Announcement • Jan 20

Arrow Minerals Limited Announces Completion of Stage 1 of the Reprocessing of the Historical Geophysical Data by Mira Geoscience

Arrow Minerals Limited announced the completion of Stage 1 of the reprocessing of the historical geophysical data by Mira Geoscience (Mira). Five high priority areas have been identified, each between 5km and 7km in strike length, that demonstrate modelled responses consistent with areas that have high potential for significant haematite development within the iron bearing lithologies. In Stage 1, Mira has utilised two distinct modelling techniques, magnetic vector inversion (MVI) and geologically based VPmg magnetic modelling and inversion to identify shallow target zones (<200m) within the broader lithological units that have high potential for significant haematite development and enrichment. The results from both techniques compare favourably with each other and the surface geological mapping conducted by Arrow. Arrow is moving to implement its maiden drilling program at the Simandou North Iron Project (AMD 33%) this quarter. The drilling program will contribute towards Arrow earning rights to a 60.5% controlling interest in the project. Details of the drill program and commencement of drilling will be announced in due course. The five high priority areas within the Simandou North Iron Project area identified through the reprocessing and modelling by Mira Geoscience of historical raw data flown by Fugro Geophysics in 2007 demonstrate significant zones of lower amplitude magnetic response within broad high amplitude magnetic bodies. Each target area extends for 5km to 7km in strike length. The zones within the target areas containing lower magnetic susceptibility are interpreted as having high potential for significant haematite development and enrichment. Spatially the potential haematite enriched zones correlate well between the two geophysical modelling techniques applied and the three high potential lithologic units, Siliceous heamatite, Goethite-haematite and Canga, mapped in the upper zones of the Simandou North Iron Project permit area. Modelled depth slices indicate these zones occur from surface to at least 100m depth and provide high quality drill targets for Arrow. Arrow is now utilising the new geophysical information in combination with recent field geological mapping data, to develop a phase one drill program to test the high priority targets for high grade iron rich zones within the Simandou North Iron Project. SIMANDOU NORTH The Simandou North Iron Project lies at the northern end of the Simandou Range and forms an extension of the stratigraphy that hosts one of the largest undeveloped high-grade iron deposits in the world, including WCS's Block 1 & 2 with a reported measured, indicated and inferred mineral resource of 1.8 billion tonnes at 65.4% Fe and Rio Tinto Simfer's (Simfer) Simandou Project Block 3 & 4 with a total measured, indicated and inferred mineral resource estimate of 2 billion tonnes grading 65.5% iron. The government of Guinea, Simfer and WCS created La Compagnie du TransGuineen on 27 July 2022, a JV Company to co-develop the megaproject requiring the construction of the 670km "TransGuinean" railway, extending from the Simandou Ranges to Forécariah on the coast where the deep-water port and ship loading infrastructure will be built at Morebaya. This USD 15 billion major capital investment is set to deliver shared purpose infrastructure to the area, expected to be completed by December 2024, enabling commercial production from mines in the area by 2025. On January 5, 2023 a term sheet for the financing, development, construction and operation of the rail and port infrastructure was signed by the partners, including the Guinean government, Rio Tinto, Chinalco, Winning Consortium Simandou and Baowu Group, for the multi-purpose and multi-user infrastructure project. ARROW MINERALS STRATEGY: Arrow Minerals has a strategy of delivering long-term value to shareholders through the discovery and development of economic mineral deposits in West Africa. Arrow has beneficial rights of 33.3% in the Simandou North Iron Project, Guinea and a clear road map to extend these rights to 60.5% within 24 months. Arrow aims to systematically advance the Simandou North Iron Project over the coming months to identify areas of high-grade iron within the project area an realise the potential value released through the major infrastructural upgrades, rail and port, underway in the region. Mira Geoscience Geophysical Modelling: Mira Geoscience completed magnetic modelling and inversion applied to the historical aeromagnetic data set for Simandou North Iron Project. In the course of this work, preliminary products were generated to assist interpretation of near surface magnetisation variations within the iron formations. The description herein explains the generation of these products. It is important to state that the work summarised herein is part of a larger project designed to investigate strategies for managing the magnetic challenges at Simandou North Iron Project. The described results representing an initial phase of modelling. Input data: The input data for magnetic modelling was from a 2007 Aeromagnetic survey flown by Fugro Airborne Surveys. Flight line spacing for the survey was 200m, but was infilled to 100m line spacing over the iron formations within the tenements of interest. Flight line orientation was SW/NE. The digital elevation model from the survey data was used to define the top of the model. Altimeter data from the survey was used to define the elevations of the measured data for magnetic modelling. Discussion: The two modelling techniques, MVI and the geologically based VPmg inversion, yielded results that exhibit reasonable consistency in terms of magnetic susceptibility highs and lows. This provides confidence in the modelling outcomes and for interpretation of magnetic lows, and cross-validated against the computed analytic signal response of the data. During this preliminary stage of geologically-based modelling there is ambiguity between the dip of iron formation domains and the magnetic remanence assigned to domains, however given that initial attention has only been on the very shallow part of the model, it has not been essential for identification of near surface magnetic highs and lows to arduously separate out the contribution to the magnetic response of dip and magnetic remanence. Ongoing modelling is seeking to better establish geometries of the iron formations at depth and magnetic remanence of domains.

CEO salary percentage	78.82%
CEO tenure	2.4yrs
CEO ownership	4.4%
Management average tenure	2.4yrs
Board average tenure	2.4yrs

Date	Total Compensation	Salary	Company Earnings
Dec 31 2025	AU$460k	AU$362k	-AU$12m
Sep 30 2025	n/a	n/a	-AU$14m
Jun 30 2025	n/a	n/a	-AU$16m
Mar 31 2025	n/a	n/a	-AU$20m
Dec 31 2024	AU$5m	AU$320k	-AU$24m

Name	Position	Tenure	Compensation	Ownership
David Flanagan	MD & Director	2.4yrs	AU$459.80k	4.41% A$ 133.5k
Marcus Reston	Technical Manager	2.3yrs	AU$435.16k	0.091% A$ 2.8k
Jeremy Sinclair	Projects Director	2.2yrs	AU$494.45k	0.16% A$ 4.9k
Catherine Grant-Edwards	Joint Company Secretary	6.9yrs	no data	no data
Melissa Chapman	Joint Company Secretary	6.6yrs	no data	no data

Name	Position	Tenure	Compensation	Ownership
David Flanagan	MD & Director	2.4yrs	AU$459.80k	4.41% A$ 133.5k
Jeffrey Dowling	Non-Executive Chair	2.4yrs	AU$129.13k	2.2% A$ 66.6k
Thomas McKeith	Non-Executive Director	6.9yrs	AU$65.59k	3% A$ 90.9k
Christopher Tuckwell	Independent Non-Executive Director	2.2yrs	AU$92.01k	1.07% A$ 32.2k

Data	Last Updated (UTC time)
Company Analysis	2026/07/06 08:11
End of Day Share Price	2026/07/02 00:00
Earnings	2025/12/31
Annual Earnings	2025/12/31

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

Arrow Minerals Management

Management criteria checks 3/4

Key information

Recent management updates

Less than half of directors are independent

Arrow Minerals Limited, Annual General Meeting, May 12, 2026

Arrow Minerals Limited, Annual General Meeting, Apr 30, 2025

Arrow Minerals Limited, Annual General Meeting, May 20, 2024

Arrow Minerals Limited, Annual General Meeting, Feb 15, 2024

Less than half of directors are independent

Recent updates

Less than half of directors are independent

Arrow Minerals Limited has completed a Follow-on Equity Offering in the amount of AUD 2.25 million.

Arrow Minerals Limited, Annual General Meeting, May 12, 2026

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Arrow Minerals Limited, Annual General Meeting, Apr 30, 2025

Arrow Minerals Limited has completed a Follow-on Equity Offering in the amount of AUD 7.2305 million.

New major risk - Market cap size

New major risk - Market cap size

New major risk - Market cap size

Arrow Minerals Limited has completed a Follow-on Equity Offering in the amount of AUD 5.03 million.

Arrow Minerals Limited, Annual General Meeting, May 20, 2024

Arrow Minerals Limited (ASX:AMD) completed the acquisition of the remaining 66.67% stake in Amalgamated Minerals Pte. Ltd.

Arrow Minerals Limited has completed a Follow-on Equity Offering in the amount of AUD 10 million.

Arrow Minerals Limited, Annual General Meeting, Feb 15, 2024

New major risk - Shareholder dilution

Arrow Minerals Limited has filed a Follow-on Equity Offering in the amount of AUD 3.065 million.

Arrow Minerals Limited has filed a Follow-on Equity Offering in the amount of AUD 0.5 million.

Arrow Minerals Limited announced that it expects to receive AUD 0.435 million in funding

Raiden Resources Limited (ASX:RDN) agreed to acquire Li-Cs-Ta mineral rights over the Arrow Project from Arrow Minerals Limited (ASX:AMD) for AUD 0.5 million.

Arrow Minerals Limited has completed a Follow-on Equity Offering in the amount of AUD 2.695 million.

Arrow Minerals Limited Announces Completion of Stage 1 of the Reprocessing of the Historical Geophysical Data by Mira Geoscience

Arrow Minerals Limited to Share the Results of it's Initial Mapping Program Conducted over the Simandou North Iron Project, Guinea

Less than half of directors are independent

Arrow Minerals Limited, Annual General Meeting, Nov 30, 2022

Arrow Minerals Limited Announces Definitive Binding Agreement for the Simandou North Iron Project

Arrow Minerals Limited Announces Board Changes

Electrostate Pty Ltd. acquired the remaining 10% stake Malinda Lithium Project from Arrow Minerals Limited (ASX:AMD).

Electrostate Pty Ltd. acquired 90% stake in MALINDA LITHIUM PROJECT from Arrow Minerals Limited (ASX:AMD).

Electrostate Pty Ltd. entered into an agreement to acquire remaining 10% stake Malinda Lithium Project from Arrow Minerals Limited (ASX:AMD) for AUD 0.7 million.

Dreadnought Resources Limited (ASX:DRE) completed the acquisition of seven tenements in Evanston and Yerilgee Greenstone belts adjacent to Illaara from Arrow Minerals Limited (ASX:AMD).

Arrow Minerals Limited has completed a Follow-on Equity Offering in the amount of AUD 0.35 million.

Arrow Minerals Limited (ASX:AMD) agreed to acquire exploration project located in Guinea, West Africa.

Less than half of directors are independent

Arrow Minerals Limited Reports Soil Geochemistry Results Confirmed the Presence of an Extensive High-Quality Gold Target At the Kordie Prospect on the Vranso Project, Burkina Faso

Arrow Minerals Reports Results of Drilling Programme Conducted on Dassa, Guido and Semapoun Prospect at the Vranso Project, Burkina Faso

Arrow Minerals Limited Reports Stream Sediment Geochemical Samples Collected at the Vranso Project, Burkina Faso

Arrow Minerals Limited Announces Drilling Highlights Extensive Gold Mineralisation At Divole East

Arrow Minerals Limited has completed a Follow-on Equity Offering in the amount of AUD 3 million.

Arrow Minerals Limited Reports 2,000 Meters Reverse Circulation Drilling Programme Commenced at the Recently Defined Poa Prospect on the Divole East Exploration Permit in Burkina Faso

Arrow Minerals Limited announced that it expects to receive AUD 3 million in funding

Arrow Minerals Limited Reports Results from Reverse Circulation Drilling Programme at the Dassa Gold Deposit on the Divole West Exploration Permit in Burkina Faso

Arrow Minerals Limited Announces Strong Conductors Identified at Strickland VMS Project

Arrow Minerals Limited Announces the Completion of Reverse Circulation Drilling Aimed at Expanding Known Mineralisation at the Dassa Gold Discover

Arrow Minerals Limited announced that it expects to receive AUD 3.2 million in funding

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