ENERGY FUELS INC

The following technical and scientific description of the Vara Mada Project (formerly known as the Toliara Project) is based in part on a Feasibility Study titled “Vara Mada Project Feasibility Study, NI43-101 & S-K 1300 Technical Summary” dated December 5, 2025 and effective as of June 30, 2025, and prepared by Ian Bernardo, B.Eng, MIEAust, a non-independent Qualified Person employed by Base Resources, as well as Gregory Jones, B.Sc, FAusIMM, an independent Qualified Person employed by IHC Mining, Christopher Sykes B.Eng, MMSA, an independent Qualified Person employed by IHC Mining, Mitchell Ryan, B.Eng, MAusIMM, an independent Qualified Persons employed by IHC Mining, Etienne Raffailac M.Met.Eng, MAusIMM, an independent Qualified Person employed by Mineral Technologies, Alwyn Scholtz, B.Eng, M.Sc, MAusIMM, an independent Qualified Person employed by Lycopodium, Warwick Donaldson PrEng, BSc, MSAICE, an independent Qualified Person employed by PRDW and Francois van Reenen, B.Eng, ECSA, an independent Qualified Person employed by Zutari (the “Vara Mada Technical Report Summary”). The Vara Mada Technical Report Summary was prepared in accordance with both S-K 1300 and NI 43-101. The Vara Mada Project contains both Mineral Resources and Minerals Reserves, as defined in S-K 1300 and NI 43-101 and is therefore considered under SEC S-K 1300 definitions to be a development stage property.

The Vara Mada Project is a development stage HMS project located in Southwestern Madagascar at approximately 23°00'42” south latitude and 43°39'17” east longitude.

The Ranobe deposit, which forms the basis of the Vara Mada Project, is located some 18 km inland and 45 km north of the regional port town of Toliara, approximately 640 km southwest of Antananarivo, the capital of Madagascar.

The mining tenure instrument securing the Vara Mada Project resource is Permis D'Exploitation 37242, a 125 km 2 mining lease under Malagasy law. PE 37242 is held by the Company’s wholly owned subsidiary, Base Toliara SARL (“Base Toliara”). For more information, see Permitting and Licensing below.

In January 2018, Base Resources completed the acquisition of the Vara Mada Project, with payment of $75.0 million in up-front consideration for an initial 85% interest. In January 2020, Base Resources acquired the remaining minority interest in the Toliara Project. A further $16.8 million (deferred consideration) was payable by Base Resources upon achievement of key milestones, which was triggered upon the acquisition of Base Resources by the Company’s wholly owned subsidiary. Payment was made on October 16, 2024.

On-ground activities at the Vara Mada Project recommenced after the Government of Madagascar-imposed suspension, which was put in place in November 2019 pending agreement on the fiscal terms applying to the Vara Mada Project, was lifted on November 28, 2024.

Shortly after lifting of the suspension, on December 5, 2024, the Company entered the Madagascar MOU setting out certain key fiscal and other terms applying to the Vara Mada Project. Entry of the Madagascar MOU followed extensive negotiations with the Government of Madagascar over several years.

The key fiscal terms set out in the Madagascar MOU include a five percent (5%) royalty on mining products (consistent with the Malagasy Mining Code), and $80 million in development, community, and social project funding. Under the Madagascar MOU, this funding is to be staged as follows:

•$30 million within 30 days after “Project Certification” of the Vara Mada Project;

•$10 million within 30 days after achieving a positive FID; and

•$40 million by the fourth year of operations.

“Project Certification” is to be achieved upon the following being completed to the satisfaction of the Company:

•REE-bearing monazite being added to PE 37242 to permit its extraction and exploitation, including entry into the required accompanying radiation management agreement; and

•implementation of a “Stability Mechanism”, consisting of, among other options, submittal of an Investment Agreement to the Madagascar Parliament for approval as law that achieves the necessary certainty of reasonable financial, operational and legal terms applying to large-scale mining projects.

In addition, Base Toliara has agreed to spend at least $1 million prior to FID in the Atsimo Andrefana Region on community and social investments, and $4 million annually thereafter, indexed at 2% per annum, from commencement of construction after a positive FID.

The Company’s agreement to pay a 5% royalty on revenues and provide $80 million of upfront development, community and social funding are conditional on:

•the Stability Mechanism being adopted in a form that is satisfactory to the Company;

•Project Certification having been obtained; and

•prior to Project Certification having been obtained, there being no change to the laws of Madagascar (as they apply to Base Toliara and the Vara Mada Project as of the date of the MOU) that is adverse to Base Toliara or the Vara Mada Project.

In October 2025, after a period of social unrest and political instability, there was a change in Government in Madagascar, with former President, Andry Rajeolina, being replaced by Colonel Michaël Randrianirina. The change occurred without an election, after Mr. Rajeolina left the country. Following this and other events, the High Constitutional Court (referred to as the Haute Cour Constitutionnelle or HCC), which is vested with exclusive jurisdiction over the interpretation and application of the Malagasy Constitution, determined a lawful resolution to the political crisis, including by declaring the vacancy of the Presidency and inviting Colonel Michaël Randrianirina to exercise the functions of Head of State, who then appointed the Prime Minister and the members of the Government. Accordingly, the executive arm of Government is considered to have been legally established in accordance with the Constitution.

More recently, the HCC issued three opinions following separate referrals addressing the January 18, 2026, expiration of the five-year terms of one-third of the Madagascar Senate who were appointed on January 18, 2021. The opinions confirmed that senators, whether elected or appointed, serve a single five-year term under the Constitution without the possibility of extension, except under strictly defined exceptional circumstances, and that the Senate’s current mandate has ended. The HCC further determined that, in the absence of a legally functioning senate, the National Assembly alone assumes, on a provisional basis, all legislative functions provided for by the Malagasy Constitution. In a third opinion, the HCC indicated that thesine die postponement of the senatorial elections is consistent with the Constitution, with the responsibility for determining a new electoral calendar left to the discretion of the CENI (“Independent National Electoral Commission”).

The Company continues to monitor political developments in Madagascar and assess their potential impacts, if any, on the Project while continuing discussions with respect to the Stability Mechanism.

The deposit is situated immediately west of a prominent north-south trending escarpment with tertiary limestone to the east and unconsolidated sand sediments to the west. The mineralized dune is approximately 22 km long, 2.0 to 4.5 km wide and averages 3 to 39m in thickness. The heavy mineral mineralization (including ilmenite, rutile, zircon and monazite) extends from the surface, with higher grades found within the first 500 m west of the escarpment.

The region is sub-arid, with an average of 600 mm of rain falling annually. The native vegetation has adapted to this and is generally described as dry forest of varying levels of degradation.

The 20 km long Ranobe deposit lies west of the north-south escarpment running parallel with the coast at an elevation of between 100 and 180 m above current sea level. Existing transport links are via the bituminized RN9 road to within 15 km of the proposed Toliara Project mine site with only minor dirt tracks leading from the RN9 to the mine site. Currently no infrastructure at the mine site exists with no power or water distributed anywhere in the vicinity of the mine site.

The RN9 passes through several settlements between the Toliara port and the Vara Mada Project mine site turn off with buildings and stalls only meters from the edge of the road. The close proximity of these buildings requires careful risk analysis and planning for transport, particularly for the larger or abnormal loads required during the construction phase.

The development of the Vara Mada Project is expected to incorporate all the infrastructure required to support the mining, concentration, separation, haulage, and bulk shipment of an average of 1,033 kt of ilmenite, zircon and rutile products, along with 24 kt of containerized monazite concentrate annually. Additionally, temporary infrastructure will be required to support the early construction activities.

While road access to site exists via the RN9, the existing bridge crossing the Fiherenana River, 6 km north of the Toliara Project, narrows to a single lane and is in fairly poor condition and is not suitable to support operational activity.

There is a general lack of construction skills within the population in the vicinity of the Vara Mada Project. Therefore, to support construction activities, the Company expects that a significant number of expatriates and personnel from other areas of Madagascar will need to be brought in. From organizational design, community and accommodation availability perspectives, it is anticipated that construction employees from outside of the Toliara region will be housed on the mine site on a fly-in fly-out (“FIFO”) basis. This will require a camp to meet construction accommodation requirements that will later be converted to use as an employee village during the mine's operational phase.

Provision of services and utilities including bulk water supply, storage, treatment and distribution, sewage treatment, power generation and distribution, communications and security, fuel supply and storage and solid waste disposal, all form part of the Vara Mada Project’s infrastructure requirements.

Extensive infrastructure will be required to support mining and processing activities ranging from earthworks and drainage to plant roads, offices, workshops, equipment stores, product stores, laboratories and messing facilities.

As all products are expected to be exported, secure and safe transport from the Ranobe mine site to the point of loading on ocean going vessels (“OGV”) will be required.

The existing port at Toliara is unsuitable for the Vara Mada Project's anticipated export requirements as it can only service coastal vessels due to the shallow draft (7 m) and not the large OGVs required to economically transport bulk minerals. Furthermore, the available hinterland space is inadequate for the Vara Mada Project's expected storage requirements and it would not be possible for product haulage road trains to navigate Toliara's crowded and narrow roads. A new export facility on the northern edge of Toliara, at Batterie Beach, forms part of the project’s infrastructure requirements. The export facility is proposed to be 45 km from the mineral separation plant and is proposed to be connected by a new mineral haulage corridor and bridge across the Fiherenana River.

There is an existing airport at Toliara with regular scheduled flights to Antananarivo. The airport has a sealed runway of adequate length to accept Boeing 737 aircraft and equivalents. As road transport between Toliara and Antananarivo is not advised, FIFO personnel movements will be by air.

History

The Vara Mada Project has a long history of exploration. Madagascar Resources NL (“MRNL”) started exploring for minerals in Madagascar in 1995 and discovered several zones of HMS mineralization between the towns of Toliara and Morombe in southwest Madagascar. In 2003, Ticor Ltd (later Kumba Resources and subsequently Exxaro Resources Ltd (“Exxaro”)) negotiated an option over the Vara Mada Project, which included all areas drilled to that date. Drilling was carried out at Ranobe and Basibasy and a Pre-Feasibility Study (“PFS”) commenced on the Ranobe deposit. Between 2005 and July 2009, Exxaro commenced a bankable feasibility study on the Ranobe deposit. The study was not completed. In July 2009, Exxaro finally concluded that the Vara Mada Project was no longer aligned with the new business focus of the company and terminated its rights to the Vara Mada Project. MRNL, which became World Titanium Resources Limited (“WTR”) in 2011, then engaged mineral sand consultants, TZMI, to undertake a comprehensive review of the Vara Mada Project, which resulted in a Definitive Engineering Study (“DES”) being completed in September 2012.

Further work was undertaken by WTR after the DES. This included an alternative concept to produce only an ilmenite and non-magnetic concentrate as the saleable product due to weak overall market conditions. In early 2016, African Minerals and Exploration Development Fund II purchased a majority stake in WTR and changed the Vara Mada Project concept back to the basic plan as presented in the 2012 DES study. Recognizing the need to increase the Vara Mada Project scale from a mining rate of 8 Mtpa to 12 Mtpa to produce saleable ilmenite products, with a contribution from by-product rutile and zircon in the form of a non-magnetic concentrate, a definitive feasibility study was completed by Hatch in 2017.

Drilling programs were conducted on the Ranobe deposit in 2001, 2003, 2005 and 2012 by the previous owners and in 2018 and 2019 by Base Resources. Mineral Resources estimation work previously carried out on the Ranobe deposit is as follows:

•2004 by Ticor Pty Ltd;

•2006 by Exxaro Resources Ltd;

•2010 by Geocraft Consulting for Madagascar Resources NL;

•2012 by McDonald Speijers and Associates for World Titanium Resources Limited;

•2016 by World Titanium Resources Limited (WTR) Competent Person, Ian Ransome;

•2017 by Base Resources Competent Person, Scott Carruthers; and

•2019 by IHC Robbins for Base Resources.

PE 37242 was created by the “transformation” and “merger” of three pre-existing tenure instruments (mining leases 37242 and 39130 and exploration lease 3315) on October 23, 2017. The lease is valid for 40 years from March 21, 2012 (the date of grant of the original pre-merger mining lease 37242), meaning it will expire on March 20, 2052. It may be renewed once for a period of 15 years, subject to satisfaction of specified renewal conditions. Beyond this period, further renewals may be granted subject to satisfaction of the same specified renewal conditions. The period for such further renewals is not specified in the Madagascar Mining Code.

The grant of the permit was made in respect of ilmenite, zircon, leucoxene, rutile, guano, basalt, and limestone. REE-bearing monazite is not presently included on the permit. However, under the Madagascar MOU (see above for further details), has undertaken to assist Base Toliara with obtaining all necessary administrative authorizations for the purpose of adding REE-bearing monazite to PE 37242 to permit monazite’s extraction.

PE 37242 gives the Vara Mada Project the right to mine and process ore, subject to obtaining “surface rights” and the terms of the Madagascar Mining Code. Base Toliara intends to secure surface rights through private treaty arrangements with landowners and holders of customary occupation rights. An expropriation process through the declaration of public utility (“DUP”) process could be run as a backstop in case negotiations with any landowners are unsuccessful. All surface rights are expected to be acquired on behalf of the Government, following which Base Toliara proposes entering into one or more long-term (up to 99-year) leases or other long-term agreements that would provide it with exclusive occupation rights over that land with the Government to secure surface rights. Long-term (up to 99-year) leases are proposed for the areas required in PE 37242 and the areas outside the Ranobe PK32 protected area for the haulage corridor. Exclusive occupation agreements are proposed for the export facility area and the area in the Ranobe PK32 protected area required for the haulage corridor.

The main legal instrument governing environmental authorizations and the environmental and social management of the Vara Mada Project is Decree no. 2025-080, which sets out the rules and procedures for environment and social assessment for the Making Investments Compatible with the Environment (“MECIE”).

The Vara Mada Project has a valid Permis Environnementale (Environment Permit No 55-15/MEEMF/ONE/DG/PE) and an approved Plan de Gestion Environnementale (“PGE”). The PGE (or Environmental Management Plan) was approved by the Government of Madagascar in June 2015, with an amended PGE (PGE Adjustment 1) issued in December 2017. The PGE and subsequent PGE Addjustement 1 establish the environment permit conditions. There are however, additional project components that necessitate an update of the Environmental and Social Impact Assessments and by extension the PGE or Plande Gestion Environnementale et Social (referred to as PGES) as referred to now under the MECIE to align compliance with the requirements of the MECIE and Good International Industry Practice. This additional work is on-going.

Preparatory steps for commencement of pre-construction baseline data collection and monitoring to establish a current baseline against which change in environment and social conditions can be measured are underway. The Company intends to collect baseline data, other data and information necessary to support Project development as conditions permit, including obtaining and maintaining reliable and safe surface access to the Permit area, Battery Beach, and other areas to be impacted and potentially impacted by the Project.

As noted above, on December 5, 2024, the Company entered the Madagascar MOU. The Company is now in discussions with the Government in relation to establishing an appropriate Stability Mechanism for the Vara Mada Project to provide the necessary certainty of reasonable financial, operational and legal terms for large-scale projects, with the current focus being on an Investment Agreement that is expected to be submitted to the Madagascar Parliament for approval as a law.

The Ranobe deposit is located within the Phanerozoic sequences of the Morondava Basin. The oldest rocks consist of Cretaceous sandstones to the east which lie unconformably over the Precambrian meta-igneous basement which form the spine of Madagascar.

The coastal plain in which the deposit is located is predominately underlain by Eocene limestone. The limestone defines the basement for the Ranobe deposit and occurs in a series of horst and graben subcrops and outcrops and forms a prominent N-S trending escarpment defining the eastern limit of the coastal plain.

The material overlying the coastal plain is a clastic sequence primarily consisting of shallow marine to sub aerial aeolian deposits, with the predominant sub-aerial transport direction for the region trending south to north.

The Ranobe deposit comprises five mineralized units: the upper sand unit (“USU”) and its sub-units the surface silt unit (“SSU”) and an upper silty sand unit (“USSU”), the intermediate clay sand unit (“ICSU”) and the lower sand unit (“LSU”). Historically the Ranobe deposit mineral resource estimate only included material from the USU due to the limited number of drill holes with enough depth to reach the lower mineralized units. After acquiring the Vara Mada Project, Base Resources broadened the drilling focus to include all mineralized horizons in the mineral resources estimate where supported by sufficient data and a reasonable prospect for economic extraction. The drilling commenced at the Toliara Project in 2018/2019. Generated samples from all three mineralized units allowed material from the ICSU to be included in the Ranobe deposit mineral resources estimate for the first time. The LSU has been excluded from the current mineral resource estimate because of observed differences in the mineral assemblage and limited available mineralogical data for this unit.

The USU comprises a pale orange well sorted and well-rounded fine-grained quartz sand and dominates the exposed sequence within the project area. The USU represents a stabilized aeolianite which drapes the limestone along the eastern margin of the deposit and overlies the ICSU in the central and western parts of the deposit, with both contacts being a subaerial erosional unconformity.

Within broad drainage features (i.e., large valleys exiting the limestone hinterland or basins within the dune sands) the surficial sands of the USU can contain significant silt extending several meters down hole. This material has been designated as SSU and has been defined in four separate locations across the deposit during geological interpretation for resource modelling. Although interpreted to be primarily formed as part of subsequent weathering and erosional modification of the deposit, there is also some thought that the silt present in the limestone valleys relates to aeolian deposition of more mobile finer grained material on and within the limestone escarpment.

In the southern part of the deposit where the limestone escarpment occurs as a strong linear feature, lenses of silty sand occur within the USU, primarily within the lower parts of the USU and typically abutting the limestone escarpment. This material has a slightly darker color (orange to red) and the HM within the silty sand is finer-grained than the typical USU mineralization. This material has been designated as USSU (upper silty sand unit) and has been defined as a single elongate lens with a 6.5 km strike extent during geological interpretation for resource modelling.

Similarly, the base of the USU often displays a thin orange-brown silty sand, which often transitions to a brown silty sand (soil) where it directly overlies limestone basement. Until a more detailed interpretation is possible (utilizing sonic drilling or exposure during mining) this material is typically incorporated with the ICSU, as discussed below.

The USU thickens westwards from the contact with the limestone scarp to over 30m thickness along the western margins of the deposit. The USU is an unconsolidated unit, with rare occurrences of insignificant cementation being reported at the limestone contact during historical drilling campaigns. At the contact with the limestone, limestone talus is often present within the USU over a zone extending some tens of meters from the contact itself, with larger limestone blocks intercalated with fluvial run-off features.

The ICSU is a thin unit primarily consisting of dark red to orange-brown sandy clay and clayey sand material with a high slime content. The ICSU unit onlaps directly over the limestone (“LST”) basement in some areas and is present in depressions in the limestone surface but typically does not extend to the limestone cliff as it appears confined to <100m RL. It onlaps the LSU to the west. It can contain significant clay, but conversely may also be represented by a red-brown sand, particularly on the western margin of the deposit some distance from the limestone escarpment. The unit's thickness is relatively homogenous, and it typically has a gentle dip to the west, perhaps representing a lagoonal low energy environment related to marine regression or tectonic uplift. Thick sections of ICSU do occur within the subsurface floor of the large valley features exiting the limestone hinterland, and there is an area within the central part of the deposit where slimes grade in excess of 50% are common.

Limestone gravel has been logged in the ICSU, and the unit can be semi-consolidated in places due to a combination of clay and/or induration.

As discussed above, the base of the USU often displays a thin orange-brown silty sand, and/or a brown silty sand (soil) where it directly overlies limestone basement, and the geological interpretation of the drilling data suggests this horizon transitions laterally into ICSU to the west. The nature of this transition is difficult to identify given the differences in logging data and sample intervals, but the “soil” horizon only occurs immediately above limestone basement. For the purposes of resource estimation, it appears this horizon can be considered as a subset of the ICSU given that they occupy the same stratigraphic position, have similar mineralization characteristics and typically have distinct spatial extents.

The LSU is comprised of orange-brown to yellow-brown and khaki medium grained quartz sand with moderately low slimes content (<10%). The unit onlaps the LST basement, with the secondary buried limestone escarpment typically defining the eastern extent of the LSU. The LSU thickness increases to the west and its vertical extent was often beyond the practical limits (i.e. >90m) of aircore drilling. The LSU does not routinely occur on the limestone platform but has been intersected in isolated pockets or deep gullies and depressions in the limestone platform.

The basal part of the LSU unit has the facies indicators of a shallow marine strand facies depositional environment, and some very high HM grades (up to 65% HM) have been intersected in horizons that appear to represent elongate strandline. Thin beds of clayey sand may be present, and some consolidation is evident in the lower levels of the LSU, occasionally terminating aircore drilling.

Additional drilling is required to improve the delineation and definition of the sedimentary characteristics of the LSU - but it is apparent that the LSU has a number of sub-units and the majority of these display a mineral assemblage markedly different from the USU. This suggests a different provenance and depositional environment for the sedimentary material making up the LSU.

The heavy minerals were eroded from hinterland basement rocks, transported by rivers to the ocean and from there reworked by wave action and deposited as detrital grains on a beach. From there they were blown by the wind to their ultimate position in the Ranobe deposit, along with detrital grains of quartz.

All drill collars, lithology, survey, and assay files (including all duplicate/replicate, standard and primary assay assignment) were checked prior to being imported into Datamine software for processing. Several corrections and edits were made to the historical data during validation and verification.

Sampling and assaying were subjected to QA/QC processes by WTR and by Base Resources with the submission of blind field duplicates and standards and assessment of twinned drilling.

The Base Resources QA/QC data for drilling undertaken in 2018 and 2019 was assessed and the THM, slimes and OS duplicates/replicates were all subjected to general statistical investigation.

The rate of submission for field duplicates was 1 in 33 which is in line with industry standards of between 1 in 20 and 1 in 40. The rate of submission for lab duplicates was 1 in 20 which provides a high level of precision QA.

2001 drill samples were dispatched to Western Geochem Labs in Perth, Australia. The A samples were sent to IMP Laboratory in Boksburg, South Africa in 2003, ACT Laboratory in Pretoria, South Africa in 2005 and 2012, and to Bureau Veritas, South Africa (“BV”) in 2018 and 2019. For all laboratories, the separation of HM was by tetrabromoethane (“TBE”) at density 2.95g/cc. All samples were:

•Dried, weighed

•Sample riffle split to produce 400g A sample

•Sample screened +1mm, oversize weighed

•Sample screened -63μm, oversize weighed

•TBE for heavy liquid separation

•TBE Floats weighed

•TBE Sinks weighed

The BV analytical procedure conforms to AS4350.2-1999; Australian Standards HMS concentrates - Physical testing using TBE.

Quality control procedures:

•Regular checks of analyses as received

•Check against estimates from field logging

•Submission of B and C samples to a second laboratory

•Submission of randomly inserted control samples at a rate of about 1 in 50

•Duplicate sample analyses

•Replicate sample analyses

•Extra samples taken irregularly in high grade areas

Assay data was compared with geology logs of panned HM grades for out-of-range assay by the site geologist. Replicate assaying was undertaken in 2003, and 2005 drilling and sample assaying was undertaken independently by Ticor/Kumba Resources. The 2012 drilling, logging and sampling were undertaken by an independent site geologist. The 2018 and 2019 drilling, logging and sampling were undertaken by Base Resources company geologists under the supervision of the “competent person.” Twinned holes were completed in 2018 and 2019 by Base Resources. Validation of the Toliara Project drill database was undertaken independently by IHC Robbins.

Mineral Resource and Mineral Reserve Estimates

The 2025 Ranobe mineral resource estimate was modelled to key geological boundaries and then reported at a cut-off grade of 1.5% HM (no minimum thickness). The average parent cell size used for the interpolation was approximately half the standard drill hole width and a half of the standard drill hole section line spacing. The average drill hole spacing for the Ranobe deposit was 100m east-west and 200m north-south and with a 1.5m samples and so the selected parent cell size was 50 x 100 x 1.5m (where the Z or vertical direction of the cell was nominated to be the same distance as the sample length).

CAE mining software Datamine Studio RM was used to estimate mineral resources. A combination of ordinary kriging (“OK”), inverse distance weighting (“IDW”) and nearest neighbor (“NN”) was used to interpolate grades and values into the block model. Part of the rationale for using both IDW and OK to interpolate grade is to provide an effective interpolation method for both close spaced (in the higher-grade core of the deposit) and wide spaced drilling (in the lower grade margins of the deposit). NN techniques were used to interpolate index values and non-numeric sample identification into the block model.

Appropriate and industry standard search ellipses were used to search for data for the interpolation and suitable limitations on the number of samples and the impact of those samples was maintained. An inverse distance weighting of three was used so as not to over smooth the grade interpolations.

Hard domain boundaries were used and these were defined by the geological wireframes that were interpreted. Topographic surface was created from LIDAR data.

No assumptions have been made regarding recovery of byproducts. No deleterious elements or non-grade variables are present. All resource blocks are assumed to be mined from the surface with no overburden. Mineral assemblages show little statistical variation over the deposit and correlate well with HM content.

Drill hole declustering was not used during the interpolation because of the regular nature of sample spacing.

Sample distributions were reviewed, and no extreme outliers were identified either high or low that necessitated any grade cutting or capping. Validation of grade interpolations were done visually in Studio RM (Datamine) software by loading model and drill hole files and annotating and coloring and using filtering to check for the appropriateness of interpolations. Statistical distributions were prepared for model zones from drill hole and model files to compare the effectiveness of the interpolation. Along strike distributions of section line averages (swath plots) for drill holes and models were also prepared for comparison purposes.

Additional details regarding the estimation technique can be found in Section 14.0 Mineral Resource Estimate in the Vara Mada Technical Report Summary.

The table below sets out the Mineral Resources estimates for the Vara Mada Project as of December 31, 2025. These estimates are derived from the Vara Mada Technical Report Summary, which estimated the Mineral Resources as of June 30, 2025. Ian Reudavey, the Company’s non-independent Qualified Person, reviewed and confirmed that the Mineral Resources estimates set forth in the Vara Mada Technical Report Summary remained accurate as of December 31, 2025.

Vara Mada Project (Ranobe Deposit) - Summary of In-Situ Mineral Resources, December 31, 2025

Notes:

1. Mineral Resources reported at a cut-off grade of 1.5% THM.

2. Mineral Assemblage is reported as a percentage of in-situ THM content.

3. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

4. Reported Mineral Resource excludes material affected by planned infrastructure and tailings storage.

5. Reported Mineral Resource excludes Measured and Indicated Resource that are reported as Mineral Reserve.

6. The reference point for the Mineral Resource is in-situ.

7. The Ranobe Mineral Resource has been classified and reported in accordance with the guidelines of NI 43-101 and S-K 1300

8. Total HM is from within the +63 µm to -1 mm size fraction and is reported as a percentage of the total material. Slimes are the -63 µm fraction and oversize is the +1 mm fraction.

9. All tonnages and grades have been rounded to reflect the relative uncertainty of the estimate; thus, the sum of columns may not equal.

10. The cut-off grade of 1.5% HM used for reporting the ore reserve estimates is based on parameters developed during feasibility studies for the deposit.

11. Assumed price per metric tonne for Ilmenite $199, Rutile $1,250, Leucoxene $0 (when processed, Leucoxene reports to Ilmenite and Rutile products), Zircon $1,200, Monazite $6,600.

12. The bulk density used for the Ranobe deposit is one that has been utilized by previous consultants and is based on a simple linear algorithm originally developed by John Baxter (1977). BD = 1.61 + (0.01 x HM).

13. Assumed recovery for Ilmenite 89.6%, Rutile 49.9%, Leucoxene 17.5%, Zircon 77.2%, Monazite 78.6%.

14. Assumed operating costs $1.00/t mined, $0.64/t feed to WCP, $13.38/t feed to MSP ilmenite, $18.04/t feed to MSP rutile, leucoxene, zircon, monazite, $3.45/t product transport to port, $8.91/t product wharf cost, $1.71/t mined overhead cost.

The Modifying Factors applied to the 2025 Ranobe Mineral Resources estimate for the 2025 Ranobe Ore Reserves estimate were derived from the Toliara Project Definitive Feasibility Study completed in 2019 (“2019 DFS”), the outcomes of which were released on December 12, 2019. These material Modifying Factors (summarized in Tables 3-6 below) were operating costs, product recoveries and yields, product prices and throughput constraints. The source of data for the Modifying Factors was the project's financial model as it existed at the time of optimization, which incorporated relevant developments since the 2019 DFS, such as updated product prices (compared to the 2019 DFS) reflecting the improved outlook at the time. Year 2 operating costs (FY2024) were selected as they were considered most representative of the forecast operating costs in the early years of operations and allowed detailed Stage 1 mine scheduling (which occurs later in the process) to be completed to a high level of accuracy. The year 2 operating costs assumed a 2% royalty is payable to the Government of Madagascar on product sales, being the royalty payable under the then-current Mining Code. This is less than the 5% royalty assumed for the Vara Mada Feasibility Study, which reflect the royalty rate agreed in the Madagascar MOU (and included in the current Mining Code). In addition to the royalty, the Madagascar MOU provides for upfront development, community and social project funding and ongoing community and social investments. The upfront funding totals US$80 million and requires achievement of specified project milestones (refer to the “Ownership” sub-section above for the further details). Also refer to the “Ownership” sub-section above for details about the ongoing community and social investments.

The mean operating year 4-6 product prices were assumed for the purposes of the 2025 Ranobe Ore Reserves estimate and were Base Resources' own internal price forecasts for each product for those years at the time of optimization. Base Resources' internal price forecast is derived from its internal supply and demand analysis. In relation to forecast demand for each product, TZMI's five-year forecast demand outlook is utilized, before transitioning to a steady annual growth rate, generally consistent with global GDP growth forecasts, but adjusted for product specific considerations, where applicable. In relation to forecast supply, over the short term, Base Resources' supply forecast is generally aligned with TZMI's five-year outlook for existing producers, but Base Resources formed its own view on the anticipated timing of new brownfield and greenfield projects coming into production. Base Resources' medium to long-term supply forecast was based on Base Resources' internal view of future production from existing operations, as well as new brownfield and greenfield projects. The product prices selected were considered more representative of long-term forecasts than those forecasted for operating year 2.

Vara Mada Project (Ranobe Deposit) - Summary of In-Situ Mineral Reserves, December 31, 2025

Notes:

1. Mineral assemblage is reported as a percentage of in situ THM content.

2. The reference point for the Mineral Reserve is the point of feed to the DMU.

3. The Ranobe Mineral Reserve has been classified and reported in accordance with the guidelines of NI 43-101 and S-K 1300.

4. Total HM is from within the +63 µm to -1 mm size fraction and is reported as a percentage of the total material. Slimes are the -63 µm fraction and oversize is the +1 mm fraction.

5. All tonnages and grades have been rounded; thus, the sum of columns may not equal.

6. Assumed price per metric tonne for Ilmenite $199, Rutile $1,250, Leucoxene $0 (when processed, Leucoxene reports to Ilmenite and Rutile products), Zircon $1,200, Monazite $6,600.

7. The cut-off grade is "value" based- with a cash value for each resource model cell derived and a series of pit shell generated in revenue decrements from a 100% revenue pit shell which represents the outer boundary where the total incremental mining revenue equals the total incremental cost.

8. Assumed recovery for Ilmenite 89.6%, Rutile 49.9%, Leucoxene 17.5%, Zircon 77.2%, Monazite 78.6%.

9. Assumed operating costs $1.00/t mined, $0.64/t feed to WCP, $13.38/t feed to MSP ilmenite, $18.04/t feed to MSP rutile, leucoxene, zircon, monazite, $3.45/t product transport to port, $8.91/t product wharf cost, $1.71/t mined overhead cost.

The Vara Mada Technical Report Summary was the inaugural S-K 1300 compliant estimate of Mineral Resources and Mineral Reserves on the Vara Mada Project. A year-to-year comparison of Mineral Resources and Mineral Reserves is omitted because no S-K 1300 compliant estimates existed as of December 31, 2024.

As of December 31, 2025, the total net book value attributable to the Vara Mada Project and its associated equipment on the financial statements of the Company was $205.8 million.

With the lifting of the suspension and entry of the MOU, the Company has been focusing on re-establishment of the Company's social programs after the five-year hiatus imposed by the recently lifted suspension, including re-establishing meaningful community engagement and social programs aimed at securing a firm social license to operate to support safe, secure and reliable surface access to collect baseline, technical and other data necessary to update permit conditions, as well as performing additional mine planning and engineering work, expanding the critical mineral resource base, and progressing other activities necessary to progress the Project and achieve a positive FID, including:

•completion of certain land acquisitions;

•completion of Environmental and Social Impact Assessment updates, including collection of additional baseline data and completion of additional baseline studies;

•obtaining certain permit and permit update approvals;

•finalization of funding arrangements;

•the addition of monazite as a mineral for exploitation in the existing mineral exploitation permit (which currently permits the exploitation of ilmenite, rutile and zircon), Permis D'Exploitation 37242;

•the formalization of fiscal and stability terms with the Government of Madagascar; and

•completion of offtake agreements and major construction contracts.

The Company expects to be in a position to make a FID in 2027, and assuming a positive FID is made by the end of 2027, construction of the project is expected to be completed by Q2 2030.