Alara Resources Limited

 
 
 
 
ANNUAL REPORT 
2025 
 
 
 
 
HARNESSING EARTH’S  
RICHES TO ENRICH LIVES 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EXPLORATION > MINING > PRODUCTION 
www.alararesources.com 

2 
Alara Resources | Annual Report 2025 
Forward-Looking Statements 
 
 
 
Alara Resources Limited ABN 
27 122 892 719 
 
 
 
 
 
 
 
 
 
 
 
Building on a milestone year of operational progress and expanded exploration across Oman, Alara enters 
2026 with strengthened momentum and a clear pathway for growth. With key process upgrades now 
enhancing efficiency, the company is advancing its resource base through ongoing drilling programs and 
targeted greenfield exploration across high-potential concessions. 
Guided by its integrated “hub and spoke” model, Alara aims to maximise the value of existing infrastructure 
while optimising future development opportunities. Supported by strong partnerships, disciplined 
execution, and an unwavering focus on sustainability, the company remains well-positioned to capitalise on 
rising global demand for copper and to continue its evolution as a leading regional copper-gold producer 
delivering long-term value for shareholders. 
 
 FORWARD-LOOKING STATEMENTS  
 
This report contains “forward-looking statements” and 
“forward-looking information”, including statements and 
forecasts which include without limitation, expectations 
regarding future performance, costs, production levels or 
rates, mineral reserves and resources, the financial position 
of Alara, industry growth and other trend projections. 
Often, but not always, forward-looking information can be 
identified by the use of words such as “plans”, “expects”, 
“is expected”, “is expecting”, “budget”, “scheduled”, 
“estimates”, 
“forecasts”, 
“intends”, 
“anticipates”, 
or 
“believes”, or variations (including negative variations) of 
such words and phrases, or state that certain actions, events 
or results “may”, “could”, “would”, “might”, or “will” be 
taken, occur or be achieved. Such information is based on 
assumptions and judgements of management regarding 
future events and results. 
The purpose of forward-looking information is to provide the 
audience 
with 
information 
about 
management’s 
expectations and plans. Readers are cautioned that forward-
looking information involves known and unknown risks, 
uncertainties and other factors which may cause the actual 
results, performance or achievements of Alara and/ or its 
subsidiaries to be materially different from any future 
results, performance or achievements expressed or 
implied by the forward-looking information. Such 
factors include, among others, changes in market 
conditions, future prices of gold and copper, the 
actual results of current production, development 
and/or 
exploration 
activities, 
changes 
in 
project 
parameters as plans continue to be refined, variations in 
grade or recovery rates, plant and/or equipment failure 
and the possibility of cost overruns. 
Forward-looking 
information 
and 
statements 
are 
based 
on the reasonable assumptions, estimates, 
analysis and opinions of management made in light of its 
experience and 
its perception of trends, current 
conditions and expected developments, as well as other 
factors that management believes to be relevant and 
reasonable in the circumstances at the date such 
statements are made, but which may prove to be 
incorrect. Alara believes that the assumptions and 
expectations 
reflected 
in 
such 
forward-looking 
statements and information are reasonable. Readers are 
cautioned that the foregoing list is not exhaustive of all 
factors and assumptions which may have been used. 
Alara does not undertake to update any forward-looking 
information or statements, except in accordance with 
applicable securities laws. 

3 
Alara Resources | Annual Report 2025 
Table of Contents 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  TABLE OF CONTENTS  
FORWARD-LOOKING STATEMENTS 
02 
TABLE OF CONTENTS 
03 
LETTER TO SHAREHOLDERS 
04 
PROJECTS OVERVIEW - OMAN 
07 
HEALTH, SAFETY AND ENVIRONMENT 
33 
BOARD OF DIRECTORS 
37 
MANAGEMENT SUPPORT TEAM 
40 
2025 DIRECTORS’ REPORT 
45 
AUDITOR’S INDEPENDENCE DECLARATION 
57 
2025 FINANCIAL REPORT 
59 
CONSOLIDATED ENTITY DISCLOSURE STATEMENT 
87 
DIRECTOR’S DECLARATION 
88 
INDEPENDENT AUDITOR’S REPORT 
89 
JORC CODE INFORMATION 
94 
SECURITIES INFORMATION 
96 
CORPORATE DIRECTORY 
97 

4 
Alara Resources | Annual Report 2025 
Letter to Shareholders 
 
 
  LETTER TO SHAREHOLDERS  
For the Year Ended 30 June 2025 
 
 
Dear Shareholders, 
Following an action-packed 2024, Alara Resources continued to reach new heights in 2025 — both as a copper-
gold concentrate producer and as a growing exploration company in the Middle East. This year marked another 
step forward in our transformation from an exploration-focused company to a fully integrated, sustainable 
mining group. This is a pivotal phase in the company’s journey and we are excited to take Alara into its next 
era of growth and value creation. 
While short-term volatility in copper prices has been influenced by global factors such as potential tariff 
changes and a moderated economic outlook in China, the long-term fundamentals of copper remain 
exceptionally strong. The megatrends of electrification, energy transition, and digitalisation are driving 
sustained global demand. Analysts, including Goldman Sachs, continue to project copper prices in the range of 
USD $10,000–$11,000 per tonne over the next two years — a robust outlook that underpins our optimism. 
2025 has been a milestone year for Alara. Mechanical construction and various phases of commissioning were 
completed at the flagship Al Wash-hi Majaza Copper Concentrator Plant in Oman, operated by our joint 
venture, Al Hadeetha Resources LLC (AHRL). The plant dispatched multiple shipments of high-quality copper-
gold concentrate. With operations steadily ramping up, AHRL’s revenue generation continues to grow, 
positioning it for sustained profitability as its plant approaches full capacity. 
AHRL’s ongoing commitment to health, safety, environmental stewardship, and operational excellence has 
also been recognised by the Ministry of Energy and Minerals, Oman. The Ministry selected the Al Wash-hi 
Majaza project as a pilot site for standardised reporting and monitoring frameworks — a testament to our 
leadership in responsible mining practices. 
The Block 22B concession, granted in 2025, was another strategic win. This area — encompassing the Al Wash-
hi Majaza mine and additional mineralised zones including the historic Mullaq site — offers immense exploration 
potential adjacent to our existing processing facility, reinforcing our long-term development strategy in Oman. 
Our exploration initiatives continue to advance on multiple fronts. Following the renewal of the Block 8 
exploration licence, our joint venture Awtad Copper LLC partnered with a UK-listed exploration company to 
accelerate field activities across a 497 km² area within the highly prospective North Batinah ophiolites. This 
builds upon Alara’s earlier discoveries in the area and underscores our commitment to unlocking new copper 
opportunities. 
Meanwhile, Alara Resources LLC (ARL), our exploration and mining services subsidiary, experienced significant 
growth. Alongside ongoing contract mining for AHRL, ARL’s drilling division is actively engaged in exploration 
projects across Oman 
— completing thousands of metres of drilling in chromite, limestone, and marble deposits. As government 
reforms continue to stimulate Oman’s mining sector, Alara is well positioned to capture this wave of 
exploration-led growth. 
Alara’s Daris Resources JV, which operates the Block 7 exploration licence and Daris 3A5 mining licence, is also 
progressing with an additional mining licence application. We remain optimistic about securing approval to 
develop another copper project, further expanding our production base. 

5 
Alara Resources | Annual Report 2025 
Letter to Shareholders 
 
 
  LETTER TO SHAREHOLDERS  
For the Year Ended 30 June 2025 
 
 
 
At the heart of our success are our people and our partners. This year, Alara and its 
joint ventures in Oman welcomed new engineers, drillers, and professionals, 
expanding our team to 200 personnel — with a strong and growing Omanisation 
ratio. Our continued collaboration with local authorities and communities reinforces 
our shared goal: to operate a world-class, sustainable copper mine that brings 
lasting benefits to Oman’s economy and people. 
We are deeply grateful for the unwavering support of our Board and Shareholders, 
the trust of our JV partners, and the dedication of our employees. Together, we are 
building a company that is not only resilient and profitable, but also respected as a 
leader in sustainable mining. 
With copper demand at near-record highs and exploration momentum accelerating, 
Alara stands at an inflection point of growth and opportunity. We move forward with 
confidence — guided by a clear strategy, disciplined execution, and an unshakeable 
commitment to operational excellence. 
We look forward to sharing further milestones in production, exploration, and 
expansion with you in the year ahead. 
On behalf of the Board, 
 
 
 
 
 
 
ATMAVIRESHWAR STHAPAK 
Managing Director Alara 
Resources Limited 
October 2025 
JOHN SHINGLETON 
Chairman 
Alara Resources Limited 
October 2025 

6 
Alara Resources | Annual Report 2025 
 
 
 
$55.12m 
Revenue generation increased 
substantially as production ramped 
up closed to expected parameters. 
 
 
Commercial Production 
18 parcels 
of copper-gold concentrates shipped 
 
32% 
Omanisation Rate 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PROJECTS OVERVIEW 
OMAN 

8 
Alara Resources | Annual Report 2025 
Projects Overview – Oman 
 
 
 
 
 
 PROJECTS OVERVIEW — OMAN 
 
 
 
 
Alara, through four different joint ventures 
in Oman has exploration access rights to over 
2,500km2 under four exploration licenses 
and one mineral concession. 

9 
Alara Resources | Annual Report 2025 
Projects Overview – Oman 
 
 
PROJECTS OVERVIEW — OMAN 
MINERAL TENEMENTS 
 
The current status of all mineral tenements and applications 
Al Hadeetha Resources JV Projects 
 
 
 
License 
Name 
 
 
License 
Owner 
 
 
Alara JV 
Interest 
 
Exploration License 
 
Mining License within EL 
 
Area 
Date of 
Grant 
Date of 
Expiry 
 
Status 
 
Area 
Date of 
Application 
 
Status 
Al Wash-hi 
Majaza ML 
10003075. 
Al Hadeetha 
Resources 
LLC 
 
51% 
 
39 km2 
9 March 
2025 
8 March 
2028 
Active 
Now part of 
22B 
 
3 km2 
 
2013 
 
Active 
 
Mullaq 
Al Hadeetha 
Resources 
LLC 
 
51% 
 
41 km2 
9 March 
2025 
8 March 
2028 
Active 
Now part of 
22B 
 
1 km2 
 
Jan 2013 
 
Pending 
 
Al Ajal 
Al Hadeetha 
Resources 
LLC 
 
51% 
 
25 km2 
 
Jan 2008 
 
Nov 2016 
 
Pending 
 
1.5 km2 
 
Jan 2013 
 
Pending 
Al Hadeetha Mining LLC JV Project 
 
 
 
License 
Name 
 
 
License 
Owner 
 
 
Alara JV 
Interest 
 
Exploration License 
 
Area 
Date of 
Grant 
Date of 
Expiry 
 
Status 
 
Block 22B 
Al Hadeetha 
Mining LLC 
 
27.5% 
 
1448 km2 
 
Mar 2025 
 
Dec 2028 
 
Active 
 
Daris Resources JV Project 
 
Table 4: Daris Mineral Tenements 
Block 
Name 
License Owner 
Alara JV 
Interest 
Area 
Exploration License 
Status 
Area 
Mining License 
Within EL 
Status 
Grant 
Expiry Date 
Date of 
Application 
Block 7 
Al Tamman 
Trading and 
Establishment LLC 
50% 
(earn in 
to 70%) 
587 km2 
Nov 2009 
Feb 2016 
Pending 
0.653 km2 
(Daris 
3A5) 
Resubmitted 
2024 
Active ( Granted 
after reporting 
period) 
 
 
 
 
 
 
 
3.2 km2 
(Daris 
East) 
Resubmitted 
2024 
Pending 
 
Awtad Copper LLC JV Project 
Table: Awtad Mineral Tenement 
Block 
Name 
License Owner 
Alara JV 
Interest 
Area 
Exploration License 
Status 
Area 
Mining License 
Within EL 
Status 
Grant 
Expiry Date 
Date of Application 
Block 8 
Awtad Copper LLC 
10% (earn 
into 57.5%) 
497 km2 
Nov 2009 
May 2026 
Active 
NA 
NA 
NA 

10 
Alara Resources | Annual Report 2025 
Projects Overview – Oman 
 
 
 
 
 
 
 
 
 
 
 
 
Alara Oman Operations Pty Ltd - 51% 
Al Hadeetha Investment Services LLC - 30% Al 
Tasnim Infrastructure LLC - 19% 
 
Al Wash-hi Majaza project is located 160 km southwest of Muscat. The project comprises an open pit mine and 1MTPA copper-gold 
concentrator plant with an accommodation village. The on-going mining operation is characterized by strategic development and efficient 
resource management. 
Mining Operations Overview (July 2024 – Jun 2025) 
Operational Highlights 
Status: Mining operations ran smoothly throughout the period and achieved the desired targets. 
Progress: Continued excavation and development activities with consistent output. 
 
Excavation Metrics 
Metric 
Value 
Ore Excavated 
0.54 Million Tonnes (MT) 
Copper Grade (Cu%) 
0.8% 
Waste Excavated 
3.47 Million Tonnes (MT) 
Stripping Ratio 
6.44 
Old Stack Yard Utilization Summary 
Supply & Inventory 
• 
Initial Quantity as on August 2025: ~150,000 tonnes of low to medium grade ore 
• 
Supplied: 33,320 tonnes 
• 
Remaining Balance: ~117,000 tonnes 
Operational Insight 
• 
A steady drawdown of stockpiled ore is underway to support blending strategies, ensuring consistent feed quality. 
Current Status 
• 
Active Excavation Level: 370 MRL 
• 
Operational Focus: Continued development and extraction at current depth 
Planned Development 
• 
Target Level: 365 MRL by June 2026 
• 
Target Strip Ratio: 6.5 
• 
Target of Ore: 1 MT 
AL WASH-HI MAJAZA COPPER- 
GOLD PROJECT 
OMAN 
PROJECTS OVERVIEW — OMAN 

11 
Alara Resources | Annual Report 2025 
Projects Overview – Oman 
 
Excavation Metrics 
15.58 Million Tonnes 
Overburden (OB) Removed 
732,000 Tonnes 
Run-of-Mine (ROM) Ore Excavated 
Expansion Strategy: 
• 
South-East lateral extension 
• 
North-West lateral extension 
 
Mine Production Performance for FY 24-25 
 
 
Pit position as on 30th September 2025 
 
FY 2025-26 Plan 
As On June 2025 Mining Performance Summary. 
 
Maintaining the established blasting approach, the box 
cut, and blast direction have been strategically modified in 
response to grade distribution. This enables effective in-pit 
blending during blasting operations. 
In parallel, blending from the old stackyard continues, 
ensuring a consistent supply of required plant feed material 
to the processing plant. 

12 
Alara Resources | Annual Report 2025 
Projects Overview – Oman 
 
 
 
Exploratory Drilling Program 
During the reporting period, Al Wash-hi Majaza mine 
successfully completed the scheduled Phase-1 infill drilling 
program, comprising approximately 8,700 metres. This 
program was designed with the primary objective of resource 
upgradation within the central and north-western zones of 
the orebody. In addition to infill drilling, step-out drilling was 
undertaken to test the north-western strike extensions and 
down-dip continuities, targeting potential expansion of 
known mineralization. 
Preliminary geological observations from Phase-1 have been 
encouraging, with positive intersections encountered in 
several drill holes. All mineralized samples have been 
dispatched to accredited laboratories for assay, and results 
are currently awaited. Building on the success of Phase-1, 
AHRL has now initiated Phase-2 drilling, which will focus on 
the south-eastern part of the orebody and its extensions. This 
phase will comprise approximately 10,000 metres of diamond 
drilling, with major objectives of resource upgradation and 
enhancing geological confidence and understanding orebody 
geometry more clearly. 
Phase-2 will also include targeted drilling to test anomalies 
identified in the north-western extension and western 
magnetic anomalous zones, which remain underexplored. 
AHRL remains committed to systematic exploration and 
resource development, and looks forward to updating 
shareholders as assay results and geological interpretations 
become available. 
The reporting period was monumental for Alara, seeing the 
completion of AHRL’s 1 MTPA1 copper-gold concentrator 
plant at the Al Wash-hi Majaza mine and commencement of 
production of copper-gold concentrates. 
Construction of plant and pre-stripping of the mine was 
completed during the year. Commissioning of the plant 
commenced in November 2023 with commercial production 
commencing in March 2025. The first shipment of copper- 
gold concentrate was dispatched to China in May 2024 under 
an offtake agreement with Trafigura. 
A key component of the concentrator plant – the tailings filter 
press (TFP) – while sourced from a reputable European 
manufacturer was not performing in accordance with its rated 
design capacity. Problems with the TFP limited production at 
the plant to approximately 40% of its design capacity on 
commencement 
of 
operations. 
Engineers 
from 
the 
manufacturer had visited the site on two occasions to make 
improvements.  
 
1 Alara’s ASX Announcements dated 1 April 2016 (Definitive Feasibility Study Results initial announcement), 24 January 2017 (Definitive Feasibility Study update), 
28 June 2018 (Project Net Present Value update) and 29 March and 7 April 2021 (Project Net Present Value NPV update) contain the information required by 
ASX Listing Rule 5.16 regarding the stated production target. All material assumptions underpinning the production target as announced on those dates continue 
to apply and have not materially changed, except to the extent that a relevant assumption in an earlier announcement referred to above has been updated by 
an assumption in a later announcement referred to. 

13 
Alara Resources | Annual Report 2025 
Projects Overview – Oman 
 
In the month of August 2025, Alara successfully commissioned two interim replacement TFPs from China, with a combined 
processing capacity of 75-80 tonnes of concentrate per hour, as an interim solution. With this, the plant has been able to ramp 
up to >90% of the designed capacity and the same is demonstrated by a significant increase in the monthly sales qty of the 
metal. 
The interim filter press units, which were successfully commissioned, are now operating at optimum capacity. They are 
supported by the older filter press, which remains in limited use. While the recent uplift in output is encouraging, as of now we 
are unable to determine if the interim filter presses may serve as a permanent solution. Over the coming months, we will 
continue to closely monitor performance to assess whether this arrangement can be sustained or if further upgrades will be 
required.  
 
Processing Plant and Start of Commercial Production 
The concentrator has a designed annual throughput capacity of one million tonnes of ore, producing a high-grade copper 
concentrate through conventional comminution and flotation processes. The operation is engineered to achieve copper 
recoveries of up to 90%, ensuring efficient extraction of metal values from the mined ore. 
Ore delivered from the mine is first fed into the primary crushing circuit, where it is reduced to a uniform size suitable for 
downstream processing. The crushed material is then transferred to the grinding circuit, comprising SAG and ball mills, which 
grind the ore to the required particle size for effective mineral liberation. 
The finely ground slurry is treated in the flotation circuit, where reagents are introduced to selectively separate copper minerals 
from the gangue. The copper-rich froth is collected, producing a concentrate stream that is subsequently thickened, filtered, 
and dried to meet smelter specifications. The final product is dispatched for further refining, while the flotation tailings are also 
filtered, and disposed off in dry tailings storage facility (DTSF). 
Throughout the operation, automated process control systems and online analyzers are utilized to maintain optimal recovery 
and concentrate grade. The concentrator emphasizes resource efficiency, incorporating water recycling, energy optimization, and 
environmental management practices as part of its commitment to sustainable and responsible production. 
During the initial commissioning phase, the concentrator was tested using basaltic waste material to verify the performance and 
reliability of all major equipment under controlled conditions. Upon successful completion of these mechanical and process 
trials, the plant began treating low-grade copper ore (<0.4% Cu) to initiate concentrate production and establish baseline 
operating parameters. 
The facility features a state-of-the-art online sampling and monitoring system that enables real-time process control and data-
driven decision-making. The operations team continues to focus on grade and recovery optimization, systematically refining 
reagent dosage rates, airflow settings, and froth levels across flotation cells. These ongoing efforts have led to steady 
improvements in plant stability, metallurgical recovery, and overall process efficiency. 
 

14 
Alara Resources | Annual Report 2025 
Projects Overview – Oman 
 
Al Wash-hi Majaza Mine Copper Sales 
AHRL has shipped twenty consignments of copper and gold concentrate from Sohar Port since the plant commenced operation till 
the end of the reporting period. Quarterly summaries of the shipments during 2024-25 are set out in the table/ figure below. The 
low volumes during July-Sep 2024 are a result of suspension of operations due to the TFP. 
 
Quarter 
WMT 
DMT 
CMT 
GOLD (Grams) 
July-Sep'24 
1688 
1525 
244 
8058 
Oct-Dec'24 
6152 
5507 
945 
29795 
Jan-March'25 
6539 
5887 
1089 
22829 
Apr-Jun'25 
7837 
7059 
1372 
15502 
 
Quarterly Sales Figures 
 
Al Wash-hi Majaza Copper-Gold Mine - Mineral Resources and Ore Reserves 
A phased exploration program involving geological, geochemical, geophysical, and drilling activities has led to the discovery and 
delineation of a mineral deposit at Al Wash-hi Majaza. The resulting Mineral Resource and Ore Reserve estimates are reported 
in accordance with the JORC Code (2012), based on validated data, geological modeling, mineral resource estimation and 
supporting technical studies confirming economic viability. 
As required under ASX Listing Rule 5.24 and JORC Code 2012, Alara Resources is pleased to release its updated Mineral Resource 
and Ore Reserve Statement for its producing Wash-hi Majaza Copper Mine, effective as of 30 June 2025, as compared to the 
previous reporting period. 
This update incorporates material changes due to mining depletion and production activities undertaken during the reporting 
period. The current statement remains fully JORC-compliant and has been prepared and signed off by a Competent Person with 
relevant experience in copper mineralization and deposit types. It is important to note that while recent drilling campaigns have 
been completed, assay results are still pending. Therefore, any potential material changes resulting from these exploration 
activities have not been incorporated into this update. A comprehensive and fully updated R&R statement, inclusive of material 
change due to ongoing depletions and exploration activities, is scheduled for release on or before July 2026. 
 
Comparison with previous estimates  

15 
Alara Resources | Annual Report 2025 
Projects Overview – Oman 
 
Mineral Resources Statement 
 
Mineral Resources 
(Inclusive) 
2024 
2025 
Tonnage (MT) 
%Cu 
Au (g/T) 
Tonnage (MT) 
%Cu 
Au (g/T) 
Measured 
- 
- 
- 
- 
- 
- 
Indicated 
12.4 
0.89 
0.21 
11.15 
0.88 
0.21 
Inferred 
3.7 
0.79 
0.23 
2.64 
0.78 
0.23 
Total 
16.1 
0.87 
0.21 
13.80 
0.86 
0.21 
 
Ore Reserve Statement 
 
Ore Reserves 
2024 
2025 
Tonnage (MT) 
%Cu 
Au (g/T) 
Tonnage (MT) 
%Cu 
Au (g/T) 
Proved 
- 
- 
- 
- 
- 
- 
Probable 
9.70 
0.88 
0.22 
8.38 
0.88 
0.21 
Total 
9.70 
0.88 
0.22 
8.38 
0.88 
0.21 
 
Mineral Resources Statement and Ore Reserves Statement - as at 30 June 2025 
The summary of updated Mineral Resource and Ore Reserve statements are provided below. 
 
Mineral Resources (Inclusive) 
Tonnage (MT) 
%Cu 
Au (g/T) 
Measured 
- 
- 
- 
Indicated 
11.15 
0.88 
0.21 
Inferred 
2.64 
0.78 
0.23 
Total 
13.80 
0.86 
0.21 
 
Mineral Resources (Exclusive) 
Tonnage (MT) 
%Cu 
Au (g/T) 
Measured 
- 
- 
- 
Indicated 
2.75 
0.73 
0.16 
Inferred 
2.64 
0.78 
0.23 
Total 
5.40 
0.75 
0.20 
 
Ore Reserves 
Tonnage (MT) 
%Cu 
Au (g/T) 
Proved 
- 
- 
- 
Probable 
8.38 
0.88 
0.21 
Total 
8.38 
0.88 
0.21 
 
 
The following notes apply to both the Mineral Resource and Ore Reserve statements: 
• 
The Mineral Resource and Ore Reserve estimates are reported as of 30 June 2025. 
• 
All Mineral Resource and Ore Reserve estimates are reported in accordance with the JORC Code (2012 Edition). 
• 
The information in this report that relates to Mineral Resources and Ore Reserves is based on information compiled by 
Manish Tomar, a Competent Person who is a Member of AusIMM and has sufficient experience relevant to the style of 
mineralization and type of deposit under consideration. Mr. Tomar is an employee of Al Hadeetha Resources LLC, which 
is the entity operating the Wash-hi Majaza Copper-Gold Mine and is 51% owned by Alara Resources Limited. 
• 
The Mineral Resource and Ore Reserve estimates are based on the last publicly reported JORC-compliant update 

16 
Alara Resources | Annual Report 2025 
Projects Overview – Oman 
 
completed in 20162. 
• 
The current estimates include mining depletion resulting from production activities that commenced in September 
2023. 
• 
The statements do not incorporate any material changes arising from exploration activities conducted since 2016. 
• 
A detailed JORC Table 1 disclosure is available as part of this release at the end of this report, providing transparency on 
sampling techniques, data quality, estimation methodology, and modifying factors. 
• 
Between 2020 and 2023, Alara completed 5,230 meters of diamond core drilling across 46 holes, primarily for 
metallurgical testing and resource delineation. 
• 
From December 2024 to present, an additional 8,750 meters of drilling across 24 boreholes has been completed to test 
strike and down-dip continuity of the orebody, aimed at resource delineation and potential resource addition. 
• 
Samples from the recent drilling campaign are currently undergoing laboratory analysis. Once results are received, they 
will be integrated with existing geological data to update interpretations, revise resource models, and reclassify Mineral 
Resources and Ore Reserves. 
• 
Minor adjustments have been made following reconciliation of production data with geological models, ensuring 
alignment with actual extraction volumes and grades. 
• 
Aside from depletion, there have been no significant changes to the geological interpretation, cut-off grades, or 
estimation methodology since the previous reporting period. 
• 
All updates have been reviewed and approved by Competent Persons as defined under the JORC Code (2012), ensuring 
compliance with reporting standards. 
• 
Figures are rounded to one decimal place. Discrepancies in totals may occur due to rounding. 
• 
Geotechnical and hydrogeological studies are ongoing and expected to be completed by January 2026. These will be 
incorporated into the revised Ore Reserve estimation. 
• 
A comprehensive update to the Mineral Resource and Ore Reserve statement, inclusive of all mining depletions and 
material changes due to exploration, is scheduled for release in July 2026. Alara Resources confirms that the current 
Mineral Resource and Ore Reserve statement is JORC-compliant and will be updated in accordance with ASX Listing 
Rules and the JORC Code upon completion of the necessary technical work.  
 
The following notes apply to the Mineral Resource statements: 
• 
Mineral Resources are reported with reasonable prospects for eventual economic extraction, by applying appropriate 
mining and economic assumptions. 
• 
Mineral Resources are not Ore Reserves and do not have demonstrated economic viability, nor have any mining 
modifying factors been applied. 
 
The following notes apply to the Ore Reserves statements: 
• 
Mining modifying factors, inclusive of technical and economic constraints, have been applied to convert Mineral 
Resources into Ore Reserves. This is inclusive of mine design and scheduling considerations. 
• 
The Ore Reserves are reported with demonstrated technical and economic viability supported by sufficient technical 
assessment and operational history where appropriate. 
 
The previous year’s Mineral Resource and Ore Reserve estimates were based on technical work completed in 2016. The current 
statement, dated 30 June 2025, reflects updates solely due to depletion from mining and production activities. No new 
geological modelling or resource expansion has been included in this release. As such, while the overall tonnage and grade may 
show reductions, these are attributable to extraction and not to any reassessment of geological potential. The upcoming July 
2026 statement will incorporate new geological data and assay results, which may materially impact future estimates. 
The Mineral Resource and Ore Reserve estimate currently reported are based on the last JORC-compliant update completed in 
2016. These estimates incorporate mining depletions resulting from production activities that commenced in September 2023, 
but do not take in any material changes arising from exploration activities conducted since the last update in 2016. Between 
2020 and 2023, a total of 5,230 meters of diamond core drilling (46 holes) was completed, primarily for metallurgical testing and 
resource delineation. More recently, from December 2024 to present, an additional 8,694 meters of drilling (24 boreholes) has 
been completed to test strike and down-dip continuity of the orebody, aimed at resource delineation and potential resource 
 
2  Please refer to ASX announcement dated 15 December 2016 “Maiden Ore Reserve - Al Hadeetha Copper-Gold Project” 

17 
Alara Resources | Annual Report 2025 
Projects Overview – Oman 
 
addition. Samples from this campaign are currently undergoing laboratory analysis. Upon receipt of results, the data will be 
integrated with existing geological models to update interpretations, revise resource models, and reclassify Mineral Resources 
and Ore Reserves accordingly. 
Furthermore, geotechnical and hydrogeological studies are ongoing and expected to be completed by January 2026. The 
outcomes of these studies will be incorporated to support the revised Ore Reserve estimation. A comprehensive update to the 
Mineral Resource and Ore Reserve statement, inclusive of all mining depletions and material changes due to exploration, is 
scheduled for public release in July 2026. 
Alara has established robust governance arrangements and internal controls over its estimation process, including independent 
technical reviews, strict QA/QC protocols for sampling and assaying, and oversight by Competent Persons as defined under the 
JORC Code. These measures ensure the integrity and transparency of our resource and reserve reporting. 
The formal Mineral Resource and Ore Reserve statement required under LR 5.24, along with disclosures under LR 4.10.16, will 
be updated and submitted in alignment with the July 2026 reporting schedule. 
 
Additional copper potential 
The Al Wash-hi Majaza exploration license has significant potential for the discovery of additional copper deposits. Most of the 
area around Al Wash-hi Majaza is covered by ancient and recent alluvial fans. Based on the premise that sulfide mineralization in 
the area is coincident with a distinct reduction in the magnetic susceptibility values of basaltic rocks, four other targets have been 
identified for further follow-up. It is proposed to follow-up these areas with electrical geophysical methods (EM or IP) to confirm 
the target potential followed by drilling. 
Mineral Resource exploration is uncertain. There is no guarantee that exploration of the above targets will yield an economically mineable 
quantity of any mineral. 
 
Showing 3D orebody envelope – Main orebody and adjacent satellite orebodies. 
 
JORC Code information 
Full reports of the resources and reserve referred to in this section, prepared in accordance with the JORC Code, 2012 Edition, 
are contained in the Company’s ASX announcements dated 19 September 2016 and 15 December 2016. Please also see further 
the statement regarding the Company’s mineral resources and ore reserves on page 91. 
 
Copper Concentrate Production 
AHRL has successfully ramped up copper concentrate production following the resumption of operations after the tailings filter 
press improvements in August 2025. Over the past three months, both the quantity and quality of the concentrate have shown 
marked improvement, approaching the designed specifications. 

18 
Alara Resources | Annual Report 2025 
Projects Overview – Oman 
 
As of the date of publishing this report, two newly procured tailings filter presses (TFPs) from China have been successfully 
installed & commissioned at the Al Wash-hi Majaza plant. This upgrade is expected to enable the plant to achieve copper-gold 
concentrate production close to its design capacity. Additionally, construction of a new concentrate storage shed, designed to 
accommodate up to 5,000 MT of copper concentrate, has been completed. 
Al Wash-hi Majaza accommodation camp is being connected to the national power grid. This will enable the phased 
decommissioning of diesel generators which have powered the camp to date. This transition is anticipated to reduce both 
energy costs and greenhouse gas emissions. 
[The remainder of this page is intentionally blank] 
 
 

19 
Alara Resources | Annual Report 2025 
Projects Overview – Oman 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exploration Update 
AHRL is actively advancing its exploration program around the Al Wash-hi Majaza open-pit copper mine, focusing on both 
brownfield and greenfield targets within a 39 km² area contiguous to the current mining lease, within an exploration permit. 
The Al Wash-hi Majaza region is considered geologically fertile, with a well-documented history of copper mineralisation hosted 
within Volcanogenic Massive Sulphide (VMS) systems. Prior geophysical surveys have identified magnetic anomalies indicative of 
potential orebody extensions, as well as low magnetic zones that remain largely underexplored—underscoring the area’s 
significant untapped potential. 
 
Brownfield Exploration Program 
The Phase-1 diamond drilling campaign at the Al Wash-hi Majaza Copper-Gold Project, which commenced in December 2025, 
has been successfully concluded. The program encompassed over 8,700 metres of drilling across 24 holes, targeting the 
northwestern strike extension and down-dip continuity of the existing orebody. The primary objectives were to enhance 
geological confidence in the current Mineral Resource and to support potential resource expansion. All drillholes aimed at 
resource extension intersected mineralisation. Visual assessments indicate consistent zones of copper sulphide mineralisation, 
including chalcopyrite and pyrite, hosted within altered basalt formations. These intersections seem encouraging, indicating 
potential for both lateral and vertical expansion of the mineralised envelope around the existing orebody. 
Figure below illustrates the completed diamond drillhole locations from Phase 1 in relation to previously drilled holes, the 
known orebody envelope and the ultimate pit boundary. Post-drilling activities, including detailed core logging and sampling, 
have also been completed. Assay results from Phase-I are anticipated in the second quarter of the FY 2025-26. Once received, 
the assay results will be incorporated into an updated geological model, integrating new lithological, structural, and grade data 
to refine interpretations of mineralized domains and improve grade distribution accuracy. This updated geological model will 
form the basis for a revised Mineral Resource classification under the JORC Code (2012), with the potential to upgrade parts of 
the current Inferred Resource to Indicated or Measured categories– subject to drill spacing and spatial continuity. The new data 
set will also enable a reassessment of Ore Reserves, incorporating updated economic parameters and mining assumptions. A 
revised, JORC compliant Mineral Resource and Ore Reserve statement is expected to be released in a subsequent update, 
offering stakeholders greater visibility into the extended life-of-mine (LOM) potential for the Al Wash-hi Majaza Copper-Gold 
Mine. 

20 
Alara Resources | Annual Report 2025 
Projects Overview – Oman 
 
 
Map showing the orebody, ultimate pit limit and drilling completed in FY25 along with historical drilling 
 
Phase-2 Drilling Update 
Building on the momentum of Phase-I, a Phase-II drilling program has been proposed to ensure complete delineation of 
the orebody and to support strategic mine planning. This next phase will target the southern extension of the orebody, the 
northwestern continuity zones, and western low magnetic anomalies identified in previous airborne magnetic surveys 
conducted in the area. The program will comprise of a total of 10,000 meters of drilling over a six-month period, commencing in 
October 2025, with two diamond drill rigs deployed to maximize operational efficiency. The southern extension drilling is 
expected to upgrade the resource classification, thereby improving confidence in the orebody’s geometry and grade 
distribution. This will also facilitate pit expansion toward the south, enabling early production from the southern zone in the 
next operational year. 

21 
Alara Resources | Annual Report 2025 
Projects Overview – Oman 
 
 
 
Map showing diamond drilling holes planned for Phase-2 covering south east, extensions and identified low mag anomalies 
targets in west of existing orebody3. 
 
In addition to resource expansion, Phase-II drilling is strategically aligned with long-term mine optimization objectives. 
Enhanced geological data from this program will support more accurate mine planning, optimized pit design, and cost- effective 
extraction strategies. Furthermore, the investigation of magnetic anomalies in the western zone may reveal previously 
unidentified mineralized zones, potentially contributing to an extended Life of Mine (LOM) and increased project value, 
however, exploration in new zones—particularly magnetic anomalies—carries inherent geological risk, as mineralization is not 
yet confirmed. 
The program is designed to ensure that all MROR updates remain robust, auditable, and compliant with international standards, 
thereby reinforcing investor confidence and supporting transparent public reporting. By proactively addressing geological 
uncertainties and aligning exploration with operational goals, the company demonstrates a disciplined and forward-looking 
approach to resource development, which is expected to yield strong returns over the life of the project. 
Overall, the Phase-II exploration initiative is a critical step toward strengthening the project’s economic viability, positioning it 
for future expansion, sustainable development, and long-term success. 
 
3 Please refer to ASX announcement dated 20 June 2012 “Drilling Update - Washihi Copper-Gold Project in Oman” and Annual Report 2013 

22 
Alara Resources | Annual Report 2025 
Projects Overview – Oman 
 
Greenfield Exploration Program 
The greenfield exploration initiative is designed to evaluate previously untested low magnetic zones4, which may represent 
concealed mineralised systems with significant resource potential. This program adopts a multi-disciplinary approach 
integrating geophysical, geochemical and drilling methodologies, and includes the following key components: 
• 
Airborne Magnetic Survey: Airborne magnetics provide a cost-effective solution for surveying extensive and remote areas, 
enabling the identification of low-magnetic anomalies which may signal the presence of buried, mineralised systems. These 
surveys help delineate prospective zones for subsequent focused exploration. 
• 
Induced Polarization (IP) Survey: High-resolution IP profiling will be conducted to detect chargeability anomalies typically 
associated with disseminated sulphide mineralisation. Survey lines will be strategically aligned with regional structural 
trends to maximise geological insight. 
• 
Mobile Metal Ion (MMI) Geochemical Sampling: Surface geochemical sampling, guided by a preliminary orientation 
survey, will employ MMI techniques to detect subtle geochemical halos. MMI is particularly effective in identifying buried 
mineralisation in transported cover. 
• 
Exploration Target Generation: The integration of IP and MMI data with results from magnetic surveys will be used to 
identify and rank exploration targets. 
• 
Test Drilling: Selective diamond 
drilling 
will 
be 
undertaken 
to 
validate 
geophysical 
and 
geochemical  anomalies. 
• 
Resource Drilling: Contingent 
upon the outcomes of target 
validation 
and 
initial 
assay 
results, 
follow-up 
drilling 
campaigns will be planned to 
delineate and define mineral 
resources. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Geological Map overlain with potential RTP magnetic regional exploration targets in 
Al Wash-hi Majaza greenfield block 
 
4 Please refer to Quarterly Report Q1 2012 dated 31 October 2012 and Annual Report 2013 

23 
Alara Resources | Annual Report 2025 
Projects Overview – Oman 
 
 
 
 
 
 PROJECTS OVERVIEW — OMAN 
 
 MULLAQ COPPER-GOLD PROJECT 
 
 
 
Alara Oman Operations Pty Ltd - 51%; 
Al Hadeetha Investment Services LLC – 30%; Al 
Tasnim Infrastructure LLC – 19% 
 
Exploration Update 
Al Hadeetha Resources LLC (AHRL) has 
outlined a strategic exploration program 
for the Mullaq Copper-Gold Project, a 
greenfield 
prospect 
spanning 
approximately 41 km² now lying within 
the Block 22B Exploration Concession. 
Located 
in 
the 
Oman 
Mountains 
approximately 160 km southwest of 
Muscat, the Mullaq area lies geologically 
within the Samail Ophiolite complex and 
is noted for its copper-bearing, layered 
gabbro formations. 
Based on previous exploration program 
conducted in 20125, AHRL intends to 
implement 
a 
phased 
exploration 
program over the next two years, 
commencing with remote sensing and 
GIS-based 
analysis. 
This 
will 
be 
followed 
by 
a 
combination 
of 
airborne 
and 
ground 
geophysical 
surveys, 
geological 
mapping 
and 
geochemical sampling aimed at refining 
target 
areas. 
Upon 
validation 
of 
prospective zones initial test diamond 
drilling will be conducted with an 
expanded drilling campaign to follow, 
subject to initial results. 
This 
initiative 
underscores 
AHRL’s 
commitment to unlocking the mineral 
potential of the Mullaq license through 
a systematic, data-driven exploration 
strategy. 
The figure above presents the delineation of potential regional exploration targets 
identified through RTP magnetic data interpretation based on previously conducted 
airborne geophysical surveys in Mullaq Exploration Block, as shown by the boundary 
on the Map. 
 
5 Please refer to Quarterly Report Q1 2012 dated 31 October 2012 

24 
Alara Resources | Annual Report 2025 
Projects Overview – Oman 
 
 
 
 
 
 PROJECTS OVERVIEW — OMAN 
 
 AL AJAL COPPER-GOLD PROJECT 
 
 
 
 
Alara Oman Operations Pty Ltd - 51%; 
Al Hadeetha Investment Services LLC – 30% Al 
Tasnim Infrastructure LLC – 19% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exploration Update 
The Al Ajal Prospect is located near 
the village of Al Ajal in the Taww 
area, approximately 20 km south of 
Barka, which lies along the northern 
coast of the Sultanate of Oman and 
is about 65 km west of Muscat. 
 
 
 
 
 
 
Location of Al Ajal Exploration and Mining License pending for grant 
 
Alara previously conducted ground geophysical surveys across selected zones to validate geophysical signatures associated with 
previously intersected mineralisation. These preliminary investigations have also identified two additional zones exhibiting 
favourable geological trends and promising mineral potential. 
Al Ajal is distinguished as a unique geological occurrence within the Oman Mountains. Unlike most known mineralised zones in 
the region, it does not appear to be associated with the characteristic ophiolitic volcanic rocks typically found across Oman. 
Although the prospect is relatively small in scale and situated in topographically challenging terrain, exceptionally high gold 
grades reported by earlier explorers render it a compelling target for further copper and gold focused exploration. 
Mining License Status 
The renewal of the exploration license and the approval of a mining license application– originally submitted in 2013 for the Al 
Ajal prospect– remain pending. The area has since been incorporated within the proposed Block 14B concession, which may be 
offered for auction by the Ministry of Energy and Minerals at a future date. Discussions with the Ministry are ongoing. AHRL 
considers the granting of a mining license is critical to progressing further exploration and development activities within the Al 
Ajal area. 

25 
Alara Resources | Annual Report 2025 
Projects Overview – Oman 
 
AL HADEETHA MINING – 
BLOCK 22B 
 
 
 
 
 PROJECTS OVERVIEW — OMAN 
 
 
 
Al Hadeetha Mining LLC 
Alara Oman Operations Pty Ltd - 27.5% 
Al Hadeetha Investment Services LLC - 27.5% Al 
Tasnim Mining LLC - 27.5% 
South West Pinnacle Exploration Ltd - 17.5% 
 
Exploration Update 
Following the issuance of a Royal Decree granting Al Hadeetha Mining LLC (AHML) the exploration concession for Block 22B, the 
company has initiated planning activities to define strategic work programs, allocate technical and financial resources, and 
establish a comprehensive budgetary framework. These efforts are aligned with the exploration obligations stipulated by the 
Government of Oman. 
 
A geological map of Block 22B showing existing EL, PL and ML boundaries along with ancient working indicated by copper slag 
occurrence. 

26 
Alara Resources | Annual Report 2025 
Projects Overview – Oman 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Block 22B encompasses a consolidated portfolio of previously individual Exploration Licenses (ELs), Prospecting Licenses (PLs) 
and Mining Licenses (MLs), formerly held by various entities. These have now been unified under a single concession, creating a 
large highly prospective exploration zone. The geological potential of Block 22B is underscored by the presence of numerous 
ancient workings and widespread copper slag deposits, particularly concentrated in the southwestern and northeastern regions. 
These old workings suggest historic extraction activities and highlight the area’s mineralisation potential. 
Alara, through its joint venture vehicle Al Hadeetha Mining LLC, has commenced the planning of exploration initiatives within 
Block 22B, targeting copper, gold, chromite and platinum group elements (PGEs). 
To support these objectives AHML has commenced operational groundwork, including the recruitment of junior and mid-level 
geologists, the engagement of experienced consultants and technical advisors and collaboration with remote-sensing and 
geophysical service providers. The initial phase of the work program will involve comprehensive desktop studies, integrating 
historical geological data, prior exploration result reviews and a regional mineralisation pattern study to delineate high-priority 
target zones. These studies will be augmented by remote sensing and GIS- based analyses aimed at identifying structural 
controls and surface anomalies associated with mineralisation. 
Subsequent phases will comprise high-resolution airborne and ground geophysical surveys, systematic geological mapping, and 
targeted geochemical sampling to refine and prioritise drill targets. Follow-up drilling campaigns will be undertaken to validate 
subsurface mineral potential and delineate prospective resources. 
The exploration program has been designed to leverage advanced technologies and in-country geological expertise, ensuring a 
data-driven, efficient, and environmentally responsible approach. This initiative is fully aligned with Alara’s broader strategic 
growth agenda and underscores its commitment to delivering in-country value through sustainable development, local capacity 
building, and long-term economic contribution to the Sultanate of Oman. 

27 
Alara Resources | Annual Report 2025 
Projects Overview – Oman 
 
 
 
 
 
 PROJECTS OVERVIEW — OMAN 
 
 DARIS COPPER-GOLD PROJECT  
 
 
 
Alara Oman Operations Pty Ltd - 50% 
Al Tamman Trading and Establishment LLC – 50% 
 
 
The Daris Project comprises two high-grade copper deposits within a 587 km² exploration license (Block 7), which also includes 
two mining license applications covering a total area of 3.85 km². Located approximately 150 km west of Muscat and accessible 
via a high-quality bitumen road, the Daris Copper-Gold Project aligns well with Alara’s preferred “hub and spoke” development 
model. Under this model, any economically mineable ore from Daris is intended to be processed at the Al Wash-hi Majaza copper 
concentration plant. 
Daris East Update 
The Daris East Mining License application, covering an area with measured, indicated, and inferred copper resources6, faced 
opposition from the Ministry of Housing due to its proximity to recently allotted land to local communities. Negotiations with 
Ministry of Housing on a proposal submitted earlier continued during the quarter. 
 
Daris 3A5 Mining Licenses Update 
The Daris 3A5 mining license application was reviewed by the Ministry of Energy and Minerals, which suggested modifications to 
the dimensions of the area applied for. A revised proposal with an adjusted mining license area measuring 0.653 km2 was 
submitted for approval. 
At the time of writing this report the 3A5 mining licence was awarded over a portion of Block 7 with an area of 0.65 km². Block 
7, including the 3A5 mining licence, is operated by Daris Resources LLC, a joint venture company in which Alara holds 
management and commercial rights. Daris East mining licence is also in its final process of grant expected in later 2025. The 
Company intends to raise money in future to progress evaluation and development of the Daris prospects. 
With the Daris 3A5 mining license secured, over the next year Alara will now: 
• 
Conduct geophysical surveys to plan drill hole locations;  
• 
Carry out diamond core drilling to define mineralisation boundaries, and, if warranted by further exploration results 
• 
Issue a mineral resource estimate under the JORC Code; 
• 
Conduct metallurgical test work to characterise metal recoveries; 
• 
Define a mineral reserve under the JORC Code; 
• 
Complete mining studies; 
• 
Progress detailed mine planning activities; and 
• 
Advance discussions for toll treatment arrangements with existing copper concentrators in Oman.
 
6 Please refer to Quarterly Report Q3 2013 dated 1 May 2013 

28 
Alara Resources | Annual Report 2025 
Projects Overview – Oman 
 
AWTAD COPPER-GOLD 
PROJECT 
 
 
 
 
 PROJECTS OVERVIEW — OMAN 
 
 
 
 
Alara Oman Operations Pty Ltd - 10% 
Power Metal Resources PLC earning in right of up to 12.5% 
Local shareholders - 90% 
 
Block 8 Exploration Update 
Block 8 Exploration License and Joint Venture 
The Block 8 exploration license in Oman is held by Alara's joint venture Awtad Copper LLC, with AIM-listed Power Metal Resources 
plc (Power Metal) earning a 12.5% stake under a farm-in agreement signed in October 20257. Power Metal’s exploration 
activities, conducted by its Power Arabia technical team, commenced immediately following the agreement. 
To date, Power Metal has met the initial milestone expenditure of US$500,000, securing the rights to a 10% stake in the Project. 
Additional planned expenditure of US$240,000 will allow Power Metal to earn its full 12.5% interest. This stake is carved out from 
Alara’s original 70% maximum, leaving Alara with a 60% interest (reducing to 57.5% if Power Metal completes its full earn-in). 
Exploration work has concentrated on the Al Maider and Al Mansur prospects, employing rock-chip sampling, geological 
mapping, and in-fill gravity surveys, with both targets showing strong potential for significant mineralisation. 
Exploration Summary 
Further to the initial ground Gravity survey results, announced in April 2025, the recent work undertaken by Power Arabia 
includes additional in-fill Gravity work and associated interpretation, geological mapping, surface sampling and check- 
sampling8. 
Project Scale Geological Mapping 
The Power Arabia technical team have commenced the detailed geological mapping and interpretation of the entire Project 
area. This work will consolidate and cross-correlate at least five geologically significant areas historically mapped within the 
Project area and will provide more detailed mapping coverage for the southern region of the Project – including the Al Maider 
and Al Mansur prospects. The mapping work will also involve the use of remote sensing imagery, the Gravity results and 
historical ground magnetic geophysical surveys. The resulting geological map will greatly aid ongoing exploration. 
 
Al Maider Prospect 
The Al Maider Prospect was identified through a stream-sediment sampling program conducted in 2024 and early 2025, which 
led to the discovery of copper-bearing bedrock upstream. Subsequent work has included geological mapping and rock chip 
sampling, confirming significant copper mineralisation and defining a robust 4 km target area. 
 
Recent results, particularly from the northern part of the prospect, indicate potential for further mineralisation along strike to 
the south. Follow-up activities are planned, including infill mapping and sampling, trenching, and a ground magnetic survey to 
better define targets for an initial drilling program. Given the challenging site access, additional non-invasive work will be  
 
 
 
 
undertaken to increase confidence prior to drilling. 
 
7 Please refer to ASX announcement dated 25 October 2024 “Block 8 Exploration Agreement Signed” 
8 Please refer to ASX announcements dated 8 July 2025 “Block 8 Exploration Update” and 19 September 2025 "Block 8 Exploration Update and Target Test Drilling 
Planned" 

29 
Alara Resources | Annual Report 2025 
Projects Overview – Oman 
 
Geological interpretation suggests that copper mineralisation is associated with a gabbro intrusive within an ultramafic ophiolite 
sequence, linked to a fault system. Remote sensing imagery supports the potential for extending the currently defined 4 km strike 
length, pending further on-the-ground exploration. 
 
[The remainder of this page is intentionally blank] 

30 
Alara Resources | Annual Report 2025 
Projects Overview – Oman 
 
 
 
 
 
 
 
 
 
 
Al Mansur Prospect 
Located at the centre of the project area, the Al Mansur 
Prospect was further advanced during the year through a 
combination of trench sampling and gravity survey work 
undertaken by Power Arabia. Follow-up verification of earlier 
assay results at an independent laboratory confirmed the 
presence of copper mineralisation, validating the initial 
exploration outcomes conducted by Alara. 
Subsequent interpretation of the expanded gravity survey 
identified a second anomaly (H2) along the same trend as the 
original H1 target, highlighting the potential for a broader 
mineralised system. The results define two significant high-
density 
zones 
separated 
by 
lower-density 
corridors, 
suggesting distinct geological structures favourable for 
mineralisation. 
A third-party re-interpretation of the survey data was carried 
out to ensure comprehensive validation ahead of an initial 
drill program. With its established sampling results and ease 
of access, Al Mansur remains the most advanced and drill-
ready target within Block 8. At the time of writing this report 
target testing drilling had commenced over Al Mansur 
Prospect. 
 
Other Target Generation Results 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
24TR02 & AM24TR04 in relation to Gravity Anomalies H1 and 
H2, Al Mansur Prospect 
During the year, the gravity survey was extended to the central part of the project area, successfully identifying key geological 
contacts and fault zones considered prospective for mineralisation. The survey outlined two additional anomalies warranting 
further investigation. 
In parallel, 210 ionic leach soil samples were collected, with 145 samples subsequently submitted for laboratory analysis 
following completion of the gravity interpretation. The results of this sampling will help refine the definition of target zones for 
the next phase of exploration. 
Power Arabia has now achieved its initial 10% earn-in milestone and is progressing toward the second milestone of 12.5%. With 
the renewal of the Block 8 exploration licence and encouraging results to date, the project continues to demonstrate strong 
potential. Planning is underway to design the next phase of work, including an initial drilling program to test the most promising 
targets. 
Important Disclaimer Regarding Future Prospects at Block 8 
The information in this announcement constitutes Exploration Results, as defined in the JORC Code. Exploration Results are 
uncertain by their nature. Nothing in this announcement should be taken to mean or imply that potentially economic copper or 
other mineralisation has been discovered. 
Competent Person Statement 
The information contained in this announcement concerning exploration results is based on, and fairly represents, information and 
supporting documentation prepared under the direction of Mr. Nick O’Reilly (MSc, DIC, MIMMM QMR, MAusIMM, FGS), who is a 
qualified geologist, member of Member of the Australasian Institute of Mining and Metallurgy and acts as the Competent Person 
for this report under the JORC Code. Mr. O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd, which has  
 
been retained by Power Metal Resources PLC to provide technical support. Mr. O’Reilly is not employed by or a consultant to 
Alara Resources Limited and Alara has no other relationship with him. Mr. O’Reilly consents to the inclusion of matters in this 
report based on his documentation in the form and context in which it appears above. 
 

31 
Alara Resources | Annual Report 2025 
Projects Overview – Oman 
 
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32 
Alara Resources | Annual Report 2025 
Projects Overview – Oman 
 
 
 
 
 
 PROJECTS OVERVIEW — OMAN 
 
 ALARA RESOURCES LLC 
 
 
 
Alara Oman Operations Pty Ltd – 35% 
South West Pinnacle Exploration Ltd – 35%  
Al Tasnim Infrastructure LLC –30% 
 
Mining Division 
Al Hadeetha Resources LLC (AHRL) entered in a contract with Alara Resources LLC (ARL) to provide mining services at its Al 
Wash-hi Majaza mine. The service contract is for ten years at a cost of approximately USD 126m (AUD 187.83m). The company 
along with its JV partners is adding value to the Al Wash-hi Majaza project by most efficient mining practices. 
Drilling Division 
ARL is actively providing drilling and exploration services to the growing mining industry in Oman. Two diamond coring rigs owned 
by the company have completed several thousand metres of drilling in copper, chromite, limestone, marble exploration projects 
and have running contracts with Mineral Development Oman for five thousand metres of diamond drilling. After the reporting 
period ARL has procured two additional drilling rigs to cater to growing demands of drilling services. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
HEALTH, SAFETY AND 
ENVIRONMENT 
 
 
 
During the quarter Alara’s HSE strategy remained centred on 
proactive hazard identification, robust risk mitigation, continuous 
workforce training and uncompromising adherence to regulatory 
standards. Key performance indicators (KPIs) include incident 
frequency rates, near-miss reports, and safety observations. 
 

34 
Alara Resources | Annual Report 2025 
Health, Safety and Environment 
 
 
 
 
 
 
 
 
 
 
Annual HSE Performance 
Our organization demonstrated strong performance in health, safety, and environmental (HSE) management, marked by the 
achievement of a major milestone—1 million safe manhours without a Lost Time Incident (LTI) in mining operation. During the 
reporting period, the organization successfully completed 1,107,951 man-hours of work across all operations without any 
fatalities or lost time incidents. 
Safety Performance 
Our safety statistics for the year reflect diligent risk management, employee awareness, and continuous monitoring. During the 
reporting period, 80 Near Misses were reported, recorded, and investigated to identify root causes and implement corrective 
actions. Lessons learnt were shared across departments to prevent recurrence. 18 First Aid Cases as Minor injuries were 
treated onsite. 
HSE Campaigns and Awareness Initiatives 
To strengthen safety culture and enhance employee engagement, 13 targeted HSE campaigns were conducted during the year. 
These campaigns were strategically aligned with seasonal risks, operational challenges, and industry best practices. HSE Training 
and Capacity Building. 
Building safety competencies across all levels is a cornerstone of our HSE strategy. Total 2,277.7 hours of training were 
conducted covering induction, job-specific safety procedures, emergency response, and hazard recognition. Both internal and 
external facilitators were engaged. 
Health & Wellness Initiatives 
We prioritize employee health and well-being through preventive and responsive measures. A comprehensive health camp was 
organized, offering general health check-ups, specialist consultations, and wellness advice. Participation was high, reflecting 
strong interest in personal health. Periodic health assessments were also carried out for employees with no major occupational 
health issues reported. 
The below graphs illustrate the Health and Safety performance indicators from July 2025 to June 2025 , highlighting total man- 
hours worked alongside the reported unsafe acts (UA), unsafe conditions (UC), near misses, and completed training hours. The 
data reflects ongoing efforts in hazard identification, awareness, and workforce engagement to promote a safe working 
environment 
 
Safe Manhours Worked 
HEALTH, SAFETY 
AND ENVIRONMENT 

35 
Alara Resources | Annual Report 2025 
Health, Safety and Environment 
 
 
Unsafe Act & Unsafe Condition 
Environmental Stewardship In line with our environmental commitment, monitoring of all environmental parameters was done 
and found well within threshold limit External third-party environmental audit were performed by Ministry of Environmental 
Affairs and was found satisfactory. World Environment Day campaign was organized, focused on raising environmental 
awareness among employees and contractors, featuring activities such as a clean-up drive and tree planting, aligned with this 
year’s global theme 
Resources Consumption 
Deisel Consumption (Litres) 
 
 
Plant 
Mine 
Camp 
 Linear (Plant) 
 Linear (Mine) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Jun-24 
Jul-24 
Aug-24 
Sep-24 
Oct-24 
Nov-24 
Dec-24 
Jan-25 
Feb-25 
Mar-25 
Apr-25 
May-25 
Jun-25 
Jul-25 
 
Diesel consumption 
Water Consumption (Gal) 
 
 Plant Gal 
 Mine Gal 
 Camp Gal 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Jul-24 
Aug-24 
Sep-24 
Oct-24 
Nov-24 
Dec-24 
Jan-25 
Feb-25 
Mar-25 
Apr-25 
May-25 
 
Water Consumption 
43,537.5 
3,888,348.4 
2,058.0 
40,332.1 
516,300.0 
58,656.0 
15,447.9 
42,816.2 
3,871,969.8 
64,041.9 
540,500.0 
8,069.1 
36,963.2 
2,157,493.0 
680,000.0 
535,800.0 
10,592.9 
136,092.1 
34,957.4 
4,177,616.8 
18,637.4 
686,847.3 
609,300.0 
250,749.8 
33,130.3 
27,535.2 
3,852,685.2 
236,352.9 
25,710.4 
582,280.0 
26,021.1 
261,479.8 
4,103,120.3 
20,480.2 
396,258.1 
794,500.0 
23,483.8 
270,280.0 
19,860.3 
180,430.0 
735,983.3 
770,533.0 
30,971.0 
253,750.9 
21,343.9 
4,103,912.8 
26,072.2 
207,337.4 
22,604.3 
752,200.0 
47,708.2 
4,171,276.7 
253,317.6 
33,746.4 
1,840,000.0 
660,100.0 
51,812.7 
254,348.6 
4,258,189.3 
44,270.4 
539,703.5 
896,700.0 
55,525.8 
315,944.5 
44,172.9 
4,819,819.1 
583,820.2 
963,700.0 
50,704.4 
337,657.2 
48,604.0 

36 
Alara Resources | Annual Report 2025 
Health, Safety and Environment 
 
Power Consumption (KW/ton of ore) 
 
70.0  
 
 
 
60.0  
57.9 
 
 
 
 
50.0 
 
 
 
40.0 
 
 
 
30.0 
 
 
 
20.0 
 
 
 
10.0 
 
 
Power Consumption 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noise Monitoring 
0.0 
 
 
Jul-24 
Aug-24 
Sep-24 
Oct-24 
Nov-24 
Dec-24 
Jan-25 
Feb-25 
Mar-25 
Apr-25 
May-25 
Jun-25 
Jul-25 
 
 
 
 
24 hours average 
150  
 
 
100 
 
50 
 
0 
Q3-2024 
Q4-2024 
Jan-25 
Feb-25 
Mar-25 
Apr-25 
May-25 
SO2 - 150 mg/m3 
NO2 - 130 mg/m3 
PM10 -150 mg/m3 
PM2.5 -50 mg/m3 
 
 
 
100 
80 
60 
40 
20 
0 
8 hours average 
 
Q3-2024 Q4-2024  Jan-25 
Feb-25 
Mar-25 
25-Apr 
25-May 
CO- 10 mg/m3 
O3 - 120 mg/m3 
 
Ambient Air Quality Monitoring 
 
HSE Integration of Operations 
Our mining and plant operations are closely integrated, ensuring efficient material flow from extraction to processing. This 
synergy not only enhances productivity but also aligns with our HSE objectives by facilitating consistent monitoring and 
management of health, safety, and environmental practices across all stages. Together, our mining and plant operations 
represent our commitment to operational excellence, safety, and sustainability in the mining sector. 
 
 
 
 
 
 
  
 
 
 
 
 
 
  
 
 
 
  
 
 
 
  

37 
Alara Resources | Annual Report 2025 
Board of Directors 
 
 
 
 
 
 
 
 
JOHN SHINGLETON 
Non-Executive Chairman 
Appointed 4 September 2025 
Master’s degree in European Law and 
French Public Law 
Experience 
Mr. Shingleton brings over 27 years of 
experience as a commercial lawyer in New 
Zealand 
and 
Western 
Australia, 
complemented by four years in law 
enforcement in the UK and New Zealand. 
He currently chairs the Non-Executive 
Advisory Board of Misco Joinery Limited 
(New Zealand). He has previously served on 
several boards and as a trustee across 
educational, healthcare, and corporate 
organisations, 
contributing 
his 
strong 
governance and legal expertise. 
Mr. Shingleton is also admitted as a 
Barrister and Solicitor to the High Court of 
Christchurch, New Zealand, and as a 
Solicitor to the Supreme Court of Western 
Australia. 
Within Alara Resources, he is also a 
Member of the Audit Committee and the 
Remuneration and Nomination Committee. 
 
Other Directorships 
In Listed Companies in Past 3 Years – 
Nil 
ATMAVIRESHWAR STHAPAK 
Managing Director 
Appointed Managing Director on 28 July 
2020 
Appointed Executive Director on 3 February 
2016 
Previously Non-Executive Director 
(22 September 2015 to 3 February 2016) 
 
Bachelor of Applied Science and Master of 
Technology, Applied Geology 
Experience 
Atmavireshwar Sthapak is a geologist 
specializing in mineral resource exploration 
and evaluation studies. He joined Alara in 
2011 as an Exploration Manager and led 
geological investigations 
in Oman. His 
contribution resulted in identification of 
copper mineralisation in four tenements, 
definitions of JORC resources at Al Wash-hi 
Majaza and Daris East, and applications for 
mining licenses over five areas. He was later 
instrumental in acquiring the mining license 
for the Al Wash-hi Majaza Copper-Gold 
Project in Oman. 
In July 2020, Mr. Sthapak was appointed 
Managing Director, leading the company’s 
new future in copper production. 
Prior to joining the Company, Mr. Sthapak’s 
career spanned 10 years with ACC/ACC-CRA 
Ltd as exploration geologist and project 
manager, and 10 years with Rio Tinto 
(Australasia) 
Exploration and Rio Tinto 
Diamond, where he was awarded a Rio 
Tinto Discovery Award in 2009. He has 
worked on world-class deposits and mines in 
Australia, and gold and diamond mines 
across four continents. Mr. Sthapak is an 
active member of AusIMM. 
Other Directorships 
In Listed Companies in Past 3 Years – 
Nil 
VIKAS JAIN 
Non-Executive Director 
Appointed 6 April 2016 
MBA 
Experience 
Mr. Vikas Jain brings over two decades of 
expertise in mineral exploration, mining, oil-
field exploration, and related sectors. He is 
the Managing Director and Chief Executive 
Officer of South West Pinnacle Exploration 
Limited (SWPE), an Indian company he 
founded in 2006, which is now listed on the 
National Stock Exchange of India. Under his 
visionary leadership, SWPE has evolved into 
one of India’s leading exploration companies. 
Mr. Jain also possesses extensive experience 
in open-cut mining operations and allied 
activities, 
gained 
through 
his 
earlier 
professional 
roles 
and 
his 
continued 
involvement in other family-led enterprises. 
With Alara Resources, he is also the 
Chairman of the Audit Committee and 
Member 
of 
the 
Remuneration 
and 
Nomination Committee. 
Other Directorships 
In Listed Companies in Past 3 Years 
– South-West Pinnacle Exploration Limited, 
listed on the National Stock Exchange, India. 
BOARD OF 
DIRECTORS 

38 
Alara Resources | Annual Report 2025 
Board of Directors 
 
BOARD OF 
DIRECTORS 
 
 
 
BOARD OF 
DIRECTORS 
 
 
 
SANJEEV KUMAR 
Non-Executive Director 
Appointed 23 October 2020 
MBA (Finance & Marketing) 
BE (Metallurgy) 
Experience 
Mr. 
Sanjeev 
Kumar 
brings 
extensive 
Australian 
and 
international 
business 
experience, with a strong focus on high-
value asset finance lending. He is the Co-
Founder and Director of Tradexcel Global 
Pty Ltd, an Australian company established 
in 2017, which supports ANZ businesses in 
expanding 
into 
international 
markets 
through market assessment, entry strategy, 
business planning, and local partnership 
development. 
 
Mr. Kumar’s prior experience includes 
senior leadership roles such as Vice 
President at India Factoring & Finance 
Solutions 
(a 
subsidiary 
of 
FIMBank), 
Associate Vice President at Tata Capital 
Financial Services, and Manager in the 
Infrastructure Division at ICICI Bank Limited. 
Other Directorships 
In Listed Companies in Past 3 Years – 
Nil 
DEVAKI KHIMJI 
Non-Executive Director 
Appointed 2 February 2022 
Experience 
Devaki Khimji is Managing Director of 
Oman-based Al Tasnim Group (Al Tasnim). 
A modern architect of transformation 
and progress, Ms. Devaki has redefined 
leadership at Al Tasnim through a bold 
blend of innovation, purpose-driven 
strategy, and operational excellence. Since 
joining the Group in 2012, she has played a 
pivotal role in elevating its performance, 
expanding its footprint, and future-proofing 
its operations. 
At the helm as Managing Director, Ms. 
Devaki has been instrumental in driving 
structural reforms across the Group — from 
streamlining 
business 
processes 
to 
enhancing 
administrative 
frameworks, 
with a strong focus on technology-driven 
transformation. 
She has championed programs that have 
fostered a nurturing ecosystem for talent 
development, employee wellbeing, 
and 
community upliftment — aligning business 
goals with social impact. 
Other Directorships 
In Listed Companies in Past 3 Years – 
Nil 
FARROKH JIMMY MASANI 
Alternate Director 
Appointed 2 February 2022 
Experience 
Farrokh J. Masani is the driving force behind 
Al Tasnim Group’s transformation into a 
diversified, multi-sector enterprise with both 
national and international presence. Through 
a rare combination 
of Technical Knowledge, Entrepreneurial 
Drive, Strategic foresight and backed by 30 
years of experience in Construction, Mining, 
and Business Management, he has led the 
Group’s strategic evolution — expanding its 
footprint across Oman and into global 
markets with a strong focus on sustainability, 
innovation, and long-term value creation. 
Leveraging off this experience and an 
insatiable entrepreneurial spirit, Mr. Masani 
successfully steered Al Tasnim into the Mining 
sector and related Downstream Processing. 
An inherent ability to embrace change has 
also seen him being a strong proponent of 
Digital Transformation 
taking 
efficiency 
to 
newer 
levels. 
He 
continues to be a key strategist and driver in 
Al Tasnim’s journey towards a Resilient, 
Inclusive, and Globally Competitive Future. 
Other Directorships 
In Listed Companies in Past 3 Years 
– Nil 

39 
Alara Resources | Annual Report 2025 
Company Secretary 
 
 
 
 
 
 
 
 
DINESH AGGARWAL 
Company Secretary 
Appointed 2 July 2020 
FCPA, CA, CMA, FTI, DipFS (Advanced) 
Experience 
Mr. Aggarwal brings over 20 years of experience in accounting, finance, and business management across Australia and international 
markets. He is the Founder and Managing Director of Fortuna Advisory Group — an award-winning, multi-disciplinary firm offering 
services in Tax and Business Advisory, Legal, Mortgage Broking, and Financial Planning. 
 
He provides expert advice to clients in Australia and overseas on taxation and business matters, including representing several 
multinational companies in their Australian operations. Mr. Aggarwal also handles tax dispute resolutions with the Australian Taxation 
Office (ATO), including appeals to the Administrative Appeals Tribunal (AAT). 
 
He previously served as Chairman of the Public Practice Committee of CPA Western Australia and currently serves as a member of the 
National Public Practice Advisory Committee of CPA Australia. 
 
Recognised for his professional excellence, Mr. Aggarwal was named one of Australia’s Top Three SME Tax Advisers in 2015 by the Tax 
Institute. He is also a two-time recipient of CPA Australia’s prestigious 40 Under 40 Young Business Leaders Award (2012 and 2013), 
among several other accolades.
COMPANY 
SECRETARY 

40 
Alara Resources | Annual Report 2025 
Management Support Team 
 
 
 
 
  MANAGEMENT SUPPORT TEAM  
 
 
 
AVIGYAN BERA 
CEO (AHRL) 
B.Tech, Pengg (SAIMECHE) 
Mr. Bera brings over 18 years of extensive 
experience in executing EPC (Engineering, 
Procurement, and Construction) projects 
across India and international markets. His 
professional 
journey 
spans 
multiple 
countries including India, Zambia, South 
Africa, Liberia, Namibia, Mongolia, Iran, the 
UAE, and Morocco. 
He began his career in process engineering 
for mineral beneficiation and complex 
chemical process plants, later transitioning 
into project management and business 
development across India, Africa, and the 
Middle East. 
Since joining Al Hadeetha Resources LLC 
(AHRL) in June 2020, Mr. Bera has 
contributed his deep technical expertise 
and leadership in process engineering, 
project execution, and overall project 
management—playing a pivotal role in 
delivering 
owner-managed 
projects 
efficiently and successfully. 
MOHAMMAD KHALID QAMAR 
General Manager - Plant 
B.Tech, Chemical Engineering 
 
Mr. Khalid brings over 15 years of diverse 
experience in operations, project execution, 
and commissioning of process plants across 
India and Oman. Prior to joining Al 
Hadeetha Resources LLC (AHRL), he held 
key roles with leading resource companies 
such as Hindustan Zinc Limited and 
Strategic and Precious Metals Processing 
(SPMP), Oman. 
Throughout his career, he has managed a 
wide 
range 
of 
functions 
including 
manufacturing, 
industrial 
safety, 
and 
project engineering. At AHRL, Mr. Khalid is 
currently leading the development of the 
Operations and Maintenance team for the 
company’s Copper Processing Plant, while 
also overseeing the overall operational 
readiness to ensure its successful and 
sustainable performance. 
MOBASHIRUL HODA 
Sr HSE Manager 
B.Sc. in Biotechnology, PGD in ISM, NEBOSH, 
OH&S(NVQ 6) 
 
Mr. Mobashirul Hoda is a seasoned Health, 
Safety, and Environment (HSE) professional 
with over 18 years of experience managing 
major projects across multiple sectors, 
including oil and gas, aluminium smelting, 
civil construction, cross-country pipelines, 
waste management, water treatment, and 
beneficiation plant and mine operations. His 
extensive project experience spans Qatar, 
Saudi Arabia, the UAE, India, and Oman. 
He possesses a deep understanding of HSE 
risks, 
opportunities, 
and 
regulatory 
frameworks, 
both 
at 
national 
and 
international levels. Well-versed in municipal 
regulations and global industry best practices, 
he has successfully implemented robust 
safety management systems and site-level 
procedures. 
Mr. Hoda’s strong communication skills, 
assertive leadership, and ability to engage 
effectively 
with 
management 
and 
subcontractors have enabled him to drive a 
culture of safety and accountability across all 
project stages. His proven track record in 
leading and executing safety initiatives makes 
him a valuable contributor to organisations 
committed to maintaining the highest HSE 
standards. 

41 
Alara Resources | Annual Report 2025 
Management Support Team 
 
 
 
 
  MANAGEMENT SUPPORT TEAM  
 
 
 
REXIN KAMILAS 
General Manager - Operations (ARL) 
BACS, M. Com 
Mr. Kamilas brings over 17 years of 
experience in administration and finance 
across Oman and India. He joined Alara 
Resources in 2011 and has since played a 
key role in managing various business 
functions, 
including 
company 
administration, banking, insurance, finance, 
procurement, logistics, tax compliance, and 
tendering. 
Leveraging his extensive expertise, Mr. 
Kamilas 
has 
been 
instrumental 
in 
strengthening 
the 
organisation’s 
administrative 
and 
financial 
systems, 
supporting the development of a robust 
management 
framework 
to 
enable 
sustainable corporate growth. 
Since 2018, he has also been leading Alara’s 
core drilling operations in Oman, liaising 
closely with multiple clients and government 
organisations to ensure smooth execution 
and operational excellence. 
SANJAY CHOUDHARY 
General Manager - Mining 
B.E- Mining; MBA-HR, PHD 
 
A highly experienced mining professional 
with over 19 years of expertise across a 
diverse range of mining consulting projects. 
His core specialisations include short-term 
and long-term mine planning, production 
scheduling, financial evaluation, and risk 
analysis. 
 
He has an established record of optimising 
production 
schedules, 
implementing 
advanced resource management systems, 
and collaborating with leading global mining 
organisations. His experience spans multiple 
commodities, including copper, bauxite, 
limestone, coal, lignite, and iron ore. 
 
Throughout his career, he has worked with 
prominent industry players such as Coal 
India, Hindalco Industries Ltd., Ultratech 
Cement, 
Kazakhmys 
Corporation 
(Kazakhstan), and Jindal Steel. His strong 
command of advanced mining software 
tools—such as MineScape and Datamine—
has been pivotal in driving efficiency, 
ensuring 
compliance, 
and 
achieving 
successful project outcomes. 
 
In his previous role as Manager of Technical 
Services and Operations Head (India) at 
Datamine International, he led consulting 
and technical support teams for projects 
across India and abroad, consistently 
delivering improvements in mine planning 
systems and operational performance. 
NISHITH C. UDYAVARA 
General Manager - Resource & Strategy 
MSW – (Human Resources) 
 
Mr. Nishith is a seasoned and strategic 
Human Resources professional with over 17 
years of global experience spanning India, the 
UAE, and Oman. His extensive international 
exposure 
across 
industries 
such 
as 
manufacturing, hospitality, and greenfield 
projects has equipped him with a strong 
command of global HR practices and cross-
cultural management. 
Throughout his distinguished career, Mr. 
Nishith has held leadership roles with reputed 
organisations 
including 
Sodexo, 
Suzlon 
Energy, and the Manipal Group, where he 
successfully managed the full spectrum of HR 
functions. 
He is highly skilled in designing and 
implementing 
HR 
strategies, 
leading 
organisational 
development, 
and driving 
cultural transformation initiatives that align 
with business objectives. His proven ability to 
build high-performing teams and foster 
positive workplace cultures makes him a 
valuable contributor to organisational growth 
and 
employee 
engagement.

42 
Alara Resources | Annual Report 2025 
Management Support Team 
 
 
 
 
  MANAGEMENT SUPPORT TEAM  
 
 
 
NEELABH DUBEY 
General Manager - Sales & Logistics 
Master of Management Science 
(Marketing), B. Tech. (Electrical & 
Electronics Engineering) 
A 
seasoned 
Sales 
and 
Marketing 
professional with over 19 years of 
experience spanning the FMCG, telecom, 
and non-ferrous metals industries, Mr. 
Neelabh holds a Master of Management 
Science (Marketing) from the University of 
Lucknow and a Bachelor of Technology in 
Electrical & Electronics Engineering from 
the United College of Engineering & 
Research, Allahabad. 
Prior to his current role, he served as Chief 
Manager (Marketing) at Hindustan Copper 
Limited, a Public Sector Undertaking under 
the Ministry of Mines, Government of 
India. During his tenure, he successfully 
managed large-scale export operations, 
including overseeing a copper concentrate 
export valued at USD 80 million. 
He possesses deep expertise in channel 
management, 
business 
development, 
contract negotiation, export operations, 
logistics, 
and 
customer 
relationship 
management. With a strong record of 
driving growth and strategic development 
across multiple sectors, he brings a results-
oriented 
approach 
and 
a 
broad 
understanding of global market dynamics. 
 
 
 
MANISH TOMAR 
General Manager - Geology & Mineral 
Resource 
M.Sc. in Applied Geology 
 
A highly experienced Resource Geologist 
with over 17 years in the mining and 
exploration 
industry, 
specialising 
in 
mineral resource estimation, geological 
modelling, and geostatistics. He has 
demonstrated 
proven 
expertise 
in 
developing 3D geological models and 
applying advanced grade interpolation 
and resource classification techniques. 
 
A Member of The Australasian Institute 
of Mining and Metallurgy (AusIMM) and 
the 
International 
Mining 
Industry 
Consultants (IMIC), he is a Competent 
Person for mineral resource reporting in 
accordance with international reporting 
standards. 
 
He is highly proficient in industry-leading 
software such as Datamine Studio, 
Supervisor, and Leapfrog, with a strong 
ability to develop customised technical 
solutions. His professional experience 
spans multiple commodities, including 
lead, zinc, silver, gold, copper, limestone, 
iron, bauxite, and coal. 
 
Previously, he held senior roles at 
Hindustan 
Zinc 
Limited 
(HZL) 
and 
Datamine 
International, 
where 
he 
focused on mining geology, resource 
estimation, classification, reconciliation, 
and reporting. In his most recent role at 
HZL, he headed the Reserves & Resources 
(R&R) and Database function. 
MARWAN ABDULLAH AL BUSAIDI 
ICV Manager 
 
Bachelors in Arts and Science, Geography & 
Population Studies 
 
Mr. Marwan Abdullah Al Busaidi brings over 
six years of technical and administrative 
experience across various sectors in Oman. 
Since joining Al Hadeetha Resources LLC 
(AHRL) in August 2022, he has been actively 
involved in multiple facets of the business, 
including coordination with utility providers, 
management of import–export operations 
and customs clearance, compliance with 
taxation regulations, and liaison with key 
government bodies such as the Oman Vision 
2040 Implementation (ISFU) and other major 
ministries. 
Mr. Marwan plays a pivotal role in 
maintaining 
infrastructure 
operations, 
ensuring adherence to government policies, 
overseeing 
project 
documentation, 
and 
managing applications for licenses and 
permits. 
He 
also 
holds 
professional 
training 
certifications 
in 
Population 
and 
Social 
Statistics 
& 
Survey, 
reflecting 
his 
commitment to continuous professional 
development 
and 
analytical 
excellence.

43 
Alara Resources | Annual Report 2025 
Management Support Team 
 
 
 
 
  MANAGEMENT SUPPORT TEAM  
 
 
 
LUJAINA AL BALUSHI 
Human Resource Manager 
Bachelors in Human Resources and 
Marketing 
Ms. Lujaina Al Balushi serves as the Human 
Resources 
Manager 
at 
Al 
Hadeetha 
Resources LLC (AHRL), having joined the 
company in February 2023. She holds a 
Bachelor’s degree in Human Resources and 
Marketing from the Modern College of 
Business & Science, Oman. 
Before joining AHRL, Ms. Lujaina gained 
valuable experience in customer service 
through her roles with leading organisations 
such as Bank Dhofar and Al Saher Company. 
Her background in both HR and client 
relations enables her to effectively support 
employee 
engagement, 
organisational 
development, and HR operations within 
AHRL. 
MANISH GURJAR 
Mines Manager 
B.Tech in Mining, Mechanical Diploma 
 
A qualified Mining Professional with over 
seven years of multi-commodity experience 
in open-pit mining, specialising in mine 
management, drilling and blasting, contract 
management, regulatory compliance, and 
sustainable mining practices. He holds a First 
Class 
Mine 
Manager 
Certificate, 
underscoring his strong commitment to 
safety, operational excellence, and industry 
best practices. 
 
He has a proven record of managing efficient 
mine operations across commodities such as 
lead, zinc, iron, and chromite. Prior to his 
current role, he served as Deputy Manager – 
Mine Operations at Tata Steel, where he 
successfully 
led 
operational 
planning, 
production optimisation, and sustainability-
driven initiatives. 
 
Highly skilled in strategic project planning 
and execution, he excels at optimising 
resource 
extraction 
while 
ensuring 
adherence to environmental and safety 
standards. His ability to lead cross-functional 
teams and manage complex mining projects 
makes him a valuable contributor to 
advancing operational performance and 
sustainable growth within the mining 
industry. 
TAUFEEQ RAHAMAN 
Sr Admin Manager 
MBA 
 
Mr. Taufeeq Rahaman brings over 13 years of 
professional experience, including more than 
a decade in Oman, with proven expertise in 
managing and streamlining administrative 
operations across sectors such as Oil & Gas, 
Civil 
Engineering, 
and 
Detonators 
& 
Explosives. Throughout his career, he has 
collaborated 
with 
leading 
organisations 
including 
OQ, 
British 
Petroleum 
(BP), 
Petroleum Development Oman (PDO), and 
ALEZCO. 
 
His 
core 
competencies 
encompass 
comprehensive administrative management, 
vendor coordination, government liaison, 
and the procurement of essential licenses 
and permits critical for smooth mining 
operations. In addition, he is adept at 
supporting HR backend functions, managing 
assets 
and 
inventory, 
overseeing 
transportation logistics, and coordinating 
arrangements for international visitors. 
 
Mr. Taufeeq’s proactive and structured 
approach ensures operational efficiency, 
regulatory 
compliance, 
and 
seamless 
execution of administrative processes in 
dynamic 
industrial 
environments.

44 
Alara Resources | Annual Report 2025 
Management Support Team 
 
 
 
 
  MANAGEMENT SUPPORT TEAM  
 
 
 
GEJO THOMAS 
General Manager - Procurement 
B.E. Electronics & Instrumentation 
Engineering 
 
Mr. Gejo Thomas brings over 18 years of 
extensive 
experience 
in 
supply 
chain 
management, 
with 
deep 
expertise 
in 
strategic sourcing and contract management 
for large-scale infrastructure and utility 
projects. 
 
He spent a major part of his career with 
Larsen & Toubro (L&T), where he played a 
pivotal role in procurement operations in 
Oman. His responsibilities included leading 
international sourcing of products and 
services for EPC projects spanning Primary 
and MV Substations, Overhead Transmission 
Lines (OHTL), Underground Cable Laying, and 
major road infrastructure developments 
such as the Batinah Expressway and Al 
Sharqiyah Expressway—supported by in-
house crusher and RMC plant operations. 
 
Prior to his current role, Mr. Gejo served as 
Group Procurement Manager at Muna Noor 
International Group, where he successfully 
led 
procurement 
activities 
for 
key 
infrastructure projects with Be’ah and O&M 
STP projects for Haya. 
 
Renowned 
for 
his 
strong 
commercial 
acumen 
and 
structured 
approach 
to 
procurement, Mr. Gejo is highly regarded for 
fostering 
effective 
collaboration 
across 
engineering, 
finance, 
and 
operations 
teams—ensuring 
cost 
efficiency, 
transparency, 
and 
strategic 
value 
throughout the supply chain. 
RAJESH N. GANDHI 
Finance Controller 
B.Com, Chartered Accountant (CA) 
 
Mr. Rajesh Gandhi brings over 11 years of 
experience in finance and accounting, with a 
strong foundation in financial management 
within the mining and manufacturing 
sectors in India. He joined Al Hadeetha 
Resources LLC (AHRL) in March 2021 as 
Finance Controller. 
 
In his current role, Mr. Gandhi oversees a 
wide range of financial functions, including 
budgeting and cost control, banking and 
financing 
operations, 
management 
information systems (MIS), and taxation. 
Prior to joining AHRL, he was associated 
with a multinational company in India 
involved in the mining, processing, and 
manufacturing 
of 
bentonite 
minerals, 
bauxite, and allied products. 
 
Mr. Gandhi has extensive experience across 
the full spectrum of financial operations — 
from 
financial 
statement 
finalisation, 
taxation, and forex management to letters 
of credit, budget monitoring, regulatory 
compliance, and strategic reporting — 
ensuring accuracy, transparency, and fiscal 
discipline across all financial processes. 
HUSNI ISMAIL 
IT Enterprise Support Lead 
BSc in Computer Networking, University of 
Bedfordshire (UK) 
Mr. Husni is an accomplished IT professional 
with over six years of experience in 
managing 
and 
optimizing 
technology 
operations across diverse sectors. Holding a 
bachelor’s degree in Computer Networking 
from the University of Bedfordshire, UK, he 
has 
successfully 
led 
initiatives 
in 
infrastructure 
modernization, 
cloud 
transformation, cybersecurity, and systems 
integration. 
 
He has been instrumental in developing 
resilient digital environments that enhance 
operational efficiency, ensure data integrity, 
and enable business scalability. Known 
for his forward-thinking approach and strong 
technical acumen, Mr. Husni combines 
innovation 
with 
practical 
execution 
— 
driving reliability, security, and continuous 
improvement across the organization’s IT 
landscape. 

 
 
 
 
 
 
 
 
2025 
DIRECTORS’ REPORT 
 
 
The Directors present their report on Alara Resources Limited 
(Company or Alara or AUQ) and the entities it controlled at the 
end of or during the financial year ended 30 June 2025 (the 
Consolidated Entity). 

46 
Alara Resources | Annual Report 2025 
2025 - Directors’ Report 
 
 
 2025 - DIRECTORS’ REPORT  
 
Corporate Information 
Alara is a company limited by shares incorporated in Western Australia. 
 
Principal Activities 
The principal activities of entities of the Consolidated Entity during the year were the exploration, evaluation and development 
of mineral exploration licenses in Oman. 
Significant Changes in the State of Affairs 
There have been no significant changes in the state of affairs of the Consolidated Entity save as otherwise disclosed in this 
Directors’ Report or the financial statements and notes thereto. 
Dividends 
No dividends have been paid or declared during the financial year. 
 
Operating Results 
 
Consolidated 
2025 
2024 
$ 
$ 
Total revenue 
55,315,545 
5,500,421 
Total expenses 
(74,342,673) 
(16,125,516) 
Loss before tax 
(19,027,128) 
(10,625,095) 
Income tax benefit 
- 
- 
Loss after tax 
(19,027,128) 
(10,625,095) 
 
Profit/(Loss) per Share 
 
Consolidated 
2025 
2024 
Basic (loss) per share (cents) 
(1.41) 
(0.81) 
Diluted (loss) per share (cents) 
(1.41) 
(0.81) 
Weighted average number of ordinary shares outstanding during the year used in the calculation of 
718,087,541 
718,087,541 
basic loss per share 
Weighted average number of ordinary shares outstanding during the year used in the calculation of 
718,087,541 
718,920,791 
diluted loss per share 
 
Cash Flows 
 
Consolidated 
2025 
2024 
Net cash flow used in operating activities 
8,620,828 
(12,000,778) 
Net cash flow from investing activities 
(1,874,920) 
(19,088,862) 
Net cash flow provided by financing activities 
1,260,308 
31,794,218 
Net change in cash held 
8,006,216 
704,578 
Effect of exchange rates on cash 
67,667 
(5,511) 
Cash held at year end 
12,429,695 
4,355,812 

47 
Alara Resources | Annual Report 2025 
2025 - Directors’ Report 
 
Financial Position 
Outlined below is the Consolidated Entity’s financial position and prior year comparison. 
 
Consolidated Entity 
2025 
2024 
$ 
$ 
Total assets 
181,037,079 
171,949,954 
Total liabilities 
178,641,872 
151,345,164 
Total equity 
2,395,207 
20,604,790 
 
Issued Capital 
Fully paid ordinary shares, listed options and unlisted options on issue in the Company as at the date of this report are as 
follows: 
 
Fully paid shares quoted 
on ASX 
Listed options 
Unlisted options 
Securities 
803,087,541 
- 
185,354,885 
Total 
803,087,541 
- 
185,354,885 
903,442,426 
 
Unlisted Options 
No unlisted options were issued during the reporting period. 
Likely Developments and Expected Results 
The Company intends to continue exploration, evaluation and development activities in relation to its mineral exploration 
licences in Oman, and to apply for and participate in auction processes for the award of further exploration licences in Oman 
and Saudi Arabia, in the 2025-26 financial year. The likely results of these activities will depend on a range of geological, 
technical and economic factors. 
Environmental Regulation and Performance 
The Consolidated Entity holds licences and abides by Acts and Regulations issued by the relevant mining and environmental 
protection authorities of the countries in which the Consolidated Entity operates. These licences, Acts and Regulations specify 
limits and regulate the management of discharges to the air, surface waters and groundwater associated with exploration and 
mining operations as well as the storage and use of hazardous materials. There have been no significant breaches of the 
Consolidated Entity’s licence conditions. 
Directors’ Interests in Shares and Options 
As at the end of the reporting period, the relevant interests of the Directors in shares and options held in the Company are: 
 
Director 
Fully Paid Ordinary Shares 
Options 
Stephen Gethin 
1,500,000 
- 
Atmavireshwar Sthapak 
3,862,051 
- 
Vikas Jain 
37,745,930 
- 
Sanjeev Kumar 
- 
- 
Devaki Khimji 
- 
- 
Farrokh Masani 
12,147,581 
- 

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Alara Resources | Annual Report 2025 
2025 - Directors’ Report 
 
Directors’ Meetings 
The number of meetings and resolutions of directors (including meetings of committees of directors) held during the year and 
the number of meetings (or resolutions) attended by each director were as follows: 
 
Name of Director 
Appointment / Resignation 
Board 
Audit Committee 
Remuneration 
and Nomination 
Committee 
Meetings 
Attended 
Maximum 
Possible 
Meetings 
Attended 
Maximum 
Possible 
Meetings 
Attended 
Maximum 
Possible 
Stephen Gethin 
Apptd. 2 July 2020 
12 
12 
1 
1 
- 
- 
Atmavireshwar Sthapak 
Apptd. 22 September 2015 
12 
12 
1 
1 
- 
- 
Vikas Jain 
Apptd. 6 April 2016 
12 
12 
1 
1 
- 
- 
Sanjeev Kumar 
Apptd. 23 October 2020 
11 
12 
- 
- 
- 
- 
Devaki Khimji 
Apptd. 2 February 2022 
- 
12 
- 
- 
- 
- 
Farrokh Masani 
Appts. 2 February 2022 
10 
12 
- 
- 
- 
- 
 
Audit Committee 
The Audit Committee currently comprises Non-Executive Directors Vikas Jain (Committee Chairman) (appointed 6 April 2016), 
Non-Executive Company Chairman John Shingleton (appointed 4 September 2025) and Managing Director Atmavireshwar 
Sthapak (appointed 28 September 2016). 
The Audit Committee has a formal charter to prescribe its objectives, duties and responsibilities, access and authority, 
composition, membership requirements of the Committee and other administrative matters. Its function includes reviewing and 
approving the audited annual and reviewed half-yearly financial reports, ensuring a risk management framework is in place, 
reviewing and monitoring compliance issues, reviewing reports from management and matters related to the external auditor. 
The Audit Committee Charter may be viewed and downloaded from the Company’s website. 
[The remainder of this page is intentionally blank] 

49 
Alara Resources | Annual Report 2025 
2025 - Directors’ Report 
 
Remuneration Report 
The information in this Remuneration Report has been audited. This Remuneration Report details the nature and amount of 
remuneration for each Director and Company Executive (being a Company Secretary or senior manager with authority and 
responsibility for planning, directing and controlling the major activities of the Company or Consolidated entity, directly or 
indirectly) (Key Management Personnel or KMP) of the Consolidated Entity in respect of the financial year ended 30 June 2025. 
 
Key Management Personnel 
 
Directors 
John Shingleton 
Non-Executive Chairman 
Atmavireshwar Sthapak 
Managing Director 
Vikas Jain 
Non-Executive Director 
Sanjeev Kumar 
Non-Executive Director 
Devaki Khimji 
Non-Executive Director 
Farrokh Masani 
Alternate Director for Devaki Khimji 
Executives 
Dinesh Aggarwal 
Company Secretary 
Gautam Jain 
Financial Controller 
Avigyan Bera 
CEO 
Mohammed Qamar 
GM Plant Operations, AHRL 
Mobashirul Huda 
HSE Head, AHRL 
Mohammad Imroz Ahmad 
Process Superintendent, AHRL 
Nishith Chandra 
Head of HR, AHRL 
 
Remuneration and Nomination Committee 
The Remuneration and Nomination Committee currently comprises Non-Executive Board Chairman, John Shingleton 
(Committee Chairman, appointed 4 September 2025), Non-Executive Director, Vikas Jain (appointed 6 April 2016) and Managing 
Director Atmavireshwar Sthapak appointed 28 June 2016). 
The Remuneration and Nomination Committee has a formal charter to prescribe its purpose, key responsibilities, composition, 
membership requirements, powers and other administrative matters. The Committee has a remuneration function (with key 
responsibilities to make recommendations to the Board on policy governing the remuneration benefits of the Managing Director 
and Executive Directors, including equity-based remuneration and assist the Managing Director to determine the remuneration 
benefits of senior management and advise on those determinations) and a nomination function (with key responsibilities to 
make recommendations to the Board as to various Board matters including the necessary and desirable qualifications, 
experience and competencies of Directors and the extent to which these are reflected in the Board, the appointment of the 
Chairman and Managing Director, the development and review of Board succession plans and addressing Board diversity). The 
Remuneration and Nomination Committee Charter may be viewed and downloaded from the Company’s website. 
Remuneration Policy 
The Board (with guidance from the Remuneration and Nomination Committee) determines the remuneration structure of all 
Key Management Personnel having regard to the Consolidated Entity’s strategic objectives, scale and scope of operations and 
other relevant factors, including experience and qualifications, length of service, market practice, the duties and accountability of 
Key Management Personnel and the objective of maintaining a balanced Board which has appropriate expertise and experience, 
at a reasonable cost to the Company. The Board recognises that the performance of the Company depends upon the quality of 
its Directors and Executives. To achieve its financial and operating objectives, the Company must attract, motivate and retain 
highly skilled Directors and Executives. 
The Company embodies the following principles in its remuneration framework: 
• 
Provide competitive rewards to attract and retain high caliber Executives. 
• 
Structure remuneration at a level that reflects the Executive’s duties and accountabilities and is competitive. 

50 
Alara Resources | Annual Report 2025 
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Remuneration Structure 
The structure of Non-Executive Director and Executive Director remuneration is separate and distinct. 
Director Remuneration 
Objective 
The Board seeks to set aggregate remuneration (for Directors) at a level which provides the Company with the ability to attract 
and retain directors of the highest calibre, whilst incurring a cost which is acceptable to shareholders. 
Structure 
Each Non-Executive Director receives a fee for serving as a Director of the Company and on relevant Board Committees, if 
applicable. The level of each Non-Executive Director’s fee is commensurate with the workload and responsibilities undertaken. 
According to the Company’s Constitution and the ASX Listing Rules, the aggregate remuneration of Non-Executive Directors 
must not exceed an amount determined by the Shareholders from time to time at a General Meeting (Non-Executive Fee Pool). 
An amount up to the Non-Executive Fee Pool is then allocated among the Non-Executive Directors as Directors’ fees, as 
determined by the Board on the recommendation of the Remuneration and Nomination Committee (Remuneration Committee). 
The Non-Executive Fee Pool, set by Shareholders at the Annual General Meeting held on 26 May 2011, is AUD 275,000 per 
annum. Shareholders determined the amount of the Non-Executive Fee Pool having regard to the recommendation of the 
Board. That recommendation was, in turn, based on the recommendation of the Remuneration Committee, made based on a 
consideration of fees paid to non-executive directors of comparable companies. 
Managing Director and Senior Executive Remuneration 
Objective 
The Company aims to reward executives with a level and mix of remuneration commensurate with their position and 
responsibilities within the Company and so as to ensure total remuneration is competitive by market standards. Formal 
employment contracts are entered into with the Managing Director and senior executives. Details of these contracts are 
outlined later in this report. 
 
Consequences of Company Performance on Shareholder Wealth 
In considering the Company’s performance and creation of value for shareholders, the Board had regard to the following 
information in relation to the current financial year and the previous four years: 
 
Item 
2025 
2024 
2023 
2022 
2021 
Total Equity (AUD) 
2.4m 
20.9m 
29.1m 
22.9m 
21.5m 
Basic earnings/(loss) per share (AUD) 
(1.41) 
(0.81) 
(0.27) 
(0.19) 
(0.24) 
Net Profit/(Loss) attributable to members (AUD) 
(10,149,002) 
(5,792,626) 
(1,914,019) 
(1,316,222) 
(1,622,329) 
Market Capitalisation (AUD) 
27.3m 
35.9m 
20.1m 
31.0m 
9.9m 
 
Fixed Remuneration 
During the financial year, the Key Management Personnel of the Company are paid a fixed base salary/fee per annum plus 
applicable employer superannuation contributions, as detailed below (Details of Remuneration Provided to Key Management 
Personnel). 
Performance Related Benefits/Variable Remuneration 
Performance-related benefits/variable remuneration payable to Key Management Personnel is disclosed in the table Details of 
Remuneration Provided to Key Management Personnel. Current Managing Director Atmavireshwar Sthapak was paid 
allowances including housing and vehicle allowances and medical insurance. 

51 
Alara Resources | Annual Report 2025 
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Special Exertions and Reimbursements 
Pursuant to the Company’s Constitution, each: 
• 
Non-Executive Director is entitled to receive payment for the performance of extra services, or the undertaking of special 
exertions, at the request of the Board for Company purposes. 
• 
Each Director is entitled to reimbursement of all reasonable expenses (including traveling and accommodation) which they 
incur for the purpose of attending Board and Board Committee meetings, the business of the Company, or in performing 
their duties as a Director. 
Post-Employment Benefits 
Other than employer contributions to nominated complying superannuation funds (where applicable) and entitlements to 
accrued unused annual and long service leave (where applicable), the Company does not provide retirement benefits to Key 
Management Personnel. 
The Company notes that Shareholders’ approval is required where a Company proposes to make a “termination payment” (for 
example, a payment in lieu of notice, a payment for a post-employment restraint and payments made as a result of the 
automatic or accelerated vesting of share based payments) in excess of one year’s “base salary” (defined as the average base 
salary over the previous 3 years) to a Director or any person who holds a managerial or executive office. 
Long-Term Benefits 
Other than early termination benefits disclosed in “Employment Contracts” below, Key Management Personnel have no right to 
termination payments, save for payment of accrued unused annual and long service and/or end of service leave (where 
applicable). 
Details of Remuneration Provided to Key Management Personnel. 
 
Key Management Person 
Performance based 
Fixed 
At risk STI 
Option related 
Short-term benefits 
Post- 
employment 
benefits 
Other 
long- 
term 
benefits 
Equity 
based 
benefits 
Total 
Cash payments: 
Salary, and fees 
Cash payments: 
Allowances 
Cash Bonus 
Non-cash 
Other 
Superannuation 
Termination 
Other 
Options 
2025 
% 
% 
% 
% 
$ 
$ 
$ 
$ 
$ 
$ 
$ 
$ 
$ 
$ 
Executive Director 
Atmavireshwar Sthapak 
- 
100 
- 
- 
379,939 
23,746 
- 
- 
4,365 
- 
- 
31,662 
- 
439,712 
Non-Executive Directors: 
Stephen Gethin 
- 
100 
- 
- 
75,000 
- 
- 
- 
- 
- 
- 
- 
- 
75,000 
Vikas Jain 
- 
100 
- 
- 
50,000 
- 
- 
- 
- 
- 
- 
- 
- 
50,000 
Sanjeev Kumar 
- 
100 
- 
- 
24,887 
- 
- 
- 
- 
2,862 
- 
- 
- 
27,749 
Devaki Khimji 
- 
100 
- 
- 
27,500 
- 
- 
- 
- 
- 
- 
- 
- 
27,500 
Farrokh Masani 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
Company Secretary: 
Dinesh Aggarwal (iv) 
- 
100 
- 
- 
52,049 
- 
- 
- 
- 
- 
- 
- 
- 
52,049 
Chief Executive Officer – AHRL 
Avigyan Bera 
13 
100 
- 
- 
105,908 
59,456 
23,746 
- 
- 
- 
- 
- 
- 
189,110 
Mohammed Qamar 
- 
100 
- 
- 
88,178 
52,828 
141,006 
Mobashirul Hoda 
- 
100 
- 
- 
41,033 
27,984 
69,017 
Mohammad Imroz Ahamd 
- 
100 
- 
- 
45,118 
41,883 
87,001 
Nishith Chandra 
- 
100 
- 
- 
43,376 
26,884 
70,260 
Gautam Jain 
- 
100 
- 
- 
84,034 
42,058 
10,808 
136,900 
Total 
- 
- 
- 
- 
1,017,022 
274,839 
23,746 
4,365 
2,862 
42,470 
1,365,304 

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Alara Resources | Annual Report 2025 
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Notes: 
i. 
Allowances are based on the executive employment agreement and may include expat allowance, company car allowance, rent allowance and security bond 
and school-fee allowance received from subsidiaries and related joint venture entities. 
ii. 
Non-cash benefits include net leave and/or end of service gratuity accrued or paid to relevant labour laws 
iii. 
Other short-term benefits consist of exchange gain/(loss) due to foreign currency translation from Oman Riyal to Australia Dollars on Mr. Bera’s salary. 
iv. 
Remuneration, in his capacity as Company Secretary, paid to Fortuna Advisory Group. 
 
Key Management Person 
Performance based 
Fixed 
At risk STI 
Option related 
Short-term benefits 
Post-employment 
benefits 
Other 
long-term 
benefits 
Equity 
based 
benefits 
Total 
Cash payments: 
Salary, and fees 
Cash payments: 
Allowances 
Cash Bonus 
Non-cash 
Other 
Superannuation 
Termination 
Other 
Options 
2024 
% 
% 
% 
% 
$ 
$ 
$ 
$ 
$ 
$ 
$ 
$ 
$ 
$ 
Executive Director 
Atmavireshwar Sthapak 
- 
100 
- 
- 
372,743 
27,840 
- 
- 
4,365 
- 
- 
31,062 
- 
431,645 
Non-Executive Directors: 
Stephen Gethin 
- 
100 
- 
- 
82,500 
- 
- 
- 
- 
- 
- 
- 
- 
82,500 
Vikas Jain 
- 
100 
- 
- 
50,000 
- 
- 
- 
- 
- 
- 
- 
- 
50,000 
Sanjeev Kumar 
- 
100 
- 
- 
25,000 
- 
- 
- 
- 
2,523 
- 
- 
- 
27,523 
Devaki Khimji 
- 
100 
- 
- 
27,500 
- 
- 
- 
- 
- 
- 
- 
- 
27,500 
Farrokh Masani 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
Company Secretary: 
Dinesh Aggarwal (iv) 
- 
100 
- 
- 
47,317 
- 
- 
- 
- 
- 
- 
- 
- 
47,317 
Chief Executive Officer – AHRL 
Avigyan Bera 
- 
100 
- 
- 
81,538 
25,626 
- 
- 
- 
- 
- 
- 
- 
107,164 
Mohammed Qamar 
- 
100 
- 
- 
81,538 
34,945 
- 
- 
- 
- 
- 
- 
- 
116,483 
Mobashirul Hoda 
- 
100 
- 
- 
60,571 
23,296 
- 
- 
- 
- 
- 
- 
- 
83,867 
Mohammad Imroz Ahamd 
- 
100 
- 
- 
44,263 
41,934 
- 
- 
- 
- 
- 
- 
- 
86,197 
Nishith Chandra 
- 
100 
- 
- 
9,707 
6,057 
- 
- 
- 
- 
- 
- 
- 
15,764 
Gautam Jain 
- 
100 
- 
- 
11,648 
6,212 
- 
- 
- 
- 
- 
- 
- 
17,860 
Total 
- 
- 
- 
- 
894,325 
165,910 
23,746 
- 
- 
2,523 
- 
31,062 
- 
1,093,820 
 
 
 
Notes: 
i. 
Allowances are based on the executive employment agreement and may include expat allowance, company car allowance, rent allowance and security 
bond and school-fee allowance received from subsidiaries and related joint venture entities. 
ii. 
Non-cash benefits include net leave and/or end of service gratuity accrued or paid to relevant labour laws 
iii. 
Other short-term benefits consist of exchange gain/(loss) due to foreign currency translation from Oman Riyal to Australia Dollars on Mr. Bera’s salaries. 
iv. 
Appointed 2 July 2020. Remuneration, in his capacity as Company Secretary, paid to Fortuna Advisory Group. 
 
Equity Based Benefits 
The Company provided no equity based benefits (e.g. grant of shares or options) to Key Management Personnel during the 
financial year. No shares were issued as a result of the exercise of options held by Key Management Personnel during the 
financial year. 
Options Lapsed During the Year 
The following options lapsed or were cancelled during the reporting period. 
3,333,000 options (issued to Managing Director Atmavireshwar Sthapak on 23 December 2021 each exercisable over one fully 
paid, ordinary, share in the Company with an exercise price of AUD 0.03 per share) expired on 31 July 2024. 

53 
Alara Resources | Annual Report 2025 
2025 - Directors’ Report 
 
Details of Shares Held by Key Management Personnel 
 
Ordinary Fully Paid Shares 
2024-2025 
Name of Director/KMP 
Balance at 
1 July 2024 
Balance at 
appointment1 
Net change 
Balance at 
cessation1 
Balance at 
30 June 2025 
Stephen Gethin 
1,500,000 
- 
1,500,000 
Atmavireshwar Sthapak 
3,862,051 
- 
3,862,051 
Vikas Jain 
37,745,930 
24,199,497 
61,945,367 
Sanjeev Kumar 
- 
- 
- 
Dinesh Aggarwal 
8,555,725 
- 
8,555,725 
Devaki Khimji 
- 
- 
- 
Farrokh Masani 
12,142,581 
- 
12,142,581 
Note: 1 Applies where the Director was appointed, or ceased as a Director, during the reporting period. 
 
Ordinary Fully Paid Shares 
2023-2024 
Name of Director/KMP 
Balance at 
1 July 2023 
Balance at 
appointment1 
Net change 
Balance at 
cessation1 
Balance at 
30 June 2025 
Stephen Gethin 
1,500,000 
- 
1,500,000 
Atmavireshwar Sthapak 
3,862,051 
- 
3,862,051 
Vikas Jain 
37,745,930 
- 
37,745,930 
Sanjeev Kumar 
- 
- 
- 
Dinesh Aggarwal 
8,555,725 
- 
8,555,725 
Devaki Khimji 
- 
- 
- 
Farrokh Masani 
10,676,187 
1,466,394 
12,142,581 
Note: 1 Applies where the Director was appointed, or ceased as a Director, during the reporting period. 
 
Details of Options Held by Key Management Personnel 
The only options held by Key Management Personnel are those disclosed above under the heading “Equity Based Benefits” 
Employment Contracts 
(a) Managing Director – Atmavireshwar Sthapak 
Atmavireshwar Sthapak was appointed Managing Director on 27 July 2020. The material terms of his contract in effect during 
the reporting period were as follows : 
• 
Annual base salary of AUD 379,939 per annum; 
• 
Housing allowance of up to AUD 23,746 per annum; 
• 
Vehicle allowance – up to AUD 18,000 per annum, plus pay the costs of keeping the vehicle fuelled, maintained and 
registered; 
• 
Compulsory statutory “end of service” payments due under Oman Labour Law; 
• 
Standard annual leave (20 days) and personal/sick leave (10 days paid) entitlements plus any additional entitlements 
prescribed under Oman Labour Law; and 
• 
Either party may terminate the agreement by providing three months’ notice. 
(b) Other Executives 
Details of the material terms of formal employment/consultancy agreements (as the case may be) between the Company and 
other Key Management Personnel during the period are as follows: 
 
KMP Position(s) 
Held 
Base Salary/Fees per annum 
Other Key 
Terms 
Stephen Gethin - 
Chairman 
AUD 75,000 plus GST per annum. In current financial year , Fortuna Legal was paid additional $126,400 towards capital 
raising support services provided by Stephen. 
N/A 
Dinesh Aggarwal - 
Company Secretary 
The Company pays Fortuna Advisory Group AUD 110,400 as a combined amount for Company Secretarial and Chief 
Financial Officer services. Mr Aggarwal is a consultant to Fortuna Advisory Group through Fortuna Accountants and 
Business Advisors, of which he is Managing Director. 
N/A 

54 
Alara Resources | Annual Report 2025 
2025 - Directors’ Report 
 
Other Benefits Provided to Key Management Personnel 
No Key Management Personnel has during or since the end of the financial year, received or become entitled to receive a 
benefit, other than a remuneration benefit as disclosed above, by reason of a contract made by the Company or a related entity 
with the Director or with a firm of which he is a member, or with a Company in which he has a substantial interest. There were 
no loans to directors or executives during the reporting period. 
Employee Share Option Plan 
The Company has an Employee Share Option Plan (the ESOP) which was most recently approved by shareholders at the 2017 
Annual General Meeting. The ESOP was developed to assist in the recruitment, reward, retention and motivation of employees 
(excluding Directors) of Alara. Under the ESOP, the Board will nominate personnel to participate and will offer options to 
subscribe for shares to those personnel. A summary of the terms of ESOP is set out in Annexure A to Alara’s Notice of Annual 
General Meeting and Explanatory Statement for its 2017 AGM. 
Director’s Loan Agreements 
There were no loan agreements with the Directors during the year. 
Securities Trading Policy 
The Company has a Securities Trading Policy, a copy of which is available for viewing and downloading from the Company’s 
website. 
Voting and Comments on the Remuneration Report at the 2024 Annual General Meeting 
At the Company’s most recent Annual General Meeting (AGM), a resolution to adopt the Remuneration Report for the previous 
reporting period was put to a shareholders’ vote and passed unanimously on a show of hands with the proxies received also 
indicating 84.43% support for adopting the Remuneration Report. No comments were made on the Remuneration Report at 
the AGM. 
Engagement of Remuneration Consultants 
The Company did not engage a remuneration consultant during the year. 
The Board has established a policy for engaging external remuneration consultants. The policy includes a requirement for the 
Remuneration and Nomination Committee to: 
• 
approve all engagements of remuneration consultants; 
• 
receive remuneration recommendations from remuneration consultants (to the exclusion of persons not members of the 
Committee) regarding Key Management Personnel; and 
• 
ensure that the making of remuneration recommendations is free from undue influence by the member or members of the 
Key Management Personnel to whom the recommendation relates. 
This concludes the audited Remuneration Report. 
Directors’ and Officers’ Insurance 
The Company insures Directors and Officers against liability they may incur in respect of any wrongful acts or omissions made by 
them in such capacity (to the extent permitted by the Corporations Act 2001) (D&O Policy). Details of the amount of the 
premium paid in respect of the D&O Policy is not disclosed as such disclosure is prohibited under the terms of the policy. 
Directors’ Deeds 
In addition to the rights of indemnity provided under the Company’s Constitution (to the extent permitted by the Corporations 
Act), the Company has also entered into a deed with each of the Directors and the Secretary (each an Officer) to regulate 
certain matters between the Company and each Officer, both during the time the Officer holds office and after the Officer 
ceases to be an officer of the Company, including the following matters: 
• 
The Company’s obligation to indemnify an Officer for liabilities or legal costs incurred as an officer of the Company (to the 
extent permitted by the Corporations Act). 
• 
Subject to the terms of the deed and the Corporations Act, the Company may advance monies to Officers to meet any costs 
or expenses of the Officer incurred in circumstances relating to the indemnities provided under the deed and before the 
outcome of legal proceedings brought against the Officer. 
Legal Proceedings on Behalf of Consolidated Entity (Derivative Actions) 
No person has applied for leave of a court to bring proceedings on behalf of the Consolidated Entity or intervene in any 
proceedings to which the Consolidated Entity is a party for the purpose of taking responsibility on behalf of the Consolidated 
Entity for all or any part of such proceedings and the Consolidated Entity was not a party to any such proceedings during and 
since the financial year. 

55 
Alara Resources | Annual Report 2025 
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56 
Alara Resources | Annual Report 2025 
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Auditor 
Details of the amounts paid or payable to the Company’s auditors (In.Corp Audit & Assurance Pty Ltd for the year ended 30 June 
2025 and RSM Chartered Accountants for the Oman entity audits) for audit and non-audit services provided during the financial 
year are set out below (refer to Note 5): 
 
Audit and Review Fees 
$ 
Fees for Other Non-Audit Services 
$ 
Total 
$ 
98,109 
– 
98,109 
No non-audit services were provided by the Auditors during the year. 
Auditor’s Independence Declaration 
A copy of the Auditor’s Independence Declaration as required under section 307C of the Corporations Act 2001 forms part of 
this Directors Report and is set out on page 54. 
Events Subsequent to Reporting Date 
On 8 July,2025, shareholders approved the share placement whereby the Company entered into subscription agreements for a 
private placement of up to 85,000,000 fully paid ordinary shares. Shares were offered at an issue price of A$0.04 per share, 
aiming to raise up to A$3.4 million before costs. The Placement was subject to shareholder approval and is not underwritten. 
Under these agreements, substantial shareholder Al Tasnim Infrastructure LLC (ATI), which held 13.88% voting power, (or its 
nominee) had agreed to subscribe for 60,000,000 shares for a total consideration of A$2.4 million. Director Mr. Vikas Jain, 
who held 5.25% voting power (or his nominee(s)), had agreed to subscribe for 25,000,000 shares for a total consideration of 
A$1 million. All shares were issued at A$0.04 each, representing a 60% premium to the 30-day volume weighted average price 
(VWAP) of A$0.025 prior to the Subscription Agreements. 
The premium reflects the ongoing support and commitment of ATI and Mr. Jain to Alara and its future prospects. 
Proceeds from the Placement were intended to be used towards repayment of a portion of Alara’s outstanding finance facility 
with Trafigura Pte Ltd, totalling US$3.45 million (A$5.083 million as at the time of announcement on to the ASX on 26 July 2023). 
As per the 26 July 2023 announcement the full amount of the Trafigura Loan was drawn down and a payment of US$1,591,735 
(approximately A$2.45 million), comprising principal and interest was then made towards the balance owing on 15 July 2025 as 
per the facility repayment obligations. 
The Placement will also cover A$856,618 (US$556,463) for interest payments due through to 30 June 2026, withholding tax on 
interest payments under the Trafigura Loan, and associated bank fees. The aggregate amount due by Alara to Trafigura between 
15 July 2025 and 26 July 2026, including taxes and bank fees, totals US$2,148,198 (A$3,306,935). 
Other than the above, the Directors are not aware of any matters or circumstances at the date of this Directors’ Report, other 
than those referred to in this Directors’ Report or the financial statements or notes thereto, that have significantly affected or 
may significantly affect the operations, the results of operations or the state of affairs of the Company and Consolidated Entity in 
subsequent financial years. 
Signed for and on behalf of the Directors in accordance with a resolution of the Board: 
 
Atmavireshwar Sthapak 
Managing Director 
30 September 2025 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AUDITOR’S INDEPENDENCE 
DECLARATION 

58 
Alara Resources | Annual Report 2025 
Auditor’s Independence Declaration 
 
AUDITOR’S INDEPENDENCE DECLARATION 
 
  AUDITOR’ S INDEPENDENCE DECLARATION  
 
 
 
 
 
To the directors of Alara Resources Limited: 
 
As lead auditor of the audit of Alara Resources Limited for the year 
ended 30 June 2025, I declare that, to the best of my knowledge and 
belief, there have been: 
• no contraventions of the auditor independence requirements of the 
Corporations Act 2001 in relation to the audit; and 
• no contraventions of any applicable code of professional conduct in 
relation to the audit. 
This declaration is in respect of Alara Resources Limited and the 
entities it controlled during the year. 
In.Corp Audit & Assurance Pty Ltd 
ABN 14 129 769 151 
 
Level 1 
6-10 O’Connell Street 
SYDNEY NSW 2000 
 
Suite 11, Level 1 
4 Ventnor Avenue 
WEST PERTH WA 6005 
 
GPO BOX 542 
SYDNEY NSW 2001 
 
T  +61 2 8999 1199 
E team@incorpadvisory.au 
W incorpadvisory.au 
 
 
In.Corp Audit & Assurance Pty Ltd 
 
 
Graham Webb 
Director 
 
30 September 2025 
AUDITOR’S INDEPENDENCE DECLARATION UNDER SECTION 
307C OF THE CORPORATIONS ACT 2001 

 
 
 
 
 
 
 
 
 
 
 
 
2025 
FINANCIAL REPORT 

60 
Alara Resources | Annual Report 2025 
Financial Report 
 
Consolidated statement of profit or loss and other comprehensive income 
(For the year ended 30 june 2025) 
 
Note 
2025 
2024 
$ 
$ 
Revenue 
3 
55,122,260 
5,462,901 
Other income 
3 
193,285 
37,520 
Share of profit of associates 
11 
321,403 
203,158 
(Loss)/gains on foreign exchange 
3 
(319,191) 
74,313 
Production expenses 
(26,467,724) 
(3,267,721) 
Employee benefit expenses 
(7,848,433) 
(2,737,044) 
Occupancy costs 
(100,401) 
(266,434) 
Finance expenses 
(7,140,199) 
(2,216,834) 
Corporate expenses 
(172,845) 
(86,279) 
Administration expenses 
(3,423,027) 
(1,396,991) 
Depreciation expense 
(25,395,882) 
(6,431,684) 
Provision for Doubtful Debts 
(3,796,374) 
- 
(LOSS) BEFORE INCOME TAX 
(19,027,128) 
(10,625,095) 
Income tax benefit 
4 
- 
- 
(LOSS) FOR THE YEAR 
(19,027,128) 
(10,625,095) 
Other comprehensive income: 
Items that may be reclassified subsequently to profit or loss: 
Exchange differences on translation of foreign operations 
817,542 
806,448 
Total other comprehensive income 
817,542 
806,448 
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 
(18,209,586) 
(9,818,647) 
(Loss) attributable to: 
Owners of Alara Resources Limited 
(10,149,002) 
(5,792,626) 
Non-controlling interest 
(8,878,126) 
(4,832,602) 
(19,027,128) 
(10,625,228) 
Total comprehensive income for the year attributable to: 
Owners of Alara Resources Limited 
(9,331,460) 
(4,986,178) 
Non-controlling interest 
(8,878,126) 
(4,832,602) 
(18,209,586) 
(9,818,780) 
Loss per share: 
Basic (loss) per share cents 
6 
(1.41) 
(0.81) 
Diluted (loss) per share cents 
6 
(1.41) 
(0.81) 
The accompanying notes form part of the consolidated financial statements. 

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Consolidated statement of financial position 
(AS AT 30 June 2025) 
 
Note 
2025 
2024 
$ 
$ 
CURRENT ASSETS 
Cash and cash equivalents 
7 
12,429,695 
4,355,812 
Trade and other receivables 
8 
5,474,978 
4,842,437 
Other current assets 
9 
172,935 
141,742 
Inventories 
12 
14,239,105 
7,212,316 
Advance to Subcontractors 
2,143,062 
1,805,416 
Financial assets 
10 
49,575 
329,963 
TOTAL CURRENT ASSETS 
34,509,350 
16,882,270 
NON-CURRENT ASSETS 
Financial assets 
10 
962,040 
806,042 
Investment in Associates 
11 
676,119 
354,715 
Borrowing costs 
13 
138 
480 
Property, plant and equipment 
14 
30,893,182 
36,423,933 
Mine properties 
14 
106,533,165 
100,537,641 
Development assets 
14 
2,578,190 
10,450,327 
Exploration and evaluation 
15 
4,884,895 
4,689,128 
TOTAL NON CURRENT ASSETS 
146,527,729 
155,067,684 
TOTAL ASSETS 
181,037,079 
171,949,954 
CURRENT LIABILITIES 
Trade and other payables 
16 
71,908,408 
53,797,327 
Provisions 
17 
4,411,887 
364,199 
Financial liabilities 
18 
28,096,277 
19,099,990 
TOTAL CURRENT LIABILITIES 
104,416,572 
73,261,516 
NON CURRENT LIABILITIES 
Provisions 
17 
882,848 
- 
Financial liabilities 
18 
73,342,452 
78,083,648 
TOTAL NON CURRENT LIABILITIES 
74,225,300 
78,083,648 
TOTAL LIABILITIES 
178,641,872 
151,345,164 
NET ASSETS 
2,395,207 
20,604,790 
EQUITY 
Issued capital 
19 
68,722,146 
68,722,146 
Reserves 
20 
15,878,946 
15,061,404 
Accumulated losses 
(75,234,619) 
(65,085,620) 
Parent interest 
9,366,473 
18,697,930 
Non-controlling interest 
(6,971,266) 
1,906,860 
TOTAL EQUITY 
2,395,207 
20,604,790 
The accompanying notes form part of the consolidated financial statements. 

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Consolidated statement of changes in equity 
(for the year ended 30 June 2025) 
 
Foreign 
Currency 
Issued Capital 
Translation 
Reserve 
Accumulated 
Losses 
Transactions 
with minority 
interests 
Non- 
Controlling 
Interest 
Total 
$ 
$ 
$ 
$ 
$ 
$ 
Balance as at 1 July 2023 
68,722,146 5,661,103 
(59,292,994) 
8,593,853 
5,396,815 
29,080,923 
Option expired 
- - 
- 
- 
- 
- 
Foreign currency translation reserve 
- 806,448 
- 
- 
- 
806,448 
Transaction with Minority Interest 
1,342,644 
1,342,644 
(Loss) for the year 
- - 
(5,792,626) 
- 
(4,832,599) 
(10,625,225) 
Total comprehensive income for the year 
- 806,448 
(5,792,626) 
- 
(3,489,955) 
(8,476,133) 
Transactions with owners in their 
capacity as owners: 
Share placement 
- - 
- 
- 
- 
- 
Balance as at 30 June 2024 
68,722,146 6,467,551 
(65,085,620) 
8,593,853 
1,906,860 
20,604,790 
Balance as at 1 July 2024 
68,722,146 6,467,551 
(65,085,620) 
8,593,853 
1,906,860 
20,604,790 
Options expired 
- - 
- 
- 
- 
- 
Foreign currency translation reserve 
- 817,542 
- 
- 
- 
817,542 
(Loss) for the year 
- - 
(10,148,999) 
- 
(8,878,126) 
(19,027,125) 
Total comprehensive income for the year 
- 817,542 
(10,148,999) 
- 
(8,878,126) 
(18,209,583) 
Transactions with owners in their 
capacity as owners: 
Share placement 
- - 
- 
- 
- 
- 
Balance as at 30 June 2025 
68,722,146 7,285,093 
(75,234,619) 
8,593,853 
(6,971,266) 
2,395,207 
The accompanying notes form part of the consolidated financial statements. 

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Consolidated statement of cash flows 
(for the year ended 30 June 2025) 
 
Note 
2025 
2024 
$ 
$ 
CASH FLOWS FROM OPERATING ACTIVITIES 
Receipts from customers 
52,223,309 
2,260,105 
Payments to suppliers and employees (Inclusive of GST) 
(37,418,593) 
25,170 
Interest received 
67,659 
- 
Interest & other finance costs paid 
(6,251,547) 
(14,286,053) 
NET CASHFLOWS USED IN OPERATING ACTIVITIES 
7b 
8,620,828 
(12,000,778) 
CASH FLOWS FROM INVESTING ACTIVITIES 
Payments for plant and equipment 
(77,006) 
(191,829) 
Payments for development and exploration expenditure 
(1,959,943) 
(19,090,594) 
Proceeds from disposal of plant and equipment 
16,822 
- 
Payments towards term deposits 
- 
(193,753) 
Loan to other entity (repayment) 
- 
(104,688) 
Payments for other-current assets 
(149,428) 
- 
Proceeds from disposal of financial assets 
294,635 
492,002 
NET CASHFLOWS USED IN INVESTING ACTIVITIES 
(1,874,920) 
(19,088,862) 
CASH FLOWS FROM FINANCING ACTIVITIES 
Capital contributed by non-controlling interests 
- 
1,342,644 
Proceeds from shareholders 
622,994 
- 
Proceeds from borrowings 
6,007,091 
30,451,574 
Repayment of borrowings 
(5,369,777) 
- 
NET CASHFLOWS PROVIDED BY FINANCING ACTIVITIES 
1,260,308 
31,794,218 
NET INCREASE IN CASH AND CASH EQUIVALENTS HELD 
8,006,216 
704,578 
Cash and cash equivalents at beginning of the financial year 
4,355,812 
3,656,745 
Effect of exchange rate changes on cash 
67,664 
(5,511) 
CASH AND CASH EQUIVALENTS AT THE END OF THE FINANCIAL YEAR 
7 
12,429,695 
4,355,812 

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Notes to the consolidated financial statements 
(for the year ended 30 June 2025) 
1. 
SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION 
The material accounting policies adopted in the preparation of these financial statements are set out below. 
The financial report includes the financial statements for the Consolidated Entity consisting of Alara Resources Limited and 
its controlled and jointly controlled entities. Alara Resources Limited is a company limited by shares, incorporated in 
Western Australia, Australia and whose shares are publicly traded on the Australian Securities Exchange (ASX). 
1.1 Basis of preparation 
These general-purpose financial statements have been prepared in accordance with Australian Accounting Standards, 
Australian Accounting Interpretations, other authoritative pronouncements of the Australian Accounting Standards Board 
and the Corporations Act 2001. Alara Resources Limited is a for-profit entity for the purposes of preparing the financial 
statements. 
Compliance with IFRS 
The consolidated financial statements of the Consolidated Entity, Alara Resources Limited, also comply with International 
Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). 
Reporting Basis and Conventions 
The financial report has been prepared on an accruals basis and is based on historical costs modified by the revaluation of 
selected non-current assets, and financial assets and financial liabilities for which the fair value basis of accounting has 
been applied. 
Going Concern Assumption 
The financial statements have been prepared on the going concern basis of accounting which assumes the continuity of 
normal business activities and realisation of assets and settlement of liabilities in the ordinary course of business. 
The Group has incurred a loss for the year ended 30 June 2025 of AUD 19,027,128 (2024: Loss AUD 10,625,228) and cash 
inflows/(outflows) from operating and investing activities of AUD 6,745,909 (2024: AUD (31,089,640)). As at 30 June 2025 
the Group has a cash at bank balance of AUD 12,429,695 (2024: AUD 4,355,812) and bank deposits of AUD 258,541 (2025: 
AUD 534,942) and a working capital deficiency of AUD (69,907,222) (2024: AUD (44,133,741)). 
Related-party creditors of Al Hadeetha Resources LLC (AHRL), including the other shareholders in that company, which 
have contracts for the provision of various mining and construction services to AHRL, have agreed to defer current 
liabilities owing to them of AUD 66,526,206. Amounts deferred bear interest at 10% per annum. These creditors agreed to 
waive interest payable up until 30 June 2025. Informal discussions have taken place with these creditors to waive interest for 
a further 6 months to 31 December 2025. 
The Group entered into an unsecured loan agreement with Al Hadeetha Investment Services LLC (AHI) on 16 April 2017 for a 
maximum of USD 2 million to assist in the working capital funding requirements. As at balance date, the Consolidated 
Entity has drawn down OMR 266,743 (USD 691,693). The balance of USD 1,308,307 it is not practical for AHRL to draw 
further on this facility at this time. AHRL owes AHI and/or its related parties (together referred to as AHI) amounts which 
exceed the undrawn balance under this loan facility, as payables for services provided by AHI, payment of which AHI has 
deferred. On a review of this facility AHRL determined that were it to seek to draw further on it, it is reasonable to expect 
that AHI would require it to apply the amount drawn in paying down the trade payables. Accordingly, the total available 
amount of this loan is and will be reported as equal to the amount currently drawn down. 
The Company raised AUD 3.4 million through a Direct Placement in July 2025. Directors considered a cash flow forecast for 
the 12 months from the date of this report which indicates that the Consolidated Entity will have a shortfall of cash 
required to meet its commitments of approximately AUD 5.9 million over that period. To enable the Consolidated Entity to 
meet the projected cash shortfall it is anticipated Alara will be required to raise funds from the issue of equity anticipated to 
be in Q1 2026. Directors have received commitments from major shareholders to contribute to a proposed capital raising 
sufficient to fully meet any projected shortfall. In addition, plant capacity at AHRL has increased following the installation of 
a new filter press, which is expected to generate higher revenues and cash inflows to support the Group’s operations. 

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Accordingly, the Directors consider the basis of going concern to be appropriate given their view that the Company has 
reasonable prospects of raising capital to meet its projected cash deficiency for the next 12 months. 
1.2 Foreign Currency Translation and Balances 
Functional and presentation currency 
The functional currency of each entity within the Consolidated Entity is measured using the currency of the primary 
economic environment in which that entity operates. The consolidated financial statements are presented in Australian 
dollars which is the parent entity’s functional and presentation currency. 
Transaction and balances 
Foreign currency transactions are translated into functional currency using the exchange rates prevailing at the date of the 
transaction. Foreign currency monetary items are translated at the year-end exchange rate. Exchange differences arising on 
the translation of monetary items are recognised in profit or loss, except where deferred in equity as a qualifying cash flow or 
net investment hedge. Exchange differences arising on the translation of non-monetary items are recognised directly in 
equity to the extent that the gain or loss is directly recognised in equity, otherwise the exchange difference is recognised in 
profit or loss. 
Consolidated entity 
The financial results and position of foreign operations whose functional currency is different from the Consolidated 
Entity’s presentation currency are translated as follows: 
(a) assets and liabilities are translated at year-end exchange rates prevailing at that reporting date; 
(b) income and expenses are translated at average exchange rates for the period; and 
(c) retained earnings are translated at the exchange rates prevailing at the date of the transaction. 
Exchange differences arising on translation of foreign operations are transferred directly to the Consolidated Entity’s 
foreign currency translation reserve in the consolidated statement of financial position. These differences are recognised in 
profit or loss in the period in which the operation is disposed. 
1.3 Joint Arrangements 
Joint arrangements exist when two or more parties have joint control. Joint control is the contractually agreed sharing 
of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous 
consent of the parties sharing control, in the event the Company does not share control the financials are consolidated (or 
deconsolidated in the event of loss of control) (refer to 1.2 for further information). The Consolidated Entity’s joint 
arrangements are currently of one type: 
Joint operations 
Joint operations are joint arrangements in which the parties with joint control have rights to the assets and obligations for 
the liabilities relating to the arrangement. The activities of a joint operation are primarily designed for the provision of 
output to the parties to the arrangement, indicating that: 
• 
the parties have the rights to substantially all the economic benefits of the assets of the arrangement; and 
• 
all liabilities are satisfied by the joint participants through their purchases of that output. This indicates that, in 
substance, the joint participants have an obligation for the liabilities of the arrangement. 
1.4 Comparative Figures 
Certain comparative figures have been adjusted to confirm to changes in presentation for the current financial year. 
1.5 Critical Accounting Judgements and Estimates 
The preparation of the Consolidated Financial Statements requires Directors to make judgements and estimates and form 
assumptions that affect how certain assets, liabilities, revenue, expenses and equity are reported. At each reporting period, 
the Directors evaluate their judgements and estimates based on historical experience and on other various factors they 
believe to be reasonable under the circumstances, the results of which form the basis of the carrying values of assets and 
liabilities (that are not readily apparent from other sources, such as independent valuations). Actual results may differ from 
these estimates under different assumptions and conditions. 

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Exploration and evaluation expenditure 
The Consolidated Entity’s accounting policy for exploration and evaluation expenditure being capitalised include the Daris 
Project where these costs are expected to be recoverable through the successful development of the area or where 
activities in the area have not yet reached a stage that permits reasonable assessment of the existence or otherwise of 
economically recoverable reserves. In the case of the Al Hadeetha project, a maiden reserve announcement was issued in 
December 2016. This policy requires management to make certain estimates to future events and circumstances, in 
particular whether an economically viable extraction operation can be established. Any such estimates and assumptions 
may change as new information becomes available. If, after having capitalised the expenditure under the policy, a 
judgement is made that recovery of the expenditure is not possible, the relevant capitalised amount will be written off to 
profit or loss. 
Impairment of plant and equipment, mine properties and development assets 
The future recoverability of plant and equipment, mine properties and development assets is dependent on a number 
of factors, including the level of proved and probable reserves and measured, indicated and inferred mineral resources, 
future technological changes which could impact the cost of mining, future legal changes and changes to commodity prices. 
To the extent that plant and equipment, mine properties and development assets are determined not to be recoverable in 
the future, this will reduce profits and net assets in the period in which this determination is made. 
1.6. New, Revised or Amending Accounting Standards and Interpretations Adopted 
The Consolidated Entity has adopted all of the new, revised or amending Accounting Standards and Interpretations issued by 
the Australian Accounting Standards Board (AASB) that are mandatory for the current reporting period. The adoption of 
these Accounting Standards and Interpretations did not have any significant impact on the financial performance or 
position of the Consolidated Entity during the financial year. 
Any new, revised or amending Accounting Standards or Interpretations that are not yet mandatory have not been early 
adopted. 
1.7. New Accounting Standards and Interpretations not yet Mandatory or Early Adopted 
There are no forthcoming standards and amendments that are expected to have a material impact on the group in the 
current or future reporting periods, or on foreseeable future transactions. 
2. 
PARENT ENTITY INFORMATION 
The following information provided relates to the Company, Alara Resources Limited, as at 30 June 2025. 
 
2025 
2024 
$ 
$ 
Statement of Financial Position 
Current assets 
81,135 
437,074 
Non-current assets 
14,469,120 
14,519,762 
Total assets 
14,550,255 
14,956,836 
Current liabilities 
2,097,926 
28,526 
Non-current liabilities 
5,346,952 
5,469,248 
Total liabilities 
7,444,878 
5,497,774 
Net assets 
7,105,377 
9,459,062 
Issued capital 
68,722,146 
68,722,146 
Accumulated losses 
(61,616,769) 
(59,263,084) 
Total equity 
7,105,377 
9,459,062 
(Loss) for the year 
(2,353,685) 
(961,499) 
Total comprehensive income /(loss) for the year 
(2,353,685) 
(961,499) 

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3. 
(LOSS) FOR THE YEAR 
The operating loss before income tax includes the following items of revenue and expense: 
 
2025 
2024 
$ 
$ 
Revenue 
Interest 
82,897 
37,520 
Sale of Copper 
55,122,260 
5,462,901 
Unrealised forex (losses)/gains 
(319,191) 
74,313 
Other Income 
110,388 
- 
 
ACCOUNTING POLICY NOTE 
Revenue Recognition 
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Consolidated Entity and 
the revenue can be reliably measured. All revenue is stated net of the amount of goods and services tax (GST) except 
where the amount of GST incurred is not recoverable from the Australian Tax Office. The following specific recognition 
criteria must also be met before revenue is recognised: 
• 
Interest revenue – Interest revenue is recognised on a proportional basis taking into account the interest rates 
applicable to the financial assets. 
• 
Other revenues – Other revenues are recognised on a receipts basis. 
Sale of Copper 
Copper Sales revenue is recognised when control transfers to the customers i.e. control passes and sales revenue is 
recognised when the product is delivered to the vessel or vehicle at port of loading for transportation of goods to the 
customers’ destination. Sales of copper concentrate are recorded on a provisional basis as per standard parameters for 
want of actual specifications and differential sales value are recorded only on receipt of actual. Final prices for copper 
concentrate are normally determined between 30 and 180 days after delivery to the customer. There are subsequent 
adjustments made to the initial transaction price for the difference in the LME rate considered during the initial transaction 
and the quotational price; and for any mismatch in the grade of copper concentrate and other parameters in it. Revenue 
from the sale of significant by-products, such as gold and silver, is included in the sales revenue. The revenue recorded 
represents 90% of the provisional price payable for the consignments under the offtake agreement. The remaining part of 
the final price payable for the shipments is recognised when it has been determined. Copper sales are made under an 
offtake agreement with Trafigura Pte Ltd. Key terms of the offtake agreement are: Term - Eight years and two months from 
the commencement of copper concentrate production at the Project, which occurred in May 2024 (Term); Deliverable 
quantity – the full copper and gold concentrate production of the Al Wash-hi Majaza Project for the Term; Pricing - based on 
the official London Metal Exchange cash settlement quotation for Grade A copper at the time of delivery. 

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4. 
INCOME TAX EXPENSE 
 
2025 
2024 
$ 
$ 
The major components of tax expense and the reconciliation of the expected tax 
expense based on the domestic effective tax rate for the reporting period of 25% (prior 
period: 25%) and the reported tax expense in profit or loss are as follows: 
Tax expense comprises: 
(a) Current tax 
279,179 
 
272,663
Deferred income tax relating to origination and reversal of temporary differences 
- 
(28,751) 
Deferred tax expense - temporary differences 
- 
28,751 
Deferred tax expense - losses 
(279,179) 
(272,663) 
- Utilisation of unused tax losses previously unrecognised 
- 
- 
Under/(Over) provision in respect of prior years 
- 
- 
Tax expense 
Deferred tax expense (income), recognised directly in other comprehensive income 
(b) Accounting loss before tax 
(19,027,129) 
(10,285,682) 
Income tax expense to accounting loss: 
Tax at the Australian tax rate of 25% (prior period: 25%) 
(4,756,782) 
(2,571,420) 
Assessable amounts 
438,660 
335,787 
Non-deductable expenses 
155,680 
342,828 
Deferred tax asset not brought to account 
2,738,890 
1,212,296 
Utilisation of unused tax losses previously unrecognised 
(279,179) 
(272,663) 
Deferred Tax Asset Losses not previously brought to account, now brought to account 
- 
(28,751) 
Tax rate difference 
1,702,731 
981,924 
Income tax expenses (benefit) 
- 
- 
(c) Recognised Deferred Tax Balances 
Deferred tax asset temporary differences 
119,685 
7,738 
Deferred tax asset (losses) 
- 
87,374 
Set-off deferred tax liabilities 
(119,685) 
(95,112) 
- 
- 
(d) Deductible temporary differences, unused tax losses and unused tax credits for 
which no deferred tax assets have been recognised are attributable to the following: 
Unrecognised deferred tax assets temporary differences 
268,256 
- 
Unrecognised deferred tax assets losses 
621,052 
1,292,096 
Unrecognised deferred tax assets losses (capital) 
409,991 
409,991 
Unrecognised deferred tax assets Oman losses 
3,537,983 
203,627 
4,837,283 
1,905,714 
The benefit of the deferred tax assets not recognised will only be obtained if: 
i. 
The Consolidated Entity derives future income that is assessable for Australian income tax purposes and is of a type 
and an amount sufficient to enable the benefit of them to be realised; 
ii. 
The Consolidated Entity continues to comply with the conditions for deductibility imposed by tax legislation in 
Australia; and 
iii. There are no changes in tax law which will adversely affect the Consolidated Entity in realising the benefit of them. 
The Consolidated Entity has elected to consolidate for taxation purposes and has entered into a tax sharing and funding 
agreement in respect of such arrangements. 

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ACCOUNTING POLICY NOTE 
Tax consolidation legislation 
The Consolidated Entity implemented the tax consolidation legislation. The head entity, Alara Resources Limited, and the 
controlled entities in the tax consolidated group continue to account for their own current and deferred tax amounts. These 
tax amounts are measured as if each entity in the tax consolidated group continues to be a stand-alone taxpayer in its own 
right. In addition to its own current and deferred tax amounts, the Company also recognises the current tax liabilities (or 
assets) and the deferred tax assets (as appropriate) arising from unused tax losses and unused tax credits assumed from 
controlled entities in the tax consolidated group. Assets or liabilities arising under tax funding agreements within the tax 
consolidated entities are recognised as amounts receivable from or payable to other entities in the Consolidated Entity. 
Any differences between the amounts assumed and amounts receivable or payable under the tax funding agreement are 
recognised as a contribution to (or distribution from) wholly owned tax consolidated entities. 
5. 
AUDITOR’S REMUNERATION 
During the year the following fees were paid or payable for services provided by the auditors to the Consolidated Entity, 
their related practices and non-audit related firms: 
 
2025 
2024 
$ 
$ 
In.Corp Audit & Assurance Pty Ltd – Auditors of the Consolidated Entity 
(Audit and review of financial reports) 
47,275 
32,300 
RSM Chartered Accountants – Auditors of Oman-controlled entities 
(Audit and review of financial reports) 
50,834 
3,317 
98,109 
35,617 
 
6. 
EARNINGS/(LOSS) PER SHARE 
 
2025 
2024 
$ 
$ 
Basic (loss) per share cents 
(1.41) 
(0.81) 
Diluted (loss) per share cents 
(1.41) 
(0.81) 
(loss) $ used to calculate earnings/(loss) per share 
(10,149,002) 
(5,792,626) 
Weighted average number of ordinary shares during the period used in calculation of 
718,087,541 
718,087,541 
basic earnings/(loss) per share 
Weighted average number of ordinary shares during the period used in calculation of 
718,087,541 
719,962,291 
diluted earnings/(loss) per share 
 
Under AASB 133 “Earnings per share”, potential ordinary shares such as options will only be treated as dilutive when their 
conversion to ordinary shares would increase loss per share from continuing operations. 
 
7. 
CASH AND CASH EQUIVALENTS 
 
2025 
2024 
$ 
$ 
Cash in hand 
1,227 
5,233 
Cash at bank 
12,428,468 
4,238,757 
Term deposits 
- 
111,822 
12,429,695 
4,355,812 
The effective interest rate on short-term bank deposits in the reporting period was 0.75% (2024: 0.76%) with an average 
maturity of 90 days. 

70 
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Financial Report 
 
(a) Risk exposure 
The Consolidated Entity’s exposure to interest rate and foreign exchange risk is discussed in Note 23. The maximum exposure to 
credit risk at the end of the reporting period is the carrying amount of each class of cash and cash equivalents mentioned above. 
 
(b) Reconciliation of (Loss) after Tax to Net Cash Flow From 
Operations 
2025 
2024 
$ 
$ 
(Loss) after income tax 
(19,027,128) 
(10,625,095) 
Gain/(loss) on forex (realised) 
- 
49,479 
Share of (profits) of associates 
(321,403) 
(203,158) 
Foreign exchange movement 
(93,620) 
(265,898) 
Depreciation 
25,395,882 
6,431,684 
(Increase)/Decrease in Assets: 
Trade and other receivables 
(4,291,258) 
(2,844,336) 
Other current assets 
(28,809) 
(38,466) 
Inventories 
(6,886,488) 
(7,212,316) 
Increase/(Decrease) in Liabilities: 
Insurance premium funding (other payables) 
(6,168) 
(11,718) 
Trade and other payables 
6,475,192 
2,529,426 
Provisions 
7,404,628 
189,753 
Net cashflows from/ (used in) operating activities 
8,620,828 
(12,000,645) 
 
8. 
TRADE AND OTHER RECEIVABLES 
 
Current 
2025 
2024 
$ 
$ 
Amounts receivable from: 
Sundry debtors 
7,137,172 
4,199,514 
Less: Provision for doubtful debts 
(3,753,404) 
- 
3,383,768 
4,199,514 
Goods and services tax recoverable 
31,330 
16,792 
VAT receivable 
2,059,880 
626,131 
5,474,978 
4,842,437 
(a) Risk exposure 
Information about the Consolidated Entity’s exposure to credit risk, foreign exchange risk and interest rate risk is in Note 
23. 
(b) Impaired receivables 
Receivables have been impaired relating to pending shipment settlements based on settled shipments to date. 
ACCOUNTING POLICY NOTE 
Trade and other receivables are recorded at amounts due less any provision for doubtful debts. An estimate for doubtful 
debts is made when collection of the full amount is no longer probable. Bad debts are written off when considered non- 
recoverable. 

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9. OTHER CURRENT ASSETS 
 
2025 
2024 
$ 
$ 
Prepayments 
172,421 
140,340 
Accrued interest 
514 
1,402 
172,935 
141,742 
 
10. FINANCIAL ASSETS 
 
2025 
2024 
$ 
$ 
Current 
Bank deposits 
49,575 
329,963 
Non-Current 
Interest free loan to Alara Resources LLC 
435,028 
435,028 
Loan to Other Entities – ARL 
182,178 
166,035 
Advance to AHML 
135,868 
- 
Security deposits MOE (More than one year) 
208,966 
204,979 
1,011,615 
1,136,005 
 
11. INVESTMENT IN ASSOCIATE 
 
2025 
2024 
$ 
$ 
Opening Balance 
354,716 
151,558 
Profit from equity accounted investments 
321,403 
203,158 
Subtotal 
676,119 
354,716 
ACCOUNTING POLICY NOTE 
An associate is an entity over which the group has significant influence and that is neither a subsidiary nor an interest in a 
joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee 
but is not control or joint control over those policies. 
Under the equity method, an investment in an associate is recognized initially in the consolidated statement of financial 
position at cost and adjusted thereafter to recognize the Group’s share of the profit or loss and other comprehensive 
income of the associate. When the Group’s share of losses of an associate exceeds the Group’s interest in that associate, 
the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the 
Group has incurred legal or constructive obligations or made payments on behalf of the associate. 
 
12. INVENTORIES 
 
2025 
2024 
$ 
$ 
Raw materials, at cost 
7,927,899 
3,188,446 
Finished goods, at cost 
895,868 
801,228 
Spare parts, at cost 
5,415,338 
3,222,643 
Subtotal 
14,239,105 
7,212,316 

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ACCOUNTING POLICY NOTE 
Inventories are measured at the lower of cost or net realizable value. The cost of raw materials, purchased components, 
and consumable stores is recorded at the purchase price. Copper ore is valued at cost (weighted average cost), as its net 
realizable value cannot be reasonably determined. For raw materials, chemical, and stores and spares, cost is determined 
using first-in, first-out (FIFO) method. 
Finished goods and work-in-progress are valued at the lower of net realizable value and weighted average cost to the unit. 
The cost is calculated as material cost plus direct expenses and appropriate value of overheads. 
 
13. BORROWING COSTS 
 
2025 
2024 
$ 
$ 
Borrowing costs 
879 
862 
Less: Amortisation 
(741) 
(382) 
138 
480 
14. PROPERTY, PLANT AND EQUIPMENT 
 
Plant and Equipment 
Mine Properties 
Development assets 
Total 
$ 
$ 
$ 
$ 
Year ended 30 June 2024 
Carrying amount at beginning 
2,151,911 
- 
98,618,098 
100,770,009 
Transfer from development 
38,011,394 
103,107,787 
(141,119,181) 
- 
Additions 
21,934 
- 
53,386,266 
53,408,200 
Disposals 
- 
- 
Depreciation expense 
(3,817,053) 
(2,614,630) 
- 
(6,431,683) 
Exchange differences 
55,747 
44,484 
(434,856) 
(334,625) 
Closing amount at reporting date 
36,423,933 
100,537,641 
10,450,327 
147,411,901 
Year ended 30 June 2024 
Cost or fair value 
41,168,980 
103,107,787 
10,450,327 
154,727,094 
Accumulated depreciation 
(4,745,047) 
(2,570,146) 
(7,315,193) 
Net carrying amount 
36,423,933 
100,537,641 
10,450,327 
147,411,901 
Year ended 30 June 2025 
Carrying amount at beginning 
36,423,933 
100,537,641 
10,450,327 
147,411,901 
Transfer from development 
6,675,217 
15,372,755 
(22,047,972) 
- 
Additions 
907,986 
- 
13,882,118 
14,790,104 
Disposals 
(38,847) 
- 
- 
(38,847) 
Depreciation expense 
(13,939,089) 
(11,456,792) 
- 
(25,395,882) 
Exchange differences 
863,984 
2,079,559 
293,716 
3,237,259 
Closing amount at reporting date 
30,893,182 
106,533,165 
2,578,190 
140,004,536 
Year ended 30 June 2025 
Cost or fair value 
49,470,203 
120,480,421 
2,578,190 
172,528,814 
Accumulated depreciation 
(18,577,021) 
(13,947,256) 
- 
(32,524,278) 
Net carrying amount 
30,893,182 
106,533,165 
2,578,190 
140,004,536 

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ACCOUNTING POLICY NOTE 
All plant and equipment are stated at historical cost less accumulated depreciation and impairment losses. Historical cost 
comprises the purchase price plus all costs directly attributable to bringing the asset to its intended location and condition 
for use. The directors review the carrying amount of plant and equipment annually to ensure it does not exceed the 
recoverable amount of the assets. The recoverable amount is assessed on the basis of the expected net cash flows that will be 
received from the asset’s employment and subsequent disposal. The expected net cash flows have been discounted to their 
present value in determining recoverable amount. Subsequent costs are included in the asset’s carrying amount or 
recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the 
item will flow to the Consolidated Entity and the cost of the item can be measured reliably. All other repairs and maintenance 
are charged to profit or loss during the financial period in which they are incurred. The depreciable amount of all fixed 
assets is depreciated on a diminishing value basis over the asset’s useful life to the Consolidated Entity commencing from 
the time the asset is held ready for use. The depreciation rates used for each class of depreciable assets are: 
 
Class of Fixed Asset 
Depreciation Rate 
Office Equipment 
10 – 37.5% 
Motor Vehicles 
33.3% 
Plant and Equipment 
10 – 33.3% 
Mine Properties 
10 year life 
 
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date. An asset’s 
carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than 
its estimated recoverable amount. Gains and losses on disposals are determined by comparing proceeds with carrying 
amount. These are included in the statement of profit or loss and other comprehensive income. When revalued assets are 
sold, amounts included in the revaluation reserve relating to that asset are transferred to retained earnings. 
Mine properties and development assets 
Mine property and development assets include costs and developed assets in accessing the ore body and costs to develop 
the mine to the production phase, once the technical feasibility and commercial viability of a mining operation has been 
established. At this stage, exploration and evaluation assets are reclassified to mine properties and developed assets. Mine 
property and development assets are stated at historical cost less accumulated amortisation and any accumulated 
impairment losses recognised. The initial cost of an asset comprises its purchase price or construction cost and any costs 
directly attributable to bringing the asset into operation. Any ongoing costs associated with mining which are considered to 
benefit mining operations in future periods are capitalised. 
 
15. EXPLORATION AND EVALUATION 
 
2025 
2024 
$ 
$ 
Opening balance 
4,689,128 
4,713,750 
Reinstatement of Foreign Reserve balance relating to prior Years 
29,980 
9,213 
- Additions 
- 
- 
- Exchange differences 
165,787 
(33,835) 
Closing balance 
4,884,895 
4,689,128 
Alara Oman Operations Pty Limited (a wholly owned Australian subsidiary) gained a 50% shareholding interest in a jointly 
controlled company, Daris Resources LLC (Oman), on 1 December 2010. The principal activity of this company is 
exploration, evaluation and development of mineral licences in Oman. The Consolidated Entity has a valid and legally 
enforceable contractual right to commercially exploit the Daris Project held by Daris Resources LLC (in which the 
Consolidated Entity has a 50% shareholding interest) and does not hold the legal title to the mineral exploration licence 
(which is held by the other 50% shareholder of Daris Resources LLC). The financial statements have been prepared on this 
basis. Should these legal rights not be enforceable, the carrying value of Exploration and Evaluation Expenditure 
attributable to the Daris Project would be impaired. 
The Consolidated Group has entered into a Heads of Agreement with Awtad Copper LLC, under which its wholly owned 

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subsidiary, Alara Oman Operations Pty Ltd, has become a 10% shareholder in the Awtad Block 8 Project. As part of the 
agreement, Awtad acknowledges that OMR 246,215 (AUD 812,316) previously spent by Alara on the project forms the 
basis for Alara’s interest. 
ACCOUNTING POLICY NOTE 
Mineral Exploration and Evaluation Expenditure 
Exploration, evaluation, and development expenditures are accumulated (capitalised) for each identifiable area of interest. 
These costs are carried forward only if they are expected to be recovered through successful development or sale of the 
area, or if the area has not yet reached a stage where economically recoverable reserves can be reasonably assessed but 
exploration activities are ongoing. If an area is abandoned, any accumulated costs related to it are fully written off against 
profit in the year the abandonment decision is made. Exploration and evaluation expenditure is also written off if it no 
longer meets these conditions or if the area of interest is abandoned. 
Exploration and evaluation assets are assessed for impairment when indicators suggest their carrying amount may exceed 
recoverable amount. Impairment losses are measured following the Consolidated Entity’s impairment policy, which 
involves management judgments about future events, including whether a viable extraction operation can be established. 
These estimates may change as new information becomes available. If it is later determined that recovery of capitalised 
expenditure is not possible, the amount will be written off to the profit or loss statement. 
Impairment of Non-Financial Assets 
At each reporting date, the Consolidated Entity reviews the carrying values of its tangible and intangible assets to determine 
whether there is any indication that those assets have been impaired. If such an indication exists, the recoverable amount of 
the asset, being the higher of the asset’s fair value less costs to sell and value in use, is compared to the asset’s carrying 
value. Any excess of the asset’s carrying value over its recoverable amount is expensed to the profit or loss. Impairment 
testing is performed annually for goodwill and intangible assets with indefinite lives. 
16. TRADE AND OTHER PAYABLES 
 
2025 
2024 
$ 
$ 
Current 
Trade payables 
71,241,445 
51,384,719 
Other payables 
666,963 
2,412,608 
71,908,408 
53,797,327 
Due to the short-term nature of the trade and other payables, their carrying value is assumed to approximate their fair 
value. 
(a) Risk exposure 
Details of the Consolidated Entity’s exposure to risks arising from current payables are set out in Note 23. 
 
17. 
PROVISIONS 
 
2025 
2024 
$ 
$ 
Current 
Employee benefits – annual leave 
617,137 
364,199 
Provision for royalty 
3,794,750 
- 
4,411,887 
364,199 
Non-current 
Provision for restoration and rehabilitation 
882,848 
- 
882,848 
- 

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ACCOUNTING POLICY NOTE 
Amounts not expected to be settled within the next 12 months 
The entire annual leave obligation is presented as current as the Consolidated Entity does not have an unconditional right 
to defer settlement. 
Provision for royalty 
The company recognizes a royalty expense calculated based on percentage of revenue (inclusive of CSR) in accordance with 
Omani law. The provision is recorded in the same period as the related revenue. Any subsequent adjustments are 
recognized in the period of determination. 
Provision for restoration and rehabilitation 
The company recognizes a provision for site restoration and rehabilitation obligations. The provision is measured at the 
present value of expected costs and capitalized as part of the related asset. Adjustments for changes in estimates or 
discount rates are recognized prospectively. 
18. FINANCIAL LIABILITIES 
 
Financial liabilities 
2025 
2024 
$ 
$ 
Non-Current 
Loan – Sohar International Bank 
Opening balance 
71,669,942 
65,937,034 
Add: Additions during the year 
3,105,227 
5,732,908 
Less: Transferred to current 
(4,610,755) 
Add: Interest 
4,854,824 
- 
Less : Repayments 
(8,350,265) 
- 
Add/ (Less): Foreign exchange differences 
1,576,489 
- 
Closing balance 
68,245,462 
71,669,942 
Loan – Trafigura PTE Ltd 
Opening balance 
5,418,886 
- 
Add: Interest 
888,302 
348,989 
Less: Reclassify to current 
(2,553,673) 
5,069,897 
Add/less: Foreign exchange differences 
195,631 
- 
Closing balance 
3,949,146 
5,418,886 
Loan From Associate – Alara Resources LLC 
Opening Balance 
92,154 
30,047 
Add: Additions during the year 
- 
62,107 
Closing balance 
92,154 
92,154 
Loan with unrelated third party 
Opening balance 
888,548 
820,809 
Add: Addition during the year 
71,613 
- 
Add: Interest 
78,244 
64,230 
Add/ Less: Foreign exchange differences 
17,285 
3,509 
Closing balance 
1,055,690 
888,548 
Vehicle Loan 
Opening balance 
14,118 
29,754 
Add: Additions during the year 
- 
- 

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Less: Deletion during the Year 
(14,392) 
(14,874) 
Less: Unexpired Interest on vehicle loan 
- 
(623) 
Add/less: Foreign exchange differences 
274 
(139) 
Closing balance 
- 
14,118 
Total Financial Liabilities – Non-Current 
73,342,452 
78,083,648 
Current 
Loan – Trafigura PTE Ltd 
Opening balance 
- 
- 
Add: Reclassify from non current 
2,553,673 
- 
Closing balance 
2,553,673 
- 
Advance from shareholders 
Opening balance 
- 
- 
Add: Addition during the year 
622,994 
- 
Closing balance 
622,994 
- 
Loan – Sohar International Bank 
Opening Balance 
19,067,338 
- 
Add : Transferred from non current 
4,610,755 
- 
Add: Additions during the year 
2,901,864 
19,067,338 
Less: Repayments 
(1,874,337) 
- 
Add/less: Foreign exchange differences 
188,623 
- 
Closing Balance 
24,894,243 
19,067,338 
Vehicle Loan 
Opening balance 
15,508 
14,164 
Add: Additions during the year 
15,027 
3,569 
Less: Repayments 
(15,856) 
- 
Less: Unexpired Interest on Vehicle Loan 
(636) 
(2,149) 
Add/ Less: Foreign exchange differences 
348 
(76) 
Closing balance 
14,391 
15,508 
Insurance Premium Funding 
Opening balance 
17,144 
5,627 
Add: Addition during the year 
52,606 
55,915 
Less: Payment 
(58,774) 
(44,398) 
Closing balance 
10,976 
17,144 
Total Financial Liabilities – Current 
28,096,277 
19,099,990 

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i. 
On 16 April 2017, Al Hadeetha Resources LLC (AHRL) (the joint venture company which conducts the Al Hadeetha Copper- 
Gold Project (Project), in which the Company is a 51% shareholder) entered into an unsecured loan agreement as borrower 
with Al Hadeetha Investment Services LLC (Lender) (an un-related company, which holds the remaining 30% of the shares in 
AHRL). Under the agreement, AHRL may draw down a maximum of USD 2 million (AUD 3,052,480; OMR 771,277) to assist 
with working capital for the Project (AHI to AHRL Loan). The AHI to AHRL Loan bears interest at LIBOR plus two percent per 
annum. The Loan will be in effect for the duration of the Project joint venture agreement, at which time AHRL must repay 
any outstanding balance. AHRL must make interim repayments equal to its available net cash profit (if any) at the end of 
each financial year. During the year AHRL has not made any drawdowns under the Loan. The total amount drawn down 
(being the total amount owing by AHRL under the Loan to the end of the year OMR 266,743 (USD 691,693; AUD 1,055,689). 
Balance OMR 504,533, (USD 1,308,307; AUD 1,996,790) it is not practical for AHRL to draw further on this facility at this 
time. AHRL owes AHI and/or its related parties (together referred to as AHI) amounts which exceed the undrawn balance 
under this loan facility, as payables for services provided by AHI, payment of which AHI has deferred. On a review of this 
facility AHRL determined that were it to seek to draw further on it, it is reasonable to expect that AHI would require it to apply 
the amount drawn in paying down the trade payables. Accordingly, the total available amount of this loan is and will be 
reported as equal to the amount currently drawn down. 
Although the AHI to AHRL Loan is shown as a liability in the consolidated financial statements, loans by entities within 
the Alara Consolidated Entity to AHRL, which is also within that Consolidated Entity (Consolidated Entity AHRL Loans) are 
not shown in the consolidated financial statements. The Consolidated Entity AHRL Loans total AUD 22.47 million and are 
subject to the same loan terms as the AHI to AHRL Loan. The Consolidated Entity AHRL Loans are repayable on the same 
basis as the AHI to AHRL Loan. Therefore, if AHRL makes a loan repayment to AHI, AHRL will also be required to make a loan 
repayment to its lenders within the Alara Consolidated Group on a pro-rata basis. 
ii. 
The Company’s 51% subsidiary Al Hadeetha Resource LLC (AHRL) has a finance facility of OMR 24.8 million (AUD 98.15 
million) (Facility) from Sohar International Bank (Sohar) for construction of mining and processing infrastructure at AHRL’s Al 
Wash-hi Majaza copper-gold project. The Facility is secured over AHRL’s mining property and mine development assets and 
by corporate guarantees by stakeholders of AHRL, including an Alara wholly owned subsidiary. The interest rate for the 
Facility is 6.25% per annum for amounts drawn in OMR and 5.15% per annum for amounts drawn in USD, reviewable 
annually. The Facility has a term of 9 year and 9 months, including a moratorium period of 2 years and 9 months in which 
only interest is payable. Bank has agreed to defer three quarters EMI. After the moratorium and agreed deferred period, 
the principal of the Facility is repayable in 25 equal quarterly instalments. Interest is payable monthly throughout the term. 
There have been no breaches of the covenants or other provisions of the Facility in the reporting period or subsequently to 
the date of this report. Sohar is a well-known and respected Bank in Oman. The Group’s due diligence in connection with 
entering the Facility involved reviewing publicly available information regarding Sohar and making enquiries of other AHRL 
shareholders, which are large Omani conglomerates each with extensive knowledge of the Omani banking industry.) 
iii. In July 2023 the Company entered a loan agreement with Trafigura Pte Ltd for finance of USD 3.45 million (AUD 5.106 
million, at a USD:AUD exchange rate of 1.48 at approximately the time of drawdown) (Trafigura Loan). The interest rate 
payable under the Trafigura Loan is SOFR +5.15% per annum. The Trafigura Loan has a maturity date of 30 June 2029 and a 
moratorium on principal payments until 30 September 2025. 179,521,885 Options have been issued to secure USD 3.45m 
loan, exercisable on default under the loan at 30 day VWAP minus 10%. 
As part of the terms and conditions of the loan with Sohar Bank, the company is required to meet a number of financial 
covenants. These covenants include: (a) no dilution of the shareholding or change in shareholding pattern during the tenor 
of the facility without NOC from the Bank; (b) maintenance of a Debt Service Coverage Ratio of 1.20x times through the life 
of the loan after the first year of operation; (c) subordination of any member’s funds/account, if applicable, to Sohar 
International Bank facilities; and (d) in the event the Debt Service Coverage Ratio exceeds 1.25x for the respective year, 
50% of the excess free cash available must be utilized for the mandatory accelerated prepayment of the facilities. We 
confirm there were no breaches of these covenants during the year. 
19. ISSUED CAPITAL 
 
2025 
№ 
2024 
№ 
2025 
2024 
$ 
$ 
Fully paid ordinary shares 
718,087,541 
718,087,541 
68,722,146 
68,722,146 
2024 
№ 
$ 

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Balance as at 1 July 2023 
718,087,541 
68,722,146 
- Share movement during the 2024 financial year 
- 
- 
Balance as at 30 June 2024 
718,087,541 
68,722,146 
2025 
№ 
$ 
Balance as at 1 July 2024 
718,087,541 
68,722,146 
- Share movement during the 2025 financial year 
- 
- 
Balance as at 30 June 2025 
718,087,541 
68,722,146 
 
Each fully paid ordinary share carries one vote per share and the right to participate in dividends. Ordinary shares have no par 
value and the Company does not have a limit on the amount of its capital. 
Capital risk management 
The Consolidated Entity’s objective in managing capital is to safeguard its ability to continue as a going concern, enabling it 
to provide returns to shareholders and benefits to other stakeholders while maintaining a capital structure that balances the 
interests of all shareholders. The Board reviews capital management initiatives periodically and implements measures it 
deems appropriate and in the best interests of the Consolidated Entity and its shareholders. Financial liabilities as at 30 June 
2025 are disclosed in Note 18. The Consolidated Entity’s non-cash investments can be realised as necessary to meet 
accounts payable arising in the normal course of business 
 
20. RESERVES 
 
2025 
2024 
$ 
$ 
Foreign currency translation reserve 
7,285,094 
6,467,552 
Transactions with minority interests 
8,593,852 
8,593,852 
15,878,946 
15,061,404 
Foreign currency translation reserve 
Exchange differences arising on translation of a foreign controlled entity’s financial results and position are taken to the 
foreign currency translation reserve. The reserve is de-recognised when the investment is disposed of. 
 
Options reserve 
The number of unlisted options outstanding over unissued ordinary shares at the reporting date is as follows: 
 
Grant date 
Number of options 
2025 
2024 
$ 
$ 
Employees’ Options 
Listed options exercisable at $0.03: expiring 31 July 2024 
– Atmavireshwar Sthapak 
23 Dec 2021 
- 
- 
99,990 
- 
- 
- 
- 
99,990 
21. SHARE-BASED PAYMENTS 
There were no share based arrangements entered during the year. 

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22. SEGMENT INFORMATION 
The Board has considered the activities/operations and geographical perspective within the operating results and have 
determined that the Consolidated Entity operates in the resource exploration, evaluation and development sector within 
geographic segments - Australia, Saudi Arabia and Oman. 
 
2025 
Australia 
Oman 
$ 
$ 
Saudi Arabia 
Total 
$ 
$ 
Total segment revenues 
20,381 
55,295,165 
- 
55,315,545 
Total segment loss/(profit)before tax 
(1,999,814) 
(17,031,356) 
4,042 
(19,027,128) 
Total segment assets 
2,703,181 
178,333,898 
- 
181,037,079 
Total segment liabilities 
(7,756,832) 
(170,885,040) 
- 
(178,641,872) 
 
2024 
Australia 
Oman 
$ 
$ 
Saudi Arabia 
Total 
$ 
$ 
Total segment revenues 
36,214 
5,464,073 
- 
5,500,287 
Total segment loss/(profit)before tax 
(809,065) 
(9,815,068) 
(1,095) 
(10,625,228) 
Total segment assets 
2,663,704 
169,286,250 
- 
171,949,954 
Total segment liabilities 
(5,936,609) 
(145,408,555) 
- 
(151,345,164) 
(a) Reconciliation of segment information 
2025 
2024 
$ 
$ 
(i) Total Segment Assets 
Total Assets as per Statement of Financial Position 
181,037,079 
171,949,954 
(ii) Total Segment Revenues 
Total Revenue as per Statement of Profit or Loss 
55,315,545 
5,500,421 
and Other Comprehensive Income 
(iii) Total Segment profit/(loss) before tax 
Total Consolidated Entity (loss) before tax 
(19,027,128) 
(10,625,095) 
 
ACCOUNTING POLICY NOTE 
Operating Segments 
The Consolidated Entity has applied AASB 8: Operating Segments which requires that segment information be presented on 
the same basis as that used for internal reporting purposes. An operating segment is a component of the Consolidated 
Entity that engages in business activities from which it may earn revenues and incur expenses. An operating segment’s 
operating results are reviewed regularly by management to make decisions on allocation of resources to the relevant 
segments and assess performance. Unallocated items comprise mainly share investments, corporate and office expenses. 
23. FINANCIAL RISK MANAGEMENT 
The Consolidated Entity’s financial instruments mainly consist of deposits with banks, accounts receivable and payable, and 
investments. The principal activity of the Consolidated Entity is resource exploration, evaluation and development. The 
main risks arising from the Consolidated Entity’s financial instruments are market (which includes price, interest rate and 
foreign exchange risks), credit and liquidity risks. Risk management is carried out by the Board of Directors. The Board 
evaluates, monitors and manages the Consolidated Entity’s financial risk in close co-operation with its operating units. 
The Consolidated Entity holds the following financial instruments: 

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2025 
2024 
$ 
$ 
Financial assets 
Cash and cash equivalents 
12,429,695 
4,355,812 
Financial instruments (term deposits) 
258,541 
534,942 
Trade and other receivables 
5,474,978 
4,842,437 
Financial assets 
753,074 
435,028 
18,916,288 
10,168,219 
Financial liabilities at amortised cost 
Trade and other payables 
(72,791,255) 
(53,797,327) 
Financial liabilities 
(101,438,728) 
(97,183,638) 
(173,347,136) 
(150,980,965) 
Net Financial Assets 
(154,430,848) 
(140,812,746) 
 
(a) Market Risk 
i. 
Price risk 
The Consolidated Entity is exposed to equity securities price risk. The Consolidated Entity is directly and/or indirectly 
exposed to commodity price risk primarily from changes in international copper prices. The value of a financial 
instrument will fluctuate as a result of changes in market prices, whether those changes are caused by factors specific to 
the individual instrument or its issuer or factors affecting all instruments in the market. The Consolidated Entity does not 
manage this risk through entering into derivative contracts, futures, options or swaps. Market risk is minimised 
through ensuring that investment activities are undertaken in accordance with Board established mandate limits and 
investment strategies. 
ii. Interest rate risk 
Interest rate risk is the risk that the value of a financial instrument will fluctuate due to changes in market interest rates. 
The Consolidated Entity’s exposure to market risk for changes in interest rates relate primarily to interest bearing 
instruments and its loan from third parties. The average interest rate applicable to funds held on deposit during the 
reporting period was 0.76 % (2024: 0.70%). 
 
2025 
2024 
$ 
$ 
Cash at bank 
12,428,468 
4,238,757 
Term deposits 
- 
111,822 
Term deposits more than 90 days 
258,541 
534,944 
Loan with unrelated third parties 
- 
- 
Current financial liabilities 
(28,096,276) 
(19,099,990) 
Non-current financial liabilities 
(73,342,452) 
(78,083,650) 
(88,751,719) 
(92,298,117) 
 
The Consolidated Entity has borrowings subject to interest rate risk. The possible impact on profit or loss or total equity on 
this exposure is displayed below: 
 
Financial Liability 
2025 
2024 
$ 
$ 
Change in profit 
Increase by 1% 
(1,014,387) 
(971,836) 
Decrease by 1% 
1,014,387 
971,836 
Change in equity 
Increase by 1% 
(1,014,387) 
(971,836) 
Decrease by 1% 
1,014,387 
971,836 

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Revenue 
2025 
2024 
$ 
$ 
Change in profit 
Increase by 3% 
1,658,855 
163,887 
Decrease by 3% 
(1,658,855) 
(163,887) 
Change in equity 
Increase by 3% 
1,658,855 
163,887 
Decrease by 3% 
(1,658,855) 
(163,887) 
 
 
iii. Foreign exchange risk 
The Consolidated Entity is exposed to foreign currency risk in cash held in Omani Riyals (OMR) by the Consolidated 
Entity’s foreign controlled entity, foreign resource project investment commitments and exploration and evaluation 
expenditure on foreign exploration and evaluation. The primary currency giving rise to this risk is Omani Riyals (OMR). 
The Consolidated Entity has not entered into any forward exchange contracts as at reporting date and is currently fully 
exposed to foreign exchange risk. The Consolidated Entity’s exposure to foreign currency risk at reporting date was as 
follows: 
 
2025 
OMR 
2024 
OMR 
Cash and cash equivalents 
2,958,464 
898,725 
Trade and other receivables 
6,668,709 
3,706,341 
Trade and other payables 
(25,705,987) 
(13,849,944) 
Financial liabilities 
(21,046,898) 
(23,380,408) 
(37,125,712) 
(32,625,286) 
 
2025 
US $ 
2024 
US $ 
Cash and cash equivalents 
3,573,724 
9,787 
3,573,724 
9,787 
 
The Consolidated Entity’s exposure to foreign exchange risk is mitigated by having comparable asset and liability balances in 
OMR and US dollars. Therefore, a sensitivity analysis has not been performed. 
(b) Credit risk 
Credit risk refers to the risk that a counterparty under a financial instrument will default (in whole or in part) on its contractual 
obligations resulting in financial loss to the Consolidated Entity. Concentrations of credit risk are minimised primarily by 
undertaking appropriate due diligence on potential investments, carrying out all market transactions through approved 
brokers, settling non-market transactions with the involvement of suitably qualified legal and accounting personnel (both 
internal and external), and obtaining sufficient collateral or other security (where appropriate) as a means of mitigating the 
risk of financial loss from defaults. This financial year there was no necessity to obtain collateral. 
The credit quality of the financial assets are neither past due nor impaired and can be assessed by reference to external 
credit ratings (if available with Standard & Poor’s) or to historical information about counterparty default rates. The 
maximum exposure to credit risk at reporting date is the carrying amount of the financial assets as summarised below: 

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2025 
$ 
2024 
$ 
Cash and cash equivalents 
BB- 
12,428,468 
4,350,580 
No external credit rating available 
1,227 
5,233 
12,429,695 
4,355,813 
Trade and other receivables (due within 30 days) 
No external credit rating available 
5,474,978 
4,842,437 
5,474,978 
4,842,437 
 
The Consolidated Entity measures credit risk on a fair value basis. The carrying amount of financial assets recorded in the 
financial statements, net of any provision for losses, represents the Consolidated Entity’s maximum exposure to credit risk. 
All receivables noted above are due within 30 days. None of the above receivables are past due. 
(c) Liquidity risk 
Liquidity risk is the risk that the Consolidated Entity will encounter difficulty in meeting obligations associated with financial 
liabilities. There is sufficient cash and cash equivalents and the non-cash investments can be realised to meet accounts 
payable arising in the normal course of business. The financial liabilities maturity obligation is disclosed below: 
 
2025 
Less than 6 months 
6-12 months 
$ 
$ 
1-5 years 
Total 
$ 
$ 
Financial assets 
Cash and cash equivalents 
12,429,695 
- 
- 
12,429,695 
Financial assets (term deposits) 
- 
49,575 
208,966 
258,541 
Interest free loan to Alara Resources LLC 
- 
- 
435,028 
435,028 
Loan to other entities - interest loan 
- 
182,178 
182,178 
Advance to AHML 
- 
- 
135,868 
135,868 
Trade and other receivables 
5,474,978 
- 
- 
5,474,978 
17,904,673 
49,575 
962,040 
18,916,288 
Financial liabilities 
Trade and other payables 
(71,908,408) 
- 
- 
(71,908,408) 
Borrowings 
- 
(28,096,276) 
(73,342,452) 
(101,438,728) 
(71,908,408) 
(28,096,276) 
(73,342,452) 
(173,347,136) 
Net inflow/(outflow) 
(54,003,735) 
(28,046,701) 
(72,380,412) 
(154,430,848) 
 
2024 
 
Less than 6 months 
6-12 months 
$ 
$ 
1-5 years 
Total 
$ 
$ 
Financial assets 
 
 
Cash and cash equivalents 
4,355,812 
4,355,812 
Financial assets 
294,635 
35,328 
204,979 
534,942 
Interest free loan to Alara Resources LLC 
- 
- 
435,028 
435,028 
Trade and other receivables 
4,842,437 
- 
- 
4,842,437 
9,492,884 
35,328 
640,007 
10,168,219 
Financial liabilities 
Trade and other payables 
(53,797,327) 
(53,797,327) 
Borrowings 
(24,712) 
(19,074,510) 
(78,084,415) 
(97,183,636) 
(53,822,039) 
(19,074,510) 
(78,084,415) 
(150,980,963) 
Net inflow/(outflow) 
(44,329,155) 
(19,039,182) 
(77,444,408) 
(140,812,744) 

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(d) Fair Value of Financial Assets and Liabilities 
The carrying amount of financial instruments recorded in the financial statements represents their fair value determined in 
accordance with the accounting policies disclosed in Note 1. The aggregate fair value and carrying amount of financial assets 
at reporting date are set out in Notes 7,8 and 10. The financial liabilities at reporting date are set out in Note 15 and 17. 
(e) Fair value measurements 
The fair value of financial assets and financial liabilities must be estimated for recognition and measurement or for 
disclosure purposes. The Consolidated Entity’s financial assets and liabilities approximate their fair values. 
24. COMMITMENTS 
 
2025 
$ 
2024 
$ 
(a) Lease Commitments 
Non-cancellable operating lease commitments: 
Within 1 year 
1,049 
26,108 
1-5 years 
After 5 years 
- 
- 
Total 
1,049 
26,108 
The Group leases office space under a non-cancellable operating lease. On renewal, the terms of the lease are renegotiated. The Group does not have an 
option to purchase the leased asset at the expiry of the lease period. During the year the Group has signed a sub-lease for the office space hence 
mitigating the outstanding lease commitments remaining on the lease. 
 
25. CONTROLLED ENTITIES 
 
Investment in Controlled Entities 
Controlling 
Entity 
Principal 
Activity 
Country of 
Incorporation 
Date of 
Incorporation 
Jun-25 
Jun-24 
Alara Resources Limited (AUQ) 
Parent 
Exploration 
Australia 
6-Dec-06 
100% 
100% 
Alara Peru Operations Pty Ltd (APO) 
AUQ 
Inactive 
Australia 
9-Mar-07 
100% 
100% 
Alara Saudi Operations Pty Ltd (ASO) 
AUQ 
Management 
Australia 
4-Aug-10 
100% 
100% 
Saudi Investments Pty Limited (SIV) 
AUQ 
Development 
Australia 
14-Feb-11 
100% 
100% 
Alara Oman Operations Pty Limited (AOO) 
AUQ 
Management 
Australia 
28-Jun-10 
100% 
100% 
Alara Kingdom Operations Pty Limited (AKO) 
AUQ 
Management 
Australia 
5-Sep-11 
100% 
100% 
Alara Saudi Holdings Pty Limited (ASH) 
AUQ 
Inactive 
Australia 
5-Jun-13 
100% 
100% 
Al Hadeetha Resources LLC 
AOO 
Exploration / 
Development 
Oman 
6-Feb-07 
51% 
51% 
Alara Resource Ghana Limited 
AUQ 
Inactive 
Ghana 
8-Dec-09 
100% 
100% 
Alara Peru S.A.C 
APO 
Inactive 
Peru 
1-Mar-07 
100% 
100% 
Alara Operations LLC 
AOO 
Administration 
Oman 
01-Feb-20 
100% 
100% 
Sita Mining Company LLC 
ASO 
Inactive 
Saudi Arabia 
13-Jun-10 
70% 
70% 
Khnaiguiyah Mining Company LLC 
AKO 
Inactive 
Saudi Arabia 
10-Jan-11 
50% 
50% 
Alara Saudi Ventures Pty Ltd 
AUQ 
Administration 
Australia 
1-Mar-22 
100% 
100% 
Daris Resources LLC 
AOO 
Exploration 
Oman 
1-Dec-10 
50% 
50% 

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26. JOINTLY CONTROLLED ENTITIES & INVESTMENTS IN ASSOCIATES 
 
Investment in Jointly Controlled Entities 
Controlling 
Entity 
Principal 
Activity 
Country of 
Incorporation 
Date of 
Incorporation 
Jun-25 
Jun-24 
Alara Resources LLC 
AOO 
Mining 
Services 
Oman 
2-Oct-10 
35% 
35% 
Al Hadeetha Mining LLC 
AOO 
Exploration 
Oman 
18-Sep-24 
27.5% 
- 
 
27. RELATED PARTY TRANSACTIONS 
Controlled and Jointly Controlled Entities 
Details of the interest in controlled entities and jointly controlled entities are set out in Notes 25 and 26. 
Transactions with other related parties 
The following transactions occurred with related parties during the year ending 30 June 2025: 
 
Related parties 
Relationship 
Purchase of goods 
and services 
(AUD) 
Management fee, 
rent and salaries 
(AUD) 
Balance 
outstanding 
(AUD) 
Alara Resources LLC 
Associate 
15,131,799 
30,546 
30,266,325 
Al Naba Infrastructure LLC 
Entity controlled by director of subsidiary 
57,933 
- 
1,753,142 
Al Naba Supplies and Catering Services LLC 
Entity controlled by director of subsidiary 
1,492,120 
- 
1,869,021 
Al Tasnim Enterprises LLC 
Entity controlled by director of subsidiary 
10,560,442 
- 
14,271,079 
Al Tasnim Manufacturing LLC 
Entity controlled by director of subsidiary 
7,561,538 
- 
15,580,570 
Al Naba Services LLC 
Entity controlled by director of subsidiary 
328,643 
- 
- 
Al Naba Shipping LLC 
Entity controlled by director of subsidiary 
1,722,070 
- 
1,043,422 
Al Naba Group LLC 
Entity controlled by director of subsidiary 
29,758 
- 
11,085 
Al Hadeetha Investment Services LLC (Note 1) 
Associate 
47,504 
- 
11,873 
Al Ariq Equipment LLC 
Entity controlled by director of subsidiary 
12,677 
- 
- 
Gulf Testing Solutions Enterprise 
Entity controlled by director of subsidiary 
834,774 
- 
1,004,414 
Khalid Hamed Saif Al Busaidi 
Entity controlled by director of subsidiary 
- 
55,400 
23,410 
Al Tasnim Cement Products LLC 
Entity controlled by director of subsidiary 
- 
- 
- 
Al Naba Automobile LLC 
Entity controlled by director of subsidiary 
23,707 
- 
7,112 
 
Note 1: Al Hadeetha Investment Services LLC holds a 30% interest in Al Hadeetha Resources LLC. 
Director loan agreements 
There was no outstanding Directors’ loan during the year. 

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Financial Report 
 
TRANSACTIONS WITH KEY MANAGEMENT PERSONNEL 
Key Management of the Consolidated Entity are each Director and Company Executive being a company secretary or senior 
managers with authority and responsibility for planning, directing and controlling the major activities of the Company or 
Consolidated entity. Details of key management personnel individual remuneration are disclosed in the remuneration report 
section of the directors’ report. 
Key Management Personnel remuneration includes the following expenses: 
 
2025 
2024 
$ 
$ 
Short term employee benefits: 
Remuneration including bonuses and allowances 
1,319,972 
1,060,235 
Total short term employee benefits 
1,319,972 
1,060,235 
Long term benefits 
42,470 
31,062 
Total other long-term benefits 
42,470 
31,062 
Post-employment benefits: 
Defined contribution pension plans 
2,862 
2,523 
Total post-employment benefits 
2,862 
2,523 
Total remuneration 
1,365,305 
1,093,820 
 
28. CONTINGENT ASSETS AND LIABILITIES 
Contingent assets and liabilities arise from the Consolidated Entity’s exploration and evaluation activities, which remain subject to 
ongoing development, as described below: 
a. Directors’ Deeds – The Company has entered into deeds of indemnity with its Directors, indemnifying them against 
liabilities incurred in their roles as directors or officers of the Consolidated Entity. As of the reporting date, no claims have 
been made under these indemnities. Consequently, it is not possible to reliably estimate any potential financial obligation 
arising from these indemnities. 
b. Loan to Unrelated Party (AHI) (Oman) – On 26 October 2017, Al Hadeetha Investment Services LLC (AHI) provided a bank 
guarantee of OMR 30,000 to the Omani Ministry of the Environment as security for the performance of environmental 
obligations by Al Hadeetha Resources LLC (AHRL) regarding the Al Wash-hi Majaza Project mining licence. AHI was required 
to deposit an amount equal to the guarantee with its bank as security. The Consolidated Entity paid AHI approximately OMR 
20,000, representing its share of the potential liability. This amount will be refunded to the Consolidated Entity if AHRL 
fulfills its environmental obligations. 
c. 
Guarantee on Sohar Loan – Alara Oman Operations Pty Limited, a wholly owned subsidiary, has provided a guarantee to 
Sohar International SAOG for the full liability of AHRL (51% owned by Alara) under a loan of OMR 24.8 million (AUD 97.327 
million) used to finance the construction of the Al Wash-hi Majaza copper-gold project. 
d. Personal Guarantees and Indemnity – Shareholders holding 30% and 19% stakes in AHRL have provided personal 
guarantees to Sohar International SAOG corresponding to the above loan guarantee. Alara Resources Limited has 
indemnified these shareholders for their liabilities under the guarantees, limited to 49% of any amounts paid by them. 
 
29. SUBSEQUENT EVENTS 
Events occurring after the balance date are set out as below: 
On 8 July,2025, shareholders approved the share placement whereby the Company entered into subscription agreements for a 
private placement of up to 85,000,000 fully paid ordinary shares. Shares were offered at an issue price of A$0.04 per share, 
aiming to raise up to A$3.4 million before costs. The Placement was subject to shareholder approval and was not underwritten. 

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Under these agreements, substantial shareholder Al Tasnim Infrastructure LLC (ATI), which held 13.88% voting power, (or its 
nominee) had agreed to subscribe for 60,000,000 shares for a total consideration of A$2.4 million. Director Mr. Vikas Jain, 
who held 5.25% voting power (or his nominee(s)), had agreed to subscribe for 25,000,000 shares for a total consideration of 
A$1 million. All shares were issued at A$0.04 each, representing a 60% premium to the 30-day volume weighted average price 
(VWAP) of A$0.025 prior to the Subscription Agreements. 
The premium reflects the ongoing support and commitment of ATI and Mr. Jain to Alara and its future prospects. 
Proceeds from the Placement were intended to be used towards repayment of a portion of Alara’s outstanding finance facility 
with Trafigura Pte Ltd, totalling US$3.45 million (A$5.083 million as at the time of announcement on to the ASX on 26 July 2023). 
As per the 26 July 2023 announcement the full amount of the Trafigura Loan was drawn down and a payment of US$1,591,735 
(approximately A$2.45 million), comprising principal and interest was then made towards the balance owing on 15 July 2025 as 
per the facility repayment obligations. 
The Placement will also cover A$856,618 (US$556,463) for interest payments due through to 30 June 2026, withholding tax on 
interest payments under the Trafigura Loan, and associated bank fees. The aggregate amount due by Alara to Trafigura between 
15 July 2025 and 26 July 2026, including taxes and bank fees, totals US$2,148,198 (A$3,306,935). 
Other than the above, the Directors are not aware of any matters or circumstances at the date of this Directors’ Report, other 
than those referred to in this Directors’ Report or the financial statements or notes thereto, that have significantly affected or 
may significantly affect the operations, the results of operations or the state of affairs of the Company and Consolidated Entity in 
subsequent financial years. 
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Basis of Preparation 
The Consolidated Entity Disclosure Statement (CEDS) has been prepared in accordance with the requirements of the 
Corporations Act 2001. It includes information for each entity that was part of the consolidated group as at the end of the 
financial year. 
Determination of Tax Residency 
Section 295(3A) of the Corporations Act 2001 defines tax residency by reference to the Income Tax Assessment Act 1997. The 
determination of tax residency involves judgment as there are currently several different interpretations that could be adopted, 
and which could give rise to a different conclusion on residency. 
In assessing tax residency, the Consolidated Entity has applied the following interpretations: 
a. Australian Tax Residency 
The consolidated entity has applied relevant legislation, judicial precedents, and the Australian Taxation Office’s guidance, 
including Taxation Ruling TR 2018/5. 
b. Foreign Tax Residency 
Where applicable, independent tax advisers in foreign jurisdictions have been engaged to assist in determining tax 
residency and ensuring compliance with local tax laws. 
 
Entity Name 
Entity Type 
Place formed/Country 
of incorporation 
Ownership 
Interest 
Tax Residency 
Alara Resources Limited (AUQ) 
Body corporate 
Australia 
100% 
Australia 
Alara Peru Operations Pty Ltd (APO) 
Body corporate 
Australia 
100% 
Australia 
Alara Saudi Operations Pty Ltd (ASO) 
Body corporate 
Australia 
100% 
Australia 
Saudi Investments Pty Limited (SIV) 
Body corporate 
Australia 
100% 
Australia 
Alara Oman Operations Pty Limited (AOO) 
Body corporate 
Australia 
100% 
Australia 
Alara Kingdom Operations Pty Limited (AKO) 
Body corporate 
Australia 
100% 
Australia 
Alara Saudi Holdings Pty Limited (ASH) 
Body corporate 
Australia 
100% 
Australia 
Al Hadeetha Resources LLC 
Body corporate 
Oman 
51% 
Oman 
Alara Resources Ghana Limited 
Body corporate 
Ghana 
100% 
Ghana 
Alara Peru S.A.C 
Body corporate 
Peru 
100% 
Peru 
Alara Operations LLC 
Body corporate 
Oman 
100% 
Oman 
Sita Mining Company LLC 
Body corporate 
Saudi Arabia 
70% 
Saudi Arabia 
Khnaiguiyah Mining Company LLC 
Body corporate 
Saudi Arabia 
50% 
Saudi Arabia 
Alara Saudi Ventures Pty Ltd 
Body corporate 
Australia 
100% 
Australia 
Daris Resources LLC 
Body corporate 
Oman 
50% 
Oman 
 
There are no trusts, partnerships or joint ventures within the consolidated entity. Accordingly, none of the above entities was a 
trustee of a trust within the consolidated entity, a partner in a partnership within the consolidated entity, or a participant in a 
joint venture within the consolidated entity. 
CONSOLIDATED ENTITY DISCLOSURE STATEMENT 
30 JUNE 2025 

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Alara Resources | Annual Report 2025 
Director’s Declaration 
 
 
 
 
In the Directors’ opinion: 
• 
the attached financial statements and notes comply with the Corporations Act 2001, the Australian Accounting Standards, 
the Corporations Regulations 2001 and other mandatory professional reporting requirements; 
• 
the attached financial statements and notes comply with International Financial Reporting Standards as issued by the 
International Accounting Standards Board as described in note 1 to the financial statements; 
• 
the attached financial statements and notes give a true and fair view of the consolidated entity’s financial position as at 30 
June 2025 and of its performance for the financial year ended on that date 
• 
there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and 
payable; and 
• 
the information disclosed in the attached consolidated entity disclosure statement is true and correct. 
The directors have been given the declarations required by section 295A of the Corporations Act 2001. 
Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the Corporations Act 2001. On 
behalf of the directors 
 
Atmavireshwar Sthapak 
Managing Director 
30 September 2025 
DIRECTOR’S DECLARATION 
FOR THE YEAR ENDED 30 JUNE 2025 

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Alara Resources | Annual Report 2025 
Independent Auditor’s Report 
 
 
  INDEPENDENT AUDITOR’ S REPORT  
 
 
 
 
 
 
To the members of Alara Resources Limited 
 
 
 
We have audited the financial report of Alara Resources Limited (“the 
Company”) and its controlled entities (“the Group”), which comprises 
the consolidated statement of financial position as at 30 June 2025, the 
consolidated statement of profit and loss and other comprehensive 
income, the consolidated statement of changes in equity and the 
consolidated statement of cash flows for the year then ended, and notes 
to the consolidated financial statements, including material accounting 
policy information, the consolidated entity disclosure statement and the 
directors’ declaration. 
In our opinion, the accompanying financial report of the Group, is in 
accordance with the Corporations Act 2001, including: 
a) giving a true and fair view of the Group’s financial position as at 30 
June 2025 and of its financial performance for the year then ended; 
and 
b) complying 
with 
Australian 
Accounting 
Standards  and  the 
Corporations Regulations 2001. 
In.Corp Audit & Assurance Pty Ltd 
ABN 14 129 769 151 
 
Level 1 
6-10 O’Connell Street 
SYDNEY NSW 2000 
 
Suite 11, Level 1 
4 Ventnor Avenue 
WEST PERTH WA 6005 
 
GPO BOX 542 
SYDNEY NSW 2001 
 
T  +61 2 8999 1199 
E team@incorpadvisory.au 
W incorpadvisory.au 
 
 
We conducted our audit in accordance with Australian Auditing 
Standards. Our responsibilities under these standards are further 
described in the Auditor’s Responsibilities for the Audit of the Financial 
Report section of this report. 
We are independent of the Group in accordance with the auditor 
independence requirements of the Corporations Act 2001 and the 
ethical requirements of the Accounting Professional and Ethical 
Standards Board’s APES 110 Code of Ethics for Professional 
Accountants (Including Independence Standards) (the “Code”) that are 
relevant to our audit of the financial report in Australia. We have also 
fulfilled our other ethical responsibilities in accordance with the Code. 
We confirm that the independence declaration required by the 
Corporations Act 2001, which has been given to the directors of the 
Company, would be in the same terms if given to the directors as at the 
time of this auditor’s report. 
We believe that the audit evidence we have obtained is sufficient and 
appropriate to provide a basis for our opinion. 
 
 
 
 
 
 
 
Liability limited by a scheme approved under Professional Standards Legislation 
 
 
ALARA RESOURCES LIMITED 
INDEPENDENT AUDITOR’S REPORT 

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Alara Resources | Annual Report 2025 
JORC Code Information 
 
 
 
  JORC CODE INFORMATION 
 
 
 
Governance Arrangements and Internal Controls 
 
Alara has implemented a robust framework of governance 
arrangements and internal controls to ensure that its 
Mineral Resource and Ore Reserve estimation processes 
are fully compliant with the JORC Code and ASX Listing 
Rules, particularly LR 5.21.5. These include: 
 
Competent Person Oversight: All estimates are prepared 
and signed off by appropriately qualified Competent 
Persons with relevant experience in the deposit type and 
mineralization style. 
 
QA/QC Protocols: Rigorous quality assurance and control 
procedures are applied throughout drilling, sampling, 
logging, and assaying stages, including the use of certified 
laboratories and routine insertion of blanks, standards, and 
duplicates. 
 
Independent Technical Reviews: External consultants 
periodically 
review 
geological 
models, 
estimation 
methodologies, and classification criteria to ensure 
objectivity and alignment with industry’s best practices. 
 
Internal Review and Approval: Estimates undergo multi-
tiered internal review involving technical and management 
teams, with documented validation of assumptions and 
methodologies. 
 
Secure Data Management: Geological and production data 
are stored in secure, centralized databases with controlled 
access and audit trails to ensure data integrity. 
 
Continuous Improvement: Technical staff are regularly 
trained in resource estimation software, JORC Code 
updates, and industry standards to maintain high 
competency levels. 
 
Compliance Assurance: All public disclosures are reviewed 
for compliance with ASX Listing Rules LR 5.21, LR 5.24, and 
LR 4.10.16 prior to release. 
 
Alara Resources hereby confirms that it has all necessary 
governance arrangements and internal controls in place to 
ensure that its Mineral Resource and Ore Reserve 
statements are JORC-compliant and in full accordance with 
ASX Listing Rule 5.21.5. 
 
Summaries of Mineral Resources and Ore Reserves 
 
References to Mineral Resources, Ore Reserves, 
and Exploration Results in this Report are 
summaries of the Company’s previously published 
public reports, as cited in the relevant sections of 
this Report (Previous Public Reports). These 
Previous Public Reports were prepared in 
accordance with the applicable edition of the 
JORC Code at the time of reporting—either the 
2012 Edition or, where noted, the 2004 Edition. 
 
The Company confirms that, except were updated by a 
subsequent Previous Public Report, it is not aware of any 
new information or data that materially affects the 
estimates of Mineral Resources, Ore Reserves, or 
Exploration Results contained in those reports. For Mineral 
Resource and Ore Reserve estimates, the Company further 
confirms that all material assumptions and technical 
parameters underpinning the estimates in the relevant 
Previous Public Reports remain valid and unchanged. The 
form and context in which the findings of the relevant 
Competent Person (as defined in the JORC Code) are 
presented have not been materially modified in this Report, 
except where updates to relevant Table 1 sections were 
required. These updates have been reviewed and updated 
by the respective Competent Person as they appear in this 
Report. 
 
No material change has occurred to the mineral resources 
or ore reserves other than depletion due to production. 
This Report does not incorporate any material changes 
arising from exploration activities beyond those already 
reported in the Previous Public Reports.  
 
Mineral Resources and Ore Reserves Review 
 
The Company has completed a review of its Mineral 
Resources and Ore Reserves as of 30 June 2025. This review 
confirms that, except for depletion due to production, there 
have been no material changes to the Mineral Resources 
and Ore Reserves as stated in the latest applicable Previous 
Public Reports. 
 
No material changes arising from exploration activities have 
been incorporated into this Report beyond those already 
disclosed in the Previous Public Reports. The updated 
Mineral Resources and Ore Reserves statement included in 
this year’s Annual Report reflects only the adjustments 
required due to production-related depletion to ensure 
accurate and transparent reporting of the Company’s 
Resource and Reserve position. 
Competent person statements 
The information in this announcement that relates to the 
feasibility study of the Al Hadeetha copper-gold project is 
based on information compiled by Mr. H. Shanker Madan, 
who is a Member of the Australasian Institute of Mining 
and Metallurgy, and consultant to Alara Resources. 
Mr. Madan has sufficient experience which is relevant to 
the style of mineralisation and type of deposit under 
consideration, and to the activity he is undertaking to 
qualify as a Competent Person as defined in the JORC Code, 
2012 edition. Mr. Madan consents to the inclusion in the 
announcement of the matters based on his information in 
the form and context in which it appears. 
Mr. Madan is an independent consultant and was Managing 
Director of the Company from 2007 until 2013. 
 
The information in this announcement that relates to Ore Reserve 

95 
Alara Resources | Annual Report 2025 
JORC Code Information 
 
of the Al Hadeetha Project was compiled by Mr. Harry 
Warries, who is a Fellow of the Australasian Institute of 
Mining and Metallurgy, and a consultant to Alara 
Resources. Mr. Warries has sufficient experience which is 
relevant to the style of mineralisation and type of deposit 
under consideration, and to the activity which he is 
undertaking to qualify as a Competent Person as defined 
in the 2012 Edition of the ‘Australian Code for Reporting 
of Exploration Results, Mineral Resources and Ore 
Reserves.’ In assessing the appropriateness of the Ore 
Reserve estimate, Mr. Warries has relied on various 
reports, from both internal and external sources, in either 
draft or final version, which form part of or contribute to 
the Al Hadeetha Project Feasibility Study. These reports 
are understood to be compiled by persons considered by 
Alara to be competent in the field on which they have 
reported. Mr. Warries is a director of Mining Focus 
Consultants Pty Ltd and is not and has never been an 
employee of the Company. Mr. Warries consents to the 
inclusion in the report of the information in the form and 
context in which it appears. 
 
The further information in this report that relates to 
Mineral Resources and Ore Reserves Including depletion is 
based on information compiled by Mr. Manish Tomar who 
is a Competent Person as defined by the JORC Code 2012 
edition. Mr. Manish Tomar is a Member of the 
Australasian Institute of Mining and Metallurgy, and has 
sufficient 
experience 
relevant 
to 
the 
style 
of 
mineralisation and type of deposit under consideration 
and to the activity being undertaken to qualify as a 
Competent Person. Mr. Manish Tomar is a full-time 
employee of Al Hadeetha Resources LLC, a JV company of 
Alara Resources and consents to the inclusion in the 
report of the matters based on their information in the 
form and context in which it appears.  
 
The information in this announcement that relates to 
JORC Resources of the Daris Copper Gold Project and the 
Al Hadeetha Copper-Gold Project (Oman) are based on, 
and fairly represents, information and supporting 
documentation prepared by Mr. Ravi Sharma, who is a 
Member of The Australasian Institute of Mining and 
Metallurgy, Registered Member of The Society for Mining, 
Metallurgy and Exploration. Mr. Sharma was a principal 
consultant to Alara Resources and has sufficient 
experience which is relevant to the style of mineralisation 
and type of deposit under consideration, and to the 
activity he is undertaking to qualify as a Competent 
Person as defined in the JORC Code, 2012 edition. Mr. 
Sharma is Principal of Bedrock Mineral Resource 
Consulting. He is not and has never been an employee of 
the Company. Mr. Sharma approves and consents to the 
inclusion in the report of the matters based on his 
information in the form and context in which it appears.  
 
 
 
The annual Mineral Resources and Ore Reserves 
statement is based on and fairly represents the 
information 
and 
supporting 
documentation 
prepared by the above-mentioned Competent 
Persons. It is approved as a whole by Mr. Warries, 
Mr. Tomar and Mr. Sharma. 
 

96 
Alara Resources | Annual Report 2025 
Securities Information 
 
3,546,085 
1,305 
16,129 
Minimum $500.00 parcel at $0.031 per unit 
Units 
Holders 
Min. parcel size 
 
 
 
The shareholder information set out below was applicable at 16 October 2025. 
Issued Securities 
Quoted on ASX 
Unlisted 
Total 
Fully Paid Ordinary Shares 
803,087,541 
- 
- 
Options (AUQOPT8) 
179,521,885* 
- 
Total 
803,087,541 
179,521,885 
982,609,426 
*Options held solely by Trafigura Pte Ltd. 
 
 
 
Distribution of Fully Paid, Ordinary Shares 
 
Spread of Holdings 
Number of Holders 
Number of Units 
% of Issued Capital 
1-1,000 
816 
255,594 
0.03% 
1,001 - ,5000 
232 
540,060 
0.07% 
5,001 - 10,000 
137 
1,145,667 
0.14% 
10,001 - 100,000 
529 
20,413,413 
2.54% 
100,001 + 
331 
780,732,807 
97.22% 
Total 
2,045 255,594 
803,087,541 
100.00% 
Unmarketable Parcels 
 
Substantial Holders 
 
Holding 
Holding Balance 
% IC 
Al Tasnim Infrastructure LLC 
159,650,067 
19.88 
 Vikas Malu 
57,142,050 
7.12 
Vikas Jain 
45,245,930 
5.63 
Top 20 Ordinary Fully Paid Shareholders 
 
Rank 
Shareholder 
Shares Held 
% of Issued Capital 
1 
Al Tasnim Infrastructure LLC 
159,650,067 
19.88 
2 
Vikas Malu 
57,142,050 
7.12 
3 
Vikas Jain 
45,245,930 
5.63 
4 
Meng Meng 
41,844,441 
5.21 
5 
BNP Paribas Nominees Pty Ltd 
32,505,026 
4.05 
6 
Al Hadeetha Investment Services LLC 
31,500,000 
3.92 
7 
Piyush Jain 
29,199,437 
3.64 
8 
Citicorp Nominees Pty Ltd 
24,512,883 
3.05 
9 
Tyrone James Giese & Alisha-Bella Hughes 
17,705,960 
2.20 
10 
Mohammed Saleh Alalshaikh 
16,875,925 
2.10 
11 
J P Morgan Nominees Australia Pty Limited 
15,000,000 
1.87 
12 
Progesys International FZC 
14,527,028 
1.81 
13 
Ferguson Superannuation Pty Ltd 
12,790,000 
1.59 
14 
South West Pinnacle Exploration LTD 
12,500,000 
1.56 
15 
Farrokh Jimmy Masani 
12,142,581 
1.51 
16 
Pradeep Goyal 
10,000,000 
1.25 
17 
Anthony Cullen 
9,950,851 
1.24 
18 
Peter Kelvin Rodwell 
9,422,858 
1.17 
19 
Aum Family Super Pty Ltd 
8,555,725 
1.07 
20 
David Ho 
6,113,246 
0.76 
 
On-Market Buy Back 
There is no current on-market buy back in progress. 
Voting Rights 
Each fully paid ordinary share entitles the holders to one vote. 
Options do not have voting rights. 
SECURITIES INFORMATION 

97 
Alara Resources | Annual Report 2025 
Corporate Directory 
 
 
  CORPORATE DIRECTORY  
ABN: 27 122 892 719 
ASX Code: AUQ 
Directors 
John Shingleton - Non-Executive Chairman 
Atmavireshwar Sthapak - Managing Director Vikas 
Jain - Non-Executive Director 
Sanjeev Kumar - Non-Executive Director 
Devaki Khimji - Non-Executive Director 
Farrokh Masani- Alternate Director* 
Company Secretary 
Dinesh Aggarwal 
Registered Office and Business Address 
PO Box 444, West Perth WA 6872 1/147 
Colin Street, West Perth WA 6005 
T| +61 8 9240 4211 
T| +968 2267 8786 
E| info@alararesources.com 
W| www.alararesources.com 
Auditors 
In.Corp Audit & Assurance Pty Ltd 
Level 1, Lincoln Building 4 Ventnor Avenue 
West Perth, Western Australia 6005 
Website: australia.incorp.asia 
 
Share Registry AUTOMIC 
Group 
Level 5, 126 Phillip Street 
Sydney NSW 2000 
GPO Box 5193 
Sydney NSW 2001 
T| + 61 2 9698 5414 (outside Australia) 
F| 1300 288 664 (within Australia) 
E| hello@automicgroup.com.au 
W| www.investor.automic.com.au 
Perth 
Level 5, 191 St Georges Terrace, Perth WA 6000 
Melbourne 
Suite 5, Level 12, 530 Collins Street Melbourne VIC 3000 
Australian Securities Exchange 
ASX Limited 
Level 40, Central Park 
152-158 St Georges Terrace 
Perth, Western Australia 6000 
Corporate Governance Statement 
The Company’s Corporate Governance Statement is available on the Company’s Website: www.alararesources.com 
Investors wishing to receive email alerts of all Company ASX Announcements can register their interest here or by emailing info@alararesources.com  
 
 
 
*Mr. Masani is an alternate director for Devaki Khimji 

98 
 
 
JORC Code, 2012 Edition – Table 1 
Section 1 Sampling Techniques and Data 
(Criteria in this section apply to all succeeding sections.) 
Criteria 
JORC Code explanation 
Commentary 
Sampling 
techniques 
• Nature and quality of sampling (eg cut channels, random chips, or 
specific specialized industry standard measurement tools appropriate 
to the minerals under investigation, such as down hole gamma 
sondes, or handheld XRF instruments, etc). These examples should 
not be taken as limiting the broad meaning of sampling. 
• Include reference to measures taken to ensure sample representivity 
and the appropriate calibration of any measurement tools or systems 
used. 
• Aspects of the determination of mineralization are Material to the 
Public Report. 
• In cases where ‘industry standard’ work has been done this would be 
relatively simple (eg ‘reverse circulation drilling was used to obtain 1 
m samples from which 3 kg was pulverised to produce a 30 g charge 
for fire assay’). In other cases more explanation may be required, 
such as where there is coarse gold that has inherent sampling 
problems. Unusual commodities or mineralization types (eg 
submarine nodules) may warrant disclosure of detailed information. 
• 
Sampling data includes Drill Core and RC Chip Samples. Diamond 
core drilling (DD) and reverse circulation (RC) drilling were used to 
obtain samples for geological logging, sampling and assaying. 
Reverse circulation drilling (RC) is from Alara 2012 and from 2016 
infill drilling. A total of 58 drill core (DD), 17 RC (including 8 water 
monitoring holes) and 8 RC/DD or DD/RC are drilled. RC chip 
samples were routinely collected in calico bags and chip box trays at 
1 m intervals; In areas expected to be waste, samples are at times 
combined into 2 m intervals. Average sample length of DD and RC 
samples is 1m. Sample intervals honour geological boundaries. Both 
logging and sampling is done following industry standard to assure 
high quality of sampling. 
• 
To ensure representative sampling, drill cores were marked 
considering lithology, mineralization intensity then sawn. RC drill 
holes are generally sampled systematically at 1m intervals and split 
using a cone splitter attached to the cyclone to generate a split of ~3 
or more kg. RC Overweight samples (>3kg) were re-split with 
portable riffle splitter to about 1.6 – 2.5 kg to generate sample sent to 
lab for analyses. 
• 
Sampling is systematic and unbiased. Samples selected for 
sampling and subsequent sample preparation and chemical analysis 
are based on geological logging with sample breaks after appropriate 
sampling interval (average length of sample is 1m) or at rock unit 
contact. Competent Person reviewed sample preparation and 
analytical methods used at laboratory. Details in the form of sample 
flowsheet have been generated. 
• 
The DD and RC samples after QC samples inserts, packing and 
shipping to laboratory were checked against sample submittal form, 
dried, crushed to min. 70% passing 2mm and a split of up to 1200 g 
(250g in case of 2016 Infill drilling) was taken and pulverized to 
better than 85% passing a 75 micron. The resultant pulps were then 
analysed. The pulverized samples were analysed for Copper 
digested by four acid digestions followed by ICP-OES; for Gold using 
50g Fire Assay followed by AAS. After pulverization, lab stored all 

99 
 
Criteria 
JORC Code explanation 
Commentary 
the rejects for future use.  Pulverization and Crushing at laboratory 
was controlled by Grind QC tests. 
 
Drilling 
techniques 
• Drill type (eg core, reverse circulation, open-hole hammer, rotary air 
blast, auger, Bangka, sonic, etc.) and details (eg core diameter, triple 
or standard tube, depth of diamond tails, face-sampling bit or other 
type, whether core is oriented and if so, by what method, etc.). 
• The project has been drilled using diamond drill core (DD) drilling 
technique and reverse circulation (RC) technique to obtain the 
samples. A total of 58 drill holes has been drilled using DD, 17 drill 
holes has been drilled using RC (including 8 holes which are water 
monitoring holes); 8 drill holes are drilled as combination of RC and 
DD. Drilling diameter of drill holes drilled prior Alara is not known. 
From Alara drilling 59% were drilled by HQ diameter, 26% by NQ 
diameter and remaining 15% by PQ diameter. RC Drilling was 
conducted using a reverse circulation rig with 115mm to 133mm 
face-sampling bits. Diamond drilling in 2016 infill drilling program was 
conducted only in drill holes where RC drilling was difficult to 
proceed or due to mechanical problems or encountered ground 
water in the hole (Only two holes WH16RD013 from 92m up to end 
of hole and WH16RD015 from 74m up to end of hole) out of 6 were 
converted to diamond core drilling). None of the drill holes provided 
oriented core. 
• Between 2020 and 2023, a total of 5,230 meters of diamond core 
drilling (46 holes) was completed, primarily for metallurgical testing 
and resource delineation. More recently, from December 2024 to 
present, an additional 8,694 meters of drilling (24 boreholes) has 
been completed to test strike and down-dip continuity of the orebody, 
aimed at resource delineation and potential resource addition. 
Samples from this campaign are currently undergoing laboratory 
analysis. Upon receipt of results, the data will be integrated with 
existing geological models to update interpretations, revise resource 
models, and reclassify Mineral Resources and Ore Reserves 
accordingly. Drillholes drilled in drilling campaign comprising 8694m 
of drilling completed in NQ size is completed oriented. 
Drill sample 
recovery 
• Method of recording and assessing core and chip sample recoveries 
and results assessed. 
• Measures taken to maximize sample recovery and ensure 
representative nature of the samples. 
• Whether a relationship exists between sample recovery and grade 
and whether sample bias may have occurred due to preferential 
loss/gain of fine/coarse material. 
• High core recovery of plus 90% from all mineralized intervals was 
achieved from all drill core intervals. Recovery measurements are 
poor in broken rock and this was reflected in less weight of the 
samples. A quality drill rig and experienced team assured high core 
recovery achieved from all drill holes. Diamond drilling used drill 
muds and short runs in broken ground to maximize recovery 
• RC samples were weighed on a regular basis and no sample 
recovery issues were encountered during the drilling program. 
In few cases where core recovery was reported nil is duly recorded 
as gap. 
• RC samples were collected in plastic bags directly from the cyclone 

100 
 
Criteria 
JORC Code explanation 
Commentary 
and laid directly on the ground in rows of 10. The sampling cyclone 
and sample buckets were cleaned between rod changes and after 
each hole to minimize down hole and/or cross contamination. RC 
Overweight samples (>3kg) were re-split with portable riffle splitter to 
about 1.6 – 2.5Kg. 
• Relationship between sample recovery and grade was not carried 
out as no issue of core loss has been encountered. 
Logging 
• Whether core and chip samples have been geologically and 
geotechnically logged to a level of detail to support appropriate 
Mineral Resource estimation, mining studies, and metallurgical 
studies. 
• Whether logging is qualitative or quantitative in nature. Core (or 
costean, channel, etc.) photography. 
• The total length and percentage of the relevant intersections logged. 
• RC and Core Drill holes were logged for geological and geotechnical 
logging following standard operating procedure designed and 
supervised by competent person. Output of logging provided all data 
required for reporting of exploration results, mineral resource 
estimation, and basis for mining and metallurgical studies. 
• Quantitative logging has been carried out where in length of interval 
logged and sample recovered is recorded. The minerals and % of 
minerals has been estimated. A qualitative description has been 
provided where ever required. Drill core photography has been done 
with a small board on which borehole number, core box number and 
drill core interval is marked. The entire drill holes length was logged. 
Sub-
sampling 
techniques 
and sample 
preparation 
• If core, whether cut or sawn and whether quarter, half or all core 
taken. 
• If non-core, whether riffled, tube sampled, rotary split, etc. and 
whether sampled wet or dry. 
• For all sample types, the nature, quality, and appropriateness of the 
sample preparation technique. 
• Quality control procedures adopted for all sub-sampling stages to 
maximize representivity of samples. 
• Measures taken to ensure that the sampling is representative of the 
in situ material collected, including for instance results for field 
duplicate/second-half sampling. 
• Whether sample sizes are appropriate to the grain size of the 
material being sampled. 
• Drill core samples were split by saw or manually (manually in case of 
crushed material in tectonic zones or sandy material from first few 
initial meters of drilling). Drill core samples represents adequate half 
core samples except 25 samples were 1/4 core has been used. 
• RC drill holes are sampled dry at 1m intervals and split using a cone 
splitter attached to the cyclone to generate a split of ~3 or more kg in 
plastic bags.  Overweight samples (>3kg) were re-split with portable 
riffle splitter to about 1.6 – 2.5 kg. These plastic bags were then put 
into uniquely numbered calico bags and packed in a steel trunk 
before dispatching to laboratory with clear submittal form. 
• The DD and RC samples after QC samples inserts, packing and 
shipping to laboratory were checked against sample submittal form, 
dried and crushed to 70% -2mm then rotary split off up to 1500g 
(250g during 2016 drilling program); the split was pulverized to better 
than 85% passing a 75 micron. Pulverizer bowls were carbon steel. 
Details for sample preparation are included in the Alara sample 
flowsheet. Sampling preparation is at high quality standards and 
consider appropriate. Premium rotary splitting procedure was used 
during 2016 infill drilling program in laboratory.  
There was no inappropriateness observed with respect to RC/ Drill 
Core sample Preparation. Sample preparation technique is 
considered as appropriate for Mineral Resource Estimation. 
• Quality control was adopted for all sub-sampling stages. During initial 
sub-sampling while drill core splitting, adequacy of splitting was 

101 
 
Criteria 
JORC Code explanation 
Commentary 
checked by project geologist to ensure that splitting is not biased. 
For RC samples field duplicates has been obtained and inserted into 
sample stream. Pulverization and Crushing at laboratory was 
controlled by Grind QC tests. Field blanks were inserted into the 
sample stream to check for contamination. 
Check samples from pre Alara drilling (e.g. Pilatus drilling) in form of 
1/4 drill core then Field Duplicates has been implemented. Quality 
control adopted along with continuous supervision on drilling by 
Alara responsible geologist as well as supervision on drill core 
splitting are considered to be sufficient measures to ensure 
representativeness of the sampling. The results of field duplicates 
inserted into sample stream are satisfactory. 
• Industry standard sample preparation by accredited labs has been 
used. Sample sizes are appropriate for the commodity and higher 
amount of pulverized material (split of 1.2 kg after crushing) to 
reduce a possible “nugget effect”. 
Quality of 
assay data 
and 
laboratory 
tests 
• The nature, quality, and appropriateness of the assaying and 
laboratory procedures used and whether the technique is considered 
partial or total. 
• For geophysical tools, spectrometers, handheld XRF instruments, 
etc., the parameters used in determining the analysis including 
instrument make and model, reading times, calibrations factors 
applied and their derivation, etc. 
• Nature of quality control procedures adopted (eg standards, blanks, 
duplicates, external laboratory checks) and whether acceptable 
levels of accuracy (i.e. lack of bias) and precision have been 
established. 
• The pulverized samples were analysed for Copper digested by four 
acid digestions followed by ICP-OES (Inductively Coupled Plasma 
Optical Emission Spectrometry); for Gold using 50g Fire Assay 
followed by AAS (Atomic absorption spectroscopy). Other 32 
elements including Zn, Ag were analysed by four acid digestions 
followed by ICP-OES (Inductively Coupled Plasma Optical Emission 
Spectrometry). The technique used is considered total. Assaying and 
laboratory procedures are considered appropriate for the commodity. 
• Terraplus instrument has been used to take magnetic susceptibility 
readings from drill core; and handheld XRF was used to determine 
material element concentrations for exploration guidance and aid. 
The data is not used in Mineral Resource Estimate. 
• Competent Person reviewed laboratory QA/QC (lab internal QA/QC) 
procedure and results and external QA/QC (Quality control samples 
inserted by Alara) procedures and results. Alara quality control 
procedure is well documented. External QA/QC includes certified 
reference materials (standards), Field blanks, Field duplicates, 
Check Samples and Check Assays. Acceptable levels of accuracy 
and precision have been established.  Grind tests has also been 
done.  
Verification 
of sampling 
and assaying 
• The verification of significant intersections by either independent or 
alternative company personnel. 
• The use of twinned holes. 
• Documentation of primary data, data entry procedures, data 
verification, data storage (physical and electronic) protocols. 
• Discuss any adjustment to assay data. 
• Calculation of drill hole intersections used as a part of the exploratory 
data assessment was verified by re-calculation of selected 
intersections by second personnel of independent company. 
Selected analyses are confirmed in form of check assays by check 
assay laboratory which is independent in fact in competition with 
primary assay laboratory. All analytical values of each individual 

102 
 
Criteria 
JORC Code explanation 
Commentary 
sample were verified against signed laboratory PDF certificate. 
• Nearest hole analysis as part of data verification of previous drilling 
has been carried out.  
• All compiled data was checked for errors and missing data. Missing 
data was requested from site geologist and was used for database 
update by competent person. Dataset was checked for logical errors, 
i.e. transposition of intervals, mislabelling of data, missing data, etc. 
Several dozen essentially trivial transposition errors were found as 
well as minor discrepancies between maximum hole length and the 
maximum depth of the last sample in that hole. Lithological codes 
were created from available Lithology information. Minor lithological 
coding errors were also found; all errors were corrected. To save 
time on data compilation and database updates CP decided to 
create a Data Entry template to enter all data from drilling in a proper 
database format. This has helped immensely in database update; 3D 
holes file update and QAQC assessment. Electronic data are backed 
up at secure FTP location and physical data including primary are 
stored at project site and Alara office in Muscat. 
Remaining drill core (second half core) is available for all of the Alara 
drill hole intervals and can be used for future studies and/or 
confirmatory testing. RC Chips are stored in calico bags in dry 
storage and available for all drill hole intervals for future studies 
and/or confirmatory testing. 
• Assay data were not adjusted. 
Location of 
data points 
• Accuracy and quality of surveys used to locate drill holes (collar and 
down-hole surveys), trenches, mine workings, and other locations 
used in Mineral Resource estimation. 
• Specification of the grid system used. 
• Quality and adequacy of topographic control. 
• Drill holes Collar data were surveyed using DGPS. Multi shot 
Downhole Survey has been done on selected holes, no significant 
downhole survey deviation has been observed in these holes. 
• Coordinate system UTM, Zone = 40 North, Datum Transformation = 
WGS 84 has been used.  
• Drilling area is covered by topographic survey with high accuracy. 
The ground levels at an average of 10 meter interval has been taken 
and the contour drawing at 0.20 meter interval has been prepared 
after control points at project site has been established. 
Data spacing 
and 
distribution 
• Data spacing for reporting of Exploration Results. 
• Whether the data spacing and distribution is sufficient to establish the 
degree of geological and grade continuity appropriate for the Mineral 
Resource and Ore Reserve estimation procedure(s) and 
classifications applied. 
• Whether sample compositing has been applied. 
• This announcement relates to Mineral Resource Estimate and not on 
exploration results. The MRE is based on sufficient drilling 
information. Drill hole collar location indicating appropriate drill 
spacing is presented in the figure on page 20 of this report. 
• Data spacing and distribution is sufficient for resource category 
presented. Drill spacing is adequate to define the geological and 
grade continuity for Mineral Resource.  Classification has taken into 
account data/estimation quality and drill spacing. 
• Sample compositing was applied only during resource estimation 

103 
 
Criteria 
JORC Code explanation 
Commentary 
process. Sampling compositing was not applied during sampling or 
on sampling data before calculating drill hole intersections. 
Orientation 
of data in 
relation to 
geological 
structure 
• Whether the orientation of sampling achieves unbiased sampling of 
possible structures and the extent to which this is known, considering 
the deposit type. 
• If the relationship between the drilling orientation and the orientation 
of key mineralized structures is considered to have introduced a 
sampling bias, this should be assessed and reported if material. 
• After data visualization in 3D, competent person concluded that 
drilling orientation doesn't introduce sampling bias. Drill orientation 
varies by drilling campaigns and company. 43 drill holes are drilled in 
azimuth 45 to 52 degrees; 40 drill holes are with azimuth 0 degrees 
(including 39 drill holes drilled as vertical). 
• Orientation of drilling and drill location has not been found to have  
impact on sampling bias. 
Sample 
security 
• The measures taken to ensure sample security. 
• Security of samples was maintained very well from dispatch of 
samples up to data storage. Samples in the form of half core, RC 
chips, coarse rejects are stored at project site; some rejects are 
stored in in laboratory and will be transported back to project site. 
Transport to the laboratory was done using professional couriers and 
secured, meeting all necessary requirements for chain of custody. 
Tracking sheets was implemented to track sample progress. 
Audits or 
reviews 
• The results of any audits or reviews of sampling techniques and data. 
• Data were reviewed in detail. During the site visit in 2012, 2013 and 
2016 Mr. R. Sharma (Competent Person) confirmed the pillar of 
Alara and pre Alara drill holes. Mr. Sharma (Competent Person) in 
2012 instructed to survey all holes using DGPS. Collar data was 
checked using DTM and compared with historical records. The site 
visit by included a review of logging spot checks, sampling and 
logging procedures as well as geology. Mr. Sharma visited the Al 
Hadeetha project site on several occasions between June 2012, May 
2013 and in May 2016. 
 
Section 2 Reporting of Exploration Results 
(Criteria listed in the preceding section also apply to this section.) 
Criteria 
JORC Code explanation 
Commentary 
Mineral 
tenement 
and land 
tenure status 
• Type, reference name/number, location and ownership including 
agreements or material issues with third parties such as joint 
ventures, partnerships, overriding royalties, native title interests, 
historical sites, wilderness or national park and environmental 
settings. 
• The security of the tenure held at the time of reporting along with any 
known impediments to obtaining a license to operate in the area. 
• Al Washi-hi Majaza Exploration license of Al Hadeetha Copper - Gold 
project is held by Al Hadeetha Resources LLC.  Al Hadeetha 
Resources LLC is a limited liability company incorporated in the 
Sultanate of Oman.  Shareholders in the company are Alara Oman 
Operations Pty Ltd (51%) a wholly owned subsidiary of Alara 
Resources Ltd, Al Hadeetha Investment Services LLC (30%) and Al 
Tasnim Infrastructure LLC (19%). Alara Resources Limited (ASX: 
AUQ) is an Australian based minerals exploration and mining 
company with a portfolio of projects in Saudi Arabia and Oman. 

104 
 
Criteria 
JORC Code explanation 
Commentary 
• Exploration license with total area 39 sq km covering Al Washi-hi 
Majaza Copper - Gold mineralization was granted on January 2008 
and has been renewed annually since then, with the most renewal in 
March 2016. 
• 
An application for Mining License (ML) over an area 0f 3.1 sq.km 
within Exploration License was submitted in April 2012. As part of ML 
approval process the ML application has since been processed and 
inspected by several Government Regulatory authorities including 
Ministries of Tourism, Housing, Archaeology, Defence, Water 
Resources, Environment, Local Municipality etc. The Al Hadeetha 
Copper Project executive report has been submitted to the Public 
Authority for Mining and the Company is not aware of any reason 
why the license could not be issued in order to meet the proposed 
production schedule commencing in 2018.  
• Copper production is underway within the license area and all 
applicable royalties are being paid to Government of Oman. 
• Appropriate consents have been obtained from local communities 
around the license area in support of grant of ML. 
 
Exploration 
done by 
other parties 
• Acknowledgment and appraisal of exploration by other parties. 
• The Al Washi-hi Majaza prospect was discovered during the course 
of regional reconnaissance by Prospection Ltd. during 1976-1977. 
They carried out 1:2000 scale geological mapping, geophysical, 
geochemical surveys and drilled ten diamond drill holes. The 
geophysical surveys included Pulse electro-magnetic and ground 
magnetics. Soil samples were taken. 
• Exploration work by Ministry of Petroleum and Minerals: Geologists 
from the Ministry of Petroleum and Minerals reviewed the work 
undertaken by Prospection Ltd. in their report. The report concluded 
that the Prospection Limited drilling intersected a moderate amount of 
copper mineralization. 
• BRGM undertook regional scale mapping (1:100,000) as well as a 
review and work program over a number of prospects including the Al 
Washi-hi Majaza prospect. More detailed investigations on Al Washi-
hi Majaza were limited to the compilation and reinterpretation of 
previous work on the prospect including examination re-logging and 
limited re-sampling of drill holes from the Prospection Ltd. work.  
• World Geosciences Corporation (WGC) undertook an airborne 
geophysical survey and interpretation over the area during 
1995/1996. The WGC survey collected magnetic and gamma ray 
(radiometric) data and digital elevation data.  
• Exploration work by National Mining Company (NMC) reviewed the 
Prospection Ltd. drill logs. They did an initial geological survey on 1: 

105 
 
Criteria 
JORC Code explanation 
Commentary 
10,000 scale for about 10 km2 area. In addition, limited surface 
outcrops were sampled away from the gossan. They made a data set 
of ground geophysical survey on Al Washi-hi Majaza prospect by 
WGC in 1997, a basis for further exploration. Their drill targets were 
based on the geological mapping and geophysical data. NMC drilled 
15 holes in two drilling programs following the WGC recommendation 
of targets. 
• Exploration work by Pilatus Resources Oman (PRO). After 
receiving the Exploration License and evaluation of all the 
previous data and records PRO decided to conduct the 
exploration on the following three lines: Structural survey, 
Geochemical survey and Drilling 
Geology 
• Deposit type, geological setting, and style of mineralization. 
• The area is largely underlain by the Samail Ophiolite, with the 
Hawasina nappes appearing at the front of the Samail Nappe in Jabal 
al Hammah as well as in windows in Wadi Andam and Wadi Musfa.  
• The area around the Al Washi-hi Majaza Prospect is structurally 
complex and a large part of it is covered by wadi gravels. The area 
contains limited outcrops of several different geological units. The Al 
Washi-hi Majaza gossan outcrops in the centre of the area 
surrounded by ophiolitic basalts and associated sediments. At the 
northeast of the gossan and southwest of Wadi Andam, the geology 
of Al Washi-hi Majaza prospect is in form of a mixture of sedimentary 
and igneous features. As the area is mostly devoid of any outcrops 
and most of the rock outcrops are covered under alluvial sediments, 
the interpreted geological map was developed based on the 
interpretation of alterations zones observed after ground geophysical 
surveys. 
• 
In general Al Washi-hi Majaza copper mineralization (and gold) is 
typical in style of Volcanic Hosted Massive Sulphide with majority of 
copper occurring as stock work of sulphide mineral veins injected in 
to light grey basalt along with silicate veins forming highly brecciated 
host basalt. The recent drilling also has identified presence of 
Massive Sulfide lens overlying these stockworks indicating formation 
of black smokers on ocean floors. 
• 
The copper ores are dominantly CHALCOPYRITE, which occurs as 
discrete grains between 50 µm and 100 µm.  There is a small 
proportion that is composite with pyrite.  A small proportion of the 
copper is present as BORNITE, either discrete or with chalcopyrite. 
The contained GANGUE consists of discrete PYRITE which is about 
equivalent to the composite pyrite with chalcopyrite and of similar 

106 
 
Criteria 
JORC Code explanation 
Commentary 
overall dimensions usually between 20 and 50 µ. 
• 
Although the mineralization as intersected in cores appears uniform 
and coherent throughout the orebody but detailed logging identified 
following types of stock works  
o 
Banded jasper-chert-sulphide associated with gossan cap in form of 
hill above surface 
o 
Pyrite-rich margins 
o 
Pyrite-quartz breccia 
o 
Massive pyrite/ semi massive chalcopyrite 
o 
Quartz-pyrite stockwork 
o 
Chalcopyrite-pyrite stockwork 
o 
Wall rock alterations: Chloritic – sericite alteration noticed throughout 
the 
mineralization 
with 
occasional 
jasper 
fillings 
especially 
associated with high chalcopyrite veining.  Over printing of Iron 
oxides observed associated with ground water zones. 
 
Drill hole 
Information 
• A summary of all information material to the understanding of the 
exploration results including a tabulation of the following information 
for all Material drill holes: 
o easting and northing of the drill hole collar 
o elevation or RL (Reduced Level – elevation above sea level in 
meters) of the drill hole collar 
o dip and azimuth of the hole 
o down hole length and interception depth 
o hole length. 
• If the exclusion of this information is justified on the basis that the 
information is not Material and this exclusion does not detract from 
the understanding of the report, the Competent Person should clearly 
explain why this is the case. 
• 
The collar locations, survey data, drill hole length, logging data and 
other data related to drilling were reviewed by competent person 
before Resource Estimate. Drill hole intersections of Cu and Au were 
generated before resource estimation as part of exploratory data 
assessment. 
• 
Competent Person reviewed all data related to drill holes information 
is excluded. 
 
Data 
aggregation 
methods 
• In reporting Exploration Results, weighting averaging techniques, 
maximum and/or minimum grade truncations (eg cutting of high 
grades) and cut-off grades are usually Material and should be stated. 
• Where aggregate intercepts incorporate short lengths of high grade 
results and longer lengths of low grade results, the procedure used 
for such aggregation should be stated and some typical examples of 
such aggregations should be shown in detail. 
• The assumptions used for any reporting of metal equivalent values 
should be clearly stated. 
• Drill hole intersections were generated before resource estimation as 
part of exploratory data assessment and are not part of this 
ASX/media 
release. 
Drill 
hole 
intersections 
of 
copper 
and 
corresponded Gold mineralization were generated as length weighted 
average, no top cut has been applied, Cut-off grade applied is 0.25 
Cu % is potential economic cut off to delineate potential 
mineralization. The cut off also represent natural break/ sharp change 
in assays Cut-off grade 0.25% Cu used in exploration results 
reporting represents a likely optimum cut-off grade for delineating 
potential mineralization. 
• In exploration results reporting, the Drill hole intersections of Copper 

107 
 
Criteria 
JORC Code explanation 
Commentary 
and corresponding gold mineralization were generated as length 
weighted average, no top cut has been applied, Cutoff grade applied 
is 0.25 Cu % or natural break. 
• In exploration results reporting Cu and Au grade for particular drill 
hole intersection was calculated as length weighted average to give 
same weight to all samples of particular drill hole intersections. 
• No assumptions of metal equivalent have been used. 
Relationship 
between 
mineralizatio
n widths and 
intercept 
lengths 
• These relationships are particularly important in the reporting of 
Exploration Results. 
• If the geometry of mineralization with respect to the drill hole angle is 
known, its nature should be reported. 
• If it is not known and only the down hole lengths are reported, there 
should be a clear statement to this effect (eg ‘down hole length, true 
width not known’). 
• Drill hole intersections results are reported as down hole lengths. 
True thickness has been taken in account while 3D interpretation for 
Mineral Resource Estimate. 
• The mineralization is daylighting in north east and dipping in south 
west. Drill hole intersections are tabulated as down hole lengths for all 
holes with no respect to Dip of the hole. 
• Drill hole intersection are reported only as down hole lengths. True 
width has not been calculated and reported. 
Diagrams 
• Appropriate maps and sections (with scales) and tabulations of 
intercepts should be included for any significant discovery being 
reported These should include, but not be limited to a plan view of 
drill hole collar locations and appropriate sectional views. 
• Please refer to ASX announcement dated 15 Dec 2016 “Maiden Ore 
Reserve - Al Hadeetha Copper-Gold Project” for location and general 
topography Map of Al Washi-hi Majaza Deposit and License area 
• Drill Hole location is presented in the figure on page 20 of this report. 
 
Balanced 
reporting 
• Where comprehensive reporting of all Exploration Results is not 
practicable, representative reporting of both low and high grades 
and/or widths should be practiced to avoid misleading reporting of 
Exploration Results. 
 
• Drill hole intersections as an outcome of exploration were generated 
and evaluated from all drill holes. This includes both high grade and 
low grade intersections. 
Other 
substantive 
exploration 
data 
• Other exploration data, if meaningful and material, should be reported 
including (but not limited to): geological observations; geophysical 
survey results; geochemical survey results; bulk samples – size and 
method of treatment; metallurgical test results; bulk density, 
groundwater, geotechnical and rock characteristics; potential 
deleterious or contaminating substances. 
• Geology of the project area, results of geophysical survey, 
geochemical survey, geological observations, specific gravity testing, 
summary of multi element analyses of samples were studied and 
evaluated by Competent Person before resource estimation. 
Further work 
• The nature and scale of planned further work (eg tests for lateral 
extensions or depth extensions or large-scale step-out drilling). 
• Diagrams clearly highlighting the areas of possible extensions, 
including the main geological interpretations and future drilling areas, 
provided this information is not commercially sensitive. 
 
• While the immediate focus of work will remain on development of 
mining of current resources at Al Washi-hi Majaza the further 
exploration work will involve evaluation of exploration targets within 
the license area. There are 5 exploration targets identified in the area 
(Figure -8)  
• 
WH01. -Smooth elongated RTP mag low along a NW-SW 
lineament; suggesting mag source is at depth. Anomaly shape 
suggests a SW dip as encountered in drill core. Al Washi-hi 
Majaza JORC mineralization reported 

108 
 
Criteria 
JORC Code explanation 
Commentary 
• 
WH02-. This target incorporates three features. 1) RTP mag low 
along same trend as WH01 where anomaly wavelength 
suggests a shallower source to WH001. 2) In the same zone 
exists presence of RTP mag high and 3) Broad complex RTP 
mag lows which possibly a part of the same mineralization 
system as the known Al Washi-hi Majaza mineralization to the 
SE and possible feeder zone to the entire Al Washi-hi Majaza 
mineralized system. 
• 
WH03 - Elongate RTP mag low, parallel to the strike of the 
known Al Washi-hi Majaza mineralization. Similar character. 
Possible 
repetition 
of 
Al 
Washi-hi 
Majaza 
lithology 
/ 
mineralization 
• 
WH04- Elongate RTP mag low, along strike from WH03. Similar 
character 
• 
WH05 - All remaining unexplored parts of Al Washi-hi Majaza 
tenement 
Planned exploration would include geophysical surveys (TEM and IP, 
Gravity) to position drill collars, RC drilling for target testing followed by 
definitive core drilling for successful targets. 
 
Section 3 Estimation and Reporting of Mineral Resources 
(Criteria listed in section 1, and where relevant in section 2, also apply to this section.) 
Criteria 
JORC Code explanation 
Commentary 
Database 
integrity 
• Measures taken to ensure that data has not been corrupted by, for 
example, transcription or keying errors, between its initial collection 
and its use for Mineral Resource estimation purposes. 
• Data validation procedures used. 
• The database used in this Mineral Resource Estimate (MRE) 
comprises of 83 drill holes drilled by Prospection, NMC, Pilatus and 
Alara. Detailed data verification and QA/QC procedures were 
followed before using this data for the MRE. 75 drill holes are 
resource drill holes; remaining 8 drill holes are water-monitoring 
boreholes. 
• Alara has carried out nearest hole analysis as part of data verification 
of previous drilling.  
• The MS Excel spread sheet, detailing the source of information and 
verification process adopted in all data tables (collar, survey, geology, 
assay, recovery, specific gravity, magnetic susceptibility) for each 
hole has been documented.  
• As an additional assay verification step, historical assay data (e.g. 
Prospection) was checked using cross sections with assay histogram 

109 
 
Criteria 
JORC Code explanation 
Commentary 
published in original historical report. Selected historical Assays (e.g.  
Pilatus) have been verified through check samples.  
• All Drill holes drilled by Alara have been surveyed by GMAP LLC, 
Oman using DGPS. Alara has surveyed using same technique and 
same company, the drill holes drilled by Pilatus drill holes drilled by 
NMC. These re-survey data has been compared with original Pilatus 
and NMC information and no significant difference has been noted. 
This gives confidence on historical collar data. 
• Alara has done downhole survey for 11 non-vertical holes. Deviation, 
change in dip and azimuth has not been significant. Down hole 
survey data was checked for kinks. Verification was done visually and 
statistically in the form of DIP change per meter and BRG (azimuth) 
change per meter histogram.  
• To avoid any data compilation errors of analytical data, and as 
independent data verification checks, approximately 80 % of the 
laboratory-supplied CSV format assay certificates used in assay data 
compilation were verified against PDF certificates provided by the lab. 
Site visits 
• Comment on any site visits undertaken by the Competent Person 
and the outcome of those visits. 
• If no site visits have been undertaken indicate why this is the case. 
• Mr. Ravi Sharma during site visit reviewed geology, mineralization 
controls, density determination, drilling, logging, and sampling. 
Beside that he confirmed pillar of some drill holes from previous 
drilling campaigns and requested Alara for DGPS survey of all holes.  
• Mr. Sharma visited the Al Hadeetha project site on several occasions 
between June 2012, May 2013 and in May 2016. 
Geological 
interpretation 
• Confidence in (or conversely, the uncertainty of) the geological 
interpretation of the mineral deposit. 
• Nature of the data used and of any assumptions made. 
• The effect, if any, of alternative interpretations on Mineral Resource 
estimation. 
• The use of geology in guiding and controlling Mineral Resource 
estimation. 
• The factors affecting continuity both of grade and geology. 
• Geological interpretation of Al Hadeetha project is based on drill hole 
interpretation and logging data. Interpretation has been done by 
competent person and discussed with qualified geologist working for 
the project since 2012. All data used are available for review in digital 
or analogue format and there is good confidence in the current 
interpretation. The geological and mineralization continuity has been 
demonstrated to 100 % by results of 2016 infill drilling program. 
• The two dimensional sectional interpretation was carried out using the 
drill holes. This was carried out section-by-section incorporating 
geological, structural and assay information from drill holes. Sections 
were created at approximate distance of 40 m based on number of 
holes passing through or near the section. These sections were used 
to define a mineralized shell at a cut-off of approx. 0.25 % Cu or 
natural break in assays. The digitized section polygons were used to 
create mineralized shell wireframe. 
• The geological and structural control on mineralization is clearly 
understood based on current drilling data. The best modelling method 
to interpret geological and mineralized grade shell were used. No 
other methods like probability model were attempted as was not 

110 
 
Criteria 
JORC Code explanation 
Commentary 
required due to clear understanding of geology. Logging data (litho 
codes, alteration, structural and other) along with grade histogram 
has been used while sectional interpretation. Structural data, Logging 
data and drill core photographs helped to identify and model structure 
in the north-west part of the Al Washi-hi Majaza mineralization. The 
mineralization shape on either side of this structure indicates this 
structure to be pre-mineralized. The fracture data in logging 
information suggests the flow direction of mineralized fluid.  
• Continuity of copper mineralization is well understood in the area of 
resource estimation.  
Dimensions 
• The extent and variability of the Mineral Resource expressed as 
length (along strike or otherwise), plan width, and depth below 
surface to the upper and lower limits of the Mineral Resource. 
• Resource is approximately 800 m in strike and approx. 160 m in width 
(central part). Mineralization starts near surface and goes up to 
approx. 250 m below the surface. 
Estimation 
and 
modelling 
techniques 
• The nature and appropriateness of the estimation technique(s) 
applied and key assumptions, including treatment of extreme grade 
values, domaining, interpolation parameters and maximum distance 
of extrapolation from data points. If a computer assisted estimation 
method was chosen include a description of computer software and 
parameters used. 
• The availability of check estimates, previous estimates and/or mine 
production records and whether the Mineral Resource estimate takes 
appropriate account of such data. 
• The assumptions made regarding recovery of by-products. 
• Estimation of deleterious elements or other non-grade variables of 
economic significance (eg sulphur for acid mine drainage 
characterization). 
• In the case of block model interpolation, the block size in relation to 
the average sample spacing and the search employed. 
• Any assumptions behind modelling of selective mining units. 
• Any assumptions about correlation between variables. 
• Description of how the geological interpretation was used to control 
the resource estimates. 
• Discussion of basis for using or not using grade cutting or capping. 
• The process of validation, the checking process used, the 
comparison of model data to drill hole data, and use of reconciliation 
data if available. 
• The two dimensional sectional interpretation was carried out using the 
drill holes. Sections were created at approximate distance of 40 m 
based on number of holes passing through or near the section. These 
sections were used to define a mineralized shell at a cut-off of 0.2 % 
Cu or natural break in assays. The digitized section polygons were 
used to create mineralized shell wireframe (Copper - Gold 
Wireframe). 
4.9 % Cu was used to cap copper assays and 1 g/t Au was used to 
cap gold assays. Capping was done based on probability plot on 
assay samples within mineralized envelope. Length weighted 
composites of 1 meter were created using Datamine software. 
Composites were created within mineralized wireframe. Compositing 
was done on capped samples. 
Datamine Studio© was used for resource modelling and estimation 
and Snowden Supervisor© software for KNA and geostatistics. 
Snowden Supervisor software© was also used to create directional 
pair-wise relative variograms on copper and gold composites. Only 
composites within mineralized wireframe were used for variogram 
analysis. A nested spherical variogram was modelled for composited 
Copper and Gold. 
Block model grades for Copper and Gold were estimated by Ordinary 
Kriging. Kriging neighbourhood analysis was carried out to optimize 
parameters for confidence in estimates. Besides Ordinary Kriging, 
IDW with power of 2 was also tested. 
• 
The previous estimates from 2016 reports: 12.40 Mt Indicated 
Resources at 0.89 % Cu and 0.17 g/t Au and 3.7 Mt Inferred at 0.79 
% Cu and 0.20 g/t Au at 0.25 % Cu geological in-situ cut-off grade.  
Prior 2016 Mineral Resource 6.84 Mt Indicated Resources at  
0.90%Cu and 0.17 g/t Au and 7.27Mt Inferred at 0.71% Cu and 

111 
 
Criteria 
JORC Code explanation 
Commentary 
0.20g/t Au was announced in 2012. 
• 
Mine Production has commenced from Sep-23 and current statement 
reflects the depletion and material change arises due to production 
as on June- 30th 2025. 
• 
No assumptions have been made regarding recovery of Gold, in 
mineral resource estimate. 
• 
Only Cu and Au are estimated. No Estimation of deleterious 
elements or other elements has been done. 
• Parent block size of 10 m in X direction, 10 m in Y direction and 5m in 
Z direction was created based on Kriging neighbourhood analysis 
‘KNA’ in Snowden Supervisor software. The KNA exercise analysed 
various block sizes with various search neighbourhood and 
variograms. Block of 10m X 10m X 5m gave best results of 
regression slope and Kriging efficiency. 
To preserve local grade variation, a search neighbourhood strategy 
with three search ellipse was used. For first search, a minimum of 2 
composites were required, with a maximum of 24. For second search, 
a minimum of 2 and maximum 32 and for third search minimum 2 
composites and maximum 40. Condition of maximum three from one 
drill hole was maintained in all searches to avoid samples coming 
from one or two holes only to estimate blocks. This ensures minimum 
three holes to estimate a block. 
• No assumption behind modelling of selective mining units has been 
introduced. 
• During sectional interpretation it was well noted that Gold is included 
in Copper intersections except few cases where it is not. Statistical 
evaluation of composite samples within wireframe has not shown 
correlation between Copper and Gold.  
• Only blocks within interpreted Copper wireframe are reported. 
Interpretation of Copper Gold wireframe is based on geological and 
assay information. 
• 4.9 % Cu was used to cap copper assays and 1 g/t Au was used to 
cap gold assays. Capping was done based on probability plot on 
assay samples within mineralized envelope. 
• Block model has been validated through visual checks in section and 
plan view between block model and composites, the statistical 
validation checks were carried out to validate model. Swath plot has 
been generated and evaluated for different slice sizes and for all 
directions (X, Y, Z) 
Moisture 
• Whether the tonnages are estimated on a dry basis or with natural 
moisture, and the method of determination of the moisture content. 
• Tonnage is estimated on a dry basis. 
Cut-off 
• The basis of the adopted cut-off grade(s) or quality parameters 
• Al Washi-hi Majaza mineral resource is reported at 0.25 % Cu cut off 

112 
 
Criteria 
JORC Code explanation 
Commentary 
parameters 
applied. 
and Gossan inferred resource at 0.25 g/t Au.  The cut-off grade for 
reporting resource is based on reasonable level of operating cost 
parameters, assuming 1:4.5 strip ratio, 95 % Cu recovery, and 30 % 
Au recovery, 2.8 $/lb long term copper price and 1300 $/ounce gold 
price. The operating cost assumptions and recovery data was 
provided by Alara. {mining cost 1.5 $/t, processing 6.93 $/t milled, 
grade control and mine supervision 1.79 $ t/milled, total to 16.97 $/t 
milled, which approximately corresponds to extraction of cost of one 
tome of ore with 0.25 % Cu and 0.25 g/t Au. 
Mining 
factors or 
assumptions 
• Assumptions made regarding possible mining methods, minimum 
mining dimensions and internal (or, if applicable, external) mining 
dilution. It is always necessary as part of the process of determining 
reasonable prospects for eventual economic extraction to consider 
potential mining methods, but the assumptions made regarding 
mining methods and parameters when estimating Mineral Resources 
may not always be rigorous. Where this is the case, this should be 
reported with an explanation of the basis of the mining assumptions 
made. 
• Open pit mining method is considered based on the near surface 
mineralization. The internal waste/ dilutions for intersections 
considering these will not be mined separately. Block height of 5 m is 
considered assuming 10 m mining bench. Mining factors such as 
SMU size or strip ratio has not been assumed.  This will be taken up 
at Mineral Reserve calculation. 
Metallurgical 
factors or 
assumptions 
• The basis for assumptions or predictions regarding metallurgical 
amenability. It is always necessary as part of the process of 
determining reasonable prospects for eventual economic extraction 
to consider potential metallurgical methods, but the assumptions 
regarding metallurgical treatment processes and parameters made 
when reporting Mineral Resources may not always be rigorous. 
Where this is the case, this should be reported with an explanation of 
the basis of the metallurgical assumptions made. 
• No metallurgical factors assumptions have been used in mineral 
resource estimate. 
Environment
al factors or 
assumptions 
• Assumptions made regarding possible waste and process residue 
disposal options. It is always necessary as part of the process of 
determining reasonable prospects for eventual economic extraction 
to consider the potential environmental impacts of the mining and 
processing operation. While at this stage the determination of 
potential environmental impacts, particularly for a Greenfield project, 
may not always be well advanced, the status of early consideration of 
these potential environmental impacts should be reported. Where 
these aspects have not been considered this should be reported with 
an explanation of the environmental assumptions made. 
• No environmental factors assumptions have been used in mineral 
resource estimate. 
Bulk density 
• Whether assumed or determined. If assumed, the basis for the 
assumptions. If determined, the method used, whether wet or dry, 
the frequency of the measurements, the nature, size, and 
representativeness of the samples. 
• The bulk density for bulk material must have been measured by 
methods that adequately account for void spaces (vugs, porosity, 
• Bulk density determinations are made on selected diamond drill 
samples using Exova lab, Muscat, Sultanate of Oman following 
International Society for Rock Mechanics (ISRM) procedure. Samples 
were selected to cover lateral extent, vertical extent, different rock 
type, alteration, and grade. Tonnages are estimated on a dry basis.  
• Constant density factor was assigned to the block model. A factor 

113 
 
Criteria 
JORC Code explanation 
Commentary 
etc.), moisture, and differences between rock and alteration zones 
within the deposit. 
• Discuss assumptions for bulk density estimates used in the 
evaluation process of the different materials. 
was not applied to account for void spaces or moisture. 
• Density data are considered appropriate for use in Mineral Resource 
estimate. 
Classification 
• The basis for the classification of the Mineral Resources into varying 
confidence categories. 
• Whether appropriate account has been taken of all relevant factors 
(i.e. relative confidence in tonnage/grade estimations, reliability of 
input data, confidence in continuity of geology and metal values, 
quality, quantity and distribution of the data). 
• Whether the result appropriately reflects the Competent Person’s 
view of the deposit. 
Mineral Resource classification is based on geological and 
mineralization continuity, estimation quality and validation. The 
scorecard system was where in 50 % weight was assigned to 
estimation methodology, validation and quality of estimate and 50 % 
on geological and mineralization continuity 
 
The estimation quality includes 5 parameters - kriging variance, 
regression slope, kriging efficiency, no of holes used to estimate a 
block and number of composites used to estimate a block. The block 
model values for these 5 parameters were converted to 10 being 
maximum score for each parameters to arrive at discrete score for 
each block. The areas of geological continuity and mineralization 
continuity was reviewed in plan and section, areas of interpolation 
and extrapolation were identified. Based on this the areas were 
assigned as very high geological confidence (50 marks), reasonable 
to high geological confidence (40 marks) and lower geological 
confidence (30 marks), The sum of all the score arrived to get score 
of the block out of 100. Block with more than 90 score was 
considered for measured (no blocks are above 90 in the current 
resource) block with 70 to 90 score is classified as indicated and 
blocks with less than 70 score are classified as inferred. 
 
The block model was reviewed in plan and sectional view. The blocks 
above 70 score was used to create Indicated resource boundary. 
This was used to avoid spotty appearance. Classified block model 
was reviewed in section in relation to drill density before finalizing the 
classification. 
• This approach is considered appropriate taking care of all relevant 
factors. The recent infill drilling program has confirmed grade and 
tonnages of already defined MRE of 2016 giving confidence on 
understanding of geologic and mineralization continuity. 
 
Audits or 
reviews 
• The results of any audits or reviews of Mineral Resource estimates. 
• The geological interpretation was reviewed by Alara geologist. No 
independent review has been carried out on resource model. Internal 
peer review was carried. 
Discussion 
of relative 
accuracy/ 
• Where appropriate a statement of the relative accuracy and 
confidence level in the Mineral Resource estimate using an approach 
or procedure deemed appropriate by the Competent Person. For 
• No statistical comparison of relative accuracy has been attempted 
with regards to mine production accuracy as no production data is 
available. Al Washi-hi Majaza has not commenced production at this 

114 
 
Criteria 
JORC Code explanation 
Commentary 
confidence 
example, the application of statistical or geostatistical procedures to 
quantify the relative accuracy of the resource within stated 
confidence limits, or, if such an approach is not deemed appropriate, 
a qualitative discussion of the factors that could affect the relative 
accuracy and confidence of the estimate. 
• The statement should specify whether it relates to global or local 
estimates, and, if local, state the relevant tonnages, which should be 
relevant to technical and economic evaluation. Documentation 
should include assumptions made and the procedures used. 
• These statements of relative accuracy and confidence of the 
estimate should be compared with production data, where available. 
stage. Block model has been validated in detail (e.g. Swath plot for X, 
Y, Z and at different slice sizes). 
• Block model validation explains the estimates are reasonably 
accurate with global and local variability.  
. 
 
 
Section 4 Estimation and Reporting of Ore Reserves 
(Criteria listed in section 1, and where relevant in sections 2 and 3, also apply to this section.) 
Criteria 
JORC Code explanation 
Commentary 
Mineral 
Resource 
estimate for 
conversion to 
Ore Reserves 
• Description of the Mineral Resource estimate used as a 
basis for the conversion to an Ore Reserve. 
• Clear statement as to whether the Mineral Resources are 
reported additional to, or inclusive of, the Ore Reserves. 
•  
Site visits 
• Comment on any site visits undertaken by the Competent 
Person and the outcome of those visits. 
• If no site visits have been undertaken, indicate why this is 
the case. 
• No site visits have been done because of The current pit design is based on available 
Geotech recommendation and further we are carrying out fresh Hydro (geo) logical 
and Geotech drilling under supervision of third-party technical consultants. The study 
report shall be compiled and submitted along with the R&R report due by July 2026. 
The independent audit also be carried out during that period and Alara shall make a 
consolidated public announcement disclosing all the findings and report. 
Study status 
• The type and level of study undertaken to enable Mineral 
Resources to be converted to Ore Reserves. 
• The Code requires that a study to at least Pre-Feasibility 
Study level has been undertaken to convert Mineral 
Resources to Ore Reserves. Such studies will have been 
carried out and will have determined a mine plan that is 
technically achievable and economically viable, and that 
material Modifying Factors have been considered. 
• Al Washi-hi Majaza Copper Gold mine has been in operation since 2022.  It has 
previously completed both Feasibility assessment and had declared JORC ore 
reserves in 2016. 
• A feasibility study (FS) was completed by Alara Resources Limited in November 2016.  
The FS was undertaken by a team of industry professionals as listed below. 
 
Resource Estimate: - Bedrock Mineral Resource Consulting 
 
Mine Engineering: -    Mining Focus Consultants Pty ltd 
 
Metallurgy and Processing:- Megabest Pty Ltd, Aarya Engineering LLC 
 
Water delivery system design  
and cost estimation :-          Aarya Engineering LLC      
 
General site infrastructure   Al Naba Group (Oman) 

115 
 
Criteria 
JORC Code explanation 
Commentary 
 
Tailings storage facility        GRC Resources LLC  
 
Slurrying and Pipeline         Paterson and Cooke   
 
Legal tenure                        Alara   
 
Social and Environmental   Al Majal LLC (Oman), Alara   
 
Market Research                World Bank, Economist Intelligence Unit 
 
Financial Modelling             Varuna Group, Alara 
• The level of the study here has been focused on analysis of the current operation, and 
making specific checks to validate the data used in the reserve and economic models 
to ensure they reflect the reality of current operations.   
Cut-off 
parameters 
• The basis of the cut-off grade(s) or quality parameters 
applied. 
• A cutoff of 0.30% Cu was adopted based on the economic parameters determined for 
the Project before commencement of mining operation. 
Mining factors 
or 
assumptions 
• The method and assumptions used as reported in the Pre-
Feasibility or Feasibility Study to convert the Mineral 
Resource to an Ore Reserve (i.e. either by application of 
appropriate factors by optimization or by preliminary or 
detailed design). 
• The choice, nature and appropriateness of the selected 
mining method(s) and other mining parameters including 
associated design issues such as pre-strip, access, etc. 
 
 
 
 
 
 
• The assumptions made regarding geotechnical parameters 
(eg pit slopes, stope sizes, etc), grade control and pre-
production drilling. 
• The major assumptions made and Mineral Resource model 
used for pit and stope optimization (if appropriate). 
• The mining dilution factors used. 
• The mining recovery factors used. 
• Any minimum mining widths used. 
• The manner in which Inferred Mineral Resources are 
utilised in mining studies and the sensitivity of the outcome 
to their inclusion. 
• The infrastructure requirements of the selected mining 
methods. 
• The mining method and the factors applied reflect current operations and 
assumptions. 
• Open pit mining is conducted by standard techniques using contractor operated 
equipment for drill and blast; load and haul, and auxiliary services.40 Ton class trucks 
are loaded by suitable 4.2 Cubic Meter excavators. Mining is on 10m benches. There 
is a plan to change from this configuration during the life of this mining reserve after 
completion of ongoing Hydro (Geo)logical and Geotechnical studies. 
• At initial pre stripping phase completed in September 2023 and mined out the oxide 
ore bottom of Gossan hill. 
Encountered primary ore body in September 2024 at 395m RL to provide continuity of 
ore supply so that plant comes into continuous operation. 
• Grade control practices, and excavation methodology, are suited to what is VMS type 
open pit mining. 
• The current pit exit at 455m RL is maintained and the m RL of bottom pit is 365m. 
Mine waste is deposited on the adjacent, external waste deposit facility.          
• A nominal mining width of 25 m has been used in design, as appropriate.      
• Haul road are 2 lane ramps of 22m width and 6.25% gradient.  
 
Deposit 
Domain 
wall 
type 
Weathering 
Profile 
Design 
Sector 
BFA 
Berm Width 
Batter Height 
IRSA 
IRSH 
[o] 
[m] 
[m] 
[o] 
[m] 
 
Al Washi-hi Majaza 
Weathered 
All 
Weathered 
All 
55 
6.5 
10 
36.5 
30 
 
  
Waste/Mineralised 
Final 
Fresh 
All 
65 
8.5 
20 
48 
200 
 
• 
The current pit design is based on available Geotech recommendation and further we 
are carrying out fresh Hydro (geo) logical and Geotech drilling under supervision of 
third-party technical consultants.  
• 
Grade control is done mainly on the blastholes sampling. 
• 
A 5% mining dilution and a 95% mining recovery was estimated and achieving the 

116 
 
Criteria 
JORC Code explanation 
Commentary 
same.  
• 
25 meters minimum mining width applied. 
• 
The mine plan was primarily based on Indicated Resources with 3.5% of Inferred 
Resources included.  The Inferred Resources are mined during the process of 
accessing the Indicated Resources.  This Inferred Resource is not considered material 
to the value of the Project and is not included as part of the Probable Ore Reserve. 
• 
The primary infrastructure required for the development of the Project has been 
established. 
Metallurgical 
factors or 
assumptions 
• The metallurgical process proposed and the 
appropriateness of that process to the style of 
mineralisation. 
• Whether the metallurgical process is well-tested technology 
or novel in nature. 
• The nature, amount and representativeness of 
metallurgical test work undertaken, the nature of the 
metallurgical domaining applied and the corresponding 
metallurgical recovery factors applied. 
• Any assumptions or allowances made for deleterious 
elements. 
• The existence of any bulk sample or pilot scale test work 
and the degree to which such samples are considered 
representative of the orebody as a whole. 
• For minerals that are defined by a specification, has the ore 
reserve estimation been based on the appropriate 
mineralogy to meet the specifications? 
• The metallurgical process adopted and implemented incorporates well tested 
technology and comprises comminution, flotation and concentrate & tailings 
dewatering circuits, with associated services and ancillaries, rated to treat 
approximately 1.0Mtpa of Run of Mine (ROM) material and recover copper (metal) into 
a concentrate suitable for road transport for smelting off site. 
• The process adopted and implemented is a widely used process for similar rock type 
involving the stages as mentioned above.  
• Since the plant is in operation and ramped up to the rated capacity the data from the 
production reports are published herewith. 
• Presence of Fl, Hg, Zn, Sb & Bi has been recorded but well within the threshold value 
and the concentrates are being well accepted across all smelters in China & India. 
• 
The samples were tested at an accredited lab in UK wherein both BST & PP were 
carried out based on which the process plant design parameters were established. 
The process plant is producing copper grade of 20 to 21% at a recovery of 88 to 90% 
along with 15 to 20% Au recovery. 
Environmental 
• The status of studies of potential environmental impacts of 
the mining and processing operation. Details of waste rock 
characterisation and the consideration of potential sites, 
status of design options considered and, where applicable, 
the status of approvals for process residue storage and 
waste dumps should be reported. 
• The Environmental and Social Impact Assessment (ESIA) was undertaken by Al Majal 
LLC (Oman), who is accredited by the Oman Federal Ministry of Environment 
(FMEnv). In terms of environmental impact, the ESIA reported that the areas directly 
affected by Alara’s proposed mining and processing activities are predominantly 
barren land, all of which have limited agricultural use or environmental significance. 
There were no rare or endangered species of flora or fauna identified in the proposed 
mine and operational areas, and furthermore the ESIA stated that anticipated 
environmental impacts from planned mining, processing and associated activities can 
be mitigated and managed via the requisite Environmental Management Plan, 
submitted as part of the ESIA. Alara submitted the ESIA to the FMEnv in March 2015 
and following a public exposure period and a panel review by the FMEnv and got 
approval.  
• There have been no non-compliances registered against these operating permits, 
since the site came into operation. 
• Compliance reporting with the regulator is undertaken as required.  

117 
 
Criteria 
JORC Code explanation 
Commentary 
• The waste generated by the project (mine and plant) stored on-site have both been 
characterized as totally inert.  Thus, Non-Potential Acid Generating.   
• Process plant waste (Tailings) is co-disposed as a dry product into the waste storage 
facility, along with run-of-mine waste.  
• As the footprint of the final waste storage facility is well inside the general concession 
perimeter, there is every reason to expect this variation will be swiftly granted.  
• The rehabilitation of the waste storage facilities is well underway and progressively 
done during the mine life.  Results of works, Potential impacts of future actions are 
monitored on an ongoing basis by AHRL as well as reviewed annually in the work plan 
for proactive control.  
 
Infrastructure 
• The existence of appropriate infrastructure: availability of 
land for plant development, power, water, transportation 
(particularly for bulk commodities), labour, accommodation; 
or the ease with which the infrastructure can be provided, 
or accessed. 
• The Project is located approximately 120km southwest of the capital Muscat. 
• Muscat, being the capital of Oman, is a well established and serviced city; it has a 
large international airport with daily flights to Europe, the Middle East and other 
African nations and is connected to the Project by a well maintained duel carriageway 
tarmac road (driving time ~2 hours). 
• The location is well served with local roads and social infrastructure. Good relations 
with the local municipality and regional governments are maintained. 
• All required on-site infrastructure is already in place. Any life extension implied by this 
reserve estimate should be served by the current infrastructure. 
• Power was provided through grid by NAMA since 26th October 2023.  
• 
Water is transporting from 27 Km through water tankers from the Mudhaibi sewage 
treatment plant. 
• Diesel fuel is delivered to site, via fuel dispensers.      
 
Costs 
• The derivation of, or assumptions made, regarding 
projected capital costs in the study. 
• The methodology used to estimate operating costs. 
• Allowances made for the content of deleterious elements. 
• The source of exchange rates used in the study. 
• Derivation of transportation charges. 
• The basis for forecasting or source of treatment and 
refining charges, penalties for failure to meet specification, 
etc. 
• The allowances made for royalties payable, both 
Government and private. 
• Since this is a running mine, we have taken SAP recorded entries of all capitalised 
expenses and operating expenses to derive at the projected financials. This is in line 
with the audited balance sheet of the company duly signed by the auditors for the FY 
ending June 2025. 
• Operating costs are categorised into opencast Mining, Processing and G&A along with 
bank interests, depreciation, stevedoring & road haulage. These are based on actual 
figures as per SAP entries. 
• No deleterious elements are present, with Cu prices based on long term forecasts by 
the World Bank. The gold price was based on the prevailing gold price.  
• The Omani Rial (RO) is pegged to the US$ with a foreign exchange rate of 2.60 (US$ 
: RO)  
• Copper smelter terms were based on the agreed prevailing TC & RC deductions 
which is negative due to low supply of concentrates.  
The final audited capex table is presented below  -  

118 
 
Criteria 
JORC Code explanation 
Commentary 
 
• 
The estimated operating costs for the Project as per the current scale of 
operation is 5980 $ / MT of Cu Metal produced. 
• 
Unit operating costs have been derived from the ongoing own costs and the 
existing contracts in place as follows:     
• 
Ore and waste movement is by the mining contractor, including drill and blast and 
waste dump and stockpile management including water pumping. 
• 
Waste transport is by the mine contractor, including the tailings management.  
• 
Crusher feed is by the mine contractor.     
• 
Plant is operated by AHRL.    
• 
Mine management is by AHRL,  
• 
General management is by AHRL. 
• 
Offsite concentrate transportation charges are provided by AHRL and included in 
the OPEX unit selling costs. 
 
Revenue 
factors 
• The derivation of, or assumptions made regarding revenue 
factors including head grade, metal or commodity price(s) 
exchange rates, transportation and treatment charges, 
penalties, net smelter returns, etc. 
• The derivation of assumptions made of metal or commodity 
price(s), for the principal metals, minerals and co-products. 
• An average, life of mine head grade of 0.87% cu has been estimated. Cu recovery 
was estimated at 92%, producing a 24.6% copper concentrate. The average, life of 
mine gold grade was estimated at 0.22g/t. Au recovery was estimated at 30.3%.  
• Payable copper of 96.65% was adopted, with TC & RC as per the global bench 
marking and spot discounts.  
• Cu pricing was based on the World Bank Cu pricing forecast for 2019 of US$5,593/t. 
The gold price was set at US$1,200/oz, based on the prevailing gold price. 
Market 
assessment 
• The demand, supply and stock situation for the particular 
commodity, consumption trends and factors likely to affect 
supply and demand into the future. 
• A customer and competitor analysis along with the 
identification of likely market windows for the product. 
• Price and volume forecasts and the basis for these 
forecasts. 
• For industrial minerals the customer specification, testing 
and acceptance requirements prior to a supply contract. 
• The market assessment was undertaken by Alara.  
• Alara research found that its copper sulphide concentrate. 
• metallurgical copper smelters with increased demand due to global conversion to 
green energy.  
• Based on World Bank and the Economist Intelligence Unit projections, with copper 
stocks being relatively low, the copper price are projected to rise and the Cu pricing 
adopted for the economic analysis was based on the World Bank Cu pricing forecast 
for 2019 of $5,593/t. The LME forecast is 12000 $ / MT by 2026. 
Economic 
• The inputs to the economic analysis to produce the net 
present value (NPV) in the study, the source and 
confidence of these economic inputs including estimated 
• The financial evaluation undertaken as part of the FS indicated a net present value 
(NPV) was positive and an internal rate of return (IRR) of 26%. 
• The key financial parameters were: 
Particulars
mil, USD
Preproduction Mining
24.27
                        
Mine development & Operational
29.99
                        
Processing & EPCM
33.55
                        
Construction - Plant & Infrastructure
29.89
                        
Camp Facility
1.76
                          
Indirects 
0.59
                          
Total USD
120
                           

119 
 
Criteria 
JORC Code explanation 
Commentary 
inflation, discount rate, etc. 
• NPV ranges and sensitivity to variations in the significant 
assumptions and inputs. 
                  o Discount rate                             9%  
                  o Corporate social responsibility  
                     inc. royalties as % of EBITDA      15% 
                  o Start of construction 2022 
                  o Construction period 3 years  
• 
Sensitivity analysis indicated that a 20% change in product price, operating cost and 
capital cost resulted in the following impact on the NPV:  
            o Cu price ±120%  
            o Operating expenditure ±84%  
            o Capital expenditure ±26% 
• 
Economic modelling was performed in US Dollars.  
 
Social 
• The status of agreements with key stakeholders and 
matters leading to social licence to operate. 
• The ESIA assessment indicated that, on balance, the Project will have a positive 
impact on the social aspects of the area. The ESIA gauged that the project will 
positively impact the local stakeholder economy and the Local Government area and 
communities, predominantly by way of direct and indirect employment opportunities 
(including contract opportunities during the construction and operational phases of the 
proposed mine). 
Other 
• To the extent relevant, the impact of the following on the 
project and/or on the estimation and classification of the 
Ore Reserves: 
• Any identified material naturally occurring risks. 
• The status of material legal agreements and marketing 
arrangements. 
• The status of governmental agreements and approvals 
critical to the viability of the project, such as mineral 
tenement status, and government and statutory approvals. 
There must be reasonable grounds to expect that all 
necessary Government approvals will be received within 
the timeframes anticipated in the Pre-Feasibility or 
Feasibility study. Highlight and discuss the materiality of 
any unresolved matter that is dependent on a third party on 
which extraction of the reserve is contingent. 
• 
No such material risk had been identified / encountered 
• 
Offtake agreement with Trafigura is already in place for the full LOM production 
• 
All government licenses are in place, and the project is in low-risk government 
jurisdiction.  
 
Classification 
• The basis for the classification of the Ore Reserves into 
varying confidence categories. 
• Whether the result appropriately reflects the Competent 
Person’s view of the deposit. 
• The proportion of Probable Ore Reserves that have been 
derived from Measured Mineral Resources (if any). 
• Probable Ore Reserves were declared based on the Indicated Mineral Resources 
contained within the pit design that was developed for the Project. The financial 
analysis showed that the Project is economically viable, and the risk analysis did not 
identify any insurmountable risks. 
Audits or 
reviews 
• The results of any audits or reviews of Ore Reserve 
estimates. 
• No external audits have been done. 
• The current pit design is based on available Geotech recommendation and further we 
are carrying out fresh Hydro (geo) logical and Geotech drilling under supervision of 

120 
 
Criteria 
JORC Code explanation 
Commentary 
third-party technical consultants. The study report shall be compiled and submitted 
along with the R&R report due by July 2026. The independent audit also be carried 
out during that period and Alara shall make a consolidated public announcement 
disclosing all the findings and report. 
Discussion of 
relative 
accuracy/ 
confidence 
• Where appropriate a statement of the relative accuracy and 
confidence level in the Ore Reserve estimate using an 
approach or procedure deemed appropriate by the 
Competent Person. For example, the application of 
statistical or geostatistical procedures to quantify the 
relative accuracy of the reserve within stated confidence 
limits, or, if such an approach is not deemed appropriate, a 
qualitative discussion of the factors which could affect the 
relative accuracy and confidence of the estimate. 
• The statement should specify whether it relates to global or 
local estimates, and, if local, state the relevant tonnages, 
which should be relevant to technical and economic 
evaluation. Documentation should include assumptions 
made and the procedures used. 
• Accuracy and confidence discussions should extend to 
specific discussions of any applied Modifying Factors that 
may have a material impact on Ore Reserve viability, or for 
which there are remaining areas of uncertainty at the 
current study stage. 
• It is recognized that this may not be possible or appropriate 
in all circumstances. These statements of relative accuracy 
and confidence of the estimate should be compared with 
production data, where available. 
• The relative accuracy and confidence of the Ore Reserve estimate is inherent in the 
Ore Reserve Classification.  
• The statement relates to global estimates.  
• Factors that may affect the global tonnages and the associated grades include:  
                  o Accuracy of the Mineral Resource estimate  
                  o Mining dilution o Mining recovery  
                  o Process plant performance  
• There exists some uncertainty with regards to the hydro (geo) logical circumstances at 
the Mine. In addition, it is recommended that the Unconfined Compressive Strength 
(UCS) database upon which the geotechnical assessment was based be enlarged so 
as to gain an increased understanding of the variability within the deposit. 
Furthermore, the collection of structural data to assess the existence and or the level 
of continuity of discontinuity planes that dip out of the batter face at angles between 
50° and 55° should be confirmed with specifically designed geotechnical drilling and 
surface mapping programmes. Similarly, a structural geologic investigation should be 
undertaken to assess the existence of major structures in the footwall and hanging 
wall. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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