• Vulcan successfully completed the retail shortfall bookbuild component of its 1 for 9 fully underwritten pro rata accelerated renounceable entitlement offer
• Retail shortfall bookbuild cleared at a price of A$7.20 per new share, representing a premium of A$1.25 above the offer price
• Eligible retail shareholders will receive the retail premium for their benefit

Vulcan Steel Limited (Vulcan) advises that it has successfully completed the retail shortfall bookbuild component of its 1 for 9 fully underwritten pro rata accelerated renounceable entitlement offer (Entitlement Offer). Vulcan has now successfully completed the Entitlement Offer, raising total gross proceeds of approximately A$87.1 million (approximately NZ$96.6 million) through the issue of 14.6 million new Vulcan shares (New Shares). Approximately 2.0 million New Shares were sold in the Retail Shortfall Bookbuild, which was conducted after market close on Tuesday, 16 September 2025. The Retail Shortfall Bookbuild cleared at a price of A$7.20 per New Share (Retail Bookbuild Shortfall Price), which represents a premium of A$1.25 above the offer price of A$5.95 per New Share (Offer Price). Eligible retail shareholders who elected not to take up their entitlements in full and ineligible retail shareholders will receive A$1.25 (less any applicable withholding tax) for each New Share sold in the Retail Shortfall Bookbuild (Retail Premium) for their benefit. The Retail Premium is expected to be paid to those retail shareholders on or about Monday, 29 September 2025.