Announcement PDF PINNACLE MINERALS LIMITED and Controlled Entities ACN 655 033 677 ANNUAL REPORT 30 JUNE 2025 CORPORATE DIRECTORY Directors William Witham Executive Chair Appointed on 3 November 2021 Lincoln Liu Non-executive Director Appointed on 3 December 2021 Stephen Ross Non-executive Director Appointed on 3 November 2021 Maurice (Nic) Matich Managing Director Appointed on 20 October 2022 resigned 18 September 2024 Company Secretary Jay Stephenson (appointed on 3 November 2021) Head Office and Registered Office Securities Exchange Registered Office and Principal Place of Business Australian Securities Exchange (‘ASX’) Suite 6, Level 1/389 Oxford Street Level 40, Central Park, 152-158 St Georges Terrace MOUNT HAWTHORN WA 6016 PERTH WA 6000 Telephone +61 8 9426 0666 Telephone: 131 ASX (131 279) (within Australia) Telephone: +61 2 9338 0000 Facsimile: +61 2 9227 0885 Share Registry Website: www.asx.com.au Automic ASX Code: PIM Level 5, 191 St Georges Terrace PERTH WA 6000 Telephone +61 2 9698 7164 Auditor Hall Chadwick Audit (WA) Pty Ltd 283 Rokeby Road Subiaco WA 6008 Page | 1 PINNACLE MINERALS LIMITED and Controlled Entities ACN 655 033 677 ANNUAL REPORT 30 JUNE 2025 ANNUAL REPORT 30 JUNE 2025 CONTENTS Chairman's letter ................................................................................................................................................................ 3 Review of operations - overview ........................................................................................................................................ 4 Directors’ report ................................................................................................................................................................. 6 Auditors independence declaration ................................................................................................................................. 13 Corporate Governance Statement ................................................................................................................................... 14 Consolidated statement of profit or loss and other comprehensive income ................................................................... 23 Consolidated statement of financial position ................................................................................................................... 24 Consolidated statement of changes in equity .................................................................................................................. 25 Consolidated statement of cash flows .............................................................................................................................. 26 Notes to the consolidated financial statements ............................................................................................................... 27 Consolidated entity disclosure statement ........................................................................................................................ 48 Directors’ declaration ....................................................................................................................................................... 49 Independent auditor's report ........................................................................................................................................... 50 Additional information for listed public companies ......................................................................................................... 55 Page | 2 PINNACLE MINERALS LIMITED and Controlled Entities ACN 655 033 677 ANNUAL REPORT 30 JUNE 2025 CHAIRMAN'S LETTER Dear Fellow Shareholders, On behalf of the Board of Directors, I am pleased to present the 2025 Annual Report for Pinnacle Minerals Limited (ASX: PIM). Pinnacle remains focused on the exploration and development of technology-critical minerals, with key projects located in Canada and Australia. Over the past year, the Company has undergone a strategic reset, refining its project portfolio, reducing overheads, and directing efforts toward assets with the strongest potential to generate long-term value for shareholders. A cornerstone of our portfolio is the Adina East Lithium Project in Québec’s James Bay region. The project benefits from its proximity to several major lithium discoveries and its position within Category-III lands under the James Bay Agreement, which permits exploration activity. In 2024, a high-resolution LIDAR and orthophoto survey was completed, identifying multiple high-priority pegmatite targets interpreted to be extensions of mineralised systems at neighbouring lithium projects. These targets will form the basis for upcoming field exploration as market conditions improve. Our exploration work at the Wirrulla Rare Earth Element (REE) and Uranium Project in South Australia also delivered promising results. Analysis of historical drill cores confirmed the presence of total rare earth oxide (TREO) grades of up to 1,708 ppm, with notable proportions of heavy REEs and magnet REEs. These findings support the potential for clayhosted REE mineralisation within the Narlaby Palaeochannel and have warranted further leach testing and assessment by specialist consultants. In Western Australia, Pinnacle completed a 2,067-metre aircore drilling campaign at the Capel Heavy Mineral Sands Project. The program encountered broad and shallow zones of heavy mineralisation across multiple trends, validating historical data and confirming the presence of a coherent mineralised system. The Company continues to evaluate potential pathways to advance or partner this asset. Throughout 2025, the Board has prioritised capital preservation, portfolio optimisation, and the identification of new exploration opportunities. This included a strategic review which resulted in the relinquishment or divestment of noncore assets and a renewed focus on three core projects: Adina East (Lithium), Wirrulla (REE and Uranium), and Capel (Heavy Mineral Sands). We also remain open to partnering discussions for each of these assets, with the aim of accelerating exploration while limiting dilution. On behalf of the Board, I would like to thank our shareholders for their continued support and patience during this transitional year. We remain focused on unlocking the value of our core projects, maintaining disciplined capital management, and delivering exploration success. William Witham EXECUTIVE CHAIRMAN Pinnacle Minerals Limited Page | 3 PINNACLE MINERALS LIMITED and Controlled Entities ACN 655 033 677 ANNUAL REPORT 30 JUNE 2025 REVIEW OF OPERATIONS - OVERVIEW Pinnacle Minerals Ltd (ASX: PIM) is an ASX-listed technology minerals company focused on creating shareholder value through the systematic exploration and development of a diversified portfolio of battery and critical minerals projects in Canada and Australia. The asset base includes the flagship Adina East Lithium Project in Québec, the Capel heavy mineral sands project in Western Australia and the Wirrulla REE/uranium project in South Australia. Over the year to 30 June 2025 the Company undertook an operational reset to concentrate capital and effort on these core projects while streamlining the portfolio. Non-core Australian projects (Holly, Bobalong, Tambellup and White Knight) and Canadian claim groups (Lac Rug and Lac Bigniba) were relinquished or earmarked for divestment. Corporate costs were reduced and discretionary spend tightly managed to preserve cash. At Adina East, Pinnacle completed high-resolution LIDAR and orthophoto surveying that refined the geological model and mapped priority pegmatite outcrops. Follow-up interpretation through the year defined eight high-priority lithium targets on both the western and eastern flanks of the project, interpreted as possible extensions to mineralised systems identified by neighbouring explorers. While no ground programs were run during winter, the year closed with a field program planned to ground-truth these targets in the September quarter. At Wirrulla in South Australia, historical cores held at the Tonsley Core Library were screened by pXRF, with 21 intervals selected for lab assay and leach testing to evaluate clay-hosted REE potential. Results later in the year were encouraging, including 6 m at 1,708 ppm TREO (with 3 m at 2,095 ppm TREO), notable for high proportions of heavy and magnet rare earths. The Company also regained full ownership of the uranium rights over the project area following the termination of a prior agreement, restoring flexibility to progress work on the Narlaby Palaeochannel. At Capel in Western Australia, Pinnacle completed a 95-hole, 2,067 m aircore program testing both an older deflected palaeoshoreline and a younger linear trend. Drilling confirmed broad, shallow heavy-mineral sands consistent with historical work, including intersections such as 3.4% HM over 7 m (including 2 m at 7.9%) and 13.1% HM over 1 m across a strike length of approximately 2.5 km. Subsequent studies focused on options to advance the project, including potential partnering. Financially, the Company maintained strict capital discipline throughout the year and ended the June quarter with cash of approximately $0.455 million. After year-end, Pinnacle announced firm commitments to raise about $1.76 million (before costs) via a placement at $0.04 per share with one free attaching option for every two shares (exercise price $0.08, three-year expiry), and indicated an intention to offer a bonus option entitlement to existing shareholders. Overall, FY25 was a year of refocused effort and technical de-risking: Adina East progressed from regional definition to clearly prioritised targets ready for field validation; Wirrulla delivered promising REE results with full uranium rights restored; and Capel confirmed the continuity of mineralisation and remains positioned for advancement. The Company enters the new year with a streamlined portfolio, a clearer exploration pipeline and a strengthened platform for valueadding work programs. COMPETENT PERSON STATEMENT The information in this report that relates to Exploration Results is based on, and fairly represents, information and supporting documentation prepared by Mr William Witham, Non-Executive Chair of Pinnacle Minerals Limited. Mr Witham has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Witham consents to the inclusion in this release of the matters based on the information in the form and context in which they appear. Mr Witham is a shareholder of Pinnacle Minerals Limited. Page | 4 PINNACLE MINERALS LIMITED and Controlled Entities ACN 655 033 677 ANNUAL REPORT 30 JUNE 2025 TENEMENT SCHEDULE Australia: As at the date of reporting, the Company holds a 100% beneficial interest in all Australian tenements through both the parent company and its’ subsidiary REE Exploration Pty Ltd. Project Holder State Tenement Status Percentage Held Capel Pinnacle Minerals Ltd WA E70/6372 Granted 100% Wirrulla REE Exploration Pty Ltd SA EL 6968 Granted 100% Canada: Adina East Project (75% ownership) As at the date of reporting, the Company holds a 75% beneficial interest in all Canadian (Quebec) claims through its subsidiary Pinnacle Minerals James Bay Ltd. Title Number NTS Sheet Acquisition Date Anniversary Date Registered Holder 2690971 - 2690982 23E04 21/11/2022 20/11/2025 Pinnacle Minerals James Bay Ltd 75% ED Spod 1 Corp 25% 2690984 - 2691013 23E04 & 23E05 & 33H01 21/11/2022 20/11/2025 Pinnacle Minerals James Bay Ltd 75% ED Spod 1 Corp 25% 2691015 - 2691029 33H01 21/11/2022 20/11/2025 Pinnacle Minerals James Bay Ltd 75% ED Spod 1 Corp 25% 2691031 - 2691060 33H01& 33H08 21/11/2022 20/11/2025 Pinnacle Minerals James Bay Ltd 75% ED Spod 1 Corp 25% 2691062 - 2691076 33H08 21/11/2022 20/11/2025 Pinnacle Minerals James Bay Ltd 75% ED Spod 1 Corp 25% 2691078 - 2691096 33H08 21/11/2022 20/11/2025 Pinnacle Minerals James Bay Ltd 75% ED Spod 1 Corp 25% 2692398 - 2692408 23E05 24/11/2022 23/11/2025 Pinnacle Minerals James Bay Ltd 75% ED Spod 1 Corp 25% 2692410 - 2692418 33H08 24/11/2022 23/11/2025 Pinnacle Minerals James Bay Ltd 75% ED Spod 1 Corp 25% Page | 5 PINNACLE MINERALS LIMITED and Controlled Entities ACN 655 033 677 ANNUAL REPORT 30 JUNE 2025 DIRECTORS’ REPORT Your Directors present their report together with the financial statements of the Group, being the Company and its controlled entities, for year ended 30 June 2025. 1. DIRECTORS AND COMPANY SECRETARY The names, qualifications, experience and special responsibilities of the Directors in office at any time during or since year-end are as follows: Mr. William Witham, BSc in Geology (Hons) Executive Chair (Non-independent) (appointed 3 November 2021) Mr Bill Witham has held senior executive roles in the resources industry across the Australian and African resources sector for over two decades and has worked and lived in Australia, Africa and South America. Mr Witham has been involved in a number ASX listed companies has further experience in member-based organisation leadership, including currently with the Australia-Africa Minerals & Energy Group (AAMEG - CEO), and previously with the Chamber of Minerals & Energy WA (Government Relations and Policy) and the National Party WA (Corporate Director). Mr Witham is also a non-executive director of DMC Mining Limited. Interest in Shares and Options: 2,570,638 Shares and 3,600,000 Options and 2,070,000 Performance Options. Mr Lincoln Liu, BBusCom, MCom, MBA Non-executive Director (Independent) (appointed 3 December 2021) Lincoln Liu has worked in Australian equities including stockbroking, research and investment banking for over a decade. Mr Liu has experience in IPO's, Placements, Private Equity and M&A. His industry expertise includes resources and he has worked extensively with growth companies. Mr Liu is the founder of a Sydney based Corporate advisory firm. He holds a Bachelor of Business and Commerce (Applied Finance) from UWS, Master of Commerce in Finance from UNSW & and a Master of Business Administration from USYD. Interest in Shares and Options: 50,000 Shares and 1,300,000 Options and 690,000 Performance Options Mr Stephen Ross, BSc (Geology), FFin , MAusIMM Non-executive Director (Independent) (appointed 3 November 2021) Stephen Ross is a geologist, independent consultant and public company director that has been involved in the international minerals industry in technical, business development and corporate positions for 30 years. Stephen has sourced significant investments for junior explorers and pre-development resource companies worldwide while holding managing director and technical positions when based in Central Asia, West Africa and Sri Lanka. He is a member of the Australasian Institute of Mining and Metallurgy, is a Fellow of the Financial Services Institute of Australasia and a is a member of the Australian Institute of Company Directors. Stephen is currently the chairman of ASX-listed Power Minerals Limited, and a non-executive director of Summit Minerals Limited. Mr Maurice (Nic) Matich, BSc, Grad. Dip. Finance, BEng (Mechanical Engineering), GAICD Managing Director (Non-Independent) (appointed 20 October 2022, resigned 18 September 2024) Mechanical engineer and finance professional with over 15 years experience in the resources sector. His wide industry experience includes the provision of engineering, risk consulting and insurance services to numerous tier 1 mining companies with operations in mineral sands, kaolin, iron ore, gold and zinc. Nic has a deep understanding of the industrial minerals thematic having covered the sector as an analyst for Patersons Securities and more recently as Executive Director of Heavy Minerals Limited that Nic lead to listing on the ASX in 2021. Nic was the key driver of the company, delivering both a maiden resource and scoping study in his first twelve months as Executive Director there. Directors have been in office since the start of the financial year to the date of this report unless otherwise stated. Company Secretary: Mr Jay Stephenson, MBA, FCPA, CA, CPA (Canada) CMA (Canada), FCIS, FGIA Mr Stephenson has been involved in business development for over 30 years, including approximately 24 years as Director, Chief Executive Officer, and Company Secretary of various listed and unlisted entities in resources, manufacturing, wine, hotels and property. He has been involved in business acquisitions, mergers, initial public offerings, capital raisings, and business restructuring, as well as managing all areas of finance for companies. Page | 6 PINNACLE MINERALS LIMITED and Controlled Entities ACN 655 033 677 ANNUAL REPORT 30 JUNE 2025 2. DIRECTORS’ MEETINGS The number of directors’ meetings attended by each of the Directors of the Company who hold or held office during the financial year was: DIRECTORS MEETINGS AUDIT COMMITTEE Number eligible to attend Number Attended W. Witham 2 2 M. Matich 1 1 S. Ross 2 2 L. Liu 2 2 Number eligible to attend Number Attended NOMINATION COMMITTEE Number eligible to attend Number Attended FINANCE AND OPERATIONS COMMITTEE REMUNERATION COMMITTEE Number eligible to attend Number Attended Number eligible to attend Number Attended At the date of this report, the Remuneration, Audit, Nomination, and Finance and Operations Committees comprise the full Board of Directors. The Directors believe the Company is not currently of a size nor are its affairs of such complexity as to warrant the establishment of these separate committees. Accordingly, all matters capable of delegation to such committees are considered by the full Board of Directors. 3. DIRECTORS’ INTERESTS The relevant interests of Directors in the shares and options of the Company up to the date of this report were as follows: 2025 W. Witham1 S. Ross2 L. Liu3 i. ii. iii. Shares No. Performance Rights No. Options No. 2,570,638 2,070,000 3,600,000 - 1,380,000 300,000 50,000 690,000 1,300,000 2,620,638 4,140,000 5,200,000 The Shares are held indirectly through William John Andrew Witham, Katherine Darian Witham Jensen ATF Acorn Family Trust. The Performance Rights were issued as approved by Shareholders at the 2024 Annual General Meeting and the Options include 3,000,000 Performance Options and 600,000 Listed Options. The Performances Rights were issued as approved by Shareholders at the 2024 Annual General Meeting and the Options are Performance Options. The Shares are held directly by Lincoln Liu, the Performance Rights were issued as approved by Shareholders at the 2024 Annual General Meeting and the Options include 300,000 Performance Options and 1,000,000 Listed Options. 4. PRINCIPAL ACTIVITIES The principal activity of the Consolidated Entity during the course of the financial year was to explore its current portfolio of projects and to investigate new opportunities for mineral exploration. 5. OPERATING RESULTS For the 2025 financial year the Group delivered a loss after providing for income tax of $891,224. 6. REVIEW OF OPERATIONS Refer to the Review of Operations – Overview located on page 4 of this report. 7. DIVIDENDS The Directors have not paid an interim dividend nor do they recommend the payment of a final dividend. 8. FINANCIAL POSITION As at 30 June 2025, the Group's cash and cash equivalents were $455,248, working capital was $254,694 and net assets were $3,227,084. The consolidated entity’s financial position has enabled the Group to limit its borrowings to internal parties and not to external financial institutions. This maintains a satisfactory working capital ratio. The directors believe the Group is in a satisfactorily stable financial position to continue its current operations. 9. SIGNIFICANT CHANGES IN STATE OF AFFAIRS There were no significant changes in the state of affairs of the Group during the year ended 30 June 2025. Page | 7 PINNACLE MINERALS LIMITED and Controlled Entities ACN 655 033 677 ANNUAL REPORT 30 JUNE 2025 10. EVENTS SUBSEQUENT TO REPORTING DATE On 30 July 2025, the Group announced that it had received firm commitments to raise approximately $1,760,000 before costs through a two-tranche placement. Under the placement new shares will be issued at an offer price of $0.04 per share, with one (1) free attaching option issued for every two (2) new shares subscribed. The options will be exercisable at $0.08 and will expire three years from the date of issue. Tranche 1 will raise $454,632. Tranche 2 will raise $1,305,367 and will be subject to shareholder approval. As at the date of this report, the company has received $427,354 after paying 6% in capital raising fees. On 4 August 2025, the Group announced an additional proposed raising of $440,000 (before costs) as a third tranche, comprising 11,000,000 shares at $0.04 per share and 5,500,000 free attaching options on the same terms (exercisable at $0.08, three-year expiry). Tranche 3 is subject to shareholder approval and is being managed by Oakley Capital Partners Pty Ltd and AE Advisors (6% fee on funds raised). On 24 September 2025, Shareholders approved Tranche 2 and 3 of the placement. The total amount raised from the three tranches is $2,200,000 less 6% in capital raising fees. There were no other significant events after the end of the reporting year. 11. LIKELY DEVELOPMENTS AND EXPECTED RESULTS Likely future developments in the operations of the Consolidated Entity are referred to in the review of operations - overview on page 4 of the Annual Report. 12. DIRECTORS’ SHAREHOLDINGS, CONTRACTS AND BENEFITS Since the end of the previous financial year no Director of the Company has received, or become entitled to receive a benefit (other than a benefit included in the aggregate amount of emoluments received or due and receivable by Directors shown in the accounts) by reason of a contract made by the Company with the Director or with a firm of which the Director is a member, or a Company in which the Director has a substantial financial interest, other than as disclosed in the remuneration report below. 13. REMUNERATION REPORT (AUDITED) The remuneration report is set out under the following main headings: (a) Principles used to determine the nature and amount of remuneration (b) Details of remuneration (c) Service agreements (d) Equity instruments disclosure relating to Key Management Personnel (e) Share-based compensation (f) Loans to / from Key Management Personnel (g) Transactions with Related Parties of Key Management Personnel The information provided in this remuneration report has been audited as required by s308(3C) of the Corporations Act 2001 (Cth). (a) Principles used to determine the nature and amount of remuneration The following report determines the principles used to determine the nature and amount of remuneration. The Board is responsible for determining and reviewing compensation arrangements for the Directors and the Executive team. The role also includes responsibility for share option schemes, superannuation entitlements, retirement and termination entitlements, fringe benefit policies, liability insurance policies and other terms of employment. The Board will review the arrangements having regard to performance, relevant comparative information and at its discretion may obtain independent expert advice on the appropriateness of remuneration packages. Remuneration packages are set at levels intended to attract and retain Executives capable of managing the Company’s activities. The practices of negotiation and annual review of Executive Directors’ performance and remuneration are carried out by the Non-Executive Directors of the Board. The Chairman of the Board who makes recommendations to the full board, undertakes, in an informal way, the review of the Non-Executive Directors remuneration. The Board will meet at least annually or as required, usually on the anniversary date of each service agreement for the particular Director and or Executive. At these meetings, the particular Director and/or Executive will declare his/her interest and not vote, as well he/she will depart from the meeting, so as not to be present whilst the issue is being discussed. Given the nature and size of the Company there has been no requirement to engage the services of a remuneration consultant for the year ended 30 June 2025. Page | 8 PINNACLE MINERALS LIMITED and Controlled Entities ACN 655 033 677 ANNUAL REPORT 30 JUNE 2025 i. Remuneration of Non-executive Directors Total remuneration for Non-executive Directors is not to exceed $250,000 per annum, excluding options which are approved separately at a general meeting. Non-Executive Directors’ fees are set with reference to fees paid to other Non-Executive Directors of comparable companies and are presently $175,000 per annum for the Executive Chair and $45,000 per annum for the Non-Executive Directors. The Non-Executive Director’s remuneration is reviewed annually by the Non-executive Directors of the Board. ii. Share trading policy The trading of shares issued to participants under any of the Company’s employee equity plans is subject to, and conditional upon, compliance with the Company’s employee share trading policy, publicly available via the ASX. iii. Remuneration Framework The executive remuneration framework has two components: ● base pay and benefits, including superannuation where applicable; and ● long term incentives. Director Options have been issued to each Director as a part of their total remuneration, these Options are exercisable at $0.16 on or before 20 December 2026. In addition Directors have been issued Performance Options with vesting conditions. The executive remuneration mix is consistent with that of an exploration company in that pay is currently not based on the performance of the Company and both components of the executives target pay are not at risk. (b) Details of remuneration Details of the nature and amount of each element of the emoluments of each of the key management personnel of the Company for the year ended 30 June 2025 are set out in the following tables. Short-term benefits Cash, salary & fees $ 2025 Non-monetary5 $ Post employment benefits Equity-settled share-based payments: Total Options as per percentage of remuneration Superannuation $ Options $ $ % Mr W. Witham1 155,500 - - 77,116 232,616 33.2 Mr. M. Matich2 124,257 - 14,290 - 138,547 - Mr. S. Ross4 63,000 - - 10,683 73,683 14.5 45,000 - - 5,341 50,341 10.6 387,757 - 14,290 93,140 495,187 18.8 Mr. L. Liu5 i. ii. iii. iv. William Witham is paid as a consultant a total annual fee of $90,000. A day rate of $1,200 per day worked for work related to the Operations of Pinnacle over and above the Non-Executive Chair role. Maurice Matich is paid as an employee a total annual fee of 216,000 plus superannuation. Stephen Ross is paid as a consultant a total annual fee of $45,000 per annum. A day rate of $1,500 per day worked for work related to the Operations of Pinnacle over and above the Non-Executive Director role. Lincoln Liu is paid as a consultant a total annual fee of $45,000 per annum. A day rate of $1,200 per day worked for work related to the Operations of Pinnacle over and above the Non-Executive Director role. Post employment benefits Equity-settled share-based payments: Non-monetary5 $ Superannuation $ Options $ Short-term benefits Cash, salary & fees $ 2024 Total Options as per percentage of remuneration $ % Mr W. Witham1 206,250 - 22,687 76,156 305,093 25.0 Mr. M. Matich2 220,000 - 24,200 75,562 319,762 23.6 Mr. S. Ross3 96,000 - - 30,150 126,150 23.9 Mr. L. Liu4 44,000 - - 30,150 74,150 40.7 566,250 - 46,887 212,018 825,155 25.7 (c) Service agreements Each Director has entered into a service agreement with the Group. Page | 9 PINNACLE MINERALS LIMITED and Controlled Entities ACN 655 033 677 ANNUAL REPORT 30 JUNE 2025 (d) Equity instruments disclosure relating to Key Management Personnel i. Shareholdings Number of shares held by Parent Entity Directors and other key management personnel of the Group, including their personally related parties, are set out below. Balance at start of year No. 2025 Received during the year as compensation No. Other charges during the year No. Balance at end of year No. Mr. W. Witham 2,556,497 - 14,141 2,570,638 Mr. M. Matich 250,000 - (250,000) - - - - - 50,000 - - 50,000 2,856,497 - (235,859) 2,620,638 Mr. S. Ross Mr. L. Liu i. Other changes during the year represent shares acquired on market. Balance at start of year No. 2024 Received during the year as compensation No. Other charges during the year No. Balance at end of year No. Mr. W. Witham 2,465,497 - 91,000 2,556,497 Mr. M. Matich 150,000 - 100,000 250,000 - - - - 50,000 - - 50,000 2,665,497 - 191,000 2,856,497 Mr. S. Ross Mr. L. Liu ii. Options and Performance Options 2025 Balance at start of year No. Granted as remuneration during the year No. Mr W. Witham 4,600,000 2,070,000 - (1,000,000) Mr. M. Matich 3,500,000 - - Mr. S. Ross 1,300,000 1,380,000 - Mr. L. Liu 2,050,000 690,000 11,450,000 4,140,000 Exercised Other changes during the year during the year No. No. Balance at end of year No Vested and exercisable No. Not vested No. 5,670,000 - 5,670,000 (3,500,000) - - - (1,000,000) 1,680,000 - 1,680,000 - (750,000) 1,990,000 - 1,990,000 - (6,250,000) 9,340,000 - 9,340,000 S