LOWELL RESOURCES FUND — Net Asset Value 2025

Oct 7, 2025

MONTHLY UPDATE

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

September 2025

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

The Lowell Resources Fund’s estimated net asset value (‘NAV’) at the end of September 2025 was approximately AUD$104.5m, compared to AUD$87.2m at the end of August 2025.

The NAV per unit finished the month of September at $2.5147 vs $2.0952 at 31[st] August 2025, an increase of 20.0% over the month.

The last traded unit price of the ASX listed LRT units at month end was $2.11/unit.

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

Fund Top Performer

Finder Energy Ltd (Market Cap $147m

FDR.ASX) share price rose 239% in September after announcing a farm-in agreement with joint venture partner TIMOR GAP to increase TIMOR GAP’s participating interest in the KTJ oil project offshore East Timor from 24% to 34%. TIMOR GAP is a subsidiary of the National Oil Company of Timor-Leste. Under the terms of the farm-in TIMOR GAP will contribute 50% of the total development capex for the KTJ Project from FID, up to a gross cap of US$338 million. FDR retains a 66% project interest. The KTJ project hosts 2C oil resources over 4 prospects of 45 million barrels.

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MONTHLY UPDATE September 2025
LRF COMMODITY EXPOSURE 30 SEPTEMBER 2025
Lowell Resources Fund. (ASX: LRT)
Manganese
4%
REE
4% Battery Uranium
1% 2%
Base Metals
4%
Nickel
2%
Silver
6%
O&G Gold & PGM
5% 52%
Cash
9%
Copper
10%
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Fund Investment Actions – September 2025

After a stellar share price performance, the Fund took some profits from its Finder Energy position. The Fund also exited its investment in ADX Energy.

In precious metals, the Fund sold out of African Gold and Aurum Resources. The Fund added to its positions in Australian explorers Arika Resources, Flynn Gold, Ordell Resources and Artemis Resources, as well as exercising warrants in Nevada gold producer Borealis Mining. As a result of deals to create liquidity events for the Fund’s shareholdings in unlisted companies Famien Resources and Konstantin Resources, the Fund committed to participate in raisings by ASX listed companies Enegex Ltd and Middle Island Resources respectively.

In other metals, the Fund added to its position in Azimut Exploration (TSXV) and Black Canyon Resources.

FUND SNAPSHOT 30[th] September 2025

	NAV per unit	$2.5147	FY 25 Distribution paid	2.7 cents per unit
	No. of Units on issue	41,571,932	Market Capitalisation	AUD $87.7m
	Market Price (ASX)	$2.11/ unit	Responsible Entity	Cremorne Capital Limited
	Estimated NAV	AUD $104.5m	Fund Manager	Lowell Resources Funds ManagementLtd

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MONTHLY UPDATE

September 2025

Lowell Resources Fund. (ASX: LRT)

Fund Top Holdings

Astral Resources (Market Cap AUD$337m

AAR.ASX) announced high-grade infill gold drill intercepts including 4m at 21.9g/t, 2m at 12.8g/t and 5m at 5.73g/t at its 100%-owned Mandilla Gold Project, located 70km south of Kalgoorlie in WA.

Black Canyon Ltd (Market Cap $71m

BCA.ASX) announced results from drilling at BCA’s 100% owned high-grade Wandanya manganese discovery in the Pilbara of WA, where multiple holes intersected the stratabound manganese horizon along 3km of strike. Mineralisation remains open to the north and east with at least an additional 300m of outcropping manganese identified to the south. Shallow hematite dominated iron formation was also intersected 600m to the north from previous drill lines and has been mapped to the north for a further 3km.

Medallion Metals (Market Cap AUD$275m

MM8.ASX) announced it had placed an order for a new secondary ball mill, a key long lead time item to enable the processing of gold and copper at the Forrestania Nickel Project acquired from IGO Ltd in southern WA. Medallion is planning to develop the Ravensthorpe gold-copper project by trucking ore to the Forrestania processing circuit.

Unico Silver (Market Cap $364m USL.ASX)

announced an increase in its Cerro Leon project global resource in Argentina. The resource now stands at 31Mt at 161g/t silver equivalent for 162 ~~Moz AgEq. The resource excludes the Joaquin~~ Foreign Estimate (2013) of 73Moz AgEq.

Brazilian Critical Minerals (Market Cap $52m

BCM.ASX) announced further high in-situ leach recoveries of rare earth oxides (‘REO’) at its Ema project in Brazil. The second pilot trial area at Ema returned pregnant leach solution grades over 5,700ppm TREO. Magnet rare earths comprised around 40% of the TREO. The ISR process could result in a relatively low capex project (US$55m capex was estimated in BCM’s February 2025 scoping study). BCM has defined an indicated and inferred MRE of 943Mt.

LRF Portfolio Value by Project Stage 31 August 2025

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Company	Commodity	% of Gross Investments
Cash	Cash	9.1%
Astral Resources	Gold	5.1%
Saturn Metals	Gold	4.8%
Black Canyon	Manganese	4.1%
Medallion Metals	Gold-Copper	4.1%
Freegold Ventures	Gold	3.6%
Unico Silver	Silver	3.5%
Finder Resources	O&G	3.2%
Southern Palladium	PGM	3.2%
Sunstone Metals	Gold-Copper	3.0%
Brazilian Critical Minerals	REE	3.0%

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September 2025

MONTHLY UPDATE

Lowell Resources Fund. (ASX: LRT)

Performance Comparison – September 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 21.7%pa. The Fund has outperformed the benchmark S&P/ASX Small Resources Accumulation Index (XSRAI), the ASX Resources 300 Index (Total Return) and the ASX 200 Index (Total Return) over one, two, three, five and ten years.

Total Portfolio Performance to 31 August 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	77.6%	45.5%	8.9%	10.6%
2 years p.a.	38.6%	24.6%	6.2%	16.0%
3 years p.a.	27.3%	16.9%	10.1%	15.2%
5 years p.a.	19.4%	16.0%	13.0%	13.0%
10 years p.a.	21.7%	16.7%	13.7%	10.1%
20 yrs pa. to 30 June 2025	17.9%

The LRT ASX traded unit price at the end of September was $2.11/unit, compared to $1.605/unit at the end of August.

Market Notes

Economics

• The Federal Reserve cut US interest rates by 25 basis points. New Trump appointee Stephen Miran dissented in favour of a larger half-point cut. Based on the “dot plot”, two more quarter-point rate cuts were expected by the market this year as the US labour market weakens.

• US unemployment benefits numbers jumped to their highest level in 4 years. US figures from the Bureau of Labor Statistics showed US jobs growth has been slowing - US employers only created 22,000 positions in August after a weak summer (75,000 expected), whilst June was revised negative. The Bureau of Labor Statistics admitted it overestimated jobs growth by a record 911,000 in the year to March. The downgrade was attributed to trade policy uncertainty, and policy uncertainty in general.

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MONTHLY UPDATE

September 2025

Lowell Resources Fund. (ASX: LRT)

• US CPI came in within expectations, but annualised headline inflation still remained sticky at 2.9% up from 2.7% in July.

• The US economy grew in the second quarter at the fastest pace in nearly two years as the government revised up its previous estimate of consumer spending. Inflation-adjusted gross domestic product increased at a revised 3.8% annualised pace, a Bureau of Economic Analysis report showed. That was stronger than the previously reported 3.3% advance and followed an contraction in the first quarter.

• A US judge ordered that Trump couldn’t currently fire Fed Reserve governor Lisa Cook , in a win for the Federal Reserve governor fighting Trump over efforts to remove her from the central bank. Jia Cobb, the federal judge presiding over the case in Washington, held that Cook may not be fired while litigation is pending.

• Jerome Powell said “Equity prices are fairly highly valued” as the S&P 500 index hit fresh records.

• There is a reported US$7 trillion in cash-equivalent investments that have offered an attractive return for no market risk. Some shift out of cash-equivalent assets is expected as the Fed begins to cut rates.

• China’s factory deflation eased for the first time in six months, in a tentative sign of progress in the government’s campaign to ease overcapacity in key industrial sectors. China is in its third straight year of deflation for the first time since it started to transition away from central planning in the late 1970s. Nine straight quarters of economy-wide price declines reflect a mismatch between supply and demand, weighing on the balance sheets of companies and pushing down the earnings of both households and the government.

• Australian inflation rose to its highest rate in a year in August as state government electricity rebates expired, but the increase was deemed unlikely to stop the Reserve Bank of Australia from cutting interest rates again this year. Headline inflation increased to 3% in August from 2.8% in July, on the back of a 24.6% annual lift in household electricity bills

Metals

• Tether, the world’s biggest stablecoin company, held talks about investing in gold mining, seeking to deploy its crypto profits into bullion. The company held discussions with mining and investment groups about investing in the entire gold supply chain, from mining and refining to trading and royalty companies. Tether chief executive Paolo Ardoino has likened gold to “natural bitcoin”. “I know people think that bitcoin is ‘digital gold’,” he said in a speech in May. “I prefer to think in bitcoin terms — I think gold is our source of nature.”

• The People’s Bank of China increased its gold holdings in August for a straight 10th month, in a continued push to diversify its reserves away from US dollars. Bullion held by the central bank rose by 0.06 million troy ounces to 74.02 million troy ounces. China began this round of gold purchases in November, accumulating a total of 1.22 million troy ounces over the period.

• Bloomberg reported that the gold price surpassed the inflation adjusted record set back in 1980.

• China sought to ease licensing rules for gold imports and exports, as the world’s largest consumer of gold continued to diversify its reserves away from US dollars. The latest development builds on the PBOC’s 2016 initiative to simplify procedures for cross-border trade in gold by reducing paperwork and speeding up imports. The PBoC is working to become a custodian of foreign sovereign gold reserves, allowing friendly countries to store their gold in China.

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MONTHLY UPDATE

September 2025

Lowell Resources Fund. (ASX: LRT)

• Zijin Gold International was seeking to raise US$3.2Bn for an IPO in Hong Kong, with a listing targeting Sept 29th.

• Inflows into gold ETFs were positive for four consecutive weeks, bringing total ETF holdings of gold close to their pandemic-era record highs in tonnage terms.

• Bloomberg reported that "surging lease rates for silver are once again upending the precious metals market, with traders fearing that possible US tariffs could squeeze already tight supplies in London as price dislocations re-emerge between key trading hubs". Washington in August categorized silver as critical to US national security.

• The massive Grasberg mine in Irian Jaya halted production after a mud slide and 2 workers lost their lives. Mine operator Freeport expects third-quarter copper and gold consolidated sales to be lower by about 4% and 6%, respectively, compared with its previous forecast of 1 billion pounds (545kt) of copper and 350 thousand ounces of gold, Grasberg supplies ~2% of the worlds copper. Grasberg is the world’s 2nd largest copper mine after Escondida, Chile. The price of copper jumped to the highest level in more than a year amid concerns about global supply. Copper surged as much as 3.6% on the London Metal Exchange to $US10,366 a tonne.

• Teck Resources together with Anglo American announced agreement to combine the two companies in a merger to form the Anglo Teck group. It’s one of the largest ever deals in the sector and will create a new copper mining colossus worth more than US$50 billion and producing 1.2 Mpta of copper . The deal will put together the Quebrada Blanca mine, controlled by Teck, and the Collahuasi mine, where Anglo has a 44% stake. The mines sit a few kilometres apart in the high Atacama Desert. Processing high-grade ore from Collahuasi at Quebrada Blanca could add 175,000 tons of copper production a year for an investment of US$1.9 billion, according to the two companies. Teck CEO Jonathan Price said it could create one of the world’s largest copper mines, meaning the deal represented “the most compelling industrial synergies available in the industry today.” While Anglo shareholders will have the majority of the combined company and Anglo CEO Wanblad will run it, half of the board will be nominated by Teck and Teck’s chair Sheila Murray will continue in the same role at the combined company.

• The AFR reported a bailout has been offered to Glencore’s Mt Isa Copper smelter. Previous estimates forecast the operation to lose $2.2 billion over the next seven years.

• The Antamina mine in Peru is forecasting an almost 20% boost in copper output next year, which would make it one of the nation’s premier suppliers. Antamina, co-owned by BHP Group, Glencore Plc, Teck Resources Ltd. and Mitsubishi Corp., sees 2026 copper production rising to 450,000 metric tons and then leveling out to roughly 400,000 tons annually in subsequent years

• Benchmark increased its forecast 2026 copper deficit from 72kt to 400kt. Citi expect a 350kt deficit in 2027. Grasberg follows supply shocks from Kamoa Kakula, El Teniente, Hudbay’s Constancia and continued delays at Teck’s QB2.

• Tin continued to outperform the rest of the London Metal Exchange base metals as the market awaited the return of the Man Maw mine in Myanmar.It’s been two years since the mine, one of the world’s largest, was closed for a resource audit. It’s been six months since the authorities in the semiautonomous Wa State invited applications for new mining permits. Yet there is no evidence of any ramp-up in activity. Indeed, the flow of tin concentrates from Myanmar to neighbouring China has almost dried up completely. The Democratic Republic of Congo has replaced Myanmar as the largest single supplier of tin concentrates, while imports from both Australia and Nigeria have also risen sharply. But total Chinese tin concentrate imports of 73,000 tons through July are still down by 32% year-on-year.

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MONTHLY UPDATE

September 2025

Lowell Resources Fund. (ASX: LRT)

• The Australian newspaper reported that the Chinese state iron ore trader CMRG ordered mills to stop buying Jimblebar fines sold by BHP. CMRG was set up in 2022 to tackle the oligopoly in iron ore supply of BHP, Rio, Fortescue and Vale. Benchmark iron ore prices are currently well above forecasts at US$105/t. Bloomberg reported that various state-owned steel mills have withdrawn orders for BHP’s Jimblebar cargoes. Jimblebar produces c.60mtpa, with its fines product trading at a c$20/t discount to 62% Fe. China imported over 100mt of iron ore for the third straight month, with September imports expected to be the highest since December 2024. Strong demand comes despite weak construction, with new construction starts down 19.5% in August yoy.

• Rio Tinto could be forced to invest in downstream processing or steelmaking in Guinea, where the company is developing the major Simandou iron ore project, with the Guinean government pushing back on mining companies simply exporting iron ore to plants overseas. The move to build domestic processing has spread across Africa. The Guinean government has already stripped some bauxite miners including Dubai-headquartered giant Emirates Global Aluminium of tenements because of lack of progress building local alumina refineries. Billed as Africa’s biggest mining and related infrastructure project, the $US23.2 billion Simandou includes a 650-kilometre rail network and port infrastructure to service two new mines in Guinea.

• US. Antimony was awarded an ‘Indefinite Delivery Indefinite Quantity’ (IDIQ) sole-source contract by the DLA Strategic Materials for up to US$245 million. The contract is for the purchase of antimony metal ingots to aid in the replenishment of the US National Defense Stockpile. It dwarfs the company’s total revenue for 2024 of US$14.9 million. The company claimed that U.S. Antimony is the only fully integrated antimony operation outside of China.

• The Trump administration was reported to be seeking an equity stake of as much as 10% in Lithium Americas as part of renegotiating terms of the company's US$2.26 billion Energy Department loan for its Thacker Pass lithium project with General Motors.

• Bloomberg reported that CATL is preparing to restart its large Jianxiawo lithium mine, a key Chinese lithium hub, earlier than expected. Jianxiawo was shutdown in August for 3 months.

• Trump moved to exempt g raphite, tungsten, uranium, gold bullion and other metals from his country-based tariffs. The measure formalizes a plan to exempt gold bars from tariffs, after a US Customs and Border Protection ruling stunned traders and caused confusion by indicating bullion would be subject to import taxes.

• The US International Development Finance Corp. was in discussions to establish a US$5Bn fund to invest in mining of critical minerals as a JV with Orion. Both parties would provide the same amount of money, scaling up over time towards a combined total of about US$5 billion, to invest in mining and boost supplies of critical minerals.

• Iluka Resources announced closure of its cornerstone Cataby mineral sands mine and synthetic rutile kiln 2 in WA effective December 2025, due to “subdued demand for mineral sands and their associated downstream products, particularly pigment.” The principal mineral mined at Cataby is chloride ilmenite, which is processed at SR2 to produce synthetic rutile. Synthetic rutile is a high grade titanium dioxide product used to make pigment.

• China’s exports of rare earth products jumped to their highest level on record in August, customs data showed. Shipments of the minerals rose to 7,338 tons last month, the largest monthly figure since records began in 2012 and a sharp reversal from July.

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MONTHLY UPDATE

September 2025

Lowell Resources Fund. (ASX: LRT)

• Platinum prices hit new 11-year highs, as concerns over supply-demand imbalances deepened, reflected in steep backwardation in the futures market. Supply pressures stemmed from falling mine output and sluggish recycling, with the World Platinum Investment Council projecting South Africa’s mine supply to drop 6% this year. While recycling has picked up slightly, volumes remain at historically low levels, leaving total platinum supply expected to fall 3% to 7.03 million ounces in 2025. Valterra Platinum CEO Craig Miller also warned that global primary production of platinum group metals could decline 20% by decade’s end. On the demand side, industrial use has weakened amid slower automotive output and subdued industrial activity, but investment demand has surged. WPIC further sees jewelry demand climbing 11% to 2.23 million ounces in 2025, supported by a rebound in China’s jewelry sector.

Energy

• Abu Dhabi National Oil Co from the UAE pulled its $36.4 bn bid for Australia’s second-biggest oil and gas producer Santos , two days before a binding transaction was due. Santos has now failed to lock up sovereign (ADNOC’s XRG), strategic (Woodside Energy) and private equity (Harbour Energy) buyers in takeover talks.

• The OPEC+ oil cartel agreed to raise output again in October by 137kb/d as the Saudi Arabia-led producer group continued a six-month push to regain market share. This will be the first reversal of the 1.65mb/d additional voluntary adjustments announced in April 2023. The decision, which comes as global supply threatens to outstrip demand, provides further confirmation that Saudi Arabia has abandoned its pursuit of higher prices and is instead focused on boosting revenue by restoring as much of its idled production as possible.

• China’s crude oil imports, the world’s biggest oil importer, were 49.5 million tons in August, slightly above the same month last year. China has stockpiled oil this year to take advantage of lower international prices.

• Microsoft became the first of the big tech giants to join the World Nuclear Association .

• The World Nuclear Association released its 2025 ‘Fuel Market Report’ in which it has run three scenarios for nuclear energy capacity and hence uranium demand. The WNA estimates that there is currently 372 GWe of nuclear capacity consuming 68,920tpa of uranium (~180Mlbpa of U3O8):

• The ‘Reference Scenario’ projects that nuclear capacity will reach 686 GWe by 2040 (up 60 GWe from the 2023 edition), which will consume just over 150,000 tpaU (~390Mlbpa of U3O8).

• The ‘Upper Scenario’ projects growth to 966 GWe consuming 204,000 tpaU (~530Mlbpa of U3O8)

• The ‘Lower Scenario’ projects growth to 582GWe consuming 107,000 tpU (~278Mlbpa of U3O8)

Unlike most commodities, there is no ‘demand destruction’ price for uranium. It is not substitutable, and it is a relatively small part of the cost of nuclear power (~5%).

• The US Energy Secretary said the US should boost its strategic uranium reserve to buffer against Russian supplies and increase confidence in nuclear power generation.

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September 2025

MONTHLY UPDATE

Lowell Resources Fund. (ASX: LRT)

• 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 downgrades from Cameco (~3Mlbs) and Kazatomprom.

• 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.

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September 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.

LRT Holdings by Value 30 Sep 2025

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September 2025

MONTHLY UPDATE

Lowell Resources Fund. (ASX: LRT)

Characteristics of the Fund

Number of Investments: 77

Unlisted Investments by value: 5.9%

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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