Announcement PDF ACN 140 575 604 2025–2026 ANNUAL REPORT 2 General Information The Annual Report, incorporating the Financial Report covers Alligator Energy Limited (Alligator or the Company) and its subsidiaries (the Group). Alligator is a listed public company limited by shares (ASX:AGE), incorporated and domiciled in Australia. Forward Looking Statements This Annual Report contains projections and forward- looking information that involve various risks and uncertainties regarding future events, based on Alligator’s beliefs, assumptions and expectations and on information currently available to the Board as at the date of this report. Such forward-looking information can include, without limitation, statements based on current expectations involving a number of risks and uncertainties, including the material business risks set out in the Directors’ Report, and are not guarantees of future performance of the Company. Often, but not always, forward-looking statements can generally be identified by the use of forward-looking words such as “may”, “will”, “expect”, “plan”, “believes”, “estimate”, “anticipate”, “outlook”, and “guidance”, or similar expressions, and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production and production potential, financial forecasts, product quality estimates of future Mineral Resources and Ore Reserves. Such statements are only expectations or beliefs and are subject to inherent risks and uncertainties which could cause actual values, results or performance achievements to differ materially from those expressed or implied in this report. These risks and uncertainties could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information. These risks include, but are not limited to, the risks described in the Material Business Risks section of the Operating and Financial Review in the Directors’ Report. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this Report. The Company assumes no obligation to update forward-looking information should circumstances or management’s estimates or opinions change. 3 CONTENTS 4 CHAIRMAN AND MANAGING DIRECTOR’S MESSAGE 6 PROJECT LOCATIONS 8 STRATEGY 9 OPERATIONS REVIEW 16 ENVIRONMENTAL, SOCIAL AND GOVERNANCE 27 MINERAL RESOURCE STATEMENT 35 FINANCIAL REPORT 36 Directors’ Report 49 Remuneration Report (Audited) 62 Auditor’s Independence Declaration 63 Financial Statements 101 Consolidated Entity Disclosure Statement 102 Directors’ Declaration 103 Independent Auditor’s Report 110 SCHEDULE OF TENEMENTS 111 SHAREHOLDER INFORMATION 114 CORPORATE DIRECTORY Alligator Energy Limited | Annual Report | 30 June 2026 4 The year was defined by renewed focus and disciplined execution. Alligator moved the Samphire Uranium Project from final approvals and through construction to the successful completion of the Field Recovery Trial (FRT) at the Blackbush deposit. This was the first field-scale test of in-situ recovery (ISR) at Samphire, the technique in which uranium is dissolved in place and pumped to surface through a network of wells, avoiding conventional open pit or underground mining. During the year we also commenced the Samphire Feasibility Study, significantly increased the Samphire Mineral Resource and resumed drilling at the Big Lake Uranium Project. Through the divestment of our Alligator Rivers Uranium Province assets in the Northern Territory, Alligator simplified its portfolio to concentrate capital and management attention on our South Australian uranium assets. At Samphire, construction of the FRT pilot plant and wellfield was completed safely, on schedule and under budget in December 2025. Dry and wet commissioning was completed in February 2026 and uranium extraction commenced in March. This represented an important transition for Alligator from approvals and study work to field-scale operations at the Blackbush deposit. Trial operations concluded on 30 June 2026, with the full results reported shortly after year-end. The first test pattern, which is representative of the deposit, achieved approximately 70% uranium recovery from 70 pore-volume exchanges, an average solution grade of 115 mg/L U O , well flow rates of up to 5 L/s and 98% ion- exchange capture. Sulphuric acid consumption was within the range reported for comparable international ISR operations. The second pattern tested lower-grade and lower-flow conditions at the margin of the deposit and demonstrated predictable recovery behaviour and effective uranium capture in more challenging conditions. Together, the two patterns successfully demonstrated leaching, recovery, ion exchange and elution across materially different geological and hydraulic settings. The Feasibility Study formally commenced in February 2026. The study incorporates the site-specific recovery, flow, reagent-consumption and processing information generated by the FRT, together with the expanded resource base and ongoing drilling. Work on the Mining Lease application is progressing in parallel. The Feasibility Study is currently targeted for completion in Q2 FY2028 and will provide the foundation for project execution, financing and investment decisions. Resource growth was another major achievement. In June 2026, Alligator announced a maiden 12.0 million pound U O Inferred Mineral Resource for the Plumbush deposit, located approximately 5 km south of the Blackbush deposit. This increased the combined Indicated and Inferred Samphire Mineral Resource by 67%, from 18.0 million pounds to 30.0 million pounds U O , all of which has been assessed as amenable to ISR1. The addition of Plumbush materially strengthens Samphire’s scale and creates opportunities to increase the Mineral Resources available to a future mine plan beyond those considered in the 2023 Updated Scoping Study. Alligator secured a binding call option over the Mullaquana Crown Lease, which hosts Plumbush, the southern extension of Blackbush and the prospective corridor between the two deposits and beyond. The arrangement provides immediate exploration access and an 18-month assessment period before a decision on full acquisition is required. Following year-end, a multi-rig program of approximately 300 holes commenced. Early drilling extended uranium mineralisation a further 600 m south of Blackbush, while infill work began at Plumbush and within the corridor. This program is intended to support an updated Mineral Resource estimate in Q4 FY2027 for inclusion in the Feasibility Study. Follow-up drilling at the 2024 Site 10 uranium discovery commenced in June 2026, after persistent wet weather had restricted access. The program is testing the continuity and setting of the Site 10 mineralisation within the Lake Eyre Basin and a broader pipeline of targets across the project. Initial results reported after year-end confirmed further uranium mineralisation at Site 10 associated with the boundary between oxidised CHAIRMAN AND MANAGING DIRECTOR’S MESSAGE We are grateful for the ongoing support of shareholders, stakeholders, communities and our growing team throughout FY2026. 3 8 3 8 3 8 Alligator Energy Limited | Annual Report | 30 June 2026 5 1. Refer to the Mineral Resource Statement on page 27 of this report for further details on the Samphire Mineral Resource estimates. and reduced sands (redox front). Comparable redox fronts were intersected approximately 6 km to the south which is emerging as a vector for uranium in this geological setting. Big Lake remains an early-stage exploration opportunity, and the ongoing program is focused on progressively defining the redox front(s) within the sedimentary basin. The divestment of our non-core Northern Territory uranium assets to DevEx Resources Limited was completed on 29 June 2026 with $5.58 million received by completion and a further $1.75 million held in escrow pending renewal of the relevant exploration access agreement. The transaction strengthened the balance sheet, reduced near-term equity funding requirements, and sharpened our focus on Samphire and Big Lake. The relevant exploration access agreement was subsequently renewed, as announced by DevEx on 28 September 2026, satisfying the remaining condition for release of the escrowed consideration. Alligator ended the financial year with cash and cash equivalents of $12.9 million. After year-end, Alligator completed a $15.0 million placement (before costs) and completed a Share Purchase Plan for eligible shareholders that raised an additional $2.1 million. This funding supports accelerated resource drilling at Samphire, completion of the current Big Lake program, progression of the Mining Lease application and delivery of the Feasibility Study. There were several Board and leadership changes during the year. Andrea Marsland-Smith completed her first full year as Chief Executive Officer and, in March 2026, was appointed Managing Director. Greg Hall transitioned from Executive Director to Non-Executive Director in February 2026, completing the planned executive succession, and Daniel Lougher joined the Board in December 2025 as a Non-Executive Director, bringing extensive mine development, operating and corporate experience. After over 12 years of service as a Non-Executive Director Peter McIntyre retired in May 2026. The Board thanks him for his guidance, technical insight and commitment to Alligator. The broader outlook for nuclear energy and uranium remains positive. At the time of our August 2026 capital raising, the long-term uranium price indicator was approximately US$94/lb, compared with US$80/lb referenced in last year’s letter. Energy security, decarbonisation, growing electricity demand and commitments to nuclear power by governments and major energy users continue to support the long-term demand outlook. South Australia’s established uranium regulatory framework, infrastructure and experienced workforce provide important advantages as Alligator advances Samphire and engages with potential future customers and project partners. Looking ahead, our priorities are to expand and upgrade the Samphire resource, deliver the Feasibility Study, progress the Mining Lease application and advance the Big Lake exploration program. Our current development pathway targets potential first production from Samphire in 2030 or 2031, subject to the outcomes of the Feasibility Study, receipt of approvals, financing and a final investment decision. On behalf of the Board, we thank the Traditional Owners, communities, pastoralists, our contractors and advisers, including the teams in Whyalla who helped deliver the FRT, our shareholders for their continued support, and the entire Alligator team for their professionalism, resilience and commitment throughout a milestone year. We look forward to meeting shareholders at our 2026 Annual General Meeting, details of which will be provided in the Notice of Meeting once the date is set. Andrea Marsland-Smith Managing Director and Chief Executive Officer 30 September 2026 Paul Dickson Chairman 30 September 2026 Alligator Energy Limited | Annual Report | 30 June 2026 PROJECT LOCATIONS 6 PROJECT LOCATIONS Samphire The Samphire Project is Alligator’s most advanced asset, comprising the Blackbush and Plumbush uranium deposits in Pirie Basin sediments approximately 20 km south-west of Whyalla in South Australia, where a completed Field Recovery Trial has demonstrated the in-situ recovery (ISR) of uranium from a combined Indicated and Inferred 30.0 million pound U O Mineral Resource. Tenements are wholly owned by Alligator. Big Lake The Big Lake Uranium Project lies over the northern extensions of the uranium-bearing sedimentary system that hosts the Beverley, Four Mile and Honeymoon ISR uranium operations in South Australia. It is in the Cooper Basin, north-east SA and exhibits geological characteristics associated with other hydrocarbon- related ISR uranium districts. No Mineral Resource has been estimated for the project as Big Lake is at an early stage of exploration. Tenements are wholly owned by Alligator. 3 8 Alligator Energy Limited | Annual Report | 30 June 2026 PROJECT LOCATIONS 7 About in-situ recovery Alligator’s projects are targeting mineralisation which can be recovered using ISR, which is a mining method that recovers uranium from underground mineralised formations without conventional open pit or underground mining. ISR involves circulating a recovery solution through the uranium or other mineral bearing formation via a network of wells. The solution mobilises the uranium within the formation and is then pumped back to the surface, where the uranium is recovered. The solution can then be conditioned and recirculated through the wellfield. Compared with conventional mining methods, ISR requires substantially less surface disturbance, with no open pit or underground mine development, no large-scale movement of waste rock and ore, and no conventional tailings storage facility. The nature of ISR places particular importance on understanding and managing groundwater. Wellfield design, groundwater monitoring, process control and rehabilitation are therefore important considerations throughout project design, operation and closure. All of Alligator’s projects are targeting mineralisation which can be recovered using ISR, which accounts for more than 50% of global uranium production. In Australia, ISR production is applied commercially at only a handful of uranium operations since 2000. There is a small group of people that have hands-on Australian ISR experience. Alligator’s Board, management and technical team include individuals who have worked directly on the approval, development, operation and rehabilitation of Australian ISR uranium projects, which Alligator considers a key advantage as it advances Samphire towards development. Alligator Energy Limited | Annual Report | 30 June 2026 STRATEGY 8 STRATEGY Strategy Alligator’s strategy is focused and straightforward: A Advance the Samphire Uranium Project through: • Resource growth • Feasibility Study • Mining Lease and environmental approvals • strengthening our relationships and understanding of stakeholder perspectives as we transition from exploration to development • community engagement • initial offtake contracts • project financing, and • in-situ recovery production. A Expand the Big Lake Uranium Project discovery. A Acquire or joint venture additional uranium projects in key target geographic regions. A Continue to develop Alligator’s nuclear utility customer relationships to enable future long-term offtake contracts at supportive pricing for the Samphire Uranium Project. A Broaden our investor base within Australia and internationally. Alligator Energy Limited | Annual Report | 30 June 2026 OPERATIONS REVIEW 9 OPERATIONS REVIEW Operating Performance During the financial year, the Group’s operating activities were principally focused on constructing, commissioning and completing the Field Recovery Trial (FRT) at the Samphire Uranium Project, progressing feasibility and approvals work for commercial development of the Project, advancing resource definition drilling, completing the divestment of the Alligator Rivers Uranium Province companies and tenements, and resuming exploration drilling at Big Lake. The FRT was constructed and commissioned during the year and operated through to 30 June 2026. The trial generated important operational data on uranium recovery, ion exchange performance, wellfield chemistry, calcium and gypsum management, and disposal-well operation. These data are being incorporated into feasibility study and approvals work for Samphire. Further details on the financial performance, cash flows and financial position are in the Directors’ Report. Safety and Environment The Group recorded one minor first-aid injury during the financial year, sustained during construction activities. No lost-time or medical treatment injuries were recorded. There were no reportable environmental incidents for the year. This is an improvement over the previous financial year where four medical treatment injuries and one reportable environmental incident were recorded. This is a particularly impressive result given the significant increase in operational site activity associated with the FRT and delineation drilling. Safety management has focused on further embedding of the digital safety platform, improvements to documentation, proactive hazard identification, task- risk assessment, incident investigation and follow up, and continuous improvement. Examples of improvement initiatives included safety training for the Samphire site workforce, revised operating procedures, reinforcement of pre-task planning and change- management practices. Further details on the Group’s safety and environmental performance are contained within the Environmental, Social and Governance section of this report. Alligator Energy Limited | Annual Report | 30 June 2026 OPERATIONS REVIEW 10 2. Refer to the Mineral Resource Statement on page 27 of this report for further details on the Samphire Mineral Resource estimates. Operations for the year Overview It has been a significant year across the Group’s operations, with the following key achievements: A Regulatory approval of the Program for Environment Protection and Rehabilitation (PEPR) for the FRT. A Completion of FRT well construction, integrity testing and hydrogeological pump testing required under the approved PEPR, with all wells passing final integrity testing. A Construction, commissioning and successful completion of the Samphire FRT across two well patterns, demonstrating uranium leaching, recovery, ion exchange and elution in representative and lower- flow geological settings. A Continued resource characterisation and delineation drilling at Samphire, including drilling to improve geological and wellfield planning inputs for the Feasibility Study (FS). A Since commencement in February 2026 the Samphire FS has progressed, including the User Requirements Specification, Process Design Criteria, integrated project schedule, power options, calcium and gypsum management solutions, and conceptual ion exchange design. A Refinement of the mining lease and environmental approvals pathway, including baseline study scopes and project schedule dependencies. A Maiden 12 Mlbs U O Inferred Mineral Resource at Plumbush, increasing the combined Samphire Mineral Resource by 67% to 30 Mlbs U O 2. A Securing a binding call option over the Mullaquana Crown Lease. This provided immediate access rights for exploration activities across previously inaccessible ground, including the Plumbush deposit and southern extensions of the Blackbush deposit. A Mobilisation and commencement of the Big Lake drilling program in June 2026, with nine holes completed in the initial hitch to test the Lake Eyre Basin sediments potential to host a new sedimentary uranium district. A Completion of the Alligator Rivers Uranium Province tenement and entity divestment to Resources Limited on 29 June 2026 following satisfaction of all conditions precedent. DevEx 3 8 3 8 Alligator Energy Limited | Annual Report | 30 June 2026 OPERATIONS REVIEW 11 Samphire Uranium Project – South Australia (Alligator 100%) Field Recovery Trial FRT construction commenced with lead contractor Ahrens Group Pty Ltd in October 2025 after receiving regulatory approval of the PEPR in August 2025. Practical completion of the Ahrens construction scope was achieved on 13 December 2025, in line with schedule. The construction program incorporated the pilot process plant, wellfield pipework, electrical systems, associated civil works and the hydrogeological pump-test pond. Commissioning continued through January and February 2026 and low-salinity conditioning commenced on 17 February 2026, with Pattern 1 transitioning to operation in March. The first FRT well pattern operated until 17 April 2026, when it was shut down following gypsum scaling in the plant. The pattern achieved approximately 70% uranium recovery over approximately 70 pore volume exchanges. Key parameters determined during this part of the trial were average solution grades of 115 mg/L U O , peak well flow rates up to 5 L/s, ion exchange capture efficiency of approximately 98% and reagent consumption within favourable international benchmarks. Elution performance was high, with 95–98% uranium removal and pregnant eluate concentrations averaging 12–15 g/L U O , confirming suitability for direct precipitation. Following completion of the first pattern, the FRT transitioned to a second well pattern located at the lower-flow and lower-grade margin of the deposit. Pattern 2 operated for 54 days and completed 15 pore volume exchanges, reaching approximately 17% cumulative uranium recovery. The recovery curve tracked the expected trend and was sufficient to establish the modelling response; the test was concluded once its technical objectives had been met. The result supports the use of a common recovery- modelling framework, with adjustments for local flow rate, mineralised thickness, grade and permeability. Groundwater chemistry, chloride management and calcium-related scaling were managed throughout the trial. Minor gypsum precipitation in Pattern 1 was successfully managed in Pattern 2 through closer control of injection chemistry, confirming that the identified scaling mechanism can be addressed through conventional chemistry control and operating procedures. The chloride-tolerant ion exchange resin performed strongly across both patterns, capturing approximately 100% of uranium presented to the resin in Pattern 2 compared with 98% in Pattern 1. Disposal well blockages associated with calcium carbonate and gypsum precipitation were successfully remediated by dilute hydrochloric acid rinsing and air-lift backflushing. These operating outcomes are being used to define the calcium and gypsum management strategy for the FS. With the successful completion of the FRT during the financial year, two laboratory technicians and one plant operator were retained to support testing, closure activities and transition of the FRT site to care and maintenance. The detailed reconciliation of the trial will provide further inputs to the FS. 3 8 3 8 Alligator Energy Limited | Annual Report | 30 June 2026 OPERATIONS REVIEW 12 Wellfield Monitoring and Hydrogeology FRT well drilling commenced in September 2025 and was completed during the first half of the financial year, including production, disposal, monitoring and natural attenuation wells. Integrity testing of the monitoring network was completed with final re-testing in February 2026, after which all wells passed. Hydrogeological pump testing was completed in December 2025 and demonstrated that lateral monitoring wells met PEPR drawdown criteria, consistent with the conceptual hydrogeological model. The final assessment concluded that PEPR requirements were met and that the associated risk assessment remained valid. Resource definition and delineation drilling Delineation drilling continued at Samphire through the financial year to support resource characterisation, geological modelling and future wellfield planning. Work included drilling at 25 m and 50 m spacing, and improved definition of basement contacts and reservoir characteristics. From March to June 2026, 87 holes were drilled, notwithstanding rain-related downtime and occasional water-supply constraints. Drilling west of Pattern B confirmed good consistency in grade distribution, while deeper drilling improved understanding of the geological boundaries and lithologies relevant to development planning. Feasibility study The Samphire Feasibility Study commenced and advanced during the year with Ammjohn Solutions as lead engineering contractor. Key workstreams included finalisation of the User Requirements Specification and Process Design Criteria, development of the integrated project schedule, enabling works for power, water and roads, off-grid power assessment and progression of grid-connection options, calcium and gypsum management solutions, and initial conceptual design of the ion exchange module. Completion of the FS is targeted for Q2 FY2028. Approval process Mining lease and environmental approvals work progressed through definition of the proposed development footprint, mining lease boundary and infrastructure corridors. Baseline study scopes were established or refined for groundwater and reactive transport modelling, surface water and LiDAR, soils, flora and fauna, noise, indigenous heritage, radiological assessment and natural attenuation. Key FRT outcomes are summarised below. Pattern 1 was representative of the areas considered for future wellfield development; Pattern 2 tested the lower-flow and lower-grade margin of the deposit. Table 1: Key FRT outcomes by well pattern Metric Pattern 1 Pattern 2 Development implication Test setting Representative Blackbush ore Lower-flow, lower- grade deposit margin Tests both expected operating conditions and the lower end of the operating envelope. Recovery ~70% at ~70 Pore Volume Exchanges (PVE) ~17% at 15 PVE; trend consistent with ~70% by ~70 PVE Supports a common recovery-modelling framework with local adjustments. PLS grade / flow 115 mg/L U3 O8 average; >5 L/s well capacity demonstrated Lower grade and flow, as expected Confirms favourable representative- pattern permeability and defines marginal-area response. Ion exchange capture 98% ~100% Supports the selected chloride-tolerant resin and common downstream process design basis. Sulphuric acid consumption ~20 kg/t ore ~20 kg/t ore Within the highly favourable international benchmark range. Chemistry management Minor gypsum scaling observed Managed through injection-chemistry control Confirms conventional chemistry control can manage the scaling mechanism. Alligator Energy Limited | Annual Report | 30 June 2026 OPERATIONS REVIEW 13 Approvals pathways were assessed across four development scenarios, with a sequencing approach developed to identify dependencies, timing and opportunities for parallel processing. FRT operating data were incorporated into gypsum management, groundwater and disposal assessments. Samphire mineral resource growth In June 2026, the Group announced a maiden Inferred Mineral Resource of 12 Mlb U O at the Plumbush deposit, approximately 5 km south of Blackbush. This increased the combined Samphire Mineral Resource by 67%, from 18 Mlb to 30 Mlb U O of inferred (15.8 Mlb U O ) and indicated resources (14.2 Mlb U O ). Refer to the in this Annual Report for more details. Option to acquire crown lease over Mullaquana Station An agreement was reached on 19 June 2026 to secure access to the Mullaquana Station providing access to the Plumbush deposit, the southern extension of the Blackbush deposit and the prospective corridor between the deposits. This provided immediate access rights for exploration activities across previously inaccessible ground. The agreement is structured as a staged acquisition of the Crown Lease via option, with an initial payment of $500,000 paid on 3 July 2026; if the option is exercised, an additional payment of $6,750,000 is payable when exercised up to 11 March 2028. Mineral Resource Statement 3 8 3 8 3 8 3 8 Alligator Energy Limited | Annual Report | 30 June 2026 OPERATIONS REVIEW 14 Alligator Rivers Uranium Province – Northern Territory Big Lake Uranium Project – South Australia (Alligator 100%) Planning, approvals and logistics for the Big Lake exploration program continued through the first three quarters of the financial year, with access repeatedly delayed by rain and flood conditions in central Australia. Mobilisation commenced on 9 June 2026, and drilling commenced on 11 June 2026. The initial hitch concluded on 22 June 2026, completing 1,212 m across nine holes south of the Site 10 discovery made in the second half of 2024. The program intersected geology consistent with the initial discovery Site 10 mineralised zone, including thick bedded sands, clays and reduced sands in the target interval. Downhole gamma logging was deployed, with no anomalous intercepts reported from the initial holes. The next drilling hitch was scheduled to commence in July 2026. EnviroCopper Limited – 15.6% shareholding At 30 June 2026, the Group held 750,922 ordinary shares in EnviroCopper Limited, representing a 15.6% interest. During the year, EnviroCopper Limited secured $3.5 million of strategic funding from an international investor, with the funds received in December 2025. The investment provides funding to progress feasibility and field activities at the Kapunda Copper Project and preparatory work for a Site Environmental Lixiviant Trial at the Alford West Project. During the year, a variation to the EnviroCopper Limited Shareholders’ Agreement extinguished the Group’s ongoing sole funding right. No additional shares were subscribed for by the Group during FY2026. The Group completed the divestment of its Northern Territory uranium assets to dispose of the Group’s Alligator Rivers Uranium Province interests including the Tin Camp Creek, Beatrice and Nabarlek North areas to DevEx on 29 June 2026. By completion, $5.580 million of cash consideration was received and a further $1.75 million was held in escrow at 30 June 2026. The relevant exploration access agreement was subsequently renewed, as announced by DevEx on 28 September 2026, satisfying the remaining condition for release of the escrowed consideration. Following completion of the transaction, the Group ceased operational activities in the region and TCC Project Pty Ltd and Northern Prospector