• Diamond drilling commenced at Toro Central in Argentina, targeting a large epithermal system
• Maiden drilling program completed at Kareng West in Botswana, with limited success in intersecting targeted mineralized contact
• Company completed a $8.5 million placement, strengthening the balance sheet

Belararox Ltd provided an update on its key exploration activities and corporate developments during the December 2025 quarter. At the TMT project in Argentina, the company commenced diamond drilling at Toro Central, targeting a broad, near-surface epithermal system defined by a continuous IP chargeability anomaly. Additionally, a combined MT/IP geophysical survey was completed at Toro Central and Toro South, significantly enhancing the definition of the epithermal system. Zircon U-Pb age dating on intrusive rocks from Toro and Tambo South returned Miocene magmatic ages, interpreted as consistent with the broader Vicuña Belt porphyry magmatic intrusions, further enhancing the prospectivity of these areas. In Botswana, Belararox completed its maiden drilling program at the Kareng West tenement within the Kalahari Copper Belt, with the drilling intercepting Karoo sediments and magmatic rocks rather than the targeted Neoproterozoic formations. The company is reviewing the results to plan the next phase of drilling on its priority northern tenements. During the quarter, Belararox also completed a $8.5 million placement, strengthening its balance sheet and providing funding for its exploration activities in Argentina and Botswana.

Belararox plans to continue diamond drilling at Toro Central in Argentina, complete the 3D inversion and integrated interpretation of the MT and IP datasets, and conduct the MT/IP survey at the Tambo South target. In Botswana, the company will review the drilling program at Kareng West and plan follow-up work, including an Airborne Electromagnetic (AEM) survey covering additional tenements to identify targets for drill testing in H1 2026.