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Reporting assumptions

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Ownership basis

Show the full project inventory before ownership adjustment.

Display scale

Display contained quantities in millions of ounces or tonnes.

Resource treatment

Normalise Resources to exclude Reserves: where a project is flagged inclusive, net Reserves out of Resources so the figure is additional Resources beyond Reserves. Unknown-convention rows are shown as stated.

Resource total

Total Resource includes Inferred (JORC convention). Totals are re-derived from category rows wherever the document discloses them.

Recovery basis

Show the issuer's headline recoverable figure as reported. Lithium-brine reserves already have the brine-processing recovery factor applied; everything else is shown as stated.

Commodity view

Primary view: each commodity in its own contained unit (oz / t).

Kathleen Valley

Western Australia, Australia · Producing · 100.0% ownedManual entry

Current R&R by category

Whole-project rollup at the latest vintage per category: printed project-level rows are preferred, and mining areas are summed (tonnes-weighted grade) only where the issuer prints no project-level row. Per-area and per-source detail in the Current R&R table below.

Category	Tonnes (Mt)	Grade (% Li2O)	Contained (Mt LCE)	As at
Measured	17.00 Mt	1.31% Li2O	0.55 Mt LCE	30 June 2025
Indicated	106.10 Mt	1.36% Li2O	3.57 Mt LCE	30 June 2025
Inferred	26.00 Mt	1.24% Li2O	0.80 Mt LCE	30 June 2025
Total Resources	6.60 Mt	1.60% Li2O	0.26 Mt LCE	30 June 2025
Proved	8.30 Mt	1.27% Li2O	0.26 Mt LCE	30 June 2025
Probable	63.40 Mt	1.32% Li2O	2.07 Mt LCE	30 June 2025
Total Reserves	71.70 Mt	1.32% Li2O	2.34 Mt LCE	30 June 2025

Sub-category rows are as disclosed (no Reserves-treatment netting); the Total rows honour the Resources treatment and Inferred-policy toggles, so components may not sum to the Total.

Dotted tonnes/grade are derived under the active Resources treatment: tonnes are netted of (or grossed by) the reserve tonnage alongside contained, and grade is re-derived as netted contained ÷ netted tonnes — not the published figures.

Cut-off grade

0.40% Li2O · 0.60% Li2O · 0.50% Li2O · 0.80% Li2O

Price assumption

A$822.50/t

JORC code year

2012

Peer benchmark — producing Li projects (18 with resources)Resource size P36Resource grade P36View on grade-tonnage chart →

Percentile of this project's current total Resource among covered peers (P100 = largest / highest grade). Basis and Inferred toggles apply.

Data quality

Latest source: Kathleen Valley Mineral Resource and Ore Reserve Update · 30 June 2025
Reporting code: JORC 2012
Convention: inclusive
Currency assumption: A$

Current R&R

Resources

Area	Category	Tonnes (Mt)	Li		As at	Source	Provenance
Area	Category	Tonnes (Mt)	Grade (% Li2O)	Contained (Mt LCE)	As at	Source	Provenance
Total	Total Resources	6.60 Mt	1.60% Li2O	0.26 Mt LCE	30 June 2025	2

Underground

Total Resources

3.60 Mt

0.60% Li2O

0.05 Mt LCE

30 June 2025

2Unverified

notes (8)

Source: Kathleen Valley Mineral Resource and Ore Reserve Update · published 25 Sept 2025

Ref: 2

JORC 2012 — Reporting code of record: JORC 2012
Cutoff 0.60% Li2O — Cut-off grade assumption from the source statement.
inc — Stated Resources are inclusive of Reserves. Set Resources: Excl. Reserves to net them out.

QA notes:

QA approved: verified against the source print by the tranche-19 agent pass
t92 hold: (a4) PRINTCHECK grade — by-area total Underground 147,000,000 t @ 1.30% Li2O = 1,911,000 t Li2O = 4,725,903 t LCE. Its tonnage is exact (measured 15,000,000 + indicated 106,000,000 + inferred 26,000,000 = 147,000,000 t) but its GRADE is unreachable from those same-doc leaves: (15 x 1.33 + 106 x 1.36 + 26 x 1.24)/147 = 1.33571%, and at 0.1 Mt / 0.01% print granularity the reachable band is only [1.3307, 1.3407] — printed 1.30 sits ~5 print steps below the floor. This single row carries the whole group miss: with 1.30 the split contained sum is 4,784,291 vs 4,933,635 t LCE (-3.03%, flagged); at 1.33 it is 4,893,331 (-0.82%) and at 1.34 it is 4,929,703 (-0.08%) — either clears the bar. The printed whole-project total 150 Mt @ 1.33% independently reconciles with the classification decomposition (149.1 Mt @ 1.33256%), so the classification leaves and the grand total are mutually consistent and this by-area row is the outlier. PRINTCHECK doc 21fe9504 Mineral Resource table, Underground 'Total' row Li2O% cell (expect 1.33 or 1.34, not 1.30). No figure changed pending print.
t92a swarm-r3
t94 B2/B8: stored grade 1.30 is PRINT-VERBATIM - Table 1 'Underground ... Sub-total 147 1.30 130'. The unreachable-grade concern is publisher-side: the sub-total grade sits below the band its own leaves admit (leaf-weighted 1.3357%). Printed figures are canonical, so no FIX. 1.33 is the Underground MEASURED grade and the whole-project Total* grade; 1.34 is the Open Pit Measured and the In-situ Total - neither is an Underground total (ops/t94_verified.md §B2)

Reserves

Area	Category	Tonnes (Mt)	Li		As at	Source	Provenance
Area	Category	Tonnes (Mt)	Grade (% Li2O)	Contained (Mt LCE)	As at	Source	Provenance
Total	Total Reserves	71.70 Mt	1.32% Li2O	2.34 Mt LCE	30 June 2025	6Unverified Evidence record Kathleen Valley Total Reserve · Li · as at 2025-06-30 Reported figure Area Whole project Basis 100% Ore tonnes (t) 71700000.0000 Grade 1.3200 Contained (t LCE) 2340546.1200 Classification Reserve Source trail Kathleen Valley Mineral Resource and Ore Reserve Update 6 Published 2025-09-25 Verification Approved; not independently verified · Model extracted QA approved: verified against the source print by the tranche-19 agent pass \| QA note (t92a a4): F3 missing-leaf capture gap — the total is SOUND, one printed leaf was never extracted. Printed Total Ore Reserve 71,700,000 t @ 1.32% Li2O = 946,440 t Li2O = 2,340,546 t LCE. Stored Total-column leaves are Open Pit 600,000 t and Underground 70,200,000 t = 70,800,000 t; the 900,000 t shortfall is EXACTLY the same-doc Stockpiles line (approved as reserve/proved Stockpiles 256f21e7: 900,000 t @ 0.97% Li2O = 21,589 t LCE), whose Total-column cell was never captured. Independent confirmation: proved leaves 600,000 + 900,000 + 6,800,000 = 8,300,000 plus probable 0 + 63,400,000 = 63,400,000 sum to 71,700,000 t exactly = this row's tonnage. With Stockpiles restored the grade cross-foots to (0.6x1.24 + 0.9x0.97 + 70.2x1.32)/71.7 = 1.3149% -> printed 1.32 (one print step) and contained to 2,331,569 vs 2,340,546 t LCE (-0.38%). Capture line listed in the reply report. \| t92a swarm-r3 Copies a pre-filled issue record so you can send it through your normal channel.	notes (6) Source: Kathleen Valley Mineral Resource and Ore Reserve Update · published 25 Sept 2025 Ref: 6 JORC 2012 — Reporting code of record: JORC 2012 Cutoff 0.50% Li2O — Cut-off grade assumption from the source statement. @ A$ 822.5/t LCE — Metal price assumption used to derive this estimate. QA notes: QA approved: verified against the source print by the tranche-19 agent pass QA note (t92a a4): F3 missing-leaf capture gap — the total is SOUND, one printed leaf was never extracted. Printed Total Ore Reserve 71,700,000 t @ 1.32% Li2O = 946,440 t Li2O = 2,340,546 t LCE. Stored Total-column leaves are Open Pit 600,000 t and Underground 70,200,000 t = 70,800,000 t; the 900,000 t shortfall is EXACTLY the same-doc Stockpiles line (approved as reserve/proved Stockpiles 256f21e7: 900,000 t @ 0.97% Li2O = 21,589 t LCE), whose Total-column cell was never captured. Independent confirmation: proved leaves 600,000 + 900,000 + 6,800,000 = 8,300,000 plus probable 0 + 63,400,000 = 63,400,000 sum to 71,700,000 t exactly = this row's tonnage. With Stockpiles restored the grade cross-foots to (0.6x1.24 + 0.9x0.97 + 70.2x1.32)/71.7 = 1.3149% -> printed 1.32 (one print step) and contained to 2,331,569 vs 2,340,546 t LCE (-0.38%). Capture line listed in the reply report. t92a swarm-r3
Open Pit	Proved	0.60 Mt	1.24% Li2O	0.02 Mt LCE	30 June 2025	6Unverified Evidence record Kathleen Valley Proved · Li · as at 2025-06-30 Reported figure Area Open Pit Basis 100% Ore tonnes (t) 600000.0000 Grade 1.2400 Contained (t LCE) 18399.1200 Classification Reserve Source trail Kathleen Valley Mineral Resource and Ore Reserve Update 6 Published 2025-09-25 Verification Approved; not independently verified · Model extracted QA approved: verified against the source print by the tranche-19 agent pass Copies a pre-filled issue record so you can send it through your normal channel.	notes (4) Source: Kathleen Valley Mineral Resource and Ore Reserve Update · published 25 Sept 2025
Open Pit	Probable	0.00 Mt	1.22% Li2O	0.00 Mt LCE	30 June 2025	6Unverified Evidence record Kathleen Valley Probable · Li · as at 2025-06-30 Reported figure Area Open Pit Basis 100% Ore tonnes (t) 0.0000 Grade 1.2200 Contained (t LCE) 0.0000 Classification Reserve Source trail Kathleen Valley Mineral Resource and Ore Reserve Update 6 Published 2025-09-25 Verification Approved; not independently verified · Model extracted QA approved: verified against the source print by the tranche-19 agent pass Copies a pre-filled issue record so you can send it through your normal channel.	notes (4) Source: Kathleen Valley Mineral Resource and Ore Reserve Update · published 25 Sept 2025
Open Pit	Total Reserves	0.60 Mt	1.24% Li2O	0.02 Mt LCE	30 June 2025	6Unverified Evidence record Kathleen Valley Total Reserve · Li · as at 2025-06-30 Reported figure Area Open Pit Basis 100% Ore tonnes (t) 600000.0000 Grade 1.2400 Contained (t LCE) 18399.1200 Classification Reserve Source trail Kathleen Valley Mineral Resource and Ore Reserve Update 6 Published 2025-09-25 Verification Approved; not independently verified · Model extracted QA approved: verified against the source print by the tranche-19 agent pass Copies a pre-filled issue record so you can send it through your normal channel.	notes (4) Source: Kathleen Valley Mineral Resource and Ore Reserve Update
Stockpiles	Proved	0.90 Mt	0.97% Li2O	0.02 Mt LCE	30 June 2025	6Unverified Evidence record Kathleen Valley Proved · Li · as at 2025-06-30 Reported figure Area Stockpiles Basis 100% Ore tonnes (t) 900000.0000 Grade 0.9700 Contained (t LCE) 21589.2900 Classification Reserve Source trail Kathleen Valley Mineral Resource and Ore Reserve Update 6 Published 2025-09-25 Verification Approved; not independently verified · Model extracted QA approved: verified against the source print by the tranche-19 agent pass Copies a pre-filled issue record so you can send it through your normal channel.	notes (4) Source: Kathleen Valley Mineral Resource and Ore Reserve Update · published 25 Sept 2025
Stockpiles	Total Reserves	0.90 Mt	0.97% Li2O	0.02 Mt LCE	30 June 2025	Kathleen Valley Mineral Resource and Ore Reserve UpdateManual entry Evidence record Kathleen Valley Total Reserve · Li · as at 2025-06-30 Reported figure Area Stockpiles Basis Not stated Ore tonnes (t) 900000.0000 Grade 0.9700 Contained (t LCE) 21589.2900 Classification Reserve Source trail Kathleen Valley Mineral Resource and Ore Reserve Update Page reference not recorded Published 2025-09-25 Verification Approved; not independently verified · Manual entry t94 print-verified capture: "STOCKPILES Proved 0.9 0.97 160" - stockpiles print under Proved only so the class total equals it; contained = 8,730 t Li2O x 2.473 (ops/t94_verified.md §A) \| t94a capture Copies a pre-filled issue record so you can send it through your normal channel.	notes (3) Source: Kathleen Valley Mineral Resource and Ore Reserve Update
Underground	Proved	6.80 Mt	1.31% Li2O	0.22 Mt LCE	30 June 2025	6Unverified Evidence record Kathleen Valley Proved · Li · as at 2025-06-30 Reported figure Area Underground Basis 100% Ore tonnes (t) 6800000.0000 Grade 1.3100 Contained (t LCE) 220294.8400 Classification Reserve Source trail Kathleen Valley Mineral Resource and Ore Reserve Update 6 Published 2025-09-25 Verification Approved; not independently verified · Model extracted QA approved: verified against the source print by the tranche-19 agent pass Copies a pre-filled issue record so you can send it through your normal channel.	notes (4) Source: Kathleen Valley Mineral Resource and Ore Reserve Update · published 25 Sept 2025
Underground	Probable	63.40 Mt	1.32% Li2O	2.07 Mt LCE	30 June 2025	6Unverified Evidence record Kathleen Valley Probable · Li · as at 2025-06-30 Reported figure Area Underground Basis 100% Ore tonnes (t) 63400000.0000 Grade 1.3200 Contained (t LCE) 2069604.2400 Classification Reserve Source trail Kathleen Valley Mineral Resource and Ore Reserve Update 6 Published 2025-09-25 Verification Approved; not independently verified · Model extracted QA approved: verified against the source print by the tranche-19 agent pass Copies a pre-filled issue record so you can send it through your normal channel.	notes (4) Source: Kathleen Valley Mineral Resource and Ore Reserve Update
Underground	Total Reserves	70.20 Mt	1.32% Li2O	2.29 Mt LCE	30 June 2025	6Unverified Evidence record Kathleen Valley Total Reserve · Li · as at 2025-06-30 Reported figure Area Underground Basis 100% Ore tonnes (t) 70200000.0000 Grade 1.3200 Contained (t LCE) 2291580.7200 Classification Reserve Source trail Kathleen Valley Mineral Resource and Ore Reserve Update 6 Published 2025-09-25 Verification Approved; not independently verified · Model extracted QA approved: verified against the source print by the tranche-19 agent pass Copies a pre-filled issue record so you can send it through your normal channel.	notes (4) Source: Kathleen Valley Mineral Resource and Ore Reserve Update