Shareholder update – November 2025

Dear Shareholders

As we continue to advance our Kokkus Project, I want to provide you with a comprehensive update on our recent activities, significant milestones achieved since my last update in March 2025 and our clear path forward.

1. Operational Update

Since the last update we have achieved the following:

• Completed a ground magnetic and geochemical survey over Kokkus 1 and Kokkus 2 licence areas.

• Carried out additional IP (Induced Polarisation) lines based on the success of the 2024 survey on Kokkus 1 and Kokkus 2 – this will be completed in early November.

• Carried out further metallurgical studies on both the oxide and sulphide ores from Kokkus.

• Identified high priority drilling targets for the 2,000-metre drilling programme due to start in November which will test the extent of mineralisation in the IP anomalies in Kokkus 1 and Kokkus 2.

2. Operational Highlights

• Initial metallurgical studies on the sulphide zones have been extremely encouraging. These tests show a recovery of at least 88% Au from gravity recovery followed by cyanide tank leaching from bottle roil tests. The average grades in the samples were 1.42g/t Au and 1.46g/t Au.

• Initial metallurgical tests on the oxide zones have also been encouraging with a recovery of about 46.47% and gravity tailing recovery averaging 76.8% giving a combined recovery of 88.5%.

• The 2025 magnetic and geophysical IP surveys have shown a strong correlation between the higher magnetic signature (red-yellow zones in the diagram below) and the already defined Au mineralisation which were identified in the 2024 IP survey over the Kokkus 1 licence area.

• Preliminary IP results from the 2025 programme also indicate that the IP anomaly extends into the Kokkus 2 licence area.

• Both the oxide and sulphide ore have similar properties for treatment, with both having around 35% recoverable free Au using a gravity circuit, and a total Au recovery of around 88% from Cyanide leaching.

3. Planned operations 2025-26

• The initial phase of drilling beginning in November 2025 will be a 2000m programme to test the best IP and Geochem anomalies. This will allow us to determine where will be the best place to increase the current resource from JORC 500k oz Au to JORC 2m oz Au before the planned IPO in 2026. This will also test IP anomalies in Kokkus 2 as well as testing the extent of mineralisation to the east.

• Following the above a 12,000m programme of drilling will be carried out between

November 2025 – February 2026 targeting a resource of JORC 2m oz Au.

4. Corporate and Financial Update

• The Company remains intent to proceed to an IPO, with the timing expected now to be mid-2026.

• Pre-IPO funding of $2m was raised and the transaction completed in September 2025, through our broker Tavira Securities Ltd (UK).

• Renewal of the Kokkus 1 Licence for another 12 months was granted in October 2025, to be followed by an application for a mining licence in 2026.

• The Company is awaiting the consent of the Kazakh Government to the transfer of the initial 51% in the holder of the Kazakh licence area (in accordance with the agreement reached in 2018) is expected to be received imminently. The remaining 49% will be transferred following IPO.

• Applications have been submitted for additional licence areas around Kokkus 1, (being Kokkus 2, 3 & 4), by the Company’s wholly owned local subsidiary Scythian Mining Kazakhstan Ltd. On the granting of these licences the Company will control the whole of the Kokkus structure which we have identified (see areas identified in the map below).

• The process of raising an additional pre-IPO $6m from numerous interested parties to

complete the 12,000m of NQ drilling during the winter with the target to reach a JORC resource of 2m oz Au, as well as pre-IPO and local feasibility costs before IPO is well advanced.

• SRK have been engaged to complete the JORC MRE in preparation for the IPO.

The Road Ahead

Our strategy is clear and focussed. The primary objective over the coming months is to increase the resource to 2m oz Au and to test our high priority targets with a diamond drill programme. We have secured a drill rig and expect to commence the 12,000m drill programme in November 2025. With a resource target of 2m oz Au and a strong tenement holding moving forward which will cover a possible world class Au deposit.

The team’s hard work over the past months has set the stage for a truly transformative period for Scythian. The geological signs are highly encouraging, and we are eager to test these at depth.

The coming months represent a significant catalyst for the Company. We have the right project, the team and soon we will have the funding to aggressively develop the Kokkus project.

We are committed to transparent communication and will provide timey updates especially once drilling commences and assay results begin to flow.

Thank you for being a shareholder. We and the Board are grateful for your continued support.

Barry Davis

Managing Director