• Signed non-binding MOU with leading ISR uranium producer NAVOIYURAN to advance Yanrey Uranium Project
• WA Premier softens language on uranium mining ban, parliamentary inquiry launched
• Passive seismic survey identifies new high-priority drill targets at Yanrey

Cauldron Energy has provided its quarterly activities report for the period ended 30 September 2025. The key highlights include:- The company has entered into a non-binding MOU with world leading ISR uranium producer NAVOIYURAN to advance the Yanrey Uranium Project. The collaboration may include technical assistance, future funding, government advocacy, and specialist ISR know-how.- The WA Premier has softened his language on the state's uranium mining ban, saying the government is 'watching this space'. A parliamentary inquiry has also been launched into the role of WA in global decarbonization efforts, with uranium mining to be part of the scope.- A heritage survey is currently underway to support a 90-hole, 9,000m air-core drill program at Yanrey, focused on testing extensions to the Manyingee South deposit and newly acquired tenement E08/3204.- A passive seismic survey has helped define several high-priority targets for immediate drill testing, including areas where the Manyingee palaeochannel is believed to continue onto Cauldron's ground.- Cauldron's total mineral resources at Yanrey now stand at 42.0 Mlbs of uranium oxide, including the 11.1 Mlb Manyingee South deposit discovered in 2024.- The company remains vigilant for new project opportunities that fit its investment strategy and have the potential to provide significant returns to shareholders.

The company reported that as at 30 September 2025, it had $1.910m cash at bank. The total cost of the upcoming 90-hole, 9,000m air-core drill program at Yanrey, including the passive seismic survey, is circa $800,000 and will be met from existing cash reserves.

The uranium price outlook remains favourable, with spot uranium trading around US$75/lb (A$110/lb). Cauldron notes that the continued improvement in uranium market fundamentals, including supply tightness, has helped sentiment and contributed to the positive price action.