Geoscience and Mineral Professional Indemnity Insurance — Endorsement

Application

This endorsement attaches to and forms part of the Meridian Professional Indemnity Insurance wording, version 1.5.0-DRAFT (document reference 2026/PI/0001), referred to here as the base wording. It changes the base wording only as set out below. All other terms, conditions, exclusions and limits of the base wording continue to apply.

Words defined in the base wording have the same meaning in this endorsement. Where this endorsement and the base wording conflict, this endorsement applies to the extent of the conflict.

The same terms are published as a single integrated wording, Geoscience and Mineral Professional Indemnity Insurance, version 1.1.0-DRAFT. Both documents are generated from the same source and have the same effect.

Replaced: Professional services

The definition of Professional services in the base wording is deleted and replaced with the following.

Professional services

The following services provided to a third party for a fee:

(a) geological, mineral and exploration consulting;

(b) the estimation of mineral resources and ore reserves;

(c) the technical assessment and valuation of mineral assets;

(d) geophysics, geochemistry and hydrogeology;

(e) public reports, which means a report prepared for release to a securities exchange, for a disclosure document, or for any other public document about a mineral asset, and any contribution to such a report; and

(f) any other service shown in the schedule as a professional service.

A public report is a professional service only if each competent person or specialist who signs it on your behalf holds the professional membership that the reporting code applying to the report requires. A competent person or specialist who does not sign the report on your behalf, including one whose work you rely on, does not affect this condition.

In this definition, a competent person is a person named in a public report as responsible for the estimate of mineral resources or ore reserves, or the exploration results, that it reports, and a specialist is a person named in a public report as responsible for a technical or valuation opinion that it reports, in each case as the reporting code applying to the report uses those terms. A reporting code is the JORC Code, the VALMIN Code or an equivalent code recognised by the Committee for Mineral Reserves International Reporting Standards (CRIRSCO).

The Financial Services exclusion does not apply to a public report that is a professional service, unless the work involves financial product advice, dealing in a financial product or a credit activity.

Added: Contributing Competent Persons

The following extension is added to the base wording, after the Subcontractors and Outsourcers extension.

Contributing Competent Persons

We cover you for a claim arising from your contribution to a public report signed by another competent person or specialist, to the extent that the claim arises from the part of the report that you prepared or for which you accepted responsibility.

Added: Securities Exchange Queries

The following extension is added to the base wording, after the Contributing Competent Persons extension.

Securities Exchange Queries

We also pay defence costs under the Inquiry Costs extension for a written query from a securities exchange, or a formal review by ASIC, that is directed to you, requires you to respond about a public report that you prepared or contributed to, and could lead to a claim against you. For this purpose that query or review is treated as a formal investigation or inquiry by a regulator, and it must be first notified to us during the policy period.

This extension does not cover a routine query or review that is not directed to you, or that does not require you to respond about your own work.

Added: Guarantees of Grade, Tonnage or Price

The following exclusion is added to the base wording, after the Contractual Liability exclusion.

Guarantees of Grade, Tonnage or Price

Arising from any guarantee or warranty that you give of the grade, tonnage, recovery or price of any mineral, or of the outcome of any exploration or mining project, except to the extent that you would have been liable without that guarantee or warranty.

Added: Excluded Geoscience Activities

The following exclusion is added to the base wording, after the Non-Compensatory Payments exclusion.

Excluded Geoscience Activities

Arising from:

(a) the design or construction of dams more than the height shown in the schedule for this purpose (or 6 metres if no height is shown), including tailings storage facilities;

(b) oil and gas services, including the estimation of petroleum reserves; or

(c) nuclear engineering.

Geoscience and Mineral Endorsements

The following endorsements apply to this policy only when the schedule shows that they apply.

Public Report Excess

For each claim arising from a public report, the excess is the amount shown in the schedule for this endorsement. If no amount is shown, the excess is the greater of $10,000 and 0.25% of the amount raised in, or the value of the transaction connected with, the capital raising or transaction for which the public report was prepared, but not more than $250,000.

Petroleum Reserves Estimation

Paragraph (b) of the Excluded Geoscience Activities exclusion does not apply to the estimation and evaluation of petroleum reserves and resources, if the work is carried out under the Petroleum Resources Management System or an equivalent standard shown in the schedule.

North American Reporting Exclusion

We do not cover any claim, loss or liability arising from a report prepared under Canadian National Instrument 43-101 or United States Securities and Exchange Commission Regulation S-K subpart 1300, or any claim brought in a court of the United States of America or Canada.

Tailings and Mine Closure Exclusion

We do not cover any claim, loss or liability arising from advice on, or the design, assessment or inspection of, a tailings storage facility, or the planning or costing of mine closure or rehabilitation.

Mineral Asset Valuation Sub-limit

For all claims arising from the valuation of mineral assets, the most we will pay in total, including defence costs, is the sub-limit shown in the schedule for this endorsement. The sub-limit is part of, and not in addition to, the limit of liability.