Announcement PDF N E A R T E R M GOLD PRODUCTION & E X P L O R AT I O N U P S I D E M U LT I - C O M M O D I T Y E X P O S U R E Capital Raising Presentation 9 September 2025 A S X : R T R DISCLAIMER This presentation has been prepared by Rumble Resources Limited (Rumble or the Company). It contains general information about the Company’s activities current as at the date of the presentation. The information is provided in summary form and does not purport to be complete. This presentation is not to be distributed (nor taken to have been distributed) to any persons in any jurisdictions to whom an offer or solicitation to buy shares in the Company would be unlawful. Any recipient of the presentation should observe any such restrictions on the distribution of this presentation and warrants to the Company that the receipt of the presentation is not unlawful. It should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation or any information, opinions or conclusions expressed in the course of this presentation. This presentation is not a prospectus, product disclosure document or other offering document under Australian law or under any other law. It has been prepared for information purposes only. This presentation contains general summary information and does not take into account the investment objectives, financial situation and particular needs of any individual investor. It is not financial product advice and investors should obtain their own independent advice from qualified financial advisors having regarding to their objectives, financial situation and needs. Rumble nor any of their related bodies corporate is licensed to provide financial product advice. This presentation and information, opinions or conclusions expressed in the course of this presentation contains forecasts and forward-looking information. Such forecasts, projections and information are not a guarantee of future performance, involve unknown risks and uncertainties. Actual results and developments will almost certainly differ materially from those expressed or implied. There are a number of risks, both specific to Rumble, and of a general nature which may affect the future operating and financial performance of Rumble, and the value of an investment in Rumble including and not limited to title risk, renewal risk, economic conditions, stock market fluctuations, manganese demand and price movements, timing of access to infrastructure, timing of environmental approvals, regulatory risks, operational risks, reliance on key personnel, reserve estimations, native title risks, foreign currency fluctuations, and mining development, construction and commissioning risk. You should not act or refrain from acting in reliance on this presentation, or any information, opinions or conclusions expressed in the course of this presentation. This presentation does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the prospects of Rumble. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making any investment decision. Recipients of this presentation must undertake their own due diligence and make their own assumptions in respect of the information contained in this presentation and should obtain independent professional advice before may any decision based on the information. No representation or warranty, express or implied, is made in relation to the fairness, accuracy or completeness of the information, opinions and conclusions expressed in the course of this presentation. To the maximum extent permitted by law, no representation, warranty or undertaking, express or implied, is made and, to the maximum extent permitted by law, no responsibility or liability is accepted by the Company or any of its officers, employees, agents or consultant or any other person as to the adequacy, accuracy, completeness or reasonableness of the information in this presentation. To the maximum extent permitted by law, no responsibility for any errors or omissions from this presentation whether arising out of negligence or otherwise is accepted. An investment in the shares of the Company is to be considered highly speculative. The exploration targets or conceptual exploration targets in this presentation or expressed during the course of this presentation are subject to completion of the necessary feasibility studies, permitting and execution of all necessary infrastructure agreements. This presentation and information, opinions or conclusions expressed in the course of this presentation should be read in conjunction with Rumble's other periodic and continuous disclosure announcements lodged with the ASX, which are available on the Rumble website. They involve risk and uncertainties that could cause actual results to differ from estimated results. Forward-looking statements include, but are not limited to, statements concerning the Company’s exploration programs, outlook and target sizes. They include statements preceded by words such as “potential”, “target”, “scheduled”, “planned”, “estimate”, “possible”, “future”, “prospective” and similar expressions. COMPETENT PERSON STATEMENT The Exploration Results referenced in this presentation were first announced by the Company in accordance with ASX Listing Rule 5.7 in its announcements dated 11 August 2025, 23 July 2023, 16 April 2025, 4 April 2025, 17 February 2025, 11 December 2024, 28 November 2024,15 October 2024, 2 September 2024, 6 August 2024, 16 July 2024, 13 March 2024, 21 February 2024, 14 November 2023, 31 October 2023, 24 October 2023, 5t October 2023, 17 July 2023, 19 April 2023, 14 March 2023,16 February 2023, 17 November 2022, 3 November 2022, 29 September 2022, 30 August 202, 23 August 2022, 18 July 2022, 26 May 2022, 9 March 2022, 21 February 2022, 7 February 2022, 31 January 2022, 21 December 2021, 13 December 2021, 18 November 2021, 10 November 2021, 18 October 2021, 8 July 2021, 2 June 2021, 19 April 2021, 23 February 2021, 17 February 2021, 15 February 2021, 3 February 2021, 28 January 2021, 4 November 2020, 6 October 2020, 20 May 2020, 4 May 2020, 24 April 2020, 17 February 2020, 11 February 2020, 23 January 2020, 26 November 2019, 8 November 2019, 21November 2019, 21 October 2019, 1 October 2019, 23 August 2019, 22 August 2019, 6 August 2019, 11 July 2019, 1 July 2019, 4 April 2019, 12 March 2019, 12 February 2019, 6 February 2019, 17 December 2018, 27 November 2018, 30 August 2018 and 9 August 2018. The Updated Mineral Resource Estimate (MRE) for the Western Queen Project referenced in this presentation was announced by the Company in accordance with ASX Listing Rule 5.8 on 23 July 2025 the previous MRE for Western Queen was announced 15 October 2024. The Mineral Resource estimate for the Earaheedy Project referenced in this presentation was first announced by the Company in accordance with ASX Listing Rule 5.8 in its announcement dated 19 April 2023. Rumble is not aware of any new information or data that materially affects the information included in the relevant market announcements described above and, in the case of the Mineral Resource estimate, that all material assumptions and technical parameters underpinning the estimate in the relevant market announcement continue to apply and have not materially changed. VISION AND MISSION Become a leading Australian resources company, delivering significant value and growth through resource discoveries and project development in Western Australia. Enhance shareholder value by identifying and developing mineral assets, with a focus on generating near-term cashflow from Western Queen to internally fund further resource growth through successful exploration. 2 CORPORATE OVERVIEW $0.038 ~960M* ASX:RTR SHARE PRICE (4 Sep 2025) SHARES ON ISSUE TICKER ~$36M ~$2M ~$34M MARKET CAP CASH & EQUIVALENTS3 ENTERPRISE VALUE BOARD OF DIRECTORS PETER HAROLD Managing Director & CEO PETER VENN Technical Director GEOFF JONES Non-Executive Director 3.0M 25.0M OPTIONS1 PERFORMANCE OPTIONS & RIGHTS2 Notes: 1. 3.0 million 20c & 58c Options (Various Expiry) 2. 5.0 million Performance Options Vesting $1 & $2 (unvested), 1.5 million Options @ 20c & 10.0M Options at 15.4c & 21.5c & 10.0M Performance Rights with various hurdles 3. As at 30 June 2025 MICHAEL SMITH Non-Executive Director MATTHEW BANKS Non-Executive Director MANAGEMENT BRETT KEILLOR Technical Consultant LUKE TIMMERMANS Exploration Manager TREVOR HART Chief Financial Officer & Joint Company Secretary SHAREHOLDER COMPOSITION BOARD AND MANAGEMENT 8% TOP 20 28% *prior to the Placement and Entitlement Offer announced on 9 September 2025 RESEARCH Analyst Coverage MICHAEL BENTLEY 3 WHY INVEST IN RUMBLE? WESTERN QUEEN – Gold & Tungsten ✓ Near term cashflow from high-grade gold deposits ✓ Resource growth potential • Oct 2024 - from 163koz to 287koz Au1 • July 2025 - from 287koz to 370koz Au2 • Low discovery costs – under $30/oz • Targeting further significant resource growth with next drill program ✓ Tungsten • Maiden resource of 13.2kt WO33 • Huge resource growth potential • Potential near term co-product revenue stream Earaheedy - Base Metals & Silver ✓ Globally significant Zn-Pb-Ag discovery ✓ Maiden JORC MRE 2.2Mt Zn, 0.7Mt Pb & 12.6Moz Ag4 • Looking for a significant development partner 1. Refer Company ASX release dated 15 October 2024 2. Refer Company ASX Release dated 23 July 2025 3. Refer Company ASX Release dated 8 August 2025 4. Refer Company ASX release dated 19 April 2023 4 OUR PROJECTS Gold Resources upgraded to 370kozs @3.1g/t Au1 Maiden tungsten Resources 13.2kt WO32 Inferred Resource containing 2.2Mt Zn 0.7Mt Pb 12.6Moz Ag3 WESTERN QUEEN – NEAR TERM GOLD PRODUCTION & DISCOVERY POTENTIAL • Recent significant increase in gold Resources ounces and grade • Potential to quickly grow the gold resources with extensional drilling • Near-term gold production option • Maiden tungsten resource reported with potential to grow resources and add a tungsten revenue stream EARAHEEDY – LOOKING FOR A DEVELOPMENT PARTNER • Potential large-scale, low-cost open pit mining • Metallurgical testwork confirms +61% Zn+Pb concentrate • Less than 30% of the 70km host Unconformity Unit tested • One of the largest zinc sulphide discoveries over the last decade OTHER PROJECTS – FRASER RANGE (AU), MUNARRA GULLY (CU/AU) & LAMIL JV (CU) 1 refer Company’s ASX Announcement 23 July 2025 2 refer Company’s ASX announcement 3 refer Company’s ASX announcement 11 Aug 2025 19 April 2023 5 WESTERN QUEEN – HIGH-GRADE GOLD, NEAR TERM PRODUCTION • Another big increase in the Mineral Resource Estimate (MRE) now 3.72Mt @ 3.1g/t Au for 370,000oz1 a 53% grade increase • Historical production – 880kt @ 7.6g/t Au for 215koz • Near-term production – open pit and underground options • Well located – 200km radius of 5 gold plants, on granted mining leases • Geology – The Western Queen deposits are associated with a major orogenic shear zone that remains largely untested along strike and at depth • Possible Analogy – Spartan/Ramelius Never Never & Pepper lodes which are 7.76Mt @ 9.32g/t Au for 2.32Moz2 to a vertical depth of 1,000m • Tungsten – Maiden tungsten resource 13.2kt WO33 Location Plan of the Western Queen Gold Project 1. Refer Company ASX release dated 23 July 2025 2. Refer Ramelius Resources ASX release Noosa Mining Conference Presentation 24 July 2025 page 38 3. Refer Company Release dated 8 August 2025 6 WESTERN QUEEN – GLOBAL RESOURCE GRADE UP 53% TO 3.1G/T Western Queen Gold Deposit Longitudinal Section – Highlighting Previous Production, Resources and Potential New Resource Areas 7 WESTERN QUEEN – 29% INCREASE IN CONTAINED GOLD TO 370,000 OZ Western Queen MRE 23 July 20251 • 53% increase in average grade to 3.1g/t Au • 29% increase in global ozs • Low discovery costs 1 refer Company’s ASX Announcement 23 July 2025 8 WESTERN QUEEN – NEVER NEVER COMPARISON Western Queen South comparison to Spartan/Ramelius Never Never lode (to scale) 9 9 WESTERN QUEEN EXPLORATION – INFILL & GROWTH PHASES WQ South Next Phases 1. Extensional/Growth drilling 2. Infill - Inferred to Indicated • Red holes = 60x60m extensional/Growth • Proposed extensional drilling aims to extend mineralisation ~250m down plunge of previous drilling • Blue holes = 40x40m infill drilling Previous High-grade RC/DDH Drill Intercepts Western Queen South Deposit1,2,3 • 5m @ 38.76g/t Au from 193m, and • 17m @ 5.70g/t Au from 221m (WQRC 188) • 4m @ 49.73 g/t Au from 134m (QND-38975-1) • 5m @ 17.69 g/t Au from 83m (QNC-8900-1) • 21m @ 3.47 g/t Au from 141m, and • 9m @ 5.34g/t Au from168m (QNC 8950-1) • 6.93m @ 4.10g/t Au from 362m (WQDD025A) 1. Refer Company ASX release dated 3 February 2021 2. Refer Company ASX Release dated 4 November 2019 3. Refer Company ASX Release dated 4 June 2025 10 WESTERN QUEEN EXPLORATION – INFILL & GROWTH PHASES WQ Central Next Phases 1. Extensional/Growth drilling 2. Infill - Inferred to Indicated • Red holes = 60x60m Extensional/Growth • Proposed Extensional/Growth drilling aims to extend mineralisation ~200m down plunge of previous drilling • Blue holes = 40x40m infill drilling Previous High-grade RC/DDH Drill Intercepts Western Queen Central – Down Plunge1,2,3 • 6.4m @ 36.09 g/t Au from 305.7m (WQD-1072) • 6m @ 34.24 g/t Au from 354m (WQRC007D) • 5m @ 22.03 g/t Au from 280m (WQRC150) • 11.8m @ 16.08 g/t Au from 340.4m (WQD-1089) 1. Refer Company ASX release dated 18 February 2020 2. Refer Company ASX Release dated 4 November 2020 3. Refer Company ASX Release dated 9 June 2020 11 WESTERN QUEEN – OTHER TARGETS ALONG THE SHEAR ZONE Gold Targets ❑ On Mining Leases • Over the 2km strike between the Duke and Cranes deposits • Limited RAB drilling with an average end of hole depth of less than 20m and only three RC holes • Limited historical drilling at Cranes returned intercepts of 14m @ 4.87 g/t Au from surface and 11m @ 1.85 g/t Au from surface1 ❑ Within District • The regionally significant Western Queen Shear Zone has been reinterpreted using detailed airborne magnetics flown by Rumble and remains untested 1. Refer Company ASX release dated 4 November 2019 Western Queen Shear Zone Prospectivity over TMI Airborne Magnetics 12 PATHWAY TO PRODUCTION – OPEN PIT &/OR UNDERGROUND Open Pits - Term Sheet1 with Bain Global/MEGA • • Key terms • Bain & Rumble to collaborate to mine open pits (WQ South, Princess) • MEGA to provide mining services • Bain to fund up to $35M in working capital • Rumble & Bain share free cash equally after development costs repaid Bain Global Resources LLP • • Major Indian mining contractor MEGA Resources • 100% subsidiary of Bain Global, experienced Australian mining team Underground • • Internal preliminary scoping study on mining WQ South and Central from underground demonstrates a compelling option Bain, MEGA & Rumble personnel at Western Queen in November 2024 Plan to release the underground scoping study to market in Dec 25 Qtr Ore Tolling/Ore purchase • Draft ore tolling agreement received • Terms in line with those used in studies on open pit and underground Next steps • Determine best mine development option – open pits &/or underground • Obtain all necessary approvals, sign ore tolling or ore sale agreement • Production – potentially 2nd half CY 2026 1 Refer Company’s ASX Announcement 28 November 2024 – Development of Western Queen Gold Project Disclaimer: The Company needs to complete scoping studies on the various mining options, execute an ore sale or toll milling agreement, have suitable project financing arranged and receive all necessary approvals before a financial investment decision can be made to commence operations at Western Queen. The Company could be in production during the second half of CY2026 if all necessary approvals and conditions are satisfied and the Board makes the Final Investment Decision to develop the project. 13 MORE POTENTIAL – TUNGSTEN Significant Intersections1 & 2 WQDD013 intersections: • 4m @ 4.58% WO3, 0.72g/t Au from 174.85m including • 2.05m @ 8.71% WO3, 1.38g/t from 176.85m and • 0.65m @ 18.35% WO3, 2.97g/t Au from 176.85m MXDD003: • 11.5m @ 1.46% WO3 WQDD019: • 26m @ 0.62% WO3 WQSD002: • 11m @ 0.93% WO3 and 4.19g/t Au Higher grade tungsten lodes parallel to defined high-grade gold mineralisation 1. 2. ASX release dated 6 August 2024 – High-grade Tungsten Discovery at Western Queen ASX released dated 17 February 2025 - High-grade gold and tungsten assays returned from Phase 1 drilling at Western Queen 14 TUNGSTEN – MAIDEN RESOURCE – 13.2KT WO31 The maiden resource includes open, higher grade zones, which at a 0.3% WO3 cutoff result in 1.44Mt @ 0.51% WO31 Western Queen maiden resource compared to Almonty’s Sangdong Resources Note 2 1 refer Company’s ASX Announcement 11 August 2025 2 refer Almonty Industries Inc. release 3 July 2025 15 EARAHEEDY– GLOBALLY SIGNIFICANT Zn/Pb/Ag RESOURCE Maiden Sulphide, pit constrained, inferred Mineral Resource Estimate (MRE) • 94Mt @ 3.1% Zn+Pb and 4.1g/t Ag (at a 2% Zn+Pb cutoff) for 2.2Mt Zinc, 0.7Mt Lead and 12.6Moz Silver of contained metal • Large scale, low-cost open pit mining proposition in premier mining jurisdiction • One of the largest zinc sulphide discoveries globally over the last decade Metallurgical testwork confirms • High recoveries and bulk concentrate spec. (+60% Zn+Pb) suitable for ISP smelters • HyroFloatTM works – rejects 30% of the waste and should lead to lower plant capex & opex Project optionality • The pit constrained MRE hosts a 41Mt higher-grade component >3% Zn+Pb cut-off Exceptional resource growth and discovery potential • Deposits remain open with less than 30% of the now 70km host Unconformity Unit effectively drill tested • Excellent potential to locate further near-surface high grade areas i.e. Mato, Kalitan, Colorado zones • High grade MVT deposit targets in fertile underlying carbonate formations remain untested 1. refer Company’s ASX Announcement 19 April 2023 16 GLOBALLY SIGNIFICANT PIT CONSTRAINED MAIDEN RESOURCE1 17 EXCEPTIONAL RESOURCE GROWTH POTENTIAL • Inferred resources constrained to closer spaced drilling with potential to significantly grow resources with infill and extension drilling • Exceptional resource expansion with deposits open in all directions • Mineralisation intersected in broader spaced drilling outside of inferred resource areas highlights the potential for near term resource growth • Potential to discover highgrade MVT and fault related resources beneath existing resource area in underlying carbonate formations 18 OTHER PROJECTS Thunderstorm - Au • Potential to host major palaeochannel/basement gold deposits • Near surface high-grade intersections: • • 16m @ 6.69g/t Au from 42m • 6m @ 9.15g/t Au from 48m 10,000m aircore and RC drill program being planned for FY26 Earaheedy – base metals & Ag • Globally significant Zn-Pb-Ag discovery • Maiden Resource 2.2Mt Zn, 0.7Mt Pb & 12.6Moz Ag • Looking for a development partner Other Projects • Munarra Gully – prospective for Au, Cu, Ag • Lamil – Cu 19 FRASER RANGE – THUNDERSTORM GOLD PROJECT • • Acquisition • Rumble has acquired the remaining 70% from IGO • 3 tenements – E28/2528, 2595, 2529 • $300k in Rumble stock & 1.05% NSR Gazelle Discovery • • • Prior wide spaced AC drilling on 1,500m traverses returned high-grade paleo channel gold mineralisation in 2019 including: • 16m @ 6.69g/t Au from 42m • 6m @ 9.15g/t Au from 48m Pion Discovery • 4m @ 3.80g/t Au from 86m • Gold anomalism in 6 holes over 1.2km area Why we like Thunderstorm • Gazelle and Pion have similar characteristics to the palaeochannel/placer gold deposits of Higginsville and Kanowna • Shallow gold mineralisation with high-grade zones at Gazelle point to a potential proximal high-grade basement source Next steps • AC infill drill program at Gazelle being planned 1 Refer Company’s ASX Announcement 7 April 2025 – Rumble Acquires 100% of Thunderstorm Gold Project Thunderstorm Project Location & AC Drill Results 20 PROPOSED NEWS FLOW – INDICATIVE TIMETABLE1 Sept 2025 Oct Nov Dec Jan 2026 Western Queen Resource Growth • Extensional & infill drilling Western Queen gold pathway to production • Ore purchase/tolling Agreement • Govt Approvals (open pit) • Dewater pit • Targeting gold production 2nd half CY26 Tungsten • Met test work • Scoping study Earaheedy • Internal Scoping Study • Seek development partner 1 Priorities and dates for Western Queen could change due to exploration success and/or events outside of the Company’s control 21 KEY DELIVERABLES POSITIONED FOR CASHFLOW & FUTURE RESOURCE GROWTH Driving value through exploration success and key milestone achievements to enhance shareholder returns. Western Queen Au & WO3 Earaheedy Zn,Pb,Ag Other Projects Au, Cu, PGMs • Aim to grow gold resources with extensional drilling • Complete the internal scoping study • Drill Thunderstorm Au targets • Infill drilling to increase confidence ahead of proposed mining activities • Seek a development partner • Continue to build a Cu-Au exploration portfolio • Advance other projects via JVs/partnerships/other forms of collaboration • Grow the tungsten resource and determine route to cashflow Recognition of True Value • Gold production to fund dividend stream and resource growth at Western Queen • Add tungsten revenue steam • Unlock value of Earaheedy 22 CAPITAL RAISING OVERVIEW Placement size and structure • Non-underwritten two-tranche institutional placement of fully paid ordinary shares in the Company to raise $7.0 million (“Placement” or “Offer”), comprising: – “Tranche One” to raise $5.0 million, within the Company’s existing placement capacity under ASX Listing Rules 7.1 and 7.1A; and – “Tranche Two” to raise $2.0 million, including from certain directors of the Company, subject to shareholder approval at an Extraordinary General Meeting (“EGM”)of the Company expected to be held in October 2025 Entitlement Offer • In addition to the Placement, the Company intends to conduct a non-underwritten 1 for 12 pro rata non-renounceable entitlement offer to eligible shareholders in Australia and New Zealand to raise up to approximately $2.0 million (“Entitlement Offer”) Offer price • Offer price of $0.025 per new share under the Placement and Entitlement Offer (“Offer Price”), which represents a: – 34.2% discount to the last closing price of $0.038 on 4 September 2025; and – 26.1% discount to the 5-day Volume-Weighted Average Price (“VWAP”) of $0.034 to 4 September 2025 Director participation • Directors of the Company (or their nominees) have committed to subscribe for new shares under Tranche Two of the Placement for an aggregate of $0.26 million. The Directors’ participation in the Placement will be subject to shareholder approval at the EGM Cornerstone investment • $2.8 million committed by cornerstone investor Tribeca Investment Partners into the Placement. Part of this amount will be allotted under Tranche Two of the Placement Ranking • New shares issued under the Placement and Entitlement Offer will rank equally in all respects with existing ordinary shares on issue Joint Lead Managers • Wilsons Advisory and MST Financial Services Pty Limited acted as Joint Lead Managers to the Placement 23 USE OF FUNDS • 1. 2. Majority of funds to be spent on Western Queen for further drilling for gold, gold mining studies, predevelopment works and tungsten metallurgical testwork Sources of funds A$m Placement 7.0 Entitlement Offer1 2.0 Total sources of funds 9.0 Uses of funds A$m Western Queen gold extensional and infill drilling, mining studies, pre-development activities2 7.0 WQ tungsten metallurgical work and other projects 1.1 General working capital and Offer costs 0.9 Total uses of funds 9.0 Assumes the Entitlement Offer is fully subscribed The Company reserves the right to modify the exploration program at Western Queen depending on success of the planned programs 24 INDICATIVE OFFER TIMETABLE Event Date (2025) Trading resumes, Announcement of Capital Raising Tuesday, 9 September 2025 Entitlement Offer Record Date (7:00pm AEST) Friday, 12 September 2025 Settlement of new shares issued under Tranche One of the Placement Friday, 12 September 2025 Allotment and trading of new shares issued under Tranche One of the Placement Monday, 15 September 2025 Entitlement Offer opens and Offer Booklet dispatched Tuesday, 16 September 2025 Entitlement Offer closes (5:00pm AEST) Friday, 26 September 2025 Announcement of results of Entitlement Offer Wednesday, 1 October 2025 Issue of new shares under the Entitlement Offer Normal trading of new shares under the Entitlement Offer Friday, 3 October 2025 Tuesday, 7 October 2025 EGM to approve issue of new shares under Tranche Two of the Placement Expected to be in or around October 2025 Settlement of new shares under Tranche Two of the Placement Expected to be in or around October 2025 Allotment and trading of new shares issued under Tranche Two of the Placement Expected to be in or around October 2025 Disclaimer: The above dates are indicative only and may change without notice. The Company, in consultation with the Joint Lead Managers, reserves the right to vary the times and dates of the Offer including to close the Offer early, extend the Offer or to accept late applications, either generally or in particular cases, without notification. Applications received under the Offer are irrevocable and may not be varied or withdrawn except as required by law. All references to time are to Australian Eastern Standard Time (“AEST”). 25 SUMMARY OF KEY RISKS This section identifies the areas that the directors regard as the major risks associated with an investment in the Company. Investors should be aware that an investment in the Company involves many risks, many of which are outside of the control of the Company and its directors. There are numerous widespread risks associated with investing in any form of business, with investing in the exploration, development and mining industry, and with investing in the share market generally. There is also a range of specific risks associated with the Company’s business. The following is a non-exhaustive summary of some of the major risk factors which potential investors need to be aware of. Risk Description Additional requirements for capital The future capital requirements of the Company will depend on many factors including the results of future exploration and mine development activities. The Company believes its available cash and resources following the Offer should be adequate to fund its obligations in respect of its exploration and pre-development activities and other objectives as disclosed in this presentation. Additional funding will likely be required to develop Western Queen or for other projects. Additional funding may be raised by the Company via the issue of equity or debt or a combination of debt and equity or asset sales. Any additional equity financing will dilute shareholders, and debt financing, if available, may involve restrictions on financing and operating activities. If the Company is unable to obtain additional financing as needed, it may be required to reduce the scope of its operations and scale back its programs or enter joint venture arrangements to reduce expenditure, and this could have a material adverse effect on the Company’s activities. Unfavourable market conditions may adversely affect the Company’s ability to raise additional funding regardless of the Company’s performance. Budget risk The exploration costs of the Company are based on certain assumptions with respect to the mining and timing of exploration. By their nature, these estimates and assumptions are subject to uncertainties and, accordingly, the actual costs may materially differ from these estimates and assumptions. Exploration risk Mineral exploration by its nature is a high-risk activity and there can be no guarantee of exploration success on the Company’s projects. There can be no assurance that exploration of the tenements, or any other tenements that may be acquired in the future, will result in the discovery of an economic deposit. Even if an apparently viable deposit is identified, there is no guarantee that it can be economically exploited. Further, exploration involves certain operating hazards, such as failure and or breakdown of equipment, adverse geological, seismic, and geotechnical conditions, access to water, industrial accidents, labour disputes, adverse weather conditions, pollution and other environmental hazards and risks. The Company’s activities may also be delayed by shortages in the availability of personnel (see personnel and operating costs risks below) and equipment shortages such as drilling rigs and mining equipment. The Company has released a Mineral Resource Estimate Upgrade for the Western Queen Gold Project in July 2025, a Maiden Resource Estimate for the Western Queen Tungsten Resource in August 2025 and the Maiden Resource Estimate for the Earaheedy Zinc, Lead, Silver Project in April 2023. No assurance can be given that the Mineral Resource estimates will result in Ore Reserves that will be commercially viable and economically exploited. Resources risk Mineral Resource estimates are prepared in accordance with the JORC Code (2012