Announcement PDF SULTAN RESOURCES LTD ABN 35 623 652 522 Annual Report for the Year Ended 30 June 2025 Annual Report | 30 June 2025 Contents Corporate Directory 3 Directors' Report 4 Auditor’s Independence Declaration 30 Consolidated Statement of Profit or Loss and Other Comprehensive Income 31 Consolidated Statement of Financial Position 32 Consolidated Statement of Changes in Equity 33 Consolidated Statement of Cash Flows 34 Notes to the Consolidated Financial Statements 35 Consolidated Entity Disclosure Statement 56 Directors' Declaration 57 Independent Auditor’s Report 58 Corporate Governance Statement 62 ASX Additional Information 63 2|P a g e Annual Report | 30 June 2025 Corporate Directory Board of Directors Lincoln Liu Jeremy King Mark Mitchell Steven Groves David Ian Lees Non-Executive Chairman (Appointed 9 April 2025) Non-Executive Director Non-Executive Director (Appointed 9 April 2025) Non-Executive Director (Resigned 9 April 2025) Non-Executive Director(Resigned 9 April 2025) Secretary Ms Hannah Cabatit Registered Office Suite 1 38 Colin Street West Perth WA 6005 Telephone: 08 6559 1792 Website: www.sultanresources.com.au Securities Exchange Listing Listed on the Australian Securities Exchange (ASX Code: SLZ) Auditors RSM Australia Level 32, Exchange Tower 2 The Esplanade Perth WA 6000 Solicitors Nova Legal 2/50 Kings Park Road West Perth WA 6005 Bankers Westpac Banking Corporation Level 13, 109 St Georges Terrace Perth WA 6000 Share Registry Automic Share Registry Level 5, 191 St Georges Terrace Pert WA 6000 Telephone: 1300 288 664 3|P a g e Annual Report | 30 June 2025 Directors’ Report The Directors of Sultan Resources Limited (“SLZ” or “the Company”) present their report, together with the financial statements on the consolidated entity consisting of Sultan Resources Limited and its controlled entities (“the Group”) for the year ended 30 June 2025. DIRECTORS The names and particulars of the Company’s directors in office during the financial year and at the date of this report are as follows. The Directors held office for this entire year unless otherwise stated. Lincoln Liu |Non-executive Chairman (Appointed 9 April 2025) Mr Liu has acted in various roles as advisor to several mining companies in their growth phase and across a range of commodities. He has worked in the Australian Equities market for 15 years. His experience includes trading, equities research and investment banking having completed numerous Capital Raising, M&A, IPO and Private Equity deals. He is the founder of a Sydney based Corporate advisory firm servicing growth companies in the mining and technology sectors. He holds a Bachelor’s degree from Western Sydney University, a Master of Commerce (Finance) from the University of New South Wales and a Master of Business Administration from the University of Sydney. During the past three years, Mr Liu held the following directorships in other ASX listed companies: • Managing Director of Red Mountain Mining Ltd (current); Jeremy King | Non-Executive Director Mr King is a corporate lawyer and adviser with over 20 years’ experience in domestic and international legal, financial and corporate matters. Mr King is a director of a boutique corporate advisory and compliance business where he specializes in corporate and strategic advice and managing legal issues associated with clients. He spent several years in London where he worked with Allen and Overy LLP and Debevoise & Plimpton LLP and has extensive experience, particularly in relation to cross border private equity, leveraged buy-out acquisitions and acting for banks, financial institutions and corporate issuers in respect of various debt and equity capital raisings. He regularly advises ASX listed companies on corporate and commercial matters. During the past three years, Mr King held the following directorships in other ASX listed companies: • • • • • • Non-Executive Chairman of ECS Botanics Holdings Ltd (current); Non-Executive Director of Smart Parking Limited (current); Non-Executive Chairman of Redcastle Resources Limited (current); Non-Executive Director of Burgundy Diamond Mines Limited (current); Non-executive Director of Harenga Mining Limited (appointed 11 July 2025); and Executive Corporate Director of C29 Metals Limited (resigned 15 March 2024). Mark Mitchell |Non-executive Director (Appointed 9 April 2025) Mr Mitchell has been a geologist for over 35 years in exploration in rare metals, lithium and base metals in Australia and international jurisdictions. He has significant experience ranging from targeting through to resource evaluation and has been successful in the discovery of several mineral deposits in Australia. He has acted in the capacity of company liaison representative on various research projects with AMIRA, CET, GRC as well as a brief period on the CME Exploration committee. He has geological membership with the Geological Society of Australia and Australian Institute of Geoscientists and is a Registered Professional Geoscientist. 4|P a g e Annual Report | 30 June 2025 Directors’ Report During the past three years, Mr Mitchell held the following directorships in other ASX listed companies: • Non-Executive Director of Aldoro Resources Limited (resigned 31st August 2024) Steven Groves | Non-Executive Director (Resigned 9 April 2025) Mr Groves has a Bachelor of Applied Geology (Honours) and completed a Master’s of Economic Geology from CODES-SRC at the University of Tasmania. Mr Groves is currently a non-executive director of Six Sigma Metals Ltd (ASX: SI6) and brings 25 years of geological experience in the mining industry including exploration and management roles with BHP Billiton (ASX: BHP), Newmont Mining, Newcrest Mining (ASX: NCM), A-Cap Resources (ASX: ACB) and Botswana Metals. During the past three years, Mr Groves held the following directorships in other ASX listed companies: • • Non-Executive Director of Six Sigma Metals Ltd (resigned April 2023); and Director of Resolution Minerals Limited (resigned 7 November 2022). David Ian Lees | Non-Executive Director (Resigned 9 April 2025) Mr Lees has over 16 years’ experience in the Australian financial services industry starting his career as a stockbroker before moving into investment and funds management. These roles have given Mr Lees extensive experience with capital raising, business development, portfolio management, business relationships and corporate governance. Most recently, Mr Lees has worked in the private sector driving his business from product conception through to design, development, manufacturing and international retail sales. Mr Lees’s education qualifications include a Bachelor of Economics and post graduate diploma in Applied Finance and Investment. During the past three years, Mr Lees held the following directorship in another ASX listed company: • Non-Executive Chairman of C29 Metals Ltd (current). COMPANY SECRETARY | Hannah Cabatit Hannah Cabatit is an employee of Mirador Corporate where she specializes in statutory financial reporting and company secretarial services. Hannah is a Certified Practicing Accountant and has significant years of experience in senior accounting roles, company secretarial and compliance services for public listed and unlisted companies. INTERESTS IN SHARES AND OPTIONS OF THE COMPANY AND RELATED BODIES CORPORATE The following table sets out each current Director’s relevant interest in shares, options to acquire shares of the Company or a related body corporate as at the date of this report. Director Lincoln Liu Jeremy King Mark Mitchell Total Ordinary Shares 16,941,7211 2,777,525 19,719,246 Unlisted Share Options 3,800,000 3,800,000 Listed Options 1,644,839 1,644,839 1Mr Lincoln Liu’s shares are held by Wynton Capital Pty Ltd, a company of which Mr Liu is a director and shareholder. 5|P a g e Annual Report | 30 June 2025 Directors’ Report PRINCIPAL ACTIVITIES The principal activities of the Company during the period were mineral exploration in Australia and lithium exploration in Canada. REVIEW AND RESULTS OF OPERATIONS During the year the Company completed a project review assessing the existing resource potential and commitments of the portfolio aligning the limits of funding capability and current market conditions. Sultan has projects in the Lachlan Fold Belt (NSW), Thaduna (Northeast Yilgarn WA) and Kondinin-Lake Grace (Yilgarn WA). During the year the Company has relinquished the Canadian Lithium project and surrendered some of the Lake Grace licenses. NSW PROJECTS LACHLAN FOLD BELT PROJECT, NSW (EL8734, EL8735, EL9070) The review of existing datasets over its Lachlan Fold Belt (LFB) tenements identified a number of unexplained gold and copper geochemical soil and rock chip anomalies associated geophysical evidence suggesting significant potential for porphyry Au-Cu mineralisation. Sultan’s three LFB tenements (EL8735, EL9070 and EL8734) cover 165 km2, including parts of the northern portion of the Late Ordovician to Early Silurian Molong and Rockley-Gulgong Volcanic Belts of the Macquarie Arc, which is broadly recognised as Australia’s premier porphyry Au-Cu province and host to Alkane Resources’ recent major Boda-Kaiser discovery (323Mt @ 0.26g/t Au and 0.15% Cu ASX: ALK 10 July 2024) and Newmont’s world-class Cadia East Au-Cu mine further to the south. The Company has identified the Ringaroo, Gowans Green and Razorback-Wattle Ridge Au-Cu targets in EL8735 for further exploration (Figure 1). 6|P a g e Annual Report | 30 June 2025 Directors’ Report Figure 1: SLZ’s LFB tenements and priority target areas relative to the mapped exposures of the Macquarie Arc, gold and copper mineral occurrences from the Geological Survey of NSW database and the Boda-Kaiser porphyry Au-Cu deposit. RINGAROO AU-CU The Ringaroo porphyry Au-Cu target lies within the Molong Volcanic Belt at the northern end of EL8735, immediately south of Impact Minerals’ Aspley porphyry prospect. Key features of Ringaroo are summarised in Figure 2 and include: • A 1km x 0.4km >3.1ppb Au-in-soil anomaly, which is spatially associated with the Ringaroo magnetic high, interpreted to represent a magnetite-bearing (oxidised) volcanic and intrusive complex. • The anomaly is open to the NW, SE and NE, towards Impact Minerals (ASX:IPT) Apsley porphyry AuCu prospect. Impact reports high-grade copper rock chip results of up to 7.73% Cu immediately adjacent to Sultan’s northern tenement boundary (ASX: IPT 14 January 2020 and 23 April 2020). • The Au in soil anomaly also overlies a 900m x 300m IP chargeability anomaly (>9 mV/V and up to 30 mV/V) overlying a 1000 m wide resistivity anomaly (ASX: SLZ 10 November 2020). • A smaller >3.1ppb Au-in-soil anomaly lies on the NE end of another magnetic high and is open along strike to the SW. 7|P a g e Annual Report | 30 June 2025 Directors’ Report Sultan’s proposed work program for Ringaroo will focus on extending the soil sampling coverage to close off the soil anomalies, and additional IP lines over areas highlighted by the soil data to test for additional conductors and generate potential porphyry targets for drill testing. Figure 2: Total magnetic intensity (TMI) image over Ringaroo showing soil sample coverage and gold results, IP lines (black) and the IP chargeability anomaly, and Impact Minerals rock chip results from the Apsley porphyry prospect (ASX: IPT 14/01/2020 & 23/04/2020) immediately north of EL8735 (ASX: SLZ 9 July 2020). GOWAN GREEN AND RAZORBACK-WATTLE RIDGE AU-CU The Gowan Green and Razorback-Wattle Ridge porphyry Au-Cu targets are hosted within the Molong Volcanic Belt and are located in the southwest corner of EL8735. The two targets lie at either end of a 6km (N-S) by 1km (E-W) soil survey undertaken in 2020 over the Big Hill porphyry prospect (ASX: SLZ 2 June 2020), overlying a NE-trending magnetic ridge, considered to represent a portion of the Molong Volcanic Belt. 8|P a g e Annual Report | 30 June 2025 Directors’ Report Figure 3: Total magnetic intensity (TMI) image over the Big Hill area, showing (left) gold-in-soil results, with anomalous >3.1ppb Au values contoured; and (right) rock chip copper values relative to the anomalous soils, the location of the historical workings at Gowan Green, and the locations of the Gowan Green and Razorback-Wattle Ridge targets. The central portion of the soil anomaly corresponds to the Big Hill target. Note that due to the narrow focus of the soil survey, most of the anomalous zones remain at least partially open to the east. The magnetic high corresponding to the Molong Volcanic Belt is clearly visible (ASX: SLZ 30 September 2020). Key features of the Gowan Green Au-Cu porphyry target are summarised in Figure 4 and include: • Multiple gold-in-soil anomalies, with associated Cu and pathfinder elements (ASX: SLZ 2 June 2020), associated with a magnetic high, correlating with mapped volcanic and intrusive rocks of the Molong Volcanic Belt. The anomalies are mostly open to the NE, due to limited soil sample coverage. • The soil anomalies are proximal to and appear to border multiple discrete IP chargeability anomalies. • Samples of oxidized mullock collected from historic Cu-Au workings (Table 1 and Figure 5) contain up to 24.6 g/t Au, 26.1% Cu and 65.5g/t Ag, supporting the presence of a base and precious metal rich mineralising system. • Lithogeochemical studies of multi-element whole rock data confirm that the Gowan Green rocks are calc-alkaline basalts, with a volcanic arc tectonic signature consistent with being part of the Molong Volcanic Belt of the Macquarie Arc, recognised as Australia’s premier porphyry Au-Cu province. • Outcropping silica-limonite skarns and chlorite-altered mafic volcanics have been mapped in the area, supporting the presence of a large-scale hydrothermal system. 9|P a g e Annual Report | 30 June 2025 Directors’ Report Figure 4: Total magnetic intensity (TMI) image over Gowan Green, showing Au-in-soil results and IP chargeability anomalies. Copper and gold values for mullock samples collected from the historical copper workings are also shown. Further analytical results for these samples are provided in Table 1 (Refer ASX: SLZ 20 May 2020). SampleID MGA_East MGA_North SPR020 684568 6369967 SPR021 684569 6369967 SPR022 684568 6369968 SPR023 684568 6369969 SPR024 684567 6369967 SPR025 684567 6369966 SPR026 684569 6369968 Au g/t 24.6 2.69 0.513 0.353 0.939 0.038 1.16 Ag g/t As ppm Bi ppm 65.5 938 91.4 20.0 203 17.35 7.7 174 2.23 11.7 93 1.85 21.6 95 3.46 7.9 105 1.51 24.8 654 2.77 Cu % In ppm Mo ppm Na % Ni ppm Pb ppm 26.10 4.88 4.19 0.03 3630 584 7.55 0.619 1.06 1.92 3740 177 4.49 0.177 0.56 1.66 2320 28 5.96 0.141 0.7 2.96 2730 69 5.71 0.252 0.57 3.41 2670 82 10.10 0.06 0.7 2.04 5130 32 12.55 0.447 0.61 1.7 4650 125 S % Se ppm Te ppm 0.07 116 171.5 0.03 14 16.7 0.01 2 4.08 0.14 2 3.05 0.06 6 6.01 0.12 1 0.65 0.04 5 8.03 Table 1: Assay results for mullock samples collected from Gowan Green (ASX: SLZ 20 May 2020). 10 | P a g e Annual Report | 30 June 2025 Directors’ Report Figure 5: Mullock sample of malachite veined gossan with limonitic boxwork after sulfide (Sample SPR020) (ASX: SLZ 20 May 2020). Sultan will approach the Gowan Green target in a similar manner to Ringaroo. The Company will investigate expanding the soil geochemical survey to the north and east to close off open anomalies and look to integrate this data with reinterpreted IP and magnetics to define potential porphyry Au-Cu drill targets. Key features of the Razorback-Wattle Ridge Au-Cu porphyry target are summarised in Figure 6 and include: • Surface mapping of propylitic alteration, pyrite and chalcopyrite mineralisation, a ~1km long skarn breccia, diorite and monzodiorite mapped at surface, providing confidence that all the required components of a porphyry Au-Cu system are present. • Anomalous Au, Cu and pathfinder elements in soil sampling, although the sampling once again failed to cover the full width of the target and is open to the east, and multiple Au- and Cumineralised outcrop and float samples, collected across the length of the target (Table 2). • A large underlying IP chargeability anomaly which has not been drill tested. Previous drilling focused on the skarn breccia, which shows evidence of copper and gold mineralisation (Figure 7). • Although the results of previous drilling into the skarn were disappointing, the holes reported sericite alteration, elevated Au-Cu-Ag-Mo-W values, zones of quartz carbonate veining, and hydrothermal breccias with infill disseminated pyrite and minor chalcopyrite and bornite blebs (ASX: SLZ 15 March 2022). These results are consistent with proximity to porphyry-style mineralisation. • Drill results also suggest that alteration intensity and Cu and Au grades increase with depth, towards an interpreted source that is broadly coincident with the untested IP anomaly, shown as a porphyry target on Figure 6. 11 | P a g e Annual Report | 30 June 2025 Directors’ Report Figure 6: Total magnetic intensity (TMI) image over Razorback-Wattle Ridge, showing mapped surface lithology and alteration, IP chargeability wireframe (10 mV/V), 3.1ppb Au in soils (again open to the east) and previous drilling, which focused on the mapped surface skarn breccia. The dashed yellow line shows an interpreted porphyry target based on the IP, magnetics and previous drilling results, with the skarn breccia located along its eastern margin. (Refer to ASX: SLZ 3 February 2022 and ASX: SLZ 15 March 2022). SampleID Sample_Type MGA_East MGA_North Au g/t Ag g/t As Bi ppm Cu % In ppm Mo ppm Na % Ni ppm Pb ppm S% Se ppm Te ppm SPR003 Outcrop 684291 6366977 0.004 0.00 4 0.04 0.006 0.043 0.86 2.86 15 5 0.005 0.5 0.025 SPR004 Float 684312 6366942 0.007 2.90 45 0.15 1.300 0.073 1.13 0.95 3 34 0.01 0.5 0.025 SPR005 Float 684313 6366943 0.001 3.80 67 0.15 2.400 0.061 0.99 0.09 3 43 0.005 0.5 0.025 SPR006 Float 684296 6366983 0.002 0.50 13 0.05 0.170 0.046 0.71 5.35 16 8 0.01 0.5 0.025 SPR014 Float 684288 6366977 0.003 7.00 168 0.03 2.210 0.044 1.51 0.22 10 23 0.01 0.5 0.025 SPR015 Float 684289 6366978 0.002 9.20 207 0.03 2.500 0.042 1.65 0.12 8 21 0.02 0.5 0.025 SPR037 Outcrop 685005 6366247 1.120 0.17 115.5 0.22 0.130 3.59 2.1 0.07 SPR038 Outcrop 685006 6366247 1.690 0.16 67.5 0.35 0.100 9.43 2 0.04 SPR039 Outcrop 685008 6366248 1.140 0.24 50.4 0.27 0.140 8.95 1.8 0.15 SPR040 Outcrop 685009 6366249 2.250 0.28 77.2 0.25 0.070 4.83 1.9 0.15 SPR051 Outcrop 684922 6365610 0.582 0.10 253 0.18 0.090 2.09 2 0.85 SPR058 Outcrop 684976 6365850 0.586 0.24 100.5 0.24 0.506 2.6 3.3 0.3 SPR059 Outcrop 684976 6365852 0.382 0.27 81.2 0.34 0.548 3.69 3.3 0.29 SPR062 Outcrop 684971 6365887 0.418 0.14 29.2 0.11 0.500 0.89 1.4 0.25 SPR066 Outcrop 685015 6366085 0.040 0.28 139.9 0.1 0.779 1.02 1.7 0.69 SPR067 Outcrop 685008 6366096 0.480 0.11 159 0.15 0.195 0.49 2.3 1.32 SPR068 Outcrop 685005 6366101 0.980 1.25 93 0.25 2.650 10.12 2.9 1.81 SPR070 Outcrop 685008 6366096 0.565 0.10 130.5 0.12 0.242 0.53 1.9 1.27 SPR078 Outcrop 685008 6366096 0.558 1.00 43.6 0.24 2.240 1.16 2.7 1.18 SPR079 Outcrop 685005 6366101 0.620 1.13 41.8 0.22 2.420 1.1 2.5 1.38 SPR080 Outcrop 685005 6366101 0.640 0.83 95.7 0.25 2.000 1.12 2.8 1.17 SPR081 Outcrop 685005 6366101 0.990 0.86 105 0.29 2.090 1.47 2.7 0.98 Table 2: Assay results for outcrop and float rock chip samples from the Razorback-Wattle Ridge prospect. (Refer to ASX: SLZ 30 September 2020 and 20 May 2020). 12 | P a g e Annual Report | 30 June 2025 Directors’ Report Figure 7: Samples of mineralised chalcopyrite- and malachite-bearing skarn breccia from Razorback-Wattle Ridge. Both samples were collected close to the collar location of RZD001. The sample locations are provided in Table 2. The review also recommended to expand the soil grid at Razorback-Wattle Ridge to fully cover the IP anomaly there. In addition, surface mapping and rock chip sampling should be undertaken in order to better understand the distribution of intrusive rocks, alteration and mineralisation to select the best possible locations for drill testing of the porphyry Au-Cu target. TUCKLAN PROJECT Located in the Rockley-Gulgong Volcanic Belts of the Macquarie Arc and the Mudgee Fault corridor that has undergone limited exploration. Past exploration included the identification of the Tucklan open ended silver anomaly where the drilling a chargeability IP anomaly with coincident surface gold-in-soil and gold bearing rock chip hit a broad zone of silver mineralisation, TRC001 88m@4.1g/t Ag from 200m. Four other targets have been identified in the licence for investigation, Figure 8. These five areas are currently under review. 13 | P a g e Annual Report | 30 June 2025 Directors’ Report Figure 8: The five target areas at Tucklan currently under review. NSW Forward Work Programme Proceeds from the current capital raising are intended to support early-stage exploration across Sultan’s targets in the Lachlan Fold Belt. This includes fieldwork, geophysics, and preparatory activities aimed at refining drill targets. Subject to funding and operational conditions, the Company may commence groundwork during the current quarter and the Company is looking forward to advising the market of the results of this work as we progress towards drilling and potential discovery. WA PROJECTS LAKE GRACE PROJECT As part of the tenement rationalisation programme the Company relinquished four Lake Grace licences E70/5081-5082, E70/5085 & E70/5095. The remaining licences have been reviewed from a resources prospectivity as well as rental and commitment cost point of view and a decision has now been made to relinquish these licenses. 14 | P a g e Annual Report | 30 June 2025 Directors’ Report THADUNA PROJECT The Thaduna Prospect (E52/3481) is gold-base metal project located in the Meekatharra area of Western Australia and is situated adjacent to Lodestar Mineral’s Ned’s Creek Gold discovery (see LSR ASX Announcement on 03/08/2018) and along strike to the northeast from Sandfire Resources’ Enigma Copper Project (See SFR Announcement on 25/10/2018). In 2018, Sultan undertook a maiden 2,797m aircore drilling programme which included 71 vertical aircore holes and was undertaken as a first pass assessment of licence E52/3481 to understand the geological setting and ascertain the location and tenor of any gold or base metal occurrences. The program successfully identified a number of very strong exploration targets with a prominent, 1km long gold anomaly (Figure 10) occurring coincident with Archaean greenstones in contact with granites in the north of the licence as well as a NE-SW trending, widespread multi-element base metal anomaly trending for over 1.5km diagonally across the licence. Both anomalies show strong similarities in geological setting and the element association to results from exploration that led to the discovery of nearby significant gold and base metal mineralisation such as Lodestar’s Ned’s Creek Gold and Sandfire Resources Enigma Project. Figure 9: Project map showing the location of Sultan’s aircore drill program (black dots indicate hole positions) and the position of the strong gold anomaly defined in the air core drilling. The anomaly is contoured by ppb Au multiplied by metres down hole for the greatest single continuous intercept over 10ppb Au in any hole. Widespread base metal anomalism was intersected across the licence, with thick down-hole intersections in Copper, Zinc, Cobalt, Nickel, Lead and Manganese all evident. Contours of the most significant accumulations of base metals define a broadly coincident, 1.5km long northeast – southwest trend (Figure 11) across the licence that occurs coincident with a VTEM conductive anomaly defined in a historic regional survey. Most of the elevated base metal results occur in fine-grained sediments interpreted to belong to the Yerrida Basin group that hosts sediment-hosted copper deposits at Thaduna/Green Dragon and Enigma Copper 7km to the southwest as well as the DeGrussa Cu-Au VMS deposit some 30 km 15 | P a g e Annual Report | 30 June 2025 Directors’ Report southwest of the project. The alignment of base metal anomalism along a northeast-southwest orientation is significant and mirrors the controlling structures at Enigma (Sipa ASX announcement 31/03/2014) and is sub-parallel to the nearby Jenkin Fault structure. The coincident Cu, Zn, Pb, Ni, Co anomalism (Figure 11) may be associated with the deeper copper mineralisation and is considered a pathfinder suite for sediment-hosted copper deposits. Figure 11: Location of higher-grade copper and lead anomalism as defined by holes where assay results exceed 300ppm Cu (green zones) or 200ppm Pb (black zones) over at least one interval. Surface mapping at Thaduna has also identified numerous outcrops of gossanous material and ferruginised quartz breccia which may be indicative of fluid movement along structures in areas of anomalous base metals. Limited exploration has been done on the licence since the drilling programme and the holding is currently under review. CANADIAN LITHIUM PROJECTS After reviewing both the Ruddy and Kember projects for lithium and gold potential, it was decided to withdraw from these project areas. NEW OPPORTUNITIES The Company continues to review acquisition or joint venture opportunities which are complementary to Sultan’s existing asset base and which have the potential to enhance shareholder value. The Board is focused on ensuring any new project will deliver significant upside to all shareholders but there can be no guarantee that any transaction will meet such requirements and be concluded. Competent Persons Statement The information in this report that relates to Exploration Targets and Exploration Results is based on historical and recent exploration information compiled by Mr Mark Mitchell, who is a Competent Person and a Member of the Australian Institute of Geoscientists and a Director of Sultan Resources Limited. Mr Mitchell has sufficient experience that is relevant 16 | P a g e Annual Report | 30 June 2025 Directors’ Report to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for the reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Mitchell consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Disclaimer In relying on the above mentioned ASX announcement and pursuant to ASX Listing Rule 5.23.2, the Company confirms that it is not aware of any new information or data that materially affects the information included in the abovementioned announcement. CORPORATE On 6 November 2024, the Company completed a placement and issued a total of 33,883,421 fully paid ordinary shares at an issue price of $0.01 per new share raising $338,834 before costs. The Joint Lead Managers for the placement were Xcel Capital Pty Ltd and ARQ Capital Pty Ltd and were paid a fee of 6% of the total amount raised. On 21 November 2024, the Company held its Annual General Meeting and obtained shareholders’ approval to issue 10,000,000 listed options to the Joint Lead Managers for the non-renounceable entitlement offer which was completed in March 2024. Additionally, shareholders’ approval was obtained to issue 952,380 underwriter options to Mr Jeremy King for sub-underwriting the offer. The options were issued on 13 December 2024. On 9 April 2025, the Company announced the appointments of Mr Lincoln Liu and Mr Mark Mitchell as Non-Executive Chairman and as Non-Executive Director, respectively. With Mr Jeremy King transitioning from Non-Executive Chairman to Non-Executive Director On 2 June 2025, the Company announced a non-renounceable entitlement offer of 1 new share for every 1 share held at an issue price of $0.005 per share to raise up to $1,157,349 before costs. The Offer closed on Friday, 18 July 2025. The Company has received valid applications for 29,613,653 New Shares, raising a total of $148,068 (before costs) under the Offer. A total of 201,856,257 New Shares (Shortfall Shares) were placed under the Shortfall Offer and the Shortfall Shares were issued on 26 September 2025. Financial Performance The financial results of the consolidated entity for the year ended 30 June 2025 and 30 June 2024 are: Cash and cash equivalents Net assets Revenue and other income Net loss after tax 30-June-25 $ 81,751 4,425,498 30,757 (5,469,391) 30-June-24 $ 584,697 9,576,893 11,169 (876,680) DIVIDENDS No dividend is recommended in respect of the current financial year (2024: nil). REVIEW OF MATERIAL BUSINESS RISKS There are specific risks associated with the activities of the Group and general risks which are largely beyond the control of the Group and the Directors. The risks identified below, or other risk factors, may have a material impact on the future financial performance of the Group and the market price of the Company’s shares. The Board reviews the risks of the Group and the action plans to address these risks on a regular basis. 17 | P a g e Annual Report | 30 June 2025 Directors’ Report a) Operating Risks The operations of the Company may be affected by various factors, including failure to locate or identify mineral deposits, failure to achieve predicted grades in exploration and mining, operational and technical difficulties encountered in mining. In addition, difficulties in commissioning and operating plant and equipment include mechanical failure or plant