Half Year Financial Report – December 2025

ABN 70 126 678 037

Directors' Report 1

Consolidated Statement of Comprehensive Income 8

Consolidated Statement of Financial Position 9

Consolidated Statement of Changes in Equity 10

Consolidated Statement of Cash Flows 11

Consolidated Notes to the Financial Statements 12

Directors' Declaration 16

Independent Auditor's Report 17

Auditors Independence Declaration 19

Board of Directors

Eddie King - Non-Executive Chairman Myles Fang - Executive Director Jason Hou - Non-Executive Director

Company Secretary

Heath Roberts

Principal and Registered Office

c/- BDJ Partners

Level 8, 124 Walker Street North Sydney, NSW 2060 T: +61 2 9906 7551

E: info@easternresources.com.au https://www.easternresources.com.au

ASX Share Register

Computershare Investor Services Pty Ltd GPO Box 2975

Melbourne Vic 3001

T: 1300 850 505 (Australia)

+61 3 9415 4000 (International) Contact Us: Contact Us

W: https://www.computershare.com.au

Auditor

BDJ Partners

Level 8, 124 Walker Street North Sydney, NSW 2060

Securities Exchange Listing Australian Securities Exchange ASX Code: EFE

Your Directors submit their report for Eastern Resources Limited for the half year ended 31 December 2025.

The names of the Company's Directors in office during the half year and until the date of this report are as below. Directors were in office for this entire period unless otherwise stated.

The net results of operations after applicable income tax expense for the half year was a loss of $271,541 (2024 $257,028). There was no exploration and evaluation expenditure written off during the period (2024: nil).

During the reporting period ("Period"), the Company entered into a Farm-in Agreement with BGM Investments Pty Ltd, a wholly owned subsidiary of Rockfire Resources plc ("Rockfire"), to earn up to 80% interest in the Marengo Gold Project, in Queensland. The Project consists of exploration permit EPM 25715 which covers approximately 95 km². It is located approximately 35 kilometres southwest of Bowen, a town in the Marengo Goldfield, Queensland and approximately 45km southeast of the Mt Carlton Gold mine. Refer (ASX: EFE 29 Sep 2025) "Acquisition of Marengo Project in Qld'.

Figure 1: Project Location

The Project is a high-level Intrusion Related Gold Copper System (IRGCS) incorporating the entire historical Marengo Goldfield and lying within the prolific Queensland mineral belt where it is highly prospective for gold and base metals. The Project is near existing processing infrastructure, which offers potential to reduce both the lead time and capital requirements associated with any future mining developments of the project.

Figure 2: Marengo Gold Project Tenement

Gold was first discovered in the Marengo Goldfield in 1870 - 1871 and comprised of at least thirty-seven historical gold workings and mines. Hand-picked production from the 1870's is recorded as averaging 2.0 ounces per tonne gold (62.0 g/t Au).

The first systematic work program was put together by Intek Services when they acquired the Project in 1981. Intek undertook rock chip sampling of the individual reefs, as well as semi-regional stream sediment sampling, focussing on One Mile Mountain and the Three Brothers.

In 1987, Xenolith Gold acquired the Project and their initial rock sampling identified high grade gold historical workings including:

− Flat Reef - average assays of 5.4g/t Au and 50.2g/t Ag

− Westwood - average assays of 2.1g/t Au and 9.0g/t Ag

− Homeward Bound - assay range from 0.3g/t - 6.7g/t Au and 1.0g/t - 92g/t Ag.

In 1987, Xenolith drilled a total of 39 shallow reverse circulation (RC) holes for 1000m. Hole depths ranged from 10 to 58

m. Gold mineralisation was encountered in all drill holes, with encouraging results ranging between 0.53 g/t and 1.13 g/t Au in 10 drill holes.

Figure 3: Sampling anomalies throughout the Marengo Gold Project

During 2017 - 2019 BGM completed geological mapping, rock sampling and surveys including ground magnetic, gradient array IP and a single dipole-dipole IP, in addition to RC drilling.

The work indicates that the area has undergone extreme structural events. Multiple intrusion events have produced rock geochemical varieties ranging from granite through to gabbro. Such multi-phase episodes are favoured precipitation settings for precious and base metals. Mineralisation is precipitated distal to the shears, with bonanza-grade gold/copper zones focussed within and proximal to the intersection points.

In 2018, BGM conducted a drilling program consisting of 10 RC holes for 940m. The drill holes, designed to test the IP anomalies, only returned minor <5% pyrite mineralisation with only elevated hits and obtained encouraging results including:

− Drill hole BMA004: 4m @ 2.05 g/t from 13m, including 1 m @ 7.8 g/t Au from 13 m

− Drill hole BMA006: 1m @ 1.19 g/t from 21m

− Drill hole BMA008: 3m @ 0.55 g/t Au from 39, including 1m @ 1.61 g/t from 41m

− Drill hole BMA010: 3m @ 0.75 g/t, from 33m, including 1 m @ 1.85 g/t Au from 33m

The key terms of the Farm-in Agreement are as follows:

1. The Company with its wholly own subsidiary, Eastern Minerals Pty Ltd (Eastern Minerals), holds the following earn-in rights:

   1. To earn a 20% interest in the Tenement by spending not less than A$250,000 on exploration expenditure on the Tenement during the first 12 months from the date all conditions precedent are satisfied or waived;

   2. To earn an additional 31% interest in the Tenement by spending not less than an additional A$500,000 on exploration expenditure on the Tenement during the second 12 months from the date all conditions precedent are satisfied or waived;

   3. To earn an additional 29% interest in the Tenement by spending not less than an additional A$750,000 on exploration expenditure on the Tenement during the third 12 months from the date all conditions precedent are satisfied or waived;

   4. Eastern Minerals may withdraw at anytime after spending $100,000 in expenditure on the Tenement but prior to fully undertaking and incurring earning obligations.

2. During the earn-in period, Eastern Minerals will solely fund the expenditure and has full management of exploration and development.

3. Once Eastern Minerals has achieved an 80% equity in the Tenement, the parties will establish a joint venture

   ("Joint Venture") and will continue to fund the project jointly on a pro-rata basis.

4. In case a party is unable to meet the required proportionate expenditure for the Joint Venture, standard dilution clauses will apply until the reducing party reaches 10% interest.

   Should BGM dilute to a 10% interest, they may elect to convert to a 1.5% Net Smelter Royalty ("NSR"). Should EFE dilute to a 10% interest, they shall forfeit all rights to the Tenement.

5. EFE shall pay AUD$1 million to Rockfire in cash or EFE's shares at EFE's option, upon EFE announcing a JORC Mineral Resource Estimate (MRE) of at least 500,000 ounces of gold with a minimum average grade of 2.5 gram per ton Au.

After the Farm-in Agreement was executed, the Company worked with BGM negotiating approvals for exploration activities with landowners and approvals for exploration work with QLD Government entities.

During the reporting period the Company received assay results from the soil samples collected at the Trigg Hill Lithium project in June 2025. Refer (ASX: EFE 2 Sep 2025) "Project update Trigg Hill'.

The program targeted the northwest area of the Project where lithium bearing pegmatites have been identified at Curlew prospect. The results have identified lithium anomalies at the Project.

A total of 280 soil samples were collected on a nominal 200m X 80m regional grid, immediately west and southwest of the area previously sampled. Soil sample results with over 60ppm Li (129ppm Li2O) and anomalous Ta and Cs are interpreted as a strong indicator of proximity to potential fractionated pegmatites.

The soil anomaly Li, Ta, Sn, Cs (LCT) in the west and northwest Curlew area indicates the area is prospective of lithium. There appears to be a strong west to east increasing trend to LCT soil anomalism.

Figure 4: Distribution of rock chip samples and soil samples

Figure 5: Soil Lithium geochemistry. Pre-existing soils results faded.

During the reporting period the Company completed drilling rehabilitation work at Lepidolite Hill.

The Company continued to conduct ongoing works on the Environmental Effects Assessment ("EES") approval process, which is an all-inclusive permitting approach including all planning and operating licence requirements for the development and operation of Nowa Nowa during the half year reporting period

The following assessments have currently been undertaken: Aboriginal Cultural Heritage Impact assessment, Ecology Impact assessment, Traffic Impact assessment and a Groundwater Impact assessment.

No exploration work was carried out during the Period.

The Company has actively reviewed opportunities to acquire an advanced exploration or near-development project in this Period. A number of projects have been evaluated, and the Company has been in commercial discussion with various parties.

During the half year ended 31 December 2025, all outstanding options expired. Following shareholder approval at the AGM, Director shares and performance rights were issued. As a result, at year end and as at the date of this report, the capital structure of the Company is as set out below:

The principal activity of the Company is the exploration of iron ore, lithium and base metal resources and the development of those resources into economic, cash flow generating mines.

No dividends were paid or proposed during the period.

In January, Mr Mark Calderwood resigned as Non-Executive Director due to an increasing workload with other entities. The Board would like to thank Mr Calderwood for his contribution to the Company and wishes him well in his future endeavours.

A copy of the Auditor's Independence Declaration to the Directors as required under section 307C of the Corporations Act 2001 is set out on page 19.

Signed in accordance with a resolution of the directors.

Eddie King

Chairman

03 March 2026

The Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying notes.

The Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.

The Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.

The Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.

1. CORPORATE INFORMATION

   The financial report of Eastern Resources Limited (the "Company") and its wholly owned subsidiaries (the "Group") for the half year ended 31 December 2025 was authorised for issue in accordance with a resolution of the directors on 3 March 2026. Eastern Resources Limited is a company incorporated in Australia and limited by shares which are publicly traded on the Australian Securities Exchange using the ASX code EFE.

   The nature of the operations and principal activities of the Group are described in the Directors' Report.

2. MATERIAL ACCOUNTING POLICY INFORMATION

   The Half Year Financial Report does not include all notes of the type normally included within the annual financial report and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the Group as the full financial report.

   The Half Year Financial Report should be read in conjunction with the Annual Financial Report of Eastern Resources as at 30 June 2025.

   It is also recommended that the Half Year Financial Report be considered together with any public announcements made by Eastern Resources during the half year ended 31 December 2025 in accordance with the continuous disclosure obligations arising under the Corporations Act 2001.

   Basis of preparation

   The Half Year Financial Report is a general-purpose financial report, which has been prepared in accordance with the requirements of the Corporations Act 2001, applicable Accounting Standards, including AASB 134 Interim Financial Reporting and other mandatory professional reporting requirements. The Half Year Financial Report has been prepared on a historical cost basis.

   For the purpose of preparing the Half Year Financial Report, the half year has been treated as a discrete reporting period.

   Accounting policies

   The half year consolidated financial statements have been prepared using the same accounting policies as used in the annual financial statements for the year ended 30 June 2025.

   Management has reviewed and assessed the new accounting standards effective 1 July 2025 and determined that they have not had a material impact on the Half Year Financial Report of the Group.

   Fair value measurement

   The carrying amounts of the Group's assets and liabilities are a reasonable approximation of their fair values with

   the exception of deferred exploration and evaluation expenditure.

   Basis of consolidation

   The half year consolidated financial statements comprise the financial statements of Eastern Resources Limited and its wholly owned subsidiaries. The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. All inter-company balances and transactions, including unrealised profits arising from intra-group transactions, have been eliminated in full. The subsidiaries are consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which control is transferred out of the Group.

   Going concern

   The financial report has been prepared on the going concern basis which the Group ability to pay its debts as and when they become due and payable for at least the next 12 months from the date of issuing the financial report.

   The Group incurred a net loss after tax from operations of $271,541 for the six months period to 31 December 2025 (2024: $257,028). The Group had operating cash outflows of $146,063 (2024: $211,012). The Group's net cash outflow from investing activities was $320,430 (2024: $328,516).

   From a cash flow forecast for the next 12 months prepared by management, the Directors believe the Group will have sufficient working capital to meet its project development and administrative expenditure as and when they are due, and therefore, the financial report has been prepared on the going concern basis.

3. FINANCIAL REPORT BY SEGMENT

   The operating segment identified by management is as follows:

   Exploration projects funded directly by Eastern Resources Limited ("Exploration")

   Regarding the Exploration Segment, the Chief Operating Decision Maker (the Board of directors) receives information on the exploration expenditure incurred. This information is disclosed in Note 6 of the Half Year Financial Report. No segment revenues are disclosed as each exploration tenement is not at a stage where revenues have been earned. Furthermore, no segment costs are disclosed as all segment expenditure is capitalised, with the exception of expenditure written off which is disclosed in Note 6 of this Half Year Financial Report.

   Financial information about each of these tenements is reported to the Board on an ongoing basis.

   Corporate office activities are not allocated to operating segments as they are not considered part of the core operations of any segment and comprise of the following:

   − Interest revenue

   − Corporate costs

   − Depreciation and amortisation of non-project specific property, plant and equipment

   The Group's accounting policies for reporting segments are consistent with the policies disclosed in Note 2.

4. REVENUE

   Interest received	31 December 2025 $	31 December 2024 $
   	62,254	84,940
   	62,254	84,940

5. CASH AND CASH EQUIVALENTS

   Cash at bank	31 December 2025 $	30 June 2025 $
   	3,264,150	3,730,643
   	3,264,150	3,730,643

6. DEFERRED EXPLORATION AND EVALUATION EXPENDITURE

   	31 December 2025 $	30 June 2025 $
   Balance at the beginning of the period	7,807,510	7,982,244
   Costs incurred during the period	376,148	353,815
   Expenditure written off during the period	-	(528,549)
   Balance at the end of the period	8,183,658	7,807,510

7. CONTINGENT ASSETS AND LIABILITIES

   The Company has provided a guarantee totalling $20,000 (30 June 2024: $20,000) in respect of an exploration tenement in Victoria. This guarantee in respect of exploration tenements is secured against a deposit with a banking institution. The Company does not expect to incur any material liability in respect of the guarantees.

8. EARNINGS PER SHARE

   	31 December 2025	31 December 2024
   	$	$
   Net profit/(loss) used in calculating basic and diluted earnings per share	(271,541)	(257,028)
   	Number	Number
   Weighted average number of ordinary shares outstanding during the year used in calculation of basic earnings per share	124,634,693	124,348,084
   	Cents per share	Cents per share
   Basic earnings (loss) per share	(0.22)	(0.21)
   Diluted earnings (loss) per share	(0.22)	(0.21)

   The weighted average ordinary share numbers above have been adjusted as if the 10:1 share consolidation occurred on 1 July 2023.

9. CONTRIBUTED EQUITY

   	31 December 2025 $	30 June 2025 $
   (a)Share capital
   129,660,135 fully paid ordinary shares (2025: 126,089,947)	28,093,279	27,949,279
   Fully paid ordinary shares carry one vote per share and carry the right to dividends.
   Share issue costs	(1,479,142)	(1,479,142)
   	26,614,137	26,470,137

   	Number	$
   Movements in ordinary shares on issue
   At 31 December 2024	126,089,947	27,949,279
   Shares issued during the period	-	-
   At 30 June 2025	126,089,947	27,949,279
   Shares issued during the period	3,570,188	144,000
   At 31 December 2025	129,660,135	28,093,279

   (b) Options and performance rights

   Date	Number of options/rights	Exercise price	Expiry date	Vested and exercisable at end of the year number	Weighted average exercise price
   Unlisted
   At 1 July 2025	8,626,552	-		8,626,552	-
   30 September 2025	(2,076,552)	$0.00500		(2,076,552)	-	(a)
   16 December 2025	6,000,000	-	16 Dec 30	6,000,000	-	(b)
   At 31 December 2025	12,550,000			12,550,000	-

   1. There were 2,076,552 options at $0.005 each not exercised and lapsed on 30 September 2025

   2. Issue of 6,000,000 Performance Rights to Directors and consultants at nil consideration approved by shareholders at the AGM on 21 November 2025.

10. RESERVES/SHARE-BASED PAYMENTS

    	31 December 2025 $	30 June 2025 $
    At 1 July	399,313	281,941
    Share-based payment expense during the period	109,210	191,727
    Expired of employee share option value transferred to accumulated losses	-	(74,355)
    At 31 December 2025	508,523	399,313

11. EVENTS AFTER THE BALANCE SHEET DATE

    In January, Mr Mark Calderwood resigned as Non-Executive Director due to an increasing workload with other entities. The Board would like to thank Mr Calderwood for his contribution to the Company and wishes him well in his future endeavours.

    In accordance with a resolution of the directors of Eastern Resources Limited, I state that: In the opinion of the Directors:

    1. The financial statements and notes of the consolidated entity are in accordance with the Corporations Act 2001, including:

       1. Giving a true and fair view of the consolidated entity's financial position as at 31 December 2025 and of its performance for the half year ended on that date; and

       2. Complying with Australian Accounting Standards AASB 134 "Interim Financial Reporting" and the

          Corporations Regulations 2001; and

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

On behalf of the Board

Eddie King

Chairman

03 March 2026

To the members of Eastern Resources Limited

Report on the Half-Year Financial Report

We have reviewed the accompanying half-year financial report of Eastern Resources Limited and controlled entities (the consolidated entity), which comprises the consolidated statement of financial position as at 31 December 2025, the consolidated statement of comprehensive income, consolidated statement of changes in equity and 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.

Directors' Responsibility for the Half-Year Financial Report

The directors of Eastern Resources Limited (the company) are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such control as the directors determine is necessary to enable the preparation of the half-year financial report that is free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity, in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the consolidated entity'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. As the auditor of Eastern Resources Limited, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

A review of a half-year 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 material matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Eastern Resources Limited 17

Phone

+61 2 9956 8500

Email

bdj@bdj.com.au

Office

Level 8, 124 Walker Street North Sydney NSW 2060

Postal

PO Box 1664,

North Sydney NSW 2059

Liability limited by a scheme approved under Professional Standards Legislation. Please refer to the website for our standard terms of engagement.

Independence

In conducting our review, we have complied with the independence requirements of the Corporations Act 2001. We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of Eastern Resources Limited, would be in the same terms if given to the directors as at the time of this auditor's report.

Conclusion

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of Eastern Resources Limited and controlled entities is not in accordance with the Corporations Act 2001 including:

1. giving a true and fair view of the consolidated entity's financial position as at 31

   December 2025 and of its performance for the half-year ended on that date; and

2. complying with Accounting Standard AASB 134 Interim Financial Reporting and Corporations Regulations 2001.

BDJ Partners

...............................................

Anthony Dowell Partner

3 March 2026

Eastern Resources Limited 18

I declare that, to the best of my knowledge and belief during the half year ended 31 December 2025 there have been:

1. no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the review; and

2. no contraventions of any applicable code of professional conduct in relation to the review.

BDJ Partners

...............................................

Anthony Dowell Partner

2 March 2026

Eastern Resources Limited 19

Phone

+61 2 9956 8500

Email

bdj@bdj.com.au

Office

Level 8, 124 Walker Street North Sydney NSW 2060

Postal

PO Box 1664,

North Sydney NSW 2059

Liability limited by a scheme approved under Professional Standards Legislation. Please refer to the website for our standard terms of engagement.