Announcement PDF ALLIGATOR ENERGY LIMITED AND CONTROLLED ENTITIES ACN 140 575 604 FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2025 Page 1 ALLIGATOR ENERGY LIMITED AND CONTROLLED ENTITIES ACN 140 575 604 DIRECTORS’ REPORT Your directors present their report, together with the financial statements of the Group, being Alligator Energy Limited (“the Company”, “Alligator” or “AGE”) and its controlled entities (“the Group”), for the financial year ended 30 June 2025. Directors The following persons were Directors of the Company during the whole of the financial year and up to the date of this report, unless otherwise stated: Paul Dickson (Chairman) Fiona Nicholls Peter McIntyre (Callum McIntyre appointed as alternate) Gregory Hall Principal activities and significant changes in nature of activities The principal activities of the Group are uranium and other energy mineral exploration and their potential future development. There were no significant changes in the nature of the Group’s activities during the year. Dividends There were no dividends paid to members during the financial year. Operating and Financial Review a) Operating Performance During the financial year the Group remained focused on its ESG related operating KPIs including: Operation with four Medical Treatment Injuries (MTI) during the financial year One minor reportable environmental issue Transition from a paper-based Workplace Health, Safety and Environment system to a digital system Open engagement and compliance under two Native Title Mining Agreement for Exploration (South Australia) and Exploration Agreements (Northern Territory) with the respective Traditional Owners Compliance with other applicable agreements, regulations and laws Stakeholder engagement sessions were held in relation to the Samphire Project status’s Retention Lease application and the planned operation of the field recovery trial for the Samphire Project. Multiples one-on-one meetings were also held. Stakeholder meetings and one-on-one engagements were held in regard to planned work and status of the Big Lake Uranium project in South Australia, and the Alligator Rovers uranium projects in the Northern Territory. Open and regular communications continued with the pastoralists in the area surrounding the Samphire Project where possible, as well as with the Whyalla region community. Page 2 ALLIGATOR ENERGY LIMITED AND CONTROLLED ENTITIES ACN 140 575 604 DIRECTORS’ REPORT (continued) b) Operations for the year Overview It has been another busy year across all of Alligator’s operations during the 2025 financial year involving the following key achievements: - - - - - Progressing exploration and evaluation of the Samphire Uranium Project in South Australia, specifically resource extension drilling which lead to a revised JORC Resource Estimate at an improved confidence level (increased Indicated versus Inferred category). Securing a Retention Lease to conduct a field recovery trial at the Blackbush Deposit (Samphire Project) and finalising the operating procedures for this trial in the form of a Program for Environment Protection and Rehabilitation that required approval by the Department of Energy and Mines (SA) (approved post year end - 25 August 2025) Conduct of an inaugural drilling program at the Big Lake Project in the Cooper Basin, South Australia which identified significant thicknesses of paleochannel sands and elevated uranium values. Four holes recorded uranium values at over 100 ppm, including two intersections within porous sands of greater than 20 m thickness, A follow-up rotary-mud drilling program at Big Lake was commenced, however had to be curtailed due to the significant rain event in Western Queensland with floodwaters impacting AGE’s drilling areas. Conduct of a targeted RC drilling program at the Nabarlek North Project in the Alligator Rivers Uranium Province in the Northern Territory; and Pursuing investment interest in the Company’s nickel cobalt joint venture (Piedmont Project) in northern Italy which was abandoned post year end due to limited investor interest. In addition, a number of business development opportunities in uranium and energy metals in the Group’s target regions were evaluated with discussions and investigations ongoing. Samphire Uranium Project – South Australia (Alligator 100%) Field Recovery Trial Preparation 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 associated Conditions were then factored into the Program for Environment Protection and Rehabilitation (PEPR) which was approved by the DEM and coregulators post year end. The PEPR approval provides the ’green light’ to commence on-ground construction and commissioning activities associated with the FRT (Oct to Dec 2025) ahead of operating the trial which will extend into the first quarter of 2026. Page 3 ALLIGATOR ENERGY LIMITED AND CONTROLLED ENTITIES ACN 140 575 604 DIRECTORS’ REPORT (continued) b) Operations for the year (continued) Whyalla-based contractor, Ahrens Group Pty Ltd, was selected for the on-site construction of the FRT pilot plant and associated civils, along with the pipe works and pumps to connect with the three trial-production-well patterns. The construction contract was signed after year end with plans underway to mobilise their team and subcontractors in the Whyalla region (estimated at up to 25 skilled construction and trades people) for the circa 3-month construction and commissioning phase. 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 in-situ chemistry, hydrogeology, uranium recovery, reagent usage, 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 2025. The FRT operations will be conducted over a period of three to four months after construction and commissioning are completed and will involve establishment and operation of three well-field patterns and circulation of mining fluids through the pilot processing plant (already fabricated). Pending the outcome of the FRT operations, and any additional test work identified, the pilot plant and wellfields will be removed, and the area rehabilitated. Continued Resource Definition and Extension Drilling Drilling activities continued during the first six months of the financial year at the Blackbush Deposit. Key outcomes from this activity 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. Page 4 ALLIGATOR ENERGY LIMITED AND CONTROLLED ENTITIES ACN 140 575 604 DIRECTORS’ REPORT (continued) b) Operations for the year (continued) Blackbush Resource Update An update of the JORC Mineral Resource Estimate (MRE) for the Blackbush deposit was completed and released in May 2025 with the following key outcomes: - With the addition of the 2024 resource drilling, the Indicated portion of the MRE was further increased by 10% from the previous MRE to 14.2 Mlbs at an average grade of 786ppm U3O8. The Total MRE (Inferred and Indicated) increased by 3% to 18.0 Mlbs at an average grade of 676ppm U3O8. 0.5 Mlbs were added to the Total Resource, and 1.3 Mlbs were converted to the Indicated Resource Category. Big Lake Uranium Project- South Australia – (Alligator 100%) The inaugural drilling program was completed during the first half of the financial year covering 27 holes for a combined total of 3,413 m. Fences of holes were strategically placed centred on five areas to calibrate seismic/AEM interpretations and provide confirmation of key elements to demonstrate a fertile basin uranium roll-front mineralisation model. As per ASX release 23 October 2024, drilling at Area 10 on EL6367 returned significant thicknesses of paleochannel sands and elevated uranium values. Four holes recorded uranium values at over 100 ppm, including two intersections within porous sands of greater than 20 m thickness (refer table below). Hole ID From (m) To (m) Thickness (m) Laboratory Assay (U ppm) AC24-021 106 126 20 100 AC24-021 129 130 1 129 AC24-022 93 128 35 117 AC24-023 104 109 5 47 AC24-025 108 118 10 138 A follow-up drilling campaign was initiated in late February 2025 commencing with a rotary mud drill program. After some equipment commissioning issues, two drill holes were completed in the first 2 weeks of the program. These initial holes encountered similar oxidised sands observed in last year’s drilling. Subsequently, flood waters from the significant rain event in Western Queensland impacted AGE’s drilling areas such that drilling had to be suspended. Floodwater has since begun to recede, however, damage to Page 5 ALLIGATOR ENERGY LIMITED AND CONTROLLED ENTITIES ACN 140 575 604 DIRECTORS’ REPORT (continued) b) Operations for the year (continued) local infrastructure and current road closures have prevented access to the region until after the end of the financial year. Alligator continues to monitor the impact of the flood event and has begun preparing a revised AC drilling program planned for later in the 2025 calendar year should conditions permit. Alligator Rivers Uranium Province (ARUP) Tin Camp Creek Tenements (Alligator 100%), Beatrice Tenements (Alligator 100%) and Nabarlek North Tenements (Alligator 100%) During the dry season in the North Territory, Alligator undertook a further drilling program at the Nabarlek North Project. Five out of seven holes drilled along strike of the U40 prospect on AGE’s tenement (U40 extension) intercepted anomalous uranium with peak results of 3m @ 260ppm U3O8 in NNRC24-031 from 45m (including 1m @ 570ppm U3O8). In addition to the results at U40 extension, a new mineral occurrence (Bully Prospect) was identified along an interpreted structure approximately 4km to the northeast. Here, 1m @ 108ppm U3O8 in NNRC24-019 from 83m was intersected with additional lowgrade anomalism at other intervals and in a neighbouring hole associated with vector chlorite/sericite alteration in the target Cahill Formation. Opportunistic grab samples during the dry season field program 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 has uses in specialist technologies and chips for AI and solar cells in the renewable sector. While 98% SiO2 and above is preferred in industry, improved sampling procedures and handling could potentially improve results and understanding of the potential. The RC drilling comprised 9 holes forming a three-fence program (3 holes per fence). This drilling provided critical ties with recently completed geophysics, 2022 – 2023 geochemistry sampling and geological interpretations. As reported in ASX release of 19 December 2023, significant uranium was intercepted in NNRC23-008 returning 3m at 0.12% (1,211ppm) U3O8. This information will form the basis of further investigations during the 2024 dry season work program to understand the potential continuity of U40 Prospect mineralisation into the Nabarlek North Project and aid with broader target generation. During the year the Company acquired the remaining 2% interest in the Tin Camp Creek tenements from West Arnhem Corporation Limited by granting a one-off buy-back option at the time of lodging a mining lease application. Piedmont Project – Northern Italy – 51% Joint Venture The Piedmont Project was marketed to interested parties during the year after the Company chose to focus its activities on the uranium projects in Australia. Based on the limited market interest in acquiring the Project, the Company agreed with its JV partners in mid-July 2025 to relinquish the licences and discontinue this business operation. The financial impact of this decision was immaterial as the Company had previously impaired most of the exploration expenditure on the Project. Page 6 ALLIGATOR ENERGY LIMITED AND CONTROLLED ENTITIES ACN 140 575 604 DIRECTORS’ REPORT (continued) b) Operations for the year (continued) Investment in EnviroCopper Limited (ECL) – 15.61% shareholding interest During the year the Group completed a further subscription for fully paid ordinary shares in ECL for $871k and now holds a 15.61% interest in ECL. Alligator’s further sole funding rights have lapsed and ECL is in ongoing investment discussions with international investors focused on copper ISR for a significant equity injection. 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 commenced early in the 2026 financial 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. At the Alford West Project, tracer testing is scheduled for mid-October 2025 and the division of the tenement associated with the Project was completed at the end of July 2025. Capital raising 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 and to seek quotation of the Options, 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 enable the Group to continue progress and expand its work programs on its key uranium projects and enable evaluation of business development opportunities. Performance Shares On 4 December 2024, 30M Performance Shares issued to the vendors of the Big Lake Uranium Project lapsed and were cancelled as the milestone of defining a JORC Compliant Inferred Resource of 25mlbs U308 at 1,000ppm or greater was not met. Executive leadership Effective 1 July 2025, Greg Hall, the CEO and Managing Director, moved to a part-time role of Executive Director - Marketing & Investor Relations and Dr Andrea Marsland-Smith, the incumbent COO, assumed the CEO role. Page 7 ALLIGATOR ENERGY LIMITED AND CONTROLLED ENTITIES ACN 140 575 604 DIRECTORS’ REPORT (continued) c) Operating Loss The operating loss before tax was $5,910,721 (2024: $3,451,724). The key variances affecting the operating result for the financial year included:          Interest income for the year was consistent with the prior year due to the higher interest rate environment and comparable average cash balances on hand. An increase in employee benefits expense related to recruitment of a Stakeholder Engagement Manager at the beginning of 2025, the increase in the superannuation guarantee levy, cost of living salary adjustments and an increased allocation of senior technical management time to corporate related activities. Employee taxes relate to State Payroll Tax and the Federal Fringe Benefit Tax and are lower than 2024 due to catch-up payroll tax payment in that year related to 2023 when the Company first reached the eligibility threshold. An increase in share-based payments over the prior year because of a larger employee base and increased eligibility/participation levels in the Employee Share Option Plan. Insurance costs increased during the year because of the need to arrange cover for the construction of the field recovery trial and storing of the processing plant in Whyalla. Business Development costs for the year include the monthly amortisation of the share-based payment to Sabasco for uranium and business development marketing expenses ($192k) and a success fee ($50k) related to the EnviroCopper transaction. An impairment provision of $2,211,661 (2024: $645,345 - Piedmont Project) was recognised for the year related to the Alligator Rivers Uranium Province Projects (Nabarlek North, Tin Camp Creek and Beatrice). The Group is considering the best way to take these Projects forward given the significant data gathered over three years in Nabarlek North, and the higher exploration cost profile for the region and increasing compliance related burden. Consequently, a detailed technical review was commenced in February 2025 and will continue through the 2025 calendar year, and the Group is not planning or budgeting significant operational expenditures in the coming twelve months. The Group expensed tenement holding costs incurred during the financial year at its Tin Camp Creek and Beatrice Projects (ARUP) and for the second six moth of the financial year for Nabarlek North. These expenditures related principally to salaries, rentals, royalties and compliance activities and totalled $720,766 (2024: $262,588). Other expenses increased in the current financial year due to recruitment agent’s fees and conference attendance. d) Financial Position  Net assets of the Group totaled $77,352,943 as at 30 June 2025 (2024: $65,853,127) with the increase relating principally to the additional equity capital raised in June 2025 and the resultant expenditure on project related exploration and evaluation, increase in the investment in EnviroCopper Limited and the capital spend procuring items for the FRT. Cash balances as at 30 June 2025 were $30,149,797 (2024: $28,392,442). Page 8 ALLIGATOR ENERGY LIMITED AND CONTROLLED ENTITIES ACN 140 575 604 DIRECTORS’ REPORT (continued) e) Business strategies and prospects for future financial years Strategy and Business Plan Goals – By 2030: To be a profitable long term Uranium producer, producing between 1 – 2 Mlb p.a. To have a second advanced uranium project moving towards development, and a successful advanced exploration / development project in the energy minerals sector. Alligator’s strategy to achieve the 2030 goals is to advance its key resource and exploration targets, through direct and strategic partner investment, while evaluating and if suitable acquiring further uranium or energy minerals interests in target geographic regions. The Samphire Project is the most advanced project in the Group’s portfolio with a JORC compliant Mineral Resource Estimate in place and a positive Scoping Study. Activities are now underway, after receiving the final approval post financial year end, to construct and operate a field recovery trial into early calendar year 2026 with the results expected to underpin completion of a definitive feasibility study. This Study will cover a low cost ISR style development that has a smaller environmental footprint than conventional style mines. The Big Lake Uranium Project is focused on uncovering a new ISR amenable uranium province. The conceptual exploration model for Big Lake is based on analogous hydrocarbon basins with uranium occurrences in Kazakhstan, Wyoming and Texas in the United States. An inaugural stratigraphic drill program was conducted during the financial year which intersected significant thicknesses of anomalous uranium mineralisation within interbedded palaeochannel sand units in the Namba Formation. 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. The Group previously conducted a comprehensive re-evaluation of the regional and local geology for the ARUP region, which has enhanced the understanding of the stratigraphic and structural relationships that we believe are the proven key to mineralisation of large uranium deposits within the ARUP. This highlighted a broad prospective zone running from the western Beatrice Project, through the eastern portion of the Tin Camp Creek Project and into the Nabarlek North Project area as high priority for further work. Along this trend, 8 priority areas were highlighted combined with 6 additional target areas within the Alligator licences. Recent regulatory changes in the Northern Territory which impact the ability to readily access certain of the high priority targets together with the higher exploration cost profile for this terrain has led the Company to place exploration activities on hold whilst a strategy for taking these Projects forward is developed. Page 9 ALLIGATOR ENERGY LIMITED AND CONTROLLED ENTITIES ACN 140 575 604 DIRECTORS’ REPORT (continued) e) Business strategies and prospects for future financial years (continued) Strategy and Business Plan (cont.) Alligator has also expanded its energy minerals interest by making a strategic 15.61% equity investment in EnviroCopper Ltd (‘ECL’). ECL is currently advancing ISR trials for environmentally sustainable copper extraction at its flagship Kapunda copper project and has similar plans at its Alford West copper project. The investment in ECL and resultant collaboration is extremely complimentary to Alligator’s existing and substantial in house ISR production expertise and expands Alligator’s ISR footprint to include an additional future in-demand commodity. Work on evaluating further uranium and energy mineral opportunities in key target regions continues utilising existing experienced staff and key consultants. Alligator still has one of the few Board, Management and Advisory teams that have discovered uranium projects, taken uranium projects through resource definition and into development, and managed and operated uranium mines. Research & Development The Group believes that exploration success can be maximized by ensuring multiple high-quality target areas are tested as efficiently as possible with a strong technical focus supported by Research and Development Programs. R&D activities in 2012-2017 focused on identifying and targeting covered and fully preserved unconformity uranium deposits beneath the covering Kombolgie Sandstone in the ARUP. Along with this, investigation and experimentation were undertaken on innovative applications of radiogenic isotope geochemical testing and Sub Audio Magnetics (SAM) geophysical techniques. Application of downhole wireline geophysical tools such as Borehole Magnetic Resonance (BMR) and new to the market Spectral Gamma tool has been trialled at Samphire to assess improved methods of determination of key formation characteristics to reduce logging costs compared to industry standard approaches. Alligator considers aspects of the field recovery trial at Samphire capable of generating new knowledge or know-how as part of this program of work. This includes aspects such as trialling membrane technology to manage chloride levels, alternate uranium extraction methodologies, accelerated natural attenuation of the field recovery trial aquifer, application of the HydrosmartTM water conditioning system to reduce mineral precipitation within production and disposal wells and application of Drone/AI in weed identification and eradication to improve land management practices. A R&D Offset claim was lodged for FY24 in relation to the supporting activities associated with preparing for the field recovery trial. Post year end a R&D Offset refund of $702k was received for the FY24 period. P a g e 10 ALLIGATOR ENERGY LIMITED AND CONTROLLED ENTITIES ACN 140 575 604 DIRECTORS’ REPORT (continued) e) Business strategies and prospects for future financial years (continued) Material Business Risks The Group is subject to the inherent risks which apply to some degree to all participants in the exploration and mining industries. These risks which could impact on the execution of the Group’s strategy include the following: (i) Lack of discovery success Mineral exploration involves a high degree of risk in relation to the probability of the discovery of a significant resource which can be commercially developed. Regardless of the application of experience, technical knowledge and careful evaluation, the discovery of commercial deposits of uranium or other minerals cannot be assured. Alligator strives to reduce exploration risk by ensuring a high level of experience and technical skill is applied to planning and execution of exploration programs. There is also no assurance that if deposits of uranium or other minerals are discovered, commercial development of these resources will occur. The commercial viability of a particular resource is dependent on a number of factors including the quality and nature of the resource and future commodity price and exchange rate fluctuations, factors which are beyond the control of the Company. (ii) Capital requirements Alligator relies on the issue of its equity shares or farm-out/joint venturing or optioning of Alligator's mineral properties to fund its business strategy. There can be no assurance that Alligator will be able to raise such capital or establish such agreements on favourable terms. If Alligator is unable to obtain additional capital, it may be required to reduce the scope of its future exploration programs, which could adversely affect its business, financial condition and results of operation. The ability to raise capital on favourable terms is dependent on a range of factors including the strength of equity and capital markets in Australia and throughout the world, changes in government policies, commodity prices and the prospectivity of the Group’s tenement holdings and identified prospects. (iii) Land Access Issues Aboriginal land access, Aboriginal heritage related concerns and concerns of stakeholders with overlapping tenure e.g. pastoralists and other overlapping licence holders such as renewable energy or hydrogen in South Australia may affect the ability of Alligator to pursue exploration, development and mining on Alligator's properties. Alligator is committed to working with all stakeholders associated with land access for exploration and development in a complimentary and effective manner. (iv) Environmental and Compliance Issues (Sovereign Risk) The current or future operations of Alligator, including mineral exploration or development activities and commencement of production, require permits from governmental authorities and such operations are and will be governed by laws and regulations governing prospecting, development, mining, environmental protection, mine safety, land access and other matters. Such laws and regulations may vary in future. There can be no assurance, however, that all permits which Alligator may require for mineral exploration. P a g e 11 ALLIGATOR ENERGY LIMITED AND CONTROLLED ENTITIES ACN 140 575 604 DIRECTORS’ REPORT (continued) e) Business strategies and prospects for future financial years (continued) (iv) Environmental and Compliance Issues (Sovereign Risk) (continued.) or construction of mining facilities and conduct of mining operations will be obtainable on reasonable terms or that such laws and regulations would not have an adverse effect on the ability to ultimately secure licencing for a mining project. The Department for Energy and Mining in South Australia are still considering how the new Ministerial discretionary powers will be structured to allow extensions to the current 18-year tenure limit of mineral exploration tenements in South Australia introduced in the Mining Regulations of 2020. This uncertainty could impact certain of the Group’s exploration tenements in the State if not resolved before late 2027. In relation to current activities, the Group is in compliance with governing laws and regulations and manages these risks through its existing standard operating procedures, Environmental Management Plans, internal audits and direct liaison with regulators and stakeholders along with involvement in peak industry bodies. (v) Operational Certain of the Group’s projects are in remote areas where vehicle and air travel remain a significant risk that is mitigated where possible through operating procedures. Workplace health, safety and environment is an inherent industry risk and remains at the forefront of all operational activity through toolbox sessions, pre-starts, Take 5 Risk Assessments, Incident and Hazard reporting, corrective action and mitigation identification and reporting on action close out. Retention and recruitment of experienced personnel also presents challenges particularly given the limited uranium experience and expertise in Australia, particularly in ISR. The risk of cyber security continues to be considered and addressed with appropriate systems and training. (vi) Technical The Group is