• Independent engineering assessment of Savannah Plant confirms initial capital savings of ~A$74 million
• Potential for further ~A$22 million in capital savings by relocating crushing and ore sorting to Panton
• Work commenced on updated Mineral Resource Estimate and evaluation of rhodium potential

During the March 2026 quarter, Future Metals progressed the development pathway for its Panton PGM Project through an independent engineering assessment of the Savannah processing facility, while also advancing resource development and exploration programs. The engineering assessment, conducted by ResourcesWA and VantageEng, confirmed the Savannah Plant is structurally sound and identified initial capital savings of ~A$74 million compared to the 2023 Scoping Study. A further ~A$22 million in potential capital savings was identified by relocating crushing and ore sorting activities to Panton. The Company also commenced work on an updated Mineral Resource Estimate, incorporating current PGM pricing and RPEEE considerations, and commenced a review of historical data to evaluate the rhodium potential of the deposit. The technical team was strengthened with the appointments of Kelsey Crook as Exploration Manager and David Hutton as Technical Advisor. Post-quarter, David Hutton was appointed as a Non-Executive Director, and Steve Hosking was appointed as Study Manager for the Panton PGM Project. The Company also progressed environmental and permitting activities for the Panton mine and continued exploration within the Alice Downs Corridor. PGM prices have continued to rise since the 2023 Scoping Study, with the current PGM concentrate basket price at ~US$2,600/oz compared to US$1,556/oz used in the Study.

The Company plans to ramp-up marketing activities post the Savannah assessment results and continue to progress the development of the Panton PGM Project, including the updated Mineral Resource Estimate, infill drilling, environmental and permitting activities, and exploration within the Alice Downs Corridor.