Announcement PDF Paradigm Biopharmaceuticals Limited Appendix 4D Half-year report 1. Company details Name of entity: Paradigm Biopharmaceuticals Limited ABN: 94 169 346 963 Reporting period: 31 December 2025 Previous reporting period: 31 December 2024 2. Results for announcement to the market $ $ and % increase/(decrease) over previous corresponding period Revenue from continuing activities 284,055 (149,603) (34.5%) (Loss) from continuing activities after tax attributable to members (23,244,389) 17,320,337 292.37% Net (loss) for the period attributable to members (23,244,389) 17,320,337 292.37% Dividends (distributions) Amount per security Franked amount per security Final Dividend N/A N/A Interim Dividend N/A N/A Record date for determining entitlements to the dividends (if any) N/A 2. Results for announcement to the market continued Brief explanation of any of the figures reported above necessary to enable the figures to be understood: Paradigm Biopharmaceuticals Ltd. is a late-stage clinical development company without commercial revenue, Paradigm expects to continue incurring operating losses as it advances iPPS through pivotal clinical and regulatory milestones. Paradigm recorded a loss before tax of A$23,244,389 for the half-year ended 31 December 2025, an increase of A$17,320,337 on the prior corresponding period loss before tax of A$5,924,052, reflecting continued investment in late-stage clinical development activities. Expenditure during the period was primarily directed toward Phase 3 trial execution, including clinical research organisation services, site activation costs, patient recruitment initiatives, manufacturing and regulatory operations. As a late-stage clinical development company without commercial revenue, Paradigm expects to continue incurring operating losses as it advances iPPS through pivotal clinical and regulatory milestones. Paradigm Biopharmaceuticals Limited Appendix 4D Half-year report 3. Net tangible assets Current Period Previous corresponding period (Restated) Basic loss per ordinary security (cents per share) (5.62) cents (1.67) cents Diluted loss per ordinary security (cents per share) (5.62) cents (1.67) cents Net tangible asset backing per ordinary security (cents per share) 1.19 cents 7.99 cents 4. Control gained over entities Not applicable. 5. Loss of control over entities Not applicable. 6. Audit qualification or review This report is based on accounts to which one of the following applies: (Tick one) The accounts have been reviewed  The accounts are in the process of being reviewed If the accounts are subject to audit dispute or qualification, a description of the dispute or qualification: N/A 7. Attachments The report of half year ended 31 December 2025 is attached. 8. Signed Signed _____________________________ Mr. Paul Rennie Managing Director 26th February 2026 ADVANCING TOWARD A MAJOR VALUE AND DE-RISKING MILESTONE Half-Year Report 31 December 2025 1 4 Highlights Directors’ Report Auditor’s Independence Declaration 7 Consolidated Interim Financial Statements 8 Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income 9 Consolidated Interim Statement Financial Position 10 Consolidated Interim Statement of Changes in Equity 11 Consolidated Interim Statement of Cash Flows 12 Notes to Financial Statements 13 Directors’ Declaration 18 Independent Audit Report 19 Corporate Directory 21 Paradigm Biopharmaceuticals Ltd. is a late-stage clinical development company. We are driven by a purpose to improve patients’ health and quality of life by, developing, and delivering pharmaceutical therapies. Paradigm has a vision to be recognised as a global leader in the development and commercialisation of innovative pharmaceutical therapies. Paradigm’s values of innovation, transparency, adaptability, collaboration, respect, and accountability comprise the central pillars of the organisation and influence all activities and decisions. Paradigm Biopharmaceuticals Limited ABN 94 169 346 963 500M+ People affected by osteoarthritis worldwide PPS x Cox-2 Inhibitor Oral combination therapy IP acquired for treatment of OA in Animals and Humans HIGHLIGHTS Biotech Sector Biotech entering renewed growth phase (UBS, Jan 2026) Sector Recovery Scientific Validation PARA_OA_008 Phase 2 Biomarker Data Published Canine Naturally Occurring OA Study Published New Peer-Review iPPS Publications Commercial & Regulatory Readiness Injectable and oral PPS platforms Global IP Position Markets rewarding meaningful clinical catalysts Data-Driven Re-Rating Additional manuscripts in preparation Ongoing Publications FDA-cleared and Fast Tracked Phase 3 protocol Regulatory Alignment Multiple Regions Australia, United States, Hong Kong, Moldova Late-Stage Asset Pivotal Phase 3 program underway Mid-2026 Target Planned interim analysis timing US$27m Facility Convertible note facility in place 1 Half-Year Report 31 December 2025 Paradigm Biopharmaceuticals Limited HIGHLIGHTS CONTINUED During the half-year ended 31 December 2025, Paradigm Biopharmaceuticals Ltd continued to advance its lead osteoarthritis program toward a critical development milestone, being the planned interim analysis of its global Phase 3 PARA_OA_012 clinical trial targeted for mid-calendar year 2026. The Company’s strategic focus remains the successful delivery of this interim analysis, a key inflection point in the development pathway of injectable pentosan polysulfate sodium (iPPS). The interim analysis is designed to provide an early, statistically robust assessment of safety and efficacy outcomes once approximately 50% of participants have reached the Day 112 assessment point1 . Successful completion of this milestone has the potential to materially reduce development risk and strengthen the foundation for subsequent regulatory, commercial and partnering activities. Operating in a Strengthening Sector Environment Paradigm’s progression toward interim analysis is occurring against a backdrop of improving global biotechnology market conditions. Independent sector research published by UBS Securities LLC in January 2026 highlighted a renewed period of investor engagement, improved access to capital, increasing merger and acquisition activity, and a market environment that is again rewarding companies delivering meaningful clinical data2 . The UBS Securities report noted that, following several years of sector underperformance, late-stage biotechnology assets with clearly defined clinical catalysts and adequate funding are increasingly attracting institutional interest and strategic attention. In this context, Paradigm’s focus on disciplined clinical execution, robust data generation and progression toward a defined value inflection point positions the Company favourably within the current sector cycle. Osteoarthritis: A Large and Unmet Global Market Osteoarthritis remains one of the most prevalent chronic diseases worldwide, affecting more than 500 million people and representing a major cause of pain, disability and reduced quality of life3 . Current treatment options are largely focused on symptom management, including analgesics, non-steroidal anti-inflammatory drugs, corticosteroid injections and, in advanced cases, joint replacement surgery. These approaches do not address underlying disease processes and are often associated with limited long-term effectiveness or safety concerns4 . As a result, there remains a significant unmet need for therapies that can provide sustained pain relief, improve function and potentially influence disease progression. The global scale of the osteoarthritis market, combined with limited disease-modifying options, continues to underpin long-term commercial interest in differentiated late-stage development programs. Interim Analysis as a De-Risking and Commercial Catalyst The planned interim analysis of PARA_OA_012 represents more than a procedural checkpoint within the Phase 3 program. It is intended to serve as a major de-risking event and a transition point from development execution toward broader regulatory and commercial engagement. In the current market environment, late-stage interim data is increasingly viewed by pharmaceutical companies, regional partners and institutional investors as a meaningful indicator of development risk and commercial potential2 . A favourable interim outcome would provide: • Independent confirmation of treatment performance at Phase 3 scale • Increased confidence in trial design and endpoint selection • Greater regulatory visibility • Enhanced credibility in commercial and partnering discussions • Increased confidence that the primary endpoint of the Pivotal Phase 3 clinical trial can be attained. Consistent with industry practice, positive interim Phase 3 data is increasingly considered sufficient to support advanced licensing, distribution and co-development negotiations, ahead of final study readout2 . Industry Precedent: Transition Following Interim Data Recent Australian biotechnology experience demonstrates the importance of interim data as a strategic inflection point. Dimerix Limited (ASX:DXB) provides a relevant comparator, having progressed its late-stage renal disease program through interim Phase 3 assessment and subsequently increased its focus on regulatory engagement, international partnering and commercial positioning5 . Following positive interim outcomes, Dimerix accelerated discussions with potential partners and positioned its lead asset as registration-ready, despite final trial readout remaining pending5 . This precedent illustrates how interim Phase 3 data can enable companies to transition from primarily development- focused organisations into commercially oriented late-stage biopharmaceutical companies. 2 Half-Year Report 31 December 2025 Paradigm Biopharmaceuticals Limited Paradigm’s strategy reflects similar principles, with a focus on building the operational, scientific and financial foundations required to capitalise on a favourable interim outcome. Funding Through Interim Analysis Paradigm has prioritised maintaining a funding position that supports uninterrupted progression toward the interim analysis milestone. During the period, the Company strengthened its balance sheet through the utilisation of its US$27 million convertible note facility, whilst maintaining optionality on future funding requirements and continued access to non-dilutive funding sources, including the R&D Tax Incentive6 . This funding position is intended to provide flexibility and reduce financing risk as the Company advances through this critical stage of development. Independent sector research, including the UBS report, has highlighted the importance of adequate funding in removing valuation overhangs and supporting investor confidence in late-stage development companies2 . Positioning for Regulatory and Commercial Engagement In parallel with clinical execution, Paradigm continues to strengthen the scientific and regulatory foundations of its development programs through peer-reviewed publications, biomarker validation and advanced imaging analysis7 . These activities support constructive engagement with regulatory authorities and enhance the quality of data packages available for ongoing commercial discussions. Subject to interim analysis outcomes, the Company expects to continue advancing: • Regulatory engagement strategies, • Manufacturing and supply planning, • Market access preparation, • Regional and global partnering discussions. These activities are intended to support long-term commercialisation objectives and maximise shareholder value. Outlook Paradigm’s near-term focus remains on delivering a high-quality interim data package based on rigorous trial execution, consistent methodology and strong operational oversight. The Company is funded to progress through this milestone and continues to operate in an environment that is increasingly supportive of late-stage, catalyst-driven biotechnology companies2 . Subject to favourable interim outcomes, the Company expects this milestone to represent a significant step toward further de-risking, enhanced commercial engagement and progression toward potential registration. As Paradigm advances toward this critical phase, it remains focused on disciplined execution, regulatory alignment and long-term value creation in the global osteoarthritis market. References 1 Paradigm Biopharmaceuticals Ltd ASX Announcements and Clinical Trial Protocol, PARA_OA_012 Phase 3 Study Design and Interim Analysis Plan. 2 UBS Securities LLC, 2026 SMID Biotech Playbook, January 2026. 3 Hunter DJ, Bierma-Zeinstra S. Osteoarthritis. Lancet. 2019;393: 1745–1759. 4 Bannuru RR et al. OARSI Guidelines for the Non-Surgical Management of Knee Osteoarthritis. Osteoarthritis and Cartilage. 2019. 5 Dimerix Limited ASX Announcements and Investor Presentations, 2023–2025. 6 Paradigm Biopharmaceuticals Ltd ASX Announcements, Convertible Note Facility and R&D Tax Incentive Disclosures. 7 Paradigm Biopharmaceuticals Ltd ASX Announcement, “PARA_OA_008 Biomarker Manuscript Publication”, 2026 50% Completion Trigger Interim analysis at Day 112 for 50% of participants 3 Half-Year Report 31 December 2025 Paradigm Biopharmaceuticals Limited Directors The following persons were directors of the Company during the whole of the financial half-year and up to the date of this report, unless otherwise stated: Paul Rennie Amos Meltzer Matthew Fry Principal activities The principal activities of the Consolidated Entity are researching and developing therapeutic products for human use. Results The Consolidated Entity made a loss for the six-month period ended 31 December 2025 of $23,244,389 (31 December 2024: Loss of $5,924,052). Review of Operations During the half-year ended 31 December 2025, Paradigm Biopharmaceuticals Ltd progressed from clinical trial start-up activities into active execution of its pivotal Phase 3 clinical program for knee osteoarthritis, while continuing to expand its osteoarthritis pipeline and maintain a funding position that provides flexibility to support ongoing clinical execution. The Company’s primary operational focus during the period was the global Phase 3 PARA_OA_012 clinical trial evaluating injectable pentosan polysulfate sodium (iPPS) for the treatment of pain associated with knee osteoarthritis. Following regulatory clearances achieved in the prior financial year, Paradigm concentrated on site initiation, investigator training, MRI quality certification and the establishment of centralised trial infrastructure across Australia and the United States. By the commencement of the reporting period, 11 Australian clinical sites had been selected and were progressing through activation processes, with 48 sites in the United States in advanced stages of preparation under a centralised ethics framework. During the half-year, site activation and screening activities increased across core geographies. The Company placed emphasis on protocol consistency, investigator engagement and data quality to support reliable and reproducible clinical outcomes as recruitment activity scaled. Recruitment and screening volumes increased progressively through the period, with improving conversion of screened participants into enrolled and dosed patients as sites reached full operational readiness. Recruitment remains aligned with the Company’s previously communicated schedule of 50% of participants reach Day 112 in mid-calendar year 2026. An interim analysis can then be generated. To enhance operational capacity and recruitment efficiency, Paradigm engaged Nordic Bioscience Clinical Development (NBCD) as a complementary clinical research organisation, working alongside Advanced Clinical and the Company’s internal clinical team. NBCD provides specialist expertise in osteoarthritis trials and access to established investigator networks. As part of this expanded clinical framework, Paradigm progressed preparations for additional international clinical sites in Hong Kong and Moldova. These locations were selected based on investigator experience, established clinical infrastructure and their ability to contribute to recruitment efficiency and geographic diversity, while maintaining high standards of clinical and imaging data quality. The inclusion of these sites is expected to support enrolment momentum as the Phase 3 program advances. Paradigm also continued to strengthen the scientific foundation supporting its clinical programs. Subsequent to the end of the reporting period, the Company announced the publication of a peer-reviewed manuscript reporting synovial fluid biomarker outcomes from the PARA_OA_008 Phase 2 study. The manuscript underwent a rigorous peer-review process and provides independent validation of the biological activity of iPPS within the osteoarthritic joint. In addition, MRI outcomes from the PARA_OA_008 study demonstrated clinically meaningful structural findings. A separate manuscript focused on these imaging-based results is currently in preparation and, once complete, will be submitted to an appropriate scientific journal for peer review. In parallel, Paradigm previously completed a translational canine osteoarthritis study conducted in collaboration with the University of Melbourne. The study evaluated clinical, functional, structural and biomarker outcomes following treatment with pentosan polysulfate sodium in companion dogs with naturally-occurring osteoarthritis. During the reporting period, a manuscript reporting the results of this completed study was prepared and advanced toward publication, reflecting the Company’s ongoing scientific publication strategy and supporting the translational relevance of PPS across both human and veterinary osteoarthritis settings. The manuscript was published in February 2026. DIRECTORS’ REPORT The directors present their report, together with the financial statements, on the Consolidated Entity (referred to hereafter as the “Consolidated Entity”) consisting of Paradigm Biopharmaceuticals Limited (Paradigm or the Company) and the entities it controlled at the end of, or during, the half-year ended 31 December 2025. 4 Half-Year Report 31 December 2025 Paradigm Biopharmaceuticals Limited 466 Patients Phase 3 Program Scale Global Phase 3 PARA_OA_012 trial Pivotal Study Designed to support regulatory submission 5 Half-Year Report 31 December 2025 Paradigm Biopharmaceuticals Limited During the half-year, Paradigm expanded its osteoarthritis pipeline through the acquisition of Proteobioactives Pty Ltd, securing global intellectual property rights to an oral pentosan polysulfate and COX-2 inhibitor combination therapy (Pentacoxib™). This acquisition broadens the Company’s osteoarthritis development strategy beyond injectable PPS and provides optionality to address earlier-stage disease with a wider patient cohort and veterinary indications. Consistent with the Company’s capital allocation strategy, initial development activities for this program are expected to focus on the veterinary market. Paradigm recorded a loss before tax of A$23,244,389 for the half-year ended 31 December 2025, an increase of A$17,320,337 on the prior corresponding period loss before tax of A$5,924,052, reflecting continued investment and an increase in late-stage clinical development activities. Expenditure during the period was primarily directed toward Phase 3 trial execution, including clinical research organisation services, site activation costs, patient recruitment initiatives, manufacturing and regulatory operations. As a late-stage clinical development company without commercial revenue, Paradigm expects to continue incurring operating losses as it advances iPPS through pivotal clinical and regulatory milestones. To support these activities, Paradigm maintained a funding position that provides flexibility to support ongoing clinical execution. During the half-year ended 31 December 2025, the Company drew down US$12 million under its US$27 million convertible note facility with Obsidian Global Partners, with US$15 million (A$22.4 million) remaining undrawn at period end. Subsequent to the reporting period, Paradigm initiated a further US$5m drawdown through the Company’s convertible note facility with Obsidian Global Partners. Other income is lower for the 6 months to December 2025 mainly due to the reinstated R&D tax incentive income for the half year ended 31 December 2024. Finance costs are increased compared to the prior corresponding period due to the amortisation of the financial liability, arising from the Convertible Notes funding facility. Paradigm is focused on maintaining recruitment momentum across its global Phase 3 program, activating remaining international sites, and progressing toward planned enrolment milestones ahead of the interim analysis targeted for mid-calendar year 2026. The Company’s strategic plans include advancing its scientific publication strategy and progressing veterinary development activities associated with a broader osteoarthritis portfolio. The Board thanks shareholders for their continued support as Paradigm advances through this critical phase of development. Significant changes in the state of affairs Draw down of US$12 million under the Company’s US$27 million convertible note facility with Obsidian Global Partners and a subsequent further US$5m drawn post period end on February 2026, there has been no matter or significant changes in the state of affairs of the Consolidated Entity. Events subsequent to reporting date No matters or circumstance has arisen since 31 December 2025 that has significantly affected, or may significantly affect the Consolidated Entity’s operations, the results of those operations, or the Consolidated Entity’s state of affairs in future financial periods. Auditor’s independence declaration A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out on the following page. This report is made in accordance with a resolution of directors, pursuant to section 306(3) (a) of the Corporations Act 2001. On behalf of the directors Mr Paul Rennie Managing Director 26th February 2026 Peer-Reviewed Publication Phase 2 biomarker outcomes (PARA_OA_008) 6 Half-Year Report 31 December 2025 Paradigm Biopharmaceuticals Limited THE POWER OF BEING UNDERSTOOD AUDIT | TAX | CONSULTING RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction. RSM Australia Partners ABN 36 965 185 036 Liability limited by a scheme approved under Professional Standards Legislation RSM Australia Partners Level 27, 120 Collins Street Melbourne VIC 3000 PO Box 248 Collins Street West VIC 8007 T +61 (0) 3 9286 8000 F +61 (0) 3 9286 8199 www.rsm.com.au AUDITOR’S INDEPENDENCE DECLARATION As lead auditor for the review of the financial report of Paradigm Biopharmaceuticals Limited for the half year ended 31 December 2025, I declare that to the best of my knowledge and belief, there have been no contraventions of: (i) the auditor independence requirements of the Corporations Act 2001 in relation to the review; and (ii) any applicable code of professional conduct in relation to the review. RSM AUSTRALIA PARTNERS A L WHITTINGHAM Partner Dated: 26 February 2026 Melbourne, Victoria AUDITOR’S INDEPENDENCE DECLARATION 7 Half-Year Report 31 December 2025 Paradigm Biopharmaceuticals Limited CONSOLIDATED INTERIM FINANCIAL STATEMENTS Contents Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income 9 Consolidated Interim Statement of Financial Position 10 Consolidated Interim Statement of Changes in Equity 11 Consolidated Interim Statement of Cash Flows 12 Notes to the Financial Statements 13 Directors’ Declaration 18 Independent Auditor’s Review Report 19 General Information The financial statements cover Paradigm Biopharmaceuticals Limited as a Consolidated Entity, consisting of Paradigm Biopharmaceuticals Limited and the entities it controlled at the end of, or during, the half-year ended 31 December 2025. The financial statements are presented in Australian dollars, which is Paradigm Biopharmaceuticals Limited’s functional and presentation currency. Paradigm Biopharmaceuticals Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is: Level 15, 500 Collins Street Melbourne VIC 3000 A description of the nature of the Consolidated Entity’s operations and its principal activities are included in the Directors’ report, which is not part of the financial statements. The financial statements were authorised for issue, in accordance with a resolution of Directors, on 26th February 2026. 8 Half-Year Report 31 December 2025 Paradigm Biopharmaceuticals Limited CONSOLIDATED INTERIM STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the Half-Year Ended 31 December 2025 Notes 31 December 2025 $ 31 December 2024 $ Revenue 25,150 16,700 Cost of sales (4,501) (18,715) Other income 2 258,905 416,958 Other currency exchange gains and (losses) 26,345 10,889 (Losses)/gains on disposal of assets (10,764) – Research and development expenses (19,022,099) (3,987,852) General and administration expenses (2,827,213) (2,191,775) Commercial expenses – (166,018) Finance costs (1,312,567) (4,239) Financial Derivative Fair Value movements (377,645) – Loss before income tax expense/(benefit) (23,244,389) (5,924,052) Income tax expense/(benefit) – – Loss after income tax expense/(benefit) attributable to the members of the Consolidated Entity (23,244,389) (5,924,052) Other comprehensive income Items that may be reclassified subsequently to profit or loss Foreign currency translation (25,278) 2,410 Other comprehensive (loss)/income for the half-year, net of tax (25,278) 2,410 Total comprehensive loss attributable to members of the Consolidated Entity (23,269,667) (5,921,642) Loss per share (cents) Basic and diluted loss per share 8 (5.62) cents (1.67) cents The above consolidated statement of profit or loss and other comprehensive income is to be read in conjunction with the accompanying notes. 9 Half-Year Report 31 December 2025 Paradigm Biopharmaceuticals Limited Notes 31 December 2025 $ 30 June 2025 $ ASSETS Current assets Cash and cash equivalents 14,663,339 16,818,129 Trade and other receivables 3 6,311,152 6,373,827 Prepaid expenses 622,154 935,013 Financial assets held at amortised cost 71,832 – Total current assets 21,668,477 24,126,969 Non-current assets Intangible assets 905,854 414,735 Plant and equipment 7,497 24,179 Right-of-use assets 570,949 5,649 Total non-current assets 1,484,300 444,563 Total assets 23,152,777 24,571,532 LIABILITIES Current liabilities Trade and other payables 4,436,993 2,734,861 Employee benefits 580,473 493,049 Lease liabilities 137,948 5,484 Financial Derivative Liability 4 2,644,000 – Financial Liability 5 8,803,707 – Total current liabilities 16,603,121 3,233,394 Non-current liabilities Employee benefits 115,154 154,101 Lease liabilities 436,809 – Total non-current liabilities 551,963 154,101 Total liabilities 17,155,084 3,387,495 Net assets 5,997,693 21,184,037 EQUITY Issued capital 6 260,874,596 253,232,077 Share based payments reserve 7 4,973,179 5,082,258 Currency translation reserve (1,206,599) (1,181,321) Accumulated losses (258,643,483) (235,948,977) Total equity 5,997,693 21,184,037 The above consolidated interim statement of financial position should be read in conjunction with the accompanying notes. CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION As at 31 December 2025 10 Half-Year Report 31 December 2025 Paradigm Biopharmaceuticals Limited Issued Capital $ Share–based Payments Reserve $ Accumulated Losses $ Currency Translation Reserve $ Total $ Balance at 1 July 2024 238,113,171 7,549,821 (219,746,663) (1,126,757) 24,789,572 Loss after Income tax expense/(benefit) for the half-year – – (5,924,052) – (5,924,052) Other comprehensive loss for the half-year, net of tax – – – 2,410 2,410 Total comprehensive loss for the half-year – – (5,924,052) 2,410 (5,921,642) Transactions with owners in their capacity as owners: Share-based payments expense – 65,280 – – 65,280 ESP lapsed in the period – (1,641,178) 1,641,178 – – Shares issued under placement 16,000,000 – – – 16,000,000 Options exercised in the period 1,027 – – – 1,027 Payment of share issue costs (879,057) – – – (879,057) Options lapsed in the period – (637,841) 637,841 – – Performance rights lapsed in the period – (174,817) 174,817 – – Rounding – – (2) – (2) Balance at 31 December 2024 253,235,141 5,161,265 (223,216,881) (1,124,347) 34,055,178 Balance at 1 July 2025 253,232,077 5,082,258 (235,948,977) (1,181,321) 21,184,037 Loss after Income tax expense/(benefit) for the half-year – – (23,244,389) – (23,244,389) Other comprehensive loss for the half-year, net of tax – – – (25,278) (25,278) Total comprehensive loss for the half-year – – (23,244,389) (25,278) (23,269,667) Transactions with owners in their capacity as owners: Share-based payments expense – 208,294 – – 208,294 Shares issued under Convertible Notes conversions 7,632,512 – – – 7,632,512 Options exercised in the period 1,110 – – – 1,110 Unlisted options issued for services – 232,510 – – 232,510 Payment of share issue costs (71,663) – – – (71,663) Repayment of limited recourse loan for ESP 80,560 – – – 80,560 Transfer from share-based payments reserve on repayment of ESP – (549,883) 549,883 – – Balance at 31 December 2025 260,874,596 4,973,179 (258,643,483) (1,206,599) 5,997,693 The above consolidated interim statement of changes in equity should be read in conjunction with the accompanying notes. CONSOLIDATED INT