Statements in this quarterly activity report that are not historical facts are forward-looking statements. Forward-looking statements are statements that are not historical and consist primarily of projections- statements regarding future plans, expectations and developments. Words such as “expects”, “intends”, “plans”, “may”, “could”, “potential”, “should”, “anticipates”, “likely”, “believes” and words of similar import tend to identify forward-looking statements. Forward-looking statements in this quarterly activity report include sale of SCRN Properties Ltd. (“SCRN”), owner of the Pinguino project the Pinguino project to E2 Metals for ~US$10M, the transaction is expected to close during Q1 2023, consideration expected to be received from the sale, the Company’s 2023 forecasted production guidance and costs, amount of capex and sources of funding for construction of the heap reprocessing project, the Company’s plan to complete the project by Q2 2023, planned exploration activities, anticipated renewal of Company’s short term debt, Mr. Stabro Kasaneva to oversee the exploration activities of the company and Ensign’s expectation to finalise the updated resource model for Main and South Mercur in the first quarter of 2023, that following the release of the resource, Ensign will be in a better position with which to raise capital to fund an exploration program in 2023 and Ensign continues to evaluate the market before moving forward with an IPO.

All of these forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied, including, without limitation, business integration risks; uncertainty of discovery and production, development plans and cost estimates, commodity price fluctuations; political or economic instability and regulatory changes; currency fluctuations, the state of the capital markets, uncertainty in the measurement of mineral reserves and resource estimates, the Company’s ability to attract and retain qualified personnel and management, potential labour unrest, reclamation and closure requirements for mineral properties; unpredictable risks and hazards related to the development and operation of a mine or mineral property that are beyond the Company’s control, the availability of capital to fund all of the Company’s projects and other risks and uncertainties identified under the heading “Risk Factors” in the Company’s continuous disclosure documents filed with the ASX and on SEDAR. You are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. The Company cannot assure you that actual events, performance or results will be consistent with these forward- looking statements, and management’s assumptions may prove to be incorrect. The Company’s forwardlooking statements reflect current expectations regarding future events and operating performance and speak only as of the date hereof and the Company does not assume any obligation to update forward-looking statements if circumstances or management’s beliefs, expectations or opinions should change other than as required by applicable law. For the reasons set forth above, you should not place undue reliance onforward- looking statements.

Confirmation: For the purposes of ASX Listing Rule 5.23.2, Austral confirms that is not aware of any information or data that materially affects the information included in its press releases dated 20 April 2022, 27 July 2022 and 30 January 2023.