Announcement PDF AT THE HEART OF CANCER CARE H1 FY26 Report Financial statements for the half year ended 31 December 2025 Racura Oncology Limited (formerly known as Race Oncology Limited) Appendix 4D Half-year report 1. Company details Name of entity: Racura Oncology Limited (formerly known as Race Oncology Limited) ABN: 61149318749 Reporting period: For the half-year ended 31 December 2025 Previous period: For the half-year ended 31 December 2024 2. Results for announcement to the market 31 Dec 2025 31 Dec 2024 Change Change $ $ $ % Profit/(loss) from ordinary activities after tax attributable to the owners of Racura Oncology Limited (formerly known as Race Oncology Limited) (4,098,876) 502,163 (4,601,039) (916%) Profit/(loss) for the half-year attributable to the owners of Racura Oncology Limited (formerly known as Race Oncology Limited) (4,098,876) 502,163 (4,601,039) (916%) Dividends There were no dividends paid, recommended or declared during the current financial period. Comments The loss for the consolidated entity after providing for income tax amounted to $4,098,876 (31 December 2024: profit of $502,163). 3. Net tangible assets 31 Dec 2025 31 Dec 2024 Cents Cents Net tangible assets per ordinary security 11.71 10.39 4. Control gained over entities Not applicable. 5. Loss of control over entities Not applicable. 6. Dividends Current period There were no dividends paid, recommended or declared during the current financial period. Previous period There were no dividends paid, recommended or declared during the previous financial period. 7. Dividend reinvestment plans Not applicable. Racura Oncology Limited (formerly known as Race Oncology Limited) Appendix 4D Half-year report 8. Details of associates and joint venture entities Not applicable. 9. Foreign entities Details of origin of accounting standards used in compiling the report: On 6 October 2017, the Company incorporated a subsidiary in Belgium, Race Oncology Belgium (Company Number 0682664917). On 18 June 2025, the Group dissolved its wholly owned subsidiary, Race Oncology SRL/BV, incorporated in Belgium. The dissolution was completed in accordance with relevant corporate regulations, and the entity has ceased operations. 10. Audit qualification or review This report has been based on accounts that have been subject to an auditor's review. There are no items of dispute with the auditor and the review is not subject to qualification. 11. Attachments Details of attachments (if any): The Interim Report of Racura Oncology Limited (formerly known as Race Oncology Limited) for the half-year ended 31 December 2025 is attached. 12. Signed Signed ___________________________ Date: 27 February 2026 Peter Smith – Executive Chair Racura Oncology Limited (formerly known as Race Oncology Limited) ABN 61149318749 Interim Report for the half year ended - 31 December 2025 Racura Oncology Limited (formerly known as Race Oncology Limited) Contents For the half-year ended 31 December 2025 1 Directors' Report 2 Auditor's Independence Declaration 6 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income 7 Condensed Consolidated Statement of Financial Position 8 Condensed Consolidated Statement of Changes in Equity 9 Condensed Consolidated Statement of Cash Flows 10 Notes to the Condensed Consolidated Financial Statements 11 Directors' Declaration 16 Independent Auditor's Review Report 17 General information The financial statements cover Racura Oncology Limited (formerly known as Race Oncology Limited) as a consolidated entity consisting of Racura Oncology Limited (formerly known as Race Oncology Limited) and the entities it controlled at the end of, or during, the half-year. The financial statements are presented in Australian dollars, which is Racura Oncology Limited (formerly known as Race Oncology Limited)'s functional and presentation currency. Racura Oncology Limited (formerly known as Race Oncology Limited) is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is: Racura Oncology Limited Level 36 Gateway 1 Macquarie Place Sydney, NSW 2000 Ph: +61 2 8051 3043 Website: www.racuraoncology.com A description of the nature of the consolidated entity's operations and its principal activities is included in the Directors' Report, which is not part of the financial statements. The financial statements were authorised for issue, in accordance with a resolution of the Directors, on 27 February 2026. Racura Oncology Limited (formerly known as Race Oncology Limited) Directors' Report For the half-year ended 31 December 2025 2 The Directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity') consisting of Racura Oncology Limited (formerly known as Race Oncology Limited) (referred to hereafter as the 'company' or 'parent entity') and the entities it controlled at the end of, or during, the half-year ended 31 December 2025. Directors The names and the particulars of the Directors of the Company during the half year and to the date of this report are: Name Status Appointed Board Megan Baldwin Non-Executive Director (Independent) 1 January 2025 Serge Scrofani Non-Executive Director (Independent) 1 September 2024 Board and Executive Peter Smith Executive Director and Chair 28 June 2023 (Appointed Chair 1 September 2024) Daniel Tillett Chief Executive Officer and Managing Director 22 November 2023 (Appointed Managing Director 1 September 2024) Company Secretary Peter Webse Racura Oncology Limited (formerly known as Race Oncology Limited) Directors' Report For the half-year ended 31 December 2025 3 Review of operations The loss for the consolidated entity after providing for income tax amounted to $4,098,876 (31 December 2024: profit of $502,163). Operations On 4 August 2025, Racura announced that the investigator-sponsored Phase 1b/2 trial of bisantrene in combination with clofarabine and fludarabine in relapsed or refractory acute myeloid leukaemia (AML) patients had been published in the prestigious peer reviewed British Journal of Haematology under the title “Bisantrene in combination with fludarabine and clofarabine as salvage therapy for adult patients with refractory or relapsed acute myeloid leukaemia (AML) - An open-label, phase I/II study.” The trial was conducted at the Chaim Sheba Medical Centre in Israel under the supervision of AML key opinion leader Prof Arnon Nagler. On 18 September 2025, Dr Pete Smith, Dr Daniel Tillett and Prof Michael Kelso hosted an online investor webinar to provide further details on the composition of matter intellectual property discovery, the three patent applications that had been submitted, and the significance of this discovery for Racura and investors. On 8 October 2025, Dr Pete Smith and Dr Daniel Tillett hosted an online investor webinar to discuss a recent announcement regarding Racura’s discovery of the primary anticancer mechanism of action (MOA) for (E,E)-bisantrene (ASX Announcement: 2 October 2025). On 9 October 2025, Racura announced the appointment of Prof Laurence Hurley to its Scientific Advisory Board. With research achievements spanning more than 50 years, including world-leading discoveries in G-quadruplex (G4) targeting drugs, Prof Hurley is eminently positioned to advise on the development of (E,E)-bisantrene and RC220, which Racura recently discovered works via G4-targeting. On 14 October 2025, Dr Pete Smith and Dr Daniel Tillett presented an overview of the Company and an update on clinical development plans at an investor lunch in Hong Kong. The meeting was attended by more than 20 shareholders and interested investors. On 20 October 2025, Racura announced that Dr Daniel Tillett presented data on (E-E)-bisantrene mechanism of action at the major international oncology meeting, European Society for Medical Oncology Congress 2025. The poster presentation summarised the results of preclinical studies and clinical observations that explore the dual anticancer and cardioprotective benefits of (E,E)-bisantrene when combined with anthracyclines like doxorubicin. On 21 October 2025, Dr Pete Smith presented at the 14th Annual Australian Microcap Investment Conference in Melbourne, providing an overview of the recent announcements and upcoming key milestones. On 27 November 2025, Racura announced that it had received $2,779,775 via the Research & Development (R&D) Tax Incentive from the Australian Taxation Office for the financial year ended 30 June 2025 (FY2025). On 9 December 2025, Racura announced it had received and accepted an offer of a private placement (Placement) from a supportive group of existing sophisticated shareholders to fund the HARNESS-1 Phase 1a/b non-small cell lung cancer trial of RC220 in combination with osimertinib. On the same day, Racura announced it had received shareholder approval at its 2025 Annual General Meeting held on Monday, 24 November 2025, to change its name from Race Oncology Limited to Racura Oncology Limited. This change was recorded by the Australian Securities and Investments Commission with effect from 5 December 2025. The ASX implemented the Company’s change of name from the commencement of trading on Wednesday, 10 December 2025, with no change to the Company’s ASX listing code “RAC”. Corporate During the six months ended 31 December 2025, 4,994,393 options were exercised, contributing $6,243,539 in cash toward advancing Racura's clinical and preclinical programs. In addition, 4,000,000 options were exercised using the cashless exercise facility. Racura Oncology Limited (formerly known as Race Oncology Limited) Directors' Report For the half-year ended 31 December 2025 4 Financial performance The operating loss for the six months ended 31 December 2025 was $4,098,876 or $2,245,812 excluding share- based payments and loss on extinguishment of liabilities (non-cash expenses). As at 31 December 2025, the Company had $20,942,211 in cash reserves (compared with $13,665,796 at 30 June 2025). Principal activities Preclinical activities On 16 September 2025, Racura announced significant scientific discoveries into the nature of bisantrene that enabled the submission of a new composition of matter patent application. Two additional patent applications covering the optimal manufacturing, formulation and uses of (E,E)-bisantrene were also filed. On 2 October 2025, Racura announced the discovery of the primary MOA of (E,E)-bisantrene. Scientific studies undertaken by Racura and collaborators identified that the anticancer activity of (E,E)-bisantrene predominantly results from binding and stabilising of important regulatory deoxyribonucleic acid (DNA) and ribonucleic acid (RNA) structures called G4, which are found throughout the human genome. Clinical activities On 10 July 2025, Racura announced Human Research Ethics Committee approval had been received from the Institutional Review Board of The University of Hong Kong to commence the Cardioprotection and Anticancer Synergy (CPACS) Phase 1 clinical trial of RC220 in combination with doxorubicin in advanced solid tumour patients at the Prince of Wales and Queen Mary Hospitals (Hong Kong). On 2 September 2025, Racura announced the site activation of Queen Mary Hospital in Hong Kong. Activation followed receipt of Department of Health approval, enabling the commencement of patient enrolment for the CPACS Phase 1 clinical trial of RC220 in combination with doxorubicin in advanced solid tumour patients. On 24 September 2025, Racura announced that the Republic of Korea (Korea) Ministry of Food and Drug Safety had approved the Investigational New Drug application for the CPACS Phase 1 clinical trial of RC220 in combination with doxorubicin, to evaluate the safety, tolerability and pharmacokinetics in patients with solid tumours, subject to minor protocol updates. On 17 November 2025, Racura announced a significant clinical program expansion with two new clinical trials for RC220 in AML and non-small cell lung cancer (NSCLC). Clinical activities were expanded to capture significant value for RC220 across two major cancer markets and the established orphan indication of AML. On 26 November 2025, Racura announced it had received approval from the St Vincents Hospital Melbourne Human Research Ethics Committee to initiate the HARNESS-1 Phase 1a/b clinical trial of RC220 in combination with osimertinib (Tagrisso®; AstraZenica), in patients with NSCLC with activating epidermal growth factor receptor mutations (EGFRm). On 24 December 2025, Racura announced the appointment of Contract Research Organisation Beyond Drug Development to support the HARNESS-1 Phase 1a/b clinical trial of RC220 in combination with osimertinib in patients with EGFRm NSCLC. Matters subsequent to the end of the financial half-year No matter or circumstance has arisen since 31 December 2025 that has significantly affected, or may significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial years. Subsequent to 31 December 2025, the Company issued 882,481 fully paid ordinary shares at an issue price of $1.25 per share following the exercise of 882,481 options. On 6 February, a notification of shares buy-back was issued. Due to an administrative oversight, an aggregate of an additional 179,242 shares issued to Daniel Tillett and Phillip Lynch rather than the intended number of 761,848 shares following the cashless exercise of 4,000,000 $2.65 options. The shares buy-back is subject to shareholder approval at the annual general meeting to be held on 23/11/2026. Racura Oncology Limited (formerly known as Race Oncology Limited) Directors' Report For the half-year ended 31 December 2025 5 Auditor's Independence Declaration under Section 307C of the Corporations Act 2001 A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this Directors' report. This report is made in accordance with a resolution of Directors, pursuant to section 306(3)(a) of the Corporations Act 2001. On behalf of the Directors ___________________________ Peter Smith Executive Chair 27 February 2026 To the Board of Directors, AUDITOR’S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS ACT 2001 As lead audit director for the review of the financial statements of Racura Oncology Limited for the period ended 31 December 2025, I declare that to the best of my knowledge and belief, there have been no contraventions of: • the auditor independence requirements of the Corporations Act 2001 in relation to the review; and • any applicable code of professional conduct in relation to the review. Yours Faithfully HALL CHADWICK WA AUDIT PTY LTD D M BELL FCA Director Dated this 27th day of February 2026 Perth, Western Australia Racura Oncology Limited (formerly known as Race Oncology Limited) Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income For the half-year ended 31 December 2025 Consolidated Note 31 Dec 2025 31 Dec 2024 $ $ The above condensed consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes 7 Revenue Other income 2 2,811,550 5,254,557 Interest received 239,697 363,010 Expenses Administrative expenses (5,029) (4,577) Accounting and audit fees (132,476) (151,600) Depreciation and amortisation expense 3 (140,598) (140,598) Business development and marketing (246,723) (125,699) R&D manufacturing and distribution (255,536) (379,673) Corporate advice expense (114,420) (139,721) Directors' fees (72,450) (59,646) Employee benefits expense (444,508) (295,008) Research and development expenses (3,448,185) (2,441,481) Share based payment expenses 8 (713,915) (878,550) Loss on extinguishment of liability 8 (1,139,149) - Share registry (85,232) (48,996) Other expenses (351,902) (449,855) Profit/(loss) after income tax expense for the half-year attributable to the owners of Racura Oncology Limited (formerly known as Race Oncology Limited) (4,098,876) 502,163 Other comprehensive income Items that may be reclassified subsequently to profit or loss Foreign currency translation 426 595 Other comprehensive income for the half-year, net of tax 426 595 Total comprehensive income/(loss) for the half-year attributable to the owners of Racura Oncology Limited (formerly known as Race Oncology Limited) (4,098,450) 502,758 Cents Cents Basic earnings per share (2.33) 0.29 Diluted earnings per share (2.33) 0.26 Racura Oncology Limited (formerly known as Race Oncology Limited) Condensed Consolidated Statement of Financial Position As at 31 December 2025 Consolidated Note 31 Dec 2025 30 Jun 2025 $ $ The above condensed consolidated statement of financial position should be read in conjunction with the accompanying notes 8 Assets Current assets Cash and cash equivalents 20,942,211 13,665,796 Trade and other receivables 32,297 29,825 Prepayment 255,302 1,263,591 Total current assets 21,229,810 14,959,212 Non-current assets Intangible Assets 3 2,390,165 2,530,763 Prepayment 4 1,147,030 - Total non-current assets 3,537,195 2,530,763 Total assets 24,767,005 17,489,975 Liabilities Current liabilities Trade and other payables 5 971,921 1,293,949 Provisions 183,894 159,983 Total current liabilities 1,155,815 1,453,932 Non-current liabilities Provisions 41,305 24,601 Total non-current liabilities 41,305 24,601 Total liabilities 1,197,120 1,478,533 Net assets 23,569,885 16,011,442 Equity Issued and Unissued Capital 6 81,597,974 68,490,033 Reserves 7 8,276,203 9,726,825 Accumulated losses (66,304,292) (62,205,416) Total equity 23,569,885 16,011,442 Racura Oncology Limited (formerly known as Race Oncology Limited) Condensed Consolidated Statement of Changes in Equity For the half-year ended 31 December 2025 The above condensed consolidated statement of changes in equity should be read in conjunction with the accompanying notes 9 Issued Retained Total equity capital Reserves profits Consolidated $ $ $ $ Balance at 1 July 2024 66,947,929 8,782,377 (57,418,158) 18,312,148 Profit after income tax expense for the half-year - - 502,163 502,163 Other comprehensive income for the half-year, net of tax - 595 - 595 Total comprehensive income for the half-year - 595 502,163 502,758 Transactions with owners in their capacity as owners: Shares issued on exercise of options 1,502,995 (481,176) - 1,021,819 Share-based payments (note 8) - 1,039,708 - 1,039,708 Lapse of options - (161,158) - (161,158) Balance at 31 December 2024 68,450,924 9,180,346 (56,915,995) 20,715,275 Issued Retained Total equity capital Reserves profits Consolidated $ $ $ $ Balance at 1 July 2025 68,490,033 9,726,825 (62,205,416) 16,011,442 Loss after income tax expense for the half-year - - (4,098,876) (4,098,876) Other comprehensive income for the half-year, net of tax - 426 - 426 Total comprehensive income/(loss) for the half-year - 426 (4,098,876) (4,098,450) Transactions with owners in their capacity as owners: Share-based payments (note 8) - 713,915 - 713,915 Shares issued on exercise of options 6,243,745 - - 6,243,745 Shares issued on cashless exercise of options 3,640,750 (3,640,750) - - Shares issued under placement 3,223,446 - - 3,223,446 Share-based payments in lieu of bonus - 1,475,787 - 1,475,787 Balance at 31 December 2025 81,597,974 8,276,203 (66,304,292) 23,569,885 Racura Oncology Limited (formerly known as Race Oncology Limited) Condensed Consolidated Statement of Cash Flows For the half-year ended 31 December 2025 Consolidated 31 Dec 2025 31 Dec 2024 $ $ The above condensed consolidated statement of cash flows should be read in conjunction with the accompanying notes 10 Cash flows from operating activities Interest received 239,697 363,010 Government grants 2,779,775 5,254,557 Payments for research and development (3,416,916) (3,036,440) Payments for business development and marketing (270,531) (147,457) Payments for manufacturing and distribution (223,285) (387,211) Payments to suppliers and employees (1,335,167) (1,475,815) Other receipts 37,949 - Net cash from/(used in) operating activities (2,188,478) 570,644 Cash flows from investing activities Proceeds from disposal of property, plant and equipment 532 - Net cash from investing activities 532 - Cash flows from financing activities Proceeds from issue of shares 9,466,985 1,021,819 Net cash from financing activities 9,466,985 1,021,819 Net increase in cash and cash equivalents 7,279,039 1,592,463 Cash and cash equivalents at the beginning of the financial half-year 13,665,796 17,188,827 Effects of exchange rate changes on cash and cash equivalents (2,624) 595 Cash and cash equivalents at the end of the financial half-year 20,942,211 18,781,885 Racura Oncology Limited (formerly known as Race Oncology Limited) Notes to the Condensed Consolidated Financial Statements For the half-year ended 31 December 2025 11 Note 1. Material accounting policy information These general-purpose financial statements for the interim half-year reporting period ended 31 December 2025 have been prepared in accordance with Australian Accounting Standard AASB 134 'Interim Financial Reporting' and the Corporations Act 2001, as appropriate for for-profit oriented entities. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 'Interim Financial Reporting'. These general-purpose financial statements do not include all the notes of the type normally included in annual financial statements. Accordingly, these financial statements are to be read in conjunction with the annual report for the year ended 30 June 2025 and any public announcements made by the company during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001. The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, unless otherwise stated. New or amended Accounting Standards and Interpretations adopted The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. Segment information Identification of reportable segments The consolidated entity has identified its operating segments based on the internal reports that are reviewed and used by the Board of Directors (the chief operating decision makers) in assessing performance and in determining the allocation of resources. During the half-year period, the consolidated entity is operated in one segment, being the development of oncology therapeutics. Accordingly, the financial information reported elsewhere in this financial report is representative of the nature and financial effects of the business activities in which it engages and the economic environment in which it operates. Note 2. Other income Consolidated 31 Dec 2025 31 Dec 2024 $ $ Research and development tax incentive 2,779,775 5,254,557 Other Income 31,243 - Net gain on disposal of property, plant and equipment 532 - Other income 2,811,550 5,254,557 Note 3. Non-current assets - Intangible Assets Consolidated 31 Dec 2025 30 Jun 2025 $ $ Intellectual property 5,000,000 5,000,000 Less: Accumulated amortisation (2,609,835) (2,469,237) 2,390,165 2,530,763 Racura Oncology Limited (formerly known as Race Oncology Limited) Notes to the Condensed Consolidated Financial Statements For the half-year ended 31 December 2025 Note 3. Non-current assets - Intangible Assets (continued) 12 Intellectual Property Consolidated $ Balance at 1 July 2025 2,530,763 Amortisation expense (140,598) Balance at 31 December 2025 2,390,165 Intellectual property totalling $5,000,000 comprises patents and licenses initially acquired by the Company and pertain to the oncology drug, called bisantrene. The initial acquisition of intellectual property was supported by 2 patent applications. Subsequent to the initial patent applications the Company strategy has evolved to include a total of seven patent families. The portfolio of patents is a robust program, and the two most recent patent application families expand bisantrene’s protected use in combination therapies and composition of matter. The patents' useful life has been aligned to the patent term, and as a result, those patents are amortised on a straight- line basis over the period of the patent. The amortisation expense has been included in the line item ‘amortisation’ in profit or loss. The Directors do not consider there have been any indicators of impairment of the acquired intangible assets during the half year up until the date of this report. Note 4. Non-current assets - prepayment The service fee advance of $1,147,030 will be used to offset the final service fees payable at completion of the services. The estimated completion of the service is May 2029. Note 5. Current liabilities - trade and other payables Consolidated 31 Dec 2025 30 Jun 2025 $ $ Trade and other payables 167,756 457,625 Accruals 804,165 836,324 971,921 1,293,949 Refer to note 10 for further information on financial instruments. Note 6. Equity - Issued and Unissued Capital Consolidated 31 Dec 2025 30 Jun 2025 $ $ Opening balance 68,490,033 66,947,929 Shares issued during the period 3,223,446 - Shares issued on exercise of options 6,243,745 1,542,104 Shares issued on cashless exercise of options 3,640,750 - Closing Balance 81,597,974 68,490,033 The Company has issued share capital amounting to 180,818,895 (30 June 2025:173,744,385) ordinary shares of no par value and the Company does not have a limited amount of authorised capital. Racura Oncology Limited (formerly known as Race Oncology Limited) Notes to the Condensed Consolidated Financial Statements For the half-year ended 31 December 2025 Note 6. Equity - Issued and Unissued Capital (continued) 13 Ordinary shares Consolidated 31 Dec 2025 30 Jun 2025 No No At the beginning of the reporting period 173,744,385 170,303,703 Shares issued during the year 7,074,510 3,440,682 At the end of the reporting period 180,818,895 173,744,385 Share buy-back There is no current on-market share buy-back. Note 7. Equity - Reserves Consolidated 31 Dec 2025 30 Jun 2025 $ $ Share-based payments reserve 7,133,810 9,724,008 Options reserve 1,139,149 - Other reserves 3,244 2,817 8,276,203 9,726,825 Note 8. Share-based payments The following share-based payment arrangements with employees were in existence during the half-year ended 31 December 2025: On 24 July 2025, the Company issued the following incentive options: ● 2,278,991 options exercisable at $1.67 and expiring on 30/06/2029 to employees The vesting conditions for the incentive options are as follows: (i) 100% of options will vest and become exercisable on 30 June 2026. On 24 July 2025, the Company issued the following options in lieu of cash bonus: ● 71,852 options exercisable at $1.67 and expiring on 30/06/2029 to employees The vesting conditions for the incentive options are as follows: (i) 100% of options will vest and become exercisable on issue. On 19 November 2025, 173,676 options issued to an employee on 24 July 2025 lapsed due to cessation of employment. On 25 November 2025, the Company issued the following options in lieu of cash bonus: ● 432,680 options exercisable at $1.67 and expiring on 30/06/2029 to Daniel Tillett ● 273,279 options exercisable at $1.67 and expiring on 30/06/2029 to Peter Smith The vesting conditions for the incentive options are as follows: (i) 100% of options will vest and become exercisable on issue. Racura Oncology Limited (formerly known as Race Oncology Limited) Notes to the Condensed Consolidated Financial Statements For the half-year ended 31 December 2025 Note 8. Share-based payments (continued) 14 On 25 November 2025, the Company issued the following incentive options: ● 83,883 options exercisable at $4.69 and expiring on 24/11/2029 to Peter Smith ● 23,983 options exercisable at $4.69 and expiring on 24/11/2029 to Serge Scrofani ● 45,470 options exercisable at $4.69 and expiring on 24/11/2029 to Megan Baldwin On 25 November 2025, the Company issued 941,090 fully paid ordinary shares following the cashless exercise of 4,000,000 unlisted options with an exercise price of 2.65 and expiring 29 November 2025. Under the cashless exercise arrangement, option holders elected not to pay the exercise price in cash. Instead, the Company issued a number of fully paid ordinary shares equal in value to the positive difference between the market value of the Company's shares at the exercise date and the exercise price of the options. During the half year ended 31 December 2025, a share-based payment expense of $713,915 was recognised. This amount includes expense relating to options granted in prior reporting periods that continued to vest during the current period. Recipient Class of SBP Quantity Share price at Grant date Value recognised during the half year Value to be recognised in future years $ $ $ Employees Unlisted options 489,408 $0.86 17,545 9,933 Employees Unlisted options 166,450 $0.96 5,039 3,091 Employees Unlisted options 308,247 $1.01 15,809 9,591 Daniel Tillett Unlisted options 1,534,712 $0.91 69,439 44,363 Daniel Tillett Unlisted options 3,061,101 $0.91 89,710 57,506 Peter Smith Unlisted options 440,019 $0.94 21,148 13,725 Serge Scrofani Unlisted options 58,446 $1.43 14,288 - Employees Unlisted options 2,278,991 $1.16 458,094 453,087 Peter Smith Unlisted options 83,883 $3.27 12,496 114,201 Serge Scrofani Unlisted options 23,983 $3.27 3,573 32,652 Megan Baldwin Unlisted options 45,470 $3.27 6,774 61,905 8,490,710 713,915 800,054 During the period, opt