• Retail Entitlement Offer completed, raising approximately A$15.9 million
• Eligible retail shareholders subscribed for 57% of the New Shares offered
• Remaining entitlements to be sold through Retail Shortfall Bookbuild

Vulcan Steel Limited (Vulcan) has completed the retail entitlement offer component (Retail Entitlement Offer) of its 1 for 9 fully underwritten pro rata accelerated renounceable entitlement offer (Entitlement Offer). The Entitlement Offer, announced on 26 August 2025, will raise approximately A$87.1 million (approximately NZ$96.3 million) through the issue of 14.6 million new Vulcan shares (New Shares). The institutional component of the Entitlement Offer was completed on 27 August 2025, raising gross proceeds of approximately A$59.4 million. Under the Retail Entitlement Offer, eligible retail shareholders were able to take up all, part or none of their entitlement, or take up their full entitlement and also apply for additional New Shares. Eligible retail shareholders subscribed for approximately 2.7 million New Shares, raising approximately A$15.9 million, representing a participation rate of approximately 57% of the New Shares offered. Eligible retail shareholders who took up their entitlements in full also applied for approximately A$3.3 million of additional New Shares. Approximately 2.0 million New Shares, representing the remaining entitlements not taken up by eligible retail shareholders, and entitlements of ineligible retail shareholders, will be offered for sale for the benefit of those shareholders in the Retail Shortfall Bookbuild to be conducted after market close on 16 September 2025. The New Shares to be issued as part of the Retail Entitlement Offer and the Retail Shortfall Bookbuild will be allotted and commence trading on the ASX and NZX on 22 September 2025.