2025 Annual Report

Chairman's letter to Shareholders 1

Review of Operations 2

Interests in mineral tenements 28

Royalty Entitlements29

Directors Report 34

Consolidated Statement of Profit and Loss and Other Comprehensive Income 40

Consolidated Statement of Financial Position 41

Consolidated Statement of Changes in Equity 42

Consolidated Statement of Cash Flows 43

Notes to the Financial Statements 44

Directors' Declaration 63

Independent Audit Report to the Members 64

Auditor's Independent Declaration 68

Additional Information 69

DIRECTORS

Boris Patkin BSc

Chairman and Acting Chief Executive Officer

Jordan Li

MBA, FAusIMM

Non-Executive

Yuanheng Wang LLB

Non-Executive

Yan Li MBA

Non-Executive

Kevin Zei Lung Lee

Non-Executive

CONSULTANT GEOLOGIST

Bret Ferris

BAppSc, GradDipCompSt, MAIG

COMPANY SECRETARY

Patrick Sam Yue -Company Secretary

PRINCIPAL AND REGISTERED OFFICE

Suite 1312

87-89 Liverpool Street Sydney NSW 2000 Australia

PO Box 20188 World Square NSW 2002 Ph +61 2 9264 6288

Email: office@goldencross.com.au Web https://www.goldencross.com.au

ABN 65 063 075 178

STOCK EXCHANGE LISTING

Golden Cross Resources Limited shares are admitted to the official list of the Australian Securities Exchange.

(Listing Code GCR)

AUDITORS

In.Corp Audit & Assurance Pty Ltd Level 1/6 O'Connell Street Sydney NSW 2000

SHARE REGISTER

Automic Group

Level 5, 126 Phillip Street

Sydney NSW 2000

Ph +61 2 8072 1400

Golden Cross Resources Ltd

LETTER FROM THE CHAIRMAN AND ACTING CHIEF EXECUTIVE OFFICER

I am pleased to present the 2025 Annual Report of the Group as new Chairman and Acting CEO.

I recently assumed the positions after Jordan Li, former Executive Chairman, decided for personal reasons to cease executive functions. However, I am pleased that Jordan remains on the Board ensuring continuity of knowledge.

Global geopolitical tensions have influenced unabated gold price surges in 2024 and 2025 and the copper price has remained elevated with potential demand from infrastructure and energy transition.

Our flagship Copper Hill project with its significant JORC 2012 compliant resource estimate is located within the Macquarie Arc volcanic belt in the Lachlan Fold Belt region in New South Wales which has experienced for a number of years significant investment for gold and copper exploration and development; the Cadia gold mine 50 kilometres south of Copper Hill has been a drawcard to the region.

All this bodes well for our Copper Hill project as the current economics of high gold and copper prices sway in our favour to enhance the value of our Company. However, substantial capital investment is required to unlock this value, and we have so far avoided heavy dilution of our shareholders in issuing new shares but instead opted to divest interests in the assets for partners to fund development.

During the last few years, we have been discussing and continuing to do so with several keen potential partners to participate in implementing the next steps of the Copper Hill project to obtain a mining licence and move to production. We have not yet reached consensus on the capital for our future partners to invest, and we are confident that we can find an appropriate structure which is workable for all stakeholders' benefit.

Our priority in the financial year has been to renew the Copper Hill licence. The NSW Resources Department confirmed our tenure for another 6 years to 2031. This provides us with the timescale to move to our objective to achieve production. We have conducted significant field activities in geophysical gravity surveys over the whole of our 95 km2of the tenement and in geochemical analysis of surface soil samples over extended areas not historically covered.

We also renewed to 2027 the Burra polymetallic project which is along strike from the Mt Boppy Goldmine within the Cobar region which is also attracting significant interest from exploration entities. We have conducted a Pole Dipole Induced Polarisation (PDIP) geophysical survey which is widely employed to detect subsurface mineralisation. Further follow up work is warranted.

In December 2024, the Australian Securities Exchange ("ASX") determined that the Company's level of operations was not adequate and in breach of Listing Rule 12.1. The securities of the Company were suspended from quotation until the Company satisfies the Listing Rules. The Company is working to achieve the reinstatement of quotation of its securities. ASX, when considering reinstatement to quotation, assesses the level of ground-disturbing activities conducted, which unfortunately excludes field geophysical surveys.

I thank all our shareholders for their continued support while we strive hard to achieve a fair value for our assets to benefit all our shareholders.

Boris Patkin Chairman

30 September 2025

Golden Cross Resources Ltd

EXPLORATION

The exploration activities of the Group during the year consisted of mineral exploration and development, with a focus on exploration for gold and base metals, principally copper.

The portfolio of projects is diversified both by commodity and by geological province (Figure 1). It includes projects located in well-established mineral provinces where prospectivity is underlined by significant operating mines, known mineral deposits, and high levels of current exploration activities:

• Palaeozoic Lachlan Fold Belt in New South Wales (NSW):

  • Macquarie Arc Ordovician Porphyry Province - Copper/Gold.

  • Silurian VMS (volcanic-associated massive sulphide) Province -Zinc/Copper/Gold.

  • Cobar Region - Base Metals/Gold.

• South Australian Gawler Craton - Iron Oxide/Copper/Gold/Rare Earths (IOCG).

• Northwest Queensland - Phosphate/Uranium/Rare Earths.

Copper Hill Project - New South Wales

Molong EL6391 -Copper-Gold-Silver-Molybdenum Exploration (100% Interest)

The Group's flagship project, Copper Hill, is located in Central Tablelands of New South Wales (NSW) near Molong, 35 kilometres north of the regional city of Orange, 50 kilometres north of Cadia mine and 65 kilometres south of Boda and Kaiser Projects.

Activities during the year

Geophysical Gravity Surveys

During February 2025 the Group conducted a Stage 1 detail gravity survey of up to 577 new stations at 400m intervals over almost all of the 95 km2of EL6391 (Figure 3) covering areas lightly explored previously to delineate subsurface structures, and subsurface intrusive bodies.

The surveys aimed to supplement the data sets of detailed ground magnetics and Induced Polarisation from previous exploration programs, and to provide potential precursor data for other new technologies such as Ambient Noise Tomography (ANT), where gravity has been widely used to enhance ANT interpretations.

[showing 400 x 400m stations and geology Intermediate intrusives in red; Fairbridge Volcanics in olive green]

Land access arrangements were concluded with approximately 30 landholders to complete the surveys, with widespread co-operation, reflecting the Group's long established good relations with stakeholders. Small gaps in the coverage were due to specific access issues and left for future reading, if significant.

Data Interpretation

The data was gridded, and the following images have been generated:

• Spherical Cap Bouguer Anomaly using a density of 2.67 g/cc (SCBA267)

• Residual Gravity (Figure 4)

• First Vertical Derivative (1VD)

• Tilt Derivative

  To complete the initial analysis of the gravity data, unconstrained 3D inversion modelling was completed over the northern two-thirds of the survey area.

  An initial interpretation was undertaken based on the various images of the data and the 3D inversion model. The interpretation was undertaken prior to full availability of GIS data sets such as drilling, geochemistry, magnetic images, and 3D geological surfaces.

  The interpretation (Figure 5) shows various linear gravity features as well as interpreted structures from the gravity data, and larger gravity sources ranked roughly by strength. The more detailed structures around Copper Hill were interpreted from an image of historical ground magnetics data. Some of the north-west trending linear features near Copper Hill appear to be mapping the andesite contact.

  Three larger scale gravity anomalies are apparent in the data:

• Large depth extensive strong gravity source with density up to about 2.80 g/cc located to the North-West of Larras Lee. The core of the gravity source here is about 400m deep, but there are some shallower spurs to the gravity source as shown by 3D inversion model iso-shells.

• Linear gravity anomaly trending south-east to north-west between Copper Hill and Little Copper Hill. Steep north-east dipping gravity source with density of up to 2.80 g/cc. Depth to the centre of the source is about 450m.

• A weaker gravity anomaly to the west of Wattle Hill with modelled density up to 2.73 g/cc. The main anomaly is depth extensive with its core about 1,000m deep, but there are shallower spurs around the margins.

The interpreted depth of the three anomalies may be biased by the data spacing of 400m.

The geophysicist's evaluation work on preliminary data led to the following conclusions:

1. A review of data from previous generations of gravity surveys at Copper Hill concluded that merging of the old data was unlikely to be time effective.

2. If infill was planned, then it should be at 100m spacings to maximise resolution. This accords with several case studies that have been reviewed.

3. The three deeper gravity anomalies outlined should be analysed in conjunction with other exploration data (eg. geochemistry, geology, structure, drilling) to assist in ranking as potential exploration targets.

4. Induced Polarisation (IP) surveys should be considered for follow up exploration of the highest-ranking targets to test for possible sulphide mineralisation or alteration and provide direct drilling targets, for example the large deep gravity source near Larras Lee.

   Review of the new gravity data in conjunction with other geochemical and geophysical data sets is ongoing, with a view to determining areas for infill work.

   Surface Geochemistry

   Current and ongoing review of historical surface sampling data has identified several locations that warrant infill and extension surface soil sampling.

   Previous soil sampling surveys have selectively targeted a variety of locations within Copper Hill tenements. More recently in 2021-2023, extension and infill soil sampling was undertaken to test previously sampled areas with:-

   • Older analytical techniques;

   • Selected and limited elemental suite (eg. only copper, lead, zinc analysed);

   • Varying and evolving sample collection and analytical techniques;

   • Gaps in coverage, or limited area of sampling (eg. due to access restrictions, agricultural activity, weather impacts etc.);

   • Zones of elevated geochemistry not closed off; and

   • Data inconsistencies (isolated highs, end of line highs etc.)

This current review reveals potential for anomaly improvement in the following areas:

1. Open soil copper zone south and east of Wattle Hill where there have been no gold analyses, or trace elements analyses of significant elements, e.g. molybdenum (Mo);

2. Strong North-South unexplained arsenic (As) trend on the western side of "Studlea" property [with associated high silver (Ag) in rock chips, and a malachite occurrence in outcrop];

3. Low level copper (Cu) zone at Larras Lee open to south [also single point high gold in wide spaced 400m sampling [2023: Batch 3]];

4. Unexplained elevated Ag zones south of Molong in historical sampling;

5. Limited sampling over potential future infrastructure locations [Shades Road, Roseleigh etc.]; and

6. Numerous spot highs, end of line, and other inconsistencies.

The Company conducted infill and extension sampling within several areas. (Figure 6).

Figure 6: Geochemistry: Infill & extension sample areas

A total of 262 sites has been located and samples dispatched to ALS Global laboratory using 50 gram fire assay for gold (Method AA-22 and AA26) and ICP (Method ICP41) for the associated trace elemental suite. A summary of results for potentially economic elements gold, silver and molybdenum, and relevant pathfinder elements are in the GCR ASX Announcement of 4 July 2025.

Soil geochemical values were generally low tenor, closing off open zones or reflecting potential deeper mineralisation, with some isolated highs.

Further evaluation of the new results following integration with relevant previous results is planned, to expand the geochemical dataset, identify further infill sampling where warranted, and to assist exploration targeting.

Figure 7: Geochemistry: Infill & Extension Areas - sample locations

[red, blue, and purple dots = 2022-23 sampling] [showing fundamental interpretation of lithostructural features]

Figure 8: Geochemistry: Infill & Extension Areas - Soil Copper

[copper is strongly elevated along the Copper Hill Mineral Trend, with an unexplained weak to moderate tenor zone at Larras Lee West ]

Figure 9: Geochemistry: Infill & Extension Areas - Soil Gold

[gold is moderately elevated along the Copper Hill Mineral Corridor]

Figure 10: Geochemistry: Infill & Extension Areas - Pathfinders: Soil Molybdenum [Molybdenum is weakly elevated over parts of the Copper Hill porphyry, reflecting sporadic distribution in the mineralised zones. eg., western side]

Figure 11: Geochemistry: Infill & Extension Areas - Pathfinders: Soil Arsenic [Arsenic is weakly elevated in areas north of Copper Hill and in the vicinity of Shades Rd and Dash prospects, where skarn mineralisation has been observed]

Figure 12: Geochemistry: Infill & Extension Areas - Pathfinders: Soil Zinc

[zinc is moderately elevated in peripheral zones of the Copper Hill porphyry, reflecting changed lithology (Fairbridge Volcanics) and possible base metal veins]

Figure 13: Geochemistry: Molong South - Area 7. Gamboola

Completed validation samples

Evaluation

A tabulated summary of results for potentially economic elements gold, silver and molybdenum, and relevant pathfinder elements is in the GCR ASX Announcement of 4 July 2025.

Soil geochemical values were generally low tenor, with copper, gold and molybdenum weakly to moderately elevated in some areas, closing off open zones or reflecting potential deeper mineralisation, isolated highs of 2,060 ppm copper (Wattle Hill) and 0.43 ppm gold (Shades Road) were returned (Figure 8 and 9).

Area 4: Roseleigh & Copper Hill East - 50 sites

The area east of Copper Hill that is suitable for future development infrastructure has had limited previous exploration. No significant soil geochemical zones were outlined to date.

Area 5. Wattle Hill Southeast - 48 sites

The Copper Hill Mineral Corridor is a 5 kilometre long alignment of copper-gold occurrences, where previous sampling outlines an open soil copper zone that extends south and east of Wattle Hill. There have been no gold analyses, or trace element analyses of significant elements (e.g. molybdenum) recorded. Extension sampling returned moderately elevated copper and gold values with a peak of 2,060 ppm copper (Figure 8) that extends the Wattle Hill zone further to the southeast towards Vale Head.

Area 6. Dash North - 54 sites

Strong north-south unexplained arsenic (As) trend at the Dash Prospect (with associated high silver (Ag up to 36 ppm) in rock chips, and a malachite occurrence in outcrop). The stratigraphy correlates with a limestone formation, which hosts sporadic skarn mineralisation along strike to the south at Little Copper Hill, Gamboola, Reedy Creek and Printhie occurrences. New sampling extends the zone into Larras Lee area, west of the highway (Figure 8) with moderately elevated

copper, gold and molybdenum values over an area of ~ 1km x 1km that warrants infill of the current 400m spaced sampling at 100m spacing to verify the zone and potential for previously unrecognised subsurface mineralisation.

Area 7. Gamboola - 24 sites

Unusually elevated silver (Ag) zones up to 21 ppm silver south of Molong in previous soil sampling are unexplained. Further sampling (Figure 13) was undertaken to assess the possibility of batch effects in the analyses. The previous values were not replicated and a review of similar batches in that area will be undertaken.

Area 8. Shades North - 43 sites

Previous close spaced sampling outlined a moderate copper anomaly which yielded elevated results in shallow drilling, interpreted to represent indications of deeper source mineralisation which remains a target for future drilling. Current sites were selected to close off the sampling pattern and infill gaps. Results continued to return weak to moderate copper values, with a 0.43 ppm point high for gold (Figure 9). Moderately elevated zinc values (Figure 12). are interpreted to reflect changed subsurface lithology within the Fairbridge Volcanics unit, and the possibility of low temperature base metal veins.

Area 9. Larras Lee South - 17 sites

Sites were selected to fill in gaps in previous coverage between Larras Lee and Shades Road, and where weakly elevated soil copper values were recorded in previous sampling. Current sampling returned similar results with no significant zone detected.

Area 10. Larras Lee- 26 sites

A low-level copper (Cu) zone at Larras Lee is open to south [also has a single point 800 ppb (0.8 ppm) gold result at Larras North in previous 400m wide spaced soil sampling]. At the Larras Lee prospect, weakly elevated copper and pathfinder arsenic geochemistry is associated with moderately elevated copper values in previous drilling. Limited current sampling did not enhance the zones.

Evaluation of the 2025 gravity survey completed by the Group concluded that the Larras Lee area warranted further work, either gravity infill or IP surveying.

Next Steps with the Geochemical Results

Further evaluation of the spatial distribution of new results following integration with relevant previous results is planned, to update geochemical dataset images, identify infill sampling where warranted, and to assist exploration targeting.

Ongoing Exploration Activities

The ongoing work program at Copper Hill is oriented towards provision of the supporting information for a Mining Lease Application and associated Development Consent requirements.

During the year, exploration activities included the following:-

• further evaluation of the September 2022 Mineral Resource Estimate including review of cutoff criteria used in similar deposits to better facilitate comparisons; and

• determining requirements for pre-development feasibility work programs, to comply with the regulatory framework for a future development application.

  The activities to support future feasibility work will include the following:

  • drilling for a range of purposes (oxide follow-up; resource infill and extensions along strike and down dip; metallurgical sampling; geotechnical sampling; hydrology targets, and satellite deposit targets in the licence areas adjacent to Copper Hill itself);

  • metallurgical test work and evaluation of processing technologies;

  • refinement of resource estimates;

  • mining and engineering studies and costing updates;

  • environmental studies and baseline data;

  • water supply sources and usage;

  • land tenure and ownership; and

  • development permit procedures at state and local government levels.

• Initial planning of drilling required for the following purposes continued:-

  • conversion of inferred and indicated resources to higher classifications;

  • infill of exploration target material to facilitate inclusion into future resource upgrades; and

  • testing of deeper targets down the interpreted plunge from mineralised intercepts at approximately 350 metres below surface.

Tenure

During the year, Exploration Licence 6391 was renewed for 6 years to 9 March 2031.

Geological Setting and Potential of Copper Hill

Porphyry copper-gold mineralisation at Copper Hill is hosted by Ordovician aged rocks formed in an island arc setting known as the Macquarie Arc, which is a similar geological setting to younger porphyry copper-gold deposits of the Western Pacific. The Ordovician-aged Macquarie Arc (Figure 2) consists of several volcanic belts that contain the world-class porphyry copper-gold deposits currently developed at Cadia (Newmont Corporation), Northparkes (Evolution Mining) and Cowal (Evolution Mining).

The Copper Hill Intrusive Complex consists of diorite porphyry, multiphase tonalite porphyry intrusions and associated andesitic Fairbridge Volcanics (Figure 14).

Younger Silurian to Early Devonian sedimentary rocks (sandstone and limestone) occur west of Copper Hill; while on the eastern side, the prospective intrusives and volcanics are partly overlain by flat-lying Tertiary Basalt, which infilled palaeo-valleys.

Copper Hill lies in a 5-kilometre-long northwest trending corridor extending from Little Copper Hill in the north to Vale Head in the southeast. Limited previous drilling at other prospects within the trend suggests potential for discovery of further economic mineralisation.

Copper-gold deposits in the Copper Hill area occur close to the northern edge of a structural corridor formed by the interpreted West-North-West trending Lachlan Transverse Zone (LTZ). Understanding of the internal architecture of the mineralised zones at Copper Hill was substantially improved by high quality structural data from oriented core drilled in 2014 and 2017. The structural data from both surface mapping and drilling supports a strong east-west orientation of the mineralised zones within an overall north-west. The interaction of these directions is shown in Figure 14.

Figure 14: Copper Hill: Local Geology showing identified key structural orientations Showing structural orientations in Copper Hill Local Grid which is rotated 50 degrees west of Map Grid of Australia (MGA) North

Note: All structural directions in the text refer to MGA directions unless otherwise noted.

The Molong Volcanic Belt (MVB) hosts significant porphyry gold-copper deposits at Cadia-Ridgeway, Cargo, Copper Hill and Boda-Kaiser, and skarn gold-copper deposits at Browns Creek and Junction Reefs. Cadia is one of Australia's larger producing gold mines, with significant by-product production of copper, silver, and molybdenum.

Copper Hill is approximately 50 kms north of Cadia. In the year ended 31 December 2024, reported treated ore grades at Cadia were 0.722 g/t gold and 0.38% copper from measured and indicated resources of 1,627 million tonnes grading 0.32 g/t gold, 0.23% copper 0.61 g/t silver [see Newmont Corporation Annual Report to 31 December 2024, dated 15 February 2025].

Copper Hill is approximately 65 kms south of Boda. Prospectivity of the MVB was boosted in September 2019 by drill results from the Boda Prospect [see Alkane Resources Ltd's ASX announcement on 9 September 2019 and subsequent updates]. The initial May 2022 resource estimate for Boda was revised by confining strike length, width and depth to report a total 583 million tonnes grading 0.34 g/t gold, 0.18% copper, consisting of open pit suitable material, and underground material [see ASX announcement of Alkane Exploration Limited (ASX: ALK) 14 December 2023 - "Boda Resource Estimate Increases Gold and Copper Grades"]. The nearby Kaiser Prospect had a revised resource estimate of 213 million tonnes grading 0.28 g/t gold, 0.20% copper also consisting of open pit and underground material [see ASX announcement of Alkane Exploration Limited (ASX: ALK) 29 April 2024 - "Revised Kaiser Resource Estimate Improves Confidence and Grade of Resource Base at Boda District"]. Alkane have also released a Scoping Study on Boda/Kaiser [see ASX announcement of Alkane Exploration Limited (ASX: ALK) 10 July 2024 - "Boda-Kaiser Scoping Study"].

Copper Hill was independently valued by GEOS Mining Consultants at A$14.4 million using metal prices at 31 August 2017 for copper US$3.07/lb and gold US$1,308/oz [see GCR's ASX announcement on 21 September 2017]. At 30 June 2025 metal prices had risen to approximately US$5.03/lb for copper and US$3,284/oz for gold (source: COMEX). The upgrade of the resource estimate in September 2022 [see GCR's ASX announcement on 6 September 2022] and future supply and demand factors for copper and gold would affect that historic valuation. No updated valuation has been completed.

Resource Estimate

In September 2022, the Mineral Resource Estimate (MRE) for Copper Hill was updated [see GCR's ASX announcement on 6 September 2022] at a range of copper or gold cut-off grades within the constraint of an updated reporting pit optimised to a maximum vertical depth of approximately 300 metres.

A focus on 0.2% copper only cut-offs facilitated comparisons with previous estimates, and gold blocks outside the blocks defined by the copper only cut-off that were not previously reported in 2015 were captured by applying combined cut-off grade criteria.

The 2022 MRE was subdivided by classification and material type (Table 1 and Table 2).

Table 1: 2022 MRE by Classification

(above either 0.2% Cu or 0.2g/t Au Cut-off Grades, within 2022 Pit Shell)

The 2022 MRE Classification using combined cut-off criteria has 31% Measured, 39% Indicated and 30% Inferred material and includes 176Mt of sulphide mineralisation.

Table 2: 2022 MRE by Oxidation Type

(above either 0.2% Cu or 0.2g/t Au Cut-off Grades, within 2022 Pit Shell)

Note: All volume, tonnage, density, grade, and metal figures are rounded to 2 significant figures.

Oxide material in the 2022 MRE is 5% of total MRE tonnes. Copper is depleted by weathering in parts of the oxide zone, leaving residual gold with potential to be treated in a separate extraction process.

Silver estimates have been reported for the first time and with grades (1.3 g/t silver) that are higher than comparable copper-gold deposits, which are typically around 0.6 to 0.8 g/t silver.

The Mineral Resource Estimate report is based on work compiled by Mr Arnold van der Heyden, a Member and Chartered Professional (Geology) of the Australasian Institute of Mining & Metallurgy (AusIMM) and a director of H&S Consultants Pty Ltd (HSC). The information that relates to database information and review for the report was supplied by Mr Glenn Coianiz, a Member and Registered Professional Geoscientist of the Australian Institute of Geoscientists (AIG) and an employee of Exploris Pty Ltd, a consultancy that provides geoscience and geographic information systems services to GCR. The Reporting Pit optimisation modelling for the report was undertaken by mining engineer Mr Mark Moddejongen, a Fellow of the Australasian Institute of Mining & Metallurgy (AusIMM), an employee of Mining Dynamics Pty Ltd, a mining engineering consultancy, and a then independent non-executive director of GCR.

Details from the report were released in an ASX announcement on 6 September 2022. GCR confirms that it is not aware of any new information or data that materially affects the information included in the ASX announcement of 6 September 2022. GCR confirms that all material assumptions and technical parameters underpinning the Mineral Resource Estimate in that ASX announcement continue to apply and have not materially changed. GCR confirms that the form and context in which the Competent Persons findings are presented have not been materially modified from the original ASX announcements.

The MRE will contribute to valuation update and design of the feasibility study components for the ongoing work program.

Scoping Study

A revised Copper Hill Scoping Study was completed in 2015 [see GCR's ASX announcement on 15 April 2015] and assessed the viability of a 2-3Mtpa mining and processing operation at Copper Hill treating the higher grade mineralisation defined by a cutoff of 0.4% copper which occurs mainly in the Central Copper Hill area.

Cautionary Notes

It should be noted that the production target of 2-3Mtpa was based on Indicated Mineral Resources (67%) and Inferred Mineral Resources (33%), and there is a low level of geological confidence associated with Inferred Mineral Resources. The assumptions underlying the production target are detailed in the announcement to ASX on 15 April 2015.

The Production Target and the Mineral Resources on which it is based are extracted from reports released to the ASX by GCR on 24 March 2015 and 15 April 2015. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the production target in the report dated 15 April 2015 and the resource estimate in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements.

The 2015 Scoping Study recommended further Pre-Feasibility Studies, which would include the following components:

• Drilling to infill and extend high grade zones, provide density data, twin reverse circulation (RC) holes, clarify structural geometry controlling mineralisation, provide resource definition data and fresh material for metallurgical testing

• Resource updates utilising additional data from drilling

• Metallurgical test work to refine optimal conditions for metal recoveries and assess pre-concentration opportunities

• Mining and engineering studies and costing updates

• Environmental studies and baseline data

• Water supply sources and usage

• Land tenure and ownership

• Permitting at state and local government levels

• Revised capital and operating cost estimates

• Updated financial modelling

• Product marketing studies

  Mineralisation

  Mineralisation at Copper Hill is typical of many global porphyry systems, being associated with multiple mineralising events which overlap in time and space.

  The key features of the mineralised systems at Copper Hill are:

• Multiple intrusive phases: at least six separate intrusive events have been interpreted at Copper Hill, with mineralisations attributed to later phases;

• A strong regional grid east-west structural orientation, within the overall northwest-southeast trending mineralised corridor, and a more subtle, north trending fracture set (Figure 14);

• Structures are generally defined by quartz-pyrite dominated veins and fractures. Copper and gold mineralisation generally occurs as later stage chalcopyrite-pyrite veins with rare bornite, and significant disseminated-style mineralisation also present in tonalite porphyry wall-rock;

• Higher grade mineralised zones are focused in the areas of greatest fracture intensity and veining, especially at the intersection of north-south and north-west trending structures to form plunging carrot shaped zones. Lower grade ore is generally typified by weaker veined and/or disseminated-style mineralisation;

• A close association between a strongly quartz veined microtonalite porphyry intrusive phase intruding the wall-rock crowded tonalite porphyry is evident in several drillholes;

• A sub-horizontal 10-20 metres thick zone of higher grades centred in the (sub-supergene) zone transitional to fresh rock 25-70 metres below surface;

• A thin oxide zone reflecting variable depths of weathering from a few metres to approximately 25 metres in places, with copper leached from the profile in places.

Copper Hill is sparsely drilled below a vertical depth of 350 metres and there is good potential for depth extensions that may be vectored by mineral alteration studies. Occurrences of mineralisation along strike from Copper Hill in the 5 kilometres long structural corridor provide scope for further resources in satellite deposits (Figure 15).

Figure 15: Copper Hill 5km Corridor: Drillhole distribution by type; showing the outline of the 2022 optimised reporting pit and prospect names.

COBAR REGION - NEW SOUTH WALES

EL 7389 and EL 8270 (100% interest)

EL 7389 (Burra) is along strike from the Mt Boppy Goldmine (Manuka Resources Ltd) and recent activity at the Canbelego Copper deposit (Helix Resources Ltd) (Figure 16). EL7389 has been renewed for a further 3 years to 20 August 2027.

During the year, a trial Pole Dipole Induced Polarisation (PDIP) geophysical survey was completed along 4 x 600m spaced lines over interpreted mineral trends linking known occurrences of mineralisation (GCR: ASX announcement 22 July 2024).

The pole-dipole configuration is designed to provide deeper penetration and typically used to investigate larger-scale subsurface features and structures, that generate large chargeability and resistivity anomalies. IP surveys have been widely employed in the region to detect subsurface mineralisation.

The PDIP results (GCR: ASX announcement 16 December 2024) were interpreted by Mitre Geophysics Pty Ltd, with chargeability anomaly locations identified. Further evaluation will assess the relationships with other data sets, interpreted trend lines and known occurrences of mineralisation. Infill IP lines at 200m spacing have been recommended to determine the along-strike continuity of chargeability anomalies and assist 3D modelling.

[showing prospects and interpreted trend lines]

[showing interpreted trend lines (red) and chargeability anomalies (yellow arrow)]

QUIDONG - NEW SOUTH WALES

EL 7989 (100% interest)

Quidong has extensive occurrences of carbonate-hosted zinc/lead and gold mineralisation, and potential intrusive-related gold mineralisation, which occurs elsewhere in the region. Previous data and the Group's field reconnaissance have identified high grade zinc-lead-gold drill targets which remain to be tested. Electrical prospecting methods were evaluated. After assessment, the Company decided not to renew the licence on its expiry on 23 October 2024.

During the December 2024 Half Year, previous site rehabilitation requirements following frequent rain events and flooding of the access causeway over the Delegate River were completed.

ISA PHOSPHATE - QUEENSLAND

EPM 14905, EPM 14906 and EPM 14912(100% interest)

The Company's wholly owned subsidiary, King Eagle Resources Pty Ltd, holds 100% interests in three deposits: Highland Plains East, Lily & Sherrin Creek and Quita Creek (Figure19), which account for approximately one third of the historical phosphate resources of the Queensland sector of the Georgina Basin Province. Potential for rare earth elements (REE) was highlighted by a published research paper that cited identified enrichments of rare earth elements in phosphate-rich rocks currently mined for phosphate fertiliser, concluding that "phosphorites are considered an important potential source for industrial supply of REE into the future". [Valetich, M & others, 2021. REE enrichment of phosphorite: An example of the Cambrian Georgina Basin of Australia. J. Chemical Geology #588].

The Group received enquiries from investors to participate in exploration within the phosphate tenements.

[based on map by Roger & Keevers, 1976 "Lady Annie-Lady Jane Phosphate Deposits, Georgina Basin, Queensland" In Economic Geology of Australia & Papua New Guinea, AusIMM Monograph 4]

GAWLER CRATON - IRON ORE COPPER-GOLD (IOCG) - SOUTH AUSTRALIA

EL 6089 and EL 6500 (100% interest)

The Group retains two exploration tenements located northeast of Coober Pedy, South Australia, to test geophysical targets (Figure 20). Three sites for proposed drillholes have been heritage cleared; however approval of an Exploration Program for Environment Protection and Rehabilitation ("EPEPR") has been stalled by issues related to access to the Woomera Area.

During the year, no progress has been achieved on land access requirements to allow the Group's proposed drilling. Due to issues with land access, in particular to the higher priority Woomera Area (EL 6500 Oolgelima), divestment to entities acceptable to Woomera are being sought.

The Group has lodged a renewal application for EL 6500 for a further term to 29 January 2027 and awaits confirmation of renewal.