Directors Derek Carter
Simon O'Loughlin Donald Stephens Simon Taylor Robert Sennitt
Company secretary Katelyn Adams
Registered office C/- HLB Mann Judd (SA) Pty Ltd 169 Fullarton Road
DULWICH SA 5065
Principal place of business 200 Greenhill Road
EASTWOOD SA 5063
Share register Computershare Investor Services Pty Ltd Level 5, 115 Grenfell Street
ADELAIDE SA 5000
Auditor Grant Thornton Audit Pty Ltd Level 3, 170 Frome Street
ADELAIDE SA 5000
Solicitors Johnson Winter Slattery 211 Victoria Square
ADELAIDE SA 5000
Bankers National Australia Bank
22 - 28 King William Street
ADELAIDE SA 5000
Stock exchange listing PTR Minerals Ltd shares are listed on the Australian Securities Exchange (ASX code:
PTR)
Website https://www.ptrminerals.com.au
Directors' report 3
Auditor's independence declaration 5
Statement of profit or loss and other comprehensive income 6
Statement of financial position 7
Statement of changes in equity 8
Statement of cash flows 9
Notes to the financial statements 10
Directors' declaration 20
Independent auditor's review report to the members of PTR Minerals Ltd 21
The Directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'Group') consisting of PTR Minerals Ltd (referred to hereafter as the 'Company' or 'parent entity') and the entities it controlled at the end of, or during, the half-year ended 31 December 2025.
DirectorsThe following persons were Directors of PTR Minerals Ltd during the whole of the financial half-year and up to the date of this report, unless otherwise stated:
Derek Carter (Non-Executive Chairman) Simon O'Loughlin (Non-Executive Director) Donald Stephens (Non-Executive Director) Simon Taylor (Non-Executive Director) Robert Sennitt (Executive Director)
Principal activitiesDuring the financial half-year the principal continuing activities of the Group consisted of:
Advancing the Rosewood Titanium Discovery through extensive drilling programs,
the carrying out of exploration activities on the Group's existing portfolio of mineral exploration projects;
to continue to seek out extensions of areas held and to seek out new projects with high potential; and
to evaluate the results of exploration activities carried out during the year.
The loss for the Group after providing for income tax amounted to $1,685,429 (31 December 2024: $511,362).
During the half year, the Company made significant progress advancing its flagship Muckanippie Project in South Australia, including continued delineation and expansion of the Rosewood Titanium discovery and advancement of regional targets across the broader project area.
The period was marked by strong operational momentum, increased scale of mineralisation, and a successful capital raising to support ongoing development activities.
Muckanippie ProjectExploration work at the Muckanippie Project delivered a further step-change in the scale and confidence of the Rosewood Titanium Project, with step-out drilling extending titanium-rich heavy mineral (HM) mineralisation to an area now exceeding 40 km², including two extensive high-grade zones totalling ~22 km². The Rosewood Titanium Prospect primarily occurs on PTR's 100% owned EL 6855 and extends westwards onto the joint venture tenement EL 6715 (Figure 2). EL 6715 additionally contains the Duke, Nardoo and Claypan Prospects where drilling results to date have identified a new style of high-grade Titanium rich HM mineralisation hosted in saprolite clay.
A major milestone late in the period was completion of the maiden Rosewood resource drill program, totalling 446 aircore holes for 9,388 m over the broader ~40 km² area. The first batch of assays from an initial 2.5 km traverse in Rosewood East returned some of the best intercepts to date, including 31 m @ 13.5% HM and 29 m @ 13.8% HM, both with high-grade internal intervals. With assays pending for the remaining holes, PTR expects to publish a maiden Indicated and Inferred JORC Resource in Q2 2026.
Metallurgical testwork advanced in parallel, producing a high-quality heavy mineral concentrate (HMC) grading 91-98% HM with 86-95% recoveries using conventional gravity processing-an encouraging outcome indicating strong amenability to standard mineral sands flowsheets. Early work also showed that classifying the HM into coarse/medium/fine fractions can improve recoveries, and mineral separation testing has continued to confirm the ability to generate high-grade titanium products with low impurities, with preliminary concentrate results showing TiO₂ grades around ~66-68% in combined concentrates. Mineral separation test work continues aimed at producing a range of potential high-grade titanium products with low impurities, supporting several product pathways.
Beyond Rosewood, regional drilling identified the Echo Prospect about 4 km northeast, defining a new sediment-hosted HM mineralised zone approximately 4.5 km long and 1.5-2.5 km wide, open along an ~10 km prospective trend. Echo is interpreted as a separate northeast-trending system (contrasting Rosewood's north-south strandline), supporting the view that Muckanippie hosts multiple mineralised corridors and demonstrating broader district-scale potential.
Drilling at nearby saprolite-hosted targets Duke and Nardoo (both <10 km from Rosewood) intersected exceptionally thick, high-grade HM from surface, pointing to a second style of mineralisation within the project area. Duke returned intercepts including 60 m @ 39.3% HM from surface (incl. 6 m @ 61.6% HM), while Nardoo delivered strong results such as 44 m @ 23.9% HM from 1 m and multiple thick high-grade intervals. Mineralisation at both prospects remains open along strike with potential to extend along a ~16 km magnetic anomaly, further underscoring the emerging, district-scale titanium province at Muckanippie.
Mabel Creek Copper-Gold ProjectNo fieldwork was undertaken at the Company's Woomera and Mabel Creek copper-gold projects during the December half year period.
CorporateThe Company had exploration and evaluation costs of $1,818,739 relating principally to the Muckanippie Project drilling and metallurgical operations during the period. Administration and corporate costs totaled $1,832,661. The Company held
$11,822,527 cash at the end of the Period.
Following shareholder approval at the Annual General Meeting held on 6 November 2025, the Company changed its name from Petratherm Limited to PTR Minerals Limited, effective from commencement of trading on ASX on 11 November 2025. During the period, the Company received firm commitments for a $12 million placement at $0.25 per share. The Company increased its beneficial interest in Exploration Licence EL 6715 to 70% under the Narryer Metals farm-in agreement and continues as manager of the joint venture.
With the rapid advancement of the Muckanippie Project, Mr Victor Araújo, a highly experienced mineral sands professional, was appointed Head of Project Development to assist in advancing project evaluation and technical development work at Rosewood.
Significant changes in the state of affairsFollowing shareholder approval at the Annual General Meeting held on 6 November 2025, the Company changed its name from Petratherm Limited to PTR Minerals Limited, effective from commencement of trading on ASX on 11 November 2025.
There were no other significant changes in the state of affairs of the Group during the financial half-year.
Matters subsequent to the end of the financial half-yearOn 26 February 2026, the Company issued 1,200,000 ordinary fully paid ordinary shares to Directors at an issue price of
$0.25 per share, raising gross proceeds of $300,000. The shares rank equally with existing ordinary shares on issue.
No other matter or circumstance has arisen since 31 December 2025 that has significantly affected, or may significantly affect the Group's operations, the results of those operations, or the Group's state of affairs in future financial years.
Auditor's independence declarationA copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this Directors' report.
This report is made in accordance with a resolution of Directors, pursuant to section 306(3)(a) of the Corporations Act 2001. On behalf of the Directors
Derek Carter Chairman
13 March 2026
Grant Thornton Audit Pty Ltd
Grant Thornton House Level 3
170 Frome Street
Adelaide SA 5000
GPO Box 1270
Adelaide SA 5001
T +61 8 8372 6666
Auditor's Independence Declaration
To the Directors of PTR Minerals Limited
In accordance with the requirements of section 307C of the Corporations Act 2001, as lead auditor for the review of PTR Minerals 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 the auditor independence requirements of the Corporations Act 2001 in relation to the review; and
no contraventions of any applicable code of professional conduct in relation to the review.
GRANT THORNTON AUDIT PTY LTD
Chartered Accountants
B K Wundersitz
Partner - Audit & Assurance
Adelaide, 13 March 2026
grantthornton.com.au
ACN-130 913 594
Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389. Grant Thornton' refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Limited is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another's acts or omissions. In the Australian context only, the use of the term
'Grant Thornton' may refer to Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389 and its Australian subsidiaries and related entities. Liability limited by a scheme approved under Professional Standards Legislation.
Statement of profit or loss and other comprehensive income For the half-year ended 31 December 2025 Consolidated Note 31 December 2025 31 December 2024 $ $ IncomeBank interest income 83,462 23,243
Other income 5 68,035 -
Total income 151,497 23,243
Expenses | |||
Depreciation and amortisation expense | (19,974) | (2,598) | |
Employee benefits expense | (451,686) | (282,447) | |
Employee share-based payment | 18 | (799,194) | (19,615) |
Exploration expenses | (4,265) | (11,852) | |
Secretarial, professional and consultancy | (116,000) | (56,320) | |
Other expenses | 6 | (445,807) | (161,773) |
Total expenses | (1,836,926) | (534,605) | |
Loss before income tax expense | (1,685,429) | (511,362) | |
Income tax expense - -
Loss after income tax expense for the half-year attributable to the Owners of PTR Minerals Ltd | (1,685,429) | (511,362) |
Other comprehensive income for the half-year, net of tax | - - | |
Total comprehensive income for the half-year attributable to the Owners of PTR Minerals Ltd | (1,685,429) (511,362) | |
Cents Cents | ||
Basic earnings/(losses) per share | 17 | (0.48) (0.21) |
Diluted earnings/(losses) per share | 17 | (0.48) (0.21) |
The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes
Statement of financial position As at 31 December 2025 Consolidated 31 DecemberAssets | Note | 2025 $ | 30 June 2025 $ |
Current assets Cash and cash equivalents | 7 | 11,822,527 | 1,895,368 |
Receivables | 253,089 | 128,643 | |
Financial assets | 9 | 4,931,250 | 6,573,000 |
Prepayments | 78,220 | 39,287 | |
Total current assets | 17,085,086 | 8,636,298 | |
Non-current assets Property, plant and equipment | 49,022 | 42,538 | |
Right-of-use assets | 10 | 145,533 | - |
Exploration and evaluation assets | 11 | 7,824,552 | 6,188,777 |
Financial assets | 9 | 50,500 | 50,500 |
Total non-current assets | 8,069,607 | 6,281,815 | |
Total assets | 25,154,693 | 14,918,113 | |
Liabilities | |||
Current liabilities Trade and other payables | 300,553 | 302,654 | |
Employee benefits | 204,714 | 157,536 | |
Lease liabilities | 28,770 | - | |
Total current liabilities | 534,037 | 460,190 | |
Non-current liabilities Employee benefits | 9,254 | 6,225 | |
Lease liabilities | 115,458 | - | |
Provisions | 5,000 | - | |
Total non-current liabilities | 129,712 | 6,225 | |
Total liabilities | 663,749 | 466,415 | |
Net assets | 24,490,944 14,451,698 | ||
Equity Issued capital | 12 | 48,604,616 37,679,135 | |
Reserves | 13 | 1,305,036 | 505,842 |
Accumulated Losses (25,418,708) (23,733,279)
Total equity 24,490,944 14,451,698The above statement of financial position should be read in conjunction with the accompanying notes
Statement of changes in equity For the half-year ended 31 December 2025 | |||||
Issued | FVOCI | Share-based payments | Accumulated | ||
Consolidated | capital $ | Reserve $ | reserve $ | losses $ | Total equity $ |
Balance at 1 July 2024 | 27,524,953 | (1,534,664) | 78,303 | (20,598,119) | 5,470,473 |
Loss after income tax expense for the half-year Other comprehensive income for the half-year, | - | - | - | (511,362) | (511,362) |
net of tax - - - - - | |||||
Total comprehensive income for the half-year | - | - - | (511,362) | (511,362) | |
Transactions with Owners in their capacity as Owners: Contributions of equity, net of transaction costs | 2,667,773 | - - | - | 2,667,773 | |
Share-based payments (options granted) Share-based payments (performance rights granted) | - - | - 10,901 - 8,714 | - - | 10,901 8,714 | |
Lapsed options transferred to accumulated losses | - | - (40,500) | 40,500 | - | |
Transfer reserve to accumulated losses (note | |||||
13) | - 1,534,664 - (1,534,664) - | ||||
Balance at 31 December 2024 | 30,192,726 | - 57,418 | (22,603,645) | 7,646,499 | |
Consolidated | Issued capital $ | FVOCI Reserve $ | Share-based payments reserve $ | Accumulated losses $ | Total equity $ | |
Balance at 1 July 2025 | 37,679,135 | - 505,842 | (23,733,279) | 14,451,698 | ||
Loss after income tax expense for the half-year Other comprehensive income for the half-year, | - | - - | (1,685,429) | (1,685,429) | ||
net of tax - - - - - | ||||||
Total comprehensive income for the half-year | - | - - | (1,685,429) | (1,685,429) | ||
Transactions with Owners in their capacity as Owners: Contributions of equity, net of transaction costs (note 12) | 10,925,481 | - - | - | 10,925,481 | ||
Share-based payments (options granted) Share-based payments (performance rights | - | - 321,448 | - | 321,448 | ||
granted) | - - 477,746 - 477,746 | |||||
Balance at 31 December 2025 | 48,604,616 | - | 1,305,036 | (25,418,708) | 24,490,944 | |
The above statement of changes in equity should be read in conjunction with the accompanying notes
Consolidated Note 31 December 2025 31 December 2024 $ $ Cash flows from operating activitiesReceipts from customers 48,546 -
Payments to suppliers and employees (1,052,296) (521,058) Interest received 97,353 32,973
Payments for exploration activities (expensed) (4,265) (9,428) Interest paid (2,945) -
Net cash used in operating activities (913,607) (497,513)
Cash flows from investing activitiesProceeds from term deposit 1,650,000 500,000
Payments for term and security deposits (8,250) (25,000)
Payments for property, plant and equipment (9,609) (1,500) Payments for exploration activities (capitalised) (1,822,130) (747,282) Joint venture contributions received 113,535 -
Research & development tax incentives received 15,454 218,509
Net cash used in investing activities (61,000) (55,273)
Cash flows from financing activitiesProceeds from issue of shares 12 11,700,000 2,900,686
Capital raising costs (774,519) (232,913)
Repayment of lease liabilities (23,715) -
Net cash from financing activities 10,901,766 2,667,773
Net increase in cash and cash equivalents 9,927,159 2,114,987 Cash and cash equivalents at the beginning of the financial half-year 1,895,368 406,738
Cash and cash equivalents at the end of the financial half-year 11,822,527 2,521,725
The above statement of cash flows should be read in conjunction with the accompanying notes
The consolidated financial statements cover PTR Minerals Ltd as a Group consisting of PTR Minerals Ltd and the entities it controlled at the end of, or during, the half-year. The financial statements are presented in Australian dollars, which is PTR Minerals Ltd's functional and presentation currency.
PTR Minerals Ltd is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business are:
Registered office Principal place of businessC/- HLB Mann Judd (SA) Pty Ltd 200 Greenhill Road
169 Fullarton Road EASTWOOD SA 5063
DULWICH SA 5065
A description of the nature of the Group's operations and its principal activities are included in the Directors' report, which is not part of the financial statements.
The financial statements were authorised for issue, in accordance with a resolution of Directors, on 13 March 2026.
Note 2. Material accounting policy informationThese general purpose financial statements for the interim half-year reporting period ended 31 December 2025 have been prepared in accordance with Australian Accounting Standard AASB 134 'Interim Financial Reporting' and the Corporations Act 2001, as appropriate for for-profit oriented entities. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 'Interim Financial Reporting'.
These general purpose financial statements do not include all the notes of the type normally included in annual financial statements. Accordingly, these financial statements are to be read in conjunction with the annual report for the year ended 30 June 2025 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.
The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, except for the policies stated below.
New or amended Accounting Standards and Interpretations adoptedThe Group has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period.
Note 3. Critical accounting judgements, estimates and assumptionsThe preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management base their judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are discussed below.
Share-based payment transactions
The Group measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. The fair value is determined by using the Black-Scholes model taking into account the terms and conditions upon which the instruments were granted. The accounting estimates and assumptions relating to equity-settled share-based payments would have no impact on the carrying amounts of assets and liabilities within the next annual reporting period but may impact profit or loss and equity.
Exploration and evaluation costs
Exploration and evaluation costs have been capitalised on the basis that the Group will commence commercial production in the future, from which time the costs will be amortised in proportion to the depletion of the mineral resources. Key judgements are applied in considering costs to be capitalised which includes determining expenditures directly related to these activities and allocating overheads between those that are expensed and capitalised. In addition, costs are only capitalised that are expected to be recovered either through successful development or sale of the relevant mining interest. Factors that could impact the future commercial production at the mine include the level of reserves and resources, future technology changes, which could impact the cost of mining, future legal changes and changes in commodity prices. To the extent that capitalised costs are determined not to be recoverable in the future, they will be written off in the period in which this determination is made.
Note 4. Operating segmentsThe Board has considered the requirements of AASB 8 Operating Segments and the internal reports that are reviewed by the Board in allocating resources and has concluded at this time that there are no separately identifiable segments.
Note 5. Other income Consolidated 31 December 2025 31 December 2024 $ $Management fee 67,835 -
Net foreign exchange gain 200 -
Other income 68,035 -
Note 6. Other expenses Consolidated31 December | 31 December | |
2025 | 2024 | |
$ | $ | |
AGM expenses | 22,736 | 16,150 |
Audit fees | 27,924 | 8,337 |
Insurance costs | 13,880 | 13,615 |
Legal fees | 10,688 | 15,588 |
Listing fees | 40,283 | 15,080 |
Occupancy Costs | 14,987 | 12,885 |
Promotion and public relation expenses | 133,552 | 47,406 |
Share registry expenses | 35,977 | 14,749 |
Travel | 64,951 | - |
Other expenses 80,829 17,963
445,807 161,773
Note 7. Cash and cash equivalents Consolidated 31 December 2025 30 June 2025 $ $Current assets
Cash at bank and on hand 11,822,527 1,895,368
The significant increase in cash at bank is primarily attributable to funds received from a share placement completed on 8 December 2025 (note 12).
Note 8. Financial assets at fair value through profit or lossThe financial assets included are the term deposits with maturity greater than 3 months.
Note 9. Financial assets Consolidated 31 December 2025 30 June 2025 $ $Current assets
Term deposit 4,858,250 6,500,000
Bonds held with the Department for Energy and Mining (DEM) | 73,000 73,000 | |
4,931,250 6,573,000 | ||
Non-current assets Bonds held with the Department for Energy and Mining (DEM) | 50,500 50,500 | |
4,981,750 | 6,623,500 | |
Reconciliation Reconciliation of the fair values at the beginning and end of the current and previous financial half-year are set out below: | ||
Opening fair value | 6,623,500 | 550,500 |
Additions | 8,250 | 6,573,000 |
Disposals (1,650,000) (500,000)
Closing fair value 4,981,750 6,623,500
Note 10. Right-of-use assets Consolidated 31 December 2025 30 June 2025 $ $Non-current assets
Land and buildings - right-of-use 162,383 -
Less: Accumulated depreciation (16,850) -
145,533 -
Reconciliations
Reconciliations of the written down values at the beginning and end of the current financial half-year are set out below:
Right-of-use Assets Consolidated $Balance at 1 July 2025 -
Additions 162,383
Depreciation expense (16,850)
Balance at 31 December 2025 145,533
Note 11. Exploration and evaluation assets Consolidated 31 December 2025 30 June 2025 $ $Non-current assets
Exploration and evaluation - Australian tenements 6,866,410 5,643,798 Exploration and evaluation - Sturt EL6715 (joint operation tenement) 958,142 544,979
7,824,552 6,188,777
Reconciliations
Reconciliations of the written down values at the beginning and end of the current financial half-year are set out below:
Exploration and | Tenement | ||
Consolidated | evaluation $ | EL6715 $ | Total $ |
Balance at 1 July 2025 | 5,643,798 | 544,979 | 6,188,777 |
Additions through expenditures capitalised | 1,222,612 | 591,862 | 1,814,474 |
Reimbursements received from Narryer Metals Ltd - (178,699) (178,699)
Balance at 31 December 2025 6,866,410 958,142 7,824,552
The recoverability of the carrying amount of the exploration and evaluation assets is dependent on successful development and commercial exploitation, or alternatively, sale of the respective areas of interest.
Exploration and evaluation expenditure has been carried forward to the extent that they are expected to be recouped through the successful development of the area or where activities in the area have not yet reached a stage that permits reasonable assessment of the existence of economically recovered reserves. Management assessment of carried forward expenditure resulted in no impairment charges for the period ended 31 December 2025 (31 December 2024: Nil).
The Company is the operator of exploration tenement EL6715 under a joint operation arrangement with Narryer Metals Ltd, which holds a 30% participating interest and funds 30% of exploration expenditure. The arrangement is accounted for as a joint operation in accordance with AASB 11, with the Company recognising its share of assets, liabilities and expenses
31 December Consolidated 31 December 2025 30 June 2025 2025 30 June 2025 Shares Shares $ $Ordinary shares - fully paid 393,414,770 346,614,770 48,604,616 37,679,135
Details Date Shares $Balance 1 July 2025 346,614,770 37,679,135
Shares issued in placement 8 December 2025 46,800,000 11,700,000 Transaction Costs - (774,519)
Balance 31 December 2025 393,414,770 48,604,616
Ordinary shares
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the Company in proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the Company does not have a limited amount of authorised capital.
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote.
Proceeds from share issues are used to maintain and expand the Group's exploration activities and fund operating costs. There are no externally imposed capital requirements.
Note 13. Reserves Consolidated 31 December 2025 30 June 2025 $ $Share-based payments reserve 1,305,036 505,842
Share-based payments reserve
The reserve is used to recognise the value of equity benefits provided to employees and Directors as part of their remuneration, and other parties as part of their compensation for services.
Movements in reserves
Movements in each class of reserve during the current financial half-year are set out below:
Share-based payments reserve Consolidated $Balance at 1 July 2025 505,842
Share-based payments (options) 321,448
Share-based payments (performance rights) 477,746
Balance at 31 December 2025 1,305,036
Note 14. DividendsThere were no dividends paid, recommended or declared during the current or previous financial half-year.
Consolidated 31 December 2025 30 June 2025 $ $Capital commitments
Committed at the reporting date but not recognised as liabilities, payable:
Exploration and evaluation commitments* 754,512 828,738
* In order to maintain current rights of tenure to exploration tenements, the Company is required to meet minimum expenditure requirements in respect of tenement lease rentals. These obligations are expected to be fulfilled in the normal course of operations.
Note 16. Events after the reporting periodOn 26 February 2026, the Company issued 1,200,000 ordinary fully paid ordinary shares to Directors at an issue price of
$0.25 per share, raising gross proceeds of $300,000. The shares rank equally with existing ordinary shares on issue.
No other matter or circumstance has arisen since 31 December 2025 that has significantly affected, or may significantly affect the Group's operations, the results of those operations, or the Group's state of affairs in future financial years.
Note 17. Earnings per share Consolidated 31 December 31 December 2025 2024 $ $Loss after income tax attributable to the Owners of PTR Minerals Ltd (1,685,429) (511,362)
Number NumberWeighted average number of ordinary shares used in calculating basic earnings per share | 352,719,118 243,098,346 |
Weighted average number of ordinary shares used in calculating diluted earnings per share | 352,719,118 243,098,346 |
Cents Cents | |
Basic earnings/(losses) per share | (0.48) (0.21) |
Diluted earnings/(losses) per share | (0.48) (0.21) |
Note 18. Share-based payments |
The total share based payment expense recognised for the period ended 31 December 2025 was $799,194 (31 December 2024: $19,615) (note 13). This details for this expense are as follows:
OptionsA summary of the options on issue during the period is as follows:
31 December 2025 | Balance at | Granted | Balance at | ||||
Grant date | Expiry date | Exercise price | the start of the half-year | during the period | Exercised | the end of Lapsed the half-year | |
12/01/2023 | 12/01/2026 | $0.09 | 300,000 | - | - | - | 300,000 |
07/11/2024 | 31/10/2027 | $0.07 | 650,000 | - | - | - | 650,000 |
28/01/2025 | 28/01/2028 | $0.51 | 75,000 | - | - | - | 75,000 |
20/03/2025 | 31/12/2027 | $0.00 | 850,000 | - | - | - | 850,000 |
20/03/2025 | 31/12/2028 | $0.00 | 850,000 | - | - | - | 850,000 |
20/03/2025 | 31/12/2029 | $0.00 | 850,000 | - | - | - | 850,000 |
12/06/2025 | 27/06/2028 | $0.45 | 1,000,000 - - - 1,000,000 | ||||
4,575,000 - - - 4,575,000 | |||||||
The above options were equity-settled share-based compensation benefits granted to the employees under the employees share option plan. The options are simple time vesting options with a vesting date of one year after the grant date. The expense recognised during the period on a prorata basis was $321,448 (31 December 2024: $10,901) (note 13).
The weighted average remaining contractual life of options outstanding at the end of the half financial year was 2.51 years (31 December 2024: 1.41 years).
Performance RightsA summary of the performance rights on issue during the period is as follows:
31 December 2025Exercise | Balance at the start of | Granted during the | Balance at the end of | |||||
Grant date | Expiry date | price | the half-year | period | Exercised | Lapsed the half-year | ||
20/03/2025 | 31/12/2028 | $0.00 | 1,000,000 | - | - | - | 1,000,000 | |
20/03/2025 | 12/01/2026 | $0.00 | 1,000,000 | - | - | - | 1,000,000 | |
20/03/2025 | 01/05/2026 | $0.00 | 1,000,000 | - | - | - | 1,000,000 | |
12/06/2025 | 01/05/2030 | $0.00 | 270,000 | - | - | - | 270,000 | |
12/06/2025 | 01/05/2030 | $0.00 | 270,000 | - | - | - | 270,000 | |
12/06/2025 | 01/05/2030 | $0.00 | 270,000 | - | - | - | 270,000 | |
12/06/2025 | 01/05/2030 | $0.00 | 450,000 | - | - | - | 450,000 | |
12/06/2025 | 01/05/2030 | $0.00 | 540,000 | - | - | - | 540,000 | |
08/09/2025 | 28/08/2030 | $0.00 | - | 340,000 | - | - | 340,000 | |
08/09/2025 | 28/08/2030 | $0.00 | - | 170,000 | - | - | 170,000 | |
08/09/2025 | 28/08/2030 | $0.00 | - | 170,000 | - | - | 170,000 | |
08/09/2025 | 28/08/2030 | $0.00 | - | 170,000 | - | - | 170,000 | |
08/09/2025 | 28/08/2030 | $0.00 | - | 80,000 | - | - | 80,000 | |
08/09/2025 | 28/08/2030 | $0.00 | - | 40,000 | - | - | 40,000 | |
08/09/2025 | 28/08/2030 | $0.00 | - | 40,000 | - | - | 40,000 | |
08/09/2025 | 28/08/2030 | $0.00 | - | 40,000 | - | - | 40,000 | |
08/09/2025 | 28/08/2030 | $0.00 | - | 90,000 | - | - | 90,000 | |
08/09/2025 | 28/08/2030 | $0.00 | - | 45,000 | - | - | 45,000 | |
08/09/2025 | 28/08/2030 | $0.00 | - | 45,000 | - | - | 45,000 | |
08/09/2025 | 28/08/2030 | $0.00 | - | 45,000 | - | - | 45,000 | |
08/09/2025 | 04/08/2030 | $0.00 | - | 400,000 | - | - | 400,000 | |
08/09/2025 | 04/08/2030 | $0.00 | - | 700,000 | - | - | 700,000 | |
08/09/2025 | 04/08/2030 | $0.00 | - 150,000 - - 150,000 | |||||
4,800,000 2,525,000 - - 7,325,000
Grant date Vesting Date granted grant date Vesting Criteria20/03/2025 | 31/12/2026 | 1,000,000 | $320,000.00 | Based on the results of at least 40 drill holes, the Directors of |
the Company are sufficiently satisfied that a potentially | ||||
economic discovery has been made at the Company's | ||||
Muckanippie Project; and continued service 2 years from 31 | ||||
December 2024 | ||||
20/03/2025 | 30/06/2027 | 1,000,000 | $320,000.00 | The Company reports a Mineral Resource estimate in |
accordance with the JORC Code, 2012 Edition of at least | ||||
100Mt tonnes of not less than 8% average Heavy Mineral | ||||
Sands (HMS) in the Inferred Category at the Company's | ||||
Muckanippie Project with Reasonable Prospects for Eventual | ||||
Economic Extraction (RPEEE); and continued service 2.5 | ||||
years from 31 December 2024; | ||||
20/03/2025 | 31/12/2027 | 1,000,000 | $320,000.00 | The Company reports a Mineral Resource estimate in |
accordance with the JORC Code, 2012 Edition of at least | ||||
100Mt tonnes of not less than 8% average HMS in the | ||||
Indicated Category at the Company's Muckanippie Project | ||||
with RPEEE; and continued service 3 years from 31 | ||||
December 2024; | ||||
12/06/2025 | 01/05/2030 | 270,000 | $74,744.00 | The Company's share price as traded on the ASX achieving |
a volume weighted average market price of $0.50 per Share | ||||
or a market capitalisation of at least $173 million over 10 | ||||
consecutive trading days on which shares have actually | ||||
traded; and continued service 2 years from 1 May 2025; | ||||
12/06/2025 | 01/05/2030 | 270,000 | $72,460.00 | The Company's share price as traded on the ASX achieving |
a volume weighted average market price of $0.65 per Share | ||||
or a market capitalisation of at least $225 million over 10 | ||||
consecutive trading days on which shares have actually | ||||
traded; and continued service 2 years from 1 May 2025; | ||||
12/06/2025 | 01/05/2030 | 270,000 | $70,401.00 | The Company's share price as traded on the ASX achieving |
a volume weighted average market price of $0.80 per Share | ||||
or a market capitalisation of at least $276 million over 10 | ||||
consecutive trading days on which shares have actually | ||||
traded; and continued service 2 years from 1 May 2025; | ||||
12/06/2025 | 01/05/2030 | 450,000 | $126,113.00 | Completion of an initial Scoping Study on the Muckanippie |
Project within 12 months of commencement of the study; and | ||||
continued service 2 years from 1 May 2025. A probability of | ||||
95% was included in the assessment of fair value; | ||||
12/06/2025 | 01/05/2030 | 540,000 | $151,335.00 | Completion of a PFS to JORC/AusIMM standard on the |
Muckanippie Project within 18 months of commencement of | ||||
the study; and continued service 2 years from 1 May 2025. A | ||||
probability of 95% was included in the assessment of fair | ||||
value; | ||||
08/09/2025 | 08/09/2027 | 510,000 | $163,200.00 | Completion of an JORC Indicated resource of at least 200MT |
@ 8% HM plus an additional Inferred level resource of at | ||||
least 200MT @ 8% HM. If total Indicated and Inferred | ||||
resources are less than this but over at least 50% of the total | ||||
target resource, then Rights issued would be reduced to the | ||||
percentage of target achieved. (i.e. if a 300MT total resource | ||||
achieved then 75% of the Rights would be awarded); and | ||||
continued service 2 years from the grant date; | ||||
08/09/2025 | 08/09/2027 | 655,000 | $209,600.00 | Completion of an initial Scoping Study on the Muckanippie |
Project within 12 months of the commencement of the study | ||||
or as otherwise determined by the Board of Directors; and | ||||
continued service 2 years from the grant date; |
08/09/2025 | 08/09/2027 | 955,000 | $305,600.00 | Completion of a PFS to JORC/AusIMM standard on the |
Muckanippie Project within 18 months of commencement of | ||||
the study or as otherwise determined by the Board of | ||||
Directors; and continued service 2 years from the grant date; | ||||
08/09/2025 | 08/09/2027 | 255,000 | $81,600.00 | In the period from Commencement Date to completion of the |
work outlined in Tranches 1-3, no material compliance | ||||
breach, as deemed by the Company's Board of Directors, | ||||
which occurs as a result of a failure to meet the statutory | ||||
requirements of the regulator or the implementation of the | ||||
Company's OHS, Environment, Native Title policies and | ||||
procedures; and continued service 2 years from the grant | ||||
date; | ||||
08/09/2025 | 08/09/2027 | 150,000 | $48,000.00 | In the period from Commencement Date to completion of the |
work associated with PFS, ensuring no material compliance | ||||
breach, as deemed by the Company's Board of Directors, | ||||
which occurs as a result of a failure to implement the | ||||
Company's OHS, Environment, Native Title policies and | ||||
procedures. |
The fair value of the performance rights granted during the period were calculated by using a Black-Scholes option pricing model applying the following inputs:
Grant Date Vesting Expiry Share price at Date Date grant date: | Exercise Expected share price: price volatility: | Risk-free interest rate: | Fair value at grant date: |
08/09/2025 08/09/2027 28/08/2030 $0.320 | $0.000 N/A | N/A | $0.320 |
08/09/2025 08/09/2027 28/08/2030 $0.320 | $0.000 N/A | N/A | $0.320 |
08/09/2025 08/09/2027 28/08/2030 $0.320 | $0.000 N/A | N/A | $0.320 |
08/09/2025 08/09/2027 28/08/2030 $0.320 | $0.000 N/A | N/A | $0.320 |
08/09/2025 08/09/2027 04/08/2030 $0.320 | $0.00 N/A | N/A | $0.320 |
The weighted average remaining contractual life of performance rights outstanding at the end of the half financial year was
3.89 years (31 December 2024: 4.0 years).
The above performance rights were equity-settled share-based compensation benefits granted to the employees under the employees performance rights plan. The expenses recognised during the period on a prorata basis was $477,746 (31 December 2024: $8,714) (note 13).
In the Directors' opinion:
the attached financial statements and notes comply with the Corporations Act 2001, Australian Accounting Standard AASB 134 'Interim Financial Reporting', the Corporations Regulations 2001 and other mandatory professional reporting requirements;
the attached financial statements and notes give a true and fair view of the Group's financial position as at 31 December 2025 and of its performance for the financial half-year ended on that date; and
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 Directors made pursuant to section 303(5)(a) of the Corporations Act 2001. On behalf of the Directors
Derek Carter Chairman
13 March 2026
Grant Thornton Audit Pty Ltd
Grant Thornton House Level 3
170 Frome Street
Adelaide SA 5000
GPO Box 1270
Adelaide SA 5001
T +61 8 8372 6666
Independent Auditor's Review Report
To the Members of PTR Minerals Limited
Report on the half-year financial report
Conclusion
We have reviewed the accompanying half-year financial report of PTR Minerals Limited (the Company) and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 31 December 2025, and the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the half year ended on that date, including material accounting policy information, other selected explanatory notes, 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 accompanying half-year financial report of PTR Minerals Limited does not comply with the Corporations Act 2001 including:
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
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. Our responsibilities are further described in the Auditor's Responsibilities for the Review of the 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 and 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.
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Directors' responsibility for the half-year financial report
The Directors of 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 internal control as the Directors determine is necessary to enable the preparation of the half-year financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.
Auditor's responsibility for the review of the financial report
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 half year 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 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 significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
GRANT THORNTON AUDIT PTY LTD
Chartered Accountants
B K Wundersitz
Partner - Audit & Assurance
Adelaide, 13 March 2026
Grant Thornton Audit Pty Ltd 2