LOWELL RESOURCES FUND — Net Asset Value 2025

Nov 6, 2025

MONTHLY UPDATE

Lowell Resources Funds Management Ltd. ABN 36 006 769 982 AFSL 345674

October 2025

October 2025 Performance Summary: Lowell Resources Fund (ASX: LRT)

The Lowell Resources Fund’s estimated net asset value (‘NAV’) at the end of October 2025 was approximately $104.1m, compared to AUD$104.5m at the end of September 2025.

The NAV per unit finished the month of October at $2.5037 vs $2.5147 at 30[th] September 2025, a decrease of 0.4% over the month.

The last traded unit price of the ASX listed LRT units at month end was $1.945/unit.

The Fund’s Responsible Entity continued an on-market unit buyback of LRT units on the ASX.

Fund Top Performer

Alma Metals Ltd (Market Cap $147m

ALM.ASX) share price rose 60% in October after announcing Queensland Government funded deep drilling to test a prospective VTEM anomaly. The target is located adjacent to the existing75% owned Briggs project mineral resource neat Gladstone, containing an estimated 2Mt of copper metal. A project scoping study is due imminently to outline the project’s economics and development potential.

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LRT 10 Year Total Return
700 incl distributions
Rebased to 100
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LRT ASX300
ASX200 Small Resources
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MONTHLY UPDATE

October 2025

Lowell Resources Fund. (ASX: LRT)

LRF COMMODITY EXPOSURE 31 OCTOBER 2025

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Manganese
3%
REE
Battery Uranium
5%
1% 2%
Base Metals
4%
Nickel
2%
Silver
5%
O&G
2%
Gold & PGM
53%
Cash
10%
Copper
12%
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Fund Investment Actions – October 2025

In O&G, the Fund completed its realisation of a highly profitable investment in East Timor oil developer Finder Energy. The Fund took a new position in Equus Energy, which has a 1.7Tcf gas resource on Australia’s NW Shelf.

In precious metals, the Fund participated in new equity placements by Victoria and Mexico precious metals explorer Advance Metals, Cote d’Ivoire gold explorer Famien Resources / Enegex Ltd and Victorian gold IPO Black Horse Mining. The Fund also added to its holdings in DeSoto Resources, Nexus Minerals, Arika Resources, Carnavale Resources, Leeuwin Metals and New Age Exploration.

In other metals, the Fund made a new investment in Yukon copper recapitalisation Selkirk Copper Mines, and added to its holdings in Brazilian Critical Minerals (REE), Asian Battery Minerals (Cu-Ni) and Alma Metals (Cu-Mo).

FUND SNAPSHOT 31[st] October 2025

NAV per unit	$2.5037	FY 25 Distribution paid	2.7 cents per unit
No. of Units on issue	41,557,135	Market Capitalisation	AUD $81m
Market Price (ASX)	$1.945/ unit	Responsible Entity	Cremorne Capital Limited
Estimated NAV	AUD $104.1m	Fund Manager	Lowell Resources Funds Management Ltd

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October 2025

MONTHLY UPDATE

Lowell Resources Fund. (ASX: LRT)

LRT Unit Buyback

During the month, the Fund’s Responsible Entity continued an on-market unit buyback of LRT units on the ASX. As at October 31 2025, the RE had bought 172,033 units since August 18 2025. The buyback is scheduled to last until August 2026 and may buy up to 3.44 million units. The highest price paid so far is $1.96/unit and the lowest price $1.46/unit. These units have been cancelled leaving the number of LRT units on issue reduced to 41.557 million.

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MONTHLY UPDATE

October 2025

Lowell Resources Fund. (ASX: LRT)

Fund Top Holdings

Astral Resources (Market Cap AUD$302m AAR.ASX) announced infill gold drill intercepts including 6m at 17.3g/t, 40m at 2.9g/t and 38m at 1.7g/t at its 100%-owned Mandilla Gold Project, located 70km south of Kalgoorlie in WA. Intercepts at the adjacent Spargoville Project included 3m at 16.9g/t and 9m at 5.2g/t Au. AAR signed an LOI with Mineral Mining Services to form a JV for Astral’s Think Big Gold Project (85koz Au @ 1.1g/t Au) to contract mine the deposit in Q3 2026.

Brazilian Critical Minerals (Market Cap $65m BCM.ASX) announced further high in-situ leach recoveries of REE’s at its Ema project in Brazil. The ISR field trials generated export quality mixed rare earth carbonate (‘MREC’) grading 50% Rare Earth Oxides (‘TREO’). This high-grade MREC was recovered from a feed solution grading 326ppm TREO, confirming that the carbonate precipitation pathway is commercially viable. Ema has a resource of 943Mt

Black Canyon Ltd (Market Cap $59m BCA.ASX) announced results from drilling at BCA’s 100% owned high-grade Wandanya manganese discovery in the Pilbara of WA, including 9m at 30.3% Mn, 8m at 42.4% Mn, and 9m at 34.7% Mn, all from surface. +55% Fe intercepts were also returned along a 1km strike. Manganese mineralisation is open to the north, south, and east. The grades indicate these intercepts have potential to be direct shipping ores.

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Unico Silver (Market Cap $285m USL.ASX) announced high-grade extensional silver-gold drill intercepts including 81m at 148g/t AgEq, 60.5m at 168g/t AgEq and 44.9m at 259g/t AgEq at its 100% owned Joaquin Project in Santa Cruz. The 2013 Foreign Estimate of 73Moz AgEq at Joaquin is expected to be updated to JORC in November.

Desoto Resources (Market Cap $42m DES.ASX) announced drilling programs at its Dadjan and Tole prospects, in the Siguiri Basin in Guinea. Surface assays previously included 0.7m at 5.6g/t Au and 2m at 1.7g/t Au from trenching at Dadjan, and 41.4g/t Au and 13.1g/t Au in rock-chip samples from Tole.

LRF Portfolio Value by Project Stage 31 October 2025

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Company	Commodity	% of Gross Investments
Cash	Cash	13%
Astral Resources	Gold	4.5%
Brazilian Critical Minerals	REE	3.7%
Sunstone Metals	Gold-Copper	3.6%
Medallion Metals	Gold-Copper	3.5%
Black Canyon	Manganese	3.4%
Southern Palladium	PGM	3.2%
Freegold Ventures	Gold	3.1%
Saturn Metals	Gold	3.0%
Unico Silver	Silver	2.8%
DeSoto Resources	Gold	2.5%

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October 2025

MONTHLY UPDATE

Lowell Resources Fund. (ASX: LRT)

Performance Comparison – October 2025

Over the past 10 years, the Lowell Resources Fund’s change in underlying estimated net asset value per unit (inclusive of reinvested distributions, and after fees and expenses) was 21.5%pa. The Fund has outperformed its benchmark S&P/ASX Small Resources Accumulation Index (XSRAI), and the ASX Resources 300 Index (Total Return) and ASX 200 Index (Total Return) over one, two, three, five and ten years.

Total Portfolio Performance to 31 October 2025	LRT Change in NAV per unit incl distributions	S&P/ASX Small Resources Accumulation Index (XSRAI)
			ASX Resources	ASX 200 Index
			300 Index	(Total Return)
			(Total Return)
12 months	80.1%	41.4%	18.7%	12.5%
2 years p.a.	34.6%	27.1%	8.9%	18.5%
3 years p.a.	27.2%	16.6%	11.0%	13.1%
5 years p.a.	19.1%	16.8%	14.1%	12.6%
10 years p.a.	21.5%	15.3%	13.4%	9.7%
20 yrs pa. to 30 June 2025	17.9%

The LRT ASX traded unit price at the end of October was $1.945/unit, compared to $2.11/unit at the end of September.

Market Notes

Economics

• The US Federal Reserve cut interest rates by 0.25% pa, but warned a further reduction this year was not a “foregone conclusion”.

• J.P. Morgan’s chief market strategist David Kelly warned that America is “going broke”, but he said it’s doing so suffciently slowly that markets aren’t panicking yet.

• The US Government remained shut down for over 3 weeks, the second longest in history, with the Senate holding numerous meetings to resolve the impasse.

• Trump and President Xi concluded talks, with the US winding back fentanyl-related tariffs by 10% and China backing away from recent rare-earth export controls and resuming US soybean purchases. Nevertheless, a trade truce is not expected to reverse the decoupling trend, with China’s share of US imports falling to 25-year lows.

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MONTHLY UPDATE

October 2025

Lowell Resources Fund. (ASX: LRT)

• China’s GDP climbed 4.8%yoy last quarter helped by booming exports, but retail sales and property sectors remained weak. In September 2025, Chinese exports to the US were approximately US$34.3 billion, a 16.9% year-on-year drop.

• In Australia , underlying inflation rose for the first time in almost three years to 3.0% – the top of the Reserve Bank’s target band – exceeding governor Michele Bullock’s standard of a “material miss”. The result, above the 2.7% rise market economists were expecting, dashed hopes of an interest rate cut.

• Americans hold US$7.5tn in money market mutual funds , as a result of the pandemic liquidity surge, which is more than $1.5tn above the long-term trend.

Metals

• Gold prices climbed to record highs of US$4,380/oz as up to 4 rate cuts were expected from the US Federal Reserve by the end of 2026. The anticipated easing of interest rates was due to growing signs of a slowing labour market in the US, despite the lack of data due to the US Government shutdown.

• A frenzy of retail buying, with queues developing outside gold shops across the world from Japan to Australia, had poured further fuel on the rally, before gold tumbled more than 6 per cent on 21 October, its biggest daily drop in more than 12 years, as the year’s record-breaking bullion rally went into reverse, coinciding with the end of the Diwali buying season.

• Gold mining equities had joined the rally in the metal price, with the HUI Index reaching new record highs before falling back more than 15%.

• A record US$26bn had poured into gold -backed exchange traded funds during the third quarter, as the centre of the buying action moved from central banks to gold ETFs. The exchange traded fund share of gold demand rose ninefold to nearly 20 per cent.

• However, ETFs cut 448,706 troy ounces of gold from their holdings as prices plunged from US$4,380/oz to below US$4,000/oz in late October.

• In performance terms, the recent gold price surge had accelerated well beyond a ‘usual’ move, with the gold price more than 20 per cent above its 200-day moving average and 70 per cent above its 200-week average, BofA analysts said in a note. That had happened only three times before, it said, in peaks that were followed by 20-33 per cent declines.

• Australia said it expected gold to become its second most valuable resource export after iron ore this financial year, dislodging liquefied natural gas, as concerns over geopolitical instability fuel demand for the safe-haven metal. Australia's gold exports are expected to rise by A$12 billion ($7.9 billion) to A$60 billion in the current financial year ending in June 2026, as Australia exports more gold at higher prices, the department of industry said in its September quarterly report.

• The PBOC expanded its gold reserves for an 11th straight month with the purchase of 40k troy ounces in September (40k oz is the smallest monthly purchase in that 11months). Since China resumed buying in November 24 it has accumulated 1.26Moz. At the end of September the PBOC gold reserve stood at 74.06 Moz. A factor that may have contributed to the gold price retracement may have been if some central banks needed to sell gold to keep it within their target allocation ranges. Because gold has appreciated so quickly, its value as a percentage of central bank holdings had also soared. As a percentage of central bank reserves, gold had risen from 10% a decade ago, to a record of 30%, and was estimated to overtake the USD if the gold price rises to US$5,790/oz.

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MONTHLY UPDATE

October 2025

Lowell Resources Fund. (ASX: LRT)

• Tether purchased 19 tonnes of gold (slightly less than the People’s Bank of China with 22 tonnes) over H1’25, equal to fourth most by any country. With Tether evaluating a fund raising in the coming year of over US$20 billion as part of a potential IPO valuation approaching US$500 billion, Tether could remain a fundamental purchaser of physical gold. Bloomberg reported Tether, the stablecoin had added $8bn in gold to its balance sheet as of July, with this expected to have grown subsequently.

• Founder of Franco-Nevada and renowned market pundit Pierre Lassonde forecast the gold price to spike to US$17,250/oz within the next five years. Goldman Sachs raised its forecast for the December 2026 gold price to US$4,900/oz. Jamie Dimon said gold “could easily go to US$5,000, $10,000 in environments like this.”

• South Korea’s central bank, which last purchased bullion more than a decade ago, was considering additional purchases over the medium to long term, according to an official at the LBMA gathering in Japan. Kenya also plans to buy gold to diversify its reserves and held talks with the Bank of England on topics including bullion storage.

• Silver prices followed gold higher and hit a record high of US$54.23 per ounce, supported by investor demand for hard assets and expectations of US rate cuts, before falling back below US$50/oz. Traders described a market where liquidity almost entirely dried up, leaving anyone short spot silver struggling to source metal and forced to pay sky-high borrowing costs to roll their positions to a later date. Silver lease rates spiked to 35% up from 11%. Inventories of silver in London reached “critical” lows – less than 150Moz, which is only just over half the average daily trading volume of the metal.

• India's largest precious metals refinery ran out of silver stock for the first time in its history due to high demand from Indian customers.

• Reports suggest a fundamental silver supply shortfall as rising production of solar panels and EV powertrains continues to raise demand. Industrial consumption has risen to >700Moz and is reported to now account for nearly 60% of total demand. Silver’s recent inclusion in a draft list of critical minerals in the US sparked new interest in its industrial usage.

• Precious metals traders were also contending with another drama, this time in the platinum market. Spot prices for platinum in London surged by as much as 6.4% to $1,646.03 an ounce , the biggest intraday jump since 2020. Dan Ghali, senior commodity strategist at TD Securities said, “This is a particularly odd time for a platinum squeeze,” pointing out that there should be ample global supply. China exported the largest amount of platinum products of 140,000 ounces last month since the start of data collection, he noted. “And yet, the system’s liquidity is clearly stressed.”

• Copper rose to US$5.05/lb, hitting an all-time high. The International Copper Study Group now forecasts a global copper deficit of 150,000 tons in 2026, reversing their expectations in April of a surplus. Disruptions at Grasberg and Kamoa mines and reduced concentrate availability are tightening supply. However, demand growth - especially from China - is expected to slow.

• Teck downgraded its copper output forecast at QB2, which adds to production losses at Grasberg (mud rush), Kamoa (seismic event) and Codelco (El Teniente). Similarly, Teck’s merger partner Anglo American said its copper output fell to 526,000 tons in the first nine months from 575,000 in 2024.

• Copper’s surge spurred Chinese smelters to step up shipments abroad, lured by record prices in London while higher costs deterred buyers at home. Two major Chinese smelters were arranging as much as 25,000t of spot shipments to bonded warehouses and Asian depots monitored by the LME for near term delivery. Reuters reports that Chinese smelters were refraining from setting 4Q25 TCRC fee guidance, for the third quarter in a row, as concentrate supply remained constrained.

• Glencore will get up to $600 million to keep its loss-making Mount Isa copper smelter, which was jointly funded by the federal and Queensland governments, running for another three years.

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MONTHLY UPDATE

October 2025

Lowell Resources Fund. (ASX: LRT)

• BHP said it was considering reopening four long-closed copper mines in Arizona, acquired as part of the ill-fated Magma Copper deal in the 1990’s.

• Top copper supplier Codelco is looking to charge a premium of $325 a ton to key European customers, according to people familiar with the matter. If accepted, that would be a sizable increase from the $234 premium negotiated by the Chilean producer for the past couple of years and slightly higher than what European producer Aurubis plans to charge for 2026. Codelco production disruptions are restricting available metal, much of which is earmarked for the US where premia are higher. Aurubis plans to raise the premium it charges to deliver metal to regional customers by nearly 40% to $315 next year, according to reports.

• Freeport McMoRan Inc. plans to break away from the benchmark pricing system for global sales of mined copper ores to protect the profitability of smelters. The company's top commercial executive, Javier Targhetta, said that Freeport would probably strike individual supply deals that would better protect smelters' margins if the benchmark plunges further. Targhetta expressed concerns about the steep decline in processing fees, calling recent spot transactions "nonsense" and stating that Atlantic Copper would not accept a zero tolling fee.

• China’s dominant metals body, China Nonferrous Metals Industry Association, called for new capacity curbs. This suggests restrictions on new copper projects, with smelter overcapacity seeing record low TCRC fees.

• Anthony Albanese and Trump signed a ‘landmark’ critical minerals deal during a meeting at the White House. The pair agreed to invest a combined $US3 billion in critical minerals projects and work together to loosen China’s grip on the crucial industry. A framework for co-operating on critical minerals includes offering guaranteed price floors for new producers and blocking asset sales on security grounds, in moves that were expected to anger Beijing.

• Trump said he’d hit China with a 100% additional tariff and impose new export controls after Beijing placed restrictions on rare earths, before Trump and Xi announced a temporary one-year lifting of rare earth export bans. Western companies had warned that a renewed US-China dispute over rareearth materials would lead to “broken” supply chains and higher prices for chips, cars and weapons as industry executives plead for de-escalation between the two trading powers. China first introduced rare-earth export restrictions in April in retaliation for tariffs imposed by the Trump administration, causing delays with vehicle production and forcing western companies to stockpile materials. Beijing then tightened those rules further, requiring foreign companies to get approval to export magnets that contain even trace amounts of China-sourced rare-earth materials and restricting the sharing of magnet-making expertise with foreigners. In response, Trump threatened to impose an additional 100 per cent tariff on imports from China ahead of the climb-down in the meeting with President Xi.

• The Trump administration plans to expand the government's role in strategic industries, including domestic REE mining and processing, by taking ownership stakes in additional companies, stockpiling critical minerals and using its purchasing power to shape corporate spending choices, Treasury Secretary Scott Bessent said. It was reported that the Trump administration was looking to set price floors for critical minerals beyond REEs (alongside potential equity stakes) added fuel to the fire across the critical minerals sector.

• “In about a year from now, we’ll have so much critical minerals and rare earths that you won’t know what to do with them. They’ll be worth about two dollars” Trump crowed. Notwithstanding the wild nature of Trump’s forecasts, regulatory approvals for developments in Australia and the US look set to be more supportive, and 'floor pricing' in more situations may be implemented.

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October 2025

MONTHLY UPDATE

Lowell Resources Fund. (ASX: LRT)

• The United States and Japan also signed a framework agreement to secure the supply of rare earths and critical minerals , aiming to reduce reliance on China’s dominant position in the global market. The agreement provides implicit support for price floors, a topic gaining traction since the US Department of War set a $110/kg floor for Nd/Pr in its deal with MP Materials.

• BHP reportedly agreed with China’s Minerals Resources Group to switch settlement to Chinese RMB currency for 30% of its spot iron ore.

• The London Metal Exchange zinc market saw the most severe squeeze in decades as traders rushed to get hold of a dwindling volume of inventory underpinning contracts on the bourse. Spot zinc prices surged to trade US$323/ton above contracts expiring in three months, the highest spread since at least 1997. A premium for near-dated contracts is known as a backwardation, and it’s a hallmark sign that spot demand is exceeding supply.

• Zinc inventories in the LME’s warehouses plunged towards the record lows of 2023, due to western smelters reducing production following a collapse in processing margins. There was only enough zinc in LME warehouses to service demand in the 14Mtpa global market for less than a day.

• Tungsten concentrate and metal prices continued to increase to approximately US$615/mtu by end of September, after China imposed export restrictions back in February. China controls +85% of the market. The price increase in the September quarter was about 33% and an 85% rise year-on-year from roughly US$330/mtu in October 2024.

Energy

• Early in the month, oil prices fell to a five-month low after a report from the International Energy Agency estimated a “large surplus” of crude supply. The decline came after the agency said preliminary data indicated a “massive” build-up in oil shipments in September following a surge in exports by key producers, suggesting that output is more than consumers need. The overhang will average 3.2mn barrels a day (b/d) from October through to June 2026, according to IEA estimates. It had previously estimated a surplus of 2mn b/d to last well into 2026.

• The fall in oil prices came despite the market having been reassured by an announcement from OPEC+, in which the cartel signalled a shift away from its previous relentless increases in oil production with a modest rise of 137,000 b/d in November, the same increase as in October.

• In late October, India and China’s largest refineries paused imports of Russian oil , cutting off a key source of funds for Vladimir Putin’s war machine, following Donald Trump’s sharp escalation of US sanctions. China and India together account for about 80 per cent of all Russia’s crude exports, with oil and gas contributing about a quarter of Moscow’s federal budget. Oil prices rose more than 5 per cent after the US blacklisting of Russian groups Rosneft and Lukoil reverberated through global energy markets. The Biden administration had previously held off imposing sanctions on Rosneft and Lukoil amid concerns it could drive up global energy prices. Since the full-blown war in Ukraine started in 2022, India has become the biggest buyer of seaborne Russian crude, as sanctions pushed other buyers out of the market

• Lukoil immediately announced plans to sell its international assets in response to the sanctions.

• China’s refineries processed 488Mt of crude and other feedstocks in the first eight months of the year, an increase of 16Mt (+3%) compared with the same period in 2024, but still below the volume two years ago, as the country’s oil consumption flattens out.

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MONTHLY UPDATE

October 2025

Lowell Resources Fund. (ASX: LRT)

• The amount of oil sailing the world’s oceans surged to a fresh record, a sign of how supplies were continuing to mount despite the price gains that followed sanctions on some of Russia’s biggest oil companies. Almost 1.4 billion barrels of oil were on board crude tankers, according to data from Vortexa Ltd. That’s the highest in figures going back to 2016. The volumes of crude oil on water climbed over the 10 weeks to late October - also the longest run since the data began being published - as the OPEC+ alliance and countries outside of the producer group, particularly in the Americas, ramped up production. Of note, Reuters reported OPEC+ was leaning towards another 137K bpd output hike at a meeting scheduled for early November.

• Term (i.e. contract, not spot) U3O8 price indicators ticked up to US$84/lb at the end of September, up from US$82/lb in September, having stagnated at US$80/lb across H1 CY25. YTD contracted volumes rof 47.9 m lbs emain below the five-year average of ~90Mlbs. Historically, September to December accounts for ~36% of annual contracting. Utilities are expected to enter the market over the remainder of 2025 to address looming supply gaps in the years ahead.

• The spot uranium price pushed through US$82/lb according to Trading Economics on increased buying from Sprott (~1.7Mlbs in a week) and a US$175m raise for the Yellowcake Physical uranium trust. The Yellowcake funds will be used to purchase uranium from Kazatomprom at a US$75.08/lb price beginning in 2026, equating to 2.3Mlbs in purchasing capacity. This news came on the back of production downgrades from Cameco (~3Mlbs) and Kazatomprom.

• Trump announced a US$80bn investment in new AP1000 nuclear reactors built by Westinghouse. Under the agreement the US Government will assist with funding and permitting for the new reactors, in return for up to 20% of cash flow from Westinghouse in excess of US$17.5bn. This will probably fund 8-10 new reactors and each AP1000 reactor would consume on average ~0.5Mlb U3O8 pa, so the announcement would increase US uranium consumption by 5-6Mlb/yr next decade (from ~50Mlb/yr today). This is the most significant investment from the US government in nuclear reactor deployment in recent history, and mirrors the moves the DoD made in the rare earth space.

• Global sales of battery- electric vehicles (BEVs) and plug-in hybrids (PHEVs) rose 15% yoy in August. Sales totalled 1.7 m units in August. China’s EV sales growth slowed sharply to 6% in August from a monthly average of 36% in H1 25. China still dominated global EV sales despite the slowdown with 1.1m vehicles sold across the month.

• Bloomberg reported that record additions of wind turbines and solar panels are producing so much electricity that China’s huge fleet of coal power plants doesn’t need to burn as much fuel. That would put greenhouse gas emissions on the decline - accomplishing a key goal of policymakers in Beijing five years ahead of schedule.

• China's national holiday week, known as 'Golden Week', traditionally signals a surge in fuel consumption. Fuel demand fell 9% yoy in October to 12.5m tons (~91.5mbbls), remaining similar to September's consumption, thanks to growing EV adoption in the country. (Sublime China Information). NEVs have accounted for almost 50% of new car sales in 2025, and 20% of the 63.5m car trips made during the eight-day holiday period were made in EVs or hybrids.China now has 18m charging ports, up 54.5% yoy, making long-distance EV travel increasingly practical.

• Tomago Aluminium in NSW said that it "has reached a point where it must contemplate ceasing operations at the end of its current electricity supply contract." Australia's largest aluminium smelter may shut down when its current power-supply agreement expires in 2028.

• Caterpillar Inc., the company which manufactures yellow bulldozers and mining trucks, is getting a boost from another type of machinery. Power generators and turbines , which keep data centres running, have become a dominant driver for the company as demand for artificial-intelligence infrastructure takes off globally. Caterpillar told investors that sales of those products jumped 31% in its latest quarter, trouncing sales growth for its more traditional equipment.

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October 2025

MONTHLY UPDATE

Lowell Resources Fund. (ASX: LRT)

What is the Lowell Resources Fund? (ASX: LRT)

ASX-listed Lowell Resources Fund is focused on generating strong absolute returns from the junior resources sector. Our team of fund managers has many years of experience in this high risk, high reward sector. Lowell Resources Fund Management (LRFM) manages the portfolio of exploration and development companies operating in precious and base metals, specialty metals and the oil and gas space. LRFM has a successful 20-plus year track record managing LRT. An investment in LRT provides investors with exposure to an actively-managed portfolio focused squarely on one of the most rewarding sectors of the Australian, as well as global, share market.

	AAR BCM STN BCA SPD FVL STM USL DES NXM SANU BOGO TL MM8 LRT Holdings by Value 31 Oct 2025

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MONTHLY UPDATE

October 2025

Lowell Resources Fund. (ASX: LRT)

Characteristics of the Fund

Number of Investments: 81

Unlisted Investments by value: 6.9%

Nature of Fund Long only, absolute return fund
Investee companies Junior resource companies, including gold, base and specialty metals, and energy
Investment type Focus on global listed and unlisted resource equities
Distribution policy 100% of taxable profits distributed annually

WARNING

The information given by Lowell Resources Funds Management Ltd “LRFM” (ACN 006 769 982, AFSL 345674) is general information only and is not intended to be advice. You should therefore consider whether the information is appropriate to your needs before acting on it, seeking advice from a financial adviser or stockbroker as necessary.

DISCLAIMER

Cremorne Capital Limited (ACN 006 844 588, AFSL No: 241175) is the responsible entity of the Lowell Resources Fund (ARSN 093 363 896). You should obtain and consider a copy of the product disclosure statement relating to the Lowell Resources Fund before acquiring the financial product. You may obtain a product disclosure statement from Cremorne Capital Limited at www.cremornecapital.com/lrf-pds/. To the extent permitted by law, Cremorne Capital Limited and Lowell Resources Funds Management, its employees, consultants, advisers, officers and authorised representatives are not liable for any loss or damage arising as a result of reliance placed on the contents of this document. Past performance is not a reliable indicator of future performance. The investment objective is not a forecast and returns are not guaranteed.

This release has been approved by the Responsible Entity’s Board of Directors

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