that occurred during the year.

transactions that occurred during the year.
	2025	2024
	$	$
Balance at the beginning of the year	565,616	1,004,720
Share-based payment transactions
Options Issued(a)	227,803	-
Performance rights expense	100,955	114,311
Forfeiture of performance rights	-	(553,415)
Balance at the end of the year	894,374	565,616

a) Reconciliation of options reserve

The share-based payment reserve records items recognised on valuation of director, employee and contractor share options and performance rights. Information relating to options issued, exercised and lapsed during the current and comparative financial year and outstanding at the end of the current and comparative financial year, is set out below.

2025

			Balance
			at	Granted	Exercised	Balance	Vested at
			the start	during	during	at the	the end
		Exercise	of the	the	the	end of	of the
Grant date	Expiry date	price	year	period	period	theyear	year
01/06/2022	01/06/2027	$0.50	2,500,000	-	-	2,500,000	2,500,000
29/03/2023	29/03/2026	$0.30	3,000,000	-	-	3,000,000	3,000,000
17/03/2025	21/03/2028	$0.175	-	3,250,000	-	3,250,000	3,250,000
			5,500,000	3,250,000	-	8,750 ,000	8,750 ,000
Weighted average exercise price:			$0.39	-	-	$0.31	$0.31
Weighted average remaining contractual life:							0.80 years

On 17 March 2025, the Company issued 3,250,000 unlisted options exercisable at $0.175 each and expiring on 21 March 2028 to the lead manager for services in connection with a capital raise. These options were valued at $227,803 using the Black-Scholes option pricing model and have been recognised as share issue expenses in equity.

Fair value of unlisted options granted

	Number		Fair value	Exercise	Price of shares	Estimated	Risk free	Dividend
Grant date	Granted	Expiry date	per option	price	on grant date	volatility	interest rate	yield
17 Mar 2025	3,250,000	21 Mar 2028	$0.070	$0.1715	$0.105	125.09%	3.01%	Nil

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2024

				Granted	Exercised	Balance
			Balance at	during	during	at the	Vested at
		Exercise	the start of	the	the	end of the	the end of
Grant date	Expiry date	price	theyear	period	period	year	theyear
01/06/2022	01/06/2027	$0.50	2,500,000	-	-	2,500,000	2,500,000
29/03/2023	29/03/2026	$0.30	3,000,000	-	-	3,000,000	3,000,000
			5,500,000	-	-	5,500,000	5,500,000
Weighted average exercise price:			$0.39	-	-	$0.39	$0.39
Weighted average remaining contractual life:							2.28 years

Additionally, there are 23.5 million options exercisable at $0.30 with an expiry date of 12 May 2028 on issue which are free attaching and have no intrinsic or market value. These options were granted at no cost and therefore did not result in any financial impact on the Group’s results.

b) Reconciliation of performance rights reserve

Set out below are performance rights granted under the Company’s Employee Equity Incentive Plan which are granted for nil cash consideration.

The following table illustrates the number of, and movements in, performance rights during the period:

		Weighted		Weighted
		average fair		average fair
	2025	value	2024	value
	Number	atgrant date	Number	atgrant date
Outstanding at the beginning of the year	-	-	3,500,000	$0.22
Performance rights granted	6,700,000	$0.11	-	-
Forfeiture of performance rights	-	-	(3,500,000)	$0.22
Outstanding at the end of the year	6,700,000	$0.11	-	-
Vested and exercisable	-	-	-	-

During the year, the Group recorded a share-based payment expense of $100,955 (2024: $114,311) equivalent to the total fair value of the performance rights amortised straight-line over any existing vesting period or service period. In this respect, the company has judged that each individual will achieve the performance milestones and meet any service condition criteria.

Each performance right converts to one ordinary share in the Company upon satisfaction of the performance conditions linked to the performance rights. The performance rights do not carry any other privileges.

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Fair value of performance rights issued

The fair value of the performance rights was calculated at the date of grant (being the date of the agreement to grant the performance rights) using a Monte Carlo Simulation, Black-Scholes and Binomial valuation models and expensed on a straight-line basis from grant date to the vesting period or in the reporting period granted if vesting immediately.

The following table gives the assumptions made in determining the fair value of options on the date of grant:

	Number		Fair value	Exercise	Price of shares	Estimated	Risk free	Dividend
Grant date	Granted	Expiry date	per right	price	on grant date	volatility	interest rate	yield
17 Mar 2025	450,000	27 Mar 2030	$0.105	Nil	$0.105	122.265%	3.905%	Nil
17 Mar 2025	450,000	27 Mar 2030	$0.105	Nil	$0.105	122.265%	3.905%	Nil
17 Mar 2025	800,000	27 Mar 2030	$0.102	Nil	$0.105	122.265%	3.905%	Nil
17 Mar 2025	800,000	27 Mar 2030	$0.098	Nil	$0.105	122.265%	3.905%	Nil
17 Mar 2025	1,200,000	27 Mar 2030	$0.105	Nil	$0.105	122.265%	3.905%	Nil
25 Mar 2025	450,000	27 Mar 2030	$0.12	Nil	$0.12	122.265%	3.892%	Nil
25 Mar 2025	450,000	27 Mar 2030	$0.12	Nil	$0.12	122.265%	3.892%	Nil
25 Mar 2025	450,000	27 Mar 2030	$0.115	Nil	$0.12	122.265%	3.892%	Nil
25 Mar 2025	450,000	27 Mar 2030	$0.113	Nil	$0.12	122.265%	3.892%	Nil
25 Mar 2025	1,200,000	27 Mar 2030	$0.12	Nil	$0.12	122.265%	3.892%	Nil

Note 16. Financial instruments and risk management

Financial risk management objectives

The Group's activities expose it to a variety of financial risks: market risk (including price risk and interest rate risk), credit risk and liquidity risk. The Group's overall risk management program seeks to minimise potential adverse effects on the financial performance of the Group. The Group 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, credit, foreign exchange and other price risks.

Risk management is carried out by the Board of Directors ('the Board'). The Board identifies, evaluates and hedges financial risks within the Group.

Price risk

The Group is not exposed to any significant price risk.

Interest rate risk

The Group’s exposure to market risk for changes in interest rates relates primarily to the Group’s cash deposits.

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The interest-bearing cash at bank and the respective interest rates as at each balance sheet date are:

	2025	2024
	$	$
Cash and cash equivalents	2,858,073	2,041,456
Interest rate	0% and 4.2%	0% and 4.6%

Fair value sensitivity analysis for fixed rate instruments

The Group does not account for any fixed rate financial assets or liabilities at fair value through profit or loss. Therefore, a change in market interest rates at reporting date would not affect profit or loss.

The sensitivity analysis following table illustrates the impact of 100 basis points in variable interest rates, with all other variables held constant, would have resulted in an increase/(decrease) in the Group’s loss profit before tax as follows:

	2025	2024
	$	$
100bp increase	28,581	20,415
100bp decrease	(28,581)	(20,415)

The Group has no loans or borrowings.

Foreign Currency Risk

Currency risk arises from future commercial transactions and recognised assets and liabilities denominated in a currency that is not the entity’s functional currency.

The Group is exposed to foreign exchange rate risk arising from cash and deposits held in Canadian dollars.

At the reporting date the sensitivity for the Group’s foreign exchange exposures was:

		Carrying	Carrying
		Amount	Amount
	30	June 2025	30 June 2024
		$	$
Cash on hand		24,502	365,186
Total		24,502	365,186

A change of 10% in CAD:AUD foreign exchange rates at the end of the reporting period would have increased/(decreased) profit and loss and equity by the amounts shown below. The analysis assumes that all other variables remain constant.

10% increase	2,450	36,519
10% decrease	(2,450)	(36,519)

Credit risk

The carrying amount of the Group’s financial assets represents the Group’s maximum credit exposure. The Group’s maximum exposure to credit risk at the reporting date was:

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	Note	Carrying Amount	Carrying Amount
		30 June 2025	30 June 2024
		$	$
Cash and cash equivalents	8	2,858,073	2,041,456
Trade and other receivables		64,461	14,698
Total		2,922,534	2,056,154

The Group’s cash and cash equivalents and term deposits at call are held with bank and financial institution counterparties, which are rated at least AA-, based on rating agency S&P Global Ratings.

For trade receivables, the Group applies a simplified approach in calculating Expected Credit Losses (“ECLs”). Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.

As at 30 June 2025, no receivables were more than 30 days past due (2024: Nil). No receivables are considered to have a material credit risk.

Liquidity risk

Vigilant liquidity risk management requires the Group to maintain sufficient liquid assets (mainly cash and cash equivalents) and available borrowing facilities to be able to pay debts as and when they become due and payable.

The Group manages liquidity risk by maintaining adequate cash reserves and available borrowing facilities by continuously monitoring actual and forecast cash flows and matching the maturity profiles of financial assets and liabilities.

Remaining contractual maturities

The following tables detail the Group's remaining contractual maturity for its financial instrument liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities.

	Between 1 Between 2

	1 year or less and 2 years and 5 years Total
2025	$ $ $ $
Non-derivatives
Non-interest bearing
Trade & other payables Total non-derivatives	653,759 - - 653,759
	653,759 - - 653,759

2024
Non-derivatives
Non-interest bearing
Trade & other payables Total non-derivatives	208,796 - - 208,796
	208,796 - - 208,796

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Note 17. Remuneration of auditors

During the financial period the following fees were paid or payable for services provided by William Buck Audit (VIC) Pty Limited, the auditor of the company:

	2025	2024
	$	$
Audit services – William Buck Audit (VIC) Pty Limited
Audit or review of the financial statements	37,150	34,660
Total	37,150	34,660

Note 18. Contingent liabilities

Leeuwin through its wholly owned subsidiary Leeuwin Metals Canada Ltd., has a contingent liability of 2% net smelter returns royalty (NSR) with Glencore Canada Corporation in respect to mineral products produced at the William Lake Project. 1% NSR can be bought back for C$1,000,000, 12 months from the commencement of commercial production being declared.

Note 19. Commitments

The Group has the following commitments relating to its granted tenements:

2025	2024
$	$
Exploration expenditure
Committed at the reporting date but not recognised as liabilities, payable:
Within one year 664,441	446,627

Commitments are those amounts that are contractually required to maintain tenure and exclude any amounts that are a suggested or planned spend and would be subject to evaluation, variation or exemptions on the date of renewal.

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Note 20. Related party transactions

Parent entity

Leeuwin Metals Ltd is the parent entity.

Subsidiaries

Interests in subsidiaries are set out in note 21.

Key management personnel

	2025	2024
	$	$
Short-term benefits	312,792	327,096
Post-employment benefits	34,788	34,100
Share-based payments	50,920	-
	398,500	361,196

Detailed remuneration disclosures are provided in the remuneration report included in the Directors’ Report.

Apart from the details disclosed in this note, no director has entered into a material contract with

the Company since the end of the previous financial year and there were no material contracts involving directors’ interests existing at the end of the current period.

Loans to/from related parties

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

Note 21. Parent entity information

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

	2025	2024
	$	$
Result of the parent entity Loss after income tax	(918,449)	(653,656)
Total comprehensive loss for the year	(918,449)	(653,656)
Financial position of the parent entity at year end:
Current assets	2,946,376	1,711,744
Non-current assets	3,078,938	1,714,528
Total assets	6,025,314	3,425,272
Current liabilities	278,160	131,454
Total liabilities	278,160	131,454
Total equity of the parent entity comprising of: Issued capital	12,930,896	9,701,580
Reserve	894,374	565,616
Accumulated losses	(8,078,116)	(6,973,378)
Total equity	5,747,154	3,293,818

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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 subsidiary as at 30 June 2025 (30 June 2024: nil).

Contingent assets / liabilities

The parent entity had no contingent assets or liabilities as at 30 June 2025 (30 June 2024: nil).

Capital commitments - Property, plant and equipment

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

Material accounting policy information

The accounting policies of the parent entity are consistent with those of the Group, as disclosed in note 3, except that investments in subsidiaries and associates are accounted for at cost, less any impairment, in the parent entity.

Tax consolidation legislation

The head entity, Leeuwin Metals Ltd, and the controlled entities in the tax consolidated Group, account for their own current and deferred tax amounts. These tax amounts are measured as if each entity in the tax consolidated Group continues to be a stand-alone taxpayer in its own right.

To the extent that tax becomes payable or net deferred tax assets or liabilities are recognised, the entities have entered into a tax funding agreement under which the wholly-owned entities fully compensate Leeuwin Metals Ltd for any current tax payable assumed and are compensated by Leeuwin Metals Ltd for any current tax receivable and deferred tax assets relating to unused tax losses or unused tax credits that are transferred to Leeuwin Metals Ltd under the tax consolidation legislation. The funding amounts are determined by reference to the amounts recognised in the wholly-owned entities’ consolidated financial statements.

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Note 22. Interests in subsidiaries

The consolidated financial statements incorporate the assets, liabilities and results of the following wholly owned subsidiaries in accordance with the accounting policy described in note 3:

		Ownership	Ownership
		interest	interest
	Principal place of business	2025	2024
Name	/Country of incorporation	%	%
Leeuwin Metals (Canada) Pty Ltd	Australia	100%	100%
Voyage Minerals Pty Ltd	Australia	100%	100%
Harbour Exploration Pty Ltd	Australia	100%	-
Marda Operations Pty Ltd	Australia	100%	-
Leeuwin Metals Canada Ltd.	Canada	100%	100%
1411289 B.C. LTD.	Canada	100%	100%

Note 23. Events after the reporting period

No matters or circumstances has arisen since 30 June 2025 that has significantly affected, or may significantly affect the Group's operations, the results of those operations, or the Group's state of affairs in future financial years.

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CONSOLIDATED ENTITY DISCLOSURE STATEMENT

As at 30 June 2025

		Country of	Ownership	Tax	Foreign
Name	Entity Type	incorporation	interest %	residency	jurisdiction1
Leeuwin Metals Ltd	Body corporate	Australia	100%	Australia	-
Leeuwin Metals (Canada) Pty Ltd	Body corporate	Australia	100%	Australia	-
Voyage Minerals Pty Ltd	Body corporate	Australia	100%	Australia	-
Harbour Exploration Pty Ltd	Body corporate	Australia	100%	Australia	-
Marda Operations Pty Ltd	Body corporate	Australia	100%	Australia	-
Leeuwin Metals Canada Ltd.	Body corporate	Canada	100%	Foreign	Canada
1411289 B.C. LTD.	Body corporate	Canada	100%	Foreign	Canada

1 Foreign jurisdiction(s) in which the entity is a resident for tax purposes (according to the law of the foreign jurisdiction)

Basis of preparation

This Consolidated Entity Disclosure Statement (CEDS) has been prepared in accordance with the Corporations Act 2001, reflecting the amendments to section 295(3A)(vi) and (vii) which clarify the definition of foreign resident as being an entity that is treated as a resident of a foreign country under the tax laws of that foreign country. These amendments apply for financial years beginning on or after 1 July 2024. The CEDS includes certain information for each entity that was part of the consolidated entity at the end of the financial year in accordance with AASB 10 Consolidated Financial Statements.

Key assumptions and judgements

Determination of tax residency

Section 295 (3A) Corporations Act requires that the tax residency of each entity which is included in the Consolidated Entity Disclosure Statement (CEDS) be disclosed. In the context of an entity which was an Australian resident, "Australian resident" has the meaning provided in the Income Tax Assessment Act 1997 (Cth). The determination of tax residency involves judgment as the determination of tax residency is highly fact dependent and there are currently several different interpretations that could be adopted, and which could give rise to a different conclusion on residency.

In determining tax residency, the Group has applied the following interpretations:

Australian tax residency

The Group has applied current legislation and judicial precedent, including having regard to the Commissioner of Taxation's public guidance in Tax Ruling TR 2018/5.

Foreign tax residency

The Group has applied current legislation and where available judicial precedent in the determination of foreign tax residency. Where necessary, the Group has used independent tax advisers in foreign jurisdictions to assist in its determination of tax residency to ensure applicable foreign tax legislation has been complied with.

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DIRECTORS’ DECLARATION

(1) In the opinion of the Directors of Leeuwin Metals Ltd:
(a) the consolidated financial statements and notes thereto, and the Remuneration Report contained within the Directors’ Report are in accordance with the Corporations Act 2001, including;
- (i) complying with Accounting Standards, the Corporation Regulations 2001 (Cth) and other mandatory professional reporting requirements; and
- (ii) giving a true and fair view of the Group’s financial position as at 30 June 2025 and of its performance for the financial year ended on that date.
(b) 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
(c) the consolidated entity disclosure statement on page 56 is true and correct.
(2) The Directors have been given the declarations by the Executive Chairman and Chief Financial Officer required by section 295A of the Corporations Act 2001 (Cth) for the financial year ended 30 June 2025.
(3) The Directors draw attention to the notes to the consolidated financial statements, which include a statement of compliance with International Financial Reporting Standards.

This declaration is made in accordance with a resolution of the Directors.

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Christopher Piggott Executive Chairman

26 September 2025

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF LEEUWIN METALS LTD

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Independent auditor’s report to the members of Leeuwin Metals Limited

Report on the audit of the financial report

Our opinion on the financial report

In our opinion, the accompanying financial report of Leeuwin Metals Limited (the Company) and its subsidiaries (the Group) is in accordance with the Corporations Act 2001 , including:

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
complying with Australian Accounting Standards and the Corporations Regulations 2001 .

What was audited?

We have audited the financial report of 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 for the year then ended,
the consolidated statement of changes in equity for the year then ended,
the consolidated statement of cash flows for the year then ended,
notes to the financial statements, including material accounting policy information,
the consolidated entity disclosure statement, and
the directors’ declaration.

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

Level 20, 181 William Street, Melbourne VIC 3000

+61 3 9824 8555

[email protected] williambuck.com.au

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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 net loss of $1,122,238 and cash outflows from operations of $958,795 during 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, we have determined the matters described below to be the key audit matters to be communicated in our report.


Capitalisation of	Area of focus	How our audit addressed the key
exploration and	(refer also to notes 2, 3 & 10)	audit matter
evaluation
assets	The Group incurred exploration and	Our audit procedures included the
	evaluation costs for exploration projects in	following:
	Canada and Australia during the financial
	year.	— Understanding and vouching the
		underlying contractual entitlement to
	There is a risk that the Group may lose or	explore and evaluate each area of
	relinquish its rights to explore and	interest, including an evaluation of the
	evaluate those areas of interest and	Group’s renewal in that area of
	therefore amounts capitalised to the	interest at its expiry;
	statement of financial position from the	— Examining project spend per each
	current and historical periods be no longer	area of interest and comparing this
	recoverable.	spend to the minimum expenditure
		requirements set out in the underlying
	The capitalisation of exploration and evaluation assets was deemed a key area of focus for our audit	exploration expenditure plan; — Examining project spend to each area of interest to ensure that it is directly attributable to that area of interest;
		and
		— From an overall perspective,
		comparing the market capitalisation of
		the Group to the net carrying value of
		its assets on the statement of financial
		position to identify any other
		additional indicators of impairment.
		We also assessed the adequacy of the
		Group’s disclosures in the financial
		report.

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Accounting for Area of focus an asset (refer also to notes 2, 3 & 10) acquisition

During the year, the Group acquired the assets of Marda Operations Pty Ltd, consisting of the Marda Gold Project tenements, for equity consideration of $449,902, along with deferred cash payments contingent on extracting quantities of gold.

This acquisition has been accounted for as an asset acquisition and resulted in the recognition of capitalised exploration and evaluation costs totalling $2,055,747, inclusive of the estimated costs of rehabilitation.

The accounting for this acquisition required management to:

Determine whether the transaction constituted a business combination or asset acquisition in accordance with the requirements of AASB 3 Business Combinations ;

How our audit addressed the key audit matter

Our audit procedures included:

Reviewing the purchase agreement to gain an understanding of the key terms and conditions including the appropriateness for the treatment of the transaction as an asset acquisition;
Evaluating the purchase date accounting for the acquisition;
Assessing the cost of the assets and liabilities acquired and agreeing the consideration paid to supporting evidence; and

Assessed the adequacy of disclosures in the financial statements.

Assess the disclosure requirements with respect to the asset acquisition.

Given the level of judgment and estimation involved in determining whether the acquired assets constituted a business, this was considered a key audit matter.

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 our 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.

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Responsibilities of the directors for the financial report

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

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
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:

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
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/media/bwvjcgre/ar1_2024.pdf

Report on the Remuneration Report

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Our opinion on the Remuneration Report

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

What was audited?

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

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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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William Buck Audit (Vic) Pty Ltd ABN 59 116 151 136

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A. A. Finnis Director Melbourne, 26 September 2025

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ASX ADDITIONAL INFORMATION

In accordance with ASX Listing Rule 4.10, the following information is provided as at 17 September 2025

Top 20 Shareholders

		No. of	% of
Rank	Holder Name	Ordinary	issued
		Shares	capital
1	ELDERBERRY RESOURCES PTY LTD	8,500,000	8.43%
2	GLENCORE AUSTRALIA HOLDINGS PTY LIMITED	6,316,826	6.27%
3	C & N NOMINEES PTY LTD	6,092,334	6.04%
4	RAMELIUS RESOURCES LTD	4,284,780	4.25%
5	EQUITY TRUSTEES LIMITED	3,507,364	3.48%
6	ALDAOUD PTY LTD	3,500,000	3.47%
7	RETZOS EXECUTIVE PTY LTD	2,726,000	2.70%
8	ALLEMAGNE PTY LTD	2,310,921	2.29%
9	BIGJAC INVESTMENTS PTY LTD	2,088,435	2.07%
10	MOSES ROCK INVESTMENTS PTY LTD	2,000,000	1.98%
11	MRS CANDICE MARIE WILLIAMSON	1,500,000	1.49%
11	ROCK THE POLO PTY LTD	1,500,000	1.49%
12	MR MARCUS RICHARD ALEXANDER HARDEN	1,460,000	1.45%
13	MR KELVINDER SINGH	1,256,492	1.25%
14	GALLEON GOLD CORP	1,000,000	0.99%
14	CORD INVESTMENTS PTY LTD	1,000,000	0.99%
14	PACIFIC CAPITAL SECURITIES PTY LTD	1,000,000	0.99%
15	PACIFIC CAPITAL CORPORATION PTY LTD	885,895	0.88%
16	RETZOS FAMILY PTY LTD	884,465	0.88%
17	MR GIUSEPPE MUSCARA	768,520	0.76%
18	MR MARCUS RICHARD ALEXANDER HARDEN	766,999	0.76%
19	EQUITY TRUSTEES LIMITED	758,452	0.75%
20	AC YOUNG PTY LTD	750,000	0.74%
	Total top 20 holders	54,857,483	54.42
	Total shares on issue	100,808,384	100.00

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Substantial Holders

The names of the substantial holders:

Holder Name	No. of Ordinary Shares	% of issued capital
ELDERBERRY RESOURCES PTY LTD	8,500,000	8.43
GLENCORE AUSTRALIA HOLDINGS PTY LIMITED	6,316,826	6.27
C & N NOMINEES PTY LTD	6,092,334	6.04

Spread of Holdings

Fully Paid Shares

Holding Ranges	Holders	Total Units	% Issued
			Share
			Capital
above 0 up to and including 1,000	22	4,631	0.00
above 1,000 up to and including 5,000	164	513,547	0.51
above 5,000 up to and including 10,000	146	1,169,556	1.16
above 10,000 up to and including 100,000	342	14,249,361	14.14
above 100,000	135	84,869,289	84.19
Totals	809	100,808,384	100.00

Options

Number of holders by size of holding, in each class are:

Holding Ranges	Holders	Total Units	% Issued
			Share
			Capital
above 0 up to and including 1,000	-	-	-
above 1,000 up to and including 5,000	-	-	-
above 5,000 up to and including 10,000	1	6,384	0.02
above 10,000 up to and including 100,000	6	288,590	0.89
above 100,000	12	31,955,026	99.09
Totals	19	32,250,000	100.00

Performance Rights

Number of holders by size of holding, in each class are:

Holding Ranges	Holders	Total Units	% Issued
			Share
			Capital
above 0 up to and including 1,000	-	-	-
above 1,000 up to and including 5,000	-	-	-

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above	5,000 up to and including 10,000	-	-	-
above	10,000 up to and including 100,000	-	-	-
above	100,000	4	6,700,000	100.00
Totals		4	6,700,000	100.00

Unmarketable parcels

Based on the closing price of $0.165 per security, number of holders with an unmarketable holding 93 shareholders.

Total Unlisted Options on Issue

Grant date	Expiry date	Exercise price	Number under option	Holders
12 May 2022	12 May 2028	$0.30	23,500,000*	7
01 June 2022	31 May 2027	$0.50	2,500,000**	1
29 March 2023	23 March 2026	$0.30	3,000,000***	6
17 March 2025	21 March 2028	$0.1715	3,250,000****	7

The names of holders and number of unquoted equity securities held for each class where the holding was 20% or more of each class of security are as follows: * Elderberry Resources Pty Ltd holds 10,000,000 options & C & N Nominees Pty Ltd holds 8,250,000 options. ** Galleon Gold Corp. holds 2,500,000 options. *** H2 Investment Services Pty Ltd

holds 2,250,000 options. **** Shaw and Partners Limited holds 2,725,000 options.

Total Performance Rights on Issue

Class	Grant date	Expiry date	No. of Rights
Class A – Directors	17 Mar 2025	27 Mar 2030	450,000
Class B – Directors	17 Mar 2025	27 Mar 2030	450,000
Class C – Directors	17 Mar 2025	27 Mar 2030	800,000
Class D – Directors	17 Mar 2025	27 Mar 2030	800,000
Class E – Directors	17 Mar 2025	27 Mar 2030	1,200,000
Class A – Employee	25 Mar 2025	27 Mar 2030	450,000
Class B – Employee	25 Mar 2025	27 Mar 2030	450,000
Class C – Employee	25 Mar 2025	27 Mar 2030	450,000
Class D – Employee	25 Mar 2025	27 Mar 2030	450,000
Class E – Employee	25 Mar 2025	27 Mar 2030	1,200,000
Total			3,700,000

Details of holders of employee performance rights are exempt from disclosure under Chapter 4 of the Listing Rules.

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Restricted and Escrowed Securities

The Company does not have any restricted or escrowed securities on issue.

Voting Rights

In accordance with the Company’s constitution, on a show of hands every member present in person or by proxy or attorney or duly appointed representative has one vote. On a poll every member present or by proxy or attorney or duly authorised representative has one vote for every fully paid share held. There are no voting rights attached to unexercised options or performance rights.

Company Secretary

Nicholas Katris

Corporate Governance Statement

In accordance with Listing Rule 4.10.3, the Company’s Corporate Governance Statement can be - found on the Company’s website. Refer to https://www.leeuwinmetals.com/corporate governance

On-market buy-back

The Company confirms that there is no current on-market buy-back.

Use of Funds

Pursuant to the requirements of ASX Listing Rule 4.10.19, the Company confirms that all funds raised from its Initial Public Offer (IPO) under the prospectus dated 10 February 2023 have now been fully expended in a manner consistent with the business objectives set out in that prospectus.

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MINERAL TENEMENTS

Summary of Mineral Tenements held at 17 September 2025.

Location: Western Australian

Project	Tenure ID	Registered Holder	Ownership	Area (km2)	Grant date
Gascoyne	E 09/2650	Voyage Minerals Pty Ltd	100%	197.2	5-Jul-22
Gascoyne	E 09/2651	Voyage Minerals Pty Ltd	100%	80.6	5-Jul-22
Gascoyne	E 09/2721	Voyage Minerals Pty Ltd	100%	5.6	31-May-23
Gascoyne	E 09/2969	Voyage Minerals Pty Ltd	100%	175	22-Oct-24
Goldfields	E 53/2339	Voyage Minerals Pty Ltd	100%	30.6	Application
Goldfields	E 63/2406	Voyage Minerals Pty Ltd	100%	16.7	Application
Goldfields	E 74/793	Voyage Minerals Pty Ltd	100%	11.1	22-Jan-24
Goldfields	E 74/794	Voyage Minerals Pty Ltd	100%	11.1	31-Jan-24
Goldfields	E 77/3173	Voyage Minerals Pty Ltd	100%	2.8	Application
Goldfields	E 77/3175	Voyage Minerals Pty Ltd	100%	2.8	Application
Goldfields	E 77/3177	Voyage Minerals Pty Ltd	100%	25	Application
Marda	E 77/1322-I	Marda Operations Pty Ltd	100%	64.3	18-Jan-07
Marda	E 77/1721-I	Polaris Metals Pty Ltd	100%	86.1	Application
Marda	E 77/1741-I	Marda Operations Pty Ltd	100%	54.8	20-Aug-10
Marda	E 77/1791	Marda Operations Pty Ltd	100%	5.6	Application
Marda	E 77/1899-I	Marda Operations Pty Ltd	100%	5.4	3-Apr-12
Marda	E 77/1921-I	Marda Operations Pty Ltd	100%	16.5	8-May-12
Marda	E 77/2109-I	Marda Operations Pty Ltd	100%	10.6	29-Jul-13
Marda	E 77/2124	Marda Operations Pty Ltd	100%	40.9	1-Nov-13
Marda	E 77/2141-I	Marda Operations Pty Ltd	100%	8.9	21-Jan-14
Marda	E 77/2165	Marda Operations Pty Ltd	100%	13.9	30-May-14
Marda	E 77/2171	Marda Operations Pty Ltd	100%	2.3	18-Jun-14
Marda	E 77/2202	Marda Operations Pty Ltd	100%	2.6	17-Oct-14
Marda	E 77/2260	Marda Operations Pty Ltd	100%	28.4	4-May-15

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Project	Tenure ID	Registered Holder	Ownership	Area (km2)	Grant date
Marda	E 77/2269-I	Marda Operations Pty Ltd	100%	50.3	7-Sep-15
Marda	E 77/2274-I	Marda Operations Pty Ltd	100%	8.3	12-Jun-15
Marda	E 77/2275-I	Marda Operations Pty Ltd	100%	16.7	12-Jun-15
Marda	E 77/2288-I	Marda Operations Pty Ltd	100%	22.4	14-Jan-16
Marda	E 77/2654	Marda Operations Pty Ltd	100%	44.4	Application
Marda	E 77/3255	Harbour Exploration Pty Ltd	100%	66.7	Application
Marda	E 77/3256	Harbour Exploration Pty Ltd	100%	8.3	Application
Marda	E 77/3257	Harbour Exploration Pty Ltd	100%	8.3	Application
Marda	E 77/3258	Harbour Exploration Pty Ltd	100%	13.9	Application
Marda	E 77/3259	Harbour Exploration Pty Ltd	100%	5.6	Application
Marda	E 77/3265	Harbour Exploration Pty Ltd	100%	2.8	Application
Marda	E 77/3266	Harbour Exploration Pty Ltd	100%	2.8	Application
Marda	E 77/3267	Harbour Exploration Pty Ltd	100%	2.8	Application
Marda	E 77/3268	Harbour Exploration Pty Ltd	100%	5.6	Application
Marda	E 77/3269	Harbour Exploration Pty Ltd	100%	2.8	Application
Marda	E 77/3270	Harbour Exploration Pty Ltd	100%	22.2	Application
Marda	E 77/3290	Marda Operations Pty Ltd	100%	5.6	Application
Marda	E 77/3291	Marda Operations Pty Ltd	100%	11.1	Application
Marda	E 77/3310	Harbour Exploration Pty Ltd	100%	19.4	Application
Marda	E 77/3311	Harbour Exploration Pty Ltd	100%	25	Application
Marda	G 77/120	Marda Operations Pty Ltd	100%	0.93	4-Jul-13
Marda	G 77/35	Marda Operations Pty Ltd	100%	0.04	5-Nov-89
Marda	L 77/238	Marda Operations Pty Ltd	100%	0.18	1-Aug-12
Marda	L 77/239	Marda Operations Pty Ltd	100%	0.21	1-Aug-12
Marda	L 77/240	Marda Operations Pty Ltd	100%	0.87	1-Aug-12
Marda	L 77/241	Marda Operations Pty Ltd	100%	0.12	1-Aug-12
Marda	L 77/242	Marda Operations Pty Ltd	100%	0.60	5-Oct-12
Marda	L 77/258	Marda Operations Pty Ltd	100%	1.49	29-Apr-13

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Project	Tenure ID	Registered Holder	Ownership	Area (km2)	Grant date
Marda	L 77/259	Marda Operations Pty Ltd	100%	0.32	29-Apr-13
Marda	L 77/260	Marda Operations Pty Ltd	100%	0.18	29-Apr-13
Marda	L 77/261	Marda Operations Pty Ltd	100%	0.39	17-Jun-13
Marda	L 77/268	Marda Operations Pty Ltd	100%	0.35	2-Jul-14
Marda	L 77/351	Marda Operations Pty Ltd	100%	0.03	26-Nov-21
Marda	M 77/1259-I	Yilgarn Iron Pty Ltd	100%	7.5	13-Oct-11
Marda	M 77/1261-I	Polaris Metals Pty Ltd	100%	4.6	15-May-12
Marda	M 77/1271	Marda Operations Pty Ltd	100%	1.6	21-Aug-14
Marda	M 77/1272	Marda Operations Pty Ltd	100%	2.1	22-Aug-14
Marda	M 77/1300	Marda Operations Pty Ltd	100%	5.2	Application
Marda	M 77/394-I	Marda Operations Pty Ltd	100%	9.3	1-Aug-89
Marda	M 77/576	Marda Operations Pty Ltd	100%	0.3	14-Jun-93
Marda	M 77/646-I	Marda Operations Pty Ltd	100%	1.1	24-May-94
Marda	M 77/824	Marda Operations Pty Ltd	100%	1.7	3-Jun-05
Marda	M 77/931-I	Marda Operations Pty Ltd	100%	7.6	8-Jun-05
Marda	M 77/962-I	Marda Operations Pty Ltd	100%	5.6	3-Jun-05
Marda	P 77/4179	Marda Operations Pty Ltd	100%	1.8	17-Jun-13
Marda	P 77/4180	Marda Operations Pty Ltd	100%	1.5	17-Jun-13
Marda	P 77/4181	Marda Operations Pty Ltd	100%	1.9	30-May-13
Pilbara	E 08/3667	Voyage Minerals Pty Ltd	100%	27.8	Application
Pilbara	E 08/3668	Voyage Minerals Pty Ltd	100%	66.7	Application
Pilbara	E 08/3719	Voyage Minerals Pty Ltd	100%	27.8	Application
Pilbara	E 08/3732	Voyage Minerals Pty Ltd	100%	69.4	Application
Pilbara	E 08/3777	Voyage Minerals Pty Ltd	100%	191.7	Application
Pilbara	E 45/6075	Voyage Minerals Pty Ltd	100%	77.7	25-Jul-22
Pilbara	E 45/6729	Voyage Minerals Pty Ltd	100%	194.4	1-Aug-24
Pilbara	E 45/6731	Voyage Minerals Pty Ltd	100%	2.8	1-Aug-24
Pilbara	E 45/6833	Voyage Minerals Pty Ltd	100%	2.8	Application

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Project	Tenure ID	Registered Holder	Ownership	Area (km2)	Grant date
Pilbara	E 45/6838	Voyage Minerals Pty Ltd	100%	2.8	Application
Pilbara	E 45/6843	Voyage Minerals Pty Ltd	100%	5.6	Application
Pilbara	E 45/7085	Voyage Minerals Pty Ltd	100%	66.7	Application
Pilbara	E 47/5050	Voyage Minerals Pty Ltd	100%	13.9	11-Jul-24
Pilbara	E 47/5051	Voyage Minerals Pty Ltd	100%	11.1	Application
Pilbara	E 47/5052	Voyage Minerals Pty Ltd	100%	13.9	Application
Pilbara	E 47/5056	Voyage Minerals Pty Ltd	100%	5.6	Application
Pilbara	E 47/5317	Voyage Minerals Pty Ltd	100%	11.1	Application

Location: Manitoba, Canada

Project	Tenure ID	Registered holder	Ownership	Area (km2)	Grant date
Cross Lake	1209A	Leeuwin Metals Canada Ltd.	100%	57.4	14-Apr-23
Cross Lake	1212A	Leeuwin Metals Canada Ltd.	100%	215.6	5-July-23
Cross Lake	1213A	Leeuwin Metals Canada Ltd.	100%	350.4	5-July-23
Cross Lake	1214A	Leeuwin Metals Canada Ltd.	100%	150.6	5-July-23
Cross Lake	1227A	Leeuwin Metals Canada Ltd.	100%	261.8	8-Aug-23
Cross Lake	1228A	Leeuwin Metals Canada Ltd.	100%	59.6	8-Aug-23
Cross Lake	1229A	Leeuwin Metals Canada Ltd.	100%	252.8	8-Aug-23
Cross Lake	1230A	Leeuwin Metals Canada Ltd.	100%	58.5	8-Aug-23
Cross Lake	1231A	Leeuwin Metals Canada Ltd.	100%	168.8	23-Oct-23
Cross Lake	1232A	Leeuwin Metals Canada Ltd.	100%	207.1	23-Oct-23
Cross Lake	1256A	Leeuwin Metals Canada Ltd.	100%	52.1	27-Sept-23
Cross Lake	1257A	Leeuwin Metals Canada Ltd.	100%	62.3	27-Sept-23
Cross Lake	1258A	Leeuwin Metals Canada Ltd.	100%	52.2	27-Sept-23
Cross Lake	1263A	Leeuwin Metals Canada Ltd.	100%	57	4-Dec-23
Godslith	1287A	Leeuwin Metals Canada Ltd.	100%	58.11	Application
William Lake	1204B	Leeuwin Metals Canada Ltd.	100%	427.4	06-Mar-23
William Lake	WLC MB 4811	Leeuwin Metals Canada Ltd.	100%	2.4	04-Nov-03
William Lake	WLC MB 4837	Leeuwin Metals Canada Ltd.	100%	1.1	01-Dec-03
William Lake	WLC MB 4848	Leeuwin Metals Canada Ltd.	100%	0.9	04-Nov-03
William Lake	WLC MB 4849	Leeuwin Metals Canada Ltd.	100%	2.6	05-Jan-04
William Lake	WLC MB 4850	Leeuwin Metals Canada Ltd.	100%	0.6	01-Dec-03
William Lake	WLC MB 4851	Leeuwin Metals Canada Ltd.	100%	2.2	04-Nov-03
William Lake	WLC MB 4853	Leeuwin Metals Canada Ltd.	100%	1.8	01-Dec-03
William Lake	WLC MB 4854	Leeuwin Metals Canada Ltd.	100%	2.2	04-Nov-03
William Lake	WLC MB 4855	Leeuwin Metals Canada Ltd.	100%	1.0	04-Nov-03
William Lake	WLC MB 4856	Leeuwin Metals Canada Ltd.	100%	1.6	04-Nov-03
William Lake	WLC MB 4857	Leeuwin Metals Canada Ltd.	100%	2.6	04-Nov-03

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Project	Tenure ID	Registered holder	Ownership	Area (km2)	Grant date
William Lake	WLC MB 4858	Leeuwin Metals Canada Ltd.	100%	1.8	04-Nov-03
William Lake	WLC MB 4861	Leeuwin Metals Canada Ltd.	100%	2.1	04-Nov-03
William Lake	WLC MB 4862	Leeuwin Metals Canada Ltd.	100%	1.6	04-Nov-03
William Lake	WLC MB 4863	Leeuwin Metals Canada Ltd.	100%	1.3	04-Nov-03
William Lake	WLC MB 4865	Leeuwin Metals Canada Ltd.	100%	2.3	04-Nov-03
William Lake	WLC MB 4866	Leeuwin Metals Canada Ltd.	100%	2.6	04-Nov-03
William Lake	WLC MB 4867	Leeuwin Metals Canada Ltd.	100%	2.6	04-Nov-03
William Lake	WLC MB 4868	Leeuwin Metals Canada Ltd.	100%	1.0	01-Dec-03
William Lake	WLC MB 4869	Leeuwin Metals Canada Ltd.	100%	2.2	01-Dec-03
William Lake	WLC MB 4870	Leeuwin Metals Canada Ltd.	100%	2.0	01-Dec-03
William Lake	WLC MB 4871	Leeuwin Metals Canada Ltd.	100%	1.7	01-Dec-03
William Lake	WLC MB 4872	Leeuwin Metals Canada Ltd.	100%	1.9	01-Dec-03
William Lake	WLC MB 4873	Leeuwin Metals Canada Ltd.	100%	1.0	01-Dec-03
William Lake	WLC MB 4874	Leeuwin Metals Canada Ltd.	100%	1.4	01-Dec-03
William Lake	WLC MB4875	Leeuwin Metals Canada Ltd.	100%	1.3	01-Dec-03
William Lake	WLC MB4876	Leeuwin Metals Canada Ltd.	100%	1.9	01-Dec-03
William Lake	WLC MB4877	Leeuwin Metals Canada Ltd.	100%	2.2	01-Dec-03
William Lake	WLC MB4878	Leeuwin Metals Canada Ltd.	100%	1.9	01-Dec-03
William Lake	WLC MB4879	Leeuwin Metals Canada Ltd.	100%	1.9	01-Dec-03
William Lake	WLC MB4880	Leeuwin Metals Canada Ltd.	100%	1.8	01-Dec-03
William Lake	WLC MB4895	Leeuwin Metals Canada Ltd.	100%	0.6	09-Dec-03
William Lake	WLC MB4952	Leeuwin Metals Canada Ltd.	100%	1.4	01-Dec-03
William Lake	WLC MB4953	Leeuwin Metals Canada Ltd.	100%	1.5	01-Dec-03
William Lake	WLC MB4954	Leeuwin Metals Canada Ltd.	100%	2.3	01-Dec-03
William Lake	WLC MB4955	Leeuwin Metals Canada Ltd.	100%	1.5	01-Dec-03
William Lake	WLC MB4956	Leeuwin Metals Canada Ltd.	100%	0.3	09-Dec-03
William Lake	WLC MB4957	Leeuwin Metals Canada Ltd.	100%	2.4	01-Dec-03
William Lake	WLC MB4958	Leeuwin Metals Canada Ltd.	100%	1.5	01-Dec-03
William Lake	MBC 7268	Leeuwin Metals Canada Ltd.	100%	2.3	02-Apr-07
William Lake	BILL1	Leeuwin Metals Canada Ltd.	100%	1.9	04-Mar-93
William Lake	BILL2	Leeuwin Metals Canada Ltd.	100%	1.7	04-Mar-93
William Lake	BILL4	Leeuwin Metals Canada Ltd.	100%	2.2	04-Mar-93
William Lake	BILL5	Leeuwin Metals Canada Ltd.	100%	2.5	04-Mar-93
William Lake	BILL6	Leeuwin Metals Canada Ltd.	100%	2.4	04-Mar-93
William Lake	BILL7	Leeuwin Metals Canada Ltd.	100%	2.1	04-Mar-93
William Lake	BILL8	Leeuwin Metals Canada Ltd.	100%	1.8	04-Mar-93
William Lake	BILL9	Leeuwin Metals Canada Ltd.	100%	1.4	04-Mar-93
William Lake	BILL11	Leeuwin Metals Canada Ltd.	100%	1.5	04-Mar-93
William Lake	BILL12	Leeuwin Metals Canada Ltd.	100%	2.7	04-Mar-93
William Lake	BILL13	Leeuwin Metals Canada Ltd.	100%	0.7	04-Mar-93
William Lake	BILL14	Leeuwin Metals Canada Ltd.	100%	0.9	04-Mar-93
William Lake	BILL10	Leeuwin Metals Canada Ltd.	100%	0.3	04-Mar-93
William Lake	WIL2	Leeuwin Metals Canada Ltd.	100%	2.6	26-Sep-91
William Lake	WIL5	Leeuwin Metals Canada Ltd.	100%	2.5	26-Sep-91

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Leeuwin Metals Ltd Unit 2, 68 Hay Street SUBIACO WA 6008 Website: leeuwinmetals.com Email: [email protected] ASX : LM1 | ACN 656 057 215

AI assistant

LEEUWIN METALS LTD — Annual Report 2025

65245_rns_2025-09-25_0168ac2f-e52e-4aa8-a683-ead5fc9365f4.pdf

2025

ANNUAL REPORT

Contents

CORPORATE DIRECTORY

Directors

Simon Jackson

Scott Williamson

Company Secretary Nicholas Katris

Registered and Principal Office

Australian Business Number

Stock Exchange Listing

Legal Advisers

Allens

Bankers

Auditor

Share Registry

MESSAGE FROM THE CHAIRMAN

Dear Shareholders,

Christipher Piggott

REVIEW OF OPERATIONS

Marda Gold Project (Western Australia)

Asset Overview

Geological Setting

Exploration Opportunity

Exploration Highlights

Highlights include:

Result Highlights at Marda

RC drilling at Marda Central

Historic dataset review & 3D modelling

Significant historical intercepts include:

Evanston priority corridor

Evanston RC drilling

Surface geochemistry

West Pilbara Iron Ore Project (Western Australia)

Overview

Strong first-pass results

Footprint expanded

William Lake Nickel Project (Manitoba, Canada)

Exploration Status

Cross Lake Lithium Project (Manitoba, Canada)

Exploration Status

Health & Safety

COMPLIANCE STATEMENTS AND DISCLAIMERS

Disclaimer

Competent Person Statement

No new information

Forward Looking Statements

DIRECTORS’ REPORT

Information on directors

Christopher Piggott

Company secretary

Meetings of directors

Principal activities

Operating and Financial Review

OPERATIONS

Marda Gold Project

West Pilbara Iron Ore Project

CORPORATE

Operating results

Review of financial position

Capital Raising

Board changes

Looking Ahead

Material Business Risks

Future Capital Requirements and Market Risks

Tenure, Access & Grant of Licences / Permits

Land Access Risk

First Nations

Access to Sufficient Used and New Equipment

Data Management

Regulatory Environment

People Capability

General Economic Climate

Climate Change

Environmental, Social and Governance

Dividends

Shares under option

LEEUWIN METALS LTD Annual Report 2025