Phase 2 DFS Confirms Tier One Status of HMW Project

• Tier one Phase 2 DFS results; HMW Project produces a premium high grade lithium chloride (LiCl) concentrate of 6% Li, comparable to 13% Li2O or 32% Lithium Carbonate Equivalent (LCE) in H2 2026, and delivers the following strong financial outcomes: o Post-tax NPV8% US$2 billion, IRR 43% free cash flow US$236m pa (pretax NPV8% US$3.1 billion) o Short Payback Phase 1 & 2 of 2.9 years o Increased P