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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).

Black Swan

Western Australia, Australia · Care & maintenance · 100.0% ownedUnverified

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.

Cu

Category	Tonnes (Mt)	Grade (% Cu)	Contained (Mt Cu)	As at
Measured	1.50 Mt	0.07%	1 kt Cu	30 June 2026
Indicated	16.60 Mt	0.03%	4.6 kt Cu	30 June 2026
Inferred	10.80 Mt	0.03%	3 kt Cu	30 June 2026
Total Resources	28.90 Mt	0.03%	0.01 Mt Cu	30 June 2026
Proved	—	—	—	—
Probable	—	—	—	—
Total Reserves	—	—	—	—

Ni

Category	Tonnes (Mt)	Grade (% Ni)	Contained (Mt Ni)	As at
Measured	1.50 Mt	0.87%	0.01 Mt Ni	30 June 2026
Indicated	16.60 Mt	0.81%	0.13 Mt Ni	30 June 2026
Inferred	10.80 Mt	0.69%	0.08 Mt Ni	30 June 2026
Total Resources	28.90 Mt	0.77%	0.22 Mt Ni	30 June 2026
Proved	—	—	—	—
Probable

Co

Category	Tonnes (Mt)	Grade (% Co)	Contained (Mt Co)	As at
Measured	—	—	—	—
Indicated	16.60 Mt	0.02%	2.7 kt Co	30 June 2026
Inferred	10.80 Mt	0.02%	2 kt Co	30 June 2026
Total Resources	28.90 Mt	0.02%	4.7 kt Co	30 June 2026
Proved	—	—	—	—
Probable

Cut-off grade

0.4000 % Ni · 0.4000 % Co · 0.4000 % Cu · 1.0000 % Ni · 1.0000 % Co · 1.0000 % Cu

Price assumption

—

JORC code year

2012

Data quality

Latest source: Annual Mineral Resources and Ore Reserves Statement · 30 June 2026
Reporting code: JORC 2012
Convention: inclusive
Currency assumption: A$
Disagreement flags: 15 rows

Current R&R

Resources

Area	Category	Tonnes (Mt)	Cu		Ni		Co		As at	Source	Provenance
Area	Category	Tonnes (Mt)	Grade (% Cu)	Contained (Mt Cu)	Grade (% Ni)	Contained (Mt Ni)	Grade (% Co)	Contained (Mt Co)	As at	Source	Provenance
Total	Measured	1.50 Mt	0.07%	1 kt Cu	0.87%	0.01 Mt Ni	—	—

Total

Indicated

16.60 Mt

0.03%

4.6 kt Cu

0.81%

0.13 Mt Ni

0.02%

2.7 kt Co

30 June 2026

29Unverified

notes (6)

Source: Annual Mineral Resources and Ore Reserves Statement · published 20 Aug 2026

Ref: 29

JORC 2012 — Reporting code of record: JORC 2012
inc — Stated Resources are inclusive of Reserves. Set Resources: Excl. Reserves to net them out.

QA notes:

QA INFO: incl flag from document-level statement — the document prints a global 'inclusive of Ore/Mineral Reserves' note and this resource row carried no per-row flag (t76 AMI: the note sat outside the extraction window that emitted the row). QA WARN: mining_area 'Black Swan Total' looks like a table SUBTOTAL line, not a leaf area — approving it alongside the leaf areas double-counts. Reject it (or reject the leaves) before approval.
QA correction: Black Swan Total is the whole-project row, not an area
QA approve (t119v): source-table reconciled; printed values, basis and vintage verified
t119v

Total

Total Resources

28.90 Mt

0.03%

0.01 Mt Cu

0.77%

0.22 Mt Ni

0.02%

4.7 kt Co

30 June 2026

29Unverified

notes (6)

Source: Annual Mineral Resources and Ore Reserves Statement · published 20 Aug 2026

Ref: 29

JORC 2012 — Reporting code of record: JORC 2012
inc — Stated Resources are inclusive of Reserves. Set Resources: Excl. Reserves to net them out.

QA notes:

QA INFO: incl flag from document-level statement — the document prints a global 'inclusive of Ore/Mineral Reserves' note and this resource row carried no per-row flag (t76 AMI: the note sat outside the extraction window that emitted the row). QA WARN: cross-category subtotal — this total_resource row on area 'Black Swan Total' equals the sum of the same area's measured+indicated+inferred leaves — a per-deposit M&I/P&P-style total (t24 LUN/LUG NI 43-101 class). This can be an authoritative issuer-printed per-deposit total or an unhelpful intermediate subtotal. Verify the printed row: retain explicit deposit totals, but reject derived/unprinted or mid-tier rollups before approval. QA WARN: mining_area 'Black Swan Total' looks like a table SUBTOTAL line, not a leaf area — approving it alongside the leaf areas double-counts. Reject it (or reject the leaves) before approval.
QA correction: Black Swan Total is the whole-project row, not an area
QA approve (t119v): source-table reconciled; printed values, basis and vintage verified
t119v

Black Swan

Measured

0.84 Mt

—

0.83%

0.01 Mt Ni

—

30 June 2026

29Unverified

notes (7)

Source: Annual Mineral Resources and Ore Reserves Statement · published 20 Aug 2026

Ref: 29

JORC 2012 — Reporting code of record: JORC 2012
Cutoff 0.40 % Ni — 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 INFO: incl flag from document-level statement — the document prints a global 'inclusive of Ore/Mineral Reserves' note and this resource row carried no per-row flag (t76 AMI: the note sat outside the extraction window that emitted the row). QA WARN: area-NULL copy (839000 t) matches the 'Stockpiles' sibling (1000000 t) within print rounding — likely the SAME estimate from the summary and detail tables (t67 Bilboes class; rounding defeats exact dedup). Keep the key the book's series uses; reject the twin.
QA correction: direct Black Swan deposit rows require the printed area label
QA approve (t119v): source-table reconciled; printed values, basis and vintage verified
t119v

Golden Swan

Total Resources

0.16 Mt

—

3.94%

0.01 Mt Ni

0.06%

0.1 kt Co

30 June 2026

29Unverified

notes (6)

Source: Annual Mineral Resources and Ore Reserves Statement · published 20 Aug 2026

Ref: 29

JORC 2012 — Reporting code of record: JORC 2012
Cutoff 1.00 % Co — 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 INFO: incl flag from document-level statement — the document prints a global 'inclusive of Ore/Mineral Reserves' note and this resource row carried no per-row flag (t76 AMI: the note sat outside the extraction window that emitted the row). QA WARN: per-area total_resource row on area 'Golden Swan' beside same-area category leaves — the per-deposit total shape needs source adjudication. Its tonnes do NOT reconcile with the stored leaves' sum, so a leaf may be corrupted or missing too (t57 LM8: the Upper indicated leaf carried the Total line's figures) — verify every row of this area against the print. QA INFO: recompute differs 4.00% from the printed contained figure, but the printed tonnes/grade/contained carry ±15.00% rounding granularity (capped per component; the true half-step band of coarse prints is wider) and the remainder sits under the warn threshold — treated as reconciled.
QA approve (t119v): source-table reconciled; printed values, basis and vintage verified
t119v

Silver Swan

Total Resources

0.15 Mt

—

8.84%

0.01 Mt Ni

0.14%

0.2 kt Co

30 June 2026

29Unverified

notes (6)

Source: Annual Mineral Resources and Ore Reserves Statement · published 20 Aug 2026

Ref: 29

JORC 2012 — Reporting code of record: JORC 2012
Cutoff 1.00 % Co — 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 INFO: incl flag from document-level statement — the document prints a global 'inclusive of Ore/Mineral Reserves' note and this resource row carried no per-row flag (t76 AMI: the note sat outside the extraction window that emitted the row). QA WARN: per-area total_resource row on area 'Silver Swan' beside same-area category leaves — the per-deposit total shape needs source adjudication. Its tonnes do NOT reconcile with the stored leaves' sum, so a leaf may be corrupted or missing too (t57 LM8: the Upper indicated leaf carried the Total line's figures) — verify every row of this area against the print. QA INFO: recompute differs 2.20% from the printed contained figure, but the printed tonnes/grade/contained carry ±9.91% rounding granularity (capped per component; the true half-step band of coarse prints is wider) and the remainder sits under the warn threshold — treated as reconciled.
QA approve (t119v): source-table reconciled; printed values, basis and vintage verified
t119v

Silver Swan Tailings

Total Resources

0.68 Mt

—

0.92%

0.01 Mt Ni

0.04%

0.3 kt Co

30 June 2026

29Unverified

notes (5)

Source: Annual Mineral Resources and Ore Reserves Statement · published 20 Aug 2026

Ref: 29

JORC 2012 — Reporting code of record: JORC 2012
inc — Stated Resources are inclusive of Reserves. Set Resources: Excl. Reserves to net them out.

QA notes:

QA INFO: incl flag from document-level statement — the document prints a global 'inclusive of Ore/Mineral Reserves' note and this resource row carried no per-row flag (t76 AMI: the note sat outside the extraction window that emitted the row). QA INFO: recompute differs 10.00% from the printed contained figure, but the printed tonnes/grade/contained carry ±12.07% rounding granularity (capped per component; the true half-step band of coarse prints is wider) and the remainder sits under the warn threshold — treated as reconciled.
QA approve (t119v): source-table reconciled; printed values, basis and vintage verified
t119v

Stockpiles

Measured

1.00 Mt

—

0.59%

0.01 Mt Ni

—

30 June 2026

29Unverified

notes (6)

Source: Annual Mineral Resources and Ore Reserves Statement · published 20 Aug 2026

Ref: 29

JORC 2012 — Reporting code of record: JORC 2012
Cutoff 0.40 % Ni — 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 INFO: incl flag from document-level statement — the document prints a global 'inclusive of Ore/Mineral Reserves' note and this resource row carried no per-row flag (t76 AMI: the note sat outside the extraction window that emitted the row). QA WARN: area-NULL copy (839000 t) matches the 'Stockpiles' sibling (1000000 t) within print rounding — likely the SAME estimate from the summary and detail tables (t67 Bilboes class; rounding defeats exact dedup). Keep the key the book's series uses; reject the twin.
QA approve (t119v): source-table reconciled; printed values, basis and vintage verified
t119v

Stockpiles

Total Resources

1.60 Mt

—

0.49%

0.01 Mt Ni

—

30 June 2026

29Unverified

notes (6)

Source: Annual Mineral Resources and Ore Reserves Statement · published 20 Aug 2026

Ref: 29

JORC 2012 — Reporting code of record: JORC 2012
Cutoff 0.40 % Ni — 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 INFO: incl flag from document-level statement — the document prints a global 'inclusive of Ore/Mineral Reserves' note and this resource row carried no per-row flag (t76 AMI: the note sat outside the extraction window that emitted the row). QA WARN: per-area total_resource row on area 'Stockpiles' beside same-area category leaves — the per-deposit total shape needs source adjudication. Its tonnes do NOT reconcile with the stored leaves' sum, so a leaf may be corrupted or missing too (t57 LM8: the Upper indicated leaf carried the Total line's figures) — verify every row of this area against the print.
QA approve (t119v): source-table reconciled; printed values, basis and vintage verified
t119v