ASX Announcement

29 May 2024

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ASX: ABX

AGM – Managing Director/CEO Presentation

ABx Group (ASX: ABX) (“ABx” or “the Company”) will be holding its Annual General Meeting on Wednesday, 29 May 2024 at 11.00am (AEST).

The Managing Director / CEO presentation for the Annual General Meeting is attached.

This announcement is approved for release by the board of directors.

For further information please contact:

Dr Mark Cooksey Media MD & CEO Chapter One Advisors ABx Group David Tasker / Alex Baker +61 447 201 536 +61 433 112 936 / +61 432 801 745 [email protected] [email protected] / www.abxgroup.com.au [email protected]

About ABx Group Limited

ABx Group (ABx) is a uniquely positioned, high-tech Australian company delivering materials for a cleaner future.

The two current areas of focus are:

Creation of an ionic adsorption clay rare earth project in northern Tasmania
Establishment of a plant to produce hydrogen fluoride and aluminium fluoride from recycled industrial waste, to replace imports (ALCORE)

There is also a legacy business:

Mining and enhancing bauxite resources for cement, aluminium, and fertiliser production.

ABx endorses best practices on agricultural land, strives to leave land and environment better than we find it. We only operate where welcomed.

ABx Group Limited ABN 14 139 494 885

Level 4, 100 Albert Road, South Melbourne, VIC 3205 P: +61 3 9692 7222 F: +61 2 9956 7355

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(ASX:ABX)

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Delivering Materials for a Cleaner Future

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Page 1

Annual General Meeting 29 May 2024

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Disclaimer

This presentation has been prepared by ABx Group Limited ACN 139 494 885 (“ABx” or the “Company”). It should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation.

This presentation contains forecasts and forward looking information. Such forecasts and information are not a guarantee of future performance, involving unknown risks and uncertainties. Actual results and developments will almost certainly differ materially from those expressed or implied. ABx has not audited or investigated the accuracy or completeness of the information, statements and opinions contained in this presentation. Accordingly, to the maximum extent permitted by applicable laws, ABx makes no representation and can give no assurance, guarantee or warranty, express or other implied, as to, and take no responsibility and assume no liability for, the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission, from any information, statement or opinion contained in this presentation.

You should not act or refrain from acting in reliance on this presentation material. This overview of ABx does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the Company’s prospects. You should conduct your own investigation and perform your own analysis in order to make an informed assessment of the company’s prospects. You should also conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation and making any investment decision.

Prices for aluminium fluoride (AlF3) were sourced from Asian Metals, China Customs and verified by comparison with prices from Bloomberg. The price actually achieved will depend upon market conditions at the time of sale.

Competent Person Statement

The information in this report that relate to Exploration Information and Mineral Resources are based on information compiled by Ian Levy who is a member of The Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. Mr Levy is a qualified geologist and a director of ABx Group Limited.

Mr Levy has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity, which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Levy has consented in writing to the inclusion in this report of the Exploration Information in the form and context in which it appears.

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ASX: ABX

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Delivering materials for a cleaner future

Creation of an ionic adsorption clay rare earth project in northern Tasmania
Establishment of a plant to produce hydrogen fluoride and aluminium fluoride from recycled industrial waste, to replace imports (ALCORE)

Legacy business

Mining and enhancing bauxite resources for cement, aluminium and fertiliser production

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Exploration Development Technology
Rare Earth Elements (& Bauxite)
Discovering and developing niche Developing innovative chemical
deposits engineering processes
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ASX: ABX

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Board of Directors

Hon Paul Lennon AO (Chair)

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Premier of Tasmania 2004-2008
• Deputy Premier and Minister for Infrastructure, Energy & Resources 1998-2004
• Principal Paramul Pty Ltd 2009-

Dr Mark Cooksey (Managing Director and CEO)

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More than 20 years with Rio Tinto and CSIRO
• Worked closely with aluminium and other metal industries
Significant experience in commercialising new technologies and processes
PhD in Chemical & Materials Engineering

Ian Levy (Director)

Joycelyn Morton (Non-Executive Director)

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30 years of senior management and geological experience with multiple commodities, including at WMC and Pancontinental Mining
• Previously CEO of Allegiance Mining and Director of Gloucester Coal
Member of JORC for 11 years (4 years as Vice Chairman) and Federal President, Australian Institute of Geoscientists

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Over 30 years’ experience as an executive and director with Australian and international listed companies, including Argo Investments, ASC and Snowy Hydro

Chair of the Audit, Risk and Compliance Committee for multiple boards
Fellow and Life Member of CPA Australia, and former National President

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Segments

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Rare earth discoveries in northern Tasmania

ALCORE Aluminium fluoride production technology Bauxite operations in Queensland and Tasmania

ASX: ABX

Page 5 5

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Permanent magnet rare earths

Essential for electric vehicles and wind turbines

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Super
Represent over 90% of value of rare earths consumption Magnets
Forecast to grow at 7% per year to 2040
%market %market
volume value
9% Nd Pr
e.g. catalysts, glass Neodymium Praseodymium
polishing, metallurgy, 65% Smart Electric
Phones Vehicles
phosphors
Tb Dy
91% Terbium Dysprosium
Permanent
35%
magnets Wind Military
Turbines Systems
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Represent over 90% of value of rare earths consumption
Forecast to grow at 7% per year to 2040

Source: Rare Earth Industry Association (https://www.global-reia.org/about-rare-earth/)

ASX: ABX

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Ionic adsorption clay (IAC) rare earth deposits

Contain much higher proportion of higher value, heavy rare earths
Historically only mined in southern China

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Terbium + Other Heavy
Dysprosium REO
ABx has the highest proportion
of Dy+Tb of any clay-hosted
Praseodymium
resource in Australia
Praseodymium Other Heavy
+ Neodymium
+ Neodymium REO
Terbium +
Other Light
Dysprosium Other Light
REO
REO
Hard rock: Mount Weld (Lynas) Ionic Adsorption Clay
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Hard rock: Mount Weld (Lynas)
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Source: ABX ASX Announcement, 20 November 2023

Source: D.J. Packey and D. Kingsnorth, Resources Policy, 48(2016) 112-116

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7
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ASX: ABX

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Requirements for an ionic clay rare earth project

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Mineral Resource
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Jurisdiction
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Regulatory approval
Size
Grade
Community support
Mineralogy
Government support
Supply chain security
Strip ratio

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Infrastructure
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Company Resources
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Transport
People
Water
Partnerships
Energy
Finance
Intellectual property

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8
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ASX: ABX

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ABx rare earth discoveries in Tasmania

ABx is first company to discover rare earths in Tasmania

Four discoveries spanning 100 km[2][(1)]
Newly granted tenements add over 450 km[2 (2)]

Highest proportion of DyTb of any clayhosted resource in Australia[3]

Highest ionic component reported in Australia, comparable to operations in China[4,5]

1 ABX ASX Announcement, 16 March 2022 2 ABX ASX Announcement, 26 September 2023 3 ABX ASX Announcement, 2 May 2024 4 ABX ASX Announcement, 31 May 2022

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Source: ABX ASX Announcement, 22 January 2024

5 ABX ASX Announcement, 2 February 2023

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9
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ASX: ABX

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Rare Earths Resource Estimate

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•
Upgrade to 89 Mt announced May 2024 [1]
• Application area.
Over 10-fold increase in 12 months
This will be reduced Wind Break
to easily accessible areas only.
Size Cut-off (ppm Mean TREO Mean TREO- DyTb [3]
Leech Scrub
TREO-CeO2) (ppm) CeO2 (ppm) (%TREO) Explorafion potenfial
Deep Leads
89 Mt [2] 350 844 652 4.3%
Holes Metres drilled Metres assayed From To Rubble Mound
drilled (m) (m) (m) (m)
1,077 9,742 3,843 4.2 12.0
Alluvial Flats
Resource based on only 29% of
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Resource based on only 29% of identified mineralised outline[1]

Source: ABX ASX Announcement, 2 May 2024

1ABX ASX Announcement, 2 May 2024
241 Mt inferred, 42 Mt indicated and 6 Mt measured
3DyTb = Dy2O3 + Tb4O7

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ASX: ABX

Not all clays are created equal Ionic proportion is king

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Product price
Operafing cost
High ionic Low ionic
proporfion proporfion
Clay particle
REE
ASX: ABX 11
Cost and Price (per kg proudct)
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Chart shows illustrative relationship between ionic proportion and operating cost
For low ionic proportion, reagent costs alone can be higher than product price
Position on cost curve heavily dependent on proportion of resource that is ionic
Industry processing experts indicate that low-cost processing can only be achieved for resources with high ionic proportion

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Infrastructure

Transport

<20 km to major highway
<100 km to deepwater Bell Bay
port

Labour

<50 km to Launceston (pop 65,000)

Water

High availability in Tasmania

Energy

Close to major transmission lines

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Source: ABX ASX Announcement, 22 January 2024

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ASX: ABX

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Jurisdiction

Westbury

Australia

NATO partner
Major mining jurisdiction

Tasmania

Extensive mining history: tin, copper, zinc, lead, gold
Supportive regulatory environment

Westbury region

Mostly commercial forest plantations

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ASX: ABX

Ian Levy (geology)

Resources People

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High calibre geologists and engineers, with experience in resource development, process development, and production
ABx active in Tasmania since 2010
Excellent reputation with landholders, regulators and government
Mined bauxite 2015 to 2020, now fully rehabilitated
Mine lease application in progress for second bauxite mine

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30 years of senior management and geological experience with multiple commodities, including at WMC
Previously CEO of Allegiance Mining and Director of Gloucester Coal
Member of JORC for 11 years (4 years as Vice Chairman) and Federal President, Australian Institute of Geoscientists

Dr Mark Cooksey (chemical engineering)

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More than 20 years with Rio Tinto and CSIRO
Significant experience in developing and commercialising new processes in minerals and metals industry PhD in Chemical & Materials Engineering

Dr Daniel Jewell (chemical engineering)

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15 years in senior technical roles including at the University of Cambridge, CSIRO, and in industry
Strong focus on extractive scale-up technologies for metal production for titanium, magnesium, & lithium
• PhD in Chemical Engineering

ASX: ABX

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ABx ticks all the boxes for an ionic clay rare earth project

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Highest proportion of DyTb of any clay-hosted resource in Australia
Highest ionic proportion reported in Australia, comparable to operations in China
Mineral Resource Jurisdiction
 
Infrastructure Company Resources
 
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ASX: ABX
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ABx rare earths strategy

Strategy

Rapidly develop low-cost production of mixed rare earth carbonate (MREC)
Sell MREC to third party refinery
We operate only where welcomed

Plan

Laboratory and pilot plant studies
Estimate CAPEX and OPEX
Customer engagement
Exploration technology
Exploration campaigns

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Source: ABX ASX Announcement, 22 January 2024

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ASX: ABX

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Segments

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Rare earth discoveries in northern Tasmania

ALCORE Aluminium fluoride production technology Bauxite operations in Queensland and Tasmania

ASX: ABX

Page 1717

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Fluorine value chain

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Hydrogen Aluminium
Fluorite Fluorspar
fluoride fluoride
Steelmaking Electronic manufacture Aluminium production
Graphite purification
Fluorochemicals
Material Australian production (t)
Fluorite 0
•
Fluorine added to Australia’s Critical
Fluors ar 0
p
Minerals list in 2023
H dro en fluoride 0
y g •
Fluorspar (calcium fluoride) is
Aluminium fluoride 0 defined as a critical mineral by USA,
Fluorochemicals 0? Europe, Japan, Canada…
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Aluminium fluoride from aluminium smelter waste

Aluminium fluoride (AlF3): essential for aluminium smelting

1.2 million tonnes produced globally per year worth US$1.5 billion (US$1,000-1,800 per tonne)
50% produced in China, mainly for Chinese smelters
Australia imports 100% of requirements, mostly from China

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Traditionally produced from highcost fluorspar and alumina trihydrate
Achievable specification – product purity risk is low
Mature market – dozens of customers globally

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Aluminium fluoride

Tapped bath

Current imports/exports

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‘Tapped bath’: an aluminium smelter waste
Fluorine is lost from smelter in ‘tapped bath’
Only attractive market is new smelter construction; none in Australia
Global market for tapped bath has moved into oversupply
Tapped bath is a low-cost source of fluorine

ASX: ABX

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Process to produce aluminium fluoride

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Exemplary illustration of circular economy

ABx’s 83%-owned refining technology subsidiary
Developed processes to produce aluminium fluoride using fluorine from tapped bath (an aluminium smelter waste)[1]

1ABX ASX Announcement, 7 June 2022

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ASX: ABX

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Process economics

A rare opportunity that is financially, strategically and environmentally attractive

Scenario	AlF3price (US$/t)	FX rate USD:AUD	AlF3price (A$/t)	Estimated operating cost (A$/t AlF~~3~~)	Estimated operating margin* (A$/t AlF~~3~~)	Estimated EBITDA* (A$m)
Baseline	$1,220	0.75	$1,630	$1,250	$730	$15m
Optimistic	$1,400	0.70	$2,000	$930	$1,450	$29m

*Includes revenue from co-products

Based on long term aluminium fluoride prices and exchange rates, and estimated costs
For 20,000 t/y aluminium fluoride (80% of Australian demand)

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ASX: ABX

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Team

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High calibre chemical engineers, with extensive experience in development and commercialisation of novel processes
Significant industrial experience in aluminium and fluorine industries

Dr Mark Cooksey (Managing Director)

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More than 20 years with Rio Tinto (aluminium smelting) and CSIRO
Significant experience in developing and commercialising new processes in minerals and metals industry
PhD in Chemical & Materials Engineering
Joined Alcore in 2020

Dr Xiao Liang (Principal Engineer)

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Over 15 years in chemical process innovation and intensification, including conceptual design, fundamental research, and process scale-up
PhD in Chemical Engineering
Joined Alcore in 2021

Vishva Patel (Process Engineer)

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5 years experience as design engineer with SRF Limited (India); a specialty chemicals company, including with hydrogen fluoride
Masters in Chemical Process Engineering Joined Alcore in 2023

ASX: ABX

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Technical progress

Critical processing steps have been demonstrated in laboratory[1]
Bath pilot batch reactor commissioned in late 2023[2] . Fluorine recovery:[3]
Single stage: 80%
Two stages: 88%
For continuous pilot plant, technical requirements for oleum production module and bath reactor module finalised with two international suppliers[4]
1ABX ASX Announcement, 24 October 2022
2ABX ASX Announcement, 8 November 2023
3ABX ASX Announcement, 4 April 2024
4ABX Quarterly Report to 30 September 2023, 31 October 2023

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Third run of bath pilot batch reactor under standard process conditions

ASX: ABX

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Process scale-up

Rigorous scale-up to reduce technical risk
First aluminium fluoride plant planned for Bell Bay, Tasmania, near existing hydro-powered aluminium smelter. Planned production 20,000 t/y
High potential for plants in other major aluminium smelting regions
Potential expansion into other markets, including fluorine chemicals

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Laboratory
300g bath
NSW
$2m (lab)
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Commercial Commercial
Batch Pilot Continuous Stage 1 Stage 2
3 kg bath Pilot 200 kg/h bath 3,000 kg/h bath
NSW 20 kg/h bath 1,200 t/y AlF 3 20,000 t/y AlF 3
$50k $2m Tasmania Tasmania
$16m $80m
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$7.5m grant awarded[1] and $5.7m instalments received[2]

1ABX ASX Announcement, 29 April 2022 2ABX ASX Announcement, 28 June 2023

ASX: ABX

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Technical plan

		Technical lan
		p
Reactor		Purpose	Status
	•	Confirm preferred reactor design
	•	Demonstrate that can achieve high	Commissioned
Bath pilot		fluorine yield from bath	Oct 2023
batch reactor	•	Produce metal sulfate residue
		suitable for further process	Positive results
		development
Bath continuous pilot plant	• •	Demonstrate quality of hydrogen fluoride produced at pilot scale Determine design and operating parameters for commercialplant	Design and cost close to finalised
				Illustrative
				images

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ASX: ABX

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ABx Group Limited www.abxgroup.com.au Level 4, 100 Albert Rd South Melbourne VIC 3205 Australia Phone: +61 3 9692 7222 E: [email protected]

Mark Cooksey Managing Director and CEO E: [email protected]

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AI assistant

ABX GROUP LIMITED — AGM Information 2024

64283_rns_2024-05-28_174b239f-5a84-4834-be5d-ba40417db043.pdf

AGM – Managing Director/CEO Presentation

About ABx Group Limited

Delivering Materials for a Cleaner Future

Disclaimer

Competent Person Statement

Delivering materials for a cleaner future

Legacy business

Board of Directors

Hon Paul Lennon AO (Chair)

Dr Mark Cooksey (Managing Director and CEO)

Ian Levy (Director)

Joycelyn Morton (Non-Executive Director)

Segments

Rare earth discoveries in northern Tasmania

Permanent magnet rare earths

Ionic adsorption clay (IAC) rare earth deposits

Requirements for an ionic clay rare earth project

ABx rare earth discoveries in Tasmania

Rare Earths Resource Estimate

Resource based on only 29% of identified mineralised outline[1]

Not all clays are created equal Ionic proportion is king

Infrastructure

Water

Jurisdiction

Australia

Tasmania

Westbury region

Ian Levy (geology)

Resources People

Dr Mark Cooksey (chemical engineering)

Dr Daniel Jewell (chemical engineering)

ABx ticks all the boxes for an ionic clay rare earth project

ABx rare earths strategy

Strategy

Plan

Segments

Rare earth discoveries in northern Tasmania

Fluorine value chain

Aluminium fluoride from aluminium smelter waste

Aluminium fluoride (AlF3): essential for aluminium smelting

Process to produce aluminium fluoride

Process economics

Team

Dr Mark Cooksey (Managing Director)

Dr Xiao Liang (Principal Engineer)

Vishva Patel (Process Engineer)

Technical progress

Process scale-up

Technical plan

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ABX GROUP LIMITED AGM Information 2024