Announcement PDF ANNUAL REPORT 2025 CORPORATE DIRECTORY DIRECTORS SOLICITORS Nader El Sayed Non-Executive Chairman Thomson Geer James Croser Managing Director Steve Kovac Non-Executive Director Joshua Thurlow Non-Executive Director Level 29, Central Park 152-158 St George Terrace Perth WA 6000 SECURITIES EXCHANGE LISTING Delta Lithium Limited securities are listed on the Australian Securities Exchange (ASX) COMPANY SECRETARY ASX Code: DLI Peter Gilford WEBSITE AND CORPORATE GOVERNANCE STATEMENT REGISTERED OFFICE AND PRINCIPAL PLACE OF BUSINESS www.deltalithium.com.au Level 2, 18 Richardson Street West Perth WA 6005 E-MAIL Tel: +61 8 6109 0104 info@deltalithium.com.au SHARE REGISTRY ACN Computershare Investor Services Pty Limited 107 244 039 Level 17, 221 St Georges Terrace Perth WA 6000 Australian Telephone: 1300 850 505 International Telephone: +61 3 9415 4000 www.computershare.com.au AUDITORS KPMG 235 St Georges Terrace Perth WA 6000 CHAIRMAN’S LETTER REVIEW OF OPERATIONS DIRECTORS REPORT FINANCIAL STATEMENTS FINANCIAL STATEMENTS NOTES CONTENTS PAGE Corporate Directory 2 CORPORATE Chairman’s Letter 4 Review of Operations 6 Directors’ Report 37 Auditor’s Independence Declaration 63 FINANCIAL Consolidated Statement of Profit or Loss and Other Comprehensive Income 64 Consolidated Statement of Financial Position 65 Consolidated Statement of Changes in Equity 66 Consolidated Statement of Cash Flows 67 Notes to the Consolidated Financial Statements 69 Consolidated Entity Disclosure Statement 112 Directors’ Declaration 113 Independent Auditor’s Report to Members 114 SHAREHOLDER INFORMATION 119 DELTA LITHIUM 3 ANNUAL REPORT 2025 CHAIRMAN’S LETTER REVIEW OF OPERATIONS DIRECTORS REPORT FINANCIAL STATEMENTS FINANCIAL STATEMENTS NOTES CHAIRMAN’S LETTER DEAR SHAREHOLDERS, On behalf of the Board of Directors, I’m pleased to present the Annual Report for Delta Lithium Limited for the financial year ended 30 June 2025. The past financial year has been a truly transformative period for our Company. category, underscores the growing confidence in the Malinda deposit. We’ve focussed on setting Delta up for long-term success in the rapidly evolving lithium sector with a sharpened focus on this key commodity and our critical projects, and an unwavering commitment to delivering long-term value for our shareholders. The maiden Tantalum MRE of 39.4Mt @ 102ppm Ta₂O₅ further highlights the multi-commodity potential of the region while opening up a secondary revenue stream with minimal additional capital requirements. I would like to begin by expressing our sincere thanks to our previous Chair, Mr Chris Ellison and recently departed Non-Executive Director, Mr Tim Manners for their valuable contributions to the Delta Board in recent years. Complementing our organic growth, we strategically acquired the Mortimer Hills and Aston Projects, expanding our landholding in the Upper Gascoyne Lithium Province to over 3,100km². These acquisitions enhance our exploration pipeline and reinforce our dominant position in one of Australia’s most prospective lithium regions. Their leadership, commitment and strategic insights have helped guide Delta through a pivotal phase of growth and position it for enduring success. In line with our commitment to disciplined capital allocation and strategic growth, Delta undertook a comprehensive review of its asset portfolio. I also extend my appreciation to our entire team – from those in our office to those on the ground, and everyone in between – as it’s the dedication and hard work of our people right across the business who have been instrumental in delivering the significant outcomes achieved in FY25. The outcome was the successful demerger of our Mt Ida Gold Project into a new standalone entity, Ballard Mining Limited. This strategic move enables Delta to concentrate its resources and expertise on its core lithium assets, while still retaining exposure to the upside of the gold asset through our significant equity position in Ballard. At our flagship Yinnetharra Lithium Project, we continued to build upon our knowledge. The updated Mineral Resource Estimate (MRE) of 21.9Mt @ 1.0% Li₂O, with a 71% increase in the Indicated DELTA LITHIUM 4 ANNUAL REPORT 2025 CHAIRMAN’S LETTER REVIEW OF OPERATIONS DIRECTORS REPORT FINANCIAL STATEMENTS FINANCIAL STATEMENTS NOTES CHAIRMAN’S LETTER (CONT’D) With a strong balance sheet, a high-quality asset base, and a focussed and talented team, Delta is well-positioned to deliver on its vision of becoming a leading Australian lithium developer. The demerger and subsequent IPO of Ballard Mining, which raised $30 million to focus on growth and derisking the Mt Ida gold asset was significantly oversubscribed, reflecting the strong market confidence in the quality of the Mt Ida gold asset and the leadership team entrusted with its development. We are confident in our strategy, excited about capitalising on the potential opportunities that the challenging lithium market may present and remain committed to delivering sustainable value for our shareholders. This transaction not only crystallised value for our shareholders through the in-specie distribution and the opportunity to participate in the priority offer but also reinforced our commitment to prudent capital management and strategic clarity. On behalf of the Board, I extend my gratitude to our employees, partners, and shareholders for your continued support and belief in our vision. Furthermore, we successfully monetised another non-core asset in the disposal of the Eureka Gold Project. Yours sincerely, Delta remains well-capitalised, with over $58.5 million in cash and cash equivalents at year-end. Nader El Sayed Non-Executive Chairman Our strong financial position enables us to pursue growth opportunities while maintaining flexibility and resilience in a dynamic market environment. I’m excited at what the future holds as we concurrently advance our projects, while remaining open to strategic acquisitions that complement our lithium-focussed strategy. DELTA LITHIUM 5 ANNUAL REPORT 2025 CHAIRMAN’S LETTER REVIEW OF OPERATIONS DIRECTORS REPORT FINANCIAL STATEMENTS FINANCIAL STATEMENTS NOTES REVIEW OF OPERATIONS $58.47m Total Lithium Resouce 36.5Mt @ 1.1% Li₂O CASH BALANCE FOR FY25 88,069m Total Tantalum Resource 54.0Mt @ 126ppm Ta₂O₅ METRES DRILLED ACROSS OUR PROJECTS ₂ 151km TENURE AT THE MT IDA PROJECT ₂ 3,100km TENURE AT THE YINNETHARRA PORT HEDLAND ONSLOW 21.9Mt @ 1.0% Li2O YINNETHARRA LITHIUM PROJECT CARNARVON GASCOYNE JUNCTION YINNETHARRA TANTALUM PROJECT 39.4Mt @ 102ppm Ta₂O₅ WILUNA GERALDTON LEONORA MT IDA LITHIUM PROJECT 14.6Mt @ 1.2% Li2O MT IDA TANTALUM RESOURCE KALGOORLIE PERTH ESPERANCE ALBANY DELTA LITHIUM 6 ANNUAL REPORT 2025 14.6Mt @ 191ppm Ta₂O₅ CHAIRMAN’S LETTER REVIEW OF OPERATIONS DIRECTORS REPORT FINANCIAL STATEMENTS FINANCIAL STATEMENTS NOTES REVIEW OF OPERATIONS (CONT’D) Malinda and diamond drill programs to collect representative bulk samples for metallurgical testwork. Results have continued to demonstrate strong lithium intercepts from the M1, M36 and M47 pegmatites, which form the bulk of the MRE. This drill program culminated in the release of an updated Lithium resource at Yinnetharra together with a maiden Tantalum MRE. Delta continued to progress key developmental workstreams throughout the financial year at both the Mt Ida and Yinnetharra Projects During the year the Company focussed on exploration work to expand the existing gold resource at Mt Ida. Delta commenced a four-stage gold exploration program in November consisting of approximately 35,000-40,000m drill metres including both Reverse Circulation (RC) and diamond drilling at the Baldock Deposit. Concurrent to exploration, the Company continued to progress studies on a standalone Mt Ida gold Processing Plant with permitting applications for a Processing Plant and a Tailings Storage Facility submitted in 2025. A metallurgical test work program to a Definitive Feasibility Study (DFS) level of detail was approved by the Delta Board in late September to target the M1 pegmatite orebody, which hosts the majority of the Mineral Resource at Malinda. This test work, including a 4-tonne pilot plant test on the M1 material, was ongoing throughout the December quarter with results released to the ASX during the March quarter. The M1 metallurgical results indicated high grade spodumene concentrates could be produced at a high recovery rate with very low impurities through a Whole-of-Ore Flotation processing path. Delta conducted a Strategic Review which determined the most value-accretive development pathway forward for the Mt Ida Gold Project would be for the Company to continue advancing the Project towards genuine standalone scale. Following an upgrade to the Mineral Resource Estimate (MRE) at Mt Ida in April of 2025, Delta announced the demerger of its gold asset at Mt Ida and Initial Public Offering (IPO) of shares in Ballard Mining Limited. This was approved by shareholders on 30 June and Ballard successfully listed on the ASX subsequent to the end of the financial year on 14 July 2025. Importantly, Delta remains committed to the prudent management of capital. In addition to the IPO of Ballard Mining, the sale of the Eureka Project to Javelin Minerals for $1.5M in cash, $1.5M in scrip and up to $1.0M contingent consideration, successfully monetised a non-core asset and maintained exposure for Delta shareholders through an ongoing equity position. At Yinnetharra, exploration was focussed on the completion of the resource definition program for DELTA LITHIUM 7 ANNUAL REPORT 2025 CHAIRMAN’S LETTER REVIEW OF OPERATIONS DIRECTORS REPORT FINANCIAL STATEMENTS FINANCIAL STATEMENTS NOTES REVIEW OF OPERATIONS (CONT’D) Corporate Strategy Delta’s strategy over the past financial year has been • Strong focus on capital allocation and cash preservation • Building upon confidence at Yinnetharra • Goal to develop an operating mine • Moving towards monetising gold to fund growth • Open to acquisitions that complement our strategy The team at Delta made good progress to strategy during the 2025 financial year. Having delivered upon a pathway to monetise the gold asset at Mt Ida, the Company will stay focussed on continuing to build confidence at Yinnetharra whilst remaining open to complementary acquisitions in the lithium sector. The Company has also continued to build on its existing knowledge of Yinnetharra with the primary focus of increasing the lithium resource confidence at Malinda which has been achieved via a 75% Indicated Li MRE. In addition, the Company also successfully identified the emergence of contiguous tantalum at Malinda which is under consideration for a secondary source of revenue requiring modest flowsheet additions. Looking forward, the Company is focussed on the following main objectives: • Add to the lithium resources at Yinnetharra, and progress negotiations and approvals for a Mining Lease at Malinda; • Maintain close relationships with Ballard Mining at Mt Ida, ensuring cooperation on mineral rights achieves an optimal outcome for lithium in any future gold DFS; • Growth via disciplined exploration programs and investment; and • Strategically approaching complementary acquisition opportunities. DELTA LITHIUM 8 ANNUAL REPORT 2025 CHAIRMAN’S LETTER REVIEW OF OPERATIONS DIRECTORS REPORT FINANCIAL STATEMENTS FINANCIAL STATEMENTS NOTES REVIEW OF OPERATIONS (CONT’D) Yinnetharra Lithium Project The Yinnetharra Lithium Project is located in the Gascoyne Lithium Province of Western Australia and sits within a tenement package covering an area of more than 3,100km². Farm-In Joint Venture Agreements have expanded the prospective land-holding to over 3100km². The Company completed its drill campaign at Malinda with assays released to the ASX on 21 January 2025. An updated MRE was released in March 2025 of 21.9Mt @ 1% Li₂O with a 71% increase to the indicated category. Additionally, Delta released a maiden Tantalum MRE. The Tantalum-only MRE of 17.5Mt @ 136ppm Ta₂O₅ is independent of the Lithium MRE while the combined total Yinnetharra Tantalum Mineral Resource is estimated at 39.4Mt @ 102ppm Ta₂O₅. Across April and May, concurrent with ongoing fieldwork, the Company completed the strategic acquisition of two prospective lithium projects: the Zeus Resources’ (ASX: ZEU) Mortimer Hills Lithium Project and the Minerals 260’ (ASX:MI6) Aston Project. Figure 1: Yinnetharra Tenure DELTA LITHIUM 9 ANNUAL REPORT 2025 CHAIRMAN’S LETTER REVIEW OF OPERATIONS DIRECTORS REPORT FINANCIAL STATEMENTS FINANCIAL STATEMENTS NOTES REVIEW OF OPERATIONS (CONT’D) These acquisitions support Delta’s strategy to grow resources and advance Yinnetharra towards feasibility. The expanded land holding from 1,769km² to more than 3,100 km² secures Delta’s dominant position in the Upper Gascoyne Lithium province and opens immediate exploration opportunities along the strike of Delta’s existing deposits at Malinda and Jameson, and into new acquired areas with existing geochemical lithium anomalies (See Figure 1). • 124m @ 1.1% Li₂O from 11m in YDPT005 at M1 (metallurgical hole – not true width) These acquisitions are directly adjacent to Delta’s existing granted tenure and provide strong exploration synergy for our exploration team along the margin to the Thirty-Three Supersuite granite pluton, which is considered to be the source of the Malinda and Jameson lithium and tantalum deposits. • 32.4m @ 1.01% Li₂O from 50m in YDPT012 at M47 • 46m @ 1.1% Li₂O from 203m in YDGT002 at M1 • 78m @ 0.8% Li₂O from 105m in YRRD668 at M47 - including 22m @ 1.4% Li₂O from 160m • 22.6m @ 2.16% Li₂O from 310m in YRRD126 at M36 • 32m @ 0.93% Li₂O from 280m in YDRD066 at M1 • 15m @ 1.5% Li₂O from 19m in YDRD716 at M69 • 22m @ 1.13% Li₂O from 24m in YDRD717 at M69 Highlights from resource definition at Malinda during the year include: Final assays from Jamesons’ first program also showed continuation of strong spodumene mineralisation at depth: • 25m @ 2.84% Li₂O from 148m in YRRD050 at M36 • 10m @ 2.2% Li₂O from 113m in JREX030A DELTA LITHIUM 10 ANNUAL REPORT 2025 CHAIRMAN’S LETTER REVIEW OF OPERATIONS DIRECTORS REPORT FINANCIAL STATEMENTS FINANCIAL STATEMENTS NOTES REVIEW OF OPERATIONS (CONT’D) HoleID From m To m Length m Li₂O pct Ta₂O₅ ppm Fe₂O₃% YDPT005 11.0 135.1 124.1 1.1 50.8 2.6 YDPT006 119 217 108 0.7 54.8 2.7 YDRD050 148 173 25 2.8 111.2 2.5 YRRD668 105 183 78 0.8 217.3 3.2 YDRD052 80.6 117.0 36.4 1.5 54.3 0.8 YRRD690 62 105 43 1.2 68.1 1.1 YDPT004 82.7 154.2 71.5 0.7 63.9 0.7 YDGT002 203.0 248.6 45.6 1.1 63.1 0.8 YRRD671 202.1 237.4 35.3 1.18 77 1.53 YDRD056 148.5 191.0 42.5 1.0 58.9 0.5 YDPT001 23.8 52.5 28.6 1.3 70.6 0.9 YDPT006 119 161 42 0.8 38.1 1.6 YRRD640 202 219 17 1.85 116 2.94 YRRD663A 149 178 29 1.0 76.9 2.5 YRRD577 170 197 27 1.0 23.2 0.9 YDPT002 37.3 61.1 23.8 1.1 76.5 1.2 JREX030A 113 123 10.0 2.2 55.7 1.1 YRRD618 152.5 170.6 18.1 1.0 58.9 1.2 YRRD690A 32 59 27 0.7 47.3 2.5 YDRD053 89 100 11 1.3 26.3 0.7 YRRD678A 186 195 9.0 1.5 25.4 0.8 YRRD679 89.0 101.3 12.3 1.1 45.1 4.9 YRRD588 86 99 13 1.0 55.4 1.0 YRRD660 39 59 20 0.7 242.4 1.1 YRRD634 171 184 13 1.0 53.1 3.9 YRRD633A 150 159 9 1.3 46.1 4.2 11 ANNUAL REPORT 2025 Table 1: Highlights of drill intercepts at Yinnetharra DELTA LITHIUM CHAIRMAN’S LETTER REVIEW OF OPERATIONS DIRECTORS REPORT FINANCIAL STATEMENTS FINANCIAL STATEMENTS NOTES REVIEW OF OPERATIONS (CONT’D) Resource Update and Tantalum Resource Estimate Lithium Mineral Resource Estimate to lift resource confidence, the Company has seen a modest decrease in resource tonnes of 15%, to be measured against a much larger increase in resource confidence of 140% in the Indicated category. This tonnage reduction can be explained by much tighter wireframe constraints applied to Indicated material and variations in pegmatite morphology within the previous Inferred boundaries, particularly at depth, which were defined by much wider spaced drilling. During the year the updated Lithium Mineral Resource Estimate was prepared by Snowden Optiro for the Malinda series, inclusive of the M1 series, M36, M42, M47, M67, M69, M70 pegmatites and the maiden calculation for the Jameson J1 pegmatite at the Company’s 100% owned Yinnetharra Lithium Project. The updated resource was based upon an additional 624 holes for 112,822m. The geological understanding has significantly improved for the Malinda system, following the focussed infill drilling program over the last 12 months. As is often the case with infill drill programs DELTA LITHIUM See below a plan view of the Malinda area with pegmatites labelled by Resources category. 12 ANNUAL REPORT 2025 CHAIRMAN’S LETTER REVIEW OF OPERATIONS DIRECTORS REPORT FINANCIAL STATEMENTS REVIEW OF OPERATIONS (CONT’D) Figure 2: Plan View to Malinda area showing Lithium resource classification DELTA LITHIUM 13 ANNUAL REPORT 2025 FINANCIAL STATEMENTS NOTES CHAIRMAN’S LETTER REVIEW OF OPERATIONS DIRECTORS REPORT FINANCIAL STATEMENTS FINANCIAL STATEMENTS NOTES REVIEW OF OPERATIONS (CONT’D) Lithium mineralisation at the M1 deposit is predominantly spodumene hosted, with other lithium bearing minerals such as lepidolite and amblygonite occurring in the M36 and M47 pegmatites in varying amounts. The LCT pegmatites at Malinda are contained within multiple shallowly south and north dipping pegmatites that intrude folded mafic-sediment stratigraphy adjacent to the Proterozoic Thirty-Three suite granites. The maiden MRE for the Jameson prospect highlights the potential for high-grade lithium mineralisation located 20km west of the Malinda Prospect and presents currently as a potential satellite ore source. The J1 pegmatite has intruded into the highly deformed fold hinge within the same Leake Springs Metamorphic package that hosts the Malinda resource. Figure 3: Jameson MRE over surface sampling highlighting extensions and priority drill targets in the area. Anomalous zone to the NW is due to the presence of a fertile Granite and is therefore not a priority drill target DELTA LITHIUM 14 ANNUAL REPORT 2025 CHAIRMAN’S LETTER REVIEW OF OPERATIONS DIRECTORS REPORT FINANCIAL STATEMENTS FINANCIAL STATEMENTS NOTES REVIEW OF OPERATIONS (CONT’D) The initial phase of exploration drilling at Jameson had limited access while phase 2 drill planning is underway in coordination with traditional owners to ensure any culturally significant sites are identified and remain undisturbed. Detailed follow up mapping is being completed at Jameson and Jameson South which has returned several priority targets that will be drill tested later this year, as identified in Figure 3. Importantly, now that Delta has delineated 74% of the Mineral Resource at Malinda as Indicated, study work can be advanced inclusive of this resource confidence, while the Company turns its focus to priority regional targets across the 3,100km² package. Drilling is planned to recommence later in Q3-2025 at Jameson and regional targets. During resource definition and infill drill programs, tantalum was intercepted beyond the current Lithium Mineral Resource. As a result, these tantalum rich pegmatites were domained separately to honour the maximum continuity of grade. The tantalum zones are within the same LCT system, generally on the extremities or in a hanging wall position relative to the Lithium mineralisation. This independent tantalum resource could potentially be mined incrementally within the same open pits and add value to the Yinnetharra project. See Figure 4 below a long section of Malinda showing the spatial relationship of the tantalum resource in relation to the lithium resource. Figure 4: Section View (~7289310N) showing both independent Li & Ta Block Models (unconstrained) and their spatial relationship DELTA LITHIUM 15 ANNUAL REPORT 2025 CHAIRMAN’S LETTER REVIEW OF OPERATIONS DIRECTORS REPORT FINANCIAL STATEMENTS FINANCIAL STATEMENTS NOTES REVIEW OF OPERATIONS (CONT’D) The Tantalum-only 17.5Mt @ 136ppm Ta₂O₅ is independent of the Lithium MRE. The combined total Yinnetharra Tantalum Mineral Resource is estimated at 39.4Mt @ 102ppm Ta₂O₅ for 4,018,800 kg of contained Ta₂O₅ (at a 65ppm cut-off). Tantalum pentoxide Ta₂O₅ (99.95%) sold for an average of approximately USD$237 per kilogram during late 2024, representing a potential byproduct via conventional gravity separation techniques such as spirals and tabling to produce a saleable concentrate onsite, with modest additions to flowsheet design. Early investigations into tantalum involved two phases of very high-level sighter metallurgical test work, revealing encouraging recoveries worthy of follow up. Expansion of this workflow and optimisations advanced while a tantalum recovery circuit was incorporated into the baseline Malinda flowsheet design. The combined Inferred and Indicated Mineral Resource Estimate were measured as: • 21.9 Mt @ 1.0% Li₂O (at a 0.5% Li₂O cut off) 74% of the MRE in higher confidence Indicated category: 16.1 Mt @ 1.0 Li₂O% (see Table 2 below). Yinnetharra Lithium & Tantalum Resource March 2025 Area M1 Resource category Cut-off grade (Li₂O%) M3 M4 Ta₂O₅ ppm Ta₂O₅ (Kt) - - - - - 9.9 0.9 92 51 0.5 Inferred 0.5 2.9 0.8 24 52 0.2 12.7 0.9 117 51 0.6 Measured - - - - - Indicated - - - - - 0.2 1.2 2 29 0.0 Total Resource 0.2 1.2 2 29 0.0 Measured - - - - - Inferred Indicated 0.5 - - - - - 0.2 1.0 1 24 0.0 Total Resource 0.2 1.0 1 24 0.0 Measured - - - - - Inferred Indicated Inferred 0.5 0.5 - - - - - 0.1 0.8 0 20 0.0 0.1 0.8 0 20 0.0 Measured - - - - - Indicated - - - - - Inferred 0.5 Total Resource M36 Li₂O (Kt) Measured Total Resource M20 Li₂O% Indicated Total Resource M2 Tonnes (Mt) 0.0 0.6 0 54 0.0 0.0 0.6 0 54 0.0 Measured - - - - - Indicated 4.7 1.1 51 106 0.5 0.7 0.7 5 153 0.1 5.4 1.0 56 112 0.6 Inferred 0.5 Total Resource Table 2: Yinnetharra Lithium & Tantalum JORC Resource DELTA LITHIUM 16 ANNUAL REPORT 2025 CHAIRMAN’S LETTER REVIEW OF OPERATIONS DIRECTORS REPORT FINANCIAL STATEMENTS FINANCIAL STATEMENTS NOTES REVIEW OF OPERATIONS (CONT’D) Yinnetharra Lithium & Tantalum Resource March 2025 Area Resource category Cut-off grade (Li₂O%) Measured M42 Indicated Inferred 0.5 Total Resource M47 M69 J1 Li₂O% Li₂O (Kt) Ta₂O₅ ppm Ta₂O₅ (Kt) - - - - - 0.2 0.6 1 131 0.0 0.2 0.7 1 107 0.0 0.4 0.7 2 122 0.0 Measured - - - - - Indicated 1.4 0.9 13 154 0.2 Inferred 0.5 Total Resource M67 Tonnes (Mt) 0.1 0.8 1 185 0.0 1.5 0.9 14 157 0.2 Measured - - - - - Indicated - - - - - Inferred 0.5 0.3 0.7 2 62 0.0 Total Resource 0.3 0.7 2 62 0.0 Measured - - - - - Indicated - - - - - 0.4 0.8 3 85 0.0 Total Resource 0.4 0.8 3 85 0.0 Measured - - - - - Inferred Indicated 0.5 - - - - - 0.8 1.7 13 44 0.0 Total Resource 0.8 1.7 13 44 0.0 Total Measured - - - - - Total Indicated 16.1 1.0 158 77 1.2 Total Inferred 5.8 0.9 54 69 0.4 Total 21.9 1.0 212 75 1.6 Inferred 0.5 Table 2: Yinnetharra Lithium & Tantalum JORC Resource DELTA LITHIUM 17 ANNUAL REPORT 2025 CHAIRMAN’S LETTER REVIEW OF OPERATIONS DIRECTORS REPORT FINANCIAL STATEMENTS FINANCIAL STATEMENTS NOTES REVIEW OF OPERATIONS (CONT’D) Aston Project Acquisition to get onto the ground at Mortimer Hills in the coming months to commence target generation, soil geochemistry and detailed geology mapping. The Aston Project acquired from Minerals 260 comprises 15 granted exploration licences covering an area of approximately 1,700km². Minerals 260's earlier exploration defined multiple lithium, tantalum and rubidium soil anomalies, including a 5kmlong lithium trend at Pyramid Hill, with no drilling previously undertaken. Yinnetharra Project Development Many of these tenements adjoin Delta’s existing holdings and JV areas, streamlining exploration and potential development around the Malinda and Jameson deposits. Their close proximity to Jameson and ~10 km of additional strike along the Leake Springs Metamorphic unit - which hosts all known lithium and tantalum resources at Yinnetharra - makes it highly prospective. Delta has already begun target generation and will systematically drill test these promising areas following the heritage clearances mentioned above being undertaken over this new tenure in the coming quarter. A metallurgical testwork program to a DFS level of detail was approved by the Delta Board late in the September quarter to target the M1 pegmatite orebody, which hosts the majority of the Mineral Resource Estimate at Malinda. This testwork, including a 4-tonne pilot plant test on the M1, was ongoing throughout the December quarter with results released to the ASX on 21 January (refer ASX Announcement titled ‘Yinnetharra Metallurgy and Exploration Update’). A summary of the results is shown in Table 3. Environmental baseline studies have progressed at Yinnetharra including flora and fauna, materials characterisation, surface and groundwater studies. These studies were ongoing throughout the year. The testwork program was used to develop the required processing flowsheet for the M1 ore body as shown in Figure 6. Geotechnical studies on the M1 Open Pit to a DFS level of detail, and M1 Underground to a PFS level of detail was completed throughout the year. The metallurgical and geotechnical studies on the M1 are designed to support a Maiden Reserve in future studies. Mortimer Hills Project Acquisition The acquisition of the Mortimer Hills Project comprises one granted exploration licence, E09/2147, which is located 5km east southeast along strike from Malinda. This land package presents significant prospectivity due to its close proximity to Malinda. Field teams are scheduled Grades Units Batch Locked Cycle Pilot Plant Feed Grade %Li₂O 1.0 1.0 1.0 Concentrate Grade %Li₂O 6.0 5.5 5.7 %, Li₂O 3.9 3.9 4.2 Recovery Breakdown Deslime Losses Mags Losses %, Li₂O 3.4 3.4 2.8 Mica Prefloat Losses %, Li₂O 6.4 9.9 6.1 Spodumene Float Losses %, Li₂O 4.6 6.5 17.7 Global Recovery %, Li₂O 81.8 76.4 69.2 Table 3: High level testwork results DELTA LITHIUM 18 ANNUAL REPORT 2025 CHAIRMAN’S LETTER REVIEW OF OPERATIONS DIRECTORS REPORT FINANCIAL STATEMENTS FINANCIAL STATEMENTS NOTES REVIEW OF OPERATIONS (CONT’D) Approvals and Project Development Subsequent to the end of the Financial Year, Delta engaged with traditional owners to conduct heritage surveys in prospective areas in order to prepare for upcoming exploration drilling in the vicinity. The Mining Lease application was submitted for the Malinda Mining Area and Native Title negotiations have commenced. Environmental permitting will continue to advance, and Delta will provide an update on the likely permitting route once meetings with Regulators have been held. Figure 5: Operating the spodumene circuit DELTA LITHIUM 19 ANNUAL REPORT 2025 CHAIRMAN’S LETTER REVIEW OF OPERATIONS DIRECTORS REPORT FINANCIAL STATEMENTS FINANCIAL STATEMENTS NOTES REVIEW OF OPERATIONS (CONT’D) CRUSHING SCREEN ROM BIN PRIMARY CRUSHER TERTIARY CRUSHER SECONDARY CRUSHER CLASSIFICATION CYCLONE CRUSHED ORE STOCKPILE MILLING MAGS DESLIME CYCLONE DEWATERING CYCLONE DEWATERING CYCLONE LIMS TANTALUM RECOVERY TANTALUM CONCENTRATE MICA FLOTATION SPODUMENE FLOTATION MICA THICKENER SPODUMENE THICKENER TAILINGS THICKENER MAGS WHIMS SPODUMENE FILTERATION SPODUMENE CONCENTRATE Figure 6: M1 Lithium / Tantalum DFS Flowsheet Diagram DELTA LITHIUM 20 ANNUAL REPORT 2025 TAILINGS STORAGE FACILITY CHAIRMAN’S LETTER REVIEW OF OPERATIONS DIRECTORS REPORT FINANCIAL STATEMENTS FINANCIAL STATEMENTS NOTES REVIEW OF OPERATIONS (CONT’D) Mt Ida Project Mt Ida Gold The Mt Ida Project is located approximately 100km northwest of Menzies, and approximately 225km by road from Kalgoorlie in Western Australia’s prolific Eastern Goldfields mining region. The Project area resides on granted mining leases and is approved for open pit and underground mining at Baldock, which hosts the majority of the high-grade gold Mineral Resource at Mt Ida. Mt Ida hosts a significant high-grade gold resource with total Inferred and Indicated Mineral Resources of 10.3Mt @ 3.33 g/t Au for 1.1Moz. Mt Ida Resource Growth Delta advanced multiple key workstreams throughout the year which included a $6m exploration drilling program, with a target to grow the current gold resource beyond 1 million ounces for genuine standalone scale. This was the first program that primarily targeted the gold resources since Delta’s acquisition of the project in 2021. The majority of previous drilling undertaken at Mt Ida has been focussed on LCT mineralisation, however gold lodes at Baldock were continuously intercepted by this drilling due to their spatial relationship with the pegmatites. Mt Ida Project Development Delta continued to progress a standalone processing option such that Delta’s own development plans could be assessed against the outcome of the Strategic Review. Contemporaneously with the Resource Growth program as outlined below, Delta prepared and submitted applications for a Processing Plant and Tails Storage Facility at Mt Ida with Works Approval and update to Mining Proposal and Mine Closure Plan submitted to the relevant state authorities being DWER and DMPE. The four-stage drill program consisted o