• Tranche 2 proceeds of US$177.6 million received from Ganfeng
• M&A discussions progressing, with shareholder update provided
• AGM held with all resolutions approved by shareholders

Leo Lithium Ltd (Leo Lithium or Company) has provided its report for the quarter ended 30 June 2025. Key events include the receipt of Tranche 2 proceeds (including interest) of US$177.6 million from Ganfeng on 3 July 2025, progress on M&A discussions with a shareholder update released during the quarter, and the successful Annual General Meeting (AGM) held on 28 May 2025 where all resolutions were approved by shareholders. The company is steadily advancing a small number of lithium hard rock M&A opportunities and management is optimistic that one will be announced in the current quarter, subject to the usual caveats that at this stage a deal is not completed. Any deal announcement will address the Company's intended use of Tranche 2 funds, including any distribution to shareholders. It is expected that any shareholder approval and distribution will occur in the second half of calendar year 2025. After the quarter closed, the Company received the final payment of US$171.2 million from Ganfeng Lithium Group Co. Ltd (Ganfeng) for the sale of the Company's 40% shareholding in Mali Lithium B.V., the holding company of the Goulamina Lithium Project, plus US$6.4 million in interest, making total receipts of US$177.6 million. The Company exercised a call option to convert US$177.0 million into A$281.6 million. The Company's closing cash balance as at 30 June 2025 was A$53.3 million.