• No undisclosed information to explain recent trading
• Drilling results at Manyingee South Uranium Deposit expected to be released
• Speculation that investors may be transitioning from Toro Energy to Cauldron

Cauldron Energy Ltd has responded to an ASX price and volume query regarding the change in the price of its shares from a closing price of $0.017 on 19 November 2025 to an intra-day high of $0.024 on 20 November 2025. The company stated that it was not aware of any undisclosed information that could explain the recent trading in its securities. Cauldron explained that it was in the final stages of preparing an announcement regarding exploration results at its Manyingee South Uranium Deposit, part of the Yanrey Uranium Project, which it expected to release to the market. The company noted that while the exploration results were considered strong and demonstrative of the abundance of uranium within the Yanrey Uranium Province, it did not believe the results would explain the trading in its securities on 20 November 2025. Cauldron further provided details on its drilling program, including the timing of the release of results, and its procedures for maintaining the confidentiality of exploration data. The company also noted that there had been speculation on social media that some investors who held positions in Toro Energy Limited, which is currently the subject of a takeover offer, may be transitioning their investment to Cauldron in order to maintain exposure to the Western Australian uranium sector.