These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the income statement within the financial statements.

Metal Capital Exploration Limited is a private company limited by shares incorporated in England and Wales. The registered office is Level 1 115 Park Street, Mayfair, London, W1K 7AP. The company's principal activities and nature of its operations are disclosed in the directors' report.

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared prepared under the historical cost convention. The principal accounting policies adopted are set out below.

As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:

• inclusion of an explicit and unreserved statement of compliance with IFRS;

• presentation of a statement of cash flows and related notes;

• disclosure of the objectives, policies and processes for managing capital;

• disclosure of the categories of financial instrument and the nature and extent of risks arising on these financial instruments;

• the effect of financial instruments on the statement of comprehensive income;

• related party disclosures for transactions with the parent or wholly owned members of the group.

Where required, equivalent disclosures are given in the group accounts of Sandfire Resources Ltd. The group accounts of Sandfire Resources Ltd are available to the public and can be obtained as set out in note 12.

Group accounts

The company has taken advantage of the exemption under section 401 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

Metal Capital Exploration Limited is a wholly owned subsidiary of Sandfire Resources Botswana Pty Ltd and the results of Metal Capital Exploration Limited are included in the consolidated financial statements of Sandfire Resources Ltd which are available from Sandfire.com.au.

The directors have at the time of approving the financial statements, a reasonable expectation that the truecompany has adequate resources to continue in operational existence for the foreseeable future. This is based on the assumption that the Company's parent undertaking will make adequate funds available to the company should they be required, in order for it to meet its liabilities as and when they fall due. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets, other than those measured at fair value through profit or loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are measured at cost.

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Fees payable to the company’s auditor for the audit of the company’s financial statements for the year were £8,750. The fees have not been accrued in the financial statements as the directors consider the amount to be immaterial.

The average monthly number of persons (including directors) employed by the company during the year was:

The charge for the year can be reconciled to the loss per the income statement as follows:

Details of the company's subsidiaries at 30 June 2026 are as follows:

Registered office addresses:

There is a single class of ordinary shares. The holders of ordinary shares are entitled to one vote per share held. Each share ranks equally for any dividend declared, and for any distribution made on a winding up.

During the year, the company converted the intercompany loan with the sole parent company of £6,343,700 to ordinary shares at the nominal value of £100 per share.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report is unqualified and includes the following:

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 30 June 2026 and of its loss for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Transactions with shareholders

Sandfire Resources Botswana Pty Ltd provided finance for the company during previous years and the current year through loans converted to shares by share issue during each year. Sandfire Resources Botswana Pty Ltd is interested in 100% of the shares of the company.

Transactions with subsidiaries

The company has provided finance to its subsidiary, Tshukudu Exploration Botswana (Pty) Ltd, during the year. The debt provided was capitalised during the period and is reflected in additions to investments in subsidiary (note 6).

The parent company of Metal Capital Exploration Limited is Sandfire Resources Botswana Pty Ltd and its registered office is Level 2, 10 King Park Road, West Perth, WA 6005, Australia.

The ultimate controlling party of Metal Capital Exploration Limited is Sandfire Resources Ltd, a company incorporated in Australia. Group financial statements are prepared by Sandfire Resources Ltd and are publicly available on their website.