Announcement PDF Valiant Gold Limited (ACN 691 820 532) A: Ground Floor, 34 Colin Street West Perth WA 6005 | W: www.valiantgold.com.au ASX ANNOUNCEMENT 23 SEPTEMBER 2026 ISSUE OF SECURITIES UNDER THE EMPLOYEE INCENTIVE PLAN Valiant Gold Limited (ASX: VAL) (Valiant or the Company) advises that a total of 3,192,855 performance rights and 13,817,337 unquoted options have been issued today to eligible staff members pursuant to the Company’s Employee Incentive Plan (Plan). The key terms of the performance rights and options are set out in Schedule 1. The Plan has been designed to align performance to the Company’s strategic objectives, and to retain, reward and attract talent over the longer term. A summary of the key terms of the Plan is outlined in the Prospectus dated 16 February 2026. The relevant Appendix 3G follows this announcement. Investor Relations You can engage with the Company about this announcement here. This announcement is authorised for release by the Board of Directors. Enquiries: Brendan Tritton Managing Director & CEO Investor Relations communications@valiantgold.com.au info@valiantgold.com.au +61 8 6373 8900 ASX ANNOUNCEMENT – ISSUE OF SECURITIES UNDER THE EMPLOYEE INCENTIVE PLAN 23 SEPTEMBER 2026 pg. 2 About Valiant Gold Valiant Gold is an emerging Western Australian gold company focused on unlocking value from proven Murchison assets. Demerged from Westgold Resources Limited (ASX: WGX) in March 2026, the Company holds 100% of the Reedy and Comet gold projects, brownfields operations with historical production of more than 1Moz and a combined 1.2Moz Mineral Resource. Both projects are located in the Murchison Province of Western Australia. With existing Mining Leases, a near-term pathway to production, a processing solution from day one and a clear focus on mine restart and resource growth, Valiant is advancing toward its next phase of development. Current Mineral Resource Estimates1 are: Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Comet 151,971 3.54 17,296 248,294 3.63 28,978 262,580 2.99 25,242 662,845 3.35 71,392 Comet North (OP) - - - 433,822 2.47 34,451 160,809 2.06 10,650 594,631 2.36 45,118 Comet North (UG) - - - 19,093 3.44 2,112 269,013 2.31 19,979 288,106 2.39 22,138 Pinnacles 84,012 2.22 5,996 1,189,880 2.28 87,223 955,172 2.34 71,860 2,229,064 2.31 165,549 Venus / Mercury - - - 249,588 1.5 12,037 50,769 1.67 2,726 300,357 1.53 14,775 Total 235,983 3.07 23,293 2,140,677 2.39 164,799 1,698,343 2.39 130,458 4,075,003 2.43 318,971 Boomerang - Kurara (OP) - - 292,071 0.91 8,536 1,711,352 1.50 82,312 2,003,423 1.41 90,847 Boomerang - Kurara (UG) - - 472,059 4.31 65,383 2,788,285 2.35 210,846 3,260,344 2.64 276,229 Calisto 1,112 2.21 79 147,196 2.31 10,932 29,863 1.21 1,162 178,170 2.13 12,173 Culculli - - - 76,092 1.23 3,009 185,572 1.48 8,830 261,664 1.41 11,839 Jack Ryan (UG) - - - 203,537 1.72 11,255 347,925 2.02 22,596 551,462 1.91 33,851 Midway - - - 42,828 1.39 1,914 9,273 1.11 331 52,101 1.34 2,245 Missing Link - - - 30,771 1.19 1,177 38,733 1.87 2,329 69,504 1.57 3,506 Rand (OP) - - - 662,275 1.43 30,448 556,841 2.5 44,757 1,219,116 1.92 75,255 Rand (UG) - - - 182,623 2.01 11,802 1,452,754 2.59 120,971 1,635,377 2.53 133,024 RL9 - - - 24,946 2.91 2,331 17,545 2.19 1,237 42,491 2.61 3,568 South Emu (UG) 16,815 3.61 1,952 676,953 3.78 82,161 725,403 4.47 104,227 1,419,172 4.13 188,350 Triton (UG) 46,690 3.31 4,967 244,799 3.86 30,411 4,694 3.17 478 296,183 3.77 35,862 Thompson's Bore - - - 98,741 1.61 5,111 98,741 1.61 5,111 Turn of the Tide - - - 265,542 1.32 11,269 151,032 1.17 5,681 416,574 1.27 17,009 West Zone - - - - - - 15,598 1.38 692 15,598 1.38 692 Total 64,617 3.37 6,998 3,321,692 2.53 270,629 8,133,611 2.34 611,559 11,519,920 2.4 889,561 Combined Total 300,600 3.13 30,291 5,462,369 2.48 435,428 9,831,954 2.35 742,017 15,594,923 2.41 1,208,532 Comet Reedy Measured Indicated Inferred Total ASX ANNOUNCEMENT – ISSUE OF SECURITIES UNDER THE EMPLOYEE INCENTIVE PLAN 23 SEPTEMBER 2026 pg. 3 Previous Disclosure and Competent Person’s Statement This announcement is an operational update and does not report new Exploration Results, a new or materially changed Mineral Resource Estimate or an Ore Reserve. Information regarding the Mineral Resource Estimates is extracted from Valiant Gold Limited’s Prospectus dated 16 February 2026, as amended by the Supplementary Prospectus dated 20 February 2026 (together, the Prospectus). The Company confirms that it is not aware of any new information or data that materially affects the information included in the Prospectus and that all material assumptions and technical parameters underpinning the estimates in the Prospectus continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the Prospectus. No Exploration Results are reported or discussed in this announcement. Forward Looking Statements This announcement includes various “forward-looking statements” with respect to, among other things, goals, plans and strategies. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors beyond the control of the Company that may cause actual results, performance and outcomes to differ materially from those expressed or implied. Forward-looking statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Given these uncertainties, recipients are cautioned not to place undue reliance on any forward-looking statement. Subject to any continuing obligations under applicable law or the ASX Listing Rules, the Company disclaims any obligation to update or revise any forward-looking statement to reflect a change in expectations, events, conditions or circumstances. ASX ANNOUNCEMENT – ISSUE OF SECURITIES UNDER THE EMPLOYEE INCENTIVE PLAN 23 SEPTEMBER 2026 pg. 4 Schedule 1 – Key terms of the Options and Performance Rights A. Key Terms of the Options - Exercise price: $0.398 each - Vesting condition: Subject to continued employment with Valiant or any of its subsidiaries during the Performance Period - Performance Period: 3 years (1 July 2026 to 30 June 2029) - Expiry date: 4 years from the commencement of the Performance Period. B. Key terms of the Performance Rights Milestones Performance Period Expiry Date Tranche 1 Target: Spend within 5% of approved budget while delivering agreed scope. Maximum: Spend below 5% budget (or approved savings) without compromising safety or quality. Minimum cash position of $15m 1 year (1 July 2026 to 30 June 2027) 2 years from commencement of the Performance Period. Tranche 2 Target: Comet restart delivered per the approved work program, resulting in the Company making first delivery of ore under the Ore Purchase Agreement (OPA). Maximum: First delivery of ore under the OPA achieved ahead of schedule and/or key restart milestones exceeded, safely 1 year (1 July 2026 to 30 June 2027) 2 years from commencement of the Performance Period. Tranche 3 Target: Ounces added as follows: 70koz Indicated 45koz Inferred 115koz gross uplift* Maximum: Ounces added as follows: 140koz Indicated 90koz Inferred 230koz gross uplift* *illustrative gross – addition outcome, reported post update total will depend on the mix of conversion and net new discovery 1 year (1 July 2026 to 30 June 2027) 2 years from commencement of the Performance Period. Tranche 4 Target: LTI: 1.0-1.5 ISR: decreases 0 to less than 10% SI: 85 to less than 100 Maximum: LTI: less than 1 ISR: decreases by 10% or more SI: greater than or equal to 100 1 year (1 July 2026 to 30 June 2027) 2 years from commencement of the Performance Period.