• Continued pursuit for suitable CEIP equity partners amid subdued global investment climate
• Drilling activities at Mulgathing Project's TAU-A nickel-copper-gold target postponed due to flooding
• Significant heavy mineral sands (HMS) discovery at Irria Prospect, with potential to extend mineralization

The key highlights from the announcement include:- Central Eyre Iron Project (CEIP): Primary corporate activity in early 2026 focused on the continued pursuit for suitable CEIP equity partners, which has proven increasingly challenging due to a subdued global investment climate for iron ore project developers, exacerbated by domestic power price pressure and volatile offshore energy prices. A non-cash impairment charge for the CEIP was recognized in the company's half-year accounts.- Mulgathing Project - TAU-A Nickel-Copper-Gold target: The commencement of field drilling activities to test the TAU-A target, originally scheduled for late April 2026, has been postponed due to extensive rain and flooding in the area. Access roads require repair and the company will provide a revised timeline for the drilling when visibility on the completion of access road repair is available.- Heavy Mineral Sands (HMS) Drilling - Irria Prospect: The HMS drilling program completed in early December 2025 successfully discovered and delineated a significant valuable heavy mineral (VHM) accumulation within a well-defined paleochannel. Several drill holes returned HM assays greater than 1%, with the best intercepts from the most easterly section. The area northeast of the current HM drilling presents a compelling target to potentially extend the HM footprint.- Cape Hardy Land Purchase Options: Revera Energy elected to allow the second of three land purchase options to lapse on 31 March 2026, following the lapse of the first 24-hectare parcel. The remaining 469-hectare parcel remains under a final land purchase option with an exercise deadline of 30 June 2027.

The company is assessing its options with on-ground exploration shifting focus in the interim to the Stage 2 drilling program to test the nickel-copper-gold TAU-A target at the Mulgathing Project. The company is also finalizing corporate expenditure reduction measures to maintain its CEIP Mining Lease in good standing.