Announcement PDF The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows: Class of Securities (4) Ordinary 3. Changes in relevant interests Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows: AR3 - Australian Rare Earths Limited 9/02/2026 17,363,625 6.81% FORM 604 Corporations Act 2001 Section 671B NOTICE OF CHANGE OF INTERESTS OF SUBSTANTIAL HOLDER To: Company Name/Scheme Previous notice Person's votes Voting power (5) Present Notice Person's votes Voting power (5) Date of Change Person whose relevant interest changed Nature of change (6) Consideration given in relation to change (7) Class and number of securities affected Person's votes affected 3/11/2025 3/11/2025 18,071,985 8.14% There was a change in the interests of the substantial holder on The previous notice was given to the company on The previous notice was dated 2. Previous and present voting power ACN/ARSN (if applicable) 082 694 531 Name Acorn Capital Limited 1. Details of Substantial Holder(1) ACN/ARSN See Annexure A Page 1 of 3 632 645 302 Acorn Capital Ltd N/A N/A N/A Dilution In its capacity as investment manager for various superannuation funds, institutional investor portfolios and unit trusts has the power to exercise , or control of, a right attached to the securities and has the power to dispose of, or Nature of relevant interest (6) 4. Present relevant interests Particulars of each relevant interests of the substantial holder in voting securities after the change are as follows: Holder of Relevant Interest Registered Holder of Securities Person Entitled to be Registered as Holder (8) Class and Number of Securities Person's Votes 5. Changes in Associates The persons who have become associates (2) of, ceased to be associates, or have change the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows: Name and ACN/ARSN (if applicable) Name of Association 6. Addresses The addresses of persons named in this form are as follows: Name Address Print Name PAUL PALUMBO Capacity Director Sign Here Date 9/02/2026 Acorn Capital Ltd Acorn Capital Ltd Acorn Capital Ltd 5,484,197 5,726,350 6,153,078 5,484,197 5,726,350 6,153,078 State Street Bank and Trust JP Morgan Chase Nominees BNP Paribas Securities Services Australia Branch C/O Acorn Capital Limited, Level 4, 2 Russell Street, Melbourne Victoria 3000 All Relevant Holders BNP Paribas Securities Services Australia Branch JP Morgan Chase Nominees State Street Bank and Trust Page 2 of 3 9/02/2026 Annexure A This Annexure A referred to in the Form 604 Notice of Change of Interests of Substantial Holder signed by me and dated .................................................. PAUL PALUMBO Director 09-Oct-2025 to 09-Feb-2026 Consideration given in relation to change Person's votes affected Consideration given in relation to change Nature of Change Person whose relevant interest changed Date Of Change 20/10/2025 Acorn Capital Ltd -$149,332.15 -527,109 Sale -527,109 ordinary shares 24/11/2025 Acorn Capital Ltd -$123,594.06 -557,593 Sale -557,593 ordinary shares 26/11/2025 Acorn Capital Ltd -$42,504.44 -201,787 Sale -201,787 ordinary shares 27/11/2025 Acorn Capital Ltd -$11,966.53 -55,684 Sale -55,684 ordinary shares 28/11/2025 Acorn Capital Ltd -$29,951.53 -138,485 Sale -138,485 ordinary shares 01/12/2025 Acorn Capital Ltd -$51,457.73 -237,205 Sale -237,205 ordinary shares 02/12/2025 Acorn Capital Ltd -$81,897.99 -380,755 Sale -380,755 ordinary shares 05/12/2025 Acorn Capital Ltd -$999.45 -5,000 Sale -5,000 ordinary shares 08/12/2025 Acorn Capital Ltd -$12,932.20 -66,150 Sale -66,150 ordinary shares 10/12/2025 Acorn Capital Ltd -$33,124.94 -183,246 Sale -183,246 ordinary shares 11/12/2025 Acorn Capital Ltd -$32,337.75 -179,753 Sale -179,753 ordinary shares 03/02/2026 Acorn Capital Ltd $240,000.14 1,297,298 Purchase 1,297,298 ordinary shares Page 3 of 3