Announcement PDF ASX ANNOUNCEMENT: ASX: DAL 30 JANUARY 2026 Quarterly Activities Report For the quarter ended 31 December 2025 __________________________________________________________________________________ Highlights: • Blue Lagoon acquisition was completed1 , expanding the Company’s strategic footprint into critical minerals. • Côte d’Ivoire due diligence and exploration planning advanced, with technical evaluations underway and field programs being developed ahead of anticipated 2026 field activities. • With the appointment of Cote D’Ivoire exploration manager Frank Twum-Berima Bosompem, Dalaroo has started bolstering its in country geology team. With the team expanding to 6 team members. • Executive team appointments: o Tim Wither2 as Non-executive Director o Jay Stepenson3 as Company Secretary o John Morgan4 as CEO _______________________________________________________________________________________________ During the quarter, Dalaroo Metals Ltd (ASX: DAL, “Dalaroo” or “Company”) advanced its strategic growth initiatives in West Africa through continued due diligence and technical evaluation of prospective gold exploration permits in Côte d’Ivoire and progressed its broader exploration footprint following the acquisition of the Blue Lagoon critical minerals project in Greenland. Côte d’Ivoire Gold Projects In October 2025, the Company entered into a binding agreement to acquire four gold projects in Côte d’Ivoire from Red Rock Exploration, expanding its West African exploration footprint with a combined total tenure area of approximately 1,368 km² comprising5 : • Djekanou (granted) • Yamoussoukro (granted) • Kokoumbo (application) • Molonou (application) During the rest of the quarter the in-country geology team focused on the following work: • Completion of ongoing due diligence workstreams and technical reviews across the four permits in central Côte d’Ivoire. • The in-country geology team has commenced technical review and preliminary exploration planning across the permit areas. • Initial exploration programs are being developed, with field activities expected to commence in 2026, subject to regulatory approvals, permitting and operational considerations. • The Company has agreed with the vendor to extend the settlement date under the acquisition agreement to complete remaining due diligence, execute definitive agreements and satisfy regulatory and corporate conditions. Figure 1 Country scale Map of Cote d'Ivoire showing projects in relation to known gold deposits. Blue Lagoon Zr-Nb-Ree Project – Greenland During the quarter, Dalaroo advanced its maiden exploration program at the Blue Lagoon Project in southern Greenland, marking the Company’s first on-ground exploration activities at the project. This field program represents the first phase of systematic, modern exploration undertaken across the project area and establishes a strong technical foundation for future work. A comprehensive suite of samples collected during the 2025 field season were securely transported from Denmark to ALS Laboratories in Perth for multi-element analysis using industry-standard fusion digestion and ICP-MS techniques. These analytical methods provide high-precision, low detection-limit results suitable for assessment of rare earth elements (REE), zirconium (Zr) and niobium (Nb). This work represents a critical step in generating modern, JORC- compliant datasets to support target ranking, resource definition and future development planning. The completed program was designed to test shoreline and lagoonal environments for grain-size distribution and REE enrichment, with the objective of assessing the potential for natural upgrading through weathering and sedimentary processes. The program also sought to vector potential primary source areas and define priority follow-up targets. Figure 2 Location of the Blue Lagoon Project, South-West Greenland. The Company completed the transfer of ownership for the Blue Lagoon Project with Ox Resources, marking entry into Greenland’s critical minerals sector. This acquisition provides access to rare earth elements, zirconium, and niobium, aligning with global energy transition needs and supporting long-term growth in a stable jurisdiction. During the quarter, the technical team reviewed data and planned exploration, integrating historical and recent results to refine models and prioritize targets. Planning for the 2026 exploration season began this quarter and will continue into early 2026 as Dalaroo finalizes its program. Key exploration activities are under consideration. Figure 3. Western Beach of Blue Lagoon being considered for GPR work in 2026. Key Exploration Pathway being considered for 2026. Ground Penetrating Radar (GPR) A GPR survey is scheduled to measure sediment depth and analyse the layers beneath key shoreline and lagoon areas. The results will help identify possible heavy mineral sand deposits and inform the selection of future drilling sites. Follow-up Auger Drilling Targeted auger drilling will go deeper than previous samples to assess grade continuity and the vertical spread of mineralisation. This will help evaluate the scale and consistency of anomalous zones found in the initial program. Expanded Geochemical Sampling Geochemical sampling will extend into upslope regions and areas of hard rock to gain a clearer understanding of the main mineral sources contributing to surface systems. The goal of this work is to determine if there are bedrock influences on mineralisation and to highlight the most promising locations for drilling. In-field XRF Analysis Handheld XRF units will be used next season for quick sample screening, supporting efficient real-time decisions and better sample selection. Geological analysis, 3D modelling, and metallurgical testing will inform processing options. Dalaroo will coordinate with Greenland's regulators to ensure permits and environmental compliance throughout the project. Results Figure 4. Plan map of Blue Lagoon with sample points marked on it. Subsequent to the close of the quarter, Dalaroo received the full suite of assay results from the 2025 exploration season. These results returned encouraging outcomes across several areas, confirming the presence of significant rare earth element and critical mineral anomalism within the Blue Lagoon Project. The results provide strong validation of the Company’s initial geological interpretations and highlight multiple zones of interest that warrant follow-up work in the 2026 field season. The positive geochemical signatures, combined with extensive surface mineralisation observed across the project area, continue to reinforce the project’s potential to host a near-surface, placer-style REE system amenable to low-cost exploration and development pathways. • Total Rare Earth Oxide (TREO) values returned up to 0.81% • Low uranium and thorium values relative to REE grades. • Exceptional high-grade Zirconium Oxide (ZrO2) and Hafnium Oxide (HfO2) o 4.42% ZrO2 & 98ppm HfO2 o 4.09% ZrO2 & 99ppm HfO2 • Magnet RARE Earth Oxides (MERO) o 8,079 ppm TREO with 29% MREO o 6,491 ppm TREO with 27% MREO • Heavy Rare Earth Oxides (HREO) o 886ppm HREO o 752ppm HREO These exceptional REE grades were encountered at surface, consistently over the entire ~2.7km strike. With the natural weathering having enriched the REE into beach-like alluvial sediments – indicating potential for a proximal placer style REE deposit, where REE grains have been freely-liberated and has the potential to produce a REE concentrate through low CAPEX, simple physical separation methods. Sampling returned low uranium values, with a maximum reading of 25 ppm U₃O₈, well below Greenland’s 100 ppm uranium permitting threshold. This materially reduces regulatory risk and is a major technical and permitting advantage for project development. Western Australia No field activities were undertaken during the quarter on the Lyons or Namban Projects. Tenement maintenance continued. Corporate During the quarter, Dalaroo Metals Limited undertook a number of key corporate initiatives to strengthen leadership and governance in support of the Company’s growth strategy. The Company announced the appointment of John Morgan as Chief Executive Officer, bringing extensive technical and leadership experience in mineral exploration and project development across multiple jurisdictions. Mr Morgan’s appointment reflects the Board’s commitment to building a strong executive team to drive the Company’s strategic objectives across its gold and critical minerals portfolio. In addition, Tim Wither was appointed as a Non-Executive Director, adding further depth of experience in corporate governance, capital markets and resources sector leadership. His appointment strengthens the Board’s oversight capabilities as the Company advances its growth strategy. Jay Stephenson was appointed as Company Secretary, enhancing the Company’s corporate governance framework and ensuring continued compliance with ASX listing rules and regulatory obligations. Financials The Company’s Quarterly Cashflow Report (Appendix 5B) follows this activities report. The Company’s consolidated cash at hand was ~$1,555,000 as of 31 December 2025 with no debt. Expenditure for the quarter totaled ~$840,000, including ~$428,000 of exploration costs ($300,000 payment to Ox resources for Blue Lagoon), staffing costs of ~$161,000 and ~$252,000 of corporate costs. References 1 Refer to ASX Release “Dalaroo Metals Completes Blue Lagoon Acquisition” dated 7/1/2026 2 Refer to ASX Release “Board Changes” dated 25/11/2025 3 Refer to ASX Release “Change of Company Secretary” dated 17/10/2025 4 Refer to ASX Release “Dalaroo Appoints highly experienced geologist as CEO” dated 18/11/2025 5 Refer to ASX release “Dalaroo to Acquire Advanced Gold Projects in Cote d’Ivoire” dated 15/10/25 6 Refer to ASX Announcement (DAL), “Sampling Reveals District Scale Critical Minerals- Greenland”, 16th of January 2026. This announcement has been authorised for release to the ASX by the Company's Board of Directors. ENDS For more Information: Please visit our website for more information: www.dalaroometals.com.au John Morgan, T: +61 410 774 319 E: jmorgan@dalaroometals.com.au ASX Additional Information 1. ASX Listing Rule 5.3.2 – Mining production and development activity expenditure for the quarter was Nil and there were no substantive mining exploration activities for the quarter. Tenement Schedule (ASX Listing Rule 5.3.3) Western Australia Project Tenement Status Interest Lyons River E09/1824 Granted 100% Lyons River E09/1825 Granted 100% Lyons River E09/2098 Granted 100% Lyons River E09/2304 Granted 100% Lyons River E09/2305 Granted 100% Lyons River E09/2312 Granted 100% Lyons River E09/2713 Granted 100% Lyons River E09_2102 Surrendered 100% Namban E70/5494 Granted 100% Côte d’Ivoire Project Permit Status Interest Bongouanou PR 816 Application Up to 80% Djekanou PR 920 Granted 100% Yamoussoukro PR 921 Granted 100% Molonou PR 922 Application 100% Kokoumbo PR 923 Application 100% Greenland Project Permit Status Interest Blue Lagoon MEL 2022-07 Granted 100% ABOUT DALAROO METALS Dalaroo Metals Limited is an ASX-listed exploration company focused on the discovery and development of high- quality gold and critical minerals projects across Australia and international jurisdictions. The Company’s portfolio includes the Blue Lagoon Project in southern Greenland, prospective for rare earth elements (REE), zirconium and niobium, a growing suite of gold exploration assets in Côte d’Ivoire located within the highly endowed Birimian Greenstone Belt of West Africa, and the Lyons River Project and Namban Project in Western Australia. Dalaroo’s strategy is to systematically advance its projects through modern exploration techniques, resource definition and strategic partnerships, with a strong focus on value creation for shareholders. The Company is committed to responsible exploration, strong corporate governance and building long-term stakeholder relationships in the regions in which it operates. COMPETENT PERSON STATEMENT The information in this report that relates to exploration results is based on information compiled by John Morgan, a Member of the Australasian Institute of Mining and Metallurgy (AusIMM) and the CEO of Dalaroo Metals Ltd. Mr Morgan has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Mr Morgan consents to the inclusion in this report of the matters based on this information in the form and context in which it appears. FORWARD-LOOKING STATEMENTS This announcement contains forward-looking statements which are based on current expectations, assumptions, estimates and projections. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied. These risks include, but are not limited to, exploration success, geological interpretation, commodity price fluctuations, regulatory approvals, permitting timelines, operational risks and market conditions. Any statements regarding potential mineralisation, exploration targets, grades, scale or development concepts are conceptual in nature and based on early-stage surface sampling only. These statements do not constitute, and should not be construed as, a Mineral Resource or Ore Reserve estimate as defined under the JORC Code. References to peer projects, market pricing, strategic significance or potential future development pathways are provided for contextual purposes only and should not be interpreted as a forecast of future performance or valuation. Commodity pricing information is indicative only, subject to market volatility and should not be relied upon as a projection of future prices. Investors are cautioned not to place undue reliance on forward-looking statements. Dalaroo Metals Limited undertakes no obligation to update or revise any forward-looking statements, except as required by law. The Company confirms it is not aware of any new information or data that materially affects the information included in this announcement. Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity Dalaroo Metals LTD ABN Quarter ended (“current quarter”) 23 648 476 699 31 December 2025 Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 1. Cash flows from operating activities - - 1.1 Receipts from customers 1.2 Payments for (428) (728) (a) exploration & evaluation (b) development - - (c) production - - (d) staff costs (161) (232) (e) administration and corporate costs (252) (441) 1.3 Dividends received (see note 3) - - 1.4 Interest received 1 2 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other (provide details if material) - - 1.9 Net cash from / (used in) operating activities (840) (1,399) 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) tenements - - (c) property, plant and equipment - - (d) exploration & evaluation - - (e) investments - - (f) other non-current assets - - Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 2.2 Proceeds from the disposal of: - - (a) entities (b) tenements - - (c) property, plant and equipment (2) (2) (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) - - 2.6 Net cash from / (used in) investing activities (2) (2) 3. Cash flows from financing activities 1,550 2,428 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options 124 202 3.4 Transaction costs related to issues of equity securities or convertible debt securities (28) (101) 3.5 Proceeds from borrowings (29) (29) 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (provide details if material) - - 3.10 Net cash from / (used in) financing activities 1,617 2,500 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 780 455 4.2 Net cash from / (used in) operating activities (item 1.9 above) (840) (1,399) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (2) (2) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 1,617 2,500 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 4.5 Effect of movement in exchange rates on cash held - - 4.6 Cash and cash equivalents at end of period 1,555 1,555 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 1,555 780 5.2 Call deposits - - 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 1,555 780 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 31 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. Fees include Salaries, Director Fees and Consulting Fees to Executive Director and Non-Executive Directors Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) (840) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - 8.3 Total relevant outgoings (item 8.1 + item 8.2) (840) 8.4 Cash and cash equivalents at quarter end (item 4.6) 1,555 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 1,555 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 1.85 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: No. Net operating cash outflows for the quarter were higher than normal due to increased exploration activity. Expenditure is expected to vary from quarter to quarter depending on the timing and scope of exploration programs. 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: Yes. The entity continues to review funding requirements and may consider raising additional capital to fund its operations and planned exploration activities as required. The entity has a history of accessing equity markets and believes that, if required, it will be able to secure additional funding. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: Yes. The entity expects to be able to continue its operations and to pursue its stated business objectives based on its current cash position, planned expenditure profile, and the ability to manage exploration and operating activities in line with available funding. The entity will continue to monitor its cash position and funding requirements and adjust its activities as necessary. Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 30 January 2026................................................................................... Authorised by: The Board................................................................................... (Name of body or officer authorising release – see note 4) Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.