• Completed distribution of Goulamina sale proceeds to shareholders
• Actively pursuing new asset acquisition opportunities across lithium spodumene, brine and geothermal
• Considering partial return of remaining funds if no acquisition by Q3 2025

Leo Lithium Limited (Leo Lithium or Company) has provided its quarterly report for the period ended 31 March 2025. Key events include the completion of the distribution of Goulamina sale proceeds to shareholders, the Company's continued pursuit of new asset acquisition opportunities across lithium spodumene, brine and geothermal projects, and the potential for a partial return of remaining funds to shareholders if no acquisition is made by Q3 2025. The Company has a proven lithium development team and a solid balance sheet, supported by ongoing cash flow from the Goulamina royalty, and is focused on acquiring an asset that can become a significant global lithium producer while maintaining financial discipline. The Company has completed detailed reviews on numerous opportunities across Australia, North America, South America and Europe, and is actively engaged in discussions with several prospective counterparties. If no opportunities are significantly progressed by Q3 2025, the Company will return the remaining Tranche 2 funds to shareholders in the second half of 2025. The Company has also completed the rationalisation of its staff following the divestment of the Goulamina Lithium Project, with all one-off costs associated with that rationalisation now completed.

The Company is actively pursuing new lithium asset acquisition opportunities across spodumene, brine and geothermal projects, with a focus on acquiring an asset that can become a significant global lithium producer while maintaining financial discipline. If no opportunities are significantly progressed by Q3 2025, the Company will return the remaining Tranche 2 funds to shareholders in the second half of 2025.