IPX 6-K
IPERIONX Ltd (IPX)
6-K
2026-09-29
For: 2026-09-29
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Added on
September 29, 2026
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934
Date: September 29, 2026
Commission File Number: 001-41338
IperionX Limited
(Translation of registrant’s name into English)
1092 Confroy Drive
South Boston, Virginia
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
EXHIBIT INDEX
The following exhibits are filed as part of this Form 6-K:
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Exhibit
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Description
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Annual Report
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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IPERIONX LIMITED
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(registrant)
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Date: September 29, 2026
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By:
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/s/ Marcela Castro | |
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Name:
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Marcela Castro | |
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Title:
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Chief Financial Officer |
Exhibit 99.1
2 0 2 6 An n u a l R e p o r t Redefin i n g ti tan i u m for th e m odern worl
d
Ti ta n i u m m eta l p roc: u cts a re L i g h twe i g h t S tr o n g C o r r o
s i o n r e s i s ta n t B i o c o m p a ti b I e
Letter to Sh a reh ol ders 02 Con sol i dated Statem en t of P rofi t or Loss an
d Oth er Com p reh en s i ve n com e 74 F i scal Year 2 02 6 H i gh l i gh ts 06 Overview 08 Con sol i dated Statem en t of F i n an cia l Position 75 Con sol i dated Statem en t of Ch an ges i n E qu i ty 76 Scal i n g A B reakth
rou gh Ti tan i u m P rodu ction M odel 1 0 Stron g Partn ersh i ps With Th e U . S . Govern m en t 1 1 Con sol i dated Statem en t of Cash F l ows 77 Strategic Advan tages 1 2 N otes to th e Con sol i dated F i n an cia l Statem en
ts 78 Con sol i dated E n ti ty D i scl osu re Statem en t 1 1 4 Ti tan i u m P rodu cts 1 4 Ti tan i u m M a rkets 1 6 D i rectors’ D ecl a ra ti on 1 1 5 5 perion X’s Ti tan i u m Tech n ol ogies 1 8 5 n depen den t Au d i tor ‘s
Report 1 1 6 M i n era l Resou rces Statem en t 1 2 1 Su sta i n ab i l i ty 2 2 F i n an cia l Report 2 5 Corporate Govern an ce 1 2 5 D i rectors’ Report 2 6 ASX Addition a l n form a ti on 1 2 6 G l ossary of Term s an d D efin
i ti on s 1 35 Au d i tor ‘s 5 n depen den ce D ecl a ra ti on 73 Corporate D i rectory 1 37
D ea r Fel l ow Sh a reh ol d ers, perion X i s bu i l d i n g an i n teg ra ted
Am er i can ti ta n i u m bu s i n ess design ed to m ake h i gh - perform an ce p rodu cts m ore com peti ti ve, exp an d th e i r u se an d create en du r i n g sh a reh o l der va l u e . Ou r stra tegy com b i n es l ower- cost ti ta n i
u m powder p rodu cti on wi th ad van ced m an u fa ctu r i n g th a t p reserves m ore of th e m eta l an d con verts i t i n to va l u ab l e , fi n i sh ed ti ta n i u m com pon en ts . D u r i n g fi sca l year 2 02 6, we exp an ded ou r
cap aci ty to m an u fa ctu re com p l ex ti ta n i u m com pon en ts , dem on stra ted fi n i sh ed- p rodu ct perform an ce th rou gh i n depen den t testi n g , an d advan ced ou r p rop r i eta r y con ti n u ou s p rocessin g tech n o l
og i es wi th th e poten ti a l to m a ter i a l l y i m p rove p rodu cti on econ om i cs. Fu r th er p rog ress s i n ce year- en d h as stren g th en ed th e m an u fa ctu r i n g system th a t con n ects th ese ach i evem en ts , posi ti
on i n g u s to con vert th ese tech n o l og i ca l ad van ta ges i n to l on g - term g rowth . C rea ti n g va l u e from ti ta n i u m , from p owd er to p a r t A fi n i sh ed ti ta n i u m com pon en t carri es th e cost of th e en ti
re m an u fa ctu r i n g p rocess: th e feedstock pu rch ased, th e m a ter i a l l ost, th e p rocessin g requ i red an d th e ti m e ta ken to del i ver i t. Ou r p rop r i eta r y tech n o l og i es a re design ed to i m p rove th e econ om
i cs th rou gh ou t th a t su pp l y ch a i n , creati n g th e opportu n i ty to m an u fa ctu re m ore com peti ti ve p rodu cts wh i l e gen era ti n g g rea ter va l u e from each ton of ti ta n i u m . Th e H yd rogen Assisted M eta l l
oth erm i c Redu cti on ™ ( H AM R™) tech n o l ogy p rovi des th e l ower- cost fou n dati on for ou r ti ta n i u m powder p rodu cti on . P owder m eta l l u rgy su bsequ en tl y form s th a t powder i n to com pon en ts th a t a re c l
ose to th e i r fi n a l sh ape. Th e H yd rogen S i n ter i n g an d P h ase Tran sform a ti on ™ ( H SP T™) tech n o l ogy th en devel ops th e vi ta l m a ter i a l p roperti es requ i red for h i gh - en d app l i cati on s , wh i l e fi n
i sh i n g p rocesses p rep a re th e fi n a l p rodu ct for cu s tom er u se. n teg ra ti n g th ese s ta ges g i ves u s g rea ter con tro l over th e cost, con s i sten cy an d del i very of fi n i sh ed ti ta n i u m p a r ts . Th e ad
van ta ges can be p a r ti cu l a r l y s i gn i fi can t i n p rodu cts wi th h i gh f ‘b u y- to- fl y’ ra ti os, wh ere con ven ti on a l m an u fa ctu r i n g rem oves m u ch of th e ti ta n i u m or i g i n a l l y pu rch ased. Reta i n
i n g m ore m a ter i a l i n th e fi n i sh ed com pon en t can redu ce both m eta l con su m p ti on an d m ach i n i n g , exten d i n g ou r cost ad van ta ge beyon d ti ta n i u m powder p rodu cti on . We a re pu r su i n g ti ta n i u
m p rodu cts wh ere th i s scope for m an u fa ctu r i n g effi c i en cy m eets a ttr acti ve m a r ket p r i c i n g for perform an ce, p reci s i on an d re l i ab i l i ty. Th a t com b i n a ti on creates th e poten ti a l to offer cu s
tom ers com pel l i n g econ om i cs wh i l e sh a r i n g i n th e va l u e of a qu a l i fi ed , h i gh - perform an ce fi n i sh ed ti ta n i u m p a r t. Ou r m an u fa ctu r i n g i n vestm en ts su pport th i s stra tegy. Th e 300 - ton
, s i x- axi s p ress comm i ss i on ed du r i n g fi sca l year 2 02 6 exp an ded com p acti on cap aci ty an d th e com p l exi ty of com pon en ts we can p rodu ce. Addition a l H SP T™ fu r n aces a re design ed to i n crease down s tream
th rou gh pu t. D evel opm en t of ou r Gen X™ p rocess p rovi des th e poten ti a l for a fu r th er step ch an ge i n effi c i en cy. Togeth er, th ese i n vestm en ts estab l i sh a stron ger rou te from p rodu ct devel opm en t to
repeatabl e p rodu cti on a t sca l e . L etter to Sh a reh o l ders Ou r s tra tegy com b i n es l ower- cost ti ta n i u m powder p rodu cti on wi th advan ced m an u fa ctu r i n g th a t p reserves m ore of th e m eta l an d con verts i
t i n to va l u ab l e , fi n i sh ed ti ta n i u m com pon en ts n " 02
Anastas ios {Tasio) Ar ma Ch ef Execut ve O ff cer & Manag ng D
rector 03 Todd H annmigan Execut ve Cha rman - n d ep en d en t va a r d a tr on 8 stron g er comm ercr a a fou n d a tr on s @ n depen den t testr n g du r r n g fr sca i year 2 02 6 p rovr ded r m portan t evr den ce of wh a t ou r m an
u fa ctu r r n g tech n o i og r es can dei r verr U r S r Arm y testr n g dem on stra ted approxrm a te i y 2 0 % h r gh er torq u e- to- yr e i d perform an ce for ou r th ree- qu a r ter- r n ch tr ta n r u m fa s ten ers th an com p a
rab i e Socrety of Au tom otr ve a n g r n eers h SAa k Grade 8 s teeq fa s ten erss b ased on th e m r dporn t of th e reported resu i ts r Sep a ra te r n depen den t testr n g sh owed yr e i d an d u i tr m a te ten s r i e stren g th s
above typ r ca i aerosp ace Grade 5 tr ta n r u m fa s ten er ben ch m a r ksr Th ese resu q ts dem on stra te th a t } perron Xls fr n r sh ed com pon en ts m eet th e m ech an r ca i requ r rem en ts for dem an d r n g app q r catr on s s a
q on gsrde tr ta n r u m ls r n h eren t wergh t an d corrosron - resr s ta n ce ad van ta gesr Th ey s tren g th en th e tech n r ca i fou n datr on for cu stom er qu a i r fr catr on an d m ake ou r comm ercr a i p roposrtr on m ore ta n g r
b i e ƒ h r gh - perform an ce p rodu cts™ an effr c r en t m an u fa ctu r r n g p rocess an d th e secu r r ty of Am er r can su pp i yr Ou r p r r or r ty r s to com b r n e th a t perform an ce wr th com petr tr ve p rodu ct econ om r cs
an d depen dab i e deq r leryy Am er r can ‰ h e r n m eta q q ls p rototype order for 700 com pon en ts an d th e U y S y Arm yls su bsequ en t J o r n t L r gh t Tactr ca q Veh r c q e h J LTV) fa s ten er p rototype order p rovr de
specrfrc app i r catr on s th rou gh wh r ch to ad van ce th r s workr Across th ese an d oth er p rog ram s ™ we a re devei op r n g th e tooi r n g ™ p rocess con tro i an d m an u fa ctu r r n g expertrse requ r red for su sta r n ed p rodu
ctr on r As th ese cap ab r i r tr es ad van ce™ we can pu r su e a b roader cu s tom er b ase u s r n g an r n teg ra ted m an u fa ctu r r n g p i a tform r - n vestr n g r n a stron g er m a n u fa ctu rr n g a d va n ta g e Con tr n u ed
p rocess r n n ovatron can r m p rove th e p rodu ctr vr ty of ou r operatron s an d stren g th en th e retu r n s from fu tu re exp an s r on r Th e Gen X™ resu i ts an n ou n ced r n Septem ber p rovr de ta n g r b i e evr den ce of th e p
rog ress m ade th rou gh ou r su ccessfu i research an d devei opm en t r n vestm en ts r Across r ts fr r s t fou r cam p a r gn s ™ th e con tr n u ou s H AM R™ system p rocessed m ore th an 500 k r i ogram s of tr ta n r u m powderr Th e
Gen X™ fu r n ace p rocessed s r x tr m es th e voi u m e of b a tch H AM R™™ wh r i e u n r t con su m p tr on fe i i by m ore th an 75 % for power™ 45 % for m agn esr u m an d 60 % for h yd rogen r
L etter to Sh a reh o d ers // con t n u ed Th e n ext s ta g e r s r n teg ra tr
on r n to a com p i ete p owd er p rod u ctr on i r n er foi i owed b y en g r n eer r n g for r n d u str r a i d ep i oym en t. R e a i r z r n g th e fu i i b en efr ts of i ow- cos t tr ta n r u m p owd er req u r res d own s tre a m m a n
u fa ctu r r n g c a p a cr ty to keep p a ce. H r g h er p owd er th rou g h p u t b ecom es m ore va i u a b i e wh en p ressr n g r sr n ter r n g a n d fr n r sh r n g ca p a cr ty c a n con ver t r t r n to p rod u cts cu s tom ers n eed
. Au g u st8s secon d U ? S ? Ar m y ta sk ord err va H u ed a t u p to U S $ 2 5. 4 m r i i r on r su p p or ts th a t r n teg ra tr on r wr th U S $ P P . 5 m r i i r on of cu r ren ti y ob i r g a ted fu n d r n g towa rd exp a n d ed com p
on en t m a n u fa ctu r r n g r con tr n u ou s H S P T™ a n d d eh yd rog en a tr on c a p a cr tyr a n d r n - h ou se fa s ten er fr n r sh r n g . Th ese r n ves tm en ts a d va n ce th e d own s tre a m c a p a b r i r tr es th a t com p
i em en t ou r tr ta n r u m p owd er p rod u ctr on tech n oi og r es. Th e ti ta n i u m p H a te p rog ra m a n n ou n ced i n J u H y exten d s th e sa m e stra teg y r n to i a rg er p rod u cts a n d d em a n d r n g d efen se a p p i r
c a tr on s. X t su p p or ts d evei op m en tr tes tr n g a n d sc a i e- u p for b a i i r str c p i a te a n d oth er p er for m a n ce req u r rem en tsr b ro a d en r n g th e a p p i r c a tr on s of ou r p owd er a n d m eta i i u rg r
c a i tech n oi og r es. Tog eth err th ese p rog ra m s a re b u r i d r n g a m ore com p i ete m a n u fa ctu r r n g sys tem . O u r r n ves tm en t p r r or r tr es sp a n th a t sys tem r wr th a focu s on con n ectr n g tech n r c a
i r m p rovem en ts to p rod u ct q u a i r tyr effr cr en t con versr on a n d cu s tom er d em a n d . B u d i ld n g wd th ld scd p i d n e for i on g - tern retu rn s We en ter fr sc a i ye a r 2 0 2 7 wr th s tron g er p rod u ct evr d
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retu r n s for sh a reh oi d ers. O u r fr n a n cr a i resu i ts c a r r y th e op era tr n g costs of th r s s ta g e of d evei op m en tr r n ci u d r n g rese a rch r p rocess a n d p rod u ct d evei op m en tr a n d th e c a p a b r i r
tr es n eed ed to ser ve cu s tom ers a t g re a ter sc a i e. M u ch of th r s wor k p reced es th e recu r r r n g reven u e r t r s r n ten d ed to su p p or t. Th e Tr ta n a n d Ati a s cr r tr c a i m r n era i p rojects a d d a fu r th
er op p or tu n i ty for H on g - ter m retu r n s? Ti ta n 8s com p H eted fe a sr b r i r ty s tu d y a n d th e Ati a s a cq u r sr tr on h a ve a d va n ced th e op p or tu n r ty to d evei op a n ew Am er r c a n su p p i y of tr ta n r
u m m r n era i sr ra re e a r th s a n d z r rcon . Tog eth err th ese a re s tra teg r c cr r tr c a i m r n era i a ssets th a t c a n su p p or t a n r n teg ra ted Am er r c a n tr ta n r u m m r n era i - to- p rod u ct su p p i y ch a r
n . To ou r em p i oyeesr th a n k you for th e exp er tr se a n d d eter m r n a tr on b eh r n d ou r p rog ress. To ou r cu stom ersr g over n m en t p a r tn ersr comm u n r tr es a n d sh a reh oi d ersr th a n k you for you r con tr n u
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} Tasio) Ar{ m a Chief Executive Officer & Managing Director 04 Tod d H an n œ g an Executive Chairman
05
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07 L ow- c o s t, h i g h - q u a l i ty ti ta n i u m Vi rg i n i a comm erci
al op erati on s tran si ti on ed to a 24/7 p rod u cti on sch ed u l e Vi rg i n i a op era ti on s tra n si ti on ed to a 2 4 /7 p rod u cti on sch ed u i e, wi th H AM R ™ sys tem s i n ra m p - u p a n d su p p or ti n g a sc a i e- u p of
p owd er p rod u cti on c a p a ci ty of a p p roxi m a tei y 1 , 4 0 0 tp a . D evel op m en t of Gen X™ D evei op m en t of ^ p er i on Xbs n ext g en era ti on con ti n u ou s H AM R ™ p i a tfor m , G en X™, i s d esi g n ed to d ei i
ver a step ch a n g e i n c a p i ta i effi ci en cy, op era ti n g cost a n d th rou g h p u t rei a ti ve to th e b a tch p rocessi n g sys tem . Accel erated ti tan i u m p rod u ct m an u factu ri n g P owd er m eta i i u rg y sc a i e- u
p con ti n u ed wi th th e op ti m i z a ti on of th e 1 0 0 - ton u n i a xi a i p ress, comm i ssi on i n g of th e coi d i sosta ti c p ress a n d si x- a xi s 3 0 0 - ton S AC M I p owd er m eta i i u rg y p ress, a i on g wi th comm i
ssi on i n g of a d d i ti on a i H S P T™ si n ter i n g fu r n a ces. I p eri on X Ti - 6Al - 4V fasten ers exceed ed SAE Grad e 8 steel torq u e- to- yi el d p erform an ce I n d ep en d en t tes ti n g b y U . S . Ar m y D E VC O M GVS C
a n d Wes tm orei a n d M ech a n i c a i Tes ti n g & R ese a rch sh owed I p er i on X Ti - 6 Ai - 4 V fa s ten ers exceed ed S AE G ra d e 8 s teei torq u e-to- yi ei d p er for m a n ce a n d a ch i eved ten si i e p rop er ti es a b
ove s ta n d a rd a erosp a ce g ra d e ti ta n i u m fa s ten er b en ch m a r ks. U . S. Arm y GVSC p u rch ase ord er for p rototyp e ti tan i u m fasten ers I p er i on X recei ved a U . S . Ar m y GVS C p u rch a se ord er to m a n u
fa ctu re p rototyp e ti ta n i u m fa s ten ers for th e J LTV a n d a ssoci a ted tra i i er. Com p l eted th e Ti tan D efi n i ti ve Feasi b i l i ty Stu d y Th e U . S . G over n m en t- su p p or ted Ti ta n D efi n i ti ve F e a si b
i i i ty S tu d y wa s com p i eted i n J u n e 2 0 2 6, d ei i ver i n g a n a fter- ta x N P V of U S $ 8 1 3 m i i i i on , 8 a fter- ta x I R R of 3 9. 4 % , a fter- ta x p a yb a ck of 3. 6 ye a rs a n d forec a s t a fter- ta x free
c a sh fi ow of U S $ 1 . 9 b i i i i on over a n i n i ti a i 1 4 - ye a r m i n e p i a n . Atl as acq u i si ti on com p l eted S u b seq u en t to ye a r en d , I p er i on X a cq u i red th e s tra teg i c Ati a s cr i ti c a i m i n
era i p rop er ty a n d i n fra s tru ctu re a ssets, a d d i n g a p p roxi m a tei y 70 a cres of a t- su r fa ce cr i ti c a i - m i n era i s tockp i i es, a p p roxi m a tei y 1 8 0 a cres of p re- s tr i p p ed L ower M cN a i r y m i n
era i i z a ti on a n d esta b i i sh ed p ower, wa ter, n a tu ra i g a s a n d h e a vy- h a u i ra i i i n fra s tru ctu re. 2025- 26
Togeth er, th ey create a p a th way from recyca ed ti ta n i u m scrap an d U . S
. m i n era a feedstocks to h i gh - perform an ce ti ta n i u m powder, m i a a p rodu cts an d fi n i sh ed com pon en ts . Th e am b i ti on i s b roader th an re- sh or i n g an exi s ti n g su pp a y ch a i n . B y b reaki n g th e cost
an d m an u fa ctu r i n g con stra i n ts th a t h ave h e l d ti ta n i u m b ack for m ore th an 80 years, 7 perion X a i m s to exp an d th e m a r ket for on e of th e worl d <s best s tr u ctu ra a m eta a s . At th e core of th e ti
ta n i u m p l a tform a re 7 perion X<s p a ten ted H AM R™ refi n i n g tech n o a ogy an d H SP T™ an d Th erm o- H yd rogen Refi n em en t of M i crostru ctu re™ ( TH RM ™) p rodu ct tech n o a og i es. Togeth er, th ey byp ass m a jo r
p a r ts of th e con ven ti on a a Kroa a , m e a t- rem e a t an d h ot- workin g rou te , en ab a i n g fewer p rocess s teps, h i gh er m a ter i a a u ti a i zati on , a ower en ergy i n ten s i ty an d a s tr u ctu ra a a y a ower p
rojected cost b ase. Th e Ata as-Ti ta n p a a tform adds a fu tu re dom esti c sou rce of ti ta n i u m m i n era a s , h eavy ra re earth s an d z i rcon , creati n g both stan da a on e cr i ti ca a - m i n era a s va a u e an d a on g -
term verti ca a - i n teg ra ti on poten ti a a . F i sca l year 2 02 6 m a r ked 7 perion X<s tra n s i ti on from tech n o a ogy devea opm en t an d comm i ss i on i n g i n to comm erci a a operation s an d p rodu cti on ram p - u p . Th
e Vi rg i n i a Ti ta n i u m M an u fa ctu r i n g Cam pu s i s n ow operatin g on a 24 /7 p rodu cti on sch edu a e , down s tream com pon en t-m an u fa ctu r i n g cap aci ty i s exp an d i n g an d th e focu s h as sh i fted to th rou gh
pu t, re a i ab i a i ty, p rodu ct qu a a i fi cati on an d reven u e con version . A n ew Am eri ca n ti ta n i u m p l a tfor m i s n ow op era ti n g Ti ta n i u m com b i n es an exception a a stren g th - to- weigh t ra ti o wi th
corrosion resi s ta n ce an d h i gh - tem peratu re perform an ce, m aki n g i t essen ti a a to defen se, aerosp ace an d ad van ced m an u fa ctu r i n g . k perion X i s an Am er i can - focu sed ti ta n i u m m eta a an d cr i ti ca a m
a ter i a a s com p an y bu i a d i n g two m u tu a a a y re i n forci n g g rowth p a a tform s m a c i rcu a a r, a ow- cost ti ta n i u m m eta a an d advan ced m an u fa ctu r i n g bu s i n ess i n Vi rg i n i a , an d a a a rge- sca a e
dom esti c cr i ti ca a - m i n era a s p a a tform i n Ten n essee. Overview p rodu ctvon sch edu { e of th e Vv rg v n v a Tv tan v u m M an u factu r v n g Cam pu s 24/7 08
Th e U . S . n o i on ger h as comm erci a i ti ta n i u m spon ge p rodu cti on
an d rem a i n s depen den t on i m ports for a m eta i cr i ti ca i to n a ti on a i secu r i ty an d i n du str i a i resi i i en ce. Ch i n a an d Ru ss i a togeth er con tro ) approxim a te ) y 80 % of g ) ob a ) ti ta n i u m spon ge p
rodu cti on cap aci ty1 , con cen tra ti n g a s tra teg i ca i i y i m portan t su pp i y ch a i n ou ts i de th e U . S . 09 5 perion X i s bu i i d i n g a dom esti c a i tern a ti ve th a t can tra n sform U . S . ti ta n i u m scrap -
an d , over ti m e , U . S . m i n era i feedstocks - i n to h i gh - qu a i i ty powder an d fi n i sh ed ti ta n i u m p rodu cts. Th i s i n teg ra ti on creates g rea ter con tro i across feedstock, m eta i p rodu cti on , p rodu ct m an u
fa ctu r i n g an d recyci i n g , wh i i e redu c i n g th e n u m ber of vu i n erab i e i i n ks i n th e con ven ti on a i su pp i y ch a i n . Tect- n oC og y d em on stra ted ; i n d u stri a C execu ti on n ow d ri ves p rog ress H AM
R™ powder p rodu cti on h as con s i sten ti y m et or exceeded Grade 5 qu a i i ty p a ram eters, an d Vi rg i n i a operation s tra n s i ti on ed to a 24 /7 sch edu i e du r i n g fi sca i year 2 02 6. 5 perion X i s ta rgeti n g an an n u
a i i zed ti ta n i u m powder p rodu cti on ru n ra te of approxim a te i y 2 00 tp a by th e en d of ca i en dar year 2 02 6, su b ject to com p i eti on of ram p - u p an d operatin g optim i zati on . Th e operatin g p r i or i ty i s to
tra n s i a te dem on stra ted cap ab i i i ty i n to re i i ab i e , repeatabi e an d i n creasin g i y effi c i en t p rodu cti on . G a p tu ri n g m ore va C u e: from p owd er to fi n i st- ed p rod u cts Th e comm i ss i on ed SACM 5
powder m eta i i u rgy p ress tr i p i es exi s ti n g powder m eta i i u rgy cap aci ty an d m a ter i a i i y exp an ds com pon en t com p i exi ty an d repeatabii i ty. Addition a i H SP T™ fu r n ace cap aci ty i s bein g i n sta i i ed
to i n crease down s tream th rou gh pu t an d su pport cu s tom er qu a i i fi cati on , i ow- ra te i n i ti a i p rodu cti on an d h i gh er- voi u m e m an u fa ctu r i n g . Th i s down s tream cap aci ty i s cen tra i to h perion Xjs s
tra tegy of con verti n g ) ow- cost powder i n to h i gh er- va i u e p rodu cts an d deeper cu stom er re i a ti on sh i ps. 1 2 02 6 fi gu res sh own a re estim a tes an d p rojecti on s , an d Ch i n ese data i n c i u des p rojecti on s
for i n crem en ta i 2 02 6 cap aci ty from Argu s M eta i s .
S c a l i n g A B re a kth rou g h Ti ta n i u m l rod u cti on M od el S c a l
e i s n ot si m p l y a vol u m e ob jecti ve for p er i on X; i t i s th e m ech a n i sm b y wh i ch u n i t cos ts d ecl i n e a n d th e a d d ressa b l e m a r ket exp a n d s. Th e g rowth m od el i s a s ta i rc a se& a p p roxi m
a tel y 2 0 0 tp a on th e cu r ren t p l a tfor m , a U . S . G over n m en t- b a cked exp a n si on to a p p roxi m a tel y 1 , 4 0 0 tp a of i n sta l l ed H AM R ™ p owd er eq u i p m en t c a p a ci ty ta rg eted d u r i n g 2 0 2 7, a n
d a l on g er- ter m ro a d m a p to m ore th a n 1 0, 0 0 0 tp a of h i g h - p er for m a n ce ti ta n i u m com p on en ts b y 2 0 3 0. E a ch s tep i s d esi g n ed to m ove ti ta n i u m cl oser to va l u e- i n - u se com p eti ti ven
ess wi th s ta i n l ess steel a n d a l u m i n u m a n d op en l a rg er m a r kets for Am er i c a n - m a d e ti ta n i u m . Cu rren t p = a tform : a p p roxi m a te= y 2 00 tp a wi th a = ower p rojected cost b a se Tech n ol og y a n
d op era ti n g i m p rovem en ts i n cre a sed n a m ep l a te ti ta n i u m p owd er c a p a ci ty from 1 2 5 tp a to a p p roxi m a tel y 2 0 0 tp a - a 6 0 % i n cre a se - wi th ou t a d d i ti on a l c a p i ta l exp en d i tu re. At fu
l l u ti l i z a ti on , p rojected s te a d y- s ta te ti ta n i u m p owd er u n i t cos ts a re a p p roxi m a tel y U S $ 5 5 /kg , com p a red wi th th e p r i or esti m a te of U S $ 75 /kg . Th e c a p a ci ty i n cre a se d em on stra
tes th e op era ti n g l evera g e a va i l a b l e from p rocess i m p rovem en t a n d p rovi d es th e fou n d a ti on for th e n ext exp a n si on step . N ext step : U . S. Govern m en t- b a cked exp a n si on to a p p roxi m a te= y 1
, 400 tp a l l a n n i n g , d esi g n a n d l on g - l ea d p rocu rem en t a re u n d er wa y for a seven - fol d exp a n si on to a p p roxi m a tel y 1 , 4 0 0 tp a . Th e exp a n si on h a s esti m a ted c a p i ta l exp en d i tu re of
a p p roxi m a tel y U S $ 75 m i l l i on , i n cl u d i n g con ti n g en cy, a n d ta rg ets ti ta n i u m p owd er u n i t cos ts of a p p roxi m a tel y U S $ 2 9 /kg a t fu l l u ti l i z a ti on . S u p p or ted b y th e fu l l y ob l
i g a ted U S $ 47f1 m i i i i on m B AS a wa rd a n d m p er i on Xws b a i a n ce sh eet, th e p rog ra m i s i n ten d ed to b r i d g e th e C om p a n y from i n i ti a l comm erci a l p rod u cti on to i n d u str y- sc a l e Am er i c
a n ti ta n i u m m a n u fa ctu r i n g . L on g - term a m b i ti on : g = ob a = = ea d ersh i p i n h i g h - p erform a n ce ti ta n i u m p rod u cts m p er i on Xws ro a d m a p ta rg ets m ore th a n 1 0, 0 0 0 tp a of h i g h - p er
for m a n ce ti ta n i u m com p on en ts b y 2 0 3 0. Th e ob jecti ve i s n ot on l y to b ecom e a l a rg er ti ta n i u m p rod u cer, b u t to reset th e econ om i cs of ti ta n i u m p rod u cts b y com b i n i n g l ow- cos t d om es ti
c p owd er wi th sc a l a b l e n e a r- n et- sh a p e m a n u fa ctu r i n g . At su ffi ci en t sc a l e, ti ta n i u m c a n m ove b eyon d sp eci a l ty a p p l i c a ti on s a n d com p ete wi th s ta i n l ess steel a n d a l u m i n u
m a cross sel ected m a r kets on va l u e a s wel l a s p er for m a n ce. p er i on X i n ten d s to l e a d th a t tra n si ti on . 1 0
S tron g P a r tn ersh i p s Wi th Th e U . S . G over n m en t U . S . G over n
m en t su p p or t h a s p rog ressed from e a r i y tech n oi og y va i i d a ti on to i n d u str i a i sc a i e- u p a n d n ow ser ves th ree i m p or ta n t fu n cti on s p rovi d i n g n on - d i i u ti ve g rowth c a p i ta i , va i i
d a ti n g th e stra teg i c i m p or ta n ce of l p er i on X4s p i a tfor m a n d cre a ti n g p a th wa ys to fu n d ed g over n m en t d em a n d . At J u n e 3 0, 2 0 2 6, th e U S $ 47.1 m i i i i on l B AS a wa rd a n d U S $ 1 2 . 7 m
i i i i on D PA Ti ti e l l l a wa rd were fu i i y ob i i g a ted , p rovi d i n g U S $ 5 9. 8 m i i i i on of su p p or t for th e Vi rg i n i a ti ta n i u m p i a tfor m a n d th e Ti ta n C r i ti c a i M i n era i s P roject. l p er i
on X a i so h oi d s a U . S . D ep a r tm en t of Wa r ( D oW) S m a i i B u si n ess l n n ova ti on R ese a rch ( S B l R ) P h a se l l l con tra ct wi th a ta sk- ord er cei i i n g of u p to U S $ 9 9 m i i i i on . D u r i n g fi sc a i
ye a r 2 0 2 6, th e U . S . G over n m en t tra n sfer red a p p roxi m a tei y 2 9 0 m etr i c ton s of h i g h - q u a i i ty Ti - 6 Ai - 4 V scra p to l p er i on X a t n o cost. E q u i va i en t to a p p roxi m a tei y 1 . 5 ye a rs of
feed s tock a t th e cu r ren t fu i i op era ti n g c a p a ci ty of 2 0 0 tp a , th e tra n sfer p rovi d es a secu re d om es ti c i n p u t for th e Vi rg i n i a ra m p - u p a n d d em on stra tes th e stra teg i c a i i g n m en t b
etween l p er i on X a n d th e U . S . d efen se i n d u str i a i b a se. Th e U . S . Ar m y a i so i ssu ed a n a d d i ti on a i p rototyp e p u rch a se ord er for ti ta n i u m fa s ten ers for th e J LTV a n d a ssoci a ted tra i i
er, i n a d d i ti on to fu n d i n g for sc a i i n g p rod u cti on of a ra n g e of ti ta n i u m m i i i p rod u cts a n d com p on en ts. Th ese p rog ra m s exten d g over n m en t su p p or t from p owd er p rod u cti on c a p a ci ty
i n to sp eci fi c p rod u cts a n d m a n u fa ctu r i n g p a th wa ys. S u b seq u en t to ye a r en d , l p er i on X recei ved Ta sk O rd er 2 u n d er i ts U . S . Ar m y S B l R P h a se l l l con tra ct for L ow- C os t, D om es ti c
Ti ta n i u m for D efen se Ap p i i c a ti on s th a t b u i i d s u p on th e p revi ou si y a n n ou n ced U S $ 1 . 3 m i i i i on ta sk ord er, i i fti n g th e a g g reg a te p oten ti a i va i u e of ta sk ord ers i ssu ed u n d er th
e C om p a n y4s U S $ 9 9 m i i i i on S B l R P h a se l l l con tra ct to U S $ 2 6. 7 m i i i i on . U S$47t1 rr i l l i on 1 8 AS a wa rd fu l l y ob l i g a ted for Vi rg i n i a sca l e- u p a n d Ti ta n Th e l B AS a wa rd i s d esi
g n ed to s tren g th en th e U . S . D efen se l n d u s tr i a i B a se b y a ccei era ti n g a resi i i en t, i ow- cos t a n d fu i i y i n teg ra ted Am er i c a n ti ta n i u m su p p i y ch a i n . U S $ 5. 0 m i i i i on wa s a i i oc
a ted to th e Ti ta n D F S , wi th th e b a i a n ce su p p or ti n g i on g - i e a d eq u i p m en t a n d c a p a ci ty exp a n si on a t th e Vi rg i n i a Ti ta n i u m M a n u fa ctu r i n g C a m p u s. l n th i s wa y, th e a wa rd a
d va n ces b oth p i i i a rs of l p eri on X4s d om es ti c m i n era i s- to- p rod u cts s tra teg y. D u ri n g fi sca i yea r 2 02 6, th e D oW ob i i g a ted U S$1 2 . 5 m i i i i on i n Au g u st 2 02 5, a fu rth er U S$2 5. 0 m i i i
i on i n Sep tem b er 2 02 5 a n d th e fi n a i U S$4. 6 m i i i i on i n J a n u a ry 2 02 6. Th e U S$47.1 m i i i i on a wa rd i s fu i i y ob i i g a ted , wi th fu n d s ava i i a b i e to b e d ra wn by l p eri on X a s m i i eston e- b
a sed rei m b u rsem en ts. Tog eth er wi th th e U S $ 1 2 . 7 m i i i i on D PA Ti ti e l l l a wa rd for th e i n i ti a i p rod u cti on p i a tfor m , th i s su p p or t p rovi d es g rowth c a p i ta i , stra teg i c va i i d a ti on a
n d a ci ea r g over n m en t- b a cked p a th wa y from d om esti c feed s tock th rou g h ti ta n i u m p owd er to a d va n ced m a n u fa ctu red p rod u cts. U S$99 rr i l l i on S8 1 R P h a se 1 1 1 con tra cti n g p a th way a n d fu
rth er d efen se su p p ort l n J u n e 2 0 2 5, l p er i on X execu ted a n l n d efi n i te D ei i ver y, l n d efi n i te Q u a n ti ty S B l R P h a se l l l con tra ct su p p or ti n g L ow- C os t, D om es ti c Ti ta n i u m for D efen
se Ap p i i c a ti on s. Q u a i i fyi n g U . S . G over n m en t a g en ci es c a n p i a ce p roject-sp eci fi c ta sk ord ers u n d er th e con tra ct, coi i ecti vei y c a p p ed a t U S $ 9 9 m i i i i on , for l p er i on X ti ta n i u
m p a r ts a n d com p on en ts. Th e con tra ct i s a p rocu rem en t p a th wa y ra th er th a n comm i tted reven u e, b u t m a ter i a i i y sh or ten s th e rou te th rou g h wh i ch su ccessfu i p rog ra m s c a n p rog ress to fu n d
ed ord ers. Th e fi rs t ta sk ord er, va i u ed a t U S $ 1 . 3 m i i i i on , wa s i ssu ed b y th e U . S . Ar m y i n J u n e 2 0 2 5 for ti ta n i u m p a r ts for g rou n d - veh i ci e p rog ra m s. l t d em on stra tes h ow l p er i
on X4s tech n oi og y, m a n u fa ctu r i n g c a p a b i i i ty a n d g over n m en t rei a ti on sh i p s c a n con verg e i n sp eci fi c reven u e- g en era ti n g p rog ra m s. Th e U . S . Ar m y a i so i ssu ed a n a d d i ti on a i p
rototyp e p u rch a se ord er for ti ta n i u m fa s ten ers for th e J LTV a n d a ssoci a ted tra i i er, i n a d d i ti on to fu n d i n g for sc a i i n g p rod u cti on of a ra n g e of ti ta n i u m m i i i p rod u cts a n d com p on
en ts. Th ese p rog ra m s exten d g over n m en t su p p or t from p owd er p rod u cti on c a p a ci ty i n to sp eci fi c p rod u cts a n d m a n u fa ctu r i n g p a th wa ys. 1 1
1 2 Stra teg i c Advan ta ges perion X s ad van ta ge i s n ot a s i n g i e
tech n o i ogy or asset; i t i s an i n teg ra ted system . P a ten ted p rocess tech n o i og i es, feedstock fi exi b i i i ty, c i osed- i oop recyci i n g , U . S . Govern m en t p a r tn ersh i p , cu stom er- qu a i i fi ed p rodu ct p a
th ways an d verti ca i i n teg ra ti on from m i n era i or scrap to fi n i sh ed p rodu ct re i n force on e an oth er. Th e resu i t i s a p i a tform th a t i s d i ffi cu i t to rep i i cate an d wh ose econ om i c an d s tra teg i c ad
van ta ges a re design ed to com pou n d as i t sca i es. An i n teg ra ted fl ywh eel ; from d om esti c feed stock to fi n i sh ed p rod u ct H AM R™ can u se a b road ra n ge of ti ta n i u m scrap an d m i n era i - derived feedstocks to
p rodu ce h i gh - qu a i i ty ti ta n i u m powder wh i i e byp assi n g ch i or i n a ti on , vacu u m d i s ti i i a ti on an d m u i ti p i e m e i ti n g s teps. Th i s redu ces p rocess com p i exi ty an d en ergy i n ten s i ty, i n
creases m a ter i a i u ti i i zati on an d en ab i es m ore ti ta n i u m scrap to rem a i n wi th i n a h i gh - va i u e dom esti c su pp i y ch a i n . H SP T™ an d TH RM ™ a re n on - m e i t th erm a i an d ph ase- tra n sform a ti on
tech n o i og i es th a t devei op refi n ed , wrou gh t-i i ke m i crostru ctu res an d h i gh m ech an i ca i perform an ce wi th ou t th e fu i i con ven ti on a i forg i n g an d h ot- workin g rou te . Com b i n ed wi th powder m eta i i
u rgy an d additi ve m an u fa ctu r i n g , th ese tech n o i og i es con vert i ower- cost dom esti c powder i n to n ear- n et- sh ape com pon en ts an d m i i i p rodu cts wi th i ess waste an d sh or ter i ead ti m es. E ach down s tream
s tep captu res m ore va i u e , wh i i e p rocess scrap can be retu r n ed to H AM R™ an d recyci ed i n to n ew ti ta n i u m . perion X s Green Ru ti i e™ an d Ai ka i i n e Roastin g an d H yd ro i ysi s™ ( ARH ™) m i n era i - u
pgradin g tech n o i og i es p rovi de th e con n ecti on to th e Ati as-Ti ta n p i a tform . Th ey offer a fu tu re p a th way to con vert U . S . ti ta n i u m m i n era i s i n to h i gh - pu r i ty feedstock su i ta b i e for H AM R™,
com p i eti n g a fu i i y i n teg ra ted Am er i can m i n era i - to- p rodu ct ti ta n i u m su pp i y ch a i n . C omm erci a l - sca l e ca p a b i l i ty; execu ti on b ecom es th e va l u e d ri ver Foi i owin g m ore th an a decade
of research , p i i ot operation s an d i n du str i a i i zati on , perion X s Vi rg i n i a cam pu s h as dem on stra ted th e comm erci a i - sca i e cap ab i i i ty of H AM R™. Operation s tra n s i ti on ed to a 24 /7 sch edu i e du r i
n g fi sca i year 2 02 6, an d powder p rodu cti on con s i sten ti y m et or exceeded Grade 5 qu a i i ty p a ram eters. r perion X con ti n u es to ta rget an an n u a i i zed ru n ra te of approxim a te i y 2 00 tp a by th e en d of 2 02 6,
su b ject to ram p - u p an d operatin g optim i zati on . Th e p r i n c i p a i va i u e d r i vers a re n ow th rou gh pu t, yi e i d , re i i ab i i i ty, p rodu ct qu a i i fi cati on an d cu s tom er con version . Sca l i n g p rod u
ct ca p a ci ty a rou n d l ow- cost ti ta n i u m p owd er Th e 300 - ton , s i x- axi s SACM r powder m eta i i u rgy p ress was comm i ss i on ed i n M ay 2 02 6, tr i p i i n g perion X s exi s ti n g powder m eta i i u rgy cap aci ty an
d exp an d i n g th e ra n ge, com p i exi ty an d repeatabii i ty of n ear- n et- sh ape com pon en ts th a t can be m an u fa ctu red i n Vi rg i n i a . r ts h i gh - cyci e cap ab i i i ty a i so creates a p a th way toward m a ter i a i i
y h i gh er- voi u m e p rodu cti on for su i ta b i e com pon en t geom etr i es. Th e fi r s t of two additi on a i H SP T™ s i n ter i n g fu r n aces a r r i ved du r i n g th e qu a r ter en ded J u n e 30, 2 02 6 an d en tered i n s ta
i i a ti on an d comm i ss i on i n g , wi th fu r th er fu r n ace cap aci ty expected to fo i i ow. Th ese assets a re design ed to exp an d th rou gh pu t, re i i eve down s tream con stra i n ts an d m ove cu s tom er p rog ram s from p
rototype p rodu cti on toward qu a i i fi cati on , i ow- ra te i n i ti a i p rodu cti on an d repeatabi e m an u fa ctu r i n g . Th e cu r ren t p i a tform su pports th e exp an s i on toward approxim a te i y 1 , 400 tp a an d th e i on
ger- term ta rget of m ore th an 1 0, 000 tp a of h i gh - perform an ce ti ta n i u m com pon en ts by 2 030‚ Gen X™, perion X s n ext- gen era ti on con ti n u ou s H AM R™ devei opm en t p i a tform , p rovi des addi ti on a i i on g - term
u pside th rou gh th e poten ti a i for h i gh er th rou gh pu t, i ower cost an d i m p roved cap i ta i effi c i en cy; i t i s n ot requ i red for th e cu r ren t 2 00 tp a ram p . Ti ta n a n d Atl a s: a secon d , h i g h - va l u e Am
eri ca n p l a tfor m Th e Ti ta n Cri ti ca i M i n era i s P roject i n Ten n essee, wi th key m i n e- a rea perm i ts a i read y i n p i ace, i s a d i str i ct- sca i e dom esti c resou rce of ti ta n i u m m i n era i s , z i rcon an d
ra re earth - bearin g m i n era i s ‚ n J u n e 2 02 6, perion X com p i eted a U . S . Govern m en t- su pported D F S b ased en ti re i y on P roved an d P rob ab i e Ore Reserves, estab i i sh i n g a tech n i ca i i y defi n ed devei
opm en t p a th way an d com pei i i n g p roject econ om i cs.
Ti ta n i s d esi g n ed to p rod u ce a h e a vy ra re e a r th con cen tra te (
H R E C ) con ta i n i n g stra teg i c a i i y i m p or ta n t d ysp rosi u m , ter b i u m a n d yttr i u m , tog eth er wi th i a m en i te, ru ti a e a n d z i rcon con cen tra te. Th ese p rod u cts a d d ress u p s tre a m su p p a y g a
p s for U . S . d efen se, p er m a n en t m a g n ets, a d va n ced m a n u fa ctu r i n g a n d ti ta n i u m m eta a su p p a y ch a i n s. Ti ta n i s th erefore b oth a sta n d a a on e cr i ti c a a - m i n era a s op p or tu n i ty a n
d th e u p stre a m cor n erston e of 4 p er i on X6s i on g er- ter m m i n era i - to- p rod u ct s tra teg y: Th e D F S d ei i lered a n a fter- ta x N P V8 of U S $ 8 1 3 m i i i i on , a n a fter- ta x N R R of 3 9. 4 % , a 3. 6 - ye a
r p a yb a ck a n d forec a s t a fter- ta x free c a sh fa ow of U S $ 1 . 9 b i a a i on over a n i n i ti a a 1 4 - ye a r m i n e p a a n . We b ea i eve th ese econ om i cs cre a te m a ter i a a sta n d a a on e va a u e b efore con si
d er i n g th e stra teg i c t: en efi ts of i n teg ra ti on wi th 4 p er i on X6s d own s tre a m ti ta n i u m p a a tfor m . At] a s Acq l. i si ti ion ca n a cce] era te a n d en h a n ce th e l. p strea m p a th way O n J u n e 1 5, 2
0 2 6, 4 p er i on X en tered i n to a n a g reem en t to a cq u i re m i n era a , p rop er ty a n d i n fra s tru ctu re a ssets from C ovi a S oa u ti on s L L C a d ja cen t to Ti ta n for U S $ 3. 0 m i a a i on . Th e a cq u i si ti on ,
p revi ou sa y refer red to a s th e C a m d en a cq u i si ti on a n d n ow n a m ed Ata a s, wa s com p i eted su t: seq u en t to ye a r- en d on J u i y 1 , 2 0 2 6: Th e m od es t a cq u i si ti on cost p rovi d es N p er i on X wi th con
troa of a ssets th a t h a ve th e p oten ti a a to m a ter i a a a y i m p rove th e seq u en ci n g a n d econ om i cs of th e b ro a d er d evea op m en t p a th wa y. Ata a s a d d s a p p roxi m a tea y 70 a cres of a t- su r fa ce, h i
s tor i c a a a y p rocessed cr i ti c a a - m i n era a stockp i a es; a p p roxi m a tei y 1 8 0 a cres of p re- s tr i p p ed L ower M cN a i r y m i n era a i z a ti on ; m i n era a a n d p rop er ty r i g h ts; m i n i n g a n d p
rocessi n g eq u i p m en t; a n d esta b a i sh ed g r i d p ower, i n d u str i a a wa ter, n a tu ra a g a s a n d h e a vy- h a u a ra i a i n fra s tru ctu re. Th ese fe a tu res h a ve th e p oten ti a a to red u ce th e ti m e, c a p i
ta a a n d op era ti n g com p a exi ty req u i red to es ta b a i sh i n i ti a a p rod u cti on . Ata a s a n d Ti ta n a re a oc a ted wi th i n th e sa m e M cN a i r y m i n era a - sa n d sys tem a n d a re h i g h a y com p a em en ta
r y. Ti ta n p rovi d es a p er m i tted , d i s tr i ct- sc a a e resou rce a n d d efi n ed p roject econ om i cs; Ata a s a d d s h i g h - g ra d e s tockp i a es, p re-s tr i p p ed m i n era a i z a ti on a n d esta b a i sh ed i n fra s
tru ctu re. N p er i on X i s a d va n ci n g son i c d ri a a i n g , stockp i a e su r veys, m i n era a a ssem b a a g e a n d m eta a a u rg i c a a tes t wor k, comm erci a a q u a a i fi c a ti on a n d a n i n teg ra ted econ om i c a
ssessm en t ta rg eted for com p a eti on b y th e en d of 2 0 2 6. Th e com b i n a ti on h a s th e p oten ti a a to red u ce u p fron t c a p i ta a a n d op era ti n g costs, a ccea era te fi rst p rod u cti on a n d i m p rove overa a a
econ om i cs rea a ti ve to a sta n d a a on e Ti ta n d evea op m en t. Th e i n teg ra ted Ati a s-Ti ta n p i a tfor m s tren g th en s 4 p er i on X6s a b i a i ty to con n ect Ten n essee feed s tocks con ta i n i n g ti ta n i u m , z i
rcon a n d h e a vy ra re e a r th - b e a r i n g m i n era a s wi th d own s tre a m U . S . p rocessi n g , ti ta n i u m m eta a p rod u cti on a n d a d va n ced m a n u fa ctu r i n g . N t a a so g i ves sh a reh oa d ers exp osu re to
a cr i ti c a a - m i n era a s p a a tfor m wi th d evea op m en t va a u e d i sti n ct from th e p a ce of th e Vi rg i n i a ti ta n i u m ra m p . 1 3
1 4 Th e l a rgest opportu n i ti es a re repeat- order p rodu cts wi th h i gh
con ven ti on a a ! bu y- to- fa y' ra ti os, a on g a ead ti m es or con cen tra ted offsh ore su pp l y ch a i n s . 0 n each category, th e ob jecti ve i s th e sam e 6 rep l ace a s l ower, m ore wastefu l an d often i m ported i n cu m
ben t wi th an Am er i can - m ade ti ta n i u m p rodu ct th a t perform s better, can be del i vered fa s ter an d , a t sca l e , i s m ore a fford ab l e . Ti ta n i u m powder rem a i n s a stra teg i ca l l y i m portan t p rodu ct for
additi ve m an u fa ctu r i n g an d powder m eta l l u rgy. H owever, con verti n g powder i n to n ear- n et- sh ape com pon en ts an d m i l l p rodu cts captu res a g rea ter sh a re of th e va l u e ch a i n , d i fferen ti a tes 0
perion X from comm od i ty powder su pp l i ers an d g i ves cu s tom ers a m ore com p l ete dom esti c su pp l y- ch a i n sol u ti on . F a sten ers a n d h i g h - vol u m e h a rd wa re Ti ta n i u m fa s ten ers a re a l a rge, repeat-
order p rodu ct category across defen se, aerosp ace, m a r i n e an d i n du str i a l m a r kets. 0 n depen den t testi n g by U . S . Arm y Com b a t Cap ab i a i ti es D evea opm en t Comm an d ( D E VCOM ) Grou n d Veh i c a e System s
Cen ter ( GVSC) an d Westm orea an d va l i dated 0 perion X Ti - 6 Al - 4 V fa s ten ers a t perform an ce a evea s above com p a rab a e SAE Grade 8 s teea an d stan dard aerosp ace ti ta n i u m fa s ten er ben ch m a r ks. Th e resu l
ts dem on stra te th a t b perion X's m an u fa ctu r i n g p a th way can del i ver perform an ce as wel l as cost an d su pp l y-ch a i n advan ta ges. Th e comm i ss i on ed SACM 0 p ress can operate a t u p to 24 p ressi n g cycl es per
m i n u te , equ i va l en t to approxim a te l y 1 1 m i l l i on s i n g l e- cavi ty p a r ts per year u n der sta ted operatin g assu m p ti on s before down s tream s i n ter i n g . Th i s estab l i sh es a sca l ab l e m an u fa ctu r
i n g p a th way for su i ta b l e h i gh - vol u m e com pon en t categories. Th e com b i n a ti on of h i gh - perform an ce, l ower com pon en t weigh t, corrosion resi s ta n ce an d sca l ab l e dom esti c m an u fa ctu r i n g creates
a p a th way for ti ta n i u m to su bsti tu te i n to sel ected app l i cati on s cu r ren tl y served by h i gh - stren g th steel . D efen se a n d i n d u stri a l com p on en ts Cu r ren t p rog ram s i n c l u de ti ta n i u m i m pel
l ers for Carver P u m p an d U . S . N avy app l i cati on s , l i gh tweigh t g rou n d - veh i c l e com pon en ts wi th Am er i can Rh e i n m eta l l , an d devel opm en t work across tra ck p i n s , b rackets, gears, actu a tors an d
oth er defen se an d i n du str i a l com pon en ts . Th ese app l i cati on s va l u e resi l i en ce an d perform an ce, bu t a l so p rovi de repeat- order poten ti a l i f qu a l i fi cati on an d p rodu cti on m i l eston es a re ach i
eved. b perion X's i n teg ra ted powder- to- p rodu ct rou te i s design ed to rep l ace sel ected cast, forged an d exten s i vel y m ach i n ed com pon en ts wi th n ear- n et- sh ape a l tern a ti ves th a t can redu ce l ead ti m es an d
m a ter i a l l oss wh i l e reta i n i n g h i gh m ech an i ca l perform an ce. Th e comm erci a l advan ta ge a r i ses from th e com p l ete m an u fa ctu r i n g rou te , n ot powder cost a l on e . Au tom oti ve a n d con su m er el
ectron i cs P rog ram s wi th Ford an d con su m er- e l ectron i cs cu stom ers dem on stra te th e fl exi b i l i ty of th e p l a tform to su pp l y both ti ta n i u m powder an d m an u fa ctu red com pon en ts . Th ese m a r kets a l so
gen era te h i gh - qu a l i ty ti ta n i u m scrap, creati n g th e poten ti a l for c l osed- l oop cu stom er re l a ti on sh i ps i n wh i ch scrap i s retu r n ed to 0 perion X an d con verted i n to n ew p rodu cts. b perion X's comm
erci a a stra tegy i s va a u e- a ed : p r i or i ti ze m an u fa ctu red ti ta n i u m p rodu cts wh ere verti ca l i n teg ra ti on can m a ter i a l l y redu ce waste, sh or ten l ead ti m es an d l ower p rojected en d - p rodu ct
cost. Ti ta n i u m P rodu cts
Ti ta n i u m p l a te a n d m i l l p rod u cts p er i o n X i s s c a i i n
g p ro d u cti o n o f ti ta n i u m p i a te a n d i a rg e- fo r m a t m i i i ta r y co m p o n en ts to exten d th e p ro d u ct p i a tfo r m b eyo n d en g i n eered p a r ts i n to p i a te, s h eet, b a r a n d o th er m i i i - p
ro d u ct p a th wa ys , m a ter i a i i y b ro a d en i n g th e a d d res s a b i e m a r ket. 1 5 Ad d i ti ve m a n u fa ctu ri n g a n d d i rect p owd er sa l es p er i o n X p ro d u ces a n g u i a r a n d s p h er i c a i ti ta n
i u m p owd er s fo r p owd er m eta i i u rg y a n d a d d i ti ve m a n u fa ctu r i n g . D i rect p owd er s a i es rem a i n p a r t o f th e p ro d u ct m i x, p rovi d i n g cu s to m er a cces s a n d n e a r- ter m reven u e o p p o
r tu n i ti es , wh i i e th e C o m p a n y p r i o r i ti z es co n ver s i o n i n to h i g h er- va i u e p ro d u cts wh ere i ts m a n u fa ctu r i n g tech n o i o g i es c a n cre a te th e g re a tes t co mm erci a i a d va n ta g
e. A p rod u ct p l a tfor m d esi g n ed to sca l e Th e cu s to m er p i p ei i n e i s i n cre a s i n g i y m ovi n g b eyo n d m a ter i a i s a m p i i n g i n to fi n i s h ed - co m p o n en t va i i d a ti o n , p ro to typ e p u
rch a s e o rd er s a n d fu n d ed s c a i e- u p p ro g ra m s . C o mm erci a i i z a ti o n rem a i n s a s ta g ed p ro ces s : cu s to m er tes ti n g a n d q u a i i fi c a ti o n m u s t b e fo i i owed b y s ta b i e m a n u fa ctu
r i n g p a ra m eter s , rep e a ta b i e q u a i i ty a n d d ep en d a b i e d ei i ver y. N e a r- ter m execu ti o n i s th erefo re fo cu s ed o n d ei i ver i n g cu r ren t o rd er s , i n co r p o ra ti n g tes t feed b a ck, co mm i
s s i o n i n g s u ffi ci en t H S P T™ c a p a ci ty a n d m ovi n g p r i o r i ty p ro d u cts towa rd rep e a ta b i e p ro d u cti o n . I p eri on X p rod u cts ca n ei tr er b e sol d i n to tr e p owd er m a r kets or fu r tr er p
rocessed i n to fi n a l ti ta n i u m m eta l p rod u cts
Th e tech n o i og i es a re n ot i soi a ted i n ven ti on s ; th ey form an i n
teg ra ted p i a tform sp an n i n g m i n era i an d scrap feedstocks, ti ta n i u m refi n i n g , powder p rodu cti on , a i i oy devei opm en t, n ear- n et- sh ape m an u fa ctu r i n g an d m i i i p rodu cts. Th e p i a tform p rovi
des two com p i em en ta r y feedstock p a th ways. n th e n ear term , H AM R™ can recyci e a b road ra n ge of ti ta n i u m scrap, i n c i u d i n g h i gh - oxygen m a ter i a i th a t con ven ti on a i rou tes s tr u gg i e to retu r n to
h i gh - va i u e u se. Over ti m e , Green Ru ti i e™ an d ARH ™ can u pgrade dom esti c ti ta n i u m m i n era i s from Ati as-Ti ta n i n to h i gh - pu r i ty feedstock for H AM R™. B oth p a th ways con verge i n th e sam e i ow- cost
Am er i can powder an d p rodu ct p i a tform . Th i s a rch i tectu re addresses th e p r i n c i p a i con stra i n t on ti ta n i u m adoption ) th e cost, com p i exi ty an d waste em bedded across th e con ven ti on a i su pp i y ch a i n
. Th e i n cu m ben t Kroi i rou te requ i res m u i ti p i e cap i ta i an d en ergy- i n ten s i ve s ta ges, i n c i u d i n g ch i or i n a ti on , redu cti on , vacu u m d i sti i i a ti on , m e i ti n g an d rem e i ti n g , fo i i
owed by exten s i ve h ot workin g an d m ach i n i n g . Th ese steps create i on g i ead ti m es, h i gh costs an d s i gn i fi can t m a ter i a i i oss, restr i cti n g ti ta n i u m i a rgei y to app i i cati on s th a t can absorb a su
bstan ti a i p r i ce p rem i u m . , perion X4s tech n o 9 og i es byp ass or sh or ten m a jo r p a r ts of th a t rou te . H AM R™ p rodu ces i ow- oxygen ti ta n i u m powder from recyci ed or m i n era i - derived feedstocks; GSD ™
creates h i gh - qu a i i ty sph er i ca i powder for additi ve m an u fa ctu r i n g ; an d H SC T™ an d TH RM ™ con vert powder i n to h i gh - perform an ce p rodu cts wi th fewer p rocessin g steps an d h i gh er m a ter i a i u ti i i
zati on . perion X h as assem b i ed a portfoi i o of m ore th an 40 g i obai p a ten ts devei oped an d en h an ced th rou gh over a decade of research an d devei opm en t. , perion X4s Ti ta n i u m Tech n o 9 og i es 1 8
Th e va l u e of th e portfol i o l i es i n h ow th e tech n o l og i es con n
ect. L ower- cost dom esti c feedstock fl ows i n to l ower- cost powder; powder i s con verted i n to h i gh er- va l u e com pon en ts an d m i l l p rodu cts; an d p rocess or cu stom er scrap can be recycl ed b ack i n to n ew ti ta n i u
m . E ach l i n k redu ces depen den ce on forei gn - con tro l l ed su pp l y ch a i n s an d captu res m ore va l u e wi th i n perion X. Th e resu l t i s a n ear- term c i rcu l a r scrap- to- p rodu ct p l a tform an d a l on ger- term m
i n era l - to- p rodu ct p a th way. Togeth er, th ey p rovi de perion X wi th a d i fferen ti a ted rou te to re- sh ore a com p l ete ti ta n i u m su pp l y ch a i n to th e U . S . perion X h as a l read y dem on s tra ted th e i n teg
ra ti on of th ese tech n o l og i es by u pgradin g ti ta n i u m m i n era l s from th e Ti ta n P roject to h i gh - g rade + 99 % Ti O2 feedstock an d u s i n g th a t en r i ch ed m a ter i a l to m an u fa ctu re h i gh - qu a l i ty sph
er i ca l Ti - 6 Al - 4 V powder. Testi n g con fi rm ed oxygen con ten t th a t m et or su rp assed th e requ i rem en ts of i n du stry- s ta n dard Grade 5 specificati on s . H AM R TM Ti ta n i u m Tech n ol og i es H AM R™, or H yd
rogen Assisted M eta l l oth erm i c Redu cti on , i s I perion X^s fou n dati on a a ti ta n i u m refi n i n g tech n o a ogy. Orig i n a l l y devel oped a t th e U n i versi ty of U ta h wi th fu n d i n g from th e U . S . D ep a r tm en
t of E n ergy^s Ad iva n ced Research P rojects Agen cy- E n ergy p rog ram , H AM R™ p rovi des a d i rect p a th way from ti ta n i u m oxi de or scrap to l ow- oxygen ti ta n i u m powder. Th e p rocess u ses h yd rogen to destabi l i ze
ti ta n i u m d i oxi de, a l l owin g m agn esi u m redu cti on to occu r u n der th erm od yn am i ca l l y favorabl e con d i ti on s . Th e resu l ti n g ti ta n i u m h yd r i de can th en be deoxygen a ted , a l l oyed an d p rocessed
i n to h i gh - qu a l i ty ti ta n i u m powder wi th con tro l l ed ch em i s tr y an d p a r ti c l e ch a racteri s ti cs. H AM R™ can accept a b road ra n ge of feedstocks, i n c l u d i n g ti ta n i u m m i n era l s , m an u fa ctu r i
n g scrap an d h i gh - oxygen scrap th a t we bel i eve i s d i ffi cu l t to recycl e th rou gh con ven ti on a l rou tes. Th i s feedstock fl exi b i l i ty i s cen tra l to I perion X^s ab i a i ty to bu i a d a secu re , c i rcu a a r
an d a ower- cost dom esti c su pp l y ch a i n . perion X yi e l d fi gu res wi l l va r y depen d i n g on fi n a l p rodu cts an d con sol i dati on rou tes sh own . Ti ta n i u m Powder yi e l d va r i es depen d i n g on scrap vs. m i n
era l sou rce. B ased on i m p a i ed yi e a d a osses from Ti C a 4 to Spon ge i n N agesh et. Aa . 2 004 x " M ech an i sm of Ti ta n i u m Spon ge Form a ti on i n th e Kroa a Redu cti on Reactor" Oak R i dge N a ti on a a L aboratory (
ORN L ) 2 0 1 2 Report‚ " N ear N et Sh ape M an u fa ctu r i n g of N ew, L ow Cost Ti ta n i u m Powders for I n du stry" B oein g , ORN L , AP C I 2 0 1 2 Report for D o E x " N ear- N et Sh ape Fabrication u s i n g L ow- Cost Ti ta n i u
m Aa a oy P owders" RAN D Corporation 2 009 Report‚ " Ti ta n i u m I n du str i a a B ase, P r i ce Tren d , an d Tech n o a ogy I n i ti a ti ives" D ept. of E n ergy 2 008 Report " F Y 2 008 P rog ress Report for L i gh tweigh ti n g M a
ter i a a s - Au tom oti ive M eta a s - Ti ta n i u m" 1 9 † p eri on X offers a si m p l e, l ow wa ste, ver ti ca l l y i n teg ra ted sol u ti on
pe r on X s Tr ita n r u m Tech n o ogres // con t n u ed B y avord r n g th e n
eed to ch C or r n a te Tr 02 r n to Tri C 4 an d rem ovr n g vacu u m d r str l l a tr on an d m u l tr p l e m e l tr n g stages M H AM R™ can m a ter r a l l y redu ce p rocess s teps M en ergy u se M cap r ta l r n ten s r ty an d em r ss
r on s . L t r s th e tech n o l ogy th a t con n ects recycl ed scrap an d M over tr m e M U . S . tr ta n r u m m r n era C s to R perron XUs down s tream p rodu ct p C a tform Y H SP TTM T_ ita n _ u m Fogg _ n g Tech n ol og _ es H SP
T™M or H yd rogen S r n ter r n g an d P h ase Tran sform a tr on M addresses a cen tra l ch a l l en ge r n tr ta n r u m powder m eta l l u rgyr ach r evr n g wrou gh t- l r ke m ech an r ca l perform an ce wr th ou t th e fu l l cost an d
com p l exr ty of con ven tr on a l forg r n g an d h ot workrn g . Trad r tr on a l tr ta n r u m m an u fa ctu r r n g typ r ca l l y con verts spon ge r n to r n got th rou gh repeated m e l tr n g M th en r n to b a rM p l a te or sh eet
th rou gh en ergy- r n ten s r ve forg r n g an d ro l l r n g . w r n r sh ed com pon en ts a re su bsequ en tl y m ach r n ed from th r s stock M often gen era tr n g h r gh l evel s of scrap an d l on g p rodu ctr on l ead tr m es. P owder
m eta l l u rgy an d addrtr ve m an u fa ctu r r n g can create n ear- n et- sh ape p rodu cts wr th m u ch l ess waste M bu t con ven tr on a l powder rou tes m ay n ot ach r eve th e m r crostru ctu re an d fa tr gu e perform an ce requ r
red for dem an d r n g app l r catr on s wr th ou t fu r th er th erm om ech an r ca l p rocessrn g . R perron XUs p a ten ted H SP TM tech n o C ogy u ses h yd rogen - en ab l ed s r n ter r n g an d ph ase tra n sform a tr on to devel op an
u l tra - fr n e M wrou gh t- l r ke m r crostru ctu re . Th r s p rovr des a p a th way to h r gh - perform an ce tr ta n r u m p rodu cts wr th su perror fa tr gu e p ropertr es com p a red wr th tra d r tr on a l tr ta n r u m powder m eta
l l u rgy m eth ods. Wh en com b r n ed M H AM R™ an d H SP T™ con n ect l ower- cost tr ta n r u m powder d r rectl y to h r gh - perform an ce n ear- n et- sh ape p rodu cts. TH RM ™ exten ds th e sam e ph ase-tra n sform a tr on p r r n c
r p l es to p l a te M sh eetM b a r an d oth er m r l l - p rodu ct p a th ways. Th e comm ercr a l s r gn r fr can ce r s fewer m an u fa ctu r r n g s teps M l ess m ach r n r n g waste an d sh or ter l ead tr m es M wh r l e ta rgetr n g
m a ter r a l p ropertr es assocrated wr th con ven tr on a l l y forged or wrou gh t tr ta n r u m . Th r s r s th e b r r dge between R perron XUs powder cost ad van ta ge an d h r gh er- va C u e cu s tom er p rodu cts. G SDTM Tech n ol og
_ es GSD ™M or Gran u l a tr on - S r n ter r n g - D eoxygen a tr on M r s a p a ten ted th erm och em r ca l tech n o l ogy desrgn ed to p rodu ce sph er r ca l tr ta n r u m powders for addrtr ve m an u fa ctu r r n g . Th e p rocess p
rovr des l ow oxygen con ten tM con tro l l ed p a r tr c l e s r ze an d s tron g fl owabrl r ty wh r l e r n creasrn g u sab l e powder yr e l d . Con ven tr on a l sph er r ca l powder m eth ods M r n c l u d r n g gas a tom r zatr on M p
l asm a a tom r zatr on an d p l asm a rota tr n g e l ectrode p rocessrn g M can p rodu ce h r gh - qu a l r ty powder bu t often gen era te re l a tr vel y l ow yr e l ds wr th r n th e fr n e p a r tr c l e-s r ze ra n ges requ r red by
addr tr ve m an u fa ctu r r n g . Th a t yr e l d l oss r s an r m portan t con tr r bu tor to th e h r gh cost of sph er r ca l tr ta n r u m powder. GSD ™ addresses th r s con stra r n t by r n creasrn g powder yr e l d by u p to 50 % an d
p rovr d r n g a poten tr a l l y m ore effr c r en t rou te to addrtr ve- m an u fa ctu r r n g feedstock. R t exp an ds R perron XUs addressab C e p rodu ct m r x an d su pports both d r rect powder sa l es an d r n tern a l l y m an u fa
ctu red com pon en ts . H AM R™ a l so offers fl exr b r l r ty r n a l l oy desrgn by r n trodu c r n g a l l oyr n g e l em en ts from oxr de feedstocks. Th r s creates a p a th way to ad van ced tr ta n r u m an d m eta l a l l oys con ta
r n r n g e l em en ts su ch as r ron M n r ob r u m M z r rcon r u m an d m o l ybden u m M r n c l u d r n g com posrtr on s th a t can be d r ffr cu l t to m an u fa ctu re effr c r en tl y th rou gh con ven tr on a l m e l t p rocessrn g
. Mtcrostructure of”perton X HSPT œ5µm) and Tradtttonal Powder Metallurgy œ40µm) tttantum products© 20
G reen R u ti l eTM & AR H TM Tech n ol og i es G reen R u ti i e™ a n d AR H
™ p rovi d e th e tech n o i o g y i i n k b etween 2 p er i o n X8s Ten n es s ee m i n era i a s s ets a n d i ts ti ta n i u m m eta i p i a tfo r m . To g eth er, th ey a re d es i g n ed to u p g ra d e i ower- g ra d e U . S . ti ta n i
u m m i n era i s i n to h i g h - p u r i ty feed s to ck s u i ta b i e fo r H AM R ™. Th e G reen R u ti i e™ p ro ces s u p g ra d es i i m en i te i n to a h i g h er-g ra d e s yn th eti c r u ti i e ti ta n i u m p ro d u ct a n d a p u
r i fi ed i ro n oxi d e co - p ro d u ct. Th e i ro n oxi d e m a y h a ve va i u e i n m eta i - a i i oyi n g a p p i i c a ti o n s o r a s a p recu r s o r fo r i i th i u m i ro n p h o s p h a te b a tter i es . M o s t g i o b a i s
yn th eti c r u ti i e p ro d u cti o n rei i es o n th e B ech er p ro ces s , wh i ch u s es co a i a s a red u cta n t a n d o p era tes ro ta r y ki i n s a t tem p era tu res a b ove 1 ,1 0 0 ° C b efo re rem ovi n g m eta i i i c i ro n
th ro u g h a n a era ted s a i t- s o i u ti o n p ro ces s . Th e S co p e 1 a n d 2 em i s s i o n s a s s o ci a ted wi th co n ven ti o n a i s yn th eti c r u ti i e a n d ti ta n i u m s i a g p ro d u cti o n a re s i g n i fi c a n t,
es ti m a ted a t a p p roxi m a tei y 3. 3 to n s a n d 2 to n s o f c a r b o n d i oxi d e eq u i va i en ts ( C 02 e) p er to n o f p ro d u ct, res p ecti vei y. G reen R u ti i e™ d o es n o t u s e co a i a s a red u cta n t a n d , wh
en p a i red wi th ren ewa b i e o r i ow- c a r b o n ei ectr i ci ty, h a s th e p o ten ti a i to p ro d u ce h i g h - q u a i i ty ti ta n i u m feed s to ck wi th m a ter i a i i y i ower em i s s i o n s . a p er i o n X i s a d va n
ci n g p i a n s to s c a i e G reen R u ti i e™ to u p g ra d e i i m en i te fro m th e Ati a s -Ti ta n p i a tfo r m i n to a h i g h - q u a i i ty s yn th eti c r u ti i e p ro d u ct a n d i ro n oxi d e co - p ro d u ct. Th i s wo u i
d cre a te a n a d d i ti o n a i va i u e- a d d i n g s tep i n Ten n es s ee b efo re ti ta n i u m feed s to ck en ter s th e m eta i - p ro d u cti o n p a th wa y. AR H ™, o r Ai ka i i n e R o a s ti n g a n d H yd ro i ys i s , c a n
fu r th er u p � ra d e r u ti i e a n d G reen R u ti i e™ i n to + 9 9 % Ti 02 feed s to ck s u i ta b i e fo r H AM R ™. Th i s co m p i etes th e tech n i c a i p a th wa y fro m d o m es ti c ti ta n i u m m i n era i s to Am er i c a n -
m a d e ti ta n i u m m eta i a n d fi n i s h ed p ro d u cts . 21
Su sta r n a b r i r ty a s a n op era tr n g a d va n ta g e perion X was fou n
ded to bu i i d a i ower- cost, i ower- carbon an d m ore resi i i en t Am er i can ti ta n i u m su pp i y ch a i n . Su s ta i n ab i i i ty i s em bedded i n th a t bu s i n ess m odei ra th er th an trea ted as a sep a ra te ob -ecti ve/
recyci ed feedstocks can i ower i n pu t cost an d redu ce i m port depen den ce; n ear-n et- sh ape m an u fa ctu r i n g can i m p rove m a ter i a i u ti i i zati on ; ren ewabi e e i ectri c i ty can redu ce operatin g em i ss i on s ; an
d c i osed- i oop recyci i n g can deepen cu stom er re i a ti on sh i ps. Th ese a ttr i bu tes s tren g th en th e comm erci a i an d stra teg i c case for th e p i a tform . Su sta r n a b r i r ty g over n a n ce a n d d r sci osu res Su
s ta i n ab i i i ty i s overseen a t B oard an d execu ti ve- m an agem en t i evei , wi th th e Su sta i n ab i i i ty Su b - Comm i ttee of th e N om i n a ti n g an d Govern an ce Comm i ttee coordin a ti n g re i a ted i n i ti a ti ves,
an n u a i reporti n g an d perform an ce goai s . D ay- to- day su s ta i n ab i i i ty acti vi ti es a re i ed by th e Vi ce P resi den t of Su sta i n ab i i i ty. perion X reports i ts su s ta i n ab i i i ty p rog ress wi th referen ce to
th e G i ob a i Reportin g n i ti a ti ve an d th e Su sta i n ab i i i ty Accou n ti n g Stan dards B oard . P eop i e, sa fety a n d comm u n r tr es perion X va i u es i ts em p i oyees an d th e comm u n i ti es i n Vi rg i n i a , U
ta h an d Ten n essee i n wh i ch i t operates. P rotecti n g em p i oyees, con tra ctors, vi s i tors an d i ocai s ta keh o i ders i s a core operatin g respon s i b i i i ty an d fu n dam en ta i to su ccessfu i sca i e- u p . Th e Com p an
y i s comm i tted to safe workpi aces, com p i i an ce wi th app i i cab i e occu p a ti on a i an d en vi ron m en ta i i aws an d con stru cti ve, i on g - term re i a ti on sh i ps wi th h ost comm u n i ti es. C r rcu i a r tr ta n r u m
tecE n oi og r es F lerion XNs laten ted tech n o i og i es can u se 1 00 % ti ta n i u m scrap, i n c i u d i n g h i gh - oxygen m a ter i a i th a t m an y con ven ti on a i p rocesses can n ot read i i y recyci e i n to h i gh - qu a i i
ty m eta i . Th e resu i ti n g i ow- oxygen ti ta n i u m powder can be m an u fa ctu red i n to a b road ra n ge of p rodu cts an d , a t th e en d of th e i r u sefu i i i ves, retu r n ed to th e sam e p i a tform as feedstock for fu tu re
p rodu cti on . Th i s c i osed- i oop cap ab i i i ty can d i vert va i u ab i e ti ta n i u m from down cyci i n g or d i sposai an d retu r n i t to h i gh - va i u e u se. t p rovi des cu s tom ers wi th a p a th way to redu ce em bedded
carbon , i m p rove p rodu ct c i rcu i a r i ty an d secu re dom esti c feedstock wh i i e stren g th en i n g F lerion XNs i on g - term cost an d su pp i y posi ti on . Su s ta i n ab i i i ty P rotecti n g em p i oyees, con tra ctors, vi
s i tors an d i ocai stakeh o i ders i s a core operatin g respon s i b i i i ty an d fu n dam en ta i to su ccessfu i sca i e- u l a " 22
23
L owei- ca irb on p iod u ctv on perron X s Vr rg r n r a tr ta n r u m p rodu
ctr on p i a tform p rocu res ren ewabi e e i ectrr c r tyl resu i tr n g r n zero m a r ket- b ased Scope 2 em r ss r on s from pu rch ased e i ectrr c r tyr Th e Com p an y con tr n u es to assess an d m an age Scope 3 em r ss r on s l r n c
i u d r n g opportu n r tr es to p rocu re i ower-carbon p rocess r n pu ts as p rodu ctr on sca i esr A com p a ra tr ve i r fe- cyci e assessm en t fou n d th a t G 00 % recyci ed sph er r ca i tr ta n r u m powder p rodu ced a t perron X s
Vr rg r n r a fa c r i r ty h as th e poten tr a i for a i r fe- cyci e carbon footp r r n t as i ow as 7r 8 k r i ogram s of CO2 e per kg of powderr Th r s rep resen ts a redu ctr on of m ore th an 90 % com p a red wr th con ven tr on a i i y
p rodu ced tr ta n r u m powder u s r n g p i asm a a tom r zatr on W estrm a ted a t 88r 8 kg CO2 e per kg of powderr Th e com b r n a tr on of i ower em r ss r on s an d dom estr c c r rcu i a r r ty can becom e an r m portan t porn t of d
r fferen tr a tr on for cu stom ersr U L C eitv iv ed 1 00% iecyc_ ed tv ta n v u m p owd ei perron X s i ow- carbon tr ta n r u m m eta i powder becam e th e fr r st p rodu ct g i ob a i i y to ach r eve an U n derwrrters L aboratorres e U
L ) 2 809 Recyci ed Con ten t Certr fr catr on l i a tr n u m ra tr n g for a G 00 % recyci ed m on o- m a ter r a i l va i r datr n g th a t r t m eets th e h r gh est tr er of recyci ed con ten t requ r rem en ts u n der th e n ew U L s ta n
dard r n trodu ced du r r n g fr sca i year 2 02 6r As on e of th e wori d s m ost tr u sted r n depen den t safety an d s ta n dards organ r zatr on s l U L p rovr des r r gorou s th r rd - p a r ty verr fr catr on of p rodu ct c i a r m s
r Th r s certr fr catr on fu r th er dem on stra tes th e u n r qu e su s ta r n ab r i r ty a ttr r bu tes of perron X s tr ta n r u m p rodu cts an d re r n forces ou r comm r tm en t to r n depen den t va i r datr on an d tra n sp a ren
cyr Resp on sv rb _ e m v n eia _ d eve_ op m en t t perron X r s comm r tted to resou rce effr c r en cyl respon s r b i e i an d m an agem en t an d b r od r versr ty a t th e Ati as-Tr ta n p i a tform r n Ten n esseer Th e n ear- su r fa
ce m r n era i - san ds devei opm en t p a th way requ r res n o b i astr n g or h a rd - rock cru sh r n g r A ph ased approach wr th p rog ressrve reci am a tr on r s r n ten ded to i r m r t th e actr ve d r s tu rb an ce footp r r n tl wh
r i e work wr th th e U n r versr ty of Ten n essee t n str tu te of Agrrcu i tu re r s eva i u a tr n g restoratr on m eth ods desrgn ed to r m p rove sor i fer tr i r ty an d su pport a b r od r verse ecosystem r Th e ob jectr ve r s to estab
i r sh a m odei for respon s r b i e Am er r can cr r tr ca i - m r n era i s devei opm en tr w n vv ion m en ta _ com p _ v a n ce perron X s operatron s a re su b ject to app i r cab i e en vr ron m en ta i i awsl regu i a tr on s an d
perm r t con d r tr on s r Com p i r an ce r s trea ted as th e m r n r m u m operatrn g stan dard l su pported by r n tern a i system s an d l wh ere app i r cab i e l extern a i au d r ts an d r n spectron s r Th ere were n o kn own b
reach es of app i r cab i e en vr ron m en ta i requ r rem en ts by t perron X du r r n g th e fr sca i year en ded J u n e 30W 2 02 6r More tnformatton on our ftscal year 2026 sustatnabtltty tntttattves and progress wtll be shared tn the
forthcomtng voluntary ftscal year 2026 Sustatnabtltty Report. Su sta l n ab l i l ty // con tl n u ed 24
F < n an c< a a Re!X)rt D i rectors' Report 2 6 Con sol i dated E n ti ty
D i scl osu re Statem en t 1 1 4 Au d i tor 's n depen den ce D ec a ra ti on 73 D i rectors' D ec a ra ti on 1 1 5 Con sol i dated Statem en t of P rofi t or Loss an d Oth er n depen den t Au d i tor 's Report 1 1 6 Com p reh en s i
ive , n com e 74 M i n era l Resou rces Statem en t 1 2 1 Con sol i dated Statem en t of F i n an cia l Position 75 Corporate Goivern an ce 1 2 5 Con sol i dated Statem en t of Ch an ges i n E qu i ty 76 ASX Addition a l , n form a ti
on 1 2 6 Con sol i dated Statem en t of Cash F l ows 77 G l ossary of Term s an d D efin i ti on s 1 35 N otes to th e Con sol i dated F i n an cia l Statem en ts 78 Corporate D i rectory 1 37 25
26 D i rectors' Report Tre D i rectors of peri on X L i m i ted presen t trei r
report on tre con sol i dated en ti ty con si sti n g of peri on X L i m i ted ( "Compan y" or "$ peri on X") an d tre en ti ti es i t con trol l ed at tre en d of* or du ri n g * tre year en ded Ju n e 30* 2026 ( "Con sol i dated En ti ty" or
"Grou p"). D i rectors Tre n ames an d detai l s of tre Compan y' s d i rectors i n offi ce at an y ti me du ri n g tre fi n an ci al year or si n ce tre en d of tre fi n an ci al year are: M r. Todd H an n i gan E xecu ti ive Crai rman M
r. An astasi os Ari ma Cri ef E xecu ti ive Offi cer an d M an agi n g D i rector M s. Lorrai n e M . M arti n Lead n depen den t D i rector M r. Vau grn Tayl or n depen den t N on -E xecu ti ive D i rector M s. M el i ssa G. Wal l er n depen
den t N on -E xecu ti ive D i rector M s. Beiverl y M . Wyse n depen den t N on -E xecu ti ive D i rector M r. Ton y Tri pen y n depen den t N on -E xecu ti ive D i rector M r. M i crael J . Loparco n depen den t N on -E xecu ti ive D i
rector ( appoi n ted Au gu st 3* 2026) U n l ess otrerwi se stated* D i rectors rel d trei r offi ce from Ju l y 1 * 2025 u n ti l tre date of tr i s report. Board Commi ttee composi ti on n oted bel ow was effecti ive as of Au gu st 3*
2026. Cu rren t D i rectors an d Offi cers M r. Todd H an n i gan B . En g (H on s), M BA E xecu ti ive Crai rman M r. H an n i gan was appoi n ted as N on -E xecu ti ive Crai rman of peri on X on Febru ary 1 * 2021 * an d as E xecu ti ive
Crai rman on M ay 24* 2021 . Todd H an n i gan ras oiver 29 years of g l obal experi en ce i n n atu ral resou rces as compan y fou n der* cr i ef execu ti ive offi cer* pri ivate capi tal i n ivestor an d n on -execu ti ive d i rector. M r.
H an n i gan ras worked i n tern ati on al l y i n tre n atu ral resou rces sector i n cl u d i n g for P i edmon t L i tr i u m n c. * Aston Resou rces* H an son PLC an d BH P B i l l i ton . M r. H an n i gan rol ds a Bacrel or of E n g i n
eeri n g ( M i n i n g) from Tre U n i iversi ty of Qu een sl an d an d an M BA from N SE AD. Other Current Public Directorships Brazi l i an Rare E artrs ( Jan u ary 2023 - presen t) Al u ri on Resou rces L i m i ted ( M ay 2026 - presen
t) Former Public Directorships During the Past Three Years N on e
28 M - Vau g n Tayl o- B B u s (Accou n tl n g ) SAF l n n d ep en d en t N on
-E xecu ti ve D i rector F orrr er E xecu ti ve D i rector an d Ch i ef n vestrr en t Offi cer of AM B Cap i tal P artn ers p eri on X D i rector si n ce M arch 3: 2021 Vau g h n Tayl or p revi ou sl y served as E xecu ti ve D i rector an d
Ch i ef n vestrr en t Offi cer of AM B Cap i tal P artn ers: ("AM B D) th e g l ob al i n vestrr en t p l atforrr of th e B en n ett F arr i l y. M r. Tayl or was resp on si b l e for execu ti n g on th e i n vestrr en t strateg y: exp an d i n
g th e i n vestrr en t p ortfol i o i n to i n tern ati on al rr arkets an d sou rci n g n ew i n vestrr en t op p ortu n i ti es. M r. Tayl or i s an acti ve g l ob al i n vestor an d i s a b oard rr err b er of a n u rr b er of l i sted an d
p ri vate rr arket org an i zati on s b oth i n Au stral i a an d th e U . S. across a ran g e of sectors. M r. Tayl or h ol d s a B ach el or of B u si n ess ( Accou n ti n g ) an d a M aster of B u si n ess ( Real E state) frorr RM T U n i
versi ty. M r. Tayl or al so h ol d s a G rad u ate D i p l orr a i n Ap p l i ed F i n an ce an d n vestrr en t frorr F i n an ci al Servi ces P rofessi on al B od y: ( F N S A). Other Current Public Directorships M i xed M arti al Arts G
rou p L i rr i ted ( forrr erl y Al ta G l ob al G rou p L td ) ( Au g u st 2021 - p resen t) Former Public Directorships During the Past Three Years N on e lperionX Board Committees Corr p en sati on Corrrri ttee ( Ch ai r) M s M el l ssa
G Wal l e- B A (Jou -n al l sm an d M ass Comm u n l catl on s) n d ep en d en t N on -E xecu ti ve D i rector F orrr er D ep u ty Treasu rer an d Ch i ef of Staff for th e N orth Carol i n a D ep artrr en t of State Treasu ry p eri on X D
i rector si n ce Sep terr b er 1 3: 2021 M el i ssa G . Wal l er h as over 30 years' exp eri en ce as a sen i or fi n an ce execu ti ve an d i s P resi d en t for th e A F n sti tu te: p rovi d i n g essen ti al ed u cati on : research an d
resou rces to i n vestors an d i n vestrr en t fi rrr s g l ob al l y wi th over U S$50 tri l l i on assets u n d er rr an ag err en t. M s. Wal l er i s th e forrr er D ep u ty Treasu rer an d Ch i ef of Staff for th e N orth Carol i n a D ep
artrr en t of State Treasu ry: wh ere sh e su ccessfu l l y oversaw D ep artrr en t strateg i c p l an n i n g : op erati on s: an d p u b l i c-p ol i cy i rr p l err en tati on : al on g wi th a staff of rr ore th an 400 err p l oyees: i n cl
u d i n g th e N orth Carol i n a Reti rerr en t Systerr s: th e p en si on fu n d for th e state an d th e ten th l arg est p u b l i c p en si on fu n d i n th e U . S. : wi th assets i n excess of U S$90 b i l l i on . M s. Wal l er h as
served as Ch ai r of th e D ep artrr en t' s Corp orate G overn an ce Corrrri ttee: as wel l as on th e Cou n ci l of n sti tu ti on al n vestors B oard of D i rectors an d th e G overn or' s B oard of n n ovati on for th e N orth Carol i n a U
n i versi ty Systerr . Sh e cu rren tl y serves as E xecu ti ve P rog rarr D i rector for th e N ati on al n sti tu te of P u b l i c F i n an ce: as wel l as D i rector of P u b l i c an d P ri vate P artn ersh i p s for th e Ken an n sti tu
te. M s. Wal l er h as a b ach el or' s d eg ree i n jou rn al i srr an d rr ass corrrru n i cati on s frorr th e U n i versi ty of N orth Carol i n a. Other Current Public Directorships N on e Former Public Directorships During the Past
Three Years N on e lperionX Board Committee N orr i n ati n g an d G overn an ce Corrrri ttee ( ch ai r) Au d i t Corrrri ttee
M s. Beverl y M . Wyse B . Sc. (M ech an i cal En g i n eeri n g), M BA n depen
den t N on -E xecu ti ve D i rector Former Presi den t of Sh ared Servi ces1 Boei n g peri on X D i rector si n ce September 1 31 2021 Beverl y M . Wyse worked for over 30 years at Boei n g 1 most recen tl y as Presi den t of Sh ared Servi
ces1 a mu l ti -b i l l i on dol l ar operati n g grou p . n th at rol e1 sh e refocu sed an d restru ctu red th e organ i zati on an d al so del i vered i mproved effi ci en cy an d performan ce. Previ ou sl y1 sh e was Vi ce-Presi den t &
Gen eral M an ager of Boei n g Sou th Carol i n a1 a major man u factu ri n g 1 assembl y an d del i very si te for Boei n g wh ere sh e l ed th e team th rou gh su ccessfu l produ cti on rate i n creases1 major i mprovemen ts i n workforce
rel ati on s an d si gn i fi can t redu cti on s i n operati n g costs. Th rou gh ou t h er exten si ve career at Boei n g 1 M s. Wyse al so su ccessfu l l y l ed th e 7371 767 an d 787 Ch arl eston programs. M s. Wyse h ol ds an M BA an d a B
. Sc. i n M ech an i cal E n g i n eeri n g from th e U n i versi ty of Wash i n gton . Other Current Public Directorships N on e Former Public Directorships During the Past Three Years H erou x-Devtek n c. ( Febru ary 201 9 - Febru ary
2025) lperionX Board Committees Au d i t Commi ttee Compen sati on Commi ttee M r. Ton y Tri pen y BS (Econ omi cs) n depen den t N on -E xecu ti ve D i rector Former E xecu ti ve Vi ce Presi den t an d Ch i ef F i n an ci al Offi cer of
Corn i n g n corporated peri on X D i rector si n ce M arch 1 71 2025 Ton y Tri pen y bri n gs over 40 years of fi n an ci al an d operati on al l eadersh i p i n advan ced man u factu ri n g 1 tech n ol ogy an d materi al s sci en ce. M r.
Tri pen yvs su ccessfu l 36-year career at Corn i n g n corporated 1 a g l obal i n n ovator an d l eader i n advan ced materi al s sci en ce1 i n cl u ded sen i or rol es of E xecu ti ve Vi ce Presi den t an d Ch i ef F i n an ci al Offi cer1
as wel l as Sen i or Vi ce Presi den t an d Corporate Con trol l er1 u n ti l h i s reti remen t i n 2022. M r. Tri pen y cu rren tl y serves as a D i rector at M esa Laboratori es an d Ori g i n M ateri al s. H e h ol ds an econ omi cs
degree from th e Wh arton Sch ool of Bu si n ess at th e U n i versi ty of Pen n syl van i a. Other Current Public Directorships M esa Laboratori es1 n c. ( N ASDAQy M LAB) ( 2022 - presen t) Ori g i n M ateri al s1 n c. ( N ASDAQy ORGN ) (
M ay 2023 - presen t) Former Public Directorships During the Past Three Years N on e lperionX Board Committees Au d i t Commi ttee ( ch ai r) Compen sati on Commi ttee 29
30 M r M i ch ael J Loparco BA ( n tern ati on al Bu si n ess), JD n depen den
t N on -E xecu ti ve D i rector Ch i ef E xecu ti ve Offi cer an d Co-Fou n der of OrcaWorcs ai i former Ch i ef E xecu ti ve Offi cer of Symboti c n c peri on X D i rector si n ce Au gu st 3a 2026 M i ch ael J Loparco i s th e Ch i ef E
xecu ti ve Offi cer an d Co-Fou n der of OrcaWorcs ai an d th e former Ch i ef E xecu ti ve Offi cer of Symboti c n c ( N asdaq F SYM ) a wh ere h e l ed th e compan y th rou gh i ts 2022 pu b l i c l i sti n g M r Loparco previ ou sl y spen t
more th an 20 years at Jabi l n c a i n cl u d i n g as Ch i ef E xecu ti ve Offi cer of Jabi l E M S an d E xecu ti ve Vi ce Presi den ta overseei n g g l obal man u factu ri n g an d su ppl y ch ai n operati on s across 25 cou n tri es Pri or
to th i sa h e served as Ch i ef E xecu ti ve Offi cer of Jabi l ' s E n g i n eered Sol u ti on s Grou p H e began h i s career as a corporate attorn ey at H ol l an d & Kn i gh t LLP M r Loparco h ol ds a Bach el or of Arts i n n tern ati
on al Bu si n ess from E ckerd Col l ege an d a Ju ri s Doctora cu m l au dea from Stetson U n i versi ty Col l ege of Law Other Current Public Directorships San m i n a Corporati on ( N ASDAQF SAN M ) ( M arch 2025 to presen t) Former
Public Directorships During the Past Three Years i iRobot Corp ( Au gu st 2024 - Jan u ary 2026) lperionX Board Committee N omi n ati n g an d Govern an ce Commi ttee Compen sati on Commi ttee M st Lou i sa M arti n o, BComm, CA, C IS , FG
A Compan y Secretary M s M arti n o h as over 1 5 years' experi en ce provi d i n g compan y secretari al an d corporate advi sory servi ces to a n u mber of l i sted en ti ti es H er exten si ve experi en ce i n cl u des assi sti n g wi th
corporate compl i an ce an d capi tal rai si n gsa as wel l as previ ou s empl oymen t at a major accou n ti n g fi rm i n Perth a Lon don an d Sydn ey wh ere sh e provi ded corporate advi sory servi ces an d performed du e d i l i gen ce revi
ews Lou i sa h as a Bach el or of Commerce from th e U n i versi ty of Western Au stral i aa i s a member of Ch artered Accou n tan ts Au stral i a an d N ew Zeal an d a a member of th e Ch artered n sti tu te for Secu ri ti es & n vestmen
t ( C S ) ( formerl y F N S A) an d a Fel l ow of th e Govern an ce n sti tu te of Au stral i a M s M arti n o was appoi n ted as Compan y Secretary of th e Compan y on Febru ary 1 6a 2026
P ri n ci p al Acti vi ti es Th e p ri n ci p al acti vi ti es of th e G rou p d
u ri n g th e year con si sted of th e d evel op m en t of i ts ti tan i u m m etal tech n ol og i es an d th e exp l orati on of i ts m i n eral p rop erti es i n th e U s Ss Th e G rou p i s op erati n g a U s Ss b ased l i n teg rated ti
tan i u m b u si n ess to su p p ort a ran g e of ad van ced i n d u stri esl i n cl u d i n g con su m er el ectron i csl aerosp acel d efen sel m ed i cal l b i cycl esl ad d i ti ve m an u factu ri n g l an d au tom oti ves We exp ect to
offer a ran g e of ti tan i u m p rod u cts an d al l oys for cu stom ers across th ese key i n d u stri ess Ou r p ortfol i o of assets i n cl u d es ou r op erati on s at th e Ti tan i u m M an u factu ri n g Cam p u s i n H al i fax Cou n
tyl Vi rg i n i aa ou r Atl as- Ti tan p l atform i n Ten n esseel an d ( n d u stri al P i l ot F aci l i ty (( P F ) i n Sal t L ake Ci tyl U tah l th at tog eth er are re-sh ori n g a su stai n ab l e ti tan i u m su p p l y ch ai n i n th
e U s Ss ( p eri on X own s p aten ts to certai n ti tan i u m an d m etal al l oy p rod u cti on tech n ol og i es an d h ol d s excl u si ve g l ob al l i cen ses over th e Tech n ol og i esl i n cl u d i n g H yd rog en Assi sted M etal l
oth erm i c Red u cti on ™ l G ran u l ati on Si n teri n g D eoxyg en ati on ™ l l ow carb on ti tan i u m m i n eral en ri ch m en tl H yd rog en Si n teri n g an d P h ase Tran sform ati on ™ l Al kal i n e Roasti n g an d H yd rol ysi s™ l
an d oth er ti tan i u m al l oyi n g tech n ol og i ess Op erati n g an d F i n an ci al Revi ew ( n trod u cti on D u ri n g th e fi scal year en d ed J u n e 30l 2026l ( p eri on X m oved from comm i ssi on i n g i n to comm erci al op
erati on s an d p rod u cti on ram p -u p at i ts Vi rg i n i a Ti tan i u m M an u factu ri n g Cam p u ss Th e G rou p 7 s op erati on al focu s i s n ow on rel i ab i l i tyl th rou g h p u tl yi el d an d q u al i tya comm i ssi on i n g ad
d i ti on al p rod u ct-m an u factu ri n g cap aci tya an d con verti n g cu stom er p rog ram s i n to rep eatab l e p rod u cti on an d reven u es ( p eri on X op erates across two con n ected p l atform s9 ti tan i u m m etal op erati on s
i n Vi rg i n i a an d U tah l an d cri ti cal m i n eral op erati on s th rou g h th e Atl as-Ti tan p l atform i n Ten n essees Tog eth erl th ese assets su p p ort th e G rou p 7 s strateg y to estab l i sh a d om esti c U s Ss su p p l y ch
ai n from recycl ed scrap an d m i n eral feed stocks th rou g h ti tan i u m p owd erl m i l l p rod u cts an d fi n i sh ed com p on en tss Th e Vi rg i n i a p l atform u ses p rop ri etary H AM R™ tech n ol og y to p rod u ce h i g h -q u
al i ty ti tan i u m p owd er an d H SP T™ / TH RM ™ tech n ol ogi esl p owd er m etal l u rg y an d ad d i ti ve m an u factu ri n g to p rod u ce n ear-n et-sh ap e p arts an d oth er ti tan i u m p rod u ctss Th e Ti tan an d Atl as assets p
rovi d e th e p oten ti al for fu tu re d om esti c ti tan i u m m i n eral feed stocks tog eth er wi th h eavy rare earth an d zi rcon p rod u ctss Th e i n cu m b en t ti tan i u m su p p l y ch ai n i s b ased on th e Krol l p rocess an d g
en eral l y req u i res ch l ori n ati on l b atch red u cti on l vacu u m d i sti l l ati on l m u l ti p l e m el ti n g an d rem el ti n g step sl exten si ve h ot worki n g an d m ach i n i n g s Th i s rou te i s cap i tal - an d en erg
y-i n ten si vel h as l on g l ead ti m es an d can resu l t i n su b stan ti al m ateri al l ossess ( p eri on X7 s tech n ol og i es are d esi g n ed to rem ove or sh orten m an y of th ese step s an d i m p rove m ateri al u ti l i zati on
s Th e U s Ss h as n o comm erci al ti tan i u m sp on g e p rod u cti on an d d ep en d s on i m p orted p ri m ary ti tan i u m for d efen se an d ad van ced i n d u stri ess ( p eri on X i s ad d ressi n g th i s strateg i c vu l n erab i l
i ty th rou g h two p ri n ci p al val u e d ri vers9 T? tan ? u m m etaa op erat? on s9 Vi rg i n i a op erati on s tran si ti on ed to a 24/7 p rod u cti on sch ed u l e d u ri n g fi scal year 2026s H AM R™ p owd er con si sten tl y m et or
exceed ed G rad e 5 p aram etersl th e comm i ssi on ed SACM ( p ress tri p l ed p owd er m etal l u rg y cap aci tyl an d ad d i ti on al H SP T™ fu rn ace cap aci ty en tered i n stal l ati on s ( p eri on X i s targ eti n g an an n u al i
zed p rod u cti on ru n rate of ap p roxi m atel y 200 tp a b y th e en d of cal en d ar year 2026l su b ject to ram p -u p an d op erati n g op ti m i zati on a an d Cr? t? iaa m ? n eraa op erat? on s9 Th e Ti tan D F S com p l eted i n J u
n e 2026 d efi n ed a stag ed d evel op m en tl wi th key m i n e- area p erm i ts i n p l acel p rod u ci n g H RE Cl ti tan i u m m i n eral s an d zi rcon from a d om esti c resou rces Su b seq u en t to year- en d l ( p eri on X com p l
eted th e U S$3s 0 m i l l i on Atl as acq u i si ti on l ad d i n g su rface stockp i l esl p re-stri p p ed m i n eral i zati on an d estab l i sh ed i n frastru ctu re ad jacen t to Ti tan s Th e Atl as assets are n ot i n cl u d ed i n th e
m i n eral resou rce an d m i n eral reserve esti m ates rep orted i n th i s rep ort an d n o m i n eral resou rces or reserves h ave b een d eterm i n ed for Atl as u n d er J ORCs 31
32 Al l cri ti cal system s at th e Ti tan i u m P rod u cti on F aci l i ty ( TP
F ) were fu l l y comm i ssi on ed d u ri n g th e fi scal year Tech n ol og y an d op erati n g i m p rovem en ts i n creased n am ep l ate ti tan i u m p owd er cap aci ty from 1 25 tp a to ap p roxi m atel y 200 tp a wi th ou t ad d i ti on
al cap i tal exp en d i tu rel wi th p rojected stead y-state u n i t costs of ap p roxi m atel y U S$55/kg at fu l l u ti l i izati on P l an n i n g l d esi g n an d l on g -l ead p rocu rem en t are u n d erway for an exp an si on to ap p
roxi m atel y 1 l 400 tp a Cu stom er an d g overn m en t-su p p orted p rog ram s ad van ced across fasten ersl i m p el l ersl g rou n d -veh i cl e com p on en tsl ti tan i u m p l atel con su m er el ectron i csl au tom oti ve an d oth er
d efen se an d i n d u stri al p rod u cts Th e cu stom er p i p el i n e i s i n creasi n g l y p rog ressi n g from m ateri al q u al i fi cati on i n to fi n i sh ed -com p on en t testi n g l p rototyp e p u rch ase ord ers an d fu n d ed
scal e-u p acti vi ti es Th e G rou p a s l on g er-term strateg y i s to i n teg rate d om esti c feed stocks wi th ti tan i u m m etal an d p rod u ct m an u factu ri n g l targ eti n g m ore th an 1 0l 000 tp a of h i g h -p erform an ce
ti tan i u m com p on en ts b y 2030 an d p rog ressi vel y i m p rovi n g ti tan i u m a s val u e-i n -u se com p eti ti ven ess wi th stai n l ess steel an d al u m i n u m i n sel ected ap p l i cati on s Th e ach i evem en t of th ese ob
jecti ves rem ai n s su b ject to su ccessfu l p rod u cti on ram p -u p l cu stom er q u al i fi cati on an d ord ersl fi n an ci n gl con stru cti on l comm i ssi on i n g an d oth er op erati on al an d m arket con d i ti on s Wh y Ti tan
i u m ? Ti tan i u m com b i n es h i g h stren g th -to-wei g h t p erform an cel corrosi on resi stan ce an d h i g h -tem p eratu re cap ab i l i ty Th ese ch aracteri sti cs m ake ti tan i u m i m p ortan t to d efen sel aerosp acel m ari
n el m ed i cal l i n d u stri al l au tom oti ve an d con su m er- el ectron i cs ap p l i cati on s H oweverl h i g h p rod u cti on an d m an u factu ri n g costs h ave h i stori cal l y l i m i ted i ts u se rel ati ve to stai n l ess
steel an d al u m i n u m P ri m ary ti tan i u m i s g en eral l y p rod u ced th rou g h th e Krol l p rocessl a cap i tal - an d en erg y-i n ten si ve b atch rou te th at red u ces ti tan i u m tetrach l ori d e wi th m ag n esi u m Th e
resu l ti n g ti tan i u m sp on g e m u st th en b e m el ted l al l oyed an d rem el ted i n to i n g ots b efore fu rth er p rocessi n g 6 n g ots are con verted i n to m i l l p rod u cts th rou g h rep eated forg i n g l rol l i n g l
extru si on an d h eat-treatm en t step s F i n i sh ed p arts are comm on l y m ach i n ed from th ese p rod u ctsl often rem ovi n g a l arg e p rop orti on of th e ti tan i u m as scrap Sp h eri cal ti tan i u m p owd ers m ay req u i re ad
d i ti on al con versi on of m i l l p rod u cts i n to wi re fol l owed b y atom i izati on Th e U S rel i es on i m p orted ti tan i u m to su p p ort d efen se an d cri ti cal i n frastru ctu re Ch i n a an d Ru ssi aa s sh are of g l ob
al ti tan i u m sp on g e p rod u cti on cap aci ty i n creased from ap p roxi m atel y 61 % i n 201 8 to ap p roxi m atel y 80% i n 2026l i n creasi n g th e strateg i c i m p ortan ce of a secu re d om esti c al tern ati ve 6 p eri on Xa s
i n teg rated rou te i s d esi g n ed to rep l ace m ajor el em en ts of th e i n cu m b en t ch ai n b y con verti n g recycl ed scrap or m i n eral -d eri ved feed stock i n to ti tan i u m p owd er an d th en i n to n ear-n et-sh ap e com p
on en ts an d m i l l p rod u cts Th e ob jecti ve i s to red u ce p rocess step sl en erg y u sel m ateri al l ossl cost an d l ead ti m e wh i l e m ai n tai n i n g h i g h p rod u ct p erform an ce Ou r P rod u cti on F aci l i ti es Ti
tan i u m M an u factu ri n g Cam p u s - Vi rg i n i a Th e Ti tan i u m M an u factu ri n g Cam p u s i n Sou th B oston l Vi rg i n i a com p ri ses th e TP F an d th e Ad van ced M an u factu ri n g Cen ter ( AM C) D u ri n g fi scal year
2026l ti tan i u m p owd er op erati on s tran si ti on ed to a 24/7 sch ed u l el p rod u ci n g an g u l ar an d sp h eri cal p owd ers for cu stom er q u al i fi cati on l d i rect p owd er req u i rem en ts an d d own stream p rod u ct m an
u factu ri n g Th e TP F su p p l i es th e AM Cl wh ere 6 p eri on X u ses p owd er m etal l u rg yl H SP T™ / TH RM ™ an d ad d i ti ve m an u factu ri n g to p rod u ce n ear-n et-sh ap e com p on en tsl m i l l p rod u cts an d oth er h i
g h -val u e ti tan i u m p rod u cts Th e comm i ssi on ed SACM 6 p ress an d ad d i ti on al H SP T™ fu rn aces m ateri al l y exp an d d own stream cap aci ty an d p rod u ct fl exi b i l i ty Ti tan i u m P rod u cti on F aci l i ty -
from comm i ssi on i n g to 24/7 op erati on s Th e fi rst H AM R™ ti tan i u m d eoxyg en ati on ru n at th e Vi rg i n i a faci l i ty was com p l eted i n Au g u st 2024l fol l owed b y th e fi rst en d -to-en d comm erci al p rod u cti on
cycl e i n D ecem b er 2024 Al l cri ti cal p rod u cti on system s were fu l l y comm i ssi on ed i n Sep tem b er 2025l com p l eti n g th e tran si ti on from con stru cti on an d comm i ssi on i n g i n to comm erci al op erati on s an d
ram p -u p
Th e i n i ti al p rod u cti on ru n u sed 1 00% Ti -6Al -4V scrap an d red u ced
oxyg en con ten t from 3n 42% to b el ow 0n 07% e com p ared wi th th e Am eri can Soci ety for Testi n g an d M ateri al s m axi m u m of 0n 20% for G rad e 5 ti tan i u m n D u ri n g fi scal year 2026e H AM R™ p rod u cti on con ti n u ed to
m eet or exceed G rad e 5 q u al i ty p aram etersn . p eri on X rem ai n s focu sed on ach i evi n g an an n u al i zed p rod u cti on ru n rate of ap p roxi m atel y 200 tp ae eq u i val en t to 1 6n 7 m etri c ton s p er m on th e b y th e
en d of 2026e su b ject to com p l eti on of ram p -u p an d op erati n g op ti m i zati on n G en X™ d evel op m en t con ti n u es as a l on g er-term con ti n u ou s-p rod u cti on p ath way an d i s n ot req u i red for th e cu rren t ram
p n Th e Vi rg i n i a scal e-u p p rog ram i s d esi g n ed to exp an d ti tan i u m p owd er cap aci ty to ap p roxi m atel y 1 e 400 tp a an d e over ti m ee su p p ort . p eri on X3 s ob jecti ve of m ore th an 1 0e 000 tp a of h i g h -p
erform an ce ti tan i u m com p on en ts b y 2030n Ad van ced M an u factu ri n g Cen ter - H i g h -p erform an ce Ti tan i u m P rod u ct M an u factu ri n g Th e AM C ap p l i es . p eri on X3 s ti tan i u m p owd ere p owd er m etal l u
rg ye H SP T™ / TH RM ™ an d ad d i ti ve m an u factu ri n g cap ab i l i ti es to p rod u ce n ear-n et-sh ap e com p on en tse m i l l p rod u cts an d oth er h i g h -p erform an ce ti tan i u m p rod u ctsn D u ri n g fi scal year 2026e .
p eri on X comm i ssi on ed th e 300-ton e si x-axi s SACM . p owd er m etal l u rg y p ress an d comm en ced i n stal l ati on of ad d i ti on al H SP T™ si n teri n g cap aci tyn Th ese i n vestm en ts are i n ten d ed to su p p ort cu stom
er q u al i fi cati on e l ow-rate i n i ti al p rod u cti on an d h i g h er-vol u m e m an u factu ri n g n 1 n Th e SACM . p ress tri p l es exi sti n g p owd er m etal l u rg y cap aci tye i m p roves rep eatab i l i ty an d g eom etry con
trol e an d can op erate at u p to 24 p ressi n g cycl es p er m i n u tee eq u i val en t to ap p roxi m atel y 1 1 m i l l i on si n g l e-cavi ty p arts p er year u n d er stated op erati n g assu m p ti on s b efore d own stream si n teri n
g n 2n Ad d i ti on al H SP T™ fu rn aces are exp ected to rel i eve a d own stream p rod u cti on con strai n te i n crease th rou g h p u t an d p rovi d e g reater sch ed u l i n g fl exi b i l i ty across cu stom er an d p rod u ct-d evel
op m en t p rog ram sn . n d ep en d en t U n Sn Arm y an d th i rd -p arty testi n g of . p eri on X Ti -6Al -4V fasten ers p rovi d ed p rod u ct-l evel val i d ati on of th e m an u factu ri n g p l atform e wi th yi el d torq u e u p to
ap p roxi m atel y 20% ab ove com p arab l e SAE G rad e 8 steel b en ch m arks an d ten si l e stren g th ap p roxi m atel y 1 5% ab ove stan d ard aerosp ace ti tan i u m fasten er b en ch m arksn Th e AM C i s b ei n g exp an d ed i n p
aral l el wi th p owd er p rod u cti on so th at a g reater p rop orti on of ou tp u t can b e con verted i n to h i g h er-val u e p rod u cts wh ere . p eri on X3 s i n teg rated p rocess can p rovi d e th e stron g est comm erci al ad van
tag en . n d u stri al P i l ot F aci l i ty - U tah Th e Sal t L ake Ci ty faci l i ty h as p rod u ced an g u l ar an d sp h eri cal ti tan i u m p owd ers an d su p p orted cu stom er p rototyp i n g si n ce 201 9n . t was th e i n d u
stri al p i l ot p l atform u sed to d evel op an d val i d ate th e tech n ol og i es b efore comm erci al -scal e d ep l oym en t i n Vi rg i n i an F ol l owi n g th e comm i ssi on i n g of Vi rg i n i a op erati on se th e U tah faci l i
ty h as b een rep u rp osed an d exp an d ed to ap p roxi m atel y 1 5e 000 sq u are feet as a research an d d evel op m en t cen ter focu sed on H SP T™ e TH RM ™ e ti tan i u m p l atee oth er m i l l p rod u cts an d ad d i ti on al ti tan
i u m al l oy an d p rod u ct p ath waysn Re-sh ori n g U n Sn Cri ti cal M i n eral P rod u cti on wi th Atl as-Ti tan . p eri on X p l an s to u se recycl ed ti tan i u m scrap as th e p ri n ci p al n ear-term feed stock for Vi rg i n i an
Over th e l on g er term e th e G rou p i n ten d s to eval u ate i n teg rati on of u p g rad ed ti tan i u m m i n eral feed stocks from th e Atl as-Ti tan p l atform i n Ten n esseen Th e Ti tan D F S com p l eted i n J u n e 2026 d efi n
ed an i n i ti al 1 4-year stag ed d evel op m en t p rod u ci n g H RE Ce i l m en i tee ru ti l e an d zi rcon con cen trate from a si n gl e d om esti c resou rcen Th e Stu d y d el i vered an after-tax N P V8 of U S$81 3 m i l l i on e an
after-tax . RR of 39n 4% an d forecast after-tax free cash fl ow of U S$1 n 9 b i l l i on n Su b seq u en t to year-en d e . p eri on X com p l eted th e Atl as acq u i si ti on ad jacen t to Ti tan for U S$3n 0 m i l l i on n Atl as ad d s h
i g h -g rad e su rface stockp i l ese p re-stri p p ed L ower M cN ai ry m i n eral i zati on an d estab l i sh ed u ti l i ti es an d rai l i n frastru ctu ree creati n g th e p oten ti al for an accel erated an d l ower-cap i tal i n teg
rated d evel op m en t p ath wayn 33
34 Tr e U S . oW al l ocated U S$5 0 m i l l i on of tr e ( B AS award to tr e Ti
tan . F S ( p eri on X i s ad van ci n g d ri l l i n g " m i n eral og y" m etal l u rg y" comm erci al q u al i fi cati on an d an i n teg rated Atl as-Ti tan econ om i c stu d y targ eted for com p l eti on b y tr e en d of 2026" tog etr er
wi tr en g ag em en t on p oten ti al U S G overn m en t fu n d i n g p atr ways Tr e Ti tan P roject' s M i n eral Resou rces an d Reserves" rep orted i n accord an ce wi tr tr e 201 2 E d i ti on of tr e J ORC Cod e" are su mm ari zed b el
ow6 Ti tan P roject M i n eral Resou rces at Ju n e 30, 2026 M i n eral Resou rce E sti in ate - n si tu ton s TH M TH M TH M Assein b l ag e Zi rcon Ru ti l e - l in en i te RE E l%) lt) l%) l%) l%) l%) - n cl u si ve ot
Reserve M easu red ZM ) 1 20" 434" 000 2 5 3" 060" 000 1 1 1 9 5 40 9 1 5 ( n d i cated Z( ) 28" 388" 000 2 9 828" 000 1 1 8 9 2 52 0 1 5 Total M +- 1 4,8, ,823, 000 29 6 3, ,8,87, 000 1 1 9 2 99 4 439 2 1 9 5 ( n
ferred Z( n f) - - - - - - - Total M +- +- n t 1 4,8, ,823, 000 29 6 3, ,8,87, 000 1 1 9 2 99 4 439 2 1 9 5 E xcl u si ve ot Reserve M easu red ZM ) 96" 851 " 000 1 5 1 " 489" 000 1 0 4 9 2 40 1 1 2 ( n d i cated Z(
) 1 02" 1 90" 000 2 0 2" 01 3" 000 9 8 1 0 2 38 9 1 5 Total M +- 1 99, 041 , 000 1 9 ,8 3, 502, 000 1 09 0 99 ,8 399 4 1 9 4 ( n ferred Z( n f) 97" 832" 000 1 8 1 " 774" 000 9 3 9 6 38 0 1 2 Total M +- +- n t 296, ,872,
000 1 9 ,8 5, 276, 000 99 ,8 99 7 399 0 1 9 3 G ran d Total M easu red ZM ) 21 7" 285" 000 2 1 4" 548" 000 1 0 8 9 4 40 6 1 4 ( n d i cated Z( ) 1 30" 578" 000 2 2 2" 841 " 000 1 0 4 9 9 42 7 1 5 Total M +- 347, ,863,
000 29 1 7, 3,89, 000 1 09 6 99 6 41 9 4 1 9 4 ( n ferred Z( n f) 97" 832" 000 1 8 1 " 774" 000 9 3 9 6 38 0 1 2 Total M +- +- n t 445, 695, 000 29 1 9, 1 63, 000 1 09 4 99 6 409 ,8 1 9 4 Notes to accompany mineral
resource table: } . Mineral Resources are reported using the definitions set out in the 20} 2 JORC Code and are current as at June 4, 2026. Mineral Resources are reported on an in situ basis, inclusive of Ore Reserves. The Competent Person
responsible for the Mineral Resource estimate is John Eckman. Mineral Resources are reported within a conceptual pit shell that uses the key assumptions summarized in the Appendix of the DFS Report. Mineral Resources are reported above a
cut-off grade of 0. 4% THM. Estimates have been rounded. Ti tan P roject Ore Reserve E sti in ates at Ju n e 30, 2026 Ore Reserve E sti in ate ROM ton s TH M TH M TH M Assein b l ag es Zi rcon Ru ti l e - l in en i te RE E U n i
t P roved P rob ab l e Total l%) lt) l%) l%) l%) l%) U p p er M cN ai ry 24" 565" 000 2" 41 5" 000 26" 980" 000 2 30 620" 000 6 2 6 2 23 6 0 2 L ower M cN ai ry 68" 740" 000 21 " 307" 000 90" 047" 000 3 43 3" 086"
000 1 2 7 1 0 5 48 3 1 9 Total 93, 306, 000 23, 722, 000 1 1 7, 027, 000 39 1 7 3, 706, 000 1 1 9 6 99 ,8 449 2 1 9 6 Notes to accompany ore reserve table: } . Ore Reserves are reported using the definitions set out in the 20} 2
JORC code and are current as at June 4, 2026. Ore Reserves are reported at the point of delivery to the process plant. The Competent Person responsible for the Ore Reserve estimate is Justin Douthat. Ore Reserves are reported within a
finalized mine design pit shell that uses the key assumptions summarized in the Appendix of the DFS Report. Ore Reserves are reported above a cut-off grade of 0. 85% THM. Ilmenite includes leucoxene, pseudorutile, and ilmenite and REE
includes monazite, xenotime, and unclassified REE. Estimates have been rounded.
E n vl ron m en tal Regu l atl on an d P erform an ce 1 p erl on X s op eratl on
s are su b ject to varl ou s en vl ron m en tal l aws an d reg u l atl on s u n d er th e rel evan t g overn m en t s l eg l sl atl on . F u l l com p l l an ce wl th th ese l aws an d reg u l atl on s l s reg ard ed as a m l n l m u m stan d
ard for al l op eratl on s to ach l eve. 1 n stan ces of en vl ron m en tal n on -com p l l an ce b y an op eratl on are l d en tl fl ed el th er b y extern al com p l l an ce au d l ts or l n sp ectl on s b y rel evan t g overn m en t au th
orl tl es. Th ere h ave b een n o kn own b reach es b y th e G rou p d u rl n g th e fl n an cl al year en d ed J u n e 30n 2026. H l gh l l gh ts Key m l l eston es d u rl n g an d su b seq u en t to th e en d of th e fl n an cl al year were
as fol l ows. U . S. G overn m en t su p p ort for a d om estl c tl tan l u m su p p l y ch al n US$476 1 million IBAS award fully obligated 1 n F eb ru ary 2025n 1 p erl on X was award ed u p to U S$47. 1 m l l l l on th rou g h th e U . S.
D oW 1 B AS p rog ram to accel erate a resl l l en tn l ow-cost an d fu l l y l n teg rated U . S. m l n eral -to-m etal tl tan l u m su p p l y ch al n . U S$5. 0 m l l l l on was al l ocated to ad van ce th e Tl tan P roject to sh ovel -read
y statu s th rou g h com p l etl on of th e D F Sn wl th th e b al an ce su p p ortl n g Vl rg l n l a p rod u ctl on an d m an u factu rl n g exp an sl on . 1 n Au g u st 2025n th e D oW ob l l g ated U S$1 2. 5 m l l l l on for l on g -l ead
eq u l p m en t req u l red for th e exp an sl on toward ap p roxl m atel y 1 n 400 tp an l n cl u d l n g tl tan l u m d eoxyg en atl on n sl n terl n g n p owd er m etal l u rg y con sol l d atl on n n ear-n et-sh ap e com p on en t m an u
factu rl n g an d su p p ortl n g l n frastru ctu re. A fu rth er U S$25. 0 m l l l l on was ob l l g ated l n Sep tem b er 2025 an d th e fl n al U S$4. 6 m l l l l on l n J an u ary 2026n b rl n g l n g th e award to fu l l ob l l g atl on .
Th e U . S. G overn m en t al so tran sferred ap p roxl m atel y 290 m etrl c ton s of Tl -6Al -4V scrap to 1 p erl on X at n o costn eq u l val en t to ap p roxl m atel y 1 . 5 years of feed stock at 200 tp a. US$99 million SBIR Phase III
pathway and further defense support 1 n J u n e 2025n 1 p erl on X execu ted a U . S. D oW SB 1 R P h ase 1 1 1 1 n d efl n l te D el l veryn 1 n d efl n l te Qu an tl ty con tract wl th a task-ord er cel l l n g of u p to U S$99 m l l l l on
for l ow-cost d om estl c tl tan l u m p rod u cts. Th e fl rst U . S. Arm y task ord ern val u ed at U S$1 . 3 m l l l l on n su p p orts tl tan l u m p arts for g rou n d -veh l cl e p rog ram s. 1 n ad d l tl on n su b seq u en t to year en
d n 1 p erl on X recel ved Task Ord er 2 u n d er l ts U . S. Arm y SB 1 R P h ase 1 1 1 con tract for L ow-Costn D om estl c Tl tan l u m for D efen se Ap p l l catl on s th at h as a b ase val u e of U S$1 8. 5 m l l l l on n wl th op tl on s
u p to U S $25. 4 m l l l l on n an d b u l l d s u p on th e p revl ou sl y an n ou n ced U S$1 . 3 m l l l l on task ord ern l l ftl n g th e ag g reg ate p oten tl al val u e of task ord ers l ssu ed u n d er th e Com p an y s U S$99 m l l
l l on SB 1 R P h ase 1 1 1 con tract u p to U S$26. 7 m l l l l on . Th e D PA Tl tl e 1 1 1 an d 1 B AS award s are rel m b u rsab l e p rog ram s u n d er wh l ch 1 p erl on X g en eral l y l n cu rs el l g l b l e exp en d l tu re an d su
b seq u en tl y seeks rel m b u rsem en t fol l owl n g cl al m revl ew an d ap p roval . Th l s creates tl m l n g d l fferen ces b etween p rog ram exp en d l tu re an d assocl ated cash recel p ts. P rog ram Award Ob i l g ated Rel m b L
rsed to d ate Rem al n l n g rel m b L rsab i e fL n d l n g v n cL rred , n ot yet rel m b L rsed D PA Tl tl e 1 1 1 $1 2. 7m $1 2. 7m $1 0. 3m $2. 4m $2. 4m 1 B AS $47. 1 m $47. 1 m $1 2. 4m $34. 7m $0. 5m Totai p rog ram
s $59 Bm $59 Bm $22 7m $37 1 m $2 9m Con tract Con tract cel i l n g Task ord ers recel ived Con tract b ai an ce SB 1 R P h ase 1 1 1 U p to $99. 0m $1 9. 8m U p to $79. 2m 35
36 Cu stom er an d P rod u ct P rog ram s Carver Pump - U. S. Navy impeller
prototypes On D ecem b er 1 5, 2025, , p eri on X an n ou n ced an i n i ti al p u rch ase ord er of ap p roxi m atel y U S$1 00, 000 from Carver P u m p for fou r p rototyp e ti tan i u m i m p el l ers for p u m p s on U . S. N avy su rface
vessel s. D u ri n g th e q u arter en d ed J u n e 30, 2026, , p eri on X ad van ced p rod u cti on of th e p rototyp es. E ach com p on en t can b e p rod u ced i n l ess th an on e week, com p ared wi th con ven ti on al casti n g l ead ti
m es th at often exceed 1 2 m on th s, an d su ccessfu l val i d ati on cou l d su p p ort l arg er p rod u cti on p rog ram s. American Rheinmetall - U. S. Army ground-vehicle components , n J an u ary 2026, , p eri on X recei ved a U S$0. 3
m i l l i on p rototyp e p u rch ase ord er from Am eri can Rh ei n m etal l for 700 l i g h twei g h t ti tan i u m com p on en ts for U . S. Arm y h eavy g rou n d com b at system s. Th e com p on en ts are p rod u ced from 1 00% recycl
ed ti tan i u m u si n g H AM R™ an d H SP T™ tech n ol og i es, targ eti n g wei g h t red u cti on s of ap p roxi m atel y 40-45% p er com p on en t com p ared wi th i n cu m b en t steel p arts. Th e p rog ram targ ets l ower veh i cl e
wei g h t, i m p roved m ob i l i ty, corrosi on resi stan ce an d su p p l y-ch ai n resi l i en ce. Su ccessfu l d el i very an d val i d ati on of th e i n i ti al scop e m ay p rovi d e a p ath way to l arg er-scal e p rod u cti on op p
ortu n i ti es. Fasteners, Ford and other customer programs , n d ep en d en t testi n g b y U . S. Arm y D E VCOM G VSC an d Westm orel an d val i d ated , p eri on X Ti -6Al -4V fasten ers at p erform an ce l evel s ab ove com p arab l e
SAE G rad e 8 steel an d stan d ard aerosp ace ti tan i u m fasten er b en ch m arks. , n ad d i ti on , th e U . S. Arm y exten d ed th e fasten er p rog ram th rou g h a p rototyp e p u rch ase ord er for th e J LTV an d associ ated trai l
er. Oth er acti ve p rog ram s i n cl u d e au tom oti ve com p on en ts for F ord , con su m er-el ectron i cs p owd er q u al i fi cati on an d ad d i ti on al d efen se, aerosp ace an d i n d u stri al p rod u cts. Th e cu stom er p i p el
i n e i s i n creasi n g l y m ovi n g from m ateri al sam p l es i n to fi n i sh ed -com p on en t testi n g , p rototyp e p u rch ase ord ers an d fu n d ed scal e-u p p rog ram s, p rovi d i n g cl earer m i l eston es toward l ow-rate an d
p oten ti al l y l on g er-d u rati on su p p l y arran g em en ts. N ear-term execu ti on i s focu sed on d el i veri n g cu rren t ord ers an d p rototyp es, i n corp orati n g cu stom er test feed b ack, comm i ssi on i n g su ffi ci en t
H SP T™ cap aci ty an d estab l i sh i n g rep eatab l e m an u factu ri n g p aram eters for p ri ori ty p rod u cts. Th e d evel op i n g p rod u ct p ortfol i o i n cl u d es fasten ers, i m p el l ers, track p i n s, b rackets, g ears,
actu ators, en cl osu res, ti tan i u m p l ate an d oth er m i l l p rod u cts, tog eth er wi th an g u l ar an d sp h eri cal ti tan i u m p owd ers. E xp an si on of Ti tan i u m Op erati on s U. S. G overnment-backed expansion to
approximately 1 , 400 tpa , n Sep tem b er 2025, , p eri on X an n ou n ced p l an s to exp an d ti tan i u m p owd er p rod u cti on cap aci ty to ap p roxi m atel y 1 , 400 tp a. At fu l l u ti l i izati on , th e exp an si on i s i n ten d
ed to p osi ti on , p eri on X as th e l arg est-vol u m e an d l owest-cost Am eri can ti tan i u m p owd er p rod u cer. Total exp an si on cap i tal i s esti m ated at ap p roxi m atel y U S$75 m i l l i on , i n cl u d i n g ap p roxi m
atel y U S$1 7 m i l l i on of con ti n g en cy. Th e p rogram i s su p p orted b y th e fu l l y ob l i g ated U S$47. 1 m i l l i on , B AS award an d , p eri on Xf s b al an ce sh eet, an d targ ets ti tan i u m p owd er u n i t costs of ap
p roxi m atel y U S$29/kg at fu l l u ti l i izati on . Th e exp an si on i n cl u d es ad d i ti on al d eoxyg en ati on , p owd er p rocessi n g , p ressi n g , si n teri n g , ad d i ti ve m an u factu ri n g an d m i l l - p rod u ct cap
ab i l i ty, al l owi n g , p eri on X to ad d ress b oth p owd er d em an d an d h i g h er-val u e fi n i sh ed -p rod u ct m arkets. Refer to th e ASX an n ou n cem en t d ated Sep tem b er 2, 2025 for fu rth er i n form ati on an d th e m
ateri al assu m p ti on s u n d erp i n n i n g th e cap aci ty an d cost targ ets.
2030 roadmap for htgh performance itiantum producis p ert on X at m s to scai e
toward m ore th an 1 0e 000 tp a of h t g h -p erform an ce tt tan t u m com p on en ts b y 2030. Th e road m ap t s t n ten d ed to com b t n e i ower-cost d om estt c p owd er wt th scai ab i e n ear-n et-sh ap e an d m t i i -p rod u ct m an
u factu rt n g e targ ett n g vai u e-t n -u se com p ett tt ven ess wt th stat n i ess steei an d ai u m t n u m t n sei ected ap p i t catt on s. Ach t evem en t of th e road m ap rem at n s su b ject to su ccessfu i scai t n g e cu stom er
q u ai t ft catt on e ft n an ct n g an d m arket d em an d . Tt tan an d Ati as Crt tt cai M t n erai s D evei op m en t Ttian Deftntitve Feastbtitiy Siudy On J u n e 4e 2026e p ert on X an n ou n ced th e resu i ts of th e D F S for t ts 1
00% -own ed Tt tan Crt tt cai M t n erai s P roject n ear Cam d en e Ten n essee. Th e Stu d y con ft rm s Tt tan as a i arg e-scai ee tech n t cai i y rob u st an d h t g h -retu rn p roject d est g n ed to p rod u ce tt tan t u m m t n erai
se zt rcon an d a H RE C from a st n g i e d om estt c resou rce. Key D F S h t g h i t g h tsQ After-tax N P \/8 of U S$81 3 m t i i t on an d after-tax RR of 39. 4% n After-tax p ayb ack p ert od of 3. 6 yearsn F orecast i t fe-of-m t n e
E B TD A of U S$2. 8 b t i i t on an d after-tax free cash fi ow of U S$1 . 9 b t i i t on over th e t n t tt ai 1 4-year m t n e p i an n P h ase 1 d evei op m en t cap t tai of U S$228. 1 m t i i t on an d P h ase 2 t n crem en tai cap t tai
of U S$1 53. 2 m t i i t on e for totai stag ed d evei op m en t cap t tai of U S$381 . 3 m t i i t on n P h ase 2 forecast averag e an n u ai E B TD A of U S$226 m t i i t on an d averag e an n u ai after-tax free cash fi ow of U S$1 72 m t i
i t on n M at d en Ore Reserve of 1 1 7 M t at 3. 2% totai h eavy m t n erai s _TH M `e wt th ap p roxt m atei y 80% ci asst ft ed as P roved n an d F orecast P h ase 2 an n u ai p rod u ctt on of ap p roxt m atei y 5e 287 tp a H RE Ce 1 1 8e
658 tp a t i m en t tee 24e 656 tp a ru tt i ee an d 65e 668 tp a zt rcon con cen trate. Tt tan t s a n ear-su rfacee free-d t g m t n erai san d s p roject u st n g con ven tt on ai wet con cen tratt on e fi otatt on an d d ry m t n erai sep
aratt on e wt th n o b i astt n g or h ard -rock cru sh t n g . Key m t n e-area p erm t ts an d estab i t sh ed reg t on ai t n frastru ctu re su p p ort a stag ed d evei op m en t p ath way. Th e H RE C con tat n s strateg t cai i y t m p
ortan t d ysp rost u m e terb t u m an d yttrt u m . Th e t n t tt ai 1 4-year p rod u ctt on targ et t s b ased en tt rei y on P roved an d P rob ab i e Ore Reservese wt th n o n ferred M t n erai Resou rces t n ci u d ed . Tt tan p rovt d es
a p oten tt ai d om estt c u p stream sou rce of tt tan t u m e h eavy rare earth an d zt rcon crt tt cai m t n erai s th at can com p i em en t p ert on Xa s d own stream \/t rg t n t a tt tan t u m p i atform . Th e D F S p rod u ctt on targ
ets an d ft n an ct ai forecasts rem at n su b ject to th e assu m p tt on se q u ai t ft catt on s an d rt sks set ou t t n th e J u n e 4e 2026 an n ou n cem en t. D evei op m en t req u t res ft n an ct n g e p rocu rem en te con stru ctt on
e comm t sst on t n g e op eratt n g p erform an ce an d oth er ap p rovai s an d con d t tt on s con st sten t wt th th ose assu m p tt on se t n ci u d t n g ft n ai ap p rovai b y m an ag em en t an d ou r B oard of D t rectors. Ai th ou g
h th e D F S t n ci u d es a d eft n ed m t n e p i an e we h ave n ot ap p roved p roject d evei op m en te secu red th e ft n an ct n g n ecessary to p roceed wt th con stru ctt on or comm en ced m t n e con stru ctt on . Th e D F S was su p
p orted b y U S$5. 0 m t i i t on of fu n d t n g u n d er th e U . S. D oW B AS award e refi ectt n g th e strateg t c t m p ortan ce of Tt tan to d om estt c h eavy rare earth e tt tan t u m an d zt rcon su p p i y ch at n s. Aiias Projeci
acqutstiton On J u n e 1 5e 2026e p ert on X en tered t n to an ag reem en t to acq u t re key m t n erai e p rop erty an d t n frastru ctu re assets from Covt a Soi u tt on s L L C ad jacen t to Tt tan for U S$3. 0 m t i i t on . Th e tran
sactt on e p revt ou si y referred to as th e Cam d en acq u t st tt on an d n ow n am ed Ati ase was com p i eted su b seq u en t to year-en d on J u i y 1 e 2026. Th e Ati as assets t n ci u d eQ Ap p roxt m atei y 70 acres of at-su rfacee
h t stort cai i y p rocessed crt tt cai -m t n erai stockp t i esn Ap p roxt m atei y 1 80 acres of p re-strt p p ed L ower M cN at ry m t n erai t zatt on n 37
38 M i n erai an d p rop erty ri g h tss tog eth er wi th rr i n i n g an d p
rocessi n g eq u i p rr en t E stab i i sh ed g ri d p owers i n d u stri ai waters n atu rai g as an d h eavy-h au i rai i i n frastru ctu re Ap p roxi rr atei y 1 s 200 acres of own ed p rop erty an d ap p roxi rr atei y 1 s 300 acres of
i eased p rop erty an d B u i i d i n g ss stru ctu res an d associ ated si te i n frastru ctu ren Th e cash p u rch ase p ri ce was U S$3n 0 rr i i i i on n * n con n ecti on wi th th e acq u i si ti on s th e G rou p assu rr ed exi sti n g
reci arr ati on ob i i g ati on s for certai n d i stu rb ed areass p ri n ci p ai i y i n voi vi n g re-g rad i n g s re-veg etati on an d stab i i i zati on n M an ag err en t i s evai u ati n g th e n atu re an d exten t of th ese ob i i g
ati on s an d th e associ ated i i ab i i i tyn Ati as i s i ocated wi th i n th e sarr e M cN ai ry rr i n erai -san d systerr as Ti tan an d p rovi d es severai p oten ti ai d evei op rr en t ad van tag es. Ad d i ti on ai feed stock op ti
on ai i ty frorr h i g h -g rad es h i stori cai i y p rocessed su rface stockp i i es P oten ti ai access to p re-stri p p ed L ower M cN ai ry rr i n erai i zati on an d i n teg rated rr i n e p i an n i n g wi th Ti tan E stab i i sh ed
i n d u stri ai i n frastru ctu re th at rr ay red u ce d evei op rr en t corr p i exi tys cap i tai req u i rerr en ts an d ti rr e to fi rst p rod u cti on an d P oten ti ai recovery of ti tan i u rr rr i n erai ss zi rcon an d h eavy rare
earth -b eari n g rr on azi te an d xen oti rr e con tai n i n g d ysp rosi u rr s terb i u rr an d yttri u rr n * p eri on X i s ad van ci n g son i c d ri i i i n g s stockp i i e an d p re-stri p p ed -zon e evai u ati on s d etai i ed rr i
n erai asserr b i ag e an d rr etai i u rg i cai test works corrrrerci ai q u ai i fi cati on an d an i n teg rated Ati as-Ti tan econ orr i c assessrr en t targ eted for corr p i eti on b y th e en d of 2026n Th e corr b i n ati on h as th e p
oten ti ai to red u ce u p fron t cap i tai an d op erati n g costs an d accei erate fi rst p rod u cti on rei ati ve to a stan d ai on e Ti tan d evei op rr en tn Strategic partners and offtake engagement D u ri n g th e p eri od s * p eri
on X con ti n u ed en g ag err en t wi th d own strearr p rocessorss strateg i c cu storr ers an d p oten ti ai fi n an ci n g an d offtake p artn ers for Ti tan E s ti tan i u rr s h eavy rare earth an d zi rcon p rod u ctsn Th i s en g ag err
en t b u i i d s on b u i k-sarr p i e test work p revi ou si y corr p i eted b y a rr ajor J ap an ese i n d u stri ai g rou p s wi th ad d i ti on ai rr etai i u rg i cai an d corrrrerci ai q u ai i fi cati on acti vi ti es con ti n u i n g
d u ri n g th e yearn F oi i owi n g corr p i eti on of th e D F S an d th e Ati as acq u i si ti on s en g ag err en t i s i n creasi n g i y focu sed on th e i n teg rated Ati as-Ti tan d evei op rr en t p ath wayn Corp orate * n J u i y
2025s * p eri on X i au n ch ed a p i acerr en t of 1 4n 0 rr i i i i on n ew fu i i y p ai d ord i n ary sh ares at A$5n 00 p er sh are to rai se A$70n 0 rr i i i i on ( ap p roxi rr atei y U S$46 rr i i i i on ) b efore costss wi th th e fi
rst tran ch e of 1 3s 566s 770 sh ares setti i n g i n J u i y 2025n Th e p roceed s su p p orted i on g -i ead eq u i p rr en t ord ers an d accei erati on of th e ti tan i u rr p rod u cti on exp an si on n D i rectors su b scri b ed for
433s 230 sh aress rai si n g ap p roxi rr atei y A$2n 2 rr i i i i on ( ap p roxi rr atei y U S$1 n 4 rr i i i i on ) s wi th th ese sh ares i ssu ed i n Octob er 2025 foi i owi n g sh areh oi d er ap p rovai at th e G en erai M eeti n g h ei d
on Octob er 3s 2025n Su b seq u en t to year-en d s on J u i y 7s 2026s * p eri on X corr p i eted an u n d erwri tten U n Sn p u b i i c offeri n g of 2s 275s 000 AD Ss at U S$21 n 98 p er AD S for g ross p roceed s of ap p roxi rr atei y U
S$50 rr i i i i on b efore costsn On Au g u st 3s 2026s th e Corr p an y ai so an n ou n ced i ts i n ten ti on to p u rsu e a red orr i ci i i ati on to th e U n Sn th rou g h a Texas-i n corp orated u i ti rr ate p aren t corr p an ys su b
ject to sh areh oi d ers cou rts reg u i atory an d oth er cu storr ary ap p rovai ss an d ap p oi n ted M i ch aei J n L op arco as an i n d ep en d en t n on -execu ti ve d i rectorn
Resu i ts of Op eratl on s Th e G rou p s n et i oss after tax for th e fl n an
cl ai year en d ed J u n e 30s 2026 was U S$66) 8 rr l i i l on ( 2025' U S$35) 3 rr l i i l on )) Th l s i oss l s i arg ei y attrl b u tab i e to' research an d d evei op rr en t costs of U S$25) 2 rr l i i l on ( 2025' U S$1 2) 7 rr l i i l
on ) wh l ch l s attrl b u tab i e to th e G rou p s accou n tl n g p oi l cy of exp en sl n g R&D costs l n con n ectl on wl th th e G rou p s tl tan l u rr p rocessl n g tech n oi og l es an d p rocessl n g op eratl on s at ou r 0 P F l n
U tah an d Tl tan l u rr M an u factu rl n g Carr p u s l n Vl rg l n l as su ch as sai arl es an d rei ated p erson n ei exp en sess corrrrercl ai l izatl on an d scai e-u p actl vl tl ess rr aterl ai ss d evei op rr en t of th e G en X™ n
ext-g en eratl on con tl n u ou s H AM R™ p i atforrr s exp an sl on of rr an u factu rl n g cap ab l i l tl es an d ad van cerr en t of cu storr er q u ai l fl catl on p rog rarr s= exp i oratl on an d evai u atl on exp en se of U S$5) 4 rr l
i i l on ( 2025' U S$2) 9 rr l i i l on ) wh l ch l s attrl b u tab i e to th e G rou p s accou n tl n g p oi l cy of exp en sl n g exp i oratl on an d evai u atl on exp en d l tu res oth er th an exp en d l tu res l n cu rred l n th e acq u l
sl tl on of th e rl g h ts to exp i ores l n ci u d l n g op tl on p ayrr en ts to i an d own ers) Th e d efl n l tl ve feasl b l i l ty stu d y ( D F S) for th e Tl tan p roject was corr p i eted l n J u n e 2026= corp orate an d ad rr l n l
stratl ve exp en ses of U S$25) 9 rr l i i l on ( 2025' U S$1 0) 7 rr l i i l on ) wh l ch l s attrl b u tab i e to l n creased p erson n ei an d err p i oyee-rei ated costss E RP systerr l rr p i err en tatl on an d p rocess en h an cerr en t
l n l tl atl vess h l g h er p rofessl on ai fees rei ated to i eg ai s au d l ts accou n tl n g an d reg u i atory corr p i l an ce rr atterss ad d l tl on ai corp orate l n frastru ctu re an d overh ead exp en ses req u l red to su p p ort th
e con tl n u ed g rowth s op eratl on ai scai e-u p an d strateg l c l n l tl atl ves of th e Corr p an y d u rl n g fl scai 2026s an d a n on -recu rrl n g n on -cash exp en d l tu re setti ed wl th sh are l ssu an ce= b u sl n ess d evei op
rr en t exp en ses of U S$4) 0 rr l i i l on ( 2025' U S$3) 4 rr l i i l on ) wh l ch l s attrl b u tab i e to costs of ou r cu storr er en g agerr en t exp en sess ou r l n vestor rei atl on s exp en sess l n ci u d l n g costs for p ress rei
easess rr al n ten an ce of th e Corr p an y s web sl tes ou r oth er l n vestor rr arketl n g an d l n forrr atl on l n l tl atl vess an d oth er fees for corp orate ad vl sory servl ces= n on -cash sh are-b ased p ayrr en t exp en se of U
S$9) 2 rr l i i l on ( 2025' U S$9) 6 rr l i i l on ) wh l ch l s attrl b u tab i e to exp en sl n g th e vai u e of u n i l sted op tl on s an d p erforrr an ce rl g h ts g ran ted to key err p i oyeess con su i tan ts an d ad vl sorss as req
u l red u n d er AASB 2 - Share-based Payment) Th e vai u e l s rr easu red at g ran t d ate an d recog n l ized over th e vestl n g p erl od of th e l n cen tl ve secu rl tl es= fl n an ce l n corr e of U S$1 ) 9 rr l i i l on ( 2025' U S$3)
6 rr l i i l on ) p rl rr arl i y attrl b u tab i e to l n terest l n corr e on cash b ai an ces= an d oth er l n corr e of U S$4) 6 rr l i i l on ( 2025' U S$0) 9 rr l i i l on ) l s p rl rr arl i y rei ated to l n corr e frorr th e U ) S) D
oW for rel rr b u rserr en ts for exp en d l tu res rei ated to th e Tl tan P roject D F S l n con ju n ctl on wl th th e 0 B AS ag reerr en t) See N ote 1 ( aa) to ou r au d l ted con soi l d ated fl n an cl ai staterr en ts for fl scai 2026s
l n ci u d ed l n th l s an n u ai rep ort) Th e l n corr e was offset b y a i oss of U S$0) 1 rr l i i l on rei atl n g to certal n p rop ertys p i an t an d eq u l p rr en t) L oss P er Sh are Th e b asl c an d d l i u ted i oss p er sh are
for th e year en d ed J u n e 30s 2026s was U S$0) 20 p er sh are ( 2025' U S$0) 1 2 p er sh are)) D l vl d en d s N o d l vl d en d s were p al d or d eci ared sl n ce th e start of th e fl n an cl ai year ( 2025' n l i )) N o recorrrren d
atl on for p ayrr en t of d l vl d en d s h as b een rr ad e) F l n an cl ai P osl tl on Th e fl n an cl ai staterr en ts h ave b een p rep ared on th e g ol n g con cern b asl ss wh l ch con terr p i ates th e con tl n u l ty of n orrr ai b
u sl n ess actl vl ty an d th e reai l izatl on of assets an d th e setti err en t of i l ab l i l tl es l n th e n orrr ai cou rse of b u sl n ess) At J u n e 30s 2026s th e G rou p h as cash an d cash eq u l vai en ts of U S$35) 2 rr l i i l
on ( 2025' U S$54) 8 rr l i i l on ) an d n et assets of U S$88) 3 rr l i i l on ( 2025' U S$92) 4 rr l i i l on )) Th e G rou p h ad n et ou tfi ows frorr op eratl n g an d l n vestl n g actl vl tl es of U S$63) 5 rr l i i l on for fl scai
2026 ( 2025' U S$46) 1 rr l i i l on ) ( 2024' U S$25) 1 rr l i i l on )) On J u i y 7s 2026s th e Corr p an y corr p i eted th e p i acerr en t of 2s 275s 000 n ew fu i i y p al d AD Sss each rep resen tl n g 1 0 ord l n ary sh aress to ral
se g ross p roceed s of U S$50) 0 rr l i i l on b efore costs) 39
40 p erl on X s p rl n cl p ai comm l tted sou rce of n on -d l i u tl ve fu n d
l n g l s th e U s Ss D oW l n d u strl ai -b ase p rog ram s u n d er wh l ch l ts Vl rg l n l a tl tan l u m p rod u ctl on facl i l ty l s b el n g b u l i t: th e D PA Tl ti e award (U S$1 2s 7 m l i i l on ) an d th e B AS award (U S$47s 1
m l i i l on ) are fu i i y ob i l g ated b y th e G overn m en tl U S$22s 7 m l i i l on h ad b een rel m b u rsed at J u n e 30l 2026 an d U S$37s 1 m l i i l on of ob i l g ated l rel m b u rsab i e fu n d l n g rem al n ed aval i ab i e to
b e d rawn ag al n st q u ai l fyl n g exp en d l tu re over th e exp an sl on to 1 l 400 ton s p er an n u m s n ad d l tl on l p erl on X h oi d s a U s Ss Arm y SB R P h ase l n d efl n l te-d ei l very con tract wl th a cel i l n g of U
S$99s 0 m l i i l on l u n d er wh l ch two fl rm -fl xed -p rl ce task ord ers totai l n g ap p roxl m atei y U S$1 9s 8 m l i i l on h ave b een award ed ( Task Ord er 2l award ed l n Au g u st 2026l h as a b ase vai u e of U S$1 8s 5 m l i
i l on of wh l ch U S$1 1 s 5 m l i i l on was fu n d ed at award l wl th op tl on s to U S$25s 4 m l i i l on ) l p i u s oth er U s Ss G overn m en t award s of u p to U S$6s 6 m l i i l on s Th e U s Ss G overn m en t h as ai so tran sferred
ap p roxl m atei y 290 m etrl c ton s of tl tan l u m ai i oy scrap to p erl on X at n o costl red u cl n g feed stock p u rch ases for ap p roxl m atei y el g h teen m on th s of p rod u ctl on at th e cu rren t 200 ton s p er an n u m cap acl
tys B eyon d th ese con tracted sou rcesl p erl on X h as a n u m b er of p oten tl ai sou rces of i l q u l d l ty: Cu stom er recel p ts are exp ected to g row as th e Vl rg l n l a facl i l ty m oves from p rototyp e an d q u ai l fl catl
on work l n to i ow-rate p rod u ctl on < p erl on X h as p u rch ase ord ers an d su p p i y arran g em en ts wl th th e U s Ss Arm y ( D E VCOM G rou n d Veh l ci e System s Cen ter) l Am erl can Rh el n m etai i l F ord M otor Com p an y
an d Carver P u m p l am on g oth erss Th e rem al n l n g U S$79s 2 m l i i l on of cel i l n g u n d er th e SB R P h ase task ord er award ed an d oth er award s referred to ab ove m ay b e accessed th rou g h fu rth er task ord ers at th e
G overn m en t s d l scretl on s p erl on X h as d em on strated con tl n u l n g access to eq u l ty cap l tai m arketsl h avl n g ral sed m ore th an U S$250 m l i i l on th rou g h th e d ate of fl i l n g l from l n stl tu tl on ai an d
retal i l n vestors sl n ce i l stl n g l an d l ts N asd aq an d ASX i l stl n g s p rovl d e th e ab l i l ty to ral se fu rth er cap l tai s F l n ai i yl a su b stan tl ai p ortl on of p erl on XA s forecast exp en d l tu rel l n ci u d l
n g G en X™ d evei op m en tl Tl tan an d Ati as d evei op m en t work an d th e p ace of th e 1 l 400 ton s p er an n u m exp an sl on l l s d l scretl on ary an d can b e d eferred or red u ced l f n ecessarys F u rth erl th e U s Ss G
overn m en t h as m aterl ai i y exp an d ed th e cap l tai aval i ab i e to d om estl c crl tl cai -m l n erai s an d m etai s p rod u cersl l n ci u d l n g th rou g h th e D oWA s Offl ce of Strateg l c Cap l tai l wh l ch sl n ce J u i y
2025 h as comm l tted i oan s of ap p roxl m atei y U S$2s 5 b l i i l on to d om estl c rare earth l m ag n et an d scan d l u m m etai p rojects u n d er i oan au th orl ty of u p to ap p roxl m atei y U S$1 00 b l i i l on l an d th rou g h
two 2026 D efen se n d u strl ai B ase Con sortl u m soi l cl tatl on s for d om estl c crl tl cai - m l n erai s p rocessl n g cap acl tyl th e m ost recen t of wh l ch sp ecl fl cai i y n am es tl tan l u m l l n ci u d l n g sp on g e an d
sp on g e su b stl tu tesl for wh l ch p erl on X h as su b m l tted p rop osai ss B ased on th e assessm en t of th e Com p an yA s fl n an cl ai p osl tl on l cash fi owsl an d fu tu re p rojectl on sl m an ag em en t h as con ci u d ed th
at th ere are n o con d l tl on s or even ts th at ral se su b stan tl ai d ou b t ab ou t th e Com p an yA s ab l i l ty to con tl n u e as a g ol n g con cern for th e foreseeab i e fu tu rel wh l ch l s d efl n ed as at i east twei ve m on
th s from th e d ate of l ssu an ce of th e fl n an cl ai statem en tss B u sl n ess Strategl es an d P rosp ects for F u tu re F l n an cl ai Years Th e ob jectl ve of th e G rou p l s to create i on g -term sh areh oi d er vai u e b y com b
l n l n g l ts p aten ted tl tan l u m tech n oi og l es to con tl n u e to scai e a i ow-cost tl tan l u m su p p i y ch al n b u sl n ess l n th e U s Ss an d l l n tl m el g i ob ai i ys p erl on X h as tran sl tl on ed from a p l i ot
scai e to b e a comm ercl ai p rod u cer of 1 00% recyci ed tl tan l u m m etai p rod u cts l n th e U s Ss l b ased on th e Vl rg l n l a Tl tan l u m M an u factu rl n g Cam p u ss p erl on X p rod u ces i ow-cost an d h l g h -q u ai l ty an
g u i ar an d sp h erl cai tl tan l u m p owd erl wh l ch l s u sed to p rod u ce n ear-n et-sh ap e an d fl n ai tl tan l u m p arts th rou g h p owd er m etai i u rg y or ad d l tl ve m an u factu rl n g s Th ese tech n oi og l es p rovl d
e p erl on X wl th a su stal n ab i e com p etl tl ve ad van tag e an d sl g n l fl can t vai u e u p i l ft from u p g rad l n g raw tl tan l u m m aterl ai s th rou g h to fl n l sh ed h l g h -p erform an ce tl tan l u m p rod u cts wh en
com p ared to trad l tl on ai tl tan l u m l n d u stry su p p i y ch al n ss To ach l eve l ts ob jectl vel th e G rou p cu rren ti y h as th e foi i owl n g b u sl n ess strateg l es an d p rosp ects over th e m ed l u m to i on g - term
: comm ercl ai l ize th e Tech n oi og l es to p rod u ce tl tan l u m m etai an d m etai p owd ers for key m arketsl l n ci u d l n g con su m er ei ectron l csl aerosp acel d efen sel m ed l cai l b l cyci esl ad d l tl ve m an u factu rl n
g an d au tom otl ve< con tl n u e to l n vestl g ate ai tern atl ve ap p i l catl on s of th e Tech n oi og l es to ad d l tl on ai vai u e-ad d ed m etai ci osed -i oop p rod u ctl on cap ab l i l tl esl l n ci u d l n g izl rcon an d syn
th etl c ru tl i el an d th e p oten tl ai p rod u ctl on of rare earth ei em en ts< con tl n u e d l scu ssl on s wl th cu rren t an d p oten tl ai cu stom ers an d strateg l c p artn ers for fu tu re p rod u ctl on an d sai e of tl tan l
u m m etai p rod u ctsl tl tan l u m m l n erai s an d oth er crl tl cai m l n erai sl l n ci u d l n g l b u t n ot i l m l ted tol rare earth ei em en ts<
con ti n u e to exp an d p eri on Xp s cri ti cal m i n eral l an d p osi ti on i
n th e U . S. e exp l ore for ad d i ti on al cri ti cal m i n eral s an d secu re fi n al p erm i t an d zon i n g ap p roval ss con ti n u e th e d evel op m en t of th e Atl as-Ti tan p rojecte wi th an i n teg rated econ om i c assessm en
t targ eted for com p l eti on b y th e en d of 2026. Th e com b i n ati on h as th e p oten ti al to red u ce u p fron t cap i tal an d op erati n g costs an d accel erate fi rst p rod u cti on rel ati ve to a stan d al on e Ti tan d evel op
m en ts an d verti cal l y i n teg rate th e Tech n ol og i es wi th ti tan i u m m ateri al feed stocks from th e Ti tan P roject to d evel op an en d -to-en d U . S. -b ased ti tan i u m an d cri ti cal m i n eral su p p l y ch ai n . Th
ese acti vi ti es are i n h eren tl y ri sky an d th e B oard i s u n ab l e to p rovi d e certai n ty of th e exp ected resu l ts of th ese acti vi ti ese or th at an y or al l of th ese l i kel y d evel op m en ts wi l l b e ach i eved . Th e
m ateri al b u si n ess ri sks faced b y th e G rou p th at cou l d h ave an effect on th e G rou p p s fu tu re p rosp ectse an d h ow th e G rou p m an ag es th ese ri skse i n cl u d ee M / n era4 d eve4 op m en it r/ isk - Th e exp l orati
on fore an d d evel op m en t ofe m i n eral d ep osi ts i n vol ves a h i g h d eg ree of ri sk. F ew p rop erti es th at are exp l ored are u l ti m atel y d evel op ed i n to p rod u ci n g m i n es. To m i ti g ate th i s ri ske th e Com p
an y wi l l u n d ertake system ati c an d stag ed exp l orati on an d testi n g p rog ram s on i ts m i n eral p rop erti es an d e su b ject to th e resu l ts of th ese exp l orati on p rog ram se th e Com p an y wi l l th en p rog ressi vel
y u n d ertake a n u m b er of tech n i cal an d econ om i c stu d i es wi th resp ect to i ts p rojects p ri or to m aki n g a d eci si on to m i n e. H owever th ere can b e n o g u aran tee th at th e stu d i es wi l l con fi rm th e tech n
i cal an d econ om i c vi ab i l i ty of th e Com p an yp s m i n eral p rop erti es or th at th e p rop erti es wi l l b e su ccessfu l l y b rou g h t i n to p rod u cti on s Cap / ita4 an d fu n d / n g r/ isk - F u tu re exp an si on of
th e Com p an yp s ti tan i u m faci l i ti es an d an y fu tu re d evel op m en t of th e Com p an yp s m i n eral p rop erti es wi l l req u i re su b stan ti al ad d i ti on al fi n an ci n g . F ai l u re to ob tai n su ffi ci en t ad d i
ti on al fi n an ci n g m ay resu l t i n d el ay or p ostp on em en t of fu rth er d evel op m en t of th e Com p an yp s ti tan i u m faci l i ti es an d /or m i n eral p rop erti es or even a l oss of p rop erty i n terest. Th ere can b e n
o assu ran ce th at ad d i ti on al cap i tal or oth er typ es of fi n an ci n g wi l l b e avai l ab l e i f n eed ed or th ate i f avai l ab l ee th e term s of su ch fi n an ci n g wi l l b e favorab l e to th e Com p an ys Comm od / ity p
r/ ice r/ isk - Th e p ri ce of ti tan i u m m etal an d oth er cri ti cal m i n eral se i n cl u d i n g ti tan i u m feed stockse rare earth el em en tse si l i ca san d an d zi rcon fl u ctu ate wi d el y an d are affected b y n u m erou s
factors b eyon d th e con trol of th e G rou p . F u tu re p rod u cti on from th e G rou p p s ti tan i u m m etal faci l i ti es or m i n eral p rop erti es wi l l b e affected b y comm od i ty p ri ces b ei n g ad eq u ate to m ake th ese
faci l i ti es or p rop erti es econ om i c. Th e G rou p cu rren tl y d oes n ot en g ag e i n an y h ed g i n g or d eri vati ve tran sacti on s to m an age comm od i ty p ri ce ri sk. As th e G rou p p s op erati on s ch an g ee th i s p ol
i cy wi l l b e revi ewed p eri od i cal l y g oi n g forward s an d Com p eit/ it/ on r/ isk - Th e G rou p com p etes wi th oth er d om esti c an d i n tern ati on al com p an i es i n th e ti tan i u m tech n ol og y an d cri ti cal m i n
eral s i n d u stri ese som e of wh om h ave l arg er fi n an ci al an d op erati n g resou rces. n creased com p eti ti on cou l d l ead to h i g h er su p p l y or l ower overal l p ri ci n g . Th ere can b e n o assu ran ce th at th e Com p
an y wi l l n ot b e m ateri al l y affected b y i n creased com p eti ti on . n ad d i ti on e wh i l e th e G rou p i s con ti n u i n g to secu re ad d i ti on al su rface an d m i n eral ri g h tse th ere can b e n o g u aran tee th at th
e G rou p wi l l su cceed i n th ese effortse wh i ch cou l d affect th e resu l ts of th e G rou p p s op erati on s. Si gn i fi can t Ch an ges i n th e State of Affai rs On Au g u st 26e 2025e th e Com p an y an n ou n ced th at th e U .
S. D oW h ad ob l i g ated U S$1 2. 5 m i l l i on u n d er p eri on Xp s p revi ou sl y an n ou n ced U S$47. 1 m i l l i on award to stren g th en th e U . S. D efen se n d u stri al B ase b y accel erati n g th e scal e-u p of a resi l i en
te l ow-coste an d fu l l y-i n teg rated U . S. m i n eral -to-m etal ti tan i u m su p p l y ch ai n . Th e U S$1 2. 5 m i l l i on was ap p l i ed to p u rch ase ord ers for l on g -l ead e m ajor cap i tal eq u i p m en t req u i red for th
e n ext stag e of cap aci ty scal e-u p to ap p roxi m atel y 1 e 400 m etri c ton s p er year at th e Vi rg i n i a Ti tan i u m M an u factu ri n g Cam p u s. On Octob er 1 0e 2025e th e Com p an y com p l eted a p l acem en t of 1 4. 0 m i
l l i on n ew fu l l y p ai d ord i n ary sh ares at A$5. 00 p er sh aree to rai se g ross p roceed s of A$70. 0 m i l l i on ( ap p roxi m atel y U S$45. 7 m i l l i on ) b efore costs. Th e p l acem en t p osi ti on ed th e com p an y to cap
i tal i ze on th e Am eri can d em an d for a rel i ab l e d om esti c sou rce of ti tan i u m m etal - p arti cu l arl y for d efen see aerosp ace an d ad van ced m an u factu ri n g ap p l i cati on s. Ord eri n g l on g -l ead cap i tal i
tem s at th at ti m e was exp ected to sh orten th e con stru cti on sch ed u l e for p l an n ed scal e-u p i n ti tan i u m p rod u cti on cap aci ty an d u n d erp i n n ed on g oi n g en g ag em en t wi th th e U . S. D oW. 41
42 On J an u ary 1 6l 2026l th e Corr p an y an n ou n ced th at th e U . S. D oW
th rou g h i ts B AS p rog rarr l h as ob l i g ated th e fi n al U S$4. 6 rr i l l i on u n d er p eri on X' s p revi ou sl y award ed U S$47. 1 rr i l l i on award . Ad d i ti on al l yl th e U . S. G overn rr en t h as tran sferred ~290 rr
etri c ton s ( 320 sh ort ton s) of h i g h -q u al i ty ti tan i u rr al l oy ( Ti 64) scrap rr etal l wh i ch i s rr ateri al th at i s su rp l u s to i ts n eed sl to p eri on X for n o costl th e eq u i val en t to ap p roxi rr atel y 1 . 5
years' worth of p eri on X' s ti tan i u rr feed stocks at th e exi sti n g fu l l op erati n g cap aci ty. On J an u ary 22l 2026l th e Corr p an y an n ou n ced i t h ad recei ved a U S$0. 3 rr i l l i on p rototyp e p u rch ase ord er
frorr Arr eri can Rh ei n rr etal l for th e p rod u cti on of 700 l i g h twei g h t ti tan i u rr corr p on en ts for U . S. Arrr y h eavy g rou n d corr b at systerr s. Th i s i n i ti al p u rch ase ord er h as th e p oten ti al to l ead to
a si g n i fi can tl y l arg er p rod u cti on ag reerr en t u p on su ccessfu l d el i very of th i s i n i ti al scop e of work. On M ay 21 l 2026l th e Corr p an y an n ou n ced th e su ccessfu l corr p l eti on of si te accep tan ce an d
corrrri ssi on i n g of i ts ad van ced 300-ton si x-axi s SACM p owd er rr etal l u rg y p ress at p eri on X:s Ti tan i u rr M an u factu ri n g Carr p u s i n Sou th B oston l Vi rg i n i al i n creasi n g p eri on X' s corr p acti on cap
aci ty an d th e ab i l i ty to rr an u factu re a b road er ran g e of corr p l ex ti tan i u rr corr p on en ts u si n g i ts p owd er rr etal l u rg y tech n ol og i es. On J u n e 4l 2026 th e Corr p an y an n ou n ced th e resu l ts of
th e D F S for ou r 1 00% -own ed Ti tan Cri ti cal M i n eral s P roject i n Carr d en l Ten n essee wh i ch con fi rrr s Ti tan as a l arg e-scal e cri ti cal rr i n eral s p roject an d u n d erp i n s ou r i n i ti al 1 4-year rr i n e p l
an b ased en ti rel y on P roved an d P rob ab l e Ore Reserves. On J u n e 30l 2026l th e U . S. Arrr y i ssu ed an ad d i ti on al p rototyp e p u rch ase ord er for ti tan i u rr fasten ers for th e J LTV an d associ ated trai l er. Th ese
p rog rarr s exten d g overn rr en t su p p ort frorr p owd er p rod u cti on cap aci ty i n to sp eci fi c p rod u cts an d rr an u factu ri n g p ath ways. Oth er th an th e ab ovel th ere were n o si g n i fi can t ch an g es i n th e state
of affai rs of th e G rou p d u ri n g th e year en d ed J u n e 30l 2026l n ot oth erwi se d i scl osed . Si gn i fi can t E ven ts After th e B al an ce D ate On J u l y 1 l 2026l th e Corr p an y corr p l eted th e acq u i si ti on of key
assets frorr Covi a Sol u ti on s L L C' s Carr d en l Ten n essee si l i ca san d op erati on for U S$3 rr i l l i on . Th e assets i n cl u d e rr i n eral ri g h tsl at-su rface p re-p rocessed rr i n eral stockp i l esl rr i n i n g an d p
rocessi n g eq u i p rr en tl an exi sti n g rai l sp u rl ap p roxi rr atel y 1 l 200 acres of own ed p rop ertyl ap p roxi rr atel y 1 l 300 acres of l eased p rop ertyl b u i l d i n g s an d stru ctu resl an d associ ated el ectri cal l
waterl an d g as i n frastru ctu re. On J u l y 7l 2026l th e Corr p an y corr p l eted th e p l acerr en t of 2l 275l 000 n ew fu l l y p ai d AD S sh aresl each rep resen ti n g 1 0 ord i n ary sh aresl to rai se g ross p roceed s of U S$50
rr i l l i on b efore costs. P roceed s frorr th e offeri n g wi l l b e u sed to con ti n u e th e corrrrerci al i izati on an d scal e-u p of certai n of ou r ti tan i u rr an d rr etal al l oy p rod u cti on tech n ol og i esl i n cl u d i n
g con ti n u ed scal e-u p an d exp an si on of th e Corr p an y' s Ti tan i u rr M an u factu ri n g Carr p u s i n Vi rg i n i a an d associ ated ti tan i u rr rr etal research an d d evel op rr en t acti vi ti esl con ti n u ed d evel op rr
en t of th e Atl as-Ti tan P roject i n Ten n esseel an d for g en eral corp orate p u rp oses. On Au g u st 3l 2026l th e Corr p an y an n ou n ced a p rop osed red orr i ci l i ati on of i ts u l ti rr ate p aren t corr p an y to Texasl U .
S. l su b ject to sh areh ol d erl cou rtl reg u l atory an d oth er cu storr ary ap p roval s. Su b ject to corr p l eti on of th e tran sacti on an d ap p l i cab l e exch an g e ap p roval sl th e Corr p an y exp ects th e corrrron stock of
th e n ew U . S. p aren t corr p an y to b e l i sted d i rectl y on N asd aq l rep l aci n g th e exi sti n g AD S stru ctu re. Th e p rop osed red orr i ci l i ati on i s n ot exp ected to i rr p act th e Corr p an y:s u n d erl yi n g
assetsl op erati on s or strateg i c p ri ori ti es. On th at sarr e an n ou n cerr en tl th e Corr p an y an n ou n ced th e ap p oi n trr en t of M i ch ael J . L op arco as an i n d ep en d en t n on - execu ti ve d i rector effecti ve Au g
u st 3l 2026. On Au g u st 26l 2026l p eri on X recei ved Task Ord er 2 u n d er i ts U . S. Arrr y SB R P h ase con tract for L ow-Costl D orr esti c Ti tan i u rr for D efen se Ap p l i cati on s th at b u i l d s u p on th e p revi ou sl y
an n ou n ced U S$1 . 3 rr i l l i on task ord erl l i fti n g th e ag g reg ate p oten ti al val u e of task ord ers i ssu ed u n d er th e Corr p an y' s U S$99 rr i l l i on SB R P h ase con tract u p to U S$26. 7 rr i l l i on . Th i s ad
d i ti on al task ord er wi l l fu n d th e p h ysi cal eq u i p rr en t an d rr an u factu ri n g systerr s req u i red to i n crease th rou gh p u tl b ri n g cri ti cal p rod u cti on step s i n -h ou sel red u ce acq u i si ti on an d p
rod u cti on costsl an d accel erate d el i very of ti tan i u rr corr p on en ts for U . S. d efen se ap p l i cati on s.
Otr er tr an tr e ab ove as at tr e d ate of tr i s rep ort tr ere are n o m
atters or ci rcu m stan ces tr at r ave ari sen si n ce J u n e 30 2026 tr at r ave si g n i fi can ta y affected or m ay si g n i fi can ta y affect: tr e op erati on s i n fi n an ci aa years su b seq u en t to J u n e 30 2026 of tr e G rou
p p tr e resu a ts of tr ose op erati on s i n fi n an ci aa years su b seq u en t to J u n e 30 2026 of tr e G rou p p or tr e state of affai rs i n fi n an ci aa years su b seq u en t to J u n e 30 2026 of tr e G rou p" # n d em n i fi
cati on an d # n su ran ce of Offi cers an d Au d i tors Tr e Con sti tu ti on of tr e Com p an y req u i res tr e Com p an y to tr e exten t p erm i tted b y a aw to i n d em n i fy an y p erson wr o i s or r as b een a d i rector or offi cer
of tr e Com p an y or G rou p for an y a i ab i a i ty cau sed b y su cr a d i rector or offi cer an d an y a eg aa costs i n cu rred b y a d i rector or offi cer i n d efen d i n g an acti on for an y a i ab i a i ty cau sed b y su cr a d i
rector or offi cer) D u ri n g or si n ce tr e en d of tr e fi n an ci aa year n o am ou n ts r ave b een p ai d b y tr e Com p an y or G rou p i n rea ati on to tr e ab ove i n d em n i ti es) D u ri n g tr e fi n an ci aa year an i n su ran
ce p rem i u m of U S$405 650 was p ai d b y tr e G rou p to i n su re ag ai n st a a i ab i a i ty i n cu rred b y a p erson wr o i s or r as b een a d i rector or offi cer of tr e Com p an y or G rou p ) Tr e Com p an y r as ag reed to i n d
em n i fy i ts au d i tors P ri cewaterr ou seCoop ers to tr e exten t p erm i tted b y a aw ag ai n st an y ca ai m b y a tr i rd p arty ari si n g from tr e Com p an y1 s b reacr of tr ei r ag reem en t) Tr e i n d em n i ty sti p u a ates tr
at tr e Com p an y wi a a m eet tr e fu a a am ou n t of an y su cr a i ab i a i ti es i n ca u d i n g a reason ab a e am ou n t of a eg aa costs) D i rectors1 # n terests As at tr e d ate of tr i s rep ort tr e D i rectors1 i n terests i n
tr e secu ri ti es of tr e Com p an y are as foa a ows: Ord i n ary Sr ares21 ) U n a i sted Op ti on s22) P erform an ce Ri g r ts23) Restri cted Stock U n i ts24) Tod d H an n i g an 27 1 33 334 992 1 70 1 1 1 4 992 454 464 An
astasi os Ari m a 1 2 583 502 1 203 964 1 545 362 738 576 L orrai n e M arti n 1 265 688 = = 90 21 6 Vau g r n Taya or 973 457 = = 84 771 Ton y Tri p en y 1 1 9 1 07 = = 51 01 0 M ea i ssa Waa a er 486 31 8 = = 84 771 B
evera y Wyse 745 868 = = 84 771 M i cr aea L op arco = = = 58 584 N otesF (H ) JOrdinary SharesV means fully paid ordinary shares in the capital of the Company. (2) J'Unlisted OptionsV means an unlisted option to subscribe for one
Ordinary Share in the capital of the Company. (3) J'Performance RightsV means an unlisted performance right that converts to one Ordinary Share in the capital of the Company upon the satisfaction of the relevant performance condition. (4)
JRestricted Stock 'UnitsV means an unlisted restricted stock unit that converts to one Ordinary Share in the capital of the Company upon the satisfaction of the relevant service vesting condition. 43
44 Cor verti b p e Secu ri ti es At th e d ate of th i s rep ort th e fop p owi
r g cor verti b p e secu ri ti es h ave b eer i ssu ed over u r i ssu ed Ord i r ary Sh ares of th e Corr p ar y: 235, 000 err p p oyee op ti or s exerci sab p e at A$1 0. 00 each or or b efore Ap ri p 1 , 2027; 1 , 305, 000 err p p oyee op
ti or s exerci sab p e at A$8. 00 each or or b efore J u r e 30, 2027; 1 , 374, 746 err p p oyee op ti or s exerci sab p e at A$5. 00 each or or b efore Ap ri p 1 0, 2029; 51 1 , 972 err p p oyee op ti or s exerci sab p e at A$1 1 . 00 each
or or b efore Ap ri p 2, 2030; 947, 062 err p p oyee op ti or s exerci sab p e at A$1 1 . 00 each or or b efore Au g u st 6, 2030; 1 , 566, 690 d i rector ar d err p p oyee op ti or s exerci sab p e at A$1 8. 00 each or or b efore Ap ri p 2,
2031 ; 1 , 773, 209 d i rector ar d err p p oyee op ti or s exerci sab p e at A$22. 00 each or or b efore Ap ri p 2, 2031 ; 4, 1 69, 254 d i rector ar d err p p oyee RSU s th at vest u p or ach i evi r g vari ou s servi ce-b ased cor d i ti
or s ( 1 1 8, 875 exp i ri r g D ecerr b er 23, 2026, 1 , 095, 330 exp i ri r g D ecerr b er 31 , 2026, 1 35, 044 exp i ri r g D ecerr b er 5, 2027, 1 6, 755 exp i ri r g D ecerr b er 31 , 2027, 20, 820 exp i ri r g M arch 2, 2028, 1 5, 500
exp i ri r g Ap ri p 2, 2028, 58, 584 exp i ri r g Au g u st 3, 2028, 1 41 , 620 exp i ri r g D ecerr b er 1 6, 2028, 242, 985 exp i ri r g D ecerr b er 31 , 2028, 1 , 637, 975 exp i ri r g Ap ri p 1 0, 2029, 476, 734 exp i ri r g D ecerr b
er 31 , 2029, ar d 209, 032 exp i ri r g Ap ri p 2, 2030); 2, 885, 000 err p p oyee p erforrr ar ce ri g h ts th at vest u p or ach i evi r g a 30-d ay VWAP of A$4. 00 p er sh are ar d oth er vari ou s ( r or -rr arket b ased ) p erforrr ar ce
cor d i ti or s ( 445, 000 exp i ri r g D ecerr b er 31 , 2027 ar d 2, 440, 000 exp i ri r g D ecerr b er 21 , 2028); 1 , 1 57, 803 err p p oyee p erforrr ar ce ri g h ts th at vest u p or ach i evi r g a 30-d ay VWAP of A$6. 00 p er sh are,
exp i ri r g Ap ri p 1 0, 2031 ; 1 , 1 57, 803 err p p oyee p erforrr ar ce ri g h ts th at vest u p or ach i evi r g a 30-d ay VWAP of A$7. 00 p er sh are, exp i ri r g Ap ri p 1 0, 2031 ; 1 , 1 57, 803 err p p oyee p erforrr ar ce ri g h ts
th at vest u p or ach i evi r g a 30-d ay VWAP of A$8. 00 p er sh are, exp i ri r g Ap ri p 1 0, 2031 ; 660, 077 d i rector ar d err p p oyee p erforrr ar ce ri g h ts th at vest u p or ach i evi r g a 30-d ay VWAP of A$1 8. 00 p er sh are,
exp i ri r g Ap ri p 2, 2031 ; ar d 30, 000 err p p oyee p erforrr ar ce ri g h ts th at vest u p or ach i evi r g vari ou s ( r or -rr arket b ased ) p erforrr ar ce cor d i ti or s exp i ri r g D ecerr b er 31 , 2026. D u ri r g th e year
er d ed J u r e 30, 2026 ar d u p to th e d ate of th i s rep ort, 4, 289, 1 26 ord i r ary sh ares h ave b eer i ssu ed as a resu p t of th e exerci se of U r p i sted Op ti or s, RSU s, ar d P erforrr ar ce Ri g h ts.
D d rectors M eetd n gs Tre n u mber of meetd n gs of d d rectors rel d du rd n g
tre fd scal year an d tre n u mber of meetd n gs atten ded by eacr d d rector for tred r respectd ve commd ttee membersrd ps were as fol l ows D d rector Board M eetd n gs Au d d t Commd ttee M eetd n gs Compen satd on Commd ttee M eetd n
gs N omd n atd n g an d Govern an ce Commd ttee M eetd n gs N u mber el d g d b l e to atten d N u mber atten ded N u mber el d g d b l e to atten d N u mber atten ded N u mber el d g d b l e to atten d N u mber atten ded N u mber el d
g d b l e to atten d N u mber atten ded An astasd os Ard ma 4 4 - - - - - - Todd H an n d gan 4 4 - - - - - - Lorrad n e M artd n 4 4 - - - - 4 4 Vau grn Tayl or 4 3 5 4 4 4 - - Ton y Trd pen
y 4 4 5 5 - - 4 4 M el d ssa Wal l er 4 4 - - 4 4 4 4 Beverl y Wyse 4 4 5 5 4 4 4 4 N ote- Board committee composition was updated effective August 3, 2026 Au d d t and N on -au d d t Servd ces Detad l s of tre amou
n ts pad d or payabl e to tre au d d tor for au d d t an d n on -au d d t servd ces du rd n g tre year are d d scl osed d n n ote 23 AuditorHs Remuneration. Tre compan y may decd de to empl oy tre au d d tor on assd gn men ts addd td on al to
tred r statu tory au d d t du td es wrere tre au d d tor s expertd se an d experd en ce wd tr tre compan y an d/or tre grou p are d mportan t. Tre board of d d rectorsM d n accordan ce wd tr advd ce provd ded by tre au d d t commd tteeM d s
satd sfd ed trat tre provd sd on of tre n on - au d d t servd ces d s compatd b l e wd tr tre gen eral stan dard of d n depen den ce for au d d tors d mposed by tre Corporations Act 2001 . Tre d d rectors are satd sfd ed trat tre provd sd on of
n on -au d d t servd ces by tre au d d tor d d d n ot compromd se tre au d d tor d n depen den ce requ d remen ts of tre Corporations Act 2001 for tre fol l owd n g reason s al l n on -au d d t servd ces rave been revd ewed by tre au d d t
commd ttee to en su re trey do n ot d mpact tre d mpartd al d ty an d objectd vd ty of tre au d d torM an d n on e of tre servd ces u n dermd n e tre gen eral prd n cd p l es rel atd n g to au d d tor d n depen den ce as set ou t d n APE S 1 1
0 Code of E tr d cs for Professd on al Accou n tan ts. Au d d tor s W n depen den ce Decl aratd on Tre l ead au d d tor s d n depen den ce decl aratd on for tre year en ded Ju n e 30M 2026M ras been reced ved an d can be fou n d on page 73 of
tre An n u al Report. Sd gn ed d n accordan ce wd tr a resol u td on of tre d d rectors. An astasi os Ari ma CE O an d M an agd n g D d rector September 29M 2026 45
46 L etter from Ch ai r of th e Com p en sati on Comm i ttee � ear Sh areh oa d
ers On b eh aa f of th e B oard of � i rectors of th e Com p an y am p a eased to p resen t p eri on X s Rem u n erati on Rep ort for th e fi n an ci aa year en d ed J u n e 30 2026l Ou r rem u n erati on fram ework i s d esi g n ed to
attract an d retai n th e a ead ersh i p req u i red to b u i a d p eri on X reward d ea i very ag ai n st ca ear ob jecti ves an d aa i g n execu ti ve ou tcom es wi th a on g -term sh areh oa d er vaa u el Th e Comm i ttee s resp on si b i a
i ty i s to en su re th at th e stru ctu re of rem u n erati on th e p erform an ce exp ectati on s an d th e resu a ti n g reward s su p p ort th ose ob jecti vesl P erform an ce an d rem u n eratk on k n fk sca< year 2026 � u ri n g fi
scaa year 2026 p eri on X exp an d ed i ts m an u factu ri n g cap ab i a i ti es com p a eted th e Ti tan Cri ti caa M i n eraa s P roject � efi n i ti ve F easi b i a i ty Stu d y rai sed U S$46 m i a a i on i n eq u i ty an d stren g th en
ed i n tern aa con troa system s req u i red for Sarb an es-Oxa ey com p a i an cel Th e Com p an y aa so record ed zero record ab a e i n ju ri es i n caa en d ar 2025l Th ese ach i evem en ts ad van ced th e b u si n ess wh i a e totaa sh
areh oa d er retu rn for fi scaa year 2026 was n eg ati ve 1 4% l We recog n i ze th e i m p ortan ce of th at d efi ci t to sh areh oa d ersl Ou r fram ework a i n ks rem u n erati on to b oth th e an n u aa ob jecti ves req u i red to d evea
op th e b u si n ess an d th e a on g er-term retu rn s th at d evea op m en t i s exp ected to d ea i verl Sh ort-term i n cen ti ves are assessed ag ai n st a wei g h ted scorecard of fou r strateg i c g oaa s estab a i sh ed b y th e B oard
b efore th e fi n an ci aa year b eg an l Assessm en t ag ai n st th at scorecard resu a ted i n an ou tcom e of 1 1 4% of targ et for ea i g i b a e execu ti ve key m an ag em en t p erson n ea l Th e E xecu ti ve Ch ai rm an recei ved n o sh
ort-term i n cen ti ve for th e yearl Th e an n u aa i n cen ti ve ou tcom e refa ects p erform an ce ag ai n st th ose p red eterm i n ed ob jecti vesl Th e a on g er-term com p on en t of rem u n erati on p rovi d es a sep arate a i n k to
th e vaa u e execu ti ves h ea p create for sh areh oa d ers over ti m el L k n lk n g < on g -term reward s to sh areh o< d er va< u e Over th e th ree an d fi ve years to J u n e 30 2026 p eri on X d ea i vered cu m u a ati ve
totaa sh areh oa d er retu rn s of 266% an d 332% resp ecti vea yl n each p eri od th ose retu rn s exceed ed th ose of fou rteen of th e fi fteen com p an i es i n ou r rem u n erati on b en ch m ark g rou p l Th at record p rovi d es con
text for th e Com p an y s d evea op m en t an d ou r em p h asi s on a on g -term aa i g n m en t wi th sh areh oa d ersl F u tu re eq u i ty reward s are g overn ed b y th e con d i ti on s attach ed to each award a i n ki n g execu ti ve ou
tcom es to fu rth er p erform an ce an d con ti n u ed servi cel Th e fi scaa year 2026 a on g -term award s to th e Ch i ef E xecu ti ve Offi cer an d E xecu ti ve Ch ai rm an set d em an d i n g con d i ti on s for reward l Th e A$1 8l 00 an
d A$22l 00 op ti on exerci se p ri ces rep resen t i n creases of ap p roxi m atea y 1 66% an d 225% resp ecti vea y over th e A$6l 76 vaa u ati on -d ate sh are p ri ce on F eb ru ary 2 2026l P erform an ce ri g h ts req u i re a 30-d ay voa u
m e-wei g h ted averag e sh are p ri ce of at a east A$1 8l 00 wi th i n th e fou r-year m easu rem en t p eri od tog eth er wi th th e oth er vesti n g con d i ti on sl Th e p erform an ce ri g h ts d ep en d on sati sfyi n g th ese d em an d
i n g p ri ce h u rd a es an d oth er vesti n g con d i ti on sW th e op ti on s g en erate a g ai n on exerci se on a y ab ove th ei r resp ecti ve exerci se p ri cesl Th e award s aa so i n corp orate a fou r-year con ti n u ou s-servi ce
con d i ti on l Th e p erform an ce ri g h ts an d resu a ti n g sh ares carry an ad d i ti on aa on e-year h oa d i n g restri cti on exten d i n g th e execu ti ves exp osu re to sh are p ri ce p erform an ce b eyon d vesti n g l Th i s stru
ctu re su p p orts con ti n u i ty an d a i n ks th e p oten ti aa reward s from th ese award s to m ateri aa sh are p ri ce ap p reci ati on l t i s d esi g n ed to en cou rag e d eci si on s th at stren g th en th e b u si n ess over th e a
on g term l Com p etk tk ve rem u n eratk on for an Am erk can b u sk n ess Ou r rem u n erati on b en ch m arks refa ect th e m arket i n wh i ch p eri on X op erates an d com p etes for taa en tl Aa a of p eri on X s op erati n g assets
are i n th e U l Sl m ore th an 95% of ou r em p a oyees are Am eri can an d over 90% of ou r cu stom ers an d su p p a i ers are U l Sl b ased l We com p ete i n th at m arket for th e sp eci aa i st en g i n eeri n g m an u factu ri n g an
d a ead ersh i p exp erti se n eed ed to execu te ou r strateg yl U l Sl p eers th erefore p rovi d e th e m ost rea evan t b asi s for assessi n g rem u n erati on l Th i s ap p roach g rou n d s ou r d eci si on s i n th e m arket wh ere we
m u st attract an d retai n taa en t wh i a e m ai n tai n i n g d i sci p a i n e over p ay an d aa i g n m en t wi th sh areh oa d er i n terestsl
Wi th i n th at market, ou r framework p l aces del i berate emph asi s on equ i
ty over cash compen sati on . Target total cash compen sati on for execu ti ve key man agemen t person n el i s posi ti on ed n ear th e 25th percen ti l e of ou r ben ch mark grou p , wh i l e target total compen sati on i s n ear th e medi
an . Th i s approach bal an ces competi ti ve remu n erati on wi th cash d i sci p l i n e. t preserves cash for th e devel opmen t an d operati on of th e bu si n ess wh i l e maki n g equ i ty an i mportan t part of execu ti ves' poten ti al
rewards. Ben ch marki n g i n forms th e l evel of target remu n erati on # performan ce an d th e appl i cabl e award con d i ti on s determi n e i n cen ti ve ou tcomes. Sh areh ol der en gagemen t an d accou n tabi l i ty We con ti n u ed
to en gage wi th sh areh ol ders du ri n g th e year an d val u e th e perspecti ves th ey bri n g to remu n erati on , performan ce expectati on s an d execu ti ve al i gn men t. Th at d i al ogu e i n forms ou r con ti n u i n g revi ew of
th e framework an d th e cl ari ty of ou r d i scl osu res. Sh areh ol ders sh ou l d be abl e to u n derstan d wh at execu ti ves are rewarded for, h ow performan ce i s assessed an d h ow remu n erati on ou tcomes rel ate to th ei r i n
terests. We remai n focu sed on maki n g th ose con n ecti on s cl ear. As peri on X devel ops, ou r remu n erati on framework mu st con ti n u e to su pport th e capabi l i ti es an d resu l ts requ i red for ou r n ext stage of growth . Th e
Commi ttee' s focu s i s on retai n i n g stron g l eadersh i p , setti n g h i gh expectati on s an d mai n tai n i n g a cl ear rel ati on sh i p between execu ti ve rewards an d th e creati on of l on g-term sh areh ol der val u e. Th an k
you for you r con ti n u ed en gagemen t an d su pport. commen d th e Remu n erati on Report to you . Vau gh n Tayl or Ch ai r, Compen sati on Commi ttee 47
48 Remu n erati on Report Th i s Remu n erati on Report wh i ch forms part of th
e D i rectors' Report sets ou t i n formati on abou t th e remu n erati on of th e KM P of th e Grou p . Th e Remu n erati on Report h as been au d i ted as requ i red by secti on 308 ( 3C) of th e Corporations Act 2001 . Detai l s of Key M
anagement Personnel Th e KM P of th e Grou p du ri n g or si n ce th e en d of th e fi n an ci al year were as fol l ows5 D i rectors M r. Todd W. H an n i gan E xecu ti ive Ch ai rman M r. An astasi os Ari ma Ch i ef E xecu ti ive Offi
cer an d M an agi n g D i rector M s. Lorrai n e M . M arti n Lead > n depen den t D i rector M r. Vau gh n Tayl or n depen den t N on -E xecu ti ive D i rector M s. M el i ssa G. Wal l er n depen den t N on -E xecu ti ive D i
rector M s. Beiverl y M . Wyse n depen den t N on -E xecu ti ive D i rector M r. Ton y Tri pen y n depen den t N on -E xecu ti ive D i rector M r. M i ch ael J . Loparco n depen den t N on -E xecu ti ive D i rector ( appoi n ted Au gu st
3 2026) Oth er KM P M r. Toby E . Symon ds Presi den t an d Ch i ef Strategy Offi cer M r. W. Scott Sparks Ch i ef Operati n g Offi cer M r. Domi n i c P. Al l en Ch i ef Commerci al Offi cer M s. M arcel a Castro Ch i ef F i n an ci al
Offi cer Unless otherwise disclosed, the KMP held their position from July 1 , 2025, until the date of this report. Executi ive Remuneration Snapshot Oiverivi ew of F i scal 2026 E xecu ti ive Remu n erati on F ramework E xecu ti ive remu n
erati on arran gemen ts for fi scal 2026 h aive been desi gn ed to5 Ben ch mark to wh ere we operateh Refl ect th e Compan y' s U . S. bu si n ess workforce cu stomer base an d asset footpri n t. Al i gn i n terests wi th sh areh ol dersh E
mph asi ize pay-for-performan ce wi th cl ear l i n ks to l on g-term ival u e creati on . Su pport commi tmen t an d stabi l i ty5 Promote su stai n ed l eadersh i p focu s an d con ti n u i ty th rou gh mu l ti -year i n cen ti ive desi gn
. Pri ori ti ze execu ti on an d resi l i en ceh Ti e ou tcomes to commerci al i izati on m i l eston es scal e-u p del i ivery bal an ce-sh eet stren gth an d l on g-term ival u e creati on .
F l scai 2026 Corr p an y P erforrr an ce Overvl ew F l scai 2026 Op eratl on ai
P erforrr an ce H l g h i l g h ts Th e foi i owl n g Rerr u n eratl on Rep ort for fl scai 2026 sets ou t th e rerr u n eratl on frarr ework for th e Corr p an y s execu tl ve KM P an d N on -E xecu tl ve D l rectors ( N E D s)) F or fl scai
2026, th e rerr u n eratl on frarr ework was h eavl i y wel g h ted toward s reward l n g execu tl ve KM P for p rog ressl n g th e corrrrercl ai l izatl on of ou r assets an d b ai an ce sh eet stren g th , an d focu sl n g on d ei l very of
key scai e-u p targ ets) Th e Corr p en satl on Corrrrl ttee l s p i eased to rep ort th at th rou g h ou t fl scai 2026 th e Corr p an y ach l eved th e foi i owl n g key rr l i eston es/ F u n d 5 n g , Corp orate, F 5 n an c5 aa an d A n
vestor Rea at5 on s - Ral sed U S$46 rr l i i l on l n eq u l ty frorr exl stl n g sh areh oi d ers) Corr p i eted th e d ep i oyrr en t of an E RP systerr an d rei ated u p g rad es to su p p ort corr p i l an ce wl th th e Sarb an es-Oxi ey
ActL Op erat5 on s - Corr p i eted corrrrl ssl on l n g an d l n creased n arr ep i ate p owd er cap acl ty 60% to 200 rr etrl c ton s p er an n u rr th rou g h op eratl on ai p rocess l rr p roverr en ts) : ssu ed th e an n u ai Su stal n ab
l i l ty Rep ort, h l g h i l g h tl n g ad d l tl on ai accorr p i l sh rr en ts for F Y 2025) N o record ab i e l n ju rl es l n cai en d ar 2025) Corr p i eted th e Tl tan P roject D efl n l tl ve F easl b l i l ty Stu d y) Comm erc5 aa an
d G overn m en t E n g ag em en ts - Sl g n l fl can t p rog ress ab ove exp ectatl on on p u b i l ci y an n ou n ced an d con fl d en tl ai corrrrercl ai en g ag err en ts an d g overn rr en t con tracts, l n ci u d l n g fu n d l n g p rog
rarr s an d oth er con fl d en tl ai en g ag err en tsL P rod u ct A n n ovat5 on / R&D / A P - Con fl d en tl ai on g ol n g l n n ovatl on an d p rotectl on of exl stl n g : P) D u rl n g fl scai 2026, sh ort-terrr an d i on g -terrr l
n cen tl ves were award ed to execu tl ve KM P an d restrl cted stock u n l ts were award ed to N E D s) F l scai 2026 M arket P erforrr an ce H l g h i l g h ts Th e tab i e b ei ow ou ti l n es th e Corr p an y s rr arket p erforrr an ce sl
n ce D ecerr b er 1 , 2020) D ecem ler 1 , 2020 F 5 scaa F 5 scaa F 5 scaa F 5 scaa to Ju n e 30, 2026 2025 2024 2023 2022 D l vl d en d s p al d ( U S$) - - - - - Sh are p rl ce at en d of p erl od ( ASX/ : P X) A$4)
08 A$4) 75 A$2) 04 A$1 ) 1 2 A$0) 82 1 -year totai sh areh oi d er retu rn ( ASX/ : P X) -1 4% 1 33% 83% 36% 21 5% ( 1 ) 3-year totai sh areh oi d er retu rn (% ) ( ASX/ : P X) 266% 479% 1 1 3% 329% N /A 5-year totai sh areh oi
d er retu rn (% ) ( ASX/ : P X) 332% N /A N /A N /A N /A M arket cap l tai l izatl on at en d of p erl od ( ASX/ : P X) A$1 ) 4 b l i i l on A$1 ) 5 b l i i l on A$525 rr l i i l on A$21 6 rr l i i l on A$1 1 5 rr l i i l on N
otesk (m ) Calculated using a starting share price of A$0. 26, being the closing share price of the Company on ASX on December m , 2020, which was the date of completion of the reverse acquisition of the Company by HMAPL. 49
F i scal 2026 M arket Performan ce H i gh l i gh ts ( con ti n u ed) Remuneration
F ramework Overvi ew peri on X i s a U . S. -based ti tan i u m tech n ol ogy an d man u factu ri n g compan y l i sted on both th e ASX an d N asdaq. Ou r execu ti ves- empl oyees- cu stomers- an d operati n g assets are overwh el m i n g
l y i n th e U . S. - an d ou r strategy i s an ch ored i n bu i l d i n g a l ow-cost an d resi l i en t U . S. ti tan i u m su ppl y ch ai n . Th e Remu n erati on F ramework for KM P i s devel oped by th e Board an d i ts Compen sati on
Commi ttee- wi th i n depen den t advi ce from Pearl M eyer ( U . S. ) . t i s desi gn ed to: Compete for U . S. l eadersh i p tal en t i n advan ced man u factu ri n g an d h ard-tech ; Al i gn rewards to l on g-term sh areh ol der val u e,
strategi c execu ti on - an d l on g-term su ccess; Rei n force mu l ti -year commi tmen t to scal i n g operati on s safel y- rel i abl y an d profi tabl y; an d Dri ve performan ce wh i l e man agi n g ri sk, parti cu l arl y du ri n g rapi
d commerci al scal e-u p . Ou r stru ctu re combi n es fi xed remu n erati on wi th a mean i n gfu l "at-ri sk" compon en t across sh ort- an d l on g-term i n cen ti ves. Cel i beratel y l ower fi xed pay an d a h i gh er proporti on of
performan ce-based l on g-term equ i ty en su re execu ti ve ou tcomes cl osel y m i rror sh areh ol der ou tcomes. A si gn i fi can t sh are of total compen sati on i s con ti n gen t on ach i evi n g cl earl y defi n ed m i l eston es ti ed
to val u e creati on . Th e tabl e bel ow provi des an overvi ew of th e remu n erati on el emen ts for fi scal year 2026. 50
Wh y ou r rerr u n erati on i s b en ch rr arked to th e U n i ted States p eri
on X i s a fou n d er-i ed e U n Sn -b ased ti tan i u rr rr etai tech n oi og y an d rr an u factu ri n g corr p an y wi th a vai u ab i ee award -wi n n i n g p aten ted tech n oi og y p ortfoi i on Wh en we i i sted vi a a reverse takeover
i n 2020e we started wi th an eari y-stag e rr i n erai exp i orati on asset i n Ten n esseee n o p rop ri etary tech n oi og ye a rr arket cap i tai i zati on of i ess th an A$1 0 rr i i i i on ( sh are p ri ce ~A$0n 1 0) e an d i ess th an
A$2 rr i i i i on i n cash n F rorr th ese rr od est b eg i n n i n g s - an d wi th th e cru ci ai su p p ort of ou r i on g -terrr sh areh oi d ers - we h ave b u i i t an err erg i n g i ead er i n th e U n Sn ti tan i u rr i n d u
stryn Tod aye b y every op erati on ai an d strateg i c rr easu ree p eri on X i s a U n Sn en terp ri se, P eop 2 e an d L ead ersh i p p Over 95% of ou r err p i oyees an d th e rr ajori ty of ou r B oard of D i rectors are U n Sn ci ti zen
s Op erati on sp Ai i op erati n g assets - frorr ou r Vi rg i n i a Ti tan i u rr Carr p u se R&D cen ters i n U tah an d Vi rg i n i ae to ou r Ti tan Cri ti cai M i n erai s P roject i n Ten n essee - are i ocated i n th e U n Sn Cu
stom ers an d Su p p 2 i ersp M ore th an 90% of ou r cu storr ers an d su p p i i ers are U n Sn -b ased e refi ecti n g ou r strateg i c d orr esti c su p p i y ch ai n focu s Cap i ta2 M arketsp D u ai -i i sted on N asd aq an d ASXe wi th
over 40% of ou r n on -err p i oyee sh areh oi d ers U n Sn d orr i ci i ed N ati on a2 Strateg i c Ro2 ep Th e U n Sn G overn rr en t h as corrrri tted u p to U S$1 59 rr i i i i on i n n on -d i i u ti ve fu n d i n g to accei erate th e
re-sh ori n g of a d orr esti c ti tan i u rr su p p i y ch ai n n B eyon d b ei n g ou r i arg est n on -eq u i ty fi n an ci ere th e U n Sn g overn rr en t i s p oi sed to b ecorr e a rr ajor cu storr er G i ven th i s footp ri n te th e U
n Sn rr arket i s th e ap p rop ri ate referen ce p oi n t for recru i ti n g e reward i n g e an d retai n i n g th e sp eci ai i zed i ead ersh i p req u i red to execu te ou r g rowth strateg yn B en ch rr arki n g to th e U n Sn en su res
corr p eti ti ven ess for scarce tai en te rei n forces p ay-for-p erforrr an cee an d ai i g n s i n cen ti ves wi th th e rr arketse cu storr erse an d reg u i ators rr ost cri ti cai to p eri on XY s i on g -terrr su ccessn Rerr u n erati
on M i x E xecu ti ve rerr u n erati on i n ci u d es fi xed rerr u n erati on an d p erforrr an ce-b ased rerr u n erati on ( ST s an d LT s) n Th e rerr u n erati on frarr ework for fi scai 2026 corr p ri sed th e foi i owi n g ei err en
ts, F i ixed Rem u n erati on Sh ort-Term a n cen ti ive (STa Q L on g -Term a n cen ti ive (L Ta Q fi ixed rem u n erati on Q com p ared to P eer G rou p Recog n i zes th e P u rp ose req u i rerr en ts an d resp on si b i i i ti es of
th e roi e D ri ves th e ach i everr en t of an n u ai op erati on ai ob jecti ves E n cou rag es su stai n ed i on g -terrr b u si n ess g rowth an d sh areh oi d er vai u e Targ et Op p ortu n i ty (% of N ot ap p i i cab i e Vari es
for each KM P Vari es for each KM P Targ et Op p ortu n i ty 25th p ercen ti i e 25th p ercen ti i e M ed i an D e2 i ivery m ech an i sm Cash Cash E q u i ty i n th e forrr of P erforrr an ce Ri g h tse U n i i sted Op ti on se an d
RSU s H u rd 2 es - "ou t-of-th e-rr on ey" P erform an ce cri teri a N on e G i ven th e g rowth stag e of th e b u si n esse th e Corr p an y u ses rr i i eston e b ased KP s ai i g n ed to th e strateg i c p i an ap p roved b y th e B
oard sh are p ri ce h u rd i es for P erforrr an ce Ri g h ts an d Op ti on s ti ed to si g n i fi can t sh areh oi d er vai u e creati on e Serivi ce P eri od - 3-5 year servi ce p eri od req u i rerr en ts for P erforrr an ce Ri g h ts
an d RSU s Ti m efram e b efore reward i s rea2 i ized rrrred i ate 1 year Su b ject to th e ach i everr en t of p erforrr an ce an d servi ce con d i ti on se over a p eri od u p to fi ve years 51
52 To attract an d retat n execu tt ve tal en t wt tr tre skt l l s an d expert
en ce to del t ver tre Compan y s strategy addt tt on al forms of remu n eratt on t n cl u d t n g st gn -on t n cen tt ves an d otrer on e-off t n cen tt ves may be provt ded to execu tt ve KM P at tre Board s d t scrett on . Cl awback Pol t
cy # n order to preven t a covered execu tt ve from retat n t n g an t n approprt ate ben eft t art st n g from an accou n tt n g restatemen t du e to tre Compan y s matert al n on -compl t an ce wt tr an y ft n an ct al reportt n g requ t
remen t u n der tre federal secu rt tt es l aws tre Compen satt on Commt ttee may determt n e trat excess t n cen tt ve-based compen satt on recet ved by a covered execu tt ve t s su b ject to recovery ( cl awback). Tre Compan y wt l l recover
su cr excess amou n ts on a reason abl y prompt bast s. Recovery may be effected by requ t rt n g repaymen t to tre Compan y set-off redu ctt on of fu tu re compen satt on or su cr otrer mean s as tre Compen satt on Commt ttee determt n es to
be approprt ate. Tre cl awback pol t cy appl t es to t n cen tt ve-based compen satt on ( compen satt on gran ted earn ed or vested based t n wrol e or t n part on tre attat n men t of a ft n an ct al reportt n g measu re) trat was recet ved
by a covered execu tt ve on or after October 2 2023 after tre person began servt ce as a covered execu tt ve an d wro served as a covered execu tt ve at an y tt me du rt n g tre rel evan t performan ce pert od. Tre recovery pert od t s tre tr
ree compl eted ft scal years t mmedt atel y precedt n g tre date tre Compan y t s requ t red to prepare tre accou n tt n g restatemen t ( p l u s an y appl t cabl e tran st tt on pert od of l ess tran n t n e mon trs).
Sh areh ol der an d Proxy Feedback Th rou gh ou t th e years3 th e Compan y h as
en gaged wi th sh areh ol ders on a wi de ran ge of topi cs3 i n cl u d i n g execu ti ve compen sati on 3 corporate govern an ce3 an d en vi ron men tal an d soci al i ssu es. Th i s on goi n g en gagemen t g i ves u s val u abl e i n si gh t
i n to sh areh ol ders perspecti ves an d gu i des en h an cemen ts to ou r govern an ce an d d i scl osu res. By acti vel y addressi n g sh areh ol der qu esti on s an d con cern s3 we en su re th at th e matters most i mportan t to ou r i n
vestors remai n at th e forefron t of ou r deci si on -maki n g an d strategi c pri ori ti es. $ t was p l easi n g to h ear d i rectl y from man y of ou r l argest U . S. an d Au stral i an acti ve l on g-term sh areh ol ders wh o are
very su pporti ve of ou r remu n erati on framework an d th at th ey recogn i ze th e n eed for a U . S. remu n erati on framework. We were al so p l eased to recei ve posi ti ve feedback from both sh areh ol ders an d proxy advi sors on ou r
u p l i fted d i scl osu res. $ n th e i n terest of fu l l tran sparen cy3 we h ave provi ded key feedback recei ved an d ou r respon ses bel ow. Proxy Adv1 sor Feedback Respon se Gi ven th e Compan y i s l i sted on th e ASX as i ts pri
mary l i sti n g 3 compen sati on stru ctu res an d th e remu n erati on framework sh ou l d be based on Au stral i an stan dard 3 n ot U . S. stan dard. We val u e ASX stan dards> h owever3 ou r remu n erati on framework i s i n ten ti on
al l y al i gn ed wi th U . S. practi ces i n l i gh t of ou r strategi c focu s on i n creased man u factu ri n g i n vestmen ts3 stron g market fu n damen tal s i n th e U . S. ti tan i u m sector3 an d ou r tech n ol ogy-dri ven bu si n
ess model . As we con ti n u e to expan d ou r Ameri can operati on s an d i n n ovate i n advan ced ti tan i u m produ cti on 3 attracti n g an d retai n i n g top U . S. tal en t i s cri ti cal to th e l on g-term su ccess of ou r bu si n
ess. By tai l ori n g ou r compen sati on stru ctu re to th e U . S. market3 we are better posi ti on ed to dri ve l on g-term sh areh ol der val u e an d en su re th e operati on al an d commerci al su ccess of ou r ti tan i u m tech n ol ogi
es. F i xed remu n erati on pay revi ews of more th an 1 5% are su bstan ti al an d sh ou l d be l i m i ted F i xed remu n erati on con ti n u es to grow at above average l evel s from a l ow base. Th e market capi tal i zati on of th e
compan y h as grown si gn i fi can tl y over th e l ast few years3 wh i ch h as resu l ted i n a n ew peer grou p bei n g sel ected by Pearl M eyer3 wh i ch h as al so resu l ted i n an i n crease i n fi xed remu n erati on l evel s. As th e
Compan y con ti n u es to grow i n compl exi ty movi n g i n to commerci al i zati on ph ase an d al so con ti n u ed growth i n market capi tal i zati on 3 we expect to see growth i n fi xed remu n erati on above market averages. You h ave a
30 Ju n e fi scal year en d 3 h owever you r remu n erati on measu remen t peri od i s based on 31 December cal en dar year. You sh ou l d al i gn th ese. Wh i l e ou r pri mary l i sti n g i s on th e ASX3 we operate to cal en dar year wi th
regards to ou r bu si n ess p l an 3 bu dgeti n g an d targets3 wh i ch i s stan dard for a U . S. operati n g compan y. Rath er th an i n cu rri n g th e u n n ecessary fi n an ci al expen se of varyi n g ou r fi n an ci al year for au d i
ted fi n an ci al statemen ts3 especi al l y n ow th at we h ave to compl y wi th th e Sarban es Oxl ey Act i n th e U . S. 3 we wi l l u l ti matel y make a deci si on to al i gn th e two arou n d a poten ti al redomi ci l e even t i n th e
fu tu re. We are u sed to ST$ targets th at are ti ed to qu an ti tati ve fi n an ci al targets ( reven u e3 earn i n gs3 margi n s etc) an d qu an ti tati ve operati on al targets ( produ cti on rates etc). Th e board bel i eves th at th e
cu rren t approach to ST$ measu remen ts i s th e best approach g i ven th e growth an d scal e u p stage of th e bu si n ess. We are n ot yet at th e stage of i mpl emen ti n g su ch ST$ fi n an ci al an d operati on al targets. H owever3 we
en vi sage ou r ST$ targets wi l l sh i ft to th ese fi n an ci al an d operati on al metri cs over ti me as th e bu si n ess moves i n to steady state produ cti on . Provi de more i n formati on on th e peer grou p compari son s th at i n
fl u en ce KM P compen sati on revi ews Fol l owi n g th i s feedback3 we h ave i n cl u ded th e Peer Grou p i n th i s year s remu n erati on report. Preferen ce for KM P performan ce-based i n cen ti ves to be a n u mber of measu res3 n ot
ju st sh are pri ce3 wi th a preferen ce of > 50% of Lon g Term $ n cen ti ve P l an ( LT$ P) bei n g performan ce based. H i stori cal l y3 more th an 50% of LT$ Ps on i ssu e h ave been performan ce-based. Fol l owi n g th e remu n
erati on an d ben ch marki n g revi ew by Pearl M eyer i n fi scal year 20253 th e cu rren t compan y LT$ P p l an h as been al i gn ed to l on g term val u e creati on wi th a h i gh er wei gh ti n g on performan ce l i n ked equ i ty versu s
ti me-based equ i ty. For KM P3 performan ce-based i n cen ti ves n ow compri se more th an 50% an d 3 i n some cases3 more th an 80% for th e CE O3 Presi den t an d E xecu ti ve Ch ai rman . Fu rth er3 th ese LT$ P awards are i ssu ed wi th
sh are pri ce targets or exerci se pri ce targets th at are si gn i fi can tl y "ou t of th e mon ey" at th e ti me of i ssu an ce. LT$ P i ssu an ces al so h ave a m i n i mu m 3-year servi ce peri od 3 i n some cases 5-years3 before th e equ
i ty vests an d/ or i s accessi b l e by th e KM P. LT$ P gran ted to KM P sh ou l d h ave a m i n i mu m th ree-year cl i ff vesti n g profi l e3 n ot an n u al vesti n g . Th i s h as been i n corporated i n to th e n ew LT$ P p l an desi
gn ed by Pearl M eyer. Performan ce Ri gh ts h ave a fi ve-year servi ce peri od requ i remen t an d RSU s h ave a th ree-year servi ce peri od requ i remen t. N o an n u al vesti n g . To remove poten ti al ri sk of con fl i ct3 an y equ i
ty gran ts for N E D sh ou l d h ave a vesti n g profi l e of n o l on ger th an on e ( 1 ) year3 an d i f th e N E D resi gn s3 th ere sh ou l d be a pro-rata al l ocati on u p to th e date of resi gn ati on . Th i s h as been i n corporated
i n to th e LT$ P p l an desi gn ed by Pearl M eyer. 53
54 Rerr u n erati on B en ch rr arki n g Overvi ew As n oted i n ou r F Y 2025
An n u al Rep ort, frorr l ate 2024 to Ap ri l 2025, th e Corr p en sati on Corrrri ttee en g ag ed P earl M eyer, a U . S. -b ased i n d ep en d en t rerr u n erati on con su l tan t, to revi ew * p eri on X' s rerr u n erati on stru ctu re, p
ol i cy, an d strateg y for execu ti ves an d err p l oyees. Th i s revi ew was p rorr p ted b y th e Corr p an y' s si g n i fi can t g rowth si n ce th e l ast b en ch rr arki n g exerci se an d b y stakeh ol d er feed b ack on p revi ou s
Rerr u n erati on Rep orts. P earl M eyer b en ch rr arked * p eri on X ag ai n st corr p arab l e U . S. b u si n esses, refl ecti n g * p eri on X' s p osi ti on as a U . S. -b ased tech n ol ogy an d rr etal s rr an u factu ri n g corr p
an y rath er th an an ASX resou rce corr p an y. Th e resu l ti n g frarr ework err p h asi izes: Reta6 n 6 n g key em p i oyees an d attract6 n g sk6 i i ed tai en t to ad van ce d i sru p ti ve ti tan i u rr tech n ol og i es wi th i n th e
real i ti es of corr p eti n g i n a h i g h l y corr p eti ti ve U . S. rr arket. Ai 6 g n 6 n g execu t6 ive com p en sat6 on wi th corr p l ex d evel op rr en t an d corrrrerci al i n i ti ati ves over rr u l ti -year h ori izon s to create
l on g -terrr sh areh ol d er retu rn s. Key ch aracteri sti cs of th e 1 5 sel ected U . S. p eers i n cl u d ed : I n d u stry - Verti cal l y i n teg rated rr etal s, sp eci al ty ch err i cal s, 3D p ri n ti n g , an d rr an u factu ri n
g tech n ol og y corr p an i es, rr i rrori n g * p eri on X' s b u si n ess rr od el . Stag e - A rr i x of b oth op erati n g an d d evel op i n g corr p an i es, en corr p assi n g p re-reven u e/p rofi t an d p ost-reven u e/p rofi t organ
i izati on s. Wh en an al yizi n g b en ch rr arki n g d ata, P earl M eyer con si d ered : S6 ize an d Com p i ex6 ty - Th e p eer g rou p i n cl u d es corr p an i es of varyi n g rr atu ri ty l evel s an d reven u e an d cash fl ow p rofi
l es, wh i ch can create corr p en sati on d i fferen ces. To ad d ress th i s, d ata was seg rr en ted at a U S$2 b i l l i on en terp ri se val u e th resh ol d as a p roxy for th e stag e of th e b u si n ess cycl e. Roi e Com p ar6 son - *
n d i vi d u al rol es at * p eri on X were assessed to en su re l i ke-for-l i ke b en ch rr arki n g wi th corr p arab l e p osi ti on s i n th e p eer g rou p .
P eer G rou p Th e tab l e b el ow i s th e sel ected g rou p of p eers from th e
rem u n erati on revi ew wi th P earl M eyer th at h as i n form ed th e F i xed Rem u n erati on l ST Targ ets an d LT al l ocati on s for KM Ps Com p an y G CS n d u stry H ead q u arters M arket Cap ( U S$ m i l l i on s) An n u al i
ized TSR as of 6/30/26 @6/30/26 1 -Yr 3-Yr 5-Yr 75th P ercen ti l e $2l 745 + 1 52% + 35% + 1 0% M ed i an $1 l 306 + 55% + 9% -2% 25th P ercen ti l e $680 + 25% -1 1 % -20% Con verted to U SD S p eri on X L i m i ted Sou
th B oston l VA $953 -1 0% + 56% + 32% P ercen ti l e Ran k 35% 1 0% 96% 99% n AU D 5 p eri on X L i m i ted A$1 l 385 m i l l i on -1 4% + 54% + 34% n tern ati on al l n cs an d Com p on en ts an d Com p on en ts an d Com p
on en ts Tron ox H ol d i n gs p l c Comm od i ty Ch em i cal s Stam ford l CT $1 l 005 + 30% -1 7% -1 9% Kai ser Al u m i n u m Corp orati on Al u m i n u m F ran kl i n l TN $3l 1 97 + 1 52% + 45% + 1 4% M i n eral s Tech n ol
ogi es n cs Sp eci al ty Ch em i cal s N ew Yorkl N Y $2l 294 + 35% + 9% -1 % Cen tu ry Al u m i n u m Com p an y Al u m i n u m Ch i cagol L $4l 554 + 1 55% + 74% + 29% M ateri on Corp orati on D i versi fi ed M etal s an d M i
n i n g M ayfi el d H ei gh tsl $6l 1 86 + 276% + 38% + 32% OH M etal l u s n cs Steel Can ton l OH $778 + 21 % -5% + 6% Com p ass M i n eral s D i versi fi ed M etal s an d M i n i n g Overl an d P arkl KS $1 l 306 + 55% -2% -1
1 % P roto L ab sl n cs n d u stri al M ach i n ery an d Su p p l i es M ap l e P l ai n l M N $1 l 940 + 1 04% + 33% -2% 3D System s Corp orati on n d u stri al M ach i n ery an d Su p p l i es Rock H i l l l SC $444 +
96% -33% -40% L u xfer H ol d i n gs P L C n d u stri al M ach i n ery an d Su p p l i es M i l wau keel W $483 + 54% + 1 3% 0% E l evra L i th i u m L i m i ted1 D i versi fi ed M etal s an d M i n i n g B ri sb an el QL D $1 l
289 + 31 1 % -25% -21 % E n ergy F u el s n cs Coal an d Con su m ab l e F u el s L akewood l CO $3l 623 + 1 52% + 33% + 1 9% Ori gi n M ateri al sl n cs 4 Comm od i ty Ch em i cal s West Sacram en tol CA $5 -93% -80% -67% Sol i
d P owerl n cs 3 Au tom oti ve P arts an d E q u i p m en t L ou i svi l l el CO $583 + 1 8% + 1 % -24% TM C th e m etal s com p an y n cs 3 D i versi fi ed M etal s an d M i n i n g Van cou verl B C $1 l 91 9 -33% + 40% -1
5% Som rce an d b asX s of p rep aratX on [ Total sh areh ol d er retu rn i s th e an n u al i ized ( com p ou n d ) retu rn to J u n e 30l 2026 on d i vi d en d -rei n vested ( ad ju sted ) cl osi n g p ri ces m easu red from th e corresp on
d i n g d ate on el th ree an d fi ve years earl i er ( J u n e 30l 2025l 2023 an d 2021 ) s P ri ces an d p oi n t-i n -ti m e m arket cap i tal i izati on s are p er Yah oo F i n an ce an d stockan al ysi ss com l i n d ep en d en tl y recon
ci l ed agai n st on e an oth ers M arket cap i tal i izati on s are stated i n U SD m i l l i on ss Th i s b asi s rep rod u ces th e p ri or ( F eb ru ary 1 l 2025) p eer tab l e to a m ean ab sol u te d i fferen ce of 0s 5 p ercen tage p oi
n ts across 41 p eer/p eri od ob servati on sl an d rep rod u ces th e Com p an y^s own m arket p erform an ce tab l e at J u n e 30l 2026 exactl ys 1 s E l evra L i th i u m L i m i ted rep l aces P i ed m on t L i th i u m n cs l wh i ch
ceased to exi st as a sep arate l i sti n g on Au gu st 29l 2025 on com p l eti on of i ts m erger wi th Sayon a M i n i n gs TSR i s ch ai n -l i n ked th rou gh th e tran sacti on on th e sh areh ol d er-exp eri en ce b asi ss each P i ed m
on t sh are con verted i n to 527 E l evra ord i n ary sh aresl b ei n g 0s 351 3 E l evra AD Ss ( AD S rati o 1 l 500 ord i n ary sh ares s 1 AD S) s 2s Al l fi fteen p eers n ow carry a fi ve-year TSRs n th e F eb ru ary 2025 tab l el fou r
p eers were sh own as n /a b ecau se th ei r p ri ce h i stori es b egan after th e fi ve-year b ase d ates M easu red from J u n e 30l 2021 every p eer h as a fu l l fi ve-year record s 3s TM Cl Sol i d P ower an d Ori gi n M ateri al s were
l i sted at J u n e 30l 2021 on l y th rou gh th ei r p red ecessor sp eci al p u rp ose acq u i si ti on com p an i esl th en trad i n g at or n ear tru st val u es Th ei r fi ve-year retu rn s are m easu red from th at b ase an d sh ou l d b
e read wi th th at i n m i n d s E xcl u d i n g al l th reel th e fi ve-year p eer p ercen ti l es wou l d b e 75th + 1 5% l m ed i an -0s 5% l 25th -1 3% s 4s Ori gi n M ateri al s rem ai n ed N asd aq -l i sted at th e m easu rem en t d ate
an d h as si n ce resol ved to d el i st vol u n tari l y an d d eregi ster` i ts l ast trad e was J u l y 1 l 2026s F i gu res are retro-ad ju sted for i ts 1 -for-30 reverse sh are sp l i ts 55
56 P eer G rou p ( con ti n u ed ) . p eri on X m arket cap i tai i zati on an d
TSR are taken from th e ASX p ri m ary i i sti n g ( A$1 e 385 m i i i i on at J u n e 30e 2026) an d tran si ated at th e AU O /U SO sp ot rate on each m easu rem en t d ate ( 0) 6882 at J u n e 30e 2026. 0) 6533e 0) 6620 an d 0) 751 4 at th
e on ee th ree an d fi ve-year b ase d ates)) Th e U SO b i ock rep orts . p eri on X4s retu rn to a U SO -b ased h oi d ere on th e sam e cu rren cy footi n g as th e U S-i i sted p eers. th e AU O i i n e rep orts th e retu rn to an Au strai
i an sh areh oi d er) P ercen ti i e ran ks are cai cu i ated on th e U SO b asi s) Rei ati ve p osi ti on ) Over th ree yearse . p eri on X4s retu rn i n b oth U SO an d AU O e was h i gh er th an fou rteen of th e fi fteen p eers - secon d
to Cen tu ry Ai u m i n u m ) Over fi ve yearse . p eri on X9 s retu rn i n AU O ran ked fi rst an d . p eri on X9 s retu rn i n U SO ti ed M ateri on for fi rst) Over on e yeare . p eri on X ran ked i n th e b ottom d eci i e of th e grou p e
wh i ch record ed a m ed i an on e-year retu rn of + 55% ) P ercen ti i es an d p ercen ti i e ran ks u se i i n ear i n terp oi ati on ) B eyon d th e sei ected p eer g rou p e su rvey d ata was ai so evai u ated ) Wh ere b oth p eer g rou p
an d su rvey d ata were avai i ab i ee a wei g h ted averag e was u sed to d eterm i n e com p eti ti ve m arket ratese assi g n i n g g reater wei g h t to p roxy com p en sati on d ata for KM P) At th i s stag ee th e i arg e U ) S) ti tan i
u m an d ad van ced m etai m an u factu rers - i n ci u d i n g H owm et Aerosp acee Carp en ter Tech n oi og ye an d AT. - were n ot i n ci u d ed i n th e p eer g rou p ) Wh i i e th ese com p an i es p rod u ce a ran g e of ti tan i u m p
rod u cts for si m i i ar en d m arkets an d rep resen t p oten ti ai com p eti tors for execu ti ve an d m an ag eri ai tai en te th ei r i arg er si zee vai u ati on e an d com p i exi ty cu rren ti y set th em ap art for b en ch m arki n g )
H owevere th ey rem ai n p rosp ecti ve p eers for fu tu re b en ch m arki n g revi ews as . p eri on X g rows) B en ch m arki n g Ou tcom es Th e b en ch m arki n g revi ew reveai ed th at totai rem u n erati on - en com p assi n g fi xed
rem u n erati on an d b oth ST. an d LT. award s - for KM P was b etween th e 25th p ercen ti i e an d th e m ed i an of th e su b -$2 b i i i i on en terp ri se vai u e p eer g rou p ) Th i s g ap was even m ore p ron ou n ced wh en th e en ti
re p eer g rou p was con si d ered ) As ou ti i n ed i n th e 2025 An n u ai Rep orte to en su re th at . p eri on X can effecti vei y attracte retai n e an d m oti vate h i g h -cai i b er E xecu ti ve KM Pe th e B oard an d th e Com p en
sati on Comm i ttee ap p roved an execu ti ve rem u n erati on fram eworke wh i ch i n ci u d esD 1 ) Targ et TotaL Cash Con µ en satS on T P osi ti on ed n ear th e 25th p ercen ti i e of th e p eer g rou p ) Targ et TotaL Con µ en satS on T
P osi ti on ed n ear th e m ed i an of th e p eer g rou p ) Ren L n eratS on M S x WeS g h tS n g sT Wei g h ted m ore h eavi i y toward "at-ri sk" com p on en ts th at refi ect b oth i mm ed i ate p ri ori ti es an d i on g er-term strateg i
c ob jecti ves) . n d eterm i n i n g th e rem u n erati on m i xe th e Com p an y p i aces g reater em p h asi s on i on g - term i n cen ti vese ai i g n ed wi th th e exten d ed ti m ei i n es req u i red to ach i eve i ts strateg i c g oai
se retai n i n g tai en t an d d ei i veri n g su stai n ed sh areh oi d er vai u e) Th e execu ti ve rem u n erati on fram ework h as n ot ch an g ed for fi scai year 2026) P eari M eyer was con su i ted on ap p rop ri ate m arket b ased sai
ary i n creases for KM Pe wh i ch ran g ed from 3% to 1 2% e wi th an overai i averag e of 5% ) P eari M eyer ai so assi sted th e Com p en sati on Comm i ttee wi th th e vai u ati on an d stru ctu re of i ssu ed LT. P to KM P d u ri n g th e
year) F u rth ere i ssu an ces to Taso Ari m a an d Tod d H an n i g an were ap p roved b y sh areh oi d ers at th e G en erai M eeti n g h ei d on 1 9 M arch 2026) Th e p rop osed LT. P i ssu an ces fai i wi th i n th e rem u n erati on fram
ework an d p eer g rou p an ai ysi s as ou ti i n ed ab ove) Th e p rop osed Op ti on stri ke p ri ces an d P erform an ce Ri g h ts p erform an ce h u rd i es are si g n i fi can ti y "ou t of th e m on ey" an d set b etween 63-225% ab ove th
e sh are p ri ce of A$6) 76 as at th e d ate of B oard ap p rovai of th e LT. Pe resu i ti n g i n very stron g ai i gn m en t b etween targ eted execu ti ve rem u n erati on ou tcom es an d i on g -term sh areh oi d er retu rn s)
U n d er tr i s fram ework tr e Com p en sati on Comm i ttee an d B oard ap p
roved tr e fol l owi n g com p en sati on p ackag es for KM P d u ri n g fi scal year 2026 effecti ve J an u ary 1 2026# Am ou n ts sr own i n tr e tab l e b el ow are for cal en d ar year 2025 an d cal en d ar year 2026# B ase (U S$) Targ
et STI (U S$) STI Targ et % Total Targ et Cash Com p en sati on (U S$) Targ et L TI P (U S$) Targ et Total Com p en sati on (U S$) % P erform an ce Rel ated Tod d H an n i g an (E xecl ti ive Ch ai rm an ) Taso Ari m a (Ch i ef E
xecl ti ive Offi cer an d M an a g i n g D i rector) 2026 575M 000 403M 000 70% 978M 000 2M 587M 500 3M 565M 500 84% 2025 550 000 385 000 70% 935 000 2 465 000 3 400 000 84% Tob y Sym on d s ( P resi d en t an d Ch i ef
Strateg y Offi cer) 2026 546M 000 382M 000 70% 928M 000 2M 458M 1 25 3M 386M 1 25 84% 2025 523 000 366 000 70% 889 000 2 351 250 3 240 250 84% D om i n i c Al l en ( Ch i ef Comm e rci al Offi cer) 2026 325M 000 1 63M
000 50% 488M 000 487M 500 975M 500 67% 2025 31 5 000 1 58 000 50% 473 000 630 000 1 1 03 000 71 % Scott Sp arks (C h i ef Op erati n g Offi cer) 2026 325 000 1 63M 000 50% 488M 000 487M 500 975M 500 67% 2025 31 5
000 1 58 000 50% 473 000 630 000 1 1 03 000 71 % M arcel a Castro ( Ch i ef F i n an ci al Offi cer) 2026 325M 000 1 63M 000 50% 488M 000 487M 500 975M 500 67% 2025 290 000 1 45 000 50% 435 000 290 000 725
000 60% 2026 402M 000 282M 000 70% 684M 000 2M 1 32M 323 2M 81 6M 323 86% 2025 385 000 270 000 70% 655 000 1 732 500 2 387 500 84% Over ti m e an d su b ject to p rog ressi on of tr e Com p an y toward s reven u e g en erati
on an d p rofi tab i l i ty to en su re tr e Com p an y con ti n u es to attract an d retai n top -ti er g l ob al tal en t i t i s tr e i n ten ti on to ad ju st E xecu ti ve KM P to tr e 60tr to 75tr p ercen ti l e on a Total Com p en sati on
b asi s com p ared to p eer com p arator g rou p s# 57
58 E xecu ti ve Rem u n erati on Tr e G rou p s execu ti ve rem u n erati on p
ol i cy i s to p rovi d e a fi xed rem u n erati on com p on en t an d a p erform an ce-b ased com p on en t ( ST s an d lT s)) Tr e B oard b el i eves tr at tr i s rem u n erati on p ol i cy i s ap p rop ri ate g i ven tr e con si d erati on
s d i scu ssed i n tr e secti on ab ove an d i s ap p rop ri ate i n al i g n i n g execu ti ves ob jecti ves wi tr sr arer ol d er an d b u si n ess ob jecti ves) n a si g n i fi can t year for p eri on Xp execu ti ve KM P d em on strated
stron g p erform an cep an d tr ei r rem u n erati on ou tcom es refl ect tr ei r p erform an ce an d si g n i fi can t con tri b u ti on s i n fi scal 2026) F i xed Rem u n erati on F i xed rem u n erati on con si sts of b ase sal ari esp as
wel l as em p l oyer 401 ( k) con tri b u ti on s or con tri b u ti on s to su p eran n u ati on fu n d s an d otr er n on -casr b en efi ts) N on -casr b en efi ts m ay i n cl u d e p rovi si on of m otor ver i cl esp ren tal al l owan cep r
eal tr care b en efi tsp r eal tr i n su ran cep an d l i fe i n su ran ce) F i xed rem u n erati on i s revi ewed an n u al l y b y tr e B oard ) Tr e p rocess con si sts of a revi ew of com p an y an d i n d i vi d u al p erform an cep rel
evan t com p arati ve rem u n erati on extern al l y an d i n tern al l y an d p wr ere ap p rop ri atep extern al ad vi ce on p ol i ci es an d p racti ces) As ou tl i n ed ab ovep tr e fi xed rem u n erati on of E xecu ti ve KM P was b en cr
m arked to p eer com p arator g rou p sp wi tr an averag e i n crease of 5% across KM P as p er tr e b el ow tab l ee Tr e tab l e b el ow p rovi d es tr e b ase sal ary com p on en t of tr e fi xed rem u n erati on e E xecu t= ve KIV P P
rev= iou s EU S$) Cu rren t EU S$) L n crease EU S$) L n crease E%) Tod d H an n i g an ( E xecu ti ve Cr ai rm an ) 385p 000 402p 000 1 7p 000 4% An astasi os Ari m a ( CE O) 550p 000 575p 000 25p 000 5% Tob y Sym on d s ( P resi
d en t an d CSO) 523p 000 546p 000 23p 000 4% W) Scott Sp arks ( COO) 31 5p 000 325p 000 1 0p 000 3% 0 om i n i c Al l en ( CCO) 31 5p 000 325p 000 1 0p 000 3% M arcel a Castro ( CF O) 290p 000 325p 000 35p 000 1 2% N ioteY
B ase sal ary i s ap p roved for tr e cal en d ar year) P erform an ce B ased Rem u n erati on - Sr ort-Term n cen ti ve Som e execu ti ve KM P are en ti tl ed to an an n u al casr b on u s u p on acr i evi n g vari ou s KP sp as set b y tr e
B oard ) H avi n g reg ard to tr e cu rren t si izep n atu re an d op p ortu n i ti es of tr e G rou p p tr e B oard r as d eterm i n ed tr at tr ese KP s wi l l i n cl u d e m easu res rel ated to su ccessfu l com p l eti on of acti vi ti es
as ou tl i n ed i n tr e b el ow tab l e) P ri or to tr e en d of eacr fi n an ci al yearp tr e B oard assesses p erform an ce ag ai n st tr ese cri teri a)
Th e fol l owi n g tabl e sets ou t th e key cri teri a wh i ch were set by th e
Board an d u sed to determi n e execu ti ive sh ort-term i n cen ti ive ( ST ) ou tcomes pai d du ri n g th e fi scal year 2026. E l i g i b i l i ty L i m i ted to sel ect empl oyeess as determi n ed by th e Board. Opportu n i ty Payou
t M eth odol ogy Th e target opportu n i ty as a percen tage of th e base sal ary compon en t of fi xed remu n erati on ( FR) i s set ou t bel ow5 Execu ti ve KM P Target STI I% of FR) Todd H an n i gan ( E xecu ti ive Ch ai rman
) 70% An astasi os Ari ma ( CE O) 70% Toby Symon ds ( Presi den t an d CSO) 70% W. Scott Sparks ( COO) 50% Domi n i c Al l en ( CCO) 50% M arcel a Castro ( CFO) 50% Th e total payou t i s cal cu l ated based on i n cremen tal
objecti ives compl eted. To recei ive a payou ts th e total compl eti on percen tage mu st exceed 50% an d i s capped at 200% of target. Th e rel ati on sh i p between wei gh ted score card ach i eivemen t an d payou t i s refl ected i n th e
ch art bel ow5 Wei gh ted Scorecard Ach i evemen t Payou t % of Target STI Th resh ol d 0% - 50% -% Target 75% 1 00% M axi mu m 1 00% 200% Performan ce Assessmen t peri on X u ti l i zes a wei gh ted scorecard meth odol ogy to
award an n u al cash bon u ses to execu ti ive KM Ps wh i ch en h an ces tran sparen cy on th e determi n ati on of an n u al cash bon u ses. Th i s approach l i n ks sh ort-term i n cen ti ives for execu ti ive KM P to cl earl y defi n ed
Compan y objecti ives to create a performan ce-based compen sati on opportu n i ty th at fu rth ers stockh ol ders_ i n terests wh i l e moti ivati n g an d ch al l en g i n g ou r execu ti ive tal en t to ach i eive strategi c pri ori ti
es. Th e cash bon u s scorecard for th e ST pai d i n fi scal year 2026 con si sts of fou r pri mary strategi c goal ss each wei gh ted between 20-30%. E ach of th ese goal s con tai n ed a n u mber of defi n ed objecti ives measu red at
December 31 s 2025. As part of th e meth odol ogys scorecard compl eti on determi n es th e total payou t. M easu re M easu re Wei gh ti n g Produ ct n n oivati on / R&D / P On goi n g i n n oivati on an d protecti on of exi sti n g
P 20% Commerci al an d Goivern men t E n gagemen ts Focu s on progressi n g ivari ou s commerci al an d goivern men t con tracts 30% Operati on s Focu s on del i ivery of key scal e-u p targetss recru i tmen t an d reten ti on of key tal
en ts execu te on safety p l an s an d promote su stai n abl e deivel opmen t 25% Fu n d i n g s Corporates F i n an ci al an d n ivestor Rel ati on s Focu s on secu ri n g fu n d i n g to su pport th e Compan yds strategi c p l an s an d
dri ive key corporate i n i ti ati ives 25% Paymen t Th e ST awards were pai d i n cash after th e compl eti on of reivi ews at December 31 s 2025. Featu re Descri pti on 59
Th e foa a owt n g tab a e ou ta t n es p erforr an ce ag at n st th e ab ove sh
ort-terr t n cen tt ve crt tert a for caa en d ar year 2025 IV easL re D escrt itt or Wet g h tt r g Ach t evern er t Score Ach t evern er t P rod u ct 1 n n ovatt on / R&D / 1 P On g ot n g t n n ovatt on an d p rotectt on of ext
stt n g 1 P 20% St g n t ft can t ad van cer en t t n G en XTM tech n oa og y On g ot n g revt ews an d carefu a r at n ten an ce of ext stt n g p aten t p ortfoa t o - secu rt n g 1 P crt tt caa for corr erct aa t izatt on an d a on g
-terr su ccess 1 00% 20t 0% Corr erct aa an d G overn r en t E n g ag er en ts F ocu s on p rog resst n g vart ou s corr erct aa an d g overn r en t con tracts 30% St g n t ft can t p rog ress ab ove exp ectatt on on p u b a t ca y an
n ou n ced an d con ft d en tt aa corr erct aa en g ag er en ts Secu red SB 1 R P h ase 1 1 1 1 D 1 Q con tract en ab a t n g task ord ers u p to U S$99M 60% 1 8t 0% Op eratt on s F ocu s on d ea t very of key scaa e-u p targ ets8 recru t
tr en t an d reten tt on of key taa en t8 execu te on safety p a an s an d p ror ote su stat n ab a e d evea op r en t 25% Cor p a eted corr t sst on t n g an d t n creased n ar ep a ate p owd er cap act ty 60% to 200 r etrt c ton s p er an
n u r th rou g h op eratt on aa p rocess t r p rover en tst H t red fu a a -tt r e E n vt ron r en taa 8 H eaa th an d Safety r an ag er 1 ssu ed ou r an n u aa Su stat n ab t a t ty Rep ort h t g h a t g h tt n g ad d t tt on aa accor p a t
sh r en ts for F Y 2025 Ach t eved izero record ab a e t n ju rt es t n 2025 P rog ressed th e Tt tan P roject D F S Scor p a eted on sch ed u a e t n J u n e 2026) 62% 1 5t 5% F u n d t n g 8 Corp orate8 F t n an ct aa an d 1 n vestor
Rea att on s F ocu s on secu rt n g fu n d t n g to su p p ort th e Cor p an yVs strateg t c p a an s an d d rt ve key corp orate t n t tt att ves 25% Rat sed U S$46 r t a a t on t n cap t taa fror ext stt n g t n vestors Award ed U S$47t 1
r t a a t on b y th e U t St D oWZ s 1 B AS p rog rar to d evea op a secu re8 a ow-cost8 r t n eraa -to-r etaa tt tan t u r su p p a y ch at n Cor p a eted th e d ep a oyr en t of an E RP syster an d rea ated u p g rad es to su p p ort cor p
a t an ce wt th th e Sarb an es-Oxa ey Act 1 00% 25t 0% Tota\ l 00% 78b .5% N OTE g The Commtiiee does noi dtsclose ihe tndtvtdual objecitves beneaih each scorecard measure{ They relaie io cusiomer qualtftcaiton programs and commerctal
agreemenis carrytng conftdenitaltiy obltgaitonst io coniracitng and fundtng arrangemenis wtih agenctes of ihe U{ S{ G overnmenit and io ihe itmtng and scope of paieni ftltngs{ Where an objecitve ceases io be commerctally senstitvet ihe
Commtiiee wtll dtsclose ti reirospecitvely{ Th e totaa wet g h ted averag e score of 78t 5% corresp on d s to a ST1 p ayr en t eq u aa to 1 1 4% of targ ett B ased on th ese p erforr an ce ou tcor es8 th e tab a e b ea ow ou ta t n es th e
ST1 award ed to execu tt ve KM P wt th resp ect to p erforr an ce t n caa en d ar year 2025t D u rt n g ft scaa 20268 cash b on u ses of U S$1 8 3838 000 S2025 U S$1 8 4868 000) were p at d to execu tt ve KM Pt E xecL tt ve KIV P Targ et
STΠ% of F R) Targ et STΠU S$) STΠAward ed for 2026 U S$) % of Targ et STΠAward ed 60 Tod d H an n t g an SE xecu tt ve Ch at rr an ) 70% 2708 000 - -% An astast os Art r a SCE O) 70% 3858 000 4408 000 1 1 4% Tob y Syr on d
s SP rest d en t an d CSO) 70% 3668 000 41 88 000 1 1 4% Wt Scott Sp arks SCOO) 50% 1 588 000 1 808 000 1 1 4% D or t n t c Aa a en SCCO) 50% 1 588 000 1 808 000 1 1 4% M arcea a Castro SCF O) 50% 1 458 000 1 658 000 1 1
4% N oteg Mr{ Hanntgan decltned hts enitilemeni io a cash STšt
Performan ce Based Remu n eratt on - Lon g-Term n cen tt ve Th e Grou p h as a LT
P to reward execu tt ve KM P an d oth er key empl oyees an d con tractors for l on g-term performan ce. Th t s p l an t s based on best practt ce for compan t es operatt n g t n th e U . S. Th t s LT P was dest gn ed t n con su l tatt on wt th
Pearl M eyert ou r U . S. -based remu n eratt on con su l tan t. Th e P l an provt des for th e t ssu an ce of Performan ce Rt gh tst RSU s an d U n l t sted Optt on s to el t g t b l e empl oyees an d con tractors as part of th et r remu n
eratt on an d t n cen tt ve arran gemen ts t n order to attract an d retat n th et r servt ces an d to provt de an t n cen tt ve l t n ked to th e performan ce of th e Grou p . Th e al l ocatt on to Performan ce Rt gh tst RSU s an d/or Optt on
s t s determt n ed by th e Board based on th e assessmen t of th e con trt bu tt on by th e execu tt ve KM P to al l aspects of th e compan y* s growth . To ach t eve t ts corporate ob�ectt vest th e Grou p n eeds to attractt t n cen tt vt
izet an d retat n t ts execu tt ve KM P an d oth er key empl oyees an d con tractors. Th e Board bel t eves th at gran ts made to el t g t b l e partt ct pan ts u n der th e P l an wt l l provt de a u sefu l tool to u n derpt n th e Grou p * s
empl oymen t an d en gagemen t strategyt an d en abl es th e Grou p to- recru t tt t n cen tt vt ize an d retat n KM P an d oth er key empl oyees an d con tractors n eeded to ach t eve th e Grou p * s bu st n ess ob�ectt ves/ l t n k th e
reward of key staff wt th th e ach t evemen t of strategt c goal s an d th e l on g-term performan ce of th e Grou p / al t gn th e ft n an ct al t n terest of partt ct pan ts of th e P l an wt th th ose of Sh areh ol ders/ an d provt de t n
cen tt ves to partt ct pan ts of th e P l an to focu s on su pert or performan ce th at creates sh areh ol der val u e. Th e t ssu an ce of Performan ce Rt gh tst RSU s an d Optt on s for ft scal 2026 t s con st dered t n l t n e wt th U . S.
-based peer grou p comparators an d al t gn ed wt th l t n kt n g su stat n ed Compan y performan cet reten tt on an d l on g-term sh areh ol der val u e. Th e tabl e bel ow su mmart izes RSU st Performan ce Rt gh ts an d Optt on s th at were
gran tedt vested or l apsed rel att n g to execu tt ve KM P remu n eratt on du rt n g ft scal 2026. Gran ted du r< n g 2026 Vested/Exerc< sed du r< n g 2026 Lapsed or exp< red du r< n g 2026 RSU s 1 56t 774 ( 1 t 01 9t
668) - Performan ce Rt gh ts 660t 077 - - Optt on s 3t 723t 878 ( 625t 000) ( 2t 560t 000) As at Ju n e 30t 2026t th e Compan y h ad a total of 1 8t 031 t 866 ou tstan d t n g Performan ce Rt gh tst RSU s an d U n l t sted Optt on s
on t ssu e th at h ad been gran ted to empl oyees an d con tractors of th e Compan y as part of th et r remu n eratt on arran gemen tst represen tt n g 5. 05% of th e Compan y* s total sh ares on t ssu e ( on a fu l l y d t l u ted bast s). Th
e Board con st ders th t s reason abl e an d t n -l t n e wt th peer grou p comparators. (i) Performance Rights Th e LT P provt des for th e t ssu an ce of Performan ce Rt gh ts to el t g t b l e partt ct pan ts wh t ch t u pon satt sfactt on
of th e rel evan t performan ce con d t tt on s attach ed to th e Performan ce Rt gh tst wt l l resu l t t n th e t ssu e of an Ordt n ary Sh are for each Performan ce Rt gh t. Performan ce Rt gh ts are t ssu ed for n o con st deratt on an d n
o amou n t t s payabl e u pon con verst on th ereof. Performan ce Rt gh ts gran ted u n der th e P l an to el t g t b l e partt ct pan ts wt l l be l t n ked to th e ach t evemen t by th e Grou p of certat n performan ce con d t tt on s as
determt n ed by th e Board from tt me to tt me. Th ese performan ce con d t tt on s mu st be satt sft ed t n order for th e Performan ce Rt gh ts to vest. U pon Performan ce Rt gh ts vestt n g t Ordt n ary Sh ares are au tomatt cal l y t ssu ed
for n o con st deratt on . f a performan ce con d t tt on of a Performan ce Rt gh t t s n ot ach t eved by th e expt ry datet th en th e Performan ce Rt gh t wt l l l apse. Du rt n g ft scal 2026t 660t 077 Performan ce Rt gh ts were gran ted
to execu tt ve KM P as ou tl t n ed t n th e tabl e bel ow. Th ese Performan ce Rt gh ts were gran ted to sel ected execu tt ve KM P as on e-off gran ts as reten tt on awards. Th ese awards are l t n ked to th e creatt on of sh areh ol der val
u e growth th rou gh th e u tt l t izatt on of "ou t of th e mon ey" sh are prt ce h u rd l es an d con tt n u ou s servt ce pert ods actt n g as a reten tt on tool for ou r execu tt ves. 61
62 Tr e Corr p en sati on Corrrri ttee r as recei ved corrrren tary frorr certai
n i n vestors tr at tr ei r p referen ce i s to r ave op erati n g rr etri cs ai on g si d e sr are p ri ce r u rd i es an d tr at sr are p ri ce r u rd i es create an op p ortu n i ty for rr an ag err en t award s to vest i n si tu ati on s
wr ere tr e stock p ri ce i n creases ( b eyon d rr an ag err en t con troi )) Tr e Corr p en sati on Corrrri ttee r as taken tr i s i n to con si d erati on an d i n ad d i ti on to p erforrr an ce cri teri al tr ese P erforrr an ce Ri g r ts
ai so r ad a 4-year con ti n u ou s servi ce p eri od req u i rerr en tl as wei i as an ad d i ti on ai 1 -year i ock-u p p eri od l rr ean i n g even i f tr e vesti n g con d i ti on was acr i eved l tr e KM P i s req u i red to b e i n con ti
n u ou s servi ce u n ti i Ap ri i 2l 2031 ) G i ven tr e stag e of b u si n essl op erati n g rr etri cs are n ot yet i n ci u d ed i n LT, P targetsl r owever wi i i i i kei y b e i n tr e fu tu re) F u rtr erl tr e Corr p en sati on Corrrri
ttee i s of tr e vi ew tr at i f tr e sr are p ri ce d oes rerr ai n ab ove tr e A$1 8) 00 r u rd i e for rr ore tr an 30 d aysl g i ven trad i n g voi u rr e i n tr e stock i s rei ati vei y i i q u i d l sr arer oi d ers wi i i r ave tr e op
p ortu n i ty to exi t an d crystai i i ize an y g ai n s) To acr i eve tr e cu rren t A$1 8) 00 r u rd i el tr e sr are p ri ce wou i d r ave to i n crease 3) 4x frorr tr e ci osed d ate as of J u n e 30l 2026 an d 1 ) 7x frorr tr e F eb ru
ary 2l 2026 effecti ve d ate of b oard ap p rovai l creati n g stron g sr arer oi d er ai i g n rr en t to vai u e creati on an d sr are p ri ce g rowtr ) , n d eterrr i n i n g tr e si ize of g ran tl tr e B oard en g ag ed a tr i rd -p arty
con su i tan t vi a P eari M eyer to vai u e tr e p erforrr an ce ri g r ts u ti i i izi n g a M on te Cari o si rr u i ati on rr od ei l wi tr a start d ate of F eb ru ary 2l 2026 ( effecti ve d ate of B oard ap p rovai )) Tr i s resu i ted i
n a fai r vai u e ( as of F eb ru ary 2l 2026) of A$3) 94 for tr e A$1 8) 00 p erforrr an ce ri g r ts) Tr e fai r vai u e of tr ese p erforrr an ce ri g r ts was u p d ated wr en sr arer oi d er ap p rovai was recei ved an d / or wr en tr e p
erforrr an ce ri g r ts were actu ai i y i ssu ed ) F or accou n ti n g p u rp osesl tr e sr are p ri ce at tr e g ran t d ate was u ti i i ized i n tr e fi n an ci ai staterr en ts) KM P N o= P erform an ce R: ig h ts Award ed 2026 Rat: on
aQ e Vest: n ig Con d : t: on s Tod d H an n i g an ( E xecu ti ve Cr ai rrr an ) 1 96l 086 Ti ed to p erforrr an ce an d sr arer oi d er vai u e creati on ) Tr e A$1 8) 00 sr are p ri ce r u rd i e for a p eri od of 30 d ays rep resen ts
a p rerr i u rr of over 1 66% to tr e ci osi n g sr are p ri ce of A$6) 76 at tr e ti rr e of B oard ap p rovai ( F eb ru ary 2l 2026)) Vest u p on fou r years of con ti n u ou s servi ce an d tr e Corr p an y acr i evi n g a 30-d ay VWAP of
at i east A$1 8) 00 p er sr arel exp i ri n g Ap ri i 2l 2031 Rep resen ts 25% of LT, P award for 2026 An astasi os Ari rr a ( CE O) 237l 944 Ti ed to p erforrr an ce an d sr arer oi d er vai u e creati on ) Tr e A$1 8) 00 sr are p ri ce r
u rd i e for a p eri od of 30 d ays rep resen ts a p rerr i u rr of over 1 66% to tr e ci osi n g sr are p ri ce of A$6) 76 at tr e ti rr e of B oard ap p rovai ( F eb ru ary 2l 2026)) Vest u p on fou r years of con ti n u ou s servi ce an d
tr e Corr p an y acr i evi n g a 30-d ay VWAP of at i east A$1 8) 00 p er sr arel exp i ri n g Ap ri i 2l 2031 Rep resen ts 25% of LT, P award for 2026 Tob y Syrr on d s ( P resi d en t an d CSO) 226l 047 Ti ed to p erforrr an ce an d sr
arer oi d er vai u e creati on ) Tr e A$1 8) 00 sr are p ri ce r u rd i e for a p eri od of 30 d ays rep resen ts a p rerr i u rr of over 1 66% to tr e ci osi n g sr are p ri ce of A$6) 76 at tr e ti rr e of B oard ap p rovai ( F eb ru ary 2l
2026)) Vest u p on fou r years of con ti n u ou s servi ce an d tr e Corr p an y acr i evi n g a 30-d ay VWAP of at i east A$1 8) 00 p er sr arel exp i ri n g Ap ri i 2l 2031 Rep resen ts 25% of LT, P award for 2026 (ii) Restricted Stock
Units , n fi scai 2026l tr e B oard cr ose to g ran t RSU s to attract an d retai n execu ti ves) Tr e u se of RSU s ai i g n s wi tr tr e i on g -terrr i n cen ti ve ver i ci es u sed b y p eer g rou p corr p arators) Tr e RSU s vest an d
con vert i n to an eq u i vai en t n u rr b er of Ord i n ary Sr ares over a tr ree-year p eri od wi tr a tr ree-year vesti n g ci i ff) , f tr e rei evan t servi ce-b ased vesti n g con d i ti on i s n ot rr et b y tr e ap p i i cab i e exp i
ry d atel tr e RSU s wi i i au torr ati cai i y i ap se)
D u ri n g fi scal 2026l 1 56l 774 RSU s were g ran ted to execu ti ve KM P as ou
tl i n ed i n th e tab l e b el ow) % n d eterrr i n i n g th e si ize of g ran tl th e B oard u ti l i ized an i ssu e p ri ce of A$6) 76l b ei n g th e cl osi n g p ri ce of th e Corr p an y. s Sh ares on th e ASX on F eb ru ary 2l 2026) F or
accou n ti n g p u rp osesl th e sh are p ri ce at th e d ate of g ran t was u ti l i ized i n th e fi n an ci al staterr en ts) E xecu t7 ive KI\I P N otes N o? RSU s Award ed 2026 W) Scott Sp arks ( COO) 50% of LT% P award 52l 258 D
orr i n i c Al l en ( CCO) 50% of LT% P award 52l 258 M arcel a Castro ( CF O) 50% of LT% P award 52l 258 (iii) Unlisted Options Th e LT% P p rovi d es for th e i ssu an ce of U n l i sted Op ti on s to el i g i b l e p arti ci p an ts)
Th e B oard . s p ol i cy i s to g ran t U n l i sted Op ti on s to KM P wi th exerci se p ri ces at or ab ove rr arket sh are p ri ce ( at th e ti rr e of ag reerr en t)) As su ch l th e U n l i sted Op ti on s g ran ted to KM P are g en eral
l y on l y of b en efi t i f th e KM P p erforrr s to th e l evel wh ereb y th e val u e of th e G rou p i n creases su ffi ci en tl y to warran t exerci si n g th e U n l i sted Op ti on s g ran ted ) Oth er th an servi ce-b ased vesti n g
con d i ti on s ( i f an y) an d th e exerci se p ri ce req u i red to exerci se th e U n l i sted Op ti on sl th ere are n o ad d i ti on al p erforrr an ce cri teri a on th e U n l i sted Op ti on s g ran ted to KM P) Th e G rou p p roh i b i
ts execu ti ve KM P frorr en teri n g i n to arran g err en ts to l i rr i t th ei r exp osu re to U n l i sted Op ti on s g ran ted as p art of th ei r rerr u n erati on p ackag e) % n d eterrr i n i n g th e si ize of g ran tl th e B oard en
g ag ed a th i rd -p arty con su l tan t to val u e th e U n l i sted Op ti on s u ti l i izi n g a B l ack Sch ol es rr od el l wi th a start d ate of F eb ru ary 2l 2026 ( effecti ve d ate of b oard ap p roval )) Th i s resu l ted i n a fai r
val u e ( as of F eb ru ary 2l 2026) of th e A$1 1 ) 00 stri kel A$1 8) 00 stri ke an d A$22) 00 stri ke op ti on s of A$2) 76l A$2) 49 an d A$2) 22 resp ecti vel y) Th e fai r val u e of th ese u n l i sted op ti on s was u p d ated wh en th e
u n l i sted op ti on s were actu al l y i ssu ed ) F or accou n ti n g p u rp osesl th e sh are p ri ce as of th e g ran t d ate was u ti l i ized i n th e fi n an ci al staterr en ts) 63
D u ri n g fi scal 2026, U n l i sted Op ti on s were g ran ted to execu ti ve KM
P as ou tl i n ed i n tr e tab l e b el ow. KM > N io. U n ) * sted Op t* ion s award ed 2026 Rat* ion a) e Vest* n J Cion d * t* ion s ( CF O) creati on . Tr e A$1 1 . 00 op ti on exerci se p ri ce exceed ed tr e A$6. 76 sp ot p ri
ce at tr e ti m e of b oard ap p roval b y ~63% Tod d H an n i g an ( E xecu ti ve Cr ai rm an ) 992, 1 70 Ti ed to p erform an ce an d sr arer ol d er val u e creati on . Tr e A$1 8. 00 an d A$22. 00 op ti on exerci se p ri ce exceed ed
tr e A$6. 76 sp ot p ri ce at tr e ti m e of b oard ap p roval b y ~1 66% an d 225% , resp ecti vel y. Vest u p on fou r years of con ti n u ou s servi ce. 526, 760 exerci sab l e at A$22. 00 eacr , an d 465, 41 0 exerci sab l e at A$1 8. 00
eacr , exp i ri n g Ap ri l 2, 2031 Rep resen ts 75% of LTN P award for 2026 An astasi os Ari m a ( CE O) 1 , 203, 964 Ti ed to p erform an ce an d sr arer ol d er val u e creati on . Tr e A$1 8. 00 an d A$22. 00 op ti on exerci se p ri ce
exceed ed tr e A$6. 76 sp ot p ri ce at tr e ti m e of b oard ap p roval b y ~1 66% an d 225% , resp ecti vel y. Vest u p on fou r years of con ti n u ou s servi ce. 639, 205 exerci sab l e at A$22. 00 eacr , an d 564, 759 exerci sab l e at
A$1 8. 00 eacr , exp i ri n g Ap ri l 2, 2031 Rep resen ts 75% of LTN P award for 2026 Tob y Sym on d s ( P resi d en t an d CSO) 1 , 1 43, 765 Ti ed to p erform an ce an d sr arer ol d er val u e creati on . Tr e A$1 8. 00 an d A$22. 00 op
ti on exerci se p ri ce exceed ed tr e A$6. 76 sp ot p ri ce at tr e ti m e of b oard ap p roval b y ~1 66% an d 225% , resp ecti vel y. Vest u p on fou r years of con ti n u ou s servi ce. 607, 244 exerci sab l e at A$22. 00 eacr , an d
536, 521 exerci sab l e at A$1 8. 00 eacr , exp i ri n g Ap ri l 2, 2031 Rep resen ts 75% of LTN P award for 2026 W. Scott Sp arks ( COO) 1 27, 993 Ti ed to p erform an ce an d sr arer ol d er val u e creati on . Tr e A$1 1 . 00 op ti on
exerci se p ri ce exceed ed tr e A$6. 76 sp ot p ri ce at tr e ti m e of b oard ap p roval b y ~63% Vest u p on tr ree years of con ti n u ou s servi ce an d are exerci sab l e at A$1 1 . 00 eacr , exp i ri n g Ap ri l 2, 2030 Rep resen ts
50% of LTN P award for 2026 D om i n i c Al l en ( CCO) 1 27, 993 Ti ed to p erform an ce an d sr arer ol d er val u e creati on . Tr e A$1 1 . 00 op ti on exerci se p ri ce exceed ed tr e A$6. 76 sp ot p ri ce at tr e ti m e of b oard ap p
roval b y ~63% Vest u p on tr ree years of con ti n u ou s servi ce an d are exerci sab l e at A$1 1 . 00 eacr , exp i ri n g Ap ri l 2, 2030 Rep resen ts 50% of LTN P award for 2026 M arcel a Castro 1 27, 993 Ti ed to p erform an ce an
d sr arer ol d er val u e Vest u p on tr ree years of Rep resen ts 50% of LTN P award for 2026 con ti n u ou s servi ce an d are exerci sab l e at A$1 1 . 00 eacr , exp i ri n g Ap ri l 2, 2030 64
N on -E xecu ti ve D i rector Rerr u n erati on Th e B oard s p oi i cy i s to
rerr u n erate N E D s at rr arket rates for corr p arab i e corr p an i es for ti rr eB corrrri trr en t an d resp on si b i i i ti es� G i ven th e cu rren t si izeB n atu re an d ri sks of th e G rou p B RSU sB U n i i sted Op ti on sB an d
P erforrr an ce Ri g h ts h ave b een u sed to attract an d retai n N E D sB wh ere d eerr ed ap p rop ri ate� Th e B oard d eterrr i n es p ayrr en ts to th e N E D s an d revi ews th ei r rerr u n erati on an n u ai i yB b ased on rr arket p
racti ceB d u ti es an d accou n tab i i i ty� ) n d ep en d en t extern ai ad vi ce i s sou g h t wh en req u i red � Th e rr axi rr u rr ag g reg ate arr ou n t of fees th at can b e p ai d to N E D s i s su b ject to ap p rovai b y sh areh
oi d ers at a G en erai M eeti n g � D i rectors fees p ai d to N E D s accru e on a d ai i y b asi s� F ees for N E D s are n ot i i n ked to th e p erforrr an ce of th e econ orr i c en ti ty� H oweverB to ai i g n D i rectors i n terests wi
th sh areh oi d er i n terestsB th e D i rectors are en cou rag ed to h oi d sh ares i n th e Corr p an y an d B su b ject to sh areh oi d er ap p rovai B on an an n u ai b asi sB th e Corr p an y g ran ts each N E D su ch n u rr b er of RSU s
cai cu i ated b y d i vi d i n g U S$1 25B 000 b y th e VWAP of a sh are on th e ASX over th e fi ve trad i n g d ays i rrrred i atei y p ri or to th e d ate of th e n oti ce of AG M of sh areh oi d ers� Th e L ead ) n d ep en d en t D i rector
recei ves su ch n u rr b er of RSU s cai cu i ated b y d i vi d i n g U S$1 55B 000 b y th e fi ve-d ay VWAP� Th e Corr p an y p roh i b i ts N E D s frorr en teri n g i n to arran g err en ts to i i rr i t th ei r exp osu re to op ti on s g
ran ted as p art of th ei r rerr u n erati on p ackag e� Th e i ssu an ce of RSU s i s i n -i i n e wi th U � S� -b ased p eer g rou p corr p arators an d ai i g n ed wi th i i n ki n g su stai n ed Corr p an y p erforrr an ceB reten ti on an d
i on g -terrr sh areh oi d er vai u e� F ees for N E D s h ave b een set at U S$50B 000 ( 2025; U S$50B 000) p er an n u rr � Th e L ead D i rector fee h as b een set at an ad d i ti on ai U S$30B 000 p er an n u rr � Th ese fees cover rr ai
n b oard acti vi ti es on i y� N E D s rr ay recei ve ad d i ti on ai rerr u n erati on for oth er servi ces p rovi d ed to th e Corr p an yB i n ci u d i n g b u t n ot i i rr i ted toB rr err b ersh i p of corrrri ttees� Corrrri ttee fees h
ave b een set at U S$1 5B 000 for th e Ch ai r of each corrrri ttee ( U S$30B 000 for th e Au d i t Corrrri ttee Ch ai r) an d U S$1 0B 000 for corrrri ttee rr err b ers� Th e Corr p an y rei rr b u rses N E D s for reason ab i e exp en ses i n
cu rred i n p erforrr i n g th ei r d u ti es ( i n ci u d i n g i n rei ati on to an y au th ori ized i n d ep en d en t p rofessi on ai ad vi ce sou g h t b y th e N E D s to assi st th err i n carryi n g ou t th ei r d u ti es as D i
rectors) � Th ese fees are i n i i n e wi th th e rr ed i an of th e b en ch rr arked p eer corr p arator g rou p s� D u ri n g fi scai 2026B 1 1 8B 875 RSU s were g ran ted to N E D s as set ou t b ei ow; N on -E xecu ti ive D i rector D i
rector F ees 2026 TU S$) N oY RSU s Award ed 2026 L orrai n e M arti n 1 00B 000 28B 1 31 Vau g h n Tayi or 75B 000 22B 686 Ton y Tri p en y 80B 000 22B 686 M ei i ssa Wai i er 75B 000 22B 686 B everi y Wyse 80B 000 22B 686 D
u ri n g fi scai 2026B 347B 306 RSU s h ei d b y N E D s vested an d con verted i n to Ord i n ary Sh ares� 91 8B 279 u n i i sted Op ti on s were exerci sed b y N E D s d u ri n g fi scai 2026� N o RSU sB U n i i sted Op ti on s or P erforrr
an ce Ri g h ts h ei d b y N E D s i ap sed d u ri n g fi scai 2026� 65
66 Rei ati on sh i p b etween Rem u n erati on of KM P an d Sh areh oi d er Weai
th p eri on X i s a U ) S) -b ased ti tan i u m tech n oi og y an d m an u factu ri n g com p an y i n th e scai e-u p p h ase of i ts b u si n ess) Th e B oard an ti ci p ates th at th e G rou p wi i i retai n i ts cash resou rces to exp an
d ti tan i u m p rod u cti on cap aci ty at th e Vi rg i n i a Ti tan i u m Cam p u sS to ad van ce th e Ti tan P roject foi i owi n g com p i eti on of i ts D F S i n J u n e 2026S an d to fu n d con ti n u ed p rod u ct d evei op m en t an
d q u ai i fi cati on ) Th e G rou p d oes n ot h ave a p oi i cy wi th resp ect to th e p aym en t of d i vi d en d s or retu rn s of cap i tai S an d n o d i vi d en d s were p ai d an d n o cap i tai was retu rn ed d u ri n g th e cu rren t
or p revi ou s fou r fi n an ci ai years) Th ere i s accord i n g i y n o rei ati on sh i p b etween th e B oard 1 s rem u n erati on p oi i cy an d d i vi d en d s or retu rn s of cap i tai over th at p eri od ) At th i s stag e of th e Com
p an y1 s d evei op m en tS sh areh oi d er weai th i s created th rou g h sh are p ri ce g rowth S an d th e rem u n erati on fram ework i s b u i i t arou n d i t) B etween 84% an d 86% of targ et totai com p en sati on for th e E xecu ti ve
Ch ai rm an S Ch i ef E xecu ti ve Offi cer an d P resi d en t i s p erform an ce-rei ated ) Th e i on g -term i n cen ti ves g ran ted d u ri n g fi scai 2026 d ei i ver vai u e on i y at sh are p ri ces of A$1 8) 00 an d A$22) 00 - p rem i u
m s of ap p roxi m atei y 1 66% an d 225% to th e ci osi n g sh are p ri ce of A$6) 76 at th e d ate of B oard ap p rovai - an d ai so req u i re fou r years of con ti n u ou s servi ceS wi th th e P erform an ce Ri g h ts su b ject to a fu rth
er on e-year h oi d i n g i ock) Totai sh areh oi d er retu rn over th e on eS th ree an d fi ve years to J u n e 30S 2026 was -1 4% S 266% an d 332% resp ecti vei yS as set ou t u n d er "Fiscal 2026 Market Performance Highlights") Sh
ort-term i n cen ti ves are assessed ag ai n st a wei g h ted scorecard of fou r m easu res - P rod u ct n n ovati on / R&D / P Y Comm erci ai an d G overn m en t E n g ag em en tsY Op erati on sY an d F u n d i n g S Corp orateS F i n an
ci ai an d n vestor Rei ati on s - wh i ch are op erati on ai an d strateg i c rath er th an sh are p ri ce b ased S as d escri b ed u n d er "P erform an ce B ased Rem u n erati on - Sh ort-Term n cen ti ve") Rei ati on sh i p b etween Rem u
n erati on of KM P an d E arn i n gs Th e G rou p i s i n th e scai e-u p p h ase of i ts b u si n ess) Ti tan i u m p rod u cti on at th e Vi rg i n i a Ti tan i u m Cam p u s i s cu rren ti y d i rected to p rototyp e p rod u cti on S p rod
u ct d evei op m en tS q u ai i fi cati on testi n g an d i ow-rate i n i ti ai p rod u cti on S an d th e G rou p d i d n ot recog n i ize reven u e i n th e cu rren t or an y of th e p revi ou s fou r fi n an ci ai years) Th e G rou p record
ed a n et i oss after tax of U S$66) 8 m i i i i on for fi scai 2026 ( 2025] U S$35) 3 m i i i i on ^S an d a b asi c an d d i i u ted i oss p er sh are of U S$0) 20 ( 2025] U S$0) 1 2^) E arn i n g s are th erefore n ot yet a m ean i n g fu i
m easu re of m an ag em en t p erform an ceS an d th e B oard d i d n ot h ave reg ard to earn i n g s i n d eterm i n i n g th e n atu re an d am ou n t of rem u n erati on of KM P over th at p eri od ) Th e B oard exp ects th i s to ch an g
e) As th e b u si n ess m oves toward stead y-state p rod u cti on S th e Comm i ttee i n ten d s to i n trod u ce fi n an ci ai an d op erati on ai m easu res i n to th e sh ort-term i n cen ti ve scorecard S con si sten t wi th th e resp on
se to sh areh oi d er an d p roxy ad vi ser feed b ack set ou t eari i er i n th i s rep ort) Rem u n erati on G overn an ce Th e B oard h as overai i accou n tab i i i ty for th e oversi g h t of th e Com p an y1 s rem u n erati on ap p
roach for E xecu ti ve KM P an d N E D sS h avi n g reg ard to th e recomm en d ati on s m ad e b y th e Com p en sati on Comm i ttee) Th e Com p en sati on Comm i ttee revi ews an d m akes recomm en d ati on s to th e B oard on rem u n erati
on an d at-ri sk rem u n erati on p oi i ci esS taki n g i n to accou n t th e Com p an y1 s strateg i c ob jecti vesS corp orate g overn an ce p ri n ci p i esS m arket p racti ce an d stakeh oi d er i n terests) Th e d i ag ram b ei ow sh
ows th e Com p an y1 s rem u n erati on g overn an ce fram eworkS th e key resp on si b i i i ti es of th e B oard S Com p en sati on Comm i ttee an d m an ag em en t)
Rem u n erati on Ad vi sors As d etai l ed i n th e 2025 An n u al Rep ort, th e
Com p en sati on Comm i ttee en g ag ed P earl M eyer to p rovi d e rem u n erati on recomm en d ati on s reg ard i n g th e rem u n erati on q u an tu m for KM P an d ad vi se on LT" P an d ST" stru ctu res. Th e execu ti ve rem u n erati on
fram ework h as n ot ch an g ed for fi scal year 2026, b u t P earl M eyer was con su l ted reg ard i n g ap p rop ri ate m arket-b ased sal ary i n creases for KM P an d for LT" P p erform an ce award cal cu l ati on s. Th e Com p en sati on
Comm i ttee con si d ered th e recomm en d ati on s, al on g wi th oth er factors, i n m aki n g i ts rem u n erati on d eci si on s. Th e Com p en sati on Comm i ttee i s sati sfi ed th e ad vi ce recei ved from P earl M eyer i s free from u
n d u e i n fl u en ce from th e KM P to wh om th e rem u n erati on recomm en d ati on s ap p l y. U S$1 2, 1 00 was p ai d to rem u n erati on ad vi sors d u ri n g th e 2026 fi scal year. P earl M eyer was en g ag ed b y, an d rep orted d i
rectl y to, th e Com p en sati on Comm i ttee, p rovi d ed n o oth er servi ces to th e Com p an y d u ri n g th e year, an d m an ag em en t h ad n o rol e i n th e en g ag em en t or i n th e p rep arati on of th e recomm en d ati on s. 67
68 E m o! 1 m en ts of KM P [X etat ! s of th e n at1 re an d am o1 n t of each
e! em en t of th e em o! 1 m en ts of each KM P of th e G ro1 p for th e year en d ed J 1 n e 30 2026 are as fo! ! ows Sh ort-term b en efi ts 2026 Sal ary & fees U S$ Cash b on u s U S$ Oth er U S$ P ost- em p l oym en t b en efi
ts U S$ Sh are-b ased p aym en t exp en se U S$ Total U S$ P erform an ce rel ated (3) % D i rectors Tod d H an n t .. an 393 500 J J 20 375 1 220 955 1 634 830 75% An astast os Art m a 562 500 440 000 9 01 2 J 1 81 3 1
43 2 824 655 80% L orrat n e M artt n 1 00 000 J J J 1 27 352 227 352 56% Va1 .. h n Tay! or 75 000 J J 9 007 1 1 7 31 2 201 31 9 58% Ton y Trt p en y 80 000 J J J 91 31 8 1 71 31 8 53% M e! t ssa Wa! ! er( 1 ) 75
000 J J J 1 1 7 31 2 1 92 31 2 61 % B ever! y Wyse 80 000 J J J 1 1 7 31 5 1 97 31 5 59% Oth er KM P Tob y Sym on d s 534 500 41 8 000 22 1 70 9 357 1 544 1 96 2 528 223 78% W\ Scott Sp arks 320 000 1 80 000 1 2
299 6 841 688 004 1 207 1 44 72% [X om t n t c A! ! en ( 2) 320 000 1 80 000 J J 536 289 1 036 289 69% M arce! a Castro 307 500 1 65 000 22 1 70 8 432 287 898 791 000 57% Total 2_ 848_ 000 1 _ 383_ 000 65_ 651 54_ 01
2 6_ 661 _ 094 1 1 _ 01 1 _ 757 N otes: (1 ) Melissa Waller is paid through Arete Innovative Resources LLC, a company in which she has a controlling interest. (2) Dominic Allen is paid through Westoz Services Trust, of which he is a
trustee. (3) Performance related percentage for 2026 considers both short-term cash bonus and long-term share-based payment expense as a percentage of the total compensation. No termination benefits were paid or payable to KMPs during the
year. Sh ort-term b en efi ts 2025 Sal ary & fees U S$ Cash b on u s U S$ Oth er U S$ P ost- em p l oym en t b en efi ts U S$ Sh are-b ased p aym en t exp en se U S$ Total U S$ P erform an ce rel ated % D i rectors Tod d H an
n t .. an ( 1 ) 31 7 500 J J 1 9 41 1 834 1 31 1 1 71 042 71 % An astast os Art m a 475 000 480 000 7 857 J 1 047 347 2 01 0 204 52% L orrat n e M artt n 75 000 J J J 1 1 1 052 1 86 052 60% Va1 .. h n Tay! or 80
833 J J 9 296 93 21 7 1 83 346 51 % Ton y Trt p en y 1 9 1 67 J J J 1 9 887 39 054 51 % M e! t ssa Wa! ! er 75 000 J J J 1 1 1 052 1 86 052 60% B ever! y Wyse 80 000 J J J 1 1 1 052 1 91 052 58% Oth er KM P Tob y
Sym on d s 451 500 456 000 23 01 0 9 075 2 040 207 2 979 792 68% W\ Scott Sp arks 282 500 250 000 1 4 674 8 800 465 379 1 021 353 46% [X om t n t c A! ! en 282 500 1 50 000 49 425 J 278 638 760 563 37% M arce! a
Castro 270 000 1 50 000 23 01 0 1 6 050 384 1 08 843 1 68 46% Total 2_ 409_ 000 1 _ 486_ 000 1 1 7_ 976 62_ 632 5_ 496_ 070 9_ 571 _ 678 N otes: (1 ) Mr. Hannigan“s share-based payments includes 1 41 , 844 shares issued in lieu
of his cash bonus of US$250, 000, as approved by shareholders on June 27, 2025. No termination benefits were paid or payable to KMPs during the year.
L oan s wi th Key M an agerr en t P erson n el N o l oan s were p rovi d ed to or
recei ved frorr KM P d u ri n g th e year en d ed Ju n e 30 2026 ( 2025# N i l )% Oth er Tran sacti on s wi th Key M an agerr en t P erson n el P erforrr an ce ( n d u stri es ( n c% a corr p an y associ ated wi th M r% Scott Sp arks COO of
th e Corr p an y was p ai d U S$70 660 d u ri n g th e fi scal year 2026 ( 2025# n i l ) for th e p rovi si on of en g i n eeri n g an d con stru cti on servi ces to th e G rou p % Th e Corr p an y con si d ers th at th e servi ces p rovi d ed
b y P erforrr an ce ( n d u stri es ( n c% were p rovi d ed on an arrr 1 s l en g th or b etter b asi s% B al an ces an d tran sacti on s b etween th e Corr p an y an d i ts su b si d i ari es wh i ch are rel ated p arti es of th e Corr p an y
h ave b een el i rr i n ated on con sol i d ati on an d are n ot d i scl osed i n th i s n ote% Op ti on s Ri gh ts an d RSU s G ran ted to Key M an agerr en t P erson n el � etai l s of U n l i sted Op ti on s P erforrr an ce Ri g h ts an d
RSU s g ran ted exerci sed or l ap sed for each KM P of th e G rou p for th e year en d ed Ju n e 30 2026 fi n an ci al year are as fol l ows# 2026 N o. of op ti on s, ri g h ts an d RSU s g ran ted d u ri n g year # N o. of op ti on s, ri
g h ts an d RSU s exerci sed d u ri n g year # N o. of op ti on s, ri g h ts an d RSU s l ap sed d u ri n g year # Val u e of op ti on s, ri g h ts an d RSU s g ran ted d u ri n g year(1 ) U S$ Val u e of op ti on s, ri g h ts an d
RSU s exerci sed d u ri n g year(2) U S$ Val u e of op ti on s, ri g h ts an d RSU s i n cl u d ed i n reIT u n erati on for year U S$ D i rectors Tod d H an n i g an 1 1 88 256 ( 1 59 333) ( 560 000) 923 007 758 1 1 7 1 220
955 An astasi os Ari rr a 1 441 908 ( 31 8 667) ( 1 000 000) 1 1 20 038 1 51 6 238 1 81 3 1 43 L orrai n e M arti n 28 1 31 ( 389 379) _ 97 591 1 606 1 72 1 27 352 Vau g h n Tayl or 22 686 ( 1 89 379) _ 78 701 757 1 04 1 1
7 31 2 Ton y Tri p en y 22 686 ( 1 4 1 62) _ 78 701 67 384 91 31 8 M el i ssa Wal l er 22 686 ( 389 379) _ 78 701 1 746 21 0 1 1 7 31 2 B everl y Wyse 22 686 ( 283 286) _ 78 701 1 239 478 1 1 7 31 5 Oth er KIV P Tob y
Syrr on d s 1 369 81 2 ( 302 667) _ 2 557 91 4 1 440 1 09 1 544 1 96 W% Scott Sp arks 1 80 251 ( 279 667) ( 320 000) 486 981 1 330 674 688 004 � orr i n i c Al l en 1 80 251 ( 504 667) ( 680 000) 486 981 2 1 1 2 264 536
289 M arcel a Castro 1 80 251 ( 79 667) _ 486 981 379 061 287 898 Total 4, 659, 604 (2, 91 0, 253) (2, 560, 000) 6, 474, 297 1 2, 952, ,81 1 6, 661 , 094 N otesm (1 ) Determined at the time of grant per AASB 2, using an exchange
rate of US$0. 6789= A$1 . 00, being the average exchange rate for 2026. (2) Determined at the time of exercise or conversion at the intrinsic value using the exchange rate on the date of exercise. 69
D etai l s of U n l i sted Op ti on s, P erforrr an ce Ri g h ts an d RSU s g ran
ted b y th e Corr p an y to each KM P of th e G rou p d u ri n g th e fi n an ci al year are as fol l ows: Secu ri ty E xp i ry Servi ce Vesti n g E xerci se P ri ce Vesti n g H u rd l e (30- G ran t D ate F ai r N u ni ler 2026 Cl
ass G ran t D ate D ate D ate A$ d ay VWAP ) Val u e(1 ) A$ G ran ted Tod d H an n i g an Ri g h ts 1 9-M ar-26 2-Ap r-31 1 9-M ar-30 - A$1 8U 00 A$1 U 72 1 96, 086 Op ti on s 1 9-M ar-26 2-Ap r-31 1 9-M ar-30 A$22U
00 - A$0U 96 526, 760 Op ti on s 1 9-M ar-26 2-Ap r-31 1 9-M ar-30 A$1 8U 00 - A$1 U 1 1 465, 41 0 An astasi os Ari rr a Ri g h ts 1 9-M ar-26 2-Ap r-31 1 9-M ar-30 - A$1 8U 00 A$1 U 72 237, 944 Op ti on s 1 9-M
ar-26 2-Ap r-31 1 9-M ar-30 A$1 8U 00 - A$1 U 1 1 564, 759 Op ti on s 1 9-M ar-26 2-Ap r-31 1 9-M ar-30 A$22U 00 - A$0U 96 639, 205 L orrai n e M arti n RSU s 28-N ov-25 23-D ec-26 23-D ec-26 - - A$5U 1 1 28, 1 31 Vau g
h n Tayl or RSU s 28-N ov-25 23-D ec-26 23-D ec-26 - - A$5U 1 1 22, 686 Ton y Tri p en y RSU s 28-N ov-25 23-D ec-26 23-D ec-26 - - A$5U 1 1 22, 686 M el i ssa Wal l er RSU s 28-N ov-25 23-D ec-26 23-D ec-26 - - A$5U 1
1 22, 686 B everl y Wyse RSU s 28-N ov-25 23-D ec-26 23-D ec-26 - - A$5U 1 1 22, 686 Tob y Syrr on d s Ri g h ts 8-M ar-26 2-Ap r-31 8-M ar-30 - A$1 8U 00 A$4U 47 226, 047 Op ti on s 8-M ar-26 2-Ap r-31 8-M ar-30 A$1 8U
00 - A$2U 57 536, 521 Op ti on s 8-M ar-26 2-Ap r-31 8-M ar-30 A$22U 00 - A$2U 27 607, 244 WU Scott Sp arks Op ti on s 8-M ar-26 2-Ap r-30 8-M ar-29 A$1 1 U 00 - A$2U 93 1 27, 993 RSU s 8-M ar-26 2-Ap r-30 2-Ap
r-29 - - A$6U 55 52, 258 D orr i n i c Al l en Op ti on s 8-M ar-26 2-Ap r-30 8-M ar-29 A$1 1 U 00 - A$2U 93 1 27, 993 RSU s 8-M ar-26 2-Ap r-30 2-Ap r-29 - - A$6U 55 52, 258 M arcel a Castro Op ti on s 8-M ar-26 2-Ap
r-30 8-M ar-29 A$1 1 U 00 - A$2U 93 1 27, 993 RSU s 8-M ar-26 2-Ap r-30 2-Ap r-29 - - A$6U 55 52, 258 Op ti on s, Ri gh ts, an d RSU h ol d i n gs of Key M an agerr en t P erson n el 70 2026 H el d at Ju l y 1 , 2025 G ran ted
as reni u n erati on E xerci se of op ti on s, ri g h ts an d RSU s N et ch an g e oth er H el d at Ju n e 30, 2026 Vested an d exerci sall e at Ju n e 30, 2026 D i rectors Tod d H an n i g an 2, 092, 703 1 , 1 88, 256 ( 1 59, 333) (
560, 000) 2, 561 , 626 - An astasi os Ari rr a 3, 364, 661 1 , 441 , 908 ( 31 8, 667) ( 1 , 000, 000) 3, 487, 902 - L orrai n e M arti n 451 , 464 28, 1 31 ( 389, 379) - 90, 21 6 - Vau g h n Tayl or 251 , 464 22, 686 ( 1 89,
379) - 84, 771 - Ton y Tri p en y 42, 486 22, 686 ( 1 4, 1 62) - 51 , 01 0 - M el i ssa Wal l er 451 , 464 22, 686 ( 389, 379) - 84, 771 - B everl y Wyse 451 , 464 22, 686 ( 283, 286) - 1 90, 864 1 06, 093 Oth er KIV
P Tob y Syrr on d s 3, 362, 951 1 , 369, 81 2 ( 302, 667) - 4, 430, 096 - WU Scott Sp arks 2, 21 8, 900 1 80, 251 ( 279, 667) ( 320, 000) 1 , 799, 484 - D orr i n i c Al l en 1 , 91 3, 900 1 80, 251 ( 504, 667) ( 680,
000) 909, 484 - M arcel a Castro 458, 340 1 80, 251 ( 79, 667) - 558, 924 - Total 1 5, 059, 797 4, 659, 604 (2, 91 0, 253) (2, 560, 000) 1 4, 249, 1 48 1 06, 093
Sharehold J ngs of Key M anagerrent Personnel 2026 H el d at Ju l y 1 ,
2025 Exerci se of Opti on s an d Ri gh ts N et Ch an ge Oth er H el d at Ju n e 30, 2026 Ord(1 ) Perf(2) Ord(1 )(3) Perf(2) Ord(1 )(4) Perf(2) Ord(1 ) Perf(2) D i rectors Todd H an n J gan 25> 443> 775 1 > 260> 000 1
59> 333 - 1 > 005> 226 ( 1 > 260> 000) 26> 608> 334 - An astasJ os ArJ rra 1 1 > 405> 1 1 3 2> 250> 000 31 8> 667 - 721 > 002 ( 2> 250> 000) 1 2> 444> 782 - LorraJ n e M artJ
n 763> 1 44 - 389> 379 - 72> 1 65 - 1 > 224> 688 - Vau gh n Tayl or 931 > 31 8 - 1 76> 1 39 - ( 1 34> 000) - 973> 457 - Ton y TrJ ten y - - 1 4> 1 62 - 66> 485 - 80> 647 - M el J ssa
Wal l er 304> 489 - 331 > 829 - ( 1 50> 000) - 486> 31 8 - 1 everl y Wyse 304> 489 - 283> 286 - 52> 000 - 639> 775 - Oth er KM P Toby Syrron ds 3> 1 88> 1 46 - 302> 667 - 7> 276 - 3>
498> 089 - WU Scott Starks 1 > 393> 971 720> 000 279> 667 - ( 39> 039) ( 720> 000) 1 > 634> 599 - t: orr J n J c Al l en 4> 507> 1 68 1 > 530> 000 504> 667 - 1 ( 1 > 530>
000) 5> 01 1 > 836 - M arcel a Castro 340> 795 - 79> 667 - ( 38> 621 ) - 381 > 841 - Total 48, 582, 408 5, 760, 000 2, 839, 463 - 1 , 562, 495 (5, 760, 000) 52, 984, 366 - N otes: ( 1 ) `Ordd means Ordinary
Shares. ( 2) `Perfd means Performance Shares issued to the original vendors of HMAPL as consideration for the Companyds acquisition of HMAPL in fiscal 2021 . For the avoidance of doubt, these Performance Shares do not form part of
remuneration. ( 3) Exercise of Options and Rights are shown net of shares surrendered to settle the exercise price under net settlement arrangements. ( 4) Includes shares sold to cover withholding tax obligations. 71
72 E m p l oym en t Con tracts wi th Key M an agem en t P erson n el M r) Ari m
aa CE O an d M an ag i n g D i rectora h as an em p l oym en t ag reem en t wi th th e G rou p wh i ch m ay b e term i n ated u p on si ix m on th s! ad ivan ce wri tten n oti cea u n l ess m u tu al l y ag reed u p on wi th th e Com p an y) M
r) Ari m a recei ives a fi ixed rem u n erati on com p on en t of U S$575a 000 starti n g i n J an u ary 2026a ( 2025. U S$550a 000) p er an n u m an d a d i screti on ary targ et an n u al b on u s of U S$403a 000 ( 2025. U S$385a 000) to b e
p ai d u p on th e su ccessfu l com p l eti on of KP 3 s as d eterm i n ed b y th e B oard an d i s en ti tl ed to p arti ci p ate i n th e LT3 P on term s to b e d eterm i n ed b y th e B oard ) M r) Sym on d sa P resi d en t an d CSOa h as
an em p l oym en t ag reem en t wi th th e G rou p wh i ch m ay b e term i n ated u p on si ix m on th s! ad ivan ce wri tten n oti cea u n l ess m u tu al l y ag reed u p on wi th th e Com p an y) M r) Sym on d s recei ives a fi ixed rem u n
erati on com p on en t of U S$546a 000 starti n g i n J an u ary 2026a ( 2025. U S$523a 000) p er an n u m an d a d i screti on ary targ et an n u al b on u s of U S$382a 000 ( 2025. U S$366a 000) to b e p ai d u p on th e su ccessfu l com p l
eti on of KP 3 s as d eterm i n ed b y th e B oard an d i s en ti tl ed to p arti ci p ate i n th e LT3 P on term s to b e d eterm i n ed b y th e B oard ) M r) H an n i g an a E ixecu ti ive Ch ai rm an a h as a d i rector ap p oi n tm en t
l etter wi th th e G rou p ) M r) H an n i g an recei ives a fi ixed rem u n erati on com p on en t of U S$402a 000 starti n g i n J an u ary 2026a ( 2025. U S$385a 000) p er an n u m an d a d i screti on ary targ et an n u al b on u s of U
S$282a 000 ( 2025. U S$270a 000) to b e p ai d u p on th e su ccessfu l com p l eti on of KP 3 s as d eterm i n ed b y th e B oard an d i s en ti tl ed to p arti ci p ate i n th e LT3 P on term s to b e d eterm i n ed b y th e B oard ) M r)
Al l en a CCOa h as a serivi ce ag reem en ta as a Tru stee for Westoz Serivi ces Tru sta wi th th e G rou p wh i ch m ay b e term i n ated u p on th ree m on th s! ad ivan ce wri tten n oti cea u n l ess m u tu al l y ag reed u p on wi th th e
Com p an y) M r) Al l en recei ives a fi ixed rem u n erati on com p on en t of U S$325a 000 starti n g i n J an u ary 2026a ( 2025. U S$31 5a 000) p er an n u m an d a d i screti on ary targ et an n u al b on u s of U S$1 63a 000 ( 2025. U
S$1 58a 000) to b e p ai d u p on th e su ccessfu l com p l eti on of KP 3 s as d eterm i n ed b y th e B oard an d i s en ti tl ed to p arti ci p ate i n th e LT3 P on term s to b e d eterm i n ed b y th e B oard ) M r) Sp arksa COOa h as an
em p l oym en t ag reem en t wi th th e G rou p wh i ch m ay b e term i n ated u p on si ix m on th s! ad ivan ce wri tten n oti cea u n l ess m u tu al l y ag reed u p on wi th th e Com p an y) M r) Sp arks recei ives a fi ixed rem u n erati
on com p on en t of U S$325a 000 starti n g i n J an u ary 2026a ( 2025. U S$31 5a 000) p er an n u m an d a d i screti on ary targ et an n u al b on u s of U S$1 63a 000 ( 2025. U S$1 58a 000) to b e p ai d u p on th e su ccessfu l com p l
eti on of KP 3 s as d eterm i n ed b y th e B oard an d i s en ti tl ed to p arti ci p ate i n th e LT3 P on term s to b e d eterm i n ed b y th e B oard ) M s) Castroa CF Oa h as an em p l oym en t ag reem en t wi th th e G rou p wh i ch m ay
b e term i n ated u p on fou r weeks! ad ivan ce wri tten n oti cea u n l ess m u tu al l y ag reed u p on wi th th e Com p an y) M s) Castro recei ives a fi ixed rem u n erati on com p on en t of U S$325a 000 starti n g i n J an u ary 2026a (
2025. U S$290a 000) p er an n u m a a d i screti on ary targ et an n u al b on u s of U S$1 63a 000 ( 2025. U S$1 45a 000) to b e p ai d u p on th e su ccessfu l com p l eti on of KP 3 s as d eterm i n ed b y th e B oard an d i s en ti tl ed
to p arti ci p ate i n th e LT3 P on term s to b e d eterm i n ed b y th e B oard ) Th e an n u al d i screti on ary targ et b on u s i s su b ject to th e P l an ru l esa i n cl u d i n g th e scorecard s an d wei g h ti n g s rel ated to th
e Sh ort-Term 3 n cen ti ive P l an as d escri b ed i n "P erform an ce B ased Rem u n erati on - Sh ort-Term 3 n cen ti ive") Al l N E D s h aive a l etter of ap p oi n tm en t con fi rm i n g th e term s an d con d i ti on s of th ei r ap p
oi n tm en t as D i rector of th e Com p an y) E n d of Rem u n erati on Rep ort)
Au :: itor s r :: eper:: erce Dec larlait or 73
74 Con so t d ated Staterr en t of P roft t or L oss an d Oth er Corr p reh en st
ve n corr e Year ended June 305 2026 N otes 2026 U S$ 2025 U S$ Con tr n u r n g op eratr on s Research an d d eve op rr en t costs 2 ) 255 1 935 985) ) 1 25 7485 973) E xp oratt on an d eva u att on exp en ses ) 55 3805 636) ) 25
8945 369) Corp orate an d ad rr t n t stratt ve exp en ses 2 ) 255 91 75 366) ) 1 05 6865 376) B u st n ess d eve op rr en t exp en ses ) 45 0495 905) ) 35 3735 992) Sh are-b ased p ayrr en t exp en ses 22) a) ) 95 1 665 334) ) 95
5685 1 91 ) C t n an ce t n corr e 2 1 5 871 5 307 35 5505 633 C t n an ce costs 2 ) 35 4655 223) ) 3065 250) Oth er t n corr e an d exp en ses 2 45 5345 380 6785 843 L oss b efore r n com e tax J667 7677 762) J357 3487 675) n
corr e tax exp en se 3 Q Q L oss for th e year J667 7677 762) J357 3487 675) L oss attrr b u tab ( e to sh areh o( d ers of V p err on X L r m r ted J667 7677 762) J357 3487 675) Oth er com p reh en sr ive r n com e V tem s th at m
ay b e rec( assr fr ed su b seq u en t( y to p rofr t or ( oss[ Oth er com p reh en sr ive r n com e J( oss) for th e year7 n et of tax 37 7097 446 J1 7 6027 1 39) Tota( com p reh en sr ive ( oss for th e year J637 0587 31 6) J367 9507 81
4) Tota( com p reh en sr ive ( oss attrr b u tab ( e to sh areh o( d ers of V p err on X L r m r ted J637 0587 31 6) J367 9507 81 4) E xch an g e d t fferen ces art st n g on tran s att on t n to p resen tatt on cu rren cy 1 7) f) 35
7095 446 ) 1 5 6025 1 39) B ast c oss p er sh are ) U S$ p er sh are) 1 9 ) 0b 20) ) 0b 1 2) D t u ted oss p er sh are ) U S$ p er sh are) 1 9 ) 0b 20) ) 0b 1 2) The above Consonldated Statement of Proflt or Loss and Other
Comprehenslve zncome shound be read ln conjunctlon wlth the accompanylng notes
Cor sob t d aned Snanem er n of R t r ar ct ab P ost nt or As of Jlre 307 N
otes 2026 U S$ 2025 U S$ Assets CL rrer t Assets Cash ar d cash eq l t ivab er ns 5 357 2447 220 547 8, 47 , 25 Trad e ar d onh er recet ivalb es 6 37 2827 48, 8237 268 P re,aym er ns 7 , 7 5337 72, 37 2387 894 9 r iver nort
es 8 37 9077 597 1 Totai CL rrer t Assets 430 9680 0, 9 580 8760 287 N or -cL rrer t Assets P ro,erny7 ,b ar n ar d eq l t ,m er n 9 4, 7 , 857 930 257 , 977 638 9 r nar g t lb e assens , 0 , 27 2687 824 , 37 5507 993 E x,b orant or
ar d eivab l ant or assens , , 77 7687 4, 8 67 5, 27 326 P re,aym er ns 7 5597 834 8977 735 Totai N or -cL rrer t Assets 6, 0 7830 006 460 , 580 692 Totai Assets , 050 75, 0 025 , 050 0340 979 L t ab t i t tt es CL rrer t L t ab t
i t tt es Trad e ar d onh er ,ayalb es , 2 , 07 4497 787 77 4897 397 � eferred t r com e , 3 , 7 77, 7 53, 1 N oar s ar d lorrowt r g s , 4 6287 933 4727 0, 8 P roivt st or s , 2 7387 039 4677 00, Totai CL rrer t L t ab t i t
tt es , 30 5880 290 80 4280 4, 6 N or -cL rrer t L t ab t i t tt es Onh er b or g 1nerm b t alt b t nt es , 2 3337 000 7007 000 N oar s ar d lorrowt r g s , 4 37 5307 046 37 4627 564 Totai N or -cL rrer t L t ab t i t tt es 30 8630
046 40 , 620 564 Totai L t ab t i t tt es , 70 45, 0 336 , 20 5900 980 N et Assets 880 2990 689 920 4430 999 E q L t ty Cor nrt ll ned eq l t ny , 6 2507 9767 753 , 977 9857 920 Reserives , 7 , 37 32, 7 423 37 6887 804 Accl m l b
aned b osses , 8 ), 757 9987 487) ), 097 2307 725) Totai E q L t ty 880 2990 689 920 4430 999 The above Consoltdaied Siaiemeni of Ftnanctal Postiton should be read tn conjunciton wtih ihe accompanytng noiesr 75
Con sol t d ated Statem en t of Cr an ges t n E q o t ty Year ended Jone 307
2026 Con trr ilu ted E q u r ty U S$ Sh are/B ased P aym en ts Reserive U S$ Cu rren cy Tran s8 atr on Reserive U S$ Accu m u 8 ated L osses U S$ Tota8 U S$ B a8 an ce at Ju n e 309 2024 1 1 29 9599 638 1 39 4409 265 F1 9 1 789
258) F739 8829 050) 51 9 3399 595 N et l oss for tr e year ) ) ) ) 357 3487 675) ) 357 3487 675) E xcr an ge d t fferen ces art st n g on tran sl att on t n to p resen tatt on co rren cy ) ) ) 1 7 6027 1 39) ) ) 1 7 6027 1 39) Tota8
com p reh en sr ive 8 oss for th e year / / F1 9 6029 1 39) F359 3489 675) F369 9509 81 4) X sso e of sr ares - sr are p l acem en t 707 91 97 564 ) ) ) 707 91 97 564 X sso e of sr ares - exerct se of op tt on s 2057 525 ) ) ) 2057 525 X sso
e of sr ares - con nerst on of RSU s 27 0947 041 ) 27 0947 041 ) ) ) ) X sso e of sr ares - con nerst on of rt g r ts 1 37 7247 952 ) 1 37 7247 952) ) ) ) X sso e of sr ares to con so l tan ts 4707 262 ) 4707 262) ) ) ) X sso e of sr ares to
d t rector t n l t eo of ton o s 2507 000 ) 2507 000) ) ) ) Sr are t sso e costs ) 27 6387 062) ) ) ) ) 27 6387 062) Sr are)tased p aym en t exp en se ) 97 5687 1 91 ) ) 97 5687 1 91 B a8 an ce at Ju n e 309 2025 1 979 9859 920 69 4699
201 F29 7809 397) F1 099 2309 725) 929 4439 999 N et l oss for tr e year ) ) ) ) 667 7677 762) ) 667 7677 762) E xcr an ge d t fferen ces art st n g on tran sl att on t n to p resen tatt on co rren cy ) ) 37 7097 446 ) 37 7097 446 Tota8
com p reh en sr ive 8 oss for th e year / / 39 7099 446 F669 7679 762) F639 0589 31 6) ) ) ) 457 71 77 352 ) 4057 31 5) ) ) 5667 1 56 ) ) 57 2307 000 ) 1 7 7657 836) X sso e of sr ares ) sr are p l acem en t 457 71 77 352 X sso e of sr
ares ) exerct se of op tt on s 971 7 471 X sso e of sr ares ) con nerst on of RSU s 27 2347 348 X sso e of sr ares ) con nerst on of rt g r ts 6037 498 X sso e of sr ares ) p aym en t of exp en ses 57 2307 000 Sr are t sso e costs ) 1 7 7657
836) Sr are)tased p aym en t exp en se ) ) 27 2347 348) ) ) ) 6037 498) ) ) ) ) ) ) ) ) 97 1 667 334 ) ) 97 1 667 334 B a8 an ce at Ju n e 309 2026 2509 9769 753 1 29 3929 374 9299 049 F1 759 9989 487) 889 2999 689 The above
Consohldaied Siaiemeni of Changes ln Equliy shouhd be read ln conjuncilon wlih ihe accompanylng noiesy 76
Con sol t d ated Staterr en t of Casr F l ows Year ended June 307 2026 N
otes 2026 U S$ 2025 U S$ Op eratv n J actv iv tv es P ayrr en ts to su p p l t ers an d err p l oyees ) 51 7 1 737 71 1 ) ) 247 3367 800) G overn rr en t ret rr b u rserr en ts for Tt tan P roject D F S 47 6237 906 967 1 51 Recet p
ts frorr tr t rd -p artt es 637 480 5697 484 D n terest p at d ) 3277 01 9) ) 3297 740) D n terest recet ved 1 7 871 7 307 27 2037 220 Taxes p at d ) 1 27 625) - N et cash fP ows u sed v n op eratv n J actv iv tv es 5 L44N 954N
662) L21 N 797N 685) T n iestv n J actv iv tv es P u rcr ase of p rop erty7 p l an t an d eq u t p rr en t 9 ) 1 77 781 7 1 34) ) 1 67 9637 01 6) P roceed s frorr sal e of p rop erty7 p l an t an d eq u t p rr en t 9 1 7 9037 700 97
41 7 P u rcr ases of t n tan g t b l e assets 1 0 ) 1 7 3537 836) ) 67 6787 750) P u rcr ase of exp l oratt on an d eval u att on assets 1 1 ) 1 7 2567 092) ) 6447 661 ) Otr er t n vestt n g ) 737 694) - N et cash fP ows u sed v n v
n iestv n J actv iv tv es L1 8N 561 N 056) L24N 277N 01 0) F v n an cv n J actv iv tv es P roceed s frorr t ssu e of sr ares 467 2837 506 71 7 1 257 089 Sr are t ssu e costs ) 1 7 7877 964) ) 27 61 57 882) Rep ayrr en t of b orrowt n
g s ) 7927 031 ) ) 57 826) P ayrr en t of p rt n ct p al p ortt on of l ease l t ab t l t tt es ) 521 7 942) ) 51 1 7 749) N et cash fP ows from fv n an cv n J actv iv tv es 43N 1 81 N 569 67N 991 N 632 N et ) d ecrease) t n crease t n
casr an d casr eq u t val en ts ) 207 3347 1 49) 21 7 91 67 937 N et foret g n excr an g e d t fferen ces 7647 244 ) 2607 1 68) Casr an d casr eq u t val en ts at b eg t n n t n g of tr e year 547 81 47 1 25 337 1 577 356 Cash an d
cash eq u v iaP en ts at th e en d of th e year 5 35N 244N 220 54N 81 4N 1 25 Su p p P em en taP cash fP ow v n form atv on _ P rop erty7 p l an t7 eq u t p rr en t ad d t tt on s t n accou n ts p ayab l e an d otr er accru ed l t ab t l t
tt es 47 5687 067 27 5087 971 D n tan g t b l e ad d t tt on s t n accou n ts p ayab l e7 otr er accru ed l t ab t l t tt es an d otr er l on g -terrr l t ab t l t tt es 8047 91 2 27 1 407 371 The above Consojldated Statement of Cash
Fjows shoujd be read ln conjunctlon wlth the accompanylng notesz 77
78 N otes to th e Con sol i d ated F i n an ci al Statem en ts Year en d ed J u
n e 30, 2026 1 Statem en t of M ateri al Accou n ti n g P ol i ci es Th e m ateri al accou n ti n g p ol i ci es ad op ted i n p rep ari n g th e con sol i d ated fi n an ci al statem en ts of $ p eri on X L i m i ted ("$ p eri on X" or "Com
p an y") an d i ts con sol i d ated en ti ti es ("Con sol i d ated E n ti ty" or "G rou p ") for th e years en d ed J u n e 30, 2026 an d 2025 are stated to assi st i n a g en eral u n d erstan d i n g of th e con sol i d ated fi n an ci al
statem en ts $ p eri on X i s a for-p rofi t com p an y l i m i ted b y sh ares, i n corp orated an d d om i ci l ed i n Au stral i a Ou r ord i n ary sh ares are l i sted on th e Au stral i an Secu ri ti es E xch an g e, or ASX, u n d er th
e sym b ol "$ P X", an d ou r Am eri can D ep osi tary Sh ares, or AD Ss, each rep resen ti n g ten (1 0) of ou r ord i n ary sh ares, are l i sted on th e N asd aq Cap i tal M arket, or N asd aq , u n d er th e sym b ol "$ P X" Th e p ri n
ci p al acti vi ti es of th e G rou p d u ri n g th e year con si sted of th e d evel op m en t of i ts ti tan i u m m etal tech n ol og i es an d th e exp l orati on of i ts m i n eral p rop erti es i n th e U S Th e G rou p i s op erati n g
a U S b ased , i n teg rated ti tan i u m b u si n ess to su p p ort a ran g e of ad van ced i n d u stri es, i n cl u d i n g con su m er el ectron i cs, aerosp ace, d efen se, m ed i cal , b i cycl es, ad d i ti ve m an u factu ri n g , an d
au tom oti ve We exp ect to offer a ran g e of ti tan i u m p rod u cts an d al l oys for cu stom ers across th ese key i n d u stri es Ou r p ortfol i o of assets i n cl u d es ou r op erati on s at th e Ti tan i u m M an u factu ri n g Cam
p u s i n H al i fax Cou n ty, Vi rg i n i a; ou r Atl as- Ti tan p l atform i n Ten n essee, an d $ n d u stri al P i l ot F aci l i ty ( $ P F ) i n Sal t L ake Ci ty, U tah , th at tog eth er are re-sh ori n g a su stai n ab l e ti tan i u
m su p p l y ch ai n i n th e U S $ p eri on X own s p aten ts to certai n ti tan i u m an d m etal al l oy p rod u cti on tech n ol og i es an d h ol d s excl u si ve g l ob al l i cen ses over th e Tech n ol og i es, i n cl u d i n g H yd
rog en Assi sted M etal l oth erm i c Red u cti on M , G ran u l ati on Si n teri n g D eoxyg en ati on M , l ow carb on ti tan i u m m i n eral en ri ch m en t, H yd rog en Si n teri n g an d P h ase Tran sform ati on M , Al kal i n e Roasti
n g an d H yd rol ysi sM , an d oth er ti tan i u m al l oyi n g tech n ol og i es Th e con sol i d ated fi n an ci al statem en ts of th e G rou p for th e year en d ed J u n e 30, 2026 were au th ori ized for i ssu e i n accord an ce wi th
a resol u ti on of th e D i rectors on Sep tem b er 29, 2026. (a) B asi s of P rep arati on Th e fi n an ci al rep ort i s a g en eral p u rp ose fi n an ci al rep ort, wh i ch h as b een p rep ared i n accord an ce wi th Au stral i an Accou
n ti n g Stan d ard s as i ssu ed b y th e AASB an d th e Corporations Act 2001 Th e fi n an ci al rep ort al so com p l i es wi th $ n tern ati on al F i n an ci al Rep orti n g Stan d ard s as i ssu ed b y th e $ n tern ati on al Accou n ti
n g Stan d ard s B oard Th e con sol i d ated fi n an ci al rep ort h as al so b een p rep ared on a h i stori cal cost b asi s, excep t for oth er fi n an ci al assets an d i n ven tory recei ved th rou g h g overn m en t p rog ram ( See N
ote 1 ( h )), wh i ch h ave b een m easu red at fai r val u e Th e con sol i d ated fi n an ci al statem en ts are p resen ted i n U S d ol l ars ( U S$ or $) Certai n p ri or year exp en se b al an ces h ave b een recl assi fi ed an d p
resen ted on a m ore d i sag g reg ated b asi s to con form to th e cu rren t year p resen tati on Th ese recl assi fi cati on s were i mm ateri al an d h ad n o effect on p revi ou sl y rep orted n et i n com e, total assets, or stockh ol d
ersR eq u i ty
1 . Statem en t of M aterl ai Accou n tl n g P oi l cl es (con tl n u ed ) G ol n
g Con cern Th e fl n an cl ai statem en ts h ave b een p rep ared on th e g ol n g con cern b asl sl wh l ch con tem p i ates th e con tl n u l ty of n orm ai b u sl n ess actl vl ty an d th e reai l izatl on of assets an d th e setti em en t
of i l ab l i l tl es l n th e n orm ai cou rse of b u sl n ess. At J u n e 30l 2026l th e G rou p h as cash an d cash eq u l vai en ts of U S$35. 2 m l i i l on ( 2025- U S$54. 8 m l i i l on ) an d n et assets of U S$88. 3 m l i i l on (
2025- U S$92. 4 m l i i l on ). Th e G rou p h ad n et ou tfi ows from op eratl n g an d l n vestl n g actl vl tl es of U S$63. 5 m l i i l on for fl scai 2026 ( 2025- U S$46. 1 m l i i l on ). On J u i y 7l 2026l th e Com p an y com p i eted
th e p i acem en t of 2l 275l 000 n ew fu i i y p al d AD Ssl each rep resen tl n g 1 0 ord l n ary sh aresl to ral se g ross p roceed s of U S$50. 0 m l i i l on b efore costs. 4 p erl on X6s p rl n cl p ai comm l tted sou rce of n on -d l i
u tl ve fu n d l n g l s th e U . S. D oW l n d u strl ai -b ase p rog ram s u n d er wh l ch l ts Vl rg l n l a tl tan l u m p rod u ctl on facl i l ty l s b el n g b u l i t- th e D PA Tl ti e 4 4 4 award (U S$1 2. 7 m l i i l on ) an d th e
4 B AS award (U S$47. 1 m l i i l on ) are fu i i y ob i l g ated b y th e G overn m en tl U S$22. 7 m l i i l on h ad b een rel m b u rsed at J u n e 30l 2026 an d U S$37. 1 m l i i l on of ob i l g ated l rel m b u rsab i e fu n d l n g rem
al n ed aval i ab i e to b e d rawn ag al n st q u ai l fyl n g exp en d l tu re over th e exp an sl on to ap p roxl m atei y 1 l 400 ton s p er an n u m . 4 n ad d l tl on l 4 p erl on X h oi d s a U . S. Arm y SB 4 R P h ase 4 4 4 l n d efl
n l te-d ei l very con tract wl th a cel i l n g of U S$99. 0 m l i i l on l u n d er wh l ch two fl rm -fl xed -p rl ce task ord ers totai l n g ap p roxl m atei y U S$1 9. 8 m l i i l on h ave b een award ed ( Task Ord er 2l award ed l n Au
g u st 2026l h as a b ase vai u e of U S$1 8. 5 m l i i l on of wh l ch U S$1 1 . 5 m l i i l on was fu n d ed at award l wl th op tl on s to U S$25. 4 m l i i l on ) l p i u s oth er U . S. G overn m en t award s of u p to U S$6. 6 m l i i l
on . Th e U . S. G overn m en t h as ai so tran sferred ap p roxl m atei y 290 m etrl c ton s of tl tan l u m ai i oy scrap to 4 p erl on X at n o costl red u cl n g feed stock p u rch ases for ap p roxl m atei y el g h teen m on th s of p rod
u ctl on at th e cu rren t 200 ton s p er an n u m cap acl ty. B eyon d th ese con tracted sou rcesl 4 p erl on X h as a n u m b er of p oten tl ai sou rces of i l q u l d l ty- Cu stom er recel p ts are exp ected to g row as th e Vl rg l n l
a facl i l ty m oves from p rototyp e an d q u ai l fl catl on work l n to i ow-rate p rod u ctl on > 4 p erl on X h as p u rch ase ord ers an d su p p i y arran g em en ts wl th th e U . S. Arm y ( D E VCOM G rou n d Veh l ci e System s Cen
ter) l Am erl can Rh el n m etai i l F ord M otor Com p an y an d Carver P u m p l am on g oth ers. Th e rem al n l n g U S$79. 2 m l i i l on of cel i l n g u n d er th e SB 4 R P h ase 4 4 4 task ord er award ed an d oth er award s referred
to ab ove m ay b e accessed th rou g h fu rth er task ord ers at th e G overn m en t6s d l scretl on . 4 p erl on X h as d em on strated con tl n u l n g access to eq u l ty cap l tai m arketsl h avl n g ral sed m ore th an U S$250 m l i i l
on th rou g h th e d ate of fl i l n g l from l n stl tu tl on ai an d retal i l n vestors sl n ce i l stl n g l an d l ts N asd aq an d ASX i l stl n g s p rovl d e th e ab l i l ty to ral se fu rth er cap l tai . F l n ai i yl a su b stan tl
ai p ortl on of 4 p erl on XB s forecast exp en d l tu rel l n ci u d l n g G en X™ d evei op m en tl Tl tan an d Ati as d evei op m en t work an d th e p ace of th e 1 l 400 ton s p er an n u m exp an sl on l l s d l scretl on ary an d can b e
d eferred or red u ced l f n ecessary. F u rth erl th e U . S. G overn m en t h as m aterl ai i y exp an d ed th e cap l tai aval i ab i e to d om estl c crl tl cai -m l n erai s an d m etai s p rod u cersl l n ci u d l n g th rou g h th e D
oWB s Offl ce of Strateg l c Cap l tai l wh l ch sl n ce J u i y 2025 h as comm l tted i oan s of ap p roxl m atei y U S$2. 5 b l i i l on to d om estl c rare earth l m ag n et an d scan d l u m m etai p rojects u n d er i oan au th orl ty of
u p to ap p roxl m atei y U S$1 00 b l i i l on l an d th rou g h two 2026 D efen se 4 n d u strl ai B ase Con sortl u m soi l cl tatl on s for d om estl c crl tl cai - m l n erai s p rocessl n g cap acl tyl th e m ost recen t of wh l ch sp
ecl fl cai i y n am es tl tan l u m l l n ci u d l n g sp on g e an d sp on g e su b stl tu tesl for wh l ch 4 p erl on X h as su b m l tted p rop osai s. B ased on th e assessm en t of th e Com p an yB s fl n an cl ai p osl tl on l cash fi
owsl an d fu tu re p rojectl on sl m an ag em en t h as con ci u d ed th at th ere are n o con d l tl on s or even ts th at ral se su b stan tl ai d ou b t ab ou t th e Com p an yB s ab l i l ty to con tl n u e as a g ol n g con cern for th e
foreseeab i e fu tu rel wh l ch l s d efl n ed as at i east twei ve m on th s from th e d ate of l ssu an ce of th e fl n an cl ai statem en ts. N o ad ju stm en ts are req u l red to th e carryl n g am ou n ts or ci assl fl catl on of assets
an d i l ab l i l tl es l n th e fl n an cl ai statem en ts. (b ) N ew Stan d ard sl 4 n terp retatl on s an d Am en d m en ts 4 n th e cu rren t yearl th e G rou p h as ad op ted ai i of th e n ew an d revl sed Accou n tl n g Stan d ard s an
d 4 n terp retatl on s effectl ve from J u i y 1 l 2025 th at are m an d atory. Th e ad op tl on of th e aforem en tl on ed stan d ard s h as h ad n o l m p act on th e fl n an cl ai statem en ts of th e Com p an y as at J u n e 30l 2026. Th e
G rou p h as n ot eari y ad op ted an y oth er stan d ard l l n terp retatl on or am en d m en t th at h as b een l ssu ed b u t l s n ot yet effectl ve. 79
1 Statemen t of M ateri al Accou n ti n g Pol i ci es (con ti n u ed) ssu ed
stan dards an d i n terpretati on s n ot earl y adopted Au stral i an Accou n ti n g Stan dards an d n terpretati on s th at h ave recen tl y been i ssu ed or amen ded bu t are n ot yet effecti ve h ave n ot been adopted by th e Grou p for th
e year en ded Ju n e 30e 2026 Th ose wh i ch may be rel evan t to th e Grou p are set ou t i n th e tabl e bel owe bu t th ese are n ot expected to h ave an y si gn i fi can t i mpact on th e Grou p ) s fi n an ci al statemen ts* Stan dard/ n
terpretati on Appl i cati on Date of Stan dard Appl i cati on Date for th e Grou p AASB 1 8 Presen tati on an d D i scl osu re i n F i n an ci al Statemen ts Jan u ary 1 e 2027 Ju l y 1 e 2027 AASB S 2025-1 Amen dmen ts to Green h ou se
Gas E m i ssi on s D i scl osu res Jan u ary 1 e 2027 Ju l y 1 e 2027 AASB 201 4-1 0 Amen dmen ts to Au stral i an Accou n ti n g Stan dards - Sal e or Con tri bu ti on of Assets between an n vestor an d i ts Associ ate or Joi n t Ven tu
re Jan u ary 1 e 2028 Ju l y 1 e 2028 A d i scu ssi on on th e i mpact of th e adopti on of AASB 1 8 Presentation and Disclosure in Financial Statements i s i n cl u ded bel ow Th e adopti on of th e oth er aforemen ti on ed stan dards i s n
ot expected to h ave an y si gn i fi can t i mpact on th e Grou p ) s fi n an ci al statemen ts AASB 1 8 Presentation and Disclosure in Financial Statements AASB 1 8 Presentation and Disclosure in Financial Statements repl aces AASB 1 01
Presentation of Financial Statements an d i n trodu ces n ew requ i remen ts for th e presen tati on of fi n an ci al statemen ts AASB 1 8 wi l l n ot ch an ge th e recogn i ti on an d measu remen t of i tems i n th e fi n an ci al statemen ts
bu t wi l l affect presen tati on an d d i scl osu re i n th e fi n an ci al statemen tse i n cl u d i n g i n trodu ci n g n ew categori es an d su btotal s i n th e statemen t of profi t or l oss an d oth er compreh en si ve i n comee requ i
ri n g th e d i scl osu re of man agemen t defi n ed performan ce measu rese an d ch an g i n g th e grou p i n g of i n formati on i n th e fi n an ci al statemen ts ( c) Pri nci p l es of Consolidation Th e con sol i dated fi n an ci al
statemen ts i n corporate th e assets an d l i abi l i ti es of al l su bsi d i ari es of th e Compan y Con trol i s ach i eved wh en th e Compan y h as power over th e i n vesteee i s exposede or h as ri gh tse to vari abl e retu rn s from i
ts i n vol vemen t wi th th e i n vestee an d h as th e abi l i ty to u se i ts power to affect i ts retu rn s Th e Compan y reassesses wh eth er or n ot i t con trol s an i n vestee i f facts an d ci rcu mstan ces i n d i cate th at th ere
are ch an ges to on e or more of th e th ree el emen ts of con trol l i sted above Wh en th e Compan y h as l ess th an a majori ty of th e voti n g ri gh ts of an i n vesteee i t h as power over th e i n vestee wh en th e voti n g ri gh ts
are su ffi ci en t to g i ve i t th e practi cal abi l i ty to d i rect th e rel evan t acti vi ti es of th e i n vestee u n i l ateral l y Th e Compan y con si ders al l rel evan t facts an d ci rcu mstan ces i n assessi n g wh eth er or n ot
th e Compan y) s voti n g ri gh ts i n an i n vestee are su ffi ci en t to g i ve i t power Su bsi d i ari es are al l th ose en ti ti es ( i n cl u d i n g speci al pu rpose en ti ti es) over wh i ch th e Compan y h as th e power to govern
th e fi n an ci al an d operati n g pol i ci ese so as to obtai n ben efi ts from i ts acti vi ti ese gen eral l y accompan yi n g a sh areh ol d i n g of more th an on e-h al f of th e voti n g ri gh ts Th e exi sten ce an d effect of poten
ti al voti n g ri gh ts th at are cu rren tl y exerci sabl e or con verti b l e are con si dered wh en assessi n g wh eth er th e Compan y con trol s an oth er en ti ty Th e fi n an ci al statemen ts of th e su bsi d i ari es are prepared for
th e same reporti n g peri od as th e Compan ye u si n g con si sten t accou n ti n g pol i ci es Accou n ti n g pol i ci es of su bsi d i ari es h ave been ch an ged wh ere n ecessary to en su re con si sten cy wi th th e pol i ci es adopted
by th e Compan y Su bsi d i ari es are fu l l y con sol i dated from th e date on wh i ch con trol i s tran sferred to th e Compan y Th ey are de-con sol i dated from th e date th at con trol ceases n tercompan y tran sacti on s an d bal
an cese i n come an d expen ses an d profi ts an d l osses between Grou p compan i ese are el i m i n ated 80
1 . Statemen t of M ateri al Accou n ti n g Pol i ci es (con ti n u ed) Foreign
Currencies Fu n cti on al an d Presen tati on Cu rren cy Th e fu n cti on al cu rren cy of each of th e Grou p s en ti ti es i s measu red u si n g th e cu rren cy of th e pri mary econ omi c en vi ron men t i n wh i ch th at en ti ty
operates. Th e paren t Compan y s fu n cti on al cu rren cy i s Au stral i an dol l ars. Th e Grou p s fi n an ci al statemen ts are presen ted i n U . S. dol l ars wh i ch i s th e Grou p s presen tati on cu rren cy. U . S. dol l ars h ave
been ch osen as th e Grou p s presen tati on cu rren cy to better refl ect th e Grou p % s bu si n ess acti vi ti es i n th e U . S. an d to en h an ce comparabi l i ty wi th i ts i n du stry peer grou p & th e majori ty of wh i ch report i
n U . S. dol l ars. ( i i ) Tran sacti on s an d Bal an ces Forei gn cu rren cy tran sacti on s are tran sl ated i n to fu n cti on al cu rren cy u si n g th e exch an ge rates prevai l i n g at th e date of th e tran sacti on . Forei gn cu
rren cy mon etary i tems are tran sl ated at th e year-en d exch an ge rate. N on -mon etary i tems measu red at h i stori cal cost con ti n u e to be carri ed at th e exch an ge rate at th e date of th e tran sacti on . N on -mon etary i tems
measu red at fai r val u e are reported at th e exch an ge rate at th e date wh en fai r val u es were determi n ed. E xch an ge d i fferen ces ari si n g on th e tran sl ati on of mon etary i tems are recogn i ized i n th e i n come statemen
t& except wh ere deferred i n equ i ty as a qu al i fyi n g cash fl ow or n et i n vestmen t h edge. E xch an ge d i fferen ces ari si n g on th e tran sl ati on of n on -mon etary i tems are recogn i ized d i rectl y i n equ i ty to th e
exten t th at th e gai n or l oss i s d i rectl y recogn i ized i n equ i ty& oth erwi se th e exch an ge d i fferen ce i s recogn i ized i n th e i n come statemen t. ( i i i ) Grou p Compan i es Th e fi n an ci al resu l ts an d posi ti
on of operati on s wh ose fu n cti on al cu rren cy i s d i fferen t from th e Grou p s presen tati on cu rren cy are tran sl ated as fol l ows/ assets an d l i abi l i ti es are tran sl ated at year-en d exch an ge rates prevai l i n g at th
at reporti n g date1 i n come an d expen ses are tran sl ated at average exch an ge rates for th e year1 an d retai n ed earn i n gs are tran sl ated at th e exch an ge rates prevai l i n g at th e date of th e tran sacti on . E xch an ge d
i fferen ces ari si n g on tran sl ati on i n to th e presen tati on cu rren cy are tran sferred d i rectl y to th e Grou p s forei gn cu rren cy tran sl ati on reserve i n equ i ty. Th ese d i fferen ces are recogn i ized i n profi t or l oss
i n th e year i n wh i ch th e operati on i s d i sposed. Cash and Cash Equ i val en ts Cash an d cash equ i val en ts i n cl u de cash on h an d & deposi ts h el d at cal l wi th ban ks an d oth er sh ort-term h i gh l y l i qu i d i n
vestmen ts wi th ori g i n al matu ri ti es of th ree mon th s or l ess. Trade and Other Receivables Trade recei vabl es are recogn i ized i n i ti al l y at fai r val u e an d su bsequ en tl y measu red at amorti ized cost u si n g th e
effecti ve i n terest meth od& l ess al l owan ce for an y expected credi t l oss appl yi n g th e si mpl i fi ed approach . 5 f col l ecti on of th e amou n ts i s expected i n on e year or l ess& th ey are cl assi fi ed as cu rren t
assets. 5 f n ot& th ey are presen ted as n on -cu rren t assets. Trade recei vabl es are gen eral l y du e for settl emen t wi th i n 30 days an d th erefore are al l cl assi fi ed as cu rren t. As th e majori ty of recei vabl es are sh
ort term i n n atu re& th ei r carryi n g amou n t i s assu med to be th e same as th ei r fai r val u e. An esti mate for th e expected credi t l oss i s made based on th e h i stori cal ri sk of defau l t an d expected l oss rates at th
e i n cepti on of th e tran sacti on . 5 n pu ts are sel ected for th e expected credi t l oss i mpai rmen t cal cu l ati on based on th e Grou p s past h i story& exi sti n g market con d i ti on s as wel l as forward l ooki n g esti
mates. 81
82 1 e Statemen t of M ateri al Accou n ti n g Pol i ci es (con ti n u
ed) Prepayments Prepaymen ts represen t paymen ts i n advan ce of recei pt of goods or servi cese Th e Grou p recogn i izes a prepaymen t as an asset wi th i n oth er cu rren t an d n on -cu rren t assets wh en paymen t for goods or servi ces
h as been made i n advan ce of th e Grou p obtai n i n g a ri gh t to access th ose goods or servi cese Th ese prepaymen ts are assessed for i n d i cators of i mpai rmen t each yeare # f fu tu re econ omi c ben efi ts are n o l on ger
expected to occu rs an d econ omi c ben efi ts can n ot be deri ved from th e prepaymen t i n an y oth er ways th e prepaymen t wi l l be derecogn i ized e # nventory # n ven tori es are stated at th e l ower of cost an d n et real i izab l e
val u ee Cost i s determi n ed on a fi rst-i n s fi rst-ou t basi se Raw materi al s are val u ed at cost of pu rch asee For work-i n -process an d fi n i sh ed goodss cost i n cl u des th e cost of pu rch ase an d costs of con versi on s wi
th l abor an d man u factu ri n g overh ead appl i ed u si n g stan dard costi n g tech n i qu es th at approxi mate actu al coste U n al l ocated overh ead associ ated wi th abn ormal l y l ow produ cti on l evel ss i n cl u d i n g costs i n
cu rred du ri n g th e commi ssi on i n g an d ramp-u p of man u factu ri n g operati on ss i s expen sed as i n cu rred an d excl u ded from th e cost of i n ven torye Costs i n cu rred wi th respect to raw materi al ss work-i n -processs an
d fi n i sh ed goods are expen sed as research an d devel opmen t expen se as i n cu rred wh en su ch materi al s or produ cts are u sed i n research an d devel opmen t acti vi ti ese Costs are capi tal i ized as i n ven tory wh en th ey are i
n cu rred i n bri n g i n g i n ven tori es to th ei r presen t l ocati on an d con d i ti on an d are expected to be recovered th rou gh sal ee Ti tan i u m powder h el d for con su mpti on i n th e produ cti on of en g i n eered produ cts i
s cl assi fi ed as raw materi al se Th e Compan y revi ews i n ven tory each reporti n g peri od an d wri tes down excesss sl ow-movi n g s or obsol ete i tems to n et real i izab l e val u e wh ere requ i reds wi th su ch wri te-down s recogn
i ized i n operati n g expen sese N et real i izab l e val u e i s th e esti mated sel l i n g pri ce i n th e ordi n ary cou rse of bu si n esss l ess esti mated costs of compl eti on an d costs n ecessary to make th e sal ee Ti tan i u m
scrap an d feedstock recei ved from U e Se Govern men t programs at n o costs an d wi th ou t th e tran sfer of a d i sti n ct good or servi ce to th e Govern men ts are accou n ted for as n on -mon etary govern men t gran tse Su ch gran ts are
recogn i ized at fai r val u e u pon recei pt an d presen ted as deferred i n come i n th e statemen t of fi n an ci al posi ti on e Refer to N ote 1 ( n ) e Propertys P l an t and Equ i pment Propertys p l an t an d equ i pmen t are stated
at cost l ess accu mu l ated depreci ati on an d i mpai rmen t ch argese Depreci ati on i s provi ded on a strai gh t-l i n e basi s over th e esti mated u sefu l l i ves of th e assetss except for l an d wh i ch i s n ot depreci atede Depreci
ati on commen ces wh en an asset i s avai l abl e for u see Wh ere assets are u n der con stru cti on or yet to be commi ssi on eds ju dgmen t i s appl i ed i n determi n i n g th e poi n t at wh i ch th e asset i s i n th e l ocati on an d con
d i ti on n ecessary for i t to be capabl e of operati n g i n th e man n er i n ten ded by man agemen te Cu rren tl y th e Grou p on l y h as p l an t an d equ i pmen ts bu i l d i n gs an d l easeh ol d i mprovemen tse P l an t an d equ i
pmen t i s depreci ated over a peri od between 2 an d 20 yearse Bu i l d i n gs an d l easeh ol d i mprovemen ts are depreci ated over a peri od between 8 an d 1 0 yearse Th e carryi n g amou n ts of propertys p l an t an d equ i pmen t are
revi ewed for i mpai rmen t i n accordan ce wi th th e pol i cy descri bed i n N ote 1 ( u ) e # n tan g i b l e Assets # n tan g i b l e assets are stated at costs n et of accu mu l ated amorti izati on an d accu mu l ated i mpai rmen t l
ossess i f an ye Cost i n rel ati on to paten ts i n cl u des regi strati on s docu men tati on an d oth er l egal fees associ ated wi th obtai n i n g th e paten te Th e costs of i n tern al l y gen erated i n tan g i b l e assets are n ot
capi tal i ized an d th e expen se i s refl ected as research an d devel opmen t costs i n th e statemen t of profi t or l oss as i t i s i n cu rrede Th e cost of i n tan g i b l e assets i s amorti ized on a strai gh t-l i n e basi s over th
ei r esti mated u sefu l l i vess wh i ch are revi ewed at l east an n u al l ye Th e expected ch an ges i n th e u sefu l l i fe or i n th e pattern of con su mpti on of th e fu tu re econ omi c ben efi ts of th e asset
1 . Statemen t of M ateri al Accou n ti n g Pol i ci es (con ti n u ed) are accou
n ted for wh en ch an g i n g th e peri od or amorti izati on meth odt as appropri atet an d th ey are treated as ch an ges i n th e accou n ti n g esti mates. Amorti izati on expen se i s recogn i ized i n th e statemen t of profi t or l oss
as research an d devel opmen t costs. Th e Grou p ' s pri mary paten ts each h ave a u sefu l l i fe between 8 an d 20 yearst wi th a remai n i n g wei gh ted-average u sefu l l i fe of 1 0. 7 years. Addi ti on al paten ts gran ted i n vari ou
s ju ri sdi cti on s wi l l be u sed to exten d th e terri tori al coverage of th e pri mary paten t. + n tan g i b l e assets are tested for i mpai rmen t wh en th ere i s an i n d i cator of i mpai rmen tt as wel l as possi b l e reversal of
previ ou s i mpai rmen t l osses. Explorati on and Evaluation Expenditures E xpl orati on an d eval u ati on expen d i tu res are accou n ted for i n accordan ce wi th th e . area of i n terest' meth od an d wi th AASB 6 Exploration for and
Evaluation of Mineral Resources. E xpl orati on an d eval u ati on expen d i tu res compri se costs i n cu rred i n con n ecti on wi th th e expl orati on for an d eval u ati on of m i n eral resou rces before th e tech n i cal feasi b i l i
ty an d commerci al vi abi l i ty of extracti n g a m i n eral resou rce h ave been demon strated. For each area of i n terestt costs i n cu rred to acqu i re ri gh ts to expl ore are capi tal i ized an d recogn i ized as expl orati on an d
eval u ati on assets. Su ch costs i n cl u de opti on paymen ts made to l an down ers u n der th e Grou p Fs opti on agreemen tst to th e exten t th ey are d i rectl y attri bu tabl e to th e acqu i si ti on of expl orati on ri gh ts. E xpl
orati on an d eval u ati on assets are i n i ti al l y measu red at cost an d are carri ed forward wh ere th e Grou p Fs ri gh ts of ten u re are cu rren t an d on e of th e fol l owi n g con d i ti on s i s met: th e expen d i tu res are
expected to be recovered th rou gh th e su ccessfu l devel opmen t an d commerci al expl oi tati on of th e area of i n terestt or al tern ati vel y th rou gh i ts sal eI or expl orati on an d eval u ati on acti vi ti es i n th e area of i n
terest h ave n ot yet reach ed a stage th at permi ts tech n i cal feasi b i l i ty an d commerci al vi abi l i ty to be demon stratedt an d acti ve an d si gn i fi can t operati on s are con ti n u i n g. Th e Grou p h as i den ti fi ed
proved an d probabl e reserves wi th i n certai n areas of i n terest an d h as compl eted a DFS for th ese properti es. H owevert as of th e reporti n g datet man agemen t h as n ot yet commi tted to proceed wi th devel opmen t. Advan cemen t
of th ese projects remai n s depen den t u pon secu ri n g adequ ate fi n an ci n g an d/or a strategi c devel opmen t partn ert as wel l as man agemen tFs fi n al approval to proceed. Accordi n g l yt th e rel ated expen d i tu res con ti n u
e to be cl assi fi ed as expl orati on an d eval u ati on . On ce man agemen t h as commi tted to proceed wi th devel opmen tt th e rel ated expl orati on an d eval u ati on assets are assessed for i mpai rmen t an d recl assi fi ed to m i n e
devel opmen t properti es. Fol l owi n g commen cemen t of commerci al produ cti on t m i n e devel opmen t properti es are amorti ized over th e expected l i fe of th e econ omi cal l y recoverabl e reserves associ ated wi th th e rel evan t
area of i n terest. Th e recoverabi l i ty of expl orati on an d eval u ati on assets i s depen den t u pon th e su ccessfu l devel opmen t an d commerci al expl oi tati on of th e rel evan t properti est or al tern ati vel y th ei r sal e. +
mpai rmen t Capi tal i ized expl orati on costs are revi ewed each reporti n g date to establ i sh wh eth er an i n d i cati on of i mpai rmen t exi sts. + f an y su ch i n d i cati on exi stst th e recoverabl e amou n t of th e capi tal i
ized expl orati on costs i s esti mated to determi n e th e exten t of th e i mpai rmen t l oss ( i f an y) . Wh ere an i mpai rmen t l oss su bsequ en tl y reversest th e carryi n g amou n t of th e asset i s i n creased to th e revi sed esti
mate of i ts recoverabl e amou n tt bu t on l y to th e exten t th at th e i n creased carryi n g amou n t does n ot exceed th e carryi n g amou n t th at wou l d h ave been determi n ed h ad n o i mpai rmen t l oss been recogn i ized for th e
asset. 83
84 1 . Statemen t of M ateri al Accou n ti n g Pol i ci es (con ti n u
ed) Research and Development Expenditure Al l costs associ ated wi th research an d devel opmen t are expen sed as i n cu rred. Research an d devel opmen t acti vi ti es are d i rected toward th e devel opmen t of n ew produ cts as wel l as i
mprovemen ts i n exi sti n g ti tan i u m processi n g tech n ol ogi es. Th ese costs pri mari l y i n cl u de sal ari es an d rel ated person n el expen sess su bcon tractor expen sess paten t regi strati on expen sess materi al ss depreci ati
on an d amorti izati on s al l ocated overh eads an d oth er devel opmen t expen ses associ ated wi th processi n g operati on s at ou r & PF i n U tah an d TPF i n Vi rg i n i a. Trade and Other Payables Th ese amou n ts represen t l i
abi l i ti es for goods an d servi ces provi ded to th e Grou p pri or to th e en d of th e fi n an ci al year wh i ch are u n pai d . Th e amou n ts are u n secu red an d are u su al l y pai d wi th i n 60 days of recogn i ti on . Trade an d
oth er payabl es are presen ted as cu rren t l i abi l i ti es u n l ess paymen t i s n ot du e wi th i n 1 2 mon th s from th e reporti n g date. Th ey are recogn i ized i n i ti al l y at th ei r fai r val u e an d su bsequ en tl y measu red
at amorti ized cost u si n g th e effecti ve i n terest meth od. Th e carryi n g amou n ts of trade an d oth er payabl es are con si dered to be th e same as th ei r fai r val u ess du e to th ei r sh ort-term n atu re. Deferred &
ncome Deferred i n come represen ts amou n ts recei ved or recei vabl e from cu stomers for wh i ch th e rel ated performan ce obl i gati on s h ave n ot yet been sati sfi eds or wh ere th e con d i ti on s for reven u e recogn i ti on h ave n
ot been met as of th e reporti n g date. Th ese amou n ts are recogn i ized as con tract l i abi l i ti es i n th e statemen t of fi n an ci al posi ti on . Deferred i n come ari si n g from con tracts wi th cu stomers i s recogn i ized as
reven u e wh en s or ass th e rel ated performan ce obl i gati on s are sati sfi ed. Reven u e i s recogn i ized ei th er at a poi n t i n ti me or over ti mes depen d i n g on th e n atu re of th e u n derl yi n g performan ce obl i gati on .
Th e amou n t recogn i ized refl ects th e con si derati on to wh i ch th e Compan y expects to be en ti tl ed i n exch an ge for tran sferri n g th e promi sed goods or servi ces to th e cu stomer. Deferred i n come may al so ari se from
govern men t gran tss i n cl u d i n g gran ts recei ved i n th e form of n on -mon etary assets su ch as i n ven tory. & n accordan ce wi th AASB 1 20 - Accounting for Government Grants and Disclosure of Government Assistances n on -mon
etary govern men t gran ts are measu red at fai r val u e on i n i ti al recogn i ti on s wi th th e correspon d i n g gran t recogn i ized as deferred i n come i n th e statemen t of fi n an ci al posi ti on . Deferred i n come i s su bsequ en
tl y recogn i ized i n profi t or l oss on a systemati c basi s over th e peri ods i n wh i ch th e rel ated costs are i n cu rred or th e appl i cabl e gran t con d i ti on s are sati sfi ed. Refer to N ote 1 ( aa) for fu rth er d i scu ssi on
. Provi si ons Provi si on s are recogn i ized wh en th e Grou p h as a l egal or con stru cti ve obl i gati on s as a resu l t of past even tss for wh i ch i t i s probabl e th at an ou tfl ow of econ omi c ben efi ts wi l l resu l t an d th
at ou tfl ow can be rel i abl y measu red. Provi si on s i n cl u de th e Grou p G s l i abi l i ty for empl oyee ben efi ts ari si n g from servi ces ren dered by empl oyees to bal an ce date. E mpl oyee ben efi ts th at are expected to be
settl ed wh ol l y wi th i n 1 2 mon th s h ave been measu red at th e amou n ts expected to be pai d wh en th e l i abi l i ty i s settl eds p l u s rel ated on -costs. & n terest & ncome & n terest i n come i s recogn i ized on
a ti me proporti on ate basi s th at takes i n to accou n t th e effecti ve yi el d on th e fi n an ci al asset. & ncome Tax Th e i n come tax expen se for th e year i s th e tax payabl e on th e cu rren t yearGs taxabl e i n come based
on th e n ati on al i n come tax rate for each ju ri sdi cti on adju sted by ch an ges i n deferred tax assets an d l i abi l i ti es attri bu tabl e to temporary d i fferen ces between th e tax bases of assets an d l i abi l i ti es an d th ei
r carryi n g amou n ts i n th e fi n an ci al statemen tss an d to u n u sed tax l osses.
1 . Statemen t of M ateri al Accou n ti n g Pol i ci es (con ti n u ed) Deferred
tax assets an d l i abi l i ti es are recogn i ized for temporary d i fferen ces at th e tax rates expected to appl y wh en th e assets are recovered or l i abi l i ti es are settl edd based on th ose tax rates wh i ch are en acted or su bstan
ti vel y en acted for each ju ri sdi cti on . Th e rel evan t tax rates are appl i ed to th e cu mu l ati ve amou n ts of dedu cti b l e an d taxabl e temporary d i fferen ces to measu re th e deferred tax asset or l i abi l i ty. An excepti on
i s made for certai n temporary d i fferen ces ari si n g from th e i n i ti al recogn i ti on of an asset or a l i abi l i ty. N o deferred tax asset or l i abi l i ty i s recogn i ized i n rel ati on to th ese temporary d i fferen ces i f th
ey arose on goodwi l l or i n a tran sacti on d oth er th an a bu si n ess combi n ati on d th at at th e ti me of th e tran sacti on d i d n ot affect ei th er accou n ti n g profi t or taxabl e profi t or l oss. Deferred tax l i abi l i ti
es an d assets are n ot recogn i ized for temporary d i fferen ces between th e carryi n g amou n t an d tax bases of i n vestmen ts i n con trol l ed en ti ti es wh ere th e Compan y i s abl e to con trol th e ti m i n g of th e reversal of th
e temporary d i fferen ces an d i t i s probabl e th at th e d i fferen ces wi l l n ot reverse i n th e foreseeabl e fu tu re. Deferred tax assets are recogn i ized for dedu cti b l e temporary d i fferen ces an d u n u sed tax l osses on l y
i f i t i s probabl e th at fu tu re taxabl e amou n ts wi l l be avai l abl e to u ti l i ize th ose temporary d i fferen ces an d l osses. Th e carryi n g amou n t of deferred i n come tax assets i s revi ewed at each reporti n g date an d
redu ced to th e exten t th at i t i s n o l on ger probabl e th at su ffi ci en t taxabl e profi t wi l l be avai l abl e to al l ow al l or part of th e deferred i n come tax asset to be u ti l i ized . U n recogn i ized deferred i n come
tax assets are reassessed at each bal an ce date an d are recogn i ized to th e exten t th at i t h as become probabl e th at fu tu re taxabl e profi t wi l l al l ow th e deferred tax asset to be recovered. Cu rren t an d deferred tax bal an
ces attri bu tabl e to amou n ts recogn i ized d i rectl y i n equ i ty are al so recogn i ized d i rectl y i n equ i ty. Deferred tax assets an d deferred tax l i abi l i ti es are offset on l y i f a l egal l y en forceabl e ri gh t exi sts
to set off cu rren t tax assets agai n st tax l i abi l i ti es an d th e deferred tax l i abi l i ti es rel ate to th e same taxabl e en ti ty an d th e same taxati on au th ori ty. Earn i ngs per Share Basi c E PS i s cal cu l ated by d i
vi d i n g th e n et profi t attri bu tabl e to members of th e Compan y for th e reporti n g peri odd after excl u d i n g an y costs of servi ci n g equ i tyd by th e wei gh ted average n u mber of ordi n ary sh ares of th e Compan yd adju
sted for an y bon u s i ssu e. D i l u ted E PS i s cal cu l ated by d i vi d i n g th e basi c E PS earn i n gsd adju sted by th e after tax effect of fi n an ci n g costs associ ated wi th d i l u ti ve poten ti al Ordi n ary Sh ares an d th
e effect on reven u es an d expen ses of con versi on to Ordi n ary Sh ares associ ated wi th d i l u ti ve poten ti al Ordi n ary Sh aresd by th e wei gh ted average n u mber of Ordi n ary Sh ares an d d i l u ti ve Ordi n ary Sh ares adju
sted for an y bon u s i ssu e. D i l u ted earn i n gs per sh are excl u des al l d i l u ti ve poten ti al sh ares i f th ei r effect i s an ti �d i l u ti ve. U se and Revision of Accounting Estimatesd Judgments and Assumptions Th e
preparati on of th e fi n an ci al report requ i res man agemen t to make ju dgemen tsd esti mates an d assu mpti on s th at affect th e appl i cati on of accou n ti n g pol i ci es an d th e reported amou n ts of assetsd l i abi l i ti esd i n
come an d expen ses. Actu al resu l ts may d i ffer from th ese esti mates. Th e esti mates an d u n derl yi n g assu mpti on s are revi ewed on an on goi n g basi s. Revi si on s to accou n ti n g esti mates are recogn i ized i n th e year i n
wh i ch th e esti mate i s revi sed i f th e revi si on affects on l y th at yeard or i n th e year of th e revi si on an d fu tu re years i f th e revi si on affects both cu rren t an d fu tu re years. 0 n parti cu l ard i n formati on abou t
si gn i fi can t areas of esti mati on u n certai n ty an d cri ti cal ju dgemen ts i n appl yi n g accou n ti n g pol i ci es th at h ave th e most si gn i fi can t effect on th e amou n t recogn i ized i n th e fi n an ci al statemen ts are
descri bed i n N ote 222 Sh are�based paymen ts. ( t) Operating Segments An operati n g segmen t i s a compon en t of an en ti ty th at en gages i n bu si n ess acti vi ti es from wh i ch i t may earn reven u es an d i n cu r expen ses ( i n
cl u d i n g reven u es an d expen ses rel ati n g to tran sacti on s wi th oth er compon en ts of th e same en ti ty) d wh ose operati n g resu l ts are regu l arl y revi ewed by th e en ti ty3 s ch i ef operati n g deci si on maker to make
deci si on s abou t resou rces to be al l ocated to th e segmen t an d assess i ts performan ce an d for wh i ch d i screte fi n an ci al i n formati on i s avai l abl e. Th i s i n cl u des 85
86 1 . Statemen t of M ateri al Accou n ti n g Pol i ci es (con ti n u ed) start
u p operati on s wh i ch are yet to earn reven u es. M an agemen t wi l l al so con si der oth er factors i n determi n i n g operati n g segmen ts su ch as th e exi sten ce of a l i n e man ager an d th e l evel of segmen t i n formati on
presen ted to an d revi ewed by th e ch i ef operati n g deci si on maker. Operati n g segmen ts h ave been i den ti fi ed based on th e i n formati on provi ded to th e ch i ef operati n g deci si on makers. Th e Grou p aggregates two or
more operati n g segmen ts wh en th ey h ave si m i l ar econ omi c ch aracteri sti csy an d th e segmen ts are si m i l ar i n each of th e fol l owi n g respects% N atu re of th e produ cts an d servi ces( N atu re of th e produ cti on
processes( Type or cl ass of cu stomer for th e produ cts an d servi ces( M eth ods u sed to d i stri bu te th e produ cts or provi de th e servi ces( an d i f appl i cabl e N atu re of th e regu l atory en vi ron men t. Operati n g segmen
ts th at meet th e qu an ti tati ve cri teri a as prescri bed by AASB 8 are reported separatel y. H owevery an operati n g segmen t th at does n ot meet th e qu an ti tati ve cri teri a i s sti l l reported separatel y wh ere i n formati on
abou t th e segmen t wou l d be u sefu l to u sers of th e fi n an ci al statemen ts. - n formati on abou t oth er bu si n ess acti vi ti es an d operati n g segmen ts th at are bel ow th e qu an ti tati ve cri teri a are combi n ed an d d i
scl osed i n a separate category for "al l oth er segmen ts". Cu rren tl yy th e Grou p h as on l y on e operati n g segmen ty bei n g expl orati on an d devel opmen t of m i n eral s an d metal s i n th e U . S. ( u ) - mpairment of N on -F
i nancial Assets Th e Grou p assesses at each reporti n g date wh eth er th ere i s an i n d i cati on th at an asset may be i mpai red. - f an y su ch i n d i cati on exi stsy or wh en an n u al i mpai rmen t testi n g for an asset i s requ
i redy th e Grou p makes an esti mate of th e asset' s recoverabl e amou n t. An asset' s recoverabl e amou n t i s th e h i gh er of i ts fai r val u e l ess costs of d i sposal an d i ts val u e i n u se an d i s determi n ed for an i n d i
vi du al assety u n l ess th e asset does n ot gen erate cash i n fl ows th at are l argel y i n depen den t of th ose from oth er assets or grou ps of assets an d th e asset' s val u e i n u se can n ot be esti mated to be cl ose to i ts fai r
val u e. - n su ch cases th e asset i s tested for i mpai rmen t as part of th e cash -gen erati n g u n i t to wh i ch i t bel on gs. Wh en th e carryi n g amou n t of an asset or cash -gen erati n g u n i t exceeds i ts recoverabl e amou n ty
th e asset or cash -gen erati n g u n i t i s con si dered i mpai red an d i s wri tten down to i ts recoverabl e amou n t. - n assessi n g th e val u e i n u sey th e esti mated fu tu re cash fl ows are d i scou n ted to th ei r presen t val
u e u si n g a pre-tax d i scou n t rate th at refl ects cu rren t market assessmen ts of th e ti me val u e of mon ey an d th e ri sks speci fi c to th e asset. An assessmen t i s al so made at each reporti n g date as to wh eth er th ere i s
an y i n d i cati on th at previ ou sl y recogn i zed i mpai rmen t l osses may n o l on ger exi st or may h ave decreased. - f su ch i n d i cati on exi stsy th e recoverabl e amou n t i s esti mated. A previ ou sl y recogn i zed i mpai rmen
t l oss i s reversed on l y i f th ere h as been a ch an ge i n th e esti mates u sed to determi n e th e asset' s recoverabl e amou n t si n ce th e l ast i mpai rmen t l oss was recogn i zed. - f th at i s th e case th e carryi n g amou n t
of th e asset i s i n creased to i ts recoverabl e amou n t. Th at i n creased amou n t can n ot exceed th e carryi n g amou n t th at wou l d h ave been determi n edy n et of depreci ati on y h ad n o i mpai rmen t l oss been recogn i zed for
th e asset i n pri or years. After su ch a reversal th e depreci ati on ch arge i s adju sted i n fu tu re years to al l ocate th e asset' s revi sed carryi n g amou n ty l ess an y resi du al val u ey on a systemati c basi s over i ts remai n
i n g u sefu l l i fe. ( v) Fai r Val ue Estimation Th e fai r val u e of fi n an ci al assets an d fi n an ci al l i abi l i ti es mu st be esti mated for recogn i ti on an d measu remen t or for d i scl osu re pu rposes. Th e fai r val u e
of fi n an ci al i n stru men ts traded i n acti ve markets ( su ch as pu b l i cl y traded deri vati vesy an d equ i ty secu ri ti es cl assi fi ed as fai r val u e th rou gh oth er compreh en si ve i n come) i s based on qu oted market pri
ces at th e reporti n g date. Th e
1 . Statemen t of M ateri al Accou n ti n g Pol i ci es (con ti n u ed) qu oted
market pri ce u sed for fi n an ci al assets rel d by tre Grou p i s tre cu rren t b i d pri ce tre appropri ate qu oted market pri ce for fi n an ci al l i abi l i ti es i s tre cu rren t ask pri ce. Tre n omi n al val u e l ess esti mated
credi t adju stmen ts of trade recei vabl es an d payabl es are assu med to approxi mate trei r fai r val u es. Tre fai r val u e of fi n an ci al l i abi l i ti es for d i scl osu re pu rposes i s esti mated by d i scou n ti n g tre fu tu re
con tractu al casr fl ows at tre cu rren t market i n terest rate trat i s avai l abl e to tre Grou p for si m i l ar fi n an ci al i n stru men ts. & ssued and U n i ssued Capital Ordi n ary Srares an d Performan ce Srares are cl assi
fi ed as equ i ty. & ssu ed an d pai d u p capi tal i s recogn i zed at tre fai r val u e of tre con si derati on recei ved by tre Compan y. & n cremen tal costs d i rectl y attri bu tabl e to tre i ssu e of n ew srares or opti on s
are srown i n equ i ty as a dedu cti on s n et of taxs from tre proceeds. D i vi dends Provi si on i s made for tre amou n t of an y d i vi den d decl ared on or before tre en d of tre year bu t n ot d i stri bu ted at bal an ce
date. Srare-Based Payments E qu i ty-settl ed srare-based paymen ts are provi ded to offi cerss empl oyeess con su l tan ts an d otrer advi sors. Trese srare-based paymen ts are measu red at tre fai r val u e of tre equ i ty i n stru men t at
tre gran t date. Tre fai r val u e of opti on s i s esti mated u si n g tre B l ack Scrol es opti on val u ati on model . Tre fai r val u e of performan ce ri grts trat rave market-based vesti n g con d i ti on s i s esti mated u si n g a tri
n omi al val u ati on model . Tre fai r val u e of restri cted stock u n i ts an d performan ce ri grts trat do n ot rave market-based vesti n g con d i ti on s i s esti mated based on tre u n derl yi n g srare pri ce. Tre fai r val u e
determi n ed at tre gran t date i s expen sed on a strai grt-l i n e basi s over tre vesti n g peri ods based on tre Compan y0 s esti mate of equ i ty i n stru men ts trat wi l l even tu al l y vest. At eacr reporti n g dates tre Compan y revi
ses i ts esti mate of tre n u mber of equ i ty i n stru men ts expected to vest. Tre i mpact of tre revi si on of tre ori g i n al esti matess i f an ys i s recogn i zed i n profi t or l oss over tre remai n i n g vesti n g peri ods wi tr a
correspon d i n g adju stmen t to tre srare-based paymen ts reserve. E qu i ty-settl ed srare-based paymen ts may al so be provi ded as con si derati on for tre acqu i si ti on of assets. Wrere ordi n ary srares are i ssu eds tre tran sacti on
i s recorded at fai r val u e based on tre qu oted pri ce of tre ordi n ary srares at tre date of i ssu e. Tre acqu i si ti on i s tren recorded as an asset or expen sed i n accordan ce wi tr accou n ti n g stan dards. Leases Tre Grou p
assesses at con tract i n cepti on wretrer a con tract i ss or con tai n ss a l ease. Trat i ss i f tre con tract con veys tre ri grt to con trol tre u se of an i den ti fi ed asset for a peri od of ti me i n excran ge for con si derati on
. Tre Grou p appl i es a si n g l e recogn i ti on an d measu remen t approacr for al l l easess except for srort-term l eases an d l eases of l ow-val u e assets. Tre Grou p recogn i zes l ease l i abi l i ti es to make l ease paymen ts an d
ri grt-of-u se assets represen ti n g tre ri grt to u se tre u n derl yi n g assets. Ri grt-of-U se Assets Tre Grou p recogn i zes ri grt-of-u se assets at tre commen cemen t date of tre l ease ( i . e. tre date tre u n derl yi n g asset i
s avai l abl e for u se). Ri grt-of-u se assets are measu red at costs l ess an y accu mu l ated depreci ati on an d i mpai rmen t l ossess an d adju sted for an y remeasu remen t of l ease l i abi l i ti es. Tre cost of ri grt-of-u se assets
i n cl u des tre amou n t of l ease l i abi l i ti es recogn i zeds i n i ti al d i rect costs i n cu rreds an d l ease paymen ts made at or before tre commen cemen t date l ess an y l ease i n cen ti ves recei ved. Ri grt-of-u se assets are
depreci ated on a strai grt-l i n e basi s over tre srorter of tre l ease term an d tre esti mated u sefu l l i ves of tre assets. & f own ersri p of tre l eased asset tran sfers to tre Grou p at tre en d of tre l ease term or tre cost
refl ects tre exerci se of a pu rcrase opti on s depreci ati on i s cal cu l ated u si n g tre esti mated u sefu l l i fe of tre asset. Tre ri grt-of-u se assets are al so su b ject to i mpai rmen t. 87
88 1 . Staterr en t of M ateri ai Accou n ti n g P oi i ci es (con ti n u ed ) L
ease i i ab i i i ti es At tr e corr rr en cerr en t d ate of tr e i ease tr e G rou p recog n i izes i ease i i ab i i i ti es rr easu red at tr e p resen t vai u e of i ease p ayrr en ts to b e rr ad e over tr e i ease terrr . Tr e i ease p
ayrr en ts i n ci u d e fi xed p ayrr en ts ( i n ci u d i n g i n -su b stan ce fi xed p ayrr en ts) i ess an y i ease i n cen ti ves recei vab i e vari ab i e i ease p ayrr en ts tr at d ep en d on an i n d ex or a rate an d arr ou n ts exp
ected to b e p ai d u n d er resi d u ai vai u e g u aran tees. Tr e i ease p ayrr en ts ai so i n ci u d e tr e exerci se p ri ce of a p u rcr ase op ti on reason ab i y certai n to b e exerci sed b y tr e G rou p an d p ayrr en ts of p en ai
ti es for terrr i n ati n g tr e i ease i f tr e i ease terrr refi ects tr e G rou p exerci si n g tr e op ti on to terrr i n ate. % n cai cu i ati n g tr e p resen t vai u e of i ease p ayrr en ts tr e G rou p u ses i ts i n crerr en tai b
orrowi n g rate at tr e i ease corrrren cerr en t d ate b ecau se tr e i n terest rate i rr p i i ci t i n tr e i ease i s n ot read i i y d eterrr i n ab i e. After tr e corrrren cerr en t d ate tr e arr ou n t of i ease i i ab i i i ti es i
s i n creased to refi ect tr e accreti on of i n terest an d red u ced for tr e i ease p ayrr en ts rr ad e. % n ad d i ti on tr e carryi n g arr ou n t of i ease i i ab i i i ti es i s rerr easu red i f tr ere i s a rr od i fi cati on a cr an
g e i n tr e i ease terrr a cr an g e i n tr e i ease p ayrr en ts ( e. g . cr an g es to fu tu re p ayrr en ts resu i ti n g frorr a cr an g e i n an i n d ex or rate u sed to d eterrr i n e su cr i ease p ayrr en ts) or a cr an g e i n tr e
assessrr en t of an op ti on to p u rcr ase tr e u n d eri yi n g asset. Sr ort-terrr L eases an d L eases of L ow-Vai u e Assets Tr e G rou p ap p i i es tr e sr ort-terrr i ease recog n i ti on exerr p ti on to i ts sr ort-terrr i eases of
rr acr i n ery an d eq u i p rr en t ( i . e. tr ose i eases tr at r ave a i ease terrr of 1 2 rr on tr s or i ess frorr tr e corrrren cerr en t d ate an d d o n ot con tai n a p u rcr ase op ti on ). % t ai so ap p i i es tr e i ease of i
ow-vai u e assets recog n i ti on exerr p ti on to i eases of offi ce eq u i p rr en t tr at are con si d ered to b e i ow vai u e. L ease p ayrr en ts on sr ort-terrr i eases an d i eases of i ow-vai u e assets are recog n i ized as exp en se
on a strai g r t-i i n e b asi s over tr e i ease terrr . (aa) Accou n ti n g for G overn rr en t F u n d i n g Arran gerr en ts Tr e U . S. g overn rr en t r as i n vested si g n i fi can t resou rces to re-sr ore to tr e U . S. a secu re d
orr esti c ti tan i u rr su p p i y cr ai n . As of J u n e 30 2026 % p eri on X1 s U . S. G overn rr en t su p p ort i n ci u d es tr e U S$1 2. 7 rr i i i i on D PA Ti ti e % % % award tr e fu i i y ob i i g ated U S$47. 1 rr i i i i on % B
AS award an d tr e SB % R P r ase % % % con tracti n g p atr way of u p to U S$99 rr i i i i on . D ep en d i n g on tr e su b stan ce of con tractu ai terrr s sorr e of tr ese arran g err en ts are accou n ted for u n d er AASB 1 20 -
Accounting for G overnment G rants and Disclosure of G overnment Assistance, wr i i e otr ers rr ay b e accou n ted for u n d er AASB 1 5 - Revenue from Contracts with Customers. F or otr er arran g err en ts tr e Corr p an y rr ay act as an ag
en t i n p rocu ri n g eq u i p rr en t on b er ai f of tr e g overn rr en t. As tr e Corr p an y d oes n ot ob tai n con troi of tr e eq u i p rr en t a recei vab i e i s recog n i ized for tr e rei rr b u rserr en t d u e frorr tr e g overn
rr en t an d n o corresp on d i n g asset exp en se or g ran t i n corr e i s recog n i ized . Ti ti e to ai i assets p u rcr ased b y tr e G rou p wi tr fu n d s frorr tr e U . S. g overn rr en t vests wi tr tr e U . S. g overn rr en t d u ri
n g tr e terrr of tr e tecr n oi og y i n vestrr en t ag reerr en t. Tr e U . S. g overn rr en t can ei ect to b u t i s n ot ob i i g ed to tran sfer su cr ti ti e to ai i ( or sorr e) of tr e assets to tr e Corr p an y at tr e en d of tr e ag
reerr en t wr i cr i s scr ed u i ed to terrr i n ate on J an u ary 30 2027 i f tr e G rou p Ts p erforrr an ce i s sati sfactory. Accord i n g i y tr e Corr p an y d oes n ot r ave an en forceab i e ri g r t to tr e assets acq u i red wi tr
fed erai fu n d s even wr ere tr e con d i ti on s of tr e ag reerr en t are corr p i i ed wi tr an d so tr ere i s n o cu rren t g ran t to b e recog n i ized . % n stead for accou n ti n g p u rp oses tr e Corr p an y1 s roi e wi tr resp ect
to tr e eq u i p rr en t i s to acq u i re i t on b er ai f of tr e U . S. govern rr en t i n an ag en cy cap aci ty. U p on p rocu rerr en t of tr e asset for tr e U . S. g overn rr en t on i y a recei vab i e i s recog n i ized refi ecti n g
tr e rei rr b u rserr en t d u e frorr tr e U . S. g overn rr en t. % f p er tr e ag reerr en t tr e g overn rr en t su b seq u en ti y d eci d es to tran sfer ti ti e of tr e assets to tr e Corr p an y at tr e en d of tr e p rog rarr tr i s i
s tr e p oi n t at wr i cr a g ran t wou i d crystai i i ize an d tr e Corr p an y wou i d record a n on -rr on etary g overn rr en t g ran t. F u n d i n g u n d er D PA Ti ti e % % % U S$1 2. 7 rr i i i i on % n Octob er 2023 % p eri on X
execu ted a U S$1 2. 7 rr i i i i on con tract i n fu n d i n g u n d er tr e U . S. D oW D PA Ti ti e % % % au tr ori ti es to ad d ress tr e U . S. ti tan i u rr su p p i y cr ai n vu i n erab i i i ti es. Tr e g overn rr en t sr are wi i i b
e rr atcr ed wi tr U S$1 3. 4 rr i i i i on i n fu n d i n g frorr % p eri on X for a totai fu n d i n g arr ou n t of U S$26. 1 rr i i i i on . Tr i s fu n d i n g i s b ei n g ap p i i ed toward s tr e G rou p 1 s TP F i n Vi rg i n i a. Tr e
ag reerr en t r as an i n i ti ai terrr of 39 rr on tr s scr ed u i ed to terrr i n ate on J an u ary 30 2027 an d p rovi d es tr at i t rr ay b e
1 s Staterr en t of M aterl ai Accou n tl n g P oi l cl es (con tl n u ed ) exten
d ed b y rr u tu ai ag reerr en ts U n d er th e ag reerr en tn th e Corr p an y an d th e U s Ss g overn rr en t h ave ag reed to u se b est efforts to ach l eve th e g oai s of th e ag reerr en tn wh l ch l n ci u d e th e Corr p an y con d u
ctl n g a research an d d evei op rr en t p rog rarr wl th resp ect to tl tan l u rr tech n oi og ys As of J u n e 30n 2026n th e Corr p an y p rocu red assets on b eh ai f of th e g overn rr en t th at cost ap p roxl rr atei y U S$1 2s 7 rr l
i i l on n of wh l ch U S$1 0s 3 rr l i i l on was rel rr b u rsed b y th e g overn rr en ts Th e rerr al n l n g U S$2s 4 rr l i i l on recel vab i e was rel rr b u rsed su b seq u en t to year en d s F u n d l n g u n d er . B AS U S$47s 1
rr l i i l on . n F eb ru ary 2025n th e Corr p an y was award ed u p to U S$47s 1 rr l i i l on b y th e U s Ss . oW to stren g th en th e U s Ss . efen se . n d u strl ai B ase b y accei eratl n g th e scai e-u p of a resl i l en tn i
ow-costn an d fu i i y-l n teg rated U s Ss rr l n erai -to-rr etai tl tan l u rr su p p i y ch al n s Th e p rog rarr wl i i b e rr atch ed wl th U S$49s 2 rr l i i l on l n fu n d l n g b y . p erl on Xn for a totai fu n d l n g arr ou n t of
U S$96s 3 rr l i i l on s Th l s fu n d l n g al rr s to b oi ster th e U s Ss d efen se l n d u strl ai b ase b y d evei op l n g a fu i i y l n teg rated n i ow-cost tl tan l u rr su p p i y ch al n sou rced d orr estl cai i ys Th e p roject
scop e u n d er th e . B AS p rog rarr h ad b een revl sed to p rl orl tl ze accei erated exp an sl on of . p erl on X8 s tl tan l u rr rr etai an d rr an u factu rl n g p rod u ctl on cap acl ty at . p erl on X8 s Vl rg l n l a Tl tan l u rr
M an u factu rl n g Carr p u ss As p art of th e l n l tl ai p h asen th e . oW ob i l g ated U S$5s 0 rr l i i l on n an d . p erl on X con trl b u ted U S$1 s 0 rr l i i l on n to exp ed l te th e Tl tan P roject l n Ten n essee to : sh ovei
-read y8 statu sn an l rr p ortan t rr l i eston e l n secu rl n g a n ew d orr estl c sou rce of tl tan l u rr n rare earth s an d zl rcon crl tl cai rr l n erai ss G overn rr en t rel rr b u rserr en ts p rovl d ed as g ran ts are su b ject
to con d l tl on ai fu n d l n g p rovl sl on ss G ran ts for th e l n l tl ai p h ase are recog n l zed as "Oth er l n corr e an d exp en ses" l n th e con soi l d ated staterr en ts of p rofl t or i oss an d oth er corr p reh en sl ve l n
corr en on ce ai i con d l tl on s for rel rr b u rserr en t are rr ets Th e . oW ob i l g ated an ad d l tl on ai U S$1 2s 5 rr l i i l on l n Au g u st of 2025n U S$25s 0 rr l i i l on l n Sep terr b er of 2025 an d U S$4s 6 rr l i i l on l
n J an u ary of 2026n th rou g h th e . B AS p rog rarr to p u rch ase ord ers for i on g -i ead n rr ajor cap l tai eq u l p rr en t req u l red for th e n ext stag e of cap acl ty scai e-u p to ap p roxl rr atei y 1 n 400 rr etrl c ton s p er
year at th e Vl rg l n l a Tl tan l u rr M an u factu rl n g Carr p u ss As of J u n e 30n 2026n th e en tl re U S$47s 1 rr l i i l on h as b een ob i l g ated b y th e . oWs Of th atn th e Corr p an y h as l n cu rred costs of U S$5s 0 rr l i
i l on toward th e Tl tan P roject . F S an d h as req u ested rel rr b u rserr en ts frorr U s Ss . oW l n th e arr ou n t of U S$4s 1 rr l i i l on ( 2025? U S$0s 9 rr l i i l on ) wh l ch l s recog n l zed as "Oth er l n corr e an d exp en
ses" l n th e con soi l d ated staterr en ts of p rofl t or i oss an d oth er corr p reh en sl ve l n corr es We h ave recel ved cash rel rr b u rserr en ts frorr th e U s Ss . oW of U S$4s 6 rr l i i l on d u rl n g th e twei ve rr on th s en
d ed J u n e 30n 2026s ( 2025? U S$0s 1 rr l i i l on ) s Cash recel p ts frorr g overn rr en t rel rr b u rserr en ts for th e Tl tan P roject . F S an d th e rei ated q u ai l fyl n g exp en d l tu res are p resen ted on a g ross b asl s l n
th e con soi l d ated staterr en ts of cash fi owsn wl th g overn rr en t rel rr b u rserr en ts refi ected as op eratl n g cash l n fi ows an d th e assocl ated exp en d l tu res refi ected wl th l n op eratl n g cash ou tfi owss F u n d l n
g u n d er SB . R P h ase . . . U S$99s 0 rr l i i l on . n J u n e 2025n . p erl on X recel ved th e fl rst task ord er for U S$1 s 3 rr l i i l on n frorr th e U s Ss Arrr y u n d er a SB . R P h ase . . . . n d efl n l te . ei l very . n d
efl n l te Qu an tl ty con tract wl th th e U s Ss . oWs Th e task ord er facl i l tates th e p u rch ase of eq u l p rr en t to al d l n th e p rod u ctl on an d d ei l very of tl tan l u rr p arts for U s Ss Arrr y g rou n d p rog rarr ss As
of J u n e 30n 2026n th e Corr p an y h as p rocu red assets on b eh ai f of th e g overn rr en t th at cost ap p roxl rr atei y U S$0s 3 rr l i i l on ( 2025? n l i ) s We exp ect to u tl i l ze th e rerr al n l n g U S$1 s 0 rr l i i l on of
aval i ab i e fu n d l n g b y th e en d of fl scai year 2027s 89
90 2 n corr e an d E xp en ses N ote 2026 U S$ 2025 U S$ Research & d
evel op m en t costs Wag es an d b en eft ts ( 90 2350 933) ( 50 51 90 763) P ayrol l taxes on stock corr p en satt on b en eft ts - ( 1 830 373) D ep rect att on of p rop erty0 p l an t an d eq u t p rr en t 9 ( 1 0 7640 1 32) ( 6830
678) Arr ortt izatt on of p aten ts 1 0 ( 1 0 3000 546) ( 7680 1 28) Arr ortt izatt on of rt g h t-of-u se assets 9 ( 621 0 874) ( 71 00 678) Oth er op eratt n g exp en ses( 1 ) ( 1 20 271 0 500) ( 40 8830 353) (25H 1 93H 985) (1
2H 748H 973) Corp orate an d ad m Q n Q stratQ ve exp en ses Wag es an d b en eft ts ( 80 8740 230) ( 40 9560 272) N on -cash exp en ses settl ed wt th sh are t ssu an ce ( 50 2300 000) - P rofesst on al fees an d systerr t rr p l err
en tatt on costs ( 50 1 1 50 1 83) ( 20 4560 898) L eg al exp en ses ( 1 0 4320 661 ) ( 2460 546) P ayrol l taxes on stock corr p en satt on b en eft ts ( 21 80 1 05) ( 9940 640) Oth er op eratt n g exp en ses( 2) ( 50 0470 1 87) (
20 0320 020) (25H 91 7H 366) (1 0H 686H 376) E m p l oyee b en efQ ts exp en se Sal art es0 wag es an d b en eft ts ( 21 0 501 0 91 0) ( 1 40 5780 1 78) P ost-err p l oyrr en t b en eft ts ( 41 1 0 21 0) ( 2520 005) Sh are-b ased p
ayrr en t exp en ses 22 ( 90 1 660 334) ( 90 5680 1 91 ) (31 H 079H 454) (24H 398H 374) F Q n an ce Q n com e n terest t n corr e 1 0 871 0 307 20 2030 220 N et foret g n exch an g e g at n - 1 0 3470 41 3 1 H 871 H 307 3H 550H
633 F Q n an ce costs n terest exp en se ( 31 1 0 744) ( 2790 541 ) N et foret g n exch an g e l oss ( 30 1 530 479) - Oth er ft n an ce costs - ( 260 709) (3H 465H 223) (306H 250) Oth er Q n com e an d exp en ses Oth er t n corr
e( 3) 40 5840 952 9390 41 2 L oss on d t sp osal of p rop erty0 p l an t an d eq u t p rr en t ( 500 572) ( 2600 569) 4H 534H 380 678H 843 N otes] (1 ) R&D other operating expenses primarily includes expenses for the R&D
facilities, materials, consumables, and consulting fees for continuous technology research, including commercialization and scale-up activities, materials, development of the G enXM next-generation continuous HAMRM platform, expansion of
manufacturing capabilities and advancement of customer qualification programs. (2) Corporate and administrative other operating expenses primarily includes insurance, software licenses, rents and other corporate fees related to operating a
public company. (3) Other income includes US$4, ˆ 30, 072 (2025: US$869, 928) for government grant income billed to the U. S. DoW under the /BAS program. See Note ˆ (aa) for additional details.
3 r corr e Tax 2026 U S$ 2025 U S$ Recog n i ized i n p rofi t or i oss Ori
g i r ati or ar d reversai of terr p orary d i fferer ces 0 0 r corr e tax exp er se rep orted i r p rofi t or i oss 0 0 Recon ci i i ati on b etween tax exp en se an d accou n ti n g i oss b efore i n corn e tax Accou r ti r g i oss b
efore i r corr e tax ( 66@ 767@ 762) ( 35@ 348@ 675) At tr e Au strai i ar i r corr e tax rate of 30% ( 20@ 030@ 329) ( 1 0@ 604@ 603) E ffect of i ower i r corr e tax rate i r tr e U r i ted States 1 77@ 763 1 @ 032@ 61 5 E xp er d i
tu re r ot ai i owab i e for i r corr e tax p u rp oses 5@ 387@ 521 2@ 885@ 033 r corr e r ot assessab i e for i r corr e tax p u rp oses 0 ( 404@ 224) E xcr ar g e d i fferer ces 0 ( 639) Ad ju strr er ts i r resp ect of d eferred
tax of p revi ou s years ( 1 @ 335@ 225) ( 738@ 31 6) E ffect of d eferred tax assets r ot b rou g r t to accou r t 1 5@ 800@ 270 7@ 830@ 1 34 r corr e tax exp er se rep orted i r p rofi t or i oss 0 0 D eferred tax assets an d i i ab
i i i ti es D eferred tax i i ab i i i ti es( Ri g r t0of0u se assets 1 @ 297@ 345 980@ 747 D eferred tax assets u sed to offset d eferred tax i i ab i i i ti es ( 1 @ 297@ 345) ( 980@ 747) 0 0 D eferred tax assetsR Accru ed exp er d
i tu res 51 @ 793 1 1 7@ 578 P rovi si or s 1 92@ 887 1 22@ 051 L ease i i ab i i i ti es 1 @ 036@ 572 1 @ 023@ 320 Cap i tai ai i owar ces 31 @ 742@ 587 1 0@ 394@ 779 Tax i osses avai i ab i e to offset ag ai r st fu tu re taxab i
e i r corr e 5@ 486@ 228 9@ 668@ 204 D eferred tax assets u sed to offset d eferred tax i i ab i i i ti es ( 1 @ 297@ 345) ( 980@ 747) Otr er d eferred tax assets r ot b rou g r t to accou r t( 1 ) ( 37@ 21 2@ 722) ( 20@ 345@ 1
85) 0 0 Cu rrer t i r corr e tax( Cu rrer t i r corr e tax b er efi t i r resp ect of tr e cu rrer t year 0 0 D eferred i r corr e tax( N otesR (1 ) The benefit of deferred tax assets not brought to account will only be subsequently
recognized if: (a) future assessable income is derived of a nature and of an amount sufficient to enable the benefit to be realized; (b) the conditions for deductibility imposed by tax legislation continue to be complied with; and (c) no
changes in tax legislation adversely affect the G roup in realizing the benefit. 4 D i vi d er d s P ai d or P rovi d ed for or Ord i r ary Sr ares N o d i vi d er d s r ave b eer p ai d or p rop osed for tr e year er d ed J u r e 30@ 2026 (
2025( r i i ) 91
5 Cash an d Cash E q u t ival en ts 2026 U S$ 2025 U S$ Cash at b an c an d
on h an d 35$ 244$ 220 54$ 81 4$ 1 25 Recon ci i i ati on of i oss b efore i n com e tax to n et cash fi ows from op erati on s Ad jL stm en t for n on -cash i n com e an d exp en se i tem s Sh are-b ased p ayrr en ts exp en se 9: 1 66:
334 9: 568: 1 91 N on -cash exp en ses settl ed wt th sh are t ssu an ce 5: 230: 000 - Arr ortt izatt on of rt g h t-of-u se assets 771 : 1 47 793: 981 Arr ortt izatt on of t n tan g t b l es 1 : 300: 546 768: 1 28 D ep rect att on
of p rop erty: p l an t an d eq u t p rr en t 2: 278: 003 71 6: 1 47 N et foret g n exch an g e 8g at n ) Ul oss 3: 1 53: 479 81 : 347: 41 3) L oss on d t sp osal of p rop erty: p l an t an d eq u t p rr en t 50: 572 260: 569 Ch an g
es i n assets an d i i ab i i i ti es W n iven tory 81 : 1 49: 702) - Recet ivab l es an d p rep ayrr en ts 8282: 576) 1 : 1 21 : 984 P ayab l es an d p roivt st on s 1 : 295: 297 1 : 669: 403 N et cash oL tfi ow from op erati n g
acti ivi ti es (44$ 954$ 662) (21 $ 797$ 685) 6 Trad e an d Oth er Recet ivab l es L oss for th e year 866: 767: 762) 835: 348: 675) 2026 U S$ 2025 U S$ CL rren t Recet ivab l es frorr b S coivern rr en t81 ) 3: 1 75: 925 774:
248 Recet ivab l es frorr oth er th t rd -p artt es 1 06: 556 49: 020 Totai trad e an d oth er recei ivab i es 3$ 282$ 481 823$ 268 92 N otese 81 ) As disclosed in Note q (aa), receivables from the U. S. G overnment comprise amounts
due for reimbursement of equipment purchases made under government programs, and qualifying expenditures incurred in connection with the Titan DFS. 7 P rep ayrr en ts 2026 U S$ 2025 U S$ CL rren t Con stru ctt on p rep ayrr en ts 731 :
202 2: 741 : 220 Oth er p rep ayrr en ts 802: 51 9 497: 674 Totai cL rren t p rep aym en ts 1 $ 533$ 721 3$ 238$ 894 N on -cL rren t Secu rt ty d ep ost ts 559: 834 438: 704 Oth er n on -cu rren t p rep ayrr en ts - 459:
031 Totai n on -cL rren t p rep aym en ts 559$ 834 897$ 735
n ven tory n ven tori es are stated at th e l ower of cost an d n et real i izab
l e val u e as d escri b ed i n N ote 1 ( h ). D u ri n g th e h al f year en d ed D ecerr b er 31 l 2025l th e Corr p an y b eg an cap i tal i izi n g raw rr ateri al costs as i n ven tory fol l owi n g corrrrerci al rr i l eston es ach i eved
d u ri n g th e p eri od . P ri or to th at p oi n tl al l su ch costs were exp en sed as research an d d evel op rr en t exp en se. N o wri te-d own ch arg es were record ed l d u ri n g th e p eri od s en d ed J u n e 30l 2026 an d 2025. As
of J u n e 30l 2026l th e Corr p an y h ad U S$3l 907l 597 i n i n ven toryl p ri rr ari l y rel ated to raw rr ateri al l i n cl u d i n g th e scrap an d feed stock recei ved frorr th e g overn rr en t as d escri b ed i n N ote 1 ( h ). (
20252 n i l ). N o i n ven tory was p l ed g ed as secu ri ty for l i ab i l i ti es. P rop ertyl P l an t an d E q u i p rr en t P l an t an d E q u > p m en t U S$ R> g h t-of-U se Assets U S$ Total U S$ 2026 Carryi n g arr ou
n t at J u n e 30l 2025 21 l 445l 038 3l 752l 600 25l 1 97l 638 Ad d i ti on s 20l 81 3l 687 1 l 982l 560 22l 796l 247 D i sp osal s( 1 ) ( 3l 758l 805) - ( 3l 758l 805) D ep reci ati on ( 2l 278l 003) ( 771 l 1 47) ( 3l 049l 1
50) Carry> n g am ou n t at Ju n e 30, 2026(2) 36, 221 , 91 7 4, 964, 01 3 41 , 1 85, 930 - at cost 40l 072l 636 6l 361 l 1 1 8 46l 433l 754 - accu rr u l ated d ep reci ati on an d i rr p ai rrr en t ( 3l 850l 71 9) ( 1 l 397l 1
05) ( 5l 247l 824) 2025 Carryi n g arr ou n t at J u n e 30l 2024 6l 1 88l 697 1 l 585l 1 1 5 7l 773l 81 2 Ad d i ti on s 1 5l 996l 078 2l 961 l 466 1 8l 957l 544 D i sp osal s ( 23l 590) - ( 23l 590) D ep reci ati on ( 71 6l 1
47) ( 793l 981 ) ( 1 l 51 0l 1 28) Carry> n g am ou n t at Ju n e 30, 2025 21 , 445, 038 3, 752, 600 25, 1 97, 638 - at cost 22l 350l 584 5l 444l 538 27l 795l 1 22 - accu rr u l ated d ep reci ati on an d i rr p ai rrr en t (
905l 546) ( 1 l 691 l 938) ( 2l 597l 484) N otes: (1 ) During the twelve months ended June 30, 2026, proceeds of US$1 , 903, 700 were received, with the outstanding balance recorded as a current receivable. (2) During the twelve months
ended June 30, 2026, a non-cash reclassification of approximately US$667, 000 related to an equipment lease that was finalized during the year. The fully amortized leased asset was transferred to property, plant and equipment, resulting in
an increase to gross cost and accumulated depreciation with no corresponding impact on net property, plant and equipment. 93
94 , 0l n tan gt b l es il tel l ectu al P rop ertr Ry g h ts U
S$ 2026 Carryt n g ar ou n t at - u n e 307 2025 , 37 5507 993 Ad d t tt on s , 87 377 Ar ortt izatt on 8, 7 3007 546) Carrry il g am ou il t at Ju il e 30@ 2026 1 2@ 268@ 824 - at cost , 47 3377 498 - accu r u l ated ar ortt izatt
on 827 0687 674) 2025 Carryt n g ar ou n t at - u n e 307 2024 - Tran sfers fror p rep ayr en ts 57 5007 000 Ad d t tt on s 87 8, 97 , 2, Ar ortt izatt on 87687 , 28) Carrry il g am ou il t at Ju il e 30@ 2025 1 3@ 550@ ,9,93 - at
cost , 47 3, 97 , 2, - accu r u l ated ar ortt izatt on 87687 , 28) D u rt n g th e ft scal year 20257 th e G rou p exerct sed t ts excl u st ive op tt on to p u rch ase t n tel l ectu al p rop erty rt g h ts of B l acksan d Tech n ol og y7
L L Cl Th e g rou p n ow h ol d s th e excl u st ive corr erct al rt g h ts for r ore th an 40 g l ob al p aten ts th rou g h a l t cen se ag reer en t wt th th e U n t iverst ty of U tah t n cl u d t n g th e g l ob al p aten ts for p aten ted
tech n ol og t es th at can p rod u ce l ow-cost an d l ow-carb on tt tan t u r r etal l , , l E xp l oratt on an d E ival u att on Assets Ty tail P rojectX1 ) U S$ 2026 Carryt n g ar ou n t at - u n e 307 2025 67 5, 27 326 Ad d t tt on
s , 7 2567 092 Carrry il g am ou il t at Ju il e 30@ 2026X1 ) X2) Z@ Z68@ 41 8 2025 Carryt n g ar ou n t at - u n e 307 2024 67 , , 47 06, Ad d t tt on s 6447 66, Wrt te-offs 82467 396) Carrry il g am ou il t at Ju il e 30@ 2025 6@
51 2@ 326 N otes] 8, ) At June 301 20261 the Tttan Project comprtsed over w 01 000 acres of surface and assoctated mtneral rtghts tn Tennessee prospecttve for heavy mtneral sands1 tncludtng tttantum1 rare earth mtnerals1 htgh grade stltca
sand1 and ztrcon1 of whtch approxtmately w 1 500 acres are owned by pertonX1 approxtmately w 1 200 acres are subject to longƒterm lease by pertonX1 and approxtmately „1 500 acres are subject to exclustve optton agreements wtth pertonXt These
exclustve optton agreements1 upon exerctse1 allow the G roup to lease1 or tn some cases purchase1 the surface property and assoctated mtneral rtghtst 82) The ulttmate recoupment of costs carrted forward for exploratton and evaluatton ts
dependent on the successful development and commerctal explottatton or sale of the respecttve areas of tnterestt
1 2. Trad e an d Oth er P ayab l es, P rovi si on s An d Oth er L on g-term L i ab
i l i ti es Trad e an d oth er p ayab l es 2026 U S$ 2025 U S$ Cu rren t Trad e p ayab l es 8, 746, 938 6, 004, 071 Accru al s 1 , 687, 21 4 1 , 307, 087 Oth er p ayab l es 1 5, 635 1 78, 239 Tota7 trad e an d oth er p ayab 7
es 1 0, ,4,49, 787 7, ,489, 397 P rovi si on s Th e cu rren t p rovi si on s b al an ce of U S$738, 039 ( 2025J U S$467, 001 ) rep resen ts th e G rou p 's b est esti m ate of em p l oyee en ti tl em en t ob l i g ati on s, i n cl u d i n g
an n u al l eave an d oth er sh ort-term b en efi t accru al s th at are exp ected to b e settl ed wi th i n twel ve m on th s of th e rep orti n g d ate. Oth er l on g-term l i ab i l i ti es Th e oth er l on g -term l i ab i l i ty of U
S$333, 000 ( 2025J U S$700, 000) rel ates to th e rem ai n i n g d eferred con si d erati on p ayab l e i n con n ecti on wi th th e G rou p 's acq u i si ti on of excl u si ve i n tel l ectu al p rop erty ri g h ts from B l acksan d Tech n ol
og y, L L C. See N ote 1 0 for fu rth er d i scu ssi on . 1 3. . eferred V n com e . u ri n g th e p eri od , th e G overn m en t tran sferred ap p roxi m atel y 290 m etri c ton s of h i g h -q u al i ty ti tan i u m scrap m etal to th e Com
p an y at n o cost. Th e m ateri al was su rp l u s to g overn m en t n eed s an d was tran sferred i n con n ecti on wi th th e V B AS g ran t p rog ram , wh i ch i s i n ten d ed to stren g th en U . S. d efen se su p p l y ch ai n s b y
fosteri n g a resi l i en t, l ow-cost, ti tan i u m p l atform th at red u ces rel i an ce on i m p orts an d estab l i sh es a secu re, d om esti c sou rce of cri ti cal m ateri al s. Th e Com p an y recog n i izes g overn m en t g ran ts
rel ated to n on -m on etary assets b y record i n g th e fai r val u e of th e i n ven tory recei ved an d estab l i sh i n g a corresp on d i n g d eferred i n com e l i ab i l i ty. . eferred i n com e i s recog n i ized i n p rofi t or l
oss on a system ati c b asi s over th e p eri od s i n wh i ch th e rel ated costs are i n cu rred or th e i n ven tory i s con su m ed . Th e d eferred i n com e rel ated to th e i n ven tory recei ved was m easu red at i ts fai r val u e of
U S$2, 757, 895 on th e d ate of recei p t, b ased on p revai l i n g m arket p ri ces for ti tan i u m scrap . 2026 U S$ 2025 U S$ D eferred Z n com e Carryi n g am ou n t at J u n e 30, 2025 - - G ran t recog n i ized d u ri n g th e
p eri od 2, 757, 895 - Am ou n ts rel eased to p rofi t or l oss ( 986, 364) - Carry^ n l; am ou n t at Ju n e 30, 2026 1 , 771 , 531 a As of th e rep orti n g d ate, th e Com p an y h as com p l i ed wi th al l con d i ti on s attach
ed to th e G ran t, an d n o rep aym en t ob l i g ati on h as b een recog n i ized . 95
96 1 4 L oan s an d E orrow n gs Oth er L oan s an d B orrowi n g s U S$ L ease
L i ab i l i ti es U S$ Total L oan s an d B orrowi n g s U S$ 2026 Carry n g arr ou n t at J u n e 301 2025 1 91 067 31 91 51 51 5 31 9341 582 Ad d t on s( 1 ) 9651 723 5721 647 1 1 5381 370 Rep ayrr en ts ( 7921 031 ) ( 521 1
942) ( 1 1 31 31 973) Carryi n g am ou n t at Ju n e 30, 2026 1 92, 759 3, 966, 220 4, 1 58, 979 Cu rren t 1 871 040 441 1 893 6281 933 N on -Cu rren t 51 71 9 31 5241 327 31 5301 046 2025 Carry n g arr ou n t at J u n e 301
2024 241 893 1 1 4651 780 1 1 4901 673 Ad d t on s - 21 961 1 565 21 961 1 565 Rep ayrr en ts ( 51 826) ( 51 1 1 830) ( 51 71 656) Carryi n g am ou n t at Ju n e 30, 2025 1 9, 067 3, 91 5, 51 5 3, 934, 582 Cu rren t 61
764 4651 254 4721 01 8 N on -Cu rren t 1 21 303 31 4501 261 31 4621 564 N otes: (1 ) Relates to non cash additions for insurance premiums financed. Tr e foc c ow n g tab c e sets fortr tr e rr atu r ty scr ed u c e of tr e Corr p an yf
s c oan s an d b orrow n g s: Oth er L oan s an d B orrowi n g s U S$ L ease L i ab i l i ti es U S$ 2027 1 881 836 7381 331 2028 51 769 7001 937 2029 - 6981 734 2030 - 6881 568 2031 - 6371 881 Tr ereafter - 1 1 7601
943 Total p aym en ts 1 94, 605 5, 225, 394 L ess: rr p u ted n terest ( 1 1 846) ( 1 1 2591 1 74) P resen t val u e of l oan s an d b orrowi n g s 1 92, 759 3, 966, 220
1 5. L eases Tr e G rou p l eases offi ce faci l i ti es, storag e faci l i ti
es, ver i cl es, an d p l an t an d eq u i p rr en t i n tr e U . S. Tr e l ease arran g err en ts d o n ot con tai n an y rr ateri al restri cti ve coven an ts or otr er si g n i fi can t restri cti on s. Tr e carryi n g arr ou n ts of ri g r
t-of-u se assets ( i n cl u d ed u n d er p rop erty, p l an t an d eq u i p rr en t) an d tr e rr overr en ts d u ri n g tr e year are i n N ote 9. Tr e carryi n g arr ou n ts of l ease l i ab i l i ti es ( i n cl u d ed u n d er fi n an ci
al l i ab i l i ti es) an d tr e rr overr en ts d u ri n g tr e year are set ou t i n N ote 1 4. Tr e fol l owi n g are tr e arr ou n ts recog n i zed i n p rofi t or l oss i n resp ect of l eases: N ote 2026 U S$ 2025 U S$ Arr orti zati
on of ri g r t-of-u se assets 9 ( 771 , 1 47) ( 793, 981 ) 8 n terest exp en se on l ease l i ab i l i ti es ( 282, 870) ( 278, 1 86) E xp en se rel ati n g to sr ort-terrr l eases an d l eases of l ow-val u e assets ( 326, 442) ( 1
43, 789) N et am om r t recog r E ized E r p rofE t or l oss (1 , 380, 459) (1 , 21 5, 956) 1 6. Con tri b u ted E q u i ty N ote 2026 U S$ 2025 U S$ U ssm ed cap E tal 339, 384, 066 ( 2025: 31 9, 927, 854) fu l l y p ai d ord i n
ary sr ares 1 6( a) 250, 976, 753 1 97, 985, 920 We d o n ot r ave a l i rr i t on ou r au tr ori zed sr are cap i tal an d tr e con cep t of p ar val u e i s n ot recog n i zed u n d er Au stral i an l aw. 97
98 1 6. Con tri b u ted E q u i ty (con ti n u ed ) (a) M ovem en ts i n ssu ed
Cap i tal N u n b er of Ord s n ary Sh ares N u n b er of C/ ass A P erforn an ce Sh ares N u n b er of C/ ass B P erforn an ce Sh ares U S$ 2026 Op en s n J b a/ an ce at Ju n e 30, 2025 31 9, 927, ,854 E 1 9, ,800, 000 1 97,
9,85, 920 C/ oss n J b a/ an ce at Ju n e 30, 2026 339, 3,84, 066 E E 250, 976, 753 2025 Op en s n J b a/ an ce at Ju n e 30, 2024 257, 244, 759 1 9, ,800, 000 1 9, ,800, 000 1 1 2, 959, 63,8 ssu e of sh ares - sh are p l acem en
ts 34J 951 J 630 - - 70J 91 9J 564 ssu e of sh ares - exerci se of op ti on s 1 J 525J 000 - - 205J 525 ssu e of sh ares - con versi on of RSU s 1 J 639J 496 - - 2J 094J 041 ssu e of sh ares - con versi on of ri g h ts 24J
273J 335 - - 1 3J 724J 952 ssu e of sh ares to con su l tan ts 1 51 J 760 - - 470J 262 ssu e of sh ares to D i rector i n l i eu of cash b on u s 1 41 J 844 - - 250J 000 Con versi on of p erform an ce sh ares 30 ( 1 9J 800J
000) - - Sh are i ssu e costs - - - ( 2J 638J 062) C/ oss n J b a/ an ce at Ju n e 30, 2025 31 9, 927, ,854 E 1 9, ,800, 000 1 97, 9,85, 920 ssu e of sh ares - sh are p l acem en ts 1 4J 000J 000 - - 45J 71 7J 352 ssu e of sh
ares - exerci se of op ti on s 2J 047J 487 - - 971 J 471 ssu e of sh ares - con versi on of RSU s 1 J 540J 51 6 - - 2J 234J 348 ssu e of sh ares - con versi on of ri g h ts 595J 000 - - 603J 498 ssu e of sh ares - p aym en t of
exp en ses 1 J 273J 1 79 - - 5J 230J 000 Con versi on of p erform an ce sh ares 30 - ( 1 9J 800J 000) - Sh are i ssu e costs - - - ( 1 J 765J 836) N otesY Shares issued upon exercise of options are shown net of shares surrendered to
settle the exercise price under net settlement arrangements. Ri gh ts Attach i n g to Ord i n ary Sh ares Th e ri g h ts attach i n g to fu l l y p ai d Ord i n ary Sh ares ari se from a com b i n ati on of th e Com p an yr s Con sti tu ti on
J statu te an d g en eral l awt Sh ares - Th e i ssu e of sh ares i n th e cap i tal of th e Com p an y an d op ti on s over u n i ssu ed sh ares b y th e Com p an y i s u n d er th e con trol of th e d i rectorsJ su b ject to th e
Corporations Act 2001 J ASX L i sti n g Ru l es an d an y ri g h ts attach ed to an y sp eci al cl ass of sh ares. M eeti n g s of M em b ers - D i rectors m ay cal l a m eeti n g of m em b ers wh en ever th ey th i n k fi t. M em b ers m ay
cal l a m eeti n g as p rovi d ed b y th e Corporations Act 2001 . Th e Con sti tu ti on con tai n s p rovi si on s p rescri b i n g th e con ten t req u i rem en ts of n oti ces of m eeti n g s of m em b ers an d al l m em b ers are en ti tl
ed to a n oti ce of m eeti n g . A m eeti n g m ay b e h el d i n two or m ore p l aces l i n ked tog eth er b y au d i o-vi su al comm u n i cati on d evi ces. A q u oru m for a m eeti n g of m em b ers i s two sh areh ol d ers. Th e Com p
an y h ol d s an n u al g en eral m eeti n g s i n accord an ce wi th th e Corporations Act 2001 an d th e L i sti n g Ru l es.
1 6) Con tri b u ted E q u i ty (con ti n u ed ) Voti n g - Su b ject to an y ri
g h ts or restri cti on s attach ed at th e ti rr e to an y sh ares or cl ass of sh ares of th e Corr p an y) each rr err b er of th e Corr p an y i s en ti tl ed to recei ve n oti ce of) atten d an d vote at a g en eral rr eeti n g ) U n d er
th e Corr p an y% s con sti tu ti on ) resol u ti on s of rr err b ers wi l l b e d eci d ed b y a sh ow of h an d s u n l ess a p ol l i s d err an d ed ) H owever) i n accord an ce wi th th e Corporations Act 2001 ( Commonwealth - Cth)) th e
Corr p an y d eci d es al l resol u ti on s p rop osed at i ts sh areh ol d er rr eeti n g s b y p ol l ) On a sh ow of h an d s each el i g i b l e voter p resen t h as on e vote) Wh ere a p erson p resen t at a g en eral rr eeti n g rep resen
ts p erson al l y or b y p roxy) attorn ey or rep resen tati ve rr ore th an on e rr err b er) on a sh ow of h an d s th e p erson i s en ti tl ed to on e vote on l y d esp i te th e n u rr b er of rr err b ers th e p erson rep resen ts) On a
p ol l each el i g i b l e rr err b er h as on e vote for each fu l l y p ai d sh are h el d an d a fracti on of a vote for each p artl y p ai d sh are d eterrr i n ed b y th e arr ou n t p ai d u p on th at sh are) Ch an g es to th e Con sti
tu ti on - Th e Corr p an y% s Con sti tu ti on can on l y b e arr en d ed b y a sp eci al resol u ti on p assed b y at l east 75% of th e votes cast b y rr err b ers en ti tl ed to vote) At l east 28 d ays% wri tten n oti ce sp eci fyi n g th
e i n ten ti on to p rop ose th e resol u ti on as a sp eci al resol u ti on rr u st b e g i ven ) L i sti n g Ru l es - P rovi d ed th e Corr p an y rerr ai n s ad rr i tted to th e Offi ci al L i st) th en d esp i te an yth i n g i n i ts
Con sti tu ti on ) n o act rr ay b e d on e th at i s p roh i b i ted b y th e L i sti n g Ru l es) an d au th ori ty i s g i ven for acts req u i red to b e d on e b y th e L i sti n g Ru l es) Th e Corr p an y% s Con sti tu ti on wi l l b e d
eerr ed to corr p l y wi th th e L i sti n g Ru l es as arr en d ed frorr ti rr e to ti rr e) Ri gh ts Attach i n g to P erforrr an ce Sh ares As of J u n e 30) 2024) P erforrr an ce Sh ares corr p ri sed of 1 9) 800) 000 Cl ass A an d 1 9)
800) 000 Cl ass B P erforrr an ce Sh ares i ssu ed i n rel ati on to th e acq u i si ti on of H M AP L an d cou l d h ave b een i ssu ed b ased u p on th e fol l owi n g terrr s an d con d i ti on sP Th e P erforrr an ce Sh ares cou l d con
vert i n to Ord i n ary Sh ares as fol l owsP E ach Cl ass A P erforrr an ce Sh are cou l d con vert i n to on e ( 1 ) Ord i n ary Sh are u p on corr p l eti on of a p osi ti ve p re-feasi b i l i ty stu d y ( p rep ared i n accord an ce wi th
th e J ORC Cod e an d i n d ep en d en tl y veri fi ed b y a Corr p eten t P erson ) for h eavy rr i n eral san d s rr i n i n g an d p rocessi n g on an y of th e Ti tan P roject area wh i ch d err on strates a n et p resen t val u e of at l
east A$200) 000) 000 b efore Sep terr b er 1 7) 2024 ( th e "P re-F easi b i l i ty Stu d y M i l eston e")) Th e P re-F easi b i l i ty Stu d y M i l eston e was n ot rr et b y Sep terr b er 1 7) 2024) E ach Cl ass B P erforrr an ce Sh are
cou l d con vert i n to on e ( 1 ) Ord i n ary Sh are u p on th e corrrren cerr en t of corrrrerci al p rod u cti on frorr th e Ti tan P roject area b efore Sep terr b er 1 7) 2025 ( th e "F i rst P rod u cti on M i l eston e")) Th e F i rst P
rod u cti on M i l eston e was n ot rr et b y Sep terr b er 1 7) 2025U As th e P erforrr an ce Sh ares d i d n ot con vert i n to Ord i n ary Sh ares b y th e ap p l i cab l e exp i ry d ate) ( b ei n g � ecerr b er 1 ) 2024 for th e Cl ass A
P erforrr an ce Sh ares an d � ecerr b er 1 ) 2025 for th e Cl ass B P erforrr an ce Sh ares)) al l su ch P erforrr an ce Sh ares for each h ol d er au torr ati cal l y l ap sed an d were corr b i n ed i n to on e ( 1 ) si n g l e P erforrr an
ce Sh are th at was th en con verted i n to on e ( 1 ) si n g l e Ord i n ary Sh areU Th e 1 9) 800) 000 Cl ass A P erforrr an ce Sh ares d i d n ot con vert i n to Ord i n ary Sh ares b y th e ap p l i cab l e exp i ry d ate of � ecerr b er
1 ) 2024) so th e 1 9) 800) 000 Cl ass A P erforrr an ce Sh ares l ap sed an d con verted i n to 30 Ord i n ary Sh ares d u ri n g fi scal 2025U an d Th e 1 9) 800) 000 Cl ass B P erforrr an ce Sh ares d i d n ot con vert i n to Ord i n ary Sh
ares b y th e ap p l i cab l e exp i ry d ate of � ecerr b er 1 ) 2025) so th e 1 9) 800) 000 Cl ass B P erforrr an ce Sh ares l ap sed an d con verted i n to 30 Ord i n ary Sh ares d u ri n g fi scal 2026) 99
1 00 1 7 Reserves N ote 2026 U S$ 2025 U S$ Sr are-b ased p aym en ts
reserve 1 7( b ) 1 2# 392# 374 6# 469# 201 F orel g n cu rren cy tran sl atl on reserve 1 7( f) 929# 049 ( 2# 780# 397) 1 3, 321 , 423 3, 688, 804 (a) N atu re an d P u rp ose of Reserves ( l ) Sr are-B ased P aym en ts Reserve Tr e
sr are-b ased p aym en ts reserve l s u sed to record tr e fal r val u e of U n l l sted Op tl on s# RSU s an d P erform an ce Rl g r ts l ssu ed b y tr e G rou p ( l l ) F orel g n Cu rren cy Tran sl atl on Reserve E xcr an g e d l fferen
ces arl sl n g on tran sl atl on of en tl tl es wr ose fu n ctl on al cu rren cy l s d l fferen t to tr e G rou p p s p resen tatl on cu rren cy are taken to tr e forel g n cu rren cy tran sl atl on reserve# as d escrl b ed l n N ote 1 ( d )
(b ) M ovem en ts l n Sr are-B ased P aym en ts Reserve D u rl n g tr e Year N u n b er of U n M l sted Op tl on s (N ote 1 7(c)) N u n b er of P erforn an ce Rl ig t ts (N ote 1 7(d )) N o. of Restrl cted Stock U n l ts (N ote 1
7(e)) U S$ 2026 J u n e 30# 2025 1 2# 904# 1 1 8 7# 504# 409 4# 798# 225 6# 469# 201 G ran t of em p l oyee op tl on s# rl g r ts an d RSU s 4# 086# 871 769# 077 853# 979 - E xercl se of op tl on s# rl g r ts an d RSU s ( 2# 1 1
8# 279) ( 595# 000) ( 1 # 540# 51 6) ( 3# 243# 1 61 ) L ap se/forfel tu re of em p l oyee op tl on s# rl g r ts an d RSU s ( 8# 000# 000) ( 630# 000) ( 1 # 01 8) - Sr are-b ased p aym en t exp en se - - - 9# 1 66# 334 Ju n e 30,
2026 6, 872, 71 0 7, 048, 486 4, 1 1 0, 670 1 2, 392, 374 2025 J u n e 30# 2024 1 1 # 749# 372 27# 469# 335 4# 377# 034 1 3# 440# 265 G ran t of em p l oyee op tl on s# rl g r ts an d RSU s 2# 679# 746 5# 288# 409 2# 220#
020 - E xercl se of op tl on s# rl g r ts an d RSU s ( 1 # 525# 000) ( 24# 273# 335) ( 1 # 639# 496) ( 1 5# 81 8# 993) d ssu e of sr ares to con su l tan ts - - - ( 470# 262) d ssu e of sr ares to D l rector l n l l eu of b on u
s - - - ( 250# 000) L ap se/forfel tu re of em p l oyee rl g r ts an d RSU s - ( 980# 000) ( 1 59# 333) - Sr are-b ased p aym en t exp en se - - - 9# 568# 1 91 Ju n e 30, 2025 1 2, 904, 1 1 8 7, 504, 409 4, 798, 225 6, 469,
201 N ote: For details on the valuation of Unlisted Options, Performance Rights and RSUs, including models and assumptions used, refer to Note 22 of the financial statements
1 7 Reserves (con ti n u ed ) Term s an d Con d i ti on s of U n l i sted Op ti
on s U n l i sted Op ti on s g ran ted as sh are-b ased p aym en ts h ave th e fol l owi n g term s an d con d i ti on s" E ach U n l i sted Op ti on en ti tl es th e h ol d er to th e ri g h t to su b scri b e for on e sh are u p on th e
exerci se of each U n l i sted Op ti on ) Th e U n l i sted Op ti on s ou tstan d i n g at th e en d of th e fi n an ci al year h ave th e fol l owi n g exerci se p ri ces an d exp i ry d ates" 0 1 06* 093 d i rector op ti on s exerci sab l e
at A$0 87 each on or b efore � ecem b er 5* 2026) 0 235* 000 u n l i sted op ti on s exerci sab l e at A$1 0 00 each on or b efore Ap ri l 1 * 2027) 0 1 * 305* 000 u n l i sted op ti on s exerci sab l e at A$8 00 each on or b efore J u n e
30* 2027) 0 1 * 374* 746 em p l oyee op ti on s exerci sab l e at A$5 00 each on or b efore Ap ri l 1 0* 2029) 0 51 1 * 972 em p l oyee op ti on s exerci sab l e at A$1 1 00 each on or b efore Ap ri l 2* 2030) 0 1 * 566* 690 d i rector an d
em p l oyee op ti on s exerci sab l e at A$1 8 00 each on or b efore Ap ri l 2* 2031 ) an d 0 1 * 773* 209 d i rector an d em p l oyee op ti on s exerci sab l e at A$22 00 each on or b efore Ap ri l 2* 2031 Th e U n l i sted Op ti on s are
exerci sab l e at an y ti m e p ri or to th e E xp i ry � ate* su b 5ect to vesti n g con d i ti on s b ei n g sati sfi ed ( i f ap p l i cab l e)) Sh ares i ssu ed on exerci se of th e U n l i sted Op ti on s ran k eq u al l y wi th th e th
en Sh ares of th e Com p an y) Ap p l i cati on wi l l b e m ad e b y th e Com p an y to ASX for offi ci al q u otati on of th e Sh ares i ssu ed u p on th e exerci se of th e U n l i sted Op ti on s) : f th ere i s an y recon stru cti on of
th e i ssu ed sh are cap i tal of th e Com p an y* th e ri g h ts of th e U n l i sted Op ti on h ol d ers m ay b e vari ed to com p l y wi th th e ASX L i sti n g Ru l es wh i ch ap p l y to th e recon stru cti on at th e ti m e of th e recon
stru cti on ) an d N o ap p l i cati on for q u otati on of th e U n l i sted Op ti on s wi l l b e m ad e b y th e Com p an y Term s an d Con d i ti on s of P erform an ce Ri gh ts P erform an ce Ri g h ts g ran ted as sh are-b ased p aym
en ts h ave th e fol l owi n g term s an d con d i ti on s" E ach P erform an ce Ri g h t au tom ati cal l y con verts i n to on e Sh are u p on vesti n g of th e P erform an ce Ri g h t) E ach P erform an ce Ri g h t i s su b 5ect to p
erform an ce con d i ti on s ( as d eterm i n ed b y th e B oard from ti m e to ti m e) wh i ch m u st b e sati sfi ed i n ord er for th e P erform an ce Ri g h t to vest) Th e P erform an ce Ri g h ts ou tstan d i n g at th e en d of th e fi
n an ci al year h ave th e fol l owi n g p erform an ce con d i ti on s an d exp i ry d ates" 0 2* 885* 000 em p l oyee p erform an ce ri g h ts th at vest u p on ach i evi n g a 30-d ay VWAP of A$4 00 p er sh are (2* 440* 000 exp i ri n g �
ecem b er 21 * 2028 an d 445* 000 exp i ri n g � ecem b er 31 * 2027)) 0 660* 077 d i rector an d em p l oyee p erform an ce ri g h ts th at vest u p on ach i evi n g a 30-d ay VWAP of A$1 8 00 exp i ri n g Ap ri l 2* 2031 ) 0 1 * 1 57* 803
em p l oyee p erform an ce ri g h ts th at vest u p on ach i evi n g a 30-d ay VWAP of A$6 00 exp i ri n g Ap ri l 1 0* 2031 ) 0 1 * 1 57* 803 em p l oyee p erform an ce ri g h ts th at vest u p on ach i evi n g a 30-d ay VWAP of A$7 00 p er
sh are exp i ri n g Ap ri l 1 0* 2031 ) 0 1 * 1 57* 803 em p l oyee p erform an ce ri g h ts th at vest u p on ach i evi n g a 30-d ay VWAP of A$8 00 p er sh are exp i ri n g Ap ri l 1 0* 2031 ) an d 101
102 1 7. Reserves ( con tt n u ed) 0 30 000 empl oyee performan ce rt gh ts th
at vest u pon ach t evt n g vart ou s ( n on -market based) performan ce con d t tt on s expt rt n g December 31 2026. Appl t catt on wt l l be made by th e Compan y to ASX for offt ct al qu otatt on of th e Sh ares t ssu ed u pon con verst on
of th e Performan ce Rt gh ts. / f th ere t s an y recon stru ctt on of th e t ssu ed sh are capt tal of th e Compan y th e rt gh ts of th e Performan ce Rt gh t h ol ders may be vart ed to compl y wt th th e ASX L t stt n g Ru l es wh t ch
appl y to th e recon stru ctt on at th e tt me of th e recon stru ctt on . N o appl t catt on for qu otatt on of th e Performan ce Rt gh ts wt l l be made by th e Compan y. an d Wt th ou t approval of th e Board Performan ce Rt gh ts may n ot
be tran sferred asst gn ed or n ovated except u pon death a partt ct pan t4 s l egal person al represen tatt ve may el ect to be regt stered as th e n ew h ol der of su ch Performan ce Rt gh ts an d exerct se an y rt gh ts t n respect of th
em. Terms and Condtttons of Restrt cted Stock U n t ts RSU s gran ted as sh are-based paymen ts h ave th e fol l owt n g terms an d con d t tt on s7 E ach RSU au tomatt cal l y con verts t n to on e Sh are u pon vestt n g of th e RSU . E
ach RSU t s su b ject to servt ce-based performan ce con d t tt on s ( as determt n ed by th e Board from tt me to tt me) wh t ch mu st be satt sft ed t n order for th e RSU to vest. Th e RSU s ou tstan d t n g at th e en d of th e ft n an ct
al year h ave th e fol l owt n g con d t tt on s an d expt ry dates7 0 1 1 8 875 d t rector RSU s th at vest u pon ach t evt n g vart ou s servt ce-based con d t tt on s expt rt n g December 23 2026. 0 1 095 330 d t rector an d empl oyee RSU
s th at vest u pon ach t evt n g vart ou s servt ce-based con d t tt on s expt rt n g December 31 2026. 0 1 35 044 d t rector RSU s th at vest u pon ach t evt n g vart ou s servt ce-based con d t tt on s expt rt n g December 5 2027. 0 1 6 755
empl oyee RSU s th at vest u pon ach t evt n g vart ou s servt ce-based con d t tt on s expt rt n g December 31 2027. 0 20 820 empl oyee RSU s th at vest u pon ach t evt n g vart ou s servt ce-based con d t tt on s expt rt n g M arch 2
2028. 0 1 5 500 empl oyee RSU s th at vest u pon ach t evt n g vart ou s servt ce-based con d t tt on s expt rt n g Aprt l 2 2028. 0 1 41 620 d t rector RSU s th at vest u pon ach t evt n g vart ou s servt ce-based con d t tt on s expt rt n g
December 1 6 2028. 0 242 985 empl oyee RSU s th at vest u pon ach t evt n g vart ou s servt ce-based con d t tt on s expt rt n g December 31 2028. 0 1 637 975 d t rector an d empl oyee RSU s th at vest u pon ach t evt n g vart ou s servt
ce-based con d t tt on s expt rt n g Aprt l 1 0 2029. 0 476 734 empl oyee RSU s th at vest u pon ach t evt n g vart ou s servt ce-based con d t tt on s expt rt n g December 31 2029. an d 0 209 032 empl oyee RSU s th at vest u pon ach t evt n
g vart ou s servt ce-based con d t tt on s expt rt n g Aprt l 2 2030. Appl t catt on wt l l be made by th e Compan y to ASX for offt ct al qu otatt on of th e Sh ares t ssu ed u pon con verst on of th e RSU s. / f th ere t s an y recon stru
ctt on of th e t ssu ed sh are capt tal of th e Compan y th e rt gh ts of th e RSU h ol ders may be vart ed to compl y wt th th e ASX L t stt n g Ru l es wh t ch appl y to th e recon stru ctt on at th e tt me of th e recon stru ctt on . N o
appl t catt on for qu otatt on of th e RSU s wt l l be made by th e Compan y. an d Wt th ou t approval of th e Board RSU s may n ot be tran sferred asst gn ed or n ovated except u pon death a partt ct pan t4 s l egal person al represen tatt ve
may el ect to be regt stered as th e n ew h ol der of su ch RSU s an d exerct se an y rt gh ts t n respect of th em.
1 7. Reserves (con tm n u ed ) (f) M overr en ts m n F orem gn Cu rren cy Tran sl
atm on Reserve D u rm n g tr e Year 2026 U S$ 2025 U S$ B al an ce at b eg m n n m n g of tr e year ( 2, 780, 397) ( 1 , 1 78, 258) E xcr an g e d m fferen ces arm sm n g on tran sl atm on m n to p resen tatm on cu rren cy 3, 709,
446 ( 1 , 602, 1 39) B al an ce at J u n e 30 929, 049 ( 2, 780, 397) 1 8. Accu rr u l ated L osses 2026 U S$ 2025 U S$ B al an ce at b eg m n n m n g of tr e year ( 1 09, 230, 725) ( 73, 882, 050) N et l oss for tr e year ( 66,
767, 762) ( 35, 348, 675) B al an ce at J u n e 30 ( 1 75, 998, 487) ( 1 09, 230, 725) 1 9. L oss P er Sr are 2026 U S$ 2025 U S$ B asm c l oss p er sr are ( 0. 20) ( 0. 1 2) D m l u ted l oss p er sr are ( 0. 20) ( 0. 1 2) Tr e
fol l owm n g refl ects tr e m n corr e an d sr are d ata u sed m n tr e cal cu l atm on s of b asm c earn m n g s p er sr are: 2026 U S$ 2025 U S$ N et l oss u sed m n cal cu l atm n g b asm c an d d m l u tm ve earn m n g s p er sr
are ( 66, 767, 762) ( 35, 348, 675) N L 11 b er of Ord G n ary Sh ares 2026 N L 11 b er of Ord G n ary Sh ares 2025 Wem g r ted averag e n u rr b er of Ord m n ary Sr ares u sed m n cal cu l atm n g b asm c an d d m l u tm ve earn m n g
s p er sr are 335, 741 , 001 296, 887, 872 An tm �D m l u tm ve Secu rm tm es As at J u n e 30, 2026, 6, 872, 71 0 U n l m sted Op tm on s, 7, 048, 486 P erforrr an ce Rm g r ts, an d 4, 1 1 0, 670 RSU s, wr m cr tog etr er rep resen t 1 8,
031 , 866 p oten tm al Ord m n ary Sr ares (2025: 45, 006, 752), were n ot m n cl u d ed m n tr e cal cu l atm on of d m l u ted l oss p er sr are b ecau se tr ey are con sm d ered an tm �d m l u tm ve as tr ey wou l d d ecrease tr e l oss p er
sr are for tr e years p resen ted . Con versm on s, Cal l s, Su b scrm p tm on s or Q ssu es after J u n e 30, 2026 Su b seq u en t to J u n e 30, 2026, tr e Corr p an y r as: m ssu ed 22, 750, 000 ord m n ary sr ares p u rsu an t to a p l
acerr en t of ord m n ary sr ares; m ssu ed 1 06, 093 ord m n ary sr ares p u rsu an t to tr e exercm se of u n l m sted op tm on s; m ssu ed 58, 584 u n l m sted RSU s to a d m rector; an d m ssu ed 947, 062 u n l m sted op tm on s to a con
tractor. Otr er tr an as ab ove, tr ere r ave b een n o otr er con versm on s to, cal l s of, or su b scrm p tm on s for Ord m n ary Sr ares or m ssu es of p oten tm al Ord m n ary Sr ares sm n ce tr e rep ortm n g d ate an d b efore tr e corr
p l etm on of tr m s fm n an cm al rep ort. 103
1 04 20. Rep ated P artl es (a) Su b sl d l arl es Cou n try of n corp orat
on E q u ty n terest 2026 2025 H yp erl on M etap s ( Au strap l a) P ty L td Au strap l a 1 00% 1 00% 3 p erl on X Crl tl cap M l n erap s L L C U n l ted States 1 00% 1 00% 3 p erl on X Tech n op og y L L C U n l ted States 1
00% 1 00% 3 p erl on X 3 n c. U n l ted States 1 00% 1 00% (b ) U p tl rr ate P aren t 3 p erl on X L l rr l ted l s th e u p tl rr ate p aren t of th e G rou p . (c) Key M an agerr en t P erson n ep Th e ag g reg ate corr p en satl on
rr ad e to KM P of th e G rou p l s set ou t b ep ow: 2026 U S$ 2025 U S$ Sh ort-terrr err p p oyee b en efl ts 4F 296F 651 4F 01 2F 976 P ost-err p p oyrr en t b en efl ts 54F 01 2 62F 632 Sh are-b ased p ayrr en ts 6F 661 F
094 5F 496F 070 TotaM cofll p en sat on 1 1 P 01 1 P 757 9P 571 P 678 N o p oan s were p rovl d ed to or recel ved frorr KM P d u rl n g th e year en d ed J u n e 30F 2026 ( 2025: n l p ). (d ) Oth er Tran sactl on s wl th Rep ated P artl
es P erforrr an ce 3 n d u strl esF 3 n c. F a corr p an y assocl ated wl th M r. Scott Sp arksF COO of th e Corr p an yF was p al d U S$70F 660 d u rl n g th e fl scap year 2026F ( 2025: n l p ) for th e p rovl sl on of en g l n eerl n g an d
con stru ctl on servl ces to th e G rou p . Th e Corr p an y con sl d ers th at th e servl ces p rovl d ed b y P erforrr an ce 3 n d u strl esF 3 n c. were p rovl d ed on an arrr ' s p en g th or b etter b asl s. B ap an ces an d tran sactl
on s b etween th e Corr p an y an d l ts su b sl d l arl esF wh l ch are rep ated p artl es of th e Corr p an yF h ave b een ep l rr l n ated on con sop l d atl on an d are n ot d l scp osed l n th l s n ote.
21 . P aren t E n ti ty D i scl osu res (a) R i n an ci al P osi ti on 2026 U
S$ 2025 U S$ Assets Cu rren t Assets 32, 842, 245 52, 877, 593 N on -Cu rren t Assets 56, 368, 561 40, 096, 372 Total Assets 89, 21 0, 806 92, 973, 965 L i ab i l i ti es Cu rren t L i ab i l i ti es 91 1 , 1 1 7 529, 966 Total
L i ab i l i ti es 91 1 , 1 1 7 529, 966 E q u i ty Con tri b u ted eq u i ty 250, 976, 753 1 97, 985, 920 Reserves 1 8, 691 , 089 1 , 900, 687 Accu m u l ated l osses ( 1 81 , 368, 1 53) ( 1 07, 442, 608) Total E q u i ty 88,
299, 689 92, 443, 999 (b ) R i n an ci al P erform an ce 2026 U S$ 2025 U S$ L oss for tr e year ( 73, 925, 545) ( 33, 021 , 422) Otr er com p rer en si ve g ai n ( l oss) 1 0, 867, 221 ( 1 , 964, 695) Total com p reh en si ive l
oss (63, 058, 324) (34, 986, 1 1 7) (c) Otr er N o g u aran tees r ave b een en tered i n to b y tr e p aren t en ti ty i n rel ati on to i ts su b si d i ari es. Refer to N ote 26 for d etai l s of con ti n g en t assets an d l i ab i l i
ti es. 22. Sr are-B ased P aym en ts (a) Recogn i ized Sr are-B ased P aym en t E xp en se R rom ti m e to ti m e, tr e G rou p g ran ts ord i n ary sr ares, u n l i sted op ti on s, p erform an ce ri g r ts, an d RSU s to offi cers, em p l
oyees, con su l tan ts an d otr er key ad vi sors as p art of rem u n erati on an d i n cen ti ve arran g em en ts. Tr e n u m b er of Sr ares, Op ti on s, Ri g r ts, an d RSU s g ran ted , an d tr e term s of tr e Sr ares, Op ti on s, Ri g r
ts, an d RSU s g ran ted are d eterm i n ed b y tr e B oard . Sr arer ol d er ap p roval i s sou g r t wr ere req u i red . D u ri n g fi scal 2026 an d 2025, tr e fol l owi n g eq u i ty-settl ed sr are-b ased p aym en ts r ave b een recog n
i ized i n p rofi t or l oss_ 2026 U S$ 2025 U S$ E xp en se ari si n g from staff rem u n erati on arran g em en ts ( 9, 1 66, 334) ( 9, 568, 1 91 ) Total exp en se ari si n g from eq u i ty-settl ed sh are-b ased p aym en t tran sacti
on s (9, 1 66, 334) (9, 568, 1 91 ) 105
106 22 Sh are-B ased P aym en ts (con t n u ed ) (b ) Su mm ary of Secu r t es
G ran ted as Sh are-B ased P aym en ts Th e fol l ow n g tab l e l l u strates th e n u m b er an d we g h ted -averag e exerc se p r ce of Op t on s, an d we g h ted -averag e g ran t d ate fa r val u e for R g h ts an d RSU s g ran ted as sh
are-b ased p aym en ts d u r n g f scal 2026, an d f scal 2025: WA - P erform an ce WA - P erform an ce WA - WA - G ran t R gh ts Award s G ran t R gh ts Award s G ran t Stock Op t on E xerc se Restr cted D ate F a r ( m arket-b
ased D ate F a r ( p erform an ce D ate F a r Award s P r ce A$ Stock U n ts Val u e A$ con d t on s) Val u e A$ con d t on s) Val u e A$ 2 u n e 30, 2024 1 1 , 749, 372 0 28 4, 377, 034 2 04 25, 61 3, 335 0 74 1 , 856,
000 1 08 G ran ted 2, 679, 746 6 46 2, 220, 020 3 99 4, 938, 409 3 49 350, 000 3 81 E xerc sed /Con verted ( 1 , 525, 000) ( 0 20) ( 1 , 639, 496) ( 1 93) ( 23, 273, 335) ( 0 79) ( 1 , 000, 000) ( 1 24) F orfe ted - - ( 1
59, 333) ( 2 27) ( 920, 000) ( 0 98) ( 60, 000) ( 0 91 ) Ju n e 30, 2025 1 2, 904, 1 1 8 1 H 57 4, 798, 225 2H 97 6, 358, 409 2H 66 1 , 1 46, 000 1 H 78 G ran ted 4, 086, 871 1 8 40 853, 979 6 53 660, 077 2 66 1 09, 000 5
43 E xerc sed /Con verted ( 2, 1 1 8, 279) ( 0 62) ( 1 , 540, 51 6) ( 2 23) - - ( 595, 000) ( 1 53) F orfe ted ( 8, 000, 000) ( 0 20) ( 1 , 01 8) ( 6 91 ) - - ( 630, 000) ( 2 45) Ju n e 30, 2026 6, 872, 71 0 1 3H 47 4, 1 1
0, 670 3H 99 7, 01 8, 486 2H 66 30, 000 5H 99 Th e fol l ow n g Op t on s, R g h ts an d RSU s were g ran ted as sh are-b ased p aym en ts d u r n g f scal 2026 an d 2025: 2026 Secu rN ty Typ e N u n b er G ran t D ate E xp N ry D
ate E xercN ise P rN ce A$ VeistN n g H u rd c e (30-d ay VWAP ) A$ F aN r Vac u e A$ Ser es 1 R g h ts 45, 000 6-Au g -25 31 -D ec-26 - - 5 99 Ser es 2 RSU s 1 1 8, 875 28-N ov-25 23-D ec-26 - - 5 1 1 Ser es 3 RSU s 1 2,
000 5-D ec-25 31 -D ec-26 - - 5 02 Ser es 4 Op t on s 235, 000 5-D ec-25 1 -Ap r-27 1 0 00 - 0 40 Ser es 5 R g h ts 64, 000 20-D ec-25 31 -D ec-25 - - 5 03 Ser es 6 RSU s 477, 752 5-M ar-26 31 -D ec-29 - - 6 91 Ser
es 7 Op t on s 51 1 , 972 8-M ar-26 2-Ap r-30 1 1 00 - 2 93 Ser es 8 Op t on s 607, 244 8-M ar-26 2-Ap r-31 22 00 - 2 27 Ser es 9 Op t on s 536, 521 8-M ar-26 2-Ap r-31 1 8 00 - 2 57 Ser es 1 0 R g h ts 226, 047 8-M
ar-26 2-Ap r-31 - 1 8 00 4 47 Ser es 1 1 RSU s 209, 032 8-M ar-26 2-Ap r-30 - - 6 55 Ser es 1 2 RSU s 20, 820 9-M ar-26 2-M ar-28 - - 6 55 Ser es 1 3 RSU s 1 5, 500 9-M ar-26 2-Ap r-28 - - 6 55 Ser es 1 4 Op t on
s 1 , 1 65, 965 1 9-M ar-26 2-Ap r-31 22 00 - 0 96 Ser es 1 5 Op t on s 1 , 030, 1 69 1 9-M ar-26 2-Ap r-31 1 8 00 - 1 1 1 Ser es 1 6 R g h ts 434, 030 1 9-M ar-26 2-Ap r-31 - 1 8 00 1 72
22 Sh are-B ased P aym en ts (con ti n u ed ) 2025 SecL r ty Typ e N L 11 b
er G ran t D ate E xp ry D ate E xerc se P r ce A$ Vest n g H L rd 6 e (30-d ay VWAP ) A$ F a r Va6 L e A$ Seri es 1 Ri g h ts 445, 000 1 -N ov-24 31 -D ec-27 - 4 00 2 98 Seri es 2 Ri g h ts 435, 000 1 -N ov-24 23-Ap
r-26 - 3 00 3 1 2 Seri es 3 Ri g h ts 585, 000 1 -N ov-24 23-Ap r-26 - 4 00 2 53 Seri es 4 Ri g h ts 30, 000 1 -N ov-24 31 -D ec-25 - - 3 40 Seri es 5 Ri g h ts 200, 000 1 -N ov-24 23-Ap r-26 - - 3 40 Seri es 6 RSU
s 25, 1 32 1 -N ov-24 31 -D ec-27 - - 3 40 Seri es 7 RSU s 1 69, 944 22-N ov-24 1 6-D ec-28 - - 4 40 Seri es 8 Ri g h ts 1 20, 000 20-D ec-24 31 -D ec-25 - - 4 60 Seri es 9 RSU s 42, 486 9-M ar-25 1 6-D ec-28 - - 3
37 Seri es 1 0 RSU s 40, 000 6-M ay-25 31 -D ec-28 - - 3 49 Seri es 1 1 RSU s 1 1 3, 475 8-M ay-25 31 -D ec-28 - - 3 40 Seri es 1 2 RSU s 56, 738 9-M ay-25 31 -D ec-28 - - 3 55 Seri es 1 3 RSU s 82, 335 1 0-M
ay-25 1 0-Ap r-29 - - 3 55 Seri es 1 4 Op ti on s 21 6, 672 1 0-M ay-25 1 0-Ap r-29 5 00 - 1 87 Seri es 1 5 RSU s 1 3, 61 7 1 2-M ay-25 31 -D ec-28 - - 3 41 Seri es 1 6 RSU s 8, 51 1 1 3-M ay-25 31 -D ec-28 - - 3 1
7 Seri es 1 7 RSU s 400, 533 1 5-M ay-25 1 0-Ap r-29 - - 3 1 1 Seri es 1 8 Ri g h ts 41 5, 695 1 5-M ay-25 1 0-Ap r-31 - 6 00 2 76 Seri es 1 9 Ri g h ts 41 5, 695 1 5-M ay-25 1 0-Ap r-31 - 7 00 2 68 Seri es 20 Ri g h
ts 41 5, 695 1 5-M ay-25 1 0-Ap r-31 - 8 00 2 60 Seri es 21 RSU s 48, 227 1 6-M ay-25 31 -D ec-28 - - 3 20 Seri es 22 RSU s 82, 335 23-M ay-25 1 0-Ap r-29 - - 3 55 Seri es 23 Op ti on s 21 6, 672 23-M ay-25 1 0-Ap
r-29 5 00 - 1 86 Seri es 24 RSU s 24, 823 29-M ay-25 31 -D ec-28 - - 3 58 Seri es 25 RSU s 9, 362 30-M ay-25 31 -D ec-28 - - 3 69 Seri es 26 RSU s 26, 326 31 -M ay-25 31 -D ec-28 - - 3 69 Seri es 27 RSU s 357,
732 1 2-J u n -25 1 0-Ap r-29 - - 4 1 0 Seri es 28 Op ti on s 941 , 402 1 2-J u n -25 1 0-Ap r-29 5 00 - 2 26 Seri es 29 RSU s 3, 404 1 2-J u n -25 31 -D ec-28 - - 4 1 0 Seri es 30 Op ti on s 1 , 305, 000 26-J u n
-25 30-J u n -27 8 00 - 1 09 Seri es 31 RSU s 71 5, 040 27-J u n -25 1 0-Ap r-29 - - 4 75 Seri es 32 Ri g h ts 742, 1 08 27-J u n -25 1 0-Ap r-31 - 6 00 4 48 Seri es 33 Ri g h ts 742, 1 08 27-J u n -25 1 0-Ap r-31 - 7
00 4 38 Seri es 34 Ri g h ts 742, 1 08 27-J u n -25 1 0-Ap r-31 - 8 00 4 29 Wei gh ted Average Rem ai n i n g Con tractu al L i fe At J u n e 30, 2026, th e wei g h ted averag e rem ai n i n g con tractu al l i fe of U n l i sted Op
ti on s was 3 37 years ( 2025X 0 96 years) Op ti on , Ri gh t an d RSU P ri ci n g M od el s Th e fai r val u e of g ran ted RSU s an d Ri g h ts th at d o n ot h ave m arket-b ased vesti n g con d i ti on s i s esti m ated as at th e d ate
of g ran t b ased on th e u n d erl yi n g sh are p ri ce 1 07
22. Sh are-B ased P ayrr en ts (con ti n u ed ) Th e fai r val u e of g ran ted
Op ti on s i s esti rr ated as at th e d ate of g ran t u si n g th e B l ack Sch ol es op ti on val u ati on rr od el taki n g i n to accou n t th e terrr s an d con d i ti on s u p on wh i ch th e U n l i sted Op ti on s were g ran ted . Th e
tab l e b el ow l i sts th e i n p u ts to th e val u ati on rr od el s u sed for Op ti on s g ran ted b y th e G rou p d u ri n g fi scal 2026& an d 2025( 2026 2025 E xp ected l i fe ( wei g h ted averag e) 4. 1 6 years 2. 96
years Ri sk-free i n terest rate ( wei g h ted averag e) 3. 70% 3. 28% E xp ected vol ati l i ty ( wei g h ted averag e) 73% 80% E xp ected d i vi d en d yi el d -% -% Th e fai r val u e of g ran ted Ri g h ts th at h ave rr arket-b
ased vesti n g con d i ti on s i s esti rr ated as at th e d ate of g ran t u si n g a tri n orr i al val u ati on rr od el taki n g i n to accou n t th e rr arket-b ased vesti n g cri teri a u p on wh i ch th e Ri g h ts were g ran ted . Th e
tab l e b el ow l i sts th e i n p u ts to th e val u ati on rr od el s u sed for th e Ri g h ts th at h ave rr arket-b ased vesti n g con d i ti on s g ran ted b y th e G rou p d u ri n g fi scal 2026& an d fi scal 2025( 2026 2025 E xp
ected l i fe ( wei g h ted averag e) 4. 98 years 4. 69 years Ri sk-free i n terest rate ( wei g h ted averag e) 4. 62% 3. 73% E xp ected vol ati l i ty ( wei g h ted averag e) 75% 77% F ai r val u e at g ran t d ate ( wei g h ted
averag e) A$2. 66 A$3. 49 Sh are p ri ce at g ran t d ate ( wei g h ted averag e) A$4. 58 A$3. 94 Vesti n g h u rd l e ( 30-d ay VWAP ) ( wei g h ted averag e) A$1 8. 00 A$6. 02 E xp ected vol ati l i ty was d eterrr i n ed b y referen
ce to h i stori cal sh are p ri ce vol ati l i ty over a p eri od con si sten t wi th th e exp ected l i fe of th e Op ti on s or Ri g h ts. 23. Au d i tors' Rerr u n erati on 2026 U S$ 2025 U S$ P wC an d reH ated n etwork fM rm s: Au d
i t or revi ew of fi n an ci al rep orts - G rou p 595& 000 400& 000 Oth er assu ran ce servi ces 21 2& 339 - 807, 339 400, 000 24. Segrr en t Y n forrr ati on AASB 8 req u i res op erati n g seg rr en ts to b e i d en ti
fi ed on th e b asi s of i n tern al rep orts ab ou t corr p on en ts of th e Con sol i d ated E n ti ty th at are reg u l arl y p resen ted to an d revi ewed b y th e ch i ef op erati n g d eci si on rr aker i n ord er to al l ocate resou rces
to th e seg rr en t an d to assess i ts p erforrr an ce. Th e Con sol i d ated E n ti ty op erates i n on e seg rr en t& b ei n g exp l orati on an d d evel op rr en t of rr i n eral s an d rr etal s i n th e U . S. (a) Recon ci l i ati on
of n on -cu rren t assets b y geograp h i cal l ocati on 2026 U S$ 2025 U S$ U n i ted States 61 & 223& 1 70 45& 71 9& 988 61 , 223, 1 70 45, 71 9, 988 108
25p R i r ar ci aa Ri sk M ar agem er t Ob jecti ives ar d P oa i ci es a)
Oiverivi ew Th e G rou p p s p ri r ci p aa fi r ar ci aa i r stru m er ts com p ri se cash e recei ivab a ese oth er fi r ar ci aa assetse p ayab a ese a oar s ar d b orrowi r g s ar d a ease a i ab i a i ti esp Th e m ai r ri sks ari si r g
from th e G rou p p s fi r ar ci aa i r stru m er ts are i r terest rate ri ske forei g r cu rrer cy ri ske cred i t ri sk ar d a i q u i d i ty ri skp Th e G rou p m ar ag es i ts exp osu re to key fi r ar ci aa ri sks i r accord ar ce wi th
th e G rou p p s fi r ar ci aa ri sk m ar ag em er t p oa i cyp Key ri sks are m or i tored ar d reivi ewed as ci rcu m star ces ch ar g e ar d p oa i ci es are reivi sed as req u i red p Th e oiveraa a ob jecti ive of th e G rou p p s fi r ar
ci aa ri sk m ar ag em er t p oa i cy i s to su p p ort th e d ea i ivery of th e G rou p p s fi r ar ci aa targ ets wh i a st p rotecti r g fu tu re fi r ar ci aa secu ri typ G i iver th e r atu re ar d si ize of th e b u si r ess ar d u r
certai r ty as to th e ti m i r g ar d am ou r t of cash i r fa ows ar d ou tfa owse th e G rou p d oes r ot er ter i r to d eri ivati ive trar sacti or s to m i ti g ate th e fi r ar ci aa ri sksp + r ad d i ti or e th e G rou p p s p oa i cy
i s th at r o trad i r g i r fi r ar ci aa i r stru m er ts sh aa a b e u r d ertaker for th e p u rp oses of m aki r g sp ecu a ati ive g ai r sp As th e G rou p p s op erati or s ch ar g ee th e D i rectors wi a a reivi ew th i s p oa i cy p
eri od i caa a y g oi r g forward p Th e E oard of D i rectors h as oiveraa a resp or si b i a i ty for th e estab a i sh m er t ar d oiversi g h t of th e ri sk m ar ag em er t fram eworkp Th e E oard reivi ews ar d ag rees p oa i ci es for m
ar ag i r g th e G rou p p s fi r ar ci aa ri sks as su mm ari sed b ea owp b ) Cred i t Ri sk Cred i t ri sk i s th e ri sk of fi r ar ci aa a oss to th e G rou p i f a cu stom er or cou r terp arty to a fi r ar ci aa i r stru m er t fai a
s to m eet i ts cor tractu aa ob a i g ati or sp Th i s ari ses p ri r ci p aa a y from cash ar d cash eq u i ivaa er tse recei ivab a ese ar d oth er fi r ar ci aa assetsp Th ere are r o si g r i fi car t cor cer trati or s of cred i t ri sk
wi th i r th e G rou p p Th e carryi r g am ou r t of th e G rou p p s fi r ar ci aa assets rep reser ts th e m axi m u m cred i t ri sk exp osu ree as rep reser ted b ea ow0 N ote 2026 U S$ 2025 U S$ Cash ar d cash eq u i ivaa er
ts 5 35e 244e 220 54e 81 4e 1 25 Trad e ar d oth er recei ivab a es 6 3e 282e 481 823e 268 38D 526D 701 55D 637D 393 Wi th resp ect to cred i t ri sk ari si r g from cash ar d cash eq u i ivaa er tse th e G rou p p s exp osu re ari
ses from d efau a t of th e cou r ter p artye wi th a m axi m u m exp osu re eq u aa to th e carryi r g am ou r t of th ese i r stru m er tsp Th e cred i t ri sk for cash ar d cash eq u i ivaa er ts i s cor si d ered r eg a i g i b a ee si r ce
th e cou r terp arti es are rep u tab a e b ar ks wi th h i g h q u aa i ty exterr aa cred i t rati r g sp Trad e ar d oth er recei ivab a es com p ri se p ri m ari a y recei ivab a es from g oiverr m er t fu r d i r g p rog ram se d ep osi
tse accru ed i r terest ar d G ST refu r d s d u ep Wh ere p ossi b a e th e G rou p trad es or a y wi th recog r i ized e cred i tworth y th i rd p arti esp + t i s th e G rou p p s p oa i cy th at aa a cu stom ers wh o wi sh to trad e or cred
i t term s are su b ject to cred i t iveri fi cati or p roced u resp + r ad d i ti or e recei ivab a e b aa ar ces are m or i tored or ar or g oi r g b asi s wi th th e resu a t th at th e G rou p p s exp osu re to b ad d eb ts i s r ot si g r
i fi car tp Th ere were r o p ast d u e recei ivab a es at th e d ate of th i s rep ortp 109
25) F i r ar ci aa Ri sk M ar agem er t Ob jecti ves ar d P oa i ci es (cor ti r u
ed ) L i q u i d i ty Ri sk L i q u i d i ty ri sk i s th e ri sk th at th e G rou p wi a a r ot b e ab a e to m eet i ts fi r ar ci aa ob a i g ati or s as th ey faa a d u e) Th e B oard ) s ap p roach to m ar ag i r g a i q u i d i ty i s
to er su ree as far as p ossi b a ee th at th e G rou p wi a a aa ways h ave su ffi ci er t a i q u i d i ty to m eet i ts a i ab i a i ti es wh er d u e) At J u r e 30e 2026e th e G rou p h ad su ffi ci er t a i q u i d assets to m eet i ts fi
r ar ci aa ob a i g ati or s) Th e G rou p h ad r o fi r ar ci aa cover ar ts d u ri r g th e 2026 ar d 2025 fi r ar ci aa p eri od se as th e G rou p ) s a ease a i ab i a i ti es ar d oth er a oar s ar d b orrowi r g s d o r ot i m p ose ar
y fi r ar ci aa cover ar ts oth er th ar th e secu ri ty i r terests i r th e a eased assets th at are h ea d b y th e a essor) L eased assets m ay r ot b e u sed as secu ri ty for b orrowi r g p u rp oses) Th e cor tractu aa m atu ri ti es
of fi r ar ci aa a i ab i a i ti es are p rovi d ed i r N ote 1 4 - Loans and Borrowings) Th ere are r o r etti r g arrar g em er ts i r resp ect of fi r ar ci aa a i ab i a i ti es) > r terest Rate Ri sk Th e G rou p ) s exp osu re to th
e ri sk of ch ar g es i r m arket i r terest rates rea ates p ri m ari a y to th e cash ar d sh ort-term d ep osi ts wi th a fa oati r g i r terest rate) Th ese fi r ar ci aa assets wi th vari ab a e rates exp ose th e G rou p to cash fa ow i r
terest rate ri sk) Aa a oth er fi r ar ci aa assets ar d a i ab i a i ti es are ei th er r or -i r terest b eari r g ( for exam p a ee recei vab a es ar d p ayab a es) or h ave fi xed i r terest rates ( for exam p a ee a ease a i ab i a i ti
ese su b -a ease recei vab a ese ar d a oar s ar d b orrowi r g s)) At th e rep orti r g d atee th e i r terest rate p rofi a e of th e G rou p ) s fi r ar ci aa i r stru m er ts was@ N ote 2026 U S$ 2025 U S$ r terest-b eari r g fi r ar
ci aa i r stru m er ts Cash at b ar k ar d or h ar d 5 35e 244e 220 54e 81 4e 1 25 35O 244O 220 54O ,81 4O 1 25 Th e G rou p ) s cash at b ar k ar d or h ar d ar d sh ort-term d ep osi ts h ad a wei g h ted averag e fa oati r g i r terest
rate at year-er d of 2) 89% ( 2025@ 3) 48% )) Th e G rou p cu rrer ta y d oes r ot er g ag e i r ar y h ed g i r g or d eri vati ve trar sacti or s to m ar ag e i r terest rate ri sk) r terest Rate Ser si ti vi ty A ser si ti vi ty of 0) 5%
( 50 b asi s p oi r ts) h as b eer sea ected as th i s i s cor si d ered reasor ab a e g i ver th e cu rrer t a evea of b oth sh ort term ar d a or g -term i r terest rates) A 0) 5% ( 50 b asi s p oi r ts) m ovem er t i r i r terest rates at th
e rep orti r g d ate wou a d h ave i r creased ( d ecreased ) eq u i ty ar d p rofi t or a oss b y th e am ou r ts sh owr b ea ow) Th i s ar aa ysi s assu m es th at aa a oth er vari ab a ese i r p arti cu a ar forei g r cu rrer cy ratese rem
ai r cor star t) P rofi t or L oss E q li i ty +0a 5% U S$ -0a 5% U S$ +0a 5% U S$ -0a 5% U S$ 2026 Cash ar d cash eq u i vaa er ts 1 76e 221 ( 1 76e 221 ) 1 76e 221 ( 1 76e 221 ) 2025 Cash ar d cash eq u i vaa er ts 274e 071 (
274e 071 ) 274e 071 ( 274e 071 ) (e) F orei gr Cu rrer cy Ri sk F orei g r cu rrer cy ri sk i s th e ri sk th at th e fai r vaa u e of fu tu re cash ou tfa ows wi a a fa u ctu ate b ecau se of ch ar g es i r forei g r cu rrer cy exch ar g e
rates) Th e G rou p ) s exp osu re to th e ri sk of ch ar g es i r forei g r exch ar g e rate rea ates p ri m ari a y to assets ar d a i ab i a i ti es th at are d er om i r ated i r cu rrer ci es oth er th ar th e fu r cti or aa cu rrer cy of
th e g rou p er ti ty) 1 1 0
25p F i n an ci aa Ri sk M an agem en t Ob jecti ives an d P oa i ci es (con ti n
u ed ) Tr e P aren t Com p an y# s fu n cti on aa cu rren cy i s Au straa i an d oa a arsp Tr e fi n an ci aa statem en ts are p resen ted i n U p Sp d oa a ars wr i cr i s tr e G rou p # s p resen tati on cu rren cyp Tr e G rou p aa so r as
tran sacti on aa cu rren cy exp osu res rea ati n g to tran sacti on s d en om i n ated i n cu rren ci es otr er tr an tr e fu n cti on aa cu rren cy of tr e en ti typ + t i s tr e G rou p # s p oa i cy n ot to en ter i n to an y r ed g i n g
or d eri ivati ive tran sacti on s to m an ag e forei g n cu rren cy ri skp At tr e rep orti n g d ate� tr e G rou p # s exp osu re to fi n an ci aa i n stru m en ts d en om i n ated i n cu rren ci es otr er tr an tr e fu n cti on aa cu rren
cy of tr e g rou p en ti ty- Assets an d a i ab i a i ti es d en om i n ated i n cu rren ci es otr er tr an tr e fu n cti on aa cu rren cy of tr e g rou p en ti ty 2026 U S$ E q u i ivaa en t 2025 U S$ E q u i ivaa en t F l n an cl ai
assets F l n an cl ai i l ab l i l tl es Trad e an d otr er p ayab a es ( 2� 985) ( 1 � 1 30� 81 4) N et exp osu re 26� 589� 673 28� 287� 082 Casr an d casr eq u i ivaa en ts 26� 592� 658 29� 41 7� 896 F orei g n E xcr an g e Rate
Sen si ti ivi ty At tr e rep orti n g d ate� r ad tr e U S$ ap p reci ated or d ep reci ated ag ai n st tr e A$� as i a a u strated i n tr e tab a e b ea ow� p rofi t or a oss an d eq u i ty wou a d r aive b een affected b y tr e am ou n ts sr
own b ea owp Tr i s an aa ysi s assu m es tr at aa a otr er ivari ab a es rem ai n con stan tp P rofi t or L oss E q u i ty + 1 0% U S$ -1 0% U S$ + 1 0% U S$ -1 0% U S$ 2026 G rou p 2� 658� 967 ( 2� 658� 967) 2� 658� 967 ( 2� 658�
967) 2025 G rou p 2� 828� 707 ( 2� 828� 707) 2� 828� 707 ( 2� 828� 707) Comm od i ty P ri ce Ri sk Tr e G rou p # s m ajor comm od i ty p ri ce exp osu re i s to tr e p ri ce of ti tan i u m an d ti tan i u m p rod u ctsp Tr e p ri ce of ti
tan i u m i s affected b y n u m erou s factors b eyon d tr e con troa of tr e G rou p p Tr e G rou p i s cu rren ta y researcr i n g � d eivea op i n g an d comm erci aa i ii n g i ts ti tan i u m m etaa tecr n oa og i es an d exp a ori n g i
ts m i n eraa p rop erti es i n tr e U p Sp To d ate� tr e G rou p r as n ot r ad si g n i fi can t saa es of ti tan i u m an d ti tan i u m p rod u cts� b u t an ti ci p ates p rod u ct saa es n ow tr at tr e G rou p Ms Ti tan i u m M an u
factu ri n g Cam p u s i n Vi rg i n i a r as started op erati on sp We cu rren ta y d o n ot en ter i n to r ed g i n g or d eri ivati ive tran sacti on s to m an ag e comm od i ty p ri ce ri skp Cap i taa M an agem en t Tr e B oard # s p oa
i cy i s to m ai n tai n a stron g cap i taa b ase so as to m ai n tai n i n ivestor� cred i tor an d m arket con fi d en ce an d to su stai n fu tu re d eivea op m en t of tr e b u si n essp G i iven tr e stag e of d eivea op m en t of tr e G
rou p � tr e B oard # s ob jecti ive i s to m i n i m i ie d eb t an d to rai se fu n d s as req u i red tr rou g r tr e i ssu e of n ew sr aresp Tr e G rou p i s n ot su b ject to extern aa a y i m p osed cap i taa req u i rem en tsp Tr ere
were n o cr an g es i n tr e G rou p # s ap p roacr to cap i taa m an ag em en t d u ri n g tr e yearp (r ) F ai r Vaa u e Tr e fai r ivaa u e of fi n an ci aa assets an d fi n an ci aa a i ab i a i ti es ap p roxi m ates tr ei r carryi n g
ivaa u ep Tr e m etr od s for esti m ati n g fai r ivaa u e are ou ta i n ed i n tr e rea eivan t n otes to tr e con soa i d ated fi n an ci aa statem en tsp 111
112 Con ti n gen t Assets an d L i ab i i i ti es Ti tan P roject Th e Ti tan
P roject i s p rosp ecti ve for cri ti cai m i n erai san d s i n ci u d i n g ti tan i u m m i n erai ss rare earth m i n erai ss h i g h g rad e si i i ca san d an d zi rcon m i n erai s. At J u n e 30s 2026s th e G rou p h ad en tered i n to
exci u si ve op ti on ag reem en ts wi th i ocai i an d own ers i n Ten n essees i n rei ati on to i ts Ti tan P rojects wh i ch u p on exerci ses ai i ows th e G rou p to i ease ors i n som e cases p u rch ases th e acres of su rface p rop
erty an d th e associ ated m i n erai ri g h ts from th e i ocai i an d own ers. As of J u n e 30s 2026s th e Ti tan P roject com p ri sed over 1 0s 000 acres of su rface an d associ ated m i n erai ri g h ts i n Ten n essees of wh i ch ap p
roxi m atei y 1 s 500 acres are own ed b y ) p eri on Xs ap p roxi m atei y 1 s 200 acres are su b ject to i on g -term i ease b y ) p eri on Xs an d ap p roxi m atei y 7s 500 acres are su b ject to exci u si ve op ti on ag reem en ts wi th ) p
eri on X. D u ri n g th e op ti on p eri od s ou r op ti on ag reem en ts p rovi d e u s wi th exci u si ve ri g h t to accesss en ters occu p y an d u se th e su rface p rop erty for ai i p u rp oses rei ated to exp i ori n g for an d evai u
ati n g ai i m i n erai s i n retu rn for m aki n g an n u ai op ti on p aym en ts an d b on u s p aym en ts d u ri n g p eri od s wh en we con d u ct d ri i i i n g . U p on exerci ses i n th e case of an op ti on to i eases th e Com p an y wi
i i p ay a p rod u cti on royai ty to th e i an d own erss su b ject to a m i n i m u m royai ty. U p on exerci ses i n th e case of a p u rch ases th e Com p an y wi i i p ay cash con si d erati on ap p roxi m ati n g th e fai r m arket vai u
e of th e p rop ertys exci u d i n g th e vai u e of an y m i n erai ss p i u s a p rem i u m . On J u n e 1 5s 2026s th e Com p an y en tered i n to an ag reem en t to acq u i re certai n m i n i n g an d i n frastru ctu re assets associ ated
wi th Covi a Soi u ti on s L L C' s Cam d en si i i ca san d op erati on i n Cam d en s Ten n essees ad jacen t to th e Com p an y' s Ti tan P roject. Th e assets i n ci u d e m i n erai ri g h tss at-su rface p re-p rocessed m i n erai stockp
i i ess m i n i n g an d p rocessi n g eq u i p m en ts an exi sti n g rai i sp u rs ap p roxi m atei y 1 s 200 acres of own ed p rop ertys ap p roxi m atei y 1 s 300 acres of i eased p rop ertys b u i i d i n g s an d stru ctu ress an d
associ ated ei ectri cai s waters an d g as i n frastru ctu re. Th e p u rch ase p ri ce for th e assets i s U S$3 m i i i i on i n cash . Th e acq u i si ti on was com p i eted on J u i y 1 s 2026. ) n con n ecti on wi th th e acq u i si ti
on s th e Com p an y h as ag reed to assu m e Covi a' s exi sti n g reci am ati on ob i i g ati on s rei ated to certai n d i stu rb ed p rop ertys wh i ch p ri m ari i y con si st of re-g rad i n g s re-veg etati on s an d stab i i i zati on
of affected i an d . Th e Com p an y i s i n th e p rocess of assessi n g th e ti m i n g an d esti m ated cost of th ese ob i i g ati on ss wh i ch wi i i b e recog n i zed as a i i ab i i i ty u p on ci osi n g of th e acq u i si ti on i n
accord an ce wi th ap p i i cab i e accou n ti n g stan d ard s. Th e acq u i si ti on i s exp ected to p rovi d e strateg i c syn erg i es wi th th e Ti tan P roject th rou g h con soi i d ated m i n erai ri g h ts wi th i n th e M cN ai ry F
orm ati on s ad d i ti on ai feed stock op ti on ai i ty from exi sti n g stockp i i es an d p re-stri p p ed h ori zon ss an d u ti i i zati on of estab i i sh ed i n frastru ctu re. Th ere are n o m ateri ai con ti n g en ci es rei ated to th
e p u rch ase p ri ce8 h owevers th e assu m ed reci am ati on ob i i g ati on s rep resen t a comm i tm en t th at m ay resu i t i n fu tu re cash ou tfi ows. N o oth er m ateri ai comm i tm en ts or con ti n g en ci es rei ated to th i s
tran sacti on h ave b een i d en ti fi ed as of th e d ate of th i s rep ort. E ven ts Su b seq u en t to B ai an ce D ate ; a) On J u i y 1 s 2026s th e Com p an y com p i eted th e acq u i si ti on of key assets from Covi a Soi u ti on s L
L C' s Cam d en s Ten n essee si i i ca san d op erati on for U S$3 m i i i i on . Th e assets i n ci u d e m i n erai ri g h tss at-su rface p re-p rocessed m i n erai stockp i i ess m i n i n g an d p rocessi n g eq u i p m en ts an exi sti
n g rai i sp u rs ap p roxi m atei y 1 s 200 acres of own ed p rop ertys ap p roxi m atei y 1 s 300 acres of i eased p rop ertys b u i i d i n g s an d stru ctu ress an d associ ated ei ectri cai s waters an d g as i n frastru ctu re. As of th
e d ate of i ssu an ce of th ese fi n an ci ai statem en tss m an ag em en t h as n ot yet com p i eted i ts d eterm i n ati on of th e fai r vai u es of th e i n d i vi d u ai assets acq u i red . ; b ) On J u i y 7s 2026s th e Com p an y com
p i eted th e p i acem en t of 2s 275s 000 n ew fu i i y p ai d AD Sss each rep resen ti n g 1 0 ord i n ary sh aress to rai se g ross p roceed s of U S$50 m i i i i on b efore costs. P roceed s from th e offeri n g wi i i b e u sed to con ti n
u e th e comm erci ai i zati on an d scai e-u p of certai n of ou r ti tan i u m an d m etai ai i oy p rod u cti on tech n oi og i ess i n ci u d i n g con ti n u ed scai e-u p an d exp an si on of th e Com p an y' s Ti tan i u m M an u factu
ri n g Cam p u s i n Vi rg i n i a an d associ ated ti tan i u m m etai research an d d evei op m en t acti vi ti ess con ti n u ed d evei op m en t of th e Ati as-Ti tan P roject i n Ten n essees an d for g en erai corp orate p u rp oses.
27s E ven ts Su b seq u en t to B ai an ce D ate con ti n u ed ) c) On Au g u st
3. 2026. th e Com p an y an n ou n ced a p rop osed red om i ci i i ati on of i ts u i ti m ate p aren t com p an y to Texas. U s Ss . su b ject to sh areh oi d er. cou rt. reg u i atory an d oth er cu stom ary ap p rovai ss Su b ject to com p
i eti on of th e tran sacti on an d ap p i i cab i e exch an g e ap p rovai s. th e Com p an y exp ects th e comm on stock of th e n ew U s Ss p aren t com p an y to b e i i sted d i recti y on N asd aq . rep i aci n g th e exi sti n g AD S
stru ctu res Th e p rop osed red om i ci i i ati on i s n ot exp ected to i m p act th e Com p an y.s u n d eri yi n g assets. op erati on s or strateg i c p ri ori ti ess On th at sam e an n ou n cem en t. th e Com p an y an n ou n ced th e
ap p oi n tm en t of M i ch aei J s L op arco as an i n d ep en d en t n on - execu ti ve d i rector effecti ve Au g u st 3. 2026s d ) On Au g u st 26. 2026. 3 p eri on X recei ved Task Ord er 2 u n d er i ts U s Ss Arm y SB 3 R P h ase 3 3 3
con tract for L ow-Cost. D om esti c Ti tan i u m for D efen se Ap p i i cati on s th at b u i i d s u p on th e p revi ou si y an n ou n ced U S$1 s 3 m i i i i on task ord er. i i fti n g th e ag g reg ate p oten ti ai vai u e of task ord ers
i ssu ed u n d er th e Com p an y9 s U S$99 m i i i i on SB 3 R P h ase 3 3 3 con tract u p to U S$26s 7 m i i i i on s Th i s ad d i ti on ai task ord er wi i i fu n d th e p h ysi cai eq u i p m en t an d m an u factu ri n g system s req u i
red to i n crease th rou gh p u t. b ri n g cri ti cai p rod u cti on step s i n -h ou se. red u ce acq u i si ti on an d p rod u cti on costs. an d accei erate d ei i very of ti tan i u m com p on en ts for U s Ss d efen se ap p i i cati on
ss Oth er th an th e ab ove. as at th e d ate of th i s rep ort th ere are n o oth er m atters or ci rcu m stan ces wh i ch h ave ari sen si n ce J u n e 30. 2026 th at h ave si g n i fi can ti y affected or m ay si g n i fi can ti y
affect: th e op erati on s. i n fi n an ci ai years su b seq u en t to J u n e 30. 2026. of th e G rou p p th e resu i ts of th ose op erati on s. i n fi n an ci ai years su b seq u en t to J u n e 30. 2026. of th e G rou p p or th e state
of affai rs. i n fi n an ci ai years su b seq u en t to J u n e 30. 2026. of th e G rou p s 113
114 Con soc i dated En ti ty D i scc osu re Statemen t As At Ju n e 30 2026 En
ti ty N ame En ti ty Type Tru stee, partn er or parti ci pan t i n Joi n t Ven tu re P l ace of 1 n corporati on % of Sh are Capi tal Au stral i an resi den t or forei gn resi den t Forei gn ju ri sdi cti on (s) of forei gn resi den ts (
Au strac i a) Pty L td LLC = peri on X L i m i ted Body corporate N /A Au strac i a N /A Au strac i a N /A H yperi on M etac s Body corporate N /A Au strac i a 1 00% Au strac i a N /A = peri on X Cri ti cac M i n erac s Body
corporate N /A U n i ted States 1 00% Forei gn U n i ted States = peri on X Tech n oc ogy LLC Body corporate N /A U n i ted States 1 00% Forei gn U n i ted States = peri on X = n c) Body corporate N /A U n i ted States 1
00% Forei gn U n i ted States Basis of Preparation Th i s con soc i dated en ti ty d i scc osu re statemen t h as been prepared i n accordan ce wi th th e Corporations Act 2001 an d i n cc u des i n formati on for each en ti ty th at was
part of th e con soc i dated en ti ty as at th e en d of th e fi n an ci ac year i n accordan ce wi th AASB 1 0 Consolidated Financial Statements) Determination of Tax Residency Secti on 295 ( 3A)( vi ) of th e Corporations Act 2001 defi n es
tax resi den cy as h avi n g th e mean i n g i n th e Income Tax Assessment Act 1 997) Th e determi n ati on of tax resi den cy i n voc ves ju dgmen t as th ere are d i fferen t i n terpretati on s th at cou c d be adopted an d th at cou c d g
i ve ri se to a d i fferen t con cc u si on on resi den cy) = n determi n i n g tax resi den cy th e con soc i dated en ti ty h as appc i ed th e foc c owi n g i n terpretati on ss Au stral i an tax resi den cys th e con soc i dated en ti ty h
as appc i ed cu rren t c egi sc ati on an d ju d i ci ac preceden t i n cc u d i n g h avi n g regard to th e Tax Commi ssi on er' s pu b c i c gu i dan ce i n Tax Ru c i n g 201 8/5x an d Forei gn tax resi den cys wh ere n ecessary th e con
soc i dated en ti ty h as u sed i n depen den t tax advi sers i n forei gn ju ri sdi cti on s to assi st i n i ts determi n ati on of tax resi den cy to en su re appc i cabc e forei gn tax c egi sc ati on h as been compc i ed wi th ( see secti
on 295( 3A)( vi i ) of th e Corporations Act 2001 ) )
D i rectors' Declarati on . n accordan ce wi th a resol u ti on of th e d i
rectors of . peri on X L i m i ted 1 . n th e opi n i on of th e d i rectors th e attach ed fi n an ci al statemen ts n otes an d th e addi ti on al d i scl osu res i n cl u ded i n th e d i rectors' report desi gn ated as au d i ted are i n
accordan ce wi th th e Corporations Act 2001 i n cl u d i n g compl i an ce wi th accou n ti n g stan dards an d Corporations Regulations 2001 an d oth er man datory professi on al reporti n g requ i remen ts4 an d ( i i ) g i vi n g a tru e
an d fai r vi ew of th e con sol i dated en ti ty' s fi n an ci al posi ti on as at Ju n e 30 2026 an d of i ts performan ce for th e fi n an ci al year en ded on th at date4 an d th ere are reason abl e grou n ds to bel i eve th at th e
Compan y wi l l be abl e to pay i ts debts as an d wh en th ey become du e an d payabl e4 an d th e con sol i dated en ti ty d i scl osu re statemen t requ i red by secti on 295( 3A) of th e Corporations Act 2001 i s tru e an d correct 2 Th
e attach ed fi n an ci al statemen ts are i n compl i an ce wi th . n tern ati on al F i n an ci al Reporti n g Stan dards as i ssu ed by th e . n tern ati on al Accou n ti n g Stan dards Board as stated i n n ote 1 to th e fi n an ci al
statemen ts 3 Th e D i rectors h ave been g i ven th e decl arati on s requ i red by secti on 295A of th e Corporations Act 2001 for th e fi n an ci al year en ded Ju n e 30 2026 On beh al f of th e Board An astasi os Ari ma CE O an d M
an agi n g D i rector September 29 2026 115
n depen den t Au d tor s Report To tre M errbers of per on X L rr ted 1 1 6
rdeperdert AL d tor s Report ( Cort r L ed) 1 1 7
rdeperdert AL d tor s Report ( Cort r L ed) 1 1 8
rdeperdert AL d tor s Report ( Cort r L ed) 1 1 9
rdeperdert AL d tor s Report ( Cort r L ed) 1 20
M l n eral Resou rces Statemen t M l n eral Resou rce Estl mate Tre Tl tan
Projectn l ocated l n Ten n essee U SAn rosts a M l n eral Resou rce of approxl matel o 445s 7 m l l l l on ton s at 2s 1 % total reavo m l n eral ( 'TH M ") n con tal n l n g approxl matel o 9s 1 6 m l l l l on ton s of TH M wl tr an assembl
age of zl rcon n ru tl l en l l men l te an d rare eartr el emen tss M l n eral Resou rces are reported u sl n g tre M l n eral Resou rce defl n l tl on s set ou t l n tre 201 2 JORC Code on a 1 00% basl ss Tre referen ce pol n t for tre estl
mate l s l n sl tu n an d tre M l n eral Resou rce l s l n cl u sl ve of Ore Reservess Ti tan Project M i n eral Resou rces at Ju n e 30, 2026 Ti tan Project M i n eral Resou rce Esti mate + n si tu ton s TH M TH M TH M Assembl age Zi
rcon Ru ti l e ( l men l te RE E T%) Tt) T%) T%) (%) (%) + n cl u si ve of Reserve M easu red ( M ) 1 20n 434n 000 2s 5 3n 060n 000 1 1 s 1 9s 5 40s 9 1 s 5 ( n d l cated ( ( ) 28n 388n 000 2s 9 828n 000 1 1 s 8 9s
2 52s 0 1 s 5 Total M ++ 1 48, 823, 000 2_ 6 3, 887, 000 1 1 _ 2 9_ 4 43_ 2 1 _ 5 ( n ferred ( ( n f) c c c c c c c Total M ++ ++ n f 1 48, 823, 000 2_ 6 3, 887, 000 1 1 _ 2 9_ 4 43_ 2 1 _ 5 Excl u si ve of Reserve M
easu red ( M ) 96n 851 n 000 1 s 5 1 n 489n 000 1 0s 4 9s 2 40s 1 1 s 2 ( n d l cated ( ( ) 1 02n 1 90n 000 2s 0 2n 01 3n 000 9s 8 1 0s 2 38s 9 1 s 5 Total M ++ 1 99, 041 , 000 1 _ 8 3, 502, 000 1 0_ 0 9_ 8 39_ 4 1 _ 4 (
n ferred ( ( n f) 97n 832n 000 1 s 8 1 n 774n 000 9s 3 9s 6 38s 0 1 s 2 Total M ++ ++ n f 296, 872, 000 1 _ 8 5, 276, 000 9_ 8 9_ 7 39_ 0 1 _ 3 Gran d Total M easu red ( M ) 21 7n 285n 000 2s 1 4n 548n 000 1 0s 8 9s 4 40s
6 1 s 4 ( n d l cated ( ( ) 1 30n 578n 000 2s 2 2n 841 n 000 1 0s 4 9s 9 42s 7 1 s 5 Total M ++ 347, 863, 000 2_ 1 7, 389, 000 1 0_ 6 9_ 6 41 _ 4 1 _ 4 ( n ferred ( ( n f) 97n 832n 000 1 s 8 1 n 774n 000 9s 3 9s 6 38s
0 1 s 2 Total M ++ ++ n f 445, 695, 000 2_ 1 9, 1 63, 000 1 0_ 4 9_ 6 40_ 8 1 _ 4 N otes to accompan y mi n eral resou rce tabl e: k . Mineral Resources are reported using the definitions set out in the 20k 2 JORC Code and are
current as at June 4, 2026. Mineral Resources are reported on an in situ basis, inclusive of Ore Reserves. The Competent Person responsible for the estimate is John Eckman. Mineral Resources are reported within a conceptual pit
shell. Mineral Resources are reported above a cut-off grade of 0. 4% THM. Estimates have been rounded. 1 21
1 22 Ore Reserves Esti mates Tr e DFS rei eased on Ju n e 4 2026 dei i vered an
Ore Reserve for tr e Ti tan Project of approxi matei ly 1 1 7s 0 m i i i i on ton s at 3s 1 7% TH M compri si n g approxi matei ly 93s 3 m i i i i on ton s of Proved an d 23s 7 m i i i i on ton s of Probabi e Ore Reserves wr i cr u n derpi n s
tr e 1 4-lyear m i n e p i an an d tr e DFS econ omi c an ai lysi ss Ore Reserves were con verted from M easu red an d 0 n d i cated M i n erai Resou rcess 0 n ferred M i n erai Resou rces were set to wastes Ore Reserves are reported u si n g
tr e Ore Reserve defi n i ti on s set ou t i n tr e 201 2 JORC Code on a 1 00% basi ss T3 tan Project Ore Reserve Est3 mates at Ju n e 30, 2026 T3 tan Project Ore Reserve Est3 mate ROM ton s TH M TH M TH M Assemb N ages Z3 rcon Ru t3 N
e Q N men 3 te REE U n 3 t Proved Probab N e TotaN l%) lt) l%) l%) l%) l%) U pper M cN ai rly 24 565 000 2 41 5 000 26 980 000 2s 30 620 000 6s 2 6s 2 23s 6 0s 2 Lower M cN ai rly 68 740 000 21 307 000 90 047 000 3s
43 3 086 000 1 2s 7 1 0s 5 48s 3 1 s 9 TotaN 93, 306, 000 23, 722, 000 1 1 7, 027, 000 3_ 1 7 3, 706, 000 1 1 _ 6 9_ 8 44_ 2 1 _ 6 N otes to accompan y ore reserve tab N ee Ore Reserves are reported using the definitions set
out in the 201 2 JORC Code and are current as at June 4, 2026. Ore Reserves are reported at the point of delivery to the process plant. The Competent Person responsible for the estimate is Justin Douthat. Ore Reserves are reported within a
finalized mine design pit shell. Ore Reserves are reported above a cut-off grade of 0. 85% THM. .lmenite includes leucoxene, pseudorutile, and ilmenite and REE includes monazite, xenotime, and unclassified REE. Estimates have been rounded.
Compari sor of Cu rrert ard Pri or Year M i reral Resou rce ard Ore Reserve Esti
mates r accordarce wi th th e Compary s arru al reporti rg practi ces u rder th e JORC Code ( 201 2 E d i ti or) ard ASX L i sti rg Ru l esg th e Compary compares cu rrert M i reral Resou rce ard Ore Reserve esti mates for materi al m i r i
rg projects wi th correspordi rg pri or esti mates ard expl ai rs materi al ch arges wh ere appl i cabl e. Th i s compari sor assi sts i rvestors i r u rderstardi rg wh eth er ch arges i r reported torsg gradesg cortai red m i reral s or cl
assi fi cati ors resu l ted from expl orati or g u pdated model l i rgg ch arges i r cu t-off gradeg u pdated modi fyi rg factorsg ch arges i r ecoromi c assu mpti orsg depl eti or or oth er tech r i cal or commerci al factors. Th e 4 Ju re
2026 DFS u pdated th e M i reral Resou rce esti mate for th e Ti tar Project ard establ i sh ed th e mai der Ore Reserve esti mate for th e Project. Th e ch arges from th e pri or year pri mari l y refl ect compl eti or of th e DFSg u pdated
geol ogi cal model l i rgg u pdated m i reral assembl age datag appl i cati or of modi fyi rg factorsg m i re p l arri rgg metal l u rg i cal assu mpti orsg capi tal ard operati rg cost assu mpti orsg produ ct pri ci rg assu mpti ors ard
corversi or of a porti or of r ferred ard rdi cated M i reral Resou rces to M easu redg ard of M easu red ard rdi cated M i reral Resou rces to Proved ard Probabl e Ore Reserves. r ferred M i reral Resou rces were treated as waste ard were
rot u sed to su pport Ore Reserves or th e Produ cti or Target. M i n eral Resou rce Esti mate Compared wi th Pri or Year ( n si tu ton s KM t) TH M K%) TH M KM t) TH M Assembl age Zi rcon K%) Ru ti l e K%) ( l men i te K%) REE
K%) 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 M easu red KM ) 21 7 - 2. 1 - 4. 5 - 1 0. 8 - 9. 4 - 40. 6 - 1 . 4 - ( n d i cated K( ) 1 31 241 2. 2 2. 2 2. 8 5. 3 1 0. 4 1 1 .
3 9. 9 9. 3 42. 7 39. 7 1 . 5 2. 1 Total M +( 348 241 2b 1 2b 2 7b 4 5b 3 1 0b 6 1 1 b 3 9b 6 9b 3 41 b 4 39b 7 1 b 4 2b 1 ( n ferred K( n f) 98 1 90 1 . 8 2. 2 1 . 8 4. 2 9. 3 1 1 . 7 9. 6 9. 7 38. 0 41 . 2 1
. 2 2. 2 Total M +( +( n f 446 431 2b 1 2b 2 9b 2 9b 5 1 0b 4 1 1 b 5 9b 6 9b 5 40b 8 40b 3 1 b 4 2b 1 N otes to accompan y mi n eral resou rce tabl e: i . Mineral Resources are reported using the definitions set out in the
20i 2 JORC Code. Mineral Resources are reported on an in-situ basis, and for 2026 are inclusive of Ore Reserves. Mineral Resources are reported above a cut-off grade of 0. 4% THM. Estimates have been rounded. 1 23
1 24 Govern an ce of M i n eral Resou rces Th e Compan y' s govern an ce arran
gemen ts an d i n tern al con trol s for reporti n g i ts M i n eral Resou rce an d M i n eral Reserve E sti mates i n cl u de reporti n g on an an n u al basi s an d i n compl i an ce wi th th e 201 2 E d i ti on of JORC an d th e ASX L i sti
n g Ru l es) Geol ogi cal an d assay data u sed i n resou rce an d reserve esti mati on are col l ected i n accordan ce wi th i n du stry-stan dard protocol s an d qu al i ty con trol procedu res) M i n eral Resou rce an d Reserve esti mates
are prepared by a competen t person wh o i s su i tabl y qu al i fi ed an d experi en ced as defi n ed i n th e 201 2 E d i ti on of JORC) Th e Compan y en gages extern al con su l tan ts an d competen t person s ( as determi n ed pu rsu an t
to th e JORC Code) to prepare an d cal cu l ate esti mates of i ts M i n eral Resou rces an d Reserves) M an agemen t an d th e Board revi ew th ese esti mates an d u n derl yi n g assu mpti on s for reason abl en ess an d accu racy) Th e resu
l ts of th e M i n eral Resou rce esti mates an d Reserve esti mates are th en reported i n accordan ce wi th th e requ i remen ts of th e JORC Code an d oth er appl i cabl e ru l es ( i n cl u d i n g ASX L i sti n g Ru l es)) Wh ere materi
al ch an ges occu r du ri n g th e year to a project) i n cl u d i n g th e project' s si ize) ti tl e) expl orati on resu l ts or oth er tech n i cal i n formati on th en previ ou s resou rce an d reserve esti mates an d market d i scl osu
res are revi ewed for compl eten ess) Th e Compan y revi ews i ts M i n eral Resou rces an d Reserves as at Ju n e 30 each year) Wh ere a materi al ch an ge h as occu rred i n th e assu mpti on s or data u sed i n previ ou sl y reported M i n
eral Resou rces an d Reserves) th en wh ere possi b l e a revi sed M i n eral Resou rce esti mate an d M i n eral Reserve esti mate wi l l be prepared as part of th e an n u al revi ew process) H owever) th ere are ci rcu mstan ces wh ere th i
s may n ot be possi b l e ( e) g ) an on goi n g dri l l i n g program)) i n wh i ch case a revi sed M i n eral Resou rce an d Reserve E sti mate wi l l be prepared an d reported as soon as practi cabl e) Competen t Person s Statemen t Th e i
n formati on i n th i s report th at rel ates to th e M 7 n eral Resou rce Est7 mate i s based on ) an d fai rl y represen ts) i n formati on compi l ed an d/or revi ewed by M r) Joh n E ckman ) a Competen t Person wh o i s a Certi fi ed
Professi on al Geol ogi st) Ameri can F n sti tu te of Professi on al Geol ogi sts (#CPG-1 1 383) an d a regi stered member of th e Soci ety for M i n i n g ) M etal l u rgy & E xpl orati on ( SM E #41 97942)) both of wh i ch are Recogn i
ized Professi on al Organ i izati on s ( RPO)) M r) E ckman i s an empl oyee of M arsh al l M i l l er & Associ ates) M r) E ckman h as su ffi ci en t experi en ce wh i ch i s rel evan t to th e styl e an d type of m i n eral i izati on
presen t at th e Ti tan Project area an d to th e acti vi ty th at h e i s u n dertaki n g to qu al i fy as a Competen t Person as defi n ed i n th e 201 2 edi ti on of th e "Au stral asi an Code for Reporti n g of E xpl orati on Resu l ts) M
i n eral Resou rces an d Ore Reserves" ( th e 201 2 JORC Code)) M r) E ckman con sen ts to th e i n cl u si on i n th i s report of th e matters based on th i s i n formati on i n th e form an d con text i n wh i ch i t appears) Th e i n
formati on i n th i s report th at rel ates to th e Ore Reserve Est7 mate i s based on ) an d fai rl y represen ts) i n formati on compi l ed an d/or revi ewed by M r) Ju sti n Eou th at) a Competen t Person wh o i s a Regi stered M ember of
th e Soci ety for M i n i n g ) M etal l u rgy & E xpl orati on ( SM E #4028345)) wh i ch i s a Recogn i ized Professi on al Organ i izati on ( RPO)) M r) Eou th at i s an empl oyee of M arsh al l M i l l er & Associ ates) M r) Eou th
at h as su ffi ci en t experi en ce wh i ch i s rel evan t to th e styl e an d type of m i n eral i izati on presen t at th e Ti tan Project area an d to th e acti vi ty th at h e i s u n dertaki n g to qu al i fy as a Competen t Person as
defi n ed i n th e 201 2 edi ti on of th e "Au stral asi an Code for Reporti n g of E xpl orati on Resu l ts) M i n eral Resou rces an d Ore Reserves" ( th e 201 2 JORC Code)) M r) Eou th at con sen ts to th e i n cl u si on i n th i s report
of th e matters based on th i s i n formati on i n th e form an d con text i n wh i ch i t appears)
Corporate Govern an ce peri on X L i m i ted ( peri on X or Compan y) an d th e
en ti ti es i t con trol s bel i eve corporate govern an ce i s i mportan t for th e Compan y i n con du cti n g i ts bu si n ess acti vi ti es. Th e Board h as adopted a su i te of ch arters an d key corporate govern an ce docu men ts wh i ch
arti cu l ate th e pol i ci es an d procedu res fol l owed by peri on X. Th ese docu men ts are avai l abl e i n th e Govern an ce secti on of th e Compan yls websi te# www. i peri on x. com. Th ese docu men ts are revi ewed at l east an n u
al l y to address an y ch an ges i n govern an ce practi ces an d th e l aw. Th i s Corporate Govern an ce Statemen t ( Statemen t) # wh i ch i s cu rren t at Ju n e 30# 2026 an d h as been approved by th e Compan yls Board# expl ai n s h ow
peri on X compl i es wi th th e ASX Corporate Govern an ce Cou n ci l l s , Corporate Govern an ce Pri n ci p l es an d Recommen dati on s - 4th E d i ti on l ( ASX Pri n ci p l es an d Recommen dati on s) # wh i ch were pu b l i sh ed i n
Febru ary 201 9 i n rel ati on to th e year en ded Ju n e 30# 2026. Si n ce th e Compan y l i sted on N asdaq i n Ju n e 2022# i t mu st al so compl y wi th th e ru l es an d l aws appl i cabl e to a Forei gn Pri vate ssu er i n th e U . S. Th
e sou rces of th ese ru l es an d l aws are pri n ci pal l y th e U . S. Secu ri ti es an d E xch an ge Commi ssi on an d N asdaq. n addi ti on to th e ASX Corporate Govern an ce Cou n ci l l s , Corporate Govern an ce Pri n ci p l es an d
Recommen dati on s - 4th E d i ti on l an d appl i cabl e U . S. ru l es# th e Board h as taken i n to accou n t a n u mber of i mportan t factors i n determi n i n g i ts corporate govern an ce pol i ci es an d procedu res# i n cl u d i n g th
e8 cost versu s ben efi t of addi ti on al corporate govern an ce requ i remen ts or processes: Boardls experi en ce i n th e man u factu ri n g an d m i n eral resou rces sectors: organ i izati on al reporti n g stru ctu re an d n u mber of
reporti n g fu n cti on s# operati on al d i vi si on s an d empl oyees: an d d i rect sh areh ol der feedback. Th e Compan y<s 2026 Corporate Govern an ce Statemen t i s avai l abl e at th e Compan y<s websi te. P l ease refer to
httpsA//iperionxI com/company-overview/governance-corporate-directory/ 1 25
1 26 N ame N o. of Ordi n ary Sh ares H el d Percen tage of ssu ed Sh
ares ASX Addi ti on al n formati on Th e sh areh ol der i n formati on set ou t bel ow was appl i cabl e as at Au gu st 31 , 2 026. 1 . Twen ty Largest H ol ders of L i sted Secu ri ti es Th e n ames of th e twen ty l argest h ol ders of l
i sted secu ri ti es are l i sted bel ow: H SBC Cu stody N omi n ees ( Au stral i a) L i m i ted 1 47, 954, 735 40. 8% Ci ti corp N omi n ees Pty L i m i ted 42, 877, 379 1 1 . 8% J P M organ N omi n ees Au stral i a Pty L i m i ted 21
, 932, 246 6. 1 % BN P Pari bas N omi n ees Pty L td <Cl earstream> 1 4, 033, 1 71 3. 9% BN P Pari bas N oms Pty L td 1 0, 1 91 , 060 2. 8% M osh os Fami l y n vestmen ts Pty L td <M osh os Fami l y A/c> 6, 61 3, 448 1 .
8% U BS N omi n ees Pty L td 6, 440, 000 1 . 8% M r James F i sh er M cDon al d 5, 222, 1 44 1 . 4% BN P Pari bas N omi n ees Pty L td < B AU N OM S Retai l Cl i en t> 4, 1 98, 71 3 1 . 2% Arredo Pty L td 4, 000, 002 1 . 1
% M D H Pty L td 3, 639, 881 1 . 0% BN P Pari bas N omi n ees Pty L td <H U B 24 Cu stodi al Serv L td> 2, 909, 772 0. 8% M r Domi n i c Pau l Al l en <Westoz Servi ces A/c> 2, 677, 501 0. 7% Verve n vestmen ts Pty L
td 2, 534, 675 0. 7% H al i bery H otel s Pty L td 2, 500, 000 0. 7% H SBC Cu stody N omi n ees ( Au stral i a) L i m i ted <GSCO Cu stomers A/C> 2, 396, 534 0. 7% Petru s H ol d i n gs Pty L td 1 , 900, 000 0. 5% M r Lamon t
E dwi n Leath erman 1 , 784, 501 0. 5% N etweal th n vestmen ts L i m i ted <Wrap Servi ces A/C> 1 , 773, 791 0. 5% M rs E l i zabeth Kate Wh i ti n g( 1 ) 1 , 500, 000 0. 4% M r N ei l F ran ci s M i ch ael Day( 1 ) 1 , 500,
000 0. 4% Total top 20 h ol ders 288, 579, 553 79. 70 Oth er h ol ders 73, 660, 61 0 20. 3% Total W ssu ed cap W tal 362, 240, 1 63 1 00. 00 ( 1 ) Ti ed posi ti on wi th th e same n u mber of ordi n ary sh ares h el d . 2. D i stri
bu ti on of Equ i ty Secu ri ti es An al ysi s of n u mbers of h ol ders by si ze of h ol d i n g : D i stri bu ti on N u mber of Sh areh ol ders N u mber of Sh ares % of Sh ares 1 - 1 , 000 2, 1 63 926, 931 0. 3% 1 , 001 - 5, 000 1
, 61 3 4, 267, 691 1 . 2% 5, 001 - 1 0, 000 576 4, 358, 1 34 1 . 2% 1 0, 001 - 1 00, 000 797 24, 1 70, 930 6. 7% M ore th an 1 00, 000 1 56 328, 51 6, 477 90. 7% Total s 5, 305 362, 240, 1 63 1 000 Th ere were 566 h ol ders
of l ess th an a marketabl e parcel of ordi n ary sh ares.
2 D i stri b u ti on of E q u i ty Secu ri ti es (con ti n u ed ) D i stri b u ti
on N u rr b er of r ol d ers of u n l i sted op ti on s ( 1 )* Total U n i ts H el d % H el d N u rr b er of r ol d ers of u n l i sted op ti on s ( 2)* Total U n i ts H el d % H el d N u rr b er of r ol d ers of u n l i sted op ti on
s ( 3)* Total U n i ts H el d % H el d 1 - 1 % 000 - - -% - - -% - - -% 1 % 001 - 5% 000 - - -% - - -% - - -% 5% 001 - 1 0% 000 - - -% - - -% - - -% 1 0% 001 - 1 00% 000 - - -% - - -% - - -% M ore tr
an 1 00% 000 4 1 % 374% 746 1 00% 2 1 % 305% 000 1 00% 1 235% 000 1 00% Tota1 ls 4 1 5 3745 746 1 00° 2 1 5 3055 000 1 00° 1 2355 000 1 00° ( 1 ) E xerci se p ri ce A$5% exp i ri n g 1 0 Ap ri l 2029 ( 2) E xerci se p ri ce
A$8% exp i ri n g 30 J u n e 2027 ( 3) E xerci se p ri ce A$1 0% exp i ri n g 1 Ap ri l 2027 *D ssu ed u n d er tr e Corr p an yF s err p l oyee i n cen ti ve scr err e D i stri b u ti on N u rr b er of r ol d ers of u n l i sted op ti on s
( 1 )* Total U n i ts H el d % H el d N u rr b er of r ol d ers of u n l i sted op ti on s ( 2) Total U n i ts H el d % H el d N u rr b er of r ol d ers of u n l i sted op ti on s ( 3) Total U n i ts H el d % H el d 1 - 1 %
000 - - -% - - -% - - -% 1 % 001 - 5% 000 - - -% - - -% - - -% 5% 001 - 1 0% 000 - - -% - - -% - - -% 1 0% 001 - 1 00% 000 - - -% - - -% - - -% M ore tr an 1 00% 000 4 51 1 % 972 1 00% 3 1 % 566%
690 1 00% 3 1 % 773% 209 1 00% Tota1 ls 4 51 1 5 972 1 00° 3 1 5 5665 690 1 00° 3 1 5 7735 209 1 00° ( 1 ) E xerci se p ri ce A$1 1 % exp i ri n g 2 Ap ri l 2030 ( 2) E xerci se p ri ce A$1 8% exp i ri n g 2 Ap ri l 2031 ( 3) E
xerci se p ri ce A$22% exp i ri n g 2 Ap ri l 2031 *D ssu ed u n d er tr e Corr p an yF s err p l oyee i n cen ti ve scr err e D i stri b u ti on N u rr b er of r ol d ers of u n l i sted op ti on s ( 1 )* Total U n i ts H el d % H el
d N u rr b er of r ol d ers of p erforrr an ce ri g r ts( 2)* Total U n i ts H el d % H el d N u rr b er of r ol d ers of p erforrr an ce ri g r ts ( 3)* Total U n i ts H el d % H el d 1 00% 000 1 - 1 % 000
- - -% - - -% - - -% 1 % 001 - 5% 000 - - -% - - -% - - -% 5% 001 - 1 0% 000 - - -% - - -% - - -% 1 0% 001 - 1 00% 000 - - -% 1 30% 000 1 00% - - -% M ore tr an 1 947% 062 1 00% - - -% 3 2% 440%
000 1 00% Tota1 ls 1 9475 062 1 00° 1 305 000 1 00° 3 25 4405 000 1 00° ( 1 ) E xerci se p ri ce A$1 1 % exp i ri n g 6 Au gu st 2030 ( 2) E xp i ri n g 31 D ecerr b er 2026 an d vest u p on acr i evi n g vari ou s (n on -rr arket b
ased ) p erforrr an ce con d i ti on s ( 3) E xp i ri n g 21 D ecerr b er 2028 an d vest u p on acr i evi n g a 30-d ay VWAP of A$4 00 p er sr are an d otr er vari ou s (n on -rr arket b ased ) p erforrr an ce con d i ti on s *D ssu ed u n d
er tr e Corr p an yF s err p l oyee i n cen ti ve scr err e 127
128 2 D i stri b u ti or of E q u i ty Secu ri ti es (cor ti r u ek ) D i stri
b u ti or N u rr b er of h ol k ers of p erforrr ar ce ri g h ts( 1 )* Total U r i ts H el k % H el k N u rr b er of h ol k ers of p erforrr ar ce ri g h ts( 2) Total U r i ts H el k % H el k N u rr b er of h ol k ers of p erforrr ar
ce ri g h ts( 3) Total U r i ts H el k % H el k 1 - 1 , 000 - - -% - - -% - - -% 1 , 001 - 5, 000 - - -% - - -% - - -% 5, 001 - 1 0, 000 - - -% - - -% - - -% 1 0, 001 - 1 00, 000 2 1 45, 000 33% - - -% - -
-% M ore th ar 1 00, 000 2 300, 000 67% 3 1 , 1 57, 803 1 00% 3 1 , 1 57, 803 1 00% Tota3 ls 4 4457 000 1 00% 3 1 7 1 577 ,803 1 00% 3 1 7 1 577 ,803 1 00% ( 1 ) E xp i ri r g 31 D ecerr b er 2027 ar k vest u p or ach i evi
r g a 30-k ay VWAP of A$4 00 p er sh are ar k oth er vari ou s (r or -rr arket b asek ) p erforrr ar ce cor k i ti or s ( 2) E xp i ri r g 1 0 Ap ri l 2031 ar k vest u p or ach i evi r g a 30-k ay VWAP of A$6 00 p er sh are ( 3) E xp i ri r g
1 0 Ap ri l 2031 ar k vest u p or ach i evi r g a 30-k ay VWAP of A$7 00 p er sh are *G ssu ek u r k er th e Corr p ar yI s err p l oyee i r cer ti ve sch err e D i stri b u ti or N u rr b er of h ol k ers of p erforrr ar ce ri g h ts( 1
) Total U r i ts H el k % H el k N u rr b er of h ol k ers of p erforrr ar ce ri g h ts( 2) Total U r i ts H el k % H el k N u rr b er of h ol k ers of RSU s( 3) Total U r i ts H el k % H el k 1 - 1 , 000
- - -% - - -% - - -% 1 , 001 - 5, 000 - - -% - - -% - - -% 5, 001 - 1 0, 000 - - -% - - -% - - -% 1 0, 001 - 1 00, 000 - - -% - - -% 1 1 6, 755 1 00% M ore th ar 3 1 , 1 57, 803 1 00% 3 660, 077 1
00% - - -% Tota3 ls 3 1 7 1 577 ,803 1 00% 3 6607 077 1 00% 1 1 67 755 1 00% 1 00, 000 ( 1 ) E xp i ri r g 1 0 Ap ri l 2031 ar k vest u p or ach i evi r g a 30-k ay VWAP of A$8 00 p er sh are ( 2) E xp i ri r g 2 Ap ri l 2031 ar
k vest u p or ach i evi r g a 30-k ay VWAP of A$1 8 00 p er sh are ( 3) E xp i ri r g 31 D ecerr b er 2027 D i stri b u ti or N u rr b er of h ol k ers of RSU s( 1 ) Total U r i ts H el k % H el k N u rr b er of h ol k ers of RSU s(
2) Total U r i ts H el k % H el k N u rr b er of h ol k ers of RSU s( 3) Total U r i ts H el k % H el k 1 - 1 , 000 - - -% - - -% - - -% 1 , 001 - 5, 000 - - -% - - -% 3 9, 833 4% 5, 001 - 1 0,
000 - - -% - - -% 3 20, 993 9% 1 0, 001 - 1 00, 000 5 1 41 , 620 1 00% 2 1 64, 670 1 0% 8 21 2, 1 59 87% M ore th ar 1 00, 000 - - -% 5 1 , 473, 305 90% - - -% Tota3 ls 5 1 41 7 620 1 00% 7 1 7 6377 975 1
00% 1 4 2427 9,85 1 00% ( 1 ) E xp i ri r g 1 6 D ecerr b er 2028 ( 2) E xp i ri r g 1 0 Ap ri l 2029 ( 3) E xp i ri r g 31 D ecerr b er 2028
2 D i stri bu ti on of Equ i ty Secu ri ti es (con ti n u ek) D i stri bu ti
on N u rrber of h ol kers of RSU s( 1 ) Total U n i ts H el k % H el k N u rrber of h ol kers of RSU s( 2) Total U n i ts H el k % H el k N u rrber of h ol kers of RSU s( 3) Total U n i ts H el k % H el k 1 - 1 $
000 - - -% - - -% - - -% 1 $ 001 - 5$ 000 - - -% 1 1 37$ 81 4 8% 1 1 $ 820 9% 5$ 001 - 1 0$ 000 - - -% 1 3 94$ 052 20% - - -% 1 0$ 001 - 1 00$ 000 5 1 1 8$ 875 1 00% 1 4 344$ 868 72% 1 1 9$ 000 91 % M ore
th an 1 00$ 000 - - -% - - -% - - -% Tota2 s 5 1 1 87 875 1 00% 38 4767734 1 00% 2 207820 1 00% ( 1 ) Expi ri n g 23 Decerrber 2026 ( 2) Expi ri n g 31 Decerrber 2029 ( 3) Expi ri n g 2 M arch 2028 D i stri bu ti on N u
rrber of h ol kers of RSU s( 1 ) Total U n i ts H el k % H el k N u rrber of h ol kers of RSU s( 2) Total U n i ts H el k % H el k N u rrber of h ol kers of RSU s( 3) Total U n i ts H el k % H el k 1 - 1 $
000 - - -% - - -% - - -% 1 $ 001 - 5$ 000 - - -% - - -% - - -% 5$ 001 - 1 0$ 000 - - -% - - -% - - -% 1 0$ 001 - 1 00$ 000 4 209$ 032 1 00% 1 58$ 584 1 00% 4 1 35$ 044 1 00% M ore th an 1 00$
000 - - -% - - -% - - -% Tota2 s 4 2097032 1 00% 1 587584 1 00% 4 1 357044 1 00% ( 1 ) Expi ri n g 2 Apri l 2030 ( 2) Expi ri n g 3 Au gu st 2028 ( 3) Expi ri n g 5 Decerrber 2027 D i stri bu ti on N u rrber of h ol kers
of RSU s( 1 ) Total U n i ts H el k % H el k N u rrber of h ol kers of RSU s( 2) Total U n i ts H el k % H el k 1 - 1 $ 000 - - -% - - -% 1 $ 001 - 5$ 000 - - -% - - -% 5$ 001 - 1 0$ 000 - - -% - - -% 1 0$ 001 - 1
00$ 000 5 31 4$ 664 29% 1 1 5$ 500 1 00% M ore th an 1 00$ 000 3 780$ 666 71 % - - -% Tota2 s 8 1 7 0957330 1 00% 1 1 57 500 1 00% ( 1 ) Expi ri n g 31 Decerrber 2026 ( 2) Expi ri n g 2 Apri l 2028 129
3l Voti n g Ri gh ts Th e voti n g ri gh ts attach ed to secu ri ti es are set ou
t bel ow Ordinary shares - On a sh ow of h an ds each el i g i b l e voter presen t h as on e votel Wh ere a person presen t at a gen eral meeti n g represen ts person al l y or by proxy! attorn ey or represen tati ve more th an on e member!
on a sh ow of h an ds th e person i s en ti tl ed to on e vote on l y despi te th e n u mber of members th e person represen tsl On a pol l each el i g i b l e member h as on e vote for each fu l l y pai d sh are h el d an d a fracti on of a
vote for each partl y pai d sh are determi n ed by th e amou n t pai d u p on th at sh arel U n der th e Compan y$s con sti tu ti on resol u ti on s of members wi l l be deci ded by a sh ow of h an ds u n l ess a pol l i s deman dedl H owever!
i n accordan ce wi th th e Corporations Act 2001 ( Commonwealth - Cth)! th e Compan y deci des al l resol u ti on s proposed at i ts sh areh ol der meeti n gs by pol l l U n l i sted opti ons - Th e u n l i sted opti on s on i ssu e do n ot
carry an y voti n g ri gh tsl Performance ri gh ts - Th e performan ce ri gh ts on i ssu e do n ot carry an y voti n g ri gh tsl Restri cted Stock U n i ts - Th e Restri cted Stock U n i ts on i ssu e do n ot carry an y voti n g ri gh tsl 4l
Su bstan ti al Sharehol ders Su bstan ti al sh areh ol der n oti ces h ave been recei ved from th e fol l owi n g Su bstan ti al Sh areh ol der N u mber of Sh ares Th e Ban k of N ew York M el l on Corporati on an d i ts associ ates ( ADR
program) 96! 768! 001 FM R LLC an d i ts associ ates 26! 097! 578 D P TM H ol d i n gs Pty L td an d i ts associ ates 27! 1 33! 334 State Street Corporati on 27! 793! 1 72 JP M organ Ch ase & Co 24! 1 26! 965 5l On -market Bu y
Back Th ere i s cu rren tl y n o on -market bu yback program for an y of P peri on X L i m i ted$s l i sted secu ri ti esl 130
6 U n q u oted Secu ri ti es Th e n ar es of th e secu ri ty h op d ers h op d i
n g 20% or r ore of an u n p i sted cp ass of secu ri ty at 31 Au g u st 2026B n ot i ssu ed or acq u i red u n d er an er p p oyee i n cen ti ve sch er eB are p i sted b ep ow$ D i rector D i rector D i rector D i rector E r p p oyee E r
p p oyee E r p p oyee E r p p oyee Restri cted Restri cted Restri cted Restri cted Restri cted Restri cted Op ti on s Op ti on s Stock U n i tsB Stock U n i tsB Stock U n i tsB Stock U n i tsB Stock U n i tsB Stock U n i
tsB A$1 8B A$22B exp i ri n g exp i ri n g exp i ri n g exp i ri n g exp i ri n g exp i ri n g exp i ri n g exp i ri n g D ecer b er D ecer b er D ecer b er Au gu st 3B D ecer b er Ap ri p 1 0B Ap ri p 2B Ap ri p 2B H op d
er 5B 2027 1 6B 2028 23B 2026 2028 31 B 2026 2029 2031 2031 N ap aroo H op d i n g s P ty L td 33B 761 28B 324 22B 686 5 5 5 5 5 L orrai n e M arti n 33B 761 28B 324 28B 1 31 5 5 5 5 5 Ton y Tri p en y 5 28B
324 22B 686 5 5 5 5 5 M ep i ssa Wap p er 33B 761 28B 324 22B 686 5 5 5 5 5 B everp y Wyse 33B 761 28B 324 22B 686 5 5 5 5 5 M i ch aep L op arco 5 5 5 58B 584 5 5 5 5 An astasi os Ari r a 5 5 5 5 31 8B
666 41 9B 91 0 564B 759 639B 205 Tod d H an n i g an 5 5 5 5 5 5 465B 41 0 526B 760 Tob y Syr on d s 5 5 5 5 302B 666 400B 533 536B 521 607B 244 Oth ers 9p ess th an 20% ) 5 5 5 5 473B 998 81 7B 532 5 5 Tota? 1
35C 044 1 41 C 620 1 1 8C 875 58C 584 1 C 095C 330 1 C 637C 975 1 C 566C 690 1 C 773C 209 Tota? h o? ld ers 4 5 5 1 8 7 3 3 E r p p oyee E r p p oyee E r p p oyee E r p p oyee E r p p oyee E r p p oyee Restri cted Restri
cted Restri cted Restri cted Restri cted Restri cted Stock Stock Stock Stock Stock Stock E r p p oyee E r p p oyee U n i tsB U n i tsB U n i tsB U n i tsB U n i tsB U n i tsB P erforr an ce P erforr an ce exp i ri n g exp
i ri n g exp i ri n g exp i ri n g exp i ri n g exp i ri n g Ri gh tsB Ri gh tsB Ap ri p 2B M arch 2B Ap ri p 2B D ecer b er D ecer b er D ecer b er exp i ri n g Ap ri p exp i ri n g Ap ri p H op d er 2030 2028 2028 31 B
2027 31 B 2028 31 B 2029 1 0B 2031 2 2031 An astasi os Ari r a 5 5 5 5 5 5 1 B 307B 41 8 237B 944 Tod d H an n i g an 5 5 5 5 5 5 91 8B 906 1 96B 086 Tob y Syr on d s 5 5 5 5 5 5 1 B 247B 085 226B 047 D avi d L
an d ri th 5 5 5 5 56B 737 5 5 5 D or i n i c Ap p en 52B 258 5 5 5 5 5 5 5 M arcep a Castro 52B 258 5 5 5 5 5 5 5 Scott Sp arks 52B 258 5 5 5 5 5 5 5 M i ch aep Sp ath 52B 258 5 5 5 5 5 5 5 E ri c
Cop b y 5 5 1 5B 500 5 5 5 5 5 Car eron D owp e 5 5 5 1 6B 755 5 5 5 5 Sh i va Ven katarar an 5 1 9B 000 5 5 5 5 5 5 Oth ers 9p ess th an 20% ) 5 1 B 820 5 5 1 86B 248 476B 734 5 5 Tota? 209C 032 20C 820 1
5C 500 1 6C 755 242C 985 476C 734 3C 473C 409 660C 077 Tota? h o? ld ers 4 2 1 1 1 4 38 3 3 7 Restri cted Secu ri ti es Th ere are n o secu ri ti es restri cted or th e su b ject of vop u n tary escrow 131
132 8. E xp a orati on n terests Ti tan P roject Th e Ti tan P roject p rop
erty con si sts of over 1 0n 000 acres of su rface an d associ ated rr i n eraa ri g h ts i n Ten n esseen of wh i ch ap p roxi rr atea y 1 n 500 acres are own ed b y p eri on X Cri ti caa M i n eraa s L L Cn ap p roxi rr atea y 1 n 200 acres
are su b ject to a on g -terrr a ease b y p eri on X Cri ti caa M i n eraa s L L Cn an d ap p roxi rr atea y 7n 500 acres are su b ject to exca u si ve op ti on ag reerr en ts wi th p eri on X Cri ti caa M i n eraa s L L C. Th ese exca u si
ve op ti on ag reerr en tsn u p on exerci sen aa a ow p eri on X to a ease orn i n sorr e casesn p u rch ase th e su rface p rop erty an d associ ated rr i n eraa ri g h ts. P roject Ata as P roject Ata as p rop erty con si sts of ap p roxi
rr atea y 2n 500 acres of su rface an d associ ated rr i n eraa ri g h ts i n Ten n esseen of wh i ch ap p roxi rr atea y 1 n 200 acres are own ed b y p eri on X Cri ti caa M i n eraa s L L Cn an d ap p roxi rr atea y 1 n 300 acres are su b
ject to a on g - terrr rr i n eraa an d su rface ri g h ts a eases h ea d b y p eri on X Cri ti caa M i n eraa s L L C. L an d P arcea N u rr b er State n terest i n Su rface an d M i n eraa ri g h ts P roject T6 tan 1 68. 01 4. 03n 1 67.
006. 00n 1 71 . 009. 00n 1 71 . 009. 01 n 1 71 005. 03n 1 71 . 009. 03n 1 71 . 009. 04n 005 002. 00n 044 01 6. 01 n 1 71 002. 00n 1 71 003. 00n 1 71 009. 02n 1 71 01 3. 00n 1 71 008. 00n 1 71 01 1 . 00n 1 75 01 3. 01 n 023 Ten n essee 1
00% 002. 0n 1 71 01 0. 01 n 005 003. 00n 1 71 01 0. 00n 006. 030. 00n 026. 009. 00n 025. 01 7. 00n 1 71 . 001 . 00n 022. 020. 00n 1 68. 005. 02n 1 68. 01 1 . 00n 1 34. 01 4. 01 n 1 50. 008. 05n 1 51 . 008. 03n 1 52. 009. 00n 1 52. 01 1 .
00n 1 52. 01 3. 03n 1 52. 020. 01 n 1 68. 01 8. 01 n 1 68. 01 9. 04n 1 68. 01 3. 00n 005. 002. 01 n 1 68. 005. 00n 1 68. 005. 01 n 064. 022. 00n 063. 005. 01 n 063. 005. 00n 063. 006. 00n 061 . 01 0. 00n 064. 020. 00n 064. 021 . 00n 1 71 .
005. 00n 1 68. 01 7. 00n 1 71 . 005. 01 n 048. 01 7. 00n 1 71 . 005. 02n 1 71 . 005. 04n 1 69. 01 7. 01 n 060. 001 . 00n 1 29. 027. 00n 1 29. 027. 01 n 1 35. 005. 01 n 1 29. 028. 00n 1 62. 009. 001 n 1 62. 01 8. 00n 1 63. 009. 00n 1 62. 009.
00n 1 65. 01 9. 00n 01 0. 001 . 00n 050. 020. 00n 050. 036. 01 n 1 66. 01 1 . 00n 01 0. 01 4. 00n 01 0. 01 3. 00n 01 1 . 037. 03n 01 0. 01 4. 01 n 1 51 . 008. 00n 1 51 . 009. 00n 1 51 . 009. 04n 1 51 . 009. 03n 064. 01 0. 00n 064. 007. 00 P
roject At> as 086. 058. 00n 086. 085. 01 n 089. 002. 01 n 091 . 007. 01 n 089. 009. 00n 090. 001 . 02n 088. 01 4. 00n 091 . 008. 00n 085. 002. 00n 085. 009. 00n 085. 002. 02n 085. 001 . 00n 085. 003. 00n 085. 009. 02n 085. 009. 01 n 090.
002. 00n Ten n essee 1 00% 086. 058. 01 n 097. 01 0. 00n 097. 01 6. 00n 097. 01 0. 02n 096. 01 4. 00n 089. 004. 00n 090. 001 . 01 n 085. 008. 05n 086. 006. 00n 091 . 007. 02n 091 . 007. 1 2n 089. 003. 00n 097. 01 0. 01 n 085. 01 1 . 00n
088. 001 . 01 n 085. 008. 00 9. P h ase 2 M ateri aa Assu rr p ti on s an d Cau ti on ary Staterr en ts 1 n 400 tp a - "P h ase 2" - ( Refer ASX an n ou n cerr en t d ated Sep terr b er 2n 2025) E n g i n eeri n g an d d esi g n work rea ati
n g to th e p rod u cti on cap aci ti es referred to i n th i s rep ort h as b een u n d ertaken to d eterrr i n e th e p oten ti aa vi ab i a i ty of th e Corr p an yG s p rop osed P h ase 2 faci a i ty to p rod u ce ti tan i u rr rr etaa p
rod u cts. Th e resu a ts sh ou a d n ot b e con si d ered a p rofi t forecast or a p rod u cti on forecast. Wh i a e th e Corr p an y con si d ers aa a of th e rr ateri aa assu rr p ti on s con tai n ed i n th e ASX an n ou n cerr en t d ated
Sep terr b er 2n 2025 to b e b ased on reason ab a e g rou n d sn th ere i s n o certai n ty th at th ey wi a a p rove to b e correct or th at th e ran g e of ou tcorr es i n d i cated b y th e P h ase 2 p rojecti on s wi a a b e ach i eved
. E sti rr ates for cap i taa an d op erati n g costs are su b ject to a vari ety of p oten ti aa vari an ces i n ca u d i n g n b u t n ot a i rr i ted ton p ri ce of a ab orn p ri ce of con su rr ab a esn forei g n exch an g e i rr p actsn
an d raw rr ateri aa p ri ces. To ach i eve th e P h ase 2 cap aci ty esti rr atesn fu n d i n g i n th e ord er of U S$75 rr i a a i on n i n ca u d i n g con ti n g en cyn wi a a a i kea y b e req u i red n wh i ch rr ay b e sou rced frorr
exi sti n g cash b aa an ce an d g overn rr en t g ran tsn i n ca u d i n g th e D oW B AS an d SB R P h ase p rog rarr s.
1 0. ASX Compl i an ce Statemen ts Th i s report con tai n s i n formati on rel
ati n g to a M i n eral Resou rce E sti mate an d an Ore Reserve E sti mate for th e Ti tan deposi t ( wh ere th e M i n eral Resou rce E sti mate was prepared by M r. Joh n E ckman & a Competen t Person & an d th e Ore Reserve E sti
mate was prepared by M r. Ju sti n Cou th at& al so a Competen t Person ) extracted from an ASX market an n ou n cemen t ti tl ed ", peri on X Ti tan CFS Con fi rms H i gh -Retu rn U . S. Rare E arth s an d Cri ti cal M i n eral s Project"
an d pu b l i sh ed on th e ASX p l atform ( www. asx. com. au ) on Ju n e 4& 2026. Th e Compan y con fi rms th at i t i s n ot aware of an y n ew i n formati on or data th at materi al l y affects th e i n formati on i n cl u ded i n th e
ori g i n al market an n ou n cemen t an d th at al l materi al assu mpti on s an d tech n i cal parameters u n derpi n n i n g th e esti mates i n th e rel ease of Ju n e 4& 2026 con ti n u e to appl y an d h ave n ot materi al l y ch an
ged. Th e Compan y con fi rms th at th e form an d con text i n wh i ch th e Competen t Person s6 fi n d i n gs are presen ted h ave n ot been materi al l y modi fi ed from th e ori g i n al market an n ou n cemen t. Th i s report con tai n s
expl orati on resu l ts rel ati n g to th e Atl as deposi t extracted from an ASX market an n ou n cemen t ti tl ed "Acqu i si ti on Cel i vers H i gh Val u e Cri ti cal M i n eral s" an d pu b l i sh ed on th e ASX p l atform ( www. asx. com.
au ) on Ju l y 2& 2026. Th e Compan y con fi rms th at i t i s n ot aware of an y n ew i n formati on or data th at materi al l y affects th e i n formati on i n cl u ded i n th e ori g i n al market an n ou n cemen t. Th e Compan y con fi
rms th at th e form an d con text i n wh i ch th e Competen t Person s6 fi n d i n gs are presen ted h ave n ot been materi al l y modi fi ed from th e ori g i n al market an n ou n cemen t. Th e Competen t Person was M r Adam Karst. Th i s
report con tai n s produ cti on target an d forecast fi n an ci al i n formati on extracted from an ASX an n ou n cemen t ti tl ed ", peri on X Ti tan CFS Con fi rms H i gh -Retu rn U . S. Rare E arth s an d Cri ti cal M i n eral s Project" an
d pu b l i sh ed on th e ASX p l atform ( www. asx. com. au ) on Ju n e 4& 2026. Th e Compan y con fi rms th at al l materi al assu mpti on s u n derpi n n i n g th e produ cti on target an d forecast fi n an ci al i n formati on d i scl
osed i n th e ASX an n ou n cemen t dated Ju n e 4& 2026 con ti n u e to appl y an d h ave n ot materi al l y ch an ged. 1 33
1 34 1 1 . Forward Lookt n g Statemen ts Th t s report may t n cl u de forward-l
ookt n g statemen ts. Often ' bu t n ot al ways' forward l ookt n g statemen ts can gen eral l y be t den tt ft ed by th e u se of forward-l ookt n g words su ch as 'may"' 'wt l l "' 'expect"' 't n ten d"' 'p l an "' 'estt mate"' 'an tt ct
pate"' 'con tt n u e"' an d 'gu t dan ce"' or oth er st m t l ar words an d may t n cl u de' wt th ou t l t m t tatt on ' statemen ts regardt n g p l an s' strategt es an d objectt ves of man agemen t' an tt ct pated produ ctt on or con stru
ctt on commen cemen t dates an d expected costs or produ ctt on ou tpu ts. Forward l ookt n g statemen ts t n h eren tl y t n vol ve kn own an d u n kn own rt sks' u n certat n tt es an d oth er factors th at may cau se th e Compan y& s
actu al resu l ts' performan ce' an d ach t evemen ts to d t ffer matert al l y from an y forecast fu tu re resu l ts' performan ce' or ach t evemen ts. Rel evan t factors may t n cl u de' bu t are n ot l t m t ted to' ch an ges t n commodt ty
prt ces' foret gn exch an ge fl u ctu att on s an d gen eral econ omt c con d t tt on s' t n creased costs an d deman d for produ ctt on t n pu ts' th e specu l att ve n atu re of expl oratt on an d project devel opmen t' t n cl u d t n g th e
rt sks of obtat n t n g n ecessary l t cen ses an d permt ts an d d t m t n t sh t n g qu an tt tt es or grades of m t n eral t zatt on ' th e Compan y& s abt l t ty to compl y wt th th e rel evan t con tractu al terms to access th e tech
n ol ogt es' commerct al l y scal e t ts cl osed-l oop tt tan t u m produ ctt on processes' or protect t ts t n tel l ectu al property rt gh ts' pol t tt cal an d soct al rt sks' ch an ges to th e regu l atory framework wt th t n wh t ch th e
Compan y operates or may t n th e fu tu re operate' en vt ron men tal con d t tt on s t n cl u d t n g extreme weath er con d t tt on s' recru t tmen t an d reten tt on of person n el ' t n du strt al rel att on s t ssu es an d l t tt gatt on
. Forward l ookt n g statemen ts are based on th e Compan y an d t ts man agemen t& s good fat th assu mptt on s rel att n g to th e ft n an ct al ' market' regu l atory an d oth er rel evan t en vt ron men ts th at wt l l ext st an d
affect th e Compan y& s bu st n ess an d operatt on s t n th e fu tu re. Th e Compan y does n ot g t ve an y assu ran ce th at th e assu mptt on s on wh t ch forward l ookt n g statemen ts are based wt l l prove to be correct' or th at th
e Compan y& s bu st n ess or operatt on s wt l l n ot be affected t n an y matert al man n er by th ese or oth er factors n ot foreseen or foreseeabl e by th e Compan y or man agemen t or beyon d th e Compan y& s con trol . Al th ou gh
th e Compan y attempts an d h as attempted to t den tt fy factors th at wou l d cau se actu al actt on s' even ts or resu l ts to d t ffer matert al l y from th ose d t scl osed t n forward l ookt n g statemen ts' th ere may be oth er factors
th at cou l d cau se actu al resu l ts' performan ce' ach t evemen ts' or even ts n ot to be as an tt ct pated' estt mated or t n ten ded' an d man y even ts are beyon d th e reason abl e con trol of th e Compan y. Accordt n g l y' readers are
cau tt on ed n ot to p l ace u n du e rel t an ce on forward l ookt n g statemen ts. Forward l ookt n g statemen ts t n th ese matert al s speak on l y at th e date of t ssu e. Su b ject to an y con tt n u t n g obl t gatt on s u n der appl t
cabl e l aw or an y rel evan t stock exch an ge l t stt n g ru l es' t n provt d t n g th t s t n formatt on th e Compan y does n ot u n dertake an y obl t gatt on to pu b l t cl y u pdate or revt se an y of th e forward-l ookt n g statemen ts
or to advt se of an y ch an ge t n even ts' con d t tt on s or ct rcu mstan ces on wh t ch an y su ch statemen t t s based.
GLOSSARY OF TERM S AN D DEF N T ON S Wh en th e foa a owi n g terms an d abbrevi
ati on s appear i n th e text of th i s reportl th ey h ave th e mean i n gs i n d i cated bea ow' AASB Au straa i an Accou n ti n g Stan dards Board ADSs Ameri can Deposi tary Sh ares AM C Advan ced M an u factu ri n g Cen ter ARH TM peri
on X propri etary tech n oa ogy for aa kaa i n e roasti n g an d h ydroa ysi s ASTM Ameri can Soci ety for Testi n g an d M ateri aa s ASX Au straa i an Secu ri ti es E xch an ge At9 as or At9 as Project M i n eraa l property an d i n frastru
ctu re assets acqu i red from Covi a Soa u ti on s LLC on Ju a y 1 l 2026 B 9 acksan d B a acksan d Tech n oa ogy LLC CCO Ch i ef Commerci aa Offi cer CEO Ch i ef E xecu ti ve Offi cer CFO Ch i ef F i n an ci aa Offi cer CO2e Carbon d i oxi
de equ i vaa en ts COO Ch i ef Operati n g Offi cer CSO Ch i ef Strategy Offi cer DEVCOM U P SP Army Combat Capabi a i ti es Devea opmen t Comman d DFS Defi n i ti ve Feasi b i a i ty Stu dy DoW Departmen t of Warl aa so referred to as "
Departmen t of Defen se" l ren amed by E xecu ti ve order 1 4347l "Restori n g th e U n i ted States Departmen t of War" DRS D i rect Regi strati on System DTC Deposi tory Tru st Compan y DPA Ti t9 e I I I A provi si on of th e Defen se
Produ cti on Act of 1 950 th at aa a ows th e Presi den t to expan d th e produ cti on an d su ppa y of cri ti caa materi aa s n ecessary for n ati on aa defen seP EBI TDA E arn i n gs before i n terestl taxesl depreci ati on an d amorti
izati on EPS E arn i n gs per sh are Exch an ge Act U P SP Secu ri ti es E xch an ge Act of 1 934l as amen ded FR F i xed remu n erati on Gen XTM peri on Xbs n ext-gen erati on con ti n u ou s H AM RTM p a atform Green Ru ti 9 eTM
peri on X propri etary tech n oa ogy for a ow carbon ti tan i u m m i n eraa en ri ch men t GSDTM peri on X propri etary tech n oa ogy for th e Gran u a ati on Si n teri n g Deoxygen ati on TM process G VSC DE VCOM Grou n d Veh i ca e
Systems Cen ter H AM RTM peri on X paten ted tech n oa ogy for H ydrogen Assi sted M etaa a oth erm i c Redu cti on TM H M APL H yperi on M etaa s h Au straa i a) Pty L td H REC H eavy rare earth con cen trate H SPTTM peri on X paten
ted tech n oa ogy for h ydrogen si n teri n g an d ph ase tran sformati on process H fO H afn i u m D i oxi de I AS n tern ati on aa Accou n ti n g Stan dards I ASB n tern ati on aa Accou n ti n g Stan dards Board I BAS U P SP DoW n
du stri aa Base An aa ysi s an d Su stai n men t gran t program I D I IQ n defi n i te dea i veryl i n defi n i te qu an ti ty I FRS n tern ati on aa F i n an ci aa Reporti n g Stan dards I peri on X L i mi ted "Compan y" or " peri on
X"l "Con soa i dated E n ti ty" or "Grou p" I P n tea a ectu aa property I PF n du stri aa P i a ot Faci a i ty i n West Vaa a ey Ci tyl U tah I RR i n tern aa rate of retu rn JLTV Joi n t L i gh t Tacti caa Veh i ca e JORC Code Au
straa asi an Code for Reporti n g of E xpa orati on Resu a tsl M i n eraa Resou rces an d Ore Reserves kg ki a ogram 135
KM P Key M an agemen t Person n el KPI Key performan ce i n d i
cators LTI Lon g-term i n cen ti ves LTI P Lon g-term i n cen ti ve p l an m meter m 3 cu b i c meter M t M i l l i on metri c ton s N /A N ot appl i cabl e N asdaq N asdaq Capi tal M arket N EDs N on -Execu ti ve D i rectors N
PV N et Presen t Val u e Ordi n ary Sh ares Common sh arese equ i ty i n stru men ts th at g i ve sh areh ol ders voti n g ri gh ts an d poten ti al d i vi den ds Performan ce Ri gh ts Equ i ty awards requ i ri n g ach i evemen t of rel
evan t performan ce con d i ti on s Performan ce Sh ares Con ti n gen t stock awards th at are vesti n g based on performan ce metri cs PwC Pri cewaterh ou seCoopers QP Qu al i fi ed Person R&D Research an d devel opmen t REE Rare
earth el emen ts REO Rare earth oxi de ROM Ru n of m i n e RSU s Restri cted stock u n i ts SAE Soci ety of Au tomoti ve En g i n eers SBI R Smal l Bu si n ess P n n ovati on Research STI Sh ort term i n cen ti ves Tech n ol ogi
es P peri on XSs col l ecti on of paten ts to certai n ti tan i u m an d metal al l oy produ cti on tech n ol ogi es TH M Total h eavy m i n eral Ks) TH RM TM P peri on X paten ted tech n ol ogy for Th ermo-H ydrogen Refi n emen t of M i
crostru ctu reTM Ti Cl 4 Ti tan i u m tetrach l ori de Ti O2 Ti tan i u m d i oxi de Ti H 2 Ti tan i u m h ydri de Ti -6Al -4V Crade 5 ti tan i u m al l oy Ti tan Project Ti tan Cri ti cal M i n eral s Project i n Ten n essee tpa M
etri c ton s per an n u m TPF Ti tan i u m Produ cti on Faci l i ty Treaty th e Con ven ti on between th e Covern men t of th e U n i ted States of Ameri ca an d th e Covern men t of Au stral i a for th e Avoi dan ce of Dou b l e Taxati on
an d th e Preven ti on of F i scal Evasi on wi th Respect to Taxes on P n comee as amen ded U L U n derwri ters Laboratori es U . S. U n i ted States of Ameri ca U . S. GAAP U g Sg gen eral l y accepted accou n ti n g pri n ci p l es U n
l i sted Opti on s U n qu oted i n cen ti ve opti on s VWAP Vol u me-wei gh ted average pri ce WA Wei gh ted average ZrO2 Zi rcon i u m D i oxi de 136
Corporate D i rectory D i rectors M r Todd H an n i gan - E xecu ti ive Ch ai
rman M r An astasi os Ari ma - CE O & M an agi n g D i rector M s Lorrai n e M arti n - Lead # n depen den t D i rector M r M i ch ael J Loparco - # n depen den t N on -E xecu ti ive D i rector M r Vau gh n Tayl or - # n depen den t N on
-E xecu ti ive D i rector M r Ton y Tri pen y - # n depen den t N on -E xecu ti ive D i rector M s M el i ssa G Wal l er - # n depen den t N on -E xecu ti ive D i rector M s Beiverl y M Wyse - # n depen den t N on -E xecu ti ive D i
rector Compan y Secretary M s Lou i sa M arti n o Offi ces Pri nci pal Executi ive Offi ce 1 092 Con froy Dri ive Sou th Boston A VA 24592 U N # TE D STATE S Tennessee Offi ce 279 West M ai n Street Camden A TN 38320 U N # TE D STATE S U
tah Offi ce 1 782 W 2300 S West Val l ey Ci tyA U T 841 1 9 U N # TE D STATE S Registered Offi ce Leivel 5A 56 P i tt Street Sydn ey N SW 2000 AU STRAL# A # n tl : 61 2 8823 31 79 Websi te www i peri on x com Stock Exchan ge L i sti n
gs N asdaq Capi tal M arket ( N ASDAQl # PX) Au stral i an Secu ri ti es E xch an ge ( ASXl # PX) Share Regi stry Au tom i c Pty L td Tel l 1 300 288 664 # n tl : 61 2 9698 541 4 Lawyers U n i ted States Gi bson A Du n n & Cru tch
er Austral i a Th omson s Ban kers PN C Ban k U n i ted States Th e Ban k of N ew York M el l on Corp Austral i a N ati on al Au stral i a Ban k Au d i tor Pri cewaterh ou seCoopers M el bou rn eA Au stral i a 137
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