Announcement PDF ANNUAL REPORT 2025 ASX:OD6 ABN: 34 654 839 60 Chair’s Letter 2 Managing Director’s Overview 4 Environmental, Social and Governance 9 Corporate 19 Annual Financial Report 22 Corporate Directory 23 Directors’ Report including Remuneration Report 24 Corporate Governance Statement 34 Auditor’s Independence Declaration 35 Consolidated Statement of Profit or Loss and Other Comprehensive Income 36 Consolidated Statement of Financial Position 37 Consolidated Statement of Changes in Equity 38 Consolidated Statement of Cash Flows 39 Notes to the Financial Statements 40 Directors’ Declaration 58 Independent Auditor’s Report 59 ASX Additional Information 65 Schedule of Mineral Tenements 69 1 CHAIR’S LETTER Dear Shareholder It is with great pleasure that I present to you my first letter as Chairman of OD6 Metals following my appointment earlier this year. The 2024/25 financial year, has seen OD6 continue to advance our flagship Splinter Rock Rare Earth Project in Western Australia, along with welcoming the recently acquired Gulf Creek Copper Project, in New South Wales. Together, these projects underline our commitment to critical minerals that will play a central role in the global energy transition. On behalf of the Board of Directors, I would like to acknowledge the Ngadju people, the Esperance Nyungar people, and the Gomeroi people, the Traditional Owners of the land upon which we work. We pay our respects to the respective Traditional Owner groups and their elders, past, present and emerging. I would also like to recognise the Esperance community who have provided significant support to the Company over the last three years, and more recently the Barraba community in NSW as well. Splinter Rock Rare Earth Project Splinter Rock continues to stand out as one of Australia’s most exciting clay-hosted rare earth opportunities. Already boasting an impressive mineral resource estimate of 682 Mt @ 1,338 TREO at 1,000 ppm cut-off grade, the Board feels that metallurgy and process development should be our focus. We don’t believe adding tonnes to an already globally significant resource is the best use of shareholder funds. Over the past year, we have achieved meaningful progress in metallurgy and process development, particularly through the application of heap leach extraction techniques. These low-impact, cost-effective methods are delivering improved recoveries and enhancing the commercial potential of the project. Working in partnership with ANSTO, we have made further breakthroughs in impurity removal, validating the unique nature and amenability of our clay-hosted deposits. These achievements position Splinter Rock to deliver a highquality product capable of playing a vital role in the international rare earth supply chain. Global sentiment for rare earths has strengthened in recent months, as governments and manufacturers increasingly recognise the importance of securing sustainable supply chains. With its combination of scale, amenable metallurgy, and advantageous location in a stable mining jurisdiction, Splinter Rock is exceptionally well positioned to respond to this growing demand. Gulf Creek Copper Project One of the exciting developments this year has been the acquisition of the Gulf Creek Copper Project. This historically significant copper-producing district offers immediate exploration upside and provides strategic diversification into a commodity critical to decarbonisation, electrification, and the expansion of digital infrastructure. Our maiden drilling program in early 2025 successfully intersected high-grade copper mineralisation beneath the historical mine, while confirming the strong correlation between magnetism and massive sulphide mineralisation. Geophysical modelling has identified multiple high-priority, untested targets, including over 3 km of strike within the immediate mine sequence and more than 10 km across the broader tenement. These results highlight the potential for Gulf Creek to become a significant new copper discovery. 2 CHAIR’S LETTER (CONTINUED) Looking Ahead The year ahead will be important as we continue to de-risk and advance Splinter Rock, while exploring the exciting opportunities at Gulf Creek. Our disciplined strategy remains focused on building a portfolio of critical mineral assets that can deliver long-term value to shareholders, contribute to global supply chains, and support the clean energy transition. In closing, I would like to extend my sincere thanks to our shareholders, communities, and stakeholders for their ongoing support. OD6 enters the coming year with a compelling asset base, strong cash balance, a strengthened strategy, and a firm commitment to creating value through discovery, innovation, and responsible development. Piers Lewis Non-Executive Chair 19 September 2025 3 MANAGING DIRECTOR’S OVERVIEW Dear Shareholders, The 2024/25 financial year was one of innovation, and diversification for OD6 Metals. Our strategic focus on critical minerals positions the Company to benefit from the accelerating global demand for materials that underpin electrification, energy security, and decarbonisation. With significant advancements at our flagship Splinter Rock Rare Earth Project and the successful acquisition and maiden exploration results at the Gulf Creek Copper Project, OD6 enters the new financial year in a strengthened position, underpinned by two cornerstone assets aligned to the clean energy transition. Splinter Rock Rare Earth Project (Western Australia) Our core project, Splinter Rock, continues to set benchmarks within Australia’s clay-hosted rare earths sector. This past year marked a step-change in the technical maturity of the project, both in resource growth and metallurgical development. Mineral Resource Growth In April 2024, we delivered a significant update to the Mineral Resource Estimate, which now stands at (Refer to ASX Announcement Mineral Resource Estimate Doubles): • 682 million tonnes @ 1,338 ppm TREO, including • High Grade Inside Cetre Prospect 119 million tonnes @ 1,632 ppm TREO in the Indicated category • 23% of the resource as high-value Magnet Rare Earth Oxides (Nd+Pr+Dy+Tb) • Further Resource growth potential with current resource based on drilling less than 10%of identified clay basins This result confirms Splinter Rock as one of the largest and highest-grade clay-hosted REE projects in Australia, and one of the few with an Indicated resource component, an important step toward future feasibility studies. 4 MANAGING DIRECTOR’S OVERVIEW (CONTINUED) Figure 1: Centre Mineral Resource shell on the basement model (from AEM data). Oblique view to the north. Vertical Exaggeration x 5. (Refer to ASX Announcement Mineral Resource Estimate Doubles) Science-Led Collaboration Our collaborative approach remains central to our success. A peer-reviewed paper published in Ore Geology Reviews highlighted the project’s geological significance and reinforced OD6’s reputation for rigorous, sciencebased research. (Refer to ASX Announcement Advanced Geological Research Paper Publication) Metallurgical Innovation Metallurgical test work has been a key focus this year, with considerable progress achieved in partnership with ANSTO. Our flowsheet development continues to demonstrate the technical and economic potential to extract rare earths using scalable, low-energy processes: • Heap leach column trials delivered recoveries of up to 80% for key magnet rare earths (Refer to ASX Announcement Heap Leach Improves Met Recoveries) • Nanofiltration (NF) enable over 80% acid recycling and a 69% reduction in liquor volume sent to IX and IR circuits (Refer to ASX Announcement Nanofiltration Reduces Acid Requirements By Over 80%) • Ion Exchange (IX) and Impurity Removal (IR) technologies proved highly effective in impurity removal (Refer to ASX Announcement IXI Improves Processing Flowsheet) • Production of high-quality Mixed Rare Earth Carbonate (MREC) and Mixed Rare Earth Hydroxide (MREH), both with low impurities and high TREO content of 56-59% (Refer to ASX Announcement High Quality MREC produced) • Product quality meets or exceeds global MREC and MREH benchmarks These achievements establish OD6 as a frontrunner in the development of a low-cost, flowsheet for clay-hosted rare earths in Australia. 5 MANAGING DIRECTOR’S OVERVIEW (CONTINUED) Figure 2: Indicative processing steps including Heap Leach, Nanofiltration plus Ion Exchange & Impurity Removal Figure 3: Inside Centre Column Leach REE Recovery by Element (Refer to ASX Announcement Heap Leach Improves Met Recoveries) Gulf Creek Copper Project (New South Wales) In January 2025, OD6 completed the acquisition of the Gulf Creek Copper Project. This volcanogenic massive sulphide (VMS) style copper-zinc-silver system provides OD6 with strategic exposure to copper, a commodity increasingly vital to renewable infrastructure, electric vehicles, energy storage and data centres. Initial Exploration Success Our fieldwork and data review during late 2024 and early 2025 confirmed multiple mineralised trends within the Gulf Creek area (Refer to ASX Announcement Rock Chips up to 12.35% Copper and 1.04g/t Gold and ASX Announcement High-Grade Copper Assays Confirms Potential at Gulf Creek). Highlights included: • Rock chip sampling up to 12.35% Cu, • Extensive historical workings with minimal modern exploration, • Geophysical modelling that identified several high-priority magnetic anomalies consistent with VMS mineralisation (Refer to ASX Announcement New potential high-grade VMS copper targets at Gulf Creek) Maiden Drilling Program (2025) Our first drill program delivered highly encouraging results, including: • 8m @ 1.41% Cu, 1.26% Zn, 7.08 g/t Ag, • 6m @ 1.32% Cu, 2.82% Zn, 9.02 g/t Ag, • 1m @ 4.33% Cu, 1.02% Zn, 2.5 g/t Ag. 6 MANAGING DIRECTOR’S OVERVIEW (CONTINUED) These intercepts confirm high-grade massive sulphide mineralisation and the relationship between magnetism and massive sulphide mineralisation, validating our geological model (Refer to ASX Announcement High Grade Copper Massive Sulphides) Figure 4: Plan view of Gulf Creek drill results Figure 5: Cross-section through hole GCC0004. Magnetism correlates with copper 7 MANAGING DIRECTOR’S OVERVIEW (CONTINUED) Expansion Opportunities Our geophysical modelling and interpretation have outlined several additional untested target horizons, including the Big Bend, West Limb, Northwest structures. We anticipate a follow-up Phase 2 drill campaign in FY26 to further delineate these zones. Outlook for 2025/26 OD6 enters FY26 with strong momentum and clear priorities: • Splinter Rock: Scale-up metallurgical testwork, advance study activities, and increase engagement with government stakeholders and potential offtake partners. • Gulf Creek: Execute the Phase 2 drill program to expand the mineralised footprint and accelerate the project toward resource definition. Together, these projects place OD6 at the centre of the clean energy materials supply chain, with exposure to both rare earths and copper — two commodities critical to electrification and global decarbonisation. Closing Remarks I would like to thank the Board, our technical teams, advisors, and most importantly our shareholders for their continued support and confidence. With a clear strategy, a growing asset base and a disciplined approach, OD6 is well positioned for the year ahead. Brett Hazelden Managing Director 19 September 2025 8 ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) At OD6 Metals, we recognise that responsible stewardship of our environment, meaningful engagement with communities, and strong governance practices are essential to building a sustainable and successful business. As an emerging critical minerals company, we are committed to embedding ESG principles into the foundation of our strategy and operations from the earliest stages of project development. ESG Committee OD6 Metals has formalised its sustainability oversight through an ESG Committee and an ESG Committee Charter under the Corporate Governance Plan (available on OD6’s website). As outlined in the Committee Charter, the ESG Committee’s main objective is to support and advise the Board in addressing sustainability matters. In FY25, the ESG Committee met once to review sustainability matters, with additional oversight of ESG matters considered at Board meetings throughout the year OD6 Metals has formulated an ESG Policy to guide the Board and employees in minimising adverse sustainability impacts and ensuring sustainable operations. The policy serves as a framework for the company's activities, emphasising responsible practices across environmental, social and governance dimensions. Environmental Responsibility Our focus on rare earths and copper—minerals essential for the global energy transition—positions OD6 as a potential contributor to the global energy transition, subject to ongoing environmental and social impact assessment. In FY25, we continued to prioritise low-impact exploration practices and progress on understanding the environmental profile of our Splinter Rock Rare Earth Project and Gulf Creek Copper Project. Social Engagement We acknowledge that our success is intrinsically linked to the trust and support of the communities in which we operate. OD6 maintains open and respectful dialogue with landholders, Traditional Owners, regulators, and local stakeholders across both Western Australia and New South Wales. Stakeholder Engagement The Company recognises the importance of meaningful engagement with stakeholders and actively seeks and incorporates stakeholder feedback into decision-making processes. At this time, such stakeholders include local communities, First Nation Peoples, landowners, employees, contractors, suppliers, Local Government, State Government, Federal Government, non-government organisations, investors, community groups and regulatory bodies. The Company is committed to understanding such stakeholders’ expectations and seeking to address any concerns. 9 ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) (CONTINUED) Stakeholders How we engaged Government and Regulators Reporting, approvals, licences and permits, Critical minerals meetings, briefings, publications and participation in Rare Earth supply public policy discussions, forums, relationships with Resource management government ministers and government agencies, Cultural heritage letters, emails, formal submissions, website, Workplace health and safety participation in industry association and advocacy Climate change bodies, annual reports including establishment of Regulatory reform including support for applicable committees and related activities new energy and critical minerals sector Direct engagement, heritage surveys, phone calls, Indigenous engagement and email, media, meetings, feedback sessions and procurement cultural awareness training Heritage Surveys Community relationships First Nation Peoples Key Interests and Concerns Shareholders and Website, investor briefings, annual general Investors meetings, emails, annual reports and ASX announcements and financial reports Rare earth price and trends Geological discoveries Company development Financial performance Employees and Contractors Implementation of an Employee Assistance Program Health, safety and wellness Esperance based employees Impacts of fly-in fly-out (FIFO) lifestyle Company development Wellbeing Direct engagement, phone calls, email, media (including newspaper articles, meetings, events), website, feedback and local procurement in the Goldfields / Esperance Regions Local procurement First Nation Peoples engagement OD6 Metals development Support of Shire of Esperance activities Communities SharePoint Hubs, team meetings, site meetings, induction training and emails Suppliers/Vendors Direct engagement, phone calls, email, media, Supply chain opportunities newspaper, meetings, feedback sessions and Rising costs procurement of services locally in accordance with Contract terms our Local Procurement Policy, adherence to agreed Esperance and Goldfields procurement terms and conditions and timely payment Non-government Direct engagement, emails, events, website Workplace health and safety organisations Skills shortage Development of Australia’s Critical Minerals Sector Gender equity Climate New legislation 10 ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) (CONTINUED) Governance and Risk Management Strong governance underpins our decision-making and risk management processes. OD6 Metals embeds business ethics within its operations to maintain responsible practices. The Company’s Corporate Governance Plan sets forth the principles and expectations for employee business conduct. OD6 Metals adopts a zero-tolerance approach to bribery and corruption. The Company’s Anti-Bribery and Corruption Policy sets out the expected business conduct to minimise the risk of bribery or corruption occurring in connection with its operations and activities. It also provides guidance on how to deal with instances of bribery or corruption. The Company’s Whistle-Blower Policy outlines reporting channels and investigation processes for corrupt, illegal or unethical work-related conduct consistent with the whistleblower protections in Part 9.4 AAA of the Corporations Act 2001 (Cth). It provides employees with assurance that all reports will be taken seriously, treated as confidential and handled without fear of reprisal. There were no breaches or litigation associated with anti-bribery and corruption brought to OD6 Metals’ attention during the reporting period. Risk Management Process OD6 Metals understands that effective management of risk is a critical aspect of its business, with the potential to substantially improve the business in a number of ways. Risk management is integral to an efficient and successful company and forms part of the strategic and operational responsibilities of management. It is the policy of OD6 Metals to achieve an acceptable industry standard in the management of risks that may potentially impact the Company, in accordance with the standard risk management framework (AS/NZS ISO 31000). Further, the Company categorises its risk appetite into four categories, Low, Moderate, High and Very High. OD6 Metals has identified a risk appetite that is acceptable to the organisation. The Company performs a bi-annual review to ensure that the risks to the business are being managed. The risks and their categorisation are reviewed periodically by the Audit and Risk Committee, at meetings held during the year. The Company’s risk appetite and risk management policy is reflective of its environment (being a listed company), the nature of the mining industry and the often unpredictable nature of commodities. It is our policy to mitigate risks in accordance with our framework, where practicable. All personnel of the Company are recognised as having a role in the identification and management of risks and are required to participate in that process. The Company’s risk champions will continue to manage risk even when the risk becomes elevated. Risks that are ranked High or Very High will be overseen by senior management. At this point the risk will be specifically highlighted for the Board’s attention, with the board retaining ultimate responsibility for risk oversight. Risk Management Process OD6 Metals understands that effective management of risk is a critical aspect of its business, with the potential to substantially improve the business in a number of ways. Risk management is integral to an efficient and successful company and forms part of the strategic and operational responsibilities of management. It is the policy of OD6 Metals to achieve an acceptable industry standard in the management of risks that may potentially impact the Company, in accordance with the standard risk management framework (AS/NZS ISO 31000). Further, the Company categorises its risk appetite into four categories, Low, Moderate, High and Very High. OD6 Metals has identified a risk appetite that is acceptable to the organisation. 11 ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) (CONTINUED) The Company performs a bi-annual review to ensure that the risks to the business are being managed. The risks and their categorisation are reviewed periodically by the Audit and Risk Committee, at meetings held during the year. The Company’s risk appetite and risk management policy is reflective of its environment (being a listed company), the nature of the mining industry and the often unpredictable nature of commodities. It is our policy to mitigate risks in accordance with our framework, where practicable. All personnel of the Company are recognised as having a role in the identification and management of risks and are required to participate in that process. The Company’s risk champions will continue to manage risk even when the risk becomes elevated. Risks that are ranked High or Very High will be overseen by senior management. At this point the risk will be specifically highlighted for the Board’s attention, with the board retaining ultimate responsibility for risk oversight. Risk Factors and Management The Shares in OD6 Metals are considered highly speculative. An investment in the Company is not risk free. The proposed future activities of the Company are subject to several risks and other factors which may impact its future performance. Some of these risks can be mitigated using safeguards and appropriate controls. However, many of the risks are outside the control of the Directors and management of the Company and cannot be mitigated. The risks described below are not an exhaustive list of the risks faced by the Company or by investors in the Company. The risks described below also necessarily include forward looking statements. Actual events may be materially different to those described and may therefore affect the Company in a different way. Investors should be aware that the performance of the Company may be affected and the value of its Shares may rise or fall over any given period. None of the Directors or any person associated with the Company guarantee the Company's performance, the performance of the Shares or the market price at which the Shares will trade. Stated Risks Company’s development plans, the quantum of which remain unknown at the date of this Annual Report. The Company may seek to raise further funds through equity or debt financing, joint ventures, production sharing arrangements or other means. Any additional equity financing may be dilutive to Shareholders and may be undertaken at lower prices than the market price. Any debt financing, if available, may involve restrictions on financing and operating activities. There can be no assurance that additional finance will be available when needed. Failure to obtain sufficient financing for the Company’s activities and future projects may result in delay and indefinite postponement of exploration, development, or production on the Company’s Projects or even loss of interest in the Projects. Private land, Reserve Land and Land Access Risk Limited Operation History The Company is an early stage exploration entity and has limited operational history on which to evaluate its business and prospects. The prospects of the Company must be considered in light of the risks, expenses and difficulties frequently encountered by companies in the early stages of their development, particularly in the mineral exploration sector, which has a high level of inherent risk and uncertainty. No assurance can be given that the Company will achieve commercial viability through the successful exploration on, or mining development of, the Projects or any other mining assets it has an interest in. Until the Company is able to realise value from the Projects or such mining assets, it is likely to incur operational losses. The Company's interests in the Tenements are subject to Commonwealth and applicable state legislation and cannot be guaranteed. The Company may be required to obtain the consent of and / or compensate holders of third-party interests which overlay areas within the Tenements. The Tenements overlap certain thirdparty interests that may limit the Company's ability to conduct exploration activities including Crown land, proposed Crown reserves, pastoral leases and areas covered by native title determinations. The Grass Patch Project, comprising exploration licences E63/2151, E63/2152, E63/2154 and E63/2185 falls principally on private agricultural land that is intersected by multiple road reserves. The Company has applied for and obtained, permits Future Capital Requirements The Company is an exploration company and currently has no operating revenue and is unlikely to generate any operational revenue unless the Company’s tenements are successfully developed and exploited. The future capital requirements of the Company will depend on many factors including its business development activities. Should the Company consider that its exploration results justify commencement of production on any of its Projects, additional funding will be required to implement the 12 ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) (CONTINUED) from the Shire of Esperance to conduct exploratory drilling within the road reserves and expects to be able to proceed with initial exploration on the Grass Patch Project without the need for private land access agreements. Should substantial discovery be made, however, the Company will need to obtain the consent of any relevant private land owners and occupiers. This typically involves negotiating land access agreements with those parties which will likely require the Company to pay compensation to those parties for any exploration activities undertaken on it. Once this consent is obtained, the Company can apply to the Minister for Mines and Petroleum to obtain the right to access the top 30 metres of its exploration licences which encroach on private land. Any delays in respect of conflicting third-party rights, obtaining necessary consents, or compensation obligations, may adversely impact the Company's ability to carry out exploration activities within the affected areas. including project delays and costs overruns. If the Company experiences project delays or cost overruns, this could result in the Company not realising its operational or development plans or result in such plans costing more than expected or taking longer to realise than expected. Nature of Mineral Exploration The Company has not published resource estimates for any prospects. There is no assurance that exploration or project studies by the Company will result in the definition of an economically viable mineral deposit. Furthermore, resource estimates are expressions of judgement based on knowledge, experience and industry practice. Estimates which were valid when originally calculated may alter significantly when new information or technologies become available. In addition, by their very nature, resource estimates are imprecise and depend to some extent on interpretations, which may prove to be inaccurate and require adjustment. As further information becomes available through additional fieldwork and analysis, the estimates are likely to change. This may result in alterations to development and mining plans which may, in turn, adversely affect the Company’s operations. Inclement Weather and Natural Disasters The Company's operational activities are subject to a variety of risks and hazards which are beyond its control, including hazardous weather conditions such as excessive rain, flooding and fires. Any of the above occurrences will impact the Company’s ability to realise its operational or developmental plans and may negatively impact profitability. Resource Estimates May Be Inaccurate Mineral exploration and development is considered a high-risk undertaking. There is no guarantee that exploration of the Projects will result in the discovery of an economically viable resource. Even if an apparently viable resource is discovered, there is no guarantee that the resource can be economically exploited. Exploration on the Company’s Projects may be unsuccessful, resulting in a reduction of the value of those Projects, diminution in the cash reserves of the Company and possible relinquishment of such Projects. The proposed exploration costs on the Projects are based on certain assumptions with respect to the method and timing of exploration. By their nature, these estimates and assumptions are subject to significant uncertainties and, accordingly, the actual costs may materially differ from these estimates and assumptions. Accordingly, no assurance can be given that the cost estimates and the underlying assumptions will be realised in practice which may materially and adversely affect the Company’s ability to complete the exploration programs as planned. Development Risk The business of exploration, project development and mining contains risks by its very nature. To prosper, it depends on the successful exploration or acquisition of reserves, design and construction of efficient production and processing facilities, competent operation and managerial performance and proficient marketing of the product. In particular, exploration is a speculative endeavour and force majeure circumstances, cost over runs and other unforeseen events can hamper mining operations. Metallurgy Metal and / or mineral recoveries are dependent upon the metallurgical process that is required to liberate economic minerals and produce a saleable product and by nature contain elements of significant risk such as: - identifying a metallurgical process through test work to produce a saleable metal and / or concentrate - developing an economic process route to produce a metal and / or concentrate; and - changes in mineralogy in the ore