Announcement PDF Annual Report 2026 Contents 01 Overview 4 Location 5 Felix Gold at a glance 6 02 Operatingreview 7 Risk management 12 03 Directors'report 16 Remuneration report 26 Auditor's independence declaration 41 04 Financialreport 42 Consolidated Statement of Profit or Loss and Other Comprehensive Income 43 Consolidated Statement of Financial Position 44 Consolidated Statement of Changes in Equity 45 Consolidated Statement of Cash Flows 46 Notes to the financial statements 47 Consolidated Entity Disclosure Statement 70 Directors' declaration 71 Independent Auditor's Report 72 05 Additionalinformation 77 Competent Person statements 78 Mineral Resources and Ore Reserves 80 Tenement Schedule 82 Shareholder information 88 Corporate directory 91 FELIX GOLD LIMITED (ASX: FXG) ANNUAL REPORT 2026 · 02 Aboutthisreport This Annual Report covers the consolidated results, operations and financial position of Felix Gold Limited (ABN 35 645 790 281) and its controlled entities for the year ended 30 June 2026 (FY26). References to 'Felix Gold' and 'the Group' are to Felix Gold Limited and its controlled entities, and references to 'the Company' are to Felix Gold Limited alone, unless stated otherwise. All dollar figures are expressed in Australian dollars (AUD), the presentation currency of the Group, unless otherwise stated. Forward-lookingstatements This Annual Report contains forward-looking statements, including statements regarding the Company's plans, strategies, objectives, exploration and development programs, permitting timelines, processing pathways and future financial position. Forward-looking statements can generally be identified by words such as 'intends', 'expects', 'plans', 'targets', 'objective', 'may', 'will' and similar expressions. Such statements are based on assumptions and estimates that the Company believes are reasonable as at the date of this report, but they involve known and unknown risks, uncertainties and other factors, many of which are beyond the Company's control, that may cause actual results, performance or achievements to differ materially from those expressed or implied. These factors include, among others, commodity price volatility, exploration and development risk, permitting and regulatory outcomes, funding availability, commercial agreements being executed, foreign exchange movements and changes in government policy in Australia and the United States. Forward-looking statements are not guarantees of future performance. Except as required by law or the ASX Listing Rules, the Company does not undertake to update or revise any forward-looking statement. Shareholders and investors should not place undue reliance on any forward-looking statement. MineralResourcesandexplorationresults References to ore characteristics, metallurgical results, exploration results and Mineral Resources in this Annual Report are presented in accordance with the JORC Code (2012) and the ASX Listing Rules. The Group's Mineral Resources statement, the Competent Person statements and related disclosures are set out in Section 05 Additional information. Productionandfeasibilitydisclosures Felix Gold has no Mineral Resources or Ore Reserves declared for antimony, and no JORC-compliant economic study has been completed. Stated objectives and timelines are subject to securing required permits, completion of technical studies, commercial agreements being executed and funding. There is no certainty that any of the targeted outcomes will be achieved. No production target or production guidance is given in this report. Antimony grades from surface and bulk samples cited in this report are from selected high-grade samples and are not average deposit grades; drill intervals are composites as reported in the announcements cited. No statement of grade, contained metal or recoverable quantity is made in respect of stockpiled material. Government selections are not awards, and discussions are not binding agreements. Non-IFRSmeasures This report includes certain non-IFRS financial measures, including measures of earnings or liquidity. Non-IFRS measures should not be considered as alternatives to an IFRS measure of profitability, financial performance or liquidity. In the opinion of the Company's directors, these non-IFRS measures provide useful information to assess the financial performance of the Group over the reporting period. FELIX GOLD LIMITED (ASX: FXG) ANNUAL REPORT 2026 · 03 01 Overview Location Felix Gold's projects sit in the Fairbanks Mining District of interior Alaska, about 30 kilometres from Fairbanks by year-round paved highway, with grid power to the project, the Alaska Railroad and an international airport in the city. With no federal land in the footprint, primary permitting is through the State of Alaska rather than federal environmental review, a pathway the Group considers faster (ASX 20 July 2026). A L A S K A Pogo (Northern Star) Pogo (Northern Star) Manh Choh (Kinross) Manh Choh (Kinross) Donlin (Barrick and NovaGold) Donlin (Barrick and NovaGold) Pebble (Northern Dynasty) Pebble (Northern Dynasty) Estelle (Nova Minerals) Estelle (Nova Minerals) Red Dog (Teck) Red Dog (Teck) Kensington (Coeur) Kensington (Coeur) Greens Creek (Hecla) Greens Creek (Hecla) Utqiaġvik Utqiaġvik Nome Nome Juneau Juneau Fairbanks Fairbanks Anchorage Anchorage FelixGoldprojects FelixGoldprojects Fairbanks Mining District Fairbanks Mining District 200 KM N KEY Felix Gold projects Third-party mine or project City or town Highway Alaska Railroad Fort Knox (Kinross) Fort Knox (Kinross) Other operations and projects are placed from public sources and are indicative. FELIX GOLD LIMITED (ASX: FXG) ANNUAL REPORT 2026 · 05 INTERNATIONAL INTERNATIONAL AIRPORT AIRPORT FREIGHT FREIGHT RAIL LINE RAIL LINE HIGHWAY STEESE HIGHWAY Creek Product: Antimony and gold Stage: Exploration PROJECT NEFairbanks Product: Gold Stage: Exploration PROJECT GrantMine Product: Gold Stage: Exploration FORT KNOX Kinross mine and mill GOLDEN SUMMIT GOLDEN SUMMIT Freegold Ventures project Freegold Ventures project FORT F O R T WAINWRIGHT W A I N W R I G H T MILITARY BASE M I L I T A R Y B A S E EIELSON AIR E I E L S O N A I R FORCE BASE F O R C E B A S E FAIRBANKS FAIRBANKS CITY CITY 20 KM N FelixGoldataglance Districtscaletenure Felix Gold tenure Third-party mine or project Highway Alaska Railroad Tanana River Tenure from the State of Alaska's tenure data (DNR, 18 September 2026). Roads, railway and third-party operations from OpenStreetMap (© OpenStreetMap contributors) and public sources, indicative. Mineral Resources are set out in Section 05. FELIX GOLD LIMITED (ASX: FXG) ANNUAL REPORT 2026 · 06 02 Operatingreview Operatingreview TreasureCreek Projectandtenure Treasure Creek is Felix Gold's flagship antimony-gold project in Alaska's Fairbanks Mining District, where antimony and gold mineralisation occur within the same structural framework. The project sits about 30 kilometres from Fairbanks by year-round paved highway, with grid power to the project and no federal land in the footprint. At 30 June 2026 Treasure Creek comprised 227 Alaska State tenements held at 100% interest. Geologyandmineralisation The Group's understanding of the Treasure Creek system advanced during FY26. Surface mapping and trenching uncovered massive stibnite veining at surface and drilling identified faults hosting high-grade gold and antimony mineralisation hosted in breccias. The NW Array is confirmed as the focus for near-term antimony production, with stibnite veining occurring within a 300 metre by 100 metre area (September 2025 through June 2026 Quarterly Activities Reports). The geology comprises metasedimentary schists of the Devonian-age Fairbanks Schist intruded by a gently east- dipping sill of Cretaceous porphyritic felsic rock with a granitic composition. Regional gold and antimony mineralisation is interpreted to be related to these Cretaceous granitic intrusions and synchronous fault structures, forming part of a reduced intrusion-related mineral system. Antimony mineralisation in the Treasure Creek project occurs in three principal styles: Massive stibnite veins. Individual veins and closely spaced zones of veining, fracturing, and brecciation with quartz and coarse stibnite fill. The main vein zone is exposed at surface over a strike length in excess of 250 metres, with widths up to 3 metres, and remains open along strike and at depth. Breccia zones. Zones of angular silicified wallrock clasts with quartz veining and fine-grained disseminated stibnite. These zones dip on average 50 degrees towards the east and are referred to in drill logs as black breccia. Massive stibnite pods. Lenses and pods of massive stibnite occur within fault zones hosted by Fairbanks Schist. The Group is assessing the economic viability of near-term antimony production. No Mineral Resources or Ore Reserves for antimony have been declared and no JORC-compliant economic studies have been completed. Any progression toward production remains subject to further technical, regulatory and commercial evaluation, permitting approvals, financing and formal Board approval1 . Orepurityandmetallurgy Independent automated mineral analysis (AutoSEM) of Treasure Creek flotation concentrate from massive stibnite samples showed approximately 95% antimony-bearing minerals and 5% gangue, with arsenic below 0.1% and lead, copper and zinc below detection limits2 . Head characterisation of about 370 kilograms of hand- sorted massive stibnite from NW Array returned 71.9% Sb3 . Refer to ASX announcements: 1 Quarterly Activities and Cashflow Reports, 30 Jan 2026 2 Ultra-High Ore Purity Achieves Military-Grade Antimony, 19 Nov 2025 3 Direct Shipping Ore Meets Military Grade Specification, 26 Mar 2026 FELIX GOLD LIMITED (ASX: FXG) ANNUAL REPORT 2026 · 08 Metallurgical testwork reported on 19 November 2025 returned 98% antimony extraction through direct alkaline sulphide leach and a 74% Sb peak concentrate grade from single-pass rougher flotation, with a 63.9% Sb composite at 83% Sb recovery. The testwork validated two processing pathways, flotation to concentrate and a direct leach route to metal, and identified a third, pre-concentration by ore sorting, with testwork planned2 . The AutoSEM samples were grab samples from zones of high-grade mineralisation and the 370 kilogram sample was selected from a high- grade zone; neither represents average deposit grades, and deposit-wide variability is unknown. The flotation circuit was not optimised, no feasibility study has been completed, and production scenarios are conceptual and subject to technical studies, permitting, financing and Board approval. Bulksamplingandextraction The bulk sample permit was approved on 23 March 2026, authorising extraction of up to 1,600 short tons (approximately 1,450 tonnes) through December 2029. On 30 March 2026 the Group took 100% ownership of the 2 Upland Mining Leases and 25 mining claims formerly held under option, and on 4 June 2026 announced that open-cut extraction of massive stibnite had commenced at the Bundtzen Vein at NW Array. At 4 June 2026, about 30 tonnes of massive stibnite vein material had been extracted and about 20 tonnes bagged for off-site storage. By the end of the June 2026 quarter, bagged material had been transported to Seattle and positioned for toll treatment, which is being assessed as an optional pathway4 . The vein is worked by hand as an open cut: massive stibnite is picked from the face, graded by eye and bagged on the pad, and waste stays on site. The extracted and stockpiled material has not been assayed, and no grade, contained metal or recoverable quantity is implied for it. Toll treatment is subject to commercial agreement; negotiations with third-party processors are continuing and no binding agreement has been reached4 . No Mineral Resource or Ore Reserve has been declared for antimony and no JORC-compliant economic study has been completed. Drilling Drilling at Treasure Creek during FY26 targeted the main vein zone, the parallel footwall zone, breccia zones and vein extensions. Selected antimony results (higher and lower grades are reported in the announcements listed) Interval Detail Source 6.1m @ 7.86% Sb DH from 39.62m, est. true width 2.2m, hole 25TCRC009, vein zone ASX 30 Oct 2025; true width ASX 13 Mar 2026 13.72m @ 1.42% Sb DH from 45.72m, est. true width 6.0m, hole 25TCRC018, black breccia zone ASX 30 Oct 2025 7.62m @ 2.55% Sb DH from 15.24m, incl. 3.05m @ 6.19% Sb (est. true width 2.5m for the included interval), hole 25TCRC028 ASX 30 Oct 2025; true width ASX 13 Mar 2026 8.67m @ 12.51% Sb DH from 17.08m, est. true width 1.5m, hole 25TCDC026 ASX 13 Mar 2026 4.92m @ 12.53% Sb DH from 4.21m, est. true width 1m, incl. 1.63m @ 36.65% Sb from 7.5m, hole 25TCDC026 ASX 13 Mar 2026 3m @ 50.26% Sb and 5.29 g/t Au Trench 24NWTR004, surface channel sample reported 12 Feb 2025, restated 15 Sep 2025 Refer to ASX announcements: 2 Ultra-High Ore Purity Achieves Military-Grade Antimony, 19 Nov 2025 4 Quarterly Activities and Cashflow Reports, 31 Jul 2026 FELIX GOLD LIMITED (ASX: FXG) ANNUAL REPORT 2026 · 09 Antimony intervals are composited at a 0.2% Sb cut-off and gold intervals at a 0.30 g/t Au cut-off, as reported in the announcements. Intervals are downhole lengths; estimated true widths are shown where the Company has reported them and are materially narrower. These results were first reported in the Company's ASX announcements dated 23 January 2025, 12 February 2025, 15 September 2025, 7 October 2025, 16 October 2025, 30 October 2025, 25 November 2025, 18 December 2025, 29 January 2026, 13 February 2026, 13 March 2026, 2 April 2026 and 22 May 2026, each of which contains the Competent Person statements and JORC Table 1 disclosures. No Mineral Resource estimate has been declared for the antimony mineralisation at Treasure Creek under the JORC Code (2012). NW Array gold. NW Array hosts a JORC Inferred Mineral Resource of 25 Mt at 0.58 g/t Au for 467,000 ounces of gold (as at 17 June 2024; Section 05). During FY26 drilling expanded the footprint of near-surface mineralisation in a shallow, flat-lying oxide gold system in the same structural framework as the antimony. The additional drilling has not been included in the Mineral Resource estimate. The Group is advancing gold as low-capital optionality alongside antimony: one project area, one permitting and engineering effort and two potential products, with toll treatment at the Fort Knox mill, 30 kilometres by road and subject to commercial agreement, or a heap leach facility of the Group's own under assessment4,5 . Selected gold results (higher and lower grades are reported in the announcements listed) Interval Detail Source 29.26m @ 2.16 g/t Au DH from 13.41m, incl. 21.03m @ 2.83 g/t Au, hole 25TCDC064 ASX 22 May 2026 37.65m @ 2.02 g/t Au DH from 48.55m, incl. 9.76m @ 2.99 g/t Au, hole 25TCDC026 ASX 2 Apr 2026 47.43m @ 2.45 g/t Au DH from 29.35m, hole 25TCDC023 ASX 29 Jan 2026 29.41m @ 3.90 g/t Au DH from 49.25m, hole 25TCDC007 ASX 29 Jan 2026 13.75m @ 7.69 g/t Au DH from 3.29m, incl. 4.89m @ 20.42 g/t Au, hole 25TCDC001 ASX 25 Nov 2025 Gold intervals are downhole lengths composited at a 0.30 g/t Au cut-off, as reported in the announcements listed; true widths are not shown. Permitting Treasure Creek operates on Alaska State mining claims and Upland Mining Leases with no federal land in the project footprint, so the project's permits are issued by the State of Alaska and no federal National Environmental Policy Act (NEPA) environmental impact statement is required for them. Federal funding, including any DOE award, may be subject to NEPA review. During the June quarter the Alaska Department of Natural Resources accepted Treasure Creek into its coordinated approvals process, which gives the Group a single state project manager to sequence agency review. During FY26 senior U.S. federal officials, including from the Environmental Protection Agency and the Federal Permitting Council, visited Treasure Creek6 . The Group is preparing a Plan of Operations, the permitting tier above the bulk sample permit; in July 2026 mine design was progressing and the water and waste management plans were advancing5 . Refer to ASX announcements: 4 Quarterly Activities and Cashflow Reports, 31 Jul 2026 5 Investor Presentation, 20 Jul 2026 6 Quarterly Activities and Cashflow Reports, 31 Oct 2025 FELIX GOLD LIMITED (ASX: FXG) ANNUAL REPORT 2026 · 10 Otherassets GrantMine The Grant Mine project comprises 33 Alaska State mining claims held at 100% interest4 . It hosts a JORC Inferred Mineral Resource of 5.8 Mt at 1.95 g/t Au for 364,000 ounces of gold, in open pit and underground components7 (Section 05). Historical records describe free-milling gold, treated through a simple gravity and cyanide vat leach flowsheet between 1985 and 19898 . NortheastFairbanks The Northeast Fairbanks project comprises 322 Alaska State mining claims held at 100% interest4 and sits adjacent to Kinross's Fort Knox mine and mill, a third-party operation. The most recent exploration reported was auger soil sampling of 159 holes in the 2024 field season, which identified several zones for follow-up investigation9,10 . FrontierAntimonyRefinery In FY26 the Group established Frontier Antimony Refinery Corp., a wholly owned Delaware company, as its United States refining, metal production and marketing platform11 . Frontier is developing a refinery in the United States to turn Treasure Creek ore into antimony metal. The Group will supply the ore to Frontier under an intra-group agreement that gives Frontier exclusive rights to it12 . Frontier's corporate structure is intended to facilitate future access to U.S. capital markets and government funding programs4 . During the year Frontier progressed refinery feasibility work and site selection, building on the Worley Group assessment of multiple candidate U.S. sites, together with flowsheet design and pilot plant scoping4 . After year end, Frontier's refinery target moved from the end of 20274 to the first half of 202812 . The refinery is designed to also accept third-party domestic and allied ore through toll treatment, with Treasure Creek as the anchor feed12 . Frontier's refinery has U.S. Government funding in prospect. After year end, the U.S. Department of Energy (DOE) selected the Group for negotiation of a financial award of up to US$18 million toward the Treasure Creek Antimony Pilot Processing Facility, the refinery Frontier is developing13,14 . The Group's proposed cost share of 26.8% (approximately US$4.8 million) is to be contributed in kind through delivery of Treasure Creek ore12,13 . The Group is also in dialogue with the U.S. Army's Project Manager Maneuver Ammunition Systems (PM MAS) and Combat Capabilities Development Command (DEVCOM), which have requested technical data and samples for qualification testing; no offtake agreement or contractual commercial arrangement has been entered into1,15 . Since year end, a seed funding process for Frontier has been underway13 ; a pilot plant replicating the process flowsheet for Frontier's proposed refinery has converted Treasure Creek ore to cast antimony metal ingots14 ; and a U.S. listing of Frontier is targeted, with Felix Gold remaining the major shareholder12 . Cautionary statement. No antimony Mineral Resource or Ore Reserve has been declared under the JORC Code (2012). The Company is assessing the viability of commercial production; no formal economic studies under the JORC Code have been completed, there is no certainty commercial production will eventuate, and the refinery's location, capital cost and timing remain subject to that assessment. DOE selection opens negotiations only; no funding is obligated until an award agreement is signed. The pilot plant ran at demonstration scale and no metal at commercial specification has been produced; grades are indicative handheld XRF and laboratory assays are pending12,13,14 . Refer to ASX announcements: 1 Quarterly Activities and Cashflow Reports, 30 Jan 2026 4 Quarterly Activities and Cashflow Reports, 31 Jul 2026 7 Prospectus, 28 Jan 2022 8 Investor Presentation - Company Update, 27 Mar 2024 9 FXG Reports Exceptional Soil Anomalies Near Tier 1 Mine, 3 Dec 2024 10 Update to ASX Announcement, 11 Dec 2024 11 US Antimony Platform Established, 11 Jun 2026 12 Investor Presentation, 28 Aug 2026 13 US Department of Energy Antimony Funding, 19 Aug 2026 14 Pilot Plant Produces Antimony Metal, 27 Aug 2026 15 Quarterly Activities and Cashflow Reports, 30 Apr 2026 FELIX GOLD LIMITED (ASX: FXG) ANNUAL REPORT 2026 · 11 Riskmanagement Risk is inherent in what Felix Gold is building. Effective risk management is not a compliance exercise. It is how the Group makes decisions about capital, timeline, and structure. Riskgovernancestructure The Board of Felix Gold Limited has overall responsibility for the Group's risk management framework. The Board oversees the identification and assessment of material risks, monitors the implementation of risk mitigation strategies, and ensures the Group's risk management approach is appropriate to its strategy and stage of development. Day-to-day risk management is delegated to executive leadership, with each member of the executive team holding accountability for the risks within their functional remit. Material risks are escalated to the Board for oversight and decision-making. The Group's risk management approach is aligned with relevant principles of AS ISO 31000:2018 and the ASX Corporate Governance Council Principles and Recommendations (4th edition). Riskidentificationandassessment The Group's risk identification process draws on multiple inputs: executive leadership review, technical and operational input from project teams and partners, external advisory and audit input, regulatory and policy monitoring, and ongoing stakeholder engagement. Risks are assessed on the basis of likelihood and potential impact, with mitigation strategies developed and monitored at the appropriate management or Board level. The material risks are grouped in 3 categories: safety and sustainability; operational and project; and strategic and financial. Riskappetite The Group's risk tolerance reflects its stage of development as an exploration and pre-production company. Felix Gold accepts a higher level of the technical and exploration risk inherent in advancing a development- stage project, and seeks a lower level of compliance, disclosure, safety, environmental and governance risk. This balance is reflected in the Group's approach to capital allocation, project sequencing, regulatory engagement and Board oversight. FELIX GOLD LIMITED (ASX: FXG) ANNUAL REPORT 2026 · 12 Materialrisks The tables set out the material risks identified by the Group and the approach taken to managing each. These risks are not exhaustive and do not capture every factor that could affect the Group's performance, financial position or strategic direction. Safety and sustainability Risk Description Approach and mitigation Health, safety and environment Field operations, drilling, and construction activities carry inherent health, safety and environment (HSE) risks. Operations conducted in accordance with relevant state and federal requirements. Contractor HSE systems maintained. Social licence to operate Community and stakeholder support is needed to advance exploration, permitting and development. Loss of that support could delay or prevent the Group's programs. Early and ongoing community engagement to understand local priorities and address potential issues; environmental studies and small-scale methods that reduce surface disturbance1 . State agency review is sequenced through the Alaska Department of Natural Resources coordinated approvals process. Climate Physical climate risks (Arctic operating conditions, permafrost, weather). Operations conducted with established Alaska arctic- experienced workforce and contractors. The Group is not currently required to report under AASB S2 given its size. Operational and project Risk Description Approach and mitigation Development and execution Projects fail to deliver due to the construction, procurement, and commissioning risks associated with the transition from exploration to development. The alkaline sulphide leach and electrowinning flowsheet has been deployed commercially by others at Sunshine (USA) and Hillgrove (Australia)2 . On Treasure Creek material the leach route has been validated at bench scale only2,3 , and the direct smelting route has been demonstrated only in batch mode on demonstration-scale equipment, with laboratory assays and the final refining stage outstanding4 ; results at those scales may not be replicated at commercial scale. Bench-scale testwork returned 98% antimony extraction by alkaline sulphide leach and a peak single-pass flotation concentrate grade of 74% Sb, above the 70% Sb minimum of U.S. military specification MIL-A-22131, on grab samples from high-grade zones that do not necessarily represent average grades5 . Engagement with Worley Group, Core Resources, and senior antimony processing specialists. Development is phased with Go/No-Go decision points. Permitting and regulatory Mining and processing operations require state permits and approvals. Operations are on Alaska State mining claims and Upland Mining Leases with no federal land in the project footprint, so the project's permits are issued by the State of Alaska and no federal NEPA environmental impact statement is required for them. Federal funding, including any DOE award, may be subject to NEPA review. Coordinated project status with the Alaska DNR Office of Project Management and Permitting sequences state agency review. Bulk Sample Permit approved 23 March 2026. continued on the next page Refer to ASX announcements: 1 Investor Presentation, 20 Jul 2026 2 Antimony Metal Production Program Commences, 27 Jan 2026 3 Quarterly Activities and Cashflow Reports, 30 Apr 2026 4 Pilot Plant Produces Antimony Metal, 27 Aug 2026 5 Ultra-High Ore Purity Achieves Military-Grade Antimony, 19 Nov 2025 FELIX GOLD LIMITED (ASX: FXG) ANNUAL REPORT 2026 · 13 continued Resource and mineralisation Gold Mineral Resources are reported at Inferred classification. No antimony Mineral Resource has been declared as at the date of this report. No pre- feasibility or feasibility study has been completed. Drilling is advancing toward a first antimony Mineral Resource estimate. No Mineral Resource or Ore Reserve has been declared for antimony, and there is no certainty that further drilling will result in one. All technical disclosures are Competent Person reviewed. Key personnel The Group depends on a concentrated team of key management, operational, and technical personnel. Expanded senior capacity during FY26 with CFO, VP Development and Operations, and additional technical appointments. Competitive remuneration. Board succession planning is an ongoing area of Board focus. Cybersecurity and IT Cybersecurity breaches, data loss, or system failures could disrupt operations or compromise sensitive information. Appropriate information security controls including access management, data backup, and incident response procedures. IT systems reviewed regularly. Major external events and natural disasters Events outside the Group's control, such as extreme weather, natural disasters or disruption to transport, power or supply chains, could interrupt field programs at a remote Alaska site. Field programs are planned around Alaska's seasons with an established arctic-experienced workforce and contractors. The project is about 30 kilometres from Fairbanks by year- round paved highway, with grid power to the project. Strategic and financial Risk Description Approach and mitigation Geopolitical Changes in U.S. or Chinese trade policy, export controls, or critical minerals strategy could alter antimony supply dynamics, demand pricing, or government engagement. Operations in Alaska and engagement with U.S. capital markets and government agencies depend on a stable U.S. regulatory and political environment. U.S. critical minerals policy has to date had support across administrations and is underpinned by legislation, and the Board does not assume the current settings are permanent. Alaska state government supports responsible resource development. Felix Gold maintains engagement with multiple U.S. agencies, which reduces single-point dependency. Frontier's U.S. incorporation provides long-term alignment with U.S. policy direction. Commodity price Antimony and gold prices are subject to global supply and demand fluctuations. Commodity prices and market outlooks are monitored and considered in project planning and capital decisions. Antimony and gold mineralisation occur together at Treasure Creek, giving the Group exposure to both commodities. The Group's Mineral Resources are gold only, at NW Array and Grant Mine; no Mineral Resource has been declared for antimony. Market changes The demand for antimony and gold is dependent on the use of antimony and gold in end markets and general economic conditions. Antimony's established uses include flame retardancy, grid- scale batteries, and clean energy applications. Felix Gold maintains engagement with U.S. government agencies on domestic antimony supply. The Group has a clear understanding of market trends and navigates risks concerning market changes. continued on the next page FELIX GOLD LIMITED (ASX: FXG) ANNUAL REPORT 2026 · 14 continued Macroeconomic Global external factors including macro-economic risk affecting profitability and business continuity. General economic conditions may adversely impact the Group's operating and financial performance and financial position. The Group's operating and financial performance is influenced by a variety of general economic and business conditions. Whilst Felix has limited direct controls ove