Mr. David Deitz reports

CENTRAL IRON ORE LIMITED -- PROJECT UPDATE

Central Iron Ore Ltd. has provided an update on the development work and studies that are in process or recently completed.

British King and Endeavour:

1. British King mineral resource re-estimate: This has been recently completed.
2. Endeavour resource estimate review: The current resource estimate has been reviewed and considered suitable to be used for reoptimization.
3. British King and Endeavour reoptimization and combined schedule: It is intended to commence this work next week.
4. Environmental permits and approvals: The need and scope for further groundwater studies are being reviewed. Follow-up studies that are currently under way include:
   • Fauna and flora desktop review;
   • Subterranean fauna;
   • Surface water;
5. Mining development and closure proposal:
   1. A draft document is in preparation and will be updated as the required study information becomes available ready for submission to the Department of Mines, Petroleum and Exploration. Work continued through June and July, identifying and collecting the required data for each section of this document.
   2. A small soil sampling campaign was designed to provide data for the mine closure plan relating to the pre-existing evaporation ponds and old vat leach area. Further samples have been collected from the Endeavour project area. Currently analyses are pending.
6. Mining lease M37/30 renewal: The renewal application was lodged on March 24, 2026, and has been advertised. CIO have been notified that the negotiation in good faith period with the native title party commenced July 1, 2026.
7. Operating licence L8891/2015/1: Under the Environmental Protection Act, 1986, the new licence L8891/2015/2 was issued on July 3, 2026.
8. British King preliminary geotechnical assessment: This work has been completed.
9. Waste characterization for Endeavour: Waste rock samples have been collected from drill holes and are in Kalgoorlie for cutting and sampling.

About Central Iron Ore Ltd.

The company's South Darlot gold project is located approximately 320 kilometres northwest of Kalgoorlie in Western Australia and includes:

• The British King mine area, which is 100 per cent0 beneficially owned by the company and the British King Extensions, which is 100 per cent owned by the South Darlot joint venture in which the company holds a 70-per-cent interest, which together are National Instrument 43-101 (Standards of Disclosure for Mineral Projects) compliant. The British King mine is five kilometres southwest of Vault Minerals' Darlot mine.
• South Darlot gold project, which comprises a number of tenements which are subject to a joint venture with a subsidiary of Vault Minerals, in which Central Iron has earned a 70-per-cent interest. The Endeavour resource is included on these tenements.

We seek Safe Harbor.