Over the past five years, SAUDIGOLD has undertaken multiple fundraising exercises, raising a substantial amount of capital (approximately RM114.25 million) from shareholders (page 30-36 of Circular dated 12 March 2026). While we acknowledge the Company’s efforts to strengthen its balance sheet and fund expansion, we are concerned about the apparent mismatch between shareholder dilution and value creation.

Based on the disclosures, earlier funds were partly used for debt repayment, delivering only modest financing cost savings. More importantly, the returns from subsequent fundraising exercises – particularly those undertaken in 2021 and for expansion initiatives – remain unclear and insufficiently quantified.

From an investor’s perspective, the key issue is whether these capital injections have generated returns above the Company’s cost of equity. At present, there is little evidence to support this. Notably, gross profit has been on a declining trend since FY2022 while losses have widened (page 42 of the Circular), raising concerns that repeated fundraising may have been dilutive rather than value accretive.

1. Can the Board quantify the incremental earnings generated from funds raised since 2020 relative to the dilution incurred by shareholders?

1. What has been the Company’s realised return on invested capital (ROIC) on funds raised over the past five years? Does this exceed the Company’s cost of equity?

The MD&A (page 7 of AR 2025) reports a 20.45% increase in revenue and a 2.12% increase in PBT but provides no breakdown or explanation for the year-on-year change. A similar observation was noted in the Annual Reports 2023 and 2024. a) Please explain the key factors behind the revenue increase in FY 2025. b) Despite higher revenue, profit before tax (PBT) rose marginally—what specific costs, margin pressures, or mix effects contributed to this weaker profit growth? c) Please clarify why the Annual Reports do not provide detailed disclosures on the key factors driving the changes in revenue and PBT, as such disclosures are generally expected by shareholders.

Revenue rose 7.9% to RM333.8 million in FY2025, supported by higher domestic demand and stronger export sales. Loss before tax (LBT) narrowed significantly to RM2.9 million from RM7.3 million in FY2024. (page 9 of AR2025) a) While revenue grew 7.9% in FY2025, adjusted LBT increased to RM2.6 million from RM1.3 million a year ago – after adjusting for inventory reversals and write-downs. This was partly due to a 17% increase in selling and distribution expenses. Could management explain the main reasons for the significant increase in selling and distribution expenses in FY2025? b) As revenue continues to grow, do you expect selling and distribution expenses to normalise or continue rising at this pace? c) Does the Group expect to return to profitability in FY2026? If so, what are the key drivers supporting this outlook?

The Group continues delivering standout results, with revenue surging 179% to RM453.91 million for the financial year ended 31 May 2025 (‘FY2025’”), largely driven by accelerated progress of the KL48 development project. (Source: Page 22 of Annual Report (AR) 2025) a) How sustainable is this level of revenue once the KL48 project is completed? b) What is the Group’s strategy to ensure continued earnings growth in FY2026 and FY2027

In FY2025, Analabs recorded dividend income of RM8.62 million (FY2024: RM2.25 million) from investments in derivatives while recognising a RM3.863 million fair value gain (FY2024: nil) (page 133 & 136, Note 24 – Other Income & Note 25 – Profit Before Tax, AR2025). a) What is the total exposure to derivatives investments relative to the total quoted investments? b) Are all these derivative investments entirely involved in the Total Return Equity Swap (TRES), referred to in the Company’s responses to our questions last year? If not, what other derivative instruments are involved? For which quoted shares that Analabs utilise derivative instruments to generate investment returns? c) If applicable, please clarify Analabs’ role in the TRES arrangement – is the Company acting as the total return payer (TRP) or receiver (TRR)? If Analabs is the TRR, how does it generate returns from these arrangements? d) Please illustrate the profit and loss mechanics of TRES using Analabs’ FY2025 and FY2024 derivative investment performance for better shareholder understanding. Adding to this point is the RM3.77 million (FY2024: RM560,000) interest expense incurred for derivatives investments (page 134, Note 25 – Profit Before Tax, AR2025) e) What are the key risks and rewards of investing via TRES vis-àvis conventional equity investments that similarly benefit from dividend income and capital appreciation?