Announcement PDF An ASX/NZX-listed Producer, Developer and Explorer with Precious Metals assets in the Cobar Basin and Iron Ore and Critical Minerals assets in New Zealand 7 January 2026 Updated commodity prices - on track to commence gold and silver production Q2 2026 (completely unhedged) 1 This disclaimer applies to this presentation and the information contained in it (the Presentation). By reading this disclaimer you agree to be bound by it. The Presentation has been prepared by Manuka Resources Limited and relates to its subsidiaries, related parties and any new assets or entities subsequently acquired or incorporated (collectively the Company). The Presentation was prepared on 7 January 2026 and the information in it is subject to change without notice. Purpose The Presentation is for information purposes only and is an overview of the Company and its assets at the time of preparation. 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Previously reported information The information in this presentation that relates to previously reported Exploration Results, Exploration Targets, Mineral Resources and Ore Reserves is extracted from the Company’s ASX announcements noted in the text of the presentation and are available to view on the Company’s website. The Company confirms that, other than mining depletion, it is not aware of any new information or data that materially affects the information included in the original announcements and, in the case of estimates of Mineral Resources and Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant announcement continue to apply and have not materially changes. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially altered. Disclaimer 2 October 2025 ▪ Large company-making iron ore sands project. ▪ 3.2Bt5 Vanadium, Titanium, Magnetite (VTM) Resource. ▪ Mining Lease granted. ▪ PFS completed March 2025 o 5Mtpa production of critical minerals bearing Iron ore concentrate from seafloor iron sands deposits o Capex US$602M o US$27.2/t C1 Cost o NPV10 of US$1.2B o IRR 39% ▪ Decision due 18 March 26 from NZ’s Fast-track approvals process. ▪ Targeting Bankable Feasibility Study commencement in 2026. Focused on bringing Cobar Basin precious metal assets back online Q2 2026 and advancing the Taranaki VTM Project through the NZ Fast-track approvals process About Manuka Taranaki VTM Project4 Cobar Basin Production Plan1,2 Phased Strategy to deliver Self-sustaining Value Creation ✓ ASX listed mine operator, developer and explorer ✓ Near-term production from Gold and Silver assets located in the prolific Cobar Basin, NSW ✓ Large Vanadium-rich Iron Sands Resource located offshore of the Taranaki Bight, New Zealand 1. ASX Release 30 May 2025 2. ASX Release 5 August 2025 3. See Production Target and Financial Forecast Slides included in this presentation 4. ASX Release 23 April 2025 5. ASX Release 1 March 2023 6. Based on Cobar Basin Production plan released on ASX 30 May 2025 with only the commodity price assumptions increased, all physicals, production targets and operating cost assumptions remain unchanged. The Company is unaware of any new information or data that materially affects the information included in the 30 May 2025 announcement Near Term Cashflow Long Term Strategic Value ▪ Existing 1Mtpa Processing Plant and associated infrastructure located at Wonawinta, strategically located within the Cobar Basin. ▪ Existing Open Pit Gold Mine and Stockpiles located at Mt Boppy, 150km by road from Wonawinta ▪ 10 Year Mine Plan and 10.9Mt Production Target comprising 19Moz Silver from Wonawinta Open Pits and ROM Stockpiles and 46koz Gold from the Mt Boppy Open Pit and Wonawinta/Mt Boppy Stockpiles ▪ Restart costs estimated at A$18.9M including the addition of deslime circuit to the Wonawinta Processing Plant to enhance performance ▪ Average EBITDA circa A$106M6 resulting in NPV8 of A668M, IRR ~1096% basis A$107.50/oz silver (expanded on slide 17) ▪ Start of production in Q2 calendar year 2026. 3 Corporate Summary Share Price History Capital Structure Shares Outstanding (post AGM issuance) 1,404M Options/Notes Outstanding 282M Share Price (6 January 2026) c/share 11c Market Capitalisation A$154M Cash + Capital Raising A$9M Debt Outstanding ~ 31 Dec 2025 A$30M • A$19.3M - Senior Debt Facility*** • A$10.5M Tennant Metals SA Pty Ltd - Trade Finance Facility Share Price Catalysts for FY26: ▪ Continued strength in Gold and Silver markets ▪ Secure non-dilutive funding to support Restart Precious Metal Production in the Cobar Basin, to be finalised during January ▪ Near Term Production at Wonawinta Q2 2026 ▪ Only Australian primary silver project commencing production over next ~3-4 years ▪ 18 March 2026 target date for notification of NZ VTM Project approval status Board And Management Dennis Karp Executive Chairman Alan Eggers Executive Director, Chairman TTR John Seton Non -Executive Director Haydn Lynch Chief Operating Officer Rod Griffith Executive General Manager Richard Holstein Chief Financial Officer Dieter Engelhardt Project Manager Phil Bentley Chief Geologist 4 *** ASX Release 26 September 2025 - Senior Debt Facility (AUD equivalent) has been assigned from TransAsia Private Capital Pty Ltd to a unit trust comprising existing (non-related party) shareholders and concurrently the maturity date has been extended by 6 months to March 2026 Silver Price Fundamentals 1. Shanghai Exchange silver prices 10% higher than Comex 2. World Silver Survey 2025 3. COMEX SI1! & GC1! Futures curves 2 Jan 2026 Gold Futures Forward Curve (USD/oz)3 5 Silver Futures Forward Curve (USD/oz)3 AUD/USD 0.6700 $4,400.00 $4,600.00 $4,800.00 $5,000.00 $5,200.00 $5,400.00 $5,600.00 $5,800.00 A$ 6693 A$ 6944 A$ 7198 A$ 7614 A$ 7715 A$ 7820 $70.00 $72.00 $74.00 $76.00 $78.00 $80.00 $82.00 $84.00 A$ 109.2 A$ 112.6 A$ 115.4 A$ 116.1 A$ 116.8 A$ 117.5 Silver fundamentals remain very sound: Ongoing deficits, investor demand and critical mineral politics (silver is now a critical mineral - Chinese demand has driven the Shanghai / Comex arbitrage to over 10%1) 2024 - 149Moz deficit2, mine production 820Moz 2025F - 120Moz deficit2, mine production 835Moz 2026F - growing demand with stable to lower production = continued deficits World Silver Survey 2025 Board and Key Management Personnel Dennis Karp Executive Chairman Dennis was Head of Trading at HSBC Australia prior to joining Tennant Limited in 1997, one of Australia’s largest physical commodities trading companies with operations in Asia and Europe. He was a principal shareholder of Tennant Metals until 2010, and a director until December 2014. Dennis led the syndicate which purchased the Manuka assets in 2016. Alan Eggers Executive Director Alan is a geologist with over 40 years of experience and a founding director of Summit Resources Ltd (built into an ASX Top 200 company & an ultimate takeover by Paladin Energy for A$1.2B in 2007). He holds Bachelor of Science, Honours, and Master of Science degrees from Victoria University of Wellington. He is a fellow of the Society of Economic Geologists, a fellow of AusIMM, & a member of Australian Institute of Geoscientists. John Seton Non-Executive Director John is an Auckland based lawyer with extensive experience in commercial law and the mineral resources sector. He was a director of Summit Resources Limited until its sale in 2007, as well as being a director of a number of other ASX and NZX listed private companies. John was a former Chairman of the Vietnam/New Zealand Business Council. Haydn Lynch Chief Operating Officer Over 25 years of experience in M&A, financial markets and private equity, with a substantive track record in the origination and execution of domestic and cross-border transactions in metals and mining in Australia, Africa, Japan, China, and Mongolia. Haydn’s senior management experience includes Bankers Trust Australia, Investec Bank, RBC Capital Markets and Southern Cross Equities. Director of Terra Critical Minerals Ltd and private entities. Rod Griffith Executive General Manager Rod has over 30 years in mine development, management and engineering experience in a range of roles including COO, GM and site project manager. He holds a Bachelor of Civil Engineering and Surveying from University of Newcastle and a post graduate diploma in mining engineering from the University of Ballarat. Most recently, Rod held the General Manager Operations role for the Tomingley Gold mine (an underground gold operation with approx. 300 employees processing circa 1.3Mtpa in Central NSW). Dieter Engelhardt Chief Metallurgist Dieter has over 30 years of experience in the mining industry including roles at Telfer Gold Mine (Senior Metallurgist), Northparkes Mines (Senior Metallurgist), McKinnons Gold Mine (Resident Manager), and the CSA Mine (Manager Ore Processing). Dieter was employed by Newcrest Mining Ltd (now Newmont) in various roles including Manager Ore Processing and Principal Metallurgist. Phil Bentley Chief Geologist Phil has 40 years of international experience in the mining industry in both senior geological positions as well as in senior management and director capacities. Executive roles include Randgold Resources and Randgold Exploration, Trafigura Mining Services (Global Head of Exploration), CSA Global South Africa (Principal Geologist Africa) and Asanko Gold. Phil is a Qualified person under NI 43-101 (Canadia) and JORC (Australia) and is a Fellow of the South African Geological Society. Track record of value creation combined with deep and relevant operational experience 6 Welcome to Cobar – a mining town through and through since the 1860’s Wonawinta Silver Mine Mt Boppy Gold Mine Cobar Basin, New South Wales 7 2025 2023 acquisition of Endeavour Mine from CBH Resources 2021 Acquisition of Mineral Hill from Quintana Holdings 2021 A$76.7M acquisition of Peak Mine from New Gold Current Market Cap = A$390M Current Market Cap = A$105M Current Market Cap = A$430M Sealed Highways Cobar Wonawinta Mt Boppy Endeavour Mine CSA Mine Tritton Mines Mineral Hill Mine Peak & New Cobar Mines Federation & Hera Mines Pipeline Ridge Mallee Bull, May Day, Wagga Tank McKinnons Cobar Basin NSW Manuka Projects / Tenure Other Resources / Project Mining & Exploration Licenses Manuka’s existing production facility and mining licences provide a strategic position in a region set to become the next Kalgoorlie (WA) 2025 US$1.03B acquisition of CSA Metals Acquisition Corp Current Market Cap = US$11.32B Manuka holds Assets of Strategic Value in a Tier -1 precious metals and base metals district 8 Wonawinta Silver Mine (100% Manuka) Figure:Aerial view of the existing Wonawinta 1mtpa Processing Plant showing the Ball Mill (bottom right) and CIL tanks (centre-left). • Existing 1Mtpa CIL Processing Plant and associated Infrastructure built by CCR in 2012 for approximately A$60M. • Two existing and three planned Open Pits. • Currently on active Care & Maintenance. • Historic Production of 3.2Moz including 382koz by Manuka between 2022 and 2023 during which time gold ounces recovered at a rate of 0.23% per silver ounce. • Total 38.5Mt Resource1 comprising: o 38.3Mt at 41.3g/t Ag in ground1; and o 0.2Mt at 60g/t Ag and 0.07g/t Au in ROM Stockpiles2. • Updated Probable Ore Reserve2 6.2Mt @ 56.4g/t Ag for 11.2Moz silver 1. ASX Release 1 April 2021 2. ASX Release 30 May 2025 9 Information relating to Ore Reserves is extracted from the announcement titled ‘Updated Cobar Basin Production Plan” dated 30 May 2025. The Company is not aware of any new information or data that materially affects the Reserve and all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. Resource Mt Ag (g/t) Ag (Moz) Pb (%) Pb (kt) Measured 1.1 47.3 1.7 0.69 7.5 Indicated 12.3 45.5 18.0 0.83 102.8 Inferred 24.9 39.0 31.3 0.39 96.9 Total 38.3 41.3 50.9 0.54 207.2 Resource Mt Ag (g/t) Ag (Moz) Au (g/t) Au (koz) Measured 0.1 61 0.3 0.03 0.1 Indicated 0.1 58 0.1 0.16 0.4 Total 0.2 60 0.4 0.07 0.5 Figure: Typical cross section through the shallow silver deposit mineralisation at Wonawinta showing Booth Limestone and MVT Pb-Zn-Ag style mineralisation beneath and down dip of Wonawinta silver open oxide pits. Wonawinta - ROM Stockpiles Resource Wonawinta - in-ground Resource Information relating to Mineral Resources is extracted from the announcement titled ‘Updated Cobar Basin Production Plan” dated 30 May 2025 and “43% Increase in Measured & Indicated Resources at Wonawinta Silver Project” dated 1 April 2021. Both are available to view on the Company’s website. The Company is not aware of any new information or data that materially affects the Resource and all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. Wonawinta Silver Mine (100% Manuka) 10 Mt Boppy Gold Mine (100% Manuka) Figure:Aerial view of Mt Boppy Gold Mine looking south across the Main Rock Dump toward the Open Pit and TSF3 Tailings impoundment. • Historically one of NSW’s richest gold mines, having produced ~500,000 oz Gold at ~15 g/t Au. • Granted Mining Lease. • Existing 48-bed mining camp and ancillary infrastructure located on site. • Total 2.6Mt Resource at 1.32g/t o 0.3Mt at 4.12g/t Au in-ground1; and o 2.2Mt at 0.84g/t Au in Rock dumps, Tailings and Stockpiles2 • Mt Boppy Open Pit Probable Ore Reserve2 290kt @ 4.2g/t for 39,000oz gold. 1. ASX Release 30 May 2025 2. ASX Release 5 August 2025 11 Information relating to Ore Reserves is extracted from the announcement titled ‘Mt Boppy Open Pit Ore Reserve ” dated 5 August 2025. The Company is not aware of any new information or data that materially affects the Reserve and all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. Resource kt Au (g/t) Au (koz) Measured 167 4.01 22 Indicated 165 4.24 22 Total 333 4.12 44 Resource kt Au (g/t) Au (koz) Indicated 1,362 0.69 30 Inferred 860 1.09 30.2 Total 2,222 0.84 60.2 Mt Boppy – Rock Dump, Tailings and Stockpiles Mt Boppy - in-ground Resource Information relating to Mineral Resources is extracted from the announcement titled ‘Updated Cobar Basin Production Plan” dated 30 May 2025 and “360% increase in Mt Boppy Total Gold Resources 80% increase in ‘Measured & Indicated’” dated 24 August 2023. Both are available to view on the Company’s website. The Company is not aware of any new information or data that materially affects the Resource and all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. Boppy South Open Open Proposed drilling TSF3 Existing Pit Outline In-Ground Resource Outline 120 mRL – Depth of current pit shell design Figure 2: Grade estimates for the Oxide, Fresh and Tailings domains within the Main Rock Dump based on sonic drilling program. Figure 1: Mt Boppy Long Section looking east Mt Boppy Gold Mine (100% Manuka) 12 Processing Plant Figure: Existing 1,800kw Ball Mill • Conventional CIL Circuit • Status: Active Care & Maintenance • Last operated by Manuka in Jan. 2024 processing Gold Ore from Mt Boppy Addition of a Deslime and Dewatering Circuit to improve mill throughput and enhance leach performance 13 Project Summary (updated pricing) Highlights • 10 Year Mine Life • 10.9Mt Production Target1,2 • 19Moz Silver • 46koz Gold • A$18.9M Restart Capital Costs • AISC Cost A$30.1/oz Silver (incl. gold credits) • Average EBITDA A$105.6M p.a.3 • NPV8A$662M & IRR 1,096% 3 • A$107.50/oz Silver, A$6,500/oz Gold • Manuka intends to restart the Wonawinta Processing Plant that is currently on active care and maintenance. • The Plant will undergo a 6-month refurbishment and upgrade, adding a front-end deslime and dewatering circuit to enhance mill throughput and leach performance. • First production is anticipated Q2 2026, steady state production late Q2 - early Q3. • Commissioning and ramp up will be undertaken on silver and gold bearing ROM Stockpiles located adjacent to the Wonawinta Processing Plant. • Mining will commence in Q2 2026 (initial production from the existing Manuka and Boundary Pits as well as the new Belah, Bimble and Pothole Pits). • Gold Ore from Mt Boppy Stockpiles will be hauled to Wonawinta and blended with Silver ore during the first 2 years of production to deliver a payable gold credit. • Manuka has previous experience processing Wonawinta and Mt Boppy Ore through the Wonawinta Processing Plant. • All major approvals are in place and in good standing. • Fully unhedged and exposed to commodity price movements 1. ASX Release 30 May 2025 2. ASX Release 5 August 2025 3. See Production Target and Financial Forecast Slides included in this presentation 14 Project Implementation Capital Cost Breakdown Item Pre Revenue During Operations Life of Mine Capex Plant Upgrades 10.5 0.0 10.5 Plant Refurb 1.8 0.7 2.5 Camp & Admin 0.2 1.5 1.7 Restock Stores/Lab 0.5 0.5 1.0 Reagent First Fills 1.0 - 1.0 Tailings Dam Lifts 1.0 29.4 30.4 Sustaining Capex - 3.1 3.1 10% Contingency 1.5 - 1.5 Capital Costs 16.4 35.2 51.6 Staff Ramp-Up 2.6 - 2.6 Total Cost 18.9 35.3 54.2 Indicative Timeline to Production 15 Workstream 2025 2026 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Final Investment Decision Re-establish Camp Re-establish Offices, Stores & Workshop Refurbish, Modify & Processing Plant Commission Process Plant Steady State Production Construct TSF Lift 3 First Shipment of Concentrates/dore’ Mobilise Mining Mining Commencement Production Target Released on ASX 30 May 2025 16 The Production Target underpinning Financial Forecasts presented within this Presentation comprises 8% Measured Resources, 54% Indicated Resources, 39% Inferred Resources. Of the 10.9Mt Production Target 59% has been converted to Ore Reserves. There is a low level of geological confidence associated with Inferred Resources and there is no certainty that further exploration work will result in the conversion of Inferred Resources to Indicated Resources or return the same grade and tonnage distribution. The estimated Mineral Resource and Ore Reserves underpinning the Production Target have been prepared by a Competent Person in accordance with the requirements in the JORC Code. Production Year Unit Total 0 1 2 3 4 5 6 7 8 9 10 WWTA Waste Mined Mt 42.7 - 4.6 6.6 5.4 2.8 6.0 6.6 6.8 3.0 1.0 - WWTA In-Situ Ore Mt 10.2 - 1.1 1.1 1.1 1.1 1.1 1.0 1.0 1.5 1.1 - Silver Grade g/t Ag 56.5 - 55 63 62 58 53 60 47 54 57 - WWTA Stockpiles Mt 0.2 - 0.2 - - - - - - - - - Silver Grade g/t Ag 60.3 - 60 - - - - - - - - - Mt Boppy Stockpiles Mt 0.2 - 0.1 0.1 - - - - - - - - Gold Grade g/t Au 1.1 - 1.04 1.15 - - - - - - - - Mt Boppy Waste Mt 7.0 - - 2.2 4.2 0.6 - - - - - - Mt Boppy In-Situ Ore Mt 0.3 - - 0.0 0.1 0.2 - - - - - - Gold Grade g/t Au 4.2 - - 1.25 3.26 5.00 - - - - - - Total Ore Mt 10.9 - 1.5 1.2 1.2 1.2 1.1 1.0 1.0 1.5 1.1 - Total Silver Moz 19.0 - 2.4 2.2 2.1 2.0 1.9 2.0 1.6 2.6 2.0 - Total Gold koz 46.3 - 3.9 3.5 14.1 24.9 - - - - - - Measured % 8% - 24% 4% 7% 5% - - 21% 6% - - Indicated % 54% - 68% 82% 78% 89% 49% 18% 64% 28% 0% - Inferred % 39% - 7% 14% 16% 5% 51% 82% 15% 66% 100% - ROM Feed Mt 10.9 - 1.2 1.1 1.2 1.3 1.1 1.1 1.1 1.2 1.2 0.5 ROM Silver Ounces Moz 19.0 - 1.9 2.0 2.2 2.2 2.0 2.0 1.7 2.1 2.0 0.9 Milled / Leached Ore Mt 7.8 - 0.9 0.9 0.9 0.9 0.8 0.8 0.7 0.8 0.8 0.3 Milled Silver Ounces Moz 16.3 - 1.6 1.8 1.9 1.9 1.8 1.8 1.4 1.7 1.7 0.8 Silver Recovery % 81% - 79% 72% 82% 82% 76% 80% 86% 86% 85% 85% Production Year Unit Total 0 1 2 3 4 5 6 7 8 9 10 Payable Silver Moz 13.2 - 1.3 1.3 1.6 1.5 1.4 1.4 1.2 1.5 1.5 0.7 Payable Gold koz 35.2 - 3.3 2.6 0.4 12.2 16.8 - - - - - Silver Price A$/oz 107.5 107.5 107.5 107.5 107.5 107.5 107.5 107.5 107.5 107.5 107.5 Gold Price A$/oz 6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500 Net Silver Revenue A$M 1,415 – 134 136 166 166 142 152 128 160 158 73 Net Gold Revenue A$M 229 – 21 17 3 79 109 – – – – – Govt. Royalties A$M (53) – (5) (5) (6) (8) (9) (5) (4) (5) (5) (2) Net Revenue A$M 1,590 – 150 149 163 236 242 147 124 155 153 71 Wonawinta Mining A$M (182) - (20) (26) (23) (18) (22) (23) (23) (17) (10) - Mt Boppy Mining A$M (81) - (3) (4) (35) (34) (5) - - - - - Processing A$M (214) (1) (24) (24) (22) (25) (25) (21) (21) (21) (21) (9) G&A + Logistics A$M (58) (1) (6) (6) (6) (6) (6) (6) (6) (6) (6) (3) EBITDA A$M 1056 (2) 97 88 77 154 184 97 74 111 116 59 Pre Revenue Capex A$M (16) (16) - - - - - - - - - - Sustaining Capex A$M (42) - (5) (3) (8) (3) (4) (5) (5) (4) (3) (1) Net Project Cashflow A$M 998 (18) 92 85 69 151 180 92 69 107 113 58 Cumulative Cashflow A$M (18) 74 159 228 379 559 651 720 827 940 998 NPV 662 IRR 1096% Financial Forecast 17 The Cobar Basin Production Plan financial forecasts released on ASX on 30 May 2025 and 5 August 2025 were based on a A$50/oz Silver price and a A$5,000/oz Gold Price. The Financial Forecast presented above is based on A$107.5/oz Silver and A$6,500/oz Gold prices. As disclosed on footnote 6 on slide 3 of this presentation the Production Target and all other material assumptions underpinning the Production Target and supporting Mineral Resources and Ore Reserves remain unchanged and the Company confirms that it is not aware of any new information or data that materially affects the information included in the original 30 May 2025 announcement. Taranaki VTM Project, South Taranaki Bight New Zealand 18 3D rendering of the proposed Integrate Mining Vessel to be used to mine (via seabed crawlers) and concentrate VTM Iron Sands for sale and redeposit residual sand on the sea floor 2025 About the Taranaki VTM Project ✓ 100% Owned by Manuka’s subsidiary Trans Tasman Resources (“TTR”) ✓ Granted Mining Permit MMP55581 and exploration permit MEP54068. ✓ 3.2Bt Resource1 of Vanadiferous Titanomagnetite (“VTM”) sands located in the shallow waters of the South Taranaki Bight, New Zealand. ✓ NZ$88M spent on Technical and Environmental Studies since 2009. ✓ Updated Pre-Feasibility Study completed (2025) showing an NPV10 of US$1.26Bn and IRR of 39%2 1. ASX Release 1 March 2023 2. ASX Release 26 March 2025 Figure: Location of the Taranaki VTM Project with respect to Mineral Resource outline, granted Mining Permit MMP55581 (within New Zealand’s Exclusive Economic Zone) and Exploration Permit MEP54068 (within New Zealand Territorial Waters). 19 Pre-Feasibility Study Highlights ASX Release 26 March 2025 Mt Taranaki, NZ 3.2Bt Mineral Resource Large World Class Iron Sands Deposit, South Taranaki Bight NZ. Initial 20-year Mine Life with material mine life extension opportunities 4.9Mtpa 56-57%Fe + Vanadium and Titanium (Critical Minerals) co-products US$27.2/t C1 Cost excluding any co-product credits US$602M Project Capex (inclusive 14% contingency) National Significance Project included in NZ Government’s Fast-track Approvals Act 2024 NPV10 US$1.26B IRR 39% US$312M EBITDA per annum Macroeconomic assumptions include 13.7% discount to a flat benchmark Fe concentrate pricing of US$90/t CFR China, V2O5 co-product pricing of US$5.45/lb (multiplied by a 77% third party recovery rate and 50% payability) and Capesize freight rates of US$10/t. 20 Resource1 and Production Target2 Resource Bt Fe2O3 TiO2 V2O5 Indicated 1.4 10.37% 1.05% 0.05% Inferred 0.5 8.81% 0.90% 0.04% MMP55581 1.9 9.99% 1.01% 0.05% Indicated 0.7 10.61% 1.07% 0.05% Inferred 0.6 10.26% 1.04% 0.05% MEP54068 1.3 10.44% 1.05% 0.05% Total 3.2 10.17% 1.03% 0.05% Information relating to Exploration Results, Sampling Techniques and Data, and Mineral Resources for the Taranaki VTM Project is extracted from the announcement titled ‘Maiden Vanadium Resource at Taranaki VTM Iron Sand Project” dated 1 March 2023 and available to view on the Company’s website. The Company is not aware of any new information or data that materially affects the information used to compile the 2023 Mineral Resource and all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. Initial Mine Plan of 20 Years is based on mining 1Bt of Iron Sands granted Mining Lease MMP55581 to produce 4.9Mt pa of VTM Concentrate2. Total Resources within MMP55581 comprises 75% Indicated Resources and 25% Inferred Resources. Mining for the first 13 years will focus on the Cook Sou