• Strategic planning identified multiple value-enhancing work programs for 2026, including assessing the Savannah nickel concentrator, re-assaying historical core, and target generation within the Alice Downs Corridor
• The Panton PGM Project has several advantages that could accelerate its development timeline compared to other greenfield projects
• Exploration activities are planned to convert Inferred Resources into Measured and Indicated categories and investigate shallow extensions

During the December 2025 quarter, Future Metals focused on strategic planning and positioning its flagship Panton PGM Project and exploration portfolio to capitalize on improving platinum-group metal (PGM) market conditions. The Company also continued to grow its management team with the appointment of a new Exploration Manager, Kelsey Crook, and Technical Advisor, David Hutton.The strategic planning identified several work programs to enhance the Panton Project, including:- Assessing the Savannah processing facility located within trucking distance of Panton, which could realize capital savings of more than 40% by utilizing this facility rather than constructing a new plant- Preparing a revised Mineral Resource Estimate to highlight the project's high-grade platinum content relative to peer deposits- Evaluating rhodium and iridium grades through a re-sampling campaign of historical core- Designing an infill drill program to convert portions of the Inferred Resource into Measured and Indicated categories and investigate shallow extensionsThe review also confirmed that the Panton Project development timelines could be accelerated due to factors such as the project's location on granted mining leases, existing native title agreements, and strong relationships with local stakeholders. Additionally, the opportunity of utilizing the Savannah facility simplifies the power, water, tailings, and accommodation issues associated with the processing plant.Across the broader Alice Downs Corridor, the Company continued its evaluation of historical and new exploration targets, including the Eileen Bore prospect, using geophysical surveys, drilling, and hyperspectral imagery to rank and refine targets for future field campaigns.On the corporate front, Future Metals held its 2025 Annual General Meeting, where all resolutions were passed by strong majorities, strengthening the Company's governance framework. The Company also expanded its management team and continued discussions with Zeta Resources, the owner of the Savannah processing facility and the Company's largest shareholder, regarding the potential processing of Panton ore at Savannah.The improving metal price environment, with platinum, palladium, and rhodium prices up over 100% in the last 12 months, has a significant impact on the Panton project economics, with the current PGM basket price sitting at ~US$3,000/oz compared to the 2023 Scoping Study price of US$1,556/oz.

The Company plans to undertake various technical studies, including the option of releasing an updated scoping study on the back of the Savannah engineering assessment, followed by either a pre-feasibility study or moving directly into a feasibility study depending on the outcomes of the technical studies and associated economics.