SIMS LIMITED — Major Shareholding Notification 2025

Dec 21, 2025

Form 603

Corporations Act 2001

Section 671B

Notice of initial substantial holder

To Company Name/Scheme SIMS LTD

ACN/ARSN 114 838 630

1. Details of substantial holder (1)

Pinnacle Investment Management Group Limited (and its subsidiaries Name listed in Annexure A ACN/ARSN (if applicable) 100 325 184

The holder became a substantial holder on 17/12/2025

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of securities (4)	Number of securities	Person's votes (5)	Voting power (6)
ORDINARY FULLY PAID	9,685,136	9,685,136	5.01%

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
REFER TO ANNEXURE A PART 1 AND PART 2

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Class and number of securities
REFER TO ANNEXURE B

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant interest	Date of acquisition	Consideration (9)	Consideration (9)	Class and number of securities
		Cash	Non-cash
REFER TO ANNEXURE C

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN/ARSN (if applicable)	Nature of association
REFER TO ANNEXURE D

7. Addresses

The addresses of persons named in this form are as follows:

Name	Address
REFER TO ANNEXURE E

Signature

ure
print name sign here	TERENCE KWONG capacity COMPANY SECRETARY
	date 22/12/2025

DIRECTIONS

• (1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 7 of the form.

• (2) See the definition of "associate" in section 9 of the Corporations Act 2001.

• (3) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.

• (4) The voting shares of a company constitute one class unless divided into separate classes.

• (5) The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant interest in.

• (6) The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.

• (7) Include details of:

• (a) any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

• (b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• (8) If the substantial holder is unable to determine the identity of the person ( eg. if the relevant interest arises because of an option) write "unknown".

• (9) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

SIMS LTD

SIMS LTD	SIMS LTD	SIMS LTD	SIMS LTD	SIMS LTD
Annexure A - Part 1
Holder of relevant interest	Nature of relevant interest	Number of securities	Class of securities
Pinnacle Investment Management Group Limited (ACN 100 325 184) Pinnacle Investment Management Limited (ACN 109 659 109) Ariano Pty Limited (ACN 605 250 799) Next Financial Limited (ACN 081 722 894) Next Financial Nominees Pty Ltd (ACN 093 252 576) Next Financial Nominees No. 2 Pty Ltd (ACN 132 819 115) Investment Solutions Client Services Pty Ltd (ACN 117 898 334) Priority Funds Management Pty Ltd (ACN 120 826 575) Priority Investment Management Pty Ltd (ACN 116 943 456 PNI Option Plan Managers Pty Ltd (ACN 125 030 766) Pinnacle RE Services Limited (ACN 130 508 379) Pinnacle Services Administration Pty Ltd (ACN 126 175 148) Pinnacle Investment Management (UK) Limited (Company Number 11026111) POSH Nominees Pty Limited (ACN 620 094 251) Pingroup IM Limited (US) (EIN 85-0920129)	Relevant interest by virtue of section 608(3) of the Corporations Act as it or its associates holds directly or indirectly above 20% voting power in one or more affiliated investment managers (see Annexure A – Part 2) and Pinnacle Fund Services Limited, who each in turn hold relevant interests in the securities the subject of this notice.	9,685,136	Ordinary fully paid
Pinnacle Fund Services Limited (ACN 082 494 362)	Relevant interest held through the power to control voting and/or disposal of securities in its capacity as responsible entity or trustee of registered or unregistered schemes and/or relevant interest by virtue of section 608(3) of the Corporations Act as it or its associates holds directly or indirectly above 20% voting power in one or more affiliated investment managers (see Annexure A – Part 2) who each in turn hold relevant interests in the securities the subject of this notice.	9,685,136	Ordinary fully paid

This is Annexure "A - Part 1" as mentioned in form 603 Notice of initial substantial holder

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Terence Kwong Company Secretary Date: 22/12/2025

SIMS LTD

Annexure A - Part 2

Affiliated Investment Managers in which Pinnacle has over 20% voting power Aikya Investment Management Limited (UK) (Company Number 12329682) Antipodes Partners Limited (ACN 602 042 035) Coolabah Capital Investments Pty Limited (ACN 605 806 059) Five V Capital Pty Limited (ACN 162 193 928) Hyperion Asset Management Limited (ACN 080 135 897) Langdon Equity Partners Limited (CA) (NRD 73210) Life Cycle Investment Partners Limited (UK) (Company Number 15633723) Metrics Credit Partners Pty Limited (ACN 150 646 996) Palisade Investment Partners Limited (ACN 124 326 361) Plato Investment Management Limited (ACN 120 730 136) Resolution Capital Limited (ACN 108 584 167) Solaris Investment Management Limited (ACN 128 512 621) Riparian Capital Partners Pty Ltd (ACN 630 179 752)

This is Annexure "A - Part 2" as mentioned in form 603 Notice of initial substantial holder

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Terence Kwong Company Secretary Date: 22/12/2025

SIMS LTD

SIMS LTD	SIMS LTD	SIMS LTD	SIMS LTD	SIMS LTD
Annexure B
Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder	Number of securities	Class of securities
Pinnacle Investment Management Group Limited (and its subsidiaries listed in Annexure A)	Citicorp Nominees Pty Ltd	Citicorp Nominees Pty Ltd	2,415,825	Ordinary fully paid
Pinnacle Investment Management Group Limited (and its subsidiaries listed in Annexure A)	HSBC	HSBC	71,445	Ordinary fully paid
Pinnacle Investment Management Group Limited (and its subsidiaries listed in Annexure A)	JP Morgan Chase Bank	JP Morgan Chase Bank	83,768	Ordinary fully paid
Pinnacle Investment Management Group Limited (and its subsidiaries listed in Annexure A)	Northern Trust	Northern Trust	2,210,551	Ordinary fully paid
Pinnacle Investment Management Group Limited (and its subsidiaries listed in Annexure A)	State Street - AUS	State Street - AUS	4,903,547	Ordinary fully paid

This is Annexure "B" of 1 page as mentioned in form 603 Notice of initial substantial holder

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Terence Kwong Company Secretary Date: 22/12/2025

SIMS LTD	SIMS LTD	SIMS LTD	SIMS LTD	SIMS LTD	SIMS LTD
Annexure C
Holder of relevant interest	Trade Date	Consideration		Number of securities	Class of Securities
		Cash	Non-cash
Pinnacle Investment Management Group Limited (and its subsidiaries listed in Annexure A)	18/08/2025	123,473.44 $		8,081	ORDINARY FULLY PAID
As above	20/08/2025	551,093.04 $		38,580	ORDINARY FULLY PAID
As above	21/08/2025	332,471.65 $		23,470	ORDINARY FULLY PAID
As above	22/08/2025	322,579.47 $		23,030	ORDINARY FULLY PAID
As above	25/08/2025	507,389.39 $		34,965	ORDINARY FULLY PAID
As above	26/08/2025	185,690.70 $		13,000	ORDINARY FULLY PAID
As above	17/09/2025	269,601.85 $		19,276	ORDINARY FULLY PAID
As above	18/09/2025	340,605.10 $		24,525	ORDINARY FULLY PAID
As above	19/09/2025	1,083,799.89 $		76,311	ORDINARY FULLY PAID
As above	25/09/2025	458,359.46 $		33,854	ORDINARY FULLY PAID
As above	26/09/2025	661,000.51 $		48,623	ORDINARY FULLY PAID
As above	29/09/2025	20,511.94 $		1,507	ORDINARY FULLY PAID
As above	07/10/2025	41,080.66 $		3,034	ORDINARY FULLY PAID
As above	14/10/2025	814,545.26 $		59,188	ORDINARY FULLY PAID
As above	15/10/2025	802,023.35 $		57,598	ORDINARY FULLY PAID
As above	16/10/2025	797,541.07 $		57,349	ORDINARY FULLY PAID
As above	17/10/2025	2,215,929.65 $		160,768	ORDINARY FULLY PAID
As above	20/10/2025	6,127,078.67 $		439,151	ORDINARY FULLY PAID
As above	21/10/2025	479,873.83 $		33,717	ORDINARY FULLY PAID
As above	22/10/2025	1,191,551.14 $		84,015	ORDINARY FULLY PAID
As above	23/10/2025	418,501.92 $		29,115	ORDINARY FULLY PAID
As above	24/10/2025	669,705.34 $		45,885	ORDINARY FULLY PAID
As above	27/10/2025	860,339.62 $		59,138	ORDINARY FULLY PAID
As above	28/10/2025	579,852.73 $		39,804	ORDINARY FULLY PAID
As above	29/10/2025	1,156,323.61 $		73,654	ORDINARY FULLY PAID
As above	30/10/2025	1,589,026.89 $		100,408	ORDINARY FULLY PAID
As above	31/10/2025	1,701,193.60 $		106,996	ORDINARY FULLY PAID
As above	03/11/2025	1,911,624.00 $		120,000	ORDINARY FULLY PAID

As above	05/11/2025	3,695.76 $		236	ORDINARY FULLY PAID
As above	10/11/2025	586,911.92 $		36,326	ORDINARY FULLY PAID
As above	11/11/2025	639,348.00 $		40,000	ORDINARY FULLY PAID
As above	13/11/2025	160,098.21 $		10,168	ORDINARY FULLY PAID
As above	17/11/2025	7,625.08 $		491	ORDINARY FULLY PAID
As above	18/11/2025	2,610,676.59 $		172,589	ORDINARY FULLY PAID
As above	19/11/2025	464,331.30 -$		30,738 -	ORDINARY FULLY PAID
As above	20/11/2025	706,140.45 $		47,331	ORDINARY FULLY PAID
As above	24/11/2025	809,310.00 $		50,000	ORDINARY FULLY PAID
As above	25/11/2025	814,160.00 $		50,000	ORDINARY FULLY PAID
As above	26/11/2025	842,305.00 $		50,000	ORDINARY FULLY PAID
As above	27/11/2025	660,046.09 $		38,961	ORDINARY FULLY PAID
As above	28/11/2025	685,607.19 $		40,192	ORDINARY FULLY PAID
As above	01/12/2025	606,640.91 -$		35,390 -	ORDINARY FULLY PAID
As above	02/12/2025	956,249.26 $		55,561	ORDINARY FULLY PAID
As above	03/12/2025	870,716.20 $		50,190	ORDINARY FULLY PAID
As above	04/12/2025	699,403.61 $		40,749	ORDINARY FULLY PAID
As above	05/12/2025	267,178.50 $		15,000	ORDINARY FULLY PAID
As above	08/12/2025	131,117.17 $		7,426	ORDINARY FULLY PAID
As above	09/12/2025	709,266.18 $		40,118	ORDINARY FULLY PAID
As above	10/12/2025	1,077,505.30 $		60,785	ORDINARY FULLY PAID
As above	11/12/2025	321,739.46 $		18,235	ORDINARY FULLY PAID
As above	12/12/2025	4,042,124.74 $		223,003	ORDINARY FULLY PAID
As above	15/12/2025	7,833,136.37 $		430,049	ORDINARY FULLY PAID
As above	16/12/2025	1,703,482.18 $		95,206	ORDINARY FULLY PAID
As above	17/12/2025	1,172,714.67 $		65,283	ORDINARY FULLY PAID

This is Annexure "C" as mentioned in form 603 Notice of initial substantial holder

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Terence Kwong Company Secretary Date: 22/12/2025

SIMS LTD Annexure D	SIMS LTD Annexure D	SIMS LTD Annexure D
Name	ACN	Nature of Association
Pinnacle Investment Management GroupLimited	100 325 184	Related bodycorporate of each other entitylisted in Annexure D.
Pinnacle Investment Management Limited	109 659 109	Related bodycorporate of each other entitylisted in Annexure D.
Pinnacle Fund Services Limited	082 494 362	Related bodycorporate of each other entitylisted in Annexure D.
Ariano PtyLimited	605 250 799	Related bodycorporate of each other entitylisted in Annexure D.
Next Financial Limited	081 722 894	Related bodycorporate of each other entitylisted in Annexure D.
Next Financial Nominees PtyLtd	093 252 576	Related bodycorporate of each other entitylisted in Annexure D.
Next Financial Nominees No. 2 PtyLtd	132 819 115	Related bodycorporate of each other entitylisted in Annexure D.
Investment Solutions Client Services PtyLtd	117 898 334	Related bodycorporate of each other entitylisted in Annexure D.
PriorityFunds Management PtyLtd	120 826 575	Related bodycorporate of each other entitylisted in Annexure D.
PriorityInvestment Management PtyLtd	116 943 456	Related bodycorporate of each other entitylisted in Annexure D.
PNI Option Plan Managers PtyLtd	116 943 456	Related bodycorporate of each other entitylisted in Annexure D.
Pinnacle RE Services Limited	130 508 379	Related bodycorporate of each other entitylisted in Annexure D.
Pinnacle Services Administration PtyLtd	126 175 148	Related bodycorporate of each other entitylisted in Annexure D.
Pinnacle Investment Management (UK) Limited	Company Number 11026111	Related body corporate of each other entity listed in Annexure D.
POSH Nominees PtyLimited	620 094 251	Related bodycorporate of each other entitylisted in Annexure D.
PingroupIM Limited(US)	EIN 85-0920129	Related bodycorporate of each other entitylisted in Annexure D.

This is Annexure "D" as mentioned in form 603 Notice of initial substantial holder

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Terence Kwong Company Secretary Date: 22/12/2025

SIMS LTD Annexure E	SIMS LTD Annexure E
Name	Address
Pinnacle Investment Management Group Limited	Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Pinnacle Fund Services Limited	Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Pinnacle Investment Management Limited	Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Ariano Pty Limited	Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Next Financial Limited	Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Next Financial Nominees Pty Ltd	Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Next Financial Nominees No. 2 Pty Ltd	Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Investment Solutions Client Services Pty Ltd	Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Priority Funds Management Pty Ltd	Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Priority Investment Management Pty Ltd	Level 19, 307 Queen St, Brisbane QLD 4000, Australia
PNI Option Plan Managers Pty Ltd	Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Pinnacle Investment Management (UK) Limited	7th Floor, Dashwood House, 69 Old Broad Street, London EC2M 1QS, United Kingdom
Pinnacle RE Services Limited	Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Pinnacle Services Administration Pty Ltd	Level 19, 307 Queen St, Brisbane QLD 4000, Australia
POSH Nominees Pty Limited	Level 19, 307 Queen St, Brisbane QLD 4000, Australia
PingroupIM Limited(US)	c/o TMF GroupNew York,LLC,48 Wall Street,27thFloor,New York NY 10005

This is Annexure "E" as mentioned in form 603 Notice of initial substantial holder

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Terence Kwong Company Secretary Date: 22/12/2025