Announcement PDF T +61 (8) 6313 3936 E info@prairielithium.com ASX: PL9 OTC: PLIXF Level 2, 10 Outram Street West Perth WA 6005 Australia ASX Announcement 28 JULY 2026 QUARTERLY ACTIVITIES REPORT For the Period Ended 30 June 2026 HIGHLIGHTS • Pad #1 development advanced from facility construction toward processing equipment installation, with Factory Acceptance Testing (FAT) commencing on Prairie Lithium’s four column commercial-scale Direct Lithium Extraction (DLE) unit during May 2026. • North America's Largest Commercial DLE Unit Arrived on Site: Post-quarter end on 10 July 2026, the four-column commercial DLE processing system was successfully delivered to the Saskatchewan project site. The unit is approximately four times the scale of the single commercial DLE column deployed at Standard Lithium’s Arkansas project. • Binding Phase 1 Offtake Executed: Formalised the previously announced non-binding agreement into a binding definitive offtake with South Korea's Hydro Lithium covering 100% of Phase 1 production (150 tpa LCE). Hydro Lithium will provide and operate ~A$10 million of proprietary downstream refining equipment, significantly reducing Prairie's upfront capital requirements. • Strategic Board Restructure Completed: On 30 June 2026, the Company reorganised its leadership structure to support its transition to a commercial producer. Paul Lloyd transitioned from Managing Director to Executive Chairman to focus on corporate strategy and project financing, while Executive Directors Zach Maurer and Matthew Blumberg assumed responsibilities focused on technical de-risking and commercial negotiations respectively. • A$1.42 Million At-the-Market Capital Raise Completed: The Company utilised its At-the-Market (ATM) Subscription Agreement with Acuity Capital to raise A$1,420,000 via the set-off of 200,000,000 shares previously issued to fund ongoing production facility construction. Prairie Lithium Limited (ASX: PL9, OTC: PLIXF) (“PL9”, “Prairie Lithium” or the “Company”), a company focused on the sustainable development of the Prairie Lithium Project (“Prairie”), is pleased to provide an overview of the Company’s activities for the period ending 30 June 2026 (“Quarter” or “Reporting Period”). Figure 1: North America’s Largest DLE Unit on Site in Saskatchewan Level 2, 10 Outram Street West Perth WA 6005 Australia T +61 (8) 6313 3936 E info@prairielithium.com ASX: PL9 OTC: PLIXF Prairie Lithium Executive Chairman, Paul Lloyd, commented: “The June quarter has seen a significant de-risking of our operational pathway as we transition from a pure development phase toward active commercial production. Completing Factory Acceptance Testing for our primary DLE extraction unit, followed immediately by its physical arrival on-site post-quarter, firmly establishes Prairie at the forefront of the global direct lithium extraction sector. Structurally, our board reorganisation allows our executive team to align directly with their precise strengths in corporate finance, technical execution, and commercial growth as we target our first lithium production and initial revenues in Q4 2026. Supported by a secured binding offtake with Hydro Lithium and an optimised capital structure, we are well positioned to execute on Canada's leading modular lithium brine facility.” Prairie Lithium Project Pad #1 Project Development and Construction During the Quarter, Prairie Lithium continued construction and preparation activities at the Pad #1 commercial facility in Saskatchewan, Canada. Following the earlier completion of production and disposal wells, grid-power infrastructure and engineered foundations, work during the Reporting Period focused on building and processing infrastructure required to accommodate the commercial-scale DLE unit. The existing infrastructure at Pad #1 includes production and disposal wells, electrical infrastructure and a power transformer, providing the key site components required for installation and integration of the DLE system. The Project’s phased development strategy is designed to establish commercial-scale operating performance at Pad #1 before potential replication across additional production pads. Commercial-Scale DLE Unit On 18 May 2026, Prairie Lithium announced that Factory Acceptance Testing had commenced on its four- column commercial-scale DLE unit. Testing included performance and structural assessments ahead of transportation to Saskatchewan. The four-column unit represents a significant increase in scale from the single commercial-scale DLE column deployed at Standard Lithium’s Arkansas facility, as previously disclosed by Prairie Lithium. The DLE system is designed to extract lithium directly from underground brine without the use of extensive evaporation ponds. Following commissioning, the Company intends to undertake operational optimisation and performance testing, including assessment of lithium recovery and contaminant-rejection performance. Post-Quarter DLE Unit Delivery Following the completion of transportation activities, the commercial-scale DLE unit arrived at the Prairie Lithium Project on 10 July 2026. The arrival represents a significant project milestone and enables Prairie Lithium to progress mechanical installation, structural anchoring, plumbing and integration with the Project’s existing production wells, disposal wells and electrical infrastructure. While delivery materially advances the project, installation, system integration, commissioning and performance testing remain to be completed before commercial operations commence. Level 2, 10 Outram Street West Perth WA 6005 Australia T +61 (8) 6313 3936 E info@prairielithium.com ASX: PL9 OTC: PLIXF Figure 2: Ceremony to Mark the DLE Unit’s Arrival on Site in Saskatchewan The July announcement confirmed that equipment installation and commissioning follow the delivery milestone and remain targeted for Q4 2026. Binding Hydro Lithium Offtake and Strategic Collaboration On 2 April 2026, Prairie Lithium executed a binding definitive agreement with Hydro Lithium for the purchase of 100% of Phase 1 production from the Prairie Lithium Project. Phase 1 represents approximately 150 tonnes per annum of lithium carbonate equivalent and is intended to establish a commercial-scale proof of concept for the Project’s modular development model. The agreement has an initial term of 10 years, subject to customary termination rights and may be renewed by mutual agreement for further 10-year periods up to a total potential term of 30 years. Product pricing will be determined under a formula linked to battery-grade lithium carbonate pricing, taking account of the lithium content of the product, conversion costs and conversion efficiency. Hydro Lithium will also provide and operate approximately A$10 million of proprietary refining equipment at the Saskatchewan site. This reduces the equipment expenditure required from Prairie Lithium for Phase 1 and provides an established downstream processing route for the Project’s upgraded intermediate lithium product. Hydro Lithium operates an existing battery-grade lithium refinery in South Korea with nameplate capacity of approximately 3,600 tonnes per annum of lithium carbonate equivalent. Following the commencement of Phase 1 production, the parties intend to use best efforts to expand supply under the agreement as Prairie Lithium increases production. The agreement provides Prairie Lithium with secured demand for its initial output, access to downstream refining capability and a defined pathway from commissioning to initial commercial sales. Strategic Board Reorganisation On 30 June 2026, Prairie Lithium implemented a strategic reorganisation of its Board to align executive responsibilities with the Company’s transition from development toward commercial operations. Mr. Paul Lloyd stepped into the role of Executive Chairman, shifting from Managing Director to prioritise high- level corporate financing, capital market engagement, and broader project expansion strategies. Mr. Zach Maurer, Executive Director, will continue to lead technical execution and de-risking activities, including the installation and commissioning of the commercial-scale DLE system at Pad #1. Level 2, 10 Outram Street West Perth WA 6005 Australia T +61 (8) 6313 3936 E info@prairielithium.com ASX: PL9 OTC: PLIXF Mr. Matthew Blumberg, Executive Director, will focus on commercial negotiations, strategic partnerships, offtake agreements and potential financing or strategic transactions. Mr. Barnaby Egerton-Warburton transitioned from Non-Executive Chairman to Non-Executive Director. Together with Non-Executive Director Vern Lund, he will continue to provide independent oversight across governance, audit and risk management. The revised structure establishes clearer accountability across the Company’s principal technical, commercial, financing and governance workstreams. Corporate and Financial Position The Company strengthened its balance sheet during the quarter to maintain momentum through the peak phases of mechanical installation and facility commissioning. As at 30 June 2026, Prairie Lithium held A$5.8 million in cash and cash equivalents, providing funding support for ongoing development activities. During the Reporting Period, the Company remained focused on disciplined capital allocation, directing expenditure toward construction, project development, and advancing Prairie toward production. On 20 May 2026, the Company announced it had utilised its At-the-Market Subscription Agreement (ATM) with Acuity Capital. A total of A$1,420,000 (before costs) was raised through the set-off of 200,000,000 fully paid ordinary shares issued at a premium to the 15-day volume-weighted average price (VWAP). 100% of these proceeds have been allocated toward first production facility construction at the Prairie Lithium Brine Project. Outlook & Next Steps Prairie is well positioned as it moves into the next Quarter, having materially advanced Pad #1 through critical infrastructure and construction and equipment delivery milestones. With the Project located in a leading North American jurisdiction, Prairie remains focused on translating this construction momentum into commercial readiness. Prairie continues to advance the Project’s 4.6 million tonne LCE Indicated Mineral Resource through a modular, pad-by-pad development strategy, with Pad #1 representing the first commercial-scale production hub. The Project is Canada’s first and only lithium brine facility approved for commercial scale production. With North America’s largest commercial DLE unit successfully delivered to site, activities during the upcoming Quarter will focus heavily on field execution: • Mechanical installation, plumbing, and structural anchoring of the four-column DLE unit at Pad #1. • Final system integration with existing production and disposal well infrastructure. • Preparations for on-site commissioning, operational performance testing and integration of Hydro Lithium’s downstream refining equipment. • Continued progress towards the targeted commencement of first commercial production and initial revenue generation in Q4 2026, subject to successful installation, commissioning and operational testing. About the Prairie Lithium Project PL9’s Prairie Lithium Project in Saskatchewan, Canada, is in one of the world’s top mining friendly jurisdictions. The project has easy access to key infrastructure including electricity, natural gas, fresh water, paved highways and railroads. The project also aims to have strong environmental credentials, with Prairie Lithium targeting to use less freshwater, land and waste, aligning with the Company’s sustainable approach to lithium development. Level 2, 10 Outram Street West Perth WA 6005 Australia T +61 (8) 6313 3936 E info@prairielithium.com ASX: PL9 OTC: PLIXF Figure 3: Prairie Lithium’s Project Location This ASX announcement is authorised for release by the Board. For further information please contact: Mr. Paul Lloyd Executive Chairman Tel. +61 419 945 395 paul@prairielithium.com Jane Morgan Investor & Media Relations Manager + 61 (0) 405 555 618 jm@janemorganmanagement.com.au Competent Persons statement for Prairie and Registered Overseas Professional Organization (ROPO) and JORC Tables Gordon MacMillan P.Geo., Principal Hydrogeologist of Fluid Domains, who is an independent consulting geologist of a number of brine mineral exploration companies and oil and gas development companies, reviewed and approves the technical information pertaining to the exploration results and mineral resource estimates within the release. Mr. MacMillan is a member of the Association of Professional Engineers and Geoscientists of Alberta (APEGA), which is ROPO accepted for the purpose of reporting in accordance with the ASX listing rules. Mr. MacMillan has been practicing as a professional in hydrogeology since 2000 and has 24 years of experience in mining, water supply, water injection, and the construction and calibration of numerical models of subsurface flow and solute migration. Mr. MacMillan is also a Qualified Person as defined by NI 43-101 rules for mineral deposit disclosure. He has sufficient experience relevant to qualify as a Competent Person as defined by the ’Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves – The JORC Code (2012). Mr. MacMillan consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears. References 1. ASX Announcement, “Binding Offtake Secured for 100% of Phase 1 Production” 2 April 2026 2. ASX Announcement, “Clear Path to First Revenue” 13 April 2026 3. ASX Announcement, “Commercial Scale DLE Unit Enters Final Testing” 18 May 2026 4. ASX Announcement, “Premium Priced At-the-Market Raise” 20 May 2026 5. ASX Announcement, “Board Restructuring to Support Transition to Production” 30 June 2026 6. ASX Announcement, “North America’s Largest DLE Unit Arrives at Site” 10 July 2026 7. ASX Announcement, “Prairie Project Production Approved & Project Update (Amended)” 23 May 2025. Refer Appendix 1 for resource detail. 8. ASX Announcement “North America’s First Lithium Brine Facility” 17 February 2025. The Company confirms that it is not aware of any new information that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning estimates in the relevant market announcement continue to apply and have not changed. Level 2, 10 Outram Street West Perth WA 6005 Australia T +61 (8) 6313 3936 E info@prairielithium.com ASX: PL9 OTC: PLIXF Appendix 1 – Resource Producing Formations Indicated Li mass (tonnes) Indicated LCE mass (tonnes) Seward 62,459 332,469 Flat Lake 4,076 21,697 Upper Wymark 110,674 589,118 Middle Wymark 449,381 2,392,055 Lower Wymark 97,223 517,518 Saskatoon 131,565 700,320 Total 860,000 4,600,000 Figure 4: Prairie Project Resource Summary. Representative lithium concentrations within the Resource area based on the mass volume and brine volume estimates. The average lithium concentration across all zones over the Prairie Project land permits is 98 mg/L. Level 2, 10 Outram Street West Perth WA 6005 Australia T +61 (8) 6313 3936 E info@prairielithium.com ASX: PL9 OTC: PLIXF Appendix 2: Schedule of Mining Tenements The following information is provided pursuant to Listing Rule 5.3.3 for the quarter ended 30 June 2026. Project Claim Number Location Interest Lordsburg LLP-211 to LLP-274 New Mexico, USA 100% Lordsburg LLP-283 to LLP-298 New Mexico, USA 100% Lordsburg LLP-307 to LLP-322 New Mexico, USA 100% Lordsburg LLP2-1 to LLP2-96 New Mexico, USA 100% Prairie Lithium S002/1 Saskatchewan, Canada 100% Prairie Lithium S004/5 Saskatchewan, Canada 100% Prairie Lithium S005/46-48, S005/58, S005/60 Saskatchewan, Canada 100% Prairie Lithium S008/31-35, S008/41, S008/49-54, S008/56, S008/69-74, S008/77, S008/86-99, S008/102-109 Saskatchewan, Canada 100% Prairie Lithium S009/19, S009/24, S009/35, S009/39, S009/41-44, S009/50-53 Saskatchewan, Canada 100% Prairie Lithium Canpar Holdings Ltd. File No. M043397, M043398, M043399, M043400 Freehold Royalties Ltd. File No. M043402, M043403 Saskatchewan, Canada 100% There were no tenements acquired or sold during the Quarter. Level 2, 10 Outram Street West Perth WA 6005 Australia T +61 (8) 6313 3936 E info@prairielithium.com ASX: PL9 OTC: PLIXF Appendix 3: Exploration Expenditure and Payments to Related Parties In line with its obligations under ASX Listing Rules 5.3.1 and 5.3.5, Prairie Lithium Limited notes the following in relation to the period ended 30 June 2026 as advised in the Appendix 5B: • exploration and evaluation expenditure primarily relates to work undertaken on the Prairie Lithium project (classified as investing) and operating costs of the Lithium Research Centre (classified as operating); • the only payments to related parties of the Company pertain to payments to executive directors for salary and superannuation, non-executive director fees and consultancy fees. Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity PRAIRIE LITHIUM LIMITED ABN Quarter ended (“current quarter”) 15 008 720 223 30 JUNE 2026 Consolidated statement of cash flows Current quarter $A’000 Year to date (12 months) $A’000 1. Cash flows from operating activities - - 1.1 Receipts from customers 1.2 Payments for - (319) (a) exploration & evaluation (b) development - - (c) production - - (d) staff costs (204) (1,172) (e) administration and corporate costs (362) (2,300) 1.3 Dividends received (see note 3) - - 1.4 Interest received 27 116 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other - 84 1.9 Net cash from / (used in) operating activities (539) (3,591) 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) tenements - - (c) property, plant and equipment (791) (1,459) (d) exploration & evaluation (756) (3,397) (e) investments - - (f) other non-current assets - - Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (12 months) $A’000 2.2 Proceeds from the disposal of: - - (a) entities (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - 7,729 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other - - 2.6 Net cash from / (used in) investing activities (1,547) 2,873 3. Cash flows from financing activities 1,420 3,770 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities - - 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - (5) 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other – security bond refund 29 180 3.10 Net cash from / (used in) financing activities 1,449 3,945 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 6,562 3,162 4.2 Net cash from / (used in) operating activities (item 1.9 above) (539) (3,591) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (1,547) 2,873 4.4 Net cash from / (used in) financing activities (item 3.10 above) 1,449 3,945 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (12 months) $A’000 4.5 Effect of movement in exchange rates on cash held (78) (542) 4.6 Cash and cash equivalents at end of period 5,847 5,847 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 3,247 4,812 5.2 Call deposits 2,600 1,750 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 5,847 6,562 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 256 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. Amounts shown at item 6.1 comprise of payments to related parties (or their associates) for director and administration fees paid during the current and previous quarters, including fees for services performed. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other – equipment leases - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) (539) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (756) 8.3 Total relevant outgoings (item 8.1 + item 8.2) (1,295) 8.4 Cash and cash equivalents at quarter end (item 4.6) 5,847 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 5,847 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 4.5 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: N/A 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: N/A 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: N/A Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 28 July 2026 Authorised by: The Board of Prairie Lithium Limited (Name of body or officer authorising release – see note 4) Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.