Announcement PDF A N N U A L R E P O R T ASX: YRL 2026 ABN 86 108 753 608 Yandal Resources Limited Corporate directory 30 June 2026 1 Directors Eduard Eshuys - Non-Executive Chair Greg Evans - Non-Executive Director Andrew Jackson - Non-Executive Director CEO Chris Oorschot Company Secretary Greg Fitzgerald Registered office Suite 1, Level 3 1138 Hay Street West Perth WA 6005 Ph: +61 8 6149 7177 Email: yandal@yandalresources.com.au Web: www.yandalresources.com.au Share registry Automic Registry Services Level 5, 191 St Georges Terrace Perth WA 6000 Ph: 1300 288 664 www.automic.com.au Auditor HLB Mann Judd Level 4, 130 Stirling Street Perth WA 6000 Solicitors Steinepreis Paganin Level 4, The Read Buildings 16 Milligan Street Perth WA 6000 Securities exchange listing Australian Securities Exchange (ASX code: YRL) ACN 108 753 608 Yandal Resources Limited Directors' report 30 June 2026 2 Dear Yandal Shareholders, As we reflect on the 2026 financial year, I am pleased to report on a period of meaningful progress for Yandal Resources Limited. During the year, we continued to strengthen the foundations required to advance our exploration strategy. Our focus remained on the safety and development of our people, disciplined exploration for large-scale gold deposits across our key tenements, prudent corporate management, and the practical infrastructure and measures required to support safe and efficient field operations. With the support of the Kultju Traditional Owners, Yandal completed circa 40,500 metres of RC, diamond and aircore drilling during the year, importantly with no reportable safety incidents. We greatly appreciate the support and cooperation of the Kultju in providing heritage clearances for our exploration activities and look forward to continuing to build on the mutual respect and constructive relationship that has been established. Across the Company, our team has demonstrated technical capability, resilience and a strong commitment to safety, wellbeing and responsible exploration. Under the leadership of Managing Director Chris Oorschot, our exploration and corporate teams have continued to work collaboratively and maintain high standards while delivering an active and evolving exploration program. On behalf of the Board, I thank every member of the Yandal team for their contribution during the year. During FY2026, the Company also continued to strengthen its corporate platform and maintain a disciplined approach to governance, capital management and the allocation of shareholder funds. These activities have been directed towards supporting Yandal's priority exploration programs while preserving the flexibility required to respond to new technical information and emerging opportunities. The Board remains committed to transparency, accountability and the careful stewardship of shareholder funds. We have maintained an investor relations program appropriate to the Company's size and stage of development, including presentations at several key conferences during the year. In late 2025, Yandal raised approximately $13.5 million from existing and new shareholders. These funds have been directed primarily towards the Company's extensive exploration and drilling programs. A significant operational development during the year was the establishment of the Stilgars Camp. Locating the camp closer to our priority exploration areas has provided a more effective base for our field teams and contractors, reduced travel requirements and improved the coordination and continuity of drilling activities. Importantly, the camp has enhanced Yandal's ability to execute exploration programs safely and efficiently across our three key prospects: Caladan, New England Granite and Flushing Meadows. We also make the camp facilities available to the Kultju while they are working with Yandal and, where appropriate, while they are undertaking activities with neighbouring exploration companies. This reflects the constructive relationship we are seeking to maintain with the Traditional Owners of the areas in which we operate. Since the end of the financial year, the composition of the Board has changed following the appointment of Dr Andrew Jackson and the retirement of Katina Law and Chris Newman. Greg Evans has also stepped aside as Chair but remains a Non-Executive Director and Chair of the Audit Committee. Chris Oorschot has resigned as Managing Director but will continue as Chief Executive Officer until late November 2026. The Board thanks Chris for his dedicated and disciplined contribution to Yandal and its exploration activities over the past three and a half years. On behalf of all shareholders, I also thank Greg Evans for his contribution as Chair, and Katina Law and Chris Newman for their stewardship and service to the Company over a number of years. Looking ahead, the Company has commenced the search for a new Chief Executive Officer and an additional director to complement the skills and experience of the current Board. Yandal Resources Limited Directors' report 30 June 2026 3 Yandal's core strategy remains focused on the discovery of large-scale gold deposits within the Yandal Belt. The region remains underexplored, in part because substantial prospective areas are concealed beneath alluvial and transported cover. Future exploration activities will focus on identifying gold deposits of scale, extending the Company's existing Mineral Resources, and undertaking extensive ultra-fine fraction soil sampling and multi-element analysis, particularly across the New England Granite prospect. Ultra-fine fraction soil sampling, combined with multi- element analysis, has proven elsewhere to be effective in targeting gold mineralisation beneath cover. On behalf of the Board, I thank our shareholders for their continued support and look forward to reporting on the Company's progress during the year ahead. Eduard Eshuys BSc, FAUSIMM, FAICD Chairman Yandal Resources Limited Directors' report 30 June 2026 4 The Directors present the financial report of Yandal Resources Limited (referred to hereafter as the 'Company' or 'Yandal') for the year ended 30 June 2026. 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: Eduard Eshuys (Non-Executive Chair) - Appointed 1 September 2026 Greg Evans (Non-Executive Director) - Resigned as Non-Executive Chair and appointed as Non-Executive Director 1 September 2026) Andrew Jackson (Non-Executive Director) - Appointed 1 September 2026 Katina Law (Non-Executive Director) - Resigned 1 September 2026 Chris Oorschot (Managing Director) - Resigned 1 September 2026 Information on Directors Name: Eduard Eshuys Title: Non-Executive Chair (Non-independent) Qualifications: BSc, FAusIMM, FAICD Experience and expertise: Mr Eshuys is a highly respected geologist and mining executive with more than 40 years of experience in mineral exploration, project development and company leadership throughout Australia. During the late 1980s and early 1990s, Mr Eshuys led the teams responsible for the discovery of several significant Australian mineral deposits, including the Plutonic, Bronzewing, Jundee, and Rosemont gold deposits, as well as the Cawse nickel deposit. He subsequently redeveloped St Barbara's Sons of Gwalia operation, with more than 2 million ounces of gold reserves, while serving as Chief Executive Officer. Mr Eshuys has extensive public company board experience, having previously served as Chair of DGO Gold Limited and as a Director of De Grey Mining Limited, among other appointments. Other current directorships: None Former directorships (last 3 years): None Interests in shares: 42,218,155 Interests in options: 2,000,000 Interests in rights: Nil Name: Andrew Jackson Title: Non-Executive Director (Independent) Qualifications: PhD (Finance), CFA, FIAA, GAICD Experience and expertise: Andrew Jackson has over 30 years of experience in investment management, capital markets, and quantitative investing, with extensive experience in Australian equities, including the resources sector. He was an Executive Director and Head of Research at Vinva Investment Management from 2011 to 2024. Prior to joining Vinva, he was a Portfolio Manager and Head of Research within the Australian Equities team at Barclays Global Investors from 2003 to 2010. Andrew holds a PhD in Finance from London Business School and is a CFA charterholder, a Fellow of the Actuaries Institute, and a Graduate of the Australian Institute of Company Directors. He is currently an Honorary Industry Fellow in the Department of Finance at the University of Technology Sydney and a Senior Advisory Board member of Painter Lane Capital. Other current directorships: None Former directorships (last 3 years): None Interests in shares: 11,766,723 Interests in options: Nil Interests in rights: Nil Yandal Resources Limited Directors' report 30 June 2026 5 Name: Greg Evans (Independent) Title: Non-Executive Director - appointed 1 September 2026, previously appointed as Non-Executive Chair 4 April 2022 (length of service 4 years 6 months) Qualifications: BCom, DipApp Fin, GAICD Experience and expertise: Mr Evans has over 25 years in advising corporates, boards, Directors, executive management teams, and providers of debt and equity and other financial sponsors on capital raisings, mergers and acquisition transactions, equity and debt structuring, public offers, takeover defence, and strategic and growth options. He specialises in energy and natural resources with a particular focus on the mining sector. He has a Bachelor of Commerce, a Diploma in Applied Finance and is a Graduate of the Australian Institute of Company Directors. Mr Evans is Principal of his own advisory business. Other current directorships: Macmahon Holdings Limited (ASX: MAH) Former directorships (last 3 years): None Interests in shares: 929,400 Interests in options: 1,750,000 Interests in rights: Nil Name: Chris Oorschot - appointed 1 July 2024 as Managing Director, previously appointed as Technical Director 22 September 2023, Exploration Manager 22 February 2023, resigned 1 September 2026 (length of service 3 years 6 months) Title: Managing Director Qualifications: B.Sc (Applied Geology) First Class Honours, MAIG, MSEG Experience and expertise: Mr Oorschot has a very successful track record working in the Western Australian gold sector, from greenfield and brownfield targeting and exploration through to resource definition and development. He has over 15 years’ experience in exploring, developing and mining Western Australian projects predominately within Achaean greenstone belts. His development and mining experience includes open pit and underground deposits across various deposit styles. Mr Oorschot brings a high level of technical expertise to Yandal with a strong background in exploring and developing projects within complex stratigraphic environments and structurally controlled mineralised systems. He has previously served as the Exploration Manager for Dacian Gold, during which he oversaw the re-structuring of the company’s Mineral Resources and Ore Reserves, led the geological due diligence for numerous strategic opportunities, and implemented revised targeting and exploration strategies. Other current directorships: None Former directorships (last 3 years): None Interests in shares: 77,814 Interests in options: 4,900,000 Interests in rights: Nil Yandal Resources Limited Directors' report 30 June 2026 6 Name: Katina Law Title: Non-Executive Director - appointed 1 July 2018, resigned 1 September 2026 (length of service 8 years 2 months) Qualifications: BCom, FCPA, MBA, GAICD Experience and expertise: Katina Law has over 30 years’ experience in the mining industry covering corporate and site based roles across several continents. She has worked with a number of ASX listed resources companies in strategic financial advisory and general management roles. Ms Law has worked on several development and evaluation projects which were later subject to corporate transactions including the Deflector gold and copper project and the King Vol polymetallic zinc project. Ms Law was Executive Director and CEO of East Africa Resources Limited from 2012 to 2015 and also held senior positions at Newmont Mining Corporation’s Batu Hijau copper gold project in Indonesia and their head office in Denver, USA and at LionOre International based in Perth. Ms Law has a Bachelor of Commerce degree from UWA, is a Certified Practising Accountant and has an MBA from London Business School. Other current directorships: Falcon Metals Limited (ASX: FAL) Former directorships (last 3 years): DGO Gold Limited (ASX: GDO) Interests in shares: 2,678,454 Interests in options: 1,500,000 Interests in rights: Nil Name: Chris Newman Title: Non-Executive Director - appointed 1 December 2025, resigned 1 September 2026 (length of service 9 months) Qualifications: B.Sc (Hons) Geology, Minor Mathematics, FAusIMM, MAIG Experience and expertise: Mr. Newman is a geologist with over 35 years of global experience in exploration, mining operations, resource development and corporate mergers and acquisitions. He is credited with multiple exploration discoveries across Australia, Turkey and Canada, and has led numerous teams in bringing new projects into full-scale mining production. Mr. Newman currently works as an independent consultant to the mining industry assisting executive management and corporate clients in detailed technical assessments, corporate transactions and career mentoring. Prior to working as an independent consultant, his most recent managerial role was as Geology Manager at Dacian Gold and held similar roles at Carbine Resources, Atherton Resources and Alacer Gold. Other current directorships: None Former directorships (last 3 years): None Interests in shares: 143,445 Interests in options: Nil Interests in rights: Nil 'Other current directorships' quoted above are current directorships for listed entities only and excludes directorships of all other types of entities, unless otherwise stated. 'Former directorships (last 3 years)' quoted above are directorships held in the last 3 years for listed entities only and excludes directorships of all other types of entities, unless otherwise stated. Company secretary Mr Greg Fitzgerald (appointed 31 January 2023) B.Comm Mr Fitzgerald was a Chartered Accountant with over 30 years of resources related experience obtained through current and past roles as a Non-Executive Director, Chief Financial Officer and Company Secretary. He has extensive commercial experience across the exploration, evaluation, development and operational phases of projects based in Australia and Africa. Mr Fitzgerald is currently Company Secretary of several ASX listed companies. Yandal Resources Limited Directors' report 30 June 2026 7 Meetings of Directors The number of meetings of the Company's Board of Directors ('the Board') and of each Board committee held during the year ended 30 June 2026, and the number of meetings attended by each Director were: Full Board Audit and Risk Committee Remuneration Committee Director Attended Held Attended Held Attended Held Greg Evans 9 9 2 2 1 1 Katina Law 9 9 2 2 1 1 Chris Oorschot 9 9 2 2 1 1 Chris Newman1 3 3 1 1 1 1 1Chris Newman appointed 1 December 2025. Held represents the number of meetings held during the time the Director held office. Principal activities The principal continuing activity of the Company during the year was gold exploration. Review of operations The loss for the Company after providing for income tax amounted to $12,274,311 (30 June 2025: $8,208,150). The following is a summary of the activities of the Company for the period ended 30 June 2026. It is recommended that this Annual Report be read in conjunction with any public announcements made by the Company during the period. In accordance with the continuous disclosure requirements, readers are referred to the announcements lodged with the Australian Securities Exchange regarding the activities of the Company. REVIEW OF OPERATIONS The 2026 financial year marked a pivotal period in the evolution of Yandal Resources Limited ("Yandal" or "the Company"), with exploration activities transitioning from early-stage discovery validation toward systematic delineation of multiple emerging gold systems across the Ironstone Well-Barwidgee ("IWB") Gold Project. The Company's exploration strategy remains focused on uncovering district-scale gold deposits within underexplored portions of the northern Yandal Greenstone Belt through the integration of geological interpretation, geophysics and systematic drilling. During FY26, exploration activities accelerated significantly following the successful establishment of dedicated drilling infrastructure at IWB, including a 21-person exploration camp, core yard and supporting logistics facilities. This investment enabled the Company to execute its most extensive exploration program to date, comprising substantial RC, diamond and air-core drilling across Arrakis, Flushing Meadows, Siona, Salusa and several regional targets. The most significant achievement of the year was the continued advancement of the Arrakis gold discovery within the Caladan Target Area of IWB. Drilling completed during FY26 materially increased confidence in the geological model, expanded the scale of known mineralisation and identified multiple high-grade mineralised domains within the broader mineralised system. Results received after year-end further reinforced the significance of the discovery and represent some of the strongest results returned from the IWB Project to date. The Company also completed the first systematic test of fresh-rock mineralisation beneath the Flushing Meadows Mineral Resource, continued follow-up drilling programs at Siona and Salusa within the New England Granite ("NEG") intrusive complex and progressed regional exploration targeting across the broader IWB Project. Collectively, these activities demonstrate the growing scale of exploration opportunities available within the Company's 100%-owned project portfolio. Yandal Resources Limited Directors' report 30 June 2026 8 As at the date of this report, Yandal's Mineral Resource Inventory comprises approximately 450,200 ounces of gold, including the Flushing Meadows Mineral Resource and the Mt McClure Mineral Resource portfolio. IRONSTONE WELL-BARWIDGEE GOLD PROJECT The 100%-owned Ironstone Well-Barwidgee Gold Project covers approximately 456km² of highly prospective tenure situated between the Jundee and Bronzewing gold mining centres within the northern Yandal Greenstone Belt of Western Australia. The Project includes the Arrakis and Siona gold discoveries, the Flushing Meadows Mineral Resource, several advanced exploration prospects and numerous large-scale regional targets generated through recent geological and geophysical programs (including Giedi Prime). Figure 1: Location of Yandal's priority exploration assets within the Ironstone Well-Barwidgee Gold Project showing the Arrakis and Siona gold discoveries, the Flushing Meadows Mineral Resource, the Giedi Prime gravity target and regional target areas. The figure demonstrates the scale of the Company's exploration footprint and highlights the concentration of multiple discovery and resource growth opportunities within a single district-scale project area. Yandal Resources Limited Directors' report 30 June 2026 9 ARRAKIS GOLD DISCOVERY Caladan Target Area The Arrakis Prospect continued to emerge as the Company's most significant exploration success during FY26. Located within the Caladan Target Area, Arrakis progressed from an emerging discovery toward a substantial mineralised system supported by extensive drilling, detailed geological interpretation and multiple high-grade intercepts. The prospect was originally generated through detailed gravity and structural analysis undertaken in 2024 that identified the Caladan Fold as a large-scale geological analogue to several world-class gold districts. Subsequent drilling has consistently validated this targeting methodology, with each successive phase of drilling increasing confidence in the scale and continuity of mineralisation. RC Drilling Expansion Program A substantial RC drilling program was completed during FY26 to extend known mineralisation and better define the internal architecture of the mineralised system. Significant intercepts received during the period included: ● 27m @ 1.2g/t Au from 87m, including 5m @ 2.7g/t Au ● 12m @ 2.3g/t Au from 152m, including 6m @ 3.7g/t Au ● 13m @ 1.6g/t Au from 206m, including 8m @ 2.2g/t Au ● 11m @ 1.7g/t Au from 84m, including 6m @ 2.8g/t Au. Drilling completed during the year expanded mineralisation approximately 150m to the southeast while simultaneously demonstrating strong continuity of grade and geological character along strike. The results confirmed the existence of a broad mineralised corridor containing locally higher-grade zones and established the foundation for more detailed follow-up drilling programs. Geological interpretation undertaken through the year refined understanding of the structural controls on mineralisation and identified the Scytale Shear Zone as an important geological feature influencing the southeastern extent of the system. Importantly, mineralisation remains open at depth and additional targets remain untested both along strike and on interpreted offset structures. Yandal Resources Limited Directors' report 30 June 2026 10 Figure 2: Arrakis drill collar plan showing all drilling completed to date over the Caladan Target Area. Drilling has defined a laterally extensive mineralised system associated with a deformed intrusive body within the Caladan Fold. The figure highlights the systematic progression of drilling from initial discovery drilling through to resource-style definition drilling and illustrates the substantial growth achieved during FY26. Diamond Drilling and Depth Continuity Diamond drilling completed during FY26 delivered important geological information and confirmed the continuation of mineralisation at significant depth below previous RC intercepts. Significant diamond drilling results included: ● 18.0m @ 1.8g/t Au from 290.0m including 4.1m @ 5.7g/t Au ● 11.5m @ 1.6g/t Au from 347.6m including 5.0m @ 3.1g/t Au ● 21.7m @ 0.8g/t Au from 366m including 4m @ 2.1g/t Au ● 10.2m @ 1.3g/t Au from 240.8m including 3.8m @ 2.9g/t Au Yandal Resources Limited Directors' report 30 June 2026 11 These intercepts demonstrated that mineralisation remains robust at depth and confirmed the existence of coherent higher-grade zones within the broader mineralised system. Detailed geological logging indicates that higher-grade mineralisation is closely associated with zones of intense deformation, silica alteration and sulphide development within and adjacent to the mineralised intrusive host. Figure 3: Longitudinal section displaying the distribution of mineralised intercepts within the main Arrakis mineralised structure. The section demonstrates continuity of mineralisation over approximately 1.3km strike length and highlights the emergence of several higher-grade domains. The distribution of grade accumulation supports the interpretation of structurally controlled mineralised shoots that remain open in several directions and warrant further drilling. Significant Drilling Results Subsequent to 30 June 2026 Subsequent to financial year end, Yandal received several sets of drilling results that materially enhanced the significance of the Arrakis discovery. Most notably, targeted infill drilling returned: ● 6m @ 28.3g/t Au ● 3m @ 52.8g/t Au. This intercept represents the highest-grade result returned from the IWB Project since acquisition and provides compelling evidence for the presence of significant high-grade domains within the Arrakis mineralised system. Further drilling results from the associated diamond tail subsequently intersected: ● 17.5m @ 2.3g/t Au including 4.8m @ 4.0g/t Au; and ● 17.0m @ 1.1g/t Au. These results have significantly improved confidence in the continuity of the newly identified high-grade zone and support an interpretation of a south-plunging high-grade domain extending beneath the Yueh Shear Zone. This emerging domain remains largely untested and represents one of the highest-priority drilling targets for FY27. Yandal Resources Limited Directors' report 30 June 2026 12 Figure 4: Interpreted cross-section through the Arrakis Prospect highlighting the exceptionally high-grade intercept of 20m @ 8.7g/t Au and the associated diamond drilling results that support continuity of mineralisation at depth. The section illustrates the emerging third high-grade domain and demonstrates the geological basis for targeting additional mineralisation beneath the Yueh Shear Zone. FLUSHING MEADOWS AND GIEDI PRIME The Flushing Meadows Deposit remains the cornerstone resource within the IWB Project, hosting a Mineral Resource Estimate of 268,000 ounces of gold. During FY26 the Company initiated the first systematic framework drilling program designed to evaluate mineralisation beyond the currently defined resource boundaries and investigate the potential for substantial resource growth. The framework diamond drilling program successfully intercepted primary fresh-rock mineralisation below and adjacent to the current Resource and demonstrated that historical drilling had not adequately assessed the broader mineralised system. Yandal Resources Limited Directors' report 30 June 2026 13 Key drill intersections included: ● 20m @ 1.7g/t Au; ● 9m @ 2.7g/t Au; ● 11.3m @ 1.1g/t Au; and ● 4.8m @ 2.3g/t Au. Importantly, many of the significant mineralised intervals occur outside the current resource model and suggest the existence of multiple previously unknown mineralised structures. These structures remain open and represent compelling opportunities for future Mineral Resource growth. The Company also commenced large-scale air-core drilling across the broader Flushing Meadows and Giedi Prime target area. This program represents the first effective test of a large gravity-derived structural corridor interpreted to share geological characteristics with both Flushing Meadows and Arrakis. Figure 5: Flushing Meadows drill collar plan illustrating the current Mineral Resource footprint, framework diamond drilling locations and newly interpreted exploration targets. The figure highlights the lack of effective historical drilling east of the deposit and demonstrates the potential for substantial resource growth outside the existing Mineral Resource boundary. Yandal Resources Limited Directors' report 30 June 2026 14 Figure 6: Representative cross-section through the Flushing Meadows mineralised system showing fresh-rock mineralisation intercepted below and adjacent to existing resource domains. The section provides evidence for multiple mineralised horizons and demonstrates that significant mineralisation remains outside the current Mineral Resource. Yandal Resources Limited Directors' report 30 June 2026 15 Figure 7: Regional gravity interpretation across the Flushing Meadows and Giedi Prime target corridor. The figure highlights several untested structural and stratigraphic targets generated through recent geophysical interpretation and demonstrates the district-scale exploration opportunity existing between Arrakis and Flushing Meadows. NEW ENGLAND GRANITE TARGET AREA The New England Granite target area continued to reinforce its potential to host multiple mineralised systems during FY26. Exploration activities focused on both the Siona and Salusa prospects while simultaneously advancing regional target generation across the broader intrusive complex. Siona Drilling during FY26 identified a new shallow mineralised zone adjacent to the original Siona discovery. Significant intercepts included: ● 17m @ 1.3g/t Au including 3m @ 5.0g/t Au; and ● 13m @ 1.5g/t Au including 2m @ 8.1g/t Au. These results demonstrate additional mineralisation outside the original discovery trend and continue to highlight the prospectivity of the broader intrusive complex. Yandal Resources Limited Directors' report 30 June 2026 16 Salusa Air-core drilling at Salusa delivered some of the highest-grade results returned from the NEG target area: ● 6m @ 6.3g/t Au including 2m @ 18.2g/t Au; and ● 2m @ 6.0g/t Au including 1m @ 11.3g/t Au. These results provide further evidence that gold mineralisation develops where deformation interacts with the intrusive complex and supports the view that multiple discoveries can be generated throughout the broader NEG system. Figure 8: Regional gravity image showing the New England Granite intrusive complex and interpreted structural targets. The image demonstrates the substantial scale of the intrusive system and highlights numerous untested structural positions capable of hosting additional gold discoveries. Yandal Resources Limited Directors' report 30 June 2026 17 Figure 9: Cross-section through the Salusa Prospect illustrating the position of high-grade air-core intercepts relative to interpreted intrusive contacts and structural features. The section demonstrates the geological setting underpinning the Company's broader exploration model across the NEG complex. Yandal Resources Limited Directors' report 30 June 2026 18 Figure 10: Siona drill plan showing recent RC drilling and the distribution of mineralised intercepts outside the original discovery trend. The figure highlights the potential for multiple mineralised zones to occur within the New England Granite intrusive complex. MT McCLURE GOLD PROJECT The Mt McClure Gold Project contains a Mineral Resource Inventory of approximately 182,200 ounces of gold and remains a valuable component of Yandal's exploration portfolio. The project's immediate focus remains on strategic evaluation and the assessmen