HIGHLIGHTS

Los Lirios Antimony Project, Oaxaca Mexico

• Extensive fieldwork completed: A total of 6 trenches were excavated, building on the 27 excavated in the previous quarter, and 140 channel samples were completed over three high-priority target areas. Rock chip results have been delayed due to high stibnite content in some samples. Company is working with the laboratory to identify the best method for assaying high stibnite samples and establish an assaying protocol for the project. Results expected from February onwards.
• Geological definition: Detailed geological mapping and topographic surveys have identified widespread stibnite mineralisation, further validating the structural and mineralisation model.
• High-grade metallurgical confirmation: Initial test work returned exceptional grade, including 29.2% Sb from stockpiles and up to 15.3% Sb from Los Lirios Pit 1, with average head grade of 4.45% Sb.
• Excellent Recoveries: Preliminary metallurgical programs confirmed total Sb recovery of 90.8% using a simple, reagent-free, two-stage gravity process.
• An initial kinetics floatation test on a sulphide sample of 30.2% Sb gave extremely encouraging recovery of 99.2% Sb, highlighting this as a high recovery potential, with significant room for further optimisation utilising drill core.
• Site access established: Over 5.5km of new and rehabilitated roads to provide reliable access for field teams and upcoming drill rigs.
• Drill ready: Final preparations and planning for Jan 2026 maiden drill program targeting high-priority zones at Lirios 1 and Lirios 2 were completed.
  • Post Quarter end EVR’s Mexican subsidiary STIBCORP entered into a drilling contract with Perforaciones Mineras Estrella S. de R.L. de C.V to undertake a 1500-2000m diamond drilling program. Mobilisation commenced and drilling isexpected to commence prior to the end of January.

Tecomatlán Processing Plant, Nevada USA

• Strategic acquisition: Secured 150tpd processing plant under a lease with option to purchase, allowing fast access to production capacity.
• Favourable terms: the staged lease payments provide a low-cost path while the plant is planned to be refurbished, with final larger payment to purchase the plant at EVR’s option preserving working capital.
• Due diligence concluded: Site inspections, trial operations and other due diligence activities have been concluded satisfactorily.
• Operational readiness: Technical review of the plant completed, including a successful dry run of the front-end crushing and diesel generator.
• Viable path to production: Company advanced engineering and procurement activities to undertake plant refurbishment to establish a ~150tpd two stage gravitational plant (name plate capacity), to produce an antimony concentrate of 22-36% as Phase 1 of establishing antimony production. Minimal permitting is required for this, suggesting that the plant could be operational in CYQ3 and commence processing artisanal ores. Test work has confirmed floatation of sulphide ore gives exceptional recoveries, which will be further developed by the Company as Phase 2 of the plant.

Dollar Project, Nevada USA

• Reconnaissance visit to the project was made in November 2025 by CEO Mike Brown.
• Subsequent to Quarter end results were received from 22 samples submitted:
  • High-grade antimony, copper and silver assays returned: Rock chip samples from historic working dumps returned exceptional grades, including:
    • 15.05% Sb (antimony) from a quartz-stibnite vein float.
    • 17.8% Cu (copper), 8.96% Sb and >10000ppm Ag (overlimit) from historic dump material.
    • 7.34% Sb from outcropping 15cm vein in a historical adit roof.

Milton Project, Nevada USA

• During the Quarter CEO Mike Brown visited the project and historic workings.
• Subsequent to Quarter end results were received from 12 samples submitted:
  • Reconnaissance rock chip sampling has returned high-grade antimony, copper and silver assays from the Milton Antimony project.
  • Significant results from historic workings including:
    • 9.82% Sb (antimony) from an historical adit stockpile.
    • 24.00% Cu (copper), 1.53% Sb and 434ppm Ag from a sample within a 2m wide mineralised fault at entrance to an historic adit.
  • The results from both projects significantly enhance the Company’s vision to build out a domestic antimony and critical metals supply chain to meet the current and projected supply shortfall in the US.
    

Environmental, Social and Government

• Scorpion anti-venom shot administered to a child in December at Guadalupe de Buenos Aires from the clinic established by EVR. Normally fatal, the child survived and is doing well. EVR is investigating suitable Pest Control treatments for houses in the community with one child death related to scorpion bite from Guadalupe earlier in the year and another older woman bitten prior to EVR acquiring Los Lirios and the subsequent establishing of the clinic.
• Community Agreement entered into with San Pedro Cuaxoxocatla (San Pedro).
• EVR has co-sponsored repairs to the San Pedro water truck, used for dust control on the roads, and will hire the truck from the community for the recently announced maiden drill program at Los Lirios.
• Whilst agreements with the two nearest communities, San Pedro and Guadalupe de Buenos Aires, contemplate monthly payments based on what the previous owners established, EVR is implementing an ESG program with a broader focus, identifying areas needing assistance and development, such as health and education, and encouraging social and business development initiatives through co-funding. Examples include establishing online medical consultation at in-situ nursing station, which is able to take vital signs, for the online doctors’ consultations to be much more effective.

Corporate

• Leadership: Experienced executive Mike Brown appointed Managing Director & CEO. Conducted site visit to Mexican and North American operations during the quarter.
• Portfolio streamlined: Binding agreement for the sale of Khartoum Project executed, reducing expenditure and sharpening focus on antimony assets. Final payment of AUD600k excluding GST was received after Quarter end.
• Fully Funded: Strong balance sheet with $3.2m in treasury at end of the quarter, providing solid base to implement key project catalysts for strategic plan towards production, such as drilling and plant refurbishment.

EV Resources (ASX:EVR) (“EVR” or the “Company”) is pleased to provide its activities report for the quarter ended 31st December 2025.
The December quarter was a period of intense operational progress. The Company successfully executed a large-scale sampling campaign at Los Lirios, confirmed high-grade metallurgical potential, and advanced the Tecomatlán processing facility to operation readiness. With the balance sheet strengthened and site preparations complete, EVR is in position to commence
maiden drilling in January 2026.

Newly appointed Managing Director and CEO, Mike Brown, commented:
“This quarter was about setting the stage for execution. We didn’t just plan; we put the pieces in place – securing the plant, defining geology, closing the funding and getting boots on the ground in Mexico and Nevada. We are now moving at pace. The drill bit will be turning at Los Lirios in January, and we are confident the data will confirm the project’s potential as a significant, highgrade antimony system. 2026 is going to be a transformative year for EVR as we move rapidly from exploration to resource definition and production planning.”

Los Lirios Antimony Project, Oaxaca, Mexico (EVR 70%)

During the quarter, detailed mapping and trenching identified widespread visible stibnite mineralisation which continues to support the interpretation of a potentially large-scale, structurally controlled antimony system extending over at least 4.5km of 6km of strike along the northerly-trending Lirios Fault Zone (LFZ).

EVR completed a substantial fieldwork program to define drill targets and test the scale of the system. The program included detailed mapping and trenching across three high-priority zones:
Lirios 1 (L1Z), Lirios 2 (L2Z), and Hormiguero (H1Z) – along the northerly-trending LFZ (See Figure 1).

In total, 6 trenches were completed, and 140 channel samples were collected across approximately 16,000m2 of mapped ground. The program was broken down as follows:

• L1Z: 5 trenches were excavated, with 220 samples collected over roughly 8,000m2
• L2Z and H1Z: One trench was excavated, which included 4 deeper sections.

Mapping conducted concurrently with the trenching program provided critical insights into the structural controls on mineralisation:

• A well-developed system of generally north-south fault, creating stacked zones containing significant stibnite, quartz veins, and breccia.
• Extensive silicification surrounds the principal ‘feeder’ structures, indicating intense fluid flow.
  
• Mineralisation replaces specific limestone layers, extending up to 60m laterally in pit walls. The mineralisation is most intense near cross-cutting feeder faults and gradually fades to disseminated oxides further away.
  

Mapping has evolved the geological model significantly. Identification of the LFZ as primary conduit for antimony bearing fluids associated with moderate silicification establishes structural controlled mineralisation as the priority target for future exploration work. Massive stibnite observed in pit 5 at Los Lirios 1 within a W to NW trending cross-cutting fault proximal to the LFZ suggests potential bonanza grades may exist where the cross-cutting faults intersect the LFZ, where open space development assisted by brecciation and replacement would create favourable mineralisation locations. Mapping has also identified selective replacement of a limestone unit beneath a gypsum layer lateral to the LFZ as a second important mineralisation style. This ‘manto’ style carbonate replacement mineralisation (CRD) may potentially repeat at depth and is likely the result of overlying gypsum layers which appear to act as a cap, preventing mineralising fluids from moving upwards.

Consequently, the contact zones directly below the gypsum are now considered high-priority targets for the upcoming drill program. These results continue to reinforce the potential of the LFZ with possible repetitions to the east and west offering significant scale potential to be tested in the future.

Preparations For Maiden Drill Program

Preparatory works for the maiden drill program completed during the Quarter, with access improvement and drill pad construction completed across the initial target corridor. The Company completed over 5.5km of roadworks (new and rehabilitated), ensuring reliable access for heavy machinery.

The Phase 1 program will comprise 1,500 – 2,000m of HQ diamond drilling scheduled to begin in January 2026. This initial phase will focus on 900m of the total 4km mapped Lirios Fault Zone, targeting beneath and along strike from the Lirios 1 and Lirios 2 historical workings (see Figure 2).

This maiden program represents a major step in EVR’s strategy to fast-track antimony development. The high-grade nature and low impurities of the observed mineralisation suggest the potential for a high-quality product Results from this drilling will define priority zones for followup work, underpinning the Company’s objective to deliver a maiden JORC resource in Q3 CY2026.

Metallurgical studies to identify optimal processing recovery pathways for antimony mineralisation at Los Lirios advanced significantly. Following initial testing where mineralisation responded well to gravity concentration (up to 78% recovery¹), this testing phase evaluated two potential processing routes on a composite sample with a head grade of 4.6% Sb. A summary of the results is listed in Table 1.²

Table 1: Summary of key results

Crucially, test work demonstrated that Route B (gravity only) is the optimal processing option for the current mineralisation mix. Results confirmed that high-antimony recoveries can be achieved through a simple, reagent-free, two-stage gravity process achieved a total Antimony (Sb) recovery of 90.8%. This confirms previous indications that gravity separation offers a viable low-CAPEX pathway to produce a marketable product.

In addition to the primary study, EVR also received results on a separate high-grade sample from kinetic flotation test work undertaken by Independent Metallurgical Operations, a subsidiary of SGS Australia) located in the US.

Testing was conducted on high-grade material from West Pit at Lirios 2, which was historically sold as direct shipping ore, with a calculated head grade of 30.2% Sb. Preliminary Recoveries via flotation were 99.2% Sb, highlighting this as a high recovery potential, with significant room for further optimisation.³

While not part of a systematic testing program, this result highlights the potential for flotation of sulphide material to extract significantly high values from mineralisation with simple stibnite composition in sulphide state.

Tecomatlán Processing Plant (Puebla, Mexico)

In October, EVR executed binding terms to secure the Tecomatlán processing plant, a 150 tonnes per day (tpd) facility located just 50 kilometres from Los Lirios. The agreement is structured as a lease for 12 months upon completing satisfactory due diligence, with an option to purchase, for a total price of USD1,800,000 + VAT, which includes leasing payments, plus a USD25,000 option fee.

EVR can exercise the Option at any period during the leasing period. This provides an extended period for payment, during which EVR can properly plan, upgrade as necessary and permit the plant to allow for both pilot programs for Los Lirios material as well as source feedstock from artisanal miners in the region. The plant includes crushers, mills and flotation circuits, and was previously used to process ore for barite.

During the quarter, the Company concluded its technical due diligence. This included a technical review of the comminution and power systems, as well as a successful dry-run of the front-end crushing circuit and diesel generator.

With site inspections and trial operations concluded satisfactorily, the plant is confirmed as a viable option for fast-tracking pilot production from Los Lirios and potentially treating regional artisanal ore.

Dollar and Milton Antimony Projects, Nevada (EVR 100%)

During the quarter the Company completed the acquisition of the Dollar and Milton projects and EVR commenced early-stage exploration activities in Nevada.

• Mike Brown, CEO and a consulting geologist verified access and the location of historical workings and shafts (up to 64m deep) and dump samples which previously reported grades up to 40% Sb.4
• Post quarter end results from initial rock samples from Dollar project⁵:
  • Rock chip samples from historic working dumps returned exceptional grades, including:
    • 15.05% Sb (antimony) from a quartz-stibnite vein float.
    • 17.8% Cu (copper), 8.96% Sb and >10000ppm Ag (overlimit) from historic dump material.
    • 7.34% Sb from outcropping 15cm vein in a historical adit roof
  • Results strongly support the presence of two prospective mineral systems; 1) a polymetallic vein system containing high-grade antimony, copper, gold and silver, and 2) a stibnite-quartz vein system associated with faulted lithological contact.
• Post quarter end results from initial rock samples from Milton project⁶:
  • Significant results from historic workings including:
    • 9.82% Sb (antimony) from an historical adit stockpile.
    • 24.00% Cu (copper), 1.53% Sb and 434ppm Ag from a sample within a 2m wide mineralised fault at entrance to an historic adit.
  • The results from both projects significantly enhance the Company’s vision to build out a domestic antimony and critical metals supply chain to meet the current and projected supply shortfall in the US.
• Forward Plan: Exploration activities, including mapping and sampling, are set to accelerate in the coming quarters to define drill targets.

Khartoum Project, Queensland (Divested)

The Company executed a binding sale of the Khartoum polymetallic project to Koba Resources (ASX: KOB) for total consideration of $700,000 in cash and a 1% NSR royalty. The transaction streamlines EVR’s portfolio, freeing up capital and removing holding costs while retaining future upside through the royalty interest.

Corporate

Leadership

Mike Brown commenced his role as Managing Director and CEO in October. Mr Brown, geologist by training, brings over 30 years of international experience across mining and critical minerals, with particular expertise in project finance and government partnerships in North America. During the quarter he conducted a site visit to oversee the integration of the US and Mexico assets.

Funding

The Company successfully closed the second tranche of its placement following shareholder approval on 20 November 2025. This raised a total of $5.75 million (across both tranches before costs).

Other

The Group’s cash balance as at 31st December 2025 was $3.2m.

During the quarter the aggregated amount of payments made to related parties and their associates totalled $347k comprising director fees (including payment of previous period’s invoices not paid) and accounting fees. In addition, $440k was paid as partial re-payment of a director related loan.

A total of $524k was spent on exploration expenditure during the quarter and further details of the exploration activity during the quarter are set out in this report. A total of $428k has been expensed under operating expenditure relating to the Los Lirios concessions, the status of which was noted in the previous quarter.

Outlook and Near-Term Catalysts

The upcoming quarter is set to be a catalyst rich period for EVR, setting the tone for a highly productive 2026. Key activities will include:

• Commencement of the maiden drill program at Los Lirios by the end of January 2026.
• Receipt of assay results from 130 channel samples (expected February 2026) and initial drill core assay later in the quarter.
• Commencement of refurbishment construction activities to establish an operational gravitational circuit at Tecomatlán. This could process both artisanal and Los Lirios bulk samples, potentially providing a cash flow for the Company from concentrate sales.
• Advancing categorisation studies of artisanal ore suppliers to evaluate a short-term production opportunities utilising the Tecomatlan processing plant.
• Advance exploration activities to look at scale and grade potential of the Dollar and Milton projects. These will be fast-tracked where possible given the very encouraging results received from initial sampling to establish drill targets.
• In parallel, advance steps to discuss both US and Mexican assets at Agency level for potential prioritisation, funding and support.
  

2025 marked a significant period of progress for the Company and established a clear trajectory toward becoming a key North American antimony producer. The Company enters 2026 fully equipped to advance its assets towards development and potential production. By securing both high-potential projects and near-term processing optionality, EVR is uniquely positioned to deliver significant value to shareholders while contributing to the secure supply of critical minerals for the United States and its allies.

SCHEDULE OF TENEMENTS

Mexican Permits (Los Lirios) – Stibcorp, S.A. de C.V. incorporated in Mexico and owned 100%. Stibcorp S.A. de C.V. in turn owns 70% of the joint venture company, Exploraciones Mineras los Lirios, S.A. de C.V. which is the contractual owner of the mining rights

• USA Permits (Dollar and Milton) – Strategic Minerals Inc incorporated in Nevada and owned 100%
• Peru Permits: (Don Enrique) – Minera Montserrat incorporated in Peru and owned 50%, (Estrella) CORIPUQUIO S.A.C. incorporated in Peru and owned 100%
• Austria Permits – EV Resources Gmbh incorporated in Austria and owned 80%.

** These licences expired on 31 December 2025

-ENDS-

For further information, please contact:

Mike Brown
Managing Director & CEO
Tel: +61 466 856 061
E: [email protected]

This ASX announcement was authorised for release by the Board of EV Resources Limited.

Competent Person Statement

The information in this release that relates to Exploration Results is based on information compiled by Mr Mike Brown who is a Member of the Australian Institute of Geoscientists (MAIG). Mr Brown is the MD and CEO of EV Resources. Mr Brown has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which his undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Brown consents to the inclusion in this announcement of the matters based on information in the form and context in which it appears.

Compliance Statement

This announcement contains information on the Los Lirios Project extracted from ASX market announcements dated 12 February 2025, 16 September 2025, 9 October 2025 and 16 December 2025 and reported in accordance with the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (“2012 JORC Code”). EVR confirms that it is not aware of any new information or data that materially affects the information included in the original ASX market announcements.

This announcement contains information on the Milton Project and the Dollar Project extracted from ASX market announcements dated 10 September 2025, 26 September 2025, 27 January 2026 and 28 January 2026 and reported in accordance with the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (“2012 JORC Code”). EVR confirms that it is not aware of any new information or data that materially affects the information included in the original ASX market announcement.

Forward Looking Statement

Forward Looking Statements regarding EVR´s plans with respect to its mineral properties and programs are statements that are not historical facts. Words such as “expect(s)”, “feel(s)”, “believe(s)”, “will”, “may”, “anticipate(s)”, “potential(s)”and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to statements regarding future production, resources or reserves and exploration results. All of such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. There can be no assurance that EVR’s plans for development of its mineral properties will proceed as currently expected. There can also be no assurance that EVR will be able to confirm the presence of additional mineral resources, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of EVR’s mineral properties. The performance of EVR may be influenced by a number of factors which are outside the control of the Company and its Directors, staff, and contractors.

These risks and uncertainties include, but are not limited to: (i) those relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations, (ii) risks relating to possible variations in reserves, grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined, (iii) the potential for delays in exploration or development activities or the completion of feasibility studies, (iv) risks related to commodity price and foreign exchange rate fluctuations, (v) risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals or in the completion of development or construction activities, and (vi) other risks and uncertainties related to the company’s prospects, properties and business strategy. Our audience is cautioned not to place undue reliance on these forwardlooking statements that speak only as of the date hereof, and we do not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.

Original Article: https://www.investi.com.au/api/announcements/evr/43178676-93b.pdf