Waratah Minerals Limited

Career chronology

• Executive Chair effective 1 January 2026; current at cutoff. Previously Non-Executive Chairman from 4 November 2024 to 1 January 2026 and Non-Executive Director from 4 September 2023 to 4 November 2024.: Waratah Minerals Limited — Executive Chair. 2025 Annual Report (Remuneration Report, printed page 23)

• CEO from 18 March 2015; appointed Managing Director and CEO in October 2016; CEO leadership continued through the 2019 board reorganisation; left after the 2025 takeover/delisting process. Exact employment end date not established.: Xanadu Mines Ltd — Chief Executive Officer. Appointment of Andrew Stewart as Managing Director (Appointment release, CEO start date and MD/CEO appointment); Xanadu Mines Board Reorganisation (Board reorganisation, lines 58-63); Quarterly Activities Report for quarter ended 30 June 2025 (Quarterly Activities Report, lines 84-87)

• Named as Mongolia Manager and Chief Geologist in the 2010 prospectus.: Xanadu Mines Ltd — Mongolia Manager and Chief Geologist. Xanadu Mines Ltd Prospectus (Section 11.8(b), printed page 154)

• Issuer biography reports prior technical and management positions at these companies and involvement in greenfield discoveries; specific titles and dates were not independently reconstructed.: Ivanhoe Mines; Oxiana; Vale — Technical and management positions. Board and Management (Andrew Stewart biography, lines 35-39)

Education and qualifications

Education and professional memberships

As reported by issuer through 2026-10-09 · issuer reported · medium materiality

Issuer biographies report BSc (Hons) from Macquarie University, PhD from the University of Tasmania’s Centre of Ore Deposits and Exploration Studies, Fellowship of the Society of Economic Geologists and AIG membership. These credentials were not independently verified against university or professional registers.

Attribution: Responsibility not applicable. Credential details are issuer-reported; independent primary credential verification was not obtained.

Relevance: Relevant technical background for an exploration-focused Executive Chair.

Board and Management (Andrew Stewart biography, education and memberships)

Contributions and company outcomes

Xanadu tenure: project advancement and shareholder exit

2015-03 to 2025-08 · documented · high materiality

During Stewart’s executive tenure, Xanadu completed a Kharmagtai pre-feasibility study in 2024, expanded the reported resource and established an Ore Reserve. In 2025 shareholders received a recommended Bastion takeover offer of A$0.08 per share, a stated 57% premium to the 16 May closing price; Bastion passed 90% and began compulsory acquisition. The issuer’s 2025 biography describes the transaction as valuing Xanadu at A$160m. Project development remained pre-production: the PFS and takeover are delivered milestones, while the projected mine economics are study results, not operating delivery.

Attribution: Role overlaps event; causation unproven. Stewart was CEO/MD for most of the period and served on Xanadu leadership, but the sources do not allocate the PFS, discovery or sale outcome specifically to him.

Relevance: Material evidence of strategic project advancement and a realized liquidity event for shareholders; exploration results and study economics do not demonstrate operating production.

Appointment of Andrew Stewart as Managing Director (Appointment release, CEO start and MD/CEO leadership statements); Xanadu Mines 2024 Annual Report (2024 Annual Report, Letter from Chair and Kharmagtai PFS/resource sections); Quarterly Activities Report for quarter ended 30 June 2025 (Quarterly Activities Report, takeover highlights, lines 76-87); Board and Management (Andrew Stewart biography, Xanadu paragraph)

WTM Spur drilling milestone during current tenure

2026-09-22 · issuer reported · medium materiality

WTM’s 22 September 2026 issuer update reported its best intercept to date at Spur: 46m at 7.27 g/t Au from 541m (SPD075), with extensions at Consols. The selected bundle notes no mineral resource estimate. Stewart had been Executive Chair since 1 January 2026, so the result overlaps his chair tenure but does not establish his individual contribution.

Attribution: Role overlaps event; causation unproven. Stewart held the Executive Chair role during the reported result; technical execution and personal attribution are not established in the release.

Relevance: Early exploration evidence relevant to the company’s growth strategy; not a discovery resource or commercial result.

Spur Gold Discovery Drilling Delivers Best Intercept To Date (Issuer ASXNews post dated 22 September 2026; SPD075 and Consols highlights); 2025 Annual Report (Remuneration report, printed page 23, title effective 1 January 2026)

Suitability for the current role

Technical and executive experience relevant to WTM

Career reviewed through 2026-10-09 · analyst inference · medium materiality

The issuer reports over 25 years in economic geology, including technical and management positions at Ivanhoe Mines, Oxiana and Vale, and former Xanadu CEO/Executive Director experience. A 2010 Xanadu prospectus identifies him as Mongolia Manager and Chief Geologist; contemporaneous Xanadu releases establish later CEO/MD roles. Specific dates for the Ivanhoe, Oxiana and Vale roles and individual greenfield discoveries remain unverified. This is an analyst inference about role fit, supported by the chronology and outcomes above.

Attribution: Responsibility not applicable. This assessment infers fit from published roles and credentials; it does not infer personal causation for employer results.

Relevance: Relevant to board-level technical oversight and strategy at an exploration company, with gaps in role dates and independent credential corroboration.

Board and Management (Andrew Stewart biography); Xanadu Mines Ltd Prospectus (Section 11.8(b), printed page 154); Appointment of Andrew Stewart as Managing Director (Appointment release, CEO start and prior Chief Geologist role); Xanadu Mines Board Reorganisation (Board Reorganisation, lines 58-63); Xanadu Mines 2024 Annual Report (2024 Annual Report, PFS and resource sections)

Evidence gaps

• Issuer-reported university qualifications and professional memberships were not independently checked against primary registers.

• Exact dates, titles, concurrent interests and individual project contributions at Ivanhoe Mines, Oxiana and Vale were not established.

• Xanadu’s Kharmagtai remained a development project at sale; the 2024 PFS did not establish construction, production or realized project economics.

• Open-web adverse searches are scoped and are not exhaustive criminal, sanctions, court, litigation, credential, environmental or regulator checks.

Career chronology

• Appointed effective 10 January 2022; current at cutoff.: Waratah Minerals Limited (formerly Battery Minerals Limited) — Managing Director. 2025 Annual Report (Directors Report, Duerden appointment, printed page 22)

• Appointed to lead Magmatic in January 2020; 2022 Waratah annual report states he resigned as director on 17 December 2021.: Magmatic Resources Limited — Managing Director. Duerden to take the helm at Magmatic (Appointment release dated 31 January 2020, lines 22-30); 2022 Annual Report (Directors Report, former directorships)

• Former Managing Director; Waratah 2022 annual report records resignation as director on 4 December 2019.: Sky Metals Limited — Managing Director. 2022 Annual Report (Directors Report, former directorships)

• Magmatic’s appointment statement says he was in charge of Alkane’s North Molong Belt alkalic porphyry gold-copper exploration for 10 years; exact beginning and end dates were not independently confirmed.: Alkane Resources Limited — District Manager, NSW / North Molong Belt exploration lead. Duerden to take the helm at Magmatic (Appointment release, lines 25-30)

• Waratah’s 2025 annual report and Magmatic appointment statement identify senior exploration roles/district manager experience; dates not established.: Newcrest Mining Limited — District Manager, NSW. Duerden to take the helm at Magmatic (Appointment release, line 25); 2025 Annual Report (Directors Report, Duerden experience, printed page 22)

Education and qualifications

Economic geology qualifications and memberships

As reported through 2026-10-09 · issuer reported · medium materiality

The issuer reports BSc (Honours) and Masters in Economic Geology, RPGeo registration, and membership of the Australian Institute of Geoscientists and Society of Economic Geologists. These details are not independently verified against university or membership registers.

Attribution: Responsibility not applicable. Credentials are issuer-reported; no primary credential-register result was obtained.

Relevance: Directly relevant to geological exploration leadership and technical sign-off.

Board and Management (Peter Duerden biography, qualifications and memberships); 2025 Annual Report (Directors Report, printed page 22)

Personal achievements

Prior Alkane work contributed to Boda discovery

Approximately 2009-2019 exploration; discovery reported November 2019 · documented · high materiality

Magmatic’s 2020 appointment release states Duerden had led Alkane Resources’ North Molong Belt alkalic porphyry gold-copper exploration for 10 years and that his region-defining work contributed significantly to the Boda discovery. Alkane’s timeline dates the discovery to November 2019 and records subsequent Boda/Kaiser resource estimates in 2022 and 2023. The attribution of contribution is direct in the appointment release, while the resource growth and awards are company-level outcomes.

Attribution: Individual involvement documented. Magmatic’s contemporaneous appointment statement explicitly links Duerden’s regional work to the discovery; no individual ownership of the discovery or sole causation is implied.

Relevance: Strong technical delivery evidence relevant to a NSW porphyry exploration strategy, while the discovery was a team outcome.

Duerden to take the helm at Magmatic (Appointment release, Alkane/North Molong Belt passage, lines 25-30); About Alkane: timeline (Timeline, 2019 Boda discovery and 2022-2023 resource estimates, lines 200-201)

Contributions and company outcomes

WTM exploration results during Managing Director tenure

2022-01 to 2026-09 · issuer reported · medium materiality

WTM’s 22 September 2026 issuer update reported SPD075 at 46m grading 7.27 g/t gold from 541m and extensions at Consols. The selected company bundle describes 77,132m drilled in its program by 4 August 2026 and no mineral resource estimate. Duerden has been Managing Director since 10 January 2022; the company exploration outcomes overlap his tenure, but the release does not establish an individual technical contribution.

Attribution: Role overlaps event; causation unproven. Managing Director tenure overlaps the drilling program; personal technical responsibility for SPD075 and capital allocation is not established in the cited release.

Relevance: Relevant evidence of active exploration execution, but high spend and drilling meters/intercepts are not an economic discovery or resource by themselves.

Spur Gold Discovery Drilling Delivers Best Intercept To Date (Issuer ASXNews post dated 22 September 2026; SPD075 and Consols highlights); 2025 Annual Report (Directors Report, appointment date, printed page 22)

Suitability for the current role

Exploration leadership relevant to WTM

Career reviewed through 2026-10-09 · analyst inference · medium materiality

Annual reports and issuer biographies identify Duerden as Managing Director of Sky Metals, Magmatic Resources, and Waratah/Battery Minerals; Magmatic identifies him as an East Lachlan specialist and former Newcrest NSW district manager. The evidence supports a strong regional geology fit. Prior role dates and comparable shareholder outcomes across all junior explorers were not comprehensively reconstructed.

Attribution: Responsibility not applicable. Role-fit conclusion is an inference from reported job history and the directly linked Boda contribution; it does not assign results at prior employers beyond cited attribution.

Relevance: Relevant to WTM’s exploration-led strategy and project generation; company secretary, financing and board-level governance responsibilities are not established as his specialist domain.

Board and Management (Peter Duerden biography); Duerden to take the helm at Magmatic (Appointment release, lines 22-30); 2022 Annual Report (Directors Report, Duerden career and appointment chronology); Duerden to take the helm at Magmatic (Appointment release, Alkane contribution to Boda discovery)

Evidence gaps

• Full dates and titles for prior Newcrest and Alkane roles and all corporate positions at Australian Gold and Copper were not reconstructed.

• BSc (Honours), Masters in Economic Geology, RPGeo registration and professional memberships are reported in company materials but were not independently checked against primary credential registers.

• No systematic outcome review was completed for each former junior explorer, so employer-level underperformance or financing outcomes may be missing.

• Open-web adverse searches are scoped and are not exhaustive criminal, sanctions, court, litigation, credential, environmental or regulator checks.

Career chronology

• Appointed effective 4 December 2025, replacing Richard Willson; current at cutoff.: Waratah Minerals Limited — Company Secretary. 2025 Annual Report (Remuneration Report, Company Secretary appointment, printed page 23); Corporate Directory (Current directory, lines 47-49)

• Joined Origin in July 2001; a 2008 target statement identifies him as Company Secretary with the company secretarial, insurance, legal and compliance functions. End date not verified from primary personnel records.: Origin Energy Limited — Company Secretary; legal, compliance and insurance responsibilities. Origin Energy Target’s Statement (Page 57, Bill Hundy biography)

• Identified as former Company Secretary before joining Origin in 2001; exact dates unavailable.: Email Limited — Company Secretary. Origin Energy Target’s Statement (Page 57, prior roles)

• Identified as former Company Secretary before joining Origin in 2001; exact dates unavailable.: Placer Pacific Limited — Company Secretary. Origin Energy Target’s Statement (Page 57, prior roles)

• Current Waratah biography lists company secretarial/legal roles; dates were not found in contemporaneous sources reviewed.: Kidston Gold Mines Limited — Company Secretary and legal counsel. Board and Management (Bill Hundy biography, prior employer list)

Education and qualifications

Law, commerce and governance qualifications

Publicly reported by 2008 and current issuer biography through 2026-10-09 · issuer reported · medium materiality

Origin Energy’s 2008 target statement reports Bachelor of Laws and Bachelor of Commerce degrees from UNSW and Fellowship of the Chartered Institute of Secretaries and AICD. Waratah’s current biography reports fellowship of the Governance Institute of Australia and Chartered Governance Institute and memberships of AIG and Australian Institute of Physics. Historical degrees and present memberships are issuer-reported in the underlying public filings/biography and were not verified against registers.

Attribution: Responsibility not applicable. Qualifications and memberships are documented as published claims; independent register confirmation was not performed.

Relevance: Relevant legal, governance and company-secretarial background for the WTM Company Secretary role.

Origin Energy Target’s Statement (Page 57, Bill Hundy biography); Board and Management (Bill Hundy biography, Company Secretary section)

Contributions and company outcomes

Company secretary transition at WTM

2025-12-04 to cutoff · documented · low materiality

Waratah’s 2025 annual report states Bill Hundy replaced Richard Willson as Company Secretary effective 4 December 2025, and the current directory continues to list him in the role. The annual report says he is not KMP because he lacks authority/responsibility for planning, directing and controlling entity activities. No company-level outcome has been attributed to him from the title alone.

Attribution: Individual involvement documented. Appointment and current position are expressly stated; no responsibility for WTM exploration or corporate performance is inferred.

Relevance: Confirms role scope for fit and attribution.

2025 Annual Report (Remuneration Report, Company Secretary paragraph, printed page 23); Corporate Directory (Current directory, Company Secretary section, lines 47-49)

Litigation and enforcement

Court-name search resolved to a different person

2020-08-03 · documented · low materiality

A search for “Hundy” in a Federal Court case surfaced Hundy v Kashan [2020] FCA 1101. The judgment reproduction identifies Stephen Hundy as the ACT Land liquidator (paragraph 10); the matter concerns his liquidator role and is not evidence about WTM Company Secretary Bill Hundy. It was excluded as a namesake match after identity review.

Attribution: Responsibility unresolved. The person in the proceeding is expressly named Stephen Hundy; no identity link to Bill Hundy was established.

Relevance: Prevents false attribution of litigation to the executive; no adverse finding about Bill Hundy results from this case.

Hundy v Kashan [2020] FCA 1101 (Federal Court judgment reproduction, case caption and paragraph 10)

Suitability for the current role

Listed-company governance and legal experience

At least 2001-2008 at Origin; earlier Email/Placer roles undated; current WTM role from 2025-12-04 · analyst inference · medium materiality

The 2008 Origin target statement states that Hundy joined Origin in July 2001 and was responsible for company secretarial, insurance, legal and compliance functions; before Origin he served as Company Secretary at Email Limited and Placer Pacific Limited. Waratah’s current biography also lists Kidston Gold Mines and more than three decades of listed-company experience. Exact dates for those earlier and subsequent engagements are incomplete.

Attribution: Responsibility not applicable. This is a role-fit inference from contemporaneous corporate disclosure of his duties and experience; no assertion is made that he had responsibility for unrelated employer outcomes.

Relevance: Relevant experience for ASX listing compliance, board processes and company-secretarial functions; complete employment chronology is not available.

Origin Energy Target’s Statement (Page 57, Bill Hundy biography); Board and Management (Bill Hundy biography); 2025 Annual Report (Company Secretary appointment, printed page 23)

Evidence gaps

• Exact periods at Email, Placer Pacific, Kidston Gold Mines, Origin and later corporate-secretarial work are not fully reconstructed.

• The 2008 filing reports law and commerce degrees; current professional memberships are issuer-reported and not independently checked with primary registers.

• Concurrent professional appointments and directorships were not comprehensively searched; the selected 2025 annual report states he is not KMP because his role lacks authority over company operations.

• Open-web adverse searches are scoped and are not exhaustive criminal, sanctions, court, litigation, credential, environmental or regulator checks.