ABX GROUP LIMITED — AGM Information 2022

May 24, 2022

ASX Announcement 25[th] May 2022

==> picture [168 x 74] intentionally omitted <==

ASX: ABX

Chairman’s Address Annual General Meeting 25 May 2022

The 2021 calendar year represented a transformative period for both ABx Group and its technology subsidiary ALCORE Limited, with both now well placed to achieve major project developments in 2022.

ABx is expanding its rare earth elements Deep Leads discovery in northern Tasmania in both areal extent, thickness, and grade of mineralisation, including 3 metres averaging almost 3,000 ppm total rare earths oxide. At the Portrush discovery located 52km east of Deep Leads, ABx returned a grade of 4,800 ppm total rare earths oxide, which demonstrates that ABx has discovered a large province of rare earth mineralisation in northern Tasmania.

With Alcore, the business began construction of its pilot plant facility at the Alcore Research Centre in Berkeley Vale, NSW, to recover fluorine by recycling ‘excess bath’, which is an aluminium smelter waste product. Alcore is also collaborating on reactor designs with BFluor Chemicals and thermodynamics models with international process engineers to accelerate process development.

After 18 months delay due to Covid-19 travel restrictions, ABx signed a joint venture agreement with Alumin Pty Ltd (Alumin) for the development of the Sunrise Bauxite Project, comprising a bauxite mine at Binjour plateau and port operations at Bundaberg in Queensland.

Sunrise is anticipated to initially produce 500,000 tonnes per year of gibbsite-rich trihydrate bauxite, then scaling up to full operational capacity of 2 million tonnes. The marketing joint venture may market a range of related products locally and internationally as opportunities arise.

With the work undertaken in 2021, ABx is well positioned to progress and deliver on its optimum strategies:

1. Advance ABx’s rare earth elements exploration projects in northern Tasmania to:

   • Accelerate exploration by securing an optimum drilling technology for the geological conditions at the mineralised horizon

   • Significantly expand the size of the prospective geology so as to maximise the tonnage of any rare earth resources

   • Identify the best rare earth zones and conduct delineation drilling so that a maiden resource estimation can be completed

ABx Group Limited ABN 14 139 494 885

Level 5 52 Phillip Street Sydney NSW 2000 P: +61 2 9251 7177 F: +61 2 9251 7500

==> picture [156 x 68] intentionally omitted <==

==> picture [168 x 66] intentionally omitted <==

----- Start of picture text ----- ASX Release 25/05/2022 page 2----- End of picture text -----

1. Bring the Alcore process into production:

   • Develop the Alcore aluminium fluoride refinery by completing its pilot plant stage as quickly as practicable so that ABx-Alcore can develop the initial commercial operation with the appropriate risk-return strategies

2. Commence the Sunrise Bauxite Project and develop a major marketing business unit with Indian JV partner Rawmin Mining of India. In early 2022, the majhority of the legal, corporate, banking and commercial arrangements for the joint ventures for the Sunrise Bauxite Project and the Bundaberg Port facility were executed.

With these projects, ABx and Alcore are anticipating a highly exciting and rewarding 2022 as we continue to advance our suite of attractive exploration, technology, and project development initiatives and ultimately to maximise shareholder value.

Spearheading these initiatives will be our new CEO Mark Cooksey who has the skills, experience, and determination to lead our company through its biggest development phase ahead.

I thank our employees, shareholders, customers, and contractors for their continuing support for what promises to be a company-making year for ABx and Alcore.

ASX Release authorised by the Company Secretary.

For further information please contact:

Dr Mark Cooksey, CEO

ABx Group Limited Mobile: +61 447 201 536 Email: mcooksey@abxgroup.com.au

Website: abxgroup.com.au