Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

1. Details of substantial holder (1)

Name

ACN/ARSN (if applicable)

Horsley Park Holdings Pty Ltd (ACN 008392 014) ("Horsley Park") and the entities that control Horsley Park as set out in the Annexure to this form ("Controlling Entities") As above.

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

21/7/2026 15/9/2025 15/9/2025

2. Previous and present voting power

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:

Note: There was a consolidation of RBR Ltd shares effective on 15 July 2026, which changed the total number of ordinary shares in FBR Ltd held by Horsley Park from $731,676,967$ to $14,633,539$. The consolidation itself did not alter the percentage of ordinary shares held by Horsley Park.

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:

| 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 |
| --- | --- | --- | --- | --- | --- |
| 30/9/2025 | Horsley Park and the
Controlling Entities | Dilution of interest due to
$6,666,666$ new fully paid
ordinary shares in FBR
Ltd being issued on
30/9/2025 pursuant to a
placement. | N/A | N/A | N/A |
| 30/9/2025 | Horsley Park and the
Controlling Entities | Dilution of interest due to
$70,128,504$ new fully paid
ordinary shares in FBR
Ltd being issued on
30/9/2025 pursuant to a
placement. | N/A | N/A | N/A |
| 3/11/2025 | Horsley Park and the
Controlling Entities | Dilution of interest due to
$134,999,648$ new fully
paid ordinary shares in
FBR Ltd being issued on
3/11/2025 pursuant to a
placement. | N/A | N/A | N/A |

| 10/12/2025 | Horsley Park and the
Controlling Entities | Dilution of interest due to
33,544,443 new fully paid
ordinary shares in FBR
Ltd being issued on
10/12/2025 pursuant to a
placement. | N/A | N/A | N/A |
| --- | --- | --- | --- | --- | --- |
| 10/12/2025 | Horsley Park and the
Controlling Entities | Dilution of interest due to
23,241,404 new fully paid
ordinary shares in FBR
Ltd being issued on
10/12/2025 pursuant to a
placement. | N/A | N/A | N/A |
| 29/1/2026 | Horsley Park and the
Controlling Entities | Dilution of interest due to
54,414,341 new fully paid
ordinary shares in FBR
Ltd being issued on
29/1/2026 pursuant to a
placement | N/A | N/A | N/A |
| 06/02/2026 | Horsley Park and the
Controlling Entities | Dilution of interest due to
59,177,815 new fully paid
ordinary shares in FBR
Ltd being issued on
06/02/2026 pursuant to a
placement | N/A | N/A | N/A |
| 20/03/2026 | Horsley Park and the
Controlling Entities | Dilution of interest due to
89,000,000 new fully paid
ordinary shares in FBR
Ltd being issued on
20/03/2026 pursuant to a
placement | N/A | N/A | N/A |
| 20/03/2026 | Horsley Park and the
Controlling Entities | Dilution of interest due to
18,850,088 new fully paid
ordinary shares in FBR
Ltd being issued on
20/03/2026 pursuant to a
placement | N/A | N/A | N/A |
| 21/07/2026 | Horsley Park and the
Controlling Entities | Dilution of interest due to
4,114,632 new fully paid
ordinary shares in FBR
Ltd being issued on
21/07/2026 a placement | N/A | N/A | N/A |

Note: FBR Ltd has issued 494,137,541 fully paid ordinary shares since the date of the last substantial holder notice as a result of which, the substantial holders' percentage voting interest has been diluted, accounting for the change in item 3. On 21/07/2026, 4,114,632 new fully paid ordinary shares were issued by FBR Ltd pursuant to a placement, diluting the substantial holders' percentage voting interest by more than $1 \%$ since the last notified position (from voting power of $11.30 \%$ to $10.20 \%$, accounting for the change in item 3). There was no change in the number of shares in which Horsley Park (or the Controlling Entities) held voting power in FBR Ltd (other than as a result of the consolidation of shares effective on 15 July 2026).

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Note: There was a consolidation of RBR Ltd shares effective on 15 July 2026, which changed the total number of ordinary shares in FBR Ltd held by Horsley Park from 731,676,967 to 14,633,539. The consolidation itself did not alter the percentage of ordinary shares held by Horsley Park.

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

6. Addresses

The addresses of persons named in this form are as follows:

Signature

Annexure

Controlling Entities: