Announcement PDF a 2024 -2025 Annual Report ACN 140 575 604 Alligator Energy 2025 Annual Report 2 Contents Alligator Energy is a responsible and progressive uranium and energy metals explorer and emerging producer Our aim is to discover, source and economically extract these needed commodities with an innovative approach, with either zero or minimal impact, and with positive value and experience for our stakeholders and communities. 03 Strategy and highlights 14 Chairman and CEO's message 17 Uranium market summary and outlook 21 Project locations 23 Environment, social and governance 36 Tenement register 39 2025 Financial report 124 Competent person’s statement 127 Mineral resource statement 133 ASX Information and Corporate Directory Alligator Energy 2025 Annual Report 3 Strategy and Highlights Alligator Energy 2025 Annual Report 4 Alligator Energy’s Strategy Our strategy is focused and straightforward: Advance the Samphire Uranium Project through field recovery trial, resource growth, feasibility study, stakeholder engagement, initial offtake contracts, Mining Lease approvals, financing, and in-situ recovery (ISR) production. Expand the Big Lake Uranium Project discovery and further identify and evaluate targets in the highly prospective Alligator Rivers Project. Acquire or JV additional uranium or energy mineral assets in key target geographic regions. Collaborate on the application of in-situ recovery as a mining technology and focus on adding value to our investment holding in EnviroCopper. Continue to develop our nuclear utility customer relationships to enable future establishment of long-term offtake contracts at supportive pricing and economics for our Samphire Uranium Project. Broaden our investor relations internationally. Alligator Energy 2025 Annual Report 5 Highlights 2024-2025 Samphire Project, South Australia Alligator Energy 2025 Annual Report 6 Continued Resource Definition and Extension Drilling at the Blackbush Deposit Drilling activities continued during the first half of the financial year at the Blackbush Deposit. Key achievements from these activities included: Uranium mineralisation was extended by a cumulative 500m of strike length outside the known Blackbush West (December 2023) Mineral Resource Envelope. Significant uranium intersections encountered in roll fronts focused on the western and southern areas of Blackbush West. A total of 61 holes were drilled for 5,158m with alignment noted to the strategy outlined in Alligator’s Exploration Target Range released in December 2023. A continued refinement in the understanding of the Blackbush West uranium roll fronts delivered further targets outside of the December 2023 Inferred Mineral Resource Envelope. Further confidence in the Mineral Resource Estimate at the Blackbush Deposit An update of the JORC Mineral Resource Estimate (MRE) for the Blackbush deposit was completed late in the financial year with the following key outcomes: With the addition of the 2024 resource drilling, the Indicated portion of the MRE was further increased by 10% (1.3Mlbs) from the previous MRE to 14.2 Mlbs at an average grade of 786ppm U3O8. The increase in the indicated portion and average grade reflects an increased accuracy and integrity of the Blackbush mineral resource model ready for well-field design. The Total MRE (Inferred and Indicated) increased by 3% (0.5Mlbs) to 18.0 Mlbs (14.2Mlbs Indicated and 3.8Mlbs Inferred) at an average grade of 676ppm U3O8. Alligator Energy 2025 Annual Report 7 Field Recovery Trial preparation work positions the Company well for the construction and operations phases In late December 2024, the Group received the draft Retention Lease (RL) tenement documents from the SA Department for Energy and Mining (DEM) including the proposed Conditions of Operation with which the Group must comply while operating the Field Recovery Trial (FRT). On accepting the conditions attached to the RL, the Group received confirmation from the DEM of the grant of a RL for the conduct of the FRT, on 13 January 2025. The RL Conditions were factored into the Program for Environment Protection and Rehabilitation (PEPR) which was approved by the DEM and co-regulators post year end. The PEPR approval provided the ’green light’ to commence on-ground construction activities associated with the FRT ahead of operating the trial which will be through the first quarter of 2026. Fabrication of the FRT pilot plant was completed by Adelaide Control Engineering (ACE) in 2024 and the seven containerised plant modules including the reverse osmosis plant transported to Alligator’s Whyalla yard ahead of the approval to commence construction works on site. Whyalla-based contractor, Ahrens Group Pty Ltd, was selected for the on-site construction of the FRT pilot plant and associated civils, along with procurement of on-site lab, ablutions/office buildings, pipe works and pumps to connect with the trial-production-well patterns. Their team and sub-contractors from the Whyalla region were mobilised by early October and initial civil works commenced, with up to an estimated 25 skilled construction and trades people required for the circa 3-month construction and commissioning phase. Alligator Energy 2025 Annual Report 8 Field Recovery Trial to provide a higher level of confidence in the assumptions applied in the December 2023 Scoping Study – Definitive Feasibility Study to follow The objectives of the FRT are to confirm key parameters of a future production operation and marks an important step toward development. Parameters to be assessed include uranium recovery from the well patterns, in-situ chemistry, hydrogeology, reagent usage, ion exchange efficiency and other environmental and economic factors. Data and learnings further de-risk the Project and provide the necessary inputs to a definitive feasibility study and Mining Lease Application to be commenced during 2H 2026. Recap of the highlights from the updated December 2023 Scoping Study: 69% increase to the post-tax NPV8 to A$257M. Reduction in payback period by 30% to 2.45 years. Net project cashflow (post Capex and tax) increase of 52% to A$467M. 20% step-up in the steady state annual Production with only a minor 2% increase in capital expenditure forecast to A$131M. Favourable average All In Sustaining Cost (AISC) of A$47.58/lb U3O8 (US$33.31/lb U3O8) with range of A$45.20/lb to A$49.96/lb. Alligator Energy 2025 Annual Report 9 Big Lake Uranium Project – Cooper Basin, South Australia Alligator Energy 2025 Annual Report 10 A significant new uranium discovery declared at the Big Lake Project An inaugural drilling program commenced late in the 2024 financial year with the objective of calibrating the seismic/AEM interpretations with the potential for identifying amenable sedimentary host rocks for the existence of uranium roll-front systems within 400m of surface. Drilling at Site 10 on EL6367 early in the drilling campaign returned very encouraging indicators of sands within the Tertiary Namba Formation at depths up to 110m and elevated uranium levels well above background values. Follow up in August 2024 with a further four holes intersecting significant thicknesses of anomalous uranium mineralisation with a significant new uranium discovery declared in August 2024. The discovery is the first proof of concept that significant uranium is present within the Lake Eyre basin sediments that lie above the hydrocarbon-rich Cooper Basin and within potentially In-Situ Recovery (ISR) amenable host and depths. Laboratory chemical assay results included: AC24-021 20 m @ 110 ppm U from 106 m AC24-022 35 m @ 117 ppm U from 93 m AC24-023 5 m @ 47 ppm U from 104 m AC24-025 10 m @ 138 ppm U from 108 m A follow-up drilling program commenced in late February 2025 but had to be delayed after only three drill holes due to floodwaters from Western Queensland inundating the Project area. At the date of this report, access to the Project area to allow drilling activities to recommence is still not possible. A prospectivity review for the entire Cooper Basin is ongoing, including analysis of all available drill hole databases for potential indicators of uranium source, migration and deposition. Alligator Energy 2025 Annual Report 11 Alligator Rivers Uranium Projects – Tin Camp Creek (TCC), Beatrice and Nabarlek North, Northern Territory, Australia Alligator Energy 2025 Annual Report 12 2024/25 Field Program results A new uranium mineral occurrence (Bully Prospect) was identified through drilling during the 2024 exploration program at Nabarlek North. This was encountered along an interpreted structure approximately 4km to the northeast of the U40 extension. Here, 1m @ 108ppm U3O8 in NNRC24- 019 from 83m was intersected with additional low-grade anomalism at other intervals and in a neighbouring hole associated with vector chlorite/sericite alteration in the target Cahill Formation. Rare Earth Elements were also investigated at the TCC Project during the 2024 exploration program with peak results highlighting 3.16% Total Rare Earth Oxides (TREO) in grab samples of which 0.68% is comprised of Magnet Rare Earth Element Oxides (MREO). Opportunistic grab samples during reconnaissance at the TCC Project highlighted the potential for high purity silica (HPS) to occur in the region through massive quartz veining. Two samples were collected over 8km apart in separate vein systems returning up to 97.84% SiO2 through whole rock XRF analysis by Bureau Veritas Minerals. HPS is used in specialist technologies and chips for AI and solar cells in the renewable sector. While 98% purity SiO2 is preferred in industry, improved sampling procedures and handling could potentially improve results and understanding of the potential. Co-Funding grants towards the 2024 exploration program was received from NT Government. The grants contributed to the funding of the 2024 airborne geophysics and greenfields exploration RC drilling at Nabarlek North. Combined co-funding support totalled approximately $180k. Alligator Energy 2025 Annual Report 13 Corporate Significant institutional, sophisticated investor support for the recent capital raise In June 2025, the Group received firm commitments to raise $17.25M (before costs) via placement to institutional and sophisticated investors. The Placement was strongly supported by institutional investors, both in Australia and overseas and has materially strengthened the Alligator share register. The Placement involved the issue of 556M new ordinary shares at $0.031 per share and a one for two option issue (Options) at an exercise price of $0.047 with a two-year life from the date of issue. The terms of the Placement required the Group to seek Shareholder approval prior to issue of the Options and then to seek quotation, subject to compliance with the relevant ASX Listing Rules and the Corporations Act. Shareholder approval was obtained at a general meeting of the Company held on 28 August 2025. The funds raised through the Placement enables the Group to accelerate progress and expand its work programs on its key uranium projects and enable evaluation of other business development opportunities. Strategic investment in EnviroCopper Limited (ECL) progresses Collaboration on the application of the in-situ recovery technique for mineral recovery continued during the year. The Group also completed a further subscription for fully paid ordinary shares in ECL for $871k and now holds a 15.61% interest in ECL. Alligator’s sole funding rights have, however, lapsed and ECL undertook ongoing investment discussions with international investors focused on copper ISR for a significant equity injection. In October 2025, a cash contribution of $3.5m was secured from an international company with the option to convert to equity in ECL within a five year period. In the last quarter of the financial year, ECL received approval from the Department for Energy and Mining, for a 90 day in-ground Site Environmental Lixiviant Trial (SELT) to confirm economic modelling for potential copper extraction. The SELT pre-conditioning is underway, and the trial is expected to run through into the new year. If successful, this trial may lead to feasibility studies and a mining lease application under the Mining Act (SA) for a Copper ISR mine at Kapunda. Executive leadership changes Effective 1 July 2025, Greg Hall, the CEO and Managing Director, moved to a part-time role of Executive Director - Marketing & Investor Relations and Andrea Marsland-Smith, the incumbent COO, assumed the CEO role. Alligator Energy 2025 Annual Report 14 Chairman and CEO’s message Alligator Energy 2025 Annual Report 15 The Alligator Board would like to express its gratitude for the ongoing support it has received from its investors, stakeholders, and growing team through the 2025 Financial Year. This year, following the tireless efforts of our team through an extended approvals process, we were pleased to receive the final approval post year-end to commence construction of the Samphire Field Recovery Trial. Construction is now in full swing. The Board was also thrilled to finish the year with the announcement of Andrea Marsland-Smith’s appointment as CEO, following her successful tenure as Chief Operating Officer. Andrea has vast experience in uranium exploration and operations, and in particular in-situ approvals, development and operations. Greg Hall has been CEO since 2018, taking Alligator from a small Arnhem land explorer to advancing the next Australian ISR uranium project. We are pleased that Greg remains with the Company as Executive Director. The Company also finished the year in a good financial position, with a robust cash balance of $30.1 million following the June 2025 share placement of $17.25 million before costs that was strongly supported by institutional investors, both in Australia and overseas. This support has materially strengthened the Alligator share register. Looking at our projects, Samphire Uranium Project’s Blackbush drilling program successfully expanded and improved our confidence in the uranium resource, with medium to high-grade intersections discovered within and beyond existing resource boundaries. The updated JORC Mineral Resource Estimate was consequently increased to 18.0 million pounds at an average grade of 676ppm U3O8. As well as resource drilling, three investigation wells were successfully drilled towards the end of the period, to establish the groundwater baseline for the Field Recovery Trial. In anticipation of the recently received approvals and permits, fabrication of the Field Recovery Trial pilot plant was completed in Adelaide at the start of the period, with equipment transported and stored in Whyalla. The Company selected Ahrens Group Pty Ltd as the preferred Whyalla- based contractor for on-site construction activities, including civil works and pipework installation with mobilisation plans underway at the time of writing. Alligator received a Retention Lease for conducting the field recovery trial in January, marking a crucial milestone for assessing the economic development of the Blackbush deposit at Samphire. The Program for Environment Protection and Rehabilitation approval, comprising the operating procedures for the trial along with the operating permits, was approved post year-end, representing the final regulatory steps. Looking to our other projects, the Company acquired the Big Lake project in 2019 and conducted the inaugural drilling at Big Lake this financial year. The 27 hole program, totalling 3,413m, confirmed that significant uranium is present within the Lake Eyre basin in sediments that lie above the hydrocarbon rich Cooper Basin – with economic grades in sand units of 5-20m thickness within 110m of surface. Alligator received approval for follow-up drilling, however flooding in the Cooper Basin Cooper Basin during April 2025 postponed activities with a revised drilling program being prepared for early in 2026. We were honoured to be recently awarded the ‘Discovery of the Year’ at the 2025 Australian Mining Prospects Awards. Congratulations to the Alligator team! Alligator Energy 2025 Annual Report 16 Drilling at Nabarlek North completed 22 holes for 3,526m, discovering new mineralisation at the Bully prospect (~4km east of U40), and surface sampling identified multiple uranium anomalies including 4,120ppm at historic Gorrunghar Prospect. Notable critical minerals results at the Tin Camp Creek Project included 3.16% Total Rare Earth Elements. Towards the end of the period, EnviroCopper Limited, in which AGE has a 15.61% interest, received DEM approval for a 90-day trial to confirm copper extraction economics. This approval process created DEM's template for other ISR projects, potentially accelerating future project timeframes. Pleasingly, the first stage pump testing at the Alford West project established favourable hydrogeological parameters for ISR operations. Long-term U3O8 pricing remained stable at US$80/lb throughout the year. In contrast, spot prices experienced notable volatility over the same timeframe, declining from $85/lb to $78.5/lb and reached lows of $63/lb in the March quarter before recovering. The strengthened uranium market was primarily driven by the US announcing four executive orders designed to restore America's nuclear energy leadership. This followed a US Department of Energy report showing that AI growth had turbocharged data centre power consumption which could triple again by 2028. Another significant market development over the year was major technology companies such as Meta, Microsoft, Amazon, and Google securing nuclear power arrangements, exemplified by Meta's 20-year power purchase deal with Constellation Energy. These deals provide significant private sector validation for nuclear power and add to future demand. China’s continued commitment to nuclear power, with 30 reactors under construction and the recent approval for 10 new reactors, is also a strong growth theme which is projected to increase China's nuclear capacity from 60 GW to 200 GW by 2040. South Australia's established uranium regulatory framework provides a stable and lower jurisdictional risk for US and European utilities seeking to secure uranium offtake arrangements. Alligator experienced considerable interest, contingent on successful trials and approvals, in potential uranium supply from Samphire, during a series of meetings with prospective nuclear utility customers over the year. We look forward to the year ahead with the expanded leadership team, a strong balance sheet, and strong momentum at the project level. On behalf of the Board, we thank all Traditional Owners, communities, and pastoralists whose lands we have operated upon, all stakeholders for their loyalty and support, and the extended and growing Alligator team for the excellent work and ongoing commitment. Paul Dickson Chairman 14 October 2025 Andrea Marsland-Smith Chief Executive Officer 14 October 2025 Alligator Energy 2025 Annual Report 17 Market Summary and Outlook Alligator Energy 2025 Annual Report 18 Uranium market summary and outlook The uranium market since the beginning of 2025 has demonstrated remarkable resilience and transformation. While Q1-Q2 spot price weakness tested investor conviction, the fundamental drivers of supply constraint and demand growth remain firmly intact. The second half of 2025 to date has seen price recovery and renewed recognition that structural deficits persist. Looking toward calendar year 2026, the convergence of multiple factors—Kazakhstan production discipline, Canadian production challenges, technology sector nuclear commitments, reactor life extensions, and diminishing secondary supplies—points toward a tightening market that are likely to support prices in the $US90-100+ range. For Alligator Energy and the broader uranium development sector, this represents an exceptional environment to advance projects toward production, with strong fundamentals supporting both project economics and strategic value. The emergence of technology companies as nuclear power buyers adds a new dimension to the market that reduces dependence on traditional utility procurement cycles and creates additional pathways for project development and financing. The uranium market's transformation from oversupplied commodity to strategic resource is well underway, with 2026 positioned to be a pivotal year as supply tightness intensifies and new demand sources materialize into actual uranium purchases. Market Fundamentals (2025-2026) Supply Constraints are Real and Persistent: Production cuts from Kazakhstan and Canadian operations plus restart project commissioning delays demonstrate supply response is slower than demand growth, supporting structural deficit thesis Demand Transformation is Underway: Technology sector nuclear commitments represent paradigm shift beyond traditional utility demand, creating a new floor under uranium requirements Price Recovery Trajectory Intact: Despite Q1-Q2 weakness to $US63.50, the recent recovery to $US82-84 range demonstrates underlying support, with $US90-100 targets reasonable for 2026 Term Market Signals True Value: Continued strong term contracting at $US85-90+ per pound reflects where informed buyers see long-term price equilibrium Volatility Creates Opportunity: Spot market swings create development and acquisition opportunities for well-capitalised, strategic companies Alligator Energy 2025 Annual Report 19 Demand Revolution: The AI – Nuclear Nexus Big Tech's Nuclear Pivot Accelerates Data centre power demand could triple by 2030 due to the massive processing power requirements of generative AI, according to Boston Consulting Group projections. This isn't speculative future demand—data centres are being built now, creating near-term power capacity constraints that are driving urgent nuclear development timelines. This represents not just incremental demand growth but a paradigm shift in who the uranium industry's customers are. Unlike traditional utility demand that grows incrementally and predictably, technology sector demand is expected to occur in large bites, be more urgent, and with a willingness to pay premium prices for reliable baseload power. This occurrence will create a new "floor" under uranium demand that wasn't present in previous market cycles. Over recent months, Amazon, Google, and Microsoft have all announced ambitious deals to acquire nuclear energy for their operations, with some plans aiming to secure energy in the near term from existing power plants while others focus on long-term investments. These are multi- billion-dollar commitments that signal nuclear power as central to Big Tech's infrastructure strategy: Microsoft: Beyond its previously announced TerraPower partnership, Microsoft has expanded its nuclear footprint through power purchase agreements and direct investments. Microsoft and OpenAI have discussed building a linked network of data centres that would constitute a massive supercomputer dubbed Stargate. Amazon Web Services: AWS VP of global data centres Kevin Miller stated "AI is driving a significant increase in the amount of data centres and power that are required on the grid. We view advanced new nuclear capacity as essential". Amazon has now made concrete investments in multiple small modular reactor (SMR) developers and power purchase agreements. Google & Meta: Both companies have announced partnerships with nuclear developers and are actively pursuing offtake agreements to secure dedicated nuclear capacity for their data centre networks. Alligator Energy 2025 Annual Report 20 Market Structure and Supply- Demand balance One of the most important dynamics in the current uranium market is the persistent divergence between spot and term market behaviour: Term Market Strength: Utilities and now technology companies continue to prioritise long-term supply security over price optimisation. Multi-year contracts are being signed at prices significantly above current spot levels, reflecting buyers' assessment that near-term spot weakness doesn't represent long-term market reality. This term market strength provides cash flow visibility for producers and supports initial investment in new production capacity. Spot Market Volatility: The spot market remains thin and volatile, subject to trading by financial participants and discretionary buying by utilities. The 18-month low of $63.50 in March 2025 followed by recovery to ~$84 by October demonstrates this volatility. However, spot market weakness increasingly appears to be buying opportunities rather than signals of fundamental oversupply. Despite spot price volatility, the fundamental long-term supply-demand balance remains in deficit. Demand Side factors: Traditional nuclear fleet: stable and growing as reactors extend operations and new builds progress Policy changes supporting nuclear: particularly in European countries and US New reactor construction: particularly in China, India, and emerging markets Reactor restarts: previously shuttered facilities being reactivated (e.g., Three Mile Island) Technology sector: new demand category with significant growth potential Existing reactor up-rates: increasing output from current fleet Supply Side factors: Primary production growth: slower than projected due to operational challenges Kazakhstan constraints: sulphuric acid supply, labour, regulatory issues Canadian challenges: ramp up delays at Cameco and others African production: Namibia stable but not growing significantly – likely needs higher market pricing Secondary supply: diminishing inventories from decommissioned weapons and utility stockpiles The maths continues to point toward structural deficits that must be filled either through significant price increases that incentivise additional new production or through demand-side destruction however nuclear power's role in decarbonisation makes demand-side destruction unlikely. Alligator Energy 2025 Annual Report 21 Project locations Alligator Energy 2025 Annual Report 22 Project Locations Alligator Energy 2025 Annual Report 23 Environment, Social and Governance Alligator Energy 2025 Annual Report 24 Environment, Social and Governance (ESG) - Our Philosophy Alligator Energy aims to incorporate Environmental Social and Governance (ESG) philosophy into all our decision-making processes; from the strategic selection of greenfield exploration programs through to responsible and sustainable resource development. This considers all our stakeholders, their key issues, concerns and the how we go about our business. To this end Alligator has developed its plan from a Stakeholder Perspective as follows: We aim to add value in all our decision-making for shareholders. We wish to provide an engaging, challenging, enjoyable and respectful workplace for our employees. We respect the rights of landowners and communities and collaborate and negotiate based on mutual benefit. We respect the cultural heritage and connection to country of Traditional Owners and wish to create mutually beneficial opportunities. We aim to minimise our footprint on the environment. This will be achieved through innovation, use of latest technology, and responsible adaptive land management techniques. To firmly embed this philosophy in the business, AGE continues to develop an ESG framework that: Considers material topics (for example, land and biodiversity management, Aboriginal heritage, uranium and radiation, and local communities) relevant to an exploration and development company, while leveraging international guidance such as the Global Reporting Initiative (GRI). Requires engagement and feedback with our stakeholders on a continuing basis to understand their perspectives, shared values and outcome expectations, and Drives our operating performance, informs strategy and identifies further actions for implementation. Alligator Energy 2025 Annual Report 25 AGE Governance framework Alligator Energy acknowledges and respects that the topic of uranium is a sensitive issue for some stakeholders. We will always work to better understand any concerns people have and provide information about risks that may be posed by the commodity along with the development plans for the project and the environmental protections that must and are being followed, to be as transparent as possible. As the Samphire Project advances through the study phase and Alligator evolves from an exploration company to a developer, so our approaches and commitments to ESG need to expand. We will continue to develop and deliver ESG outcomes which are fit for purpose and at a level commensurate with community and other stakeholder expectations. The following sections outline how we are putting our ESG philosophy into practice. Importantly, our current activities undertaken at Big Lake (South Australia), Nabarlek North and Tin Camp Creek (Northern Territory) are campaign based and by the very nature of exploration, short term. This contrasts with the significant and ongoing activities at the developing Samphire Project (South Australia). As a result, this report on current initiatives and practices focusses largely on delivery of our ESG philosophy and outcomes at Samphire, with commentary on other portfolio projects, as appropriate. Shareholders Team Communities Land Owners Traditional Owners Focus on Environment Stakeholder Perspective Alligator Energy 2025 Annual Report 26 Environment Samphire Uranium Project (20km South of Whyalla, South Australia) At Samphire, we are committed to collaborating with the immediate and surrounding landholders to improve the quality of the land and local environment values to as close to pre-pastoral conditions as possible, acknowledging that grazing has been ongoing for more than 130 years. Demonstrating that mineral exploration/project evaluation and pastoral activities can successfully co-exist and