Dear fellow Shareholders, on behalf of the Board of Directors of Atlas Pearls Ltd I am pleased to present to you the Company’s 2025 Annual Report and my first Chairman’s address.

FY25 marked a period of solid financial performance, continued strategic execution, and disciplined capital management. The Company closed the year with revenue of $44.3M (FY24: $41.7M), EBITDA of $18.6M (FY24: $22.6M), and net profit after tax of $21.9M (FY24: $31.5M). Cash at bank strengthened to $20.2M (FY24: $17.6M), reinforcing our strong balance sheet and financial resilience. This result builds on the strong momentum established over the past two years. It reflects our continued focus on maximising the value of every pearl through expanding and diversifying sales channels.

During FY25, the market stabilised, reflecting a new ‘normal’ with prices lower than the peak highs seen in November 2023, but higher than previous long-term pricing. The Company continued to refine its sales strategy, implementing a ‘waterfall approach’, ensuring every pearl has multiple opportunities for sale to realise the highest possible price for each pearl. Increasing data capture and analytics are further driving our ability to make smarter, long-term planning and decisions around sales channels and pricing.

The Company developed a 5-year strategic plan that remains f irmly focused on four key elements of our business, being quality, sustainability, people and culture, and our customers. This strategic plan aims to drive operational expansion and business diversification, leveraging our existing infrastructure and investments to unlock future growth. This approach is directed towards an increase in production capacity by between 30% and 50% by FY30, while also targeting a reduction in the real cost for each pearl we produce, continued improvements in pearl quality, and the development of complementary revenue streams.

By building on the strong foundations of our core pearling operations, we are positioning the business to grow sustainably, adapt to evolving market opportunities, and maximise long-term value for shareholders.

We are once again pleased to announce the closing of FY25 with the Company in a strong financial and operational position. As a result, the Board was pleased to declare a 1.4 cents per share fully franked dividend for H2 FY25, bringing total dividends paid for the year to 2.4 cents per share (FY24: 1.85 cents). This follows the formal adoption of a dividend policy in October 2024, targeting a payout ratio of 50% of normalised net profit after tax. The introduction of this policy reflects the Company’s improved and now sustained profitability, as well as our commitment to delivering ongoing shareholder returns.

Following Geoff Newman’s retirement as Chairman at the end of 2024, I took up the role as Chair and am pleased to be concluding my first year on such a positive note. I take this opportunity to thank our incredible team of employees and our shareholders, whose continued support we could not have done without. Their dedication, resilience, and shared belief in our vision have been instrumental in driving the Company’s progress. As we look ahead, I am confident that with this strong foundation and clear strategic direction, we are well-positioned to continue delivering sustainable growth and long-term value.

Sincerely

José Martins

Chairman - 28 August 2025