Capital Structure

** Market Capitalisation is based on Share Price 12/12/25

Notes:

• 2,439,996 unlisted options exercisable at 20.4c expiry date of 21 August 2027  
• 3,333,331 unlisted options exercisable at 18c expiry date of 1 March 2027  
• 6,363,636 unlisted options exercisable at 16.5c expiry date of 5 Jan 2029  
• 39,500,000 unlisted options exercisable at 3.38c expiry date of 15 August 2029  
• 58,725,000 unlisted options exercisable at 11c expiry date of 30 June 2031  
• Options related to a commercial outcome that is introduced by WNDR, or an affiliate, to the Company entering into a commercial partnership, arrangement, agreement or transaction (Commercial Outcome) with the Company, or a related body corporate of the Company in connection with the Company’s Mkanda and/or Kampini resources projects including, without limitation:
  1. a strategic investment either in equity in the Company or at a project level that represents a value in the region of 10% or more of the Company’s issued share capital as at the date on which such Commercial Outcome has been agreed; or
  2. mine development assistance and/or funding in the region of 40% or more of capital expenditure that has been reported as forecast financial information in accordance with the ASX listing rules, including listing rule 5.17 (or equivalent if amended or replaced) as at the date on which such Commercial Outcome has been agreed, the structure for which may include, without limitation, a joint venture, pre-paid offtake, or royalty arrangement; or
  3. mineral offtake or down-stream mineral processing of an amount representing in the region of 25% or more of an initial production target of minerals reported in accordance with the ASX listing rules, including listing rule 5.16 (or equivalent if amended or replaced), as at the date on which such Commercial Outcome has been agreed,

  where the Commercial Outcome materially advances the development of either or both projects, whether by reason of the financial terms of the Commercial Outcome, the identity of the third party, or otherwise.