Announcement PDF ANNUAL REPORT Venari Minerals NL (formerly Astute Metals NL) and Controlled Entities ABN: 96 007 090 904 2026 Contents Consolidated Financial Statements Page Corporate Directory .................................................................................................................................................... 3 Chairman’s Letter to Shareholders ............................................................................................................................ 4 Review of Operations and Tenements ....................................................................................................................... 6 Corporate Governance Statement.............................................................................................................................. 19 Directors’ Report......................................................................................................................................................... 20 Auditor’s Independence Declaration........................................................................................................................... 34 Consolidated Statement of Profit or Loss and Other Comprehensive Income............................................................ 35 Consolidated Statement of Financial Positon ............................................................................................................. 36 Consolidated Statement of Cashflows........................................................................................................................ 37 Consolidated Statement of Changes in Equity ........................................................................................................... 38 Notes to the Financial Statements.............................................................................................................................. 39 Directors' Declaration ................................................................................................................................................. 66 Independent Auditor's Report to the Members of Venari Minerals NL........................................................................ 67 Schedule of Tenements.............................................................................................................................................. 71 ASX Additional Information......................................................................................................................................... 72 VENARI MINERALS NL (FORMERLY ASTUTE METALS NL) AND CONTROLLED ENTITIES A.B.N. 96 007 090 904 Corporate Directory - 3 - Venari Minerals NL Annual Report 2026 Directors Registered Office Mr Anthony (Tony) Leibowitz (Executive Chairman) Suite 114, Level 1, 165 - 167 Phillip Street SYDNEY NSW 2000 Mr Matthew Healy (Executive Director and CEO) Mr Vincent Fayad (Non-Executive Director) Principal Place of Business Suite 116, Level 1, 165 - 167 Phillip Street SYDNEY NSW 2000 P +61 2 8046 2799 W www.venariminerals.com Joint Company Secretaries Mr Vincent Fayad Mr Kurt Laney Auditor RSM Australia Partners Level 7, 1 Martin Place SYDNEY NSW 2000 ASX Code VMS (formerly ASE; code changed 14 October 2025) Share Registry (Australia) XCEND Level 2, 477 Pitt Street HAYMARKET NSW 2000 Home Exchange Australian Securities Exchange Limited Exchange Plaza 2 The Esplanade PERTH WA 6000 VENARI MINERALS NL (FORMERLY ASTUTE METALS NL) AND CONTROLLED ENTITIES A.B.N. 96 007 090 904 Chairman’s Letter to Shareholders - 4 - Venari Minerals NL Annual Report 2026 Dear Fellow Shareholders, On behalf of the Board of Directors, I am pleased to present Venari Minerals’ Annual Report for the financial year ended 30 June 2026. The past year has been transformational for the Company. In just over two years, we have advanced the Red Mountain Lithium Project in Nevada, USA, from a grassroots discovery to a globally significant maiden Mineral Resource. We have also demonstrated the potential to produce battery-grade lithium carbonate, identified potentially valuable strategic mineral by- products and continued to build the foundations for the Project’s future development. The year also marked the beginning of a new chapter for the Company. In September 2025, shareholders approved the change of name to Venari Minerals NL, with the Company commencing trading under the ASX code “VMS” in October 2025. Venari is a Latin term, which translates “to hunt” - reflecting our strategy of pursuing new discoveries and identifying and acquiring high- quality growth assets. The standout achievement was the delivery in February 2026 of the maiden Mineral Resource Estimate for Red Mountain. The Resource contains approximately 3 million tonnes of lithium carbonate equivalent, the form of lithium commonly used in battery production, establishing Red Mountain as a significant lithium asset and positioning Venari among the larger lithium Resource explorers on the ASX. Importantly, the Resource includes a substantial high-grade zone close to surface, providing a strong foundation for the next phase of the Project’s development. An updated Exploration Target announced later in February also highlighted the significant potential for further resource growth across the broader Red Mountain project area. In parallel with the delivery of the maiden Mineral Resource, significant progress was made in de-risking the Project. Metallurgical test work demonstrated the potential to upgrade the lithium-bearing material and successfully produce battery- grade lithium carbonate, providing further confidence in the Project’s development pathway. This work also identified strontium and magnesium as potential by-products, both of which are recognised as strategic or critical minerals in the United States. Venari also strengthened Red Mountain’s foundations for future development by securing an option over substantial private water rights and an associated property located close to the Project. Furthermore, the Company continued to expand its exploration access, with the Bureau of Land Management approving a further six drill sites in June 2026. Our proposed Exploration Plan of Operations is also expected to provide access to a significantly larger area for future drilling. Elsewhere in the portfolio, the Company maintained a disciplined approach to exploration and capital allocation. At the Needles Gold Project in Nevada, a Reverse Circulation drilling campaign intersected all targeted structures, while soil sampling and airborne geophysics identified several untested epithermal targets for further evaluation. In Australia, opportunities to realise value from the Governor Broome Mineral Sands Project were explored and, shortly after year-end, the sale of the Georgina Basin IOCG Project in the Northern Territory to AIM-listed Alien Metals Limited was completed. These initiatives reflect the continued ongoing focus on simplifying the portfolio and directing the Company’s resources towards the opportunities believed to offer the greatest risk to reward benefits. Venari’s progress has been underpinned by strong shareholder and investor support. In July 2025, the Company raised $5.5 million through a two-tranche placement, followed by a further $1.08 million through an oversubscribed Share Purchase Plan. Shareholders also approved a 1-for-10 share consolidation, and the Company subsequently completed an unmarketable parcel sale facility to streamline the share register and reduce ongoing administration costs. That support continued after year-end, with Venari completing an oversubscribed, company-led $6.1 million capital raising comprising a $4.75 million placement and a $1.35 million convertible note. Shareholders approved the second tranche of the placement and the related resolutions at the General Meeting held on 11 September 2026. This funding provides Venari with a strong platform from which to continue to advance Red Mountain through its next important phase. A new diamond drilling program commenced in August 2026, focused on upgrading the high-grade northern zone of the Resource and generating the information required for the next phase of technical studies. The program is expected to support an updated Mineral Resource Estimate and a Scoping Study targeted for the first quarter of 2027. As we enter the new financial year, Venari’s priorities are clear: to continue advancing and de-risking Red Mountain, demonstrate its scale and development potential and maintain the disciplined approach to capital allocation across the broader portfolio. With a new phase of drilling underway, an updated Mineral Resource Estimate planned and the first Scoping Study targeted for early 2027, the upcoming year represents another pivotal period for Venari as the Company builds on the considerable achievements of the past year. VENARI MINERALS NL (FORMERLY ASTUTE METALS NL) AND CONTROLLED ENTITIES A.B.N. 96 007 090 904 Chairman’s Letter to Shareholders - 5 - Venari Minerals NL Annual Report 2026 Finally, on behalf of the Board, I would like to thank our shareholders for their continued support, as well as our employees, consultants and partners for their contribution throughout a highly productive year. I look forward to updating you as we advance Red Mountain through its next stage of development. Yours sincerely Tony Leibowitz Executive Chairman Dated at Sydney this 29th day of September 2026. VENARI MINERALS NL (FORMERLY ASTUTE METALS NL) AND CONTROLLED ENTITIES A.B.N. 96 007 090 904 Review of Operations and Tenements - 6 - Venari Minerals NL Annual Report 2026 OPERATIONS Venari Minerals NL (formerly Astute Metals NL) (“Venari” or “the Company”) is an exploration company focused on critical and strategic minerals. During the year ended 30 June 2026, the Company held the following projects: • the Red Mountain Lithium and Strategic Minerals Project, located in Nevada, USA; • the Needles Gold Project, located in Nevada, USA; • the Governor Broome Mineral Sands Project, located in the south-west region of Western Australia; and • the Georgina Basin IOCG Project, located in the East Tennant Province, Northern Territory. This project was sold on 16 July 2026. In line with its strategy of focusing capital and management resources on Red Mountain, the Company relinquished the Cobre Lithium Project in Nevada during the year. Subsequent to year-end, the Company also completed the sale of the Georgina Basin IOCG Project. Figure 1. Venari Minerals’ key projects as at 30 June 2026 (the Georgina Basin IOCG Project was subsequently sold on 16 July 2026). HIGHLIGHTS FOR THE YEAR • Maiden JORC (2012) Inferred Mineral Resource Estimate (MRE) completed for the Red Mountain Lithium and Strategic Metals Project of 500Mt @ 1,139ppm Li for 3.03Mt contained Lithium Carbonate Equivalent (LCE), including a high-grade northern zone of 47.9Mt @ 2,193ppm Li at a 1,300ppm Li cut-off (February 2026). • Revised JORC Exploration Target for Red Mountain of 2,020-2,690Mt @ 1,000-1,300ppm Li for 10.7-18.6Mt contained LCE (February 2026). • A 13-hole, 2,679m Reverse Circulation (RC) drilling campaign was completed at Red Mountain, returning the Project’s highest-grade intersection to date: 77.7m (estimated true width 62.2m) @ 2,440ppm Li from 76.2m in RMRC013. • Battery-grade (99.5%) lithium carbonate successfully produced from Red Mountain material, with strontium and magnesium identified as potential strategic by-products (April 2026). • Option secured over 592,000m³ per annum of private water rights and an associated 113-acre property located 6km from Red Mountain. • First RC drilling program completed at the Needles Gold Project, with soil sampling defining six untested multi- element epithermal anomalies. • $6.58 million raised during the year through a $5.5 million two-tranche placement and a $1.08 million Share Purchase Plan. • Name changed to Venari Minerals NL, ASX code changed to VMS, 1-for-10 share consolidation completed, and unmarketable parcel sale facility completed. VENARI MINERALS NL (FORMERLY ASTUTE METALS NL) AND CONTROLLED ENTITIES A.B.N. 96 007 090 904 Review of Operations and Tenements - 7 - Venari Minerals NL Annual Report 2026 LITHIUM PROJECTS Red Mountain Lithium and Strategic Minerals Project, Nevada (100%) Background The Red Mountain Project is located in central-eastern Nevada, immediately adjacent to the Grand Army of the Republic Highway (Route 6), between the mining centres of Ely and Tonopah. Including the Red Mountain Extension, the Project comprises 407 unpatented lode mining claims covering an area of approximately 33km². Red Mountain is a greenfields discovery made by the Company’s in-house technical team, with the Project first staked in August 2023. Lithium mineralisation at Red Mountain is hosted by the clay mineral hectorite within Tertiary lacustrine (lake) sediments of the Horse Camp Formation. Elsewhere in Nevada, equivalent rocks host large-scale sedimentary lithium deposits such as Lithium Americas’ (NYSE: LAC) 62.1Mt LCE Thacker Pass Project and American Battery Technology Corporation’s (NASDAQ: ABAT) Tonopah Flats deposit. As of the end of the 2026 financial year, 32 drill-holes have been completed across four campaigns for a combined 6,015m, with lithium mineralisation intersected in almost every hole. The Project is well serviced by infrastructure. It lies immediately adjacent to Route 6, approximately 20km west of the 525kV ‘One Nevada’ high-voltage transmission line, and 6km from a 113-acre private property with associated private water rights that the Company secured during the year (Figure 3). Figure 2. Location of the Red Mountain Lithium Project, the Needles Gold Project and other Nevada lithium projects. VENARI MINERALS NL (FORMERLY ASTUTE METALS NL) AND CONTROLLED ENTITIES A.B.N. 96 007 090 904 Review of Operations and Tenements - 8 - Venari Minerals NL Annual Report 2026 Figure 3. The Red Mountain Lithium Project is well serviced by road and power, with nearby private water rights secured. Work Completed During the Year Diamond Drilling - Final Assays The final assays from the April 2025 diamond drilling campaign were received in July 2025. Hole RMDD008, in the south of the Project, intersected a combined 170.4m of lithium mineralisation across six zones, including 62.4m @ 1,210ppm Li from 152.2m and 33.8m @ 1,130ppm Li from 34.8m. The remaining results from hole RMDD004, which intersected a localised conglomerate interpreted to be part of an alluvial fan, completed the assay dataset for the April 2025 campaign. Resource Definition RC Drilling During the September 2025 Quarter, the Company designed and permitted a resource definition RC drilling campaign and subsequently entered into a drilling contract with Major Drilling. Drilling commenced in late September 2025, with the 13-hole, 2,679m (8,790ft) campaign completed in October 2025 (Table 1). The campaign targeted both the high-grade northern area and the central area to a vertical depth of approximately 200m. Significant results included: • RMRC013: a combined 109.7m of lithium mineralisation, including 77.7m (ETW 62.2m) @ 2,440ppm Li from 76.2m, which includes 24.4m (ETW 19.5m) @ 4,270ppm Li from 97.5m. This is the highest-grade intersection at the Project to date; • RMRC014: 89.9m @ 1,380ppm Li from 15.2m, including 18.3m @ 2,530ppm Li from 44.2m; • RMRC015: 50.3m (ETW 43m) @ 1,630ppm Li from 39.6m, including 27.4m @ 2,160ppm Li from 57.9m; • RMRC019: a combined 166.1m of lithium mineralisation, including 135.6m @ 1,120ppm Li from 36.6m; • RMRC022 and RMRC023: a combined 161.5m and 164.7m of lithium mineralisation, respectively; and • RMRC016: 6.1m @ 2,130ppm Li from 32m, including 3m @ 3,550ppm Li from 33.5m. VENARI MINERALS NL (FORMERLY ASTUTE METALS NL) AND CONTROLLED ENTITIES A.B.N. 96 007 090 904 Review of Operations and Tenements - 9 - Venari Minerals NL Annual Report 2026 The final assays were received in January 2026, confirming that mineralisation grading more than 2,000ppm Li had been intersected over more than 1km of strike in the northern area of the Project (Figure 4). Hole ID Easting (NAD83) Northing (NAD83) RL (m) Azimuth (°) Dip (°) Depth (m) RMRC012 637010.3 4291916.6 1705.5 266.5 -50 152.4 RMRC013 637122.0 4291198.1 1707.7 90.5 -70 210.3 RMRC014 637192.5 4290568.7 1710.1 270.5 -50 121.9 RMRC015 637183.1 4290570.6 1709.9 90.5 -75 182.9 RMRC019 637892.1 4288689.1 1736.2 270.5 -50 219.5 RMRC020 637672.3 4288761.1 1728.1 270.5 -50 298.7 RMRC022 637532.2 4288202.5 1698.1 270.5 -50 274.3 RMRC023 637420.9 4288217.3 1688.6 - -90 213.4 RMRC024 637495.2 4287762.7 1723.8 270.5 -50 271.3 RMRC025 637239.8 4287748.2 1705.3 270.5 -60 243.8 RMRC013 637122.0 4291198.1 1707.7 90.5 -70 210.3 RMRC014 637192.5 4290568.7 1710.1 270.5 -50 121.9 RMRC015 637183.1 4290570.6 1709.9 90.5 -75 182.9 Table 1. Red Mountain 2025 RC drilling campaign - drill-hole collar details. VENARI MINERALS NL (FORMERLY ASTUTE METALS NL) AND CONTROLLED ENTITIES A.B.N. 96 007 090 904 Review of Operations and Tenements - 10 - Venari Minerals NL Annual Report 2026 Figure 4. Red Mountain down-hole drill intersections over gridded lithium-in-soil geochemistry. Maiden Mineral Resource Estimate On 2 February 2026, the Company announced a maiden Inferred Mineral Resource Estimate (MRE) for Red Mountain (Table 2), prepared by independent consultant Richard Newport & Associates and reported in accordance with the JORC Code (2012 Edition). The MRE is set out in Table 2 below. The Red Mountain North zone includes a higher-grade component of 47.9Mt at 2,193ppm Li for 0.56Mt of contained LCE, at a 1,300ppm Li cut-off grade. This higher-grade, near-surface mineralisation provides an easily accessible foundation for future development and technical evaluation studies. Zone Classification Tonnes (Mt) Li (ppm) LCE (%) Contained LCE (Mt) Red Mountain North Inferred 91.6 1,618 0.86 0.79 Red Mountain Central Inferred 408 1,031 0.55 2.24 Total Inferred 500 1,139 0.61 3.03 Table 2. Red Mountain Mineral Resource Estimate at the preferred 700ppm Li cut-off grade. LCE (%) = Li (ppm) × 5.323 / 10,000. Figures may not sum due to rounding. VENARI MINERALS NL (FORMERLY ASTUTE METALS NL) AND CONTROLLED ENTITIES A.B.N. 96 007 090 904 Review of Operations and Tenements - 11 - Venari Minerals NL Annual Report 2026 Revised Exploration Target Following completion of the maiden Mineral Resource Estimate, the Company announced a revised JORC Exploration Target on 18 February 2026. The revised Exploration Target is based on 10 discrete prospective areas across the Red Mountain and Red Mountain Extension claim blocks (Table 3) and supersedes the initial Exploration Target announced in February 2025. Area Tonnage (Mt) Grade (ppm Li) Grade (% LCE) Contained LCE (Mt) Red Mountain 1,200 - 1,600 1,000 - 1,300 0.53 - 0.69 6.39 - 11.1 Red Mountain Extension* 816 - 1,090 1,000 - 1,300 0.53 - 0.69 4.35 - 7.53 Project 2,020 - 2,690 1,000 - 1,300 0.53 - 0.69 10.7 - 18.6 Table 3. Red Mountain Exploration Target. Cautionary Statement The potential quantity and grade of the Exploration Target are conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource in the areas comprising the Exploration Target, and it is uncertain whether further exploration will result in the estimation of a Mineral Resource. Red Mountain Extension and Claims Rationalisation During the year, soil sampling at Red Mountain Extension, located immediately south of the Red Mountain discovery, delineated a 2.1km-long lithium-in-soil anomaly. The 297-sample program returned lithium values of up to 1,080ppm Li, with subsequent rock chip sampling returning values of up to 2,690ppm Li. In parallel, the Company reviewed its broader Nevada lithium portfolio, relinquishing claims that were no longer considered prospective and exiting the Cobre Project. Metallurgical Test-work The Company continued to advance metallurgical test-work on Red Mountain material during the year: • Beneficiation (October 2025): attrition scrubbing upgraded a high-grade sample by 44.8% (from 2,900ppm to 4,200ppm Li) and a low-grade sample by 132% (from 1,120ppm to 2,620ppm Li) in the <20µm product. Mass reductions were 59.6% and 63.1%, and reductions in the reagent-consuming mineral calcite were 15.7% and 35.6%, respectively. Hectorite was identified as the sole lithium-bearing phase; • Optimised beneficiation (January 2026): pre-soaking before attrition scrubbing improved the lithium upgrade to 46.2% and the recovery to 66.8%. The Company also engaged Pitch Black Group to independently review test-work, assess alternative non-sulphuric acid leach technologies and develop a scoping-level flowsheet; • Battery-grade lithium carbonate produced (April 2026): Hazen Research Inc. produced battery-grade lithium carbonate of 99.5% calculated purity from a composite of drill-hole RMDD002, using an established flowsheet of sulphuric acid leaching, neutralisation, impurity removal and precipitation. 89% of lithium was leached, and most impurities were below detection limits; and • Strategic by-products: the test-work identified the potential to recover magnesium (as Epsomite) and strontium. The US Department of War has declared strontium a Strategic Material, and magnesium is a US Department of Energy Critical Mineral. The US is 100% and 59% import-dependent on these commodities, respectively. Subsequent to year-end, in July 2026, the Company outlined a strategy to evaluate these by-products. Water Rights On 10 December 2025, the Company entered into a binding Option Agreement with American Battery Technology Company (NASDAQ: ABAT) to acquire a 113-acre (45.7ha) private property at 252 Bergara Avenue, Railroad Valley, less than 6km from the Project. The property carries water rights of 592,000m³ (480 acre-feet) per annum. The total consideration is US$400,000. An option fee of 1,950,000 Venari shares was issued in December 2025, and a cash payment of US$210,000 is payable on exercise of the option, which must occur by 7 December 2026. Permitting In October 2025, the Company filed an Exploration Plan of Operations (EPO) with the BLM under the expedited National Environmental Policy Act (NEPA) provisions. The EPO seeks to expand the permitted exploration disturbance beyond the current 5-acre Notice-level limit. In June 2026, the BLM approved a Notice of Intent for a further six drill sites, permitting in-fill drilling of the high-grade northern zone to upgrade that part of the MRE to the Indicated category. Separately, the United States Geological Survey commissioned a regional helicopter-borne magnetic and radiometric survey over eastern and central Nevada, which covers the Red Mountain Project in its entirety. VENARI MINERALS NL (FORMERLY ASTUTE METALS NL) AND CONTROLLED ENTITIES A.B.N. 96 007 090 904 Review of Operations and Tenements - 12 - Venari Minerals NL Annual Report 2026 NEEDLES GOLD PROJECT Background The 100%-owned Needles Gold Project comprises 216 unpatented lode mining claims covering an area of approximately 18km² in Nye County, Nevada, 92km east of the mining town of Tonopah. The Project covers the historical Arrowhead gold- silver district, where bonanza-style epithermal vein mining took place in the early 1900s. Previous explorers include Newcrest, Taranis Resources and Excalibur Resources; however, most historical drilling was shallow and is interpreted to have tested only the upper ‘cap’ of a large low-sulphidation epithermal system. Figure 5. Location of the Needles Gold Project and significant Nevada gold deposits. Work Completed During the Year • Soil sampling: an approximately 820-point soil sampling program on a 100m × 100m grid, covering the interpreted extent of the epithermal system, defined six strong multi-element anomalies. All are anomalous in gold and arsenic and, variously, in silver, antimony and mercury, and none have been drill-tested; • RC drilling: an eight-hole, 1,073m RC program completed in September 2025 tested six vein-style targets at the Arrowhead, Arrowhead East, Tomahawk, Eastern Shaft and Whopper Junior prospects. All targeted structures were intersected, with best results of 1.5m @ 0.46g/t Au and 5.29g/t Ag at Whopper Junior. The anomalous gold and silver tenor indicates that deeper drilling is required. At Whopper Junior, geochemistry grades from arsenic-rich near surface to antimony-rich at depth, a zonation similar to that observed at the 3.4Moz Pajingo epithermal gold deposit in Queensland; and • Geophysics: a helicopter-borne magnetic and radiometric survey flown by Precision Geosurveys Inc. in October 2025 identified a broad demagnetised zone. This is consistent with the magnetite-destructive alteration expected in a large-scale epithermal system. The Company has also commenced re-processing historical seismic and induced polarisation data. Following the completion of these programs, no further field work was undertaken at Needles during the second half of the financial year as the Company prioritised its capital and technical resources towards advancing Red Mountain. VENARI MINERALS NL (FORMERLY ASTUTE METALS NL) AND CONTROLLED ENTITIES A.B.N. 96 007 090 904 Review of Operations and Tenements - 13 - Venari Minerals NL Annual Report 2026 GOVERNOR BROOME MINERAL SANDS PROJECT, WA Background The 100%-owned Governor Broome Project is located approximately 95km by sealed road south of Busselton, 105km south of Iluka’s processing plant at Capel and 135km from Bunbury Port. Existing infrastructure includes a 132kV power line 5km to the north and a three-phase power line passing through the Project. The Project hosts a Mineral Resource of 101Mt @ 4.5% heavy mineral (HM) reported in accordance with the JORC Code (2012 Edition) across the Jack Track, Governor Broome and Fouracres deposits (Table 4), of which 94% is in the Measured and Indicated categories. Figure 6. Governor Broome Project location, Western Australia. Tenement Category Tonnage (Mt) HM (%) Slimes (%) R70/58 - Jack Track Measured 20.2 4.2 8.4 Indicated 21 3.5 7.9 Total 41 3.9 8.2 R70/53 - Governor Broome Measured 8.0 5.0 13 Indicated 44 5.0 13 Inferred 7 3.5 12 Total 59 4.8 12.5 R70/22 - Fouracres Indicated 0.72 11.4 6.5 Inferred 0.2 3.5 9 Total 0.93 9.6 7.1 Project Measured 28.4 4.4 9.7 Indicated 66 4.5 12 Inferred 7 3.5 12 Total Resources 101 4.5 11 Table 4. Governor Broome Project Mineral Resources. Governor Broome and Jack Track Resources are estimated at a 2% HM lower block cut-off grade, and the Fouracres Resources at a 3% HM lower block cut-off grade. Figures have been appropriately rounded. A Scoping Study completed in April 2024 returned a pre-tax NPV (10% discount rate) of A$139 million, a pre-tax IRR of 54% and a capital payback period of less than two years, for a capital cost of A$91 million (Table 5). The Company confirms that all material assumptions underpinning the production targets and forecast financial information derived from the Scoping Study, as set out in its ASX announcement dated 4 April 2024, continue to apply and have not materially changed. VENARI MINERALS NL (FORMERLY ASTUTE METALS NL) AND CONTROLLED ENTITIES A.B.N. 96 007 090 904 Review of Operations and Tenements - 14 - Venari Minerals NL Annual Report 2026 Metric Unit Value Capital cost A$ million 91 Average annual revenue A$ million 125 Average annual operating cost A$ million 83 Pre-tax NPV (at 10% discount rate) A$ million 139 Pre-tax IRR % 54 Weighted average revenue to cash cost ratio (payback period) 1.9 Capital Payback Period Years <2 Table 5. Governor Broome Scoping Study material outputs. Work Completed During the Year No drilling or field work was undertaken at Governor Broome during the year, with the Company instead continuing to assess options to realise value from the Project, including potential joint ventures, an outright trade sale and other avenues. GEORGINA BASIN IOCG PROJECT, NORTHERN TERRITORY The Georgina Basin IOCG Project, held through the Company’s wholly-owned subsidiary Knox Resources Pty Ltd, comprised seven granted Exploration Licences and three applications covering more than 3,000km² in the East Tennant Province of the Northern Territory. No field work was undertaken during the year. Subsequent to year end, as part of its portfolio simplification strategy, the Company entered into a binding Heads of Agreement on 7 July 2026 to sell 100% of Knox Resources Pty Ltd to Alien Metals Limited (AIM: AML). The sale was completed on 16 July 2026. The carrying value of the Project was impaired at 30 June 2026 to its recoverable amount, having regard to the sale consideration. Further details are set out under Corporate and in Events After the End of the Reporting Period. ANNUAL REPORT OF MINERAL RESOURCES AND EXPLORATION RESULTS The Statement of Mineral Resources and Exploration Results in this Report has been prepared in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2012 Edition (the JORC Code 2012) and ASX Listing Rule 5.21. Venari is not aware of any new information or data that materially affects the information included in this Report. The Company confirms that all material assumptions and technical parameters underpinning the Mineral Resource estimates and Exploration Results in the relevant market announcements continue to apply and have not materially changed. The Company has no Ore Reserves. Red Mountain Lithium Project - Mineral Resource Estimate The following table shows the Mineral Resource Estimate for the Red Mountain Lithium Project as at 30 June 2026, reported in accordance with the JORC Code (2012 Edition). There have been no material changes between the date that the estimate was made (ASX announcement: 2 February 2026) and the end of the financial year. Zone Classification Tonnes (Mt) Li (ppm) LCE (%) Contained LCE (Mt) Red Mountain North Infer