NEW YORK, Oct. 23, 2025 (GLOBE NEWSWIRE) — IREN Limited (NASDAQ: IREN) (“IREN”) today announced that it will release its financial results for the three months ended September 30, 2025, on Thursday, November 6, 2025 and host a conference call beginning at 5:00 p.m. Eastern Time.

The webcast will be recorded, and the replay will be accessible shortly after the event at https://iren.com/investor/events-and-presentations

Participants joining the conference call via the phone dial-in option will receive their dial-in number, passcode and PIN following registration using the link above. It would be appreciated if all callers could dial in approximately 5 minutes prior to the scheduled start time.

There will be a Q&A session after IREN delivers its financial results. Those dialling in via phone can elect to ask a question via the moderator. Participants on the live webcast have the ability to pre-submit a question upon registering to join the webcast or can submit a question during the live webcast.

About IREN

IREN is a vertically integrated data center business powering the future of Bitcoin, AI and beyond utilizing 100% renewable energy including through the purchase of RECs. Strategically located in renewable-rich, fiber-connected regions across the U.S. and Canada, IREN’s large-scale, grid-connected facilities are purpose-built for the next generation of power-dense computing applications.

• Power & Land Portfolio: 2,910MW of grid-connected power secured across >2,000 acres in the U.S. and Canada, with an additional multi-gigawatt development pipeline.
• Next-Generation Data Centers: 810MW of operating data centers underpinning three verticals: Bitcoin Mining, AI Cloud Services and AI Data Centers.
• Bitcoin Mining: one of the world’s largest and lowest-cost Bitcoin producers with 50 EH/s of installed self-mining capacity.
• AI Cloud Services: delivering high performance cloud compute to AI customers with next-generation GPUs.
• AI Data Centers: end-to-end design, construction and operation of data center infrastructure tailored for AI workloads.

Contacts

To keep updated on IREN’s news releases and SEC filings, please subscribe to email alerts at https://iren.com/investor/ir-resources/email-alerts.

– Published by The MIL Network

HONG KONG SAR – Media OutReach Newswire – 24 July 2026 – As the media industry becomes increasingly global and interconnected, students are seeking education that spans cultures and markets. For Jose Manuel Cervantes Sanchez, a scholarship recipient from Mexico, The Chinese University of Hong Kong (CUHK) offers a platform to do exactly that.

Hong Kong: A Strategic Hub for Global Media

Currently enrolled in CUHK’s Global Communication programme, Jose is part of a growing wave of international students choosing Hong Kong for its strategic role as a cultural and commercial gateway between East and West. Long fascinated by Asian culture and influenced by family ties to the city, he was drawn to its unique position as a bridge between cultures. “I wanted to become a local with time and create bridges between Mexico and Hong Kong,” he said.

A school adviser first introduced him to CUHK as a strong option, and while he also considered universities in Canada and the United Kingdom, Hong Kong remained his first choice. Receiving the CUHK University Admission Scholarship confirmed his decision.

Academic Excellence and Creative Exploration

Jose’s experience in the Global Communication programme has met his expectations and more. What stands out most to him are the creative courses, which give students hands-on access to professional media equipment and the freedom to experiment. “Being encouraged to explore creativity by some professors has led me to discover new sides of myself,” he noted.

Outside the classroom, Jose has embraced life in Hong Kong with enthusiasm. From cultural events and student society gatherings to exploring local food streets, he has found the city lively and inspiring. The campus MTR station also makes it easy to travel to Shatin, Hong Kong Island, and even the Shenzhen border, adding to the convenience of student life.

A Creative Career Taking Shape in Hong Kong

Looking ahead, Jose hopes to take part in a semester exchange and a media production internship to further strengthen his practical skills. His post-graduation plans remain open, with possibilities in both Mexico’s rapidly growing entertainment industry and Hong Kong’s dynamic market.

For international students considering their options, Jose’s message is clear: CUHK offers academic quality, financial support, and a valuable foothold in one of the world’s most dynamic cities.

CUHK’s Global Communication Programme

CUHK’s Global Communication programme prepares students for an evolving media landscape by combining communication studies with a guaranteed overseas exchange and a curriculum built around real-world experience.

• Cutting-Edge Facilities: Access to a 4K-UHD Virtual Set Studio, Digital Radio Studio, and VR Lab.
• Guaranteed Global Exchange: One semester at a partner university in Asia, Europe, or North America.
• Hands-On Learning: Real-world experience through journalism projects and overseas study tours.
• International Classroom: A 1:1 ratio of international to local students with all courses taught in English.

For more information about CUHK’s Global Communication programme, visit https://admission.cuhk.edu.hk/programme/gcomn/

Hashtag: #CUHK

The issuer is solely responsible for the content of this announcement.

– Published and distributed with permission of Media-Outreach.com.

MIL OSI

PERTH, Australia, July 21, 2026 (GLOBE NEWSWIRE) —

Quarterly Report
For the period ending 30 June 2026

Key Metrics Summary

Highlights

• Langer Heinrich Mine (LHM) ramp-up successfully completed, delivering strong operational performance, achieving or exceeding FY2026 guidance on production, sales and cost of production
• Production of 1.23Mlb U₃O₈ in the quarter and 4.82Mlb U₃O₈ for FY2026
• Sales volumes of 1.35Mlb U₃O₈ at an average realised price of US$70.6/lb U₃O₈ for the quarter with FY2026 sales totalling 4.35Mlb U₃O₈
• Patterson Lake South (PLS) Project advanced towards development following the Canadian Nuclear Safety Commission (CNSC) determination that the Construction Licence application was sufficient to proceed through the regulatory review process
• Subsequent to the quarter end, Paladin signed an Administrative Protocol with the CNSC targeting completion of hearings for the Construction Licence application at the end of calendar year 2027
• Execution of a binding term sheet with the Birch Narrows Dene Nation in relation to the Mutual Benefits Agreement for the PLS Project
• A new high-grade body of uranium mineralisation, the Atlas discovery, was identified 3.5km south of the PLS Project’s Triple R deposit and 4.5km southwest of Saloon East during the winter drilling program⁷
• Cash and investments of US$265M and an undrawn US$70M Revolving Credit Facility at quarter end
• Total Recordable Injury Frequency of 3.2 per million hours worked on a 12-month basis

“We were very pleased to successfully complete the ramp-up of the Langer Heinrich Mine in line with our commitment to deliver this goal by the end of FY2026, while also meeting the upper-end of our revised production guidance.

“Importantly for Paladin’s long-term future growth, we received formal acknowledgement from the Canadian Nuclear Safety Commission of achievement of sufficiency status, another significant milestone in developing the PLS Project. This achievement, together with an agreed administrative protocol, activates a regulatory timeframe and processes for obtaining our licence to commence construction.

“While continuing to progress the approvals, engineering and Indigenous agreement pathways for the PLS Project, we know that shareholders will be delighted to see the continuing prospectivity of our landholdings in the Athabasca Region. Our new discovery at Atlas, located on the Saloon Trend that runs broadly parallel to our Triple R deposit, has demonstrated that there are significant opportunities for Paladin to increase the development potential at the PLS Project.”

Paul Hemburrow
Managing Director and Chief Executive Officer

Langer Heinrich Mine (Namibia)

Operations

The ramp-up to full mining and processing plant operations was successfully completed in the quarter, marking a significant milestone in the progression of LHM. The full mining fleet is now operational with mining activities established and positioned to support FY2027 production objectives.

Total mined material was 7.45Mt for the quarter, a 21% uplift from the previous quarter and the highest quarterly mining rate achieved since the restart, reflecting the full mining fleet in operation. The increase in material mined was in line with the planned mining sequence which focused on waste stripping and stockpiling of lower grade ore to access higher grade ore for processing.

Crusher throughput was 1.19Mt at an average ore feed grade of 488ppm. LHM produced 1.23Mlb U₃O₈ at an average recovery rate of 90% for the quarter, driven by consistent processing plant performance. For the full year, LHM produced 4.82Mlb U₃O₈ at the upper-end of the guidance range.

The cost of production for the quarter was US$51.6/lb, reflecting the transition to full mining activities, depletion of the previously mined MG3 stockpile and lower grade during the quarter as mining activities commenced in the J pit. Cost of production for the financial year was US$43.3/lb, at the lower end of the guidance range.

There were no supply disruptions for the quarter stemming from the conflict in the Middle East. The team continues to monitor stock levels of operating inputs and inbound shipments regularly.

Sales and Marketing

During the quarter, LHM sold 1.35Mlb U₃O₈ at an average realised price of US$70.6/lb. FY2026 sales totalled 4.35Mlb U₃O₈ exceeding the upper-end of the FY2026 guidance.

As at 30 June 2026, Paladin had 400,000lb U₃O₈ outstanding under its uranium product loan facilities, having repaid 50,000lb U₃O₈ during the quarter. These facilities provide flexibility on sales logistics, enabling the timely fulfilment of customer delivery commitments.¹⁰

Quarterly sales and average realised prices are dependent on the mix of contract pricing mechanisms, payment terms and the timing of deliveries, which vary based on customer nominations from quarter to quarter as well as shipping schedules.

Resource Definition

A total of 20,608m of resource drilling was completed during the quarter, utilising six drill rigs within ML140.

Patterson Lake South Project (Canada)

Development and Permitting

During the quarter, Paladin received a formal notification from the CNSC determining that the Licence to Prepare Site for and to Construct (Construction Licence) application for the PLS Project has achieved ‘sufficiency’ status.

Sufficiency represents an important step in the CNSC licencing process as it formally establishes that Paladin’s submission meets the required level of completeness and technical detail, enabling the application to advance into the regulatory assessment phase under the Uranium Mines and Mills Regulations. It triggers a comprehensive review process and represents a critical de-risking step in the permitting pathway.

Subsequent to the quarter end, Paladin signed an Administrative Protocol with the CNSC jointly recognising the importance of the project schedule and scope of activities required for Paladin Canada to obtain a Construction Licence for the PLS Project.

The Administrative Protocol represents a significant step forward in the PLS Project permitting process. It establishes a targeted but non-binding regulatory pathway aimed at completing hearings for the Construction Licence application at the end of 2027 calendar year 2027.

In April 2026, Paladin Canada entered into a binding term sheet with the Birch Narrows Dene Nation. The term sheet sets out the key terms and conditions upon which the parties will negotiate the full form Mutual Benefits Agreement in respect of the PLS Project. 

The Company continues to actively engage with local communities and Indigenous Peoples to build respectful relationships that foster sustainable benefits.

The Paladin Canada team continued to de-risk the PLS Project through ongoing update of the Front-End Engineering Design study during the quarter.

Exploration⁷

The Company successfully completed its 2026 winter drilling program at the PLS Project during the quarter with the discovery of a new high-grade body of uranium mineralisation intersected 3.5km south of the Triple R deposit and 4.5km southwest of Saloon East, the Atlas discovery. This prospective area is within the Saloon Trend which runs broadly parallel to the structural trend that hosts the Triple R deposit. Eight exploration drillholes were collared, with seven intersecting significant uranium mineralisation at the new Atlas discovery, totalling 2,408m with the discovery remaining open along strike and at depth.

Key winter 2026 intercepts at Atlas include:

• PLS26-708B (discovery drillhole): 17.5m of total composite uranium mineralisation across three intervals, the largest being 8.0m averaging 1.75% U₃O₈, including 3.0m averaging 4.25% U₃O₈ from 190.0m to 193.0m
• PLS26-718: 21.5m of total composite uranium mineralisation across two intervals, the largest being 14.5m averaging 1.70% U₃O₈, including 5.5m averaging 2.86% U₃O₈ from 194.5m to 200.0m
• PLS26-722: 30.0m of total composite uranium mineralisation across seven intervals, the largest being 11.0m averaging 1.79% U₃O₈, including 5.0m averaging 2.94% U₃O₈ from 194.5m to 199.5m¹⁷

The 2026 winter drilling program also targeted resource conversion and extension drilling at the Triple R deposit and further drilling on the Saloon Trend, along with regional exploration. All currently identified trend targets (including Atlas) are land-based, allowing drilling activities to continue uninterrupted throughout the summer months. A total of 13,060m drilling was completed in the quarter.

Michelin Project (Canada)

There were no substantive mining exploration activities completed during the quarter. Desktop geological studies, prospectivity reviews, and target generation work continued, with the 2026 summer drill program being finalised during the reporting period.

Other Activities

Cash and Debt

As at 30 June 2026, the Company held unrestricted cash and investments of US$265M. The Company had an outstanding balance on the Term Loan Facility of US$32M and an undrawn US$70M Revolving Credit Facility at the end of the quarter.

Class Action Update

There are no material updates in relation to the shareholder class action proceedings being defended by Paladin in the Supreme Court of Victoria. The class action was brought on behalf of persons who acquired an interest in Paladin shares during the period between 27 June 2024 and 25 March 2025.

Australian Exploration

There were no substantive mining exploration activities during the quarter.

Quarterly Investor Conference Call

The Company will hold a conference call on Wednesday, 22 July 2026, at 11.00am AEST¹⁸ (Tuesday, 21 July 2026, at 9.00pm EDT¹⁹). To participate in the live teleconference, please register at the link below:

Paladin June 2026 Quarterly Results Conference Call

Please note it is recommended to log on at least five minutes before the scheduled commencement time to ensure you are registered in time for the start of the call.

A recording of the call will be available on Paladin’s website shortly after its conclusion.

June 2026 Quarter Presentation

Paladin has released an accompanying presentation on the June 2026 quarter results, which is available on the Company’s website at Stock Exchange Announcements.

This announcement has been authorised for release by the Board of Directors of Paladin Energy Ltd.

Contacts

Notes
_________________

¹ Paladin has a 75% interest in the LHM
² September quarter sales include 85,000lb U₃O₈ loan material delivered under existing contracts. March quarter sales include a further 130,000lb U₃O₈ sourced through a purchase & sale back arrangement and 155,000lb U₃O₈ through a product swap. These arrangements were entered to meet customer deliveries during the March quarter due to a shipping delay and were closed out in the June quarter
³ Average Realised Price is a Non-IFRS Measure. See “Non-IFRS Measures” for more information
⁴ Cost of Production is a Non-IFRS Measure. See “Non-IFRS Measures” for more information
⁵ Exploration expenditure for resource definition drilling previously reported for the six-month period ended on 31 December 2025 (refer to exchange announcement “Quarterly Report – December 2025” dated 21 January 2026) has subsequently been reclassified to Capital Expenditure
⁶ Capital Expenditure does not include capitalised stripping costs or costs associated with building low grade stockpiles
⁷ Refer to Paladin’s exchange announcement titled “New high-grade uranium discovery identified at PLS Project” dated 25 June 2026. Paladin confirms that it is not aware of any new information or data that materially affects the information included in that announcement.
⁸ Total Ore Mined includes high-grade, medium-grade and low-grade ore
⁹ Low-grade ore stockpile material to be processed during the later stockpile phase
¹⁰ The current uranium product loan arrangements allow Paladin to borrow up to 450,000lb U₃O₈, with repayment in kind upon delivery. As at 30 June 2026, the Company had outstanding loans of 400,000lb U₃O₈, with 200,000lb U₃O₈ scheduled for repayment in Q1 FY2027, and the remaining 200,000lb U₃O₈ due in Q3 FY2027. Under the loan facilities, certain standby and loan fees are payable. These loan facilities are expected to either be renewed, replaced or repaid within the next twelve months.
¹¹ Includes finished product on site, in-transit and at converter
¹² Includes 397,993lb U₃O₈ related to a sale to be recognised in the September 2026 quarter for which advance payment was received in the June 2026 quarter
¹³ Includes 425,012lb U₃O₈ related to a sale recognised in the December 2025 quarter for which advance payment was received in the September 2025 quarter
¹⁴ Reversals of Previous Stockpile Impairment is an accounting transaction included in the IFRS financial statements in the cost of sales line and is calculated as average cost per pound, based on the 31 December 2023 impairment reversal on existing stockpiles of US$92M, offset by an impairment in March 2025 of US$20M. The cost per pound varies based on grade, recovery and contained uranium realised for the period
¹⁵ Low-grade ore stockpiled represents the cost of mining and stockpiling low grade material to be processed during the later stockpile phase and is capitalised into inventory under IFRS. This is expected to be classified as non-current inventory until that phase. These costs are not included in the Cost of Production
¹⁶ During mining, stripping costs may be incurred removing overburden or waste to provide access to future mining areas. As this improves access to future ore, costs are capitalised and amortised on a units-of production basis
¹⁷ Intercept interval for the 5.0m averaging 2.94% U₃O₈ has been amended to 194.5m to 199.5m reflecting the correct interval as per “Table 1: 2026 Atlas Drillhole Summary” provided in the Paladin’s exchange announcement titled “New high-grade uranium discovery identified at PLS Project” dated 25 June 2026
¹⁸ AEST: Australian Eastern Standard Time (Sydney time)
¹⁹ EDT: Eastern Daylight Time (Toronto time)

Forward-looking statements

This document contains certain “forward-looking statements” within the meaning of Australian securities laws and “forward-looking information” within the meaning of Canadian securities laws (collectively referred to in this document as forward-looking statements). All statements in this document, other than statements of historical or present facts, are forward-looking statements and generally may be identified by the use of forward-looking words such as “anticipate”, “expect”, “likely”, “propose”, “will”, “intend”, “should”, “could”, “may”, “believe”, “forecast”, “estimate”, “target”, “outlook”, “guidance” and other similar expressions. These forward-looking statements include, but are not limited to, statements regarding continued development of the PLS Project; permitting approvals and community engagement; advancement of the PLS Project through to FID; development and ramp-up of operations at the LHM; LHM guidance for FY2026; and the receipt of all necessary regulatory approvals.

Forward-looking statements involve subjective judgment and analysis and are subject to significant uncertainties, risks and contingencies including those risk factors associated with the mining industry, many of which are outside the control of, change without notice, and may be unknown to Paladin. These risks and uncertainties include but are not limited to liabilities inherent in mine development and production, geological, mining and processing technical problems, the inability to obtain any additional mine licences, permits and other regulatory approvals required in connection with mining and third party processing operations, competition for amongst other things, capital, acquisition of reserves, undeveloped lands and skilled personnel, incorrect assessments of the value of acquisitions, changes in commodity prices and exchange rates, currency and interest fluctuations, various events which could disrupt operations and/or the transportation of mineral products, including labour stoppages and severe weather conditions, rising energy costs, inflationary pressures, the demand for and availability of transportation services, the ability to secure adequate financing and management’s ability to anticipate and manage the foregoing factors and risks. Readers are also referred to the risks and uncertainties referred to in the Company’s investor presentation released on 16 September 2025 and the Company’s “2025 Annual Report” and in Paladin’s Management’s Discussion and Analysis for the year ended June 30, 2025, each released on 28 August 2025, and in Paladin’s Annual Information Form for the year ended June 30, 2025 released on 12 September 2025, each of which is available to view at paladinenergy.com and on www.sedarplus.ca.

Although as at the date of this document, Paladin believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from the expectations expressed in such forward-looking statements due to a range of factors including (without limitation) fluctuations in commodity prices and exchange rates, exploitation and exploration successes, environmental, permitting and development issues, geopolitical events and political risks (including armed conflict or escalation of hostilities in the Middle East), and the impact of such events on global security conditions, economic activity, trade flows, energy markets, sanctions regimes, and uranium supply and demand, Indigenous Peoples engagement, climate risk, operating hazards, natural disasters, severe storms and other adverse weather conditions, shortages of skilled labour and construction materials, equipment and supplies, energy costs, inflation, regulatory concerns, continued availability of capital and financing and general economic, market or business conditions and risk factors associated with the uranium industry generally. There can be no assurance that forward-looking statements will prove to be accurate.

Readers should not place undue reliance on forward-looking statements, and should rely on their own independent enquiries, investigations and advice regarding information contained in this document. Any reliance by a reader on the information contained in this document is wholly at the reader’s own risk. Recipients are cautioned against placing undue reliance on such projections without conducting their own due diligence with appropriate professional support. The forward-looking statements in this document relate only to events or information as of the date on which the statements are made. Paladin does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise. No representation, warranty, guarantee or assurance (express or implied) is made, or will be made, that any forward-looking statements will be achieved or will prove to be correct. Except for statutory liability which cannot be excluded, Paladin, its officers, employees and advisers expressly disclaim any responsibility for the accuracy or completeness of the material contained in this document and exclude all liability whatsoever (including negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this document or any error or omission therefrom. Except as required by law or regulation, Paladin accepts no responsibility to update any person regarding any inaccuracy, omission or change in information in this document or any other information made available to a person, nor any obligation to furnish the person with any further information. Nothing in this document will, under any circumstances, create an implication that there has been no change in the affairs of Paladin since the date of this document. To the extent any forward-looking statement in this document constitutes “future-oriented financial information” or “financial outlooks” within the meaning of Canadian securities laws, such information is provided to demonstrate Paladin’s internal projections and to help readers understand Paladin’s expected financial results. Readers are cautioned that this information may not be appropriate for any other purpose and readers should not place undue reliance on such information. Future-oriented financial information and financial outlooks, as with forward-looking statements generally, are, without limitation, based on the assumptions, and subject to the risks and uncertainties, described above.

Non-IFRS Measures

Paladin uses certain financial measures that are considered “non-IFRS financial information” within the meaning of Australian securities laws and/or “non-GAAP financial measures” within the meaning of Canadian securities laws (collectively referred to in this announcement as Non-IFRS Measures) to supplement analysis of its financial results and operating performance. These Non-IFRS Measures do not have a standardised meaning prescribed by International Financial Reporting Standards (IFRS) and therefore may not be comparable to similar measures presented by other issuers.

The Company believes these measures provide additional insight into its financial results and operational performance and are useful to investors, securities analysts, and other interested parties in understanding and evaluating the Company’s historical and future operating performance. However, they should not be viewed in isolation or as a substitute for information prepared in accordance with IFRS. Accordingly, readers are cautioned not to place undue reliance on any Non-IFRS Measures.

The Non-IFRS Measures used in this announcement are described below.

Average Realised Price

Average Realised Price (US$/lb U₃O₈) is a Non-IFRS Measure that represents the average revenue received per pound of uranium sold during a given period. It is calculated by dividing total revenue from U₃O₈ sales (before royalties and after any applicable discounts) by the total volume of U₃O₈ pounds sold. This measure provides insight into the actual pricing achieved under the Company’s uranium sales contracts and spot sales during the reporting period, taking into account the mix of base-escalated, fixed-price and market-related pricing mechanisms within contracts. The Company uses Average Realised Price to assess revenue performance relative to market prices, contractual pricing structures, and production costs. It is also a key measure used by investors and analysts to evaluate price exposure, contract performance, and profitability potential.

It is important to note that Average Realised Price is distinct from both the spot market price and the term market price for uranium, and it may vary significantly from period to period based on timing of deliveries, customer contract structures, and the prevailing market environment.

Revenue from the sale of U₃O₈ is reported in the Company’s financial statements under IFRS. The Average Realised Price is derived directly from statutory revenue figures and disclosed sales volumes.

Cost of Production

The Cost of Production is calculated as the total direct production expenditures incurred to produce U₃O₈ during the period (including mining, stockpile rehandling, processing, site maintenance, and mine-level administrative costs), excluding costs such as cost of ore stockpiled, deferred stripping costs, depreciation and amortisation, general and administration costs, royalties, exploration expenses, sustaining capital and the impacts of any inventory impairments or impairment reversals. This measure helps users assess Paladin’s operating efficiency.

Cost of Production per pound = Cost of Production ÷ U₃O₈ pounds produced

The Cost of Production per pound is a unit cost measure that indicates the average production cost per pound of U₃O₈ produced. The Cost of Production per pound is a Non-IFRS Measure that is widely used in the mining industry as a benchmark of operational efficiency and cost competitiveness. Paladin’s Cost of Production per pound metric is calculated as the total direct production expenditures as defined above (in US dollars) incurred during the period, divided by the total volume of U₃O₈ pounds produced in the same period. Management uses Cost of Production per pound to track progress of operational performance, to assess profitability at various uranium price points, and to identify trends in operating costs. It is also a key metric for investors and analysts to evaluate how efficiently the Company is producing uranium, independent of depreciation and accounting adjustments.

This measure allows stakeholders to monitor trends in direct production costs and to assess the Company’s operating breakeven threshold relative to uranium market prices. Investors are cautioned that our Cost of Production per pound metric may not be comparable with similarly titled “C1 cash cost” metrics of other uranium producers, as there can be differences in methodology (e.g. treatment of royalties or certain site costs). Paladin’s Cost of Production figure as defined above, focuses strictly on the on-site cost to produce U₃O₈ in the period. All figures are in US$/lb U₃O₈. We provide this information in good faith to enhance understanding of our operations; however, the IFRS financial statements (particularly the Cost of Sales line in the Consolidated Income Statement) should be considered alongside this metric for a complete picture of our cost structure.

– Published by The MIL Network

PERTH, Australia, July 21, 2026 (GLOBE NEWSWIRE) — Paladin Energy Ltd (ASX:PDN, TSX:PDN, OTCQX:PALAF) (“Paladin” or the “Company”) advises that it has released the Langer Heinrich Mine FY2027 Guidance.

The announcement is available on the Company’s website at Stock Exchange Announcements.

Contacts

About Paladin

Paladin Energy Ltd (ASX:PDN TSX: PDN OTCQX:PALAF) is a globally significant independent uranium producer with a 75% ownership in the world-class long-life Langer Heinrich Mine in Namibia. In Canada, Paladin is progressing development of the Tier-1, high grade and shallow Patterson Lake South (PLS) Project in northern Saskatchewan and has an extensive portfolio of exploration assets within the province’s highly prospective Athabasca Basin and also at the Michelin project in Newfoundland and Labrador. In Australia, Paladin owns uranium exploration assets in Queensland and Western Australia. Paladin is committed to a sustainability framework that ensures responsible, accountable and transparent management of uranium resources – now and in the future. The Langer Heinrich Mine is delivering reliable uranium supplies to major nuclear utilities around the world, positioning Paladin as a meaningful contributor to baseload energy provision in multiple countries and global decarbonisation, whilst unlocking the PLS Project to support future global nuclear energy expansion.

– Published by The MIL Network

The newswire guarantees online postings on USA Today and increases its guaranteed distribution on high-domain-rating local US news sites to empower AI visibility

– Published and distributed with permission of Media-Outreach.com.

Concurrent Food Expo features “Multi-Facets of Chinese Medicine” exhibition

HONG KONG SAR – Media OutReach Newswire – 20 July 2026 – The 25^th International Conference of the Modernization of Chinese Medicine and Health Products (ICMCM), organised by the Modernized Chinese Medicine International Association (MCMIA) together with the HKTDC and ten scientific research institutions, will be held from 13 to 15 August at the Hong Kong Convention and Exhibition Centre (HKCEC), offering industry professionals the latest insights into Chinese medicine. This year’s conference is funded by the Chinese Medicine Development Fund of the Government of the Hong Kong Special Administrative Region. It is dedicated to strengthening the ties between Hong Kong’s Chinese medicine industry and the international market, while promoting Hong Kong’s leading role in the global field of Chinese medicine.

Register for the conference to stay updated with the latest industry information on Chinese medicine: https://tinyurl.com/tmvryr38

Aligning with the strategic Blueprint with a focus on “Bringing In and Going Global”

The Chinese Medicine Development Blueprint of Hong Kong (the Blueprint) released in 2025 positions Hong Kong as a bridgehead for the global internationalisation of Chinese medicine and a key highland within the national framework for Chinese medicine development. To actively support the strategic direction of the Blueprint, this year’s conference adopts the theme Clinical Translation, Regulatory Policies and Global Innovative Pathways of Traditional Medicine, focusing on two core elements: bringing in and going global. It introduces Hong Kong’s Chinese medicine regulations and resource support to participants from Chinese Mainland and overseas, while inviting overseas regulatory authorities to share their local traditional medicine regulations. This year, some 30 experts and scholars from Hong Kong, Chinese Mainland, and overseas have been invited to comprehensively explore the latest research and development trends, regulatory interpretations, and success cases in Chinese medicine.

The three-day conference is divided into five major thematic sessions, covering policy blueprints, international regulations, clinical research, success case sharing, and talent cultivation:

To help enterprises from Chinese Mainland and abroad understand Hong Kong’s Chinese medicine regulation and support, Dr. Vincent Chung Chi-ho, Commissioner for Chinese Medicine Development, Chinese Medicine Unit, Health Bureau, will elaborate on the Blueprint, while Law Kwok-wai, Robert, Chief Pharmacist (Chinese Medicine), Chinese Medicine Regulatory Office, Department of Health, Dr. Yeung Kin Wai, Senior Chemist, Government Chinese Medicines Testing Institute, Department of Health, and Prof. Bian Zhaoxiang, Hospital Chief Executive, The Chinese Medicine Hospital of Hong Kong (CMHHK) , will share in-depth insights into the latest progress in Chinese medicine regulation, quality standards testing, and clinical practice and research at the Chinese Medicine Hospital. Furthermore, Arnold Lau, Associate Director-General, Invest Hong Kong, Dr. William Cheung, Deputy Chief Manager (Life and Health Technology), Office for Attracting Strategic Enterprises (OASES), Angela Yu, Deputy Head of Health Tech and TCM, Hong Kong Productivity Council and Wing Chu, Deputy Director of Research, HKTDC, will participate in a panel discussion to analyse the Hong Kong government’s resource support for the development of Chinese medicine.

To provide attendees with a comprehensive analysis of market trends, Prof. Zheng Linyun, Executive Vice President of the Shanghai Academy of International Standardization of Traditional Chinese Medicine, will share reflections and prospects on the transformation of ISO/TC249. Furthermore, Prof. Taruna Ikrar, Chairperson of the Indonesian Food and Drug Authority (BPOM), Indonesia, Nurul Anisah Binti Shahri from National Pharmaceutical Regulatory Agency (NPRA), Ministry of Health, Malaysia and Thawatchai Nakkaratniyom, Senior Professional Level Pharmacist, Head of Pre-marketing Control Group, Herbal Products Division at Thai Food and Drug Administration, Ministry of Public Health, Thailand will jointly analyse the regulations and standards of the Southeast Asian market.

Scientific and clinical experts will share the latest progress in the scientific research and clinical application of Chinese medicine, as well as experiences regarding the R&D application and clinical efficacy of hospital-made Chinese medicine preparations. Prof. Zhang Zhongde, Deputy President of Guangzhou University of Chinese Medicine & President of Guangdong Provincial Hospital of Chinese Medicine will share Chinese Mainland’s practices in the research and development of Chinese medicine. Prof. Lee Sanghoon, Dean, International Education Institute of Korean Medicine, Kyung Hee University will discuss the development of new natural product drugs in Korea. Prof. Pei Xiaohua, Dean of Changping Hospital Affiliated to Beijing University of Chinese Medicine and Director of the Institute of Traditional Chinese Surgery will discuss clinical needs in developing new Chinese herbal medicines for TCM-advantageous breast diseases. Locally, Prof. Zhang Ge from Hong Kong Baptist University will present innovative achievements in utilising traditional Chinese medicine to drive target discovery for triple-negative breast cancer, while Prof. Xian Yanfang Lisa, Assistant Professor, School of Chinese Medicine, Faculty of Medicine, The Chinese University of Hong Kong will share pre-clinical and clinical studies of novel Chinese medicine formula for treating gout.

Focusing on successful industry practices, ICMCM provides an interactive platform for the industry, helping to ensure the continuous development and growth of the traditional Chinese medicine sector. Yan Han, Chairman, Beijing Tong Ren Tang Chinese Medicine Company Limited will share the cultural heritage and internationalised development of Chinese medicine, and Dr. Celine Cheng, Chief Compliance & Technology Officer of Jacobson Pharma Corporation Limited will share GMP applications in the industry. Several professors from Chinese Mainland, Australia, Canada, Macao, and Singapore—including Prof. Li Min, Dean and Chair Professor, School of Chinese Medicine, Hong Kong Baptist University; Prof. Xu Hongxi, Chairman, Belt and Road Alliance for Traditional Medicine, Honorary Dean & Distinguished Professor, Shanghai University of Traditional Chinese Medicine; Prof. Zhu Xiaoshu, Co-Director, Australia-China Chinese Medicine Centre, Western Sydney University, Australia; and Prof. Linda Zhong, Director, Biomedical Sciences and Chinese Medicine, School of Biological Sciences, Nanyang Technological University, Singapore —will explore training models for Chinese medicine talent at home and abroad, alongside market demands for Chinese medicine products in potential markets.

The Symposium will be held on the morning of 15 August. This year, it is jointly organized by eight institutions, including four Hong Kong universities—The Chinese University of Hong Kong, The University of Hong Kong, Hong Kong Baptist University, and The Hong Kong University of Science and Technology—alongside Nanyang Technological University in Singapore, the University of Macau, Shanghai University of Traditional Chinese Medicine, and Guangzhou University of Chinese Medicine. The Symposium will kick off with Vincent & Lily Woo Fellowship in Memory of Dr Albert Wong endowed by Vincent & Lily Woo Foundation Award Presentation Ceremony, hosted by the Modernized Chinese Medicine International Foundation. This year’s Symposium will feature nearly 100 research presentations, including oral research presentations by 10 postgraduate students from Hong Kong, Chinese Mainland, Australia, Singapore, South Korea, Vietnam, and Serbia, and nearly 90 poster displays. The judging panel will select 10 winners for the Tianjiang Cup Li Shizhen Youth Outstanding Thesis Award. The Symposium not only provides a platform for postgraduate students in Chinese medicine to share their research progress and achievements but also promotes student collaboration and exchange, laying an important cornerstone for cultivating a new generation of scientific research professionals and driving the development of Chinese medicine.

This year’s conference continues to operate under the hybrid model, with simultaneous interpretation in both English and Putonghua offered to enable wider industry participation.

In addition to the professional conference tailored for industry practitioners, ICMCM is committed to promoting the popularisation and implementation of Chinese medicine in the community through a public education display area titled “Multi-Facets of Chinese Medicine” at the concurrent Food Expo. In response to the directives of the Blueprint, this interactive and educational display aims to significantly enhance the public’s correct understanding of and confidence in Chinese medicine.

The design of the exhibition is closely aligned with the development direction set out in the Blueprint, providing a comprehensive overview of the new chapter in Hong Kong’s Chinese medicine sector. It covers four main themes including the latest development trends of Chinese medicine in Hong Kong, the service features of the Chinese Medicine Hospital of Hong Kong, the Hospital Authority’s Chinese medicine outpatient services, Chinese medicine regulation framework and Chinese medicine practitioner registration system, alongside knowledge on Chinese medicine wellness practices.

A half-day ICMCM Public Forum will be held on Saturday, 15, August 2026, to promote the advantages of Chinese medicine services, interesting Chinese medicine wellness tips and preventive healthcare. By running industry conferences alongside public exhibitions and forums in parallel, the event aims, on the one hand, to foster academic and industrial innovation exchanges among global Chinese medicine experts, and on the other, to embed Chinese medicine culture deeply into the daily lives of the public, thereby jointly promoting Hong Kong’s development as an international centre for Chinese medicine.

Conference programme: icmcm.hktdc.com/pdf/2026/programme.pdf
Website: hktdc.com/icmcm

Concurrent Exhibitions:
HKTDC Food Expo PRO foodexpopro.hktdc.com
HKTDC Hong Kong International Tea Fair hkteafair.hktdc.com
HKTDC Food Expo hkfoodexpo.hktdc.com
HKTDC Beauty & Wellness Expo hkbeautyexpo.hktdc.com
HKTDC Home Delights Expo homedelights.hktdc.com

Hashtag: #HKTDC #ICMCM

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SINGAPORE – Media OutReach Newswire – 20 July 2026 – Academia Pte Ltd has announced the launch of its dedicated International Baccalaureate (IB) Department, marking a strategic expansion to support the growing number of IB Diploma Programme (IBDP) students in Singapore seeking specialised English training aligned with IB assessment standards.

The new department will focus initially on IB English Language & Literature and IB English Literature for Diploma Programme Year 1 and Year 2 students. The programme is designed to provide structured preparation for key IB assessment components, including Paper 1 (unseen textual analysis, including multimodal and visual texts), Paper 2 (comparative literary analysis), and the Individual Oral (IO), with optional support available for the Extended Essay.

The department launches with immediate effect, with rolling intake now open for small-group classes held at Tanglin Community Club (Whitley Road) and Upper Thomson. Each term runs for 12 weeks, with two-hour weekly sessions conducted in groups capped at 6–10 students.

The launch reflects growing demand among IB families for English training designed specifically around IB performance criteria, rather than general English tuition.

Addressing a Growing Need Among IB Families

Singapore is home to 41 IB World Schools, with more than 4,500 students sitting the IBDP examinations in 2025 across the May and November sessions. Schools offering the IB Diploma include ACS (Independent), St Joseph’s Institution, SJI International, Hwa Chong International, UWCSEA, Singapore American School, GIIS, Canadian International School, Stamford American International School, and Tanglin Trust School.

The country has consistently produced some of the strongest IB outcomes globally. In the November 2024 IB Diploma examinations, Singapore students achieved an average score of 38.4 points, significantly higher than the global average of 29.2 points. An IB score above 38 is widely regarded as equivalent to three A grades at A-Level under the UK UCAS framework.

Within this context, IB English often emerges as a key differentiator in overall Diploma scores, particularly for students aiming to achieve top-band results.

Dedicated IB-Specific Training

Academia’s IB Department is structured around component-based training aligned with official IB marking criteria, providing students with a repeatable method for approaching IB assessments.

The programme combines:

• Structured preparation for Paper 1, Paper 2, and the Individual Oral
• Analysis of literary, non-literary, and multimodal texts
• Development of comparative literary argumentation
• Training in critical literacy and rhetorical analysis
• Optional guidance for the IB Extended Essay

Classes are designed to support students aiming for high-performance outcomes, particularly those targeting a score of 6 or 7 in IB English.

Leadership with Extensive IB Experience

The IB Department is headed by Mr Azrael Tseng, an educator with more than 20 years of teaching experience. His career includes seven years with Singapore’s Ministry of Education as well as experience teaching within international school IB environments. Over the course of his career, he has taught students who have gone on to achieve the maximum 45 points in the IB Diploma.

According to Academia, the department’s curriculum is developed by educators with strong academic backgrounds in English Language and Literature at the university and postgraduate levels. The programme emphasises analytical depth and intellectual range through engagement with a diverse set of global literary and non-literary texts.

Small-Group Structure and Performance-Focused Training

Classes are intentionally kept small, with enrolment capped at 6–10 students per group, enabling close feedback and sustained engagement with student writing.

The programme also incorporates elements of metacognitive and performance training, helping students develop structured thinking processes and confidence when responding to complex texts under examination conditions.

This approach is designed to address a common challenge for IB students: translating strong analytical ideas into consistently high-scoring responses within the time pressures of the IB exam format.

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BANGKOK, THAILAND – Media OutReach Newswire – 14 July 2026 – Thailand is strengthening its transition toward a net-zero economy through enhanced collaboration between government and industry. On the occasion of its 20^th anniversary, Thai Cement Manufacturers Association (TCMA) announced its strategic initiative, “The NEXT Chapter to Net Zero 2050,” aimed at accelerating implementation across five priority areas under the theme ‘Accelerating Collaborative Action towards Net Zero 2050.’ The initiative reinforces the cement industry’s evolving role as a Climate Solution Partner, aligned with the Thailand 2050 Net Zero Cement and Concrete Roadmap, a collective industry commitment supporting national climate goals.

The TCMA at 20 event was presided over by H.E. Mr. Varawut Silpa-archa, Minister of Industry, and brought together senior representatives from government agencies, industry, professional institutions, and international organizations, reflecting a shared commitment to advancing Thailand’s Net Zero 2050 target.

In his remarks, the Minister of Industry emphasized that achieving net-zero emissions requires coordinated action across all sectors under a unified ‘ONE MIND’ approach. The Ministry of Industry continues to advance enabling policies, regulatory frameworks, and economic instruments to support industrial decarbonization, while promoting green industry development, strengthening ESG standards, and enhancing competitiveness. He also highlighted ongoing collaboration with international partners, including UNIDO, GIZ, and the Government of Canada, to accelerate the deployment of low-carbon technologies.

Dr. Chana Poomee, Honourary Chairman of TCMA, noted that Thailand’s cement industry is transitioning beyond its traditional role toward becoming a Climate Solution Partner, contributing to climate mitigation through both emissions reduction and the development of sustainable construction solutions.

Representing the government sector, Dr. Raweewan Bhuridej, Permanent Secretary of Ministry of Natural Resources and Environment, and Mr. Sunthorn Kaewsa-ard, Deputy Permanent Secretary of Ministry of Industry, underscored the importance of public–private partnerships (PPP) in translating policy commitments into measurable outcomes, ensuring that emissions reductions are achieved alongside sustained industrial competitiveness.

Mr. Surachai Nimla-or, Chairman of TCMA, described “The NEXT Chapter” as a strategic inflection point for the industry, guided by the principle of being competitive, sustainable, and low-carbon. TCMA is advancing this transition through five key implementation engines, integrating policy, technology, innovation, energy transition, circular economy, and digitalization to enable systemic change that is measurable, scalable, and aligned with national timelines.

TCMA also continues to advance the SARABURI SANDBOX, a low-carbon city pilot that serves as a platform to test policy instruments, technological solutions, and green financing mechanisms through multi-stakeholder collaboration, with the objective of scaling successful models at the national and regional levels.

The launch of “The NEXT Chapter” underscores the role of Thailand’s cement industry as a key contributor to regional decarbonization efforts and highlights the importance of cross-sector collaboration in advancing an inclusive and sustainable transition toward a low-carbon economy.

Hashtag: #TCMA #TCMAat20 #TCMAinAction #TCMAtoNetZero2050 #NextChapterNetZero #ClimateSolutionPartner #CementDecarbonization

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New directors bring 60 years of combined capital markets and resource industry expertise

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Naming a Long-Standing Pattern

For decades, Palestinians have described a particular kind of hostility that doesn’t fit neatly into existing categories of discrimination. It isn’t quite the same as Islamophobia, since not all Palestinians are Muslim. It isn’t quite the same as general anti-Arab racism, since it attaches specifically to Palestinian identity, history, and political claims. 

MIL OSI

Transaction Valued at $122.5M Establishes 20,000-Liter US Biologics Drug Substance Manufacturing Platform, Covering Development through Commercial Supply

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Auckland, 29 June, 2026 – Global TV Experts, a specialist iGaming television advertising agency, has launched GTE Pacific after securing access to nationwide television advertising inventory for licensed online gambling operators entering New Zealand’s newly regulated market.

The launch comes as New Zealand prepares to award up to 15 online casino licences, creating one of the most significant market entry opportunities in global iGaming.

With licensed operators expected to begin launching later this year, competition to establish brand awareness and acquire customers is already intensifying. Unlike more mature regulated markets, New Zealand offers a rare opportunity for operators to enter a market without entrenched online casino brands or established player loyalties.

To support operators preparing for launch, GTE Pacific has secured advertising inventory across New Zealand’s leading broadcast television networks, providing licensed operators with access to premium national advertising opportunities unavailable through any other media buying agency.

The company believes television will play a pivotal role in helping operators build trust, awareness and market share as consumers are introduced to licensed online gambling brands for the first time.

Ben Wilcockson, founder of Global TV Experts, said: “The winners in New Zealand will be decided long before the first bet is placed. This is a rare opportunity to launch into a regulated market with no established online casino leaders and no entrenched player habits. The operators that build awareness first will have a genuine opportunity to shape the market.

“With only a limited number of licences available and a finite amount of premium television inventory, the race to secure visibility has already started. That’s why we’ve launched GTE Pacific and secured nationwide inventory to help operators maximise their opportunity from day one.”

GTE Pacific is backed by the wider Global TV Experts network, which has more than 15 years of experience supporting regulated gambling operators across over 50 international markets, including supporting partners entering newly regulated markets such as Ontario, Canada.

The agency specialises in helping operators navigate complex advertising regulations while delivering large-scale television campaigns designed to accelerate customer acquisition and brand growth.

The launch reflects growing industry interest in New Zealand’s regulatory reforms and the commercial opportunities expected to emerge once licences are awarded.

GTE Pacific is encouraging prospective applicants to begin planning their launch strategies well ahead of market opening.

Licensed operators interested in securing television advertising inventory ahead of launch can register their interest by visiting: www.gtepacific.co.nz.

About Global TV Experts

Global TV Experts (GTE) is a specialist television advertising agency helping regulated gaming, betting and entertainment brands achieve large-scale growth through broadcast media.

Founded by media buying expert Ben Wilcockson, GTE combines more than 15 years of experience in television advertising with a deep understanding of regulated gambling markets. The company works with operators, affiliates and industry stakeholders across more than 50 jurisdictions, delivering compliant, performance-driven TV campaigns that build brand awareness, customer acquisition and long-term market share.

Through its international network, GTE provides strategic planning, media buying, campaign optimisation and market-entry support for brands operating in newly regulated and established markets alike.

MIL OSI

The Fund is beginning to generate tangible international outcomes, including awards, nominations and co-productions across music, film, games and the arts, while expanding opportunities for overseas performances, international events and cross-border collaborations.

To date, projects supported by the Fund have been implemented across 23 countries and regions, generating new forms of international collaboration within the creative industries.

TOKYO, JAPAN – Media OutReach Newswire – 25 June 2026 – Held on Friday, June 5, 2026, the “Japan Creator Support Fund Progress Report Meeting” served as a platform for organizations selected under the “Support Programs for Creator Development & Cultural Facilities Function Enhancement” and the “Creator Support Program (Program Development and Implementation)” to present the outcomes of their projects from FY2025. The event, took place at the Ministry of Education, Culture, Sports, Science and Technology (MEXT), Tokyo, highlighted growing international engagement through overseas performances, participation in major international events, and cross-border collaborations, with supported projects generating tangible results including awards, nominations, co-productions, and institutional partnerships across music, film, games, visual arts, and the performing arts.

Now entering its third year, the Japan Creator Support Fund is a government-backed, multi-year national initiative supported by the Agency for Cultural Affairs that aims to nurture emerging creators and artists while strengthening cultural institutions that serve as hubs for creative activity and public engagement. The Fund, delivered through the Japan Arts Council, also promotes international exchange and overseas expansion opportunities, helping Japanese creators and cultural organisations build global networks and reach new audiences.

The progress report meeting opened with remarks from Mr. Shigeki Kobayashi, Vice Minister of Education, Culture, Sports, Science and Technology. Noting the government’s commitment to strengthening Japan’s creative industries, Vice Minister Kobayashi emphasised that “creators and artists themselves are the source of compelling content,” reaffirming the importance of sustained investment in creative talent and international exchange. At the report meeting, representatives from the Japan Arts Council provided an overview and progress update on the Japan Creator Support Fund, reporting that supported projects have generated international activity across 23 countries and regions, spanning Asia, Europe, North America and beyond. Achievements reported for FY2025 included selections at the Berlin International Film Festival, Cannes Directors’ Fortnight and Annecy International Animation Film Festival, performances at London’s Royal Opera House, international touring projects, and new collaborations between Japanese and overseas cultural organisations. Further information on program results, case studies and upcoming international activities can be found in the Notes to Editors below.

At the report meeting, four organizations each introduced its project, reporting on progress to date as well as key challenges, future plans and areas for further development.

• Japan Performing Arts Solidarity Network introduced SOIL Fellowship Program (Stage for Originality, Innovation, and Leadership), an initiative designed to cultivate producers and strengthen the international positioning of Japanese performing arts. In FY2025, program participants took part in pitching events in London and Edinburgh, presenting their work to performing arts professionals from around the world. The project aims to enhance the global presence of Japanese theatre, facilitate the international circulation of works, and foster the accumulation and sharing of professional expertise.
• Tokyo Metropolitan Theatre presented TMT Gear – The Creator Support Project, which seeks to strengthen Japan’s international presence in contemporary performing arts through the development of globally active creators and the enhancement of theatre staff expertise. FY2025 activities included on-the-job training during overseas performances, international networking with performing arts professionals, work-in-progress presentations in the fields of performing arts and music, and 8K recording and technical training initiatives undertaken by the theatre’s video media team.
• KINEMA CIRTUS reported on the Global Anime Challenge (GAC), a program designed to provide learning opportunities for emerging talent and foster the next generation of leaders in Japan’s animation industry. In FY2025, participants attended domestic workshops and undertook internships at overseas animation studios, gaining practical knowledge across key areas of the industry, including international collaboration, production and business development. The project also identified future priorities, including strengthening support from participating studios and expanding opportunities for internationally focused animation production.
• Jikei Gakuen School Corporation – Tokyo Communication Arts College introduced Immersive Media Lab++, an immersive content creator development program delivered in collaboration with XR company STYLY. During FY2025, the project focused on establishing the foundations of its curriculum and conducting overseas research visits to inform program development. Participants also reported on experiences gained through hackathons and study visits to the United States. Beginning in FY2026, the program plans to introduce year-round courses for students alongside overseas training opportunities and expanded international partnerships.

For further information, please visit the official Japan Creator Support Fund website, which provides updated information on selected organizations, upcoming exhibitions and performances, event information, creator interview videos, and creator profiles. https://creator.ntj.jac.go.jp

APPENDIX: KEY FY2025 RESULTS, INTERNATIONAL ACHIEVEMENTS AND UPCOMING FY2026 ACTIVITIES

Support Program Achievements

Creator & Artist Development Support Program
Activities carried out under the supported projects have included participation in overseas events, performances in Europe, research conducted abroad, and other initiatives. These initiatives have produced results such as awards, nominations, and co-productions across various fields, including music, film, and games. Through the strengthening of domestic and international networks and professional guidance, a solid foundation is being steadily built for full-scale overseas expansion.

Key FY2025 Results:

• Number of creators supported: 544
• Number of advisors involved: 301
• Domestic performances/exhibitions: 163
• Overseas performances/exhibitions: 165
• Total attendance across domestic and international events: 873,761
• Countries and regions involved (23 total): Ireland, United States, Italy, India, United Kingdom, Australia, Canada, Singapore, Switzerland, South Korea, China, Germany, France, Vietnam, Malta, Taiwan, Hong Kong, Indonesia, Thailand, Malaysia, Spain, Argentina, and Portugal

Support Program for Cultural Facilities Function Enhancement
Through initiatives funded by the Japan Creator Support Fund, international collaboration has advanced through various hubs including museums, theaters, concert halls, and other institutions. Talent development has also been strengthened through the invitation of overseas curators, co-commissions, mentoring by leading figures in Japan and abroad, and critical writing by development candidates. Progress is also being made in forming foundations for international expansion and network-building, including the establishment of new organizations, overseas performances, professional development, and exchange.

Key FY2025 Results:

• Number of creators supported: 133
• Number of advisors involved: 88
• Overseas performances/exhibitions: 5
• Domestic performances/exhibitions: 92
• Total attendance across domestic and international events: 1,900,597
• Countries and regions involved (8 total): South Korea, China, Germany, France, Taiwan, Indonesia, Slovakia, and Mexico

Creator Support Program (Program Development & Implementation)
Individual projects are undertaking specific measures to develop and implement training programs. In particular, selected educational organizations are making progress in their preparations to establish new departments and courses. As part of these measures, many overseas study visits have been conducted in order to understand needs for Japanese content around the world and survey the state of education for developing global talent. Destinations included approximately 15 countries worldwide, including countries in Africa.

The selection of training candidates is moving forward, and some projects have already launched practical programs. In addition to seminars and workshops held in Japan, overseas dispatches have also taken place. Initiatives included participation in the Berlin International Film Festival in Germany by Tokyo Docs, Atmovie Inc., and Tokyo University of the Arts; an observation visit to MIT Reality Hack in the United States by Jikei Gakuen; and training at higher education institutions, such as the dispatch by VIPO to the Griffith Film School in Australia.

Building on Recent International Successes: Looking Ahead to FY2026

Various organizations are expected to launch full-scale overseas exhibitions, performances and collaborative initiatives in FY2026, further expanding the global reach of Japanese creators and cultural institutions. These upcoming activities build on a growing number of international achievements already generated through projects supported by the Japan Creator Support Fund.

Upcoming FY2026 Activities

As part of ROHM Theatre Kyoto‘s “Repertory Premiere: ‘Hopes’” program, Kichijitsu Saikai, a work created by one of the program’s supported artists, is scheduled to be presented at the Beitou Art Festival in Taiwan from 7–9 August 2026.

In September 2026, WITH LiMBO, created by participants of Aichi Prefectural Art Theater’s “Constellation ~ Connecting Worlds with Aichi Prefectural Art Theater Dance Project ~” is scheduled to be performed in Slovakia.

In the visual arts sector, Syuto Kanazawa is presenting the exhibition Ethnography of the Body and Material — Slowness and Depth in an Accelerated Society as part of “Kogei Artists Promotion Project”in Venice, Italy, from 9 May to 22 November 2026.

Recent International Successes

Under the New National Theatre, Tokyo‘s “Project for Training World-class Dancers Through International Performances”, Giselle was staged at London’s Royal Opera House from 24–27 July 2025. The performances attracted significant attention and played to near-capacity audiences throughout the run. Building on this success, the National Ballet of Japan was named Outstanding Company at the UK’s National Dance Awards 2025 by the Critics’ Circle Dance Section, becoming the first Japanese ballet company to receive the prestigious honour. The award recognised the company’s achievements in the UK, including its Royal Opera House performances under the artistic direction of Miyako Yoshida.

As part of Shochiku‘s “Creator Development Aimed at Expanding Kabuki Overseas”, joint lectures and performances with Korean pansori artists were held in South Korea, laying the groundwork for the European tour of How an Onnagata Is Made. In April 2026, the production undertook its first European tour in eight years, presenting six performances across Paris, Rome and Cologne.

Under “Film Frontier”, a feature animation creator support program administered by UNIJAPAN, Hanarokushō ga Akeru Hi ni was selected for the Competition section of the 76th Berlin International Film Festival, competing for the Golden Bear. Directed by Japanese painter Yoshitoshi Shinomiya, the film marks his feature directorial debut and received support through the program for its international development. The selection represents a significant milestone for Japanese animation, following Spirited Away and Suzume, which were previously selected for the festival’s Competition section.

Also supported through “Film Frontier”, Housenka was selected for the Feature Film Competition at the Annecy International Animation Film Festival 2025. The original animated feature was created by director Baku Kinoshita and writer Kazuya Konomoto, the creative team behind the acclaimed television series Odd Taxi. The program supported the film’s international development and overseas promotion.

Under “New Way, New World: Program for Connecting Japanese Animators to the World”, administered by Computer Graphic Arts Society (CG-ARTS), Eri, directed by first-cohort selected artist Honami Yano, was selected for Directors’ Fortnight at the 79th Cannes Film Festival.

As part of Mori Art Museum‘s “Global Art Professional Development Project”, the exhibition The Architecture of Sou Fujimoto: Primordial Future Forest attracted 236,705 visitors, achieving 160% of its attendance target, and received positive reviews across more than 50 media outlets. Following its successful presentation in Tokyo, the exhibition is scheduled to tour Asia in 2026.

Under Aichi Prefectural Art Theater‘s “Constellation: Aichi Prefectural Art Theater Dance Project Connecting the World”, Giselle: A Summary, featuring program participant Hana Sakai, was invited to the Lessingtage theatre festival in Hamburg, Germany, in February 2026 and to the SPRING Performing Arts Festival in Utrecht, the Netherlands, in May 2026. The performances received positive critical attention, with local reviewers highlighting Sakai’s exceptional technical skill and artistry.

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PERTH, Australia, June 24, 2026 (GLOBE NEWSWIRE) — Paladin Energy Ltd (ASX:PDN, TSX:PDN, OTCQX:PALAF) (“Paladin” or the “Company”) announces it has successfully completed its 2026 winter drilling program at the Patterson Lake South (PLS) high-grade uranium project, located in the Athabasca Basin region of Saskatchewan, Canada, with the discovery of a new body of high-grade uranium mineralisation, the Atlas discovery. 

Highlights

• High-grade uranium mineralisation has been intersected 3.5km south of Paladin’s Triple R deposit and 4.5km southwest of Saloon East.
• Eight (8) exploration drillholes were collared, with seven intersecting significant uranium mineralisation at the new Atlas discovery, totalling 2,408m.
• Key winter 2026 intercepts at Atlas include:
  • PLS26-708B (discovery drillhole): 17.5m of total composite uranium mineralisation across three intervals, the largest being 8.0m averaging 1.75% U₃O₈, including 3.0m averaging 4.25% U₃O₈ from 190.0m to 193.0m
  • PLS26-718: 21.5m of total composite uranium mineralisation across two intervals, the largest being 14.5m averaging 1.70% U₃O₈, including 5.5m averaging 2.86% U₃O₈ from 194.5m to 200.0m
  • PLS26-722: 30.0m of total composite uranium mineralisation across seven intervals, the largest being 11.0m averaging 1.79% U₃O₈, including 5.0m averaging 2.94% U₃O₈ from 189.0m to 200.0m
• The Atlas discovery remains open along strike and at depth.

After a large-scale ground geophysical survey at the PLS project from February to June 2025, a highly prospective anomaly was identified within the broader Saloon Trend, 4.5km southwest of anomalous uranium concentrations identified at Saloon East. Drill testing of this geophysical anomaly intersected new high-grade basement-hosted uranium mineralisation commencing approximately 160m downhole in what was subsequently named the Atlas discovery. A total of 2,408m of drilling has been completed at Atlas, and the discovery remains open along strike and at depth.

The 2026 winter drilling program also targeted resource conversion and extension drilling at the Triple R deposit and further drilling on the Saloon Trend, along with regional exploration.  Following a short seasonal break, drills and field crews were re-mobilised to the PLS project in May to continue work at Atlas as well as other priority target areas. All currently identified trend targets (including Atlas) are land-based, allowing drilling activities to continue uninterrupted throughout the summer months.

Paladin CEO Paul Hemburrow said: “The Atlas discovery is a significant and very positive result for Paladin’s exploration strategy and builds on our success in 2025 with the Saloon East discovery. The initial Atlas results reinforce the potential of the PLS project across multiple prospective mineral corridors and demonstrates the effectiveness of the Company’s systematic targeting approach that is now focused on the land-based trends surrounding Patterson Lake. We also continue drilling the Triple R deposit to upgrade confidence in that resource, focusing on resource to reserve conversion to add value to the life of the mine.”

Overview of Atlas Drill Program
The Saloon Trend is a linear, multi-kilometre long, southwest-northeast trending structural zone up to 1km in width, that is parallel to and located 3.5km south of the shear zones that host the Triple R deposit within the Patterson Lake corridor (Figure 1).

Since 2024, the Saloon Trend has represented a principal exploration focus for the Company, with anomalous uranium geochemistry and associated structural disruption defined over an approximately 8km strike extent. Drill targeting for the 2026 campaign was further refined following completion of a large-scale ground geophysical survey from February to June 2025, which identified high priority geophysical anomalies along the trend.

Although the second drillhole of the 2026 program, PLS26-708, was discontinued at a depth of 152.0m due to challenging ground conditions, a follow-up drillhole, PLS26-708A, successfully intersected three zones of uranium mineralisation before also being discontinued at a depth of 206.0m due to similar ground conditions. The final re-collar, PLS26-708B, was completed as planned and intersected 17.5m of composite uranium mineralisation across three discrete intervals, including 8.0m grading 1.75% U₃O₈ from 188.0m to 196.0m.  This result underpinned the Atlas discovery.

Prior to a seasonal break of drilling activities in May, five additional drillholes were completed at Atlas, bringing the total to 2,408m drilled (Figure 2 and Table 1). Uranium mineralisation was intersected in seven of eight Atlas drillholes, hosted within steeply southeast-dipping stacked shear zones, currently defined over approximately 60m of strike length and at vertical depths ranging from 120m to 260m below surface (Figure 3). The Atlas discovery remains open along strike and at depth, representing one of the main targets for the summer drill program.

In addition to Atlas, eight drillholes were completed at Saloon East, 3.5km southeast of Triple R, totalling 2,759m. Samples for uranium assay from the Saloon East drillholes are currently being processed at the Saskatchewan Research Council Geoanalytical Laboratory.

Table 1: 2026 Atlas Drillhole Summary

*Drillhole terminated due to challenging ground conditions

Figure 1: Location of the Atlas discovery

Figure 2: Inset map of Atlas drilling

Figure 3: Longitudinal section looking northwest at Atlas showing
total uranium grade (%U₃O₈) x thickness (m) per drillhole

This announcement has been authorised for release by the Board of Directors of Paladin Energy Ltd.

Contacts

About Paladin
Paladin Energy Ltd (ASX:PDN TSX: PDN OTCQX:PALAF) is a globally significant independent uranium producer with a 75% ownership in Namibia of the world-class long-life Langer Heinrich Mine. In Canada, Paladin is progressing development of the Tier-1, high grade and shallow Patterson Lake South (PLS) Project in northern Saskatchewan and has an extensive portfolio of exploration assets within the province’s highly prospective Athabasca Basin and also at the Michelin project in Newfoundland and Labrador. In Australia, Paladin owns uranium exploration assets in Queensland and Western Australia. Paladin is committed to a sustainability framework that ensures responsible, accountable and transparent management of uranium resources – now and in the future. The Langer Heinrich Mine is delivering reliable uranium supplies to major nuclear utilities around the world, positioning Paladin as a meaningful contributor to baseload energy provision in multiple countries and global decarbonisation, whilst unlocking the PLS Project to support future global nuclear energy expansion.

Competent Person’s Statement / Qualified Person and Technical Information
The drilling and exploration results contained in this document have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”).  The information in this document as it relates to drilling and exploration results is based on, and fairly represents, information and supporting documents prepared by Kanan Sarioglu, a Competent Person and “qualified person” under NI 43-101, who is a registered Professional Geoscientist (P.Geo) with the Engineers and Geoscientists of British Columbia (EGBC), the Association of Professional Engineers and Geoscientists of Alberta (APEGA) and the Association of Professional Engineers and Geoscientists of Saskatachewan (APEGS). Kanan Sarioglu is the VP Exploration for Paladin Canada Inc. and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, 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’. Mr. Sarioglu consents to the inclusion in this document of the matters based on the information in the form and context in which it appears.

The drilling and exploration results including verification of the data disclosed, have been completed by Kanan Sarioglu following NI 43-101. Mr. Sarioglu has reviewed and approved the contents of this news release.

The design of the drilling programs and interpretation of results is under the control of Paladin Canada’s geological staff, including qualified persons employing strict protocols consistent with NI 43-101 and industry best practices. Drill core samples are analysed at the Saskatchewan Research Council (SRC) Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) in Saskatoon, Saskatchewan, which includes U₃O₈ (wt %) and fire assay for gold.

All intersections are down-hole depths.  All depths reported of core interval measurements including radioactivity and mineralisation intervals widths are not always representative of true thickness.

Forward-looking statements
This document contains certain “forward-looking statements” within the meaning of Australian securities laws and “forward-looking information” within the meaning of Canadian securities laws (collectively referred to in this document as forward-looking statements). All statements in this document, other than statements of historical or present facts, are forward-looking statements and generally may be identified by the use of forward-looking words such as “anticipate”, “expect”, “likely”, “propose”, “will”, “intend”, “should”, “could”, “may”, “believe”, “forecast”, “estimate”, “target”, “outlook”, “guidance” and other similar expressions.

Forward-looking statements involve subjective judgment and analysis and are subject to significant uncertainties, risks and contingencies including those risk factors associated with the mining industry, many of which are outside the control of, change without notice, and may be unknown to Paladin. These risks and uncertainties include but are not limited to liabilities inherent in mine development and production, geological, mining and processing technical problems, the inability to obtain any additional mine licences, permits and other regulatory approvals required in connection with mining and third party processing operations, competition for amongst other things, capital, acquisition of reserves, undeveloped lands and skilled personnel, incorrect assessments of the value of acquisitions, changes in commodity prices and exchange rates, currency and interest fluctuations, various events which could disrupt operations and/or the transportation of mineral products, including labour stoppages and severe weather conditions, rising energy costs, inflationary pressures, the demand for and availability of transportation services, the ability to secure adequate financing and management’s ability to anticipate and manage the foregoing factors and risks.

Although at the date of this announcement Paladin believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance. Actual results or developments may differ materially from the expectations expressed in such forward-looking statements due to a range of factors including (without limitation) fluctuations in commodity prices and exchange rates, exploitation and exploration successes, environmental, permitting and development issues, geopolitical events and political risks (including armed conflict or escalation of hostilities in the Middle East), and the impact of such events on global security conditions, economic activity, trade flows, energy markets, sanctions regimes, and uranium supply and demand, First Nation engagement, climate risk, operating hazards, natural disasters, severe storms and other adverse weather conditions, shortages of skilled labour and construction materials, equipment and supplies, energy costs, inflation, regulatory concerns, continued availability of capital and financing and general economic, market or business conditions and risk factors associated with the uranium industry generally, and other factors. There can be no assurance that forward-looking statements will prove to be accurate.

Readers should not place undue reliance on forward-looking statements, and should rely on their own independent enquiries, investigations and advice regarding information contained in this document. Any reliance by a reader on the information contained in this document is wholly at the reader’s own risk. Recipients are cautioned against placing undue reliance on such projections without conducting their own due diligence with appropriate professional support. The forward-looking statements in this document relate only to events or information as of the date on which the statements are made. Paladin does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise. No representation, warranty, guarantee or assurance (express or implied) is made, or will be made, that any forward-looking statements will be achieved or will prove to be correct. Except for statutory liability which cannot be excluded, Paladin, its officers, employees and advisers expressly disclaim any responsibility for the accuracy or completeness of the material contained in this document and exclude all liability whatsoever (including negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this document or any error or omission therefrom. Except as required by law or regulation, Paladin accepts no responsibility to update any person regarding any inaccuracy, omission or change in information in this document or any other information made available to a person, nor any obligation to furnish the person with any further information. Nothing in this document will, under any circumstances, create an implication that there has been no change in the affairs of Paladin since the date of this document. To the extent any forward-looking statement in this document constitutes “future-oriented financial information” or “financial outlooks” within the meaning of Canadian securities laws, such information is provided to demonstrate Paladin’s internal projections and to help readers understand Paladin’s expected financial results. Readers are cautioned that this information may not be appropriate for any other purpose and readers should not place undue reliance on such information. Future-oriented financial information and financial outlooks, as with forward-looking statements generally, are, without limitation, based on the assumptions, and subject to the risks and uncertainties, described above.

JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Figures accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/f5b4ab0d-9e68-40e9-8512-d2de9247ca98

https://www.globenewswire.com/NewsRoom/AttachmentNg/9779c77f-c9b8-4514-a276-770c49d483e7

https://www.globenewswire.com/NewsRoom/AttachmentNg/fa339109-8ffa-4180-9461-941ed8ef750e

– Published by The MIL Network

Six New Zealand Defence Force (NZDF) personnel have this month been part of a multinational effort in Papua New Guinea to destroy about 2200 explosive remnants left over from the Second World War.

Delivered under Australian Defence Force (ADF) leadership, Operation Render Safe brought together military personnel from Papua New Guinea, Australia, New Zealand, Canada, France, Japan, the United Kingdom and the United States to locate and safely dispose of about 7550kg of the explosives.

The operation focused on explosive remnants of war – or ERW – identified during previous missions in the Gazelle, Kokopo and Rabaul districts of East New Britain province. They have continued to pose a serious risk to local communities for more than 80 years.

The munitions were moved to pits that had been dug so charges could be placed on them to destroy them.

The smaller and more stable bombs were moved via vehicle and the larger ones carried by several people with slings.

New Zealand Army Captain ‘C’*, Senior National Officer of the Kiwi contingent, said the six-person NZDF Explosive Ordnance Disposal (EOD) team was embedded within the ADF-led task force, working alongside Papua New Guinea Defence Force and international counterparts.

“It’s a challenging task, in a hot and humid jungle environment and with seriously degraded munitions that have spent 80 years exposed to the weather and sea salt,” Captain C said.

“But it’s an important task to ensure the safety of communities in these areas.”

The NZDF maintains a highly capable EOD service, drawing personnel from the Royal New Zealand Navy, New Zealand Army and Royal New Zealand Air Force.

EOD teams provide regular domestic support to New Zealand Police, including the assessment and disposal of improvised explosive devices and unexploded ordnance.

NZDF personnel are also very experienced in ERW clearance operations across the Pacific, having undertaken similar work in Bougainville, Solomon Islands, Vanuatu and Nauru in recent years.

The Force Integration Training conducted in Australia prior to deployment ensured the multinational team could operate effectively together in the challenging Papua New Guinea conditions.

“The training ensured we were not only a strong, cohesive team, but also allowed us to build enduring relationships that will support future operations,” Captain ‘C’ said.

“Every time we work with the ADF and our partner nations, it’s a valuable opportunity to understand each other’s procedures—ensuring we remain interoperable and ready to deploy together when needed.”

Render Safe is a long-standing multinational initiative, running for more than 20 years, aimed at reducing the threat posed by ERW across the Pacific and strengthening regional security through cooperation.

The NZDF contribution reflects New Zealand’s ongoing commitment to regional security and its close defence relationships with Papua New Guinea, Australia and other international partners.

MIL OSI

MIL OSI

A New Zealand-based offshore trust firm managing more than $6.8 billion in assets is set to launch a North American export expansion programme as litigation risks drive US doctors to move wealth into Cook Islands and Nevis protection structures.

New US research shows almost 60 per cent of obstetricians and gynaecologists report being sued at least once during their careers. More than half of general surgeons had also faced a malpractice claim, highlighting the long-term litigation risks facing many American medical professionals. The study also found doctors’ risk of facing a malpractice claim increases over the course of their careers and varies significantly by specialty.

Matthew Smith, a lawyer and director of business development at Southpac Group, says many US professionals, business owners and specialists are seeking asset protection before any dispute arises, because malpractice claims, insurance limits, and an aggressive litigation culture can expose personal wealth built up over decades.

“Most clients are professionals or company owners looking to protect assets they have spent decades building,” Smith says.

“The US legal environment is far more aggressive than what we see in New Zealand.”

Smith says asset protection structures used by some doctors are typically part of a broader risk management and wealth preservation strategy, particularly where malpractice insurance policies contain payout caps that may not fully protect them if a claim escalates.

He says this makes offshore asset protection structures far more common in the US than in New Zealand.

Southpac’s new client numbers rose over 290 per cent between 2022 and 2025 as wealthy Americans became increasingly focused on legal risk, asset protection and geopolitical uncertainty following the pandemic.

Smith says their firm currently administers trusts established by clients from 51 countries, with the United States accounting for about 85 per cent of its client base. The UAE, Canada, Australia, New Zealand and the UK are also among its largest markets.

Mike Arand, Southpac CEO, says the firm was the first trustee company licensed in the Cook Islands and has established more than 4,000 trusts over the past 40 years, with medical professionals now one of its fastest-growing client segments.

Arand says most clients have between US$2 million and US$10 million in assets and use offshore trusts as part of long-term wealth protection planning.

The Cook Islands became internationally known for asset protection trusts after introducing specialised legislation in the late 1980s designed to shield assets from future creditor claims, provided structures are established before legal action begins.

Arand says Southpac also uses Nevis, a Caribbean jurisdiction known for protective company legislation, as part of some client structures.

“For many clients, a Cook Islands trust may sit above a Nevis company, creating two layers of protection across separate jurisdictions,” Arand says.

He says their ability to operate across both the Cook Islands and Nevis is one of the firm’s points of difference in the international asset protection market.

Offshore trusts have long attracted controversy globally, but Arand says Southpac operates a comprehensive due diligence programme before taking on clients, including client verification, background checks, sanctions screening, politically exposed person checks and ongoing monitoring.

“Prospective clients can be declined outright where there are concerns around sanctions exposure, criminal activity, tax transparency or existing legal claims,” Arand says.

The Cook Islands was rated compliant or largely compliant across 38 of 40 compliance recommendations set by global standards body the Financial Action Task Force, in its latest international review, compared with New Zealand’s 34.

The financial services firm is now preparing for further expansion of its referrer network of attorneys, wealth advisers and other professional advisers across North America, including a series of meetings with specialist asset protection lawyers in Los Angeles, San Diego and Canada.

“There are thousands of lawyers across the US advising on domestic asset protection, but many still do not fully understand offshore structures,” Smith says.

“That represents a significant growth opportunity for us.”

The company currently employs 26 staff in New Zealand alongside teams in the Cook Islands, Nevis and the Philippines.

Arand says offshore trust administration has quietly become a significant professional services export industry, linking New Zealand, the Cook Islands and North America, with offshore financial services estimated to contribute about 8 per cent of the Cook Islands’ economy, making it one of the country’s largest industries outside tourism.

He says the firm expects North America to remain its primary growth market as more US professionals seek offshore asset protection structures traditionally associated with ultra-wealthy investors.

MIL OSI

“GLP-1 medications are providing new opportunities for people living with obesity, but medication alone is not the complete solution,”

“Exercise plays a critical role in helping people maintain muscle mass, improve strength and mobility, support mental wellbeing, and achieve sustainable long-term health outcomes. Qualified exercise professionals should be part of the treatment pathway from the outset.”

“New Zealand faces many of the same challenges as other developed nations, including rising rates of obesity, physical inactivity, and chronic disease,”

“This research reinforces what exercise professionals see every day. Sustainable health improvements come not just from weight loss, but from building strength, improving movement, increasing confidence, and supporting people to develop lifelong healthy habits.”

ExerciseNZ is calling for exercise professionals to be integrated into obesity treatment pathways. New international research has found that combining structured exercise with GLP-1 weight-loss medications significantly improves long-term health outcomes, reduces healthcare costs, and delivers substantial economic benefits compared with medication alone.

________________________________

The white paper, From Weight Loss to Lasting Value: Structured Exercise and the Economics of GLP-1 Therapy, arrives as countries around the world consider how best to manage the growing use of GLP-1 medications for obesity treatment.

Developed by FTI Consulting’s Center for Healthcare Economics and Policy, the research examined the health and economic impact of GLP-1 therapy when used alone compared with GLP-1 therapy combined with structured exercise. The analysis was conducted across Australia, Canada, New Zealand, the United Kingdom, and the United States.

The findings were consistent across all five countries, demonstrating that combining regular exercise with GLP-1 treatment leads to better long-term health outcomes, lower healthcare costs, and positive returns on investment.

________________________________

As the use of obesity medications continues to increase, ExerciseNZ is encouraging policymakers, healthcare providers, and funders to ensure exercise is recognised as a core component of obesity care.

“GLP-1 medications are providing new opportunities for people living with obesity, but medication alone is not the complete solution,” says Richard Beddie, Chief Executive of ExerciseNZ.

“Exercise plays a critical role in helping people maintain muscle mass, improve strength and mobility, support mental wellbeing, and achieve sustainable long-term health outcomes. Qualified exercise professionals should be part of the treatment pathway from the outset.”

The research highlights several important benefits of combining exercise with GLP-1 therapy, including:

Preserving muscle mass during weight loss
Maintaining strength, mobility, and bone health
Supporting long-term weight management
Reducing weight regain following cessation of medication
Lowering the risk of costly chronic health events

________________________________

ExerciseNZ is joining international industry organisations including the Health & Fitness Association, the HFA Foundation, AUSactive, Fitness Industry Council of Canada, and ukactive in calling on policymakers, payers, and healthcare systems to integrate structured exercise into GLP-1 treatment pathways. Specifically, to:

Recognition of structured exercise, including resistance training, as an essential component of obesity treatment
Integration of exercise support into GLP-1 care models
Stronger referral pathways between healthcare providers and qualified exercise professionals
Improved access to exercise services and facilities
Measurement of outcomes beyond weight loss, including physical function, quality of life, and long-term health outcomes

“New Zealand faces many of the same challenges as other developed nations, including rising rates of obesity, physical inactivity, and chronic disease,” says Beddie.

“This research reinforces what exercise professionals see every day. Sustainable health improvements come not just from weight loss, but from building strength, improving movement, increasing confidence, and supporting people to develop lifelong healthy habits.”

ExerciseNZ encourages individuals using GLP-1 medications to seek guidance from appropriately qualified exercise professionals to help maximise health outcomes and maintain long-term success.

MIL OSI

PERTH, Australia, May 12, 2026 (GLOBE NEWSWIRE) — Paladin Energy Ltd (ASX:PDN, TSX:PDN, OTCQX:PALAF) (“Paladin” or the “Company”) advises that it has released its unaudited condensed interim financial report and management discussion and analysis (MD&A) for Paladin Energy Ltd and its controlled entities for the three and nine month periods ended 31 March 2026 (“Interim Financial Results”).

The Interim Financial Results are available on Paladin’s website (https://www.paladinenergy.com.au/investors/asx-announcements/).

Contacts

About Paladin

Paladin Energy Ltd (ASX:PDN TSX: PDN OTCQX:PALAF) is a globally significant independent uranium producer with a 75% ownership of the world-class long life Langer Heinrich Mine located in Namibia. In late 2024 the Company acquired Fission Uranium Corp. in Canada, resulting in a dual-listing on the both the ASX and TSX. With the integration of Fission’s operations, the Company now owns and operates an extensive portfolio of uranium development and exploration assets across Canada, which include the Patterson Lake South (PLS) Project in Saskatchewan and the Michelin project in Newfoundland and Labrador. Paladin also owns uranium exploration assets in Australia. Paladin is committed to a sustainability framework that ensures responsible, accountable and transparent management of the uranium resources the Company mines – both now and in the future. Through its Langer Heinrich Mine, Paladin is delivering a reliable uranium supply to major nuclear utilities around the world, positioning itself as a meaningful contributor to baseload energy provision in multiple countries and contributing to global decarbonisation.

– Published by The MIL Network

HONG KONG SAR – Media OutReach Newswire – 15 June 2026 – The Hong Kong Polytechnic University (PolyU) is committed to advancing knowledge transfer, encouraging students to embrace a spirit of innovation and entrepreneurship, address social challenges with professional knowledge and contribute to National development. As the sole organising university of the inaugural Hong Kong Special Administrative Region (HKSAR) Contest of the 16th National E-commerce “Innovation, Creativity and Entrepreneurship” Competition for College Students (3Chuang Competition), PolyU hosted the HKSAR Contest cum Award Presentation Ceremony on 12 June. A total of 12 elite teams garnered 12 awards in the Contest, earning the opportunity to advance to the National Finals.

The inaugural HKSAR Contest of the 3Chuang Competition aims to encourage local tertiary students to break barriers across institutions, regions, cultures and disciplines. It brings together innovative ideas and unlocks entrepreneurial potential, further fostering the development of Hong Kong’s innovation and technology ecosystem. Outstanding teams will have the chance to advance to the National Finals and expand their horizons.

In his speech, Prof. DONG Cheng, Associate Vice President (Knowledge Transfer) of PolyU, remarked, “PolyU is honoured to be the sole organiser of the inaugural HKSAR Contest of the 3Chuang Competition. We are committed to driving the translation of research outcomes into impact for societal benefits. The National competition provides a platform for young people to unlock their potential in innovation and entrepreneurship, bringing together remarkable talents, who can learn from each other with a creative mindset, serve society and contribute to National development.” Prof. Dong added that PolyU had set up 15 translational research institutes and centres across the Chinese Mainland. He encouraged the winning teams to leverage PolyU’s extensive innovation network, incubation support and market resources, thereby better integrating into the overall National development, tapping into Chinese Mainland markets, and converting innovation outcomes into tangible momentum for social advancement.

Prof. LI Qi, Chairman of the Competition Organizing Committee (COC) of the 3Chuang Competition from Xi’an Jiaotong University, has vigorously supported PolyU in hosting the HKSAR Contest and fully recognised its efforts. He remarked in his speech, “A total of 34 provinces, municipalities, autonomous regions and Special Administrative Regions across the Nation have taken part in this year’s Competition, which also marks the HKSAR’s debut participation. We especially appreciate the tremendous support and assistance from PolyU’s senior management, faculty and students. They have contributed to the HKSAR and brought glory to the Nation, laying a fertile ground for nurturing ‘3Chuang’ talents while connecting domestic and overseas stakeholders for the development of ‘3Chuang’. We warmly welcome outstanding teams from Hong Kong to the National Finals, to achieve even greater results.”

The National 3Chuang Competition landed in Hong Kong last year. Since its kick-off, it has attracted numerous cross-region, cross-institution and cross-discipline teams to participate in the university-level round of competition. Team members come from 32 higher education institutions across Hong Kong, Macao, the Chinese Mainland and overseas. In addition to major universities in Hong Kong, prestigious names such as Guangdong University of Technology, Sun Yat-sen University, Shenzhen University, the City University of Macau and the University of Toronto in Canada also feature. Eventually, 29 outstanding teams from the Regular, International and Practical Tracks entered the HKSAR Contest, where they competed before a jury comprising experts from academia, industry and investment sectors for accolades including the First Prize, Second Prize and Best Entrepreneurship Award. The COC of the 3Chuang Competition will announce the list of teams who qualified for the National Finals after all provincial-level contests conclude later this month.

The winners of the HKSAR Contest of the 16th 3Chuang Competitionare as follows (the order of the teams winning the same award is arranged according to their names in Chinese):

Founded in 2009, the 3Chuang Competition is a National entrepreneurship competition endorsed by the Ministry of Education of the People’s Republic of China. With the aim of fostering among tertiary students an innovative mindset, creative thinking, entrepreneurial capabilities and team collaboration in practical scenarios, it is one of the largest and most influential innovation and entrepreneurship competitions focused on e-commerce for tertiary students in the Nation. The Competition has attracted numerous aspiring student entrepreneurs over the years, and this year alone saw over 280,000 teams from nearly 1,500 universities nationwide sign up. In addition to launching the HKSAR Contest for the first time, an International Track has been introduced to deepen international cooperation, boost regional economic development, facilitate cultural and academic exchanges, and promote balanced development of e-commerce worldwide. For more information, please visit the official website.

Hashtag: #PolyU

The issuer is solely responsible for the content of this announcement.

– Published and distributed with permission of Media-Outreach.com.

MIL OSI

MIL OSI

PERTH, Australia, Sept. 02, 2025 (GLOBE NEWSWIRE) —

HIGHLIGHTS

Ore Reserves Estimate Upgrade

• 33% increase in DSO (Direct Shipping Ore) grade Ore Reserves at Minim Martap to 144DMt of ore at 51.2% Al₂O₃ and 1.7% SiO₂ over 20 year mine life
• High alumina grade of >51% and low silica content will command a long-term price premium of up to US$11/t over Guinea Standard bauxite
• Ore Reserves for both Makan and Ngoundal will be completed during H2, 2025

Production – Staged development to reduce initial capital

• First ore production planned for Q1, 2026 and first bauxite shipment planned for H1, 2026
• Existing rail capacity available prior to the PQ2 rail upgrade allows low Capex, fast track development strategy
• Stage 1/Year 1 ore production target scheduled for 1.2WMt
• Staged production target to 6.0 wMtpa in Year 4 and 10.0 wMtpa in Year 6 has been scheduled around PQ2 rail upgrade. Further expansion above 10.0 wMtpa will be reviewed post PQ2
• The Project’s 20-year mine plan will be updated once Makan and Ngaoundal mine plans are completed
• Key investment of 9.1% in Camrail ensures strategic implementation in PQ2 upgrade and discussions ongoing with Camrail to potentially increase this.

Economics¹

• Stage 1 CAPEX to first ore shipment of US$96M
• AFG Bank Cameroon (AFG) debt facility of US$140M (with US$26 million drawn down to date) and existing cash in excess of Stage 1 capital development costs
• NPV₆ (Pre-tax) of US$835M
• IRR (Pre-tax) of 29%
• CAPEX to 2.1WMtpa production target (Year 2) an additional US$63M, CAPEX to 6.5WMtpa production target (Year 5) an additional US$187M and CAPEX to 10.0WMtpa production target (Year 7) an additional US$101M
• C1 Operating Costs: US$34.71/wmt (average LOM) detailed as follows:

Infrastructure

• Canyon acquired a 9.1% equity position in Camrail, the rail operator, in March 2025
• The World Bank has committed US$818M to upgrade the rail corridor under the PQ2 funding program. Camrail is scheduled to complete this work in 2030.
• Access to existing port infrastructure at Port du Bois (Douala) supports the Project’s low capital cost development strategy
• Purchase orders for rail locomotives and wagons have been placed with first equipment deliveries scheduled for Q1, 2026
• Mining, ore haulage and road upgrade contracts placed, and mining equipment scheduled to arrive on site Q1, 2026
• Project construction commenced in July 2025
• Project team in place with additional key hires to be made in H2, 2025

Investor Webinar/ Conference Call

• The Company will host an investor webinar and conference call today at 11am AWST, with details to follow in a separate announcement

Canyon Chief Executive Officer Peter Secker commented: “The compelling Definitive Feasibility Study outcome and Ore Reserves Upgrade will add to the significant momentum Canyon has achieved at Minim Martap.

“We have a world-class bauxite Project on any measure, with scale, a quality resource, and a highly supportive jurisdiction backing a Project that represents a major economic opportunity for Cameroon.

“With a project NPV of US$835M and IRR of 29%, in combination with a high grade 51% Al2O3 Ore Reserve places our product at the premium end of the market.

“Our staged approach to the development, along with its highly competitive 1^st Stage US$96M CAPEX, efficient mining process and US$140M debt financing in place, makes Minim Martap a compelling opportunity for our investors, and we look forward to taking them on an exciting journey with us through the Project’s execution and into production in H1, 2026.”

A Media Snippet accompanying this announcement is available by clicking on this link.

ASX Chapter 5 Compliance and Cautionary Statement

The production targets referred to in this announcement are 100% based on Proved and Probable Ore Reserves estimated at the Project. The current Proved and Probable Ore Reserves utilises 144.0Mt over the 20-year mining plan, which represents a portion of 30% of current global Measured category Mineral Resources estimated at the Project.

None of the Inferred category Mineral Resources underpin the production target. It is noted that there is a low level of geological confidence associated with Inferred Mineral Resources. There is no certainty that further exploration work will result in upgrading the Inferred Resources to Indicated status or that the production target itself will be realised.

The Ore Reserve and Mineral Resource Estimate have been prepared by Competent Persons, with Competent Persons Statements in Appendix 1.

The DFS developed engineering designs to provide costs at a +/- 15% level of accuracy.

The Company has concluded that it has a reasonable basis for providing the production targets, forecast financial information and other forward-looking statements included in this announcement. The detailed reasons for that conclusion are outlined throughout this announcement and all material assumptions, including JORC modifying factors (Appendix 3, JORC Table 1, Section 4) upon which the forecast financial information is based, are disclosed in this announcement. This announcement has been prepared in accordance with the JORC Code 2012 and the ASX Listing Rules.

All material assumptions relating to production targets and financial forecasts are detailed in this report and the Ore Reserve Statement in Appendix 2 on page 47.

Refer also to the further disclaimers and cautionary statements included before the Appendices to this announcement.

Leading bauxite developer Canyon Resources Limited (ACN 140 087 261) (ASX: CAY) (‘Canyon’ or the ‘Company’) has released the updated Definitive Feasibility Study (‘DFS’) for the Company’s flagship Minim Martap Bauxite Project (‘Minim Martap’ or ‘the Project’), which confirms the Project’s strong economics and outlines a pathway for the phased development of what is planned to be a major new bauxite producer.

The release of the DFS coincides with an updated Mineral Resource and results of an Ore Reserve Update for the Project. The Ore Reserve estimate has been increased by one third to 144Mt of DSO grade ore at 51.2% Al₂O₃ and 1.7% SiO₂, and which will underpin the long-term future of Minim Martap.

Located in Cameroon, Minim Martap will be executed as a capital-efficient, staged development by Canyon, with first ore production planned for Q1 CY2026 and first shipment to take place in 1H CY2026.

Canyon has commenced early works for the Project, including the construction of the Inland Rail Facility (IRF) that will be used to transfer ore from road to rail, the upgrade of the haul road to transfer ore to the IRF and the procurement of long lead items such as locomotives for rail haul.

The Company’s recently announced funding in the form of debt from AFG Bank Cameroon (AFG) (~US$140M), and equity from an options exercise by Eagle Eye Asset Holdings Pte Ltd (EEA) (A$25.4M) will fund long lead items and the Project’s Stage 1 CAPEX of US$96M.

RESOURCE AND RESERVE UPGRADE

The Ore Reserve estimation, conducted for the Minim Martap Deposit, adheres to the guidelines set by the Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves (JORC Code, 2012).

The 2025 Mineral Resource and Ore Reserve estimate for the Minim Martap bauxite deposit as reported by SRK is presented below in Table 1.

Pursuant to ASX Listing Rule 5.9.1, the Company provides the following summary in relation to Appendix 3 attached to this announcement.

MATERIAL DFS OUTCOMES AND ASSUMPTIONS

Economics

Minim Martap has exceptional economics, based on its low CAPEX requirements, and efficient mining and logistics that are forecast at US$35/wmt. These factors combine to provide the Project with a pre-tax NPV of US$835M and an IRR of 29%.

Figure 2 within the accompanying Media Snippet details the Project’s annual cashflows in real terms.

Production Target

The current 20-year mine plan and production schedule is based solely on the Proved Ore Reserve (JORC Code, 2012). The Life of Mine Plan (LOMP) provides a schedule of tonnes and grade for ore and waste over time for use in mining cost estimation and financial modelling.

The LOMP only includes Proved and Probable Ore Reserves as a source of DSO material.

Minim Martap can support elevated grades targeting 52% Al₂0₃ for the initial 3-year start-up period, before ramping up to 10 Million Wet Metric Tonnes/Annum of DSO product.

The operation will commence at the Danielle Plateau to minimise the required start-up time and capital before transitioning to Beatrice and Raymonde later in the mine life to effectively manage the SiO₂ in the product. SiO₂ is maintained below 2% total SiO₂ for the life of the mine.

The start-up period of the mine, due to low rail capacity, will require low machine utilisation from the mining fleet and therefore offer reasonable flexibility and redundancy early in the mine life.

Annual bauxite production schedule from the different plateaus of the Minim Martap Deposit is presented in Table 3.

The bauxite recovered from the surface mining process does not require any additional processing. The surface miner crushes the ore to the required size as a part of the mining process and this ore is then exported as DSO.

Mining method selected and other mining assumptions

The selected mining method for the Minim Martap Deposit is the use of surface miners, supported by front-end loaders (FELs) and truck haulage. This method is proven, efficient, and cost-effective for bauxite extraction, with successful use in similar areas like Guinea.

Run-of-Mine (ROM) ore will be transported to ROM pads and then off-site via an existing rail line. Waste material will largely be backfilled into the mined-out voids to support progressive rehabilitation, with minimal initial pre-stripping required on each plateau.

Cut-off grades were applied to meet a target product specification of 51% Al₂O₃ and ≤2% SiO₂. For the Danielle and Raymonde plateaus, Al₂O₃ cut-offs were necessary to meet the average Al₂O₃ requirement. However, as these deposits are naturally low in SiO₂, no further SiO₂ constraints were required beyond the existing resource cut-off of 15% SiO₂. In contrast, the Beatrice plateau contains high Al₂O₃ and did not require any Al₂O₃ cut-offs. However, it could not consistently meet the ≤2% SiO₂ threshold without significant losses. As a result, material from Beatrice was permitted to exceed the 2% SiO₂ target, provided it remained within the 2.5% low-quality SiO₂ limit, with blending during production ensuring compliance with overall product specifications. The cut-off grades are summarized below in Table 4:

Ore loss and dilution are applied within the mining models. The Danielle and Raymonde plateaus experienced limited impact from dilution due to their elevated Al₂O₃ cut-off; resulting in the application of a 25 cm loss and dilution approach, which aligns with the operational precision of the proposed surface miners. At Beatrice, a 0.7 m loss-only approach was applied to minimise the risk of reintroducing high-SiO₂ material through dilution. The following losses were also applied to account for operational constraints:

• 0.5 m ore loss is applied at the base of the deposit where the orebody comes into direct contact with the underlying clay zone.
• 0.5 m ore loss is also applied at the top of the deposit where the ore outcrops at surface to account for the stripping of topsoil and the potential contamination of ore by organic material during initial mining activities.

Mine to Port Infrastructure

The development and sustaining capital of the project is detailed below. It comprises a mine camp and mine site infrastructure for Camalco personnel, a haul road construction from the ROM pad to IRF, IRF, Doula Port development, and railway rolling stock.

To facilitate the start of this project, Camalco has committed to providing funding for a rail upgrade and will be reimbursed for these upfront funds through offsets against royalties and / or other charges. A working group composed of Ministry of Mines, Ministry of Finance, Ministry of Transportation, Ministry of Economy & Planning, Camrail & Camalco is being set up to finalise the form and timing of this reimbursement.

The Total Capital Expenditure for the Project is presented below in Table 5:

Funding

The Company currently believes that there are reasonable grounds to assume that the Project can be financed as envisaged in this announcement, on the following basis:

• AFG Bank Cameroon (AFG) debt facility of US$140M and existing cash in excess of Stage 1 capital development costs of US$96M;
• The Company has a long-term strategic shareholder, EEA, with proven mining sector expertise, long-term development and mining experience in Africa and successfully building companies through the lifecycle. EEA has invested US$80M through placements, the exercise of options and on-market purchases since 2022 to obtain 56.5% ownership in Canyon and currently holds 137M in-the-money options, which if exercised would result in a $9.6M cash inflow. Furthermore, EEA continues to support the Company through a US$124M underwriting agreement, signed in January 2025, and the potential participation in any future capital raises should they be required in order to maintain EEA’s cornerstone investment in Canyon;
• The Company and its board members have a successful track record of raising capital, whether through debt or equity, and successfully developing mining projects in Africa and globally;
• Additional capital expenditure will also be funded from free cashflows from the Project; and
• Canyon’s board believes that the funding requirements for the Project are manageable in relation to the Company’s current market capitalization, especially given the above mentioned facilities and existing cash balance.

Environmental Approvals

The Minim-Martap Bauxite Project involves Extraction of DSO Grade Bauxite from the Minim Martap Deposit, transportation of Bauxite through haul road from the mine stockyard to the Inland Railway Facility (IRF) in Makor for bauxite evacuation, and the establishment of a port terminal at the Autonomous Port of Douala (PAD) for bauxite export. This necessitates comprehensive Environmental and Social Impact Assessments (ESIAs) to comply with national and international regulations. Separate ESIA studies have been conducted at Mine site, Haul Road, IRF and Port Area.

Community

The local community strongly supports Minim Martap, recognising the significant long-term economic benefits of the Project.

Through the construction and operations of the Project, the Company expects to have a workforce comprised of 97 per cent local people.

Along with the macroeconomic benefits of a major resources project for the Cameroon economy, Minim Martap will also contribute to the development of new economic infrastructure and improvements to existing infrastructure facilities. This includes roads adjacent to the Project area and the 800km rail link from the Company’s Inland Rail Facility to the Port of Douala.

STUDY TEAM

The Definitive Feasibility Study was completed by Canyon with support from specialist consultants as listed below:

BAUXITE MARKET

Canyon commissioned CM Group to provide an independent assessment of the outlook for the global bauxite market, including a price forecast for the specific grades of bauxite to be exported from the proposed Minim Martap mine in Cameroon. Forecast Prices for Minim Martap Bauxite Under Base, High and Medium Cases, 2026 to 2036 (US$/dmt real 2025, CIF China) is presented in Figure 5.

For the purpose of establishing a long-term benchmark base case price, a freight rate forecast of US$17/Dry Metric Tonnes (dmt). Using this freight rate assumption, the base case long-term price forecast for Minim Martap bauxite is US$78/dmt CIF Shandong.

NEXT STEPS

2025

• Mining fleet on site (December)
• Makan & Ngaoundal permits (2H)
• Offtake discussions (2H)

2026

• Initial fleet of new locomotives and wagons delivered (January)
• First mine production (January)
• First bauxite shipment (H1)
• Alumina Refinery FS (Q3) and downstream value add strategy

THE MINIM MARTAP BAUXITE PROJECT DEFINITIVE FEASIBILITY STUDY OUTCOMES AND ASSUMPTIONS

1.0 Executive Summary

1.1 Introduction

Canyon Resources Limited (Canyon) is developing the Minim Martap Bauxite Project (the project) located in Central Cameroon, currently through its 100 percent owned subsidiary Camalco SA (Camalco). Following the grant of the Mining Permit for the Minim Martap mining areas, in accordance with Section 59 of the Mining Code, an entity of the State will be granted 10% ownership of the special purpose Joint Venture Company formed for that purpose, free of charge. The project is located approximately 800 km by rail, north-east of the Douala Port. The project is considered highly prospective for its high grade and low contaminant Direct Shipping Ore (DSO) Bauxite. Camalco aims to produce and export approximately 10 million tons per annum (mtpa) of bauxite utilising Cameroon’s established infrastructure facilities including railway corridor and ports.

1.1.1. Project Description

Minim Martap is a Greenfield Bauxite Development project, with mining operations proposed to be undertaken at three (3) plateaus namely Beatrice, Danielle and Raymonde, using surface miners targeting the production of DSO bauxite product with a grade of approximately 51% total alumina (Al2O3) and ≤2% total silica (SiO2).

DSO grade mined bauxite ore shall be transported by road for an approximate distance of 42 km to the rail head at the Inland Railway Facility (IRF) located at Makor. From there, the bauxite will be transported by rail to the Port of Douala before transshipment to ocean going capsize vessels. A schematic representation of the project is presented in Figure 1-1 within the accompanying Media Snippet.

The proposed project caters for the systematic extraction of Bauxite ore and its transportation, achieved by the upgrading of critical existing facilities including development of a road network from the mine to the existing rail facility 5km south of Makor, revamping of the rail network and development of port infrastructure facilities. This will have a positive impact on the Socio-Economic Development of the local inhabitants along with the generation of a significant amount of foreign exchange by selling of International standard DSO Grade Bauxite ore.

For the purpose of preparation of the Detailed Feasibility Study (DFS), Camalco has appointed various agencies to conduct relevant testworks /studies, as presented below in Table 1-1.

Table 1-1 – Agencies Involved for Conducting Various Studies

DASTUR Engineering International GmbH in association with M. N. Dastur & Company (P) Ltd. (DASTUR) has been mandated by Camalco to integrate the DFS for this project based on the studies conducted by various agencies as mentioned in Table 1-1 above.

1.1.2. Project Location

The Minim Martap Bauxite Project is made up of three (3) tenements referred to as Minim Martap, Makan, and Ngaoundal all located within the Vina and Djerem Departments of the Adamawa region in Central Cameroon.

The proposed mining areas, defined by the strategic scheduling and pit designs, are within three (3) plateaus (Danielle, Beatrice, and Raymonde) of the Minim Martap Mining/Exploitation Permit as shown in red in Figure 1-2 within the accompanying Media Snippet.

1.1 Geology, Mineral Resource and Ore Reserve Estimation

1.2.4. Geological Overview

The project area is located within the Central Cameroon Shear Zone (CCSZ), which is a major northeast–southwest trending structural feature that separates the North-West Cameroon Domain to the north from the Adamawa Domain to the south.

The bauxites were formed from the lateralization of the Cambrian granites. Subsequent erosion has resulted in the current landform of flat-topped plateaus separated by deeply incised valleys, with the bauxites occurring within remnant laterites on the plateau tops. The plateaus are very irregular in shape and, especially those in Minim Martap, are significantly elongated subparallel to the structural trend of the CCSZ. The plateau tops are generally quite flat, but the flanks are usually relatively steep.

The laterite profile typically comprises a thin soil covering, an iron-rich capping, a leached horizon where the removal of silica and iron has resulted in the residual enrichment of bauxite minerals, and a kaolinitic basal clay horizon. Most of the bauxite Mineral Resource is contained within the leached horizon, which is typically several meters thick.

The dominant mineral in the bauxite horizon is gibbsite, with an average concentration of approximately 75%. The other major minerals in order of abundance include goethite, and hematite, with lesser amounts of anatase, kaolinite, quartz, rutile. Boehmite and organic carbon concentrations are very low.

1.2.5. Mineral Resource Estimation

The Mineral Resource Estimate as reported by SRK for the Minim Martap, Makan and Ngaoundal tenements as at July 2025 is presented in Table 1-2 in the next page. The total estimated Mineral Resource considering the three (3) tenements amounts to about 1.1 Billion Metric Tonnes. The Mineral Resource estimates have been prepared to a sufficient quality standard and classified in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves (JORC Code, 2012), and SRK considers that the classifications reasonably reflect the Competent Person’s confidence in the estimates.

Based on the marketing studies commissioned by Camalco, and the mine planning work completed as part of the DFS, the following criteria have been used for resource reporting:

a) Danielle, Beatrice, Raymonde, Agnes, and Alice, which Camalco has identified as the high-grade priority plateaus, have been reported using a ≤ 15% SiO₂ cut-off grade applied to individual model cells.

b) All other plateaus have been reported using ≥ 35% Al₂O₃ and ≤ 15% SiO₂ cut-off grades applied to individual model cells.

Table 1-2 – Mineral Resource Estimate for Minim Martap – July 2025

1.2.6. Mining and Mining Inventory

The selected mining method for the Minim Martap Deposit considers the use of surface miners, supported by front-end loaders (FELs) and truck haulage. This method is proven, efficient, and cost-effective for bauxite extraction, with successful use in similar areas like Guinea.

Run-of-mine (ROM) ore will be transported to ROM pads and then off-site via an existing rail line. Waste material will largely be backfilled into the mined-out voids to support progressive rehabilitation, with minimal initial pre-stripping required on each plateau.

Using appropriate ore loss and dilution factors, the three plateaus considered for mining in the 20-year life of mine plan have an initial extractable mining inventory of 199.5 Mt (Table 1-3).

Table 1-3 – Total Extractable Mining Inventory for Minim Martap Deposit

The inventory beyond the Ore Reserve estimate (20-year life of mine plan-LOMP) is expected to support further extraction beyond current LOMP, upon 1st renewal of mining permit. The additional mining inventory not considered in the LOMP will include ore from the eight (8) plateaus forming a part of the Minim Martap Mineral Resource.

1.2.7. Ore Reserve Estimation

The Ore Reserve estimation, conducted for the Minim Martap Deposit adheres to the guidelines set by the Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves (JORC Code, 2012).

The 2025 Ore Reserve Statement for the Minim Martap bauxite deposit as reported by SRK, with an effective date of August 2025, is presented below as Table 1-4.

Table 1-4 – Minim Martap Ore Reserve Statement – August 2025

The Ore Reserve Estimate is based on the 2025 Mineral Resource Estimate and incorporates several modifying factors, including:

a) A required direct shipping ore (DSO) grade of 51% alumina (± 1%) and b) Considerations for ore loss and dilution derived from operational practicalities.
c) An economic stripping ratio informed by current cash costs and performance metrics.

The previous Ore Reserve estimate for the Minim Martap bauxite deposit, with an effective date of June 2022, was also reported in accordance with the JORC Code (2012). The 2025 update reflects changes due to a new life of mine plan (LOMP) based on the revised inputs:

a) Updated Mineral Resource estimate.
b) Estimates for ore loss and dilution.
c) DSO specifications.

1.2 Mining

1.3.1 Mining Methodology and Mining Models

The selected mining method for the Minim Martap Deposit considers the use of surface miners, supported by front-end loaders (FELs) and truck haulage. This method is proven, efficient, and cost-effective for bauxite extraction, with successful use in similar areas like Guinea.

Run-of-mine (ROM) ore will be transported to ROM pads and then off-site via an existing rail line. Waste material will largely be backfilled into the mined-out voids to support progressive rehabilitation, with minimal initial pre-stripping required on each plateau.

Cut-off grades were applied to meet a target product specification of 51% Al₂O₃ and ≤2% SiO₂. For the Danielle and Raymonde plateaus, Al₂O₃ cut-offs were necessary to meet the average Al₂O₃ requirement. However, as these deposits are naturally low in SiO₂, no further SiO₂ constraints were required beyond the existing resource cut-off of 15% SiO₂. In contrast, the Beatrice plateau contains high Al₂O₃ and did not require any Al₂O₃ cut-offs. However, it could not consistently meet the ≤2% SiO₂ threshold without significant losses. As a result, material from Beatrice was permitted to exceed the 2% SiO₂ target, provided it remained within the 2.5% low-quality SiO₂ limit, with blending during production ensuring compliance with overall product specifications. The cut-off grades are summarized below in Table 1-5.

Table 1-5 – Bauxite Cut-off Grades at Different Plateaus

Ore loss and dilution are applied within the mining models. The Danielle and Raymonde plateaus experienced limited impact from dilution due to their elevated Al₂O₃ cut-off; SRK applied a 25 cm loss and dilution approach, which aligns with the operational precision of the proposed surface miners. At Beatrice, SRK adopted a 0.7 m loss-only approach to minimise the risk of reintroducing high-SiO₂ material through dilution. SRK also applied the following losses to account for operational constraints:

a) 0.5 m ore loss is applied at the base of the deposit where the orebody comes into direct contact with the underlying clay zone.
b) 0.5 m ore loss is also applied at the top of the deposit where the ore outcrops at surface to account for the stripping of topsoil and the potential contamination of ore by organic material during initial mining activities.

Considering the above, the total Extractable Mining Inventory for the Minim Martap deposit is presented in Table 1-3.

1.3.2 Pit and Waste Dump Design

The Minim Martap Deposit supports a 20-year Life of Mine Plan (LOMP) based on current DSO specifications and applied modifying factors. Appropriate geotechnical and access considerations have been applied and risks relating to these are considered minimal due to the shallow nature of the ultimate pit design. External waste dumps have been provided for minimal initial pre-strip. These dumps are currently located over potential inventory outside of the 20-year life of mine and may result in some sterilization in the short term. The ultimate pit design base was left to align with the base of ore (BOO) as defined by the margin ranking exercise with no additional modification applied. There is a level of uncertainty associated with the location of this interface due to the drill spacing and potential fluctuations between the drill holes and an allowance of loss has been made within the models to account for this. This represents the largest risk to the inventory as presented in this LOMP. SRK considers the risk to the Project to be minimal as there is additional inventory available at comparable grades which can be introduced to the LOMP to supplement the feed if required. The waste material scheduled in the LOMP has an average grade of ~44% Al₂O₃ and 3.9% SiO₂ which presents the opportunity for a lower grade product for the operation. This material has not been selectively dumped or stockpiled in this study but should be considered in future study work to ascertain its future product potential and how to effectively separate the material for future use.

Waste dump locations for different plateaus are illustrated in Figure 1-3 within the accompanying Media Snippet and the Life of Mine Plan Inventory is shown in Table 1-6.

Table 1-6 – Life of Mine Plan Inventory

1.3.3 Life of Mine Production Schedule

The LOMP provides a schedule of tonnes and grade for ore and waste over time for use in mining cost estimation and financial modelling. The LOMP only includes Measured and Indicated material as a source of DSO material. The Minim Martap Project can support elevated grades targeting 52% Al₂0₃ for the initial 3-year start-up period, before ramping up to 10 Million Wet Metric Tonnes/Annum of product with DSO specification. The operation will commence at the Danielle Plateau to minimise the required start-up time and capital before transitioning to Beatrice and Raymonde later in the mine life to effectively manage the SiO₂ in the product, which can be maintained below 2% total SiO₂ for the life of the mine. The start-up period of the mine, due to low rail capacity, will require low machine utilisation from the mining fleet and therefore offer reasonable flexibility and redundancy early in the mine life.

The total material hauled from the mine and used as DSO product for the purpose of reporting is summarised below in Table 1-7.

Table 1-7 – Ore Summary – Hauled from Mine end as DSO Product

Year-wise bauxite mined along with waste removal and the stripping ratio is presented within the accompanying Media Snippet in Figure 1-4 and bauxite production schedule from the different plateaus of the Minim Martap Deposit is presented on the next page in Table 1-8.

Table 1-8 – Yearly Proposed Bauxite Production from Different Plateaus

1.4 Mine Site Infrastructure (MSI)

1.4.1 Purpose and Scope of MSI

The MSI is designed to provide support for all activities and services for mining operation. Its “battery limit” starts at the entrance of mining trucks from the Pit (excluding ROM stockpiles) and ends at the gatehouse at the beginning of the road towards the IRF (Inland Rail Facility).

The MSI comprises various modular, fit-for-purpose buildings and facilities, including dome shelters and transportable office modules. These include:

a) Heavy and Light Vehicle Workshops
b) HV and LV Wash Down Facility
c) Tyre Change Facility
d) Fuel Storage and Distribution
e) Bulk Lube Storage
f) Warehouse and Consumables Supply
g) Kitchen
h) Crib Rooms
i) Administration Area – Ablutions
j) Offices
k) Camp
l) Water Supply and Treatment
m) Sewage Treatment Facility
n) Waste Management
o) Weighbridge
p) Other facilities include a gatehouse, medical and emergency services, control room, and security room.
q) Accommodation for 40 Persons
s) A kitchen / mess for the residents
t) Laundry facility
u) A Club House with recreation buildings, sports facilities etc.
v) A dedicated building for CSR
w) Main Admin Building
x) Clinic and Emergency Response Building
y) A Mosque
z) A Technical Workshop

1.5 Hauling Road

The transportation logistics operation to support the mining activities consists of transportation of the bauxite from the ore stockpile at mine end to the stockpile at IRF (Inland railway facility) through trucks and from IRF to port through rail. As part of the development of the Minim Martap Bauxite project, the establishment of a functional link road between the village of Minim, the mining areas (Béatrice, Danielle and Raymonde) and the Makor station is a major strategic issue. This access road is intended to ensure the efficient transport of ore, as well as the movement of equipment and personnel. The total length of the main road is 42 km and that of the secondary branch roads is 15.81 km. The road layout envisaged is given in Figure 1-5 in the accompanying Media Snippet.

The geometry of the road has been defined to allow the safe movement of heavy machinery, with a reference speed of 40 km/h. The planned platform is 9m wide, including a 7m carriageway and two 1m shoulders. Longitudinal slopes are limited to 6% with some exceptions to 8%, with minimum radii of curvature of 100 m (80 m exceptionally).

The road development work for the road network connecting the Minim Martap Bauxite Deposit to the IRF are structured across six phases, including earthworks for the IRF, new road sections to the IRF, sections overlapping the RN15 National Highway, complementary segments linking Plateau Daniel to the IRF, and roads connecting the Béatrice, Raymonde plateaus with Minim village, all integrated into a unified network.

Alibaba has been assigned to construct the haul road. Alibaba is also responsible for loading bauxite in Truck (Total load of truck 80T) from MSI and hauling bauxite towards IRF, maintenance of road, unloading of bauxite at IRF stockpile and loading of bauxite into rail.

1.6 Rail

Minim Martap Bauxite Project is made up of 3 Explorations Permits, Minim Martap, Makan and Ngaoundal which are connected to the Douala Port through Rail Network as shown in Figure 1-6 within the accompanying Media Snippet.

Minim Martap and Makan Permits are adjacent and are located around 25 km from the Ngaoundal Permit. Overall, they cover an area of 981 Sq.Km. The bauxite ore occurs as independent plateaus. A total of 79 plateaus are recorded.

CAMALCO shall finance 4.5 billion CFA Francs (~US$8 million) to carry out the rehabilitation work and around 54 billion CFA Francs (~US$95 million) to build capacity in the existing railway infrastructure, through the construction of around 11 new crossing stations and the extension of existing crossing loops at 29 stations.

The above referred rail infrastructure development and rehabilitation expense/ financing will be carried out by CAMALCO, which will be compensated through offsets against royalties and / or other charges (Reference No 00000001/PV/MINMIDT/SG/DM/SDAM/DM/SSEM, Dated 26th June 2025). A working group composed of Ministry of Mines, Ministry of Finances, Ministry of Transportation, Ministry of Economy & Planning, CAMRAIL & CAMALCO is being set up for the above-mentioned compensation.

1.6.1 Inland railway Facility (IRF)

The nearest rail head to the Minim Martap Bauxite project is the Makor railway station, with three existing lines and a relatively flat terrain which is ideal for the establishment of the IRF. The transportation of bauxite from the mining area to the IRF location will be done by road trucks. Bauxite will be unloaded onto stockpiles adjacent to the existing rail siding prior to loading into the train ore wagons.  

IRF shall be developed in stages to meet the requirement of scaling of export volume from 2,1 Mtpa to 10 Mtpa and further for handling Alumina. The development will proceed in following stages:

• Stage 1
  Shorter Train (570 m) with a capacity of 2.1 mtpa

• Stage 2
  Longer Train (1140 m) with a capacity of 10 mtpa

• Stage 3
  Alumina Handling Train (1200 m)

1.6.2 Railway Network

The Douala-Yaoundé-Ngaoundere railway line of Camrail connects Douala port to Ngaoundere. The line between Douala-Yaoundé -Ngaoundere is split in two sections: Transcam 1(Douala – Yaoundé, 264 km) and Transcam 2 (Yaoundé – Ngaoundéré, 620 km)

Transportation Plan by Camrail

It includes the planning of Regional Project for the Improvement of the Performance of the Douala N’Djamena Rail/Road Corridor (PCDN) and Belabo – Ngaoundere Railway Line Renewal Project (PRBN).

Purpose of the Plan

a) Douala – Yaoundé

• Speed increase to 90 Km/h (for Passenger trains) (and 70 Km/h for freight trains)
• Increase in train path capacity

b) Belabo – Ngaoundere

• Speed increase to 90 Km/h (for Passenger trains) (and 70 Km/h for freight trains)
• Modification of signage
• Increase in train path capacity
• Opening of stations

Axle Load

a) Current

Current axle load of Douala – Ngaoundere section is 18 T.

b) Proposed

The proposed Axle load after completion of the track renewal work all along Douala –Ngaoundere is 20 T.

Rail Connectivity to Port

The take-off of the proposed IRF Rail siding is at Camrail CH: 796+870 km which is about 5.75 km from the Makor station. The proposed IRF line no. 1 connects Camrail at two locations i.e. CH: 796+870 km and CH: 798+823 km.

The movement of Bauxite per annum will be 2.1 million tons during Complete Track Renewal (CTR) phase and 10 million tons after CTR.

Train Configuration and Loop Extension

The train configuration before and after CTR is given as below:

a) Train Configuration Before CTR 2L+50W(570 m Train length)

b) Train Configuration Before CTR 1L+50W-2L-50W-1L (1140 m Train length)

Based on the data provided, most passing loops would be able to accommodate a 539 m-long train, with an exception of Yaoundé, which has a passing loop track length of 434 m.

Provision has been made during CTR works for additional crossing loops and the lengthening of existing rail loops to allow for movement of the longer trains required to facilitate the increased ore transportation.

The Port’s Rail infrastructure begins from the Port’s right of way near Sandaga Road level crossing, about 1.5 km away from the Bessengue railway station as shown in the Figure 1-7 given in the accompanying Media Snippet.

According to the report prepared by Systra, construction of 11 new crossing loops and 29 loop extensions has been proposed for hauling operation of longer train.

The port rail network consists of two marshalling yards (Rake-forming stations). Train services run from the marshalling yards to warehouses, port terminals and port operators’ industrial facilities and logistics bases. Each of these services function in the same manner as a branch line terminal, and their rail traffic management is the responsibility of the stations of the respective marshalling yards, as below:

a) Port Amont

The Upstream Port station for the upstream part of the port.

b) Port Aval

The Downstream Port station for the downstream part of the port.

1.7 Port and Transshipment

1.7.1. Project Purpose and Location

The project aims to establish a dedicated facility at the Port of Douala for barge loading of bauxite. For this, three locations were shortlisted and finally one location has been finalized. This preference is mainly due to its readily available waterfront towards both the North and West, existing rail tracks (Corridor 1 and Corridor 2) behind the storage space, and the potential for waterfront expansion. The site is a brownfield port facility, requiring some modification work, for bauxite transportation, and is located over 800 km away from the Minim Martap Bauxite Project.

1.7.2. Bauxite Properties and Climatic Conditions

The following bauxite properties and climatic conditions have been considered at the port stockpiling facility:

Physical Properties

Climatic Conditions

Douala experiences a tropical monsoonal climate with high humidity (99% in rainy season, 80% in dry season) and heavy rainfall from June to November. Average temperatures range from 23.33°C (August-October) to 30.56°C (March). Historical data shows average wind speeds of 6.2 km/hour in May, with maximum storm winds reaching 70 km/hour. The port has been impacted by significant storms and cyclones, such as Cyclone Eline (2000) and Cyclone Leo (2018), with Leo bringing sustained winds up to 120 mph. Tidal variation is from +0.6m (MLW) to +2.6m (MHW).

1.7.3. Site Geotechnical and Hydrographic Information

Douala’s earthquake hazard level is classified as low by the Think Hazard platform. The soil conditions of the selected plot are predominantly sandy formations with a clayey silt matrix, indicating an alluvial origin, where cohesion is not a governing criterion. The topography of the plot shows a mild slope from the North-East wood stockyard towards the South-West river-bank.

The Wouri River at Douala Port has a very gentle slope. Recent bathymetry revealed an average channel depth of 8m for navigation, though the far side has shallower drafts (5.5m to 6.5m). Periodic dredging is required for smooth navigation. The anchorage point is located 59 km away due to the mild slope of the navigational channel.

1.7.4. Traffic Projections and Operations

The project anticipates a phased increase in traffic:

a) Phase 1: Starting with 1.2 mtpa (Million Tonnes Per Annum) in 2026, increasing to 2.1 mtpa in 2027 and 1.7 mtpa in 2028 and 2029.
b) Phase 2: Further increasing to 6.3 mtpa in 2030, 7.0 mtpa in 2031, and reaching 10.0 mtpa in 2032. This 10 mtpa level will be checked during the Detailed Project Report (DPR) preparation.

The core operations at the port facility include:

a) Unloading of incoming loaded wagons.

b) Stacking of unloaded cargo.

c) Reclaiming from storage and barge loading for transshipment.

1.7.5. Rail Transportation and Wagon Handling

Bauxite will be transported exclusively by dedicated rakes from the mine to the port. The selection of wagon type will prioritize efficient unloading at the port and bulk loading at the mine, aiming to maximize operational benefits and minimize the number of wagons, maintenance, and downtime in the overall system.

Regarding wagon types, Flat Wagons and Covered Wagons are not suitable for large-scale bulk cargo transportation required for this project. For large cargo volumes, conventional discharge systems include:

a) Wagon Tippler arrangements for Top-Open Wagons.

b) Track Hoppers and associated tunnels for Bottom-Discharge type Wagons.

However, both requires considerable space, deep excavation, major civil works (especially challenging at Douala due to high water table), and a long implementation time. Both systems involve complex mechanical arrangements and control systems.

Grafix Engineering Consultant Pvt. Ltd. is conducting a detailed study to explore different options for wagon unloading, stockpiling and reclamation of DSO ore for further loading into the barges.

At the initial stage wagon unloading has been planned using crawler or tyre-mounted Mobile Crane (fitted with outriggers) having grab attachment from both sides of the rail siding. Subsequent stacking and reclaiming operation shall be done using pay loaders.

However to cater the enhanced production at a later stage, wagon unloading has been planned by using an electric-driven, rail-mounted travelling equipment with a traversing spiral (screw) type vertical unloading arm. Subsequent stacking and reclaiming operation shall be carried out using mechanised stacker reclaimer or travelling tripper and pay loader combination.

Two existing rail corridors (Corridor 1 and Corridor 2) are available near the project site. Corridor 2 is considered best suited for the project, particularly for fully mechanised handling, and offers adequate siding length to potentially accommodate a full rake without splitting in earlier stages. However, splitting loaded rakes will become unavoidable at higher traffic volumes.

1.7.6. Storage Capacity and System Efficiency

The design principle for the export facility emphasizes ensuring ships do not wait for cargo. Therefore, storage capacity will typically be at least one ship load or marginally higher, increasing with the number of ships to account for random arrivals, equipment downtime, and unforeseen rake disruptions. The conclusions in the Report prepared by Grafix Engineering Consultants Pvt. Ltd relating to the Port Studies: Planning and Design. recommend storage capacity of either 1.5 times the maximum ship size or 1/15 times the annual throughput.

Various storage options are considered, with initial stockpile capacities ranging from 0.2 MT to 0.3 MT and final capacities up to 0.5 MT. Some options involve extensive payloader and dumper operations, with stockpile heights initially limited to 6m due to soil properties and practical considerations. More mechanized options involve mobile rail-mounted unloading equipment discharging onto ground conveyors for stacking with elevated mobile tripper conveyors or rail-mounted travelling stacker/reclaimers. One option which utilizes Rail Siding Corridor-2 and a Rail Mounted Travelling type Stacker/Reclaimer, is considered best suited for fully mechanised handling.

Barge loader types vary from fixed radial movement loaders to those capable of travelling between multiple berths for greater economy.

1.7.7. Transhipment and Waterfront Operations

The facility will handle 10,000 DWT self-propelled barges for transshipment. The target ship size at anchorage is 170,000 DWT, with a loading target of 20,000 tonnes/day using Floating Cranes (provided by others). 24-hour night navigation is possible. The anchorage area is deemed tranquil enough for year-round transshipment, with 320 safe operating days per annum considered for barge movement and ship loading.

The selected plot, being at a corner of the water body, has both North and West waterfront access. The West side waterfront is initially preferred for barge loading due to an existing sheet pile front and direct access to the backup area. The existing Wood Handling Jetty on the North side may need to be dismantled to optimize waterfront utilization as traffic increases.

1.8 Environment Social and Community

The Minim-Martap Bauxite Project involves Extraction of DSO Grade Bauxite from the Minim Martap Deposit, transportation of Bauxite through haul road from the mine stockyard to the Inland Railway Facility (IRF) in Makor for bauxite evacuation, and the establishment of a port terminal at the Autonomous Port of Douala (PAD) for bauxite export. This necessitates a comprehensive Environmental and Social Impact Assessments (ESIAs) to comply with national and international regulations. Separate ESIA studies have been conducted at Mine site, Haul Road, IRF and Port Area.

1.8.1 ESMP Budget

Separate ESMP budget has been calculated for incorporation of the mitigation measures, identified for individual areas, which has been suitably considered under the cost head of respective unit operations.

1.9 Bauxite Market and Pricing

Camalco commissioned CM Group to provide an independent assessment of the outlook for the global bauxite market, including a price forecast for the specific grades of bauxite to be exported from the proposed Minim Martap bauxite mine in Cameroon. This independent assessment notes the following.

• Having set record highs in 2024 and early 2025, the CM Group forecast bauxite prices to decline over the next 2 years, as new supply enters the market, particularly from Guinea, the world’s largest exporting country.
• Over the medium term, CM Group forecast bauxite prices to shift structurally higher relative to historical averages, as mining costs and royalty charges increase in Guinea, pushing costs higher for marginal producers, resulting in higher FOB costs. Non-Guinean bauxite suppliers into China, such as Canyon’s proposed Minim Martap bauxite project, stand to benefit from the higher cost base in Guinea, given the positioning of Guinea’s marginal cost base at the top of the cost curve.

Forecast Priced for Minim Martap Bauxite Under Base, High and Medium Cases, 2026 to 2036 (US$/dmt real 2025, CIF China) is presented in Figure 1-8 within the accompanying Media Snippet.

For the purpose of establishing a long-term benchmark base case price, a freight rate forecast of US$17/Dry Metric Tonnes (dmt). Using this freight rate assumption, the base case long-term price forecast for Minim Martap bauxite is US$78/dmt CIF Shandong.

1.10 Project Execution and Implementation Plan

1.10.1. Implementation Schedule

The total estimated time-period for project implementation is estimated at 12 months for stage 1 of the project development from the “Initiation of Project Construction Activities”.

This schedule assumes that all related studies (Geology, Mining, MSI, Road, Rail, Port, etc.), finalization of project details, financing arrangements, statutory government clearances, and creation of a nucleus project organization are completed before construction begins. The DFS itself is tentatively scheduled for completion by August 2025.

1.10.2. Contracting Model

The project will use an Engineering, Procurement and Construction Management (EPCM) model. The EPCM scope includes design, construction, and commissioning of equipment and facilities, encompassing mine infrastructure, transport logistics, road design, project-wide operations/maintenance infrastructure, and contract arrangements with rail/port authorities.

The implementation strategy for various packages is based on discrete turnkey mode, where contracts have been awarded to separate agencies are awarded based on their expertise (e.g., main equipment supply, civil work, structural steelwork, utilities).

This approach is chosen to balance time and cost for the project, with an optimized number of discrete turnkey packages (four identified). The four packages are: Mine Development and Operation, Hauling Road, Rail Operation, and Port Construction and Transshipment.

The total operation of mining of Bauxite, stockpiling, Rail transportation, and Transshipment has been distributed under three (3) major Packages. The Packages and the selected agencies responsible for execution of the packages are mentioned in Table 1-9 as presented below.

Table 1-9 : Operation Methodology

1.10.3. Exclusions from EPCM Scope

Certain critical aspects remain under the Owner’s (Camalco’s) team, including mine pit design, mine road network design (except integration), procurement and management of mine pit equipment, performance of mining operations, acquisition of rights-of-way/permits, environmental/ social investigations, community programs, test work, land acquisition, and financial modeling.

1.10.4. Owner’s Execution Team and Operational Readiness

Camalco’s Owner’s Project Team will be onboarded gradually, including construction, engineering, HSEC, procurement, and management roles, to ensure a smooth transition to operations.

1.10.5. Participation of Authorities

Successful project implementation requires significant engagement and agreement with key Cameroonian stakeholders:

a) Ministry of Mines (MINMIDT) for exploitation permits and regulatory framework.

b) Ministry of Environment (MINEPDED) for environmental impact assessments, guidelines, certificates, and mine closure plans.

c) Ministry of Transportation for road use licenses and right-of-way discussions.

d) CamRail (rail service provider) for train control, track improvements, bauxite train priority, crew management, asset management, and infrastructure validation.

e) Port Authority of Douala (PAD) for access to the Wooden Terminal, dredging, right of way for conveying systems, and utility connections.

1.10.6. Engineering and Design

The EPCM Contractors will manage engineering to deliver contractual requirements within budget and schedule, complying with legislative requirements and recognized codes. The scope includes providing engineering support, participating in change management, supporting construction, providing technical input for procurement, reviewing vendor drawings, and assisting with commissioning and ramp-up. Battery limits for design are clearly defined for Mining, MSI, Road, IRF, Port, and Transshipment.

1.11 Cost and Financial Analysis

1.11.1  Operating Cost

Table 1-10 summarises the breakdown of cash costs.

Table 1-10 – Summary of Cash Costs

Figure 1-9 within the accompanying Media Snippet shows that transport and port operations constitute 82% of the all in sustaining costs (costs of production). Royalties and levies comprise 8%, while mining and waste removal only constitute 9% of all in sustaining costs.                          

1.11.2 Capital Expenses

The development and sustaining capital of the project is detailed below. It comprises of a haul road construction from the ROM pad to IRF, mine camp for Camalco personnel and railway rolling stock. To facilitate the start of this project, Camalco has committed to providing funding for rail upgrade but will be reimbursed for these upfront funds. The Total Capital Expenditure for the Project is presented below in Table 1-11.

Table 1-11 – Total Capital Expenditure

1.11.3 Sustaining Capital

Sustaining capital costs are included in contractor costs.

Contract mining cost and haulage cost from mine to IRF are inclusive of a capital charge and as such, no separate sustaining capital expenditure for the project owner is applied.

Arise Port and Logistics, the contractor chosen for port and logistics, includes the maintenance of rolling stock.

1.11.4 Project Economics

Table 1-12 presents a summary of key outcomes in the cashflow analysis of the project in real terms and

Figure 1-10 within the accompanying Media Snippet shows the annual free cash flow in real terms.

Table 1-12 – Summary of Key Economic Assumptions

1.11.5 Sensitivity analysis

Sensitivity for the impact of changes in key assumptions, namely bauxite price, mining and other costs, transport and capital expenditure, to the project evaluation was conducted. Each assumption was independently increased and decreased by 10% and 20% to determine the impact on the project cash flow value, as detailed in, as illustrated in Figure 1-11 within the accompanying Media Snippet.

From this sensitivity analysis, it is evident that the NPV is most sensitive to changes in the bauxite price followed by transport cost, but with much less sensitivity. Mining operating costs and capital expenditure have the least impact on project NPV.

APPENDIX 1 – COMPETENT PERSON STATEMENTS

Competent Person’s Statement – Mineral Resources

The information in this announcement that relates to mineral resources is based on information compiled or reviewed by Mr Rodney Brown, of SRK Consulting (Australasia) Pty Ltd. Mr Rodney Brown is a member of the Australian Institute of Mining and Metallurgy and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person in the terms of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012).

Mr Brown consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.

Competent Person’s Statement – Ore Reserves

The information in this report that relates to Ore Reserves is based on information compiled or reviewed by Mr Donald Elder, of SRK Consulting (Australasia) Pty Ltd, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy, Mr Scott McEwing, of SRK Consulting (Australasia) Pty Ltd, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy, Mr Tyrone Woodfin, of SRK Consulting (Australasia) Pty Ltd, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy, and Mr Mihir Malla, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy and is currently employed by Camalco.

Mr Elder, Mr McEwing, Mr Woodfin and Mr Malla have sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person in the terms of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012).

Mr Elder, Mr McEwing, Mr Woodfin and Mr Malla consents to the disclosure of information in this report in the form and context in which it appears.

APPENDIX 2 – ORE RESERVE STATEMENT

SRK Consulting (Australasia) Pty Ltd (SRK) has contributed to an updated Ore Reserve estimate for the Minim Martap bauxite deposit, which is part of the Minim Martap mining project located in the Adamawa Province of central Cameroon. The update to the Ore Reserve estimate is based on an updated Mineral Resource estimate, completed by Mr Rodney Brown from SRK (Australasia) Pty Ltd dated June 2025 and a DFS (Detailed Feasibility Study Minim-Martap Bauxite Project) dated August 2025, compiled by M. N. Dastur and Company (P) Ltd and a LOMP completed by SRK (Australasia) Pty Ltd. The project is owned by Camalco SA, a wholly owned subsidiary for Canyon Resources Limited.

This Ore Reserve estimate adheres to the guidelines set by the Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves (JORC Code, 2012).

The 2025 Ore Reserve estimate for the Minim Martap bauxite deposit, with an effective date of August 2025, is shown in Table 1.

The Ore Reserve estimate is based on the 2025 Mineral Resource estimate and incorporates several modifying factors, including:

• a required direct shipping ore (DSO) grade of 51% alumina (±1%) and
• considerations for ore loss and dilution derived from operational practicalities
• an economic stripping ratio informed by current cash costs and performance metrics.

The Ore Reserve estimate considers only three plateaus within the Minim Martap concession area: Danielle, Raymonde and Beatrice. There is sufficient ore, at the required product grade, to fulfill the 20-year mine plan that supports this Ore Reserve.

The previous Ore Reserve estimate for the Minim Martap bauxite deposit, with an effective date of June 2022, was also reported in accordance with the JORC Code (2012). The 2025 update reflects changes due to a new life of mine plan (LOMP) based on the revised inputs:

• updated Mineral Resource estimate
• estimates for ore loss and dilution
• DSO specifications.

Figure 1 within the accompanying Media Snippet provides a summary of the conversion from the 2025 Mineral Resource model to the 2025 Ore Reserve estimate.

Table 1: Minim Martap Ore Reserve Statement – Effective Date 31 August 2025

Notes:

1. Unless stated otherwise, tonnes are reported as dry metric tonnes.
2. The information in the statement presented in Table ES.1 that relates to the Ore Reserve estimate is based on mine planning work undertaken by Tyrone Woodfin of SRK Consulting (Australasia) Pty Ltd. Tyrone Woodfin is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient experience that is relevant to the style of mineralisation and mine planning systems and process he is undertaking, to qualify as a Competent Person in terms of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012 edition). The Competent Person consents to the inclusion of such information in this Report in the form and context in which it appears.
3. The mine planning has been reviewed by Scott McEwing of SRK Consulting (Australasia) Pty Ltd. Scott McEwing is a Fellow and Chartered Professional of the Australasian Institute of Mining and Metallurgy and has sufficient experience in Ore Reserve estimation and bauxite projects to qualify as a Competent Person in terms of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012 edition). The Competent Person consents to the inclusion of such information in this Report in the form and context in which it appears.
4. The Ore Reserve report and economic assessment has been compiled and supervised by Donald Elder of SRK Consulting (Australasia) Pty Ltd. Donald Elder is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient experience in Ore Reserve estimation and reporting to qualify as a Competent Person in terms of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012 edition). The Competent Person consents to the inclusion of such information in this Report in the form and context in which it appears.
5. The information on marketing, revenue drivers, permitting and ESG², mine, rail, and port infrastructure as well as capital and cost metrics used in various sections of this estimate has been compiled, supported and supervised by Mihir Malla of Camalco SA. Mihir Malla is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient experience that is relevant to the style of mineralisation and bauxite projects to qualify as a Competent Person in terms of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012 edition). The Competent Person consents to the inclusion of such information in this Report in the form and context in which it appears.

APPENDIX 3 – JORC CODE 2012 TABLE 1

Section 1: Sampling techniques and data

(Criteria in this section apply to all succeeding sections).

Section 2: Reporting of exploration results

Section 3: Estimation and reporting of Mineral Resources

(Criteria listed in Section 1 and, where relevant, in Section 2 also apply to this section.)

Section 4 Estimation and Reporting of Ore Reserves

(Criteria listed in section 1, and where relevant in section 2 and 3, also apply to this section.)

This announcement has been approved for release by the Canyon’s Board of Directors.

Forward Looking Statements and Cautionary Statements

This announcement contains “forward-looking statements” and “forward-looking information”, such as statements and forecasts which include (without limitation) financial forecasts, production targets, industry and trend projections, statements about the feasibility of the Project and its financial outcomes (including pursuant to the DFS), future strategies, results and outlook of Canyon and the opportunities available to Canyon. Often, but not always, forward-looking statements and information can be identified by the use of words such as “plans”, “expects”, “is expected”, “is expecting”, “budget”, ‘outlook”, “scheduled”, “target”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes”, or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might”, or “will” be taken, occur or be achieved. Such information is based on assumptions and judgments of Canyon regarding future events and results. Readers are cautioned that forward-looking statements and information involve known and unknown risks, uncertainties and other factors which may cause the actual results, targets, performance or achievements of Canyon to be materially different from any future results, targets, performance or achievements expressed or implied by the forward-looking statements and information.

Forward-looking statements and information are not guarantees of future performance and involve known and unknown risks, uncertainties, sensitivities, contingencies, assumptions and other important factors, many of which are beyond the control of Canyon and its directors and management. Past performance is not a guide to future performance. Key risk factors (including as associated with the DFS) are detailed (non-exhaustively) in this announcement or in Canyon’s previous ASX announcements). These and other factors (such as risk factors that are currently unknown) could cause actual results, targets, performance or achievements anticipated (including in the DFS) to differ materially from those expressed in forward-looking statements and information.

Forward-looking statements and information (including Canyon’s belief that it has a reasonable basis to expect it will be able to fund the costs of the Project for its estimated life of mine) are (further to the above) based on the reasonable assumptions, estimates, analysis and opinions of Canyon made in light of its perception of trends, current conditions and expected developments, as well as other factors that Canyon believes to be relevant and reasonable in the circumstances at the date such statements are made, but which may prove to be incorrect. Although Canyon believes that the assumptions and expectations reflected in such forward-looking statements and information (including as described throughout this announcement) are reasonable, readers are cautioned that this is not exhaustive of all factors which may impact on the forward-looking statements and information. Canyon does not undertake to update any forward-looking statements or information, except in accordance with applicable securities laws.

Investors should note that there is no certainty that the Project will be feasible and there can be no assurance of whether it will be developed, constructed and commence operations, whether the DFS results will be accurate, whether production targets will be achieved or whether Canyon will be able to raise funding when it is required (nor any certainty as to the form such capital raising may take, such as equity, debt, hybrid and/or other capital raising). It is also possible that such funding may only be available on terms that dilute or otherwise affect the value of Canyon’s shares. It is also possible that Canyon could pursue other ‘value realisation’ strategies such as sale, partial sale, or joint venture of the Project. Risk factors which are set out (non-exhaustively) in this announcement, or in Canyon’s previous ASX announcements, highlight key factors identified by Canyon which may cause actual results to differ from the DFS or may otherwise have material detrimental impacts on Canyon and its business.

Mineral Resource and Ore Reserve estimates are necessarily imprecise and depend on interpretations and geological assumptions, minerals prices, cost assumptions and statistical inferences (and assumptions concerning other factors, including mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental factors) which may ultimately prove to be incorrect or unreliable. Mineral Resource and Ore Reserve estimates are regularly revised based on actual exploration or production experience or new information and could therefore be subject to change. In addition, there are risks associated with such estimates, including (among other risks) that minerals mined may be of a different grade or tonnage from those in the estimates and the ability to economically extract and process the minerals may become compromised or not eventuate. Canyon’s plans, including its mine and infrastructure plans, and timing, for the Project, are also subject to change. Accordingly, no assurances can be given that the production targets, financial forecasts or other forecasts or other forward-looking statements or information will be achieved.

Investors are advised that the assumptions and inputs to the financial model may require review as project development progresses. While the Company considers all the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the production targets or estimated outcomes indicated by the DFS (such as the financial forecasts) will be achieved. Given the various uncertainties involved, investors should not make any investment decisions based solely on the results of the DFS.

Production Targets and Financial Forecasts derived from the Production Targets

This announcement contains production targets for the Project, which are 100% underpinned by the Proved and Probable category Ore Reserves estimated at the Project pursuant to the JORC Code (2012). The estimated Ore Reserves underpinning the production targets have been prepared by a competent person in accordance with the JORC Code.

The Inferred category Mineral Resource estimates at the Project have not been included in the Ore Reserves or production targets and have not been included when determining the forecast financial information detailed in this announcement. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources (or Ore Reserves) in relation to that mineralisation.

The production targets for the Project and the financial forecasts disclosed in this announcement (including as derived from those production targets) are based on the material assumptions outlined in this announcement and are subject to various risk factors, such as those (non-exhaustively) outlined, or referred to, in this announcement and in previous ASX announcements. These include assumptions and risk factors about the availability of funding. While Canyon considers all the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the Mineral Resource and Ore Reserve estimates are accurate or that the production targets or financial forecasts as indicated in this announcement will be achieved.

Non-IFRS financial measures

This announcement contains certain financial measures (such as NPV and IRR) that are not recognised under International Financial Reporting Standards (IFRS). Although the Company believes these measures provide useful information about the Company’s financial forecasts, they should not be considered in isolation or as a substitute for measures of performance or cash flow prepared in accordance with IFRS. As these measures are not based on IFRS, they do not have standardised definitions and the way the Company calculates these measures may not be comparable to similarly titled measures used by other companies. Consequently, undue reliance should not be placed on these measures.

Not financial product advice

This announcement, and the information provided in it, does not constitute, and is not intended to constitute, financial product or investment advice, financial, legal, tax, accounting or other advice, or a recommendation to acquire any securities of Canyon. It has been prepared without taking into account the objectives, financial or tax situation or particular needs of any individual. Canyon is not licensed to provide financial product advice in respect of an investment in securities or otherwise.

Past performance

Any information regarding past performance included in this announcement is given for illustrative purposes only and should not be relied upon as (and is not) an indication of Canyon’s views, or that of any other party involved in its preparation, on Canyon’s future performance or condition or prospects.

Not an offer

This announcement is not a prospectus, product disclosure statement or other offering document under Australian law or any other law and will not be lodged with the Australian Securities and Investments Commission. This announcement is for information purposes only and is not an invitation, offer or recommendation with respect to the subscription, purchase or sale of any security in Canyon, or any other financial products or securities, in any place or jurisdiction.

No liability

The information contained in this announcement has been prepared in good faith by Canyon. However, no guarantee, representation or warranty expressed or implied is or will be made by any person (such as Canyon and its affiliates, directors, officers, employees, associates, advisers and agents) as to the accuracy, reliability, correctness, completeness or adequacy of any statements, estimates, options, conclusions or other information contained in this announcement, except as required by law.

To the maximum extent permitted by law, Canyon and its affiliates, directors, officers, employees, associates, advisers and agents each expressly disclaims any and all liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of or reliance on information contained in this announcement including representations or warranties or in relation to the accuracy or completeness of the information, statements, opinions, forecasts, reports or other matters, express or implied, contained in, arising out of or derived from, or for omissions from, this announcement including, without limitation, any financial information, production targets, financial forecasts, estimates or projections and any other information derived therefrom. Statements in this announcement are made only as of the date of this announcement unless otherwise stated and the information in this announcement remains subject to change without notice. No responsibility or liability is assumed by Canyon or any of its affiliates, directors, officers, employees, associates, advisers or agents for updating information in this announcement or to inform any recipient of any new or more accurate information or any errors or omissions of which Canyon or any of its affiliates, directors, officers, employees, associates, advisers or agents may become aware, except as required by law.

__________________________

¹ Economics are on a 100% basis. The Project is currently 100% owned by Camalco, a wholly owned subsidiary of Canyon. Following granting of the Mining Permit for the Minim Martap mining areas, in accordance with Section 59 of the Mining Code, an entity of the State will be granted 10% ownership of the special purpose Joint Venture Company formed for that purpose, free of charge.
² ESG – environmental, social and governance

– Published by The MIL Network

HONG KONG SAR – Media OutReach Newswire – 27 May 2026 – As the European Union prepares to transpose the EU Pay Transparency Directive into law by June 2026, employers will soon be required not only to disclose pay scales but to provide unprecedented clarity on how pay decisions are made.

This movement is not confined to Europe. Across the US, UK, Canada, Brazil, Australia, and Japan, a combination of strict regulation and rising employee expectations is pushing organisations toward a new standard of openness.

According to the latest Pay Transparency E-guide from the world’s most trusted talent solutions company Robert Walters, 48% of job seekers say they only apply for roles where salary ranges are disclosed upfront, which reflects salary transparency is no longer a ‘nice-to-have’ but prerequisite for even engaging in the hiring process.

In Hong Kong, where salary disclosure has traditionally remained limited and highly individualised, these global developments are beginning to prompt new conversations around how pay is determined and benchmarked in the hiring process.

Growing public debate over current hiring practice to benchmark offers in Hong Kong

The common practice of requesting candidates’ current or previous salary is beginning to attract more discussion in Hong Kong. While employers have traditionally used this information to benchmark offers, some professionals question whether it places too much emphasis on past earnings rather than the value of the role or prevailing market rates.

“Candidates are increasingly asking how compensation is determined, not just what is being offered,” said John Mullally, managing director at Robert Walters Hong Kong. “Where decisions appear to be anchored to previous salary rather than the scope of the role, it can shape perceptions of fairness during the hiring process.”

At the same time, candidates are also paying closer attention to the amount of personal information requested during recruitment, reflecting broader expectations for transparency and consistency.

Wage secrecy culture under reassessment as Gen Z shows greater openness toward salary disclosure

Traditionally, salary has been a deeply private matter in Hong Kong, often viewed as a “confined personal message” that is rarely shared even with family members, which can make it difficult for employees to understand how pay decisions are made or how they compare with peers in similar roles.

However, data from the Robert Walters Salary Survey suggests that Gen Z is beginning to dismantle these long-standing cultural roots.

While only 5.5% of Hong Kong professionals overall are comfortable discussing their compensation with colleagues, that openness jumps to 24% among Gen Z. This stands in stark contrast to the 4% of Millennials and 2% of Gen X who are willing to share such information. This shift indicates that as the younger workforce grows, the cultural resistance to pay transparency is starting to fade.

“For Gen Z, transparency is a marker of fairness, equity, and social responsibility,” says John Mullally. “Candidates today have more access to market information and are making more informed decisions. Greater transparency can help build trust earlier in the process and support more constructive conversations around expectations.”

Global standards, local implications

With stricter requirements emerging in regions such as Europe, practices in one location are increasingly shaping expectations in others. Companies that operate across borders may find that consistency in how compensation is communicated becomes more important in attracting and retaining talent.

“For multinationals, this is more than just a compliance task. Operating transparently in one market while remaining opaque in another creates an ‘information asymmetry’ that erodes internal trust. We are seeing forward-thinking firms ‘level up’ by adopting a consistent, global standard of transparency, even before local legislation mandates it.” comments John Mullally.

While standardisation is difficult in industries like sales or professional services, where pay is often tied to commissions and individual portfolios, companies may need to balance flexibility with clearer communication. As expectations evolve, greater openness may become an important factor in securing and retaining talent.

Navigating complexity: how organisations can prepare

To prepare for this shift, Robert Walters advises Hong Kong organisations to move beyond simple disclosure toward building a robust job architecture. This framework must clearly explain the logic behind pay decisions, ensuring that transparency provides clarity rather than confusion when employees compare compensation.

Businesses should also prioritise internal equity audits to resolve any unjustified pay gaps before they lead to friction. Ultimately, the success of this transition depends on communication; managers must be trained to lead data-driven, honest conversations about pay to ensure transparency becomes a foundation for trust and a stronger employer brand.

“While full transparency on pay is still some way off in Hong Kong, expectations are clearly evolving,” Mullally said. “Organisations do not need to replicate other markets overnight but taking steps towards clearer and more consistent communication around pay will become increasingly important in staying competitive.”

https://www.robertwalters.com.hk/
http://www.linkedin.com/company/robert-walters

Hashtag: #RobertWaltersHongKong #HongKongHiringMarket #HiringTrends #Benefits #Salary #Hiring #2026 #PayTransparency

The issuer is solely responsible for the content of this announcement.

– Published and distributed with permission of Media-Outreach.com.