ST GEORGE MINING LIMITED — Capital/Financing Update 2025

Nov 23, 2025

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ASX RELEASE.
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24 November 2025

ASSAYS CONTINUE TO EXPAND THE WORLD-CLASS HIGH-GRADE RARE EARTHS AND NIOBIUM DEPOSIT AT THE ARAXÁ PROJECT

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• Exceptional thick, high-grade rare earths and niobium from surface: Assays for a further six diamond drill holes have been received and confirm consistent high-grade mineralisation[1] :

• 80.55m @ 5.44% TREO and 0.60% Nb₂O₅ from surface in AXDD009 including: • 32.3m @ 9.13% TREO and 0.75% Nb₂O₅ from surface

• 80.45m @ 5.19% TREO and 0.58% Nb₂O₅ from surface in AXDD008 including : • 20.4m @ 7.13% TREO and 0.77% Nb₂O₅ from 56.6m

• 100.8m @ 3.53% TREO and 0.43% Nb₂O₅ from surface in AXDD011 including : • 27m @ 4.66% TREO and 0.41% Nb₂O₅ from 17m

• 101.75m @ 2.72% TREO and 0.49% Nb₂O₅ from surface in AXDD005 including : • 23m @ 3.62% TREO and 0.70% Nb₂O₅ from 34m

• 81.4m @ 3.23% TREO and 0.49% Nb₂O₅ from surface in AXDD006 including : • 17.15m @ 3.68% TREO and 0.50% Nb₂O₅ from 30m

• 105m @ 3.27% TREO and 0.51% Nb₂O₅ from surface in AXDD010 including : • 67m @ 3.98% TREO and 0.59% Nb₂O₅ from surface

• Expansion of Mineral Resource Estimate (MRE) – already world-class with 40.6Mt @ 4.13% TREO[2] : AXDD005, AXDD010 and AXDD011 were step-out holes drilled outside the envelope of the existing MRE and support a potential large expansion of the MRE – already the largest and highest-grade carbonatite-hosted REE resource in South America and second-highest grade REE resource in the Western world.

• Upgrade of MRE to indicated category: AXDD006, AXDD008 and AXDD009 were resource definition holes and support a potential high level of conversion of inferred resources in the MRE to the indicated category.

• Drilling continues 24/7 with mineralisation open in all directions: An additional 29 diamond drill holes have been submitted to the laboratory with assays pending, and a further 40 diamond drill holes are planned in the current campaign with three diamond drill rigs on site.

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1. See Tables 1 and 2 for details of the latest drill holes and assays.

2. See Table 3 and our ASX Release dated 1 April 2025 ‘High-Grade Niobium and REE JORC Resource for Araxá’ for more information on the Mineral Resource Estimate

ST GEORGE MINING LIMITED ACN 139 308 973 Suite 2, Level 2, 28 Ord Street West Perth WA 6005 | PO Box 100 West Perth WA 6872 www.stgeorgemining.com.au | Phone +61 8 6118 2118

ASX RELEASE. Page 2 of 10

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St George Mining Limited ( ASX: SGQ ) (“ St George ” or the “ Company ”) is pleased to report further exceptional assay results from diamond drilling at its 100%-owned Araxá Rare Earths and Niobium Project in Minas Gerais, Brazil.

John Prineas, St George Mining’s Executive Chairman, said:

“These drilling results are exceptional and highlight the unrivalled quality of the thick, high-grade mineralisation at our Araxá Project. Significantly, the mineralisation remains open laterally in all directions and at depth.

“All resource expansion holes and resource definition holes have demonstrated consistent continuity and grade, giving us confidence that this drill campaign will transform the scale of the MRE, redefine the value of our company and further position St George as one of the leaders in the rare earths and niobium sectors.

“With three drill rigs continuously drilling and many drill samples already in the lab, we look forward to reporting more exciting drill results over the coming weeks.”

World-class deposit continues to expand

The latest diamond drilling results have successfully expanded the footprint of the Araxá mineralisation, confirming the three-dimensional continuity of high-grade rare earths and niobium deposit.

The results demonstrate that Araxá’s mineralised system is open-ended, with ongoing drilling expected to deliver further expansions to the volume of the deposit. Twenty-nine drill holes are in the ALS laboratory awaiting assay analysis and a further forty drill holes are planned to be completed by the three drill rigs at site.

The successful drilling to date – combined with the drilling to be reported and completed – provide confidence in the potential for a substantial resource upgrade.

AXDD005 was drilled 145m to the west of the existing MRE and – like AXDD001 (drilled 230m west of the MRE) and AXDD002 (drilled 150m west of the MRE) – has confirmed a substantial strike extension of the Araxá deposit.

The resource definition drilling has also delivered excellent results by confirming the scale and continuity of the high-grade mineralisation. This will support the conversion of inferred resources to the indicated category, underpinning the economic study into a potential mining operation at Araxá.

AXDD008 and AXDD009 were drilled in the northern part of the MRE, an area with very little drilling and defined as inferred resources. The thick, high-grade rare earths and niobium returned by the assays for these holes confirms the continuity of the mineralisation and will likely support the definition of significant indicated resources in this area.

Peak grades in the assay results are 22.5% TREO and 3.7% Nb₂O₅, illustrating the very high-grades at the carbonatite hosted deposit at Araxá – the same style of mineralisation as the two largest rare earths producers outside of China, Mountain Pass in California and Mt Weld in Western Australia.

The mineralised material in the latest drilling contains a high proportion of magnet rare earths – around 20% NdPr:TREO ratio – consistent with ratio in the existing MRE.

ASX RELEASE. Page 3 of 10

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Figure 1 – oblique section showing the latest diamond drill holes as well as other significant drilling completed in the current campaign. The latest drill holes have red labels.

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Figure 2 – section showing high-grade TREO intercepts (cut-off 1% TREO) and high-grade Nb2O5 intercepts (cutoff 0.2% Nb2O5) along with the existing MRE outline. The section highlights both the westward expansion of the existing resource and the recent resource definition drilling.

ASX RELEASE. Page 4 of 10

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Figure 3 – section showing high-grade TREO intercepts (cut-off 1% TREO) and high-grade Nb2O5 intercepts (cutoff 0.2% Nb2O5) along with the existing MRE outline illustrating both the extension of mineralisation to the west and the resource definition drilling

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Figure 4 – plan view map of Araxá area showing the location of the diamond drilling relative to the MRE, and the sections in Figures 2 and 3 above.

ASX RELEASE. Page 5 of 10

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Table 1 – drill hole details for the diamond holes reported in this announcement.

HOLE_ID	EASTING	NORTHING	ELEVATION	DEPTH	DIP	AZI
AXDD005	296361.06	7826415.08	1012.47	101.75	-90	0
AXDD006	296612.91	7826623.17	1046.69	81.40	-90	0
AXDD008	296693.74	7826618.59	1046.87	80.45	-90	0
AXDD009	296657.3	7826660.4	1051.2	80.55	-90	0
AXDD010	296448.37	7826463.76	1017.84	105.00	-90	0
AXDD011	296460.18	7826384.72	1042.6	100.80	-90	0

Table 2 – List of significant intercepts from diamond drilling (cut-off grade of 1% TREO)

HOLEID	From	To	Interval		TREO%	MREO%	NdPr:TREO	Nb2O5%
AXDD005	0	101.75	101.75	@	2.72	0.56	20	0.49
AXDD005	0	7	7	Incl.	3.53	0.75	21	0.44
AXDD005	4.35	5	0.65	Incl.	5.10	0.95	18	0.27
AXDD005	6.1	7	0.9	Incl.	6.44	1.33	20	0.35
AXDD005	10	18	8	Incl.	4.99	1.14	23	0.76
AXDD005	10.6	11	0.4	Incl.	5.25	1.06	20	1.22
AXDD005	13.45	18	4.55	Incl.	6.01	1.35	23	0.60
AXDD005	19	32.3	13.3	Incl.	3.79	0.71	19	0.71
AXDD005	21.1	23.45	2.35	Incl.	5.37	0.97	18	1.24
AXDD005	34	57	23	Incl.	3.62	0.75	21	0.70
AXDD005	35	36.1	1.1	Incl.	3.68	0.66	18	0.46
AXDD005	39.1	40	0.9	Incl.	2.03	0.38	18	0.47
AXDD005	40.6	44	3.4	Incl.	5.34	1.07	20	2.01
AXDD005	42.1	43	0.9	Incl.	7.37	1.34	18	3.14
AXDD005	42.1	44	1.9	Incl.	6.38	1.21	19	2.36
AXDD005	45	46.55	1.55	Incl.	2.48	0.54	21	0.32
AXDD005	47.3	48	0.7	Incl.	12.05	2.31	26	0.18
AXDD005	47.3	49.6	2.3	Incl.	8.47	1.95	23	0.21
AXDD005	50.45	51	0.55	Incl.	5.62	1.03	18	1.23
AXDD005	53	54.2	1.2	Incl.	6.50	1.18	18	1.55
AXDD005	55	56	1	Incl.	6.64	1.06	16	0.81
AXDD005	58.3	78	19.7	Incl.	2.00	0.39	19	0.34
AXDD005	81	85	4	Incl.	2.90	0.52	18	0.66
AXDD005	86	88	2	Incl.	2.50	0.54	22	0.62
AXDD005	101	101.75	0.75	Incl.	2.79	0.60	21	0.12
AXDD006	0	81.4	81.4	@	3.23	0.61	17	0.41
AXDD006	0	12	12	Incl.	5.49	1.04	19	0.42
AXDD006	2	4.69	2.69	Incl.	10.10	1.90	19	0.29
AXDD006	3	4	1	Incl.	12.10	2.22	18	0.16
AXDD006	5.65	6	0.35	Incl.	6.09	1.28	21	0.16
AXDD006	8	9	1	Incl.	6.71	1.27	19	0.18
AXDD006	14	29	15	Incl.	3.76	0.75	20	0.44
AXDD006	19	21	2	Incl.	7.20	1.25	17	0.46

ASX RELEASE.

Page 6 of 10

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AXDD006	28.72	29	0.28	Incl.	6.62	0.95	14	0.22
AXDD006	30	47.15	17.15	Incl.	3.68	0.65	18	0.50
AXDD006	31.58	31.9	0.32	Incl.	6.05	1.09	18	0.33
AXDD006	33.05	34	0.95	Incl.	5.50	0.88	16	0.07
AXDD006	35	40.15	5.15	Incl.	3.87	0.67	18	0.45
AXDD006	36	36.75	0.75	Incl.	5.93	0.89	15	0.38
AXDD006	43.85	44.15	0.3	Incl.	5.25	0.84	16	0.11
AXDD006	45	45.8	0.8	Incl.	5.80	0.94	16	0.60
AXDD006	54.6	62	7.4	Incl.	4.61	0.80	18	0.73
AXDD006	54.6	56.3	1.7	Incl.	6.66	1.06	16	0.97
AXDD006	58.6	59.5	0.9	Incl.	5.24	0.92	17	1.10
AXDD006	61.15	62	0.85	Incl.	5.28	0.98	18	0.21
AXDD006	75.65	81	5.35	Incl.	3.17	0.62	20	0.33
AXDD008	0	80.45	80.45	@	5.19	0.94	18	0.58
AXDD008	0	16	16	Incl.	4.91	0.89	18	0.55
AXDD008	0	1	1	Incl.	5.25	0.91	17	1.02
AXDD008	4	5	1	Incl.	5.88	0.94	16	0.69
AXDD008	9	11	2	Incl.	7.25	1.23	17	0.39
AXDD008	13	16	3	Incl.	7.89	1.39	17	0.59
AXDD008	17	24.1	7.1	Incl.	4.51	0.84	19	0.50
AXDD008	21	23	2	Incl.	7.62	1.31	17	0.41
AXDD008	25	36	11	Incl.	4.94	0.89	18	0.62
AXDD008	25	26	1	Incl.	7.85	1.35	17	0.76
AXDD008	29	30	1	Incl.	7.35	1.23	17	0.69
AXDD008	32.55	34	1.45	Incl.	8.25	1.41	17	0.64
AXDD008	35	36	1	Incl.	5.17	0.87	17	0.62
AXDD008	37	41	4	Incl.	10.03	2.00	20	0.15
AXDD008	37	38	1	Incl.	15.41	2.86	18	0.11
AXDD008	43	55.7	12.7	Incl.	4.07	0.70	17	0.44
AXDD008	48	49	1	Incl.	5.84	1.00	17	0.22
AXDD008	54	55.7	1.7	Incl.	6.47	1.08	16	0.38
AXDD008	56.6	77	20.4	Incl.	7.13	1.26	18	0.77
AXDD008	59	69	10	Incl.	8.39	1.44	17	0.69
AXDD008	67	68	1	Incl.	14.26	2.48	17	1.29
AXDD008	69.5	75	5.5	Incl.	8.07	1.45	18	0.91
AXDD009	0	80.55	80.55	@	5.44	1.02	18	0.60
AXDD009	0	32.3	32.3	Incl.	9.13	1.60	18	0.75
AXDD009	5	6	1	Incl.	22.55	3.79	17	0.06
AXDD009	14	21	7	Incl.	11.25	1.96	18	0.35
AXDD009	22	25	3	Incl.	7.58	1.24	16	1.57
AXDD009	27	32	5	Incl.	7.61	1.36	18	1.33
AXDD009	33	40.8	7.8	Incl.	3.58	0.77	21	0.56
AXDD009	34	35	1	Incl.	6.19	1.32	21	0.35
AXDD009	42.6	49.55	6.95	Incl.	4.12	0.85	20	0.89
AXDD009	43	44	1	Incl.	5.71	1.34	23	0.92

ASX RELEASE.

Page 7 of 10

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AXDD009	48	49.55	1.55	Incl.	6.18	1.18	19	1.62
AXDD009	50.6	57.2	6.6	Incl.	2.66	0.57	21	0.54
AXDD009	58	80.55	22.55	Incl.	3.48	0.74	21	0.48
AXDD009	58	58.85	0.85	Incl.	5.05	1.14	22	0.29
AXDD009	68	69	1	Incl.	6.02	1.04	17	0.36
AXDD009	78	79	1	Incl.	6.32	1.28	20	0.65
AXDD009	79	80.55	1.55	Incl.	3.62	0.80	21	0.62
AXDD010	0	105	105	@	3.27	0.69	22	0.51
AXDD010	0	67	67	Incl.	3.98	0.84	21	0.59
AXDD010	16	17	1	Incl.	6.76	1.14	17	0.51
AXDD010	19	20	1	Incl.	6.70	1.19	18	0.34
AXDD010	23	24	1	Incl.	7.73	1.33	17	0.76
AXDD010	30.5	43	12.5	Incl.	5.46	1.09	20	0.51
AXDD010	34	37	3	Incl.	7.11	1.34	19	0.45
AXDD010	40.75	43	2.25	Incl.	7.59	1.56	20	0.69
AXDD010	46	48	2	Incl.	6.14	1.10	18	0.56
AXDD010	49	49.75	0.75	Incl.	7.32	1.63	22	0.61
AXDD010	51	52	1	Incl.	12.20	2.37	19	3.77
AXDD010	52	52.75	0.75	Incl.	14.28	2.46	17	3.66
AXDD010	56.6	57.25	0.65	Incl.	7.99	1.58	20	0.22
AXDD010	58	59	1	Incl.	8.88	2.31	26	0.18
AXDD010	63	64	1	Incl.	5.67	1.35	23	0.80
AXDD010	67.75	75.8	8.05	Incl.	3.50	0.71	21	0.55
AXDD010	67.75	68.55	0.8	Incl.	5.19	0.97	19	0.51
AXDD010	71	71.3	0.3	Incl.	9.39	1.76	18	0.22
AXDD010	75	75.8	0.8	Incl.	6.72	1.27	19	0.96
AXDD010	77	85	8	Incl.	2.78	0.57	20	0.39
AXDD010	86	93.95	7.95	Incl.	1.86	0.42	23	0.39
AXDD010	97	97.75	0.75	Incl.	1.03	0.22	21	0.26
AXDD010	99	100	1	Incl.	1.23	0.25	20	0.19
AXDD010	101	102.25	1.25	Incl.	1.24	0.23	19	0.25
AXDD011	0	100.8	100.8	@	3.53	0.66	19	0.43
AXDD011	0	7	7	Incl.	6.19	1.16	19	0.91
AXDD011	8	12	4	Incl.	8.44	1.36	16	1.36
AXDD011	10	10.8	0.8	Incl.	10.92	1.59	14	1.40
AXDD011	13	14	1	Incl.	7.29	1.49	20	0.99
AXDD011	17	44	27	Incl.	4.66	0.84	19	0.41
AXDD011	22	24	2	Incl.	5.79	1.04	18	0.39
AXDD011	29	30	1	Incl.	5.09	0.86	17	0.28
AXDD011	35	39.75	4.75	Incl.	8.38	1.25	15	0.36
AXDD011	37	38	1	Incl.	10.86	1.55	14	0.43
AXDD011	46	56	10	Incl.	3.33	0.66	20	0.44
AXDD011	66	69	3	Incl.	3.34	0.64	19	0.47
AXDD011	71	71.75	0.75	Incl.	6.97	1.34	19	0.30
AXDD011	93	99.8	6.8	Incl.	3.16	0.58	18	0.36

ASX RELEASE. Page 8 of 10

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About the Araxá Project:

St George acquired 100% of the Araxá Project on 27 February 2025. Araxá is a de-risked, world-class rare earths and niobium project in Minas Gerais, Brazil, located adjacent to CBMM’s world-leading niobium mining operations.

The region around the Araxá Project has a long history of commercial niobium production and provides access to infrastructure and a skilled workforce.

St George has negotiated government support for expedited project approvals, assembled a highly experienced in-country team and established relationships with key parties and authorities in Brazil to drive the Project through exploration work and development studies.

St George has been selected to participate in the Federal Government’s MAGBRAS Initiative – a program aimed at establishing an integrated and sustainable rare earth products supply chain including the production of permanent magnets entirely within Brazil.

These relationships underscore St George’s strategy to integrate with the Brazilian government and business sectors, as well as the local community, to support unified and smooth progress in the development of the Araxá Project.

On 1 April 2025, St George announced a maiden resource for the Project, which represents both a globally significant niobium and rare earths resource as shown in Table 3 below:

Niobium – total resource:

41.2 Mt at 0.68% Nb₂O₅ (6,800ppm Nb2O5) comprising (at a cut-off of 0.2% Nb₂O₅) :

Resource Classification	Million Tonnes (Mt)	Nb₂O₅ (%)
Measured	1.90	1.19
Indicated	7.37	0.93
Inferred	31.93	0.59
Total	41.20	0.68

Rare earths – total resource:

40.6 Mt at 4.13% TREO (41,300ppm TREO) comprising (at a cut-off of 2% TREO):

Resource Classification	Million Tonnes (Mt)	TREO (%)	MREO (%)
Measured	1.90	5.44	1.04
Indicated	7.37	4.76	0.90
Inferred	31.37	3.90	0.74
Total	40.64	4.13	0.78

ASX RELEASE.

Page 9 of 10

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Authorised for release by the Board of St George Mining Limited.

John Prineas	Peter Klinger
Executive Chairman	Media and Investor Relations
St George Mining	Purple
+61 411 421 253	+61 411 251 540
john.prineas@stgm.com.au	pklinger@purple.au

Competent Person Statement – Mineral Resource Estimate

Mr. Beau Nicholls: The information in this ASX Release that relates to Mineral Resource Estimate and historical/foreign results is based upon, and fairly represents, information and supporting documentation reviewed and compiled by Mr. Beau Nicholls, a Competent Person who is a Fellow of The Australian Institute of Geoscientists. Mr Nicholls is the Principal Consultant of EM2 Ltd (Sahara), an independent consultancy engaged by St George Mining Limited for the review of historical data and preparation of the Mineral Resource Estimate for the Araxá Niobium & Rare Earth Project under the JORC guidelines of 2012. Mr Nicholls 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. Leandro Silva: The information in this ASX Release that relates to Mineral Resource Estimate is based upon, and fairly represents, information and supporting documentation reviewed and compiled by Mr Leandro Silva, a Competent Person who is Member of The Australian Institute of Geoscientists. Mr Silva is the Consulting Geologist of EM2 Ltd (Sahara), an independent consultancy engaged by St George Mining Limited for the review of historical data and preparation of the Mineral Resource Estimate for the Araxá Niobium & Rare Earth Project under the JORC guidelines of 2012. Mr Silva 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"

This ASX announcement contains information related to the following reports which are available on the Company’s website at www.stgm.com.au:

• 1 April 2025 Maiden High-Grade Niobium and Rare Earth Resource Estimate for the Araxá Project, Brazil

The Company confirms that it is not aware of any new information or data that materially affects the Mineral Resource Estimates included in any original market announcements referred to in this report and that all material assumptions and technical parameters underpinning the Mineral Resource Estimates continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

Competent Person Statement – Exploration Results

The information in this ASX Release that relates to historical and foreign results is based upon, and fairly represents, information and supporting documentation reviewed by Mr. Carlos Silva, Senior Geologist employed by GE21 Consultoria Mineral and a Competent Person who is a Member of The Australian Institute of Geoscientists. GE21 is an independent consultancy engaged by St George Mining Limited for the review of historical exploration data. Mr Silva 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".

ASX RELEASE. Page 10 of 10

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Competent Person Statement:

The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves for the Araxá Project is based on information compiled by Mr Wanderly Basso, a Competent Person who is a Member of The Australasian Institute of Geoscientists. Mr Basso is employed by St George Mining Limited to provide technical advice on mineral projects, and he holds performance rights issued by the Company.

Mr Basso 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 Basso consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Forward Looking Statements:

This announcement includes forward-looking statements that are only predictions and are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of St George, the directors and the Company’s management. Such forward-looking statements are not guarantees of future performance.

Examples of forward-looking statements used in this announcement include use of the words ‘may’, ‘could’, believes’, estimates’, targets’, ‘expects’, or ‘intends’ and other similar words that involve risks and uncertainties. These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, as at the date of the announcement, are expected to take place.

Actual values, results, interpretations or events may be materially different to those expressed or implied in this announcement. Given these uncertainties, recipients are cautioned not to place reliance on forward-looking statements in the announcement as they speak only at the date of issue of this announcement. Subject to any continuing obligations under applicable law and the ASX Listing Rules, St George does not undertake any obligation to update or revise any information or any of the forward-looking statements in this announcement or any changes in events, conditions or circumstances on which any such forward-looking statement is based.

This announcement has been prepared by St George Mining Limited and contains background Information about St George Mining Limited current at the date of this announcement. The announcement is in summary form and does not purport to be all inclusive or complete. Recipients should not rely upon it as advice for investment purposes, as it does not take into account your investment objectives, financial position or needs. These factors should be considered, with or without professional advice, when deciding if an investment is appropriate.

The announcement is for information purposes only. Neither this announcement nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction. The announcement may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in such jurisdiction. Recipients should inform themselves of the restrictions that apply to their own jurisdiction as a failure to do so may result in a violation of securities laws in such jurisdiction.

This announcement does not constitute investment advice and has been prepared without taking into account the recipient’s investment objectives, financial circumstances or particular needs and the opinions and recommendations in this announcement are not intended to represent recommendations of particular investments to particular person.

Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments. To the extent permitted by law, no responsibility for any loss arising in any way (including by way of negligence) from anyone acting or refraining from acting as a result of this material is accepted by St George Mining Limited (including any of its related bodies corporate), its officers, employees, agents and advisers.

– Ends –

The following section is provided for compliance with requirements for the reporting of exploration results under the JORC Code, 2012 Edition.

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections)

Criteria	JORC Code explanation	Commentary
Sampling	Nature and quality of sampling (eg cut	Drilling programme completed by Diamond (DD) Drilling
techniques	channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.	Diamond Core Sampling: The sections of the core that are selected for assaying are marked up and then recorded on a sample sheet for cutting and sampling at the certified assay laboratory. Samples of HQ, NQ2, HTW or NTW core are cut just to the right of the orientation line where available, using a diamond core saw, with half core sampled lengthways for assay.
		Appropriate QAQC samples (standards, blanks and duplicates) are
		inserted into the sequences as per industry best practice for all samples
		collected in the different drilling methods.
	Include reference to measures taken to ensure	Diamond Core Sampling: For diamond core samples, blank samples are
	sample representivity and the appropriate	inserted in the first position of the batch and every 20th sample after
	calibration of any measurement tools or	that, a duplicate sample is taken every 20th sample. A certified sample
	systems used.	standard for niobium and REE is also added according to geology, but
		at no more than 1:20 samples. Core recovery calculations are made
		through a reconciliation of the actual core and the driller’s records.
		For all drilling methods, the number of samples per batch varies
		between 30 to 50 samples.
		A percentage of the samples will be selected to be assayed by the same
		method by a different laboratory for umpire checks.
		The drill-hole collar locations are recorded using a handheld GPS and
		after completion the final drill hole location will be recorded using a
		high-precision RTX station which as expected accuracy of +/- 4cm.
		Geological logging of core is completed at site with core being stored
		for future reference.
	Aspects of the determination of mineralisation	Diamond Core Sampling: Diamond core (both HTW, NTW, HQ and
	that are Material to the Public Report.	NQ2) are half-core sampled to geological boundaries with an average
	In cases where ‘industry standard’ work has been done this would be relatively simple (eg	sample size of 1 meter. A minimum size of 20 cm and maximum of 1.2m. 95% of samples are expected to be less or equal than 1 metre.
	‘reverse circulation drilling was used to obtain	The samples are prepared by the laboratory according to the following
	1 m samples from which 3 kg was pulverised	procedure:
	to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg	Whole samples drying and weighing, crushing of sample to -2mm followed by homogenization and splitting to a 250g sub-sample. Samples pulverization to 85% passing 75 micron and splitting of pulverized material to 50-gram pulp.
	submarine nodules) may warrant disclosure of	Elements for all suites go through the following analytical method:
	detailed information.	Elements are analysed by ALS Laboratories using Lithium Metaborate
		fusion and an ICP-MS/AES finish. These elements are: La2O3, CeO2,
		Pr6O11, Nd2O3, Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3, Lu2O3,
		Ho2O3, Er2O3, Y2O3, Yb, Tm2O3, Nb2O5, Hf, Rb, Sn, Ta, Th, U, V, W,
		Zr, Sc, SiO2, Na2O, P2O5, Al2O3, K2O, SrO, Fe2O3, Cr2O3, BaO, CaO,
		TiO2, MgO, MnO and LOI.
		Elements are analysed by SGS Laboratories using Lithium Metaborate
		fusion and an ICP-MS/XRF finish. These elements are: La2O3,CeO2,

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Criteria	JORC Code explanation	Commentary
		Pr6O11, Nd2O3, Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3, Lu2O3,
		Ho2O3, Er2O3, Y2O3, Yb, Tm2O3, Nb2O5, Hf, Rb, Sn, Ta, Th, U, V, W,
		Zr, Sc, SiO2, Na2O, P2O5, Al2O3, K2O, SrO, Fe2O3, Cr2O3, BaO, CaO,
		TiO2, MgO, MnO and LOI.
		Due to the high-grade nature of the deposit, assays results that are
		reported above the upper detection limit for the methods above
		mentioned will be subject to determination by XRF finish.
		Prior to be analysed by the methods above mentioned, the samples will
		be analysed using a Sciapps X555 portable XRF, the results obtained
		from the portable XRF analyses are indicative only and will only be used
		as preliminary indication of mineralisation occurrences and for the
		purposes of geological interpretation.
Drilling	Drill type (eg core, reverse circulation, open-	Drilling programme were be completed by Diamond Drilling (DD).
techniques	hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diametre, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc).	Diamond Core Sampling: The diamond holes are drilled from surface through the regolith to planned depth using a either a HTW, NTW, HQ or NQ2 diameter, subject to ground and geological conditions, triple- tube core barrels will be used whenever possible to preserve sample integrity.
Drill sample	Method of recording and assessing core and	Diamond Core Sampling: Diamond core recoveries are recorded during
recovery	chip sample recoveries and results assessed.	drilling and reconciled during the core processing and geological
		logging. The core length recovered is measured for each run and
		recorded which is used to calculate core recovery as a percentage
	Measures taken to maximise sample recovery	Diamond Drilling: Measures taken to maximise core recovery include
	and ensure representative nature of the	using appropriate core diameter and shorter barrel length through
	samples.	the weathered zone. Primary locations for core loss in fresh rock are
		on geological contacts and structural zones, and drill techniques are
		adjusted accordingly, and if possible, these zones are predicted from
		the geological modelling.
	Whether a relationship exists between sample	To date, no sample recovery issues have been identified that could
	recovery and grade and whether sample bias	introduce bias in the sampling methods.
	may have occurred due to preferential
	loss/gain of fine/coarse material.
Logging	Whether core and chip samples have been	Logging of samples records lithology, mineralogy, mineralisation,
	geologically and geotechnically logged to a	alteration, structures (when possible), weathering, colour and other
	level of detail to support appropriate Mineral	noticeable features to a level of detail to support appropriate Mineral
	Resource estimation, mining studies and	Resource estimation.
	metallurgical studies.
	Whether logging is qualitative or quantitative	The logging is both qualitive and quantitative in nature, with sample
	in nature. Core (or costean, channel, etc)	recovery and volume being recorded. All core trays are photographed
	photography.	in sequence.
	The total length and percentage of the	All drill holes are geologically logged in full. The data relating to the
	relevant intersections logged.	elements analysed is later used to determine further information
		regarding the detailed rock composition.
		Detailed litho-geochemical information is collected by the portable XRF
		unit to help with lithological identification and geological
		interpretation.
Sub-sampling	If core, whether cut or sawn and whether	Diamond core are drilled with HTW, HQ and NQ2 size and sampled as
techniques and	quarter, half or all core taken.	complete half core to produce a bulk sample for analysis. Intervals
sample		selected varied from 0.25 – 1.25m (maximum) where 5% of samples
preparation		are expected to be less or equal than 1 metre. The HTW, HQ and NQ2
		core is cut in half length ways using a diamond core saw. All samples
		are collected from the same side of the core where practicable.

2

Criteria	JORC Code explanation Commentary
	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. Only diamond core holes reported.
	For all sample types, the nature, quality and appropriateness of the sample preparation technique. Assay preparation procedures follow a standard protocol which include drying and weighing of whole sample, samples are then crushed to - 2mm size. Sample homogenization and splitting to a 250g sub-sample. Pulverization to 85% passing 75 micron and splitting of pulverized material to 50-gram pulp.
	Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. Quality control procedures include submission of Certified Reference Materials (standards), duplicates and blanks Diamond Core Sampling: Drill core is cut in half lengthways and the total half-core submitted as the sample. This meets industry standards where 50% of the total sample taken from the diamond core is submitted. QC procedures maximise representivity of diamond core and involve the use of certified reference material as assay standards, along with blanks and duplicates with each sample batch. QAQC results are routinely reviewed to identify and resolve any issues, eventual failed batches are re-analysed. A percentage of the global samples are selected to be assayed by the same method by a different laboratory for umpire checks.
	Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. Diamond drilling: Duplicate samples comprise half core samples for Diamond Core.
	Whether sample sizes are appropriate to the grain size of the material being sampled. The sample sizes are considered to be appropriate to correctly represent type and style of mineralisation and associated geology based on the deposit style (supergene deposit), the thickness and consistency of the intersections and the sampling methodology.
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. The assay method and detection limits are appropriate for analysis of the elements required.
	For geophysical tools, spectrometres, handheld XRF instruments, etc, the parametres used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. XRF: A handheld XRF instrument (Sciapps X555) is used to systematically analyse the drill core, auger and RC sample piles onsite. One reading is taken per half-metre, however for any core samples with expected mineralisation then multiple samples are taken at set intervals. The instruments are serviced and calibrated at least once a year following the manufacturer protocol. Field calibration of the XRF instrument using standards is periodically performed (usually daily). The handheld XRF results are only used for preliminary assessment and reporting of element compositions, prior to the receipt of assay results from the certified laboratory.
	Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. Laboratory QAQC involves the use of internal lab standards using certified reference material (CRMs), blanks, umpire assays and pulp duplicates as part of in-house procedures. The Company also submits a suite of CRMs, blanks, umpire assays and selects appropriate samples for duplicates. Company’s QAQC protocols are expected to be collected at an overall rate of 16%. Blank samples represent 4% of the database; duplicates, 4%; umpire checks, 4%; and certified reference materials, for niobium and REE, has an expected 4% insertion rate in the program.

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Criteria	JORC Code explanation	Commentary
Verification of	The verification of significant intersections by	Significant intersections and assays are verified by the Company’s
sampling and	either independent or alternative company	Technical Director and Consulting Geologist.
assaying	personnel.
	The use of twinned holes.	No drill holes are twinned.
	Documentation of primary data, data entry	Primary data is captured onto a laptop using acQuire software and
	procedures, data verification, data storage	includes geological logging, sample data and QA/QC information. This
	(physical and electronic) protocols.	data, together with the assay data, is entered into the St George Mining
		central SQL database which is managed by external consultants.
	Discuss any adjustment to assay data.	No adjustments or calibrations will be made to any primary assay data
		collected for the purpose of reporting assay grades and mineralised
		intervals.
		For geological analysis recognised calculations may be used to
		demonstrate mineralisation potential for one or more elements of
		interest, such as demonstrate below:
		TREO (Total Rare Earth Oxides) calculations include the summation of
		the following elements: La2O3 + CeO2 + Pr6O11 + Nd2O3 + Sm2O3 +
		Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Lu2O3 + Ho2O3 + Er2O3 + Y2O3 +
		Yb2O3
		MREO (Magnetic Rare Earth Oxides) calculations include the
		summation of the following elements: Pr6O11+ Nd2O3+ Tb4O7+
		Dy2O3
		HREO (Heavy Rare Earth Oxides) calculations include the summation of
		the following elements: Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Lu2O3 +
		Ho2O3 + Er2O3 + Y2O3 + Yb2O3
		NdPr:TREO (NdPr Ratio) calculation include the summation of Pr6O11
		+ Nd2O3 divided by TREO (Total Rare Earth Oxides) which is the
		summation of following elements: La2O3 + CeO2 + Pr6O11 + Nd2O3 +
		Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Lu2O3 + Ho2O3 + Er2O3
		+ Y2O3 + Yb2O3
Location of	Accuracy and quality of surveys used to locate	Drill holes have been located and pegged using a Handheld GPS system
data points	drill holes (collar and down-hole surveys),	with an expected accuracy of +/-5m for easting, northing and elevation.
	trenches, mine workings and other locations	Upon completion of drilling the holes were recorded using a high-
	used in Mineral Resource estimation.	precision RTX Trimble Catalyst DA2 GNSS station which as expected
		accuracy of +/- 4cm.
		Downhole surveys are conducted using a downhole Gyro with reading
		of 5m intervals after drilling is complete to record deviations of the hole
		from the planned dip and azimuth.
	Specification of the grid system used.	The coordinates were provided in following format: SIRGAS 2000
		datum - georeferenced to spindle 23S.
	Quality and adequacy of topographic control.	Elevation data are acquired using a RTX Trimble Catalyst DA2 GNSS
		station at individual collar locations and entered in a central database.
		A topographic surface will be created using this data and additional
		topographic survey at later stage.
Data spacing	Data spacing for reporting of Exploration	Drill hole spacing has been designed to achieve the level desired for
and	Results.	exploratory work, aimed at identifying new areas of mineralisation.
distribution		Hole spacing varies but an average of 40-150m distance is the most
		common.
	Whether the data spacing and distribution is	Drilling conducted to date indicates that the mineralised zone remains
	sufficient to establish the degree of geological	open both at depth and laterally, highlighting the potential for resource
	and grade continuity appropriate for the	expansion. Ongoing drilling aims to update and increase the current
	Mineral Resource and Ore Reserve estimation	resource base, supporting the definition of Mineral Resources and
	procedure(s) and classifications applied.

4

Criteria	JORC Code explanation	Commentary
		Reserves in accordance with the classification criteria of the 2012 JORC
		Code.
	Whether sample compositing has been	No compositing has been applied to the exploration results.
	applied.
Orientation of	Whether the orientation of sampling achieves	The mineralisation is flat lying and occurs within the saprolite/clay zone
data in relation	unbiased sampling of possible structures and	of a deeply developed regolith (reflecting topography and weathering).
to geological	the extent to which this is known, considering	Vertical sampling from the drill holes is therefore appropriate.
structure	the deposit type.
	If the relationship between the drilling	No orientation-based sampling bias has been identified in the data to
	orientation and the orientation of key	date.
	mineralised structures is considered to have
	introduced a sampling bias, this should be
	assessed and reported if material.
Sample	The measures taken to ensure sample	Chain of Custody is managed by the Company until samples pass to a
security	security.	duly certified assay laboratory for subsampling and assaying. The
		sample bags are stored on secure sites and delivered to the assay
		laboratory by the Company or a competent agent. When in transit, they
		are kept in locked premises. Transport logs have been set up to track
		the progress of samples. The chain of custody passes upon delivery of
		the samples to the assay laboratory.
Audits or	The results of any audits or reviews of	Sampling techniques and procedures are regularly reviewed
reviews	sampling techniques and data.	internally, as is data. To date, no external audits have been completed
		on the planned drilling programme.

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Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral	 Type, reference name/number, location and ownership including	 The Araxa Project is comprised of three granted permits held by
tenement and	agreements or material issues with third parties such as joint	Itafos Araxá Mineracao E Fertilizantes S.A (“Itafos Araxá”), which has
land tenure	ventures, partnerships, overriding royalties, native title interests,	been acquired 100% by St George.
status	historical sites, wilderness or national park and environmental
	settings.	 Tenement 831.972/1985 is an application for a mining concession
		that is progressing through the application process. Further
	 The security of the tenure held at the time of reporting along with any	submissions to ANM (the relevant mining authority) are required to
	known impediments to obtaining a licence to operate in the area.	finalise the application including environmental and geotechnical
		studies. Additional information may also be requested by ANM. There
		is no certainty that the application will be granted or granted on
		conditions that are acceptable.
		 Tenements 832.150/1989 (Exploration Licence) and 831.436/1988
		(Application for Mining Concession) are subject to renewal and
		extension applications to ANM (the relevant mining authority).
		Additional information may be requested by ANM to complete the
		process for renewal or extension. There is no certainty that the
		renewal and extension requests will be granted or granted on
		conditions that are acceptable.
		 Some areas within the project site are classified as legal reserve or
		APP. Further exploration work (including drilling), mining activities
		and any other suppression of vegetation in these areas will require
		certain submissions and undertakings to the relevant authorities and
		the approval of those authorities. There is no certainty that approvals
		will be granted in the future or granted on conditions that are
		acceptable.
		 Some areas within the project site are a listing and preservation zone
		by the municipality, according to the current master plan, recognized
		by Brazil and the State of Minas Gerais, according to the
		Geoenvironmental Study of Hydromineral Sources/Araxá Project
		conducted by CPRM/Geological Service of Brazil. This classification
		is designed to protect water resources and vegetation within the
		designated area. Approvals are required from the relevant authorities

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Criteria	JORC Code explanation	Commentary
		to conduct exploration and mining activities in these areas, presenting
		a significant environmental management risk to the project. There is
		no certainty that approvals will be granted in the future or granted on
		conditions that are acceptable.
		 A royalty is payable to Extramil, a former owner of the project. The
		royalty is a specified percentage of the revenue on Net Smelter
		Returns (NSR). The following percentages apply:
		• 3.5% NSR on phosphate;
		• 3.0% - 10.5% NSR on REEs and niobium, on a sliding scale
		according to the actual Internal Rate of Return of the Araxá Project,
		more specifically:
		• 3.0% NSR for IRR =<25%;
		• 4.5% NSR for IRR =>25% < 30%;
		• 6.0% NSR for IRR =>30% < 50%;
		• 7.5% NSR for IRR =>50% < 70%; or
		• 10.5% NSR for IRR => 90%.
		 A Government royalty is also payable which can range between 0.2%
		to 3% of revenue depending on the product produced.
		 The land on which the project tenements are situated is owned either
		by the State of Minas Gerais, CBMM or another third party. The
		approval of the landowner is required to access the project area.
		Access arrangements for the project have previously been agreed but
		there is no certainty that access arrangements will be agreed in the
		future or the timeframe in which such arrangements can be agreed.
Exploration	 Acknowledgment and appraisal of exploration by other parties.	 Historical exploration within the area of the Araxa Project is known to
done by other		have occurred since 1965. Known historical exploration includes:
parties
		1965 to 1974:
		Exploration by the Brazilian government under the auspices of the

2

Criteria	JORC Code explanation	Commentary
		DNPM and by CBMM and Canopus Holding SA (Canopus).
		Exploration included the drilling and sampling of 24 diamond
		boreholes and the excavation and sampling of 59 pits.
		2004 to 2008:
		Exploration was conducted by Extramil and Companhia Industrial
		Fluminense (CIF) within the Araxá Project boundary. Exploration
		included the drilling and sampling of 11 diamond boreholes and 31
		auger holes.
		2011 to 2012:
		Exploration By Itafos (previously called MBAC Fertilizer Corp) which
		included mapping, topographical surveys, 36 auger drillholes and 67
		diamond core drillholes. Itafos also completed preliminary
		metallurgical testwork and resource estimates.
Geology	 Deposit type, geological setting and style of mineralisation.	 St George is targeting Carbonatite hosted supergene style Niobium,
		+/- Rare Earth mineralisation at the Araxa project.
		 This is based on geological interpretations and existing operating
		mines within the vicinity of the Barreiro Carbonatite complex.
		 The project lies within the Barreiro Carbonatite complex. The host
		mineral for niobium at Araxá is pyrochlore, and the host mineral for
		REEs is monazite.
		 This complex is known to host high grade supergene (superficial)
		niobium, rare-earths and phosphate with two existing mines currently
		operating within the intrusion since as early as the 1950’s.
Drill hole	 A summary of all information material to the understanding of the	 Drill hole details are shown in the ASX Release.
Information	exploration results including a tabulation of the following information
	for all Material drill holes:	 For historical drill holes, see Tables 1 and 2 in the ASX Release
	o easting and northing of the drill hole collar	dated 6 August 2024. For methodology of new drilling, see Section 1
	o elevation or RL (Reduced Level – elevation above sea level in	of this JORC Table.
	metres) of the drill hole collar
	o dip and azimuth of the hole
	o down hole length and interception depth
	o hole length.

3

Criteria	JORC Code explanation	Commentary
	 If the exclusion of this information is justified on the basis that the
	information is not Material and this exclusion does not detract from
	the understanding of the report, the Competent Person should clearly
	_explain why this is the case. _
Data	 In reporting Exploration Results, weighting averaging techniques,
aggregation	maximum and/or minimum grade truncations (eg cutting of high	 For historical drill holes, see Tables 1 and 2 in the ASX Release
methods	grades) and cut-off grades are usually Material and should be stated.	dated 6 August 2024. For methodology of new drilling, see Section 1
		of this JORC Table.
	 Where aggregate intercepts incorporate short lengths of high grade
	results and longer lengths of low grade results, the procedure used
	for such aggregation should be stated and some typical examples of
	such aggregations should be shown in detail.
	 The assumptions used for any reporting of metal equivalent values
	_should be clearly stated. _
Relationship	 These relationships are particularly important in the reporting of
between	Exploration Results.	 For historical drill holes, see Tables 1 and 2 in the ASX Release
mineralisation		dated 6 August 2024. For methodology of new drilling, see Section 1
widths and	 If the geometry of the mineralisation with respect to the drill hole	of this JORC Table.
intercept	angle is known, its nature should be reported.
lengths
	 If it is not known and only the down hole lengths are reported, there
	should be a clear statement to this effect (eg ‘down hole length, true
	_width not known’). _
Diagrams	 Appropriate maps and sections (with scales) and tabulations of	 A prospect location map and section are shown in the body of the
	intercepts should be included for any significant discovery being	ASX Release.
	reported These should include, but not be limited to a plan view of
	_drill hole collar locations and appropriate sectional views. _
Balanced	 Where comprehensive reporting of all Exploration Results is not	 Details of new exploration results are within the ASX Release.
reporting	practicable, representative reporting of both low and high grades
	and/or widths should be practiced to avoid misleading reporting of	 For historical drill holes, see Tables 1 and 2 in the ASX Release
	Exploration Results.	dated 6 August 2024. For methodology of new drilling, see Section 1
		of this JORC Table.
Other	 Other exploration data, if meaningful and material, should be reported	 A discussion of the new exploration results is in the ASX Release.
substantive	including (but not limited to): geological observations; geophysical
exploration	survey results; geochemical survey results; bulk samples – size and	 For historical drill holes, see our ASX Release dated 6 August 2024.
data	method of treatment; metallurgical test results; bulk density,
	groundwater, geotechnical and rock characteristics; potential
	_deleterious or contaminating substances. _

4

Criteria	JORC Code explanation	Commentary
Further work	 The nature and scale of planned further work (eg tests for lateral	 A discussion of further exploration work is contained in the body of
	extensions or depth extensions or large-scale step-out drilling).	the ASX Release. Further exploration will be planned based on
		ongoing drill results, geophysical surveys, metallurgical testwork
	 Diagrams clearly highlighting the areas of possible extensions,	results and geological assessment of prospectivity.
	including the main geological interpretations and future drilling areas,
	_provided this information is not commercially sensitive. _

5