Announcement PDF Annual Report Leading the way in the renewable energy transition 25 Our Reporting Suite Annual Report 25 Leading the way in the renewable energy transition Annual Report ESG Report Leading the way in the renewable energy transition ESG Report 25 Acknowledgement of Country Critical Minerals Group acknowledges the Traditional Custodians of the lands on which we operate. We recognise the Miajabi(Mayi-Yapi) and Mycoolon people and the Mayi and Mitakoodi people who are the Traditional Owners of the land on which our tenements are located; the Yugambeh People, Traditional Owners of the Logan City region; and the Turrbal and Jagera Peoples, Traditional Owners of the Brisbane region. We pay our respects to Elders past, present and emerging. Table of Contents Introduction4 Letter from the Chair 4 Company Overview 5 Chief Executive Officer’s Update CMG’s Evolution Market to Mine Strategy Company Structure & Business Model Case Study 6 6 10 12 14 Directors’ Report Remuneration Report 16 28 Financial Report Auditor’s Report 35 56 2025 Achievements $4.8m in grants combined from all levels of government Exploration permits for Lindfield North and Lara Downs Granted Vanadium Electrolyte Manufacturing Facility Site secured & FEED stage complete Awarded Lindfield Pilot plant test work BESS business strategy Commenced Established Development of project pipeline for Strategic partnerships for energy solution supply chain BESS Business Established Chief Operating Officer & Chief Financial Officer Appointed $5m Successfully raised Partnerships Annual Report FY25 3 Letter from the Chair Dear Shareholders, It is my pleasure to present the Critical Minerals Group (CMG) Annual Report for the 2025 financial year. This has been a year of significant progress for the company, marked by strategic development and continued momentum across operational activities. Our vision is clear: to establish an integrated vanadium supply chain to support the delivery of Vanadium Flow Battery (VFB) energy storage solutions. Over the last 12 months, under the leadership of CEO Scott Winter, we advanced this vision with measurable achievements. From resource development at our Lindfield Project, to finalising the design and front end engineering design (FEED) stage of our Vanadium Electrolyte Facility in Logan, and progressing the development of our downstream energy storage business. These milestones strengthen our ability to deliver secure, scalable, and sustainable energy solutions to the market, positioning CMG as a future leader in the global energy storage sector. This year has also underscored the importance of strategic partnerships in accelerating our pathway. Our collaboration with Idemitsu, together with strong engagement with both the Queensland and Federal Governments, provides validation of our strategy and creates new opportunities for growth. Importantly, CMG has also proactively advanced relationships with global battery leaders, technology partners, and investment stakeholders to support the successful delivery of our downstream VFB energy storage solution business. These key relationships are a cornerstone of CMG’s approach. Leveraging expertise, resources, and alignment with national energy objectives to deliver long-term value for our shareholders and stakeholders, while predicting and meeting the demands of an incredibly dynamic energy market. Sustainability remains at the core of our operations. We are committed to supporting the global energy transition while maintaining high standards of environmental stewardship, safety, and community engagement. The initiatives undertaken in FY25 reflect our dedication to responsible growth, and we remain focused on creating shared value across the regions where we operate. Looking ahead, FY26 promises to be another defining year for CMG. With a strengthened foundation, a growing pipeline of opportunities, and an experienced team, we are well positioned to capture the benefits of a rapidly expanding global market for vanadium-based energy solutions. On behalf of the Board, I extend my gratitude to the management team for their commitment and leadership, and to our shareholders for their ongoing trust and support. Together, we are building a business of scale and impact, one that will play a pivotal role in shaping Australia’s energy future. Yours sincerely, Alan Broome, AM Chair 4 criticalmineralsgroup.com Company Overview Purpose Vision Strategy To support global communities through an energy transition that will deliver a more sustainable and responsible future. We will be known as the leading provider of high-quality reliable energy storage solutions delivering robust returns through our fully integrated and controlled vanadiumn supply chain. Upstream supply security​ ᴑ Vanadium pentoxide (V2O5) production​ ᴑ Vanadium electrolyte (VE) manufacturing​ ᴑ Extract value added by-products Downstream Value Creation ᴑ Vanadium Battery Energy Storage Systems (BESS) solutions ᴑ Integrated supply chain​ ᴑ Commercial and industrial market Sustainable Delivery ᴑ Integrating ESG in business deliverables​ ᴑ Vanadium BESS powering CMG FY25 Objectives ᴑ Traditional Owners involvement CMG has achieved its FY25 objectives of: ᴑ Implemented a strategy to participate in the end to end Vanadium Flow Battery (VFB) Supply chain ᴑ Commenced the PFS for the Lindfield project including pilot plant testing ᴑ Developed a pathway to vanadium electrolyte manufacturing FY26 Objectives ᴑ Established an ESG framework and an ongoing reporting structure for key ESG initiatives ᴑ Continue establishing a pipeline of VFB potential projects ᴑ Generate early cashflow from the VFB energy storage solutions ᴑ Complete the PFS for the Lindfield Project and associated pilot test work ᴑ Complete vanadium electrolyte manufacturing capability and pathway for growth Annual Report FY25 5 Chief Executive Officer’s Update 2024-2025: CMG’s Evolution The strategy and brand launch in August 24 was a great success with support from shareholders, government departments, community and technical partners. When the team reflected on the major value driving factors influencing the vanadium flow battery (VFB) market it became clear that CMG needed to be involved across the vanadium supply chain and not only the development of the Lindfield mine. This would require CMG to participate in the midstream manufacturing of the active material which is vanadium electrolyte as well as understanding the energy market and developing a capability to deliver energy storage solutions using vanadium flow batteries. The strategy centred around creating demand and offtake of longer duration energy storage which would lead to the offtake of vanadium electrolyte and in turn vanadium pentoxide. In support of this strategy, CMG unveiled a brand that it felt truly reflected what the company was aiming to achieve across the vanadium supply chain. The ongoing development of the Lindfield vanadium project has been rewarding. A range of environmental studies were started and the team had early discussions with the local Traditional Owners on country, as well as the Julia Creek and McKinlay shire community. The pre-feasibility study kicked off with Sedgman Prudentia and quickly resolved many key technical elements. We are excited that the metallurgical test work evolved to a point where we were confident to commence Pilot Plant testing. The team also successfully investigated alternate vanadium process flow sheets to improve recovery and reduce capital and operating costs. Establishing the mid stream vanadium electrolyte business was a terrific achievement. CMG found both the QLD State and federal governments to be aligned with the strategy and supportive of the investment in the downstream manufacturing of QLD won raw materials. CMG was fortunate enough to secure a $2 million grant from the QLD Treasury in support of the development of a vanadium electrolyte manufacturing plant located in Logan QLD, which has been critical in the funding of the plant and its development. We are encouraged by the engagement we have received from vanadium battery suppliers since embarking on this development and see offtake agreements as a natural next step as the plant is commissioned into steady state operations. Embarking on the development of the energy storage business was an exciting and rewarding journey for the team. A significant amount of time and effort was spent in understanding where VFB would best support the market, engaging and securing the specific partners required to support CMG’s business and identifying customers with potential VFB installation projects. We see an increasing demand in the National Energy Market (NEM) and Wholesale Electricity Market (WEM) for long duration energy storage suited to VFB’s and see FY26 as another growth year. CMG has made significant inroads in the upstream Lindfield development, midstream vanadium electrolyte manufacturing and downstream energy storage solutions. We see this will bring forward cash flow into 2026 and allow CMG to make growth and capital investment decisions based on tangible market demand. Annual Installed VRFB Utility-Scale and Commercial and Industrial Battery Deployment Energy Capacity by Region, All Application Segments, World Markets: 2022-2031 35,000 30,000 25,000 20,000 MWh It is with great pride that we present to you the year that was 2025 and share with you the significant progress the team has made. FY25 was a year of growth and evolution in Critical Minerals Group (CMG) as we communicated our business strategy at a brand launch earlier in the year and made it very clear what the areas of focus were for CMG. 15,000 10,000 5,000 0 2022 2023 2024 2025 2026 2027 2028 2029 2030 North America Latin America Asia Pacific Eastern Europe Western Europe Middle East Source: Guidehouse Insights, Vanadium Redox Flow Batteries: Identifiying Market Opportunities and Enablers, 2022 6 criticalmineralsgroup.com 2031 Africa The Energy Market: Demand and Dynamics The energy sector is in constant evolution as the energy transition rolls out across the nation and the globe. The changes occurring in the marketplace affect CMG in a positive way. To ensure CMG is well positioned to take advantage of these opportunities the company is continually assessing and reviewing its strategy and key focus areas. however do not provide energy overnight and through the morning peak. The data shows that we are approaching 80% renewables consumption during the daylight hours, however the lack of long duration battery storage means we revert to more than 80% coal/gas fired power overnight. VFBs are a proven, readily available technology that can shift the excess renewables energy generated during the daylight hours to significantly reduce coal/gas consumption and hence overall energy costs through the entire night and morning peak . With CMG’s vanadium targeted at the vanadium flow battery market, the main area of focus is the domestic energy market and in particular the energy storage demand. With a lens on Australia; the renewable energy rollout across the nation has been occurring for over ten years with major growth in rooftop solar as well as larger solar and wind investments occurring in regional and remote areas. The initial investments focussed on renewable energy without backup storage, however in recent years a significant opportunity in peak time energy trading in the morning and evening have seen increased investment and installation of short duration batteries to take advantage of high returns. Long duration vanadium flow batteries can support the energy transition, and AEMO has recognised this. Quarterly reporting from the Australian regulator AEMO indicates a recent trend towards longer duration energy storage needs in the NEM and WEM. Long term forecasts indicate that by 2050, 88% of energy use will come from long duration energy storage. In the short term major energy “gentailer’s” across the nation are issuing tenders for energy storage with duration specifications greater than 10 hours, which is ideally suited to vanadium flow batteries. These batteries are short in duration with up to two hours in capacity and assist with high energy demand periods The graphs below indicate at midday, renewable energy utilisation is rapidly increasing and approaching the government target of 80%, however lack of long duration energy storage results in a sharp drop overnight e.g. at 6pm. Quarterly supply at 12:00 Quarterly supply at 12:00 Q1 Feb 100.00% Q1 Feb Q2 June Q2 June Q4 October Q4 October Chart Title Quarterly supply at 18:00 Chart Title Quarterly supply at 18:00 Q1 Feb Q1 Feb Q2 June Q2 June Q4 October Q4 October 100.00% Year-on-year – this is not changing BESS Rooftop Rooftop Hydro Gas Gas 2024 2023 2024 2023 20212022 2022 20192020 20202021 20252019 20242025 2023 2022 20232024 2022 2021 Hydro 2021 2019 2020 2020 2025 2019 2025 20232023 Solar Solar 20242024 20212021 20222022 2019 2024 2024 2022 Wind Wind 2023 2023 20212020 20222021 20192025 Other Other 20202019 20252024 20242023 2021 2022 2022 DispLoad BESS DispLoad Source: Greenview Analysis Jul 2025 2023 2019 2020 2021 2025 20192024 2020 20252023 20232021 20242022 20212019 2020 2019 20222020 0.00% 0.00% 2019 20.00% 20.00% 20202020 40.00% 40.00% Some year-on-year improvement Year-on-year – this is not changing % of Total GWh % of Total GWh 60.00% 60.00% Some year-on-year improvement 80.00% 80.00% Coal Coal Annual Report FY25 7 Chief Executive Officer’s Update As the focus on energy storage grows the focus on capital and operating costs increases and solutions are driven to be more efficient and cheaper. This is occuring across all enegy storage categories and in particular VFB’s as the number of installations increase and supply chains become more robust. In comparison this trend has not occurred with domestic pumped hydro energy projects as infrastructure costs increase and approvals are delayed. Vanadium flow batteries are fast becoming more competitive on a capital installation basis and surging ahead on the levelised cost of storage (LCOS). Like Australia, many other countries are seeing the benefits of vanadium flow batteries and the installations of this type of battery increasing. China and Asia lead the way with VFB installations of up to 1GWh commissioned in 2025, with Japan, USA, Europe, and the UK installing VFB’s on a regular basis. CMG’s progress in the supply chain has not gone unnoticed in the sector both domestically and internationally. With major VFB suppliers and manufacturers based offshore and noticing the opportunity in Australia, CMG is experiencing significantly increased activity and engagement from suppliers and potential customers. There is significantly higher curtailment of solar and wind generators caused by transmission and economic issues resulting in many generators augmenting their investments with energy storage solutions. Vanadium flow batteries solve this issue by integrating the renewable generator with the battery to create a hybrid renewable solution with increased flexibility in energy distribution. With the positive trends in government policy, regulator focus, decreasing costs, increased VFB installations, improved supplier technology support and clarity on VFB domestic opportunities, CMG saw the opportunity for significant domestic growth in VFB installations. With a growing domestic VFB installation market CMG saw this as the opportunity to underpin the establishment of the vanadium supply chain and in particular the development of both the vanadium electrolyte manufacturing and the production of vanadium pentoxide. A recent report from AEMO targeted at the transmission and distribution network across the NEM highlighted a growing infrastructure issue and that significant investment was required to upgrade poles and wires to distribute renewable energy generation. 49GW/​646GWh of dispatchable storage required by 2050 to support 58GW Solar and 69GW wind.​ 88% of all long duration energy storage (LDES) by 2050. 8 criticalmineralsgroup.com Ref: AEMO, 2024 Integrated System Plan for the National Electricity Market What is the Opportunity for Vanadium Flow Batteries? Lifespan​ 25+ years​ 20,000+ cycles ​ Scalability​​ Electrolyte volume Price Low LCOS​​ Med-Long Duration​ Best suited to 6+ hours Sustainability​ Battery 98% recyclable Recyclability Electrolyte reusable Nil Degredation Vanadium electrolyte does not degrade Safety​ Non-flammable ​ and highly stable Energy & Power Density Small and large grid applications The Future is Hybridisation CMG has clearly defined its target customers and an achievable growth pathway. The target customer applications achieve: ᴑ Enhanced economic efficiency of renewable energy ᴑ Load balancing and enhancing grid resilience Substation Mine Community Solar PV Datacentre ᴑ Power security and reliability ᴑ Continuous Power supply ᴑ Lowering diesel usage and associated carbon emissions Chief Executive Officer’s Update Market to Mine Strategy Pentoxide production Electrolyte manufacturing Vanadium mining and processing Electrolyte manufacture Extraction Electrolyte manufacture V2O5 processing Quality testing Transport and logistics Storage and logistics Upstream demand dictated by BESS project pipeline Upstream supply security​ 10 Downstream value crea Vanadium pentoxide (V2O5) production​ Vanadium BESS solutions Vanadium electrolyte (VE) manufacturing​ Integrated supply chain​ By-products Commercial and industr criticalmineralsgroup.com Through the development of an internal capability to develop energy storage solutions using vanadium flow batteries and focussing on delivering those solutions to customers, CMG enhanced the overall strategy. CMG’s model integrates upstream (mining), midstream (vanadium electrolyte production), and downstream (energy storage solutions) to create a complete vanadium supply chain. The market-to-mine strategy ensures a balanced supply-demand dynamic and optimal pricing. Prioritising early cash flow and risk mitigation, we protect shareholder investments while enabling sustainable demand-led growth. Battery Energy Storage System solutions ation Vanadium Flow Battery storage solutions Developer services Technical/financial feasibility Battery, hardware and software supply Microgrid development (rural, remote) EPC management Heavy industry and grid scale development Hybrid development Operations and maintenance Market-to-mine strategy​ Sustainable delivery s​ Integrating ESG in business deliverables​ ​ Vanadium BESS powering CMG​ rial market Traditional Owner involvement Annual Report FY25 11 Chief Executive Officer’s Update Company Structure & Business Model CMG is structured in a way to capture the value in each of the different business streams, upstream – Lindfield vanadium project, Midstream vanadium electrolyte and downstream - energy storage solutions. This allows for flexibility and the growth of individual business streams to be organic and defined by the market dynamics they operate within. ᴑ In establishing the energy storage solutions business, manages a range of EPC contractors that carry out the deliver an installed vanadium flow battery. The elements civil, electrical, controls and remaining engineering work. of the supply chain required to deliver an operating vanadium flow battery are extensive and CMG has formed strategic partnerships to give the capacity to deliver reliable solutions. ᴑ Project origination and customer engagement is required to populate the pipeline of potential VFB customers to match the attributes of the VFB and works alongside to progress the opportunities. At this early stage both the commercial agreements and funding planning is carried out. ᴑ CMG has both technical and commercial partners to evaluate and analyse potential projects in order to define a project scope. As the opportunity evolves to an agreed project, the team with key partners develop the design and operating principles of the energy storage asset. ᴑ As each VFB project is unique the equipment required differs between each project. CMG has a wide range of supply relationships for vanadium electrolyte, wet and dry vanadium flow batteries, PCS’s, transformers and other balance of plant items. Control systems and software to accompany the equipment is also delivered through specific suppliers. 12 ᴑ In order to construct and deliver the installation CMG CMG has established the building blocks necessary to criticalmineralsgroup.com ᴑ The operations and maintenance are the final components of the supply chain and is an integrated service between the original equipment manufacturer and locally based service providers. Depending on the project and customer requirements CMG supports the VFB asset to the extent required. The strategy to develop an integrated vanadium supply chain in Australia to support the growing demand for long duration energy storage is one that CMG is delivering against. The approach brings cashflow into 2026 through the VFB energy storage solution business. Initially third-party vanadium electrolyte and vanadium flow batteries will be used to deliver solutions until CMG’s vanadium electrolyte manufacturing plant is able to supply VE into third party VFB’s. Each project is being established through a separate Special Purposes Vehicle under the energy storage solutions business and funded accordingly. The commercial solutions for customers range from a full turnkey delivered VFB that is then owned by the customer to a leasing model where the customer has a long term lease with regular payments for either the whole or Vanadium electrolyte part of the VFB. Downstream BESS solutions installation targets​ CMG Plans to use the Lindfield V2O 5 production to manufacture vanadium electrolyte and then use this entire production in vanadium battery installations.​ chain production per annum​ 10,000t of V2O5​ 68m litres vanadium electrolyte 1.3 GWh vanadium battery storage capacity CMG can be flexible with its commercial model​ Asset lease/rent Margin derived from delivering project related services Design, procure, engineering, procurement and construction (EPC), operations and maintenance (O&M) Vanadium electrolyte leasing/rent​ The total battery solution Customer engagement ​ Economic modelling ​​ Project origination and commercial agreements Assessing battery size, duration, BMS​ Battery management system, energy management system​ Project scoping studies ​ EPC management​ Funding/PPA ​ Feasibility, demand forecasting, risk analysis, equipment selection​ Construction and delivery of asset​ Funding options — ownership, lease, finance​ Technical design​ Supply items ​ Operations & maintenance ​​ Energy asset design, battery, and PV​ Vanadium electrolyte, vanadium battery, solar panels, inverter Ongoing maintenance of asset​ Software supplier Annual Report FY25 13 Chief Executive Officer’s Update Case Study One 2MW battery, 16 MWhrs, 8hr storage capacity A 2MW battery energy storage system (BESS) with an 8-hour storage capacity can deliver ​16MWh or 16,000 kWh of energy.​ Using the assumptions in Table 1, CMG anticipate the following:​ ᴑ If CMG produce its own pentoxide, the expected internalised margin to the vanadium electrolyte business is ~$0.70M, on a cost of production of ~$2.2M ​ ᴑ If CMG manufacture its own vanadium electrolyte, the expected internalised margin to the BESS business is ~$1.1M, on an installed battery cost of ~$16M​ ᴑ If CMG assembled and installed the battery, the expected internalised margin to the BESS business is ~$1.4M on an installed battery cost of ~ $16M ​ ᴑ A fully integrated model would result in an internalised margin of approximately ​$3.2M, against a total installed battery cost of ~$16M. Integrated solution benefits By integrating a complete supply chain, CMG can increase efficiency and scalability and leverage the advantages of internalising cost margins. Cost reduction By optimising production and reducing reliance on external suppliers, CMG is able to significantly lower costs associated with battery supply. Performance optimisation Performance optimisation of CMG’s internalised process allows for better control over the design and quality of components, leading to improved battery efficiency.​ Scalability Opportunity for scale with streamlined production and a fully integrated solution. Assumptions​ 6.9l Vanadium Electrolyte Table 1 Unit *Internal Purchase Price *CMG Production Cost $/kg ~$25 ~$18.6 $/kWh ~$182 ~$145 $/kg ~$5.5 ~$4.1 $/kWh ~$290 ~$205 1kg Pentoxide 0.14 kWh​ Pricing Pentoxide 1l Vanadium Electrolyte​ 0.02 kWh​ Vanadium Electrolyte *VFB grade V2 O 5 One 2MW battery​ (16 MWhrs, ​ 8hr storage)​ 14 criticalmineralsgroup.com $16M​ “Queensland and Australia has an incredible opportunity to take control of the vanadium supply chain and drive power costs lower. From pentoxide processing to electrolyte manufacturing and VFB assembly and installation, establishing an end to end supply chain positions Australia as a leader in the growing global energy storage market and brings us a step closer securing the long term benefits for Australian industry, jobs and regional communities.” William Scott Winter CEO and Managing Director Annual Report FY25 15 Directors’ Report Contents Review of Operations and Principle Activities Group Projects Environment, Social and Governance Information on Directors Remuneration Report Directors’ Declaration Auditor’s Independence Declaration 16 criticalmineralsgroup.com 17 20 22 24 28 33 34 Your directors present their report on Critical Minerals Group Limited (“the Company”) and its controlled entities (“the Group”), for the financial year ended 30 June 2025 (FY25). Directors and Company Secretary The names of the directors in office at any time during, or since the end of, FY25 are: Alan Broome, AM William Scott Winter Art Malone Resigned 31 May 2025 Steven Kovac Stuart McClure Directors continue or were in office from the start of FY25 to the date of this report unless otherwise stated. Trudy Walsh was appointed joint Company Secretary with effect from 20 June 2025. Registered Office The Company’s registered office and principal place of business is: Level 15 100 Edward Street Brisbane QLD 4000 The Company’s phone number and email address is: Phone: (07) 3132 3504 Email: info@criticalmineralsgroup.com.au Review of Operations and Principle Activities This Directors’ Report contains a review of the Group’s operations, including information on exploration activity and results, financial position, strategies, and projects of the Group for FY25. During FY25, the Company successfully completed two entitlement offers of: ᴑ 16,624,059 ordinary shares at $0.15 per share raising $2.494 million before costs, and ᴑ 18,506,971 ordinary shares at $0.135 per share raising $2.498 million before costs The Group’s financial position, financial performance, and use of funds and changes of equity information for FY25 is provided in the financial statements that follows this Directors’ Report. The Group incurred a loss of $2,680,420 for FY25, resulting from administration expenses, professional and consulting fees and employee costs. The Company, as an exploration entity, has no operating revenue. The performance of the Group, in the Directors’ opinion, is based on the success of the exploration and development activities and the acquisition of mining interests by the Group. The Company is pleased to provide an update on activities completed during FY25. The Company is an exploration and energy company focussed on developing an end to end vanadium supply chain to deliver vanadium flow battery energy storage solutions. As part of its business model, CMG has developed three distinct business segments: Upstream (Mining and Vanadium Pentoxide Production), Mid Stream (Vanadium Electrolyte manufacturing), and Downstream (VFB energy storage solutions). During FY25, significant progress was made across all of the business streams. Upstream: Vanadium Pentoxide Production The Company commenced a prefeasibility study into the Lindfield Project in FY25, along with a series of environmental studies for the Lindfield Project Environmental Impact Statement (EIS). The majority of the field studies were originally scheduled for the March/April period however these were delayed due to the substantial rain late in the season making access to certain areas problematic. Annual Report FY25 17 Directors’ Report Review of Operations and Principle Activities (continued) Applications for Coordinated Project Status and an EPBC submission (Environment Protection and Biodiversity Conservation Act) are also in the final stages of preparation. Metallurgical testwork focussed on the completion of pilot work for the beneficiation stages (scrubbing, screening, cycloning) and flowsheet optimisation for flotation, leaching and downstream operations. The pilot test work to date was conducted on material sourced from twin holes drilled in the 2023 drill program carried out at Lindfield. The beneficiation testwork processed the material from the A and B horizons separately to better understand the differences in performance when tested on a larger scale. The results indicated better performance than the original bench scale tests, due to the pilot equipment being more representative of the equipment likely to be installed in a full-scale operation. The pilot work also tested single versus two stage cyclone operation, opting for two-stage due to the higher vanadium and molybdenum recoveries. Subsequent bench scale flowshee