Toondoon Kaolin Project

The project comprises an approved Mining Lease (ML80126) and two Exploration Permits for Minerals (EPM 27395 & 27866), located approximately 20 kilometres south of Mundubbera, Queensland, and spans over 28,000 hectares.

In December 2022, the Company acquired the freehold land underlying the Group’s approved ML80126, as well as overlapping the adjacent EPMs. The land of approximately 682 hectares provides direct access to local roads and water sources, which simplifies and accelerates mining operations.

Between 2012 and 2025, four drilling campaigns were conducted across approximately 60% of the ML 80126, utilising air-core, reverse circulation (RC), and diamond drilling methods. A total of 117 drill holes were completed, contributing 3,088m of drilling data that inform the Mineral Resource Estimate (MRE).

Toondoon Kaolin Project (ML 80126) Mineral Resource – 2025

Toondoon project highlights include:

• Exceptionally high-grade resource with low impurities
• Resource remains open in all directions
• Large-scale mineralised system from the surface
• 2025 MRE is derived from less than 5% of tenement footprint
• Little to no overburden
• Low-cost straightforward quarry-style mining operation
• B-Double approved route of 260km from Pit to Bundaberg Port

Binding $200m Offtake Agreement executed with MSI

In September 2025, the Company executed a significant binding kaolin direct shipping ore (DSO) offtake agreement (“Offtake Agreement”) with Jiangsu Mineral Sources International Trading Co, Limited (MSI), an international trading house established in China and one of the world’s leading independent bulk raw material trading companies.

Based on committed volumes of 950,000 tonnes over an initial 5-year period, the DSO kaolin offtake is valued at approximately $204 million, delivering an average net margin >45% across the initial term.

Trials undertaken by Central Queensland University in 2024 confirmed that high-reactivity metakaolin, exceeding both the Australian Standard and ASTM International Standard for manufactured pozzolans, can be produced from a range of the Company’s Toondoon kaolin profiles. The exceptional >90% kaolinite content of Toondoon’s raw ore underpins a simplified processing flowsheet and delivers a material competitive advantage in manufacturing costs, as only limited beneficiation is required to produce high-reactivity metakaolin.

Abercorn Kaolin Project

The project comprises 4 contiguous Exploration Permits for Mineral (“EPM”) for a total of 50 sub-blocks, comprising EPM 26837 (33 sub-blocks), EPM 26903 (4 sub-blocks), EPM 19081 (1 sub-block), and EPM 27427 (12 sub-blocks), located 20km north of Eidsvold and 70km south of Monto in the North Burnett District of south-central Queensland, spanning circa 20,000 hectares.

The resource remains open in all directions, with less than circa 10% of the project area being drilled.

Abercorn project highlights include:

• Initial drilling has demonstrated a consistent medium-grade of mineralisation
• The resource runs from the surface and contains little to no overburden
• The project is located close to existing infrastructure, including a main sealed highway adjacent to the project area, mains power on site, and an ample water supply within the EPM.
• Good logistics (highway for heavy-rated trucks), being 250km to Gladstone and 200km to Bundaberg Ports.