Announcement PDF 1 Litchfield MineralsLimited ACN612 660 429 ANNUALREPORT FORTHEFINANCIALYEARENDED30 JUNE2026 2 LitchfieldMineralsLimited-AnnualReport–for theyearended30June2026 Contents CHAIRMANS’ LETTER................................................................................................................................ 3 MANAGING DIRECTORS’ LETTER ............................................................................................................... 6 DIRECTORS’ REPORT .............................................................................................................................. 25 AUDITOR’S INDEPENDENCE DECLARATION............................................................................................. 38 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME................................................ 39 STATEMENT OF FINANCIAL POSITION..................................................................................................... 40 STATEMENT OF CHANGES IN EQUITY...................................................................................................... 41 STATEMENT OF CASH FLOWS ................................................................................................................ 42 NOTES TO THE FINANCIAL STATEMENTS ............................................................................................... 43 CONSOLIDATED ENTITY DISCLOSURE STATEMENT................................................................................. 66 DIRECTORS’ DECLARATION..................................................................................................................... 66 INDEPENDENT AUDITOR’S REPORT ......................................................................................................... 67 SHAREHOLDER INFORMATION................................................................................................................ 70 Corporate Directory Directors and Company Secretary Matthew Pustahya Peter Eaglen Mark Noppé Peter Harding-Smith (Company Secretary) Stock Exchange Listing Australian Securities Exchange Ltd ASX Code: LMS Head office and Registered Office Suite 5, Level 12, 10 Market Street Brisbane QLD 4000 Phone: (07) 3212 6299 www.litchfieldminerals.com.au Solicitor EMK Lawyers Suite 1, 519 Stirling Highway Cottesloe WA 6011 Auditors Moore Australia Audit (WA) Level 15, Exchange Tower 2 The Esplanade Perth WA 6000 Australian Company Number 612 660 429 Share Register Xcend Pty Ltd Level 2, 477 Pitt Street Haymarket NSW 2000 Banker Westpac Banking Corporation Limited 3 CHAIRMANS’ LETTER Dear Fellow Shareholders, On behalf of the Board of Directors of Litchfield Minerals (Litchfield or the Company), it is my pleasure to present the 2026 Annual Report. This has been another exceptionally busy year for Litchfield, with significant progress, much to be proud of and important lessons that are shaping how we direct the business and position it for long- term growth. Throughout the year, Litchfield continued its exploration efforts with energy and discipline, guided by what the geology is telling us and by the interests of shareholders and broader stakeholders. This approach was recognised through Litchfield’s selection for the BHP Xplor 2026 cohort. Our people, values and technical capability provided a strong foundation for that selection. Participation in the BHPXplor program has notchanged Litchfield’s fundamentalsortechnical expertise, however, it has materially improved how we structure our discovery process. Put simply, we have retained the same hardware but installed a far better operating system. The programme has helped move us beyond chasing individual anomalies towards understanding thegeological systems acrossourportfolio and ranking opportunities within them. During theyear,wedeliberately strengthenedourtechnical workflows, governance, decision-makingand data and risk management. The objective is simple; any investor, including a major mining company, should be able to understand what we know, what remains uncertain and why the next dollar is being spent. For shareholders, this means a company better equipped to turn a large ground position into a focused discovery program and to demonstrate its investment case to potential partners. We recognise that shareholders fund Litchfield because they want exposure to a high-quality exploration company. We therefore continue to replenish our project pipeline and assess opportunities capable of creating meaningful value. In addition to our focus on our Northern Territory projects, we continue to evaluate exploration opportunities within and beyond the Northern Territory where our rigorous exploration approach may unlock value for our shareholders. The Board considers new strategic and project opportunities constantly. Our team has remained focused on directing shareholder funds towards the work that advances our projects. This year, more than 89% of expenditure was directed to in-field activities. This demonstrates Litchfield’s focus on disciplined deployment of capital into assessing the potential of our growing tenement portfolio. As reflected in our ASX announcements and broader communications, we continue to deploy the geological, geochemical and geophysical tools needed to identify and rank high-priority targets. The Board supports the use of advanced techniques where they can materially reduce uncertainty and improve exploration decisions. Our operating principle has evolved into: “Evidence before capital”. We have implemented a decision-gated process in which each stage must be supported by sufficient geological evidence before further capital is committed. This means integrating regional geology, geophysics, structure, geochemistry and geodynamics, and seeking specialist input where required. The objective is not to collect data for its own sake, but to convert belt- scale opportunities into ranked and testable targets. We are not trying to predict which single anomaly will become a discovery, however, we are building a repeatable system that gives us multiple opportunities to make one. The Board is pleased that the year’s fieldwork was completed with no lost-time injuries, no medical-treatment injuries and no adverse impacts on local communities. Our Managing Director, Matthew Pustahya, continues to lead with a strong focus on employee welfare, prompt rehabilitation, environmental responsibility and constructive relationships with local communities. This leadership is integral to the operational discipline and 4 field efficiencies demonstrated by the Company. It is important to recognise the myriad of challenges that face exploration companies in Australia. However, it has been rewarding to receive the support of the Northern Territory government. Through several departments, the Northern Territory government has demonstrated their support for Litchfield with the grants we have received from the Northern Territory Geological Survey. Their support is gratefully acknowledged. As a Board, we are determined to maintain excellent relationships across all external stakeholders through the initiatives we are undertaking. Our honesty and integrity continues to be seen through the content and frequency of keeping people updated with our ASX announcements and our other communications. The Board will ensure that this basis of good communications does not abate. We recognise that, notwithstanding the progress made within the business, Litchfield’s share price has declined at the back end of this financial year. The Board and management are acutely aware of this and understand the frustration it has likely caused shareholders. This outcome has not resulted from a lack of effort or ambition. It reflects, in part, a deliberate decision to respect shareholder capital and not commit substantial funds to drilling until the geological system, targets and key uncertainties are sufficiently understood. Litchfield is not a company that drills simply to generate short-term headlines. We are building a serious exploration company focused on identifying opportunities capable of becoming genuinely significant assets. That requires patience, technical discipline and the willingness to stop at a decision gate when the evidence does not yet justify the next dollar of expenditure. While this approach can result in periods of reduced market news flow, we believe it gives shareholders a materially better chance of participating in a meaningful discovery than repetitive, poorly constrained drilling. At the same time, we recognise that our exploration model differs from much of the junior resources market in which we operate. Long-term, systems-based exploration must be balanced with a strategy that delivers near- term catalysts and maintains market engagement. We are therefore actively pursuing two complementary pathways: (1) advancing the Harts Range belt looking for the financial and technical support of a major mining company and (2) evaluating the acquisition of a brownfields asset capable of providing more consistent exploration results and informative market news flow. These pathways are not mutually exclusive, and we will progress both where they create value for shareholders. Our ambition is to build Litchfield into a company valued at more than $150 million over the next few years. This is an ambitious strategic objective, supported by a clear internal strategy focused on disciplined exploration, strategic partnerships, targeted acquisitions, portfolio value creation and ultimately exploration success. Our longer-term goal is to become a self-funded explorer, generating capital through asset sales, partnerships and, where appropriate, manageable production opportunities. This would reduce our reliance on repeated equity raisings and allow successful outcomes to fund the next generation of opportunities. The Board believes Litchfield now has a stronger technical foundation, clearer decision-making framework and a more deliberate pathway to value creation than at any point in its history. Our task is to convert that foundation into tangibleoutcomes forshareholders. Comparedwith the startoftheyear, wehave a broader opportunity base, deeper geological understanding and stronger industry relationships to support that task. In summary, 2026 has been a year in which Litchfield materially strengthened the way it explores, allocates capital and makes decisions. Exposure to the BHP Xplor program has brought greater structure and discipline to an already capable team, while reinforcing the scale of the opportunity within our Harts Range portfolio. We enter the next financial year with a clear strategy; progress the belt with the right major partner, pursue complementary brownfields opportunities and convert our technical capability into measurable shareholder value. 5 Finally, I acknowledge the considerable personal effort that our Managing Director, Matthew Pustahya, continues to invest in Litchfield, together with the commitment of my fellow directors. This collective effort underscores the Company’s determination to deliver lasting value for shareholders. Yours sincerely Dr Peter Eaglen Non-executive Chairman 6 MANAGING DIRECTORS’ LETTER Dear Shareholders, Litchfield has made substantial progress this year. During our Phase 3 campaign we completed 14 drill holes at Oonagalabi for almost 3,000 metres. We are now building on that effort with a major magnetotelluric and gravity survey across the Harts Range, supported by the knowledge, relationships and technical capability developed through BHP Xplor. That is a strong foundation for the next stage of the Company. We have tested targets, confirmed broad copper- zinc mineralisation and gained a much clearer understanding of the questions our next programs need to answer. The Board and team are aligned on our direction: make sound exploration decisions, use capital carefully and build opportunities capable of delivering substantial value for shareholders. Our drilling comprised 11 RC holes for 1,772 metres and three diamond holes for 1,217.9 metres. Alongside the mineralised intersections, it showed that Oonagalabi is more geologically complex than we first understood. This growth of our knowledge matters deeply. It allows us to refine our interpretation and improve our targeting before the next round of drilling. We therefore made a considered decision to bring our datasets together and better understand the controls on mineralisation before committing further capital. This is how we have always intended to run Litchfield: do the work properly, learn from each program and use those lessons to make the next investment more informed. I am confident that this is the right approach to managing the opportunity and the money shareholders have entrusted to us. The MT and gravity surveys completed after year-end, with modelling and synthesis now in progress. We undertook a substantial program across exceptionally challenging terrain. For Litchfield, this is one of the most important exploration programs we have undertaken, given the geological questions it is designed to address. Magnetotelluric surveys help us investigate electrical conductivity beneath the surface, while gravity helps us interpret differences in rock density and the arrangement of geological units. Together with our structural, geochemical, isotopic andother geophysical work, these datasets should give us a clearerpicture of the rocks and pathways at depth and help us prioritise where to drill. Their value lies in improving our ability to choose meaningful targets across a much larger area. This work has broadened our view of Oonagalabi and its place within the Harts Range. We have assembled a strategic position across granted tenements and exploration licence applications, giving us room to follow the geology and investigate multiple parts of a potential mineral system. There is still a great deal to test, but we are building a coherent technical basis for doing so. Selection for BHP Xplor has been a significant positive for Litchfield. The US$500,000 in non-dilutive funding and access to technical expertise have challenged our thinking and helped us advance work that would otherwise have placed greater demands on shareholder capital. The benefits extend beyond the program itself, through better technical frameworks, stronger relationships and a team better equipped to assess opportunities at scale. Our Xplor visits to Olympic Dam and Silicon Valley broadened our perspective on both discovery and company building. Olympic Dam brought the scale and complexity of a major mineral system into focus. Silicon Valley provided a different setting in which to consider how we build the team, systems and commercial capability needed to grow. The practical lesson for Litchfield is to match our geological ambition with the organisational capability to execute it. I appreciate that this progress has not yet been reflected in the share price. I understand how disappointing that is for shareholders, particularly when the work between drilling campaigns is less visible. We share your focus on value, and part of my responsibility is to explain clearly what is being achieved and how it supports the next stage 7 of growth. Our focus is on delivering the exploration results and commercial progress that can build confidence in Litchfield and translate our work into tangible outcomes for shareholders. We also understand the pace of the junior market. Careful scientific work is essential to discovery, but the market does not always reward the time it takes. Our job, as a Company, is to balance that longer-term opportunity with programs and decisions that can create value sooner. With that in mind, we are developing a strategy which has two complementary elements. The first is to advance opportunities with shorter exploration timelines, clear near-term catalysts and the potential to generate meaningful results and market interest. These opportunities may not have tier-one scale, but they can still deliver excellent outcomes for shareholders. The second is to continue developing the larger Harts Range opportunity with appropriate funding and, ideally, a partner. We do not want to overlook a potentially company-transforming discovery simply because its exploration timetable is longer than the market would prefer. Combining these two approaches gives us greater flexibility: opportunities to deliver nearer-term progress while retaining exposure to a discovery of much greater scale. After year-end, the September 2026 BHP Xplor Showcase in New York gave us the opportunity to present that strategy to international investors, funds and industry participants. We explained why the Harts Range belt matters, why our ground position is strategically important and how we intend to test it. Taking that story to an international audience reinforced the importance of connecting geological potential with a clear work program and a credible pathway to value. Following the BHP Xplor Showcase, we are exploring the potential for an ongoing partnership. There is no certainty of an agreement, but we have made valuable progress through the program and see a clear benefit in exploring that next step. At the same time, our planning allows for a range of outcomes. We will assess the appropriate pace and funding structure for the belt, including potential partnerships and other strategic opportunities. As market conditions and exploration results evolve, we can adjust our spending and priorities accordingly. We have choices about how we advance these assets, and we intend to exercise them with discipline and shareholders’ interests at the centre of each decision. Our ambition is to build Litchfield into a substantially larger and more valuable company while keeping dilution to a minimum. Achieving that will require exploration success and well-executed commercial decisions. The Board, management and technical team are aligned on that direction. The key is sequencing our work, funding and transactions so that each step puts the Company in a stronger position. Litchfield is a stronger company than it was at the start of the year. We have completed a substantial drilling campaign, secured the benefits of BHP Xplor and now have new survey data to model and integrate to shape our next generation of targets. We are also developing the commercial options to give that work the best opportunity to create value. Thank you for your continued support. We have a clear purpose, a capable team and a considered strategy. I look forward to sharing the results of this next phase as we continue building Litchfield. Matt Pustahya Managing Director 8 REVIEW OF OPERATIONS HIGHLIGHTS ▪ Oonagalabi drilling strengthened the scale and continuity of the copper-zinc system, with Phase 3 comprising 11 RC holes for 1,772m and three diamond holes for 1,217.9m. ▪ Broad Main Zone mineralisation confirmed, including 68.26m at 0.62% Cu, 1.44% Zn and 4.3g/t Ag from 10m and 120m at 0.35% Cu, 0.92% Zn and 4.1g/t Ag from 52m. ▪ Selected for the 2026 BHP Xplor Program, providing US$500,000 in non-dilutive funding and access to BHP technical expertise. ▪ Harts Range strategy advanced to a belt-scale mineral systems model, integrating multiple geological and geophysical datasets and supported by a strategic tenement position across the corridor. ▪ Broaderportfolioadvanced, with SilverValley returning rock-chip assaysup to378g/tAg,44.9% Pband5.04% Cu and a 5,523 line-km airborne magnetic and radiometric survey commencing at Lucy Creek. ▪ A$6.0 million placement completed, providing funding to accelerate exploration at Oonagalabi and across priority targets. FY2026 Operations Overview FY2026 was a year of expanding possibilities for Litchfield Minerals. New drilling, new datasets and fresh geological insights broadened our understanding of Oonagalabi and opened a much larger exploration opportunity across the Harts Range. As the year progressed, the Company’s focus grew from testing individual prospects to investigating how an entire belt may have generated, transported and concentrated metals. Oonagalabi remained at the centre of that progress. Phase 3 drilling delivered 11 RC holes for 1,772m and three diamond holes for 1,217.9m, continuing to demonstrate broad copper-zinc mineralisation within the Main Zone. Across the Main Zone, Bomb Diggity, VT1 and VT2, drilling also provided valuable evidence about the geology and structures controlling mineralisation, sharpening the questions and targets for subsequent campaigns.1 A major catalyst for this expanding exploration picture was the project-wide VTEM™ Max survey. Covering 1,015 line-km and supported by high-resolution magnetic and gravity infill, the program identified five major conductor clusters and 14 high-priority conductor axes. This substantially increased the number and spread of targets available to the Company.2 Follow-up mapping then connected the geophysics with copper-bearing gossan at VT1 and previously unmapped mineralised outcrop around Bomb Diggity. These findings opened fresh areas for exploration and strengthened the case for a mineralised footprint extending beyond earlier interpretations.3 Selection for the 2026 BHP Xplor Program added further momentum, bringing US$500,000 in non-dilutive funding and access to BHP technical specialists. The program gave Litchfield the opportunity to challenge its assumptions, accelerate regional interpretation and investigate the Harts Range at a scale matching the Company’s discovery ambitions. 1 LMS ASX Announcement, Oonagalabi Drilling Strengthens Geological and Targeting Models, 3 June 2026. 2 LMS ASX Announcement, Quarterly Activities Report, 31 October 2025, reporting the September-quarter VTEM survey scope and results. 3 LMS ASX Announcement, Gossanous Copper Identified Above Priority Conductor, re-released 8 September 2025. 9 Through Xplor, the Company brought together MT, seismic reflection, gravity, magnetic, structural and isotopic datasets to examine the deeper geological architecture of the belt. The objective was to understand how known copper and nickel occurrences might connect with the larger processes responsible for mineralisation, and where those processes may have created opportunities that remain unrecognised. This work established a clearer framework for assessing metal sources, mineralising processes, migration pathways and sites of concentration. For Litchfield, its practical value is a stronger basis for identifying where these ingredients overlap and turning a substantial regional opportunity into focused, testable exploration targets. The wider portfolio also delivered compelling results. At Silver Valley, selective rock-chip sampling returned assays of up to 378g/t silver, 44.9% lead and 5.04% copper, providing strong motivation for follow-up geophysical investigation.4 At Lucy Creek, rock-chip results of up to 35.0% manganese added to the project’s exploration appeal,5 while commencement of a 5,523 line-kilometre airborne magnetic and radiometric survey expanded the search for geological controls and prospective areas. By 30 June 2026, Litchfield had contracted its next phase of field geophysics, including combined MT and gravity surveys across the western Harts Range and an IP survey at Silver Valley. Following year-end, the MT and gravity program commenced in July and completed field acquisition in September 2026. These new datasets will now support integrated three-dimensional modelling, helping test the regional mineral systems interpretation and focus the next phase of exploration. Litchfield finishes this period with a broader target pipeline, deeper geological understanding and stronger technical capability. The task ahead is to convert that progress into well-targeted drilling and discoveries that can create lasting shareholder value. HARTS RANGE CORRIDOR Building a Belt-Scale Exploration Framework During FY2026, Litchfield expanded its exploration ambition across the Harts Range, developing a belt-scale mineral systems strategy to investigate the region’s potential to host a major discovery. Work at Oonagalabi established an increasingly detailed geological and geophysical foundation around the known copper-zinc mineralisation. Combined with regional geological features and copper-nickel occurrences elsewhere across the Harts Range, this evidence opened a compelling exploration opportunity: to test whether these prospects represent different expressions of a larger, more extensive mineral system. Participation in the 2026 BHP Xplor Program accelerated this work, providing access to specialist expertise and supportingan integratedregional technicalprogram. This enabledLitchfield toexaminetheconnectionsbetween known mineralisation, deep geological structures and potential metal sources, building a stronger foundation for 4 LMS ASX Announcement, Diamond and RC Drill Program Completed at Oonagalabi & Silver Valley Delivers High- Grade Silver-Lead-Copper Results, 23 April 2026. 5 LMS ASX Announcement, Lucy Creek 2 Assays Verify Manganese up to 35.0% Mn with Hydrothermal Signature, 10 September 2025. 10 identifying the next generation of discovery targets across its strategic ground position. Figure 1: Litchfield’s strategic tenement position across the Harts Range belt, showing granted exploration licences, applications and areas subject to competing bids. BHP Xplor 2026 Litchfield’s selection for the 2026 BHP Xplor cohort marked a major milestone for the Company and part of our 2025/2026 strategy, securing US$500,000 in non-dilutive funding and access to BHP technical specialists. The program provided a powerful opportunity to accelerate our geological understanding, challenge our assumptions and advance an ambitious exploration strategy across the Harts Range. Through Xplor, Litchfield brought together multiple geological and geophysical datasets to develop and test a mineral systems framework at the scale of the belt. This work expanded the Company’s ability to investigate how known mineralisation relates to the deepergeologicalarchitectureand where theessential ingredients for amajor discovery may come together. The technical program included interpretation and integration of: • high-resolution magnetotelluric data; • seismic reflection data; • regional and project-scale gravity and magnetic datasets; • structural interpretation; and • isotopic studies. Together, these datasets are helping Litchfield address the fundamental questions that drive its exploration strategy: where metals originated, what processes mobilised them, how they moved through the crust and where 11 they may have become concentrated. These questions underpin the Company’s mineral systems framework of source, generation, migration and concentration. Placing individual prospects within this broader geological context has opened a more ambitious view of the Harts Range opportunity. It provides a stronger basis for identifying connections between known occurrences, recognising prospective areas and prioritising targets where several independent lines of evidence converge. The lastingvalueof BHPXplor extends wellbeyonditsfunding. Litchfieldhas strengthened its technicalcapability, sharpened its exploration strategy and built a more rigorous process for turning geological concepts into testable targets. The Company is now better equipped to pursue the belt’s discovery potential and direct shareholder capital towards the opportunities with the strongest geological support. Understanding the Regional Architecture Understanding the deep geological architecture beneath the Harts Range is central to Litchfield’s ambition to discover a Tier 1 copper deposit. The Company’s regional work is investigating whether the belt contains the connected mineral system needed to source, transport and concentrate metals on a substantial scale, and where those processes may have created the strongest discovery opportunities. During FY2026, structural interpretation identified long-lived, crustal-scale structures across the corridor, while isotopic and geological studies revealed evidence of multiple episodes of mafic and ultramafic magmatism. Together, these findings provide a compelling basis for investigating potential connections between mantle- derived magmas, deep crustal pathways and the mineralisation recognised at surface. These potential mantle connections matter because mantle-derived magmas can supply heat and metals, while major structures can provide pathways through which magmas and mineralising fluids move into the crust. Understanding how these pathways connect with favourable host rocks and depositional traps is an important part of identifying mineral systems capable of producing large deposits. Developed through BHP Xplor, Litchfield’s interpretation places the Irindina Province within a dynamic history of rifting, basin development, inversion and crustal thickening. Within this model, repeated reactivation of deep structures may have created successive opportunities for magma emplacement, fluid movement and metal concentration. This opens an exciting exploration question: where did these processes combinemost effectively, and could the known mineralisation represent surface expressions of a much larger system? The Company’s focus is now on testing that question by integrating regional architecture with evidence of metal sources, transport pathways, suitable traps and preservation. These ingredients do not establish the presence of a Tier 1 deposit, but they provide a strong geological rationale for investigating the belt’s potential and a focused framework for identifying the areas that are most deserving of drill testing. Deep Conductivity and the C2 Anomaly Reinterpretation of high-resolution MT and seismic reflection datasets also highlighted the significance of a deep conduct