STRATEGIC ELEMENTS LIMITED — Interim / Quarterly Report 2026

Feb 26, 2026

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STRATEGIC ELEMENTS LIMITED ABN 47 122 437 503

CONDENSED CONSOLIDATED INTERIM FINANCIAL REPORT

FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

STRATEGIC ELEMENTS LIMITED

Contents	Page
Corporate information	2
Directors’ report	3
Auditor’s independence declaration	5
Condensed consolidated statement of profit or loss and other comprehensive income	6
Condensed consolidated statement of financial position	7
Condensed consolidated statement of cash flows	8
Condensed consolidated statement of changes in equity	9
Notes to the condensed consolidated financial statements	10
Directors’ declaration	17
Auditor’s independent review report to the members of Strategic Elements Limited	18

Page 1

STRATEGIC ELEMENTS LIMITED

CORPORATE INFORMATION

Directors

Charles Murphy David Lim Elliot Nicholls

Company Secretary Matthew Howard

Registered office 8/63 Hay Street Subiaco WA 6008 Australia

Managing Director Executive Director Executive Director

Auditors

Nexia Perth Audit Services Pty Ltd Level 4, 88 William Street Perth WA 6000 Australia

Solicitors

Lavan Level 20, 1 William Street Perth WA 6000 Australia

Share Registry

Principal place of business

8/63 Hay Street Subiaco WA 6008 Australia

Telephone: +61 8 9278 2788 Facsimile: +61 8 9288 4400 Website: www.strategicelements.com.au

Automic Group Level 5, 191 St George’s Terrace Perth WA 6000 Tel: 1300 288 664 Web: www.automicgroup.com.au

ASX code: SOR

Page 2

STRATEGIC ELEMENTS LIMITED

DIRECTORS’ REPORT

The directors of Strategic Elements Limited submit herewith the condensed consolidated interim financial report of Strategic Elements Limited (“Company”) and its subsidiaries (“Consolidated entity” or “Group”) (ASX code: SOR) for the half-year ended 31 December 2025. In order to comply with the provisions of the Corporations Act 2001 , the directors report as follows:

The names of the directors of the Company during or since the end of the half-year are:

Mr. C. Murphy Managing Director & Acting Chairman Mr. M. Howard Executive Director (resigned 31 December 2025) and Company Secretary Mr. E. Nicholls Executive Director Mr D. Lim Executive Director (appointed 31 December 2025)

Directors were in office for the half-year period unless otherwise stated.

REVIEW OF OPERATIONS

(a) Overview

The Company remains registered under the Pooled Development Fund program. Benefits for shareholders are described on the Company’s website.

(b) Operating result

The Group incurred an after-tax loss for the half-year ended 31 December 2025 of $1,037,858 (2024: $1,375,917). The loss was attributable to the funding of project developments conducted through the Company’s subsidiaries and the costs associated with operating an ASX listed company in Australia. Net assets of the Group decreased from $3,892,175 to $3,254,437 during the half-year as a result of incurring a loss of $1,037,858 (2024: $1,375,917).

(c) Corporate

On 31 December 2025 the Group had cash and term deposits balances of $3,389,164 (30 June 2025: $4,216,388).

On 28 November 2025 8,450,000 shares were issued on the vesting of performance rights held by directors and staff following attainment of specified performance hurdles. The fair value of the vested performance rights at grant date was $447,850.

Also, on 28 November 2025 6,000,000 performance rights, originally issued to directors on 28 November 2023 lapsed because the vesting conditions have not been or have become incapable of being satisfied. The fair value of those rights had already been written down to $nil at 30 June 2025.

On 24 November 2025 shareholders approved the issue of 11,650,000 performance rights to directors. The vesting of the rights is subject to satisfaction of performance conditions, details of which are contained in note 4 in the notes to the condensed consolidated financial statements.

At the Annual General Meeting held at Level 1, Suite 9, 110 Hay Street, Subiaco WA on 24 November 2025, all resolutions contained in the Notice of Meeting were passed by shareholders by way of a poll.

Page 3

STRATEGIC ELEMENTS LIMITED

DIRECTORS’ REPORT (CONTINUED)

EVENTS AFTER THE REPORTING DATE

Subsequent to the reporting date no matter or circumstance has arisen which has significantly affected, or may significantly affect the operations of the Group, the result of those operations, or the state of affairs of the Group in subsequent financial years.

PRINCIPAL ACTIVITIES

The Company is a registered Pooled Development Fund (PDF).

DIVIDENDS

No dividends have been paid or declared since the start of the financial year and the Directors do not recommend the payment of a dividend in respect of the financial year.

ENVIRONMENTAL LEGISLATION

With respect to its environmental obligations regarding its exploration activities the Consolidated entity endeavours to ensure that it complies with all regulations when carrying out any exploration and evaluation activities and is not aware of any environmental legislation breach at this time.

ROUNDING OF AMOUNTS

In accordance with ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191, the amounts in the directors report and in the condensed consolidated interim financial report have been rounded to the nearest dollar.

AUDITOR’S INDEPENDENCE DECLARATION

Section 307C of the Corporations Act 2001 requires our auditors, Nexia Perth Audit Services Pty Ltd, to provide the Directors of the Company with an Independence Declaration in relation to the review of the condensed consolidated interim financial report. This Independence Declaration is set out on Page 5 and forms part of the directors’ report for the half-year ended 31 December 2025.

This report is signed in accordance with a resolution of the Board of Directors made pursuant to section 306(3) of the Corporations Act 2001 .

On behalf of the Directors

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_____ Charles Murphy Managing Director Perth, 27 February 2026

Page 4

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To the Board of Directors of Strategic Elements Limited

Auditor’s independence declaration under section 307C of the Corporations Act 2001

As lead auditor for the review of the condensed consolidated interim financial report of Strategic Elements Limited for the half-year ended 31 December 2025, I declare that to the best of my knowledge and belief, there have been no contraventions of:

• (a) the auditor independence requirements of the Corporations Act 2001 in relation to the review; and

• (b) any applicable code of professional conduct in relation to the review.

Nexia Perth Audit Services Pty Ltd

Justin Mulhair Director

Perth, Western Australia 27 February 2026

5

STRATEGIC ELEMENTS LIMITED

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Note Other income 2 Project development Employee benefits 3 Depreciation Marketing expense Professional fees Regulatory and compliance Rent and outgoings Share-based payment expense 4 Other expenses Loss from operating activities Financial income Financial expenses Foreign exchange differences Net financing income Loss before income tax expense Income tax expense Loss for the half-year Other comprehensive income Other comprehensive income for the half-year, net of income tax Total comprehensive loss for the half-year Basic and diluted loss per share (cents per share)	Half-year ended 31 Dec 2025 Half-year ended 31 Dec 2024 $ $
	726,066 394,837 (372,211) (458,964) (657,869) (853,408) (7,742) (13,545) (7,192) (11,458) (73,172) (97,670) (76,802) (64,599) (42,803) (28,387) (400,120) (63,355) (169,985) (272,656)
	(1,081,830) (1,469,205)
	47,033 95,853 (2,023) (1,998) (1,038) (567)
	43,972 93,288
	(1,037,858) (1,375,917) - -
	(1,037,858) (1,375,917)
	- -
	(1,037,858) (1,375,917)
	(0.22) cents (0.30) cents

The accompanying notes form part of these condensed consolidated financial statements.

Page 6

STRATEGIC ELEMENTS LIMITED

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025

Note Current assets Cash and cash equivalents Trade and other receivables Term deposit investments Other assets Total current assets Non-current assets Plant and equipment Total non-current assets Total assets Current liabilities Trade and other payables Provisions Total current liabilities Non-current liabilities Provisions Total non-current liabilities Total liabilities Net assets Equity Issued capital 5 Share-based payment reserve Accumulated losses Total equity	31 Dec 2025 30 Jun 2025 $ $
	3,262,868 4,090,092 44,256 70,477 126,296 126,296 134,128 100,389
	3,567,548 4,387,254
	28,400 35,306
	28,400 35,306
	3,595,948 4,422,560
	206,298 387,221 128,582 137,083
	334,880 524,304
	6,631 6,081
	6,631 6,081
	341,511 530,385
	3,254,437 3,892,175
	31,518,698 31,070,848 87,486 135,216 (28,351,747) (27,313,889)
	3,254,437 3,892,175

The accompanying notes form part of these condensed consolidated financial statements.

Page 7

STRATEGIC ELEMENTS LIMITED

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Cash flows used in operating activities Receipts from Government Grants/Incentives Interest received Interest paid Project development expenditure Payments to suppliers and employees Net cash used in operating activities Cash flows used in investing activities Payments for plant and equipment Net cash used in investing activities Cash flows from financing activities Proceeds from issue of shares Share issue costs Net cash from financing activities Net decrease in cash and cash equivalents Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period	Half-year ended 31 Dec 2025 Half-year ended 31 Dec 2024 $ $
	726,066 367,847 55,423 94,422 (2,023) (1,998) (515,482) (697,960) (1,090,372) (1,196,440)
	(826,388) (1,434,129)
	(836) (8,900)
	(836) (8,900)
	- 875,000 - (37,319)
	- 837,681
	(827,224) (605,348) 4,090,092 5,635,577
	3,262,868 5,030,229

The accompanying notes form part of these condensed consolidated financial statements.

Page 8

STRATEGIC ELEMENTS LIMITED

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Balance at 1 July 2024 Total comprehensive loss for the period Loss for the period Total comprehensive loss for the period Issue of shares for cash Share issue costs Share-based payments/(credits) Balance at 31 December 2024 Balance at 1 July 2025 Total comprehensive loss for the period Loss for the period Total comprehensive loss for the period Issue of shares on vesting of PRs Share-based payments - PRs Balance at 31 December 2025	Issued Capital $ Share-based payment Reserve $ Accumulated Losses $ Total Equity $
	30,070,267 64,686 (24,753,595) 5,381,358
	- - (1,375,917) (1,375,917)
	- - (1,375,917) (1,375,917)
	875,000 - - 875,000 (37,319) - - (37,319) - 63,355 - 63,355
	30,907,948 128,041 (26,129,512) 4,906,477
	31,070,848 135,216 (27,313,889) 3,892,175
	- - (1,037,858) (1,037,858)
	- - (1,037,858) (1,037,858)
	447,850 (447,850) - - - 400,120 - 400,120
	31,518,698 87,486 (28,351,747) 3,254,437

The accompanying notes form part of these condensed consolidated financial statements.

Page 9

STRATEGIC ELEMENTS LIMITED

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. Material accounting policies

Statement of compliance

The condensed consolidated interim financial report is a general purpose financial report prepared in accordance with the requirements of the Corporations Act 2001 , AASB 134 ‘ Interim Financial Reporting’ (“AASB 134”) and other pronouncements of the Australian Accounting Standards Board (“AASB”). Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 Interim Financial Reporting.

The condensed consolidated interim financial report does not include full disclosure of the type normally included in an annual financial report, and accordingly this report should be read in conjunction with the most recent consolidated financial report and any public announcements made by the Company during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001 and the ASX listing rules.

These condensed consolidated interim financial statements were authorised for issue on 24 February 2026.

Basis of preparation

The condensed consolidated financial statements have been prepared on the basis of historical cost. Cost is based on the fair values of the consideration given in exchange for assets. The Consolidated entity, comprising Strategic Elements Limited, Strategic Materials Pty Ltd, Australian Advanced Materials Pty Ltd, Maria Resources Pty Ltd, Stealth Technology Pty Ltd and Cognition Engines Pty Ltd is domiciled in Australia and all amounts are presented in Australian dollars, unless otherwise indicated.

The accounting policies and methods of computation adopted in the preparation of the interim financial report are consistent with those adopted and disclosed in the Company’s consolidated financial report for the financial year ended 30 June 2025.

For the purpose of preparing the report, the half-year has been treated as a discrete reporting period.

Basis of consolidation

The condensed consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) (referred to as the Group in these financial statements). Control is achieved where the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The accounting policies of subsidiaries have been changed when necessary to align them with the policies adopted by the Group.

In preparing the condensed consolidated financial statements, all inter-company balances and transactions, income and expenses, profit and losses resulting from intra-group transactions have been eliminated in full.

Going Concern

The condensed consolidated interim financial report has been prepared on the going concern basis, which contemplates continuity of normal business activities and the realisation of assets and settlements of liabilities in the ordinary course of business. The Group has reported a loss for the half-year of $1,037,858 (2024: $1,375,917) and a cash outflow from operating activities of $826,388 (31 December 2024: $1,434,129). At the end of the half-year, the Group had $3,262,868 (30 June 2025: $4,090,092) in cash and cash equivalents and a working capital surplus of $3,232,668 (30 June 2025: $3,862,950).

Page 10

STRATEGIC ELEMENTS LIMITED

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. Material accounting policies

In arriving at this position, the Directors have had regard to the fact that the Group has, or in the Directors’ opinion will have access to, sufficient cash to fund administrative and other committed expenditure. The Group’s cashflow forecast indicates that the Group will have access to sufficient cash to fund administrative and other committed expenditure and be able to settle its liabilities as and when they fall due for a period of at least 12 months from the date of signing the condensed consolidated interim financial report.

New Standards and Interpretations applicable for the half year ended 31 December 2025

For the half-year ended 31 December 2025, the Directors have reviewed all of the new and revised Standards and Interpretations issued by the AASB that are relevant to the Group and effective for the current reporting period. As a result of this review the Directors have determined that there is no material impact of the Standards and Interpretations on issue and therefore, no change is necessary to Group accounting policies.

New Standards and Interpretations on issue not yet effective

The Directors have also reviewed all of the new and revised Standards and Interpretations in issue not yet effective for the period ended 31 December 2025. The Directors have reviewed these amended pronouncements and have decided not to early adopt.

Rounding of amounts

In accordance with ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191, the amounts in the directors report and in the condensed consolidated interim financial report have been rounded to the nearest dollar.

Significant Accounting Judgements and Key Estimates

The preparation of this condensed consolidated interim financial report requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amount of assets, liabilities, income and expense. Actual results may differ from these estimates.

In preparing this condensed consolidated interim financial report the significant judgements made by management in applying the Groups’ accounting policies and key sources of estimation uncertainty were the same as those that applied to the financial report for the year ended 30 June 2025.

2. Revenue and other income

Other income Refunds Government grants Total for the period	6 months to 31 6 months to 31 December 2025 December 2024 $ $
	- 26,990 726,066 367,847
	726,066 394,837

Page 11

STRATEGIC ELEMENTS LIMITED

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

3. Employee benefits

Directors’ fees Other employee salaries Total for the half-year	6 months to 31 6 months to 31 December 2025 December 2024 $ $
	379,486 390,400 278,383 463,008
	657,869 853,408

4. Share-based payments

The total expense recognised in the half-year for share-based payments is $400,120 (2024: $68,124).

Performance rights

The movement in PRs on issue was as follows:

Movements in performance rights on issue At beginning of period (ii) Granted during the period (i) Vested during the half-year (ii) Expired during the half-year (iii) Outstanding at the end of the period	6 months to 12 months to 31 December 2025 30 June 2025 Number Number
	15,750,000 6,000,000 11,650,000 9,750,000 (8,450,000) - (6,000,000) -
	12,950,000 15,750,000

The share-based payment expense (benefit) in PRs and options on issue was as follows:

Share-based payment expense (benefit) 11,650,000 performance rights (i) 6,000,000 performance rights (iii) 9,750,000 performance rights (ii) 3,500,000 options Total share-based payment expense (benefit)	6 months to 6 months to 31 December 2025 31 December 2024 $ $
	6,337 - - (11,315) 393,783 6,546 - 68,124
	400,120 63,355

(i) On 28 November 2025 shareholders approved the issue of 11,650,000 Performance Rights (“PRs”). under the terms of the Company Employee Securities Incentive Plan, with a fair value of $768,900 to Directors and staff/consultants of the Company.

The total expense recognised in the half-year for this share-based payment is $6,337.

Page 12

STRATEGIC ELEMENTS LIMITED

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The PRs were issued during the half-year as follows:

Issued to	Number issued
Charles Murphy	5,680,000
Elliot Nicholls	4,120,000
David Lim	1,850,000

Vesting conditions for the above PR’s*

• The vesting of the 50% of the PRs above is dependent on the execution of a joint development agreement between subsidiary, Australian Advanced Materials Pty Ltd and a recognised expert organisation in printed electronics, materials, energy systems, or a potential end user customer. At 31 December 2025 the probability used for the PR vesting conditions being satisfied was 20%.

• • The vesting of the remaining 50% of the PRs above is dependent on receipt of cumulative customer payments of at least $500,000 from executed contracts, or Stealth Technologies Pty Ltd detailing in a quarterly activity report that it has achieved profitability. At 31 December 2025 the probability used for the PR vesting conditions being satisfied was 27.5%.

The Directors are required to have continuous employment with the Company.

The inputs to these PRs valuation were:

Performance period starts	24/11/2025
Performance period ends	23/11/2028
Expected life of rights (years)	3
Grant date share price (cents)	6.60

(ii) On 13 November 2024 shareholders approved the issue of 9,750,000 performance rights with a vesting period of 3 years. On 28 November 2025, 8,450,000 shares were issued following the satisfaction of vesting conditions for 8,450,000 of these performance rights. The pro-rata share-based payments expense for the half-year ended 31 December 2025 is $273,582. The remaining 1,300,000 performance rights remained unvested at 31 December 2025. The pro-rata share-based payments expense for these unvested performance rights the half-year ended 31 December 2025 is $120,201.

(iii) On 28 November 2025 6,000,000 performance rights, originally issued to directors on 28 November 2023 lapsed because the vesting conditions have not been or have become incapable of being satisfied. The fair value of those rights had already been written down to $nil at 30 June 2025.

Page 13

STRATEGIC ELEMENTS LIMITED

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

5. Issued capital Issued and paid up capital Fully paid ordinary shares Movements in fully paid shares on issue At beginning of period Shares issued on vesting of PRs Shares issued for cash Shares issued in lieu of directors fees Issue costs Balance at end of period Movements in number of fully paid shares on issue At beginning of period Shares issued on vesting of PRs Shares issued in lieu of directors fees Shares issued for cash Balance at end of period 6. Commitments and Contingencies Commitments Office lease expenditure commitments Not later than 1 year Later than 1 year but not later than 5 years Exploration expenditure commitments Minimum exploration expenditure: Not later than 1 year Later than 1 year but not later than 5 years		31 December 2025 30 June 2025 $ $ 31,518,698 31,070,848 6 months to 12 months to 31 December 2025 30 June 2025 $ $ 31,070,848 30,070,267 447,850 - - 875,000 - 162,900 - (37,319) 31,518,698 31,070,848 6 months to 12 months to 31 December 2025 30 June 2025 Number Number 473,899,060 446,933,437 8,450,000 - - 5,090,623 - 21,875,000 482,349,060 473,899,060 31 December 30 June 2025 2025 $ $
		9,282 6,920 - -
		9,282 6,920
		80,000 64,500 320,000 258,000
		400,000 322,500

Page 14

STRATEGIC ELEMENTS LIMITED

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

6. Commitments and Contingencies (continued)

Capital commitment includes minimum expenditures and rent payable under granted tenements. The Company also has the discretion to surrender one or more of these tenements and thereby avoid payment of these commitments.

In the opinion of the directors there were no contingent liabilities at the date of this report apart from the below agreement.

Land Access and Mineral Exploration Agreement

Under the terms of the Land Access and Mineral Exploration Agreement entered into by the Company in October 2018, the Company has an obligation to make certain payments in relation to the annual expenditure and rent in respect of that licence. The majority of the payments are subject to the commencement of exploration activities, which cannot be reliably measured at this time.

7. Segment Information

The following table presents the segment information provided to the Board of Directors:

	Resources Technology Unallocated Corporate Total $ $ $ $
31 December 2025 Segment income Segment result Included within segment results: Depreciation Financial income Financial expense Segment assets Segment liabilities 31 December 2024 Segment income Segment result Included within segment results: Depreciation Financial income Financial expense 30 June 2025 Segment assets Segment liabilities	- 726,066 - 726,066
	(12,684) 157,455 (1,182,629) (1,037,858)
	- (3,520) (4,222) (7,742) 26 1,966 45,041 47,033 - (232) (1,791) (2,023) 94,130 419,031 3,082,785 3,595,946 6,244 158,956 176,311 341,511 26,990 367,847 - 394,837
	(53,884) (235,518) (1,086,515) (1,375,917)
	- (7,420) (6,125) (13,545) 44 3,702 92,107 95,853 - (549) (1,449) (1,998) 116,307 306,113 4,000,140 4,422,560 8,211 253,434 268,740 530,385

Page 15

STRATEGIC ELEMENTS LIMITED

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

8. Events after the reporting date

Subsequent to the reporting date no matter or circumstance has arisen which has significantly affected, or may significantly affect the operations of the Group, the result of those operations, or the state of affairs of the Group in subsequent financial years.

9. Related Parties

Key management personnel continue to receive compensation in the form of short term employee benefits and post-employment benefits.

10. Subsidiaries

The Company has a 100% interest in Strategic Materials Pty Ltd (incorporated 18 November 2009), Maria Resources Pty Ltd (incorporated 8 April 2011), Australian Advanced Materials Pty Ltd (incorporated 27 July 2010), Stealth Technologies Pty Ltd (incorporated 4 November 2015) and Cognition Engines Pty Ltd (incorporated 4 June 2021). All subsidiaries were incorporated in Australia for $1 each.

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STRATEGIC ELEMENTS LIMITED

DIRECTORS’ DECLARATION

In the opinion of the Directors of the Company:

1. The attached condensed consolidated financial statements and notes thereto are in accordance with the Corporations Act 2001 including:

2. (a) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 and other mandatory professional reporting; and

3. (b) giving a true and fair view of the Group’s financial position as at 31 December 2025 and of its performance for the half-year then ended.

4. There are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

Signed in accordance with a resolution of the Directors made pursuant to s.303(5) of the Corporations Act 2001 .

On behalf of the Directors

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Charles Murphy Managing Director Perth, 27 February 2026

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INDEPENDENT AUDITOR’S REVIEW REPORT

To the members of Strategic Elements Limited

Report on the Condensed Consolidated Interim Financial Report for the Half-year ended 31 December 2025

Conclusion

We have reviewed the accompanying Condensed Consolidated Interim Financial Report of Strategic Elements Limited (“the Company”) and its controlled entities (“the Group”), which comprises the Condensed Consolidated Statement of Financial Position as at 31 December 2025, the Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income, Condensed Consolidated Statement of Changes in Equity and Condensed Consolidated Statement of Cash Flows for the half-year ended on that date, notes comprising material accounting policy information and other explanatory information, and the Directors’ Declaration.

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the Condensed Consolidated Interim Financial Report of Strategic Elements Limited does not comply with the Corporations Act 2001 including:

• i) giving a true and fair view of the Group’s financial position as at 31 December 2025 and of its performance for the half-year ended on that date; and

• iii) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001.

Basis for Conclusion

We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity (“ASRE 2410”). Our responsibilities are further described in the Auditor’s Responsibility for the Review of the Condensed Consolidated Interim Financial Report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional & Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (“the Code”) that are relevant to our audit of the annual financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

We confirm that the independence declaration required by the Corporations Act 2001 which has been given to the directors of the Group, would be in the same terms if given to the directors as at the time of this auditor’s review report.

Responsibility of the Directors for the Condensed Consolidated Interim Financial Report

The directors of the Group are responsible for the preparation of the Condensed Consolidated Interim Financial Report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the Condensed Consolidated Interim Financial Report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

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Auditor’s Responsibility for the Review of the Condensed Consolidated Interim Financial Report

Our responsibility is to express a conclusion on the Condensed Consolidated Interim Financial Report based on our review. ASRE 2410 requires us to conclude whether we have become aware of any matter that makes us believe that the Condensed Consolidated Interim Financial Report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the Group’s financial position as at 31 December 2025 and its performance for the half-year ended on that date, and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001.

A review of a Condensed Consolidated Interim Financial Report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

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Nexia Perth Audit Services Pty Ltd

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Justin Mulhair Director

Perth, Western Australia 27 February 2026

19