ST GEORGE MINING LIMITED — Capital/Financing Update 2025

Jun 10, 2025

ASX RELEASE

11 June 2025

RARE EARTHS AND NIOBIUM DRILLING UNDERWAY AT THE ARAXÁ PROJECT, BRAZIL

• Major drill campaign has commenced. More than 10,000m of drilling planned in St George’s inaugural drill campaign at the Araxá Project in Minas Gerais, Brazil – comprising auger, reverse circulation (RC) and diamond drilling over a 12 to 16 week campaign.

• Clear purpose to grow the Araxá resource. With mineralisation open in all directions and significant mineralisation below 100m from surface not yet included in the current Mineral Resource Estimate (MRE)[1] there is potential for a substantial increase in the already globally significant resource defined by St George of:

o 40.64Mt @ 4.13% TREO

o 41.2 Mt @ 0.68% Nb₂O₅

• High-grade mineralisation from surface: Drilling will aim to expand high-grade zones of mineralisation identified by past drill results at Araxá that included more than 500 intercepts of high-grade mineralisation starting from surface with grades up to 8% (80,000ppm) Nb2O5, 33% (330,000ppm) TREO and 32% P2O5 (using a cut-off of 1% Nb2O5 and 2% TREO)[2] – including:

• 43m @ 1.5% Nb2O5 from surface

• 20m @ 2.4% Nb2O5 from surface incl . 10m @ 3.2% Nb2O5 from 2m

• 33m @ 2.1% Nb2O5 from 4m

• 13m @ 2.8% Nb2O5 from 20m incl. 1.2m @ 8.3% Nb2O5 from 26m

• 11m @ 3% from Nb2O5 from 5m

• 60m @ 11.1% TREO from surface incl . 30m @ 16.9% TREO from 27.5m

• 45m @ 14.4% TREO from 15m incl . 7.5m @ 31.5% TREO from 40m

• 29m @ 10.3% TREO from surface

• 43m @ 6.8% TREO from surface

• 17m @ 14.6% TREO from surface

• Airborne Magnetic Survey to identify further targets. A project-wide airborne magnetic survey is scheduled to commence at Araxá next week with results expected to identify and prioritise further rare earths and niobium targets for drilling.

St George Mining Limited ( ASX: SGQ ) (“ St George ” or “ Company ”) is pleased to announce that it has commenced drilling at the Company’s 100%-owned Araxá niobium-REE Project in Minas Gerais, Brazil.

It marks St George’s first drill program at Araxá since securing ownership of this world-class project in February 2025.

Three drill rigs will be active at the Project, and samples from all drilling activities will be submitted to ALS Brazil for laboratory assay on a regular basis with assay results expected on a 4-week rolling basis.

1. Please see Table 2 and our ASX Release dated 1 April 2025 for more information on the Mineral Resource Estimate.

2. For details of historic drilling at the Araxá Project, see our ASX Release dated 6 August 2024.

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 9

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

“We are delighted to have started our first phase of drilling at the Araxá Project. The Project has already delivered more than 500 intercepts of high-grade rare earths and niobium from past drilling, and we expect to add significantly to this tally by the time we complete our 10,000m drilling campaign. It promises for exciting newsflow of results over the coming weeks and months.

“The Araxá Project has many competitive advantages that make it a stand-out project in the rare earths and niobium space. Mineralisation starts from surface and is free-digging, supporting a potential low cost open-pit mining operation. The Project is in an established mining region with well-understood permitting and environmental management, providing an expedited pathway to potential development and strong ESG credentials.

“Araxá’s key feature, of course, is the large, high-grade resource – an enviable development opportunity at a time when global economies are scrambling to establish new supply chains for critical metals, particularly magnet rare earths.

“One of the largest producing hard-rock rare earths mines outside of China is the Mt Weld mine owned by the $8 billion Lynas Rare Earths Lynas (ASX: LYC) with a total resource of 106Mt @ 4.1% TREO. St George’s Araxá Project already has a total JORC resource of 40.64Mt @ 4.13% TREO, illustrating the potential value upside for St George as we progress through development studies and resource expansion drilling to demonstrate the potential for a commercial rare earth mining operation.

“At a time when investors are increasingly looking to Brazil for the next generation of quality, hard-rock rare earths and niobium development opportunities, Araxá is in pole position to deliver sustained value for St George shareholders.”

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Figure 1 – Left: John Prineas at Araxá with samples from the augur drilling. Right: John Prineas, John Dawson, and Thiago Amaral inspecting the augur drilling.

ST GEORGE MINING LIMITED ACN 139 308 973

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Major Drill Campaign Underway

The 10,000m campaign at the Araxá Project will comprise a combination of auger, RC and diamond drilling. Auger drilling, which commenced this week, will focus on testing the geology of the fringe areas within the project tenure that have not been drilled extensively.

RC and diamond drilling will focus on resource expansion as well as upgrading the inferred resource to the indicated category thereby improving confidence in the resource model.

Drilling will also test extensions of known mineralised zones and follow up on targets generated from previous exploration and ongoing geophysical work. See Figure 2 for a map showing the planned drilling.

Auger drilling is currently in progress in an area to the east of the footprint of the current MRE. Augur drill holes are drilled vertically for upto 15m from surface into the weathered profile that is known to host high-grade rare earths and niobium across the project tenure. RC and diamond drilling will commence over the next two weeks.

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Figure 2 – plan view map of the project tenure showing planned drill hole collars.

ST GEORGE MINING LIMITED ACN 139 308 973

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Figure 3 – Oblique view of the project tenure showing planned drill hole and current niobium resource.

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Figure 4 – Auger drilling underway at the Araxa Project.

High-Resolution Magnetics Survey for Target Generation

A high-resolution drone airborne magnetometry survey is scheduled to commence next week and will cover the entire Araxá Project area with flight lines spaced 25 metres apart. This geophysical program will be carried out in parallel with the ongoing resource development drilling and is designed to collect ultra-detailed magnetic data across the tenement package.

ST GEORGE MINING LIMITED ACN 139 308 973

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The results will assist in refining the geological model of the carbonatite-hosted mineralisation at Araxá, improve structural interpretation and help identify additional targets for follow-up drilling, supporting the broader strategy to define and expand the mineral resource base.

Large, High-Grade Rare Earths Deposit

The maiden JORC compliant MRE for the Araxá Project is 40.64Mt @ 4.13% TREO with contained TREO of 1.7Mt. For full details of the MRE see Table 2 and our ASX release dated 1 April 2025 “ High-Grade Niobium and REE JORC Resource for Araxa” .

The grade and size of the resource compares favourably with world-class rare earths mines such as Mt Weld in Western Australia and Mountain Pass in California – see Table 1 and Figure 5.

Significantly, when the Mt Weld concentration plant was commissioned in 2011, the resource at Mt Weld stood at 17.49Mt @ 8.1% TREO for contained TREO of 1.4Mt[1] . The current total resource for Mt Weld is 106Mt @ 4.1% TREO.

The high-grade niobium and rare earths mineralisation at Araxá – with grades up to 82,970ppm (8.29%) Nb₂O₅ and 329,800ppm (32.98%) TREO – remains open in all directions with current drilling designed to deliver a large increase in the MRE.

Company	St George	Lynas	MP	Arafura
	A$74 million ASX: SGQ	A$8.6 billion ASX: LYC	US$4.5 billion NYSE: MP	A$430 million ASX: ARU
Market cap and stock exchange
	Araxá, Brazil	Mt Weld, Australia	Mountain Pass, USA	Nolans, Australia
Project
	Hard-rock	Hard-rock	Hard-rock	Hard-rock
Deposit style
	Development studies	Producing	Producing	Development studies; financing
Stage
	Oxide	Oxide	Oxide	Oxide
REE Product
	Measured: 1.9 Indicated: 7.37 Inferred: 31.37 Total: 40.64	Measured: 20 Indicated: 15.5 Inferred: 71.1 Total: 106.6	Measured: 0.1 Indicated: 31.5 Inferred: 9.1 Total: 40.6	Measured: 4.9 Indicated: 30 Inferred: 21 Total: 56
Mineral resource (Mt)
	Measured: 5.44% Indicated: 4.76% Inferred: 3.9% Total: 4.13%	Measured: 7.2% Indicated: 4.3% Inferred: 3.2% Total: 4.1%	Measured: 9.5% Indicated: 6.2% Inferred: 5.1% Total: 5.9%	Measured: 3.2% Indicated: 2.7% Inferred: 2.3% Total: 2.6%
TREO grade (%)
	Total: 0.78%	Total: 0.61%	Total: 0.93%	Total: 0.69%
NdPr grade (%)
	0.32	0.65	0.38	0.38
Contained NdPr (Mt)

Table 1: Peer benchmarking of major hard-rock rare earths deposits (ex-China). (For source data, see Appendix 1 of this ASX Release).

1 See ASX Release by Lynas Corporation Ltd dated 18 January 2012 ‘Increase in Mt Weld Resource Estimate’

ST GEORGE MINING LIMITED ACN 139 308 973

ASX RELEASE

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Table 2: Globally Significant Resource

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

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

	Niobium	Niobium		Total rare earths	Total rare earths
Resource Classification	Million Tonnes (Mt)	Nb₂O₅ (%)	Million Tonnes (Mt)	TREO (%)	MREO (%)
Measured	1.90	1.19	1.90	5.44	1.04
Indicated	7.37	0.93	7.37	4.76	0.90
Inferred	31.93	0.59	31.37	3.90	0.74
Total	41.20	0.68	40.64	4.13	0.78

Notes to the MRE:

1. The MREs are classified and reported in accordance with JORC Code (2012).

2. The entire MRE is interpreted to be amenable to open pit mining.

3. The MREs are rounded to reflect the level of confidence in the Mineral Resources at the time of reporting. Rounding may cause computational discrepancies.

4. The total MRE is inclusive of the Inferred category. The Inferred portion is reported separately and should not be included for economic considerations.

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Figure 5 -The high-grade and large volume of the rare earths at Araxá make it a globally significant REE deposit. The bubble chart shows the ratio of NdPr to total TREO resource (Y axis) and the grade of the total TREO resource (X axis). The size of each bubble represents the size of the total TREO resource in Mt. (For source data, see Appendix 1 of this ASX Release).

ST GEORGE MINING LIMITED ACN 139 308 973

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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, potentially world-class 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 and 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.

Extensive high-grade niobium and REE mineralisation at the Araxá Project has been confirmed by past drilling. High-grade mineralisation commences from surface, with more than 500 intercepts of highgrade niobium (>1% Nb2O5) with grades up to 8% Nb₂O₅ plus rare earths with grades up to 33% TREO.

On 1 April 2025, St George announced a maiden resource for the Project which represents both a globally significant niobium and rare earths resource.

Appendix 1:

Source reference data for resources referred to in Table 1 and Figure 5 is set out below. For market capitalisation, values are based on closing prices as at 10 Junel 2025 in the ASX for Lynas, Arafura and St George; and on the closing price for MP Materials as at 9 June 2025 in the NYSE.

Lynas, Mt Weld:

Resource details are from the ASX announcement dated 5 August 2024: “2024 Mineral Resource and Reserve Update” and from the Annual Report FY2023 released to ASX on 12 October 2023.

Arafura:

Resource details are from ASX announcement dated 11 November 2022 “Nolans Project Update”.

MP Materials:

Resource details are from SEC filing: “FORM 10-K” dated 28 February 2022. Measured Resource assumed to be equal to Proven Reserves. Indicated Resource assumed to equal Probable Reserves.

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

ST GEORGE MINING LIMITED ACN 139 308 973

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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 exploration results included in any original market announcements referred to in this report and that no material change in the results has occurred. 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".

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

• 6 August 2024 Acquisition of High-Grade Araxá Niobium Project

• 12 December 2024 St George signs partnership for downstream niobium and rare earth processing and production in Brazil.

• 9 January 2025 St George commences program to optimise niobium and rare earths downstream processing for the Araxá Project.

The Company confirms that it is not aware of any new information or data that materially affects the exploration results included in any original market announcements referred to in this report and that no material change in the results has occurred. 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.

ST GEORGE MINING LIMITED ACN 139 308 973

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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.

ST GEORGE MINING LIMITED ACN 139 308 973

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	JORC Code explanation	JORC Code explanation				Commentary
Sampling	Nature and quality of sampling (eg cut						Drilling programme will be completed by mechanised Auger, Reverse
techniques	channels, random chips, or				specific specialised		Circulation (RC) and Diamond Core drilling
	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						Auger Drilling: All samples from the auger drilling are taken as 1m samples from surface to the maximum depth achieved for laboratory assay, expected to be at the maximum depth of 20m or until blade refusal.
	limiting the broad meaning of sampling.						RC Drilling: All samples from the RC drilling are taken as 1m samples to
							total depth for laboratory assay. Samples are collected using cone or
							riffle splitter.
							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 or HTW 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						Auger Drilling: Samples are taken on a one metre basis and collected
	sample representivity			and the appropriate			using uniquely numbered bags. The remaining material for that metre
	calibration of any		measurement tools or				is collected and stored in a plastic bags marked with that specific metre
	systems used.						interval and hole ID. A blank sample is inserted at the beginning of each
							hole, and a duplicate sample is taken every 40th sample. A certified
							sample standard for niobium and REE is also added according to
							geology, but at no more than 1:40 samples.
							RC Sampling: Samples are taken on a one metre basis and collected
							using uniquely numbered bags. The remaining material for that metre
							is collected and stored in a green plastic bag marked with that specific
							metre interval and hole ID. The cyclone is cleaned with compressed air
							after each plastic and calico sample bag is removed. If wet sample or
							clays are encountered, then the cyclone is opened and cleaned
							manually and with the aid of a compressed air gun. A blank sample is
							inserted at the beginning of each hole, and a duplicate sample is taken
							every 40th sample. A certified sample standard for niobium and REE is
							also added according to geology, but at no more than 1:40 samples.
							Diamond Core Sampling: For diamond core samples, blank samples are
							inserted in the first position of the batch and a duplicate sample is
							taken every 40th sample. A certified sample standard for niobium and
							REE is also added according to geology, but at no more than 1:40
							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 46 samples.
							For all drilling, a percentage of the samples will be selected to be
							assayed by the same method by a different laboratory for umpire
							checks.
							Downhole surveys will be conducted for both RC and Diamond, with
							aim to measure the dip and azimuth deviation of the holes

1

Criteria	JORC Code explanation	Commentary
		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 DGPS station which as expected accuracy of +/- 10cm.
		Geological logging of core is completed at site with core being stored
		in drill core trays and RC chips in chip trays, the remaining of the auger
		material that hasn’t been sampled is also stored for future reference.
	Aspects of the determination of mineralisation	Auger Sampling: Each 1m composite bulk sample is naturally dried,
	that are Material to the Public Report.	clumps/lumps are diminished with the help of a sieve, the full content
	In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain	of the bulk sample are than homogenised, divided in quarters and collected for assay, typically weighs 2-3kg, and once dried, is prepared for the laboratory as per the sample method below.
	1 m samples from which 3 kg was pulverised	RC Sampling: A 1m composite sample is taken from the bulk sample of
	to produce a 30 g charge for fire assay’). In	RC chips that may weigh in excess of 40 kg. Each sample collected for
	other cases more explanation may be	assay typically weighs 2-3kg, and once dried, is prepared for the
	required, such as where there is coarse gold	laboratory as per the sample method below.
	that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	Diamond Core Sampling: Diamond core (both HTW, HQ and NQ2) are half-core sampled to geological boundaries with an average 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.
		The samples are prepared by the laboratory according to the following
		procedure:
		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.
		Elements for all suites go through the following analytical method:
		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,
		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 will be completed by mechanised Auger, Reverse
techniques	hole hammer, rotary air blast, auger, Bangka,	Circulation (RC) and Diamond Core drilling
	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).	Auger Drilling: The auger holes are drilled from surface to planned depth or until blade refusal, samples are collected from the auger blade sampler every 1 metre.
		RC Drilling: The RC holes are drilled from surface through the regolith
		to planned depth, samples are collected every 1 metre using cone or
		riffle splitter

2

Criteria	JORC Code explanation	Commentary
		Diamond Core Sampling: The diamond holes are drilled from surface
		through the regolith to planned depth using a either a HTW, 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	Auger drilling: samples are visually checked for recovery, moisture and
recovery	chip sample recoveries and results assessed.	contamination. Geological logging is completed at site with remaining
		representative auger samples stored in plastic bags for future
		reference.
		RC Drillling: samples are visually checked for recovery, moisture and
		contamination. Geological logging is completed at site with
		representative RC chips stored in chip trays.
		_Diamond Core Sampling:_Diamond core recoveries are recorded during
		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	Auger Drilling: Samples are collected directly from the auger blade
	and ensure representative nature of the	sampler in a 1m interval and stored directly in individually labelled
	samples.	plastic bags. Geological logging of the samples collected is completed
		at site with representative samples being stored in bags.
		RC Drilling: Samples are collected using cone or riffle splitter.
		Geological logging of RC chips is completed at site with representative
		chips being stored in drill chip trays.
		Diamond Drilling: Measures taken to maximise core recovery include
		using appropriate core diameter and shorter barrel length through
		the weathered zone, which at Cathedrals and Investigators is mostly
		<20m and Stricklands <40m depth. 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 yet been identified that would
	recovery and grade and whether sample bias	impact on potential sample bias in the soil/regolith profile or sampling
	may have occurred due to preferential	methods.
	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 (core only), 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 and chip trays are
	photography.	photographed in sequence and in both dry and wet form.
	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 0.2 – 1.2m (maximum) where 5% of samples are
preparation		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.

3

Criteria	JORC Code explanation	Commentary
	If non-core, whether riffled, tube sampled,	Auger samples are collected in dry form directly from the auger blade
	rotary split, etc and whether sampled wet or	sampler in a 1m interval and stored in individually labelled plastic bags.
	dry.	Geological logging of auger samples are completed at site with
		representative samples stored in bags for future reference.
		RC samples are collected in dry form. Samples are collected using cone
		or riffle splitter. Geological logging of RC chips is completed at site with
		representative chips being stored in drill chip trays.
	For all sample types, the nature, quality and	Assay preparation procedures follow a standard protocol which include
	appropriateness of the sample preparation	drying and weighing of whole sample, samples are then crushed to -
	technique.	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	Quality control procedures include submission of Certified Reference
	sub-sampling stages to maximise	Materials (standards), duplicates and blanks
	representivity of samples.	Auger Sampling: Field QC procedures maximise representivity of Auger
		samples and involve the use of certified reference material as assay
		standards, along with blanks and duplicates with each sample batch.
		RC Sampling: Field QC procedures maximise representivity of RC
		samples and involve the use of certified reference material as assay
		standards, along with blanks and duplicates with each sample batch.
		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.
		For all drilling, 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	Auger drilling: Duplicate samples are selected during sampling for
	is representative of the in-situ material	auger by collecting a representative sample of the same
	collected, including for instance results for	homogenised/quarted pile.
	field duplicate/second-half sampling.	RC Driliing: sample duplicates are collected using two separate
		sampling apertures on the splitter.
		Diamond drilling: Duplicate samples comprise two quarter core
		samples for Diamond Core.
	Whether sample sizes are appropriate to the	The sample sizes are considered to be appropriate to correctly
	grain size of the material being sampled.	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	The nature, quality and appropriateness of	The assay method and detection limits are appropriate for analysis of
assay data and	the assaying and laboratory procedures used	the elements required.
laboratory	and whether the technique is considered
tests	partial or total.

4

Criteria	JORC Code explanation		Commentary
	For geophysical tools, spectrometres,		Airborne "A total of 270 linear kilometres will be surveyed over a 660-
	handheld XRF instruments, etc,	the	hectare area at 25m spacing using a magnetometer GEMSystems
	parametres used in determining the analysis		GSMP 25U equipped on a Phantom 4 Pro drone platform.
	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		Laboratory QAQC involves the use of internal lab standards using
	(eg standards, blanks, duplicates, external		certified reference material (CRMs), blanks, umpire assays and pulp
	laboratory checks) and whether acceptable		duplicates as part of in-house procedures.
	levels of accuracy (ie lack of bias) and precision have been established.		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.
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.		8 twinned diamond holes are planned to be drilled in this program,
			immediately adjacent to historical drilling for validation of historical
			data.
	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
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 will be be recorded using a high-
	used in Mineral Resource estimation.		precision DGPS station which as expected accuracy of +/- 10cm.

5

Criteria	JORC Code explanation Commentary
	Downhole surveys are conducted using a single shot camera approximately every 30m or downhole Gyro during drilling to record and monitor deviations of the hole from the planned dip and azimuth. Post-drilling downhole gyroscopic surveys will be conducted, which provide more accurate survey results.
	Specification of the grid system used. The coordinates were provided in following format: SAD 69 datum - georeferenced to spindle 23S.
	Quality and adequacy of topographic control. Elevation data will be acquired using DGPS surveying 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 and distribution	Data spacing for reporting of Exploration Results. Drill holes have been planned to achieve two complementary objectives: first, to convert existing resources to the Indicated category; and second, to expand the current Inferred resource. Hole spacing ranges from approximately 40 to 120 metres, depending on the specific objective being targeted in each area.
	Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Drilling conducted to date indicates that the mineralised zone remains open both at depth and laterally, highlighting the potential for resource expansion. Ongoing drilling aims to update and increase the current resource base, supporting the definition of Mineral Resources and Reserves in accordance with the classification criteria of the 2012 JORC Code.
	Whether sample compositing has been applied. No compositing has been applied to the exploration results.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. The mineralisation is flat lying and occurs within the saprolite/clay zone of a deeply developed regolith (reflecting topography and weathering). Vertical sampling from the drill holes is therefore appropriate.
	If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. No orientation-based sampling bias has been identified in the data to date.
Sample security	The measures taken to ensure sample security. Chain of Custody is managed by the Company until samples pass to a 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 reviews	The results of any audits or reviews of sampling techniques and data. Sampling techniques and procedures are regularly reviewed internally, as is data. To date, no external audits have been completed on the planned drilling programme.

6

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

1

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	 This ASX Release is not reporting new exploration results.
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,	 This ASX Release is not reporting new exploration results.
aggregation	maximum and/or minimum grade truncations (eg cutting of high
methods	grades) and cut-off grades are usually Material and should be stated.	 For historical drill holes, see Tables 1 and 2 in the ASX Release
		dated 6 August 2024. For methodology of new drilling, see Section 1
	 Where aggregate intercepts incorporate short lengths of high grade	of this JORC Table.
	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	 This ASX Release is not reporting new exploration results.
between	Exploration Results.
mineralisation		 For historical drill holes, see Tables 1 and 2 in the ASX Release
widths and	 If the geometry of the mineralisation with respect to the drill hole	dated 6 August 2024. For methodology of new drilling, see Section 1
intercept	angle is known, its nature should be reported.	of this JORC Table.
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	 This ASX Release is not reporting new exploration results.
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	 This ASX Release is not reporting new exploration results.
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