Quarterly Activities/Appendix 5B Cash Flow Report

• Field activities commenced at TMT Project in Argentina, including road clearing and geophysical surveys planned
• Maiden drilling campaign advancing at Kalahari Copper Belt Project in Botswana, with 10 holes planned to test 4 target areas
• Company completed a $8.5 million placement, strengthening balance sheet for future exploration

Belararox has made strong operational and strategic progress this quarter, underpinned by a significantly strengthened balance sheet. At the TMT Project in Argentina, field activities have commenced smoothly, with road access now established to key targets in readiness for upcoming MT/IP surveys. These surveys will refine the highest-priority targets ahead of Phase 2 drilling planned for Q4 2025. Belararox has also taken steps to enhance its social licence and build long-term partnerships in Argentina through the signing of two MoUs with Curtin University and leading institutions in San Juan. In Botswana, the company's maiden drilling campaign at the Kareng West tenement in the Kalahari Copper Belt is advancing well, with 10 holes planned to test four of six defined target areas. Early results and expanded geological understanding continue to validate the exploration strategy across the broader licence package. The company completed a $8.5 million placement during the quarter, strengthening its cash position to $4.83 million with zero debt. Belararox remains well-placed to deliver value through discovery-focused exploration in Argentina and Botswana.

Belararox looks forward to executing its planned work programs in the coming months, including MT/IP surveys at the TMT Project in Argentina and continued drilling at the Kalahari Copper Belt Project in Botswana. The company remains well-funded to support these exploration activities.