Announcement PDF A.B.N. 54 000 743 555 ANNUAL FINANCIAL REPORT YEAR ENDED 30 JUNE 2025 TABLE OF CONTENTS Corporate Directory 2 Chairman’s Letter 3 Review of Operations 4 Directors’ Report 13 Auditor’s Independence Declaration 28 Consolidated Statement of Comprehensive Income 29 Consolidated Statement of Financial Position 30 Consolidated Statement of Changes in Equity 31 Consolidated Statement of Cash Flows 32 Notes to the Consolidated Financial Statements 33 Consolidated Entity Disclosure Statement 57 Directors’ Declaration 58 Independent Auditor’s Report 59 Additional Information 63 1 | GRV – Annual Financial Report 2024 CORPORATE DIRECTORY DIRECTORS Mr Neil Biddle (Non-Executive Chairman) Mr Elias (Leo) Khouri (Non-Executive Director) John Barr (Non-Executive Director) COMPANY SECRETARY Peter Harding Smith REGISTERED OFFICE & PRINCIPAL PLACE OF BUSINESS Suite 5, Level 12 10 Market Street Brisbane QLD 4000 Phone: +61 (07) 3212 6299 SHARE REGISTRY MUFG Level 12, 680 George Street Sydney NSW 2000 Tel: +61 2 82807111 AUDITORS RSM Australia Partners Level 7, 1 Martin Place Sydney NSW 2000 STOCK EXCHANGE Australian Securities Exchange 20 Bridge Street Sydney NSW 2000 ASX CODE GRV WEBSITE www.greenvaleeenergy.com.au 2| GRV – Annual Report 2025 CHAIRMAN’S LETTER Meanwhile, the Company has rapidly established a significant uranium footprint in the Northern Territory through a series of low upfront cost farmin agreements. Initial airborne exploration activities have returned strong results – outlining a highly prospective 32km long palaeochannel system at Douglas River, an 8km long uranium anomaly at Elkedra, and multiple anomalies consistent with calcrete-hosted uranium mineralisation at Henbury. At the end of the financial year, planning was well underway to get team into the field and start ground-truthing the initial results. Fellow Shareholders, It is my pleasure to present Greenvale’s 2025 Annual Report and to report on a year that has marked an important turning point for the Company. We have sharpened our strategy, diversified our portfolio, strengthened our team, and taken further key steps towards establishing a high-quality portfolio of projects leveraged to the global clean energy transition. Uranium: our strategic growth pillar Our vision is to position Greenvale as a long-term player in the uranium sector, where we see a generational opportunity driven by surging demand for global electricity and, in turn, nuclear energy – which remains the only credible zero-emission alternative for baseload power. The World Nuclear Association predicts a major structural deficit in uranium over the next few decades as reactors restart and the deployment of Small Modular Reactors (SMR’s) accelerates. All of this adds up to a compelling long-term market outlook, which we believe will help drive the uranium price back over US$100 a pound, and potentially much higher in the future. Following unavoidable weather delays, we commenced our maiden drilling program in July 2025, designed to confirm the historical results and unlock the broader potential by testing the mineralisation at depth and along strike. At the time of writing, this program had already delivered some exciting high-grade results, confirming the historical intercepts and highlighting potential strike and depth extensions. This reinforces our view that Oasis sits within a large, mineralised system that offers significant upside. We are also actively reviewing additional growth opportunities in uranium both in Australia and North America, with a focus on advanced deposits and near-term production scenarios that could provide a clear pathway to cash-flow. A diversified portfolio While uranium is our central growth focus, we continue to advance the Alpha Torbanite Project. This year, we achieved significant progress in optimising the liquefaction process, improving yields and viscosity, and moving closer to producing a premium C170-grade bitumen product. Independent verification is now underway as part of Test Program 7, in partnership with Monash University, which aims to generate larger bulk samples. This current stage of work and achieving C170 spec material represents a fundamental milestone on the pathway to commercial validation of Alpha’s unique product. We also hold an emerging geothermal portfolio in central and north-west Queensland. While earlier stage, these assets provide long-term exposure to another form of scalable, renewable energy. We have also demonstrated strong portfolio management. During the year, the Company disposed of its farm-in interest in EP145 (the West Walker Helium Project) for $250,000 and realised $1.53 million through the sale of its investment in Astute Metals, while retaining valuable exposure to further milestone payments linked to exploration success. 3| GRV – Annual Report 2025 CHAIRMAN’S LETTER Corporate From a corporate perspective, we completed a single capital raise in March 2025, securing $1.8 million to underpin our uranium-centric exploration programs. Importantly, the Company also navigated a period of leadership transition. Mark Turner resigned as Managing Director and CEO in late 2024, with myself stepping in as Executive Chairman until the appointment of Alex Cheeseman as CEO in May 2025, allowing me to resume the role of NonExecutive Chairman. Looking ahead Greenvale today is strategically focused, wellfunded and positioned with a high-quality, futurefacing portfolio. The world’s demand for clean, reliable, and scalable energy solutions continues to grow. And the outlook for uranium has never been stronger, with the commodity widely expected to re-rate as nuclear power expands globally. Against this backdrop, our recent exploration success at Oasis provides us with a genuine platform for growth – one that I believe can deliver substantial value for shareholders over the coming years. On behalf of the board, I thank our shareholders for their continued support as we advance this exciting suite of projects in the year ahead. Neil Biddle Non-Executive Chairman Greenvale Energy Limited 4| GRV – Annual Report 2025 REVIEW OF OPERATIONS OVERVIEW Greenvale is an exploration company with multi-commodity exposure. It holds a diverse and high-quality portfolio of future-facing, clean energy focussed assets comprising: ▪ ▪ ▪ ▪ ▪ ▪ The Oasis Uranium Project – Queensland; The Alpha Torbanite Project – Queensland; Millungerra and Longreach Geothermal Projects – Queensland; Douglas River Uranium Project – Norther Territory; Henbury Uranium Project – Northern Territory; and Elkedra Uranium Project – Northern Territory. During the year, Greenvale also held: • • • A 80% farm-in interest in the Tobermorey Uranium Project, which it disposed of for nil consideration subsequent to the FY-end. A 75% farm-in interest in EP145 (West Walker Helium Project), which it disposed of for $250,000 plus GST in January 2025. An investment in Astute Metals NL (ASX: ASE) which was disposed for $1.530 million, with Greenvale retaining a 2.0% Net Smelter Return (NSR) over Astute’s Georgina IOCG Project. In late 2024, Greenvale and Astute Resources Limited (Astute) undertook and independent valuation of the Knox Project. Just prior to Christmas, Astute at a General Meeting allotted Greenvale 2,413,793 shares in Astute in settlement of the Royalty. Oasis Uranium Project In January 2025, Greenvale announced the acquisition of the Oasis uranium project on EPM 27565, for a total consideration of $200,000 and 20 million ordinary Greenvale shares. The Oasis Uranium Project, located ~250km west of Townsville, Queensland, was first identified and explored for uranium in the 1970s. Anglo American’s 1973 airborne radiometric survey highlighted anomalies, which Esso followed up with ground surveys and drilling (1977–79). Esso completed 46 holes (32 diamond, 14 percussion for a total of 4,755m) defining high-grade primary uranium mineralisation over a 300m strike and 200m depth, with mineralisation assessed as being open along strike and at depth. A map of the oasis Project can be seen in figure 1. In 2005–2006, Glengarry Resources validated Esso’s results with four diamond holes, confirming mineralisation continuity 300m south of the historic drilling. In 2007-2010 Mega Georgetown drilled 10 RC holes, intersecting uranium mineralisation and extending the system north and at depth. More recently, historic geophysics has been reprocessed, defining nine priority uranium anomalies over 10km of strike, interpreted to be associated with the Lynd Mylonite Zone. Radiometric dating by Geoscience Australia placed mineralisation coincident with regional granite emplacement, supporting an intrusive-related “Alaskitestyle” uranium system, similar to world-class deposits such as Rossing in Namibia. Greenvale’s’ exploration plans for Oasis were delay in the first part of CY 2025 due to an extended wet season, making ground conditions unsuitable/unsafe for drilling. Subsequent to the end of the FY, Greenvale commenced its maiden drill program at Oasis on 22 July 2025. The program was designed to confirm historic results, test depth and strike extensions, and assess potential for additional mineralisation. Parallel regional exploration is planned, targeting multiple anomalies along the Lynd Mylonite Zone. 5| GRV – Annual Report 2025 REVIEW OF OPERATIONS Figure 1 – Oasis uranium Project map ALPHA TOBANITE PROJECT, QLD The Alpha Torbanite Project is located approximately 50km south of the town of Alpha in Central Queensland, Australia. The Project map can be seen in figure2. The deposit consists of two seams, an upper seam of mostly lower-grade mineralisation with an average thickness of 1.12m and a lower seam containing lenses of torbanite up to 1.9m thick. The Project has been subject to extensive exploration and laboratory testing since its initial discovery in 1939. 6| GRV – Annual Report 2025 REVIEW OF OPERATIONS Figure 2 – Alpha Tobanite Project map Mineral Resource Estimate In November 2023, the Company announced an update to the Alpha Torbanite Mineral Resource Estimate, which currently stands at 28Mt of combined cannelite and torbanite. There has been no change to the MRE during the reporting period, the MRE can be seen in table 1. Table 1: MDL 330 Inferred Mineral Resource Estimate by seam and ply unit (plus % +/- from maiden MRE) Seam /Ply Area (m2) Volume (cu m) U L1 LT L2 5,199,146 9,056,464 6,774,137 8,684,433 5,409,700 10,548,503 3,636,190 3,465,159 Waste Waste Tonnes Thickness Volume (bc (Air Dried) (m) m) 21 16 0 0 181,383,104 142,970,480 157,694 41,993 Total 6,491,640 12,995,530 4,301,324 4,267,732 28,056,227 % +/(Air Dried) +97% +64% -6.4% +49% +51% Tonnes (Dry) Tonnes (In Situ) 6,653,931 13,291,114 4,325,876 4,366,100 28,637,021 6,437,543 12,869,174 4,289,524 4,192,842 27,789,083 Development Studies In Marach 2024 the Company advised that its initial plan to assess the full economic potential of the Alpha Project would be through the release of a JORC Code 2012 compliant Scoping Study. The Scoping Study will provided an opportunity to demonstrate the financial viability of the project, and will lay out a plan to scale and validate the process design that is being developed through the current test work series. On 26 June 2024 the company advised a decision to pause any study work to allow maximum focus on the test programs being undertaken to demonstrate that C170 spec material can be produced from Alpha’s torbanite. Test Programs 5 7| GRV – Annual Report 2025 REVIEW OF OPERATIONS and 6 were completed, with commitments made and preliminary work commenced for Test Program 7 during the reporting period Test Program Five - conducted by the University of Jordan, was designed to address issues of viscosity and elasticity identified in earlier testwork that prevented Alpha shale extracts from meeting premium C170 bitumen specifications. The small-scale laboratory program blended cannelite and torbanite samples, tested variable temperature and pressure conditions, and trialled catalysts to maximise asphaltene yield and improve product quality. Results showed strong bitumen recovery and significant viscosity improvements, with findings indicating that, with further fine-tuning of experimental parameters, Alpha ore could achieve viscosity levels within the C170 asphalt range. Test Program Six - conducted by the University of Jordan, focused on optimising liquefaction conditions to produce a premium-grade C170 bitumen. The program tested 11 combinations, using toluene and tetrahydrofuran (THF) as carriers, both with and without catalysts (Fe, Sn, Cu, Zn). Results showed the highest asphalt material conversion to date, with zinc under toluene achieving 38.9 wt% and THF without catalyst achieving 36.2 wt% while also lowering viscosity and gas yields. Catalysts significantly improved conversion and reduced viscosity compared to non-catalytic runs, moving the resultant product closer to meeting the targeted C170 specifications. Test Program Seven - TP7 will focus on producing a larger/bulk sample of material to enable testing/certification by an independent, accredited laboratory. At the end of the reporting period, commercial agreements had been executed, work streams were progressing for procurement of specialised equipment needed for the completion of the test program. GEOTHERMAL PROJECTS The Company’s geothermal portfolio comprises applications for four Exploration Permits for Geothermal (EPG) located within central and north-western Queensland, Australia. Of the Company’s geothermal licences, three licences are located within the highly prospective Millungera Basin (EPG 2023 (Julia Creek), EPG 2024 (Lara Downs) and EPG2025 (Ouchy). The Millungera applications are located approximately 120km east of Mount Isa within the North-West Minerals Province. They lie in the catchment of the $1.7 billion CopperString 2.0 project, which will connect remote parts of north-western Queensland to existing power infrastructure in Townsville. An independent study conducted by the Geological Survey Queensland (GSQ) in June 2018 has highlighted the Millungera Basin to be the most prospective geothermal site in Australia, believed to have stored thermal energy likely to exceed 611,000 petajoules. During the reporting period, the company focussed efforts on advancing the EPGs through to approved permits. Subsequent to the end of the reporting period the EPG 2029 (Longreach) was granted for a term of 5 years ending 7th July 2030. Northern Territory Uranium Projects Throughout the Reporting Period the Company sought to focus its exploration efforts on uranium, and through low-upfront cost farm-in agreements, rapidly established a broad footprint of uranium-centric assets in the Norther Territory (NT). The NT is one of Australia’s most significant regions for uranium exploration and mining, hosting some of the country’s largest and highest-grade deposits. The Alligator Rivers Uranium Province, in particular, is world-renowned, hosting the previously operated Ranger deposit. Ranger, operated by Energy Resources of Australia, produced over 132,000 tonnes of uranium oxide before closing in 2021, making it one of the largest uranium mines worldwide. Beyond these major operations, the NT has a long history of exploration across multiple basins — including the Ngalia, Amadeus, and McArthur basins — where both sandstone-hosted and unconformity-related uranium mineralisation styles are common. 8| GRV – Annual Report 2025 REVIEW OF OPERATIONS Douglas River Project - an 80% interest was acquired in August 2024 through an earn-in agreement with Gempart (NT) Pty Ltd. Douglas River is located 200 km south of Darwin, is comprised of EL33670 and EL 33900 and is situated in the Pine Creek Mineral Field. It is prospective for sandstone-hosted uranium, with anomalies concentrated in paleochannels. Historical exploration defined shallow, drill-ready targets, comparable to Honeymoon, Pamela/Angela, and Napperby deposits. The Company completed airborne radiometric survey and confirmed a 32 km palaeochannel system running through the two claim areas. Land access matters were continuing through to the end of the reporting period. Henbury Project - an 80% interest was acquired in October 2024 through an earn-in agreement with Gempart (NT) Pty Ltd. Henbury is located 120 km southwest of Alice Springs in the Amadeus Basin, covers 1,063 km² across EL33637 and EL33638. It is highly prospective for calcrete-hosted and roll-front uranium mineralisation, with uranium/thorium anomalies extending over 14 km of uraniferous calcrete. The Company completed airborne magnetic/radiometric surveys, which identified multiple potential uranium anomalies across a 10 km area with correlating structure and geology consistent with uranium deposition. Field work commenced subsequent to the end of the reporting period. Tobermorey Project - an 80% interest was acquired in October 2024 through an earn-in agreement with Gempart (NT) Pty Ltd. Tobermorey is located 400 km ENE of Alice Springs along the NT/Queensland border, comprises EL33621 and EL33692 covering 971 km². It targets sandstone-hosted uranium within palaeodrainages of the Austral Downs Limestone, with the largest anomaly extending 20 km long by 15 km wide. Greenvale completed an airborne radiometric survey but no anomalous uranium results were detected. Subsequent to the end of the reporting period, the Company withdrew from the Tobermorey earn-in agreement. Elkedra Project - an 80% interest was acquired in November 2024 through an earn-in agreement with Gempart (NT) Pty Ltd. Elkedra is located 300 km northeast of Alice Springs and 200 km southeast of Tennant Creek, covering 566 km² (EL33756). It is prospective for sandstone-hosted and unconformity uranium mineralisation. Historical exploration included phosphate drilling in the 70’s, diamond searches, and base metals/gold exploration, but uranium was not systematically tested. The Company completed airborne radiometric survey which confirmed an extensive 8km-long uranium anomaly with strong structural and granite-related controls. At the end of the reporting period the company was planning future field works, which it anticipated would be conducted in the CY2025 field season. 9| GRV – Annual Report 2025 REVIEW OF OPERATIONS Figure 3 – NT Uranium Projects map including Douglas River, Elkedra and Henburry Corporate On 21 November 2024, Greenvale entered into an agreement with Pioneer Resources Partners LLC (Pioneer) for early termination of the Subscription Agreement announced on 1 February 2023. Greenvale paid Pioneer $2 million and issued 13,144,444 shares in relation to the outstanding balance. During the reporting period, the company conducted a single capital raise, via placement in March 2025. The Company raised A$1.8M, through the issue of approximately 37.5M new shares at A$0.048 per share from the Company’s LR7.1 capacity. During the reporting period the Company underwent a number of governance, management and Board changes. Mr Kurt Laney and Mr Vince Fayed were replaced by Mr Peter Harding-Smith as Company Secretary. Mr Mark Turner resigned as a Director and subsequently as CEO in late 2024, accordingly Mr Neil Biddle assumed the role of Executive Chairman from late 2024 until the appointment/commencement of Mr Alex Cheeseman as CEO in May 2025, at that point, Mr Biddle returned to Non-Executive Chairman. 10| GRV – Annual Report 2025 REVIEW OF OPERATIONS Line of credit from directors To ensure that the Company remained sufficiently funded to progress its strategy, during the year the Company formalised previously received a letter of support from its Directors Neil Biddle and Elias Khouri. In June 2025, the Company entered into At-Call facilities to provide up to $0.50 million each ($1.00 million total) as a line of credit. At the date of this report, the At-Call facility remains undrawn. Details concerning the terms of the line of credit offered by Mr Biddle and Mr Khouri are as follows: Security Drawdown Notice Repayment Date Interest Rate Unsecured Can be drawn down at any time by the Company The earlier of: • The next capital raising; or • 18 months from the first drawn down date 15.00% p.a compounded monthly and can be capitalised up to and including the term of the loan. RISKS Greenvale is subject to several risks, including but not limited to: Risk Description Access to future funding There is no assurance that the funding required by the Company from time to time to meet its business requirements and objectives will be available to it on favourable terms, or at all. The Company may need to seek various Federal, state or local permits and approvals to undertake exploration or mining activities on its projects. This could result in unforeseen delay in the undertaking of such activities. Exploration programs may or may not be successful, could cause harm to employees or contractors, and may incur cost overruns if not carefully managed. The Company is exposed to a significant risk that the proposed exploration activity will be unsuccessful and will not result in the discovery of a viable Mineral Resource. As part of its business strategy, the Company may make acquisitions of, or significant investments in, other resource projects. Any future transactions would be accompanied by the risks commonly encountered in making acquisitions of resource projects. Unforeseen changes to the mining laws, regulations, standards and practices applicable may significantly affect the Company’s projects and ability to operate. There is no guarantee that an economic level of Resource will be found. Access agreements Exploration and development risk Potential acquisitions Regulation changes Sufficient volume for commercialisation Technological risk Title risk Even if a Resource is found, there is no guarantee that the processing of the Resource will be able to occur. The mineral claims in which the Company will, or may, acquire an interest in the future are subject to the applicable local laws and regulations. Mineral claims in which the Company has an interest are subject to the relevant conditions applying in each jurisdiction. Failure to comply with these conditions may render the mineral claims liable for forfeiture. The mineral claims will be subject to application for renewal, which is subject to applicable legislation. If the mineral claim is not renewed, the Company may lose the opportunity to develop and discover any Mineral Resources on such a claim. 11| GRV – Annual Report 2025 REVIEW OF OPERATIONS SIGNED Signed for and on behalf of the Directors: Neil Biddle Director Dated 29 September 2025 12| GRV – Annual Report 2025 DIRECTORS’ REPORT DIRECTORS’ REPORT The Directors present this report and the audited financial statements of Greenvale Energy Ltd (“GRV”, “Greenvale” or the “Company”) and its controlled entities (“Group”) for the year ended 30 June 2025. DIRECTORS The following persons held office as directors during the financial year and to the date of this report. Directors were in office for the entire period and to the date of this report unless otherwise stated: Name and Qualifications Neil Biddle B.AppSc(Geology), MAusIMM Non-Executive Chairman Experience, special responsibilities and other directorships in listed entities. Experience Mr Biddle is a geologist and Corporate Member of the Australian Institute of Mining and Metallurgy and has over 30 years’ professional and management experience in the exploration and mining industry. Mr Biddle was a founding Director of Pilbara Minerals Limited, serving as Executive Director from May 2013 to August 2016 and serving as Non-Executive Director from August 2016 to 26 July 2017. Through his career, Mr Biddle has served on the Board of several ASX listed companies, including Managing Director of TNG Ltd from 1998-2007, Border Gold NL from 1994-1998 and Consolidated Victorian Mines Ltd from 1991-1994 Special Responsibilities None Elias (Leo) Khouri Non-Executive Director Directorships held in other listed entities during the three years prior to the current year Trek Metals Limited Experience Mr Khouri has been involved in international financial equity markets since 1987 through his involvement in a wide range of companies listed on the ASX, AIM, TSX, NYSE, NASDAQ, and/or the Frankfurt Stock Exchange. Through Mr Khouri’s extensive experience in the equity markets he has developed expertise in the corporate finance, advisory, capital raisings, joint venture and farm-in negotiations for both listed and unlisted companies. Mr Khouri has provided advisory services to a number of companies across a breadth of industries ranging from bio-technology, funds management, telecommunications, media and entertainment, and the mining industry. Special Responsibilities None Directorships held in other listed entities during the three years prior to the current year None John W Barr Chartered Accountant and Fellow of the Australian Institute of Company Directors Experience Mr Barr has been a Director of both listed and unlisted companies for more than three decades, specialising in providing advice on capital raisings, mergers & acquisitions, negotiating onshore and offshore acquisitions and joint ventures, 13| GRV – Annual Report 2025 DIRECTORS’ REPORT Name and Qualifications Experience, special responsibilities and other directorships in listed entities. negotiating commodity-based funding, and overseeing compliance with corporate and stock exchange requirements. Mr Barr was one of the executive directors of Aquarius Platinum from 1995-2001 where, he oversaw the reconstruction of the Company and its subsequent acquisition of the South African platinum assets which led to the creation of a significant production company. In addition, he has worked extensively in starting up and building resource businesses. Earlier in his career, he was Chairman of TNG Limited (1998-2011) and, previously, Thor Mining PLC (2005-2008) as well as several Australian-listed companies including Sherwin Iron Limited (formerly Batavia Mining Limited). Most recently, he was one of the founding Directors and acted as Executive Chairman of Mosman Oil and Gas Limited (AIM: MSMN). Special Responsibilities None Directorships held in other listed entities during the three years prior to the current year Mosman Oil and Gas Limited (AIM: MSMN) Mark Turner Experience Mr. Turner is an engineer with over 20 years of energy experience. Chief Executive Officer (Appointed 1 September 2022, resigned 19 November 2024, resigned CEO 31 December 2024) Alongside sitting on the Greenvale Board, Mr. Turner also held the role of General Manager of the Alpha Project. Special Responsibilities None Directorships held in other listed entities during the three years prior to the current year None 14| GRV – Annual Report 2025 DIRECTORS’ REPORT COMPANY SECRETARY Name and Qualifications Peter Harding-Smtih Vincent Fayad & Kurt Laney Particulars Mr Harding-Smith was appointed Company Secretary on 1 October 2024. Peter is a Chartered Accountant and has 30 years of extensive Board, company secretarial and corporate finance experience, predominantly within the mining and resources industry. Peter also acts as the Company Secretary for ASX-listed Litchfield Resources Limited, and Clara Resources Australia Limited. Mr Fayad and Mr Laney were Joint Company Secretary up to 30 September 2024. CORPORATE GOVERNANCE The directors of the Group support and adhere to the principles of corporate governance, recognizing the need for the highest standard of corporate behaviour and accountability. During the year, the Group adopted a revised Corporate Governance Plan considering the 4th edition of the Corporate Governance Principles and Recommendations. Please refer to the Corporate Governance Statement on the Company’s website https://greenvaleenergy.com.au/corporate/governance-statement/ PRINCIPAL ACTIVITIES The principal activities of the Group during the 2024/25 financial year were to actively explore its minerals development properties and to commence evaluation of possible mining and production. RESULT AND REVIEW OF OPERATIONS The loss for the Group after income tax for the year amounted to $1,370,038 (2024: Loss of $2,983,594) and the net assets of the Group at 30 June 2025 was $9,893,877 (2024: $8,276,617). FINANCIAL POSITION During the year, the Group’s net cash position increased from $1,523,781 to $2,118,463. The basis for the movement to the Company’s cash at bank position was due; to costs incurred as the Company as it continued to pursue its active exploration programs, R&D refunds received and a $1.8 million placement in March 2025. The Company is continually monitoring its outlays and is actively examining opportunities to secure additional funding to meet its ongoing obligations and continue its exploration and project evaluation programs. Subject to disclosures elsewhere in this report, the Directors believe the Group is in a stable financial position to continue to explore and evaluate its projects. DIVIDENDS The Directors do not recommend the payment of a dividend and no amount has been paid or declared by way of a dividend at the date of printing this Report. EVENTS SUBSEQUENT TO REPORTING DATE Since the end of the financial year, the following matter have arisen which significantly affected or could significantly affect the operations of the Group, the results of those operations or the state of affairs of the Group in future financial years: 15| GRV – Annual Report 2025 DIRECTORS’ REPORT • • • In July 2025, 750,000 Class 7 A Performance Rights were exercised. Mark Turner’s contract with the Company concluded on 31 July 2025. On 1 September 2025, 12,266,666 performance rights expired. With the exception of the above, no other matters have arisen wh