Half Year Report and Accounts

Minerals Exploration Limited
(formerly known as Uvre Limited)

ACN 650 124 324




Interim Report
For the period ended 31 December 2025

MINERALS EXPLORATION LIMITED
Contents
31 December 2025



1
Corporate directory 2
Directors' report 3
Auditor's independence declaration 14
Independent auditor's review report to the members of Minerals Exploration Limited 15
Condensed consolidated statement of profit or loss and other comprehensive income 17
Condensed consolidated statement of financial position 18
Condensed consolidated statement of cash flows 19
Condensed consolidated statement of changes in equity 20
Notes to the condensed consolidated financial statements 22
Directors' declaration 34
General information

This financial report includes the consolidated financial statements and notes of Minerals Exploration
Limited (formerly Uvre Limited) (referred to hereafter as 'MEX' or ‘the Company’) and its controlled
entities (the Group). The Group’s functional and presentation currency is AUD ($).

A description of the Group’s operations and of its principal activities is included in the review of operations
and activities in the Directors’ report. The Directors’ Report is not part of the Financial Report.

MINERALS EXPLORATION LIMITED
Corporate directory
31 December 2025



2
Directors

Norman Seckold - Chairman (appointed 14 July 2025)


Brett Mitchell - Executive Director


Alex Passmore - Non-Executive Director (appointed 28 June 2024)


Peter Nightingale - Non-Executive Director (appointed 14 July 2025)


Jason Beckton – Non-Executive Director (appointed 3 March 2026)

Joint Company Secretary

Harry Miller
Joint Company Secretary

Steven Wood

Registered office

3 Richardson Street


West Perth WA 6005


Telephone: +61 8 6319 1900


Email: admin@mineralsexploration.com


Website: www.mineralsexploration.com

Principal place of business

3 Richardson Street


West Perth WA 6005


Telephone: +61 8 6319 1900


Email: admin@mineralsexploration.com


Website: www.mineralsexploration.com

Share register

Automic Registry Services


Level 5, 191 St Georges Terrace


Perth WA 6000


Telephone: +1300 288 664

Auditor

Hall Chadwick WA Audit Pty Ltd


283 Rokeby Road


SUBIACO WA 6008

Solicitors

Steinepreis Paganin


Level 4, The Read Buildings


16 Milligan Street


Perth WA 6000

Stock exchange listings

Australian Securities Exchange


Level 40, Central Park


152-158 St George’s Terrace


Perth WA 6000


ASX Code: MEX





New Zealand Stock Exchange


NZX Centre


Level 2, 11 Cable Street


Wellington 6011, New Zealand


NZX Code: MEX

MINERALS EXPLORATION LIMITED
Directors' report
31 December 2025



3
The directors present their report, together with the financial statements, on the Group for the half-year
ended 31 December 2025.

Directors
The following persons were directors of the Company during the whole of the financial half-year and up
to the date of this report, unless otherwise stated:

Name

Role

Date of Appointment / Resignation
Norman Seckold

Chairman

Appointed 14 July 2025
Brett Mitchell

Executive Director

Appointed 30 May 2022
Alex Passmore

Non-Executive Director

Appointed 28 June 2024
Peter Nightingale

Non-Executive Director

Appointed 14 July 2025
Jason Beckton

Non-Executive Director

Appointed 3 March 2026

Principal activities
During the financial half-year, the principal continuing activities of the Company consisted of exploration
activities at the Company’s New Zealand Gold Projects. The Company finalised completion of 100% of the
issued share capital of Minerals Exploration Limited (MEL) and its wholly owned subsidiary, Otagold
Limited (Otagold) on 14 July 2025.
Review of operations
The Directors present the following report on Minerals Exploration Limited and its controlled entities
(referred to as the Group) for the half year ended 31 December 2025.

The loss for the Group after providing for income tax amounted to $1,267,709 (31 December 2024: loss
of $549,109).

Acquisition of New Zealand Gold Projects
On 14 July 2025, the Company completed the acquisition of MEL and its wholly owned New Zealand (NZ)
operating subsidiary, Otagold. The Company acquired 100% of the issued share capital in MEL for a total
consideration of $6m of MEL shares, at a deemed issue price of $0.08 per share, totaling 75 million shares
(Consideration Shares). The Consideration Shares were approved for issue by shareholders at a General
Meeting held on 27 June 2025. The Consideration Shares are subject to a 12-month voluntary escrow
period.
At the time of acquisition, Otagold held a 100% interest in three exploration permits, one prospecting
permit and one prospecting permit application in New Zealand covering 332sqkm of highly prospective
ground, led by the flagship brownfields Waitekauri Gold Project, located just outside of Waihi. Otagold’s
projects are located in the historic Hauraki and Otago goldfields and include a number of historical gold
mines that have been exposed to limited recent or modern exploration programs.

MINERALS EXPLORATION LIMITED
Directors' report
31 December 2025



4

Figure 1: Location map of the Company’s Gold Projects in New Zealand
WAITEKAURI GOLD PROJECT, HAURAKI GOLDFIELDS
Overview
The Waitekauri Gold Project covers 58km
2
in the Hauraki goldfield. The Company’s flagship Waitekauri
Gold Project is located near Waihi on New Zealand’s North Island and 4.5km directly along strike from
OceanaGold’s 2.2Moz @ 14g/t Au WKP deposit – which includes the historic Scotia and Jubilee Gold
Mines.

MINERALS EXPLORATION LIMITED
Directors' report
31 December 2025



5
The Waitekauri Gold Project is only 8km west of OceanaGold’s Waihi Gold Mine (+13Moz Au produced to
date) and in the centre of a heavily gold-mineralised structural corridor hosting four +1Moz gold deposits.
The Waitekauri project area displays the hallmarks of a major goldfield in a region with a compelling
mineral resource endowment, located in the middle of the northeast/southwest structural trend that
hosts numerous multi-million ounce deposits including OceanaGold’s WKP, Karangahake and Golden
Cross deposits (Figure 2).
The Waitekauri Gold Project is within an 18km long mineralised corridor hosting multiple targets and
historical workings and holds three high priority prospects for gold exploration based on their historical
gold production profile: Jubilee, Scotia and Sovereign.

Figure 2: Waitekauri Gold Project Gold prospects occur in a defined NE-SW structural trend which
extends from the WKP discovery down through

MINERALS EXPLORATION LIMITED
Directors' report
31 December 2025



6
Hauraki Goldfield – Gold Rich Mineralised Province
Hauraki is a world-class goldfield located in the Waikato region of New Zealand, with a global reputation
for hosting high grade silver and gold deposits. It has been home to more than 50 epithermal mines since
the 1860s, producing +15Moz of gold and 60Moz of silver.
The region shares many key characteristics with Kalgoorlie, being home to extensive mineralised systems
and many exploration and mining projects since 1862. The region also offers access to well-established
infrastructure and a skilled workforce. Mining is the driving force of the local economy and is at the centre
of the social fabric.
Phase 1 Waitekauri Drilling program – Scotia and Jubilee Gold Prospects
The Company commenced its maiden drilling program at its flagship Waitekauri Gold Project in New
Zealand on 11 October 2025. The drilling program is being operated by New Zealand-based drilling
contractor, EcoDrilling, and is planned for ~3,000m of diamond drilling for an estimated 16 holes to test
several priority epithermal gold targets at the historic Jubilee goldmine, and other priority gold prospects
including Scotia.
The first diamond drill hole of the Company’s maiden program was completed at the Scotia South gold
prospect at Waitekauri (Figure 3), targeting a previously untested structure with abundant epithermal
quartz on surface at Scotia South (TGW001) (Figure 4). The diamond drilling at Scotia South progressed
well to beyond its planned depth to a total depth of 221.1m, averaging approximately 12m per shift/day
(in line with pre-drill expectations of 10-15m/day).

Figure 3: Drilling the first hole at Scotia South, Waitekauri Gold Project

TGW001 was completed, logged and sampled and sent for assay at the SGS laboratory in Waihi, with the
rig then moved to drill TGW002 (Figure 4) at the Scotia gold prospect to drill test the depth extensions of
the known mineralized zones beneath the historic gold workings.

MINERALS EXPLORATION LIMITED
Directors' report
31 December 2025



7
TGW002 was drilled to 106m but due to porous quartz in the main target zone, significant water ingress
led to a loss of quality core recovery in the main target zone.  As a result, second hole TGW002A was
drilled at the main Scotia prospect and was successfully completed to a planned target depth
of 191.2m with good core recovery. The holes were logged and core samples sent for assay at SGS Waihi,
with results announced by the Company following the end of the half-year period on 12 February 2026.

Maiden Jubilee drilling program commenced
Following the completion of drilling at Scotia and Scotia South, drilling commenced at Jubilee in late
January with the first hole’s planned target depth of approximately 150m.

The Jubilee Gold Project is a historical mine located in the middle of the Company’s Waitekauri project
tenement, which represents the Company’s priority drilling prospect at Waitekauri. Jubilee is directly
south-west of the historical Golden Cross mine and northeast of the Karangahake mine, in the centre of
the NE-SW structural trend that also hosts the +2.2Moz Au (at 14.3g/t Au) deposit at WKP, developed by
OceanaGold.

The historical Jubilee Gold Mine produced approximately 29koz Au+Ag bullion @ 48g/t Au+Ag, and the
focus of the drilling program is to define depth and strike extensions of the known ore body from the
historical producing ore zones. The priority drill targets at Jubilee were generated by the Company’s
technical team from historical mining reports, large drill database, historical high grade underground
trenching results and interpretations of surface observations (Figure 4).


Figure 4: Jubilee drilling program is designed to target historical high-grade zones

MINERALS EXPLORATION LIMITED
Directors' report
31 December 2025



8
The Company will update the market on all material developments during the Scotia and Jubilee drilling
programs and with assay results as they are received, analysed and independently verified by the
Company throughout the program.

Historical High-Grade Jubilee Gold Mine Channel Sampling Results

Historical underground channel samples taken by Cyprus Minerals NZ from the Jubilee historical goldmine
returned highly promising assays which, when combined with the favourable geological setting and the
multi-million-ounce projects nearby, demonstrates the material significance of Waitekauri’s potential.

The upside is further highlighted by high grade assays returned from underground trench sampling by
Cyprus Gold in 1991. It can be noted that most of the chip data can be verified against the historical plans.
The providence of the data beyond this is not available and some chip lines were presumably
sourced from additional plans (1991 Harley, McConnochie Cyprus Minerals NZ – Jubilee Prospect,
Waitekauri Project PL 31-1777 – NZPAM).


Figure 5: Channel_JU22: 23.0m @ 42g/t Au is a rise channel or vertical in the Long Section of
the Jubilee mine

MINERALS EXPLORATION LIMITED
Directors' report
31 December 2025



9
INVINCIBLE GOLD PROJECT, OTAGO GOLDFIELDS
Prospecting permit granted for Invincible Gold Project

In November 2025, the Prospecting Permit was granted for the Invincible Gold Project, located in the
Otago Goldfields on New Zealand’s South Island.

The Invincible Gold Project shares key geological features with several large gold deposits in the Otago
Goldfields, including OceanaGold’s world-class Macraes gold mine 170km to the southeast, Santana
Minerals’ 2.2Moz Bendigo-Ophir deposit 65km to the east, and multiple other gold occurrences in the
Otago Goldfields. The Company’s technical team believe there is a potential for the historic Invincible
gold mine to be hosted in the same structural settings as the Macraes and Bendigo-Ophir projects, both
of which are of a bulk tonnage nature with discrete high-grade gold and tungsten zones.

The 164.3 km
2
Invincible Prospecting Permit hosts historic workings from the late 1800s and historical
production at the Invincible Gold Mine to the early 1900s from the goldrich veins graded up to 30g/t Au.
Despite its prospectivity the area has not been exposed to any modern exploration drilling programs. The
Invincible Gold Project is considered prospective for orogenic gold and tungsten mineralisation, both of
which are on New Zealand’s critical minerals list.

High Grade Rock Chips at Invincible Gold Project

In February 2026, the Company announced high grade rock chip assays of up to 49.7g/t Au received from
the historic Invincible Gold Mine sampling, with several rock chips containing visible gold. In light of the
significant results the Company confirmed it would commence new field programs including stream and
soil sampling ahead of a maiden drilling program.

MINERALS EXPLORATION LIMITED
Directors' report
31 December 2025



10

Figure 6: Geological setting in vicinity of the historic Invincible gold mine and Lower
Scheelite – Glenorchy tungsten mines

SOUTH AUSTRALIAN URANIUM PROJECTS

No new exploration activities were undertaken during the period at the Frome Downs or Yankaninna
Projects (together the South Australian Uranium Projects).

EAST CANYON URANIUM-VANADIUM PROJECT

No new exploration activities were undertaken during the half year. The Company renewed the Annual
lease and BLM fees for the East Canyon Uranium project during the period to keep the project and its
tenements in good standing for a further 12-month period.

MINERALS EXPLORATION LIMITED
Directors' report
31 December 2025



11
The 100% owned East Canyon uranium-vanadium project comprises 231 contiguous claims (~4,620
acres/18.7km
2
) prospective for uranium and vanadium in the Dry Valley/East Canyon mining district of
south-eastern Utah, USA.

SOUTH PASS WYOMING LITHIUM PROJECT

The Board agreed not to renew the annual lease fees on its 95 unpatented mining load claims over the
South Pass Lithium Project before the 1 September deadline, and therefore no longer holds any interest
in the project.
No work was undertaken on the project during the period.

CORPORATE

Board Changes

On 14 July 2025, Norman Seckold and Peter Nightingale were appointed as Non-Executive Directors of
the Company following completion of the Otagold NZ gold projects acquisition.

On 2 December 2025, Norman Seckold was appointed as Non-Executive Chairman (formerly Non-
Executive Director) of the Company and Brett Mitchell moved to the position of Executive Director
(formerly Executive Chairman) of the Company.

Effective 3 March 2026, Jason Beckton was appointed as a Non-Executive Director of the Company.

NZX Listing

The Company successfully completed its secondary listing on the NZX Main Board Market operated by
NZX Limited (NZX) and commenced trading on the NZX on 16 October 2025. The Company originally
traded under the NZX code UVA until the Company changed code to MEX following the change of
Company name on 3 December 2025 (see further detail below).

The dual listing will help increase the appeal of the Company’s shares to NZ’s extensive equity investment
sector by making its securities easily accessible on their home exchange. 
The Company believes that the combination of the NZ listing and the fact that its gold exploration
assets are located in NZ will help enable the Company to establish a significant shareholder base in NZ.

Corporate Name change to Minerals Exploration Limited

Following shareholder approval at the Company’s AGM held on 27 November 2025, the Australian
Securities and Investments Commission (ASIC) recorded the change of the Company’s name to Minerals
Exploration Limited. The new name took effect on both the ASX and NZX on 3 December 2025. The new
code on both exchanges is MEX.

MINERALS EXPLORATION LIMITED
Directors' report
31 December 2025



12
Compliance Statement

The information in this report that relates to exploration results is extracted from the Company’s
Prospectus dated 12 April 2022 and released to the ASX Market Announcements Platform on 3 June 2022
(Prospectus) and from the ASX Announcements listed below which are available on the Company website:
www.mineralsexploration.com.au and the ASX website (ASX: MEX):

Date

Announcement Title
27 September 2022

Elevated Radioactivity Visible Mineralisation at East Canyon
7 December 2022

Assays Confirm Uranium and Vanadium Mineralisation
17 February 2023

Further Assays From East Canyon
15 August 2023

High-Grade Uranium and Vanadium confirmed at East Canyon
13 September 2023

Uranium Anomaly over 2.4km Strike Length Identified
28 September 2023

5km Uranium Trend and Untested Target Identified
16 November 2023

Uvre Secures South Pass Lithium Project USA
6 December 2023

Significant Occurrences of Uranium Minerals at Surface
7 December 2023

Initial Exploration Completed at South Pass Lithium Project
6 February 2024

High Grade Uranium at Surface returning up to 1.64% U3O8
22 February 2024

Lithium Confirmed at South Pass with LCT Enriched Pegmatites
18 Apr 2024

Amended – Field Activities to Recommence at East Canyon
9 May 2024

South Pass Wyoming Lithium Project Update
1 Jul 2024

Completion of Acquisition, Placement & Board Changes
17 July 2024

Exploration to start at Frome Downs Uranium Project in SA
16 August 2024

Frome Downs Uranium Project - seismic program completed
18 September 2024

Strong geophysical results identify key Uranium targets
2 October 2024

Heritage Survey Agreement executed - Uranium SA Project
12 December 2024

Uvre to refine multiple compelling targets with Phase 2 geophysical program
19 May 2025

Transformational NZ Gold Projects Acquisition
27 Jun 2025

High Grade Rock Chips at flagship Waitekauri Gold Project
1 Sept 2025

Waitekauri drilling set to commence
13 Oct 2025

Maiden drilling program underway at Waitekauri Gold Project, New Zealand
4 Nov 2025

High-grade rock chip assays confirm major potential of NZ gold projects
19 Nov 2025

Uvre secures prospective historic Invincible gold mine in NZ
12 Feb 2026

Large mineralised gold system identified from first holes drilled at Scotia Prospect
24 Feb 2026

High grade rock chip assays from the Invincible Gold Project

The Company confirms that it is not aware of any new information or data that materially affects the
information included in the original market announcements and that all material assumptions and
technical parameters underpinning the exploration results in the Prospectus and market announcements
continue to apply and have not materially changed. The Company confirms that the form and context in
which the Competent Person’s findings are presented have not been materially modified from the original
market announcements.

Significant changes in the state of affairs

There were no significant changes in the state of affairs of the Group during the financial half-year.

MINERALS EXPLORATION LIMITED
Directors' report
31 December 2025



13
Matters subsequent to the end of the financial half-year

The Company released the following market sensitive ASX Announcements since 31 December 2025.

Date

Details



3 March 2026

The Company announced the appointment of Mr Jason Beckton as a Non-Executive
Director of the Company.

No other matter or circumstance has arisen since 31 December 2025 that has significantly affected, or
may significantly affect the Group's operations, the results of those operations, or the Group's state of
affairs in future financial years.

Environmental regulation

The Group operates within the resources sector and conducts its business activities with respect for the
environment while continuing to meet the expectations of the shareholders, employees, and suppliers.
The ’s exploration activities are currently subject to significant environmental regulation under laws of
the Commonwealth, Western Australia and South Australia, Wyoming USA and New Zealand. The Group
aims to ensure that the highest standard of environmental care is achieved, and that it complies with all
relevant environmental legislation.

As at the date of this report, the Group is not aware of any significant breaches of those environmental
requirements.

Auditor's independence declaration

A copy of the auditor's independence declaration as required under section 307C of the Corporations Act
2001 is set out immediately after this directors' report.

This report is made in accordance with a resolution of directors, pursuant to section 306(3)(a) of the
Corporations Act 2001.

On behalf of the directors




___________________________
Brett Mitchell
Executive Director

12 March 2026
Perth, Western Australia

To the Board of Directors
AUDITOR’S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE
CORPORATIONS ACT 2001
As lead audit director for the review of the financial statements of Minerals Exploration Limited for the half year
ended 31 December 2025, I declare that to the best of my knowledge and belief, there have been no
contraventions of:
• the auditor independence requirements of the Corporations Act 2001 in relation to the review; and
• any applicable code of professional conduct in relation to the review.

Yours Faithfully,





HALL CHADWICK WA AUDIT PTY LTD D M BELL FCA
Director


Dated this 12
th
day of March 2026
Perth, Western Australia

INDEPENDENT AUDITOR’S REVIEW REPORT
TO THE MEMBERS OF MINERALS EXPLORATION LIMITED
Conclusion
We have reviewed the accompanying half-year financial report of Minerals Exploration Limited (“the
Company”) and Controlled Entities (“the Consolidated Entity”) which comprises the condensed consolidated
statement of financial position as at 31 December 2025, the condensed consolidated statement of profit or
loss and other comprehensive income, condensed consolidated statement of changes in equity and
condensed consolidated statement of cash flows for the half-year ended on that date, a summary of material
accounting policies and other selected explanatory notes, and the directors’ declaration.
Based on our review, which is not an audit, we have not become aware of any matter that makes us believe
that the half-year financial report of the Consolidated Entity does not comply with the Corporations Act 2001
including:
a. Giving a true and fair view of the Consolidated Entity’s financial position as at 31 December 2025 and
of its performance for the half-year ended on that date; and
b. Complying with Accounting Standard AASB 134: Interim Financial Reporting and Corporations
Regulations 2001.
Basis for Conclusion
We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the
Independent Auditor of the Entity. Our responsibilities are further described in the Auditor’s Responsibilities
for the Review of the Financial Report section of our report. We are independent of the Company in
accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical
requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for
Professional Accountants that are relevant to our audit of the annual financial report in Australia. We have
also fulfilled our other ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001 which has been given
to the directors of the Company, would be in the same terms if given to the directors as at the time of this
auditor’s review report.
Responsibility of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of the half-year financial report that gives a
true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for
such control as the directors determine is necessary to enable the preparation of the half-year financial
report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility for the Review of the Financial Report
Our responsibility is to express a conclusion on the half-year financial report based on our review. ASRE
2410 requires us to conclude whether we have become aware of any matter that makes us believe that the
half-year financial report is not in accordance with the Corporations Act 2001 including giving a true and fair
view of the Consolidated Entity’s financial position as at 31 December 2025 and its performance for the half-
year ended on that date, and complying with Accounting Standard AASB 134 Interim Financial Reporting
and the Corporations Regulations 2001.
A review of a half-year financial report consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and
consequently does not enable us to obtain assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not express an audit opinion.




HALL CHADWICK WA AUDIT PTY LTD D M BELL FCA
Director


Dated this 12
th
day of March 2026
Perth, Western Australia

MINERALS EXPLORATION LIMITED
Condensed consolidated statement of profit or loss and other
comprehensive income
For the half-year ended 31 December 2025




Note

31 December
2025

Restated
(1)
31 December
2024




$

$







The above condensed consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes
17
Revenue






Interest income



62,059

45,348







Expenses






Administration



(128,118)

(55,425)
Depreciation expense



(20,067)

-
Employee benefits expense



(131,344)

(114,000)
Finance costs



(2,636)

(153)
Impairment of assets

6

(390,635)

-
Marketing



(98,041)

(61,265)
Professional fees



(187,839)

(107,451)
Public company expenses



(147,179)

(50,879)
Share-based payment expense

17

(177,678)

(205,284)
Foreign exchange gain/(loss)



(46,231)

-







Loss before income tax expense



(1,267,709)

(549,109)







Income tax expense



-

-







Loss after income tax expense for the half-year attributable to the
owners of Minerals Exploration Limited



(1,267,709)

(549,109)







Other comprehensive income













Items that may be reclassified subsequently to profit or loss






Exchange differences on translation of foreign operations



9,155

(23,244)







Other comprehensive income for the half-year, net of tax



9,155

(23,244)







Total comprehensive income for the half-year attributable to the
owners of Minerals Exploration Limited



(1,258,554)

(572,353)











Cents

Cents







Basic earnings per share

16

(0.69)

(0.93)
Diluted earnings per share

16

(0.69)

(0.93)

(1)
Refer to note 3 for detailed information on restatement of comparatives following a change of
accounting policy.

MINERALS EXPLORATION LIMITED
Condensed consolidated statement of financial position
As at 31 December 2025




Note

31 December
2025

Restated
(1)
30 June 2025

Restated
(1)
1 July 2024




$

$

$









The above condensed consolidated statement of financial position should be read in conjunction with the accompanying notes
18
Assets

















Current assets








Cash and cash equivalents

5

4,546,070

2,596,790

3,375,114
Other receivables



123,211

64,293

93,329
Total current assets



4,669,281

2,661,083

3,468,443









Non-current assets








Other receivables



32,086

-

-
Property, plant and equipment



52,532

-

-
Exploration and evaluation

6

13,715,818

3,691,369

3,560,765
Total non-current assets



13,800,436

3,691,369

3,560,765









Total assets



18,469,717

6,352,452

7,029,208









Liabilities

















Current liabilities








Trade and other payables

7

184,622

75,116

143,694
Total current liabilities



184,622

75,116

143,694









Total liabilities



184,622

75,116

143,694









Net assets



18,285,095

6,277,336

6,885,514









Equity








Issued capital

8

22,229,921

8,964,862

8,389,862
Reserves

9

1,201,619

1,191,210

1,597,104
Accumulated losses



(5,146,445)

(3,878,736)

(3,101,452)









Total equity



18,285,095

6,277,336

6,885,514

(1)
Refer to note 3 for detailed information on restatement of comparatives following a change of
accounting policy.

MINERALS EXPLORATION LIMITED
Condensed consolidated statement of cash flows
For the half-year ended 31 December 2025




Note

31 December
2025

Restated
(1)
31 December
2024




$

$







The above condensed consolidated statement of cash flows should be read in conjunction with the accompanying notes
19
Cash flows from operating activities






Payments to suppliers and employees (inclusive of GST)



(671,590)

(386,847)
Interest received



62,059

45,348







Net cash used in operating activities



(609,531)

(341,499)







Cash flows from investing activities






Payments for property, plant and equipment



(71,999)

-
Payments for exploration and evaluation



(800,388)

(312,046)
Cash acquired on purchase of entity



74,237

-







Net cash used in investing activities



(798,150)

(312,046)







Cash flows from financing activities






Proceeds from issue of shares

8

3,650,000

-
Share issue transaction costs



(293,044)

-







Net cash from financing activities



3,356,956

-







Net increase/(decrease) in cash and cash equivalents



1,949,275

(653,545)
Cash and cash equivalents at the beginning of the financial half-year



2,596,790

3,375,114
Effects of exchange rate changes on cash and cash equivalents



5

(23,244)







Cash and cash equivalents at the end of the financial half-year



4,546,070

2,698,325

(1)
Refer to note 3 for detailed information on restatement of comparatives following a change of
accounting policy.

MINERALS EXPLORATION LIMITED
Condensed consolidated statement of changes in equity
For the half-year ended 31 December 2025


The above condensed consolidated statement of changes in equity should be read in conjunction with the accompanying notes
20



Total
equity

Issued
capital

Foreign
currency
reserve

Share-
based
payment
reserve

Equity
reserve

Accumulate
d losses



$

$

$

$

$

$













Balance at 1 July 2024
Restated
(1)


8,389,862

(60,309)

1,641,913

15,500

(3,101,452)

6,885,514













Loss after income tax
expense for the half-year

-

-

-

-

(549,109)

(549,109)
Other comprehensive
income for the half-year,
net of tax

-

(23,244)

-

-

-

(23,244)













Total comprehensive
income for the half-year

-

(23,244)

-

-

(549,109)

(572,353)













Transactions with owners
in their capacity as owners:












Share-based payments
(note 17)

-

-

205,284

-

-

205,284
Performance rights on
acquisition of Uranium SA
Project

-

-

(113,750)

-

-

(113,750)
Deferred shares on
acquisition of South Pass
Project

-

-

-

(15,500)

-

(15,500)
Conversion of performance
rights

227,500

-

(227,500)

-

-

-













Balance at 31 December
2024

8,617,362

(83,553)

1,505,947

-

(3,650,561)

6,389,195

(1)
Refer to note 3 for detailed information on restatement of comparatives following a change of
accounting policy.

MINERALS EXPLORATION LIMITED
Condensed consolidated statement of changes in equity
For the half-year ended 31 December 2025


The above condensed consolidated statement of changes in equity should be read in conjunction with the accompanying notes
21



Total
equity

Issued
capital

Foreign
currency
reserve

Share-
based
payment
reserve

Equity
reserve

Accumulate
d losses



$

$

$

$

$

$













Balance at 1 July 2025
Restated
(1)


8,964,862

(67,401)

1,258,611

-

(3,878,736)

6,277,336













Loss after income tax
expense for the half-year

-

-

-

-

(1,267,709)

(1,267,709)
Other comprehensive
income for the half-year,
net of tax

-

9,155

-

-

-

9,155













Total comprehensive
income for the half-year

-

9,155

-

-

(1,267,709)

(1,258,554)













Transactions with owners
in their capacity as owners:












Contributions of equity,
net of transaction costs
(note 8)

3,356,955

-

-

-

-

3,356,955
Share-based payments
(note 17)

-

-

177,678

-

-

177,678
Issue of consideration
shares for acquisition of
Otagold Project (note 8)

9,375,000

-

-

-

-

9,375,000
Issue of shares to
Corporate Advisors (note
8)

356,680

-

-

-

-

356,680
Conversion of performance
rights

176,424

-

(176,424)

-

-

-













Balance at 31 December
2025

22,229,921

(58,246)

1,259,865

-

(5,146,445)

18,285,095

(1)
Refer to note 3 for detailed information on restatement of comparatives following a change of
accounting policy.

MINERALS EXPLORATION LIMITED
Notes to the condensed consolidated financial statements
31 December 2025



22
Note 1. Material accounting policy information

These general purpose financial statements for the interim half-year reporting period ended 31 December
2025 have been prepared in accordance with Australian Accounting Standard AASB 134 'Interim Financial
Reporting' and the Corporations Act 2001, as appropriate for for-profit oriented entities. Compliance with
AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 'Interim Financial
Reporting'.

These general purpose financial statements do not include all the notes of the type normally included in
annual financial statements. Accordingly, these financial statements are to be read in conjunction with
the annual report for the year ended 30 June 2025 and any public announcements made by the Company
during the interim reporting period in accordance with the continuous disclosure requirements of the
Corporations Act 2001.

New or amended Accounting Standards and Interpretations adopted
The Group has adopted all of the new or amended Accounting Standards and Interpretations issued by
the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period.

Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been
early adopted.

Exploration and evaluation expenditure
During the period the Group adopted a change in accounting policy to capitalise its exploration and
evaluation expenditure as an asset. The new accounting policy is as follows:

Exploration and evaluation expenditures in relation to each area of interest is recognised as an exploration
and evaluation asset in the year incurred and where the following conditions are satisfied:

(i) the rights to tenure of the area of interest are current; and
(ii) at least one of the following conditions is also met:
a. the exploration and evaluation expenditures are expected to be recouped through
successful development of the area of interest, or alternatively, by its sale; or
b. exploration and evaluation activities in the area of interest have not at reporting date
reached a stage which permits a reasonable assessment of the existence or otherwise of
economically recoverable reserves, and active operations in, or in relation to, the area of
interest are continuing.

Exploration and evaluation assets are initially measured at cost and include acquisition or rights to
explore, studies, exploratory drilling, trenching and sampling and associated activities directly related to
each area of interest. Consultant fees related to the overall program of exploration are allocated across
the tenements on a pro-rata basis. General and administrative costs are only included in the measurement
of exploration and evaluation costs where they are related directly to operational activities in a particular
area of interest. Exploration and evaluation assets are assessed for impairment when facts or
circumstances suggest that the carrying value of an exploration and evaluation asset may exceed its
recoverable amount. The assessment of impairment indicators as per AASB 6 Exploration for and
Evaluation of Mineral Resources is undertaken at least annually. Where indicators of impairment are
identified, the recoverable amount of the exploration and evaluation asset is estimated to determine the

MINERALS EXPLORATION LIMITED
Notes to the condensed consolidated financial statements
31 December 2025


Note 1. Material accounting policy information (continued)



23
possible extent of impairment loss (if any). Where an impairment loss subsequently reverses, the carrying
amount of the asset is increased to the revised estimate of its recoverable amount, but only to the extent
that the increased carrying value does exceed the carrying value that would have been determined had
no impairment loss been recognised for that asset in prior years.

If a decision is made by the Company to:
(i) abandon the entire area of interest; or
(ii) allow the entire area of interest to expire without renewal; or
(iii) it is reasonably likely that the area of interest will expire in the near future; or
(iv) a decision is made to discontinue future exploration work, then the exploration and evaluation
asset will be impaired with the expense recognised in the statement of profit or loss and other
comprehensive income.

Where a decision is made by the Company to proceed with development in respect of a particular area of
interest, the relevant exploration and evaluation asset will be assessed for impairment and the balance
reclassified to a development asset.

Note 2. Critical accounting judgements, estimates and assumptions

The preparation of the financial statements requires management to make judgements, estimates and
assumptions that affect the reported amounts in the financial statements. Management continually
evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and
expenses. Management bases its judgements, estimates and assumptions on historical experience and on
other various factors, including expectations of future events, management believes to be reasonable
under the circumstances. There are no critical accounting judgements, estimates and assumptions that
are likely to affect the current or future financial years.

Share-based payment transactions
The Company measures the cost of equity-settled transactions with employees by reference to the fair
value of the equity instruments at the date at which they are granted. The fair value is determined by
using either the Binomial or Black-Scholes model taking into account the terms and conditions upon which
the instruments were granted. The accounting estimates and assumptions relating to equity-settled
share-based payments would have no impact on the carrying amounts of assets and liabilities within the
next annual reporting period but may impact profit or loss and equity.

MINERALS EXPLORATION LIMITED
Notes to the condensed consolidated financial statements
31 December 2025


Note 2. Critical accounting judgements, estimates and assumptions (continued)



24
Exploration and evaluation costs
Exploration and evaluation costs have been capitalised on the basis that the Group will commence
commercial production in the future, from which time the costs will be amortised in proportion to the
depletion of the mineral resources. Key judgements are applied in considering costs to be capitalised
which includes determining expenditures directly related to these activities and allocating overheads
between those that are expensed and capitalised. In addition, costs are only capitalised that are expected
to be recovered either through successful development or sale of the relevant mining interest. Factors
that could impact the future commercial production at the mine include the level of reserves and
resources, future technology changes, which could impact the cost of mining, future legal changes and
changes in commodity prices. To the extent that capitalised costs are determined not to be recoverable
in the future, they will be written off in the period in which this determination is made.

Note 3. Restatement of comparatives

Change in Accounting Policy - Exploration and evaluation assets
The interim report has been prepared on the basis of a voluntary change in accounting policy for the half-
year ended 31 December 2025, in accordance with AASB 108 Accounting Policies, Changes in Accounting
Estimates and Errors.

The Group previously expensed all ongoing exploration costs. A review of the accounting policy in relation
to exploration expenditure was conducted to align with industry peers. As a result, the Group has adopted
a policy to capitalise all the exploration and evaluation expenditure in accordance with AASB 6 Exploration
for and Evaluation of Mineral Resources, within the condensed consolidated statement of financial
position. The change has been applied retrospectively to the extent practicable being from 1 July 2021.

The Board determined that this revised policy provides more relevant financial information without
compromising reliability, ensuring greater comparability with industry standards.

This has resulted in prior period adjustments to the prior period condensed consolidated statement of
financial position and condensed consolidated statement of profit and loss and other comprehensive
income as follows:

Statement of profit or loss and other comprehensive income


31
December
2024



31
December
2024


$

$

$


Reported

Adjustment

Restated














Expenses






Exploration expense

(269,354)

269,354

-
Loss before income tax expense

(818,463)

269,354

(549,109)

MINERALS EXPLORATION LIMITED
Notes to the condensed consolidated financial statements
31 December 2025


Note 3. Restatement of comparatives (continued)



25


Cents

Cents

Cents


Reported

Adjustment

Restated







Basic earnings per share

(1.39)

0.46

(0.93)
Diluted earnings per share

(1.39)

0.46

(0.93)

Statement of financial position



30 June
2025



30 June
2025


$

$

$


Reported

Adjustment

Restated














Exploration and evaluation

1,930,618

1,760,751

3,691,369
Accumulated losses

(5,639,487)

1,760,751

(3,878,736)

Statement of cash flows



31
December
2024



31
December
2024


$

$

$


Reported

Adjustment

Restated







Cash flows from operating activities






Exploration and evaluation expenditure (inclusive of GST)

(312,046)

312,046

-







Cash flows from investing activities






Payments for exploration and evaluation

-

(312,046)

(312,046)

MINERALS EXPLORATION LIMITED
Notes to the condensed consolidated financial statements
31 December 2025



26
Note 4. Operating segments

The Group has identified its operating segments based on the internal reports that are reviewed and used
by the Chief Operating Decision Maker (CODM), being the Board of Directors in assessing performance
and determining the allocation of resources.

The is managed primarily on the basis of its exploration and corporate activities. Operating segments are
therefore determined on the same basis.
Reportable segments disclosed are based on aggregating operating segments where the segments are
considered to have similar economic characteristics.

The Group operates within one segment being mineral exploration.

Note 5. Current assets - Cash and cash equivalents



31
December
2025

30 June
2025


$

$





Cash at bank

4,546,070

2,596,790

Cash at bank and in hand earns interest at both floating rates, based on daily bank rates, and fixed rate
term deposits.

Note 6. Non-current assets - Exploration and evaluation

Capitalised exploration and evaluation costs carried forward



31
December
2025

Restated
30 June
2025


$

$





Opening balance

3,691,369

2,116,743
Tenement acquisition costs
(1)


9,455,771

-
Deferred shares on acquisition of acquisition of South Pass project
(2)


-

(15,500)
Performance rights on acquisition of Uranium SA project
(3)


-

(170,625)
Change in accounting policy
(4)


-

1,760,751
Impairment of assets

(390,635)

-
Amount capitalised during the half year

959,313

-







13,715,818

3,691,369

MINERALS EXPLORATION LIMITED
Notes to the condensed consolidated financial statements
31 December 2025


Note 6. Non-current assets - Exploration and evaluation (continued)



27
(1)
On 14 July 2025, the Company acquired 100% of the fully paid ordinary shares in Minerals Exploration
Limited(MEL). MEL’s wholly owned subsidiary is New Zealand Gold explorer, Otagold Limited (Otagold).

(2)
Deferred South Pass Project fee assessed with a probability of 0% as at 31 December 2025 (0% as at 30
June 2025) - Issue of 400,000 shares within 7 days of receiving at least 5 laboratory assay results for rock
chip samples taken from the Claims containing over 1% Li (Milestone).

(3)
Tranche 2 SA Uranium Projects (assessed with a probability of 0% as at 31 December 2025; 0% as at 30
June 2025):2,500,000 Performance Rights will vest upon the completion of the first drilling program at
one of the Uranium projects.

(4)
Refer to note 1 and note 3 for details of the impact on the change in the Company’s Accounting Policy
relating to the treatment of exploration and evaluation expenditure.

Reconciliations of the written down values at the beginning and end of the current financial half-year are
set out below:



East Canyon

South Pass

SA Uranium

Otagold

Total


$

$

$

$

$











Balance at 1 July 2025(Restated)

2,595,450

390,635

705,284

-

3,691,369
Additions

-

-

-

9,455,771

9,455,771
Impairment of assets

-

(390,635)

-

-

(390,635)
Expenditure capitalised during the half-
year

75,179

-

1,400

882,734

959,313











Balance at 31 December 2025

2,670,629

-

706,684

10,338,505

13,715,818

The balance carried forward represents projects in the exploration and evaluation phase. Ultimate
recoupment of exploration expenditure carried forward is dependent on successful development and
commercial exploitation, or alternatively, sale of respective areas.

Note 7. Current liabilities - Trade and other payables



31
December
2025

30 June
2025


$

$





Trade payables

118,460

30,111
Superannuation payable

969

2,785
Other payables

65,193

42,220







184,622

75,116

MINERALS EXPLORATION LIMITED
Notes to the condensed consolidated financial statements
31 December 2025


Note 7. Current liabilities - Trade and other payables (continued)



28
Current trade payables are non-interest bearing and are normally settled on 30-day terms.

Note 8. Equity - Issued capital


31 December
2025
30 June
2025
31 December
2025
30 June
2025
Shares Shares $ $

Ordinary shares - fully paid (i) 191,958,501 60,200,001 22,229,921 8,964,862



i) Movements in ordinary share capital

Details Date Shares Issue price $

Opening balance 1 July 2025 60,200,001 8,964,862
Placement 3 July 2025 50,000,000 $0.073 3,650,000
Issue of consideration shares for
Otagold Project

14 July 2025

75,000,000

$0.125

9,375,000
Issue of share to Corporate Advisors 12 August 2025 4,458,500 $0.080 356,680
Issue of shares pursuant to conversion
of performance rights
19 December
2025

2,300,000



176,424
Share issue costs - (293,045)

Closing balance 31 December
2025

191,958,501



22,229,921

ii) Ordinary shares
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the
Company in proportion to the number of and amounts paid on the shares held. The fully paid ordinary
shares have no par value and the Company does not have a limited amount of authorised capital.

On a show of hands every member present at a meeting in person or by proxy shall have one vote and
upon a poll each share shall have one vote.

MINERALS EXPLORATION LIMITED
Notes to the condensed consolidated financial statements
31 December 2025


Note 8. Equity - Issued capital (continued)



29
iii) Capital risk management
The Group’s objectives when managing capital are to safeguard their ability to continue as a going
concern, so that they can continue to provide returns to shareholders and benefits for other stakeholders
and to maintain an optimal capital structure to reduce the cost of capital.

Due to the nature of the Group’s activities, being mineral exploration, the Group does not have ready
access to credit facilities, with the primary source of funding being equity raisings. Therefore, the focus of
the Group’s capital risk management is the current working capital position against the requirements of
the Group to meet exploration programs and corporate overheads. The Group’s strategy is to ensure
appropriate liquidity is maintained to meet anticipated operating requirements, with a view to initiating
appropriate capital raisings as required.

iv) Unissued ordinary shares
Unissued ordinary shares of the Company under option and performance right at the date of this report
are as follows:

Tranche

Grant date

Expiry date

Exercise price

Number









OPT02

27 May 2022

27 May 2027

$0.30

1,000,000
OPT03

27 May 2022

27 May 2027

$0.30

6,000,000
OPT04

27 November 2024

26 February 2029

$0.20

2,000,000
OPT05

27 November 2024

26 February 2029

$0.30

2,000,000
PERFB

6 June 2022

6 June 2027

Nil

950,000
PERFC

28 June 2024

28 June 2027

Nil

2,500,000
PERFF

27 November 2024

27 November 2028

Nil

1,250,000









Total







15,700,000

Note 9. Equity - Reserves



31
December
2025

30 June
2025


$

$





Foreign currency reserve (i)

(58,246)

(67,401)
Options reserve (ii)

1,124,644

1,124,644
Performance rights reserve (iii)

135,221

133,967







1,201,619

1,191,210

MINERALS EXPLORATION LIMITED
Notes to the condensed consolidated financial statements
31 December 2025


Note 9. Equity - Reserves (continued)



30
Movements in reserves
Movements in each class of reserve during the current financial half-year are set out below:

(i) Foreign currency reserve

Reserve



Opening balance as at 1 July 2025

(67,401)
Exchange differences on translation of foreign operations

9,155



31 December 2025

(58,246)

(ii) Options reserve

Number

Reserve





Opening balance as at 1 July 2025

11,000,000

1,124,644
31 December 2025

11,000,000

1,124,644

(iii) Performance rights reserve

Number

Reserve





Opening balance as at 1 July 2025

7,000,000

133,967
Share-based payment expense (note 17)

-

177,678
Vested performance rights converted to shares (note 8)

(2,300,000)

(176,424)





31 December 2025

4,700,000

135,221

Note 10. Equity - Dividends

There were no dividends paid, recommended or declared during the current or previous financial half-
year.

Note 11. Contingent assets

There have been no material changes in contingent assets since the last annual reporting date.

Note 12. Contingent liabilities

There have been no material changes in contingent liabilities since the last annual reporting date.

Note 13. Commitments

Exploration expenditure
In order to maintain mining tenements, the is committed to meet the prescribed conditions under which
tenements were granted. These commitments may be met in the normal course of operations by future
capital raisings and/or farm-out and under certain circumstances are subject to the possibility of
adjustment to the amount and timing of such obligations or by tenement relinquishment.

MINERALS EXPLORATION LIMITED
Notes to the condensed consolidated financial statements
31 December 2025


Note 13. Commitments (continued)



31


31
December
2025

30 June
2025


$

$





Exploration expenditure commitments payable:




Not later than 12 months

146,662

207,484
Between 12 months and 5 years

322,682

565,968







469,344

773,452

Note 14. Related party transactions

There were no material changes to the Group’s related party transactions to those disclosed in the 30
June 2025 Annual Report.

Note 15. Events after the reporting period

The Company released the following market sensitive ASX Announcements since 31 December 2025.

Date

Details



3 March 2026

The Company announced the appointment of Mr Jason Beckton as a Non-Executive
Director of the Company.

No other matter or circumstance has arisen since 31 December 2025 that has significantly affected, or
may significantly affect the Group's operations, the results of those operations, or the Group's state of
affairs in future financial years.

Note 16. Earnings per share



31
December
2025

Restated
(1)

31
December
2024


$

$





Loss after income tax attributable to the owners of Minerals Exploration
Limited

(1,267,709)

(549,109)

MINERALS EXPLORATION LIMITED
Notes to the condensed consolidated financial statements
31 December 2025


Note 16. Earnings per share (continued)



32


Number

Number





Weighted average number of ordinary shares used in calculating basic
earnings per share

182,911,741

58,751,914





Weighted average number of ordinary shares used in calculating diluted
earnings per share

182,911,741

58,751,914



Cents

Cents





Basic earnings per share

(0.69)

(0.93)
Diluted earnings per share

(0.69)

(0.93)

(1)
Refer to note 3 for details of the impact on the change in the Company’s Accounting Policy relating to
the treatment of exploration and evaluation expenditure.


Note 17. Share-based payments

Share-based payments during the half-year ended 31 December 2025 are summarised below.

Recognised share-based payment expense

31
December
2025

31
December
2024


$

$





Share-based payment expense to directors

177,678

19,455
Share-based payment expense to corporate advisors

-

185,829







177,678

205,284

Performance Rights

Performance rights issued in prior periods which affect share-based payments expenditure in the current
or future reporting periods are as follows:

MINERALS EXPLORATION LIMITED
Notes to the condensed consolidated financial statements
31 December 2025


Note 17. Share-based payments (continued)



33
Tranche

Class of
Securities

Grant Date

Number of
Securities

Exercise
Price

Expiry Date

Disposal
Restriction













PERFB

Director’s
performance
rights

6-June-2022

950,000

Nil

6-June-2027

Non-
transferable
PERFD

Director’s
performance
rights

27- November-
2024

1,050,000

Nil

27- November-
2028

Non-
transferable
PERFE

Director’s
performance
rights

27- November-
2024

1,250,000

Nil

27- November-
2028

Non-
transferable
PERFF

Director’s
performance
rights

27- November-
2024

1,250,000

Nil

27- November-
2028

Non-
transferable

No new performance rights and incentive options were granted during the half-year to 31 December 2025
as share-based payments.

MINERALS EXPLORATION LIMITED
Directors' declaration
31 December 2025



34
In the directors' opinion:

●

the attached financial statements and notes comply with the Corporations Act 2001, Australian
Accounting Standard AASB 134 'Interim Financial Reporting', the Corporations Regulations 2001 and
other mandatory professional reporting requirements;

●

the attached financial statements and notes give a true and fair view of the 's financial position as at
31 December 2025 and of its performance for the financial half-year ended on that date; and

●

there are reasonable grounds to believe that the Group will be able to pay its debts as and when they
become due and payable.

Signed in accordance with a resolution of directors made pursuant to section 303(5)(a) of the Corporations
Act 2001.

On behalf of the directors




___________________________
Brett Mitchell
Executive Director

12 March 2026
Perth, Western Australia