Annual Report to Shareholders

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Minerals Exploration Limited

ACN 650 124 324




Annual Report
For the year ended 30 June 2026

MINERALS EXPLORATION LIMITED
Contents
30 June 2026


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Corporate directory Error! Bookmark not defined.

Chairman's Letter Error! Bookmark not defined.
Review of operations Error! Bookmark not defined.
Directors' Report 12
Auditor's independence declaration 29
Independent auditor's report to the members of Minerals Exploration Limited 30
Consolidated statement of profit or loss and other comprehensive income 36
Consolidated statement of financial position 37
Consolidated statement of changes in equity 38
Consolidated statement of cash flows 40
Notes to the consolidated financial statements 41
Consolidated entity disclosure statement 67
Directors' declaration 68
ASX Additional Information 69

MINERALS EXPLORATION LIMITED
Corporate Directory
30 June 2026


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This financial report includes the consolidated financial statements and notes of Minerals Exploration
Limited (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.

Directors Norman Seckold - Non-Executive Chairman
Brett Mitchell - Executive Director
Alex Passmore - Non-Executive Director
Jason Beckton - Non-Executive Director
Tony McDonald - Non-Executive Director

Joint Company Secretary Harry Miller
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 listing Australian Securities Exchange Limited
Level 40, Central Park
152-158 St George’s Terrace
Perth WA 6000
ASX Code: MEX

MINERALS EXPLORATION LIMITED
Chairman's Letter
30 June 2026


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Dear Fellow Shareholder

Welcome to the Minerals Exploration Annual Report for the year ended 30 June 2026.

It has been a significant year for the evolution of our Company and the advancement of our brownfields
gold projects within the historic Hauraki and Otago Goldfields in New Zealand, starting with a successful
capital raising and listing on the ASX through the corporate transaction with listed minerals explorer
Uvre Limited in July 2025, closely followed by the completion of a dual listing on the New Zealand Stock
Exchange in October 2025. We also established an experienced, local exploration team in New Zealand
to lead the priority exploration programs on our flagship Waitekauri Gold Project at Waihi, located within
the historic Haruaki Goldfields and only 8km west of OceanaGold’s Waihi Gold Mine (+10Moz Au), and
4.5km directly along strike from OceanaGold’s 2.2Moz @ 14.3g/t Au WKP deposit.

Critically for a minerals exploration company, we undertook multiple exploration programs across all of
our brownfields gold projects in New Zealand during the past 12 months. This included a 15 hole diamond
drilling program at the Jubilee, Jubilee South and Scotia gold prospects at Waitekauri, and rock chip
sampling across the main Waitekauri gold prospects to help identify the high-grade, key target
epithermal feeder structures. Some of the high-grade rock chip results reported were outstanding,
including 2,273g/t Au near Sovereign, 283g/t Au and 129g/t Au at Scotia, and 362g/t Au at Jubilee.

The 15 diamond holes at Jubilee and Scotia were the first drilling program undertaken by the Company
the Waitekauri Gold Project, and despite the results so far not delivering the high-grade results to
identify the high-grade epithermal feeder zones to the gold historically mined at Waitekauri, there has
been significant encouragement of some broad zones of gold mineralisation encountered which will be
important for designing our next phase exploration drilling plans. We have recently commissioned an
independent review of the historical and recent drilling results at Waitekauri by a renowned epithermal
gold expert, which will be integral to our future exploration activities.

Our exploration team also identified the significant potential of the Invincible Gold - Tungsten Project,
which is located on our Invincible prospecting permit on the South Island. The Glenorchy Tungsten
project was the largest active tungsten mining operation in New Zealand and is a major focus for the
Company moving forward once the exploration permit is granted for Invincible. We completed an initial
rock chip program which delivered 2.63% W from the Davidsons Mine, confirming its high grade
prospectivity and key focus of our future exploration activities.

During the year we also had some corporate changes, with experienced mining executive Jason Beckton
joining the Board as Non-Executive Director along with Tony McDonald following the end of the financial
year. One of our founding directors and shareholders Peter Nightingale recently retired from the Board
and we wish Peter all the best for his future endeavours.

As the Chair and major shareholder in our Company, I am fully supportive of our team and strategy as
we focus our exploration strategies and financial resources for the next year. We have rationalised some
of our projects during the year, to refine the Company’s focus and resources onto the projects with the
highest prospectivity – in order to maximise returns for shareholders.

On behalf of the Board, I appreciate your ongoing support for our Company.


Norman Seckold
Chairman

MINERALS EXPLORATION LIMITED
Review of operations
30 June 2026


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Review of Operations

During the financial year ended 30 June 2026, Minerals Exploration Limited (ASX/NZX: MEX) underwent
a significant strategic transformation, evolving from a USA and South Australian uranium-focused
explorer into a New Zealand gold exploration company with a portfolio of highly prospective brownfields
gold assets located within the historic Hauraki and Otago Goldfields. The acquisition of the New Zealand
gold projects, completed on 14 July 2025, established the Company's new strategic direction and
provided shareholders with exposure to multiple advanced-stage gold exploration opportunities in
historically productive mining districts.

During the year, the Company focused on its exploration programs at its flagship Waitekauri Gold Project
near Waihi, and its Invincible Gold - Tungsten Project on the South Island, completing drilling programs
at Jubilee, rock chip, geological mapping, geochemical sampling and target generation activities across
its key projects.

WAITEKAURI GOLD PROJECT
The Waitekauri Gold Project is in the highly endowed Hauraki Goldfields and has priority gold targets
located only 8km west of OceanaGold Corporation’s Waihi gold mine (+10Moz Au), which is located in
the centre of a strongly mineralised corridor which hosts four +1Moz gold deposits. Since acquiring the
project in July 2025, MEX has completed geological mapping, rock chip sampling, geochemical surveys,
geophysics and an extensive diamond drilling at the Jubilee and Jubilee South key gold prospects at the
Waitekauri Gold Project. The work has confirmed the presence of extensive mineralised epithermal gold
systems and generated numerous high-priority drill targets.


Figure 1: Gold prospects occur in a defined NE-SW structural trend which extends from the WKP discovery
down through the Waitekauri Gold Project

MINERALS EXPLORATION LIMITED
Review of operations
30 June 2026


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Drill program at Jubilee, Jubilee South & Scotia
The Company commenced its maiden drilling program at its flagship Waitekauri Gold Project in New
Zealand on 11 October 2025. The drilling program was operated by New Zealand-based drilling contractor,
EcoDrilling, and has completed 2,625m of diamond drilling for 15 holes, designed to test several priority
epithermal gold targets at the historic Jubilee goldmine, and other priority gold prospects including
Scotia.

Scotia Drilling Completed
As announced on 12 February 2026, the Company reported a wide zone of mineralisation was intersected
from the first diamond drilling at the Scotia prospect by TGW002 and TGW002A drillholes. The
mineralisation is hosted in hydrothermally altered and oxidised dacite with common epithermal quartz-
pyrite veinlets. The high-grade intercept of 3.5m @ 5.02g/t Au from TGW002A (97.5m to 101.0m) is linked
to a 45cm wide banded quartz vein and a base of oxidation. An interpreted feeder structure at depth or
along strike of the known low grade stockwork remains the priority target for the follow up drilling
programs at Scotia, which is currently being reviewed for drill planning.

Jubilee Drill Programs Completed – Broad Zone of Gold Mineralisation at Jubilee South
The program continued with the Company confirming the Waitekauri Gold Project intersected quartz-
mineralised zones in all holes completed to date (TGW003–TGW014). Drilling at Jubilee for holes TGW003
and TGW004 was restricted to -45° angle holes targeting depth extensions of known near surface high
grade shoots, hence mediocre results from pierce points at depth.

Table 1: Jubilee Drillhole Intercepts All intervals are downhole lengths; true widths are not known at this
stage. (N.A.- Not assayed)
Drill hole
Intercepts —
Jubilee Prospect
Hole ID
From
(m)
To (m) Interval
(m)
Au (g/t) Ag
(g/t)
Comment
TGW003 85.3 89.9 4.6 0.30 22.7 Silicified and oxidised
TGW004 205.0 211.3 6.3 0.15 N.A. Silicified and oxidised
TGW005 90.5 91.0 0.5 10.5 N.A. Fine-crystalline/weakly
banded quartz veinlet in
andesitic breccia
TGW006 149.8 151.9 2.1 0.34 N.A.
and 164.0 165.0 1.0 0.41 N.A.
TGW007 133.0 136.0 3.0 0.25 N.A.
and 140.3 143.2 2.9 0.29 N.A.
TGW008 184.1 211.8 27.7 0.08 21.5 E–W structure
incl. 200.4 201.6 1.2 0.33 91.6
TGW009 69.0 74.0 5.0 0.23 Assays pending Ag
TGW010 88.2 95.1 6.9 0.21 Assays pending Ag
TGW011 122.0 202.3 80.3 0.30 Assays pending Ag
incl. 170.0 171.0 1.0 1.21
TGW012 135.5 158.2 22.7 0.35 Assays pending Ag
incl. 150.8 151.7 0.9 2.60
TGW013 70.8 74.6 3.8 1.10 Assays pending Ag
incl. 70.8 71.8 1.0 2.79
and 75.8 76.7 0.9 1.27
TGW014 47.5 100.0 52.5 0.25 Assays pending Ag
incl. 62.0 63.5 1.5 0.71

MINERALS EXPLORATION LIMITED
Review of operations
30 June 2026


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The 6 diamond holes TGW005–TGW014 were successfully drilled to their planned depths to test the
vertical and strike depth extensions of the modelled gold ore shoots of the Jubilee vein. All holes
intersected strongly pyrite–clay altered andesites hosting silicified and quartz-mineralised zones at the
anticipated target depths. Mineralised zones are typically associated with near-vein silicification and
deep oxidation. The dominant vein texture is brecciation; fine banding has not been identified in the
main Jubilee structure. The high-grade intercept in TGW005 (0.5m @ 10.5g/t Au) is associated with an
approximately 10cm wide, weakly banded, fine crystalline quartz veinlet within andesitic breccia.


Figure 2: Jubilee drill hole location plan showing collars, traces and significant results the 15 holes and
2,625m drilled at Waitekauri to date; Scotia drill results were reported separately (see ASX release dated
23rd September 2026).

At Jubilee South, a second phase drill program TGW011–TGW014 was commenced following the end of
the financial year, with results announced on 23 September 2026 which included the following assays
from the four-hole, 633.5m diamond drilling program:
o TGW011: 80.3m @ 0.30g/t Au from 122.0m, including 16.0m @ 0.52g/t Au from 159.0m and 1.0m @
1.21g/t Au from 170.0m.
o TGW014: 52.5m @ 0.25g/t Au from 47.5m to end of hole, including 8.5m @ 0.52g/t Au from 55.0m
and 1.5m @ 0.71g/t Au from 62.0m.
o TGW012: 22.7m @ 0.35g/t Au from 135.5m, including 8.8m @ 0.62g/t Au from 145.0m and 0.9m @
2.60g/t Au from 150.8m.
o TGW013 returned multiple zones, led by 3.8m @ 1.10g/t Au from 70.8m, including 1.0m @ 2.79g/t
Au; a 1.2m zero-recovery interval is excluded from reported intervals
Independent review of the Jubilee and Jubilee South drilling programs completed to date has
commenced, for analysis of results and planning for next phase exploration programs.

MINERALS EXPLORATION LIMITED
Review of operations
30 June 2026


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INVINCIBLE GOLD - TUNGSTEN PROJECT
The Invincible Gold Project is located within New Zealand's historic Otago Goldfields and shares key
geological features with 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
region.

In November 2025, a Prospecting Permit was granted for the brownfields Invincible Gold – Tungsten
Project in the Otago Goldfields on New Zealand’s South Island. The 164.3km
2
Invincible Gold Project
covers the historic Invincible gold mine and Glenorchy tungsten mines.

An application for an Exploration Permit was lodged in April 2026 to enable drilling activities upon grant,
which is expected in late 2026. Current programs during the period have been focused on data
acquisition and target definition across the permit, including identification of priority drill targets, while
progressing permitting and land access requirements.


Figure: 3: Invincible Gold/Tungsten Project, and Oturehua Gold Project, both located within the Otago
Goldfields/Otago Schist

During the year, rock chip sampling at the historic Invincible Gold Mine of surface dump samples
returned significant rock chip results of up to 49.7g/t
3
Au with visible gold observed in several samples
as announced on 24 February 2026.

MINERALS EXPLORATION LIMITED
Review of operations
30 June 2026


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Historic Davidsons Mine Tungsten Prospect - Initial Work Program Completed
The first exploration program at the Davidson’s Tungsten Mine on the Invincible Au – W Project focused
on detailed geological and structural definition of the exposed mineralised system. A total of 18 rock
chip samples were collected at the prospect and were reported to the ASX on 10 August 2026.
Reconnaissance mapping and sampling across the wider Temple Peak Station area is underway to assess
additional occurrences and determine whether mineralisation is localised or part of a broader
structurally controlled system. All geological and geochemical data will be integrated to define drill-
ready targets, with emphasis on brecciated zones, sulphide-bearing structures, and potential down-dip
or along-strike extensions of the vein.

Davidsons Mine rock chip sampling returned up to 2.63% W; 3 of 16 samples returned at least 1% W, 4
returned at least 0.5% W and 9 returned at least 0.1% W. Gold assays from Davidsons were up to 0.45
g/t Au (refer Table 2 below). Refer MEX ASX release 10 August 2026, Glenorchy Tungsten Project -
Glenorchy rock chip assays deliver high-grade results up to 37.4 g/t Gold and 2.63% Tungsten.


Figure 4: Invincible Field Program above Davidsons workings -where drill permits and access permissions are
being applied for at report date


Figure 5: Sample A1075 under ultraviolet light, showing scheelite fluorescence; the sample returned <0.01 g/t
Au and 2.63% W

MINERALS EXPLORATION LIMITED
Review of operations
30 June 2026


10
Historic Glenorchy Tungsten Mine Prospect Following the end of the period, the Company announced
results from a rock chip program at the Glenorchy Tungsten Project that delivered the following
significant high-grade results from the State Mine and Davidsons Mine, located on the Invincible
Prospecting Permit:

Table 2: Material Glenorchy Au-W rock-chip sample results
Sample
ID
Prospect Type Easting (m) Northing
(m)
Au (g/t) W (%)
387115 State Mine Mullock 1238093 5023288 32.9 0.135
387116 State Mine Mullock 1238093 5023288 37.4 0.116
387118 State Mine Mullock 1238093 5023288 0.19 1.82
387120 State Mine Mullock 1238093 5023288 14.7 0.007
A1075 Davidsons Mine Insitu 1237776 5030049 <0.01 2.63

The Glenorchy scheelite field lies approximately two kilometers east of Glenorchy at the head of Lake
Wakatipu. Historical sources describe mining from the mid-1880s, with later surface mining continuing
to about 1980 and exploration drilling reported in 1989. The State Mine was described as the principal
scheelite mine at Glenorchy and was taken over by the New Zealand Government in 1942.
Laminated quartz-scheelite-gold fault veins are generally less than two meters thick and occupy local
dilational sites around fault irregularities; pervasive thin quartz-filled hydraulic-extension fractures
occur around them. The new assays demonstrate that historic State Mine material contains both high-
grade Au and high-grade W. More importantly, highest grade Au sample from the State Mine mullock
was taken from what appeared to be a coarse reject after tungsten ore processing.


Figure 6: Location and Au-W assay summary for the 31 selective rock-chip and grab samples
reported in this announcement (inset on following page)

MINERALS EXPLORATION LIMITED
Review of operations
30 June 2026


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Figure 7: Inset location and Au-W assay summary for the 31 selective rock-chip and grab samples reported in
announcement dated 10 August 2026

OTUREHUA GOLD PROJECT
The Company completed a geological mapping program during the quarter at Oturehua and is continuing
field work with assistance of Wairiri Consultants and also to review historical production of gold and
geological datasets to support future exploration planning for an initial drilling program planned for early
2027.

• NW-striking normal faults: primary mineralising structures; individual mineralised zones traceable
up to ~700 m in published work.
• Fault zones are typically 0.5–5 m wide; quartz veins can be narrow but host breccias, wallrock
fragments and sulphide-rich seams.
• Laminated schist promotes wider deformation, brecciation, ankeritic alteration, arsenopyrite and
pyrite.
• Massive schist tends to have sharper, narrower veins and less wallrock alteration.
• Best target nodes: fault intersections, subparallel fault linkages, dilational jogs, kink-fold zones
and laminated-schist intersections.
The current workflow, a high priority given the known high-grade stope locations, is to georeference and
digitise plans, adits, levels, shafts, winzes, stopes, faults, reef traces and historic annotations, and to
confirm source plan scales.

MINERALS EXPLORATION LIMITED
Review of operations
30 June 2026


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Figure 8: Plans and Long sections (Golden Progress Vein shown on of at least 11 vein zones to be
georeferenced) being digitized in 3D at report date after some confirmatory mapping during the reporting
year.

SOUTH AUSTRALIAN URANIUM PROJECTS
No exploration activities were undertaken during the period at the Frome Downs or Yankaninna Projects
(together the South Australian Uranium Projects), and were subsequently relinquished following the end
of the period. The Company no longer holds any interest in these tenements. The carrying amount of
the South Australian Uranium Projects of $715,246 has been impaired in full at 30 June 2026.

EAST CANYON URANIUM PROJECTS
No exploration activities were undertaken during the financial year. The Company renewed the annual
lease and BLM fees for the East Canyon Uranium project in August 2026 following the end of the period,
to keep the project and its tenements in good standing for a further 12-month period. 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.

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, and
Peter Nightingale retired as a Director of the Company on 30 June 2026. Subsequent to the end of the
financial year Tony McDonald was appointed as Non-Executive Director effective 7 September 2026.

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).

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 from UVRE
Limited 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
Review of operations
30 June 2026


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Compliance Statement

The information in this report that relates to prior Exploration Results is extracted from the ASX
Announcements listed below which are available on the Company’s website
www.mineralsexploration.com.au and the ASX website (ASX code: MEX).

Date Announcement Title

3 June 2022 Prospectus
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 MEX 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 1.6% U3O8
22 February 2024 Lithium Confirmed at South Pass with LCT Enriched Pegmatites
18 April 2024 Amended – Field Activities to Recommence at East Canyon
9 May 2024 South Pass Wyoming Lithium Project Update
1 July 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 MEX to refine multiple compelling targets with Phase 2 geophysical program
19 May 2025 MEX to acquire highly prospective gold exploration projects in New Zealand
29 May 2025 MEX takes key steps towards completion of NZ gold projects acquisition
27 June 2025 Outstanding rock chip assays highlight strong potential of NZ gold assets
1 September 2025 Waitekauri drilling set to commence
13 October 2025 Maiden drilling program underway at Waitekauri Gold Project, New Zealand
4 November 2025 High-grade rock chip assays confirm major potential of NZ gold projects
19 November 2025 MEX secures prospective historic Invincible gold mine in NZ
12 February 2026 Large mineralised gold system identified from first holes drilled at Scotia
Prospect
24 February 2026 High grade rock chip assays from the Invincible Gold Project
23 June 2026 Waitekauri Gold Project - First Phase Jubilee Drilling Program Completed
20 July 2026 Waitekauri - Sovereign High Grade Historic Gold Zones Reveal Key Drill Targets,
Jubilee South Drilling Continues
10 August 2026 Glenorchy rock chip assays deliver high-grade results up to 37.4 g/t Gold and
2.63% Tungsten
23 September 2026 Waitekauri - Broad Gold Mineralisation Intersected in Second Stage Jubilee South
Drilling

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

MINERALS EXPLORATION LIMITED
Directors' Report
30 June 2026


14
The directors present their report, together with the financial statements, on the Group for the year
ended 30 June 2026.

Directors
The following persons were directors of the Company during the financial 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
Jason Beckton Non-Executive Director Appointed 3 March 2026
Peter Nightingale Non-Executive Director Appointed 14 July 2025; Retired 30 June
2026
Peter Woods Non-Executive Director Appointed 12 May 2021; Resigned 14 July
2025
Steven Wood Non-Executive Director Appointed 12 May 2021; Resigned 14 July
2025
Tony McDonald Non-Executive Director Appointed 7 September 2026

During the period, the following changes were effective to the executive management of the Company
and Board of Directors.

● Norman Seckold appointed as a Non-Executive Director on 14 July 2025, transitioned to Chairman
on 2 December 2025.
● Brett Mitchell, appointed as Non-Executive Director on 30 May 2022, transitioned to Non-Executive
Chairman on 14 May 2024, and then to an Executive role effective from 28 June 2024.
● Jason Beckton has been appointed as a Non-Executive Director on 3 March 2026.
● Peter Nightingale appointed as a Non-Executive Director on 14 July 2025, retired on 30 June 2026.
● Peter Woods resigned on 14 July 2025.
● Steven Wood resigned on 14 July 2025.

Principal activities
During the financial 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 Minex Resources Pty Ltd (Minex), which completed a change in name from
Minerals Exploration Pty Limited effective 28 October 2025, and its wholly owned subsidiary, Otagold
Limited (Otagold) on 14 July 2025.

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

Significant changes in the state of affairs
The Company acquired 100% of the fully paid ordinary shares in Minex Resources Pty Ltd (Minex) from
the shareholders of Minex (Vendors). Minex’s wholly owned subsidiary is New Zealand Gold explorer,
Otagold Limited (Otagold).

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

MINERALS EXPLORATION LIMITED
Directors' Report
30 June 2026


15
Matters subsequent to the end of the financial year

Date Details

3 July 2026 Restricted Securities Released from Voluntary Escrow
20 July 2026 Sovereign Historic Gold Zones Reveal Key Drill Targets
10 August 2026 Glenorchy rock chip assays deliver high-grade results
7 September 2026 Appointment of Tony McDonald as a Non-Executive Director
23 September 2026 Broad Gold Mineralisation Intersected at Jubilee South

In August 2026, the Board resolved to relinquish the South Australian Uranium tenements EL 6995 and
EL 6996. The carrying amount of these tenements of $715,246 has been impaired in full at 30 June 2026
(refer to note 12).
There are no other matters or circumstances that have arisen since the end of the financial year which
significantly affected or may significantly affect the operations of the Group, or the state of affairs of
the Group in future financial years.

Likely developments and expected results of operations
The Company’s focus for the coming year will be the advancement of its New Zealand gold and tungsten
projects through ongoing exploration, target generation and drilling programs. At Waitekauri, the
Company intends to utilise the findings of the independent technical review to refine drill targeting and
assess the potential for high-grade feeder structures. Exploration activities are also expected to progress
at the Invincible Gold and Glenorchy Tungsten Projects, upon permitting approvals.

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 Company’s exploration activities are currently subject to significant environmental
regulation under laws of the Commonwealth, Western Australia and South Australia, Utah, 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.

Key risks and uncertainties
The Group considers the following to be the key material business risks:

Additional requirements for capital

The Company’s capital requirements depend on numerous factors. The Company may require further
financing. Any additional equity financing will dilute shareholdings, and debt financing, if available, may
involve restrictions on financing and operating activities. If the Company is unable to obtain additional
financing as needed, it may be required to reduce the scope of its operations and scale back its
exploration programmes as the case may be. There is however no guarantee that the Company will be
able to secure any additional funding or be able to secure funding on terms favourable to the Company.

Exploration and operating

The Projects are early-stage exploration, and mineral exploration and development are high-risk
undertakings.

There can be no assurance that future exploration of the Claims or Licences, or any other mineral
claims & licences that may be acquired in the future, will result in the discovery of an economic
resource. Even if an apparently viable resource is identified, there is no guarantee that it can be
economically exploited.

MINERALS EXPLORATION LIMITED
Directors' Report
30 June 2026


16
Few properties that are explored are ultimately developed into producing mines. Major expenses may
be required to establish ore reserves, to develop metallurgical processes and to construct mining and
processing facilities at a particular site.
The future exploration activities of the Company may be affected by a range of factors including
geological conditions, flooding, limitations on activities due to seasonal weather patterns or adverse
weather conditions, unanticipated operational and technical difficulties, difficulties in commissioning
and operating plant and equipment, mechanical failure or plant breakdown, unanticipated metallurgical
problems which may affect extraction costs, industrial and environmental accidents, industrial disputes,
labour disputes and shortages, unexpected shortages and increases in the costs of consumables, spare
parts, plant, equipment and staff, native title claims, changing government regulations and many other
factors beyond the control of the Company.

The success of the Company will also depend upon the Company being able to maintain title to the
Claims/Licences comprising the Projects and obtaining all required approvals for their contemplated
activities. In the event that exploration programmes prove to be unsuccessful this could lead to a
diminution in the value of the Projects, a reduction in the cash reserves of the Company and possible
relinquishment of one or more of the Claims/Licences.

No Known Mineral Reserves or Mineral Resources

There are no known bodies of commercial minerals on the Company’s Claims or Licences.

There can be no assurance that the Company will be successful in its search for mineral resources and
mineral reserves or in its more advanced programs.

Title to Properties

The acquisition of title to mineral properties is a very detailed and time-consuming process. The
Company’s Claims/Licences may be affected by undetected defects in title, such as the reduction in
size of the Claims/Licences and other third-party claims affecting the Company’s interests. Mineral
claims/licences sometimes contain claims or transfer histories that examiners cannot verify.

The Claims/Licences do not grant a right to enter upon or use the surface of the mineral properties.
Additional amounts may have to be paid to surface rights owners in connection with any development
of mining activity.

Exploration permits

The Company’s field activities, and exploration and drilling program on its Projects, will require licenses
and permits from various governmental and non-governmental authorities. The Company has obtained,
or will obtain, all necessary licenses and permits required to carry on with activities which it is currently
conducting or which it proposes to conduct under applicable laws and regulations. However, such
licenses and permits are subject to changes in regulations and in various operating circumstances. There
can be no assurance that the Company will be able to obtain all necessary licenses and permits required
to carry out exploration, development and mining operations on its Projects.

Renewal

The Claims/Licences are subject to periodic renewal. The renewal of the term of the Claims/Licences
are subject to compliance with applicable mining legislation and regulations and the discretion of the
relevant mining authority.

Renewal conditions may include increased expenditure and work commitments or compulsory
relinquishment of areas of the Claims/Licences. The imposition of new conditions or the inability to
meet those conditions may adversely affect the operations, financial position and/or performance of the
Company.

MINERALS EXPLORATION LIMITED
Directors' Report
30 June 2026


17
Overseas Business Activities and Country Risk (Geopolitical Risk)

During the period the Group engaged in exploration activities outside of Australia, currently in Utah and
Wyoming, USA and subsequent to the end of the period commenced activities in New Zealand. The
success of the Group’s operation depends on the political stability in this country and the availability of
qualified and skilled workforce to support operations. While the operations of the Group in this country
is currently very stable, a change in the government may result in changes to the foreign investment
laws and these assets could have an adverse effect on the Group’s operational results.

To manage this risk, the Group ensures that all significant transactions in these countries are supported
by robust contracts between the Company and third parties. We have a system in place for parent
company level to continuously check the country risk management before any significant investment is
made. Furthermore, we have developed a mechanism to counter legal risk, where foreign subsidiaries
and management can receive appropriate legal guidance regarding matters such as important
agreements and lawsuits in foreign locations.

Environmental

The operations and proposed activities of the Company are subject to laws and regulations concerning
the environment. As with most exploration projects and mining operations, the Company’s activities are
expected to have an impact on the environment, particularly if advanced exploration or mine
development proceeds. It is the Company’s intention to conduct its activities to the highest standard of
environmental obligation, including compliance with all environmental laws. Mining operations have
inherent risks and liabilities associated with safety and damage to the environment and the disposal of
waste products occurring as a result of mineral exploration and production. The occurrence of any such
safety or environmental incident could delay production or increase production costs.

The disposal of mining and process waste and mine water discharge are under constant legislative
scrutiny and regulation. There is a risk that environmental laws and regulations become more onerous
making the Company’s operations more expensive.

Grant of future authorisations to explore and mine

If the Company discovers an economically viable mineral deposit that it then intends to develop, it will,
among other things, require submissions to and approval of environmental impact assessments.
Environmental legislation is evolving, which means stricter standards and enforcement, fines and
penalties for non-compliance are becoming more stringent. Environmental assessment of proposed
projects carries a heightened degree of responsibility for companies and directors, officers and
employees. There is no assurance that future changes in environmental regulation, if any, will not
adversely affect the Company’s operations, including its capital expenditures and competitive position.

Mine development

Possible future development of mining operations at the Projects is dependent on a number of factors
including, but not limited to, the acquisition and/or delineation of economically recoverable
mineralisation, favourable geological conditions, receiving the necessary approvals from all relevant
authorities and parties, seasonal weather patterns, unanticipated technical and operational difficulties
encountered in extraction and production activities, mechanical failure of operating plant and
equipment, shortages or increases in the price of consumables, spare parts and plant and equipment,
cost overruns, access to the required level of funding and contracting risk from third parties providing
essential services.

MINERALS EXPLORATION LIMITED
Directors' Report
30 June 2026


18
Gold price volatility and exchange rate risks

The success of the Company is contingent on exploration success.

If the Company achieves exploration success leading to mineral production, the revenue it will derive
through the sale of product exposes the potential income of the Company to gold and tungsten price
and exchange rate risks. All commodity prices including gold and tungsten are inherently unstable and
are subject to various factors that impact them outside the control of the company.

Furthermore, international prices of various commodities are denominated in United States dollars,
whereas the income and expenditure of the Company will be considered in Australian currency, exposing
the Company to the fluctuations and volatility of the rate of exchange between the United States dollar
and the Australian dollar as determined in international markets.

Regulatory Compliance

The Company’s operating activities are subject to extensive laws and regulations relating to numerous
matters including resource license consent, environmental compliance and rehabilitation, taxation,
employee relations, health and worker safety, waste disposal, protection of the environment, native title
and heritage matters, protection of endangered and protected species and other matters. The Company
requires permits from regulatory authorities to authorise the Company’s operations. These permits relate
to exploration, development, production and rehabilitation activities.

While the Company believes that it is in substantial compliance with all material current laws and
regulations, agreements or changes in their enforcement or regulatory interpretation could result in
changes in legal requirements or in the terms of existing permits and agreements applicable to the
Company or its properties, which could have a material adverse impact on the Company’s current
operations or planned development projects.

Information on directors
Name: Norman Seckold
Title: Non-Executive Chairman (previously Non-Executive Director)
Appointment: 14 July 2025
Experience and expertise: Mr Seckold is an experienced mining executive who has spent more than
40 years in the full-time management of natural resource companies,
both in Australia and overseas. Mr Seckold is currently also Chairman of
ASX listed Nickel Industries Limited, Alpha HPA Limited, Fulcrum Lithium
Limited and Sky Metals Limited.
Other current directorships: Chairman - Fulcrum Lithium Limited (ASX:FUL) (appointed 6 February
2023)
Chairman - Alpha HPA Limited (ASX:A4N) (appointed 30 November 2009)
Chairman - Nickel Industries Limited (ASX:NIC) (appointed 12 September
2007)
Chairman - Sky Metals Limited (ASX:SKY) (appointed 4 December 2001)
Former directorships (last 3
years):
Nil
Interests in shares: 30,141,133 Shares

MINERALS EXPLORATION LIMITED
Directors' Report
30 June 2026


19
Name: Brett Mitchell
Title: Executive Director (appointed 2 December 2025) (previously appointed
Non-Executive Director on 30 May 2022 then Executive Chairman on 28
June 2024)
Appointed: 30 May 2022
Qualifications: B.Econ
Experience and expertise: Mr Mitchell is an experienced corporate finance executive with over 25
years of experience in private and public venture capital, and the equity
capital markets. Mr Mitchell’s expertise is in leading capital raisings and
M&A transactions in the mining, energy, technology and life sciences
industries.

Mr Mitchell has been involved in the founding, financing and executive
management of both private and publicly-listed companies. In addition
to being Executive Director on MEX, Mr Mitchell is currently the Executive
Chairman of ASX listed WA Goldfields explorer and developer Javelin
Minerals Ltd (JAV) and Non-Executive Director of biotechnology company
Imagion Biosystems Ltd (IBX). He was previously a director of ASX listed
lithium explorer/developer Delta Lithium Ltd (DLI), and other ASX listed
companies in the resources, energy and life science sectors.
Other current directorships: Non-Executive Director - Imagion BioSystems Limited (ASX: IBX)
(appointed 14 June 2024)
Executive Director - Javelin Minerals Ltd (ASX: JAV) (appointed 29
February 2024)
Former directorships (last 3
years):
AusCann Group Holdings Limited
Mount Ridleys Mines Limited
Interests in shares: 3,350,000 Shares
Interests in options: 1,000,000 options exercisable at $0.30 expiry 27 May 2027
Interests in rights: 1,000,000 Class F Performance Rights

Name: Alex Passmore
Title: Non-Executive Director
Appointment: 28 June 2024
Experience and expertise: Mr Passmore is a qualified geologist and experienced corporate executive
having led many project acquisitions, divestments and fund raisings in
the junior and mid cap resources sector over the past 20 years.
Mr Passmore’s recent appointments include: Chief Executive Officer of
Ora Gold Ltd (current), Managing Director of Rox Resources Ltd,
Chairman of Cannon Resources Ltd, Managing Director of Cockatoo Iron
NL, Non-Executive Director of Aspire Mining Ltd, Non-Executive (and
Executive) Director of Equator Resources Ltd / Cobalt One Ltd which
merged with TSX-listed First Cobalt Corp) and CEO of Draig Resources
Ltd (now Bellevue Gold Ltd).
Mr Passmore is currently a director of the following listed entities: Pearl
Gull Iron Ltd and Blencowe Resources Ltd (London-listed).
Other current directorships: Non-Executive Director - Pearl Gull Iron Limited (ASX: PLG) (appointed
15 August 2017)
Former directorships (last 3
years):
Rox Resources Limited
Interests in shares: 1,337,500 Shares
Interests in rights: 250,000 Class F Performance Rights

MINERALS EXPLORATION LIMITED
Directors' Report
30 June 2026


20
Name: Jason Beckton
Title: Non-Executive Director
Experience and expertise: Mr Beckton has been working as a geologist for 30 years. He has
extensive experience in the Australian gold industry, including in
management roles. He is currently Managing Director of European
Resources Ltd (ASX: ERE) and Non-Executive Director of American Rare
Earths (ASX: ARR) and Cipango Japan (unlisted).
Other current directorships: Non-Executive Director - American Rare Earths (ASX:ARR) (appointed 28
October 2025)
Managing Director - European Resources Ltd (ASX:ERE) (appointed 26
September 2014)
Former directorships (last 3
years):
Lode Resources Limited
Interests in shares: 15,120,977 shares

Name: Peter Nightingale
Title: Non-Executive Director (resigned 30 June 2026)
Appointment: 14 July 2025
Experience and expertise: Mr Nightingale is a chartered accountant and has, for more than 35 years,
been responsible for the financial control, administration, secretarial and
in-house legal functions of a number of private and public listed
companies in Australia and the USA including Bolnisi Gold N.L. and Nickel
Industries Limited.
Other current directorships: Nil
Former directorships (last 3
years):
European Resources Limited
Fulcrum Lithium Limited
Alpha HPA Limited
Interests in shares: 2,459,673 Shares

Name: Peter Woods
Title: Non-Executive Director (previously Managing Director) (resigned 14 July
2025)
Appointment: 12 May 2021
Qualifications: B.Com (Accounting & Finance), GradDipAppFin
Experience and expertise: Mr Woods is the founder of Minerals Exploration Limited and has
extensive ASX board level experience across various industries and
geographies, including significant resources exposure. He has over 15
years’ experience in the financial services industry specialising in
corporate finance, capital markets, project generation and business
development. Mr Woods holds a Bachelor of Commerce with a double
major in Accounting and Finance from University of Western Australia,
together with a Post Graduate Diploma of Applied Finance, and has
completed an executive education course on Private Equity and Venture
Capital at Harvard Business School, Boston USA. Mr Woods is founding
director of Bluebird Capital, a project generation, investment and
strategic advisory business based in Perth, Western Australia.
Other current directorships: Managing Director – Strata Minerals Limited (ASX: SMX) (appointed 28
May 2024)
Non-Executive Director - Corella Resources Limited (ASX:
CR9)(appointed 23 April 2021)
Former directorships (last 3
years):
Nil
Interests in shares: 3,950,000 Shares
Interests in options: 3,500,000 Options exercisable at $0.30 expiry 27 May 2027
Interests in rights: 750,000 Class B performance rights

MINERALS EXPLORATION LIMITED
Directors' Report
30 June 2026


21
Name: Steven Wood
Title: Non-Executive Director (previously Non-Executive Chairman) (resigned
14 July 2025)
Appointment: 21 May 2021
Qualifications: B.Com, CA
Experience and expertise: Mr Wood is a Principal at Automic Group and specialises in providing
corporate advisory, governance, cross-border, and financial compliance
consulting services to a number of ASX listed and unlisted entities. Mr
Wood is currently Non-Executive Director of Metalicity Limited, Company
Secretary for a number of listed entities, and was previously a Director
at Grange Consulting Group for 12 years. Mr Wood is a Chartered
Accountant and started his career in the Perth office of Pitcher Partners
where he spent several years in their corporate re-structuring division.
Other current directorships: Non-Executive Director - Arika Resources Limited (formerly Metalicity
Limited) (ASX: ARI) (appointed 25 November 2022)
Former directorships (last 3
years):
Nil
Interests in shares: 1,616,667 Shares
Interests in options: 1,500,000 Options exercisable at $0.30 expiry 27 May 2027
Interests in rights: 200,000 Class B performance rights

'Other current directorships' quoted above are current directorships for listed entities only and excludes
directorships of all other types of entities, unless otherwise stated.

'Former directorships (last 3 years)' quoted above are directorships held in the last 3 years for listed
entities only and excludes directorships of all other types of entities, unless otherwise stated.

Meetings of directors
The number of meetings of the Company's Board of Directors ('the Board') held during the year ended
30 June 2026, and the number of meetings attended by each director were:

Director
Number of meetings director
eligible to attend
Number of meetings director
attended

Mr Norman Seckold 4 4
Mr Brett Mitchell 4 4
Mr Alex Passmore 4 4
Mr Jason Beckton 2 2
Mr Peter Nightingale 3 3
Mr Peter Woods 0 0
Mr Steven Wood 0 0

Company secretaries
Harry Miller was appointed as Joint Company Secretary on 20 December 2024. Mr Miller is an
experienced Company Secretary having worked with numerous ASX listed and private companies in
various industries throughout Australia. Previously, Mr Miller worked in the audit division of a leading
international Audit, Tax & Advisory firm, focused on engagements across the natural resources,
technology and industrial sectors. Mr Miller holds a Bachelor of Commerce (Economics and Finance) as
well as a Master of Professional Accounting.

Steven Wood was appointed as Joint Company Secretary on 28 October 2025. Mr Wood has over 15 years
of corporate advisory, governance and financial compliance experience in the mining and resources
sector. Mr Wood was recently a Director of Grange Consulting Group Pty Ltd until it was acquired by
Automic Group, where he is currently a principal and specialises in providing corporate advisory,
governance, and financial compliance consulting services to a number of ASX listed and unlisted entities.
Mr Wood is currently Non-Executive Director of Arika Resources Ltd and Company Secretary for a
number of ASX listed entities including Caspin Resources Ltd.

MINERALS EXPLORATION LIMITED
Directors' Report
30 June 2026


22
Financial position
The net assets of the consolidated Group have increased to $16,938,269 (30 June 2025
Restated*:$6,277,336). The Group’s working capital, being current assets less current liabilities was
$2,767,148 at 30 June 2026 (30 June 2025: $2,585,967). The comparative information has been restated
as a result of a change in accounting policy, refer to note 3 for details.

Shares issued on the exercise of performance rights
The following ordinary shares of the Company were issued during the year ended 30 June 2026 and up
to the date of this report on the exercise of performance rights granted:

Exercise Number of
Date performance rights granted

price
shares
issued

11 December 2024 $0.000 2,300,000

Shares issued on the exercise of options
There were no ordinary shares of the Company issued on the exercise of options during the year ended
30 June 2026 and up to the date of this report.

Share-based compensation
Issue of shares
There were no shares issued to directors and other key management personnel as part of compensation
during the year ended 30 June 2026.

Options
There were no options over ordinary shares issued to directors and other key management personnel as
part of compensation that were outstanding as at 30 June 2026.

There were no options over ordinary shares granted to or vested by directors and other key management
personnel as part of compensation during the year ended 30 June 2026.

Performance rights
The following performance rights over ordinary shares issued to directors and other key management
personnel as part of compensation that were outstanding as at 30 June 2026.

● 1,000,000 tranche 3 performance rights will vest upon the Twenty Day VWAP exceeding $0.30 per
Share ('Milestone C'), and
● 250,000 tranche 3 performance rights will vest upon the Twenty Day VWAP exceeding $0.30 per
Share ('Milestone C').

There were no performance rights over ordinary shares granted to directors and other key management
personnel as part of compensation during the year ended 30 June 2026.

Securities granted during the year
There were no new securities grant during the financial year ended 30 June 2026.

Indemnity and insurance of officers
The Company has indemnified the directors and executives of the Company for costs incurred, in their
capacity as a director or executive, for which they may be held personally liable, except where there is
a lack of good faith.

During the financial year, the Company paid a premium in respect of a contract to insure the directors
and executives of the Company against a liability to the extent permitted by the Corporations Act 2001.
The contract of insurance prohibits disclosure of the nature of the liability and the amount of the
premium.

MINERALS EXPLORATION LIMITED
Directors' Report
30 June 2026


23
Proceedings on behalf of the Company
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring
proceedings on behalf of the Company, or to intervene in any proceedings to which the Company is a
party for the purpose of taking responsibility on behalf of the Company for all or part of those
proceedings.

Unissued shares under option and performance right
Unissued ordinary shares of Minerals Exploration Limited under option and performance right at the
date of this report are as follows:

Class 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 27-NOVEMBER-2028 $0.20 2,000,000
OPT05 27-NOVEMBER-2024 27-NOVEMBER-2028 $0.30 2,000,000
PERFB 6-JUNE-2022 6-JUNE-2027 - 950,000
PERFC 28-JUNE-2024 28-JUNE-2027 - 2,500,000
PERFF 27-NOVEMBER-2024 27-NOVEMBER-2028 - 1,250,000

Total 15,700,000

Non-audit services
There were no non-audit services provided during the financial year by the auditor.

The directors are satisfied that the provision of non-audit services during the financial year, by the
auditor (or by another person or firm on the auditor's behalf), is compatible with the general standard
of independence for auditors imposed by the Corporations Act 2001.

The directors are of the opinion that the services as disclosed in note 23 to the financial statements do
not compromise the external auditor's independence requirements of the Corporations Act 2001 for the
following reasons:
● all non-audit services have been reviewed and approved to ensure that they do not impact the
integrity and objectivity of the auditor; and
● none of the services undermine the general principles relating to auditor independence as set out
in APES 110 Code of Ethics for Professional Accountants issued by the Accounting Professional and
Ethical Standards Board, including reviewing or auditing the auditor's own work, acting in a
management or decision-making capacity for the Company, acting as advocate for the Company or
jointly sharing economic risks and rewards.

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.

Remuneration report (audited)
The remuneration report details the key management personnel remuneration arrangements for the
Group, in accordance with the requirements of the Corporations Act 2001 and its Regulations.

Key management personnel are those persons having authority and responsibility for planning, directing
and controlling the activities of the entity, directly or indirectly, including all directors.

MINERALS EXPLORATION LIMITED
Directors' Report
30 June 2026


24
The remuneration report is set out under the following main headings:

(a) Key management personnel (KMP) covered in this report
(b) Remuneration policy and link to performance
(c) Elements of remuneration
(d) Link between remuneration and performance
(e) Contractual arrangements for executive KMP
(f) Non-executive director arrangements
(g) KMP remuneration
(h) Other statutory information

(a) Key management personnel (KMP) covered in this report

Name Position

Mr Norman Seckold Non- Executive Chairman
Mr Brett Mitchell Executive Director
Mr Alex Passmore Non-Executive Director
Mr Jason Beckton Non-Executive Director
Mr Peter Nightingale Non-Executive Director
Mr Peter Woods Non-Executive Director
Mr Steven Wood Non-Executive Director

(b) Remuneration policy and link to performance

The objective of the Company’s remuneration structure is to reward and incentivise key management
personnel and employees to ensure alignment with the interests of shareholders. The remuneration
structure also seeks to reward key management personnel and employees for their contribution to the
Company in a manner that is appropriate for a Company at this stage of its development.

The full Board performs the function of the remuneration committee. The Board reviews and determines
remuneration policy and structure annually to ensure it remains aligned to the Company’s needs and
meets the Company’s remuneration principles. The Board, from time to time, may engage external
remuneration consultants to assist with his review.

(c) Elements of remuneration

Fixed annual remuneration

Key management personnel receive their base pay and statutory benefits structured as a total fixed
remuneration (TFR) package. Base pay for key management is reviewed annually to ensure the
remuneration is competitive with the market and remains appropriate for the Company and its
operations.

There are no guaranteed base pay increases included in any employment contracts.

Short term incentives

Any payment of short-term incentives is at the Board’s absolute discretion. Due to the nature of the
Company’s operations and the stage of development, the Company has not paid any short-term
incentives, nor has any formal short-term incentive scheme been adopted.

MINERALS EXPLORATION LIMITED
Directors' Report
30 June 2026


25
Long term incentives

Options

No new options were issued during the year (30 June 2025: nil)

Performance Rights

No new performance rights were issued to key management personnel during the year (30 June 2025:
3,550,000).

(d) Link between remuneration and performance

Remuneration of executives consists of an un-risked element (base pay) and long-term incentives
(performance rights) which vest upon the satisfaction of performance criteria, based on key strategic,
non-financial measures linked to drivers of performance in future reporting periods. The Company did
not pay any short-term incentives (e.g. cash bonuses) during the year (30 June 2025: nil).

The Group’s summary key performance information, including earnings and movement in shareholder
wealth since incorporation is below:

30 June 2026 30 June 2025

Revenue 122,554 88,297
Net profit/(loss) before tax (2,663,931) (1,052,038)
Share price on the quotation date
(7 June 2022)
0.20 0.20
Share price at end of year 0.059 0.11
Basic earnings/(loss) per share
(cents)
(1.42) (1.77)
Diluted earnings/(loss) per share
(cents)
(1.42) (1.77)

(e) Contractual arrangements for executive KMP

The executive remuneration framework is summarised in the table below:

Component Executive Director

Fixed remuneration Consultancy Fee of $250,000 per annum plus GST
Short term incentive (STI) Company may invite the consultant to participate
at its sole discretion
Long term incentive (LTI) 2,800,000 Performance Rights with the following
share price vesting milestones, and expiring 4
years from date of issue:

-800,000 tranche 1 performance rights will vest
upon the Twenty Day VWAP exceeding $0.15 per
Share ('Milestone A')
(1)
;
-1,000,000 tranche 2 performance rights will vest
upon the Twenty Day VWAP exceeding $0.20 per
Share ('Milestone B')
(1)
; and
-1,000,000 tranche 3 performance rights will vest
upon the Twenty Day VWAP exceeding $0.30 per
Share ('Milestone C').
Contract duration Ongoing contract
Notice by the individual/Company 3 months

MINERALS EXPLORATION LIMITED
Directors' Report
30 June 2026


26
1
800,000 Tranche 1 and 1,000,000 Tranche 2 Performance Rights were exercised and converted to
ordinary shares during the year.

(f) Non-executive director arrangements

Fees and payments to Non-executive Directors reflect the demands which are made on, and the
responsibilities of, the directors. Non-executive directors’ fees and payments are reviewed annually by
the board taking into account comparable roles and market data. The Chair’s fees are determined
independently to the fees of Non-executive Directors based on comparative roles in the external market.

As part of the appointment, Mr Alex Passmore has been offered 750,000 Performance Rights with the
following share price vesting milestones, and expiring 4 years from date of issue:

● 250,000 tranche 1 performance rights will vest upon the Twenty Day VWAP exceeding $0.15 per
Share ('Milestone A')
(1)
;
● 250,000 tranche 2 performance rights will vest upon the Twenty Day VWAP exceeding $0.20 per
Share ('Milestone B')
(1)
; and
● 250,000 tranche 3 performance rights will vest upon the Twenty Day VWAP exceeding $0.30 per
Share ('Milestone C').

1
250,000 Tranche 1 and 250,000 Tranche 2 Performance Rights were exercised and converted to ordinary
shares during the year.

Non-executive Directors’ fees are determined within an aggregate directors’ fee pool limit, which is
periodically recommended for approval by shareholders. The maximum currently stands at $300,000 per
annum and was set out in the Company's IPO Prospectus dated 12 April 2022.

Additional fees

A director may also be paid fees or other amounts as the Directors determine if a director performs
special duties or otherwise performs services outside the scope of the ordinary duties of a director.

A director may also be reimbursed for out-of-pocket expenses incurred as a result of their directorship
or any special duties.

Post-employment benefits

Superannuation contributions required under the Australian Superannuation Guarantee Legislation
continue to be made and are deducted from the directors’ overall fee entitlements, where applicable.

The following fees applied to non-executive directors.

Annual fees (inclusive superannuation)

Norman Seckold
(1)
$60,000
Peter Nightingale
(2)
$60,000
Alex Passmore $36,000
Jason Beckton
(3)
$60,000
Peter Woods
(4)
$36,000
Steven Wood
(5)
$36,000

1
Mr Seckold, Non-Executive Chairman from 14 July 2025 ($60,000 inclusive superannuation).
2
Mr Nightingale, Non-Executive Director from 14 July 2025, resigned on 30 June 2026 ($60,000 inclusive
superannuation).
3
Mr Beckton, Non-Executive Director from 3 March 2026 ($60,000 inclusive superannuation).
4
Mr Woods, Non-Executive Director resigned on 14 July 2025 ($36,000 inclusive superannuation).
5
Mr Wood, Non-Executive Director resigned on 14 July 2025 ($36,000 inclusive superannuation).

MINERALS EXPLORATION LIMITED
Directors' Report
30 June 2026


27
(g) KMP Remuneration

Details of the remuneration expense recognised for the Group’s key management personnel during the
current and previous financial year in accordance with the requirements of the accounting standards is
included below.





Fixed remuneration



Variable remuneration




Perform
ance
based%


Name



Salary
Post-
employ
ment
benefit
s

Other

Total
fixed

Shares

Perform
ance
Rights

Option
s
Total
linked
to
perform
ance

Total
Remune
ration

Fixed
remune
ration
Remuner
ation
linked to
performa
nce
$ $ $ $ $ $ $ $ $ % %

Directors






















Brett
Mitchell
(1)


2026 120,000 - 135,000 255,000 - 134,522 - 134,522 389,522 65% 35%

2025 120,000 - - 120,000 - 27,579 - 27,579 147,579 81% 19%
Peter
Nightingale
(2)


2026 
57,741 - - 57,741 - - - - 57,741 100% -

2025 
- - - - - - - - - - -
Norman
Seckold
(3)


2026 
57,741 - - 57,741 - - - - 57,741 100% -

2025
 
- - - - - - - - - - -
Alex Passmore
2026 
32,287 3,874 - 36,161 - 36,991 - 36,991 73,152 49% 51%

2025 
32,556

3,744

-

36,300

-

7,582

-

7,582

43,882

83%

17%
Jason
Beckton
(4)


2026  20,000 - - 20,000 - - - - 20,000 100% -

2025  - - - - - - - - - - -
Peter Woods
(5)



2026

1,242

149

-

1,391

-

24,805

-

24,805

26,196

5%

95%

2025
32,556

3,744

-

36,299

-

24,805

-

24,805

61,104

59%

41%
Steven
Wood
(6)



2026 

1,242

149

-

1,391

-

6,615

-

6,615

8,006

17%

83%

2025
32,403

3,726

-

36,129

-

6,615

-

6,615

42,744

85%

15%
Total
2026  290,253 4,172 135,000 429,425 - 202,933 - 202,933 632,358 68% 32%

2025 
217,515 11,214 - 228,729 - 66,581 - 66,581 295,310 77% 23%

1
Mr Mitchell was paid $135,000 plus GST consulting fees to Sibella Capital Pty Ltd, of which Mr Mitchell
is a Director.
2
Mr Nightingale, Non-Executive Director appointed on 14 July 2025 ($60,000 inclusive superannuation
per annum).
3
Mr Seckold, Non-Executive Director appointed on 14 July 2025 ($60,000 inclusive superannuation per
annum).
4
Mr Beckton, Non-Executive Director appointed on 3 March 2026 ($60,000 inclusive superannuation per
annum).
5
Mr Woods, Non-Executive Director resigned on 14 July 2025 ($36,000 inclusive superannuation per
annum).
6
Mr Wood, Non-Executive Director resigned on 14 July 2025 ($36,000 inclusive superannuation per
annum).

MINERALS EXPLORATION LIMITED
Directors' Report
30 June 2026


28
(h) Other statutory information

(i) Terms and conditions of the share-based payment arrangements

Performance Rights

The terms and conditions of each grant of performance rights to KMP affecting remuneration in the
current or future reporting period are as follows:

Tranche

Class of
Securities

Grant Date
Number
of
Securities

Exercise Price

Expiry Date

Disposal
Restriction

PERFB Director
performance
rights
6-June-2022 950,000 Nil – performance rights
vest and are converted
to ordinary shares on
achievement of
performance conditions
6-June-2027 Non-
transferabl
e
PERFD Director
performance
rights
27-
NOVEMBER-
2024
1,050,000 Nil – performance rights
vest and are converted
to ordinary shares on
achievement of
performance conditions
27-
NOVEMBER-
2028
Non-
transferabl
e
PERFE Director
performance
rights
27-
NOVEMBER-
2024
1,250,000 Nil – performance rights
vest and are converted
to ordinary shares on
achievement of
performance conditions
27-
NOVEMBER-
2028
Non-
transferabl
e
PERFF Director
performance
rights
27-
NOVEMBER-
2024
1,250,000 Nil – performance rights
vest and are converted
to ordinary shares on
achievement of
performance conditions
27-
NOVEMBER-
2028
Non-
transferabl
e

The performance rights shall vest on the satisfaction of the market-based conditions below:

● Class B performance rights will vest upon the Twenty Day VWAP exceeding $0.30 per Share
● Class D performance rights will vest upon the Twenty Day VWAP exceeding $0.15 per Share
● Class E performance rights will vest upon the Twenty Day VWAP exceeding $0.20 per Share
● Class F performance rights will vest upon the Twenty Day VWAP exceeding $0.30 per Share

Options

The Company did not make any other grant of unquoted options to KMP during the year.

The terms and conditions of each previous grant of options affecting remuneration in the current or a
future reporting period are as follows:

TRANCHE

CLASS OF
SECURITIES

GRANT DATE
NUMBER
OF
SECURITIES

EXERCISE
PRICE

EXPIRY DATE

VESTING
DATE

OPT03 Director
Options
27-May-2022 6,000,000 $0.30 27-May-2027 Immediately

The Options were valued using a Black Scholes Model with the following inputs:

MINERALS EXPLORATION LIMITED
Directors' Report
30 June 2026


29
Tranche

Valuation
Date

Expected
Volatility
Risk-Free
Interest
Rate

Expiry

Underlying
Share Price

Value per
Options

Total
Value
% % $ $

OPT03 27-May-2022 90% 2.98% 27-May-2027 $0.20 0.1288 772,628

Subject to the Board’s discretion, options shall be cancelled for nil consideration where the recipient
ceases to hold employment or office with the Company.

(ii) Reconciliation of options, deferred shares and ordinary shares held by KMP

The numbers of options over ordinary shares in the Group held during the period by each Director of
Minerals Exploration Limited and other key management personnel of the Group, including their
personally related parties, are set out below.

Option holdings


Balance at beginning
of the year Vested





Exercised




Balance at the end of
the year
Name

Vested and
exercisable

Unveste
d
Granted
as
compens
ation

Number

%

Number

Exercise
price

Net
Change
Other

Vested and
exercisable

Unvested


Directors
Brett
Mitchell

1,000,000
- - -
-
- - -
1,000,000
-
Peter
Woods
(1)


3,500,000
- - -
-
- - -
3,500,000
-
Steven
Wood
(1)


1,500,000
- - -
-
- - -
1,500,000
-

Total 6,000,000 6,000,000

1
Balance held by Mr Woods and Mr Wood at the date of resignation. Mr Woods and Mr Wood, Non-
Executive Director resigned on 14 July 2025.

The numbers of shares in the Group held during the period by each Director of Minerals Exploration
Limited and other key management personnel of the Group, including their personally related parties
are set out below. There were no shares granted during the reporting period as compensation.

MINERALS EXPLORATION LIMITED
Directors' Report
30 June 2026


30
Shareholdings

Name

Balance at
the start of
the year

Capital raising
shares
subscribed
for
Shares issued
upon
conversion of
performance
rights

Other
changes

Balance at
the end of
the year

Brett Mitchell 925,000 625,000 1,800,000 - 3,350,000
Norman Seckold - - - 30,141,133 30,141,133
Peter Nightingale - - - 2,459,673 2,459,673
Alex Passmore 400,000 437,500 500,000 - 1,337,500
Jason Beckton - - - 15,120,977 15,120,977
Peter Woods
(1)
3,950,001 - - - 3,950,001
Steven Wood
(1)
1,616,667 - - - 1,616,667

Total 6,891,668 1,062,500 2,300,000 47,721,783 57,975,951

(1)
Mr Woods and Mr Wood, Non-Executive Director resigned on 14 July 2025.

The number of performance rights over ordinary shares in the Group held during the period by each
Director of Minerals Exploration Limited and other key management personnel of the Group, including
their personally related parties, are set out below.

Performance Rights


Balance at the start of
the year






Balance at the end of
the year
Name

Vested and
exercisable

Un-vested
Granted as
compensat
ion

Exercised

Expired

Vested and
exercisable

Un-vested

Brett Mitchell - - 2,800,000 (1,800,000) - - 1,000,000
Peter Woods
(1)
- 750,000 - - - 750,000 -
Steven Wood
(1)
- 200,000 - - - 200,000 -
Alex Passmore - - 750,000 (500,000) - - 250,000

Total - 950,000 3,550,000 (2,300,000) - 950,000 1,250,000

(1)
Mr Woods and Mr Wood, Non-Executive Director resigned on 14 July 2025.

(iii) Key Management Personnel Loans

There were no loans to or from key management personnel outstanding at 30 June 2026(30 June 2025:
nil).

(iv) Other transactions and balances with key management personnel

2020 Ventures Pty Ltd, of which Brett Mitchell is a Director of, received $27,128 excluding GST in the
2025 financial year for rent. These services are provided on normal commercial terms and at arm’s
length.

There were no other transactions and outstanding balances with key management personnel for the
year ended 30 June 2026 that are not already included in the Remuneration Report contained in the
Directors’ Report.

MINERALS EXPLORATION LIMITED
Directors' Report
30 June 2026


31
(v) Remuneration consultants

The Board may, from time to time, engage independent remuneration consultants to assist with the
review of the Company’s remuneration policy and structure to ensure it remains aligned to the
Company’s needs and meets the Company’s remuneration principles. The Company did not engage any
independent remuneration consultants during the year.

This concludes the remuneration report, which has been audited.

This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the
Corporations Act 2001.

On behalf of the directors





___________________________
Brett Mitchell
Executive Director

29 September 2026

To the Board of Directors,
AUDITOR’S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE
CORPORATIONS ACT 2001
As lead audit director for the audit of the financial statements of Minerals Exploration Limited and its controlled
entities for the year ended 30 June 2026, 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 audit; and
• any applicable code of professional conduct in relation to the audit.

Yours Faithfully




HALL CHADWICK WA AUDIT PTY LTD D M BELL FCA
Director


Dated this 29
th
day of September 2026
Perth, Western Australia

INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MINERALS EXPLORATION LIMITED

Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Minerals Exploration Limited (“the Company”) and its subsidiaries (“the
Consolidated Entity”), which comprises the consolidated statement of financial position as at 30 June 2026,
the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of
changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the
financial statements, including material accounting policy information, the consolidated entity disclosure
statement and the director’s declaration.
In our opinion:
a. the accompanying financial report of the Consolidated Entity is in accordance with the Corporations Act
2001, including:
(i) giving a true and fair view of the Consolidated Entity’s financial position as at 30 June 2026 and
of its financial performance for the year then ended; and
(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of
our report. We are independent of the Consolidated Entity 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 (including Independence
Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled
our other ethical responsibilities in accordance with the Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Material Uncertainty Related to Going Concern
We draw attention to Note 1(f) in the financial report which indicates that the Consolidated Entity incurred a
net loss of $2,663,931 during the year ended 30 June 2026. As stated in Note 1(f), these events or conditions,
along with other matters as set forth in Note 1(f), indicate that a material uncertainty exists that may cast
significant doubt on the Consolidated Entity’s ability to continue as a going concern. Our opinion is not modified
in respect of this matter.

Key Audit Matters
In addition to the matter described in the Material Uncertainty Related to Going Concern section, we have
determined the matters described below to be the key audit matters are those matters that, in our professional
judgement, were of most significance in our audit of the financial report of the current period. These matters
were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon,
and we do not provide a separate opinion on these matters.
Key Audit Matter How our audit addressed the Key Audit Matter
Exploration and Evaluation
As disclosed in note 12 to the financial statements, as at
30 June 2026, the Group’s exploration and evaluation
balance was carried at $14,087,591 (30 June 2025:
$3,691,369), after recognising impairment losses of
$1,105,881 during the year.
Included in the balance was $9,455,771 in respect to the
acquisition of Minex Resources Pty Ltd (formerly Minerals
Exploration Limited) and its subsidiary Otagold Limited
(“Otagold acquisition”).
As explained in note 3, the Group also voluntarily changed
its accounting policy during the year to capitalise
exploration and evaluation expenditure in accordance with
AASB 6 (previously expensed as incurred), applied
retrospectively.
The recognition and recoverability of exploration and
evaluation expenditure was considered a key audit matter
due to:
• The significance of the balance to the Group’s
financial position;
• The level of judgement required in evaluating
management’s application of the requirements of
AASB 6 Exploration for and Evaluation of Mineral
Resources (“AASB 6”). AASB 6 is an industry
specific accounting standard requiring the
application of significant judgements, estimates
and industry knowledge. This includes specific
requirements for expenditure to be capitalised as
an asset and subsequent requirements which
must be complied with for capitalised expenditure
to be carried as an asset;
• The Group’s voluntary retrospective change in
accounting policy during the year from expensing
to capitalising exploration and evaluation
expenditure, in accordance with AASB 108
Accounting Policies, Changes in Accounting
The following procedures were performed:
• Assessing management’s determination of its
areas of interest for consistency with the
definition in AASB 6 Exploration and Evaluation
of Mineral Resources (“AASB 6”);
• Assessing the Group’s rights to tenure for a
sample of tenements;
• Testing the Group’s additions to capitalised
exploration costs for the year by evaluating a
sample of recorded expenditure for consistency
to underlying records, the capitalisation
requirements of the Group’s accounting policy
and the requirements of AASB 6;
• Testing the Otagold acquisition by reviewing the
acquisition agreement, assessing the fair value of
the consideration issued which including shares
valued in accordance with AASB 2 Share-based
payments;
• By testing the status of the Group’s tenure and
planned future activities, reading board minutes
and enquiries with management we assessed
each area of interest for one or more of the
following circumstances that may indicate
impairment of the capitalised exploration costs:
o The licenses for the rights to explore
expiring in the near future or are not
expected to be renewed;
o Substantive expenditure for further
exploration in the area of interest is not
budgeted or planned;
o Decision or intent by the Group to
discontinue activities in the specific area
of interest due to lack of commercially
viable quantities of resources; and
o Data indicating that, although a

Key Audit Matter How our audit addressed the Key Audit Matter
Estimates and Errors, including the
completeness and accuracy of the resulting prior
period adjustments.

development in the specific area is likely
to proceed, the carrying amount of the
exploration asset is unlikely to be
recovered in full from successful
development or sale.
• Recalculating the retrospective adjustments
recognised under the voluntary change in
accounting policy (note 3), including agreeing the
1 July 2024 and 30 June 2025 restated
exploration and evaluation asset and
accumulated losses balances to previously
expensed exploration costs; and
• Assessing the disclosures in note 3 for
completeness, including the nature of and reason
for the change and the quantified impact on each
affected line item of the financial statements.
• We assessed the appropriateness of the related
disclosures in notes 3 and 12 to the financial
report.
Other Information
The directors are responsible for the other information. The other information comprises the information
included in the Consolidated Entity’s annual report for the year ended 30 June 2026, but does not include the
financial report and our auditor’s report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express
any form of assurance conclusion thereon, with the exception of the remuneration report and our related
assurance opinion.
In connection with our audit of the financial report, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the financial report or our
knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a true and
fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such
internal control as the directors determine is necessary to enable the preparation of the financial report that
gives a true and fair view and is free from material misstatement, whether due to fraud or error, and the
consolidated entity disclosure statement that is true and correct and is free of misstatement, whether due to
fraud or error.

In preparing the financial report, the directors are responsible for assessing the Consolidated Entity’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the directors either intend to liquidate the Consolidated Entity or to cease
operations, or has no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with the Australian Auditing Standards will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of this
financial report.
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement
and maintain professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial report, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Consolidated Entity’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the directors.
• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Consolidated Entity’s ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw attention in our
auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions may cause the Consolidated Entity to cease to
continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial report, including the
disclosures, and whether the financial report represents the underlying transactions and events in a
manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Consolidated Entity to express an opinion on the financial report. We are
responsible for the direction, supervision and performance of the Consolidated Entity audit. We remain
solely responsible for our audit opinion.

We communicate with the directors regarding, among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies in internal control that we identify during
our audit.

We also provide the directors with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the directors, we determine those matters that were of most significance
in the audit of the financial report of the current period and are therefore the key audit matters. We describe
these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be communicated in our report
because the adverse consequences of doing so would reasonably be expected to outweigh the public interest
benefits of such communication.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in the directors’ report for the year ended 30 June 2026.
In our opinion, the Remuneration Report of the Company, for the year ended 30 June 2026, complies with
section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the remuneration report
in accordance with s 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the
remuneration report, based on our audit conducted in accordance with Australian Auditing Standards.




HALL CHADWICK WA AUDIT PTY LTD D M BELL FCA
Director


Dated this 29
th
day of September 2026
Perth, Western Australia

MINERALS EXPLORATION LIMITED
Consolidated statement of profit or loss and other
comprehensive income
For the year ended 30 June 2026



Note

30 June
2026
30 June
2025
Restated*
$ $

The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the
accompanying notes
39
Revenue
Interest Income 122,554 88,297


Expenses
Administration (206,235) (112,796)
Depreciation and amortisation expense (17,949) -
Employee benefits expense 5 (285,586) (238,000)
Exploration write-off (87,301) -
Exploration expenses - (8,941)
Finance costs (4,024) (1,695)
Foreign exchange gain/(loss) (165,844) -
Impairment expense 12 (1,105,881) -
Marketing (174,809) (106,327)
Professional fees 6 (319,496) (289,345)
Public company expenses (216,428) (93,655)
Share based payment expenses 18 (202,932) (289,576)

Loss before income tax expense (2,663,931) (1,052,038)

Income tax expense 7 - -

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



(2,663,931)

(1,052,038)

Other comprehensive income

Items that may be reclassified subsequently to profit or loss
Exchange differences on translation of foreign operations 33,296 (7,092)

Other comprehensive income for the year, net of tax 33,296 (7,092)

Total comprehensive loss for the year attributable to the owners of
Minerals Exploration Limited



(2,630,635)

(1,059,130)

Cents Cents

Basic earnings per share 8 (1.42) (1.77)
Diluted earnings per share 8 (1.42) (1.77)

Refer to note 3 for detailed information on restatement of comparatives, as a result of change in
accounting policy.

MINERALS EXPLORATION LIMITED
Consolidated statement of financial position
As at 30 June 2026



Note

30 June
2026
30 June
2025
Restated*

1 July 2024
Restated*
$ $ $

The above consolidated statement of financial position should be read in conjunction with the accompanying notes
40
Assets

Current assets
Cash and cash equivalents 10 2,855,082 2,596,790 3,375,114
Trade and other receivables 11 263,128 64,293 93,329
Total current assets 3,118,210 2,661,083 3,468,443

Non-current assets
Trade and other receivables 32,084 - -
Property, plant and equipment 51,446 - -
Exploration and evaluation 12 14,087,591 3,691,369 3,560,765
Total non-current assets 14,171,121 3,691,369 3,560,765

Total assets 17,289,331 6,352,452 7,029,208

Liabilities

Current liabilities
Trade and other payables 13 344,914 75,116 143,694
Provisions 6,148 - -
Total current liabilities 351,062 75,116 143,694

Total liabilities 351,062 75,116 143,694

Net assets 16,938,269 6,277,336 6,885,514

Equity
Issued capital 14 22,229,922 8,964,862 8,389,862
Reserves 15 1,251,014 1,191,210 1,597,104
Accumulated losses (6,542,667) (3,878,736) (3,101,452)

Total equity 16,938,269 6,277,336 6,885,514

Refer to note 3 for detailed information on restatement of comparatives, as a result of change in
accounting policy.

MINERALS EXPLORATION LIMITED
Consolidated statement of changes in equity
For the year ended 30 June 2026

The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes
41


Issued

Foreign
currency
Share
based
payment

Equity

Accumulated

Total capital reserves reserves reserves losses
$ $ $ $ $ $

Balance at 1 July 2024 8,389,862 (60,309) 1,641,913 15,500 (4,545,474) 5,441,492

Adjustment for change in
accounting policy (note 3)

-

-

-

-

1,444,023

1,444,023

Balance at 1 July 2024 -
restated

8,389,862

(60,309)

1,641,913

15,500

(3,101,451)

6,885,515

Loss after income tax
expense for the year

-

-

-

-

(1,052,038)

(1,052,038)
Other comprehensive loss
for the year, net of tax

-

(7,092)

-

-

-

(7,092)

Total comprehensive loss
for the year

-

(7,092)

-

-

(1,052,038)

(1,059,130)

Transactions with owners
in their capacity as owners:












Contributions of equity,
net of transaction costs

347,500

-

-

-

-

347,500
Share-based payments
(note 18)

-

-

289,576

-

-

289,576
Deferred shares on
acquisition of South Pass
Project

-

-

-

(15,500)

-

(15,500)
Conversion of performance
rights to shares

227,500

-

(227,500)

-

-

-
Performance rights on
acquisition of Uranium SA

-

-

(170,625)

-

-

(170,625)
Expiry of options - - (274,753) - 274,753 -

Balance at 30 June 2025 8,964,862 (67,401) 1,258,611 - (3,878,736) 6,277,336

Refer to note 3 for detailed information on restatement of comparatives, as a result of change in
accounting policy.

MINERALS EXPLORATION LIMITED
Consolidated statement of changes in equity
For the year ended 30 June 2026

The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes
42


Issued

Foreign
currency
Share
based
payment

Equity

Accumulate
d

Total capital reserves reserves reserves losses
$ $ $ $ $ $

Balance at 1 July 2025
(restated)

8,964,862

(67,401)

1,258,611

-

(3,878,736)

6,277,336

Loss after income tax
expense for the year

-

-

-

-

(2,663,931)

(2,663,931)
Other comprehensive
income for the year, net of
tax

-

33,296

-

-

-

33,296

Total comprehensive
income for the year

-

33,296

-

-

(2,663,931)

(2,630,635)

Transactions with owners
in their capacity as owners:












Contributions of equity,
net of transaction costs

3,356,956

-

-

-

-

3,356,956
Share-based payments
(Note 18)

-

-

202,932

-

-

202,932
Conversion of performance
rights to shares

176,424

-

(176,424)

-

-

-
Issue of consideration
shares for acquisition
of Otagold Project (note
14)

9,375,000

-

-

-

-

9,375,000
Issue of shares to
Corporate Advisors
(note 14)

356,680

-

-

-

-

356,680

Balance at 30 June 2026 22,229,922 (34,105) 1,285,119 - (6,542,667) 16,938,269

MINERALS EXPLORATION LIMITED
Consolidated statement of cash flows
For the year ended 30 June 2026



Note

30 June
2026
30 June
2025
Restated*
$ $

The above consolidated statement of cash flows should be read in conjunction with the accompanying notes
43
Cash flows from operating activities
Interest received 122,554 88,297
Payments to suppliers and employees (1,071,651) (855,583)

Net cash used in operating activities 16 (949,097) (767,286)

Cash flows from investing activities
Payments for property, plant and equipment (71,999) -
Payments for exploration and evaluation (2,057,588) (353,944)
Cash acquired on purchase of entity 74,237 -

Net cash used in investing activities (2,055,350) (353,944)

Cash flows from financing activities
Proceeds from issue of shares 14 3,650,000 350,000
Share issue transaction costs (293,044) -

Net cash from financing activities 3,356,956 350,000

Net increase/(decrease) in cash and cash equivalents 352,509 (771,230)
Cash and cash equivalents at the beginning of the financial year 2,596,790 3,375,114
Effects of exchange rate changes on cash and cash equivalents (94,217) (7,094)

Cash and cash equivalents at the end of the financial year 10 2,855,082 2,596,790

Refer to note 3 for detailed information on restatement of comparatives, as a result of change in
accounting policy.

MINERALS EXPLORATION LIMITED
Notes to the consolidated financial statements
30 June 2026


44
Note 1. Material accounting policy information

The principal accounting policies adopted in the preparation of the financial statements are set out
below. These policies have been consistently applied to the period presented, unless otherwise stated.
These financial statements are for the consolidated Group consisting of Minerals Exploration Limited
and its subsidiaries, together referred to as MEX or the Group.

The following Accounting Standards and Interpretations are most relevant to the Group:

(a) Conceptual Framework for Financial Reporting (Conceptual Framework)

The Group has adopted the revised Conceptual Framework from 1 July 2021. The Conceptual Framework
contains new definition and recognition criteria as well as new guidance on measurement that affects
several Accounting Standards, but it has not had a material impact on the consolidated entity's financial
statements.

(b) 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.

(c) Basis of preparation
These general purpose financial statements have been prepared in accordance with Australian
Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB')
and the Corporations Act 2001, as appropriate for for-profit oriented entities. These financial statements
also comply with IFRS Accounting Standards as issued by the International Accounting Standards Board
('IASB').

Historical cost convention
The financial statements have been prepared under the historical cost convention.

Critical accounting estimates
The preparation of the financial statements requires the use of certain critical accounting estimates. It
also requires management to exercise its judgement in the process of applying the Company's
accounting policies. The areas involving a higher degree of judgement or complexity, or areas where
assumptions and estimates are significant to the financial statements, are disclosed in Note 2.

(d) Principles of consolidation
Subsidiaries

The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Minerals
Exploration Limited (‘’the Company’’ or ‘’the Parent Entity’’) as at 30 June 2026 and the results of all
subsidiaries for the period then ended. Minerals Exploration Limited and its subsidiaries together are
referred to in this financial report as “the Group” or “the Consolidated Entity”.

Subsidiaries are all entities over which the Group has control. The Group controls an entity when the
Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the
ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are
fully consolidated from the date on which control is transferred to the Group. They are deconsolidated
from the date that control ceases.

The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group.

MINERALS EXPLORATION LIMITED
Notes to the consolidated financial statements
30 June 2026

Note 1. Material accounting policy information (continued)


45
Intercompany transactions, intercompany balances and unrealised gains on transactions between Group
companies are eliminated. Unrealised losses are also eliminated unless the transaction proves evidence
of the impairment of the asset transferred. Accounting policies of subsidiaries have been changed where
necessary to ensure consistency with the policies adopted by the Group.

Non-controlling interests in the results and equity of subsidiaries are shown separately in the
Consolidated Statement of Profit or Loss and Other Comprehensive Income, Consolidated Statement of
Changes in Equity, and Consolidated Statement of Financial Position respectively.

(e) Foreign currency translation
The financial statements are presented in Australian dollars, which is Minerals Exploration Limited's
functional and presentation currency.

Foreign currency transactions
Foreign currency transactions are translated into Australian dollars using the exchange rates prevailing
at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of
such transactions and from the translation at financial year-end exchange rates of monetary assets and
liabilities denominated in foreign currencies are recognised in profit or loss.

(f) Going Concern
The financial statements have been prepared on the going concern basis, which contemplates the
continuity of normal business activities and the realisation of assets and discharge of liabilities in the
normal course of business.

For the year ended 30 June 2026 the Group incurred a net loss of $2,663,931 (30 June 2025 Restated*:
$1,052,038) and net cash outflows from operating activities of $949,097 (30 June 2025 Restated*:
$767,286). As at 30 June 2026 the Group had cash and cash equivalents of $2,855,082 (30 June 2025:
$2,596,790) and net current assets of $2,767,148 (30 June 2025: $2,585,967). The ability of the Group to
continue as a going concern is dependent on the Company raising capital and managing expenditure in
line with available funds. These conditions indicate a material uncertainty that may cast significant
doubt about the ability of the Group to continue as a going concern.

The Directors have prepared a cash flow forecast that indicates the consolidated entity will have
sufficient cash resources to meet its obligations and working capital requirements for the 12-month
period from the date of approval of this financial report. Accordingly, the Directors consider it
appropriate to prepare the financial statements on a going concern basis for the following reasons:
- the Directors have established plans to raise additional funding as required; and
- the Group has the capacity to reduce the scale of its operations and defer discretionary expenditure
if capital raisings are delayed or if available cash resources are insufficient to meet forecasted
expenditure.

Based on the cashflow forecast and other factors referred to above, the Directors are satisfied that
the going concern basis of preparation is appropriate, in particular given the Company’s history of
raising capital to date. The directors are confident of the Company’s ability to raise funds as and when
required.

Should the Group not be able to fund its operations in accordance with the factors set out above, there
is material uncertainty whether it would be able to continue as a going concern and therefore whether
it would realise its assets and extinguish its liability in the normal course of business and at the amounts
stated in the financial statements. The financial statements do not include any adjustments relating to
the recoverability and classification of asset carrying amounts or to the amount and classification of
liabilities that might result should the Group be unable to continue as a going concern and meet its
debts as and when they fall due.

MINERALS EXPLORATION LIMITED
Notes to the consolidated financial statements
30 June 2026

Note 1. Material accounting policy information (continued)


46
(g) Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable after taking into
account any trade discounts and volume rebates allowed. Any consideration deferred is treated as the
provision of finance and is discounted at a rate of interest that is generally accepted in the market for
similar arrangements. The difference between the amount initially recognised and the amount ultimately
received is interest revenue.

Interest revenue is recognised using the effective interest rate method, which, for floating rate financial
assets, is the rate inherent in the instrument. Dividend revenue is recognised when the right to receive
a dividend has been established.

All revenue is stated net of the amount of goods and services tax (GST).

(h) Income tax
The income tax expense or benefit for the period is the tax payable on that period's taxable income
based on the applicable income tax rate for each jurisdiction, adjusted by the changes in deferred tax
assets and liabilities attributable to temporary differences, unused tax losses and the adjustment
recognised for prior periods, where applicable.

Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to
be applied when the assets are recovered or liabilities are settled, based on those tax rates that are
enacted or substantively enacted, except for:
● When the deferred income tax asset or liability arises from the initial recognition of goodwill or an
asset or liability in a transaction that is not a business combination and that, at the time of the
transaction, affects neither the accounting nor taxable profits; or
● When the taxable temporary difference is associated with interests in subsidiaries, associates or
joint ventures, and the timing of the reversal can be controlled and it is probable that the temporary
difference will not reverse in the foreseeable future.

Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if
it is probable that future taxable amounts will be available to utilise those temporary differences and
losses.

The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting
date. Deferred tax assets recognised are reduced to the extent that it is no longer probable that future
taxable profits will be available for the carrying amount to be recovered. Previously unrecognised
deferred tax assets are recognised to the extent that it is probable that there are future taxable profits
available to recover the asset.

Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset
current tax assets against current tax liabilities and deferred tax assets against deferred tax liabilities;
and they relate to the same taxable authority on either the same taxable entity or different taxable
entities which intend to settle simultaneously.

Minerals Exploration Limited (the 'head entity') and its wholly-owned Australian subsidiaries have
formed an income tax consolidated group under the tax consolidation regime. The head entity and each
subsidiary in the tax consolidated group continue to account for their own current and deferred tax
amounts. The tax consolidated group has applied the 'separate taxpayer within group' approach in
determining the appropriate amount of taxes to allocate to members of the tax consolidated group.

In addition to its own current and deferred tax amounts, the head entity also recognises the current tax
liabilities (or assets) and the deferred tax assets arising from unused tax losses and unused tax credits
assumed from each subsidiary in the tax consolidated group.

MINERALS EXPLORATION LIMITED
Notes to the consolidated financial statements
30 June 2026

Note 1. Material accounting policy information (continued)


47
Assets or liabilities arising under tax funding agreements with the tax consolidated entities are
recognised as amounts receivable from or payable to other entities in the tax consolidated group. The
tax funding arrangement ensures that the intercompany charge equals the current tax liability or benefit
of each tax consolidated group member, resulting in neither a contribution by the head entity to the
subsidiaries nor a distribution by the subsidiaries to the head entity.

(i) Current and non-current classification
Assets and liabilities are presented in the statement of financial position based on current and non-
current classification.

An asset is classified as current when: it is either expected to be realised or intended to be sold or
consumed in the Group's normal operating cycle; it is held primarily for the purpose of trading; it is
expected to be realised within 12 months after the reporting period; or the asset is cash or cash
equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months
after the reporting period. All other assets are classified as non-current.

A liability is classified as current when: it is either expected to be settled in the Group's normal operating
cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the
reporting period; or there is no right at the end of the reporting period to defer the settlement of the
liability for at least 12 months after the reporting period. All other liabilities are classified as non-current.

Deferred tax assets and liabilities are always classified as non-current.

(j) Cash and cash equivalents
Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other
short-term highly liquid investments with original maturities of three months or less that are readily
convertible to known amounts of cash and which are subject to an insignificant risk of changes in value
and bank overdrafts

(k) Trade and other receivables
Trade receivables are initially recognised at fair value and subsequently measured at amortised cost
using the effective interest method, less any allowance for expected credit losses. Trade receivables are
generally due for settlement within 30 days.

The Group has applied the simplified approach to measuring expected credit losses, which uses a
lifetime expected loss allowance. To measure the expected credit losses, trade receivables have been
grouped based on days overdue.

Other receivables are recognised at amortised cost, less any allowance for expected credit losses.

(l) Property, plant and equipment
All property, plant and equipment is stated at historical cost less depreciation. Historical cost includes
expenditure that is directly attributable to the acquisition of the items. Cost may also include transfers
from equity of any gains or losses on qualifying cash flow hedges of foreign currency purchases of
property, plant and equipment.

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will flow
to the Group and the cost of the item can be measured reliably. The carrying amount of any component
accounted for as a separate asset is derecognised when replaced. All other repairs and maintenance are
charged to profit or loss during the reporting period in which they are incurred.

MINERALS EXPLORATION LIMITED
Notes to the consolidated financial statements
30 June 2026

Note 1. Material accounting policy information (continued)


48
Depreciation on assets is calculated using the straight-line method to allocate their cost or re-valued
amounts, net of their residual values, over their estimated useful lives or, in the case of leasehold
improvements and certain leased plant and equipment, the shorter lease term as follows:
- Vehicles: 5 - 8 years
- Furniture, fittings and equipment: 3 - 8 years
- Field equipment: 3 - 8 years

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each
reporting period. An asset’s carrying amount is written down immediately to its recoverable amount if
the asset’s carrying amount is greater than its estimated recoverable amount. Gains and losses on
disposals are determined by comparing proceeds with carrying amount. These are included in profit or
loss.

(m) Exploration and evaluation assets
During the year 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 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

MINERALS EXPLORATION LIMITED
Notes to the consolidated financial statements
30 June 2026

Note 1. Material accounting policy information (continued)


49
of interest, the relevant exploration and evaluation asset will be assessed for impairment and the
balance reclassified to a development asset.

(n) Impairment of non-financial assets
Non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate
that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by
which the asset's carrying amount exceeds its recoverable amount.

Recoverable amount is the higher of an asset's fair value less costs of disposal and value-in-use. The
value-in-use is the present value of the estimated future cash flows relating to the asset using a pre-
tax discount rate specific to the asset or cash-generating unit to which the asset belongs. Assets that
do not have independent cash flows are grouped together to form a cash-generating unit.

(o) Trade and other payables
These amounts represent liabilities for goods and services provided to the Group prior to the end of the
financial year and which are unpaid. Due to their short-term nature they are measured at amortised
cost and are not discounted. The amounts are unsecured and are usually paid within 30 days of
recognition.

(p) Contributed equity
Ordinary shares are classified as equity. Mandatorily redeemable preference shares are classified as
liabilities. Incremental costs directly attributable to the issue of new shares or options are shown in
equity as a deduction, net of tax, from the proceeds. Where any Company purchases the Company’s
equity instruments, for example as the result of a share buy-back or a share-based payment plan, the
consideration paid, including any directly attributable incremental costs (net of income taxes) is
deducted from equity attributable to the owners of Minerals Exploration Limited as treasury shares until
the shares are cancelled or reissued. Where such ordinary shares are subsequently reissued, any
consideration received, net of any directly attributable incremental transaction costs and the related
income tax effects, is included in equity attributable to the owners of Minerals Exploration Limited.

(q) Finance costs
Finance costs attributable to qualifying assets are capitalised as part of the asset. All other finance
costs are expensed in the period in which they are incurred.

(r) Provisions
Provisions are recognised when the Group has a present (legal or constructive) obligation as a result of
a past event, it is probable the Group will be required to settle the obligation, and a reliable estimate
can be made of the amount of the obligation. The amount recognised as a provision is the best estimate
of the consideration required to settle the present obligation at the reporting date, taking into account
the risks and uncertainties surrounding the obligation. If the time value of money is material, provisions
are discounted using a current pre-tax rate specific to the liability. The increase in the provision resulting
from the passage of time is recognised as a finance cost.

(s) Employee benefits

Share-based payments
Equity-settled and cash-settled share-based compensation benefits are provided to employees.

Equity-settled transactions are awards of performance rights or options over shares that are provided
to employees in exchange for the rendering of services. The cost of equity-settled transactions are
measured at fair value on grant date.

MINERALS EXPLORATION LIMITED
Notes to the consolidated financial statements
30 June 2026

Note 1. Material accounting policy information (continued)


50
(i) Options

The fair values of options are independently determined using either the Binomial or Black-Scholes
option pricing models. The calculation of fair value for options takes into account the exercise price, the
term of the option, the impact of dilution, the share price at grant date and expected price volatility of
the underlying share, the expected dividend yield and the risk free interest rate for the term of the
option, together with non-vesting conditions that do not determine whether the Group receives the
services that entitle the employees to receive payment. No account is taken of any other vesting
conditions.

(ii) Performance rights

The fair value of performance rights with market-based performance and vesting criteria are
independently determined using the Hoadleys Hybrid ESO Model (a Monte Carlo simulation model). The
calculation of fair value for rights takes into account the term of the right, the share price at grant date,
the expected price volatility of the underlying share, the expected dividend yield and the risk free interest
rate for the term of the right, together with non-vesting conditions that do not determine whether the
Group receives the services that entitle the employees to receive payment. An exercise multiple is
applied based on a Hull-White Model which is considered the de facto standard for IFRS 2 and FASB
123R compliant employee share option valuations. No account is taken of any other vesting conditions.

The fair value of performance rights granted to employees for nil consideration under the Employee
Incentive Plan is recognised as an expense over the relevant service period, being the vesting period of
the performance rights. The fair value is measured at the grant date of the performance rights and is
recognised in equity in the share-based payment reserve.

The cost of equity-settled transactions is recognised as an expense with a corresponding increase in
equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant
date fair value of the award, the best estimate of the number of awards that are likely to vest and the
expired portion of the vesting period. The amount recognised in profit or loss for the period is the
cumulative amount calculated at each reporting date less amounts already recognised in previous
periods.

Market conditions are taken into consideration in determining fair value. Therefore any awards subject
to market conditions are considered to vest irrespective of whether or not that market condition has
been met, provided all other conditions are satisfied.

If equity-settled awards are modified, as a minimum an expense is recognised as if the modification has
not been made. An additional expense is recognised, over the remaining vesting period, for any
modification that increases the total fair value of the share-based compensation benefit as at the date
of modification.

If the non-vesting condition is within the control of the Group or employee, the failure to satisfy the
condition is treated as a cancellation. If the condition is not within the control of the Group or employee
and is not satisfied during the vesting period, any remaining expense for the award is recognised over
the remaining vesting period, unless the award is forfeited.

If equity-settled awards are cancelled, it is treated as if it has vested on the date of cancellation, and
any remaining expense is recognised immediately. If a new replacement award is substituted for the
cancelled award, the cancelled and new award is treated as if they were a modification.

MINERALS EXPLORATION LIMITED
Notes to the consolidated financial statements
30 June 2026

Note 1. Material accounting policy information (continued)


51
(t) Fair value measurement
When an asset or liability, financial or non-financial, is measured at fair value for recognition or
disclosure purposes, the fair value is based on the price that would be received to sell an asset or paid
to transfer a liability in an orderly transaction between market participants at the measurement date;
and assumes that the transaction will take place either: in the principal market; or in the absence of a
principal market, in the most advantageous market.

Fair value is measured using the assumptions that market participants would use when pricing the asset
or liability, assuming they act in their economic best interests. For non-financial assets, the fair value
measurement is based on its highest and best use. Valuation techniques that are appropriate in the
circumstances and for which sufficient data are available to measure fair value, are used, maximising
the use of relevant observable inputs and minimising the use of unobservable inputs.

Assets and liabilities measured at fair value are classified into three levels, using a fair value hierarchy
that reflects the significance of the inputs used in making the measurements. Classifications are
reviewed at each reporting date and transfers between levels are determined based on a reassessment
of the lowest level of input that is significant to the fair value measurement.

For recurring and non-recurring fair value measurements, external valuers may be used when internal
expertise is either not available or when the valuation is deemed to be significant. External valuers are
selected based on market knowledge and reputation. Where there is a significant change in fair value of
an asset or liability from one period to another, an analysis is undertaken, which includes a verification
of the major inputs applied in the latest valuation and a comparison, where applicable, with external
sources of data.

(u) Issued capital
Ordinary shares are classified as equity.

Incremental costs directly attributable to the issue of new shares or options are shown in equity as a
deduction, net of tax, from the proceeds.

(v) Earnings per share

Basic earnings per share
Basic earnings per share is calculated by dividing the profit attributable to the owners of Minerals
Exploration Limited, excluding any costs of servicing equity other than ordinary shares, by the weighted
average number of ordinary shares outstanding during the financial year, adjusted for bonus elements
in ordinary shares issued during the financial year.

Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to
take into account the after income tax effect of interest and other financing costs associated with
dilutive potential ordinary shares and the weighted average number of shares assumed to have been
issued for no consideration in relation to dilutive potential ordinary shares.

(w) Goods and Services Tax (GST)
Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST
incurred is not recoverable from the tax authority. In this case it is recognised as part of the cost of the
acquisition of the asset or as part of the expense.

Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net
amount of GST recoverable from, or payable to, the tax authority is included in other receivables or
other payables in the statement of financial position.

MINERALS EXPLORATION LIMITED
Notes to the consolidated financial statements
30 June 2026

Note 1. Material accounting policy information (continued)


52
Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or
financing activities which are recoverable from, or payable to the tax authority, are presented as
operating cash flows.

(x) Parent entity information
The financial information for the parent entity, Minerals Exploration Limited, disclosed in note 25 has
been prepared on the same basis as the consolidated financial statements.

(y) New Accounting Standards and Interpretations not yet mandatory or early
adopted
Australian Accounting Standards and Interpretations that have recently been issued or amended but are
not yet mandatory, have not been early adopted by the Group for the annual reporting period ended 30
June 2026. The Group’s assessment of the new or amended Accounting Standards and Interpretations
most relevant to the Gorup is set out below.

AASB 18 Presentation and Disclosure in Financial Statements replaces AASB 101 and is effective for
annual reporting periods beginning on or after 1 January 2027. It will first apply to the Group for the
year ending 30 June 2028. AASB 18 changes the presentation of the statement of profit or loss,
introduces disclosure of management-defined performance measures and changes the classification
of interest cash flows. It does not change recognition or measurement. The Group has not yet fully
assessed its impact.

No other standards issued but not yet effective are expected to have a material impact on the Group’s
financial statements.

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. The resulting accounting judgements and estimates will seldom
equal the related actual results. The judgements, estimates and assumptions that have a significant risk
of causing a material adjustment to the carrying amounts of assets and liabilities (refer to the respective
notes) within the next financial year are discussed below.

Share-based payment transactions
The Group 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 Hoadleys Hybrid ESO Model (a Monte-Carlo simulation model) or Black-Scholes
models (as the case may be), 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. Where performance rights
are subject to vesting conditions, Management has formed judgments around the likelihood of vesting
conditions being met. Expenses recognised during the year have been calculated accordingly. Refer to
note 18 for further information.
Recovery of deferred tax assets
Deferred tax assets are recognised for deductible temporary differences only if the Group considers it
is probable that future taxable amounts will be available to utilise those temporary differences and
losses.

MINERALS EXPLORATION LIMITED
Notes to the consolidated financial statements
30 June 2026

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


53
Asset Acquisition
When an asset acquisition does not constitute a business combination, the assets and liabilities are
assigned a carrying amount based on their relative fair values in an asset purchase transaction and no
deferred tax will arise in relation to the acquired assets and assumed liabilities as the initial recognition
exemption for deferred tax under AASB 112 applies. No goodwill will arise on the acquisition and
transaction costs of the acquisition will be included in the capitalised cost of the asset. Assets acquired
during the period were exploration expenditure.

Note 3. Restatement of comparatives

Change in Accounting Policy - Exploration and evaluation assets
The financial report has been prepared on the basis of a voluntary change in accounting policy on 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 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


30 June
2025
Restated*


30 June
2025
Restated*
$ $ $
Reported Adjustment Restated

Revenue


Expenses
Exploration expenses (325,669) 316,728 (8,941)
Loss before income tax expense (1,368,766) 316,728 (1,052,038)


Cents Cents Cents
Reported Adjustment Restated

Basic earnings per share (2.30) 0.53 (1.77)
Diluted earnings per share (2.30) 0.53 (1.77)

MINERALS EXPLORATION LIMITED
Notes to the consolidated financial statements
30 June 2026

Note 3. Restatement of comparatives (continued)


54
Statement of financial position at the beginning of the earliest comparative period


1 July 2024
Restated*


1 July 2024
Restated*
$ $ $
Reported Adjustment Restated


Exploration and evaluation 2,116,743 1,444,022 3,560,765
Accumulated losses (4,545,474) 1,444,022 (3,101,452)

Statement of financial position at the end of the earliest comparative period


30 June
2025
Restated*


30 June
2025
Restated*
$ $ $
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


30 June
2025
Restated*


30 June
2025
Restated*
$ $ $
Reported Adjustment Restated

Cash flows from operating activities
Exploration and evaluation expenditure (353,944) 353,944 -

Cash flows from investing activities
Payments for exploration and evaluation - (353,944) (353,944)

Note 4. Operating segments

Operating segments are reported in a manner consistent with the internal reporting provided to the
chief operating decision maker. The chief operating decision maker, who is responsible for allocating
resources and assessing performance of the operating segments, has been identified as the Board of
Directors. The Group has determined that it has one operating segment, being mineral exploration and
development.

Note 5. Employee benefits expense


30 June
2026
30 June
2025
$ $

Director Fees 270,253 226,861
Other Payroll Expenses 15,333 11,139

285,586 238,000

MINERALS EXPLORATION LIMITED
Notes to the consolidated financial statements
30 June 2026


55
Note 6. Professional fees


30 June
2026
30 June
2025
$ $

Consultants 206,252 255,704
Other 113,244 33,641

319,496 289,345

Note 7. Income tax benefit



30 June
2026
30 June
2025
Restated*
$ $

a) Components of income tax expense
Current tax expense - -
Deferred tax expense - -

- -



30 June
2026
30 June
2025
Restated*
$ $

b) Prima facie tax payable
Loss before income tax (2,663,931) (1,052,038)
Prima facie income tax at 30% (799,179) (315,612)
- Revenue losses and other deferred tax balances not recognised 667,074 196,172
- Difference in overseas tax rates 41,843 278
- Other non-allowable items 90,262 119,162
Income tax expense/(benefit) attributable to loss - -



30 June
2026
30 June
2025
Restated*
$ $

c) Unrecognised deferred tax assets at 30% (30 June 2025 Restated*:30%)
(Note 1):




Carry forward revenue losses (Australia) 1,405,656 1,079,657
Carry forward revenue losses (New Zealand) @ 28% 601,233 -
Capital raising costs 19,798 30,218
Exploration & Evaluation (US) @ 21% 82,033 -
Provisions, accruals & other (Australia) 10,795 6,235
Provisions, accruals & other (New Zealand) @ 28% 40,847 -

2,160,362 1,116,110

MINERALS EXPLORATION LIMITED
Notes to the consolidated financial statements
30 June 2026

Note 7. Income tax benefit (continued)


56


30 June
2026
30 June
2025
Restated*
$ $

d) Unrecognised deferred tax assets at 30% (30 June 2025 Restated*:30%)
(Note 1):




Exploration & Evaluation (Australia) 97,233 76,200
Exploration & Evaluation (New Zealand) @ 28% 549,441 -
Other 13,053 7,663

659,727 83,863

The tax benefits of the above Deferred Tax Assets will only be obtained if:

(a) the Company derives future assessable income of a nature and of an amount sufficient to enable
the benefits to be utilised;
(b) the Company continues to comply with the conditions for deductibility imposed by law; and
(c) no changes in income tax legislation adversely affect the Company in utilising the benefits.

e) Tax consolidation:
Minerals Exploration Limited and its wholly owned Australian resident subsidiary Vanacorp Aust Pty Ltd
formed a tax consolidated group with effect from 1 July 2022. Uvre USA Pty Ltd and Uranium SA Pty Ltd
were added to the tax consolidated group in the year ended 30 June 2024 Minerals Exploration Limited
is the head entity of the tax consolidated group.

Note 1 - Deferred tax assets and liabilities are required to be measured at the tax rate that is expected
to apply in the future income year when the asset is realised or the liability is settled. The Directors
have determined that the deferred tax balances be measured at the tax rates stated.

Note 8. Earnings per share

Basic earnings per share amounts are calculated by dividing net profit/(loss) for the year attributable to
ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding
during the year.

The following reflects the income and share data used in the total operations basic and diluted earnings
per share computations:

Profit/(Loss)

30 June
2026
30 June
2025
Restated*
$ $

Loss from continuing operations (2,663,931) (1,052,038)

Number Number

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

187,410,267

59,473,974

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

187,410,267

59,473,974

MINERALS EXPLORATION LIMITED
Notes to the consolidated financial statements
30 June 2026

Note 8. Earnings per share (continued)


57
Cents Cents

Basic earnings per share (1.42) (1.77)
Diluted earnings per share (1.42) (1.77)

Note 9. Equity - dividends

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

Note 10. Current assets - cash and cash equivalents


30 June
2026
30 June
2025
$ $

Cash at bank 2,855,082 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.
Refer to note 17 on financial instruments for details on the Company’s exposure to risk in respect of its
cash balance.

Note 11. Current assets - trade and other receivables


30 June
2026
30 June
2025
$ $

Other receivables 56,559 38,593
GST receivable 206,569 25,700

263,128 64,293

The Group did not have any receivables that were past due as at 30 June 2026 (30 June 2025: nil). The
Group therefore did not consider a credit risk on the aggregate balances as at 30 June 2026. For more
information, please refer to Note 17.

MINERALS EXPLORATION LIMITED
Notes to the consolidated financial statements
30 June 2026


58
Note 12. Non-current assets - exploration and evaluation

Accounting Policy
Refer to Note 3: Change in Accounting Policy.

Capitalised exploration and evaluation expenditures in relation to specific areas of interest continue to
be recognised as an exploration and evaluation asset 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 and
exploration of the area of interest, or alternatively, by its sale; or
(b) exploration and evaluation activities in the area of interest have not at the reporting date reached
a stage which
permits a reasonable assessment of the existence or otherwise of economically recoverable
reserves, and active and
significant operations in, or in relation to, the area of interest are continuing.

Exploration and evaluation costs include acquisition of rights to explore, studies, exploratory drilling,
trenching and sampling and associated activities and an allocation of depreciation and amortisation of
assets used in exploration and evaluation activities. 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.

Capitalised exploration evaluation costs carried forward



30 June
2026
30 June
2025
Restated*
$ $

Opening Balance 3,691,369 3,560,765
Tenement acquisition costs
(1)
9,455,771 -
Deferred shares on acquisition of South Pass project
(2)
- (15,500)
Performance rights on acquisition of Uranium SA project
(3)
- (170,625)
Impairment of assets (1,105,881) -
Amount capitalised during the year 2,046,332 316,729

14,087,591 3,691,369

1
On 14 July 2025, the Company acquired 100% of the fully paid ordinary shares in Minex Resources Pty
Ltd (Minex) (change in name from Minerals Exploration Limited, effective 28 October 2025). Minex’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 30 June 2026 (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 30 June 2026; 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 Project.

MINERALS EXPLORATION LIMITED
Notes to the consolidated financial statements
30 June 2026

Note 12. Non-current assets - exploration and evaluation (continued)


59
Reconciliations of the written down values at the beginning and end of the current and previous financial
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
Expenditure during the year 74,079 - 9,962 1,962,291 2,046,332
Impairment of assets - (390,635) (715,246) - (1,105,881)

Balance at 30 June 2026 2,669,529 - - 11,418,062 14,087,591

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.
In August 2026, the Board resolved to relinquish the South Australian Uranium tenements EL 6995 and
EL 6996 at their renewal date. As no substantive exploration expenditure was planned for these
tenements, an impairment indicator under AASB 6 existed at 30 June 2026. The recoverable amount
was assessed as nil and the full carrying amount of $715,246 has been recognised as an impairment
expense for the year ended 30 June 2026.

Note 13. Current liabilities - trade and other payables


30 June
2026
30 June
2025
$ $

Trade payables 234,449 30,111
Superannuation payable 323 2,785
Other payables 110,142 42,220

344,914 75,116

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

Note 14. Equity - issued capital


30 June
2026
30 June
2025
30 June
2026
30 June
2025
Shares Shares $ $

Ordinary shares - fully paid 191,958,501 60,200,001 22,229,922 8,964,862

MINERALS EXPLORATION LIMITED
Notes to the consolidated financial statements
30 June 2026

Note 14. Equity - issued capital (continued)


60
(i) Movements in ordinary share capital

Details

Date

Share
Issue
price

$

Opening balance 1 July 2024 57,700,001 - 8,389,862
Issue of shares pursuant to conversion of
performance rights (note 15(iii))
15 October
2024
2,500,000 $0.091 227,500
Issue of Shares 350,000
Share issue costs (2,500)
Closing balance 30 June 2025 60,200,001 - 8,964,862
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 (note 15(iii))
19 December
2025
2,300,000 - 176,424
Share issue costs (293,044)
Closing balance 30 June 2026 191,958,501 22,229,922

(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.

(iii) Share buy-back
There is no current on-market share buy-back.

(iv) Capital risk management
The Group's objectives when managing capital is to safeguard its ability to continue as a going concern,
so that it can provide returns for shareholders and benefits for other stakeholders and to maintain an
optimum capital structure to reduce the cost of capital.

Capital is regarded as total equity, as recognised in the statement of financial position, plus net debt.
Net debt is calculated as total borrowings less cash and cash equivalents.

In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid
to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.

The Group would look to raise capital when an opportunity to invest in a business or company was seen
as value adding relative to the current Company's share price at the time of the investment. The Group
is not actively pursuing additional investments in the short term as it continues to integrate and grow
its existing businesses in order to maximise synergies.

The capital risk management policy remains unchanged from the 2025 Annual Report.

(v) Unissued ordinary shares

Unissued ordinary shares of Minerals Exploration Limited under option and performance right at the
date of this report are as follows: