Announcement PDF Valiant Gold Limited | ABN: 38 691 820 532 | ASX: VAL A Ground Floor, 34 Colin Street West Perth WA | W www.valiantgold.com.au VALIANT GOLD LIMITED | ANNUAL REPORT 2026 Valiant Gold Limited | ABN: 38 691 820 532 | ASX: VAL A Ground Floor, 34 Colin Street West Perth WA | W www.valiantgold.com.au VALIANT GOLD LIMITED | ANNUAL REPORT 2026 Contents About Valiant................................................................................................................................................................................................1 Forward Looking Statements .................................................................................................................................................................1 A Letter from the Chair and CEO..........................................................................................................................................................2 Business and Operations Review..........................................................................................................................................................4 Financial Report.........................................................................................................................................................................................12 Directors’ Report..................................................................................................................................................................................12 Auditor’s Independence Declaration...........................................................................................................................................20 Consolidated Financial Statements..............................................................................................................................................21 Notes to the Consolidated Financial Statements ...................................................................................................................25 Consolidated Entity Disclosure Statement................................................................................................................................37 Directors’ Declaration........................................................................................................................................................................38 Independent Auditor’s Report .......................................................................................................................................................39 Additional Information ...........................................................................................................................................................................43 Shareholder Information..................................................................................................................................................................43 Use of Funds Confirmation..............................................................................................................................................................45 Mining Tenements ..............................................................................................................................................................................46 Competent Person Statement........................................................................................................................................................48 Corporate Directory.................................................................................................................................................................................49 VALIANT GOLD LIMITED | ANNUAL REPORT 2026 About Valiant Page 1 About Valiant Valiant Gold Limited (‘Valiant’ or ‘Company’) is an ASX-listed gold company focused on advancing its 100%- owned Comet and Reedy Gold Projects in Western Australia’s Murchison region. The projects host a combined 1.2Moz JORC-compliant Mineral Resource1 , providing Valiant with a substantial resource base in an established gold mining district. Valiant’s strategy is focused on advancing Comet towards restart and progressing the restart of South Emu– Triton within the Reedy Gold Project, alongside targeted exploration and resource development across the broader project. Existing underground infrastructure granted Mining Leases and access to established regional processing infrastructure support the Company’s pathway towards production and longer-term growth. Forward Looking Statements This Annual Report contains forward-looking statements regarding the Company’s activities, financial position and future prospects. Such statements are subject to risks, uncertainties and assumptions, many of which are beyond the Company’s control, and actual results may differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on forward-looking statements. Subject to any continuing obligations under applicable law and the ASX Listing Rules, the Company does not undertake any obligation to update or revise any forward-looking statements contained in this Annual Report. 1 Refer to the Company’s Prospectus dated 16 February 2026, as amended by the Supplementary Prospectus dated 20 February 2026 (together, the Prospectus) for further information regarding the Mineral Resource Estimates. VALIANT GOLD LIMITED | ANNUAL REPORT 2026 A Letter from the Chair and CEO Page 2 A Letter from the Chair and CEO Dear Shareholders, It is our pleasure to present Valiant Gold Limited’s first Annual Report following the Company’s successful listing on the Australian Securities Exchange in March 2026. FY26 marked the establishment of Valiant as an independent, well-funded Western Australian gold company with a clear strategy: to unlock the value of two established Murchison gold assets through a disciplined pathway to production, complemented by resource growth and exploration. Valiant was created through the demerger of the Comet and Reedy Gold Projects from Westgold Resources Limited (‘Westgold’), with the initial public offering raising $75 million before costs and attracting strong support from institutional and retail investors. The Company’s projects have a substantial history of gold production and feature existing Mineral Resources on granted Mining Leases located in close proximity to established regional infrastructure. This provides Valiant with a strong foundation from which to pursue a capital-efficient pathway towards near-term production and longer-term growth. We remain focused on building a sustainable gold business rather than pursuing growth for its own sake. Our approach is grounded in careful planning, responsible capital management and minimising technical and operational risk. Comet is Valiant’s priority mine restart opportunity. Its existing underground development, historical infrastructure and proximity to processing capacity provide a capital-efficient pathway towards production. At Reedy, the Company holds a substantial Mineral Resource base across a highly prospective and historically productive gold district. Our objective is to improve confidence in the existing resources, assess potential development opportunities and continue testing the project’s broader growth potential. A key priority is South Emu–Triton, where Valiant is progressing the work program outlined as part of the IPO to evaluate a restart. Drilling commenced during FY26 to increase confidence in the existing Mineral Resource, test opportunities for resource growth and provide the technical information required to advance future mine planning. As Valiant enters its first full financial year as a listed company, our strategic priorities are clear: to advance Comet along a disciplined pathway into production, continue building the value of the Reedy Gold Project and preserve the financial strength required to execute our plans responsibly, above all else in a manner that delivers value to shareholders. The Company ended the financial year with a cash balance of $67.7 million and no debt, providing a strong financial platform from which to execute our planned work programs while maintaining discipline in the allocation of shareholder capital. We are also indebted to the Westgold team for their insight, support and guidance throughout the IPO process. In addition to providing the Company with excellent development assets and, through the Ore Purchase Agreement, a clear pathway to production, Westgold remains a key shareholder and is fully supportive of the forward strategy developed by the Valiant team. We recognise that lasting shareholder value will be created through delivery. The Board and management are aligned in their commitment to progressing Valiant’s assets safely, methodically and with a clear focus on commercial outcomes. VALIANT GOLD LIMITED | ANNUAL REPORT 2026 A Letter from the Chair and CEO Page 3 We thank our shareholders for the confidence they have placed in the Valiant team and look forward to reporting on progress as the Company moves from establishment into execution. Yours sincerely, Derek La Ferla Non-Executive Chair Brendan Tritton Managing Director & Chief Executive Officer VALIANT GOLD LIMITED | ANNUAL REPORT 2026 Business and Operations Review Page 4 Business and Operations Review Upon listing, Valiant emerged with 100% ownership of the Comet and Reedy Gold Projects in Western Australia’s Murchison region. Together, the projects comprise established brownfields gold assets with more than one million ounces of historical production and a combined Mineral Resource of approximately 1.2 million ounces of gold1 . Figure 1. Valiant Gold Project Overview1 Both projects are located on granted Mining Leases, supported by extensive historical mining and exploration data and infrastructure, and are situated in close proximity to operating processing facilities. Valiant has executed an Ore Purchase Agreement with Westgold, which allows ore to be processed at Westgold’s mills. Importantly, the agreement provides for payment to Valiant by Westgold upon delivery of the ore, rather than following processing or refinement. This provides a greater degree of certainty while supporting the Company’s potential to generate early cash flow. Although Valiant had been listed for only a short period by the end of FY26, the period was used effectively to establish the people, systems and work programs required to advance the Company’s mine restart and growth strategy. VALIANT GOLD LIMITED | ANNUAL REPORT 2026 Business and Operations Review Page 5 Operations Comet Gold Project The Comet Gold Project is located approximately 20 kilometres south-east of Cue and hosts a Mineral Resource of 4.1Mt at 2.43g/t gold for 319,000 ounces. The project sits ~14km by road from Westgold’s Tuckabianna mill and ~110km from the Bluebird mill, providing Valiant with dual potential pathways to production. Figure 2. Comet Project Overview Comet is Valiant’s priority mine restart opportunity. The project includes an existing underground mine, historical infrastructure and access to nearby processing capacity through the Company’s Ore Purchase Agreement with Westgold Resources. During FY26, the Company focused on the planning, procurement and site preparation required to advance the restart. VALIANT GOLD LIMITED | ANNUAL REPORT 2026 Business and Operations Review Page 6 Figure 3. Comet Mine Trend schematic long section, looking west (top) and east (bottom), showing the Mineral Resource Estimate, ounce- per-vertical metre distribution and previously mined volumes1 On 4 June 2026, Valiant executed a mining services agreement with Mako Mining Pty Ltd who was appointed to undertake the initial dewatering and rehabilitation activities. Mobilisation and site establishment commenced in June 20262 . Detailed mine planning has also progressed during the period, together with the procurement of key long-lead infrastructure. Valiant has subsequently advanced the tender process for the principal underground mining contract and continued reviewing the mine plan, infrastructure requirements and proposed sequence of restart activities. This initial work established the operational foundation for the next phase of activity at the Comet Project and supported the Company’s objective of progressively reducing the technical and execution risks associated with the restart. 2 Refer ASX Announcement dated 27 July 2026 ‘June 2026 Quarterly Activities / Cashflow Report’. VALIANT GOLD LIMITED | ANNUAL REPORT 2026 Business and Operations Review Page 7 Reedy Gold Project The Reedy Gold Project is located within the highly prospective Cue–Meekatharra gold district and includes several deposits and exploration opportunities. Its current development projects include South Emu, Triton and Boomerang. Figure 4. Reedy Project Overview Since listing in March 2026, Valiant has commenced its maiden diamond drilling program at South Emu–Triton. The program was designed to test the continuation of mineralisation below the existing Mineral Resource and improve the Company’s understanding of the broader mineralised system. The program successfully confirmed the extension to gold mineralisation below the existing Mineral Resource of 1.7Mt @ 4.0g/t Au for 224koz. Drilling returned significant intercepts including:  34.2m @ 2.97g/t Au from 1,007.9m, including 3.6m @ 15.55g/t Au3 . Subsequent to year-end, drilling at South Emu-Triton continued and assays received from 26REDD003 included;  7.0m @ 4.57g/t Au from 861.0m, including 0.3m @ 68.80g/t Au,  2.0m @ 11.49g/t Au, and  7.3m @ 2.35g/t Au. 3 Refer ASX Announcement dated 16 June 2026 ‘Mineralisation Extensions Confirmed at South-Emu Triton’. VALIANT GOLD LIMITED | ANNUAL REPORT 2026 Business and Operations Review Page 8 Figure 5. South Emu-Triton schematic long section, facing west, displaying the Mineral Resource Estimate (‘MRE’) with previously mined volumes and drill intercepts, including results received after 30 June 20261 The results demonstrated that gold mineralisation extends at least 400m below the existing Mineral Resource, with the mineralised system exceeding 100m in horizontal width and remaining open down-dip and along strike. Drilling will continue into FY27 with the next program focusing on shallower infill drilling aimed at converting Inferred Resources to the Indicated category to support future mine planning and restart studies at South Emu-Triton. The commencement of drilling represented an important first step in evaluating the potential for future Mineral Resource growth and development opportunities across the Reedy project area. In parallel, the Company progressed geological interpretation and planning for future drilling across the broader Reedy portfolio, including work to improve confidence in the existing Mineral Resource at Boomerang and assess its potential development pathways. The Company is pleased with the progress of the on-ground exploration and development activities undertaken since listing, which have been consistent with the plans outlined during the IPO process. Table 1. Comet and Reedy Mineral Resource Estimates1 The information in this report that relates to Exploration Results, Mineral Resources and Ore Reserves is based on information compiled by a Competent Person as defined in the JORC Code (2012 Edition). Refer to the Competent Person Statement at the end of this Annual Report. VALIANT GOLD LIMITED | ANNUAL REPORT 2026 Business and Operations Review Page 9 Events After Year-End Subsequent to 30 June 2026, Valiant successfully re-entered the Comet underground mine, marking an important step in assessing the pathway towards restart. Initial inspections confirmed generally favourable underground conditions, with ground support and key infrastructure observed to be in better condition than initially anticipated4 . This outcome allowed the Company to bring forward certain infrastructure and procurement activities, including a 6.1MW site power station contracted to Silverstone Energy, ancillary underground electrical infrastructure and substations, primary ventilation for the Comet and Pinnacles workings, permanent dewatering pumps with a new pit-floor-to-surface discharge line installed, an initial 30- room camp (scalable to 60 then 100) via Quick Camps, refuge chambers ordered, and surface and underground communications already installed and commissioned5 . Delivery and commissioning for these items is targeted for Q2 FY27. The re-entry provided important information to support mine engineering and rehabilitation planning, with dewatering and rehabilitation activities continuing as the Company advances its assessment of the planned restart. At South Emu–Triton, drilling results received after year-end confirmed that gold mineralisation extends beyond the existing Mineral Resource, strengthening the Company’s understanding of the system and highlighting further resource-growth potential6 . In August 2026, Valiant also commenced an initial diamond drilling program at Boomerang, designed to increase geological confidence within the existing Mineral Resource and provide additional information to support the assessment of potential development opportunities7 . These activities demonstrate early execution against the strategy outlined at IPO, with Valiant entering FY27 focused on delivering the key operational and development milestones across both the Comet and Reedy projects. Outlook Valiant enters FY27 with a strong balance sheet, an experienced and growing team, and a clear work program across its two principal projects. At Comet, the immediate priority is to advance dewatering, rehabilitation, mine engineering and contractor engagement to further define a clear pathway towards restart. At Reedy, drilling will continue to evaluate the existing Mineral Resource base and test opportunities for further resource growth, with initial programs focused on South Emu–Triton and Boomerang. Further exploration work is scheduled across both projects to further understand the strike potential of the current projects. Valiant is not content to sit on the current resource level and will not be complacent in respect of further exploration work to expand resources within current mineralised envelopes and will seek to expand the resource base and also consider other opportunities to build scale and enhance shareholder value. Across the portfolio, Valiant will maintain a disciplined approach to capital allocation with expenditure focused on increasing project confidence, reducing development risk and supporting informed investment decisions. FY26 established Valiant as an independent ASX listed gold company. In FY27, the focus shifts to execution – advancing Comet towards a restart, growing the resource base, increasing confidence in those resources and delivering measurable operational progress that positions the Company to create long-term value for shareholders. 4 Refer ASX Announcement dated 21 July 2026 ‘Comet Mine Re-Entry Successfully Completed’. 5 Refer ASX Announcement dated 2 September 2026 ‘Comet Gold Mine Restart Activities Accelerate’. 6 Refer ASX Announcement dated 31 August 2026 ‘South Emu-Triton Drilling Continues to Return Strong Results’. 7 Refer ASX Announcement dated 27 August 2026 ´Resource Definition Drilling Commences at Boomerang’. VALIANT GOLD LIMITED | ANNUAL REPORT 2026 Business and Operations Review Page 10 Material Business Risks The material business risks for the Company include: Gold Price and Currency Fluctuations Valiant’s future revenues and financial performance will be exposed to fluctuations in the gold price and foreign exchange rates. Changes in gold prices may affect the economic viability of exploration, development and mining activities and the Company’s ability to generate sufficient cash flows to fund its operations. Gold prices may be influenced by a range of factors outside Valiant’s control, including global economic conditions, inflation, interest rates, currency movements, central bank policies and geopolitical events. A sustained decline in the gold price could adversely affect the Company’s financial position, exploration and development activities and the value of its assets. Mineral Resources and Ore Reserve Estimates Mineral Resources and Ore Reserves are estimates and are subject to uncertainty. There can be no assurance that estimates of the quantity, grade or quality of mineralisation will be accurate or that Mineral Resources will ultimately be converted into Ore Reserves or economically recoverable mineralisation. Such estimates are based on geological data, sampling, drilling, assumptions and interpretations that may prove to be inaccurate. Actual mineralisation, geological conditions, recoveries, operating costs and other factors may differ from those assumed, which may result in changes to Mineral Resource and Ore Reserve estimates and adversely affect the Company’s financial performance and prospects. Exploration and Replacement of Mineral Resources Exploration is inherently speculative and there is no assurance that current or future exploration programs will result in the discovery of economically viable mineralisation. The development of a mineral discovery may require significant expenditure and several years of exploration, evaluation, permitting and development before production can commence. There is a risk that exploration activities may be unsuccessful or that Valiant may be unable to replace or increase its Mineral Resource base, which could adversely affect the Company’s future growth and operating prospects. Mining, Development and Operational Risks Mining and development activities are subject to a range of risks, including unexpected geological or ground conditions, equipment failure, adverse weather, flooding, bushfires, supply chain disruptions, labour availability, industrial incidents and other operational events. These risks may result in delays, increased operating or capital costs, reduced production or financial losses. There can be no assurance that Valiant’s planned exploration, development or production activities will be completed within anticipated timeframes or costs. Production and Cost Estimates Valiant may prepare estimates of future production, operating costs and capital expenditure based on assumptions regarding geological conditions, production rates, commodity prices, labour, energy, equipment, inflation and other factors. Actual results may differ materially from these estimates. Failure to achieve expected production or material increases in operating or capital costs could adversely affect Valiant’s cash flows, profitability, financial position and future operations. VALIANT GOLD LIMITED | ANNUAL REPORT 2026 Business and Operations Review Page 11 Regulatory and Environmental Risks Exploration and mining activities are subject to extensive laws, regulations, approvals and permit requirements relating to health and safety, environmental management, land access, heritage, water, rehabilitation and other matters. Changes to legislation, regulation or government policy, or delays in obtaining or maintaining required approvals, may adversely affect the timing, cost or viability of the Company’s activities. Non-compliance with applicable requirements may also result in penalties, remediation obligations, delays or restrictions on operations. Valiant seeks to manage these risks through appropriate policies, procedures, monitoring and compliance processes. Community and Cultural Heritage The Company recognises the importance of maintaining constructive relationships with local communities, Traditional Owners, landholders and other stakeholders throughout the exploration and mining lifecycle. Failure to appropriately manage stakeholder expectations, cultural heritage or community impacts may result in reputational damage, delays, increased costs or disruption to exploration and development activities. Valiant seeks to manage these risks through stakeholder engagement, consultation and compliance with applicable cultural heritage and land access requirements. VALIANT GOLD LIMITED | ANNUAL REPORT 2026 Directors’ Report Page 12 Financial Report Directors’ Report The Directors present their report, together with the financial statements, for Valiant Gold Limited for the period ended 30 June 2026. The Company was admitted to the Official List of ASX on 25 March 2026. Accordingly, these financial statements cover the period from incorporation to 30 June 2026. As this is the Company's first reporting period, no comparative information is presented in the remuneration and shareholding tables below. Directors The following persons were directors of Valiant Gold Limited during the period ended 30 June 2026 and up to the date of this report, unless otherwise stated: Name Position Appointed Derek La Ferla Non-Executive Chair 1 December 2025 Brendan Tritton Managing Director & Chief Executive Officer 17 November 2025 Simon Rigby Non-Executive Director 14 October 2025 Anthony Chamberlain Non-Executive Director 1 December 2025 Wayne Bramwell Director 14 October 2025 (resigned 9 February 2026) Su Hau (Tommy) Heng Director 14 October 2025 (resigned 9 February 2026) Information on Directors and Company Secretaries Derek La Ferla –Non-Executive Chair Derek is an experienced Chair and Company Director having served on a number of ASX 200, small market cap and private company boards. His professional background is as a corporate lawyer and a partner in several international, national and WA based law firms. In addition to Valiant, Derek is chair of Chalice Mining Limited (ASX: CHN), Icon Engineering Pty Ltd, Training and Alliance Group Pty Ltd and Foodbank WA. He is also a part- time partner at Western Australian law firm, Lavan. Derek is the former chair of Sandfire Resources Limited as well as a former board member of the Australian Institute of Company Directors. Brendan Tritton – Managing Director & Chief Executive Officer Brendan is an accomplished mining executive and engineer with extensive experience spanning technical operations, corporate strategy and leadership within the Australian resources sector. A graduate of the Western Australian School of Mines, Brendan combines deep technical foundations with strong commercial and organisational insight. He has held senior operational and leadership roles across multiple resource projects including Barrick's Kanowna Belle and Mincor Resources NL's Kambalda operations, and is recognised for his pragmatic, forward-thinking approach to mine development, team performance and stakeholder engagement. Brendan is actively engaged with the Western Australian School of Mines Alumni as a Councillor, contributing to mentorship, industry collaboration and advocacy for innovation in mining education and sustainability. He holds a degree in Mining Science from Western Australian School of Mines. Simon Rigby – Non-Executive Director Simon is a Geologist (BSc (Hons), MAIG) with more than 35 years of experience in mineral exploration, mining, business development and executive leadership within both major and junior companies. He has worked in precious and base metals and strategic minerals throughout Australasia, Africa, Europe and the Americas. Simon is the Chief Growth Officer of Westgold and has been appointed as Westgold's nominee on the Valiant Board. VALIANT GOLD LIMITED | ANNUAL REPORT 2026 Directors’ Report Page 13 Anthony Chamberlain – Non-Executive Director Tony holds a PhD in metallurgy from Curtin University and is an experienced mining executive with over 30 years' experience in the resources sector, bringing a wealth of knowledge in project development spanning resource optimisation, engineering, approvals, construction and operational management. Tony held senior operational and management roles during his 12 years at WMC Resources and BHP and has since served in senior and executive positions at several ASX-listed junior resource companies, including Vimy Resources, BCI Minerals, Clean TeQ, Stonehenge Metals, and Global Lithium Limited. Wayne Bramwell – Director (Appointed 14 October 2025, Resigned 9 February 2026) Su Hau (Tommy) Heng – Director (Appointed 14 October 2025, Resigned 9 February 2026) Joan Dabon – Company Secretary (Appointed 1 December 2025) Joan is a Chartered Secretary with over nine years' experience in company secretarial and corporate advisory services, supporting ASX and NSX listed companies across a wide range of sectors including mining & oil and gas, manufacturing, automotive, technology, renewable energy, logistics, and distribution. She was the Executive Director – Governance (West Coast) at Source Governance, where she led governance delivery and strategic board support for a diverse client base. Joan holds a Juris Doctor degree and is an Associate Member of the Governance Institute of Australia. Anastasia Gotjamanos – Company Secretary (Appointed 14 October 2025, Resigned 9 February 2026) Directors’ Meetings The number of Directors’ meetings held during the period, and the number of meetings attended by each Director is as follows: Board Audit & Risk Committee Remuneration and Nomination Committee Held Attended Held Attended Held1 Attended Derek La Ferla 4 4 1 1 1 1 Brendan Tritton 4 4 1* 1* 1* 1* Simon Rigby 4 4 1 1 1 1 Anthony Chamberlain 4 4 1 1 1 1 Wayne Bramwell 1 1 N/A N/A N/A N/A Su Hau (Tommy) Heng 1 1 N/A N/A N/A N/A 1 Held represents the number of meetings held during the time the director held office or was a member of the committee during the period. *Not a member of this committee. Non-members may attend by invitation. Remuneration Report (Audited) The Directors present the remuneration report for the Company for the period ended 30 June 2026. This report forms part of the Directors’ Report and has been au