Announcement PDF 1 Appendix 4D Preliminary financial statements for the half-year ended 31 December 2025 Results for announcement to the market Name of Entity Acrux Limited ABN 72 082 001 152 Half year ended 31 December 2025 Previous corresponding reporting period ending 31 December 2024 Results for announcement to the market $A'000 Revenues from ordinary activities Up 109% to 3,573 Profit from ordinary activities after tax attributable to members Up 105% to 165 Net profit for the period attributable to members Up 105% to 165 No dividends have been declared or paid during the reporting period ended 31 December 2024, nor in the previous corresponding reporting period. Net tangible asset per ordinary security 31 December 2025 31 December 2024 0.21 cents 0.67 cents This information should be read in conjunction with the 2025 Annual Report. Additional information supporting the Appendix 4D disclosure requirements can be found in the Directors’ Report and the consolidated financial statements for the half-year ended 31 December 2025. This report is based on the consolidated financial statements for the half-year ended 31 December 2025 which have been reviewed by Pitcher Partners. ACRUX LIMITED AND CONTROLLED ENTITIES ABN: 72 082 001 152 FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 This half-year financial report is to be read in conjunction with the Annual Report 2025 ACRUX LIMITED AND CONTROLLED ENTITIES (ABN: 72 082 001 152) 2 FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 TABLE OF CONTENTS Page Directors’ Report 3 Auditor’s Independence Declaration 8 Financial Report for the half-year ended 31 December 2025 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income 9 Condensed Consolidated Statement of Financial Position 10 Condensed Consolidated Statement of Changes in Equity 11 Condensed Consolidated Statement of Cash Flows 12 Notes to the Condensed Consolidated Financial Statements 13 Directors’ Declaration 16 Independent Auditor’s Review Report 17 ACRUX LIMITED AND CONTROLLED ENTITIES (ABN: 72 082 001 152) 3 DIRECTORS’ REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 The Directors of the consolidated entity consisting of Acrux Limited (‘Acrux’) and its controlled entities (collectively the ‘Group’) have pleasure in presenting this report for the half-year ended 31 December 2025. Complying with the provisions of the Corporations Act 2001, the Directors report as follows: DIRECTORS’ NAMES The names of the Directors in office during and since the end of the half-year ended 31 December 2025 are: Ross Dobinson Non-executive Chairman John Warmbrunn Managing Director & Chief Executive Officer Geoffrey Brooke Non-executive Director Don Brumley Non-executive Director Timothy Oldham Non-executive Director All Directors have held office from the start of the financial period to the date of this report. REVIEW OF OPERATIONS A review of the operations of the Group during the half-year and the results of these operations are as follows: Principal Activities Acrux is a dynamic Australian drug delivery company which develops and commercialises patient preferred healthcare products for global markets with a specialty in transdermal delivery. Acrux has built its topical delivery and device expertise over almost 30 years and these capabilities are being exploited through developing and commercialising topical pharmaceutical products including innovative device based therapies delivered through the skin. There have been no other changes in the nature of these activities during the reporting period. Business Strategy Historically Acrux’s key strategy has been to progress a pipeline of topically applied generic pharmaceutical products, for products to be approved by the United States Food and Drug Administration (‘FDA’) and other geographic territories. Acrux has four currently marketed generic products which are supplied to patients under a doctor’s prescription in the US and has active plans to expand the markets for these products into new geographic territories: • Evamist®, is an Estradiol Spray which is a form of estrogen used as a Hormone Replacement Therapy (‘HRT’) to treat moderate to severe vasomotor symptoms caused by menopause. Evamist® is presented in a unique applicator device developed by Acrux which supports adjustable dosing • Dapsone 5%, Gel, is a treatment for acne vulgaris, a common skin condition occurring when hair follicles become blocked with dead skin cells, bacteria, and skin oils. Acrux’s Dapsone 5%, Gel product was launched in the US at the end of FY24 • Dapsone 7.5%, Gel, was launched in the US in May 2025 and treats acne vulgaris in patients 9 years of age and older • Nitroglycerin 0.4%, Ointment, is a vasodilator used to treat moderate to severe pain caused by chronic anal fissure and was launched in the US at the end of 2024. The current reporting period ending on 31 December 2025 is the first full period of revenues for all four of the commercialised products since their launch, resulting in an increase in product-based revenue to $2.252 million over $0.120 million in the prior corresponding period. ACRUX LIMITED AND CONTROLLED ENTITIES (ABN: 72 082 001 152) 4 Whilst profitable niches for topical generics still exist and the outlook for Acrux’s launched products is positive, in recent years the overall market for topical generic prescription products in the United States has been impacted by multiple new market entrants which has resulted in accelerating price discounting. Consequently, the anticipated future returns from Acrux’s portfolio of topical generic products under development have been critically reviewed and as a result development work on these pipeline products has been refocussed. Anticipated future returns for Prilocaine 2.5% and Lidocaine 2.5%, Cream was also materially diminished and this product was divested in December 2025 as it no longer positively contributed to the portfolio. Looking forward Acrux will leverage its expertise in new product opportunities for transdermal products with innovative delivery devices in both the prescription and consumer market segments and which can be brought to market in two to three years. Revenue from the existing core, commercialised portfolio and expansion of these products to new geographic territories underpins Acrux’s ability to implement new strategic directions which include leveraging existing Acrux knowhow to address new opportunities in the female HRT category. The company is focusing its research and development efforts on the next generation of innovative drug delivery systems in HRT and other therapeutic areas where it has existing skills and knowledge. Key Events During Half Year In December 2025 Prilocaine 2.5% and Lidocaine 2.5%, Cream was divested to our commercial licensee for cash consideration of $0.829 million (US $0.550 million) plus forgiveness of balances payable relating to negative profit shares in FY25 and FY26. This product was divested because it was no longer expected to contribute positively to our generic portfolio. In July 2025 a Sales, Marketing, Distribution and License Agreement with Servacure Trading W.L.L. (‘Servacure’) was executed for Dapsone 5%, Gel for Saudi Arabia. Servacure are progressing the regulatory activities required to support launch of this product by the end of FY27. Acrux has launched specialised laboratory and product development services, leveraging its expertise in developing topically applied pharmaceutical products to generate incremental income. Activities range from small scale fee-for-service project activities for licensees to full scale services for a wider range of external clients. Services offered for pharmaceutical, OTC, veterinary and cosmetic products under development include: in-vitro release testing, product formulation, stability testing, analytical and bioanalytical method development, technical transfer support, as well as Quality and Regulatory support. Income of $0.317 million was earned in the current reporting period with projects continuing into the second half and a number of prospective opportunities are under review. Operating Results With a significant increase in Revenue and lower Operating Expenses, Acrux reports a consolidated profit after tax for the 6 months to December 2025 of $0.165m million relative to a loss in the prior corresponding period of $3.425 million. This improvement primarily reflects growth in product licensing revenue, the one time divestment of Prilocaine 2.5% and Lidocaine 2.5%, Cream and the refocusing and scale back of project expenditure on generic products which are no longer expected to positively contribute to Acrux’s portfolio. ACRUX LIMITED AND CONTROLLED ENTITIES (ABN: 72 082 001 152) 5 P&L Overview Half year ended 31 December 2025 $’000 Half year ended 31 December 2024 $’000 Total revenue 3,573 1,710 Less operating expenses Employee and director expenses 2,204 2,909 Depreciation 222 237 External R&D 541 1,320 Other Expenses 216 826 Total operating expenses 3,183 5,292 Profit / (loss) before tax 390 (3,582) Income tax expense / (benefit) 225 (157) Profit / (loss) after tax 165 (3,425) Revenue Revenue Overview Half year ended 31 December 2025 $’000 Half year ended 31 December 2024 $’000 Product licensing income 1,423 120 Fee for service income 317 - R&D tax incentive rebate 999 1,565 Interest received 5 25 Revenue from operations 2,744 1,710 Divestment – Prilocaine 2.5% and Lidocaine 2.5%, Cream 829 - Total revenue 3,573 1,710 Total revenue from operations is $3.573m, an increase of 109% over the prior corresponding period. Product licensing income increased to $1.423 million as this is the first full reporting period of profit share income of our four currently commercialised products following the launch of Dapsone 7.5%, Gel and the range extension of Dapsone 5%, Gel in the second half of FY25. Product licensing income for the half year ended 31 December 2025 reflects profit shares generated from partner sales of Evamist®, Dapsone, 5% Gel, Dapsone 7.5%, Gel and Nitroglycerin 0.4%, Ointment. Acrux has recently started to conduct technical work for clients on a fee for service basis. The income recorded in the current reporting period reflects work performed for Padagis in relation to Prilocaine 2.5% and Lidocaine 2.5%, Cream. Looking ahead to the second half of FY26, project work will commence with Proteios Pty Ltd, a University of Sydney spinout supported by the Sydney Biomedical Accelerator Venture Studio to provide laboratory services to support development of its topical peptide therapeutic for inflammatory skin disease and two further proposals are under client evaluation. In September, Acrux received $3.040 million RDTI in relation to the year ended 30 June 2025 and at that time all associated short term advances were repaid in full. RDTI financing continues into FY26 with an advance of $0.40 million received in November 2025 being approximately 80% of the estimated RDTI receivable for the period to 30 September. $0.999 million RDTI Income has been estimated as receivable for the 6 ACRUX LIMITED AND CONTROLLED ENTITIES (ABN: 72 082 001 152) 6 months to 31 December 2025, down from $1.565 million for the prior corresponding period. This reduction is due to scale back of project development work on the generic pipeline. Divestment of Prilocaine 2.5% and Lidocaine 2.5%, Cream yielded cash proceeds of $0.829 million (US $0.550 million) plus forgiveness of negative profit share accumulated since late in FY25 the accrual for which was reversed in the current period. Operating Expenses At $3.183 million, Total Operating Expenses were $2.109 million below the prior corresponding period. $0.689 million of this reduction is due to reversal of items accrued in prior periods, specifically negative profit share balances forgiven as part of the Prilocaine 2.5% and Lidocaine 2.5%, Cream divestment ($0.489 million), employee bonuses accrued at the end of FY25 and not paid ($0.130 million) and share based payment expenses associated with performance rights issued to our former CEO which were unvested when he ceased as an employee in July 2025 ($0.070 million). A headcount reduction also contributed to expenses associated with Employees being $0.504 million lower than the prior corresponding period in FY25. External research and development project expenses were $0.779 million lower than the prior comparative period due to the refocus of R&D pipeline investment in favour of differentiated topical products and devices. Going Concern basis of preparation This financial report has been prepared on a going concern basis contemplating continuity of normal business activities and the realisation of assets and settlement of liabilities in the ordinary course of business. The Group recorded a profit after tax from ordinary activities of $0.165 million for the half-year ended 31 December 2025 (31 December 2024: loss after tax $3.425 million) and as at balance date held Total current assets of $2.759 million (30 June 2025: $4.803 million). Whilst a Net profit before tax and increased Cash and cash equivalents have been reported for the six months ended 31 December 2025, the ability of the Group to continue as a going concern continues to be dependent on the generation of future revenues sufficient to support progression of development projects and other operating activities. Operating revenues are expected to continue to develop in future reporting periods with the impact of full year revenues from the recent launches of Dapsone 5%, Gel, Nitroglygerin 0.4%, Ointment Dapsone 7.5%, Gel in the US and the geographic expansion of these products commercialised in the US to new geographic territories. The Directors believe the Group can meet its financial obligations as and when they fall due based on cashflow projections which have been prepared for a period of twelve months beyond the date of approval of these financial statements and which incorporate the following key assumptions: • Revenue growth of FDA approved products currently on market or launches of these products in new geographic territories; • Monetisation of other assets or revenue streams; • Continuing eligibility of product development expenditure for the RDTI rebate; and • The ability to execute other financial and funding transactions as and if required. These sources of funds are expected to support cashflows from operating activities in the future and enable the Group to continue operating as a going concern. ACRUX LIMITED AND CONTROLLED ENTITIES (ABN: 72 082 001 152) 7 Directors closely monitor revenue and expenditure against projections and should cash inflows be materially lower than forecasted cash management strategies which could be implemented include: • Deferral of project development activities and associated expenditure; • Management of operating and capital expenses; and • Execution of other financial and funding transactions as and if required. On this basis this financial report has been prepared on a going concern basis and no adjustments have been made relating to the recoverability and classification of the carrying amount of assets or the amount and classification of liabilities that might be necessary should the Group not continue as a going concern. Should the Group not achieve the assumptions detailed above and other initiatives were not implemented there would be a material uncertainty which would cast significant doubt as to whether the Group may be able to meet its debts as and when they fall due and therefore continue as a going concern. In that circumstance the Group may be required to realise assets and extinguish liabilities other than in the ordinary course of business and at amounts which differ to those stated in the financial statements. Dividends No dividends have been declared or paid in the period to 31 December 2025 (2024: nil). After balance date events No matter or circumstance has arisen since 31 December 2025 that has significantly affected, or may significantly affect, the Group’s operations, results or state of affairs, or may do so in future periods. Auditor’s independence declaration A copy of the Auditor’s Independence Declaration in relation to the review for the period is provided with this report. Rounding of amounts The Group is a group of the kind referred to in ASIC Corporations (Rounding in Financial/Directors' Reports) Instrument 2016/191, dated 24 March 2016, and in accordance with that Corporations Instrument, amounts in this Directors’ Report and financial statements have been rounded to the nearest one thousand dollars, unless otherwise indicated. Signed in accordance with a resolution of the Directors made pursuant to s306(3) of the Corporations Act 2001. On behalf of the Directors Ross Dobinson Non-executive Chairman 24 February 2026 ACRUX LIMITED AND CONTROLLED ENTITIES ABN 72 082 001 152 AUDITOR’S INDEPENDENCE DECLARATION TO THE DIRECTORS OF ACRUX LIMITED AND CONTROLLED ENTITIES Pitcher Partners. An independent Victorian Partnership ABN 27 975 255 196. Level 13, 664 Collins Street, Docklands, VIC 3008 Pitcher Partners is an association of independent firms. Liability limited by a scheme approved under Professional Standards Legislation. Pitcher Partners is a member of the global network of Baker Tilly International Limited, the members of which are separate and independent legal entities Adelaide Brisbane Melbourne Newcastle Sydney Perth pitcher.com.au In accordance with section 307C of the Corporations Act 2001, I declare to the best of my knowledge and belief in relation to the review of the financial report of Acrux Limited for the half-year ended 31 December 2025, there have been: • no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and • no contraventions of the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) in relation to the review. PITCHER PARTNERS Melbourne J J MITCHELHILL Partner 24 February 2026 ACRUX LIMITED AND CONTROLLED ENTITIES (ABN: 72 082 001 152) 9 CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 Consolidated Half Year Ended Note 31 December 2025 $’000 31 December 2024 $’000 Revenue Revenue from product licensing agreements 1,423 120 Fee for service revenues 317 - Other revenue 1,833 1,590 Total Revenue 1 3,573 1,710 Less: Operating Expenses Employee benefits expense 2,113 2,647 Directors' fees 104 107 Securities based payment expense (12) 156 Depreciation and amortisation expense 222 237 Occupancy expense 121 136 External research and development expense 541 1,320 Professional fees 158 67 Accrued negative profit share reversed (489) - Interest expense 152 154 Other expense 273 468 Total Operating Expenses 3,183 5,292 Profit / (Loss) Before Income Tax 390 (3,582) Income tax expense / (benefit) 225 (157) Net Profit / (loss) for the half year 165 (3,425) Total comprehensive profit / (loss) for the half year 165 (3,425) Total Comprehensive profit / (loss) attributable to members of the parent company 165 (3,425) Earnings / (Loss) Per Share: Basic earnings / (loss) per share 0.04 cents (1.14) cents Diluted earnings / (loss) per share 0.04 cents (1.14) cents The accompanying notes form part of these financial statements. ACRUX LIMITED AND CONTROLLED ENTITIES (ABN: 72 082 001 152) 10 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025 Consolidated Note 31 December 2025 $’000 30 June 2025 $’000 Current Assets Cash and cash equivalents 946 863 Receivables 1,633 3,791 Other current assets 180 149 Total Current Assets 2,759 4,803 Non-Current Assets Plant and equipment 293 389 Intangible assets - - Deferred tax asset 339 564 Lease assets 1,342 1,469 Total Non-Current Assets 1,974 2,422 Total Assets 4,733 7,225 Current Liabilities Payables 636 1,621 Provisions 655 907 Borrowings 399 1,727 Lease liabilities 357 225 Total Current Liabilities 2,047 4,480 Non-Current Liabilities Provisions 44 39 Lease liabilities 1,442 1,683 Total Non-Current Liabilities 1,486 1,722 Total Liabilities 3,533 6,202 Net Assets 1,200 1,023 Equity Contributed equity 2 118,432 118,218 Reserves 8,835 9,037 Retained earnings / (Accumulated losses) (126,067) (126,232) Total Equity 1,200 1,023 The accompanying notes form part of these financial statements. ACRUX LIMITED AND CONTROLLED ENTITIES (ABN: 72 082 001 152) 11 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 Contributed equity $’000 Reserves $’000 Retained earnings /(losses) $’000 Total Equity $’000 Balance at 1 July 2025 118,218 9,037 (126,232) 1,023 Profit attributable to members of the consolidated entity - - 165 165 Other comprehensive income - - - - Total comprehensive loss for the half year - - 165 165 Transactions with owners: Capital Raising, net of costs - - - - Employee share scheme 214 (202) - 12 Balance at the half year ended 31 December 2025 118,432 8,835 (126,067) 1,200 Balance at 1 July 2024 115,012 8,551 (120,287) 3,276 Loss attributable to members of the consolidated entity - - (3,425) (3,425) Other comprehensive income - - - - Total comprehensive loss for the half year - - (3,425) (3,425) Transactions with owners: Capital Raising, net of costs 3,425 - - 3,425 Employee share scheme (23) 156 - 133 Balance at the half year ended 31 December 2024 118,414 8,707 (123,712) 3,409 The accompanying notes form part of these financial statements. ACRUX LIMITED AND CONTROLLED ENTITIES (ABN: 72 082 001 152) 12 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 Consolidated Half Year Ended 31 December 2025 $’000 31 December 2024 $’000 Cash flows from operating activities Receipts from client contracts 2,670 157 Payments to suppliers and employees (3,976) (4,446) Interest received 5 23 Research and development tax incentive rebate received 3,040 2,975 Net cash provided by / (used in) operating activities 1,739 (1,291) Cash flows from investing activities Payment for property, plant and equipment - (23) Net cash used in investing activities - (23) Cash flows from financing activities Lease liability principal repayments (110) (106) Finance costs (210) (160) Proceeds from short term financing 856 467 Repayment of short term financing (2,192) (1,954) Proceeds from capital raising, net of costs - 3,447 Net cash provided by / (used in) financing activities (1,656) 1,694 Net increase in cash and cash equivalents 83 380 Cash and cash equivalents at beginning of half year 863 2,945 Cash at the end of the period 946 3,325 The accompanying notes form part of these financial statements ACRUX LIMITED AND CONTROLLED ENTITIES (ABN: 72 082 001 152) 13 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 General information Statement of compliance This half-year financial report is a general purpose financial report prepared in accordance with the Corporations Act 2001 and AASB 134 Interim Financial Reporting. Compliance with AASB 134 ensures compliance with International Financial Reporting Accounting Standard IAS 34 Interim Financial Reporting. The half-year financial report does not include notes of the type normally included in an annual financial report and should be read in conjunction with the most recent annual financial report. Basis of preparation The condensed consolidated financial statements for the half-year ended 31 December 2025 have been prepared on the basis of historical cost. Cost is based on the fair values of the consideration given in exchange for assets. All amounts are presented in Australian dollars unless otherwise noted. The Group is a group of the kind referred to in ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191, dated 24 March 2016, and in accordance with that Corporations Instrument, amounts in the half-year financial report are rounded to the nearest thousand dollars, unless otherwise indicated. The accounting policies and methods of computation adopted in the preparation of the half-year financial report are consistent with those adopted and disclosed in the Group’s Annual Report for the financial year ended 30 June 2025. The accounting policies are consistent with Australian Accounting Standards and with International Financial Reporting Standards. The Group has applied all new and revised Australian Accounting Standards and Interpretations that are applicable to reporting periods beginning on or after 1 July 2025. Application of new and revised Australian Accounting Standards did not materially impact on this half year financial report. Going concern basis of preparation This financial report has been prepared on a going concern basis contemplating continuity of normal business activities and the realisation of assets and settlement of liabilities in the ordinary course of business. The Group recorded a profit after tax from ordinary activities of $0.165 million for the half-year ended 31 December 2025 (31 December 2024: loss after tax $3.425 million) and as at balance date held Total current assets of $2.759 million (30 June 2025: $4.803 million). Whilst a Net profit before tax and increased Cash and cash equivalents have been reported for the six months ended 31 December 2025, the ability of the Group to continue as a going concern continues to be dependent on the generation of future revenues sufficient to support progression of development projects and other operating activities. Operating revenues are expected to continue to develop in future reporting periods with the impact of full year revenues from the recent launches of Dapsone 5%, Gel, Nitroglygerin 0.4%, Ointment Dapsone 7.5%, Gel in the US and the geographic expansion of these products commercialised in the US to new geographic territories. ACRUX LIMITED AND CONTROLLED ENTITIES (ABN: 72 082 001 152) 14 The Directors believe the Group can meet its financial obligations as and when they fall due based on cashflow projections which have been prepared for a period of twelve months beyond the date of approval of these financial statements and which incorporate the following key assumptions: • Revenue growth of FDA approved products currently on market or launches of these products in new geographic territories; • Monetisation of other assets or revenue streams; • Continuing eligibility of product development expenditure for the RDTI rebate; and • The ability to execute other financial and funding transactions as and if required. These sources of funds are expected to support cashflows from operating activities in the future and enable the Group to continue operating as a going concern. Directors closely monitor revenue and expenditure against projections and should cash inflows be materially lower than forecasted cash management strategies which could be implemented include: • Deferral of project development activities and associated expenditure; • Management of operating and capital expenses; and • Execution of other financial and funding transactions as and if required. On this basis this financial report has been prepared on a going concern basis and no adjustments have been made relating to the recoverability and classification of the carrying amount of assets or the amount and classification of liabilities that might be necessary should the Group not continue as a going concern. Should the Group not achieve the assumptions detailed above and other initiatives were not implemented there would be a material uncertainty which would cast significant doubt as to whether the Group may be able to meet its debts as and when they fall due and therefore continue as a going concern. In that circumstance the Group may be required to realise assets and extinguish liabilities other than in the ordinary course of business and at amounts which differ to those stated in the financial statements. 1. SEGMENT REPORTING The Group operates as a single operating segment. Internal management reporting systems present financial information as a single segment which derives its revenue as follows: 31 December 2025 $'000 31 December 2024 $'000 Geographical segment revenue information Australia 1,004 1,590 Europe and other countries - - United States 2,569 120 3,573 1,710 Revenue by product group and services provided Income received from product agreements 2,252 120 Income received from service agreements 317 - R&D Tax Incentive Rebate 999 1,565 Interest received 5 25 3,573 1,710 ACRUX LIMITED AND CONTROLLED ENTITIES (ABN: 72 082 001 152) 15 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 (continued) 2. CONTRIBUTED EQUITY Number of Ordinary Shares $’000 (a) Issued and paid up capital Ordinary Shares fully paid 410,608,528 118,432 (b) Movements in ordinary shares on issue Beginning balance, 1 July 2025 407,763,526 118,218 Conversion of rights under Omnibus Equity Plan 2,845,002 214 Closing balance, 31 December 2025 410,608,528 118,432 There are 160,472,177 listed options on issue having an exercise price of 5.25 cents and expiry date of 19 February 2027. There has been no change in the quantity of listed options on issue in the current reporting period. 3. KEY MANAGEMENT PERSONNEL Remuneration arrangements of Key Management Personnel are disclosed in the Annual Report. Following approval at the Annual General Meeting (‘AGM’) held on 25 November 2025, 13,114,417 rights were issued to Non-executive Directors in partial lieu of salary and wages. These rights vest on a quarterly basis over a period of 12 months, subject to continuity of service. As at 31 December 2025 none of these rights issued to Directors in December 2025 have vested. Director Name Number of Rights Issued Geoff Brooke 2,866,719 Don Brumley 2,866,7