Financial Reports (RTG Mining Annual Financial Report 31 Dec 2025 FINAL)

CORPORATE DIRECTORY 3

DIRECTORS' REPORT 4

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 15

CONSOLIDATED STATEMENT OF FINANCIAL POSITION 16

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 17

CONSOLIDATED STATEMENT OF CASH FLOWS 18

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 19

DIRECTORS' DECLARATION 49

INDEPENDENT AUDITOR'S REPORT 50

AUSTRALIAN SECURITIES EXCHANGE ADDITIONAL INFORMATION 54

Justine A Magee President and Chief Executive Officer

Robert N Scott Non-Executive Lead Director

Phillip C Lockyer Non-Executive Director

Sean M Fieler Non-Executive Director

Kenneth Caruso Non-Executive Director

Office Registered Principal Craigmuir Chambers Level 1

PO Box 71 Road Town 516 Hay Street

Tortola VG1110 Subiaco, Western Australia, 6008

British Virgin Islands Australia

Telephone: +61 8 6489 2900

Facsimile: +61 8 6489 2920

Subiaco, Western Australia, 6008 Australia

Level 9, Mia Yellagonga, Tower 2

5 Spring Street, Perth, 6000 Australia

Computershare Investor Services Pty Limited Computershare Investor Services Inc. Level 17, 221 St Georges Terrace 8th Floor, 100 University Avenue Perth, Western Australia, 6000 Toronto, Ontario, M5J2Y1, Canada

Telephone: +61 8 9323 2000 Telephone: +1 416 263 9200

Facsimile: +61 8 9323 2033 Facsimile: +1 888 453 0330

Australian Securities Exchange Limited Toronto Stock Exchange Inc. Exchange Code: Exchange Code:

RTG - Chess Depositary Interests (CDI's) RTG - Fully paid shares

Perth WA 6000 Canada

Australia

The Directors of RTG Mining Inc. ("the Company" or "RTG") present their report on the consolidated entity consisting of RTG and the entities it controlled during the year ended December 31, 2025 (the "Consolidated Entity" or "the Group"). The Company's functional and presentation currency is USD ($).

A description of the Company's operations and its principal activities is included on page 7.

The names, qualifications and experience of the Directors and Company Secretary in office during the period and until the date of this report are as follows:

Michael J Carrick Chairman March 28, 2013 Justine A Magee President and Chief Executive Officer March 28, 2013 Robert N Scott Non-Executive Lead Director March 28, 2013 Phillip C Lockyer Non-Executive Director March 28, 2013 Sean M Fieler Non-Executive Director October 12, 2020 Kenneth Caruso Non-Executive Director April 7, 2022

Ryan R Eadie Company Secretary October 2, 2017

The names, qualifications, experience and special responsibilities of the Directors are as follows:

Mr. Carrick joined RTG's Board of Directors in March 2013. Mr. Carrick served as Chief Executive Officer ("CEO") of CGA Mining Limited ("CGA"), until the merger with B2Gold Corp. ("B2Gold") in January 2013. CGA developed the Masbate Gold Mine in the Philippines.

Mr. Carrick was previously Executive Chairman of AGR Limited, the entity which owned and developed the Boroo Gold Project in Mongolia, and before that was CEO of Resolute Mining Limited.

Before entering the mining industry, Mr. Carrick was a senior partner in one of the largest professional services firms.

Other current directorships

Japan Gold Corp. appointed October 2021

Ms. Magee was appointed the CEO of the Company in March 2013. Ms. Magee was formerly with Arthur Andersen and a Director of AGR Limited and Director and Chief Financial Officer ("CFO") of CGA (January 2004 to January 2013).

Ms. Magee has extensive experience in the resource sector also having headed the corporate and finance areas for Resolute Mining Limited for 6 years and CGA for 9 years.

Ms. Magee's principal responsibilities are commercial with a focus on the development of the existing asset portfolio and execution of new business opportunities in the resources sector while also managing the key stakeholder relationships.

Other current directorships

Develop Global Limited appointed May 2023

Mr. Scott was appointed a Non-Executive Director of the Company in March 2013. He is a Fellow of the Institute of Chartered Accountants in Australia with over 35 years' experience as a corporate advisor. Mr. Scott is a former senior partner of the international accounting firms of KPMG and Arthur Andersen.

Mr. Scott is the Chair of the RTG Risk and Audit and Remuneration and Nomination Committees, and was appointed Non-Executive Lead Director on October 30, 2015.

Mr. Lockyer was appointed a Non-Executive Director of the Company in March 2013. He is a Mining Engineer and Metallurgist with more than 40 years' experience in the mining industry, with an emphasis on gold and nickel, in both underground and open pit mining operations. Mr. Lockyer was employed by WMC Resources for 20 years reaching the position of General Manager of Western Australia responsible for that company's gold and nickel divisions.

Mr. Lockyer is a member of the Risk and Audit and Remuneration and Nomination Committees. Other current directorships:

GR Engineering Services Limited appointed December 2016

Mr. Fieler was appointed as a Non-Executive Director of the Company on October 12, 2020. He is the Chief Investment Officer ("CIO") and president of Equinox Partners Investment Management, a Connecticut-based money manager. He joined Equinox Partners in 1995 after graduating from Williams College. For the past twenty years, he has built a track record as an investor in precious metals mining and emerging markets equities.

Mr. Fieler is a member of the Risk and Audit and Remuneration and Nomination Committees

Mr. Caruso was appointed as a Non-Executive Director of the Company on April 7, 2022. He has over 40 years of legal experience, specialising in both civil and criminal matters, often involving international jurisdictions. Prior to his current position, he was a partner in the New York office of the global law firm, White & Case. Mr. Caruso is one of the few lawyers in New York to be recognised for both white collar and commercial work, including in many of the most respected guides to leading lawyers.

Mr. Eadie is a qualified Chartered Accountant (CA ANZ) with a Bachelor of Commerce from the University of Western Australia and has over 15 years of experience in a range of financial roles with Australian and international companies. Mr. Eadie also holds a Graduate Diploma of Applied Corporate Governance issued by, and is an Associate of, the Governance Institute of Australia.

Mr. Eadie is the Chief Financial Officer of RTG and was appointed Company Secretary in 2017.

The relevant interest of each Director in the shares, warrants and options over such instruments issued by the companies within the Group and other related bodies corporate, as notified by Directors to the Australian Securities Exchange ("ASX"), at the date of this report is as follows:

1. "Shares" means fully paid shares in the capital of the Company.

2. Mr. Sean Fieler is technically deemed to have a technical relevant interest in the above Securities by virtue of his position as a controlling member of the general partners of the relevant funds (in Equinox Partners) but has confirmed he does not control the decision making with regard to the shareholding and he has no executive role or participation in the decision making of the Company, acting purely as an independent director of RTG.

3. Equinox Partners holds a total of 463,862,227 shares in the Company.

RTG was incorporated on December 27, 2012 and is domiciled in the British Virgin Islands. The Company's registered address is Craigmuir Chambers, PO Box 71, Road Town, Tortola, British Virgin Islands. Its shares are publicly traded on the Australian Stock Exchange ("ASX") and the Toronto Stock Exchange ("TSX").

As the Company is a foreign registered company, a remuneration report in compliance with the Corporations Act 2001 is not required. A voluntary disclosure has been included in this report.

RTG's Corporate Governance Statement has been released as a separate document and is located on the

Company's website at the following link: https://www.rtgmining.com

The following table sets out the number of meetings of the Company's Directors held during the financial year ended December 31, 2025 and the number of meetings attended by each Director. There were two committees of Directors in existence during the financial year, these being, the Risk and Audit Committee and Remuneration and Nomination Committee. We refer you to our Corporate Governance Statement for more information.

Each of the Directors attended all meetings they were eligible to attend, except for Michael Carrick, who was eligible to attend five Directors' meetings.

The principal activity of the Consolidated Entity during the year included the Company's focus on mineral exploration and development through its investment in its Philippines Associates. The Company is primarily focused on progressing the Mabilo Project to start-up having received a mining permit for the Project, with a view to moving quickly and safely to a producing gold and copper company. Additionally, the Company is progressing exploration and development activities of the Company's 90% interest in the Chanach Project in the Kyrgyz Republic, as well as considering a number of new business development opportunities. At the date of this report the Company's main project is the Mabilo Project in the Philippines. There have been no significant changes in the nature of principal activities of the Consolidated Entity during the year.

RTG holds a 40% interest in Mt. Labo Exploration and Development Corporation ("Mt. Labo") which holds the high-grade Copper and Gold Mabilo Project in the Philippines, together with a 2% net smelter royalty over the Mabilo Project. Mt. Labo has secured the Mining Permit, the successful Final Award in the Singapore International Arbitration Centre ("SIAC") matter, won the Setting Aside action of Galeo Equipment Corporation ("Galeo") in Singapore.

The Direct Shipping Operation ("DSO") financing process for the Mabilo Project has been signed by Mt. Labo with a binding term sheet executed for finance (and offtake) for 100% of the planned capital expenditure for Stage 1 entered into with Glencore International AG ("Glencore"). The secured financing facility provides for a total of up to US$30M via three tranches, including: US$3.5M early funding to complete Stage 1 Project land acquisition, with limited conditions precedent; US$21.5M for the balance of development of Stage 1 of the Mabilo Project together with any working capital needs; and US$5M for any additional working capital purposes, subject to consent of both parties. The offtake terms were provided for all Stage 1 products, being the Gold Oxide Cap, Oxide Copper - Gold Skarn and the Supergene Chalcocite, on market terms.

The Company is focussed on a commitment to development at the Mabilo Project to capitalise on strong copper and gold prices, the early repayment of the US$27M of debt owing to RTG following start up, strong cashflow generation from the 2% net smelter royalty and 40% of net profits, which will assist with internally financing the Stage 2 equity contribution to the project - the construction and operation of the 1.35mtpa plant.

RTG continues to progress development plans with its joint venture partner, TVI Resource Development (Phils.) Inc. ("TVIRD"). Key advancements include strong collaboration on financing plans, working towards financing completion (including completion of long form documentation), strong progress on land acquisition plans and strong progress on clearing and grubbing and coconut tree permitting.

All Central Office permitting for Stage 1, the Direct Shipping Operation has been completed, including a Mineral Production Sharing Agreement (Mining Permit) ("MPSA"), and Environmental Compliance Certificate. The Mines and Geosciences Bureau ("MGB") remains very supportive of the project, having named it as one of the priority projects for the Philippines.

RTG holds a majority stake (90%) in the high-grade Chanach Gold and Copper Project ("Chanach Project") in the Kyrgyz Republic. Chanach continued to demonstrate clear potential to host both a high-grade, large Copper - Gold Porphyry-Skarn system, combined with a high-grade epithermal gold system. The broad spaced drilling campaign completed during the 2025 field season was highly successful hitting significant grades in the majority of drill holes completed.

Loss for the year from continuing operations was $4,655,162 (December 31, 2024: $5,347,749).

No dividends have been declared, provided for or paid in respect of the financial year ended December 31, 2025 (2024: $nil).

There were no significant changes in the state of affairs of the Company during the year not otherwise disclosed in this report of the financial statements.

The Company is committed to further developing its current asset base and identifying new mineral exploration and development opportunities to enhance shareholder value.

No significant events have occurred subsequent to reporting date that would have a material impact on the consolidated financial statements.

This report outlines the remuneration arrangements in place for Directors and Executives of the Company and the Group. For the purposes of this report, Key Management Personnel are defined as those persons having authority and responsibility for planning, directing and controlling the major activities of the Group, directly or indirectly, including any Director (Executive or otherwise) of the parent entity.

Michael Carrick Chairman

Justine Magee President and Chief Executive Officer

Robert Scott Non-Executive Lead Director

Phillip Lockyer Non-Executive Director

Kenneth Caruso Non-Executive Director

Sean Fieler Non-Executive Director

Mark Turner Chief Operating Officer

The Remuneration and Nomination Committee is a committee of the Board. It is primarily responsible for making recommendations to the Board on:

• The over-arching executive remuneration framework;

• Operation of the incentive plans which apply to Executive Directors and Executives (the Executive team), including key performance indicators;

• Remuneration levels of Executives; and

• Non-Executive Director fees.

Their objective is to ensure that remuneration policies and structures are fair and competitive and aligned with the long-term interests of the Company. The Company's website contains further information on the role of this committee.

The remuneration policy is to ensure that the remuneration properly reflects the relevant person's duties and responsibilities, and that the remuneration is competitive in attracting, retaining and motivating people of the highest quality. Given the present nature of RTG's business, exploration and development, the Company believes the best way to achieve this objective is to provide Executives (including Executive Directors) with a remuneration package consisting of fixed and variable components that reflect the person's responsibilities, duties and personal performance.

The Remuneration and Nomination Committee reviews information from external sources in relation to its existing remuneration structure. The process of evaluation has remained in-house and informal during the year, with one review of the Executives and Directors undertaken during the year.

The Board seeks to set aggregate remuneration at a level that provides the Company with the ability to attract and retain Directors of the highest calibre, whilst incurring a cost that is acceptable to shareholders. Each Director generally receives a fee for being a Director of the Company. The ASX Listing Rules specify that the aggregate remuneration of Non-Executive Directors shall be determined from time to time by a general meeting. An amount not exceeding the amount determined is then divided between Directors as agreed. The aggregate Non-Executive Director's remuneration including 12% superannuation guarantee is currently A$300,000 ratified at a general meeting on April 10, 2015.

Fixed Remuneration

Fixed remuneration consists of base remuneration (which is calculated on a total cost basis), as well as employer contributions to superannuation funds.

Arrangements put in place by the Board of Directors to monitor the performance of the Consolidated Entity's Executives includes annual performance appraisals incorporating analysis of key performance indicators with each individual to ensure that the level of reward is aligned with respective responsibilities and individual contributions made to the success of the Company.

Remuneration levels are reviewed as required by the Remuneration and Nomination Committee on an individual contribution basis. This incorporates analysis of key performance indicators with each individual to ensure that the level of reward is aligned with respective responsibilities and individual contributions made to the success of the Company.

Variable Remuneration - Short Term Incentive ("STI")

Objective

The objective of the STI program is to link the achievement of the Group's operational targets with the remuneration received by the Executives charged with meeting those targets. The total STI amount available is at the discretion of the Board, however it is set at a level so as to provide sufficient incentive to the Executive to achieve the operational targets and such that the cost to the Company is reasonable in the circumstances.

Structure

Actual STI payments granted to each Executive depend on the extent to which key Group objectives are met. The objectives typically consist of financial and non-financial, corporate and individual measures of performance. Typically included are measures such as contribution to financing and capital raising objectives, risk management and relationship management with key stakeholders. These measures were chosen as they represent the key drivers for the short-term success of the business and provide a framework for delivering long term value.

STI payments are made at the discretion of the Board and Remuneration and Nomination Committee. Amounts are determined in line with the extent to which a key business objective has been met and the individual's responsibilities and contribution. The process occurs shortly after the key objective has been met and payments are delivered as a cash bonus upon approval, in order to closely align the achievement and reward.

STI Bonus for December 31, 2025 Financial Period and for December 31, 2024 Financial Year

No STI bonus amounts have been forfeited during the December 31, 2025 and December 31, 2024 financial years. STI payments are made at the discretion of the Board and Remuneration and Nomination Committee.

Variable Remuneration - Loan Funded Share Plan ("LFSP" or "the Plan")

Objective

The objective of the Plan is to provide a mechanism for the Company to invite Executives (including Directors of the Company) to subscribe for shares in the Company, using financial assistance provided by the Company. Shareholders approved the LFSP on May 24, 2024.

Structure

An invitation to subscribe for shares is provided to Executives with shares delivered in the form of loan funded shares under the Plan. Shares are granted to Executives based on their role and responsibilities. The shares may be granted on varying vesting terms designed to align the individuals' role and responsibilities with the vesting terms. Shares granted as remuneration are determined as part of the overall review of performance and compensation. Criteria which are measured included relative share price performance over the period leading up to their grant. Details of LFSP shares granted and the value of shares granted, sold and lapsed during the year are set out in the tables following.

The Company does take into account overall share price performance in determining Executive compensation amounts, however, share price performance is just one of the many factors, as discussed above, that the Company takes into consideration.

In relation to Directors and Executives, in the case of serious misconduct, employment may be terminated without notice, with no entitlement to termination payment other than remuneration prorated up to and including the date of termination. The Executive Directors have a reciprocal twelve month notice of termination clause and these contracts are for 4 years to December 31, 2025. Mr. Turner has a 3-year contract to December 31, 2025 with a 6-month termination clause. The Company is in the process of negotiating new contracts for the aforementioned parties. Details of the nature and amount of each element of the emolument of each Director and Key Management Personnel of the Company and each of the Executives of the Company and the Consolidated Entity receiving the highest emolument for the financial year are as follows:

Contractual provisions for Executive Directors and Executives

Chairman

Fixed term - expiry 31 December 2025 subject to extension

12 months US$128,981

President and Chief Executive Officer

Chief Operating Officer

Fixed term - expiry 31 December 2025 subject to extension

Fixed term - expiry 31 December 2025 subject to extension

12 months US$238,615

6 months US$230,876

The following tables show details of the remuneration received by the Group's Key Management Personnel for

the current and previous financial year.

12 months ended Short-term benefits December 31, 2025

12 months ended Short-term benefits December 31, 2024

* Annual and long service leave benefits represent non-cash movements in the provision, net of any leave taken or paid out.

1. Shares issued to Directors and Executives

   The details of the allocation of Loan Funded Shares to Key Management Personnel are as follows:

   Opening Closing

   December 31, 2025	balance January 1, 2025	Acquired	Movement balance December 31, 2025
   Directors Mr Michael Carrick	5,300,000	-	- 5,300,000
   Ms Justine Magee	5,300,000	-	- 5,300,000
   Mr Robert Scott	50,000	-	- 50,000
   Mr Philip Lockyer	50,000	-	- 50,000
   Executives Mr Mark Turner	3,250,000	-	- 3,250,000
   Loan funded share plan ("the Plan")

   The purposes of the Plan are to motivate and retain employees, attract quality employees to the Group, create commonality of purpose between the employees and the Group, create wealth for shareholders by motivating the employees, and enable the employees to share the rewards of the success of the Group. Where the Company offers to issue LFSP shares to a Director or employee, the Company may offer to provide the recipient with a limited recourse, interest free loan to be used for the purposes of subscribing for the shares in the Company. The Company's recourse to repayment of the loans is limited to the lesser of:

   1. The original loan to the participant less any repayments made; or

   2. The market value of the shares as at the date of repayment of the loan.

2. Options or warrants granted to Directors and Executives

   There were no options or warrants granted to Executives of the Company during the period ended December 31, 2024 (December 31, 2023: 40,752,699 free attaching options were granted as a part of the capital raise, expired on 8 September 2024).

3. Share holdings

The Company has entered into a contract of insurance to indemnify Directors and officers against liabilities incurred in their capacity as a director or officer of the Company. The insurance contract prohibits disclosure of the nature of the liability covered and the amount of the premium paid.

To the extent permitted by law, the Company has agreed to indemnify its Auditors, BDO Audit Pty Ltd ("BDO" or "Auditors"), as part of the terms of its audit engagement agreement against claims by third parties arising from the audit (for an unspecified amount). No payment has been made to indemnify BDO during or since the financial year.

The Company has agreed to indemnify the Directors, Executives and Secretary for any breach by the Company for which they may be held personally liable.

The Consolidated Entity has a policy of complying with its environmental performance obligations. No material environmental issues have occurred during the year ended December 31, 2025 or up to the date of this report.

Details of the amounts paid or payable to the auditor (BDO Audit Pty Ltd) for audit and non-audit services during the year are disclosed in note 14 Auditor's remuneration.

The Company may decide to employ the auditor on assignments additional to their statutory audit duties where the

auditor's expertise and experience with the Group are important.

The Board of Directors, in accordance with advice provided by the audit committee, is satisfied that the provision of the non-audit services is compatible with the general standard of independence for auditors. The Directors are satisfied that the provision of non-audit services by the auditor did not compromise the auditor's independence requirements for the following reasons:

• all non-audit services have been reviewed by the audit committee to ensure they do not impact the impartiality and objectivity of the auditor, and

• none of the services undermine the general principles relating to auditor independence as set out in APES 110 Code of Ethics for Professional Accountants.

A copy of the auditor's independence declaration is included at page 53 of the financial report and forms part of this report.

This report is made in accordance with a resolution of the Directors on March 27, 2026.

JUSTINE A MAGEE

Perth, March 27, 2026

The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes.

The above consolidated statement of financial position should be read in conjunction with the accompanying notes

Twelve months to December 31, 2025

The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.

1. ‌MATERIAL ACCOUNTING POLICY INFORMATION

   The accounting policies that are material to the consolidated entity are set out below. The accounting policies adopted are consistent with those of the previous financial year, unless otherwise stated.

   1. New or amended Accounting Standards and Interpretations adopted

      The group has adopted all of the new or amended Accounting Standards and Interpretations issued by the

      International Accounting Standards Board ('IASB') that are mandatory for the current reporting period.

      Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.

   2. Basis of preparation

      The consolidated financial report has been prepared as a general purpose financial report which has been prepared in accordance with International Financial Reporting Standards ("IFRS") and International Accounting Standards ("IAS") as issued by the International Accounting Standards Board ("IASB") and Interpretations (collectively IFRS Accounting Standards).

      The consolidated financial statements have been prepared on a historical cost basis, except for financial assets at fair value through other comprehensive income and financial assets at fair value through profit or loss which have been measured at fair value. Historical costs are generally based on the fair values of the consideration given in exchange for goods and services.

      The financial report is presented in United States Dollars (US$) unless otherwise noted. The Company is a for profit entity.

   3. Principles of consolidation

      The consolidated financial statements include the financial statements of the Company and its controlled entities, referred collectively throughout these financial statements as the "Consolidated Entity" or "the Group", as at December 31, 2025. Transactions between companies within the Consolidated Entity have been eliminated on consolidation. For a description of the Company's subsidiaries, refer to note 16.

      Subsidiaries are all those entities over which the Group has the power to govern the financial and operating policies so as to obtain benefits from their activities. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether a group controls another entity.

      Subsidiaries are fully 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.

      A change of ownership interest of a subsidiary that does not result in a loss of control is accounted for as an equity transaction.

   4. Cash and cash equivalents

      Cash and short term deposits in the consolidated statement of financial position include cash at bank and short term deposits with an original maturity of three months or less.

      For the purposes of the consolidated statement of cash flows, cash and cash equivalents include cash and cash equivalents defined above, net of outstanding bank overdrafts.

   5. Exploration and evaluation

Exploration and evaluation expenditures are written off as incurred, except for acquisition costs and where an area of interest is established.

Exploration assets acquired from a third party are carried forward provided that either i) the carrying value is expected to be recouped through the successful development and exploitation or sale of an area of interest or ii) exploitation and/or evaluation activities in the area have not yet reached a stage that permits a reasonable assessment of the existence or otherwise of economically recoverable reserves, active and significant operations in relation to the area are continuing and the rights of the tenure are current. If capitalised exploration and evaluation costs do not meet either of these tests, they are expensed to profit or loss.

1. Exploration and evaluation - continued

   An area of interest is established where a discovery of economically recoverable resource is made. The area of interest will be established as a mineral project. All activity relating to the area of interest is then subsequently capitalised. Where development is anticipated, costs will be carried forward until the decision to develop is made.

   Each area of interest is reviewed at least bi-annually to determine whether it is appropriate to continue to carry forward the capitalised costs.

   Upon approval for the development of an area of interest, accumulated expenditure for the area of interest is transferred to capitalised development expenditure.

2. Investment in Philippines Associates

   The Group's investment in its Philippines Associates is accounted for using the equity method of accounting in the consolidated financial statements. The Philippines Associates are entities over which the Group has significant influence and that are neither subsidiaries nor joint ventures.

   Under the equity method, the investment in the Philippines Associates is carried in the consolidated statement of financial position at cost plus post-acquisition changes in the Group's share of net assets of the Philippines Associates. Cost includes equity contributions. Goodwill relating to an associate is included in the carrying amount of the investment and is not amortised. After application of the equity method, the Group determines whether it is necessary to recognise any impairment loss with respect to the Group's net investment in the Philippines Associates. Impairment exists when the carrying value of the investment in Associates exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. Any impairment loss is recognised as an impairment expense in the profit or loss.

   The Group's share of its Philippines Associates' post-acquisition profits or losses is recognised in the consolidated statement of profit or loss and other comprehensive income, and its share of post-acquisition movements in reserves along with currency movements on translation of the Philippines Associates is recognised in reserves. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. Dividends receivable from Associates are recognised in the parent entity's statement of profit or loss and other comprehensive income, while in the consolidated financial statements they reduce the carrying amount of the investment.

   When the Group's share of losses in the Philippines Associates equals or exceeds its interest in the Philippines Associates, including any unsecured long-term receivables and loans, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the Philippines Associate.

3. Financial Assets

Financial assets are recognised when a Group entity becomes a party to the contractual provisions of the instrument.

Financial assets are initially measured at fair value. Transaction costs that are directly attributable to the acquisition of financial assets (other than financial assets at fair value through profit or loss) are added to or deducted from the fair value of the financial assets as appropriate on initial recognition. Transaction costs directly attributable to the acquisition of financial assets at fair value through profit or loss are recognised immediately in profit or loss.

Classification and measurement

Except for certain trade receivables the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit of loss, transaction costs. Under IFRS 9 financial assets are subsequently measured at fair value through profit or loss ("FVPL"), amortised cost, or fair value through other comprehensive income ("FVOCI"). The classification is based on two criteria: the Group's business model for managing the assets; and whether the instruments' contractual cash flows represent "solely payments of principal and interest" on the principal amount outstanding (the "SPPI criterion").

For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income.

The Group reclassifies debt investments when and only when its business model for managing those assets changes.

1. Financial Assets - continued

   Loans and receivables

   Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. The loan does not meet the IFRS 9 criteria for classification at amortised cost as it fails the contractual cash flow characteristics of solely payments of principal and interest ("SPPI"). As a result, the loan receivable from the Philippines Associates is classified as a financial asset at fair value through profit and loss, with a fair value loss being recognised.

   Investments

   The investments in equity instruments are classified as fair value through other comprehensive income ("FVOCI") and are non-derivatives that are either designated in this category or not classified in any of the other categories. Investments are designated as FVOCI if they do not have fixed maturities and fixed or determinable payments and management intends to hold them for the medium to long term.

   Equity instruments at FVOCI do not recycle gains or losses to profit or loss on derecognition. This category only includes equity instruments which are not held-for-trading and which the Group has irrevocably elected to so classify upon initial recognition or transition. Equity instruments at FVOCI are not subject to an impairment assessment under IFRS 9. For this category there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognised in profit or loss as other income when the Group's right to receive payment is established. The Group has irrevocably elected to classify all of its quoted equity instruments as equity instruments at FVOCI.

   When securities classified as FVOCI are sold, the accumulated fair value adjustments recognised in other comprehensive income are not reclassified to profit or loss as gains and losses on sale of available-for-sale financial assets. FVOCI financial assets are subsequently carried at fair value. Changes in value of non-monetary securities classified as available-for-sale are recognised in other comprehensive income.

   Details of how the fair value of financial instruments is determined are disclosed in note 18.

2. Impairment of non-financial assets

   The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, or when annual impairment testing for an asset is required, the Group makes an estimate of the asset's recoverable amount. An asset's recoverable amount is the higher of its fair value less costs to sell and its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely dependent of those from other assets or groups of assets and the asset's value in use cannot be estimated to be close to its fair value. In such cases the asset is tested for impairment as part of the cash-generating unit to which it belongs.

   When the carrying amount of an asset or cash-generating unit exceeds its recoverable amount, the asset or cash-generating unit is considered impaired and is written down to its recoverable amount.

   In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Impairment losses are recognised in the consolidated statement of profit or loss and other comprehensive income.

   An assessment is also made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the recoverable amount is estimated. A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the asset's recoverable amount since the last impairment loss was recognised. If that is the case the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in profit or loss.

   After such a reversal the depreciation charge is adjusted in future periods to allocate the assets revised carrying amount, less any residual value, on a systematic basis over its remaining useful life.

3. Trade and other payables

   Trade payables and other payables are carried at amortised costs and represent liabilities for goods and services provided to the Group prior to the end of the financial year that are unpaid and arise when the Group becomes obliged to make future payments in respect of the purchase of these goods and services.

   1. MATERIAL ACCOUNTING POLICY INFORMATION - continued
4. Provisions

   Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligations and a reliable estimate can be made of the amount of the obligation.

   When the Group expects some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is represented in the consolidated statement of profit or loss and other comprehensive income net of any reimbursement.

   If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects the risks specific to the liability.

   When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.

5. Employee leave benefits

   Wages, salaries, annual leave and sick leave

   Provision is made for the Group's liability for employee entitlements arising from services rendered by employees to reporting date. Employee entitlements due to be settled within one year have been measured at their nominal amounts based on remuneration rates which are due to be paid when the liability is settled. Expenses for non-accumulating sick leave are recognised when the leave is taken and are measured at the rates paid or payable.

   Long service leave

   The liability for long service leave is recognised and measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the projected unit credit valuation method. Consideration is given to expected future wage and salary levels, experience of employee departures, and periods of service.

6. Contributed equity

   Shares are classified as equity and are recognised at the fair value of the consideration received by the Company. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.

7. Foreign currency translation

   Both the functional currency and presentation currency of the Company is United States dollars (US$).

   Transactions in foreign currencies are initially recorded in the functional currency at the exchange rates ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the reporting date. All differences are taken to the consolidated statement of profit or loss and other comprehensive income.

   Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate as at the date of the initial transaction.

   The functional currency of the Company's Philippines Associates is the Philippine Peso.

   For the purpose of presenting consolidated financial statements, the assets and liabilities of the foreign entities are expressed in United States dollars using exchange rates prevailing at the end of the reporting period. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuated significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising are recognized as a separate component of equity and as a foreign currency translation adjustment in other comprehensive income (loss) in the consolidated statement of profit or loss and other comprehensive income.

   1. MATERIAL ACCOUNTING POLICY INFORMATION - continued
8. Income tax

   Current tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the reporting date.

   Deferred income tax is provided on all temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.

   Deferred income tax liabilities are recognised for all taxable temporary differences:

   • Except where the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profits or taxable profit or loss; and

   • In respect of taxable temporary differences associated with investments in subsidiaries, Associates and interest in joint ventures, except where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.

     Deferred income tax assets are recognised for all deductible temporary differences, carry-forward of unused tax assets and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry-forward of unused tax assets and unused tax losses can be utilised:

   • Except where the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and

   • In respect of deductible temporary differences associated with investment in subsidiaries, Associates and interests in joint ventures, deferred tax assets are only recognised to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised.

   The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised.

   Unrecognised deferred income tax assets are recognised at each reporting date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.

   Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.

   Income taxes relating to items recognised directly in equity are recognised in equity and not in the consolidated statement of profit or loss and other comprehensive income. Deferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred tax assets relate to the same taxable entity and the same taxation authority.

   1. MATERIAL ACCOUNTING POLICY INFORMATION - continued
9. Share based payment transactions

   The Company provides benefits to Directors, consultants and employees of the Group in the form of share-based payment transactions, whereby eligible recipients render services in exchange for shares or rights over shares ('equity-settled transactions').

   The cost of equity-settled transactions with Directors and employees is measured by reference to fair value at the date at which they are granted. The fair value is determined using a Black & Scholes model, further details of which are given in note 19.

   The Group has in prior years provided limited recourse loans to eligible employees (including some directors), to acquire ordinary shares in RTG ("Loan Shares"). The Loan Shares are in substance accounted for as share-based payments with a corresponding increase in equity. The fair value is measured at grant date. The fair value of the Loan Shares was measured using a Black-Scholes valuation model, taking into account the terms and conditions on which the options were granted.

   In valuing equity-settled transactions, no account is taken of any performance conditions, other than conditions linked to the price of the shares of RTG if applicable.

   The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the period in which the performance conditions are fulfilled, ending on the date on which the relevant employees become fully entitled to the award ("Vesting Date").

   The cumulative expense recognised for equity-settled transactions at each reporting date until Vesting Date reflects:

   1. The extent to which the vesting period has expired, and

   2. The number of awards that, in the opinion of the Directors of the Company, will ultimately vest.

      This opinion is formed based on the best available information at reporting date. No adjustment is made for the likelihood of market performance conditions being met as the effect of these conditions is included in the determination of fair value at grant date.

      No expense is recognised for awards that do not ultimately vest, except awards where vesting is conditional upon a market performance condition.

      Where the terms of an equity-settled award are modified, as a minimum an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any increase in the value of the transaction as a result of the modification, as measured at the date of modification.

      Where an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any expense not yet recognised for the award is recognised immediately. However, if a new award is substituted for the cancelled award, and designated as a replacement award on the date that it is granted, the cancelled and new award are treated as if they were a modification of the original award, as described in the previous paragraph.

      Options issued to brokers or advisors as part of capital raising activities are accounted for as a cost of equity. No expense is recognised in profit or loss.

      The dilutive effect, if any, of outstanding options is reflected as additional share dilution in the computation of earnings per share.

10. Segment reporting

    Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the parent entity and Board of Directors.

11. Parent entity financial information

    The financial information for the parent entity, RTG Mining Inc., disclosed in note 15, has been prepared on the same basis as the consolidated financial statements, except for investments in subsidiaries which are accounted for at cost in the financial statements of RTG Mining Inc.

    1. MATERIAL ACCOUNTING POLICY INFORMATION - continued
12. Fair value

    Fair values may be used for financial asset and liability measurement as well as for sundry disclosures.

    Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It is based on the presumption that the transaction takes place either in the principal market for the asset or liability or, in the absence of a principal market, in the most advantageous market. The principal or most advantageous market must be accessible to, or by, the Group.

    Fair value is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their best economic interest.

    The fair value measurement of a non-financial asset takes into account the market participant's ability to generate economic benefits by using the asset at its highest and best use or by selling it to another market participant that would use the asset at its highest and best use.

    In measuring fair value, the group uses valuation techniques that maximise the use of observable inputs and minimise the use of unobservable inputs.

    For assets and liabilities for which fair value is measured or disclosed in the financial statements, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

    • Level 1 Quoted (unadjusted) market prices in active markets for identical assets or liabilities

    • Level 2 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable

    • Level 3 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable

    For the purposes of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy, as explained above.

    Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique in estimating the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing an asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of IFRS 2, leasing transactions that are within the scope of IFRS 16 and measurements that have some similarities to fair value but are not fair value, such as net realisable value in IFRS 2 or value in use in IAS 36.

13. Current versus non-current classification

The Group presents assets and liabilities in the consolidated statement of financial position based on current/non-current classification. An asset is current when it is:

• Expected to be realised or intended to be sold or consumed in the normal operating cycle,

• Held primarily for the purpose of trading,

• Expected to be realised within twelve months after the reporting period, or

• Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.

1. Current versus non-current classification - continued

   All other assets are classified as non-current. A liability is current when:

   • It is expected to be settled in the normal operating cycle,

   • It is held primarily for the purposes of trading,

   • It is due to be settled within twelve months after the reporting period, or

   • There is no right at the end of the reporting period to defer the settlement of the liability for at least twelve months after the reporting period.

     All other liabilities are classified as non-current.

     Deferred tax assets and liabilities are classified as non-current assets and liabilities.

2. Accounting policy choice for non-controlling entities

   The Group recognises non-controlling interest in an acquired entity either at a fair value or at the non-controlling interest's proportionate share of the acquired entity's net identifiable assets. The decision is made on an acquisition-by-acquisition basis.

   Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of profit or loss, statement of comprehensive income, statement of changes in equity and statement of financial position respectively.

3. Going concern

   The Directors have prepared the financial report on the going concern basis, which contemplates the continuity of normal business activity and the realisation of assets and settlement of liabilities in the normal course of business.

   As disclosed in the financial statements, the Group incurred a loss of $4,942,505 (2024: $5,347,749) and had net cash outflows from operating activities of $4,310,675 (2024: $4,144,688) for year ended 31 December 2025. As at December 31, 2025, the Group had a working capital surplus of $6,832,305 (31 December 2024: deficit of

   $252,721).

   The financial statements have been prepared on the basis that the entity is a going concern, which contemplates the continuity of normal business activity, realisation of assets and settlement of liabilities in the normal course of business for the following reasons:

   • The Directors believe that there is sufficient cash available for the Group to continue operating until it can raise sufficient further capital to fund its ongoing activities;

   • Commitments will not be entered into that require additional funding prior to that funding being obtained; and

   • The Group has the ability to reduce its expenditure to conserve cash.

     Should the entity not be able to continue as a going concern, it may be required to realise its assets and discharge its liabilities other than in the ordinary course of business, and at amounts that differ from those stated in the financial statements. The financial report does not include any adjustments relating to the recoverability and classification of recorded asset amounts or liabilities that might be necessary should the entity not continue as a going concern.

     1. MATERIAL ACCOUNTING POLICY INFORMATION - continued
4. Leases

The Group assesses at the start of a contract whether or not it contains a lease, by deciding if the contract provides the right to control the use of an identified asset for a period of time in exchange for consideration.

The Group currently uses a single recognition and measurement approach for all leases, except for short-term leases and leases of low value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use underlying assets.

Lease term

The lease term is a significant component in the measurement of both the right-of-use asset and lease liability. Judgement is exercised in determining whether there is reasonable certainty that an option to extend the lease or purchase the underlying asset will be exercised, or an option to terminate the lease will not be exercised, when ascertaining the periods to be included in the lease term. In determining the lease term, all facts and circumstances that create an economical incentive to exercise an extension option, or not to exercise a termination option, are considered at the lease commencement date. Factors considered may include the importance of the asset to the company's operations; comparison of terms and conditions to prevailing market rates; incurrence of significant penalties; existence of significant leasehold improvements; and the costs and disruption to replace the asset. The company reassesses whether it is reasonably certain to exercise an extension option, or not exercise a termination option, if there is a significant event or significant change in circumstances.

Incremental borrowing rate

Where the interest rate implicit in a lease cannot be readily determined, an incremental borrowing rate is estimated to discount future lease payments to measure the present value of the lease liability at the lease commencement date. Such a rate is based on what the company estimates it would have to pay a third party to borrow the funds necessary to obtain an asset of a similar value to the right-of-use asset, with similar terms, security and economic environment.

Right-of-use assets

The Group recognises right-of-use assets at the start of the lease and are measured at costs, less accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets.

Lease liabilities

At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs.

In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.

Short-term leases and leases of low-value assets

The Group applies the short-term lease recognition exemption to its short-term leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option. It also applies the lease of low-value assets recognition exemption to leases that are considered to be low value. Lease payments on short-term leases and leases of low value assets are recognised as expense on a straight-line basis over the lease term.

1. CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS

The valuation of certain assets held by the Group is dependent upon the estimation of mineral resources and ore reserves. There are numerous uncertainties inherent in estimating mineral resources and ore reserves and assumptions that are valid at the time of estimation may change significantly when new information becomes available.

Changes in the forecast prices of commodities, exchange rates, production costs or recovery rates may change the economic status of reserves and may ultimately result in the reserves being restated. Such change in reserves could impact on asset carrying values.

The carrying amounts of certain assets and liabilities are often determined based on estimates and assumptions of future events. The key estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of certain assets and liabilities within the next annual reporting period are:

Non-consolidation of entities

Non-consolidation of entities Mt. Labo, Bunawan Mining Corporation ("Bunawan"), St Ignatius and Oz Metals Exploration and Development Corporation ("Oz Metals") (referred to as "the Philippines Associates").

Under IFRS 10, an investor, regardless of the nature of its involvement with an entity (the investee), shall determine whether it is a parent by assessing whether it controls the investee. Based on this, the Board control and voting rights in the Philippines Associates, RTG has determined that there is an absence of control over the Philippines Associates and that they will be equity accounted in line with IAS 28.

Board control

The Boards of each of the Philippine's Associates are comprised of five members, with each company Board sharing a maximum of two common Board members with RTG. It follows that the common RTG Board members cannot directly control the Boards of the Philippines Associates.

Voting rights

RTG, through Sierra Mining Pty Ltd, controls 40% of the shareholdings of Mt. Labo, St Ignatius, Bunawan and Oz Metals, with the remaining 60% of the shareholdings being controlled by external Philippine shareholders. Thus, RTG cannot exercise control over these entities via their shareholding positions.

Based on the above assessment of Board Control and Voting Rights, and in the absence of contractual obligations between RTG and the Philippines Associates, RTG is satisfied that it does not have power over the Philippines Associates and hence does not control the Philippines Associates.

Impairment of plant and equipment

The Group determines whether plant and equipment is impaired at least on an annual basis. This requires an assessment on whether there have been any impairment triggers, and where there have been triggers for impairment, an estimation of the recoverable amount of cash generating units to which the plant and equipment are allocated.

Share based payment transactions

The Group measures the costs of equity-settled transactions with employees and advisors by reference to the fair value of the equity instruments at the date at which they are granted. The Group measures the cost of cash-settled share based payments at fair value at grant date taking into account the terms and conditions upon which the instruments were granted, as discussed in note 19. The term of the loan provided by the Company to purchase the loan funded shares was determined by taking into consideration the status of the Company at the time and the expected start date of development and the timing of the recipient's ability to repay loan.

Impairment of non-financial assets

Non-financial assets are reviewed at each reporting date to determine whether there are any indicators that the carrying amount may not be recoverable.

Impairment of capitalised exploration

The ultimate recoupment of the value of exploration and evaluation assets is dependent on the successful development and commercial exploitation, or alternatively sale, of the underlying mineral exploration properties. The consolidated Group undertakes at least on an annual basis, a comprehensive review for indicators of impairment of those assets. Should an indicator of impairment exist, there is significant estimation and judgement in determining the inputs and assumptions used in determining the recoverable amounts.

1. CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS - continued

   Carrying value of the investment in the Philippines Associates

   The Group assesses whether there is objective evidence that the investment in the Philippines Associates is impaired by reference to the underlying mining projects held by the Philippines Associates. These mining projects include the Mabilo Project, held by Mt. Labo, which is in the development phase, therefore requiring an impairment assessment in accordance with IAS 28 Investment in Associates and Joint Ventures. This assessment requires judgement in analysing possible impacts caused by factors such as the price of gold and copper, operating and capital estimates, ownership relationships and the political risk in which the project operates. The fair value in the current period was assessed to be nil (2023: nil) due to the stage of development of the project where management are not yet in a position to determine expected future cash flows from the investment as the term sheet is yet to be finalised and the formal decision to mine has not been made yet.

   Fair value of Financial Assets through Profit or Loss

   The loans to Philippines Associates do not meet the IFRS 9 criteria for classification at amortised cost as they fail the contractual cashflow characteristics of SPPI. As a result, the loans will be carried at FVTPL. While management notes significant change in the circumstances of legal proceedings with the Tribunal handing down a Final Award in favour of Mt. Labo, Mt. Labo securing the Mining Permit and positive political changes in the Philippines, a material uncertainty of recoverability still remains to be recognised as there are further obligations to satisfy before a commitment to development can be made and therefore the formal decision to mine has not been made yet. Due to these inherent uncertainties and risks outlined above, the Board have decided the credit risk is high enough to continue to impair the entirety of the loans to the Philippines Associates as at 31 December 2025.

   Impairment of investment in Joint Venture

   Where there is objective evidence that the investment in a joint venture should be impaired the carrying amount of the investment is tested for impairment in the same way as other non-financial assets. Other non-financial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount, the asset is written down accordingly. Impairment charges are included in profit or loss.

2. EXPENSES

   		December 31 2025	December 31 2024
   		US$	US$
   Exploration and evaluation expenditure
   Exploration and evaluation expenditure		966,991	561,184
   		966,991	561,184
   Business development expenses
   Conferences		47,705	26,463
   Employee and director fees		448,764	435,902
   Project analysis		18,913	2,936
   Travel expenses		88,188	311,764
   Legal fees		139,197	160,271
   Consultants' fees		280,497	174,252
   Other expenses		3,290	728
   		1,026,554	1,112,316
   Administrative expenses
   Accounting, tax services and audit fees		65,769	64,648
   Computer support fees		14,441	13,205
   Consultants' fees		208,431	305,114
   Depreciation expenses		24,890	31,690
   Employee and directors' fees		1,194,824	1,308,312
   Insurance expenses		171,033	139,732
   Legal expenses		95,400	98,854
   Listing and shareholder reporting costs		79,427	89,607
   Occupancy expenses		86,939	76,063
   Amortisation		91,096	91,096
   Travel expenses		115,274	56,924
   Finance costs		34,988	27,529
   Share-based payment expense		105,700	-
   Other expenses		220,263	180,563
   		2,508,475	2,483,337
   		December 31 2025	December 31 2024
   		US$	US$
   Fair value loss on financial asset at fair value through profit or loss
   Fair value loss on advances to Philippines Associates	(i)	287,545	356,907
   		287,545	356,907

   1. Advances to Philippines Associates have been classified as a financial asset at fair value through profit or loss. Refer to note 9 for further information.

      Project expenditure expenses Project expenditure in joint venture	371,429	357,410
      	371,429	357,410

3. INCOME TAX

The Company is incorporated and holds its registered office in the British Virgin Islands, but is an Australian resident for tax purposes due to the location of its central management and control. The major components of income tax benefit are:

The tax losses have not been recognised as their realisation is not considered probable at this stage. The recovery of any tax losses is dependent upon compliance with relevant tax authorities and regulations.

1. INCOME TAX - continued

   		December 31	December 31
   		2025	2024
   		US$	US$
   (d) Amounts recognised directly in equity
   Deferred tax asset relating to equity items		138,430	-
   Less: Deferred tax asset not recognised		(138,430)	-
   Net tax recognised directly in equity		-	-
   5. CASH AND CASH EQUIVALENTS
   		December 31	December 31
   		2025	2024
   		US$	US$
   Cash on hand		8	7
   Cash at bank	(i)	6,382,570	736,518
   		6,382,578	736,525

   1. Cash at bank earns interest at floating rates based on daily bank deposit rates.

Cash at bank on 31 December 2025 excludes bank guarantee of $114,593 and Term deposit of $2,002,176 which are classified as other receivables. Cash at bank on 31 December 2024 excludes bank guarantee of $104,101 which is classified as other receivables.

1. EXPLORATION AND EVALUATION ASSETS

   Opening balance	2,350,377	2,290,186
   Foreign exchange (loss) / gain	(17,448)	60,191
   	2,332,929	2,350,377

   Exploration and evaluation expenditure after acquisition has been expensed to the statement of profit or loss and other comprehensive income.

2. RIGHT-OF-USE ASSET AND LEASE LIABILITY

   Amounts recognised in the consolidated statement of financial position
   	December 31	December 31
   	2025 US$	2024 US$
   Right-of-use asset
   Property - head office lease
   Opening balance	425,117	743,944
   Lease remeasurement	-	(227,731)
   Amortisation	(91,096)	(91,096)
   Closing balance	334,020	425,117
   Lease liability
   Opening balance	445,119	809,802
   Lease remeasurement	-	(227,731)
   Lease payments	(108,803)	(163,210)
   Accretion of interest	27,173	33,036
   Foreign currency translation	31,017	(6,778)
   Closing balance	394,506	445,119
   Current Lease liability	93,899	78,676
   Non-current Lease liability	300,607	366,443
   Total Lease liability	394,506	445,119

   The Company held one lease for the year ended December 31, 2025. The incremental borrowing rate used is 6.52%.

3. FINANCIAL ASSET AT FAIR VALUE THROUGH PROFIT OR LOSS

   Advances to Philippines Associates
   Opening balance	-	-
   Advances to Philippines Associates	287,545	356,907
   Fair value loss	(287,545)	(356,907)
   	-	-

   While management notes significant change in the circumstances of legal proceedings with the Tribunal handing down a Final Award in favour of Mt. Labo, Mt. Labo securing the Mining Permit and positive political changes in the Philippines, a material uncertainty of recoverability still remains to be recognised as there are further obligations to satisfy before a commitment to development can be made and therefore the formal decision to mine as not been made yet. Due to these inherent uncertainties and risks outlined above, the Board have decided to continue to recognise a full impairment over the loans to the Philippines Associates as at 31 December 2025. Refer to note 1 for further information.

4. TRADE AND OTHER PAYABLES

   		December 31	December 31
   		2025 US$	2024 US$
   Current liabilities
   Trade creditors	(i)	662,755	480,843
   Accrued expenses		132,144	125,469
   		794,899	606,312

   1. Trade payables are non-interest bearing and are normally settled on 30 to 60 day terms. There are no amounts that are expected to be settled greater than 12 months.

5. PROVISIONS

   Current liabilities
   Employee annual leave entitlements	496,290	406,511
   Employee long service leave entitlements	225,803	184,909
   	722,093	591,420

   Employee entitlements

   Refer note 1(k) for the relevant accounting policy applied in the measurement of this provision.

6. ISSUED CAPITAL AND RESERVES

1. Issued and paid up share capital December 31 2025

   December 31

   2024

   December 31 2025

   December 31

   2024

   Number Number US$ US$ Issued and paid up capital 1,919,705,411 1,128,651,665 203,690,524 191,947,563

   Fully paid shares carry one vote per share and the right to dividends. The Company is authorised to issue an unlimited number of shares of no par value of a single class.

   11. ISSUED CAPITAL AND RESERVES - continued

   Movements in contributed equity during the year were as follows:	Number	US$
   Opening balance at January 1, 2025	1,128,651,665	191,947,563
   Shares issued1	791,053,746	12,183,541
   Shares issue costs	-	(440,579)
   Total shares on issue at December 31, 2025	1,919,705,411	203,690,524
   Opening balance at January 1, 2024	1,128,651,665	191,984,581
   Shares issued	-	-
   Shares issue costs	-	(37,018)
   Total shares on issue at December 31, 2024	1,128,651,665	191,947,563

   1 During the year, the Company issued 8,000,000 shares to employees, consultants and service providers under the Company's Loan Funded Share Plan. The Company takes security over the Shares acquired until the loan provided for the subscription price for those shares is fully repaid refer to note 19 for further information.

   Fully paid shares carry one vote per share and the right to dividends. The Company is authorised to issue an unlimited number of shares of no par value of a single class.

2. Reserves

   Movements in reserves during the year were as follows:	December 31	December 31
   	2025 US$	2024 US$
   Share based payment reserve	10,722,976	10,510,522
   Foreign currency translation reserve	1,586,982	1,473,058
   Other reserves	30,662	30,662
   	12,340,620	12,014,242

   During the financial year 2025, 10,000,000 options were issued to a supplier for lead manager and bookrunner services related to capital raising. The assessed fair value at grant date of options grated during the year ended 31 December 2025 was AU$0.0164 per option. The fair value at grant date is determined using Black-Scholes Model with the below inputs:

   1. Exercise price: AU$0.05

   2. Grant date: 2 June 2025

   3. Expiry date: 15 June 2028

   4. Share price at grant date: AU$0.033

   5. Expected price volatility of the company's shares: 90.59%

   6. Risk-free interest rate: 3.32%

      The expected price volatility is based on the historic volatility (based on the remaining life of the options).

      A total of 19,521,813 options expired during the year. As of December 31, 2025, the Company has 30,827,959 options on issue.

      11. ISSUED CAPITAL AND RESERVES - continued Movements in options during the year were as follows:

      2025
      Grant	Expiry	Exercise price	Balance at the start of the					Balance at the end of
      date	date	(AU$)	year	Granted	Exercised		Expired	the year
      15/07/2020	15/07/2025	$0.057	6,806,612	-	-		(6,806,612)	-
      06/01/2022	06/01/2027	$0.090	5,827,959	-	-		-	5,827,959
      08/09/2023	30/06/2025	$0.120	12,715,201	-	-		(12,715,201)	-
      08/09/2023	08/09/2026	$0.075	15,000,000	-	-		-	15,000,000
      02/06/2025	15/06/2028	$0.050	-	10,000,000	-		-	10,000,000
      			40,349,772	10,000,000	-		(19,521,813)	30,827,959
      Weighted average exercise price			$0.088	$0.050	-		$0.098	$0.070
      2024
      		Exercise	Balance at the					Balance at
      	Expiry	price	start of the					the end of
      Grant date	date	(AU$)	year	Granted		Exercised	Expired	the year
      15/07/2020	15/07/2025	$0.057	6,806,612		-	-	-	6,806,612
      6/01/2022	6/01/2027	$0.090	5,827,959		-	-	-	5,827,959
      8/09/2023	30/06/2025	$0.120	12,715,201		-	-	-	12,715,201
      8/09/2023	8/09/2026	$0.075	15,000,000		-	-	-	15,000,000
      8/09/2023	8/09/2024	$0.075	193,286,828		-	-	(193,286,828)	-
      			233,636,600		-	-	(193,286,828)	40,349,772
      Weighted average exercise price $0.077				-		-	$0.075	$0.088

      Nature and purpose of reserves

      Share based payment reserve

      The share based payment reserve is used to record the value of share based payments provided to supplier and employees, including Key Management Personnel and Directors as part of remuneration. The notional value attributed to the shares issued under the Loan Share Plan is included in this reserve as accounting standards deem the non-recourse loan to contain an embedded option (refer to note 19).

      Foreign currency translation reserve ("FCTR")

      The foreign currency translation reserve comprises all exchange differences arising from the translation of the financial statements of foreign operations and from the translation of intercompany balances that form part of the Group's net investment in those foreign operations. The balance of this reserve is reclassified to profit or loss upon disposal of the related foreign operation.

      1. ISSUED CAPITAL AND RESERVES - continued
3. Accumulated losses December 31 2025 December 31 2024 US$ US$

   Balance at the beginning of the financial year (200,080,799) (194,928,696)

   Loss attributable to equity holders of the Company (4,401,752) (5,152,103)

   Balance at the end of the financial year (204,482,551) (200,080,799)

4. Dividends

No dividends were paid or proposed during or since the end of the financial year. Refer to note 18 for information on capital risk management.

1. LOSS PER SHARE

   The following reflects the income and share data used in the basic and diluted loss per share calculation:

   1. Loss used in calculating earnings per share December 31 2025 December 31 2024 US$ US$

      Loss attributable to ordinary equity holders of the parent

      - Continuing operations	(4,401,752)	(5,152,103)
      Loss attributable to ordinary equity holders of the parent	(4,401,752)	(5,152,103)

   2. Weighted average number of shares Number of shares Number of shares

      Weighted average number of shares used in calculating basic loss per share

      1,607,135,005 1,128,651,665

      Effect of dilutive options - -

      Weighted average number of shares used in calculating diluted loss per share

      1,607,135,005 1,128,651,665 Loss per share attributable to ordinary shareholders

      Basic and diluted loss per share (cents) (0.27) (0.46)

2. NON-CONTROLLING INTEREST

   The effect on the equity attributable to the Company during the year is as follows:

   	December 31	December 31
   	2025 US$	2024 US$
   Opening non-controlling interests	(1,560,998)	(1,499,799)
   Gain / (loss) attributable to non-controlling interests	(253,410)	(195,646)
   Foreign currency translation differences	(112,295)	134,447
   	(1,926,703)	(1,560,998)

   On October 23, 2019 the Group acquired PB Partners (Malaysia) Pte Ltd ("PB"), a non-listed company with a 90%

   direct interest in Chanach LLC ("Chanach").

   On July 18, 2018 the Group acquired A2V Mining Inc. ("A2V"), a non-listed company with a 69% direct interest in

   Central Exploration Pty Ltd ("Central").

   Set out below is summarised financial information for each subsidiary that has non-controlling interests that are material to the Consolidated Entity. The amounts disclosed for each subsidiary are before inter-company eliminations.

   Statement of financial position Chanach LLC Central Exploration Pty Ltd

   	2025 US$	2024 US$	2025 US$	2024 US$
   Current assets	174,160	94,227	38,259	33,220
   Current liabilities	(262,451)	(316,851)	(5,507,900)	(4,768,769)
   Current net assets	(88,292)	(222,624)	(5,469,641)	(4,735,549)
   Non-current assets	2,374,177	2,403,994	795	1,937
   Non-current liabilities	(4,490,117)	(3,022,488)	-	-
   Non-current net assets	(2,115,940)	(618,494)	795	1,937
   Net assets	(2,204,232)	(841,118)	(5,468,846)	(4,733,611)
   Accumulated NCI	(220,423)	(84,112)	(1,706,280)	(1,476,887)
   Statement of financial performance Chanach LLC Central Exploration Pty Ltd
   		2025	2024	2025	2024
   		US$	US$	US$	US$
   Loss for the period		(1,371,215)	(808,666)	(372,720)	(367,883)
   Exchange differences on translation of foreign operations		8,102	(1,843)	(362,516)	431,512
   Total comprehensive (loss) / income		(1,363,113)	(810,509)	(735,235)	63,629
   (Loss) allocated to NCI		(137,122)	(80,867)	(116,289)	(114,779)
   Statement of cash flows Chanach LLC Central Exploration Pty Ltd
   		2025	2024	2025	2024
   		US$	US$	US$	US$
   Cash flow used in operating activities		(1,363,455)	(734,419)	(356,340)	(381,951)
   Cash flow used in investing activities		(3,750)	(43,285)	-	-
   Cash flow from financing activities		1,440,762	733,124	361,380	388,634
   Net increase/(decrease) in cash and cash equivalents		73,558	(44,580)	5,039	6,683

3. AUDITOR'S REMUNERATION

   	December 31 2025	December 31 2024
   	US$	US$
   a) Auditor of the Group - BDO Audit Pty Ltd
   Audit and review of financial reports	47,663	43,398
   Non-audit services	2,025	-
   Total services provided by BDO Audit Pty Ltd	49,688	43,398
   b) Other Auditors Audit and review of financial reports of controlled entities	1,930	1,945
   Total services provided by other auditors	1,930	1,945

4. PARENT ENTITY INFORMATION

   	December 31	December 31
   Information relating to RTG:	2025 US$	2024 US$
   Current assets	8,518,094	896,239
   Total assets	10,883,557	2,628,920
   Current liabilities	(1,288,751)	(903,546)
   Total liabilities	(2,334,320)	(1,961,957)
   Issued capital	203,690,524	191,947,563
   Share option reserve	10,722,976	10,510,522
   Accumulated losses	(205,864,264)	(201,791,123)
   Total shareholders' equity	8,549,236	666,963
   Loss of the parent entity	(4,072,938)	(4,937,613)
   Total comprehensive loss of the parent entity	(4,072,938)	(4,937,613)

5. RELATED PARTY DISCLOSURE

The Consolidated Entity consists of RTG and its subsidiaries and joint ventures listed in the following table:

Sierra Mining Pty Ltd Australia 100 100

SRM Gold Limited British Virgin Islands 100 100

Sierra Philippines Pty Ltd Australia 100 100

Ratel Group Limited British Virgin Islands 100 100

A2V Mining Inc. British Virgin Islands 100 100

Central Exploration Pty Ltd Australia 69 69

Origold Mining Limited British Virgin Islands 100 100

Origold PNG Limited Papua New Guinea 100 100

Areca Mining Limited British Virgin Islands 100 100

PB Partners (Malaysia) Pte Ltd Malaysia 100 100

Chanach LLC Kyrgyz Republic 90 90

1. Controlling Entity

   The ultimate controlling entity of the wholly owned group is RTG Mining Inc.

2. Other transactions with related parties

   During the year ended December 31, 2025 the Group entered into transactions with related parties:

   • Loans of $1,822,374 (2024: $1,201,692) were advanced to subsidiaries from short term inter-company accounts, and

   • Loans of $287,545 (2024: $356,907) were advanced on to the Philippines Associates of the Company.

   • The total cumulative advances (excluding interest) to Philippines Associates were $32,390,836 at December 31, 2025 and $32,103,291 at December 31, 2024.

     These transactions were undertaken on the following terms and conditions:

   • Loans are repayable at call.

   • Loans and advances to Mt. Labo shall be paid and settled pro rata out of the operating cash flow of Mt. Labo arising from the commercial operations of the Mabilo Project, specifically from the DSO proceeds, subject to the customary requirements in connection with any third-party financing arrangements secured for the purposes of funding the Mabilo Project and/or as may be necessary to ensure the liquidity and the continuity of operations of Mt. Labo and/or the Mabilo Project.

3. Key Management Personnel compensation