Announcement PDF ABN 27 648 890 126 ANNUAL REPORT FOR THE YEAR ENDED 30 June 2025 ANNUAL REPORT for the year ended 30 June 2025 CORPORATE DIRECTORY ................................................................................................................. 1 DIRECTORS’ REPORT ....................................................................................................................... 2 AUDITOR’S INDEPENDENCE DECLARATION ................................................................................. 25 INDEPENDENT AUDITOR’S REPORT .............................................................................................. 26 DIRECTORS’ DECLARATION ............................................................................................... 30 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME .... 31 CONSOLIDATED STATEMENT OF FINANCIAL POSITION.............................................................. 32 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY............................................................... 33 CONSOLIDATED STATEMENT OF CASH FLOWS............................................................................ 34 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ......................................................... 35 ADDITIONAL SECURITIES EXCHANGE INFORMATION .............................................................. 57 CORPORATE DIRECTORY DIRECTORS AUDITORS Jeremy Robinson (Executive Chairman) James Bahen (Non-Executive Director) Leo Horn (Non-Executive Director) BDO Audit Pty Ltd Level 9, Mia Yellagonga Tower 2, 5 Spring Street Perth WA 6000 COMPANY SECRETARIES SHARE REGISTRY James Bahen Robbie Featherby Automic Share Registry Level 5, 191 St Georges Terrace Perth WA 6000 REGISTERED OFFICE Level 1, 1 Alvin St SUBIACO WA 6008 POSTAL ADDRESS Level 1, 1 Alvin St SUBIACO WA 6008 PRINCIPAL PLACE OF BUSINESS Level 1, 1 Alvin St SUBIACO WA 6008 CONTACT INFORMATION Tel: + (08) 6143 6720 info@cosmosx.com.au 1300 288 664 (Local) +61 2 9698 5414 (International) www.automic.com.au BANKER National Australia Bank Level 1 / 1238 Hay Street West Perth WA 6005 SECURITIES EXCHANGE LISTING Australian Securities Exchange (ASX) Level 40, Central Park 152-158 St George's Terrace Perth WA 6000 ASX CODE: C1X COSMOS EXPLORATION LIMITED | 2025 FINANCIAL REPORT Page 1 DIRECTORS’ REPORT The directors of Cosmos Exploration Limited (ASX:C1X) and it subsidiary, (“the Group”) submit herewith the annual report of the Company for the financial year ended 30 June 2025. In order to comply with the provisions of the Corporations Act 2001. DIRECTORS The names and particulars of the directors of the Company in office during the year and until the date of this report are as follows. Directors were in office for the entire year unless otherwise stated. Director Jeremy Robinson Leo Horn James Bahen Position Executive Chairman Non-Executive Director Non-Executive Director The names of the secretaries in office at any time during or since the end of the year are: Company Secretaries Position James Bahen Robbie Featherby Company Secretary Company Secretary OPERATING RESULTS The Company has incurred a net loss after tax for the year ended 30 June 2025 of $4,418,949 (2024: $3,960,008). DIRECTORS’ MEETINGS During the period 1 July 2024 to 30 June 2025, two (2) meetings of directors were held. Attendances by each director during the year were as follows: Director Mr Jeremy Robinson Mr James Bahen Mr Leo Horn Directors’ Meetings Number Eligible to Attend Number Attended 2 2 2 2 2 2 Directors’ other formal business was conducted via circular resolution. The directors have determined that the Company is not of a sufficient size to merit the establishment of Board committees of the Board and therefore duties ordinarily assigned to committees are carried out by the full Board. COSMOS EXPLORATION LIMITED | 2025 FINANCIAL REPORT Page 2 INFORMATION ON DIRECTORS Information Directors at the date of this report as follows: Jeremy Robinson EXECUTIVE CHAIRMAN Mr Robinson is an experienced mining executive having held senior roles at multiple junior and mid-tier mining and exploration companies. Mr Robinson holds a Bachelor of Commerce from the University of Western Australia majoring in Corporate Finance, Investment Finance and Marketing. He is also currently a director of RareX Limited and Churchill Strategic Investments Group. Interest in shares and options at 9,691,691 Ordinary Shares the date of this report Directorships held in other listed RareX Limited (current) entities (last 3 years) Ardiden Limited (current) Brazilian Critical Minerals Limited (current) Kincora Copper Limited (current) Commerce Resources Corporation (current) James Bahen NON- EXECUTIVE DIRECTOR and JOINT COMPANY SECRETARY (Appointed 17 August 2021) Mr Bahen is a Director and equity partner of SmallCap Corporate and chartered secretary who commenced his career in audit and assurance with an international chartered accounting firm. He is currently a non-executive director and company secretary to a number of ASX-listed companies and has a broad range of corporate governance and capital markets experience, having been involved with public company listings, mergers and acquisitions transactions and capital raisings for ASX-listed companies across the resource industry. Mr Bahen is a member of the Governance Institute of Australia and holds a Graduate Diploma of Applied Finance and a Bachelor of Commerce degree majoring in accounting and finance. Interest in shares and options at the date of this report 3,311,650 Ordinary Shares Directorships held in other listed entities (last 3 years) Victory Metals Limited (current) Amani Gold Limited (current – 4 July 2024 appointed) Lithium One Metals Inc (former) COSMOS EXPLORATION LIMITED | 2025 FINANCIAL REPORT Page 3 Leo Horn NON- EXECUTIVE DIRECTOR (Appointed 3 April 2023) Leo Horn is a technical geologist with over 21 years’ experience in the exploration and mining industry for precious, base and rare earth metals, diamonds and uranium across Australia, Asia, North and South America and Africa. During that time Mr Horn has contributed to several significant discoveries including leading the team that delineated several large, high grade uranium resources in the prolific Athabasca Basin of Canada. In addition to key exploration management roles, Mr Horn has extensive experience in executive officer positions in which he has developed valuable corporate finance, marketing and capital raising experience. Mr Horn holds a Bachelor of Science with Majors in Geology & Geomorphology and Honours in Geology from the University of Western Australia and is a member of the Australian Institute of Geoscientists. Interest in shares and options at the date of this report/Resignation 1,450,000 Ordinary Shares 333,334 performance rights Directorships held in other listed entities (last 3 years) Austin Metals Limited (former) Lodestar Battery Metals Corp. (current) Robbie Featherby JOINT COMPANY SECRETARY (Appointed 17 August 2021) Robbie Featherby is a Corporate Advisory Executive who holds a Bachelor of Commerce Degree majoring in Finance and Economics. Mr Featherby has an extensive number of years’ experience in the financial services industry, more recently spending 4 years in London working at a leading investment research provider in the private equity sector. Mr Featherby now provides company secretary services for a number of private and public companies. Remuneration Report A. Details of remuneration (Audited) Details of remuneration of the directors and key management personnel (as defined in AASB 124 Related Party Disclosures) of Cosmos Limited are set out in the following table. The information provided in this remuneration report has been audited as required by Section 308(3C) of the Corporations Act 2001 The key management personnel of Cosmos Limited are the directors as previously described earlier in the Directors’ Report, and other personnel as determined by the Board. The Company does not have any other employees who are required to have their remuneration disclosed in accordance with the Corporations Act 2001. The Board is responsible for determining and reviewing compensation arrangements for the Directors and Executive Officers. The Board assesses the appropriateness of the nature and amount of emoluments of such officers on a yearly basis by reference to relevant employment market conditions with the overall objective of ensuring maximum stakeholder benefit from the retention of a high-quality board and executive team. The expected outcome of this remuneration structure is to retain and motivate Directors and Executive Officers. As part of its Corporate Governance Policies and Procedures, the board has adopted a formal Remuneration Committee Charter and Remuneration Policy. The Board has elected not to establish a remuneration committee based on the size of the organisation and has instead agreed to meet as deemed necessary and allocate the appropriate time at its board meetings. COSMOS EXPLORATION LIMITED | 2025 FINANCIAL REPORT Page 4 Fees and payments to non‑executive directors reflect the demands which are made on, and the responsibilities of, the directors. Non‑executive directors’ fees and payments are reviewed annually by the Board. The Chair’s fees are determined independently to the fees of non‑executive directors based on comparative roles in the external market. The company issues NED fees up to a maximum aggregate remuneration of $500,000. Non‑executive directors do not receive cash performance-based pay. Additional Fees A Director may also be paid fees or other amounts as the Directors determine if a Director performs special duties or otherwise performs services outside the scope of the ordinary duties of a Director. A Director may also be reimbursed for out of pocket expenses incurred as a result of their directorship or any special duties. The table below shows the 2025 and 2024 figures for remuneration received by the Company’s key management personnel: Short Term Salary & Fees $ 2025 Directors Jeremy Robinson James Bahen Leo Horn ¹ Post-employment SuperOptions or Other annuatio Prescribed Performance Bonus benefits n benefits right $ $ $ $ $ 132,000 39,780 36,000 207,780 - - Performance related Percentage of Remuneration % Equity Sharebased Payments - - (38,281)¹ (38,281)¹ (38,281)¹ (114,843) Total $ 93,719 1,499 (2,281) 92,937 -41% -2,554% -1,678% -124% The share-based payments incurred were deemed to reversed during the year due to milestones not being met. Refer below for details for reversal of the performance right reversed. 2024 Jeremy Robinson James Bahen Leo Horn Matthew Freedman¹ 187,000 39,780 39,000 35,432 301,212 - - - - - - 109,321 109,321 38,280 123,219 380,141 296,321 149,101 77,280 158,651 681,353 37% 73% 50% 78% 56% ¹ Mr Freedman resigned as a Non-Executive Director on 21 March 2024. B. (i) Directors’ equity holdings Fully paid ordinary shares of Cosmos Exploration Limited: 2025 Directors Jeremy Robinson James Bahen Leo Horn Balance at 1 July or Appointmen t Date No. Granted as remuneratio n No. 3,338,750 1,135,180 1,450,000 5,923,930 - Net other change No. 6,352,941 2,176,470 8,529,411 At date of resignation No. Balance at 30 June No. - 9,691,691 3,311,650 1,450,000 14,453,341 None of the shares above are held nominally by the directors or any of the other key management personnel. COSMOS EXPLORATION LIMITED | 2025 FINANCIAL REPORT Page 5 (i) Options of Cosmos Exploration Limited: Balance at 1 July or Appointment Date No. 2025 Directors Jeremy Robinson James Bahen Leo Horn 500,000 500,000 ¹ The options have lapsed during the year. (ii) Net other change No. Granted as remuneration No. - At date of resignation No. (500,000)¹ (500,000) Balance at 30 June No. - Number vested at year end - - Performance rights of Cosmos Exploration Limited: 2025 Directors Jeremy Robinson James Bahen Leo Horn Balance at 1 July or Appointment Date No. Granted as remuneratio n No. 500,000 500,000 833,334 1,833,334 - Net other change No. (500,000) (500,000) (833,334) (1,833,334) At date of resignation No. Balance at 30 June No. - Vested at year end - - ¹ The performance rights did not meet it milestone and expired at the end of the year. Details of the performance right are below. Condition A Condition B Condition C Condition D 10m at 1% Lithia 10m at1% CuEq 10m at 1% TREO 12 Months of service Conditions A, B and C all considered independent and one of these conditions must be satisfied together with Condition D for the Performance Rights to vest. Conditions A, B and C all considered independent however, Condition D must be satisfied for the Performance Rights to vest. As highlighted above these conditions were not met and were reversed. Resulting in a $114,843 reversal for the KMP. C. Loans to / from key management personnel During the year the company had no loans to/from key management personnel. D. Employment Contracts of Directors and Executives The Company has entered into an consultancy agreement with Mr Robinson whereby Mr Robinson receives remuneration of $72,000 per annum as a director fee and $120,000 per annum (plus GST) for technical advice, but was amended down to $60,000 per annum starting from 1 April 2024. The agreement may be terminated subject to a 3-month notice period. E. Share-based payments Equity-settled share based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the grant date. The fair value determined at the grant date of the share-based COSMOS EXPLORATION LIMITED | 2025 FINANCIAL REPORT Page 6 payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of equity instruments that will eventually vest with a corresponding increase in equity. F. Other Related Party Transactions The Company has an agreement with Smallcap Corporate (SCC), of which Mr James Bahen is a Director, (Corporate Services Agreement). Pursuant to the Corporate Services Agreement, the SCC was appointed to provide corporate, accounting, company secretary and administrative services to the Company. During the year $123,000 (2024: $123,000) was charged in relation to providing corporate, accounting, company secretary and administrative services to Cosmos Exploration Limited. The agreement has been negotiated at arm’s length and contains standard commercial terms and therefore falls within the exception on section 210 of the Corporations Act. The outstanding amount as at 30 June 2025 was $15,035 (2024: $15,639). The Company has an arrangement with RareX Limited (RareX), of which Mr Jeremy Robinson is a Director, where RareX provides Cosmos use of their geological service and use of its equipment. The arrangement has been negotiated at arm’s length and contains standard commercial terms. During the year the cost amounted to $Nil (2024: $18,494). Amount outstanding as at 30 June 2025 was $Nil. Mr Jeremy Robinson is also a Director of Churchill SIG Pty ltd, which provides broker and consultancy services. The company incurred $Nil (2024: $Nil) in cost for brokerage services. The Company has an arrangement with All Terrain Geology, of which Mr Leo Horn is a Director, where it provides Cosmos geological service and use of its equipment. The arrangement has been negotiated at arm’s length and contains standard commercial terms. During the year the cost amounted to $35,920 (2024: $72,080). Amounting outstanding as at 30 June 2025 was $8,000. RESULTS AND DIVIDENDS Remuneration is not linked to past group performance but rather towards generating future shareholder wealth through share price performance. Cosmos Exploration listed on 1 December 2021 at 20c per share and the share price at 30 June 2025 $0.070 (2024: $0.035). The Company has recorded a loss each financial year to date as it carries out exploration activities on its tenements. No dividends have been paid. Net Profit/(loss) attributable to equity holders of the Company Dividends paid Year-end share price 2025 ($) 2024 ($) 2023 ($) 2022 ($) (4,418,949) - (3,960,008) (2,343,366) (1,640,199) - - - 7 cents 3.5 cents 37 cents 11 cents EARNINGS PER SHARE Basic loss per share for the year was $0.049 (30 June 2024: $0.069) Voting of shareholders at last year’s annual general meeting Voting on the remuneration report for the financial year ended 30 June 2024 was put to the shareholders of the Company at the Annual General Meeting (AGM) held on 6 November 2024. All proxies received were in favour of the resolution and the resolution was passed without amendment on a show of hands. The Company received a 99.89% approval for remuneration report. The Company did not receive any specific feedback at the AGM or throughout the year on its remuneration practices. END OF REMUNERATION REPORT (AUDITED). COSMOS EXPLORATION LIMITED | 2025 FINANCIAL REPORT Page 7 REVIEW OF OPERATIONS FINANCIAL RESULTS The financial results of the Company for the year ended 30 June 2025 are: Cash and cash equivalents ($) Net assets($) Revenue ($) Net loss after tax ($) 30/06/2025 681,511 3,242,660 4,108 4,418,949 30/06/2024 695,853 6,101,096 34,833 3,960,008 % Change -2.06% -46.85% -88.21% 11.59% PRINCIPAL ACTIVITIES BOLIVIA BACKGROUND In December 2024, Cosmos Exploration entered into an exclusive option agreement 1 to acquire 100% of EAU Lithium Pty Ltd (EAU), a private Australian company selected by Bolivia’s state-owned lithium company, Yacimientos de Litio Bolivianos (YLB), through a competitive public tender to undertake technology testing on brines from Salar de Coipasa, Salar de Empexa, and Salar de Pastos Grandes. These salars are located within or proximal to the Lithium Triangle, a globally significant region spanning Bolivia, Chile, and Argentina that hosts over 50% of the world’s identified lithium resources (Figure 1). Bolivia alone is estimated to contain 23 million tonnes2 of elemental lithium (~122Mt LCE), the largest known resource globally (Figure 2). The project aims to assess the suitability of Vulcan Energy’s proprietary VULSORB® Adsorption-Type Direct Lithium Extraction (A-DLE) technology for high-magnesium Bolivian brines, which have historically proven challenging for conventional reagent-based and solar evaporation methods. A successful outcome would enable EAU to advance negotiations on industrialisation agreements with local communities and the Bolivian government, laying the foundation for large scale and long-term lithium production aligned with Bolivia’s national strategy for sustainable resource development. 1 ASX: C1X, Announcement - 19 December 2024: Option to Enter the World-Class Lithium Triangle in Bolivia 2 U.S. Geological Survey (2024). Mineral Commodity Summaries 2024. U.S. Department of the Interior, U.S. Geological Survey. Available at: https://pubs.usgs.gov/periodicals/mcs2024/mcs2024.pdf COSMOS EXPLORATION LIMITED | 2025 FINANCIAL REPORT Page 8 Figure 1: Location of Salar de Coipasa, Salar de Empexa, and Salar de Pastos Grandes in Bolivia. EAU Lithium has commenced synthetic brine testing using Vulcan Energy’s proprietary VULSORB® adsorption-type direct lithium extraction (A-DLE) technology, based on the chemistry of brines collected from these salars. These salars are situated along Bolivia’s western border with Chile. Lithium resource data sourced from the U.S. Geological Survey (USGS), 2024. Strategic Location & Resource Potential The project focuses on technology testing of brines from Salar de Coipasa, Salar de Empexa, and Salar de Pastos Grandes, located either within or adjacent to the globally significant Lithium Triangle. This region spans parts of Bolivia, Chile, and Argentina and collectively hosts an estimated 56 million tonnes of elemental lithium 2, or approximately 298 million tonnes of lithium carbonate equivalent (LCE), representing over 50 percent of the world’s identified lithium resources. Bolivia alone contains 23 million tonnes of elemental lithium, the largest identified resource globally. Unlike the more developed Salar de Uyuni, Coipasa, Empexa, and Pastos Grandes represent emerging opportunities for sustainable lithium development. These salars are characterised by high lithium and high magnesium brine chemistries and remain largely undeveloped, offering strong potential for the application of advanced lithium extraction technologies that reduce water use and environmental impact. Salar de Pastos Grandes, at approximately 119 square kilometres, is the smallest of the three salars where EAU Lithium has completed initial synthetic testing. It is comparable in size and lithium grade to Chile’s Salar de Maricunga, which covers around 140 square kilometres. Maricunga was the subject of a recent US$900 million DLE-focused development partnership between Rio Tinto and Codelco, reinforcing the global relevance of Pastos Grandes as a competitive and emerging lithium resource. The region is supported by existing road infrastructure and access to export routes through nearby Chilean ports, enhancing the feasibility of future large scale and sustainable lithium operations. Technology Development & Testing Program EAU Lithium Pty Ltd (EAU) is leading the testing and development of lithium extraction technologies amongst other companies under its agreement with Yacimientos de Litio Bolivianos (YLB), Bolivia’s state-owned lithium entity. The program is focused on assessing the viability of Adsorption Type Direct Lithium Extraction (A-DLE) technology as an alternative to legacy reagent + solar methods, which have historically proven uneconomic in Bolivia due to the high cost of reagents required to precipitate magnesium from brines prior to lithium recovery. COSMOS EXPLORATION LIMITED | 2025 FINANCIAL REPORT Page 9 To accelerate this evaluation, EAU has undertaken testwork on synthetic solutions designed to replicate the major element composition of Bolivian brines. This work is being conducted at Vulcan Energy Resources’ (ASX: VUL) facility in Germany and is focused on refining lithium extraction parameters ahead of future process optimisation using field-sourced brine. Vulcan’s proprietary VULSORB® A DLE technology is being evaluated for its potential to provide a more efficient, scalable, and environmentally sustainable solution for lithium recovery from Bolivia’s complex brine chemistry, in alignment with community expectations and Bolivia’s national development goals. Figure 2: Global Lithium Resources by Country, highlighting Bolivia as the largest resource holder with 23 million metric tonnes (Mt) of lithium. Source: 2024 USGS. The Lithium Triangle countries of Bolivia, Argentina, and Chile collectively account for 53% of the world’s identified lithium resources, equivalent to 56 million metric tonnes of elemental lithium (298 Mt LCE). Path to Commercialisation & Industrialisation The successful validation of A DLE technology, together with fulfilment of the conditions under the technology testing agreement, would represent a significant step forward for lithium extraction in Bolivia. It has the potential to enable higher yield, lower impact processing of one of the world’s largest undeveloped lithium resource bases, supporting Bolivia’s goals for sustainable industrialisation and value-added resource development. The testwork program conducted to date forms an important part of the early-stage assessment of Vulcan’s VULSORB® A DLE technology and its potential applicability to Bolivia’s high-magnesium brine chemistries. While preliminary in nature, further validation using field-sourced brines is required to assess process operability and scalability under real-world conditions. All testwork is being conducted under EAU’s technology agreement with Yacimientos de Litio Bolivianos (YLB). Results will be released following completion of the full test program and associated QA/QC procedures, in accordance with the confidentiality and disclosure protocols set out in that agreement. These outcomes are expected to inform ongoing negotiations toward a proposed industrialisation agreement. Such an agreement would establish a long-term framework for the responsible supply and processing of Bolivian lithium brines, forming the foundation for future commercial scale development and a secure, sustainable lithium COSMOS EXPLORATION LIMITED | 2025 FINANCIAL REPORT Page 10 supply chain that aligns with local communities, Bolivia’s national development strategy, and the country’s clean energy and socio-economic objectives. Regional Investment and Outlook Global investment in lithium continues to accelerate, with Rio Tinto expanding its portfolio through the A$10 billion acquisition of Arcadium Lithium in March 2025. Building on this, in May 2025 Rio Tinto announced a strategic partnership with Chile’s state-owned Codelco to jointly develop lithium resources at the Salar de Maricunga, a globally significant high grade brine project comparable in lithium grade and scale to Bolivia’s Pastos Grandes. The agreement involves a staged investment of US$900 million, including US$350 million on close, US$500 million post final investment decision (FID), and US$50 million upon first lithium production, which is targeted for 2030. The project will deploy Direct Lithium Extraction (DLE) technology to enable scalable, sustainable production from Maricunga’s brines. At the same time, geopolitical dynamics are reshaping the lithium sector. In January 2025, China’s Ministry of Commerce (MOFCOM) proposed revisions to the Catalogue of Technologies Prohibited or Restricted from Export, which include tightening export controls on key lithium processing and battery manufacturing technologies (AFR, 17 February 2025). These developments underscore the growing strategic importance of Western developed Direct Lithium Extraction (DLE) technologies, such as Vulcan’s VULSORB®, in securing efficient, scalable, and sustainable lithium supply chains outside of China. Cosmos, through EAU Lithium’s partnership with YLB and Vulcan Energy, is well positioned to contribute to this global shift. The Company remains focused on supporting the development of a technically and economically robust extraction pathway that aligns with Bolivia’s long term industrial and environmental objectives. NEXT STEPS • EAU Lithium will continue with test work on natural brine samples from Salar de Coipasa and Salar de Pastos Grandes at Vulcan Energy’s laboratory in Germany. • Final results will be released upon completion and formal review, in accordance with the disclosure protocols under the agreement with YLB.EAU Lithium will continue with bench-scale synthetic brine testing for Salar de Coipasa, Salar de Empexa and Salar de Pastos Grandes. NUNAVUT PROJECTS, CANADA BACKGROUND Cosmos holds a strategic land position in the Thelon Basin, Nunavut, targeting unconformity-style uranium systems analogous to those found in Canada’s world-class Athabasca Basin. The Company’s exploration is focused on the Nut Lake South and Angilak West Projects, situated near the high-grade Angilak (Lac 50) deposit, with Angilak West also surrounding known mineralised corridors. COSMOS EXPLORATION LIMITED | 2025 FINANCIAL REPORT Page 11 Figure 3: Simplified geology map of the Angikuni and Yathkyed Sedimentary Sub-basins, highlighting the location of Cosmos Exploration’s new projects relative to Atha Energy’s Lac 50 uranium deposit, and the recent Tayson discovery and Tundra assays by Greenridge Exploration. The map also includes recently identified deep-penetrating MMT anomalies from Atha Energy5, further enhancing the district-scale exploration potential. Cosmos’ strategy is centred on identifying basement-hosted uranium mineralisation associated with key alteration minerals and structural trends. Initial fieldwork at Nut Lake South has returned promising results, including highgrade surface samples of up to 1.24% U₃O₈3 and a mineralogical signature closely resembling the Lac 50 system. These results underscore the region’s underexplored potential and support Cosmos’ commitment to advancing early-stage exploration across both project areas. ACTIVITIES In the quarter, Cosmos announced the results of micro-XRF mineralogy conducted on a high-grade uranium sample LHNS05 (1.24% U₃O₈) collected from the Gyrfalcon prospect within the Nut Lake South Project. The sample was scanned using a Tornado micro-XRF, providing high-resolution elemental distribution mapping and mineral identification. The analysis confirmed the presence of the secondary uranium mineral uranophane, along with accessory sulphides including chalcopyrite and pyrite, hosted within mafic amphibolite (Figures 4 & 5). Notably, the mineralogical signature is highly consistent with the Angilak (Lac 50) deposit located to the southwest, which is considered one of the most significant basement-hosted uranium discoveries outside the Athabasca Basin4. The association of sulphides with uranium mineralisation, along with the geological setting, strengthens the geological model and supports analogies with other large-scale unconformity-style systems. 3 ASX: C1X, Announcement – 7 October 2024: Rock Chip Assays > 1.0% (U₃O₈) at Nut Lake South Project, Thelon Basin 4 ASX: C1X, Announcement – 28 February 2025: Mineralogy Analysis at Nut Lake South Project Confirms Similarities to Key Uranium Deposits in the Thelon Basin COSMOS EXPLORATION LIMITED | 2025 FINANCIAL REPORT Page 12 Figure 4: Photograph of LHNS05 prepared with flat cut surface. The yellow outline indicates the Tornado Micro XRF Mineralogy Element Map location (refer to Figure 3). Uranophane mineralisation is difficult to identify in this hand specimen but is clearly visible in the element map as veinlets ($U