ZEUS RESOURCES LIMITED — Capital/Financing Update 2026

Feb 1, 2026

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ASX ANNOUNCEMENT

2 February 2026

Visible Antimony Oxide Mineralisation Observed in Trench 1 at Casablanca Project

HIGHLIGHTS

• Zeus has commenced trenching at the Casablanca Antimony Project - CAP, targeting key structural positions interpreted from geological mapping and geophysical datasets to define priority antimony zones.

• Initial new visible oxide antimony mineralisation has been uncovered in the first trench (T1), with the mineralised vein visually estimated to contain an estimated 10% combined Sulphide and Oxidised Antimony minerals ( Stibnite Sb₂S₃ , Stibiconite Sb₃O₆ and Valentinite Sb₂O₃ ).

• The exposed vein in T1 shows both concordant and discordant orientations, confirming structural control consistent with the broader anticline architecture.

• Samples taken from mineralised intervals will be submitted for geochemical analysis, with assay results expected in 4 weeks, subject to laboratory turnaround times.

• IMPORTANT CAUTION : Visual observations are qualitative only and not a substitute for laboratory assay results. Visual estimates do not provide information regarding chemical composition, grade, impurities or deleterious elements in line with ASX reporting requirements.

Zeus Resources Limited (“ Zeus ” or “the Company ”) advises that the commencement of trenching at the Casablanca Antimony Project has delivered encouraging initial results from Trench 1 ( T1 ). The trench, excavated over approximately 24 metres and to a depth of around 2.5 metres, has exposed a strongly Oxidised Antimony bearing Quartz Vein developed within folded sandstones and shales formations along the flank of an anticline.

Nature of Mineral Occurrence & Minerals Identified

Visual geological logging confirms the presence of primary Stibnite Sb₂S₃ occurring as massive shiny-metallic-grey material and as disseminations within the metasedimentary host rocks. Oxidation of this primary mineralisation has produced a suite of secondary antimony oxides, including Stibiconite Sb₃O₆ and Valentinite Sb₂O₃ , accompanied by abundant Iron Oxides throughout the weathered profile.

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Photos from Trench - 1 at Casablanca Antimony Project showing Antimony Minerals (above)

Follow-up Work

The mineralised vein shows both concordant relationships with bedding (S₀) and discordant orientations along crosscutting fractures, indicating multiple phases of structural controls and thermal fluid flow. These relationships combined with the mineralisation observed confirmed continuity of Antimony mineralisation along the anticlines of hills at Casablanca project ground.

The Company notes that visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.

Samples from the mineralised intervals in Trench 1 will be submitted for geochemical analysis, with assay results expected within four to five weeks, subject to laboratory turnaround times. Results will be released immediately upon receipt and validation.

As previously announced, Forestry approval has enabled site access and mobilisation, and trenching will commence shortly. Progression of trenching beyond Trench 1 will occur following completion of the temporary occupancy authorisation, which forms part of the standard administrative process associated with the broader trenching programme footprint, including finalisation and payment of the applicable administrative fees.

Zeus will continue to update shareholders as trenching progresses across remaining trenches (T2, T3, T4, T5, T6, T7 and T8) (refer to coordinate table below).

	UTM WGS 84 - Zone 29	UTM WGS 84 - Zone 29
Trench No.	W	Nh	Sik	Length	Width	Depth (m)	Status	Notes
	est	ort	tre	(m)	(m)
TR - 1	6.465143	33.05073	N135	24	1	2.5	Completed	Stibnite Observed
TR - 2	6.462877	33.05288	N135	15	1
TR - 3	6.459179	33.05642	N135	15	1
TR - 4	6.445331	33.07197	N135	15	1
TR - 5	6.44168	33.07515	N135	15	1
TR - 6	6.437509	33.07273	N135	15	1
TR - 7	6.431330	33.08299	N135	15	1
TR - 8	6.428053	33.08248	N135	15	1
			Total	129 m

Table – 1 CAP Trenches Program Coordinates and Details

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Trenching Location Map at CAP Southern Block
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Trenching will be structurally mapped and sampled to refine geological understanding of mineralization style aiming to design drilling targets for Stibnite anomalies observed at earlier geophysical surveys.

The Board authorised the release of this announcement to the ASX.

For further information or enquiries please contact director Hugh Pilgrim on Mobile Number 0449 581 256.

Zeus Resources Limited

Email: info@zeusresources.com Website: www.zeusresources.com

About Zeus Resources Limited

Zeus Resources Limited is an emerging explorer focused on high-impact critical mineral projects in underexplored jurisdictions. Led by a multidisciplinary team with proven experience in resource discovery, project development, and corporate growth, Zeus is committed to creating early-stage value through disciplined exploration and strategic advancement of its portfolio.

The Company is listed on the ASX with the ticker ZEU and secondary listed on Frankfurt with code ZEU ( WKN A1J8CV ).

About Casablanca Antimony Project

The Casablanca Antimony Project is a high-grade mineral exploration initiative in central Morocco and comprises six exploration licenses targeting antimony. Significant assay results returned from rock chip sample collected during site due diligence returned exceptionally high-grade Antimony between 7.8% - 46.52% Stibnite based on its twenty (20) rock chip samples collected targeting Stibnite-Bearing Quartz Veins across the southern license area[1] .

About Antimony

Antimony is classified as a critical mineral by major economies including US, EU, Japan and Australia, due to its vital role in flame retardants, lead-acid batteries, and semiconductors - essential to the defence, energy storage, and electronics sectors. With supply constrained and dominated by a small number of producers, antimony is increasingly viewed as a strategic material. Zeus provides investors with direct exposure to this essential and supply-constrained market.

About Morocco’s Mining Industry

Morocco’s modern exploration and mining regulatory framework provides an attractive destination for mining investment. Morocco's mining sector continues to attract foreign investment and offers significant opportunities for exploration and development, particularly in antimony. Morocco’s well resolved mining & exploration strategy presents a unique opportunity to Zeus including • Stable and Mining-Friendly Government • Strong Geological Potential • Modern Mining Code • Strategic Location • Skilled Workforce & Local Expertise • Political and Economic Stability.

1 ASX release 9 April 2025 – Zeus Strike Exceptionally High-Grade Antimony of 46% & 40% Sb

Forward Looking Statements

This announcement contains ‘forward-looking information based on the Company’s expectations, estimates and projections as of the date the statements were made. This forward-looking information includes, among other things, statements concerning the Company’s business strategy, plans, development, objectives, performance, outlook, growth, cashflow, projections, targets and expectations, mineral reserves and resources, results of exploration and related expenses. Generally, this forward-looking information can be identified by using forward-looking terminology such as ‘outlook’, ‘anticipate’, ‘project’, ‘target’, ‘potential’, ‘likely’, ‘believe’, ‘estimate’, ‘expect’, ‘intend’, ‘may’, ‘would’, ‘could’, ‘should’, ‘scheduled’, ‘will’, ‘plan’, ‘forecast’, ‘evolve’ and similar expressions. Persons reading this announcement are cautioned that such statements are only predictions, and that the Company’s results or performance may differ materially. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance, or achievements to materially differ from those expressed or implied by such forward-looking information.

Competent Person Statement

The information in this release that relates to Exploration Results is based on information compiled by Mr Baker Khudeira who is a Member of the Australian Institute of Mining and Metallurgy (MAusIMM - 230652) Mr Khudeira is a consultant to ZEU. Mr Khudeira has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking 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 Khudeira consents to the inclusion in this announcement of the matters based on information in the form and context in which it appears.

Mandatory Cautionary Statement – Visual Estimates

Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.

The Company emphasises that no assay data are available at this stage, and no conclusions regarding grade, continuity, or economic significance can be drawn until laboratory results have been received.

JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections)

Criteria	JORC Code explanation	Commentary
	• Nature and quality of sampling (eg cut
	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. • Include reference to measures taken to	Insitu Rock Chip samples were chipped with a mallet, with approximately 3 kg of sample collected within a 1-metre radius from a central location.
	ensure sample representivity and the	All samples were photographed, and
Sampling techniques	appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation	their location was recorded via GPS.
	that are Material to the Public Report.	All samples were submitted to AfriLab,
	• In cases where ‘industry standard’ work has	an ALS-accredited laboratory based in
	been done this would be relatively simple (eg	Morocco. Analysis for Antimony was by
	‘reverse circulation drilling was used to obtain	4 acid digestion and read by ICP-OES.
	1 m samples from which 3 kg was pulverised
	to produce a 30 g charge for fire assay’). In
	other cases more explanation may be	Industry-standard practices for rock chip
	required, such as where there is coarse gold	sampling adopted.
	that has inherent sampling problems. Unusual
	commodities or mineralisation types (eg
	submarine nodules) may warrant disclosure
	of detailed information.
	• Drill type (eg core, reverse circulation, open-
Drilling techniques	hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails,	No drilling was performed.
	face-sampling bit or other type, whether core
	is oriented and if so, by what method, etc).
	• Method of recording and assessing core and
	chip sample recoveries and results assessed.
	• Measures taken to maximise sample recovery
Drill sample	and ensure representative nature of the
recovery	samples. • Whether a relationship exists between	No drilling was performed.
	sample recovery and grade and whether
	sample bias may have occurred due to
	preferential loss/gain of fine/coarse material.
	• Whether core and chip samples have been
	geologically and geotechnically logged to a
	level of detail to support appropriate Mineral
	Resource estimation, mining studies and	No drilling was performed.
Logging	metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc)	All rock-chip samples were logged lithologically.
	photography.
	• The total length and percentage of the
	relevant intersections logged.
Sub-	• If core, whether cut or sawn and whether	No drilling was performed.
sampling techniques and sample	quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or	The sampling practices were suitable for the stage of exploration.
preparation	dry.	Sample sizes were considered
	• For all sample types, the nature, quality and	appropriate for the grain size of the
	appropriateness of the sample preparation	sampled material.
	technique.	Samples were dried and pulverised.

Criteria	JORC Code explanation	Commentary
	• Quality control procedures adopted for all	The laboratory inserted certified
	sub-sampling stages to maximise	standards into the sample stream as
	representivity of samples.	part of its QA process.
	• Measures taken to ensure that the sampling is representative of the insitu material collected, including for instance results for field duplicate/second-half sampling.	One field duplicate or certified blank sample was included for QC checks on chip samples.
	• Whether sample sizes are appropriate to the	All rock-chip samples were lithologically
	grain size of the material being sampled.	logged.
	• The nature, quality and appropriateness of
	the assaying and laboratory procedures used
	and whether the technique is considered
	partial or total.	An ALS-certified laboratory, AfriLbs was
Quality of assay data and laboratory tests	• For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	used to analyse the submitted rock-chip samples. The laboratory method is considered appropriate for the style of mineralisation.
	• Nature of quality control procedures adopted	An independent geologist chose the
	(eg standards, blanks, duplicates, external	analytical methods used.
	laboratory checks) and whether acceptable
	levels of accuracy (ie lack of bias) and
	precision have been established.
	• The verification of significant intersections by	Laboratory standards were inserted,
Verification of sampling and assaying	either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	and one field duplicate was provided for QC checks. The laboratory also confirmed the results via an ICP read of an aqua regia digestion. A third party undertook no verification.
	• Discuss any adjustment to assay data.
	• Accuracy and quality of surveys used to
Location of data points	locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource	No drilling performed Longitude - Latitude/UTM Zone 29N
	estimation.	North (rocks) were used as documented
	• Specification of the grid system used.	in the table.
	• Quality and adequacy of topographic control.
	• Data spacing for reporting of Exploration	Data spacing is appropriate for
	Results.	reconnaissance-level work.
	• Whether the data spacing and distribution is
Data spacing	sufficient to establish the degree of geological	No identified mineral resources – mainly
and	and grade continuity appropriate for the	greenfield exploration.
distribution	Mineral Resource and Ore Reserve
	estimation procedure(s) and classifications	No sample compositing was employed.
	applied.
	• Whether sample compositing has been
	applied.
Orientation	• Whether the orientation of sampling achieves	Bias and orientation are not material in
of data in	unbiased sampling of possible structures and	reconnaissance phase sampling.
relation to	the extent to which this is known, considering	However, rock sampling was generally
	the deposit type.	Normal to the strike and across the
	• If the relationship between the drilling	width of the identified mineralisation.
geological structure	orientation and the orientation of key mineralised structures is considered to have	No drilling was performed.
	introduced a sampling bias, this should be
	assessed and reported if material.
Sample	• The measures taken to ensure sample	All samples were delivered by courier
security	security.	directly to AfriLab.
Audits or	• The results of any audits or reviews of	No audits were conducted.
reviews	sampling techniques and data.

Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary
	• Type, reference name/number, location and
Mineral tenement and land tenure status	ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.	The Casablanca Project - CAP comprises six (6) granted Exploration Research Licenses (EL’s 353 87 50, 51, 52, 54, 58 and 59) for an area of roughly 78.6 Km2.
		Zeus Morocco owns and holds the
	• The security of the tenure held at the time	project ground.
	of reporting along with any known impediments to obtaining a licence to operate in the area.	The tenement package is in good standing and has no encumbrances.
		Artisanal mining has occurred
		periodically. The French opened several
		Antimony mines during WW2 effort back
Exploration	• Acknowledgment and appraisal of	in the 1940s.
done by other parties	exploration by other parties.	Summit Minerals (ASX:SUM) explored the same area in 2023 and completed
		geological mapping, chip sampling, and
		a regional stream sediment survey.
		The work is included in this report's
		body.
		Antimony mineralisation resides in
		a substantial dilational jog developed
		In a regional NNE-striking fault,
		the Smaala-Oulmes Fault.
		Antimony, occurring as semi-massive
Geology	• Deposit type, geological setting and style	StibniteSb2S3 (Antimony Sulphide),
	of mineralisation.	is widely distributed throughout the
		dilation zone, providing favourable
		mineralisation sites.
		Mineralisation is often associated with
		Suartz veins that cut through a mixture
		of metamorphosed shale, Sandstone,
		and Siltstone.
		Quartz Veins can range in thickness
		from a few centimetres to several
		meters and contain high concentrations
		of Stibnite as
		disseminated grains within quartz or as
		massive aggregates that fill the veins.
	• These relationships are particularly	No mineral resources were identified or
	important in the reporting of Exploration	stated. More work is required on the
	Results.	identified mineralisation.
Relationship	• If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole	Massive to disseminated stibnite mineralisation associated with vein quartz infilling shear zones.
between	lengths are reported, there should be a	Vein widths vary from centimetres to
mineralisation	clear statement to this effect (eg ‘down hole	several metres in scale and are
widths and	length, true width not known’).	traceable over 100 metres.
intercept lengths		Veins appear as steeply to moderately dipping veins and stockworks.

Criteria JORC Code explanation	Commentary
Diagrams • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	Appropriate maps are included within the body of the report.
Balanced reporting • Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	The reporting level is suitable for early- stage exploration, and the results support continued work on the project.
Other substantive Exploration data • Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	Ground Geophysics: From August 1st2025 to August 17th 2025 Zeus Resources has conducted a High Resolution Resistivity and Induced Polarization (IP) Geophysics Survey at CAP southern block EL’s to examineSb subsurface mineralisation. Program consist of 25 profiles: 20 Lines of 550m and 5 Lines of 1,050m Equipment: ELREC Terra Resistivimeter (IRIS Instruments). TIP 6000 Transmitter (IRIS Instruments). Method: dipole–dipole array technique was applied with 25m station spacing. Results: Geophysical results revealed several electrical discontinuities, most of which are subvertical and dipping SW. Resistant corridors were also delineated, which are probably related to Quartz Vns. Antimony Corridors were associated with chargeability anomalies and StibniteSbmineralisation at subsurface.

Criteria	JORC Code explanation	Commentary
		Antimony Corridors established at CAP
		CAP Geophysics Program was
		completed by PROGERM Geophysics,
		and implemented by
		Ashgill Australia Limited
		www.ashgill.com.au
		Based on IP Geophysics results,
		ZUE has decided to commence
		trenching program pedicular to
		establishedSbCorridors.
	• The nature and scale of planned further
	work (eg tests for lateral extensions or
	depth extensions or large-scale step-out
	drilling).
Further work	• Diagrams clearly highlighting the areas of
	possible extensions, including the main
	geological interpretations and future drilling
	areas, provided this information is not
	commercially sensitive.
		ZEU Proposed Trenching Program
		Trenching application has been
		submitted to Moroccan Authorities on
		05/09/2025

Criteria

JORC Code explanation

Commentary

Upcoming Planned Exploration Work:

Eight (8) Trenches were designed to test sub-surface geophysical anomalies

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Trenches Location Map at CAP Southern Block

Based on Geophysics IP data and forthcoming trenching program results, drilling campaign will take place to test identified Stibnite targets.

Trenching Centre Coordinates

	WGS 84	- Zone 29
Trench	West	North
TR - 1	6.465143	33.050726
TR - 2	6.462877	33.052882
TR - 3	6.459179	33.056421
TR - 4	6.445331	33.071966
TR- 5	6.441680	33.075149
TR - 6	6.437509	33.072730
TR - 7	6.431330	33.082992
TR - 8	6.428053	33.082479

Trenches Details

Trench No.	Stik	Length	Width	Depth (m)
	re	(m)	(m)
TR - 1	N135	24	1	2.5
TR - 2	N135	15	1	2
TR - 3	N135	15	1	2
TR - 4	N135	15	1	2
TR - 5	N135	15	1	2
TR - 6	N135	15	1	2
TR - 7	N135	15	1	2
TR - 8	N135	15	1	2
Total		129

Criteria

JORC Code explanation

Commentary

Commencement of Teaching program

Trenching Program at CAP has been commenced on 04/12/2025.

First Trench (T1) was completed on 16/12/2025 (details as below):

	WGS 84 -	Zone 29
Trench	West	North
TR - 1	6.465143	33.050726

Strike	Length (m)	Width (m)	Depth (m)
N135	24	1	2.5

Trench 1 (TR-1) was completed and systematically sampled for Sb assays.

• Visual Antimony Sulphide Stibnite Sb ₂ S ₃ and Antimony Oxides Minerals Valentinite Sb ₂ O ₃ and

Stibiconite Sb ₃ O ₆

Were observed in Quartz Vein and surrounding metamorphic host rocks.

(See Photos Below)

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Estimated Antimony Sulphide and Oxides combined percentage is 10%