Quarterly Activities Report & Appendix 4C - Mar 2026

• Awarded building contract for Verse on McCabe development
• $20.3 million in new sales for Verse on McCabe
• Settled residential and commercial units at Forbes Residences

Mustera Property Group Ltd (Mustera) provided an update on its operational activities during the March 2026 quarter. The key highlights include:1. Verse on McCabe Development: The Group awarded the building contract for its 42-apartment, eight-storey residential development Verse on McCabe in North Fremantle to Thomas Building Pty Ltd, a company with extensive experience in delivering high-quality residential projects. Construction is targeted to commence in the second quarter of 2026, with an anticipated build timeframe of approximately 28 months. The marketing campaign for the project maintained positive momentum, generating strong enquiry levels and resulting in six contracted sales totalling approximately $20.3 million during the reporting period.2. Forbes Residences: The Group maintained active marketing efforts for the remaining commercial units at the Forbes Residences development in Applecross. The last remaining residential apartment and one commercial unit settled during the quarter, with one commercial lot now remaining available for sale.3. Financials: The Company incurred operating costs of approximately $678,000, marketing costs of $165,000, and operational overheads of $343,000 during the quarter. Interest and finance costs of approximately $2.41 million were primarily applied towards the retirement of the Harvis Loan Facility.Overall, the Company continues to make progress on its development projects and maintain its financial position.