• Further progress on Verse on McCabe project with strong early sales interest
• Settlement of $3.5m residential unit sale in Forbes Residences project
• Successful refinancing of debt facility, reducing financing costs

Mustera Property Group Ltd (Mustera or the Company) provided an update on its operational activities during the September 2025 quarter (the Quarter). The Group finalised design development for its 42-apartment, eight-storey McCabe Street project, Verse on McCabe, in North Fremantle, and launched the marketing campaign, which generated strong prospective purchaser interest and led to multiple reservations during the quarter. Subsequent to the end of the quarter, $10.2 million in sales are under contract. During the quarter, the Group maintained active marketing efforts for the remaining unsold apartments and commercial units at the Forbes Residences project in Applecross. The sale of a residential apartment was successfully settled for $3.5 million during the quarter, delivering a positive contribution to the Group's cashflows. Two apartments and two commercial units remained available for sale at the end of the quarter, with the two remaining residential apartments subsequently entering into sales contracts totalling $5.4 million.The Company spent approximately $556,000 on operating costs and $508,000 on marketing costs during the Quarter. Operational overheads totalled $431,000, comprising staff costs of $185,000 and administrative and corporate costs of $246,000. Additionally, the Company incurred interest and finance costs of approximately $237,000 during the Quarter. The Company successfully refinanced one of its existing debt facilities with National Australia Bank (NAB), resulting in a reduction in overall financing costs, and entered into a $3 million loan facility with a private lender on normal commercial terms to support the Group's development activities.

The Company provided no high-importance, price-sensitive forward-looking financial metrics or guidance.

The Company provided no forward-looking outlook statements.