CONNECTED MINERALS LIMITED ANNUAL

Operating and Financial Review

Operating and Financial Review The Group realised a loss after taxation of $5,655,152 (2025: loss of $2,229,805) for the year ended 30 June 2026, which includes a write-off of $3,404,315, being the carrying value of the Namibian and WA Projects. The Company had a net surplus of assets as at 30 June 2026 of $2,432,282 (2025: surplus of $7,263,610). Dividends No amounts have been paid or declared by way of dividend by the Company since the end of the previous financial year and the Directors do not recommend the payment of any dividend. Review of operations Connected Minerals is an Australian-headquartered critical minerals exploration company with a portfolio of projects in Angola, Namibia and Western Australia. The 2026 financial year was a transformational period for the Company. During the year, Connected continued to advance its uranium exploration activities in Namibia and assess its Western Australian exploration portfolio, while taking a significant strategic step through the proposed acquisition of an indirect 80% interest in the Bailundo Niobium-Rare Earth Element Carbonatite Project in Angola. The acquisition was approved by shareholders on 28 July 2026 and completed on 7 August 2026, establishing Bailundo as the Company's flagship project and principal exploration focus going forward. 6 ylno esu lanosrep roF Connected Minerals Limited and its Controlled Entities 2026 Annual Report ABN 99 009 076 233 DIRECTORS’ REPORT Review of operations (continued) Angolan Niobium and Rare Earths Bailundo Carbonatite Project During the June 2026 quarter, Connected entered into a binding Share Sale Agreement (“SSA”) to acquire 100% of Frontier Group CRM Pty Ltd (“Frontier”), which holds an indirect 80% interest in the Bailundo Carbonatite Project (“Bailundo” or the “Project”). Bailundo, located in Huambo province, Angola, hosts a significant Niobium–Rare Earth Element mineralised carbonatite complex. Background on the Project and the proposed acquisition was set out in the Company’s ASX announcement of 4 May 2026. Frontier holds its 80% interest in Bailundo via its 100%-owned Australian subsidiary, Frontier Holdings Angola Pty Ltd, which owns 80% of the Angolan subsidiary Frontier Resources Angola Lda (“FRAL”). FRAL is the holder of the Bailundo licence. Location of the Bailundo licence Strategic rationale – The Bailundo Project comprises a large-scale carbonatite