Announcement PDF 2025 ANNUAL R E P O R T Yandal Resources Limited Corporate directory 30 June 2025 Directors Greg Evans - Non-Executive Chair Katina Law - Non-Executive Director Chris Oorschot - Managing Director Managing 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 86 108 753 608 1 Yandal Resources Limited Chairmans report 30 June 2025 Dear Yandal Shareholders, As I reflect on the financial year 2025, I am pleased to recount several significant developments and express our gratitude to those who have contributed to our progress. As I commented last year, our commitment to technically focused and systematic exploration has yielded impressive results and set a strong foundation for our future programs. Our strategy of deliberately exploring for significant discoveries has seen material success at Siona within New England Granite and the emerging Arrakis prospect within the Caladan target area; together with Flushing Meadows these now form the core focus of your Company. These exploration successes are a credit to all associated with Yandal and highlight the quality work your Company is undertaking. In financial year 2025, we completed some 12,500 metres of air core drilling, 13,500 metres of reverse circulation drilling and circa 2,400 metres of diamond drilling, with more underway or yet to come. These drilling programs have, and continue to, significantly advance exploration, generating new gold discoveries and multiple structural targets that require further work and drilling programs. To our team, your hard work has been instrumental in driving our exploration forward. Your perseverance and commitment to technical excellence, safety, and the well-being of one another in every facet of your roles are very much appreciated by your Board. Under Managing Director Chris Oorschot, our exploration teams have flourished and rewarded our faith in their expertise and commitment to the strategy. These continued high standards enable us to realise our goals, remain safe without harm, and reflect the values of your Company of integrity, commitment and pride. Importantly, we consider that during this financial year, Yandal has further strengthened our relationship with the Kultju people, who are the Traditional Owners of the lands in which we work, and I acknowledge and thank them for their assistance and support in our activities. I would like to take this opportunity to thank Mr. Tim Kennedy, who stepped down from the Board in May of this year. Tim was a long-serving Board and Executive team member. He has been a key driver in the strategic direction of the Company, and on behalf of the Board and team at Yandal, I thank Mr. Kennedy for his dedicated service and work for your Company. Finally, our valued shareholders, your ongoing support and confidence in our strategy and work programs are very much appreciated. We are committed to delivering shareholder value and maintaining the highest standards of transparency and accountability, together with ensuring shareholder funds are allocated optimally to progress our exploration strategy. I take this opportunity to thank my colleagues on the Board, together with our Company Secretary, Mr. Greg Fitzgerald, and specialist advisor, Mr. Ed Eshuys, for their dedicated service and guidance to our staff and Company. Yandal remains focused on developing our suite of assets within the prospective Yandal belt and now have a very positive outlook as to the prospectivity of the work we have completed in FY25. The exploration activity of this year will drive our endeavours into next year as we work to grow shareholder value through exploration success. I look forward to sharing with you further as we continue to build on our achievements to date. Kind regards, Gregory Evans Chair, Board of Directors 2 Yandal Resources Limited Directors' report 30 June 2025 The Directors present the financial report of Yandal Resources Limited (referred to hereafter as the 'Company' or 'Yandal') for the 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: Greg Evans (Non-Executive Chair) Katina Law (Non-Executive Director) Chris Oorschot (Managing Director) Tim Kennedy (former Non-Executive Director) - resigned 2 May 2025 Information on Directors Name: Title: Qualifications: Experience and expertise: Greg Evans Non-Executive Chair - appointed 4 April 2022 (length of service 3 year 6 months) BCom, DipApp Fin, GAICD 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: 737,092 Interests in options: 1,592,308 Interests in rights: Nil Name: Title: Katina Law Non-Executive Director - appointed 1 July 2018 (length of service 7 years 3 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: DGO) Interests in shares: 2,486,146 Interests in options: 1,192,308 Interests in rights: Nil 3 Yandal Resources Limited Directors' report 30 June 2025 Name: Chris Oorschot - appointed 1 July 2024 as Managing Director, previously appointed as Technical Director 22 September 2023, Exploration Manager 22 February 2023 (length of service 2 years 7 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: 58,583 Interests in options: 2,969,231 Interests in rights: Nil Name: Title: Tim Kennedy Former Non-Executive Director - appointed Managing Director 17 February 2021, resigned and appointed Executive Director 1 July 2024, changed to a NonExecutive Director on 1 October 2024, and resigned 2 May 2025 (length of service 4 years 2 months) Qualifications: B.App Sc (Geology), MBA, MAusIMM, MGSA Experience and expertise: Mr Kennedy is a geologist with a successful 30+ year career in the mining industry, including extensive involvement in the exploration, feasibility and development of gold, nickel, platinum group elements, base metals and uranium projects throughout Australia. His most recent executive role was as exploration manager with IGO Limited, which during his 11 years IGO grew from being a junior explorer to a multi-commodity mining company. Mr Kennedy played a key role as part of the team that represented IGO on the exploration steering committee with AngloGold Ashanti during the multi-million ounce Tropicana, Havana and Boston Shaker discoveries and the discoveries by IGO of the Rosie magmatic nickel sulphide deposit; the Triumph VMS deposit and the Bibra orogenic gold deposit. Prior to that Mr Kennedy held senior positions with global miner Anglo American, including as Exploration Manager – Australia and Principal Geologist/Team Leader – Australia. He also held senior technical positions with Resolute Limited, Hunter Resources and PNC Exploration Pty Ltd. Other current directorships: None Former directorships (last 3 years): None Interests in shares: Nil 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. 4 Yandal Resources Limited Directors' report 30 June 2025 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. Meetings of Directors The number of meetings of the Company's Board of Directors ('the Board') held during the year ended 30 June 2025, and the number of meetings attended by each Director were: Full Board Attended Held Director Greg Evans Katina Law Chris Oorschot Tim Kennedy1 9 9 9 7 9 9 9 7 1Tim Kennedy resigned 2 May 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 $8,208,150 (30 June 2024: $5,247,117). The following is a summary of the activities of the Company for the period ended 30 June 2025. 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 Yandal Resources maintains a portfolio of gold exploration projects in the highly prospective Yandal and Norseman-Wiluna Greenstone Belts of Western Australia (Figure 1). Over the last twelve months, exploration has focused primarily on early-stage, large-scale target areas within the Ironstone Well-Barwidgee (IWB) Gold Project, with minor activities also completed across the Mt. McClure and Gordons Gold Projects. The Company has remained focused on its strategy of identifying and testing early-stage but large-scale gold targets. Exploration activities increased significantly during the year following the Siona gold discovery, hosted within the New England Granite, in October 2024. This was followed by the identification of mineralised structure within the Caladan target area in January 2025, defining the Arrakis Prospect. Both target areas have been prioritised within the exploration schedule and have seen rapid progress during the year. A strategic review of non-core exploration assets, including the Gordons Gold Project and Mt McClure Gold Project, was completed in early 2025. After the end of June, a Tenement Sale Agreement was executed with Horizon Minerals Ltd (ASX: HRZ) for the sale of the Gordons Gold Project, for a total consideration of $2.81 million in cash and HRZ shares. 5 Yandal Resources Limited Directors' report 30 June 2025 Figure 1: Yandal Resources’ gold project locations. 6 Yandal Resources Limited Directors' report 30 June 2025 IRONSTONE WELL-BARWIDGEE GOLD PROJECT The 100% owned IWB Gold Project covers approximately 401km² of highly prospective and under-explored tenure located between the Jundee and Bronzewing mines in the northern Yandal Greenstone Belt of Western Australia (Figure 2). Yandal has an established Mineral Resource of 268,000oz of gold at Flushing Meadows and considers there to be strong potential to make new, large-scale discoveries within its extensive tenement holding. (Refer to the ASX announcement of 4 November 2020 for details of the Flushing Meadows Resource). The project area encompasses several large-scale geological settings, where analysis completed by the YRL exploration team has identified new conceptual targets that have significant discovery potential, including the New England Granite (NEG), Caladan, and Irulan target areas (See Figure 2). The IWB Project also includes several advanced prospects, where limited historic and YRL drilling has returned robust gold intercepts, indicating the potential for large-scale discoveries. Both the early-stage and more advanced prospects are the focus of ongoing exploration. During the year, exploration across these target areas has resulted in several significant exploration successes, including the Siona discovery hosted within the New England Granite, and the delineation of a more than 2.2km long mineralised structure within the core of the Caladan target area, designated the Arrakis Prospect. These results demonstrate a maturing exploration strategy that aims to uncover significant new discoveries in the under-explored Yandal Greenstone Belt. Figure 2: Simplified geology plan across the IWB Gold Project showing active prospects and exploration target areas, including the Siona and Arrakis Prospects. 7 Yandal Resources Limited Directors' report 30 June 2025 Caladan Target Area In June 2024, a series of new high-priority targets were identified based on detailed gravity data collected by Yandal and a comprehensive analysis of open file data. Most notable was the identification of the Irulan and Caladan target areas, which show broad similarities to several world-class gold camps (see ASX Release 11th of June 2024): ● The interpreted Caladan Fold displays similarities to the broader structural setting of the Boomerang Anticline that hosts the Golden Mile Deposit and the folded mafic sequence of the Timmins-Porcupine gold district in Canada. ● The interpreted Irulan Dolerite Complex resembles the litho-structural setting of the Jundee deposits but on a smaller scale. Across the Caladan and Irulan Targets, several low-level in-situ saprolite anomalies were identified within shallow historical drilling, including a continuous 3km long northwest striking anomaly within the core of the interpreted Caladan Fold designated CAL-01 (now the Arrakis Prospect). Significantly, this broad-spaced drilling was shallow and only tested upper saprolite clays, a portion of the regolith profile prone to gold depletion across the Yandal Greenstone Belt. This underscored the attractive interpreted structural setting and untested nature of this large target area, emphasising the need for more effective exploration. A single line of air-core drilling commenced in October across the core of the Caladan target area, testing the central part of the CAL-01 anomaly. 2024 Caladan AC Results Results from the Caladan AC drilling program in early January (see ASX release dated 15 January 2025) relating to the 2024 AC drilling program across the Caladan target area included seventeen holes for 1,688m of drilling, variably spaced (80m to 200m) along a single northeast-trending (towards 045°) drilling line. Results from the 2024 AC drilling program across the Caladan fold returned a cluster of significant intercepts, all within or proximal to the in-situ regolith Au anomaly CAL-01 (See Figure3), including: ● 11m @ 1.7 g/t Au from 97m to end-of-hole in 24IWBAC063, including ● 3m @ 3.5 g/t Au from 102m ● 2m @ 1.2 g/t Au from 74m in 24IWBAC013 ● 4m @ 0.5 g/t Au from 88m in 24IWBAC016 ● 3m @ 0.2 g/t Au from 81m in 24IWBAC015 The significant intercept in 24IWBAC0063 is located on the northeast margin of the CAL-01 regolith anomaly. This result, combined with the adjacent intercepts, demonstrates a potential correlation between the shallow CAL-01 regolith Au anomaly and a primary mineralisation source. The new prospect was subsequently named Arrakis. The 11m @ 1.7g/t intercept within 24IWBAC063 is hosted within an interpreted sheared dolerite, displaying strong sericite alteration, up to 3% veining and 5-10% fine disseminated sulphides as a combination of both pyrite and arsenopyrite. The Arrakis Prospect is overlain by 10-14m of transported cover. In addition to the significant intercept, the air-core drilling also confirmed gravity highs to coincide with fractionated dolerites, separated by a sequence dominated by variably altered intermediate (andesite) volcaniclastics and sediments. 8 Yandal Resources Limited Directors' report 30 June 2025 Defining the Arrakis Prospect In April 2025, assay results from a small RC drilling program across the Arrakis Prospect within the Caladan target area were reported. Four RC holes (700m total) were drilled along the single line that transects the core of the Caladan Fold (see Figures 4 and 5). Significant intercepts included: ● 11m @ 0.5 g/t Au from 168m in 25AKSL003 - Including 3m @ 1.2 g/t Au from 174m ● 5m @ 1.3 g/t Au from 243m in 25IWBRC0037*1 - Including 2m @ 2.7 g/t Au from 246m *1 RC hole 25IWBRC0037 only partially tested the targeted shear zone. Several new structures were also identified in the depleted upper regolith, including: ● 9m @ 0.4 g/t Au from 54m in 25IWBRC0037 - Including 1m @ 1.8 g/t Au from 61m ● 8m @ 0.4g/t Au from 105m in 25IWBRC0037 The deeper RC drilling results demonstrated early evidence of mineralisation continuity into fresh rock and a subvertical geometry. Results also highlight the potential for multiple mineralised structures within the interpreted mafic host. These results paved the way for the larger-scale air-core program across the Caladan target area that commenced in June. 2025 Caladan Air-Core Drilling In early June, the large-scale Caladan AC program commenced. The program saw drilling completed across ten lines, with a total of 132 holes for 13,458m of drilling completed after June 30. The aircore program tested a significant expanse of the Caladan target area, including 6.4km of strike (See Figure 6). Results from the air-core drilling reported post-June 30 (see ASX releases dated 10 July 2025, 31 July 2025 & 18 August 2025) delivered numerous significant intercepts including : ● 11m @ 2.1 g/t Au from 90m in 25IWBAC023, including - 7m @ 3.1 g/t Au from 92m. ● 12m @ 1.1g/t Au from 45m in 25IWBAC032. ● 12m @ 0.5 g/t Au from 70m to EOH in 25IWBAC032. ● 11m @ 1.4 g/t Au from 71m in 25IWBAC044, including - 6m @ 2.3 g/t Au from 72m. ● 22m @ 0.5g/t Au from 75m in 25IWBAC099, including - 7m @ 1.2 g/t Au from 75m. ● 5m @ 0.7 g/t Au from 112m to EOH in 25IWBAC052. These results demonstrate that the mineralised structure intercepted in AC drilling completed in late 2024 (see ASX release 15 January 2025 & Figure 3) is potentially continuous along more than 2,200m of strike and remains open to the northwest and southeast, see Figure 6. Across all intercepts, mineralisation is hosted within sheared and altered dolerite. The Arrakis Prospect The Arrakis prospect hosted within the core of the Caladan target area represents a significant discovery opportunity. Heading into the 2025/26 financial year, Yandal Resources aims to advance the Prospect further with further RC drilling and infill air-core drilling. 9 Yandal Resources Limited Directors' report 30 June 2025 Figure 3: A collar plan over the Caladan target area, showing simplified bedrock geology interpretation across the Caladan and northern Irulan target areas within the IWB Gold Project. The collars of the 2024 air-core drilling and the historic 1995 RAB drilling are plotted and thematically coloured by max Au (g/t Au). In-situ regolith Au (ppb) anomalies derived from the 1995 RAB drilling are contoured on the plan. The blue outline represents the YRL tenements. The underlying processed ground gravity image is derived from Bouguer anomaly 0.5 vertical derivative with north-west shade and a non-linear colour scale image. 10 Yandal Resources Limited Directors' report 30 June 2025 Figure 4: A collar plan over the Caladan target area, showing simplified bedrock geology interpretation across the Caladan and northern Irulan target areas within the IWB Gold Project. The collars of the 2024 air-core drilling, the historic 1995 RAB drilling, and all historic drilling >20m in depth are plotted. All collars are thematically coloured by max Au (g/t Au). Also plotted are the air-core drill lines for the 2025 drill program. 11 Yandal Resources Limited Directors' report 30 June 2025 Figure 5: Cross-section showing all drilling results from Arrakis with a simple preliminary interpretation of geology. The section location is shown in Figure 4. The section shows all drilling +/-50m away from the section plane. 12 Yandal Resources Limited Directors' report 30 June 2025 Figure 6: A collar plan over the Caladan target area, showing simplified bedrock geology interpretation across the Caladan and northern Irulan target areas (interpretation based on bottom-of-hole geology) and all reported drilling. The locations of effective historic drilling (>20m depth, excluding all Eagle Mining and Hunter Resources RAB drilling from 1995) and all Yandal drilling are plotted. Collars are thematically coloured by max Au (g/t) in the hole. Red polygon presents a second parallel trend to Arrakis linked to 25IWBAC096 and 25IWBAC108. 13 Yandal Resources Limited Directors' report 30 June 2025 Irulan Target Area A 52-hole ~3,300m air-core program was completed across the northern half of the Irulan target area in late 2024, and results were received in early 2025. Results demonstrate several anomalies and trends within the upper regolith profile (see Figure 4). The average drill hole depth was 63m across the program, and the base-of-transported cover varied between 2m and 12m. The depth of weathering shallowed towards the southeast. Results include several low-level gold anomalies from the upper regolith profile. Recent drilling across the Arrakis Prospect demonstrates the potential of depletion within the upper part of the regolith profile and the need to investigate even low-level regolith anomalies and mineralisation. The weathering profile across the southern half of the Irulan target (including the Rosewall Prospect) is shallow. Aircore drilling is unlikely to provide a sufficient test within this eroded regolith setting. RC drilling will be scheduled to test this portion of the Irulan target in late 2025 or early 2026. New England Granite The NEG target area comprises a 4.2km long, 2km wide granitoid, covered by 6-20m of transported cover and exhibits strong regolith gold anomalism in shallow historical drilling proximal to the intrusive contact (Figure 2 and Figure 7). RC drilling targeting structures observed in two 400m deep diamond holes, 24YRLEIS0001 and 24YRLEIS0002, resulted in the Siona discovery in October 2024. After this discovery, several additional structural settings across the NEG have been identified as significant targets for future exploration (See ASX release dated 21 May 2025). Siona Discovery Following the completion of the updated targeting model at NEG, an RC program comprising 2,400m of drilling for twelve holes designed to test structural targets proximal to the eastern intrusive margin was initiated. Two holes, 24IWBRC0039 and 24IWBRC0044, intercepted significant mineralisation and defined an emerging gold discovery named the Siona Prospect. These results were reported to the ASX on 21 October 2024. Follow-up RC drilling commenced across Siona in early November, and by late December, fourteen holes for 2,900m had been completed, testing the main northwest striking Siona trend (see ASX release dated 25 November 2024). This drilling highlighted mineralisation continuity over more than 450m along strike and demonstrated a range of mineralisation styles with intercepts including: ● 107*2 @ 1.0 g/t Au from 96m to end-of-hole in 24IWBRC0039 (ETW of 30-40m) - Original intercept extended from 78m @ 1.2g/t after re-entry ● 80m*2 @ 1.0g/t Au from 67m in 24IWBRC0047(ETW of 30-40m) ● 17m*2 @ 4.9g/t Au from 85m in 24IWBRC0050 (ETW of 8-10m) ● 14m*2 @ 1.8/t Au from 63m in 24IWBRC0044 (ETW of 10-12m) ● 35m*2 @ 1.0g/t Au from 122m in 24IWBRC0046 (ETW of 28-32m) ● 23m*2 @ 1.3 g/t Au from 102m in 24IWBRC0048 (ETW of 12-18m) ● 26m*2 @ 0.5g/t Au from 267m in 24IWBRC0054 (ETW 14-20m) ● 18m*2 @ 0.7g/t Au from 141m in 24IWBRC0055 (ETW 10-16m) *2 All intercept lengths are reported as down-hole lengths as the true width is uncertain; an estimate of true width (ETW) is provided for the primary Siona intercepts. 14 Yandal Resources Limited Directors' report 30 June 2025 Siona Diamond Drilling Four new diamond holes and two diamond tails were drilled across Siona (see Figure 3), with significant results including: ● 16.3m @ 0.5 g/t Au from 322.2m in 25IWBRD0003 ● 29.1m @ 0.4g/t Au from 282.9m in 25IWBRD0010 ● 6.4m @ 1.5 g/t Au from 103.5m in 25IWBDD0009, including - 0.3m @ 3.6g/t Au from 105.8m - 0.4m @ 12.7g/t Au from 108.3m - 0.4m @ 6.2g/t Au from 109.5m The diamond drilling results confirmed wide, low-grade gold mineralisation continuity at depth. Geological analysis suggests continuous higher-grade mineralisation occurs within the broader low-grade mineralisation, with the plunge direction controlled through the interaction of the deformed intrusive margin and oblique cross-cutting shear zones. Refining Structural Targets The completion of diamond drilling has allowed a detailed set of geological observations to be made and analysed. The most significant observation made by Yandal Resources is that mineralisation develops wherever deformation occurs, both proximal and distal to the host intrusive margin. This observation has been reinforced by the recently completed RC exploration drilling program at the Salusa Prospect on the southeast corner of the New England Granite (see ASX release 15 April 2025), including: ● 2m @ 9.4g/t Au from 33m in 25IWBRC0019, and ● 14m @ 0.8g/t Au from 82m in 25IWBRC0019 The geological observations highlights the suitability of the granodiorite in acting as a host for gold mineralisation. It allows the development of a simple set of targeting criteria to prioritise structural targets derived from geophysics. With the receipt of all diamond drilling results, the targeting criteria for the New England Granite have been revised to include: ● Targeting structures that interact with the intrusive margin with observable offsets (lateral or vertical); ● Prioritise northwest-trending features and northeast-striking conjugate structures of a similar relative age within the intrusive away from the intrusive margin; ● Prioritise structures that are oblique to the granodiorite margin. In addition to the above, the concept of gold mineralisation occurring deep into the intrusive away from the intrusive contact is yet to be adequately tested. Figure 7 shows the priority structural targets that will be the focus of air-core drilling later in 2025. 15 Yandal Resources Limited Directors' report 30 June 2025 Figure 7: Plan showing processed infill ground gravity dataset (BA267 1VD northwest shade linear colour scale) across the New England Granite area. The plan includes the updated interpretation of the intrusive margin and a preliminary interpretation of structures interacting with the intrusion. Broad structural targets include Salusa and NEG01-NEG04. 16 Yandal Resources Limited Directors' report 30 June 2025 Figure 8: The collar plan shows all RC and diamond drilling completed across Siona (see Figure 7 for location within the NEG) with individual down-hole assays plotted on the drill string. A surface projection of the intrusive contact and major structures is also plotted. MT MCCLURE GOLD PROJECT The Mt McCl